/raid1/www/Hosts/bankrupt/TCRAP_Public/210428.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, April 28, 2021, Vol. 24, No. 79
Headlines
A U S T R A L I A
ADVANCED TIMBER: Second Creditors' Meeting Set for May 5
GFG ALLIANCE: Australian State Planner Approves Expansion
SVOROSUMO PTY: First Creditors' Meeting Set for May 5
TUBI LIMITED: First Creditors' Meeting Set for May 5
[*] Gallagher Warns on Directors' Liability Risks Post Relief
I N D I A
ACTION INDUSTRIAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
AESYS TECHNOLOGIES: Insolvency Resolution Process Case Summary
AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
ALM METALS: Insolvency Resolution Process Case Summary
ARMANIA AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
B.R. GOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
BABA BHUMAN: ICRA Keeps B Debt Ratings in Not Cooperating
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
BHADOHI CARPETA: ICRA Keeps B+ Debt Ratings in Not Cooperating
CEEJAY FINANCE: ICRA Keeps B+ Debt Ratings in Not Cooperating
COASTAL OIL: Insolvency Resolution Process Case Summary
COPERION IDEAL: ICRA Lowers Rating on INR17cr LT Loan to B+
DADA GANAPATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
DEEKAY TREXIM: ICRA Keeps B+ Debt Rating in Not Cooperating
DMC INFRASTRUCTURE: Insolvency Resolution Process Case Summary
EURO FORGE: ICRA Keeps B Debt Ratings in Not Cooperating
FAMOUS TRADELINE: Insolvency Resolution Process Case Summary
GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating
GUPTA SOLVENT: ICRA Keeps B+ Debt Ratings in Not Cooperating
IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating
JAINAM COATEX: ICRA Keeps B Debt Ratings in Not Cooperating
KANKESH EXIMS: Insolvency Resolution Process Case Summary
KINGFISHER: Indian Banks Back in UK Court to Pursue Mallya Order
KRISHNA CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating
L&T HALOL: ICRA Keeps D Debt Rating in Not Cooperating
LANCO SOLAR ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
LANCO SOLAR PRIVATE: ICRA Keeps D Debt Rating in Not Cooperating
LEMOSA TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MATRIX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
NAMRATHA POWER: Insolvency Resolution Process Case Summary
PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
PRIME LUMBERS: ICRA Keeps B- Debt Rating in Not Cooperating
RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
SAURABH AGRO-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
STANDARD CONSULTANTS: ICRA Keeps B+ Ratings in Not Cooperating
TELSTAR INDUSTRIES: Insolvency Resolution Process Case Summary
J A P A N
TOSHIBA CORP: Shareholder Asks Company to Openly Seek Suitors
N E W Z E A L A N D
MANCHESTER UNITY: Fitch Affirms 'BB-' Insurer Fin. Strength Rating
S I N G A P O R E
CHINA FISHERY: Burlingon & Monarch Start to Solicit Votes on Plan
CHINA FISHERY: Unsecureds to Get Up to 39.5% in Creditors' Plan
CHINA SKY: To be Delisted From Singapore Exchange Securities
EAGLE HOSPITALITY: Doesn't Have Luxury to Delay Sale Process
NAIISE: Goes Into Liquidation; Founder to File For Bankruptcy
TD HOLDINGS: Increases Authorized Common Shares to 600MM Shares
- - - - -
=================
A U S T R A L I A
=================
ADVANCED TIMBER: Second Creditors' Meeting Set for May 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Advanced Timber
Finishes Pty Ltd ATF Advanced Timber Finishes Unit Trust (trading
as Zobel Australia) has been set for May 5, 2021, at 3:00 p.m. via
Zoom.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 4, 2021, at 3:00 p.m.
Paul Langdon and Ian Grant of Vince & Associates were appointed as
administrators of Advanced Timber Finishes on March 22, 2021.
GFG ALLIANCE: Australian State Planner Approves Expansion
---------------------------------------------------------
Reuters reports that an Australian state planner has approved the
expansion of a metallurgical coal mine in New South Wales run by a
unit of cash-strapped industrialist Sanjeev Gupta's GFG Alliance.
According to Reuters, planning body IPC said the consent to develop
an extension to the Tahmoor coal mine, 66 km (41 miles) southwest
of Sydney, carried additional environmental and social conditions.
"This is a positive outcome," Reuters quotes a GFG spokesman, who
welcomed the move as reaffirmation of the importance of
high-quality metallurgical coal in Australian manufacturing, as
saying.
"We will now take time to review the IPC's conditions of consent
and continue to progress our refinancing, which is in the advanced
stages of due diligence."
Reuters says the ruling allows Tahmoor Coal, part of GFG's SIMEC
Mining, to extract an additional 33 million tonnes of coal over 10
years, in a split of 90% to 95% metallurgical coal and 5% to 10%
thermal coal, to be exported from the Port Kembla Coal Terminal.
Reuters relates that the panel said continued demand for coking
coal over the mine's life meant significant benefits would flow
from extending its life, rather than building a new one.
However, it is unclear whether the mine will be developed or sold
off, after the London branch of Citibank applied to the state's
supreme court this month to wind up the business.
The move, set for a May 6 hearing when the court is to give
directions, was part of insolvency measures linked to GFG group's
financier, Greensill Capital, the report notes.
Reuters relates that GFG Alliance is in discussions with
administrators after Greensill's supply chain finance business
unravelled when its main insurer stopped providing credit insurance
on AUD4.1 billion of debt in portfolios.
In court documents, Greensill said GFG had started to default on
its obligations, but Gupta has maintained that his steel businesses
have adequate current funds and that its business was strong, adds
Reuters.
SVOROSUMO PTY: First Creditors' Meeting Set for May 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Svorosumo
Pty Ltd will be held on May 5, 2021, at 10:30 a.m. at the offices
of Jirsch Sutherland, Suite 1, Level 7, 28 O'Connell Street, in
Sydney, NSW.
Peter John Moore of Jirsch Sutherland was appointed as
administrator of Svorosumo Pty on April 23, 2021.
TUBI LIMITED: First Creditors' Meeting Set for May 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tubi Limited
will be held on May 5, 2021, at 4:00 p.m. via video
conference/telephone conference.
Philip Patrick Carter and Daniel Austin Walley of
PricewaterhouseCoopers were appointed as administrators of Tubi
Limited on April 23, 2021.
[*] Gallagher Warns on Directors' Liability Risks Post Relief
-------------------------------------------------------------
Insurance Business reports that the Australian government helped
businesses during the COVID-19 pandemic last year by temporarily
suspending some business directors' duties relating to insolvency
risks. However, directors' obligations have reverted to the
standard insolvency liability regulations this year.
The government's 2020 insolvency relief, a part of the Australian
Coronavirus Economic Response Package Omnibus Bill, aimed to
prevent insolvent trading and any associated personal liability for
directors if the relevant debt was incurred "in the ordinary course
of business" (section 588GAAA), Insurance Business relates citing
legal firm Clyde & Co.
However, Gallagher warned that the government JobKeeper wage
subsidy supporting businesses and employment last year ceased in
March 2021, leaving businesses to face financial challenges that
could lead to closures and insolvencies.
According to Insurance Business, the brokerage reminded businesses,
directors, business owners, and senior executives to consider the
drivers of potential insolvency liability and address the increased
risks of insolvency liability claims under the businesses'
directors and officers' (D&O) liability insurance.
"Insolvency is a business risk stemming from debts or liabilities
owed and an inability to service them according to agreed terms,"
said Robert McCabe, the NSW manager for financial lines,
professional, and financial risks at Gallagher, the report relays.
Gallagher emphasised that insolvency-related claims and risks are
crucial under the D&O or management liability policies, adding that
the recent regulatory changes and insurers' decisions on
considering potential claims are complex.
"Following COVID impacts and government-adjusted regulations, some
insurers have sought to impose insolvency exclusion in their D&O
policy wordings," Gallagher said.
"An expert insurance broker with specialised D&O knowledge can
consider and evaluate policy wordings and the relevance of specific
clauses to your business's situation and the exposures this
brings."
=========
I N D I A
=========
ACTION INDUSTRIAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Action
Industrial Corporation in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA] B+(Stable)/A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Long Term- 0.85 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
cooperating' category
Short Term- 0.43 [ICRA]A4 (Stable) ISSUER NOT
Non Fund COOPERATING; Rating continues
Based Limits to remain under 'Issuer Not
cooperating' category
Short Term- 2.50 [ICRA]A4 (Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 2005, AIC is a proprietorship firm promoted by Mr.
Raj Kumar Gupta. The firm is a part of the Action Group and comes
under the faction of Mr. Raj Kumar Gupta. The firm is involved in
the manufacturing of shoes, kid's footwear, sandals etc. Its
manufacturing facilities are located at Baddi, Himachal Pradesh and
Bahadurgarh, Haryana. CIPL deals with customers such as Reliance
Industries Limited (RIL), Indian Oil Corporation Limited, Haldiya
Petrochemicals Limited, HPCL-Mittal Energy Limited (HMEL) - joint
venture between Hindustan Petroleum Corporation Limited (HPCL) and
Mittal Energy Investment Pvt Ltd, Singapore, etc.
AESYS TECHNOLOGIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Aesys Technologies India Private Limited
No. 4/58 Subramanya Iyer Street
West Mambalam Chennai
TN 600033
IN
Insolvency Commencement Date: March 30, 2021
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: October 9, 2021
Insolvency professional: T. Sivagurunathan
Interim Resolution
Professional: T. Sivagurunathan
New No. 14B/S1, 2nd Floor
Dwaraka Apartments
4th Main Road
New Colony, Chrompet
Chennai 600044
E-mail: ca.sivagurunathan@gmail.com
Last date for
submission of claims: April 27, 2021
AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Akal Pipe
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 2.50 [ICRA] D ISSUER NOT COOPERATING;
Fund Based-CC Rating continues to remain under
'Issuer Not Cooperating'
Category
Long Term 6.90 [ICRA] D ISSUER NOT COOPERATING;
Fund Based-TL Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
API was established in March 2012 as a partnership firm of Mr.
Harbant Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Yadvinder
Singh and Mr. Nazam Singh sharing profits and losses in the ratio
of 51%, 14%, 13%, 13% and 9%, respectively. The entity is engaged
in the manufacturing of RCC (Reinforced cement concrete) pipes and
manholes.
ALM METALS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Alm Metals and Alloys Limited
8-A National Highway
At: Vaghasiya, TA: Wankaner
Rajkot, Gujarat 363621
India
Insolvency Commencement Date: April 16, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 13, 2021
Insolvency professional: Sanjay Badrilal Punglia
Interim Resolution
Professional: Sanjay Badrilal Punglia
501, Aalin Complex
Opp. Gujarat Vidhyapith
Ashram Road
Ahmedabad 380014
E-mail: capunglia@gmail.com
cirp.almmetals@gmail.com
Last date for
submission of claims: April 30, 2021
ARMANIA AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Armania
Agro Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 1.78 [ICRA] B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Cash Credit 7.00 [ICRA] B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 0.35 [ICRA] B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in 2008 as a partnership firm, Armania Agro Industries
(AAI) is involved in the business of grain sorting/processing with
the use of optical sortex machines. Its manufacturing facility,
located in Himmatnagar region of Gujarat, is equipped with a
processing capacity of 51000 MT per annum. The promoters of the
firm have extensive experience in trading business of agro
commodities through their erstwhile entity Prakash Trading Company.
The firm also has an associate concern, 'Armania Agro Foods' which
is engaged in Sharbati wheat processing business at its
manufacturing facility in Madhya Pradesh.
B.R. GOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of B.R. Gour
Gam Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 6.50 [ICRA] B+(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.00 [ICRA] B+(Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocaed Rating continues to remain
Limits under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in April 2011, B.R. Guar Gum Private Limited (BRGGPL)
commenced commercial operations in November 2011. The company is
engaged in the manufacturing of guar gum splits at its unit located
in Siwani Mandi in Haryana. The current seed processing capacity of
the company is 1400 quintals per day. The company sells its product
in the domestic market through a network of brokers who, in turn,
sell to merchant exporters for use in oil & gas and food sector.
BABA BHUMAN: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Baba
Bhuman Shah Ji Rice Mills in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.00 [ICRA]B (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
CC to remain under 'Issuer Not
cooperating' category
Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
TL to remain under 'Issuer Not
cooperating' category
The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING"
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated in 2013, BSJR is a partnership firm engaged in
milling, processing and sorting of basmati and non basmati rice.
The firm has its plant at Fazilka (Punjab) with a milling capacity
and sorting capacity of 6 tonnes per hour each. It undertakes
milling of basmati as well as non-basmati rice, however ~80% of its
revenue is derived from basmati rice. The firm sells its products
directly to its customers as well as through commission agents.
BSJR supplies rice mainly in Delhi, Haryana and Punjab. The firm
sells its products mainly to wholesalers in domestic markets who
further export the same to overseas markets.
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bagga
Luxury Motorcars Llp in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based– 7.00 [ICRA] D ISSUER NOT
COOPERATING;
Proposed Rating continues to remain under
Inventory 'Issuer Not Cooperating'
Funding Limits Category
Non-fund 7.00 [ICRA] D ISSUER NOT COOPERATING;
Based– Rating continues to remain under
Proposed 'Issuer Not Cooperating'
Bank Guarantee Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2015, Bagga Luxury Motocars LLP (BLML or the firm)
is a limited liability partnership with Mr. Sukhbirsingh Bagga and
his wife Mrs Khushboo Bagga as partners with a profit sharing ratio
of 70% and 30%, respectively. BLML is an authorized dealer for
Italian car Maserati for western region of India. The firm is a
part of the Planet Petal Group, which is promoted by Mr. Sukhbir
Bagga and his family members. Planet Petal Group is a diversified
group with operations in the western region of India and presence
in the fields of automotive dealership, retail, real estate and
finance business.
BHADOHI CARPETA: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bhadohi
Carpeta in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 11.50 [ICRA] B+(Stable); ISSUER NOT
Fund based CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Bhadohi Carpets, a partnership firm promoted by Mr. Pankaj Kumar
Baranwal, Ms. Madhu Baranwal and Mr. Priyam Baranwal, was
established in March 2012 after the partition of Rupesh Kumar &
Brothers into the firms Bhadohi Carpets and Rupesh Kumar & Sons.
The firm is engaged in the manufacturing and export of carpets and
druggets. It has a production capacity of around 90,000 square
meters across several production centers in the Bhadohi-Mirzapur
belt in Uttar Pradesh. The firm sells its products to retail stores
or chains in the international markets.
CEEJAY FINANCE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ceejay
Finance Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 11.50 [ICRA] B+(Stable); ISSUER NOT
Fund based CC COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term 15.00 [ICRA] B+(Stable); ISSUER NOT
Fund-based COOPERATING; Rating continues
Bank lines- to remain under 'Issuer Not
cash Credit Cooperating' category
ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.
As part of its process and in accordance with its rating agreement
with Ceejay Finance Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Ceejay Finance Limited, incorporated in 1993 as Heritage Packaging
Limited, is an Ahmedabad-based deposit-taking NBFC (asset financing
company registered with the RBI) that is primarily in the vehicle
financing business. The company's name was changed to Ceejay
Finance Limited in August 2001. It is a part of the C.J. Group,
which manufactures and markets beedis, tobacco and tendu leaves and
also has a presence in the commercial and residential real estate
segment. In FY2020, the company reported a net profit of INR4.82
crore on a total asset base of INR79.45 crore compared to a net
profit of INR4.82 crore on a total asset base of INR72.53 crore in
FY2019. In 9M FY2021, the company had reported a net profit of
INR4.39 crore.
COASTAL OIL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Coastal Oil and Gas Infrastructure Private Limited
Registered office:
Municipal No. 9-13-45/3/5/4
CBM Compound Ease Ext VIP Road
Siripuram, Visakhapatnam 530003
AP
Place where books of account and
papers are maintained:
4th Floor, Mass Heights
8-2-577/B, Plot No. 34
Road No. 8, Banjara Hills
Hyderabad 500034 TG
India
Insolvency Commencement Date: February 26, 2021
Court: National Company Law Tribunal, Amaravathi Bench
Estimated date of closure of
insolvency resolution process: August 25, 2021
(180 days from commencement)
Insolvency professional: CA Sai Ramesh Kanuparthi
Interim Resolution
Professional: CA Sai Ramesh Kanuparthi
Plot No. 6-B, Beside TDP Office
Road No. 2, Banjara Hills
Hyderabad 500034
Mobile: 9849039674
E-mail: info@ksrfms.com
cogilksr@gmail.com
Last date for
submission of claims: March 12, 2021
COPERION IDEAL: ICRA Lowers Rating on INR17cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Coperion
Ideal Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 17.00 [ICRA]B+ (Stable) ISSUER NOT
Fund based-CC COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Short term- 20.00 [ICRA]A4 ISSUER NOT
Non fund Based COOPERATING; Rating downgraded
From [ICRA]A4+ and continues
to remain in the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Coperion Ideal private Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Coperion Ideal private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
CIPL was incorporated in 1995 and is engaged in the following line
of businesses:
* Manufacturing of the Pneumatic Conveying System (PCS) which
primarily finds application in the polymer industry
* Manufacturing of valves which is exported majorly to Coperion
Germany and also to countries like USA and Singapore
* Trading of extruder parts
* In addition, the company also receives commission from Coperion
GmbH, Germany for the extruders sold in India as the entire
research, marketing and R&D is done by CIPL CIPL deals with
customers such as Reliance Industries Limited (RIL), Indian Oil
Corporation Limited, Haldiya Petrochemicals Limited, HPCL-Mittal
Energy Limited (HMEL) - joint venture between Hindustan Petroleum
Corporation Limited (HPCL) and Mittal Energy Investment Pvt Ltd,
Singapore, etc.
DADA GANAPATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dada
Ganapati Guar Products Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]
B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 16.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
cooperating' category
Short Term- 1.00 [ICRA] A4; ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Dada Ganpati Guar Products Private Ltd was formed in 2012 as a
private limited company. The company installed a plant in March
2013 for manufacturing of guar gum and by-products with guar gum
powder manufacturing capacity of 7500 Tonnes per annum. It is a
promoter family-driven entity, with its manufacturing plant located
in Sirsa, Haryana.
DEEKAY TREXIM: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Deekay
Trexim India Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 9.50 [ICRA] B+(Stable); ISSUER NOT
Cash credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund 0.86 [ICRA] A4; ISSUER NOT
Based Limits COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2002, and promoted by Mr. Ashok Khairajani, DTPL
manufactures and sells synthetic fabrics in the Bhilwara market in
Rajasthan. The promoters of the company were involved in trading of
fabrics under a sole proprietorship for a decade, and then decided
to enter manufacturing as well. DTPL started operations with
financial assistance from Rajasthan State Industrial Development
and Investment Corporation (RIICO). The company has an installed
capacity of 75 looms.
DMC INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s DMC Infrastructure Private Limited
8356, W.No. 14
Model Bast Bara
Hindu Rao Filmistan
Cinema Building
Delhi
Insolvency Commencement Date: April 15, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: October 12, 2021
(180 days from commencement)
Insolvency professional: Mr. Ashok Kumar Dewan
Interim Resolution
Professional: Mr. Ashok Kumar Dewan
Flat No. A-10
Indian Statistical Institute
7, SJS Sansanwal Marg
New Delhi
National Capital Territory of Delhi
110016
E-mail: akdewan1001@gmail.com
- and -
ARCK Resolution Professional LLP
409, 4th Floor, Ansal Bhawan
16 K G Marg, Connaught Place
New Delhi 110001
E-mail: insolvency@arck.in
Last date for
submission of claims: April 29, 2021
EURO FORGE: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Euro Forge
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Long Term- 0.44 [ICRA]B (Stable) ISSUER NOT
Fund Base- COOPERATING*; Rating continues
Term Loan to remain under 'Issuer Not
cooperating' category
Short Term- 1.00 [ICRA] A4; ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated
Long term 2.87 [ICRA] B(Stable); ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
EFPL was incorporated in 2001 as a forging unit and subsequently
was taken over by Action group in 2003. EFPL commenced its
commercial operations in January 2005. The product profile of EFPL
consists of different kind of footwear under various sub brands of
Action.
FAMOUS TRADELINE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Famous Tradeline Pvt. Ltd.
I-448, Fourth Floor
Titanium City Centre Mall
Nr. Sachin Tower
Anandnagar Road, Satellite
Ahmedabad 380015
Insolvency Commencement Date: April 5, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 2, 2021
Insolvency professional: Manish Kumar Bhagat
Interim Resolution
Professional: Manish Kumar Bhagat
103-104, Panchdeep Complex
Mithakhali Six Road
Navrangpura
Ahmedabad 380009
E-mail: mbhagat2003@gmail.com
Last date for
submission of claims: April 30, 2021
GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Goverdhan
Verma Punjab Jewellers Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA] B+(Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.20 [ICRA] B+(Stable); ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged in
the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.
GUPTA SOLVENT: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gupta
Solvent Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Gupta Solvent Private Limited (GSPL) was incorporated in 2007 and
commenced commercial manufacturing of edible oils from July 2016.
The company is engaged in refining of Soya Oil, Palm oil and
Cottonseed oil. The company's plant, located in Morena, Madhya
Pradesh with total refining capacity of 150 tonnes per day (TPD)
translating into annual refining capacity of 45,000 MTPA.
IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of IBD
Nalanda Infrastructure Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 24.00 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
Unallocated 8.52 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria,
who holds 6.51% stake. Currently, the company is executing two
projects in Jabalpur, Madhya Pradesh which are in various stages of
execution. 'Royal City' is the affordable housing project of the
company and 'Gold Villa" is the high-end residential apartment
project. The total saleable area of all the projects combined is
6.27 lakhs square feet, with 523 units in total. The total project
cost is estimated at INR79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.
INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
International Fresh Farm Products India Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 13.00 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
Term Loan 17.00 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1996, International Fresh Farm Products India
Limited (IFPIL) is a limited company promoted by Mr. Sukhinder
Singh and his family members. Initially the company was engaged in
the business of providing cold storage and warehousing facility on
a rental basis. In FY2012, the company ventured into processing of
wheat and started manufacturing various Wheat Products like Atta,
Maida, Suji, Bran and other by products. In FY2014, the company
commenced processing of vegetables and installed a cold chain
facility for frozen vegetables. The company mainly store vegetables
like Peas and Potatoes (~80%). The company procures most of its
requirement of Peas from farmers, local vendors, and from open
market. IFPIL sells its frozen food products under its own in-house
brands "Fresh Farm".
JAINAM COATEX: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jainam
Coatex LLP in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 2.50 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
cooperating' category
Fund Based- 3.25 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
cooperating' category
Unallocated- 2.50 [ICRA]B (Stable) ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Established in September 2014, JCL is a limited liability
partnership firm and is owned and managed by Mr. Hitesh Parekh
along with four other partners. The firm is involved in
manufacturing of artificial/synthetic leather from its
manufacturing facility in Rajkot (Gujarat) with installed capacity
of producing 18,00,000 metre of artificial leather per annum.
KANKESH EXIMS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kankesh Exims Pvt. Limited
223, Bhavani Chambers
Nani Begumwadi, Salabatpura
Surat, Gujarat 395003
India
Insolvency Commencement Date: April 5, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 12, 2021
(180 days from commencement)
Insolvency professional: Mr. Rajendra Jain
Interim Resolution
Professional: Mr. Rajendra Jain
A-1103, Iscon Riverside
Opp. Police Stadium
Nr. Shilalekh Apartments
Shahibaug, Ahmedabad 380004
Gujarat
E-mail: iprajendragjain@gmail.com
- and -
203, Wall Street-1
Opp. Orient Club
Nr. Gujarat College
Ellisbridge, Ahmedabad 380006
Gujarat
E-mail: cirp.kankesh@gmail.com
Last date for
submission of claims: April 29, 2021
KINGFISHER: Indian Banks Back in UK Court to Pursue Mallya Order
----------------------------------------------------------------
Outlook India reports that a consortium of Indian banks led by the
State Bank of India (SBI) was back for a High Court hearing in
London on April 23 in pursuit of a bankruptcy order against
embattled liquor tycoon Vijay Mallya, as they attempt recovery of
debt from loans paid out to his now-defunct Kingfisher Airlines.
At a virtual hearing before Chief Insolvencies and Companies Court
(ICC) Judge Michael Briggs, both sides presented closing arguments
in the case being heard following an amendment to a bankruptcy
petition filed last year, Outlook India relates.
While the Indian banks argue a right to waive their security over
the Indian assets involved in the case in order to recover their
debt in the UK, lawyers for the 65-year-old businessman counter
that the funds in question involved public money held by
state-owned banks in India which precludes them from such a
security waiver.
They also point to ongoing interest rate legal challenges in India
that impact upon the applicability of a UK bankruptcy order,
Outlook India says.
"We can't second guess what's going to happen in India," said
barrister Marcia Shekerdemian, arguing on behalf of SBI and others,
Outlook India relays.
Outlook India relates that Mallya's barrister, Philip Marshall,
referred to witness statements of retired Indian judges in previous
hearings to reiterate that there is "public interest under Indian
law" by virtue of the banks being nationalised.
"Any security cannot be unilaterally waived," he said.
According to Outlook India, Judge Briggs said he would now
deliberate on the details and deliver a judgement in a timely
manner, expected in the coming weeks.
The SBI-led consortium of 13 Indian banks, which also includes Bank
of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian
Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab
National Bank, State Bank of Mysore, UCO Bank, United Bank of India
and JM Financial Asset Reconstruction Co. Pvt Ltd, had initiated
the proceedings against Mallya in December 2018, recalls Outlook
India.
There have been a series of hearings in the case since then as part
of their efforts to recoup around GBP1.145 billion in unpaid loans.
There have also been separate but related hearings to allow the
release of court-held funds for Mallya to meet his legal and living
expenses.
The businessman, meanwhile, remains on bail as the UK Home Office
deals with a "confidential" legal issue in the unrelated
extradition matter, Outlook India notes.
Outlook India says the High Court was informed earlier this year
that the businessman had applied for "another route" to stay in the
UK, which most likely refers to asylum and such an application
would have to be addressed confidentially before UK Home Secretary
Priti Patel can sign off on the court's extradition order, on
charges of fraud and money laundering related to loans acquired for
Kingfisher Airlines.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines
--http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has grounded
planes since October 2012. The airline lost its operating license
in January 2013 after failing to convince authorities it has enough
funds to restart flights.
As reported in the TCR-AP on Nov. 25, 2016, the Times of India said
the Karnataka high court has ordered the winding up of the
now-defunct Kingfisher Airlines (KFA). Justice Vineet Kothari gave
this direction on Nov. 18, while allowing a petition filed in 2012
by Aerotron, a UK-based company, for recovery of a little over $6
million due to it for supply of rotable aircraft components to
KFA.
KRISHNA CONSTRUCTION: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Krishna
Construction Co. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+ (Stable)/[ICRA] A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 3.00 [ICRA] B+ (Stable); ISSUER NOT
Limits COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Fund 20.00 [ICRA] A4; ISSUER NOT
Based Limits COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
Unallocated
Limits 0.10 [ICRA] B+ (Stable)/[ICRA] A4;
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Krishna Constructions Co. (KCC) was set up in 1983 as a partnership
firm by Mr. Sumabhai Patel and Mr. Purshotam Patel. Subsequently,
in 1988, it was taken over by the current partners, Mr. Bharat
Patel, Mr. Jeetendra Patel and Mrs. Shantaben Patel. KCC is engaged
in executing Government tendered civil construction contracts for
water supply schemes. The firm is a registered "AA" contractor with
the State Government of Gujarat and has been operating in the state
since its inception. The firm recorded a net profit of INR9.1 crore
on an operating income of INR138.9 crore in FY2018, on a
provisional basis, as against a net profit of INR4.4 crore on an
operating income of INR62.2 crore in FY2017.
KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ksk
Mineral Resources Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 451.00 [ICRA] D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
KMRPL is a special purpose vehicle (SPV) promoted by the Hyderabad
based KSK Group for development of captive coal and lignite mines
for fuel supply to power projects promoted by the group. KMRPL
developed 22 million-ton (MT) Gurha East lignite mine located in
the Bikaner district of Rajasthan, with lignite from the mine being
supplied to 135 MW power project of the group in Rajasthan. This
mine has now been transferred to a different group company. The
company was also involved in the development of the Gare Pelma III
coal mine in Chhattisgarh, before its deallocation by the Supreme
Court order in September 2014.
L&T HALOL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
ICRA has retained the ratings for the bank facilities of L&T Halol
Shamlaji Tollway Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 577.37 [ICRA]D ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
L&T-HSTL, a special purpose vehicle (SPV), was incorporated in
September 2008 as a 100% subsidiary of L&T Infrastructure
Development Projects Ltd. (L&T IDPL). The SPV has carried out the
four-laning of 173.06 km of SH-5 from Halol to Shamlaji in Gujarat.
The project was awarded by GSRDCL on build operate transfer (BOT)
basis with a concession period of 20 years, commencing from
September 2009. The commercial operation date (COD) of the project,
achieved in April 2012, was delayed by three months vis-à-vis the
scheduled COD (December 2011). The project road is a part of SH-5
in Gujarat, which starts at Vapi (border of Maharashtra), runs
through the eastern part of Gujarat and finally ends at Shamlaji
(border of Gujarat with Rajasthan). The road is called Eastern
State Highway. The total project cost of INR1,305 crore was funded
by equity of INR261 crore and debt of INR1,044 crorein a
debt:equity ratio of 4:1.
LANCO SOLAR ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lanco
Solar Energy Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA] D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 150.00 [ICRA]D ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating'
Category
Non-Fund 425.00 [ICRA]D ISSUER NOT COOPERATING;
Based Facility Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Lanco Solar Energy Private Limited (LSEPL) is a 100% subsidiary of
Lanco Infratech Limited. LSEPL was established in June 2009 and is
engaged in providing design & engineering, procurement of
equipment's and complete construction of solar power projects. The
company has so far executed turnkey EPC contracts for ~250.0 MW
solar power projects located majorly in Rajasthan, Gujarat and
Maharashtra.
LANCO SOLAR PRIVATE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lanco
Solar Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 940.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain
under 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Lanco Solar Private Limited (LSPL) established in July 2008 is a
100% subsidiary of Lanco Solar Energy Private Limited (LSEPL),
which in turn is a subsidiary of Lanco Infratech Limited (LITL).
LSPL is setting up 1800 Metric Tonne per annum (MTPA)(increased
from initially envisaged capacity of 1250 MTPA) Polysilicon
manufacturing capacity and 100 MW (increased from initially
envisaged capacity of 80 MW) solar wafer manufacturing cap.
LEMOSA TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lemosa
Tiles Llp in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 6.00 [ICRA] B+ (Stable); ISSUER NOT
Term Loans COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund Based 3.00 [ICRA] B+ (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
LTL was established in April 2016 and is involved in manufacturing
glazed ceramic wall tiles in two sizes viz. 10 X 30 inches and 12 X
24 inches. The manufacturing facility of the firm is located at
Morbi with an installed capacity to manufacture 30,000 metric tonne
(7,000 boxes per day) of glazed ceramic wall tiles per annum. The
unit became fully operational from January 2017.
MATRIX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Matrix
Ceramic in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.62 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Short Term- 1.50 [ICRA]A4 (Stable) ISSUER NOT
Non Fund COOPERATING; Rating continues
Based Limits to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Matrix Ceramic is a partnership firm promoted by Mr. Jayesh Aghara
along with his family members and relatives. Incorporated in 2006,
Matrix Ceramic commenced commercial production of ceramic floor
tiles of 12"x12" dimension in September 2007 with a production
capacity of 6,500 boxes per day. Currently the product profile of
the firm comprises of ceramic wall tiles of size 8"x12" and ceramic
floor tiles of 12"x12" with a production capacity to manufacture
9,000 boxes of wall tiles or 8000 boxes of floor tiles per day. Its
plant is located at Morbi in Rajkot district of Gujarat.
NAMRATHA POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Namratha Power Private Limited
Plot No. 128(c), Prachi Enclave
Chandrasekarpur Bubhaneswr
Khordha OR 751016
IN
Insolvency Commencement Date: April 15, 2021
Court: National Company Law Tribunal, Cuttack Bench
Estimated date of closure of
insolvency resolution process: October 12, 2021
Insolvency professional: Narala Varalakshmi
Interim Resolution
Professional: Narala Varalakshmi
H.No. 1-8-588/29/A
Acchai Nagar
Adj to RTC Kalyanamandapam
Baglingampally
Hyderabad 500044
Tel: +91 9000987444
E-mail: ip.varalakshmin@gmail.com
- and -
Sankalp Restructuring Private Limited
113, First Floor
Manjeera Trinity Corporate
Eseva Lane, Phase 3
KPHB Colony, Kukatpally
Hyderabad 500072
E-mail: rp.namratha2021@gmail.com
Last date for
submission of claims: April 29, 2021
PETAL MOTOCON: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Petal
Motocon Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B- (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 10.00 [ICRA] B- (Stable); ISSUER NOT
Inventory COOPERATING; Rating continues
Funding Limits to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2005, Petal Motocon Private Limited (PMPL) is
involved in auto dealership. Petal Motocon Private Limited is a
part of the Planet Petal Group promoted by Mr. Sukhbir Bagga, along
with his family members. The promoters of PMPL have been in the
automobile industry since 2003 with dealership of Yamaha
two-wheelers. Later, it diversified into the car auto dealership
business of Hyundai Motors India Limited (HMIL) by incorporating
Planet Automotive Private Limited in financial year 2005.
PRIME LUMBERS: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prime
Lumbers Pvt. Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable)/[ICRA] A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 3.25 [ICRA]B- (Stable); ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-Fund 4.00 [ICRA]A4; ISSUER NOT
Based Letter COOPERATING; Rating continues
of Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Prime Lumbers Private Limited (PLPL) was incorporated in 2001 and
is engaged in the business of trading of timber logs with its
factory located at Gandhidham (Gujarat). The company is managed by
its promoters, Mr. Rohit Shah and Ms. Bhavna Shah who have long
standing experience in the timber industry through their
association with two of the group concerns, Woodman Veneers Private
Limited (WVPL) and Woodman Trading Private Limited (WTPL). While
WTPL is engaged in the similar business as that of PLPL, WVPL is
engaged in the manufacturing of veneers as well. The company's
product portfolio comprises of various qualities of timber which
primarily finds application in furniture making, construction and
packaging industry. The company imports timber mainly from
Singapore, New Zealand, Africa, Germany and Malaysia.
RAJSHREE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rajshree
Sugars & Chemicals Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 334.42 [ICRA] D; ISSUER NOT COOPERATING;
Term Loans Rating continues to remain under
'Issuer Not Cooperating' category
Long Term- 82.84 [ICRA] D; ISSUER NOT COOPERATING;
Fund Based- Rating continues to remain under
Cash Credit 'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by Late
Shri. G. Varadaraj, is an integrated sugar company with three units
at Theni, Villupuram, and Gingee in Tamil Nadu. The company has a
combined crushing capacity of 11,500 TCD. It also has a total
distillery capacity of 125 kilo litres per day (KLPD; 45 KLPD in
Theni unit and 80 KLPD in Gingee unit) and a total cogeneration
capacity of 54.5 MW (12 MW in Theni unit, 22 MW in Villupuram unit
and 20.5 MW in Gingee unit).
SAURABH AGRO-TECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saurabh
Agro-tech Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/A4 ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 33.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
CC to remain under 'Issuer Not
cooperating' category
Long Term- 0.82 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
TL to remain under 'Issuer Not
cooperating' category
Short Term- 20.00 [ICRA]A4 (Stable) ISSUER NOT
Non Fund COOPERATING; Rating continues
Based Limits to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2006, SMDPL is promoted by Tholia family in Jaipur,
Rajasthan. The company is engaged in the business of processing of
milk, milk products and sweets like Rasgulla, Gulab Jamun etc. The
manufacturing plant of the company is located in RIICO Industrial
Area, Kaladera, Rajasthan. SMDPL started its business as a job
worker for Reliance for packaging of pasteurized milk and later on
forward integrated into manufacturing of other products like ghee,
sweets etc. Saurabh Agrotech Private Limited (SAPL) was
incorporated in 1994 as a part of the Data Group and commenced
commercial production of edible oils in 2000. SAPL is engaged in
manufacturing and sale of mustard oil and oil cake under the brands
"Scooter", "Ashoka" and "Shivam" in various consumer packaging
sizes. The company's plant, located in Alwar, Rajasthan, has a
crushing capacity of 100 tonnes per day (TPD) of mustard oilseeds -
a production capacity of 60,000 MTPA. It also trades in mustard oil
and has increased its trading volumes in the recent years.
STANDARD CONSULTANTS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Standard
Consultants Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Base- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
cooperating' category
Short Term- 15.00 [ICRA]A4 (Stable) ISSUER NOT
Non Fund COOPERATING; Rating continues
Based Limits to remain under 'Issuer Not
cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA based on best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Standard Consultants Limited (SCL), incorporated in May 1992, had
been involved in importing and trading in Compressed Natural gas
(CNG) and Liquefied Petroleum gas (LPG) kits till 2012, following
which it ventured into the execution of electrical turnkey
projects, supplying erection testing commissioning and construction
of sub-stations and transmission lines from 33/11KV to 300KV.
TELSTAR INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Telstar Industries Private Limited
Office Block, Plot No. 5916
Road No. 59, G.I.D.C.
Sachin, Surat 394230
Insolvency Commencement Date: April 15, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: October 12, 2021
Insolvency professional: Jigar Tarunkumar Bhatt
Interim Resolution
Professional: Jigar Tarunkumar Bhatt
B-101, Arvind Citadel
B/h. BSNL Office
Navrangpura
Ahmedabad 380009
E-mail: jigarb.jigarb@gmail.com
- and -
407, Satyamev Eminence
Near Shukan Mall
Opp. Asthmangal Mahadev Temple
Science City
Ahmedabad 380060
E-mail: cirp.telstar@gmail.com
Last date for
submission of claims: May 6, 2021
=========
J A P A N
=========
TOSHIBA CORP: Shareholder Asks Company to Openly Seek Suitors
-------------------------------------------------------------
Japan Today reports that Toshiba Corp's second-biggest shareholder
on April 26 called on the Japanese conglomerate to conduct a
strategic review and explicitly solicit suitors, criticizing the
company's comments on wanting to remain listed as deterring
potential acquirers.
"We call upon the board to openly welcome interest from suitors who
could enhance corporate value and ask the board to conduct a formal
review of strategic alternatives," 3D Investment Partners said in a
letter sent to Toshiba's board and made public.
"To conduct a fair and proper process, Toshiba should explicitly
indicate that it is open to alternative ownership structures and
correct media speculation that Toshiba's management team and board
have a strong preference for remaining a listed company," 3D, which
has a 7.2% stake in Toshiba, said.
Toshiba dismissed last week a $20 billion buyout offer from CVC
Capital Partners as lacking detail, Japan Today recalls.
Japan Today relates that the industrial conglomerate has said it
believed that being publicly traded provided a "capital structure
suitable for enhancing long term value creation" but added that its
board would not disregard various proposals, including those to
take the company private.
Bain Capital, KKR & Co Inc and Canada's Brookfield Asset Management
are also looking at potential bids for Toshiba, Reuters has
reported.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.
As reported in the Troubled Company Reporter-Asia Pacific on March
26, 2021, S&P Global Ratings has raised by one notch to 'BB+' its
long-term issuer credit ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. At the same time, S&P
affirmed its 'B' short-term issuer credit and commercial paper
program ratings. The outlook on the long-term issuer credit rating
is stable.
=====================
N E W Z E A L A N D
=====================
MANCHESTER UNITY: Fitch Affirms 'BB-' Insurer Fin. Strength Rating
------------------------------------------------------------------
Fitch Ratings has affirmed Manchester Unity Friendly Society's
(MUFS) Insurer Financial Strength (IFS) Rating at 'BB-' (Moderately
Weak). The Outlook is Stable.
KEY RATING DRIVERS
The affirmation reflects the insurer's 'Least Favourable' business
profile, 'Moderately Weak' financial performance and earnings as
well as 'Good' capitalisation and leverage.
Fitch assesses MUFS's business profile as 'Least Favourable'
compared with that of other New Zealand life insurance companies
due to its limited competitive positioning and diversification as
well as its declining membership. MUFS is a small player in the
domestic life insurance sector, with a market share of less than
1%. Most of its life products have been closed to new business
since 2012. Therefore, Fitch scores MUFS's business profile at 'b+'
under Fitch's credit-factor scoring guidelines.
MUFS is looking to change the structure of its two largest
insurance benefit funds, the funeral assistance benefit fund and
increasing assurance benefit fund, to non-insurance managed
investment schemes. These funds are closed to new business. The
change, which is subject to member and regulatory approval, would
replace the policyholder protection afforded to fund members by the
Insurance (Prudential Supervision) Act 2010 with the investor
protection under the Financial Markets Conduct Act 2013.
Fitch sees MUFS's financial performance and earnings as 'Moderately
Weak' in light of falling premiums due to decreasing membership and
because most of its insurance products are closed to new business.
Premiums contracted by 7% in the financial year ending May 2020
(FY20), following a 4% contraction in FY19. MUFS is not a
profit-maximising entity due to its mutual ownership.
MUFS recorded a net loss of NZD1.4 million in FY20 (FY19: NZD1.9
million profit) as a result of a liability-adequacy test, which
increased insurance contract liabilities by NZD5.3 million due to
lower interest rates. Rising interest rates supported a net profit
of NZD1.0 million in 1HFY21. MUFS did not see a spike in mortality
claims due to Covid-19 given New Zealand's relative success at
containing the pandemic.
Fitch thinks MUFS's small absolute capital base and limited access
to new capital leave it susceptible to external shocks and remote
operational risks. The regulatory solvency margin improved to
NZD11.8 million by end-1HFY21 (FYE20: NZD9.3 million) due to higher
interest rates and a narrower asset/liability duration gap.
Consequently, coverage of the risk-based minimum solvency
requirement improved to 178%, from 157%. In 2020, the regulator
modified MUFS's licensing conditions, requiring the society to
maintain a NZD9 million margin due to the insurer's exposure to
interest rate risk.
The mismatch in the duration of MUFS's assets and liabilities has
fallen with the purchase of long-dated bonds. Insurance liabilities
have a longer duration than fixed-income investments, although MUFS
increased the duration of its fixed-income portfolio to 8.3 years
in 1HFY21 (FYE19: 4.1 years).
MUFS's risky assets ratio of 18% at end-1HFY21 remains well below
Fitch's criteria guidelines for a 'BB' rated insurer. The ratio is
driven by exposure to unaffiliated equity investments and a small
amount of unrated corporate debt. Unaffiliated equity investments
accounted for 5% of invested assets at end-1HFY21, while
fixed-income securities and cash were 67% of total investments and
real estate was 28%.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Continued deterioration in the weak business profile,
including a decrease in the number of lodges and significant
reduction in the membership base.
-- Considerable weakening in MUFS's regulatory solvency margin.
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- A sustained improvement in the business profile, including
growth in the society's membership base.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=================
S I N G A P O R E
=================
CHINA FISHERY: Burlingon & Monarch Start to Solicit Votes on Plan
-----------------------------------------------------------------
Creditor plan proponents Burlington Loan Management DAC and Monarch
Alternative Capital LP filed a solicitation version of their
proposed Plan of Reorganization and Disclosure Statement for CFG
Peru Investments PTE. LTD. (Singapore), and Smart Group Limited
(Cayman) and China Fishery Group Limited (Cayman).
The deadline to vote on the Plan is May 28, 2021, at 4:00 p.m.
(prevailing Eastern time). The deadline to object to the Plan is
May 28, 2021, at 4:00 p.m (prevailing Eastern time).
Class 3 Senior Notes Claims, Class 4 General Unsecured Claims,
Class 5 BANA-CFG Peru Claims (against BANA-CFG Peru), and Class 6
Club Facility Subordination Claims (against Smart Group) are
entitled to vote on the Plan.
The Confirmation Hearing shall commence at 11:00 a.m., prevailing
Eastern Time, on June 9, 2021; provided, however, if, prior to
12:00 p.m., prevailing Eastern Time, on June 2, 2021, the Chapter
11 Trustee provides Houlihan Lokey, Inc., with copies of
non-binding indications of interest (if any) on the sale of the
CFGI equity interests and any related materials submitted by
potentially interested parties (including, to the extent submitted
by such interested parties, anticipated timing to closing,
transaction structure, key terms and conditions, and outstanding
authorization/approvals), the Confirmation Hearing shall commence
at 11:00 a.m., prevailing Eastern Time, on June 29, 2021. The
Confirmation Hearing may be adjourned from time to time without
further notice.
In December 2020, the Ad Hoc Group presented a proposed
restructuring support agreement to the Chapter 11 Trustee that
contemplated the provision of a new money financing facility to the
CF Group and an exchange of the Club Facility and Senior Notes for
new notes and equity in CFGI. This proposal also was not accepted
by the Chapter 11 Trustee.
Over the past several months, the Creditor Plan Proponents and
their advisors have engaged in extensive diligence and negotiation
regarding a potential restructuring transaction. The Creditor Plan
Proponents' efforts have borne fruit. On March 1, 2021, following
several months of discussions regarding potential restructuring
transactions, the Ad Hoc Group -- comprised of holders of 56% of
the principal amount of the Senior Notes and 71% of the principal
amount of the Club Facility -- executed the Restructuring Support
Agreement. The deadline to become an Earlybird Creditor (as defined
in the Restructuring Support Agreement) was March 16, 2021. As of
the approval of the Disclosure Statement, Consenting Creditors
holding approximately 87.8% of the principal amount of the Senior
Notes and approximately 71.2% of the principal amount of the Club
Facility have executed the Restructuring Support Agreement. The
Restructuring Support Agreement contemplates a comprehensive
restructuring and recapitalization transaction for the Plan Debtors
and certain of their non-debtor affiliates that will safeguard and
provide funding for the fishmeal business of the Peruvian OpCos.
The material terms of the Plan are as follows:
* Each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;
* Each Allowed Priority Tax Claim shall be treated in accordance
with the terms set forth in Section 1129(a)(9)(C) of the Bankruptcy
Code;
* Chapter 11 Trustee Fee Claims shall be paid in the amount
Allowed by the Bankruptcy Court;
* Each Allowed Superpriority Loan Claim shall be set off,
capitalized, forgiven, or such other similar or equivalent
mechanisms as required in a specific jurisdiction pursuant to the
Superpriority Loan Settlement Order; provided that the Plan
Administrator is authorized to cause SFR to transfer proceeds from
the sale of non-core assets listed in the First and Second Non-Core
Asset Sales Procedures Motions either directly or indirectly to CFG
Peru to effectuate the SFR Distributions contemplated under the
Plan promptly following the Confirmation Date;
* Each Holder of an Allowed Senior Notes Claim shall receive the
distributions to such Holder pursuant to the UK Proceeding and/or
Singapore Scheme. Except as provided in Article IV.S of the Plan,
on the Effective Date, all of the Senior Notes will be canceled as
set forth in the UK Proceeding Documentation and/or Singapore
Scheme Documentation, as applicable; provided, however, that any
such distribution shall be in addition to any distributions made by
the Plan Administrator or any other Entity with respect to the
Interim Distribution;
* Unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro-rata share
of the Wind-Down Trust Interests;
* Each Holder of the BANA-CFG Peru Claim shall receive its
pro-rata share of $30,998,084 in cash, which cash shall be remitted
by NewCo or the Peruvian OpCos;
* Each Holder of an Allowed Club Facility Subordination Claim
shall receive the distributions to such Holder pursuant to the UK
Proceeding and/or Singapore Scheme;
* Each Section 510(b) Claim will be deemed canceled and released
without any distribution;
* Interests in CFG Peru will be reinstated as of the Effective
Date or, at the Creditor Plan Proponents' option, shall be
canceled. No distribution will be made on account of any Interests
in CFG Peru;
* Interests in Smart Group will be reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be canceled. No distribution will be made on account of any
Interests in Smart Group; and
* The Consenting Creditors and certain other parties will grant
full, mutual releases as set forth in the Plan.
The Plan contemplates the following additional transactions (the
"Transaction") will occur pursuant to the UK Proceeding and/or
Singapore Scheme in accordance with the terms of the Restructuring
Support Agreement:
* a change in ownership of the Peruvian OpCos through a transfer
of the equity in CFGI to NewCo;
* the recapitalization of the Peruvian OpCos through the
provision of the committed $150 million New Money Facility (as
defined in the Restructuring Support Agreement) to fund working
capital and transaction costs. The New Money Facility will accrue
cash interest at the rate of LIBOR plus 9% per annum and mature 10
years from the date of the drawdown of the New Money Facility
(which is anticipated to occur on or around the Effective Date);
* the New Money Facility will be backstopped by certain
Consenting Creditors that commit to backstop the New Money Facility
on the terms and deadlines set forth in the Restructuring Support
Agreement (collectively, the "Backstop Parties"). The Backstop
Parties are entitled to a backstop commitment fee equal to 5% of
their respective backstop commitments on the New Money Facility,
payable in cash at the closing of the Transaction;
* the Club Facility and Senior Notes will be exchanged for $300
million of New Notes (as defined in the Restructuring Support
Agreement) to be issued in a jurisdiction selected in accordance
with the Restructuring Support Agreement. The New Notes will accrue
cash interest at the rate of LIBOR plus 9% per annum and mature 10
years from the date of the closing of the Transaction;
* the debt structure of NewCo shall only include the New Money
Facility and the New Notes;
* interests in the equity of NewCo and the New Notes shall be
apportioned between Holders of Senior Notes Claims and Club
Facility Lenders in accordance with the Agreed Participation; and
* the New Money Facility will rank senior as to right of payment
and proceeds of enforcement of security to the New Notes, provided
that payments in accordance with the terms of the New Notes will be
permitted for so long as there are no defaults outstanding under
the New Money Facility and otherwise in accordance with a customary
intercreditor agreement between lenders of the New Money Facility
and holders of the New Notes.
While the Plan and the Restructuring Support Agreement are key
steps in the Plan Debtors' restructuring, it is important to note
that the Consenting Creditors have agreed to accept less than
payment in full (in Cash or otherwise) to facilitate the Plan and
Transaction. The Plan contemplates a comprehensive restructuring
of Claims against and Interests in the Plan Debtors that the
Creditor Plan Proponents believe will preserve the going-concern
value of the Peruvian OpCos, maximize recoveries available to all
constituents, provide for an equitable distribution to the Plan
Debtors' stakeholders, and facilitate a conclusion to the Chapter
11 cases. The Plan also facilitates the steps necessary to
effectuate the UK Proceeding and/or Singapore Scheme, including
through cooperation with the Peruvian OpCos. The Creditor Plan
Proponents believe the Plan and Restructuring Support Agreement are
significant achievements for the Plan Debtors and will maximize
value for stakeholders. The Creditor Plan Proponents strongly
believe that the Plan is in the best interests of the Plan Debtors'
Estates and represents the best available alternative at this
time.
The Creditor Plan Proponents are confident they can implement the
restructuring embodied by the Plan and ensure the Plan Debtors'
long-term viability. For these reasons, the Creditor Plan
Proponents strongly recommend that the Holders of Claims entitled
to vote accept the Plan. The Chapter 11 Trustee intends to run a
final formal bidding process for the sale of the CFGI equity
interests. If a qualified bidder comes forward at a price
sufficient to satisfy, inter alia, the Senior Notes Claims and Club
Facility Lenders, the Creditor Plan Proponents will no longer seek
confirmation of this Plan by the Bankruptcy Court. In such
circumstances, Senior Notes Claims and Club Facility Lenders, as
well as certain other Claims, would be paid in full in cash at
closing.
Counsel to the Creditor Plan Proponents:
Patrick J. Nash, Jr., P.C.
Gregory F. Pesce
Heidi M. Hockberger
KIRKLAND & ELLIS LLP
300 North LaSalle
Chicago, Illinois 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
A copy of the Disclosure Statement is available at
https://bit.ly/3gy8bCB from PacerMonitor.com.
About China Fishery Group
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.
In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.
The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.
On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.
CHINA FISHERY: Unsecureds to Get Up to 39.5% in Creditors' Plan
---------------------------------------------------------------
Creditor plan proponents Burlington Loan Management DAC and Monarch
Alternative Capital LP filed a Disclosure Statement and Chapter 11
Plan for CFG Peru Investments Pte. Ltd. (Singapore) and Smart Group
Limited (Cayman) dated April 18, 2021.
China Fishery Group Limited ("CFGL") is the holding company of a
group of companies (collectively, the "CF Group"), including the
Plan Debtors (the Plan Debtors, together with the Other Debtors,
the "Debtors"), with interests in a leading, Peru-based global
fishmeal and fish oil business.
On March 1, 2021, following several months of discussions regarding
potential restructuring transactions, the Ad Hoc Group comprised of
holders of 56% of the principal amount of the Senior Notes and 71%
of the principal amount of the Club Facility executed the
Restructuring Support Agreement. The deadline to become an
Earlybird Creditor was March 16, 2021. As of the approval of the
Disclosure Statement, Consenting Creditors holding approximately
87.8% of the principal amount of the Senior Notes and approximately
71.2% of the principal amount of the Club Facility have executed
the Restructuring Support Agreement. The Restructuring Support
Agreement contemplates a comprehensive restructuring and
recapitalization transaction for the Plan Debtors and certain of
their non-debtor affiliates that will safeguard and provide funding
for the fishmeal business of the Peruvian OpCos.
Class 3 Senior Notes Claims with $501,804,767 projected amount of
claims are projected to recover 59.1%. Each Holder shall receive
the distributions to such Holder pursuant to the UK Proceeding
and/or Singapore Scheme. On the Effective Date, all of the Senior
Notes shall be cancelled as set forth in the UK Proceeding
Documentation and/or Singapore Scheme Documentation, as applicable;
provided, however, that any such distribution shall be in addition
to any distributions made by the Plan Administrator or any other
Entity with respect to the Interim Distribution.
Class 4 General Unsecured Claims with $620 million to $1.6 billion
projected amount of claims are projected to recover 0% to 39.5%.
Unless otherwise provided for under the Plan, in full and final
satisfaction, compromise, settlement, and release of and in
exchange for each General Unsecured Claim, each Holder of an
Allowed General Unsecured Claim shall receive its pro rata share of
the Wind-Down Trust Interests.
Class 6 Club Facility Subordination Claims totaling $662,988,864
are projected to have a 76.2% recovery. Each Holder shall receive
the distributions to such Holder pursuant to the UK Proceeding
and/or Singapore Scheme.
The Creditor Plan Proponents revised the Disclosure Statement to
include the disclosure regarding the TEV of the Peruvian OpCos to
address the concerns of the Objecting Debtors. All parties' rights
are reserved with regard to the valuation of the Plan Debtors and
Peruvian OpCos.
All claims held by the Plan Debtors will be paid in the ordinary
course of business or discharged pursuant to the UK Proceeding
and/or Singapore Scheme. All parties' rights are reserved with
respect to the payment of the Plan Debtors' subsidiaries claims
prior to granting the releases.
Upon entry of the Confirmation Order, the Creditor Plan Proponents
agree to use commercially reasonable efforts to cause NewCo to
establish a supplemental Cash compensation program on terms
acceptable to the Creditor Plan Proponents. Pursuant to such
program, the Peruvian OpCos shall pay Cash of $4,000,000 to members
of the Peruvian OpCos' management team, which members shall be
acceptable to the Creditor Plan Proponents. The awards under such
supplemental Cash compensation program shall be paid as follows:
(1) 50 percent will be paid upon the Effective Date; and (2) 50
percent will be paid 6 months following the Effective Date, in each
case, in an allocation acceptable to the Creditor Plan Proponents.
Any payment under such program shall reduce any Cash award
contemplated by the Order Approving (I) the Peruvian Opcos' Bonus
Plan and (II) Taking All Desirable or Necessary Corporate
Governance Actions on a dollar-for-dollar basis.
The Plan complies with the other requirements of the Intercompany
Netting Orders. First, the Plan provides that all Claims required
to be paid pursuant to the Intercompany Netting Order will be paid
in full or otherwise provided the treatment contemplated. Second,
the Intercompany Netting Order contemplates that a transaction's
compliance with the Intercompany Netting Agreement will be
determined at closing. The Plan contemplates that on the Effective
Date (i.e., closing), all obligations compensable under the Senior
Notes and Club Facility will be satisfied by the equitization of
such obligations through the transactions contemplated by the Plan,
UK Proceeding, and/or Singapore Scheme. The Plan satisfies the
relevant requirements of the Intercompany Netting Orders.
Counsel to the Creditor Plan Proponents:
Patrick J. Nash, Jr., P.C.
Gregory F. Pesce
Heidi M. Hockberger
KIRKLAND & ELLIS LLP
300 North LaSalle
Chicago, Illinois 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
About China Fishery Group
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.
In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.
The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.
On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.
CHINA SKY: To be Delisted From Singapore Exchange Securities
------------------------------------------------------------
Leila Lai at The Business Times reports that Singapore Exchange
Securities Trading (SGX-ST) will delist China Sky Chemical Fibre
Company after the company missed a final deadline to submit its
proposal for trading resumption.
In an outcome letter dated April 22, SGX-ST said China Sky has one
month from the date of the letter to provide its exit offer
proposal, BT relates.
In January, SGX-ST granted China Sky an eight-month extension to
submit its resumption proposal by Sept. 30, as the company said it
had entered into an implementation agreement to transfer its
listing to iWave, a fintech subsidiary of Philippine gaming company
DFNN, the report recalls.
BT says the extension was subject to meeting certain milestones
provided by iWave in an indicative timeline, including completion
of legal due diligence and audit on iWave and pre-consultation with
SGX by Feb. 28. But iWave did not meet any of the milestones,
citing difficulties from the Covid-19 pandemic hampering travel and
personnel movement, and the impact of Super Typhoon Rolly.
According to BT, SGX-ST noted that the Philippines has experienced
several lockdowns since March 2020, and businesses would have
implemented business continuity plans by now. Therefore, the
pandemic could not be considered an extenuating circumstance
outside iWave's control.
China Sky's previous application for a time extension had also been
submitted after the typhoon, and so iWave should have factored
delays from the typhoon into its milestones that were submitted
with the application, the report adds.
China Sky's shares remain suspended. A trading halt was called on
Aug. 12, 2016, BT notes.
China Sky Chemical Fibre Co., Ltd., engages in the manufacture and
sale of chemical fibers.
EAGLE HOSPITALITY: Doesn't Have Luxury to Delay Sale Process
------------------------------------------------------------
Melissa Cheok of Bloomberg Law reports that Eagle Hospital Trust
said in an SGX filing, "Eagle Hospitality Group does not have the
luxury of delaying the sale or restructuring process as the current
pandemic continues to create volatility and uncertainty with
respect to the U.S. hospitality industry's recovery."
The report notes that unless there is certainty that a delay in the
sale process would result in better or higher bids for the hotels,
delaying the sale process would put further risks on stakeholders
by increasing the borrowers' exposure under the
debtor-in-possession financing facility without creating an
offsetting increase in the value of the hotels.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.
EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.
EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP as bankruptcy counsel; FTI
Consulting, Inc., as restructuring advisor; and Moelis & Company
LLC, as investment banker. Cole Schotz P.C. is the Delaware
counsel. Rajah & Tann Singapore LLP is Singapore Law counsel, and
Walkers is Cayman Law counsel. Donlin, Recano & Company Inc. is the
claims agent.
NAIISE: Goes Into Liquidation; Founder to File For Bankruptcy
-------------------------------------------------------------
The Business Times reports that troubled home-grown retailer Naiise
has gone into liquidation, after closing its last store earlier in
April following years of late payments to its vendors.
The company's founder, Dennis Tay, will also be filing for personal
bankruptcy, BT says.
In a Facebook post on April 15, Mr. Tay said he had "exhausted
(his) savings and borrowed heavily from banks" to keep the business
afloat and repay Naiise's vendors, according to BT.
He also signed personal guarantees for the loans, "because as long
as Naiise was still a going concern, there was a chance that Naiise
would be able to repay, however slowly".
"Unfortunately, I am now out of time and options," Mr. Tay wrote,
adding that it has been "an extremely difficult two years" and that
the last few weeks were "the darkest of (his) life".
On April 11, Naiise closed its Jewel Changi Airport store - its
last and largest in Singapore, amid an ongoing struggle to pay its
vendors, BT says.
It owes vendors sums ranging from hundreds of dollars to five-digit
figures for selling their stocks on a consignment basis, and has
reportedly defaulted on payments since as early as 2016.
Naiise was also fined SGD8,000 last year for late payments of CPF
contributions for employees, BT recalls. Currently, it has been
charged with another offence under the Central Provident Fund Act.
BT adds that Mr. Tay, who started Naiise in 2013, wrote in his
Facebook post: "As a business owner, the blame for Naiise's demise
is mine alone.
"I'm sorry to the employees I let go. They helped build Naiise and
I consider many of them friends. To those who are owed money, I am
sorry I failed you all, and for all the inconvenience and distress
this has caused. Apologies also to our marketplace sellers for
shuttering operations so abruptly."
TD HOLDINGS: Increases Authorized Common Shares to 600MM Shares
---------------------------------------------------------------
TD Holdings, Inc. effected a Certificate of Amendment of the
Certificate of Incorporation with the Secretary of State of
Delaware to increase the number of authorized shares of its common
stock, par value $0.001 per share, from 100,000,000 shares to
600,000,000 shares and the number of authorized shares of its
preferred stock, par value $0.001 per share, from 10,000,000 shares
to 50,000,000 shares. The Amendment was approved by the Company's
Board of Directors on March 9, 2021, and by shareholders holding a
majority of the Company's issued and outstanding capital stock on
March 10, 2021. The Amendment does not affect the rights of the
Company's shareholders.
A copy of the Amendment is available for free at:
https://bit.ly/3dVMA5r
About TD Holdings
Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) has become a used
luxurious car leasing business as well as a commodities trading
business operating in China since the disposition of its direct
loans, loan guarantees and financial leasing services to
small-to-medium sized businesses, farmers and individuals in July
2018. The Company's current operations consist of leasing of
luxurious pre-owned automobiles and operation of a non-ferrous
metal commodities trading business.
For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities. The Company said these factors caused concern
as to its liquidity as of Dec. 31, 2019.
*********
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., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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