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250717.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 Thursday, July 17, 2025, Vol. 28, No. 142 Headlines A U S T R A L I A ASPIRE 42: First Creditors' Meeting Set for July 21 BC LAND: First Creditors' Meeting Set for July 22 EASTERN PROPERTY: Second Creditors' Meeting Set for July 21 INTERNATIONAL FASHION: First Creditors' Meeting Set for July 21 LA TROBE 2025-1: S&P Assigns Prelim. Bsf Rating on Class E Notes MINERAL CRUSHING: First Creditors' Meeting Set for July 23 ONESTEEL MANUFACTURING: BlueScope Gets Right-of-Last Refusal S&L AU: Fat Dumpling Continues to Operate Amid Parent Liquidation SHIELD HOLDINGS: Atty Retainer Meets Ch.15 Eligibility, Judge Says C H I N A CHINA EASTERN: Expects Net Loss of CNY1.6BB for H1 of 2025 H O N G K O N G NEW WORLD: Misses Target Date for US$2 Billion Loan, Talks Ongoing XIN DAU: HK Authorities Pursue Missing MPF Payments for Staff I N D I A CHANDRASHREE COMMERCIAL: Voluntary Liquidation Process Case Summary COMEX INFRATECH: Insolvency Resolution Process Case Summary DALFAB ENGINEERS: Voluntary Liquidation Process Case Summary DIKSHA GREENS: Insolvency Resolution Process Case Summary FORTIRA SOFTWARE: Voluntary Liquidation Process Case Summary GABRIEL VENTURES: Liquidation Process Case Summary JAI VENKTESH: Insolvency Resolution Process Case Summary KHUSHBOO MARBLES: Insolvency Resolution Process Case Summary KOLON INVESTMENTS: Liquidation Process Case Summary KUTE SONS : Insolvency Resolution Process Case Summary LESTER TECHNOLOGIES: Voluntary Liquidation Process Case Summary MAGNESITA REFRACTORIES: Voluntary Liquidation Process Case Summary NADIA CONSTRUCTIONS: Liquidation Process Case Summary NATURELL (INDIA): Voluntary Liquidation Process Case Summary OMSHRI DEVPROCON: Liquidation Process Case Summary SCG DIGITAL: Voluntary Liquidation Process Case Summary SMART I SECURITY: Liquidation Process Case Summary TALEMA ELECTRONIC: Voluntary Liquidation Process Case Summary TENSILE STEEL: Insolvency Resolution Process Case Summary UNIVERSAL WEATHER: Voluntary Liquidation Process Case Summary ZEP INFRATECH: Liquidation Process Case Summary ZYNGO EV: Insolvency Resolution Process Case Summary J A P A N KIOXIA HOLDINGS: Fitch Rates Proposed USD Unsecured Notes 'BB+' KIOXIA HOLDINGS: S&P Rates USD Sr. Unsecured Bonds 'BB+' M A L A Y S I A BINA PURI: Gov't. Files Winding-Up Petitions Against Two Units ONETECH SOLUTIONS: Business Partner Files Winding-Up Petition N E W Z E A L A N D BIG SKY: Court to Hear Wind-Up Petition on Aug. 7 FLOORING TRANSFORMERS: Creditors' Proofs of Debt Due on Aug. 22 FOOD CHAIN: McGrathNicol Appointed as Receivers MAJOR DRIVE: Court to Hear Wind-Up Petition on July 29 TOTARA 9: Creditors' Proofs of Debt Due on Aug. 5 S I N G A P O R E ANLIV MANAGEMENT: Court Enters Wind-Up Order GENERAL ATLANTIC: Creditors' Proofs of Debt Due on Aug. 8 GMR COAL: Creditors' Proofs of Debt Due on Aug. 7 TORREY PINES: Creditors' Proofs of Debt Due on Aug. 7 WELLNESS FITNESS: Commences Wind-Up Proceedings S O U T H K O R E A [] KOREA: Seoul Savings Banks See Spike in Non-Performing Loans - - - - - ================= A U S T R A L I A ================= ASPIRE 42: First Creditors' Meeting Set for July 21 --------------------------------------------------- A first meeting of the creditors in the proceedings of: - Aspire 42 Holdings Pty Ltd; - Essential Group Holdings Pty Ltd; - Essential Appliance Rentals Pty Ltd; - Aspire 42 Financing Pty Ltd; - Aspire 42 Services Pty Ltd; - Walker Stores Pty Ltd in its personal capacity and as trustee for the Walker Family Unit Trust and The Aspire 42 Unit Trust; - Aspire 42 Assets Pty Ltd; - Identifier Analytics Pty Ltd (Formerly Make It Mine Finance Pty Ltd) ; - Essential Phone and Data Pty Ltd; - My Mates Finance Pty Ltd (Formerly Snaffle for Business Pty Ltd); - UWS Nominees Pty Ltd; - United Wholesale Solutions Pty Ltd; and - Aspire 24 Services Pty Ltd will be held on July 21, 2025 at 11:30 a.m. via Microsoft Teams. Duncan Clubb of BDO was appointed as administrator of the company on July 9, 2025. BC LAND: First Creditors' Meeting Set for July 22 ------------------------------------------------- A first meeting of the creditors in the proceedings of BC Land Pty Ltd will be held on July 22, 2025 at 12:30 p.m. via Virtual Meeting Facility. Philip Campbell-Wilson and Lisa Gibb of Grant Thornton Australia were appointed as administrators of the company on July 10, 2025. EASTERN PROPERTY: Second Creditors' Meeting Set for July 21 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Eastern Property Alliance Management Pty Ltd has been set for July 21, 2025, at 11:00 a.m. via teleconference facility. 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 July 18, 2025 at 4:00 p.m. Timothy Cook of Balance Insolvency was appointed as administrator of the company on June 20, 2025. INTERNATIONAL FASHION: First Creditors' Meeting Set for July 21 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of International Fashion Labels Pty Ltd will be held on July 21, 2025 at 10:30 a.m. via videoconference only. David Trim and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on July 9, 2025. LA TROBE 2025-1: S&P Assigns Prelim. Bsf Rating on Class E Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2025-1. La Trobe Financial Capital Markets Trust 2025-1 is a securitization of nonconforming and prime residential mortgages originated by La Trobe Financial Services Pty Ltd. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. The assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P also has factored into its ratings the legal structure of the trust, which has been established as a special-purpose entity and meets its criteria for insolvency remoteness. S&P's ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade language consistent with its "Counterparty Risk Framework: Methodology And Assumptions" criteria, published on March 8, 2019, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level. Preliminary Ratings Assigned La Trobe Financial Capital Markets Trust 2025-1 Class A1S, A$277.50 million: AAA (sf) Class A1L, A$337.50 million: AAA (sf) Class A2, A$75.00 million: AAA (sf) Class B, A$24.975 million: AA (sf) Class C, A$18.675 million: A (sf) Class D, A$8.325 million: BBB (sf) Class E, A$3.90 million: BB (sf) Class F, A$1.50 million: B (sf) Equity 1, A$2.25 million: Not rated Equity 2, A$0.375 million: Not rated MINERAL CRUSHING: First Creditors' Meeting Set for July 23 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Mineral Crushing Services (WA) Pty Ltd and Mineral Crushing Services Holdings Pty Ltd will be held on July 23, 2025 at 10:00 a.m. and 11:00 a.m., respectively, via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the companies on July 11, 2025. ONESTEEL MANUFACTURING: BlueScope Gets Right-of-Last Refusal ------------------------------------------------------------ The Australian Financial Review's Street Talk reports BlueScope Steel has secured a pivotal advantage at Whyalla Steelworks, gaining a rare "last look" provision that gives it the right to beat any final offers to acquire the facility. Street Talk understands the administrators have granted the company a 'right-of-last-offer' and the ability to form a consortium with other interested parties. This is expected to come as an affront to other bidders in what has been a highly competitive process. South Australian Premier Peter Malinauskas said the process for the steelworks has drawn interest from 33 parties, 60 per cent of whom are offshore. According to Street Talk, JSW Steel sent representatives to visit the steelworks in May. Other parties who have looked over the Whyalla plant include representatives from billionaire Kerry Stokes' Seven Group Holdings and a private Sydney company backed by the Ibrahim family called Greensteel Australia. BlueScope placed around a dozen engineers and technical experts at Whyalla in March to help KordaMentha stabilise the loss-making steelworks, 380 kilometres north of Adelaide, Street Talk adds. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. OneSteel is part of the GFG corporate group and is the legal entity that owns and operates the Whyalla steelworks and the iron ore mining operations in the Middlebank Range in South Australia. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. S&L AU: Fat Dumpling Continues to Operate Amid Parent Liquidation ----------------------------------------------------------------- The Courier Mail reports that despite the Fat Dumpling Fortitude Valley restaurant's parent company, S&L AU, being placed into voluntary liquidation, the restaurant itself continues to operate under new ownership. The Courier Mail says the restaurant, known for its "best dumplings in Brisbane", has been a popular spot for over a decade. While the company that previously operated it is in liquidation, the business continues to serve customers, though the original website and Instagram page are no longer active. SHIELD HOLDINGS: Atty Retainer Meets Ch.15 Eligibility, Judge Says ------------------------------------------------------------------ The Honorable Philip Bentley of the United States Bankruptcy Court for the Southern District of New York granted the motion of debtor ACN 078 881 035 Pty Limited (formerly Shield Holdings Australia Pty Limited) for an order granting recognition of foreign main proceeding and related relief under Chapter 15 of the Bankruptcy Code. The Binetters emigrated from Europe to Australia in the 1950s and proceeded to build a number of successful businesses, including an international beverage business by the name of Nudie Juice. The family's empire eventually crumbled, after evidence surfaced that the Binetters had engaged in a 20-plus-year tax evasion scheme. In or about 2014, the Australian Tax Office levied tax assessments in excess of AU$100 million against four of the Binetters' companies, finding they had entered into purported lending arrangements with Israeli banks and for decades had fraudulently reported nonexistent interest expense on their Australian tax returns. The Australian courts appointed John Sheahan to serve as the liquidator for these four companies. On their behalf, he brought suit and obtained judgments of more than $100 million against Binetter family members and a number of their other companies. In 2018, six additional Binetter companies went into liquidation in Australia, and Mr. Sheahan was appointed as their liquidator. In 2024, an eleventh Binetter company -- the Debtor -- commenced liquidation proceedings in Australia. In January 2025, the Australian court overseeing that liquidation appointed Mr. Sheahan as the Debtor's special purpose liquidator, with authority to take discovery in any foreign jurisdiction for the purpose of identifying the Debtor's assets and investigating its potential claims against third parties. Beginning in 2017, Mr. Sheahan filed successive chapter 15 petitions in this Court on behalf of the various Binetter companies for which he was appointed liquidator (collectively, the "Binetter Debtors"). He filed the first four of these chapter 15 petitions in 2017, after learning that two members of the Binetter family had moved to the United States. In 2021, he filed chapter 15 petitions for six more Binetter Debtors, and in March 2025, he filed a chapter 15 petition for the Debtor. In each of these cases, Mr. Sheahan serves as the debtor's foreign representative. In each case, he stated that his principal reason for filing under chapter 15 was to take discovery in the United States, so as to identify Binetter family assets located here and to investigate potential claims against parties in the U.S. that may have participated in the Binetters' tax evasion, diversion of assets or other misconduct. The chapter 15 cases of all 11 Binetter Debtors have been consolidated for administrative, but not substantive, purposes. The petition that Mr. Sheahan filed on behalf of the Debtor in March 2025 seeks recognition of the Debtor's Australian liquidation proceeding, as well as related relief. The only parties that objected to the motion were three members of the Binetter family. A hearing on the motion was held on May 8, 2025, at which time the Binetters withdrew all of their objections except their argument that the Debtor is not eligible to be a debtor under Code Sec. 109(a). The issue before the Court is whether to follow the rule, uniformly applied by bankruptcy courts in this District and elsewhere, that a chapter 15 debtor's creation of an attorney retainer in the United States at the outset of its case satisfies the eligibility requirements of Bankruptcy Code Sec. 109(a). Members of the Binetter family, who owned and managed the debtor before the commencement of its Australian liquidation proceedings, ask the Court to reject this settled rule on the ground that it permits such an easy end-run around section 109(a)'s property requirement -- that debtors without a residence or place of business in the United States must have "property in the United States" -- that it essentially nullifies that requirement. This result, they argue, contravenes basic canons of statutory construction and permits improper manipulation of the statute's requirements. On this ground, they ask the Court to rule that the debtor, whose only U.S. property is an attorney retainer, is ineligible to file under chapter 15. According to Judge Bentley, "As all courts that have addressed this issue have held, the text of section 109(a)'s property requirement is unambiguous. It requires only that the debtor have some property in the United States, no matter how small and no matter when or why acquired. To modify an unambiguous statutory provision such as this, the Court would need to find that it produces an absurd result. And that is not the case here. Far from producing a result that Congress could not possibly have intended, a literal reading of section 109(a) furthers a number of chapter 15's core purposes, while undermining none of them." He concludes, "Consequently, no basis exists to modify the section's plain terms or to find that steps taken by a debtor to comply with those terms constitute impermissible manipulation. The settled rule that a debtor's creation of an attorney retainer in the United States satisfies section 109(a) is well-founded, and the Court will follow it." The Court denies the Binetters' objection and grants the foreign representative's motion for an order granting recognition and related relief. A copy of the Court's Modified Bench Ruling dated July 8, 2025, is available at https://urlcurt.com/u?l=RUoAtV from PacerMonitor.com. Attorneys for Foreign Representative: Glen A. Kopp, Esq. Joaquin M. C. DeBaca, Esq. MAYER BROWN LLP 1221 Avenue of the Americas New York, NY 10019 Email: gkopp@mayerbrown.com jcdebaca@mayerbrown.com Attorneys for Binetter Parties: Jonathan T. Koevary, Esq. Andrew Lustigman, Esq. OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York, NY 10019 Email: jkoevary@olshanlaw.com alustigman@olshanlaw.com About BCI Finances B.C.I. Finances PTY Ltd. is an Australian borrowing and lending entity that operated within a complex group of companies targeted by Australian authorities for 25 years of tax avoidance. B.C.I. Finances Pty Limited (in Liquidation) and three affiliates, Binqld Finances Pty Limited (in Liquidation), E.G.L. Development (Canberra) Pty Limited (in Liquidation), and Ligon 268 Pty Limited (in Liquidation) filed Chapter 15 petitions (Bankr. S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek recognition of their winding down proceedings in Australia. John Sheahan and Ian Russell Lock, the foreign representatives, signed the Chapter 15 petitions. The Hon. Sean H. Lane initially presided over the Chapter 15 cases. The case was reassigned to Judge Philip Bentley in September 2022. Robert N. H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon Peabody LLP, in New York, serve as counsel to the petitioners. Mayer Brown LLP represents the Foreign Representative. Olshan Frome Wolosky LLP represents the Binetter Parties. ========= C H I N A ========= CHINA EASTERN: Expects Net Loss of CNY1.6BB for H1 of 2025 ---------------------------------------------------------- The Standard reports that China's three biggest airlines are expected to report losses for the first half of 2025. According to The Standard, Air China and China Eastern Airlines forecast narrower deficits, while China Southern Airlines anticipates a wider loss. Air China, the country's flagship carrier, expects a net loss of up to CNY2.2 billion (HK$2.41 billion) for the first six months, a year-on-year reduction of around 21 percent. The airline cited challenges including imbalanced market supply, declining passenger yield, competition from the expanding high-speed rail network, and growing uncertainties in the global environment and supply chains. And Shanghai-headquartered China Eastern Airlines projected a net loss of up to CNY1.6 billion, narrowing nearly 44 percent compared with the same period last year, The Standard discloses. In contrast, China Southern Airlines, the country's largest carrier by capacity, expects to post a wider loss of up to CNY1.76 billion, representing an increase of about 43 percent from a year ago. Earlier, the three airlines reported a quarterly net loss of CNY2.04 billion, CNY995 million and CNY747 million, respectively, for the first quarter this year, The Standard relays. About China Eastern Airlines Headquartered in Shanghai, China Eastern Airlines Corporation Limited -- https://www.ceair.com/ -- together with its subsidiaries, operates in the civil aviation industry in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. The company offers passenger, cargo, mail delivery, ground, tour operations, air catering, and other miscellaneous services. It is also involved in flight training; airline maintenance; the provision of import and export, investment, leasing, and consultation; business aviation; e-commerce platform and ticket agent; and property management services, as well as the research and development of technology and products in the field of aviation; and sale of goods. As of December 31, 2022, the company operated a fleet of 778 aircraft, including 775 passenger aircraft and 3 business aircraft. China Eastern Airlines reported net losses of CNY11.83 billion, CNY12.21 billion and CNY37.38 billion for the years ended Dec. 31, 2020, 2021, and 2022, respectively. The company also reported net losses of CNY8.19 billion and CNY4.23 billion in 2023 and 2024. ================= H O N G K O N G ================= NEW WORLD: Misses Target Date for US$2 Billion Loan, Talks Ongoing ------------------------------------------------------------------ Bloomberg News reports that New World Development Co. missed a self-imposed target to complete an up to HK$15.6 billion (US$2 billion) loan led by Deutsche Bank AG, according to people familiar with the matter, as challenges persist even after the distressed developer closed a major refinancing deal last month. Bloomberg relates that the latest deal hasn't been completed yet, as some of New World's existing financiers have expressed little interest in further increasing their exposure to the beleaguered developer, said the people, who asked not to be identified discussing private matters. Deutsche Bank is seeking to attract new lenders to join, they added. In invitations sent to banks in May, New World set a July 11 deadline for lenders to finalize their commitments. However, in the syndicated loan market, it is common for such deadlines to be extended, and borrowers often have flexibility to finalize deals on a timeline that suits the progress of negotiations, Bloomberg relays. Investors are closely monitoring the deal, as the response from banks could offer insight into the depth of New World's future funding challenges. If the loan closes successfully, it would help take some financial pressure off the builder because the proceeds are to be used to repay debt. The developer is also looking to offload some of its properties in mainland China as it expedites asset sales as part of last month's refinancing agreement. Several banks that aren't already lenders to New World have opted not to pursue the deal, other people said, as a yearslong property slump continues to batter Hong Kong's commercial real estate sector. Based on the invitations sent in May, New World offered an interest margin of 105 basis points over the Hong Kong Interbank Offered Rate for the three-year borrowing, along with an upfront fee of 75 basis points. That translates into an annualized all-in pricing of 130 basis point over Hibor. It isn't yet clear which Hibor rate New World will use to price the deal, Bloomberg relates. If it uses the one-month Hibor, which was at 1.08% as of July 11, the proposed all-in pricing, including the interest margin and fee, would mean an annual return of about 2.38% for lenders, according to Bloomberg calculations. New World is seeking a minimum loan size of HK$4 billion, though the borrowing could be increased to as much as HK$15.6 billion, Bloomberg notes. The loan is backed by Victoria Dockside, one of the company's most valuable properties, located in Hong Kong's Tsim Sha Tsui district. The complex - which houses luxury mall K11 Musea, K11 Atelier, K11 Artus, as well as the Rosewood Hong Kong and Rosewood Residences - is worth about HK$66.05 billion, Bloomberg discloses citing a valuation report the company provided to banks in May. New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. XIN DAU: HK Authorities Pursue Missing MPF Payments for Staff ------------------------------------------------------------- The South China Morning Post reports that Hong Kong's pension authority is looking into HK$100,000 (US$12,740) in missing payments for 20 employees from the Michelin-starred Chinese restaurant Xin Dau Ji, following the chain's abrupt closure of its Kowloon Bay branch on July 9. According to the Post, the Mandatory Provident Fund Schemes Authority said on July 11 that it was pursuing the missing contributions for April and May. The Post says lawmaker Aron Kwok Wai-keung confirmed that the restaurant had closed on July 9, with about 20 affected staff contacting the Labour Department for help on July 11. He said that the Protection of Wages on Insolvency Fund could not cover missing payments for the Mandatory Provident Fund and that if companies decided to shut down, they should not leave their staff bearing losses. "I urge the industry to stop employing foreign labour to protect ours. If companies plan to do so, authorities should first make sure that workers who are laid off due to sudden closures are employed." The Post relates that the department said it had pressed the employer to settle unpaid wages while calling for affected workers to register for support. The closure of the branch at MegaBox shopping centre in Kowloon Bay marked the end of the chain, which once boasted six outlets. Xin Dau Ji is the second Chinese restaurant chain to close in July, following Super Star at the start of the month. Metropol Restaurant also announced its closure in September, the Post notes. Xin Dau Ji opened its first outlet in Jordan in the late 2000s. It was awarded one star in the city's Michelin Guide consecutively in 2012 and 2013. Known for its roasted suckling pig cooked over volcanic rocks, the chain expanded to six outlets across the city at its peak. "The city's catering industry has been facing various challenges in recent years. The company's sales have been immensely impacted by the slow consumer market," a closure notice circulating online said, the Post relays. "We have sought different ways to cut costs and increase income, but have failed to fight against the turbulent business atmosphere. We have concluded evaluations to stop the operations of Xin Dau Ji." ========= I N D I A ========= CHANDRASHREE COMMERCIAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------- Debtor: CHANDRASHREE COMMERCIAL ENTERPRISES LIMITED 6/18 REGISTERED OFFICE MOIRA STREET, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL 700017 Liquidation Commencement Date: June 27, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: MANOJ PRASAD SHAW 18 Rabindra Sarani, Poddar Court, Gate No. 1, 3rd Floor, Room No. 3 EMAIL ADDRESS: shawmanoj2003@gmail.com TELEPHONE NO: 033-46031517 Last date for submission of claims: July 27, 2025 COMEX INFRATECH: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Comex Infratech Private Limited M-104 Greater Kailash-I, Delhi, India 110048 Insolvency Commencement Date: July 3, 2025 Estimated date of closure of insolvency resolution process: December 30, 2025 (180 Days) Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Anshul Sharma A-6, Ashok Nagar, Mandoli Road, Shahdara, Delhi - 110093 Email: cma.anshulsharma2020@gmail.com VSA Insolvency Professionals LLP Building No. 11, 3rd Floor, Hargovind Enclave Vikas Marg, Delhi - 110092 Email: comex.cirp@gmail.com Last date for submission of claims: July 17, 2025 DALFAB ENGINEERS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: DalFab Engineers Private Limited 4, Panchvati Society Opposite Indra Complex Manjalpur, Vadodara Gujarat, India 390004 Liquidation Commencement Date: July 4, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Kashyap Shah B-203, Manubhai Towers Opposite M S University Sayajigunj, Vadodara 390020 Email: kashyap.cs.ip@gmail.com Tel No: 9998062244 Last date for submission of claims: August 3, 2025 DIKSHA GREENS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Diskha Greens Limited 8, Abanindra Nath Tagore Sarani (formerly Camac Street) Shantiniketan Building, 11th Floor, Office Space No. 1111 Block A, Circus Avenue, Kolkata, Circus Avenue, West Bengal, India 700017 Insolvency Commencement Date: July 2, 2025 Estimated date of closure of insolvency resolution process: December 29, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Pankaj Khelan K-37/A Basement, Kailash Colony Near Kailash Colony Metro Station South Delhi, Delhi -110048 Email: ippakajkhaitan@gmail.com Email: cirpdiskshagreenslimited@gmail.com Last date for submission of claims: July 17, 2025 FORTIRA SOFTWARE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: FORTIRA SOFTWARE INDIA PRIVATE LIMITED NO GC, ALSA GLENRIDGE 32, LANGFORD ROAD, BANGALORE, KARNATAKA, INDIA, 560025 Liquidation Commencement Date: June 24, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: CS THIRUPAL GORIGE NO. 87, 2ND FLOOR, 21ST CROSS, 7TH MAIN, N S. PALYA, BTM 2ND STAGE, BANGALORE-560076, KARNATAKA, INDIA CELL NO: +91 94483 84064 LANDLINE: +080 7963 4233 EMAIL: GTHIRUPAL@GMAIL.COM Last date for submission of claims: July 24, 2025 GABRIEL VENTURES: Liquidation Process Case Summary -------------------------------------------------- Debtor: Gabriel Ventures India Private Limited previously known as Sleed Electrical Private Limited 12-B, Satyapath Society, Near Ghanshyam Nagar, Ghodasar, Ahmedabad, Gujarat, India 380050 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Rajendrakumar Radhakishan Kabra C/107, Cosy Corner Society, Someshwar Park-3, Near Palladium Mal, Thaltej, Ahmedabad - 380054 Email: rajendra_kabra@rediffmail.com Email: Liquidation.gabriel@gmail.com Last date for submission of claims: July 30, 2025 JAI VENKTESH: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Jai Venktesh Concast Private Limited Bamunara Industrial Area Bamunara Durgapur Bardhaman, West Bengal - 713212 Insolvency Commencement Date: June 20, 2025 Estimated date of closure of insolvency resolution process: December 19, 2025 (180 Days) Court: National Company Law Tribunal, Kolkata Bench-I Insolvency Professional: Sandip Kumar Kejriwal 322, 3rd Floor, Martin Burn House, 1, R. N., Mukherjeе Road Kolkata-700 001 Email: sandipkej2@gmail.com Email: sandipkej2@gmail.com Last date for submission of claims: July 4, 2025 KHUSHBOO MARBLES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Khushboo Marbles Pvt. Ltd. Registered Address: 54, Textile Market, Bhilwara, Rajasthan - 311001 Site Address: Industrial Khasra No. 40, NH-8, Bhadarda, Rajsamand, Rajasthan - 313324 Insolvency Commencement Date: July 2, 2025 Estimated date of closure of insolvency resolution process: December 29, 2025 (180 Days) Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Umang Jain 380, Gayatri Nagar A, Maharani Farm, Durgapura, Near IHITC, Jaipur, Rajasthan - 302018 Email: caumangiain@gmail.com Email: ibc.khushboomarbles@gmail.com Last date for submission of claims: July 17, 2025 KOLON INVESTMENTS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Kolon Investments Private Limited 506, Abhijeet-I Near Mithakhali Six Roads Ellisbridge Ahmedabad, Gujarat, India 380006 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Mr. Nandish Sunilbhai Vin C/53, Shanti Niketan Row House Opposite Sagar Complex, Anand Mahal Road, Surat - 395009 Email: ip.nandish.vin@gmail.com 301, Sovereign Shoppers Near Sneh Sankul Wadi Besides Sindhu Seva Samiti School Anand Mahal Road, Surat - 395009 Email: kolon.liquidation@gmail.com Email: ip.nandish.vin@gmail.com Last date for submission of claims: July 30, 2025 KUTE SONS : Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Kute Sons Fresh Dairy Private Limited S. No. 406 & 407, At Nimbhore, Post Surwadi Taluka Phaltan, Satara, Maharashtra, India 415523 Address where account books are maintained: 120/4 Javakhede (Khalsa), Miri-Tisgaon Road, Tal. Pathardi, Ahmednagar, Maharashtra, India 414505 Insolvency Commencement Date: June 26, 2025 Estimated date of closure of insolvency resolution process: December 23, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Ritesh R. Mahajan Devgiri, B 203, 2nd Floor, Ganeshmala, Sinhgad Road, Pune – 411 030, Maharashtra Email: riteshmahajancs@gmail.com Email: kutesonsfreshcirp@riteshmahajan.in Last date for submission of claims: July 10, 2025 LESTER TECHNOLOGIES: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: Lester Technologies Private Limited E-16, Everest, Tardeo Road, Mumbai, Maharashtra, India, 400034 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Manish Motilal Jaju D-502, Neelkanth Business Park, Vidya Vihar West, Mumbai 400086 Email id: lesterliquidation@gmail.com Email id: mmjaju76@gmail.com Last date for submission of claims: July 23, 2025 MAGNESITA REFRACTORIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: Magnesita Refractories Private Limited Gala No. 18, Noble Industrial Estate No.1, Navghar Vasai Road (East), Palghar, Mumbai, India - 401202 Liquidation Commencement Date: June 24, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Vipin Agarwal C/o AVM Resolution Professionals LLP, 8/28, (3rd Floor), W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi 110005 Email: vlp.magnesita@gmail.com Contact No: 011 41486026/27 Mobile No: 9810634405 Last date for submission of claims: July 24, 2025 NADIA CONSTRUCTIONS: Liquidation Process Case Summary ----------------------------------------------------- Debtor: NADIA CONSTRUCTIONS PRIVATE LIMITED 81/2A, Raja Dinendra Street, Kolkata - 700006, West Bengal Liquidation Commencement Date: June 24, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Mr. Goutam Mukherjee, 64, Behari Lal Pal Street, Sarada Apartment, 2nd Floor, Baranagar, Darjeepara More, Kolkata700036, Email: gm.resolution@yahoo.com Email: nadiacons.irp@gmail.com Last date for submission of claims: July 24, 2025 NATURELL (INDIA): Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Naturell (India) Private Limited Zydus Corporate Park Scheme No. 63, Survey No. 536 Khoraj, Near Vaishnodevi Circle S. G. Highway, Gota, Daskroi, Ahmedabad - 382481 Gujarat Liquidation Commencement Date: July 1, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Dilipkumar Natvarial Jagad 803/804, Ashok Heights Opposite Saraswati Apartment Nikalas Wadi Road, Near Bhuta School Old Nagar X Road, Gundavali Andheri East, Mumbai - 400069 Email: dilipjagad@hotmail.com Email: naturelvol@gmail.com Contact: 91-9821142587 Last date for submission of claims: July 31, 2025 OMSHRI DEVPROCON: Liquidation Process Case Summary -------------------------------------------------- Debtor: Omshri Devprocon Limited 6- Dev Vatika Manipur, Village: Manipur, Talluka: Sanand, Ahmedabad Gujarat, India 382150 Liquidation Commencement Date: July 3, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: IP Kailash Shah 505, 21st Century Business Center Near World Trade Centre Ring Road, Surat Gujarat - 395002 Email: ipktshah@gmail.com Email: cirpdevprocon@gmail.com Last date for submission of claims: August 2, 2025 SCG DIGITAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: SCG Digital Private Limited VO-278, Wework Vaishnavi Signature, No. 78/9 Outer Ring Road, Bellandur Village Varthur Hobli Bellandur, Bangalore Bangalore South, Karnataka, India 560103 Liquidation Commencement Date: July 2, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: Manoj Kumar C-0305 ATS Advantage Indirapuram Ghaziabad Email: vliq.scgdigital2025@gmail.com Email: manojjain264@gmail.com Last date for submission of claims: August 2, 2025 SMART I SECURITY: Liquidation Process Case Summary -------------------------------------------------- Debtor: Smart I security & Automation Pvt Ltd. F-26 1st Floor, Top Class Enclave, Bhoidapada Sativali Road, Gokhiware, Vasai (East) Palghar Thane MH 401208 Liquidation Commencement Date: May 1, 2025 Court: National Company Law Tribunal, Mumbai Bench-II Liquidator: Rajendra Kumar Girdhar Flat No. 404, 4th Floor, Oshiwara Gulmohar CHS Ltd., MHADA Building No. 21, New Link Road, Oshiwara Andheri West Mumbai, Opposite Samarth Aangam Oshiwara, Mumbai, Mumbai City, Maharashtra 400053 Email: rkgirdhar1@yahoo.co.in Email: liq.smartI@ancoraa.com Last date for submission of claims: July 21, 2025 TALEMA ELECTRONIC: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Talema Electronic India Private Limited Registered Office: Plot Nos. 30, 31 Electrical and electronic Industrial Estate, Suramangalam, Salem-636005 Tamil Nadu, India Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Delhi Bench Liquidator: Manish Kumar Sharma B-32 Milansar Apartments Plot No. 2-Sector-14, Rohini, Delhi - 110085 Email: manishattorney@gmail.com Tel No: +91 98100 29555 Last date for submission of claims: July 30, 2025 TENSILE STEEL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Tensile Steel Limited Hirabag, Vishwamitri Rd Baroda, Gujarat - 390009 Insolvency Commencement Date: July 3, 2025 Estimated date of closure of insolvency resolution process: December 30, 2025 Court: National Company Law Tribunal, Delhi Bench Insolvency Professional: CA Bihari Lal Chakravati, D-54, First Floor, Defence Colony New Delhi - 110024 Email: cirp.tensilestee@gmail.com Email: bichakravati.associates@gmail.com Last date for submission of claims: July 19, 2025 UNIVERSAL WEATHER: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: UNIVERSAL WEATHER AND AVIATION INDIA PRIVATE LIMITED S-217, Lower Ground Floor, Panchsheel Park, South Delhi, New Delhi110017 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sachin Sapra 2/11B, Basement, Jangpura Block-A, New Delhi-110014 Mobile: 9910219977 Email: sachinsapracs@yahoo.com Last date for submission of claims: July 23, 2025 ZEP INFRATECH: Liquidation Process Case Summary ----------------------------------------------- Debtor: ZEP INFRATECH LIMITED ABHIJIT, 7TH FLOOR MITHAKHALI SIX ROAD, ELLISBRIDGE, AHMEDABAD, Gujarat, India, 380006 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Nandish Sunilbhai Vin C/53, Shanti Niketan Row House, Opp Sagar Complex, Anand Mahal Road, Surat-395009 Email id: ip.nandish.vin@gmail.com 301, Sovereign Shoppers, Near Sneh Sankul Wadi, Besides Sindhu Seva Samiti School Anand Mahal Road, Surat 395009 Email id: zep.liquidation@gmail.com Last date for submission of claims: July 23, 2025 ZYNGO EV: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: M/S Zyngo EV Mobility Private Limited 357 D, Sector-37, Udyog Vihar-VI Gurugam, Haryana - 122001 Insolvency Commencement Date: July 1, 2025 Estimated date of closure of insolvency resolution process: December 28, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Alka Girdhar 414/24 Jagdish Colony, Rohtak, Haryana 124001 Email: alkagirdhar24@gmail.com Osrik Resolution Private Limited 109, Surya Kiran Building, 19, KG Marg, Connaught Place, New Delhi - 110001 Email: ip.zyngoev@gmail.com Last date for submission of claims: July 15, 2025 ========= J A P A N ========= KIOXIA HOLDINGS: Fitch Rates Proposed USD Unsecured Notes 'BB+' --------------------------------------------------------------- Fitch Ratings has assigned Japan-based Kioxia Holdings Corporation's (Kioxia, BB+/Stable) proposed US dollar senior unsecured notes a rating of 'BB+'. The proposed notes are rated in line with Kioxia's Long-Term Foreign-Currency Issuer Default Rating, as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for early redemption of preferred shares issued to the Development Bank of Japan, expenses related to the refinancing and for general corporate purposes. Key Rating Drivers Cyclical Industry Dynamics: Kioxia's rating is weighed down by the high cyclicality of the memory semiconductor market. Despite strong secular demand, the industry is susceptible to oversupply from capacity additions, technology transitions and inventory corrections. Recent supply cuts have improved the supply-demand balance, but changing consumer demand continues to affect pricing. The NAND market also faces excess supply additions, but the memory sector should grow in the long term on rising demand for data centre solid state drives (SSDs). Strong Market Position: Kioxia, in collaboration with Sandisk Corporation (BB/Stable), was the second-largest NAND flash memory producer by revenue at end-2024, supported by a robust market position and extensive expertise. The company's memory solutions are integral to diverse applications, including servers, PCs, smartphones and gaming consoles, with its SSD & Storage segment contributing significantly to revenue. This solid market position is bolstered by operations in 10 countries, serving major clients in the technology sector. Tariff Uncertainty: Kioxia is exposed to the higher US tariffs on Japan. It is taking steps to mitigate related risks, including utilising bonded warehouses and negotiating prices with customers. However, further weakening in consumer demand, driven by tariff issues, is likely to negatively affect the company's operating performance. Technological Leadership: Kioxia has solid technological capabilities in the NAND and SSD segments, maintaining a competitive edge through collaborative development with Sandisk. The company leads advancements such as CMOS Bonded to Array technology, enhancing memory capacity and density. Kioxia's investments in technology migration ensure high product yield and efficiency, positioning it alongside industry leaders. This focus on innovation reinforces Kioxia's role as a low-cost producer, crucial for maintaining competitiveness. eSSD Growth Opportunity: Kioxia is positioned to capitalise on significant growth opportunities in the expanding enterprise SSD (eSSD) segment, a key driver of the NAND industry's growth. Rising demand for high-performance storage solutions in data centres offers Kioxia substantial potential to strengthen its market presence. The company's early qualification for PCIe 5.0 technology with leading hyperscale data centres underscores its ability to meet sophisticated demand. Kioxia aims to capture a larger share of the eSSD market by focusing on the development of high-capacity SSDs, including those using BiCS FLASH generation 8 technology, thereby reinforcing its strategic position and aligning with long-term growth trends in the NAND industry. Reliance on Strategic Joint Ventures: Kioxia enhances its production capacity through strategic joint ventures (JVs) with Sandisk, known as Flash Ventures. Its ability to use shared equipment at the Yokkaichi and Kitakami facilities strengthens its competitive position and improves scale, operational efficiency and cost effectiveness. The partnership facilitates substantial investments in wafer fabrication beyond its own capacity. Flash Ventures, which is controlled by Kioxia and Sandisk and one of the longest-running JVs in the technology sector, has consistently provided stability to Kioxia's operations. However, any limitations in availability of the JVs could materially impact Kioxia's operating performance. Kioxia's obligations to cover approximately half of the JVs' fixed expenses and capex, and guarantee approximately half of the JVs' sales and leaseback liabilities, represent cash commitments. Solid Financial Structure: Fitch forecasts Kioxia's EBITDA leverage ratio to return to about 1.5x in the medium term, after severe deterioration in 2023. This aligns with management's aim of keeping debt/EBITDA below 1.0x, excluding operating leases and including sales and leaseback liabilities. The company targets a net cash position in the long term. Fitch expects capex intensity to remain at around 20% of revenue, facilitating positive FCF generation over the medium term, which will provide a buffer during industry downcycles. Peer Analysis Kioxia is a pure NAND flash memory manufacturer, which results in less diversification compared with its peers, such as SK hynix Inc. (BBB/Stable) and Micron Technology Inc. (BBB/Stable), both of which supply DRAM in addition to NAND flash memory. SK hynix and Micron have greater scale, R&D capabilities and capex capacity than Kioxia. However, the recent trend among memory manufacturers to prioritise DRAM capital spending could lead to a more balanced supply-demand dynamic in the NAND flash market. Greater scale contributes to a strong balance sheet, providing a buffer during downturns. Both SK hynix and Micron maintain conservative balance sheets, with EBITDA leverage ratios below 1.0x, and are targeting a net cash position over the medium term. Despite similar volatility, SK hynix and Micron demonstrate higher profitability compared with Kioxia, supporting the two-notch rating difference between Kioxia and the two peers. Compared with Renesas Electronics Corporation (BBB/Negative), Kioxia's business profile is weaker due to its exposure to the cyclical NAND flash market, resulting in less predictable cash flow generation. Renesas holds a strong market position in its core markets of microcontroller and system-on-chips platforms and is better diversified, particularly after acquiring analogue-focused companies and diversifying its end-customer base. Kioxia has a stronger business profile than its JV partner Sandisk, given its larger operating scale, technological advancements and better diversification. Kioxia has its own output in addition to half of the production from the JV, leading to a higher shipment market share. Kioxia's greater exposure to SSDs for servers results in higher profitability than Sandisk. Both companies are conservatively capitalised, with gross leverage ratios of around 1.5x-2.0x. Key Assumptions - Revenue to moderately decline by high-single digits in 2025. This decline is driven by weak consumer demand from smartphones and PCs, while continued strong demand from servers helps limit downside pressure. - Operating margin to decrease to an early teens percentage in 2025 with softening average selling prices. - Capex intensity to average around 20% through the cycle. Completion of the construction of the Kitakami Fab2 facility is likely to decrease capex, which will be allocated towards equipment acquisition. - No dividend payment - R&D spending to stay at around 8%-9% of revenue - No major M&A during the forecast periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant loss of market share on losing technological leadership - Sustained negative FCF on high capex intensity - EBITDA leverage above 3.5x and CFO-capex/total debt below 10% on average through the cycle - Negative developments in the relationship with its JV partner that could hamper Kioxia's operating performance Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successfully demonstrating the ability to consistently meet management targets across industry cycles - Improvements in market share in the eSSD segment, demonstrating its strengthening technological competitiveness - EBITDA leverage below 2.5x and CFO-capex/total debt above 15% on average through the cycle - FCF margin in the mid-single digit on average through the cycle Liquidity and Debt Structure Kioxia's liquidity remained adequate at end-March 2025, with cash and cash equivalents of JPY168 billion, supplemented by undrawn committed facilities of JPY330 billion, including a revolving credit facility of JPY210 billion and capex facilities of JPY120 billion. The company had short-term debt amounting to JPY246 billion, which includes the current portion of a term loan of approximately JPY140 billion, with the remainder comprising sales and leaseback liabilities. Kioxia benefits from strong access to Japanese local banks due to its position as a major technology company. This is evident from the financial support received in 2018. Kioxia and Flash Ventures are also entitled to around JPY243 billion in government subsidies, part of which has been received. Kioxia's involvement in the development and production of memory products aligns with government initiatives to support technological advancement, making it eligible for subsidies. Issuer Profile Kioxia is a leading global manufacturer of flash memory and SSDs and is headquartered in Japan. The company provides storage solutions that serve a wide range of applications, from consumer electronics to enterprise data centres. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Kioxia Holdings Corporation senior unsecured LT BB+ New Rating KIOXIA HOLDINGS: S&P Rates USD Sr. Unsecured Bonds 'BB+' -------------------------------------------------------- S&P Global Ratings has assigned its 'BB+' long-term issue credit rating to Kioxia Holdings Corp.'s (BB+/Stable/--) U.S. dollar-denominated senior unsecured bonds. The bonds have varying maturities. Kioxia plans refinancing that will significantly change its debt structure through the bond issuance. Its refinancing plan includes the following: -- Using proceeds from the bonds for early redemption of preferred shares the company issued to the Development Bank of Japan. -- Refinancing many of its secured loans from Japanese banks into unsecured loans. -- Switching from secured commitment lines (excluding capital expenditure facility) to unsecured commitment lines. -- Kioxia will redeem preferred shares and refinance bank loans one day after issuing the bonds. S&P said, "We believe Kioxia will increase the flexibility of its financial management through its refinancing plan. By issuing these bonds, the company will be able to diversify its funding methods, in our view. Moreover, we believe the refinancing will provide the company with benefits such as a longer repayment schedule and lower interest payments. "We equalize the issue credit rating on the bonds with our long-term issuer credit rating on the company. This reflects our view that the ratio of the company's priority debt (the sum of issuer's secured debt and debt issued by its subsidiaries) will be low after refinancing, so does not increase the subordination of the bonds to be issued. A group of banks has committed to Kioxia to refinance its secured loan and commitments to unsecured ones after the issuance of the bonds. We assume that this commitment is likely to be fulfilled. "As of the end of March 2025, Kioxia's priority debt ratio was 55%-60%, and we expect that by fulfilling this commitment, the ratio will remain below 20% after refinancing, even if it fully utilizes the secured capital expenditure facility." Kioxia is a semiconductor company that specializes in the manufacture and sale of NAND flash memory used in products including smartphones and data centers, and its derivative SSDs. In June 2018, Toshiba Corp. sold Kioxia to a consortium led by private equity firm Bain Capital LP. S&P believes Kioxia maintained close relationships with Sumitomo Mitsui Banking Corp. and other major Japanese banks, which have continued since Kioxia was Toshiba's semiconductor division. S&P's 'BB+' long-term issuer credit rating on the company is based primarily on our view that: -- The company's dependence on the highly volatile NAND business is a major constraint on its competitiveness; -- The company maintains a relatively strong position in the NAND market due to its large production capacity, strong customer base, and high development and technology capabilities; and -- Over the next one to two years, the company will maintain its key cash flow metrics at a level commensurate with the credit rating as it repays debt by free cash flow. =============== M A L A Y S I A =============== BINA PURI: Gov't. Files Winding-Up Petitions Against Two Units -------------------------------------------------------------- The Malaysian Reserve reports that two wholly owned subsidiaries of Bina Puri Holdings Bhd have been served with separate winding-up petitions by the Government of Malaysia over unpaid tax liabilities amounting to approximately RM5.05 million. In filings with Bursa Malaysia on July 8, the group said the petitions were served on Bina Puri Sdn Bhd (BPSB) and Bina Puri Properties Sdn Bhd (BPPSB) via the Inland Revenue Board's Lembah Klang Legal Branch. BPSB, which received the petition on July 7, is being pursued for MYR4.2 million in outstanding taxes, while BPPSB, served a day later on July 8, faces a winding-up bid over a debt of MYR849,499.31, Malaysian Reserve discloses. Both petitions were dated June 23, 2025, and filed in the High Court in Malaya at Shah Alam. The hearing for both cases has been fixed for Sept. 29, 2025. According to Malaysian Reserve, Bina Puri said that neither BPSB nor BPPSB is classified as a major subsidiary under Bursa Malaysia's Main Market Listing Requirements, and asserted that the petitions are not expected to have any immediate financial or operational impact on the group. Malaysian Reserve says the companies are currently seeking legal and tax advice and intend to oppose and defend against the petitions. Bina Puri added that the petition against BPSB was only formally received on July 7, and while the company was in the midst of preparing an announcement, it received a request from Bursa Malaysia on July 8 for immediate disclosure. The petition against BPPSB was served on July 8, with its announcement made promptly upon management review, adds Malaysian Reserve. Based in Selayang, Malaysia, Bina Puri Holdings Bhd -- https://www.binapuri.com.my/ -- an investment holding company, engages in the construction and property development businesses in Malaysia and other Asian countries. The company operates through Construction, Property Development, Quarry, and Power Supply segments. ONETECH SOLUTIONS: Business Partner Files Winding-Up Petition ------------------------------------------------------------- The Malaysian Reserve reports that Onetech Solutions Holdings Bhd and its subsidiary One ERP Solutions Sdn Bhd have been served with a winding-up petition filed by Lau King Yew, a business partner of one of the company's directors. In a filing with Bursa Malaysia on July 7, Onetech said the petition, filed in the High Court of Malaya in Kuala Lumpur, also names directors Tan Yuh Pei and Koh Kean Mum as respondents. Malaysian Reserve relates that the petition was served on the company and its subsidiary on July 7, 2025. According to Malaysian Reserve, the petitioner alleges that the directors of One ERP Solutions acted in their own interests rather than in the interests of all shareholders, and that there has been an irreparable breakdown of trust and confidence between the petitioner and Tan, after more than a decade of working together. Malaysian Reserve says Lau is seeking a court order to wind up Onetech under the Companies Act 2016, along with the appointment of a liquidator whose costs would be borne by the company. He is also requesting that the legal costs of the proceedings be paid from the assets of the company or jointly by the respondents. The High Court has fixed July 15, 2025 for case management via e-review, and July 31, 2025 for hearing. Onetech said the petition is not expected to have any financial or operational impact on the company or its subsidiaries, aside from potential legal and court costs. The board is currently seeking legal advice and will provide updates as necessary, Malaysian Reserve adds. OneTech Solutions Holdings Berhad is a Malaysia-based investment holding company. The Company is principally engaged in providing third-party and enterprise software solutions. It offers software licensing and information technology (IT) services, including IT consulting, training, system integration, software customization and upgrade, implementation, and maintenance support services. The Company operates within a single operating segment, namely Information Technology. Its geographical segments include Malaysia, Australia, Singapore, Mongolia, the United States, Vietnam, and others. ===================== N E W Z E A L A N D ===================== BIG SKY: Court to Hear Wind-Up Petition on Aug. 7 ------------------------------------------------- A petition to wind up the operations of Big Sky Food Limited will be heard before the High Court at Christchurch on Aug. 7, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 5, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 FLOORING TRANSFORMERS: Creditors' Proofs of Debt Due on Aug. 22 --------------------------------------------------------------- Creditors of Flooring Transformers Limited, Webster Development Limited and SJJ Trading Limited are required to file their proofs of debt by Aug. 22, 2025, to be included in the company's dividend distribution. Flooring Transformers and Webster Development Limited commenced wind-up proceedings on July 4, 2025. SJJ Trading Limited commenced wind-up proceedings on July 8, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 FOOD CHAIN: McGrathNicol Appointed as Receivers ----------------------------------------------- Andrew John Grenfell and Kare Johnstone of McGrathNicol on July 4, 2025, were appointed as receivers and managers of Food Chain Limited. The receivers and managers may be reached at: Andrew John Grenfell Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland MAJOR DRIVE: Court to Hear Wind-Up Petition on July 29 ------------------------------------------------------ A petition to wind up the operations of Major Drive Holdings Limited will be heard before the High Court at Wellington on July 29, 2025, at 10:00 a.m. Jonathan Joseph Pereira filed the petition against the company on April 30, 2025. The Petitioner's solicitor is: Elliot Ritchie Chris Ritchie, Barristers and Solicitors Level 8, Sovereign House 22–28 Willeston Street Wellington TOTARA 9: Creditors' Proofs of Debt Due on Aug. 5 ------------------------------------------------- Creditors of Totara 9 Limited are required to file their proofs of debt by Aug. 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 8, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= ANLIV MANAGEMENT: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on June 27, 2025, to wind up the operations of Anliv Management Consultants Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GENERAL ATLANTIC: Creditors' Proofs of Debt Due on Aug. 8 --------------------------------------------------------- Creditors of General Atlantic Singapore CV Pte. Ltd. are required to file their proofs of debt by Aug. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 GMR COAL: Creditors' Proofs of Debt Due on Aug. 7 ------------------------------------------------- Creditors of GMR Coal Resources Pte. Ltd. are required to file their proofs of debt by Aug. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 TORREY PINES: Creditors' Proofs of Debt Due on Aug. 7 ----------------------------------------------------- Creditors of Torrey Pines IVT Pte. Ltd. are required to file their proofs of debt by Aug. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2025. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 WELLNESS FITNESS: Commences Wind-Up Proceedings ----------------------------------------------- Members of Wellness Fitness Health (WFH) Pte. Ltd. on June 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Farooq Ahmad Mann of M/s Mann & Associates PAC. ===================== S O U T H K O R E A ===================== [] KOREA: Seoul Savings Banks See Spike in Non-Performing Loans --------------------------------------------------------------- Chosun Biz reports that in the first quarter of this year, 18 out of 23 savings banks located in Seoul showed non-performing loans (NPLs) ratios exceeding the recommended level. Notably, the number of savings banks in the Seoul area with NPL ratios exceeding double digits increased from 8 to 12 during the same period. The situation of savings banks has worsened since the real estate project financing (PF) defaults began in the second half of 2022. According to Chosun Biz, Korea Federation of Savings Banks on July 14 said, the NPL ratio of 18 out of 23 savings banks located in Seoul exceeded the recommended level of 8% in the first quarter of this year. This means 78% of Seoul savings banks are non-performing. This is an increase of 1 from the same period last year (17 banks). While JT Financial Savings Bank improved from 8.54% to 6.68% during the same period, Daol and Yuanta Savings Bank's ratios entered the 8% range from 6-7%, Chosun Biz discloses. Chosun Biz notes that savings bank loan claims are classified as normal, watchlist, delinquent, doubtful, and estimated loss, among which the total amount of loans below the 'delinquent' category with a delinquency period of over 3 months is referred to as non-performing loans. The ratio of non-performing loans to total loans is termed the NPL ratio; the higher this ratio, the more non-performing assets exist. The financial authorities recommend a level below 8%. In particular, the NPL ratio of OSB Savings Bank rose by 3.42 percentage points to 16.5% in the first quarter of this year compared to 12.88% in the same period last year, Chosun Biz relays. The capital adequacy ratio of the Bank for International Settlements (BIS) worsened from 12.09% to 11.75% during the same period, placing it among those eligible for restructuring mergers and acquisitions (M&A). Earlier, the financial authorities decided in March that if savings banks with assets of over 1 trillion won recorded a BIS ratio below 12%, they would be included in the 'grey zone', allowing for M&A. Chosun Biz says the non-performing loans of OSB Savings Bank decreased from KRW329.9 billion in the first quarter of last year to KRW288.8 billion in the first quarter of this year; however, the total loans during the same period shrank from KRW2.1713 trillion to KRW1.7511 trillion. While it managed to write off over KRW40 billion in non-performing loans, the deterioration of operational strength due to a reduction in new loans led to a rise in the NPL ratio. Moreover, OSB Savings Bank's loan loss provisions decreased to KRW135.4 billion in the first quarter of this year compared to KRW149.9 billion in the same period last year. This contrasts with the increase in the NPL ratio that would typically require higher loan loss provisions. Loan loss provisions are reserves set aside to absorb losses arising from uncollectible loans. Accordingly, the ratio at which OSB Savings Bank can absorb non-performing loans with loan loss provisions (NPL coverage) is 46.9%, significantly below the industry average of 90-100%, Chosun Biz states. This means that if all non-performing loans incur losses, it would not offset even half. The remaining non-performing loans that cannot be resolved through loan loss provisions must be addressed by OSB Savings Bank's assets. The increase in loan loss expenses and the corresponding decrease in equity lead to a further decline in the BIS capital adequacy ratio. This issue is not only related to OSB Savings Bank, Chosun Biz says. In the first quarter of this year, the number of savings banks located in Seoul with NPL ratios exceeding double digits increased by 4 from 8 to 12 compared to the same period last year. KB Savings Bank saw its NPL ratio decrease from 12.2% to 9.5% during the same period; however, Kiwoom YES, Welcome, Hana, NH, and Minguok Savings Bank increased from single to double digits, Chosun Biz relays. Among these, Hana Savings Bank has non-performing loans of KRW295.7 billion, while its loan loss provisions stand at KRW171.4 billion, resulting in an NPL coverage of 57.9%, Chosun Biz adds. Furthermore, Kiwoom YES Savings Bank has an NPL coverage of 54.2%, NH Savings Bank 67.2%, and Minguok Savings Bank 60.3%. ********* 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 2025. All rights reserved. ISSN: 1520-9482. 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