/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121114.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 Wednesday, November 14, 2012, Vol. 15, No. 227 Headlines A U S T R A L I A ADDWEALTH ACHIEVER: Loses Bid to Liquidate Questus Over Loans ATLAS IRON: S&P Gives 'B+' Rating on $325-Mil. Secured Term Loan BUNGANBAH MEATS: Placed in Liquidation Amid Owner's Poor Health COMMUNITY COLLEGE: Red Cross to Probe First Aid Training Offered EVANS PUBLISHING: Administrators Recommend Liquidation C H I N A COASTAL GREENLAND: Moody's Hikes CFR to 'B3'; Outlook Negative HOPSON DEV'T: Moody's Upgrades CFR to 'B3'; Outlook Negative H O N G K O N G ALEX TANG: Court Enters Wind-Up Order ARTIFICIAL LIFE: Court to Hear Wind-Up Petition on Dec. 19 BILL PACHINO: Lees and Ng Appointed as Liquidators C&D COLORMASTER: Court to Hear Wind-Up Petition on Jan. 9 EXPRESS WELL: Court to Hear Wind-Up Petition on Dec. 12 GUIDE-TREND COMPANY: Court Enters Wind-Up Order HI TAK: Court Enters Wind-Up Order INCORPORATED OWNERS: First Meetings Slated for Nov. 23 INSYNCO LIMITED: Creditors' Proofs of Debt Due Dec. 10 KINGBOARD CHEMICAL: Moody's Withdraws 'Ba1' Corp. Family Rating MARCO POLO: Court Enters Wind-Up Order MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings MERRY CHANCE: Lau and Liang Appointed as Liquidators I N D I A COZYTOUCH POLYFOAMS: CRISIL Assigns 'B' Rating to INR45MM Loans ECO-CARE BUILDING: CRISIL Assigns 'B+' Rating to INR100MM Loans MARUDHAR POLYSACKS: CRISIL Assigns 'B' Rating to INR55MM Loans MARUTI PLASTO: Delay in Loan Payment Cues CRISIL Junk Ratings RADHA SAKKU: CRISIL Cuts Rating on INR1.26BB Loans to 'B-' RAJIT PAINTS: Delay in Loan Payment Cues CRISIL Junk Ratings SHRI VISHNU EATABLES: CRISIL Rates INR1.17-Bil. Loans 'D' SHRI VISHNU OVERSEAS: CRISIL Places 'D' Ratings on INR703MM Loans SOMA-ISOLUX NH: Delays in Loan Payment Cues CRISIL Junk Ratings I N D O N E S I A THETA CAPITAL: Moody's Rates $273MM Senior Unsecured Notes 'B1' J A P A N * Weak Liquidity Drove Sharp Corp.'s Rating Dip, Analyst Says N E W Z E A L A N D ANTHEM HOLDINGS: Gibbston Vineyard Blocks Up For Tender S I N G A P O R E LG PROPERTIES: Creditors' Proofs of Debt Due Nov. 23 MAN NYUN: Creditors' Proofs of Debt Due Dec. 10 PCCW GLOBAL: Creditors' Proofs of Debt Due Dec. 10 REDIFFUSION PTE: Creditors' Proofs of Debt Due Nov. 21 SINO-ENVIRONMENT TECH: Court to Hear Wind-Up Petition Jan. 11 X X X X X X X X * Moody's Says Asian Liquidity Stress Index Rises in October * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= ADDWEALTH ACHIEVER: Loses Bid to Liquidate Questus Over Loans ------------------------------------------------------------- Neale Prior at The West Australian reports that wealthy backers of the troubled Addwealth Achiever investment fund have suffered another blow, with the Australian Supreme Court thwarting an AUD11 million move against property scheme group Questus. According to the report, Questus' subsidiary Questus Funds Management (QFM) has persuaded a Supreme Court master to overturn a liquidation threat issued by Addwealth Achiever's former responsible entity, Valuestream Investment Management. The West Australian relates that Valuestream had been trying to make QFM legally responsible for more than AUD9.6 million of loans, plus interest, advanced by Addwealth Achiever for use by the Questus Land Development Fund. Despite the unsecured debt boost in 2009 after the global financial crisis, The West Australian relates, the development fund floundered and secured creditors placed its projects -- including the Tuart Rise estate in Baldivis -- into receivership last year. The soured loan has contributed to the feared loss of up to half of the AUD80 million assets in Addwealth Achiever, which was founded by Cottesloe financial planner Paul Foster and managed by his company Addwealth Pty Ltd, the report notes. The report cites that amid a falling out between Mr. Foster and Valuestream, Addwealth Achiever's 220 investors agreed on October 4 to put lawyer Rob Garton-Smith's management company Primary Securities in charge of the fund. Primary Securities replaced both Addwealth Pty Ltd and Valuestream, the report notes. Mr. Garton-Smith now has the job of sorting out the Questus loan plus recovering money invested with global events promoter Paul Dainty, the West Australian reports. At December 31, the Questus Land Development Fund had net liabilities of AUD13.2 million and just AUD26,000 of assets, the report discloses. According to the West Australian, Valuestream made a statutory demand in December last year under Corporations Act provisions that allow a creditor to take liquidation proceedings against a debtor if the debt is not paid, but QFM and director Robert Olde challenged the demand in the Supreme Court. ATLAS IRON: S&P Gives 'B+' Rating on $325-Mil. Secured Term Loan ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' issue rating to a proposed US$325 million senior secured Term Loan B due 2017 to be issued by Australian miner Atlas Iron Ltd.'s (Atlas Iron: B+/Stable) U.S. based special-purpose vehicle Atlas America Finance Inc. "At the same time, we assigned a recovery rating of '3' on the proposed issue. The rating on the Term Loan B is subject to our review of the final issuance documentation," S&P said. "The recovery rating indicates our view of a 'meaningful' (50%- 70%) recovery for creditors in the event of a payment default. We therefore equalize the issue rating with our long-term corporate credit rating on Atlas Iron. The proposed senior secured credit facility will be distributed into the U.S. institutional term loan market and proceeds will be used for capital spending and general corporate purposes," S&P said. "The absence of existing debt ranking ahead of the senior secured Term Loan B, our estimate of Atlas Iron's valuation in a default scenario, and Australia's creditor-friendly insolvency regime support our recovery rating on the notes. We value Atlas Iron on a going-concern basis because we believe that its cost position in the 60th percentile and mining properties would mean it would most likely be reorganized in the event of a default," S&P said. "The senior secured Term Loan B is unconditionally and irrevocably guaranteed by Atlas Iron and all subsidiaries that possess income-producing mining assets. It is secured by a first lien on all of Atlas Iron's assets, the largest of which are its Horizon I and Horizon II mining tenements. We note the company will need to obtain consent from the Federal Minister for Minerals and Energy, the Federal Minister for Lands, and from its joint-venture partner in the Mount Webber mining tenement before the security can be perfected," S&P said. "The 'B+' corporate credit rating on Atlas Iron reflects the company's high mineral concentration, substantial capital spending requirements, ramp-up risks, small size and reserve life, good cost position and 'adequate' liquidity, as our criteria define the term. The company has a 'weak' business risk profile. Atlas Iron's high mineral concentration to iron ore and high operating leverage make its financial performance highly sensitive to volatile iron ore prices and fluctuations in the Australian dollar foreign exchange rate. Nevertheless, the company's good cost position in the 60th percentile of the cost curve partly mitigates its mineral concentration," S&P said. "We expect Atlas Iron's financial risk profile to remain 'aggressive' over the next 24 months. Atlas Iron's high capital spending requirements will keep its free operating cash flows negative until fiscal 2015 (ending June 30) in our base-case scenario. We expect the company to lower or defer capital spending to maintain its liquidity position, if iron ore prices remain weak. But this will likely affect the pace of production growth and could ultimately reduce cash flows," S&P said. The outlook on the corporate credit rating is stable. BUNGANBAH MEATS: Placed in Liquidation Amid Owner's Poor Health --------------------------------------------------------------- ABC Rural reports that Bunganbah Meats managing director Beres Lang said his ongoing ill health has been a major factor in the voluntary liquidation of his company. Not only are 30 jobs on the line; producers and butchers across the region rely heavily on the Bunganbah Meats; one of very few small meat processors left in the business, ABC Rural relates. ABC Rural relates that Mr. Lang said his company has faced some serious problems in recent years. Bunganbah Meats operated an abattoir. It supplied local butchers and slaughters stock for private individuals. COMMUNITY COLLEGE: Red Cross to Probe First Aid Training Offered ---------------------------------------------------------------- ABC News reports that the Red Cross will investigate first aid training delivered by the liquidated Community College East Gippsland. According to ABC News, the Victorian Department of Education relates that 150 students are at risk of having their qualifications revoked, down from more than 300 last week. Four other courses, affecting about 500 students, have now been proven as valid since investigations into the college's training began in September, the report relates. Bairnsdale-based Community College East Gippsland has been placed into liquidation after it was closed and placed into voluntary administration in October. Its board members are being investigated for insolvent trading, after it was revealed the college had over-claimed Federal Government funding and hemorrhaged money through mismanagement. Andrew Hewitt of Grant Thornton Australia -- andrew.hewitt@au.gt.com -- has been appointed as voluntary administrator of Community College East Gippsland. CCEG has ceased to trade effective Oct. 1, 2012. EVANS PUBLISHING: Administrators Recommend Liquidation ------------------------------------------------------ The Armidale Express reports that Evans Publishing Pty Ltd is facing liquidation. Creditors have been advised that the company should be wound up because it is unable to meet its superannuation and tax obligations. According to the Armidale Express, Wilson Zeng from administrators RMG Partners said a report about the matter had been distributed to creditors on October 31. "The reason for the liquidation, as outlined by that report, is that the company could not pay its superannuation and PAYG as they fall due, and the ATO [Australian Tax Office] has issued a statutory demand on the director," Armidale Express quotes Mr. Zeng as saying. The Armidale Express relates that Mr. Zeng confirmed that Armidale businessman Brad Evans was still a director of Evans Publishing, and that former director Scott Williams, who stepped in with additional finance to bring the company out of voluntary administration in August last year, was no longer involved. Mr. Evans told the Armidale Express negotiations had been underway for some months to sell the Armidale Independent, Port Macquarie Independent, Tamworth City News, Southern Free Times and Tweed Coast Weekly. "A deal is currently being finalised by the group's secured creditors to sell the newspapers into a larger group," he said. Evans Publishing Pty Ltd is an Australian-based independent publishing company. The company publishes the Armidale Independent, Port Macquarie Independent, Tamworth City News, Southern Free Times and Tweed Coast Weekly. In August 2011, the company was placed in voluntary administration, with debts of more than AUD3 million. ========= C H I N A ========= COASTAL GREENLAND: Moody's Hikes CFR to 'B3'; Outlook Negative -------------------------------------------------------------- Moody's Investors Service has upgraded Coastal Greenland Limited's corporate family rating to B3 from Caa1. At the same time, Moody's has withdrawn its senior unsecured rating of Caa2 as the company fully redeemed its outstanding senior unsecured notes on November 8, 2012. The ratings outlook is negative. Ratings Rationale "The liquidity profile of Coastal Greenland has materially improved following a number of refinancing exercises and asset disposals that helped it fully repay its senior unsecured notes and some high-cost trust loans," says Franco Leung, a Moody's Assistant Vice President and Analyst. In October, the company obtained a 2-year term loan for USD60 million from a third-party lender. It also announced an asset swap agreement -- which involves the sale of its Suzhou commercial project -- with Shenzhen Investment Limited, which has a 22.6% equity stake in Coastal Greenland. Moody's expects the company to obtain approval from its shareholders on the asset swap later in November. These activities follow the announcement in August of the sale of its shares in Shanghai Fenghwa, a Chinese property development and investment company listed on the Shanghai Stock Exchange. "We consider that Coastal Greenland's near-term refinancing risk is manageable on the back of generally improved credit conditions in China", adds Mr. Leung, who is also the lead analyst for Coastal Greenland. On the other hand, the company's property sales are likely to remain weak in the near term despite an improved operating environment in China. This is based on the fact that its portfolio of property projects has shrunk following the asset sales and which are of property largely located in cities where restrictions on home purchase remain in place. Its credit metrics will remain weak, as driven by an expected low level of revenue, high financing costs, and still high leverage. Moody's expects adjusted debt/capitalization will be around 55- 60%, down from 60% at March 2012. Adjusted EBITDA/interest will drop to around 1x from 3.2x at March 2012. These ratios highlight its weak credit profile and limited financial flexibility. The negative outlook reflects the challenge of improving property sales to reduce inventory. It also reflects the company's weak cash flow generation capability and liquidity profile that is to a certain extent dependent on completion of asset disposals. The ratings would be downgraded, if Coastal Greenland suffers a material deterioration in its refinancing capability, such that its liquidity is not sufficient to meet its short-term liabilities; or contract sales weaken to significantly below Moody's expected level of HKD3-4 billion. The ratings outlook could return to stable, if Coastal Greenland (i) improves its contract sales and recognized revenues on a sustained basis; (ii) reduces its short-term debt and total borrowings significantly; and (iii) strengthens its liquidity profile, but not primarily through asset disposals. The principal methodology used in rating Coastal Greenland Limited was the Global Homebuilding Industry Methodology published in March 2009 Established in 1990 and listed on the Hong Kong Stock Exchange in 1997, Coastal Greenland Ltd (CGL) is a Chinese property developer that is focused on developing residential and commercial properties in China. HOPSON DEV'T: Moody's Upgrades CFR to 'B3'; Outlook Negative ------------------------------------------------------------ Moody's Investors Service has upgraded Hopson Development Holdings Limited's corporate family rating to B3 from Caa1 and its senior unsecured rating to Caa1 from Caa2. The ratings outlook is negative. Ratings Rationale "The ratings upgrade reflects Hopson's ability to use internal sources to repay the USD350 million in senior notes which were due on 9 November. With this redemption, Hopson has no offshore debt maturing until 2016," says Jiming Zou, a Moody's Analyst. "At the same time, the upgrade considers Hopson's 6.8% year-over- year improvement in contract sales in the first nine months of 2012. Given this positive trend, Moody's expects it to largely achieve its downwardly revised annual target of RMB12 billion in contract sales," says Mr. Zou. Hopson's B3 corporate family rating and its negative outlook continue to reflect its still weak financial profile, as indicated by its low level of interest coverage, substantial level of short-term debt, and slow albeit improving contract sales. The repayment of the USD350 million senior notes has also not materially changed its total debt level of RMB27 billion, as reported at end-June 2012. The company's EBITDA/Interest coverage is expected to remain at about 1.0x, positioning the rating at the low end of the single-B category. At the same time, Hopson's liquidity position remains weak in comparison with other rated property developers. Its large amount of short-term debt versus a limited cash balance indicates continued liquidity pressures and makes it vulnerable to any adverse change in contract sales. Furthermore, Hopson's high inventory level has tied up its cash. As of June 2012, unsold properties and properties under- development amounted to RMB63 billion, almost five times its annual contract sales. Its slow pace of contract sales was because of its focus on first-tier cities and residential property offerings in the higher price category. But purchase restrictions imposed by the authorities have adversely impacted this strategy. "We expect Hopson to prioritize its cash liquidity management in the near term through cautious spending on property construction and preserving cash generated from contract sales," continues Mr. Zou. Hopson has been able to extent a substantial share of its short- term borrowings, given its large business scale and its long-term relations with banks. In addition, it has substantial value in its assets, including investment properties of around RMB13.5 billion and completed properties for sale with a book value of RMB11 billion. Hopson's Caa1 senior unsecured bond rating reflects legal and structural subordination risk. The company's secured and subsidiary debt-to-total assets ratio will stay at around 25% in the near to medium term, as it has to rely on onshore borrowing at the PRC subsidiary/project level to fund its operations and investments. A rating upgrade is unlikely, given the negative outlook. However, the outlook could return to stable, if Hopson (1) further improves its liquidity position; (2) achieves its contract sales target; (3) reduces unsold inventory; and (4) improves interest coverage -- EBITDA/interest -- close to 2.0x. The ratings could be downgraded, if Hopson (1) shows deterioration in its liquidity position; or (2) experiences declines in sales and profit margins; or (3) shows EBITDA/interest coverage less than 1.0x. The principal methodology used in rating Hopson Development Company Holdings Limited was the Global Homebuilding Industry Methodology published in March 2009. Hopson Development Company Holdings Limited is one of the largest property developers in China with a land bank of 31.9 million square meters in gross floor area. Its principal business interests are residential developments in four major cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and their surrounding areas. ================ H O N G K O N G ================ ALEX TANG: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Oct. 31, 2012, to wind up the operations of Alex Tang Limited. The official receiver is Teresa S W Wong. ARTIFICIAL LIFE: Court to Hear Wind-Up Petition on Dec. 19 ---------------------------------------------------------- A petition to wind up the operations of Artificial Life Asia Limited will be heard before the High Court of Hong Kong on Dec. 19, 2012, at 9:30 a.m. The Chung Shun Land Investment Company Limited filed the petition against the company on Oct. 12, 2012. The Petitioner's solicitors are: Robertsons 57th Floor, The Center 99 Queen's Road Central, Hong Kong BILL PACHINO: Lees and Ng Appointed as Liquidators -------------------------------------------------- John Robert Lees and Mat Ng on Oct. 4, 2012, were appointed as liquidators of Bill Pachino (HK) Company Limited. The liquidators may be reached at: John Robert Lees Mat Ng 20/F, Henley Building 5 Queen's Road Central, Hong Kong C&D COLORMASTER: Court to Hear Wind-Up Petition on Jan. 9 --------------------------------------------------------- A petition to wind up the operations of C&D ColorMaster (HK) Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. DBS Bank (Hong Kong) Limited filed the petition against the company on Oct. 25, 2012. The Petitioner's solicitors are: Siao, Wen and Leung 16th Floor, Unicorn Trade Centre 127-131 Des Voeux Road Central, Hong Kong EXPRESS WELL: Court to Hear Wind-Up Petition on Dec. 12 ------------------------------------------------------- A petition to wind up the operations of Express Well International Limited will be heard before the High Court of Hong Kong on Dec. 12, 2012, at 9:30 a.m. Xcoal Energy & Resources filed the petition against the company on Sept. 28, 2012. The Petitioner's solicitors are: Orrick, Herrington & Sutcliffe 43/F, Gloucester Tower The Landmark 15 Queen's Road Central, Hong Kong GUIDE-TREND COMPANY: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on Oct. 31, 2012, to wind up the operations of Guide-Trend Company Limited. The official receiver is Teresa S W Wong. HI TAK: Court Enters Wind-Up Order ---------------------------------- The High Court of Hong Kong entered an order on Oct. 31, 2012, to wind up the operations of Hi Tak Thermal Insulation Limited. The official receiver is Teresa S W Wong. INCORPORATED OWNERS: First Meetings Slated for Nov. 23 ------------------------------------------------------ Creditors and contributories of The Incorporated Owners of Wing Fung Building, Wing Fung Street will hold their first meetings on Nov. 23, 2012, at 3:30 p.m., and 4:00 p.m., respectively at the Official Receiver's Office, at 10th Floor, Queensway Government Offices, 66 Queensway, in Hong Kong. At the meeting, Teresa S W Wong, the official receiver & Provisional liquidator, will give a report on the company's wind- up proceedings and property disposal. INSYNCO LIMITED: Creditors' Proofs of Debt Due Dec. 10 ------------------------------------------------------ Creditors of Insynco Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 10, 2012, to be included in the company's dividend distribution. The company's liquidator is: Ho Oi Suen Room 502, 5th Floor Hing Yip Commercial Centre 272-284 Des Voeux Road Central, Hong Kong KINGBOARD CHEMICAL: Moody's Withdraws 'Ba1' Corp. Family Rating --------------------------------------------------------------- Moody's Investors Service has withdrawn its Ba1 corporate family rating of Kingboard Chemical Holdings Limited. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Established in 1988, Kingboard Chemical Holdings Limited principally manufactures laminates, printed circuit boards and chemicals. Its business model is significantly vertically integrated and it internally sources most of the chemicals it uses in the production of laminates. MARCO POLO: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Oct. 31, 2012, to wind up the operations of Marco Polo Creations Limited. The official receiver is Teresa S W Wong. MEDIA VALOR: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on Nov. 2, 2012, creditors of Media Valor Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Messrs. Wong Sun Keung Tsui Mei Yuk Janice 21/F, Tung Hip Commercial Building 248 Des Voeux Road Central, Hong Kong MERRY CHANCE: Lau and Liang Appointed as Liquidators ---------------------------------------------------- Lau Siu Hung and Liang Yang Keng on Oct. 15, 2012, were appointed as liquidators of Merry Chance Industries Limited. The liquidators may be reached at: Lau Siu Hung Liang Yang Keng Room 1909-10, 19/F Nan Fung Tower 173 Des Voeux Road Central, Hong Kong ========= I N D I A ========= COZYTOUCH POLYFOAMS: CRISIL Assigns 'B' Rating to INR45MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Cozytouch PolyFoams India Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 15 CRISIL B/Stable (Assigned) Cash Credit 30 CRISIL B/Stable (Assigned) Letter of Credit 30 CRISIL A4 (Assigned) The ratings reflect Cozy's small scale of operations, constrained liquidity because of working-capital-intensive operations, and weak financial risk profile marked by a high gearing. These rating weaknesses are partially offset by the extensive industry experience of Cozy's promoters, and the company's healthy operating efficiency and the benefits that it derives in the form of government subsidies. Outlook: Stable CRISIL believes that Cozy will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' in case the company achieves significant improvement in its scale of operations and profitability, leading to improvement in its financial risk profile, particularly its liquidity. Conversely, the outlook may be revised to 'Negative' if Cozy's working capital management deteriorates, or if the company undertakes a larger-than- expected, debt-funded capex programme, leading to further weakening of its financial risk profile, particularly its liquidity. About Cozytouch PolyFoams Cozy was set up in 2007 by Mr. Inderjeet Khurana. It manufactures foam mattresses, bonded mattresses, and spring mattresses. Cozy reported a net profit (PAT) of INR2.4 million on revenues of INR153 million for 2011-12 (refers to financial year, April 1 to March 31), against a net profit of INR9.7 million on revenues of INR124 million for 2010-11. ECO-CARE BUILDING: CRISIL Assigns 'B+' Rating to INR100MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Eco-Care Building Products Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B+/Stable (Assigned) Term Loan 70 CRISIL B+/Stable (Assigned) The rating reflects ECBPL's limited track record and small scale of operations, average financial risk profile constrained by small networth size, and its exposure to intense competition in the autoclaved aerated concrete (AAC) block manufacturing industry. These rating weaknesses are partially offset by the promoter's extensive industry experience in the AAC block industry Outlook: Stable CRISIL believes that ECBPL will benefit over the medium term from the promoters long standing industry experience. The outlook may be revised to 'Positive' if the company's generates more-than- expected revenues and profitability, along with improvement in capital structure, thereby improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' if ECBPL's cash accruals are lower- than-expected, most likely because of lower-than-expected capacity utilization, or if the company undertakes larger-than-expected debt-funded capital expenditure programme over and above expected, leading to weakening in its financial risk profile. About Eco-Care Building Established in 2010 by Mr. Vijay Bhaskar Chowdary, ECBPL is engaged in manufacturing of AAC blocks. The company commenced commercial operations during January 2012. ECBPL reported a profit after tax (PAT) of INR1.7 million on net sales of INR18.1 million for 2011-12 (refers to financial year, April 1 to March 31). MARUDHAR POLYSACKS: CRISIL Assigns 'B' Rating to INR55MM Loans -------------------------------------------------------------- RISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Marudhar Polysacks Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 42.5 CRISIL B/Stable (Assigned) Cash Credit 10 CRISIL B/Stable (Assigned) Proposed Long-Term 2.5 CRISIL B/Stable (Assigned) Bank Loan Facility The rating reflects MPPL's weak financial risk profile, marked by a small net worth and high gearing, small scale of operations, and limited track record of operations in manufacturing woven sacks. These rating weaknesses are partially offset by the benefits MPPL derives from the proximity of its location to its key customers viz major cement manufacturers. Outlook: Stable CRISIL believes that MPPL will continue to benefit over the medium term from its advantageous location due to its proximity to major cement manufacturers. The outlook may be revised to 'Positive' in case of a significant ramp-up in MPPL's operations, leading to a substantial increase in revenues and cash accruals along with improvement in capital structure. Conversely, the outlook may be revised to 'Negative' in case MPPL's financial risk profile, particularly liquidity, deteriorates, most likely because of lower-than-expected cash accruals, or if MPPL undertakes any large debt-funded capital expenditure programme. Set up in 2011-12 (refers to financial year, April 1 to March 31) by Lodha family of Jaipur, MPPL manufactures woven sacks, including poly propylene (PP) bags and fabric, used for packaging in various industries such as cement, food grain, and sugar. MPPL's manufacturing unit in Jaipur (Rajasthan) commenced commercial operations in May 2012. MARUTI PLASTO: Delay in Loan Payment Cues CRISIL Junk Ratings ------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the bank facilities of Maruti Plasto Moulding. The rating reflects instances of delay by MPM in servicing its debt; the delays have been caused by the firm's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 11.00 CRISIL D (Assigned) Term Loan 40.00 CRISIL D (Assigned) The firm is exposed to risk related to initial stage of operations and to intense competition in the plastic industry, restricting its business risk profile. The firm, however, benefits from the industry experience of its promoters. Maruti Plasto Moulding, a partnership firm promoted by Narendra Kumar Agarwal and Kamakhya Prasad Agarwal, is engaged in manufacturing of injection-moulded plastic items. The firm started its commercial production in April 2012. RADHA SAKKU: CRISIL Cuts Rating on INR1.26BB Loans to 'B-' ---------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Radha Sakku Agro Farms Ltd (part of the Sakku group) to 'CRISIL B-/Negative' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 300 CRISIL B-/Negative (Downgraded from 'CRISIL B+/Stable') Long-Term Loan 958.8 CRISIL B-/Negative (Downgraded from 'CRISIL B+/Stable') Proposed LT Loan 1.2 CRISIL B-/Negative (Downgraded from 'CRISIL B+/Stable') The downgrade reflects CRISIL's belief that Radha Sakku may not be able to service its term loan installment in a timely manner; term loan repayment is expected to commence from December 31, 2012. Radha Sakku was implementing a two million commercial layer bird capacity; the project was expected to be completed by December 2012. Radha Sakku had, however, completed only half the capacity by June 2012, when it had to stop work due to protest by the local community. Radha Sakku has already approached its banker to reschedule its debt obligation owing to losses on account of delay in completion of its project. The rescheduling of the term debt obligations remain a rating sensitivity factor. CRISIL's rating on the bank facilities of the Sakku group reflects the Sakku group's average financial risk profile, marked by a high gearing and average debt protection metrics, and exposure to risks related to project implementation in Radha Sakku and those inherent in the poultry farm industry. These rating weaknesses are partially offset by the Sakku group's established position in the layer segment of poultry farming. For arriving at its rating, CRISIL has combined the financial and business risk profiles of Venkatrama Poultries Ltd (Venkatrama Poultries) and Radha Sakku, together referred to as the Sakku group. This is because Venkatrama Poultries owns 100 per cent of Radha Sakku's equity shares. Moreover, both the companies are in the same line of business and will be using the same brand. Outlook: Negative CRISIL believes that the Radha Sakku may not be able to service its term loan installment in a timely manner; the term loan repayment is expected to commence from December 31, 2012. The rating may be downgraded in case Radha Sakku delays the repayment of its term debt obligations. Conversely, the outlook may be revised to 'Stable' if Radha Sakku receives substantial funding support from its promoters in the form of equity or unsecured loans, thereby alleviating the pressure on its liquidity profile. About the Group Set up as a proprietorship firm in 1979, Venkatrama Poultries was reconstituted as a private limited company, and later as a closely held public limited company in 1995. Venkatrama Poultries is in the business of poultry farming in the layer segment and it currently has capacity of 2.5 million commercial layers birds. Radha Sakku was set up in 2010 as a limited company by Mr. Venkata Rao and his family and it currently has a capacity of 1 million commercial layers birds for commercial egg production at Vijayanagaram (Andhra Pradesh). RAJIT PAINTS: Delay in Loan Payment Cues CRISIL Junk Ratings ------------------------------------------------------------ CRIISL has downgraded its ratings on the bank loan facilities of Rajit Paints Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 210 CRISIL D (Downgraded from 'CRISIL C') Letter of Credit 22.5 CRISIL D (Downgraded from 'CRISIL A4') Term Loan 14.7 CRISIL D (Downgraded from 'CRISIL C') The rating downgrade reflects instances of delay by RPL in servicing its term debt. The delays are caused by the company's weak liquidity. The liquidity is weak because of its working- capital-intensive operations. CRISIL believes that RPL's liquidity will remain weak over the medium term, mainly because of its large working capital requirements RPL has a weak financial risk profile, marked by high gearing, modest debt protection metrics and a small net worth. RPL's credit risk profile, however, benefits from its established track record in the industrial paints business. About Rajit Paints RPL was set up in 1985 by Mr. Rakesh Mehra and Mr. Rohit Nagrath. The company manufactures industrial paints, including liquid automotive paints, industrial powder coatings, general industry paints, and other allied products. For 2011-12 (refers to financial year, April 1 to March 31), RPL reported, on a provisional basis, a profit after tax (PAT) of INR56 million on net sales of INR1.54 billion; the company reported a PAT of INR46 million on net sales of INR1.42 billion for 2010-11. SHRI VISHNU EATABLES: CRISIL Rates INR1.17-Bil. Loans 'D' --------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank loan facilities of Shri Vishnu Eatables (India) Ltd (SVEL; part of the Shri Vishnu group). The ratings reflect instances of delay by the SVEL in servicing its debt; the delays have been caused by the SVEL's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 69 CRISIL D (Assigned) Packing Credit 350 CRISIL D (Assigned) Cash Credit 200 CRISIL D (Assigned) Foreign Bill Purchase 550 CRISIL D (Assigned) Shri Vishnu Group also has a weak financial risk profile marked by high gearing, weak debt protection metrics, and working- capital-intensive operations. Shri Vishnu Group's operating margins also face susceptibility to adverse government regulations and raw material price volatility. These weaknesses are partially offset by the long standing experience of promoters along with their financial support to the group and healthy growth prospects for basmati rice industry. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of SVEL and Shri Vishnu Overseas Private Limited, here in referred to as Shri Vishnu group. This is primarily because both the entities are controlled by the same management and are engaged in the same businesses- processing of rice. The entities also derive considerable operational and business synergies from each other. About the Group SVEL was set up as a partnership firm in 1993 and was incorporated in 1996 by Mr. Banarasi Lal Mittal and his sons. The company mills paddy and trades rice and related items. SVEL's processing unit is in Kaithal (Haryana). SVOL was incorporated in 1995 by the same promoters. Company is in the milling of rice as well as wheat. The processing unit of the company is located in Kaithal, Haryana. For 2011-12 (refers to financial year, April 1 to March 31), SVEL's profit after tax (PAT) and net sales were estimated at INR41.65 million and Rs 5384.00 million, respectively; the company reported a PAT of INR29.60 million on net sales of INR4624.40 million for 2010-11. SHRI VISHNU OVERSEAS: CRISIL Places 'D' Ratings on INR703MM Loans ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank loan facilities of Shri Vishnu Overseas Pvt Ltd (part of the Shri Vishnu group). The ratings reflect instances of delay by the SVOL in servicing its debt; the delays have been caused by the SVOL's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 153 CRISIL D (Assigned) Cash Credit 300 CRISIL D (Assigned) Foreign Bill Purchase 250 CRISIL D (Assigned) Shri Vishnu Group also has a weak financial risk profile marked by high gearing, weak debt protection metrics, and working- capital-intensive operations. Shri Vishnu Group's operating margins also face susceptibility to adverse government regulations and raw material price volatility. These weaknesses are partially offset by the long standing experience of promoters along with their financial support to the group and healthy growth prospects for basmati rice industry. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of SVOL and Shri Vishnu Eatables (India) Limited, here in referred to as Shri Vishnu group. This is primarily because both the entities are controlled by the same management and are engaged in the same businesses- processing of rice. The entities also derive considerable operational and business synergies from each other. About the Group SVOL was incorporated in 1995 by Mr. Banarasi Lal Mittal and his sons. Company is in the milling of rice as well as wheat. The processing unit of the company is located in Kaithal, Haryana. SVEL was incorporated in 1996 by the same promoters. The company mills paddy and trades rice and related items. SVEL's processing unit is in Kaithal (Haryana). For 2011-12 (refers to financial year, April 1 to March 31), SVOL's profit after tax (PAT) and net sales were estimated at INR28.61 million and Rs 2184.04 million, respectively; the company reported a PAT of INR15.82 million on net sales of INR1317.48 million for 2010-11. SOMA-ISOLUX NH: Delays in Loan Payment Cues CRISIL Junk Ratings --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Soma-Isolux NH One Tollway Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 33890 CRISIL D (Downgraded from 'CRISIL BB-/Stable') The downgrade reflects instances of delays by SIPL in servicing its term debt. Commissioning of the project, the six-lane Panipat - Jalandhar 291-kilometer (km) section of National Highway (NH) 1, has been delayed significantly on account of delays in completion of the land acquisition process. The resulting delay in the commissioning of the project and the extension of timeline for the same is yet to be approved by National Highways Authority of India (NHAI; rated 'CRISIL AAA/Stable'). SIPL was servicing its debt obligations by drawing down additional amounts from its sanctioned limits and tolling income from the existing four-lane Panipat - Jalandhar 291-km section of NH 1. However, SIPL's bankers have stopped fresh disbursements due to non-receipt of NHAI's approval for extension of timeline, resulting in delays in servicing of its term debt obligations. SIPL has approached its bankers for restructuring of its debt; however, the restructuring is subject to NHAI's approval of the delay in commissioning and extension of timeline of the project. Incorporated in 2008, SIPL is a special purpose vehicle (SPV) promoted by the Isolux Corsan group and Soma Enterprises Ltd in the ratio of 61:39. The SPV has entered into a concession agreement with NHAI for execution of a project on a build- operate-transfer (BOT) basis. The company has been awarded the right to widen the four-lane Panipat - Jalandhar section of NH 1 to six lanes, to be executed on a toll basis on design-build-finance-operate pattern. SIPL has a concession period of 15 years, which also includes construction period of 30 months, from the appointment date of May 2009. ================= I N D O N E S I A ================= THETA CAPITAL: Moody's Rates $273MM Senior Unsecured Notes 'B1' --------------------------------------------------------------- Moody's Investors Service has assigned a definitive B1 senior unsecured rating to the USD273 million 6.125% senior unsecured notes due in 2020, issued by Theta Capital Pte Ltd and guaranteed by PT Lippo Karawaci and some of its subsidiaries -- in exchange for the senior unsecured notes issued by Sigma Capital Pte Ltd. The outlook for the rating is positive. Ratings Rationale Following the exchange offer, USD276.4 million of senior unsecured notes issued by Sigma Capital Pte Ltd were accepted, while there will remain USD119.2 million outstanding, which will be payable in 2015. In addition, consent for amending certain terms of the senior unsecured notes issued by Sigma Capital Pte Ltd has been successfully passed. After the amendment, all senior unsecured notes issued by Theta Capital Pte Ltd. and Sigma Capital Pte Ltd are subject to the same set of covenants. Moody's has removed the provisional status of the rating on this debt obligation, originally assigned on 15 October 2012. Moody's rating rationale was set out in a press release on that date and explored more fully in a Credit Opinion issued on 17 October 2012. The principal methodology used in rating PT Lippo Karawaci Tbk and Theta Capital Pte Ltd was the Global Homebuilding Industry Methodology published in March 2009. PT Lippo Karawaci Tbk is one of the largest property developers in Indonesia, with a sizable land bank of around 1,443 ha as of 30 June 2012. Since 2004, the company has diversified into the healthcare and hospitality businesses, as well as infrastructure development. Its recurring income continues to grow, comprising around 50% of total revenue over the last three years. ========= J A P A N ========= * Weak Liquidity Drove Sharp Corp.'s Rating Dip, Analyst Says ------------------------------------------------------------- Matt Jamieson spoke with Alvin Lim, Fitch's TMT sector analyst based in Seoul, about the recent downgrade of Sharp Corporation ('B-'/RWN) and his views on Panasonic Corporation's ('BBB- '/Negative) latest financial results. Mr. Jamieson is Head of APAC Research in Fitch's Corporate Ratings Group. Alvin: Very weak liquidity and substantial operating losses drove the Sharp downgrade. Panasonic's EBIT margins have recently improved to stave off a rating action at this juncture. However, a failure to generate higher cash flow could result in a downgrade to speculative grade within the next 12 months. Matt: Fitch recently downgraded Sharp by six notches from 'BBB-' to 'B-', a level which indicates the presence of a material default risk. Can you explain the main factors behind such a dramatic downgrade? Alvin: By way of background, let me explain that Fitch downgraded Sharp's rating to the lowest investment grade level of 'BBB-' in December 2011 and changed the Outlook to Negative in February 2012 due to poor operational performance, particularly at its core LCD TV and panel businesses which make up over 60% of the company's total revenue. Further, in September 2012, Fitch placed Sharp's ratings on Negative Watch, based on escalating liquidity and operating issues. Now in early November 2012, Sharp's financial results for H1FY13 revealed a negative EBIT margin of 15%, that the company continues to hemorrhage cash and it is facing a severe liquidity crisis. Cash on hand of JPY221 billion is significantly short of the JPY898 billion of debt maturing within the next 12 months, and there is a risk that continued support from its creditor banks may not be forthcoming. Hence in light of the acute liquidity risk and substantial operating losses, we downgraded the ratings to the bottom of the single 'B' category, and maintained the Negative Watch. Matt: As part of the rationale for the downgrade, Fitch also commented that it doesn't expect any meaningful operational turnaround in the company's core business over the short-to- medium term. Can you explain the basis for such a pessimistic outlook? Alvin: Firstly, their position in the global TV market continues to deteriorate, the gap is widening with Korean TV makers, and this trend is not likely to reverse any time soon. For the past two to three years the company focused on producing and driving the market for super large-sized TVs; however, demand has been well below expectations and they have had to discount prices to generate sales. This, in turn, has weakened the company's panel business, especially at its 10th generation facility in Osaka. Secondly, their technology development remains a step behind that of Korean manufacturers. Supposedly Sharp had a good reputation for technology for small- and medium-sized panels, but the company recently was not able to mass-produce them at an acceptable quality and in a timely manner to supply key clients, including major mobile device makers. While the quality or the yield rate of its TV panels may improve, contribution from this area remains uncertain. Thirdly, the high yen continues to work against the company. While there is some expectation that the Japanese yen could depreciate, so long as the USD/JPY remains at around the 80 mark, price competiveness and profitability will continue to erode. Matt: Panasonic also reported a huge net loss for H1FY13. What is Fitch's view of Panasonic compared with Sharp? Alvin: Firstly, let me explain that we downgraded Panasonic's rating to 'BBB-'/Negative in February 2012 due to deteriorating operating and financial results. At the time we expected that the company would be taking on substantial restructuring initiatives to streamline its cost structure. Now, while it is true that in Q2 FY13 Panasonic reported a substantial net loss, this was largely due to restructuring charges at the non- operating level. Most of these restructuring charges were non- cash items, such as impairment charges and income tax provisions after writing off deferred tax assets. Importantly at the operating or EBIT level, the company's performance actually improved during the first six months of FY13 with an EBIT margin of 2.4% versus just 0.1% in same period last year. Matt: What will it take to downgrade or stabilise Panasonic's ratings then? Alvin: Panasonic's operations are slowly improving, and the company's CEO is clearly focused on restructuring. However, the company's cash flow from operations (CFO) remains very low, and free cash flow (FCF) generation remains negative. Therefore, Fitch will focus not only on whether the company can further improve its operating margins, but also if this can flow through to higher CFO generation and positive FCF in the short-to medium- term. If the company is not able to achieve this, its ratings are likely to be downgraded to speculative grade. Matt: Finally, why are Samsung Electronics ('A+'/Stable) and LG Electronics ('BBB'/Negative) significantly more profitable than the Japanese technology names? Alvin: In short, it is because the Koreans have better price competitiveness, product quality and technology. While the overall global market for key electronics products such as flat panel TVs has slowed down, the Koreans are taking a significantly large slice of the market compared with two to three years ago. Since their TVs are selling well, this enables their component panel divisions to achieve necessary economies of scale. This is particularly true for Samsung Electronics, as its high profitability and cash flow generation enable the company to continue investing heavily into R&D and capex so that it remains at the forefront of the technology curve. ==================== N E W Z E A L A N D ==================== ANTHEM HOLDINGS: Gibbston Vineyard Blocks Up For Tender ------------------------------------------------------- Chris Hutching at NBR NZ Property Investor reports that Mortgagee FM Custodians (Canterbury Mortgage Trust) has initiated the sale of properties at bankrupt Christchurch developer Dave Henderson's Gibbston vineyard near Queenstown. NBR NZPI says Harcourts agent Fraser Skinner is marketing four blocks planted in pinot noir. The rateable values range between NZ$485,000 and NZ$680,000. NBR NZPI notes that the properties were owned by Anthem Holdings (in receivership and liquidation), although the receivers of that company only controlled the stocks of wine involved. Paul Sargison of Gerry Rae told NBR NZPI recently that the legal wrangling over the wine stocks meant they had used up nearly all the funds available from the sale of the wine. The value of the wine in question was near NZ$1 million, NBR NZPI reports. Anthem was incorporated in 1999 to develop the Gibbston Valley vineyard. ================= S I N G A P O R E ================= LG PROPERTIES: Creditors' Proofs of Debt Due Nov. 23 ---------------------------------------------------- Creditors of LG Properties (Singapore) Pte Ltd, which is in liquidation, are required to file their proofs of debt by Nov. 23, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO LLP 21 Merchant Road #05-01 Royal Merukh S.E.A. Building Singapore 058267 MAN NYUN: Creditors' Proofs of Debt Due Dec. 10 ----------------------------------------------- Creditors of Man Nyun Cement Pte Ltd, which is in liquidation, are required to file their proofs of debt by Dec. 10, 2012, to be included in the company's dividend distribution. The company's liquidators are: Kelvin Thio Terence Ng c/o Ardent Business Advisory Pte Ltd 146 Robinson Road #12-01 Singapore 068909 PCCW GLOBAL: Creditors' Proofs of Debt Due Dec. 10 -------------------------------------------------- Creditors of PCCW Global (Singapore) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 10, 2012, to be included in the company's dividend distribution. The company's liquidator is: Jacqueline Chan Li Shan 171 Chin Swee Road #08-01 San Centre Singapore 169877 REDIFFUSION PTE: Creditors' Proofs of Debt Due Nov. 21 ------------------------------------------------------ Creditors of Rediffusion Pte Ltd, which is in creditors' voluntary liquidation, are required to file their proofs of debt by Nov. 21, 2012, to be included in the company's dividend distribution. The company's liquidators are: Neo Ban Chuan Cameron Duncan c/o KordaMentha Pte Ltd 30 Robinson Road Robinson Towers, #12-01 Singapore 048546 SINO-ENVIRONMENT TECH: Court to Hear Wind-Up Petition Jan. 11 ------------------------------------------------------------- A petition to wind up the operations of Sino-Environment Technology Group Limited will be heard before the High Court of Singapore on Jan. 11, 2013, at 10:00 a.m. Hamish Alexander Christie filed the petition against the company on Nov. 2, 2012. The Petitioner's solicitors are: Messrs Tan Kok Quan Partnership No. 8 Shenton Way, AXA Tower #47-01, Singapore 068811 =============== X X X X X X X X =============== * Moody's Says Asian Liquidity Stress Index Rises in October ------------------------------------------------------------ Moody's Investors Service says that its Asian Liquidity Stress Index (Asian LSI) rose for the fourth consecutive month in October and now stands at 29.1%, up 5.3% from September, its largest monthly increase ever reflecting the net addition of six companies to the lowest speculative-grade liquidity score category (SGL-4). "The index is also at its highest level since the second quarter of 2009 and now totals 30 companies in the lowest speculative- grade liquidity score category (SGL-4)," says Laura Acres, a Moody's Senior Vice President. Acres was speaking on the release of Moody's latest report on the index, entitled "Asian Liquidity Stress Index." In a related development, Moody's will publish in November a report saying refinancing risk for Chinese high-yield companies to 2014 is manageable. "The Asian LSI, which increases when speculative-grade liquidity appears to decrease, is creeping close to the high of 37% recorded in the fourth quarter of 2008, the height of the global financial crisis," says Ms. Acres. However, the climate today is quite different from 2008 as companies continue to raise funds, frequently at the last minute, from a currently vibrant USD funding market and from domestic markets for refinancing purposes. Moreover, the diversity of funding choices has broadened. Chinese corporates in particular have demonstrated access to a still liquid domestic funding market, including trust loans, bank lending and a growing domestic bond market to help manage their refinancing pressures. Accordingly, expected defaults, although likely to rise, remain relatively low. Nevertheless, downside risks clearly remain. Not only is the Asian LSI at its current high level but a very clear negative bias for ratings outlooks remains. The percentage of speculative- grade companies with a negative outlook, or on review for downgrade was 36.9% at end-October, down slightly from 37.6% at end-September. The net amount of high-yield debt Moody's rates in Asia rose again in October and now totals US$42.7 billion versus $41.5 billion at end-September. Four deals closed in October, including: Longfor Properties Company Limited's US$400 million 7-year bond; Lippo Karawaci Tbk's (B1 positive) US$100 million senior notes due 2019; Yuzhou Properties Company Ltd's US$250 million senior notes due 2017; and China South City Holdings Ltd's (B1 stable) US$125 million senior unsecured notes. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. *** End of Transmission ***