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       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

          Monday, June 29, 2026, Vol. 29, No. 128

                           Headlines



A U S T R A L I A

BANALASTA FARMING: Second Creditors' Meeting Set for July 1
BLACKWATTLE SERIES NO. 5: S&P Assigns B (sf) Rating to Cl. F Notes
CRIMSON BOND 2023-1P: S&P Affirms B (sf) Rating to Class F Notes
KEYSTONE ASSET: ASIC Sues Former Directors Over Shield Failures
KINGFISHER TRUST 2025-1: Moody's Ups Rating on Cl. E Notes to Ba1

KOMIXX ENTERTAINMENT: First Creditors' Meeting Set for July 2
PANORAMA AUTO 2026-2: Fitch Assigns 'Bsf' Rating to Class F Notes
RESIMAC TRIOMPHE 2026-2: S&P Assigns B(sf) Rating on Class F Notes
RJL PROPERTY: First Creditors' Meeting Set for June 30
SCP 123: First Creditors' Meeting Set for July 1

STRATEGIC DEMOLITIONS: First Creditors' Meeting Set for July 1


C H I N A

CHINA EVERGRANDE: Talks to Sell Majority Stake in Unit Collapse
HARTFORD CREATIVE: Posts $557K Income in Q3; Going Concern Remains
LOTUS TECHNOLOGY: Geely International to Buy $128.32 Million Note


I N D I A

ABHISHEK STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category
BLISS MANAGEMENT: ICRA Withdraws B/A4 Rating on INR10cr LT/ST Loans
FRISCHMANN PRABHU: Voluntary Liquidation Process Case Summary
GANESH FIRE: ICRA Keeps D Ratings in Not Cooperating Category

GOVIND CABLE: ICRA Keeps B Rating in Not Cooperating Category
HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating Category
KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating
KOSAS INDUSTRIES: Liquidation Process Case Summary
KRISHNAGIRI DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating

LONGRANGE COMMODITIES: Insolvency Resolution Process Case Summary
M V AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAHARAJA SATHYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
NAVALMAR SHIPPING: Liquidation Process Case Summary

PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary
RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
RAM KRIPA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RAYWAYS INFRAPROJECTS: Insolvency Resolution Process Case Summary

SHAMLI STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating
SS INNOVATIONS: Launches $50MM At-The-Market Offering With Virtu
SUPREME SOLAR: ICRA Keeps B+ Debt Ratings in Not Cooperating

SWAL LIMITED: Insolvency Resolution Process Case Summary
TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
TRT BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating Category
UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
VIKRAM SOLAR: NCLAT Stays Insolvency Proceedings Against Company



J A P A N

MARELLI AUTOMOTIVE: Faces Lawsuit Over CEO Hiring, Trade Secrets
MARELLI AUTOMOTIVE: Plan Exclusivity Period Extended to Oct. 13
MARELLI HOLDINGS: Stellantis and Nissan in Talks to Buy Assets


N E W   Z E A L A N D

ASCEND WORKS: Court to Hear Wind-Up Petition on July 7
BURGERBURGER LIMITED: Ecovis KGA Appointed as Administrators
LDW LIMITED: Creditors' Proofs of Debt Due on Aug. 18
NECK OF THE WOODS: Saved as Crowdfunding Raises Over NZD150,000
PFH LIMITED: Court to Hear Wind-Up Petition on July 16

REMERS CORPORATION: Creditors' Proofs of Debt Due on July 20


P H I L I P P I N E S

DEL MONTE PACIFIC: Posts US$10MM Net Profit for Q4 Ended April 30


S I N G A P O R E

BAR ON CHULIA: Court to Hear Wind-Up Petition on July 10
BRILLIANT TOTS: Commences Wind-Up Proceedings
CHEERPOWER ENGINEERING: Commences Wind-Up Proceedings
FARSOIYA RECYCLERS: Court to Hear Wind-Up Petition on July 9
GRACE OCEAN: Dali Crew Face Wait as Criminal Trial Set for 2027

TN AUTO: Court Enters Wind-Up Order


S O U T H   K O R E A

HOMEPLUS CO: Workers, Partners, Seek State Support via e-People


V I E T N A M

VIET CAPITAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable

                           - - - - -


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A U S T R A L I A
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BANALASTA FARMING: Second Creditors' Meeting Set for July 1
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Banalasta
Farming Pty Ltd has been set for July 1, 2026, at 12:00 p.m. via
virtual meeting facilities.

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 June 30, 2026 at 4:00 p.m.

Jialan Xu and Philip Campbell-Wilson of Grant Thornton Australia
Limited were appointed as administrators of the company on June 8,
2026.


BLACKWATTLE SERIES NO. 5: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings carried out various rating actions of Australian
prime residential mortgage-backed securities (RMBS) transactions
issued by Permanent Custodians Ltd. as trustee of three Blackwattle
Series RMBS transactions.

S&P raised its ratings on five classes of notes in two of the
transactions and affirmed its ratings on 16 classes of notes in
three of the transactions.

The transactions are Blackwattle Series RMBS Trust No. 3
(Blackwattle No. 3), Blackwattle Series RMBS Trust No. 4
(Blackwattle No. 4), and Blackwattle Series RMBS Trust No. 5
(Blackwattle No. 5).

The raised ratings for Blackwattle No. 3 and Blackwattle No. 4
reflect an increase in credit support provided to each class of
notes, which is sufficient to cover rating stresses consistent with
the higher rating levels. The affirmations across the three
transactions reflect S&P's view of the credit risk of the
underlying collateral portfolios, which have been amortizing in
line with our expectations.

Blackwattle No. 3 and Blackwattle No. 4 are currently paying
principal on a pro-rata basis. Once the pro-rata triggers are met,
principal will be passed through to each class of notes on a pari
passu basis. Under pro-rata pay, the class G notes portion of
principal collections is allocated to the most subordinated rated
note outstanding at that time. The class G note will not receive
principal repayments until all rated notes have been repaid.
Therefore, credit support continues to build up in percentage terms
under the pro-rata structure for the most subordinated rated note.
This feature is also present in Blackwattle No. 5; however, this
transaction has not yet met the pro-rata triggers to switch to
pro-rata payments.

As of May 31, 2026, total arrears are 1.32% for Blackwattle No. 3,
1.36% for Blackwattle No. 4, and 2.54% for Blackwattle No. 5.
Arrears have fluctuated since transaction close. There have been no
losses to date.

S&P expects that the various mechanisms to support liquidity within
the transactions, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at their respective rating levels.

The annualized prepayment speed of these transactions have varied
over time. Due to the historically smaller size of the portfolios,
the prepayment levels for each transaction have been performing
above the S&P Ratings Global Prepayment Index since close. The
class C and class D notes for both Blackwattle No. 3 and
Blackwattle No. 5 show some yield sensitivity under faster
prepayment rate cash flow modelling scenarios.

There is an increasing risk of borrower concentration as the pools
continue to amortize. The largest 10 borrowers for Blackwattle No.
3 make up 13.52% of the pool, 13.10% of the pool for Blackwattle
No. 4, and 8.57% of the pool for Blackwattle No. 5.

These qualitative factors are constraining our ratings beyond
quantitative factors alone.

  Ratings Raised

  Blackwattle Series RMBS Trust No. 3

  Class B: to AAA (sf) from AA (sf)
  Class F: to BB (sf) from B (sf)

  Blackwattle Series RMBS Trust No. 4

  Class B: to AAA (sf) from AA (sf)
  Class C: to AAA (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)

  Ratings Affirmed

  Blackwattle Series RMBS Trust No. 3

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)

  Blackwattle Series RMBS Trust No. 4

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Blackwattle Series RMBS Trust No. 5

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


CRIMSON BOND 2023-1P: S&P Affirms B (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of prime
residential mortgage-backed securities (RMBS) transactions issued
by Perpetual Corporate Trust Ltd. as trustee of Crimson Bond Trust
2023-1P.

The affirmations reflect S&P's view of the credit risk of the
underlying collateral portfolio, which has been amortizing in line
with its expectations.

S&P believes that the credit support provided to each class of
notes is sufficient to withstand the stresses it applies at each
respective rating level. Credit support comprises subordination
from junior notes and excess spread (if any).

The transaction is currently paying principal on a sequential basis
following the end of the revolving period in 2025. Credit support
provided in percentage terms will continue to build for the notes
until the pro-rata tests are met. Once the pro-rata triggers are
met, principal will be passed through to each class of notes on a
pari passu basis. Under pro-rata pay, the class G1 and G2 notes'
portion of principal collections is allocated to the most
subordinated rated note outstanding at that time. In both pro-rata
and sequential payment structures, repayments of principal to the
class G1 and G2 notes will occur only after the repayment of all
other notes.

As of May 31, 2026, total loans in arrears greater than 30 days are
3.27%. Arrears have fluctuated since transaction close. There have
been no losses to date.

S&P said, "We expect that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity reserve, are sufficient to ensure timely
payment of interest. These mechanisms combined are sufficient under
our cash-flow stress assumptions to ensure timely payment of
interest for each class of notes at their respective rating
levels."

There is an increasing risk of borrower concentration as the pool
continues to amortize. As of May 31, 2026, the largest 10 borrowers
represent 9.04% of the pool.

This qualitative factor constrains S&P's ratings beyond
quantitative factors alone.

  Ratings Affirmed

  Crimson Bond Trust 2023-1P

  Class A1: AAA (sf)
  Class A2: AAA (sf)  
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


KEYSTONE ASSET: ASIC Sues Former Directors Over Shield Failures
---------------------------------------------------------------
Former Keystone Asset Management directors and compliance committee
members put hundreds of millions of dollars of Australians'
superannuation at risk by investing scheme funds in related
entities and third parties without proper safeguards, the
Australian Securities & Investments Commission (ASIC) alleges in
new Federal Court proceedings.

ASIC is suing Paul Chiodo, Ilya Frolov, and Mark Yorston, former
directors of Keystone Asset Management Ltd for allegedly breaching
their director and officer duties, and Jeremy Danon and Mr. Frolov,
former compliance committee members for allegedly failing to meet
their obligations.

In total, more than AUD530 million in retirement savings from
around 5,800 investors flowed into the Shield Master Fund. Shield
was operated and managed by Keystone Asset Management.

ASIC alleges around AUD305 million of those funds were transferred
to a related property development fund controlled by Keystone Asset
Management, before being transferred to entities linked to Mr.
Chiodo and Mr. Frolov. ASIC further alleges:

   - the funds were transferred without basic safeguards including
proper security, valuations, oversight, or management of conflicts

   - investor money was used for unauthorised purposes without a
sufficient connection to the intended property development
projects, including payments to related parties and third parties
without the required prior approval of scheme members, and

   - failures to ensure compliance with the Shield Compliance Plan
by failing to obtain valuations of the assets of Shield and manage
conflicts of interest involving Mr Chiodo and Mr Frolov.

ASIC Chair Sarah Court said the case reflects alleged failures in
how hundreds of millions of dollars of Australians' super savings
were handled and protected.

'Investors in managed investment schemes are entitled to expect
that their investments will be carefully managed on their behalf
but, in this case, ASIC alleges investors were exposed to
conflicted arrangements and poor oversight.

'We allege hundreds of millions of dollars of superannuation was
transferred to related entities without basic safeguards, exposing
thousands of Australians to significant financial risk.

'These proceedings are about holding those we allege to be involved
to account and sending a clear message that directors operating
schemes of this kind must act in investors' best interests,' the
Chair said.

ASIC is seeking civil penalties, disqualification orders against
the former directors and costs.

ASIC's investigations into the matters connected to Shield are
continuing.

Shield is a registered managed fund, which was registered in May
2021. In April 2025, the liquidators of Keystone Asset Management
determined it was in the best interests of investors for Shield to
be terminated.

In February 2024, ASIC halted new offers of investments in Shield.
ASIC made interim stop orders on four product disclosure statements
for Shield).

In June 2024, ASIC took action to protect investor funds. As a
result of ASIC's action, shares in a share trading account were
preserved for the benefit of investors. The Liquidators have
subsequently sold those shares and deposited the proceeds of nearly
AUD200 million in interest-bearing accounts for the benefit of
Shield unitholders. The Liquidators have made an application for an
interim distribution to qualifying unitholders. The Liquidators
have also commenced proceedings to recover assets for the benefit
of investors, including taking action to preserve up to AUD158
million of additional assets. Those proceedings are ongoing.
Information about the liquidation process is available on A&M's
website.

Approximately 3,000 investors have had AUD321 million of their
invested capital in Shield returned after Macquarie entered into a
Court Enforceable Undertaking with ASIC. ASIC also has ongoing
proceedings in the Federal Court against Equity Trustees
Superannuation Limited seeking declarations, compensation orders
and civil penalties in relation to Shield.


KINGFISHER TRUST 2025-1: Moody's Ups Rating on Cl. E Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by Kingfisher Trust 2025-1.

The affected ratings are as follows:

Issuer: Kingfisher Trust 2025-1

Class B Notes, Upgraded to Aa1 (sf); previously on Aug 18, 2025
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Aug 18, 2025
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Aug 18, 2025
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Aug 18, 2025
Definitive Rating Assigned Ba2 (sf)

A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.

No action was taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.

The transaction has been making sequential principal repayments
since closing. Following the May 2026 payment date, credit
enhancement available for the Class B, Class C, Class D and Class E
Notes has increased to 2.8%, 1.7%, 1.0% and 0.3%, respectively,
from 2.2%, 1.3%, 0.8% and 0.2% at closing. Current total
outstanding notes as a percentage of the total closing notes
balance is 77.8%.

As of end-April 2026, 1.2% of the outstanding pool was 30-plus days
delinquent and 0.6% was 90-plus days delinquent. The deal has
incurred no losses to date.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption of 0.3% of
the outstanding pool balance (equivalent to 0.2% of the original
pool balance) and Moody's MILAN CE assumption at 3.0% since
closing.

The transaction is an Australian prime RMBS originated and serviced
by Australia and New Zealand Banking Group Limited
(Aa2/P-1/Aa1(cr)/P-1(cr)).

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.

KOMIXX ENTERTAINMENT: First Creditors' Meeting Set for July 2
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Komixx
Entertainment Pty Ltd (trading as Komixx, Komixx Entertainment,
Morrison Entertainment, Morrison Productions, Omnia Entertainment,
Omnia Pictures, and Omnia Productions) will be held on July 2,
2026, at 11:00 a.m.

Jimmy Trpcevski and Gregory Mathew Prout of WA Insolvency Solutions
were appointed as administrators of the company on June 22, 2026.


PANORAMA AUTO 2026-2: Fitch Assigns 'Bsf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Panorama Auto Trust
2026-2's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes were issued by Perpetual Corporate Trust Limited as trustee
for Panorama Auto Trust 2026-2.

   Entity/Debt            Rating              Prior
   -----------            ------              -----
Panorama Auto
Trust 2026-2

   A1                  LT AAAsf  New Rating   AAA(EXP)sf

   A2 AU3FN0110912     LT AAAsf  New Rating   AAA(EXP)sf

   B AU3FN0110920      LT AAsf   New Rating   AA(EXP)sf

   C AU3FN0110938      LT Asf    New Rating   A(EXP)sf

   Commission Note
   AU3FN0111001        LT AAAsf  New Rating   AAA(EXP)sf

   D AU3FN0110946      LT BBBsf  New Rating   BBB(EXP)sf

   E AU3FN0110953      LT BBsf   New Rating   BB(EXP)sf

   F AU3FN0110961      LT Bsf    New Rating   B(EXP)sf

   G1 AU3FN0110987     LT NRsf   New Rating   NR(EXP)sf

   G2                  LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The total collateral pool at the 31 May 2026 cut-off date was
AUD750 million. The pool consisted of 15,943 receivables with
weighted-average (WA) seasoning of 3.7 months, WA remaining
maturity of 49.4 months and an average contract balance of
AUD47,043.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Its base-case gross-loss
expectations (and 'AAAsf' default multiples) are as follows:

Novated leases: 1.2% (7.50x)

Consumer loans: 3.0% (5.75x)

Commercial loans: 4.0% (5.25x)

The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0%, and that for non-EVs is 35.0%,
with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default
assumption is 2.6% and the 'AAAsf' default multiple is 5.9x.
Portfolio performance is supported by Australia's continued
economic growth and tight labour market. GDP growth was 2.5% for
the year to March 2026 and unemployment was 4.5% in April 2026.
Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with
unemployment at 4.4% and 4.5%, respectively.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component of
the unamortised commission paid to introducers for the origination
of receivables. The note will not be collateralised and will
amortise in line with an amortisation schedule. Failure to make
payment on the commission note in line with its amortisation
schedule will not constitute an event of default. Its repayment
reduces the availability of excess spread to cover losses, as it
ranks senior in the interest waterfall, above the class B to F
notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider, liquidity facility
provider or transaction account bank fall below a certain level.
The class A to F notes will receive principal repayments pro rata
upon satisfaction of stepdown criteria. The percentage of credit
enhancement provided by the class G notes will increase as the A to
F notes amortise.

Approximately 20.0% of the asset pool comprises loans with a
subvented interest rate. These are loans where the motor vehicle
manufacturer offered low-rate finance for the purchase of a new
motor vehicle. The manufacturer then subsidises the difference
between AAF's standard rate and the customer's discounted rate. The
amount of unamortised subvention payments will be pre-funded in a
subvention reserve, which will release funds into the income
waterfall in line with an amortisation schedule.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
standby servicing arrangements. The nominated standby servicer is
Perpetual Corporate Trust Limited. Fitch undertook an operational
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 49.5% of the portfolio by receivable value
has balloon amounts payable at maturity, which has been
incorporated into the rating analysis.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.

Notes: Commission / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / Less than Bsf

25% defaults increase: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf
/ Less than Bsf

50% defaults increase: AAAsf / A+sf / A-sf / BBBsf / BBsf / Bsf /
Less than Bsf

10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

25% recoveries decrease: AAAsf / AA+sf / AAsf / A-sf / BBB-sf /
BBsf / Less than Bsf

50% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / Less than Bsf

10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf /
AA-sf / A-sf / BBB-sf / BB-sf / Less than Bsf

25% defaults increase / 25% recoveries decrease: AAAsf / AAsf / Asf
/ BBBsf / BB+sf / B+sf / Less than Bsf

50% defaults increase / 50% recoveries decrease: AAAsf / Asf /
BBB+sf / BBB-sf / BB-sf / Less than Bsf / Less than Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Economic conditions, loan performance and credit losses that are
better than its baseline scenario or sufficient build-up of credit
enhancement that would fully compensate for credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal.

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults decrease / 10% recoveries increase: AA+sf / A+sf /
BBB+sf / BB+sf / B+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

Date of Relevant Committee

29 May 2026

ESG Considerations

Panorama Auto Trust 2026-2 has an ESG Relevance Score (RS) of '4'
for Energy Management because EVs form 23.4% of the pool, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. The ESG RS is higher
than the baseline RS of '2' for this general issue in the
Australian auto sector. There is limited credit performance data
for EVs, and available market data show notable differences in
recoveries between EVs and non-EVs. Fitch's analytical approach for
the transaction was not adjusted, due purely to the "green" nature
of the underlying collateral, but Fitch referenced available market
data for EVs in determining its recovery assumptions.

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.

RESIMAC TRIOMPHE 2026-2: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2026-2. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2026-2 is a securitization of prime residential mortgage
loans originated by RESIMAC Ltd. (RESIMAC).

The ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. Our assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 12.2% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses.

Key rating factors are the level of subordination provided, the LMI
cover, the liquidity facility, the principal draw function, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed by their legal final
maturity date, and it does not assume the notes are called at or
beyond the call date.

S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. as liquidity facility provider and
swap provider, and Westpac Banking Corp. as bank account provider.

The transaction documents for the liquidity facility include
downgrade language consistent with our counterparty criteria. S&P
has also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.


  Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2026-2

  Class A1, A$140.00 million: AAA (sf)
  Class A2, A$760.00 million: AAA (sf)
  Class AB, A$50.00 million: AAA (sf)
  Class B, A$24.00 million: AA (sf)
  Class C, A$14.50 million: A (sf)
  Class D, A$4.00 million: BBB (sf)
  Class E, A$4.00 million: BB (sf)
  Class F, A$1.50 million: B (sf)
  Class G, A$2.00 million: Not rated


RJL PROPERTY: First Creditors' Meeting Set for June 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of RJL Property
Pty Ltd will be held on June 30, 2026, at 11:30 a.m. via Microsoft
Teams Meeting.

Stephen Dixon of HM Advisory was appointed as administrator of the
company on June 18, 2026.


SCP 123: First Creditors' Meeting Set for July 1
------------------------------------------------
A first meeting of the creditors in the proceedings of SCP 123 Pty
Ltd will be held on July 1, 2026, at 11:00 a.m. via Zoom.

Henry Kwok and Antony Resnick of DVT McLeod were appointed as
administrators of the company on June 19, 2026.


STRATEGIC DEMOLITIONS: First Creditors' Meeting Set for July 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Strategic
Demolitions Pty Ltd will be held on July 1, 2026, at 10:00 a.m. via
Microsoft Teams Videoconferencing Facility.

Richard Lawrence of Mackay Goodwin was appointed as administrator
of the company on June 19, 2026.





=========
C H I N A
=========

CHINA EVERGRANDE: Talks to Sell Majority Stake in Unit Collapse
---------------------------------------------------------------
Caixin Global reports that talks to sell a controlling stake in
Evergrande Property Services Group Ltd. have collapsed after
liquidators of its bankrupt parent, China Evergrande Group, failed
to reach a formal agreement with a prospective buyer.

Caixin relates that the property-management firm announced the
termination of negotiations midday Thursday [June 26], sending its
Hong Kong-listed shares down 23.5% to close at HK$0.78 ($0.1).

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
sNumber BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

HARTFORD CREATIVE: Posts $557K Income in Q3; Going Concern Remains
------------------------------------------------------------------
Hartford Creative Group, Inc. has filed its Quarterly Report on
Form 10-Q with the U.S. Securities and Exchange Commission,
reporting a net income of $557,104 for the three months ended April
30, 2026, compared to a net income of $90,957 for the same period
in the prior year.

For the nine-month period ended April 30, 2026, the Company
reported a net income of $614,735, compared to a net income of
$362,241 in the corresponding prior-year period.

Revenues for the three months ended April 30, 2026 were $1.05
million, compared to $354,791 in the prior-year period. Revenues
for the nine months ended April 30, 2026 decreased to $1.58 million
from $1.20 million in the same period of the prior year.

GOING CONCERN

As of April 30, 2026, the Company had a working capital of $522,279
and an accumulated deficit of $4,196,998. Although the Company's
working capital position and operating results have improved, the
Company is in the early stage of transitioning to its new business
model, and there can be no assurance regarding the successful
execution or profitability of these new operations. The Company's
accumulated deficit, limited operating history under its new
business model, and dependence on future operating performance and
financing activities raise substantial doubt about its ability to
continue as a going concern within the next 12 months.

Management has developed plans intended to mitigate the conditions
that raise substantial doubt. Based on the Company's current
operating plan, management expects continued revenue growth and
projects the generation of operating income during the next 12
months, which is expected to improve operating cash flows and
support ongoing operations.

In addition, management plans to fund any short-term working
capital needs through a combination of operating cash flows,
potential equity or debt financing, and continued financial support
from related parties if necessary. Historically, related parties
have provided financial support to the Company in the form of
advances to fund operations. As of the date of this filing, no
formal written loan agreements, standby financing arrangements,
guarantees, or other binding commitments from related parties have
been executed.

While management believes its plans are reasonable and that the
company may be able to generate sufficient cash flows to support
operations, such plans are dependent upon future events and
circumstances, including achieving projected operating results and
obtaining additional financing, if necessary, neither of which can
be assured. Accordingly, management has concluded that substantial
doubt about the Company's ability to continue as a going concern
has not been alleviated.

A full text copy of the Company's Form 10-Q is available at
https://tinyurl.com/5b25e4p2

                   About Hartford Creative Group

Hartford Creative Group, Inc. provides advertisement placement
services in China and is engaged in the design, creation, and
placement of video advertisements for major social media platforms.
The Company primarily engages in social media advertising on
mainstream platforms such as TikTok, Toutiao, Kwai, RED, and
WeChat.

As of March 31, 2026, the Company had $4.18 million in total
assets, $3.24 million in total liabilities, and $934,693 in total
stockholders' equity.

LOTUS TECHNOLOGY: Geely International to Buy $128.32 Million Note
-----------------------------------------------------------------
Lotus Technology Inc. entered into an agreement with Geely
International (Hong Kong) Limited to issue a $128.32 million senior
convertible note, according to a Form 6-K filed with the Securities
and Exchange Commission.

The note purchase agreement, dated June 12, calls for Geely to buy
the note through a private placement. Lotus said closing is subject
to customary conditions and is expected in June 2026.

The note will mature on the 364th day after issuance and will bear
interest at the secured overnight financing rate on the issue date
plus 3.35%, payable at maturity.

The note may be converted into ordinary shares or American
depositary shares at Geely's option beginning on the 30th trading
day after the applicable issue date. The initial conversion price
will equal the volume-weighted average of the last reported sale
price of Lotus ADSs over the 10 trading days before the applicable
conversion date.

Unless Geely agrees otherwise, the note will rank senior to all
other present and future unsecured and unsubordinated indebtedness
of Lotus and its subsidiaries, except indebtedness preferred by
mandatory law and a $10.00 million note issued to ATW in August
2025.

                        About Lotus Technology Inc.

Lotus Technology Inc. is a Shanghai, China-based mobility company
founded through its Lotus EV business in 2018. The company designs
and develops luxury lifestyle vehicles under the Lotus brand and
sells Lotus-branded cars. It manufactures EV lifestyle models
through a contract manufacturing partnership with Geely Holding in
Wuhan, China, and operates a digital-first, omni-channel sales
model across its distribution network.

In an audit report dated April 28, 2026, Grant Thornton Zhitong
Certified Public Accountants LLP included a going concern
qualification, stating that Lotus Technology had incurred losses
since inception, had an accumulated deficit of $3.16 billion as of
Dec. 31, 2025, had current liabilities exceeding current assets by
$1.49 billion and used $334.00 million in operating cash during
2025. The conditions raised substantial doubt about the company's
ability to continue as a going concern.

As of Dec. 31, 2025, Lotus Technology reported total assets of
$1.95 billion, total liabilities of $3.28 billion and total
shareholders' deficit of $1.33 billion.



=========
I N D I A
=========

ABHISHEK STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Abhishek
Steel Industries Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-           10.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund             10.00      [ICRA]A4 ISSUER NOT
   Based Limits                    COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limits         2.00      [ICRA]B+ (Stable)/A4 ISSUER
                                   NOT COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Abhishek Steel
Industries Limited's 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.

As part of its process and in accordance with its rating agreement
with Abhishek Steel Industries Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

ASIL was incorporated in 2002 by the Raipur based Mahamaya group.
Located at Raipur (Chhattisgarh), ASIL has production facilities
for billets/blooms and structural steel products with annual
production capacities of 100,000 MT and 42,000 MT respectively. The
company produces light structural steel products such as a variety
of beams, channels and girders, which are largely used for
construction works. The products of the company are sold under the
brand name "MAHAMAYA".


BALAJI PLASTIC: ICRA Keeps B+ Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shree Balaji Plastic in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.30        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.05        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category


The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shree Balaji
Plastic's 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.

As part of its process and in accordance with its rating agreement
with Shree Balaji Plastic, ICRA has been trying to seek information
from the entity to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in 2009 as a proprietorship concern of Ms. Rachna
Gupta, Shree Balaji Plastic is involved in the processing of
polypropylene waste to form recycled/repurposed granules. The
firm's manufacturing unit is located at Surat and is equipped to
process ~150 metric tonnes (MT) of waste per month. The promoters
have moderate experience of close to a decade in the polymer
processing industry. The associate concern of the firm, Shree
Balaji Plastic was established in 2016 and is equipped to process
~100 MT of PP waste per month to form granules. The granules are
supplied to compounders, who further process them to manufacture
non-woven fabric, non-woven bags, crop covers, medical gowns/masks,
drapes etc. for the firm on a job work basis.


BLISS MANAGEMENT: ICRA Withdraws B/A4 Rating on INR10cr LT/ST Loans
-------------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Bliss Management Services Private Limited (BMSPL) in accordance
with ICRA's rating withdrawal policy, following a request from the
company. Further, as per the status update on the Ministry of
Corporate Affairs (MCA) portal, the entity stands amalgamated and
has consequently ceased to exist. Based on this, ICRA is of the
view that there are no outstanding dues payable by the company in
respect of the bank facilities rated by ICRA. The Key Rating
Drivers and their Description, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         10.00      [ICRA]B (Stable)/[ICRA]A4
   Short-term-                   ISSUER NOT COOPERATING;
   Unallocated                   Withdrawn
   Limits                        

Bliss Management Services Private Limited (BMSPL), established in
2010 by Mr. Ganesan, is involved in providing security (manned
guarding) and cash logistics services. The company has 75 security
personnel and 15 cash logistic vans at present. It provides
security and allied services primarily to customers in the banking
sectors such as Karur Vysya Bank, City Union Bank, Bank of Baroda,
among others.


FRISCHMANN PRABHU: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Frischmann Prabhu India Design Services Private Limited
        315 Balgovind Wadi,
        New Prabhadevi Road,
        Mumbai - 400025

Liquidation Commencement Date: June 12, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Kala Agarwal
            801, Embassy Centre,
            Jamnalal Bajaj Road,
            Nariman Point,
            Mumbai - 400021
            Tel: 86572 78836/86572 77636
            Email: pcskalaagarwal@gmail.com

Last date for
submission of claims: July 11, 2026

GANESH FIRE: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Shri Ganesh
Fire Equipments (P) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shri Ganesh Fire
Equipments (P) Limited's 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.

As part of its process and in accordance with its rating agreement
with Shri Ganesh Fire Equipments (P) Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple 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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shri Ganesh Udyog (India) was established in 1981 as a
proprietorship firm of Mr. Shri Gahesh Lal. Subsequently the firm
was reconstituted into a private limited company (Shri Ganesh Fire
Equipment Private Limited- SGFEPL) in 2010. Currently, it is being
managed by Mr. Lal's son, Mr. Raj Kishore. The company has three
manufacturing facilities, two in Delhi and one in Bihar. SGFEPL, an
ISO 9001:2008 certified company has been engaged in the
manufacturing of complete range of fire fighting vehicles, pumps,
equipments and accessories. SGFEPL is engaged in fabrication of
fire fighting vehicles like water tender, foam tender, DCP tender,
crash fire tender, trailer fire pumps etc. and special purpose
vehicles such as water cannon vehicles for riot control
operations.


GOVIND CABLE: ICRA Keeps B Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Govind Cable
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         7.00        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Govind Cable
Industries's 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.

As part of its process and in accordance with its rating agreement
with Govind Cable Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Govind Cable Industries was established in 1978 by the Agarwal
family with the manufacturing facility situated at Sahibabad,
Ghaziabad Uttar Pradesh. The firm manufactures low-tension cables
(LT XLPE (Cross Linked Polyethylene) and LT PVC (polyvinyl
Chloride) Cables). The firm caters to government entities or
private dealers who are supplying to the government entities. Some
of the customers of the firm include prominent names such as SAIL
units in Bokaro, Bhilai, Durgapur, Rourkela, NTPC Limited, BHEL
Limited, Bhushan Steel Limited, JSW Steel Limited, etc. The testing
and quality control section offers facilities to carry out all
routine type tests as per Indian standards. The partners have
adequate experience in the cable industry. The firm has an
integrated cable manufacturing plant with facilities right from
cable drawing to packing of the finished product under one roof and
produces cables of good quality ISI certification.


HLL MEDIPARK: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long-Term rating of HLL Medipark 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           75.00      [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding HLL Medipark
Limited's 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.

As part of its process and in accordance with its rating agreement
with HLL Medipark Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple 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, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

HML was incorporated in December 2016 as a wholly owned subsidiary
of HLL for developing an integrated manufacturing facility for
healthcare. The Ministry of Health and Family Welfare, the
Government of India had mandated HML to develop a state-of-the-art
integrated industrial park for the medical technology sector. HLL
is the main promoter with a 90% equity share in the project. The
Government of Tamil Nadu, through Tamil Nadu Industrial Development
Corporation Ltd (TIDCO), holds the remaining (10%) equity share.
The estimated cost of the project is Rs. 125.56 crore. The project
is being financed through Rs. 51.28-crore equity and Rs.
74.28-crore debt. However, the project cost and scope can undergo a
revision as a revised plan is currently being prepared. HML will
comprise a medical device and equipment zone, a knowledge
management zone with an incubation facility, and a research and
development zone. These zones will facilitate medical diagnostics,
medical equipment, disposables, and medical device manufacturing
industries, knowledge and healthcare business outsourcing services,
etc. The development mix will comprise developed plots,
built-to-suit units, common industrial facilities, and common
pooled infrastructure, which will depend on the investors' demand.


KHODAL COT-GIN: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Khodal Cot-Gin Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         1.85       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shree Khodal
Cot-Gin Pvt. Ltd.'s 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.

As part of its process and in accordance with its rating agreement
with Shree Khodal Cot-Gin Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shree Khodal Cot-Gin Pvt. Ltd. (SKCGPL) was incorporated in 2012
and it commenced ginning and pressing operations in January 2015 by
setting up a manufacturing facility at Rajkot, Gujarat. The
company's facility is equipped with 30 ginning machines and a
pressing machine with a total capacity to process 28,000 MT of raw
cotton annually. The operations of the firm are managed by Mr.
Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria.


KOSAS INDUSTRIES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Kosas Industries Private Limited
        331-A, Badamwadi,
        Shop No. 74, 1st Floor,
        Kalbadevi Road, Mumbai,
        Maharashtra, India - 400002

Liquidation Commencement Date: June 10, 2026

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Prawincharan Prafulcharan Dwary
            407, Akchhat Tower,
            Pakwan Cross Road,
            S.G. Highway, Bodakdev,
            Ahmedabad, Gujarat - 380015
            Email: dwaryprawin@gmail.com
            
            9B, Vardan Tower,
            Near Vinal House,
            Lakhudi Circle, Navrangpura,
            Ahmedabad, Gujarat - 380014
            Email: liquidation.kosas@gmail.com

Last date for
submission of claims: July 11, 2026

KRISHNAGIRI DISTRICT: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------------
ICRA has kept the Long-Term rating of Krishnagiri District
Co-operative Milk Producers Union 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-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Krishnagiri
District Co-operative Milk Producers Union Limited's 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.

As part of its process and in accordance with its rating agreement
with Krishnagiri District Co-operative Milk Producers Union
Limited, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple 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, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Krishnagiri District Cooperative Milk Producers Union Ltd,
established as cooperative society in 1982 is involved in
processing and manufacturing of milk and its byproducts. The Union
sells products such as Milks, Badam mix powder, ghee, butter,
kulfi, among others under the brand name "Aavin" predominantly in
Tamil Nadu. It has a milk processing capacity of 2 lakhs liters per
day.


LONGRANGE COMMODITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Longrange Commodities Private Limited
        Office No. 118, 1st Floor,
        Plot No. 49, Vyapar Bhavan,
        P.D Mello Road Camac Bunder,
        Chinchbunder, Princess Dock,
        Mumbai, Maharashtra,
        India, 400009

Insolvency Commencement Date: June 12, 2026

Court: National Company Law Tribunal, Mumbai Bench-VI

Estimated date of closure of
insolvency resolution process: December 9, 2026

Insolvency professional:Kuldeep Tank

Interim Resolution
Professional: Kuldeep Tank
              202, Block-A,
              The One, RNT Marg,
              Indore, 452001
              Email: cakuldeeptank@gmail.com
                     cirp.longrange@gmail.com

Last date for
submission of claims: June 26, 2026

M V AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of M V Agro
Renewable Energy Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        11.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         0.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category


The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding M V Agro
Renewable Energy Pvt. Ltd.'s 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.
As part of its process and in accordance with its rating agreement
with M V Agro Renewable Energy Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

M V Agro Renewable Energy Private Limited, incorporated in year
2014, manufactures bio fuel pellets from agro wastes, plant
residues, stems and plant biomass as the primary sources of raw
materials. The company has an installed capacity of 150 tons per
day and its manufacturing facility is located in Praskasham
District, Andhra Pradesh. The company started its operations in
2016.


MAHARAJA SATHYAM: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Maharaja Sathyam Industries
Private Limited (MSIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.90       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Maharaja Sathyam
Industries Private Limited's 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.
As part of its process and in accordance with its rating agreement
with Maharaja Sathyam Industries Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple 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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Maharaja Sathyam Industries Private Limited (MSIPL), incorporated
in 1981, is a small scale yarn manufacturer with a spindle capacity
of 22,944 spindles. The company predominantly produces
polyester-cotton blended yarn (65:35) and manufactures
polyester-viscose blended yarn and cotton yarn in minor quantities.
The company caters to traders in the domestic market mostly to
weavers around Erode, Ichalkaranji, Surat and Kolkata. MSIPL
largely produces cotton and blended yarn in the coarseto-medium
count range with average count being 40.


NAGARKURNOOL MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
ICRA has kept the Long-term rating of Nagarkurnool Municipality in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Issuer rating        -        [ICRA]B+(Stable); ISSUER NOT
                                 COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Nagarkurnool
Municipality's 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.

As part of its process and in accordance with its rating agreement
with Nagarkurnool Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The NKM, being an ULB, provides civic services to the Nagarkurnool
town. Nagarkurnool is a new district formed in October 2016 in
Telangana. It was previously in Mahabubnagar district. The town is
located at a distance of around 134 km from the state capital,
Hyderabad. The major economic activity in the region is
agriculture. According to Census 2011, Nagarkurnool covers an area
of 5.74 sq. km. and has a population base of 26,801 of which 18% is
accounted by slum dwellers. The ULB is governed by the provisions
of the Telangana State Municipalities Act, (TSM Act) 1965. The
major functions of the NKM involve water supply, solid-waste
management, repair and maintenance of roads, street lighting and
amenities such as shopping stalls, community hall, playgrounds,
parks/gardens, among other civic amenities. The council of the NKM
comprising 20 Ward.


NAVALMAR SHIPPING: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Navalmar Shipping (India) Private Limited
        No. 207/208, Sunrise Chambers,
        2nd Floor, #22 Ulsoor Road,
        Bangalore, Karnata - 560042

Liquidation Commencement Date: May 19, 2026

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Janak Jagjivan Shah
            NPV Insolvency Professionals Private Limited
            H-35, 1st Floor Jangpura Extension,
            Jungpura, South Delhi,
            New Delhi - 110014
            Email: ipe@npvca.in

            10th Floor, 1003,
            Zion Z1, Near Avalon Hotel,
            Sindhu Bhavan Road, Thaltej,
            Ahmedabad - 380054
            Email: liq.navalmar@npinsolvency.in

Last date for
submission of claims: July 9, 2026

PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long Term rating of Perfect Communication 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 Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Perfect
Communication's 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.

As part of its process and in accordance with its rating agreement
with Perfect Communication, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Perfect Communication (PC) is a Mumbai based partnership concern
established in2008 jointly promoted by Mr. Madhav Sheth and Ms.
Dimple Amit Bist. The firm is an exclusive area distributor
forSamsung mobiles and accessories in Andheri-Bandra stretch in
Mumbai. The firm has its registered office in Irla Lanein Vile
Parle West, Mumbai.


RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Raheja Developers Limited
        Registered Office:
        W4D, 204/5, Keshav Kunj Cariappa Marg,
        Western Avenue, Sainik Farms,
        South Delhi, New Delhi,
        Delhi, India, 110062

        Project Site:
        Village Shilokhpur Dist.,
        Sector 78, Grugaon, Haryana

Insolvency Commencement Date: June 8, 2026

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 5, 2026

Insolvency professional: Ayyagari Viswanadha Sarma

Interim Resolution
Professional: Ayyagari Viswanadha Sarma
              Truue IPE LLP,
              D-501, Ganesh Meridian,
              Opposite High Court,
              S.G. Road, Ahmedabad, 380060
              Email: jain_cp@yahoo.com

              61, National Park Basement,
              Lajpat Nagar IV,
              New Delhi - 110024
              Email: cirp.rahejarevanta@gmail.com

Last date for
submission of claims: June 22, 2026

Classes of creditors: Allotees under Real Estate Project of
                      "Raheja Revanta"

Authorized Representatives
of creditors in a class: 1. Ajay Kumar Siwach

                         2. Rahul Maheshwari

                         3. Satish Kumar Chugh

Last date for
submission of claims: June 22, 2026

RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Raichur Laboratories Private Limited in accordance with its
withdrawal policy and closure of the rated facilities, as evidenced
by the No Due Certificate issued by the lender.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    Withdrawn

   Long Term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                Withdrawn

Consequently, there are no dues pending from Raichur Laboratories
Private Limited towards the rated bank facilities, and the
withdrawal is based on the confirmation received from the lenders
regarding the same. The Key Rating Drivers and their Description,
Liquidity Position, Rating Sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.

Raichur Laboratories Private Limited (RLPL) was incorporated in the
year 2013 by Mr. P. Giridhar Gopal and Dr. M. Vijender for setting
up a drug intermediate and API's manufacturing unit. The
manufacturing unit of the company is located at Industrial Growth
Centre in Raichur District of Karnataka. The company has a total
reactor capacity of 75,000 KL.


RAM KRIPA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Ram Kripa Buildhome Private Limited in accordance with its
withdrawal policy and closure of the rated facilities, as evidenced
by the No Due Certificate issued by the lender. Consequently, there
are no dues pending from Shree Ram Kripa Buildhome Private Limited
towards the rated bank facilities, and the withdrawal is based on
the confirmation received from the lenders regarding the same. The
Key Rating Drivers and their Description, Liquidity Position,
Rating Sensitivities, Key financial indicators have not been
captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

Shree Ram Group (SRG) is a Jaipur based group promoted by Mr. Ashok
Agarwal and Mrs. Renu Agarwal. SRG is a developed Real Estate
player prominently in Jaipur (Rajasthan) region with over 20 years
into business. The group has executed various Townships,
Residential Colonies, shopping malls, Residential Flats, and Hotels
etc. in Jaipur region (A snapshot of major projects completed by
the company is provided in Annexure I). As per management
discussion the company holds around Rs 800.00 crore worth of land
Bank in Jaipur region.


RAYWAYS INFRAPROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Rayways Infraprojects Pvt. Ltd.
        Unit No. 309, Vipul Trade Center,
        Sohana Road, Sector 48,
        Gurgaon - 122018

Insolvency Commencement Date: June 11, 2026

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 8, 2026

Insolvency professional: Atul Deep Gupta

Interim Resolution
Professional: Atul Deep Gupta
              1124, The Customs & Central Excise
              Co-op. Soc., Sector 51-B,
              Chandigarh - 160047
              Email: atuldeepgupta@gmail.com

Last date for
submission of claims: June 25, 2026

SHAMLI STEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Shamli Steels
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         20.54        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shamli Steels
Private Limited's 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.

As part of its process and in accordance with its rating agreement
with Shamli Steels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

SSPL was established in 1999 by Mr. Surender Jain and Mr. Sandeep
Jain to manufacture mild steel (MS) ingots at its facility in
Shamli, Uttar Pradesh, with an initial manufacturing capacity of
around 14,400 tons per annum (TPA) which was enhanced to 27,000
MTPA in February, 2013. In 2009, Mr Sudhir Kumar Bansal joined SSPL
and the promoters decided to forward integrate into rolled products
and established a MS rolling mill with a capacity of 90,000 TPA.
SSPL is a part of the Jai Bharat Group, and sells the rolled
products under the brand 'Jai Bharat Steels'.


SHANKAR PARVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Shankar Parvati Industries in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA] B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.62        [ICRA] B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           0.69        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shankar Parvati
Industries's 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.
As part of its process and in accordance with its rating agreement
with Shankar Parvati Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shankar Parvati Industries (SPI) was established as a partnership
firm in 2005 and is engaged in manufacturing of cotton bales and
cotton seeds through ginning and pressing of raw cotton. The firm
markets cotton bales to merchant traders and cottonseeds to local
oil mills. SPI operates from its plant located in Kadi, Mehsana and
is equipped with 39 ginning machines with a total installed input
capacity of processing 20,160 Metric Tonnes (MT) of cotton per
annum. The promoters of the firm have a long experience in the
cotton ginning industry.


SHIRDIWALE SAI: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Shirdiwale Sai Exim Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Shirdiwale Sai
Exim Private Limited's 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.

As part of its process and in accordance with its rating agreement
with Shirdiwale Sai Exim Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

SSPL was incorporated in 2005 and it is a private limited company
and is managed by Mr. Deepak Gupta and his wife Mrs. Pallavi Gupta.
The company is involved in merchant trading of betel nuts and
trading of memory cards used in mobile phones. The company is
involved in both import and export operations. In the last few
years there was not much activity in the business until recently in
July 2015. The company imports betel nuts from Indonesia and
exports to Dubai. The memory card is imported from China and sold
to group companies and also in the domestic market.


SS INNOVATIONS: Launches $50MM At-The-Market Offering With Virtu
----------------------------------------------------------------
SS Innovations International, Inc. announced in a regulatory filing
that it entered into an ATM Sales Agreement with Virtu Americas
LLC, to sell shares of its common stock, par value $0.0001 per
share, for an aggregate offering price of up to $50 million from
time to time, through an "at the market offering" program under
which Virtu will act as an exclusive sales agent or principal.

On June 18, 2026, the Company filed a prospectus supplement with
the Securities and Exchange Commission relating to the Company's
shelf registration statement on Form S-3 (File No. 333-295501),
originally filed with the SEC on May 1, 2026, and declared
effective by the SEC on May 18, 2026, under which the Company may
offer and sell Common Stock having an aggregate offering price of
up to $50 million through Virtu pursuant to the Sales Agreement.

A full text copy of the prospectus supplement is available
athttps://tinyurl.com/28hbxv42

Sales of the Shares under the Sales Agreement may be made by any
method that is deemed to be an "at the market" offering as defined
in Rule 415(a)(4) under the Securities Act of 1933, as amended, or
by any other method permitted by law. Virtu will make all sales
using commercially reasonable efforts consistent with its normal
trading and sales practices. The compensation payable to Virtu for
sales of Shares pursuant to the Sales Agreement will be up to 3.0%
of the gross proceeds for any shares of Common Stock sold to or
through Virtu.

In addition, the Company has agreed to reimburse Virtu for certain
specified expenses it incurs in the performance of its obligations,
provided, however, that the Company and Virtu have agreed that the
Company will not be responsible for reimbursing Virtu for any of
these expenses if the Company sells a number of Shares under the
Sales Agreement that results in raising a certain amount of gross
proceeds on or prior to the first anniversary of the date of the
Sales Agreement. The Sales Agreement may be terminated by the
Company or Virtu in accordance with the terms therein. The Company
made certain customary representations, warranties and covenants
concerning the Company and the Shares in the Sales Agreement and
agreed to indemnify Virtu against certain liabilities, including
liabilities under the Securities Act.

A full text copy of the Sales Agreement is available at
https://tinyurl.com/4wycxuze. The legal opinion of Lewis Brisbois
Bisgaard & Smith LLP relating to the Shares is available at
https://tinyurl.com/4w2u77f5

                About SS Innovations International

SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user friendly,
and cost-effective surgical robotic solutions.

BDO India Services Private Limited (predecessor Firm BDO India
LLP), the Company's independent registered public accounting firm
since 2024, included an explanatory paragraph in its audit report
dated March 10, 2026, expressing substantial doubt about the
Company's ability to continue as a going concern. The auditor cited
that the Company has suffered recurring losses from operations and
has negative cash flows from operating activities during the year
ended December 31, 2025. The Company is dependent on furtherfunding
to meet its obligations to sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

As of March 31, 2026, the Company had $90.55 million in total
assets, $36.02 million in total liabilities, and $54.53 million in
total stockholders' equity.

SUPREME SOLAR: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Supreme Solar Systems in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         12.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Supreme Solar
Systems's 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.
As part of its process and in accordance with its rating agreement
with Supreme Solar Systems, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Supreme Solar Systems (SSS) was incorporated in 2004 in India and
is primarily into the manufacture of solar water heaters. Other
products include Chimney, Hobs, Solar Lighting System, Electrical
Storage Geyser, RO Purifier and Wooden Furniture. The entity
manufacturing facility, which is ISO9001:14001 certified, is
located in Yelahanka district of Bangalore. The entity has about
150employees operating in 2 shifts. Apart from Bangalore, the
entity has branch offices in Delhi, Pune,Kolkata and Kollapura. The
entity also has close to 300 service stations spread across India.


SWAL LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Swal Limited
        1/1, Abanindra Nath Thakur Sarani,
        3rd Floor, Kolkata,
        West Bengal, India, 700016

Insolvency Commencement Date: June 8, 2026

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 5, 2026

Insolvency professional: Neeraj Jain

Interim Resolution
Professional: Neeraj Jain
              4, Synagouge Street,
              Suite #205, 2nd Floor,
              Facing Barbourne Road,
              Kolkata - 700001
              Email: reachneerajjain@gmail.com

              Unit 1, 14th Floor,
              Chatterjee International Centre,
              33A, Jawaharlal Nehru Road,
              Kolkata, 700071
              Email: cirp.swallimited@gmail.com

Last date for
submission of claims: June 22, 2026

TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long Term rating of Tapti Agro Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.50       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Tapti Agro
Industries's 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.

As part of its process and in accordance with its rating agreement
with Tapti Agro Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

M/s Tapti Agro Industires (TAI) incorporated in 2015 is setting up
a Khandsari (semi-white centrifugal sugar) manufacturing facility
having crushing capacity of 1,500 Tonnes of Cane per Day (TCD) at
Betul District of Madhya Pradesh. The firm plans tocommence the
operations of the facility by December 2016.The firm is promoted by
Mr. Rahul Kumar Sao and Mr.Dharmveer Juneja who have significant
experience in the sugar industry through their association with
other firms which are also engaged in sugar manufacturing.


TRT BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-------------------------------------------------------------------
ICRA has kept the Long Term and Short Term ratings of TRT Builders
& Constructions (India) Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        6.50       [ICRA] D; ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Short Term-       4.00       [ICRA] D; ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain under
   Others                       'Issuer Not Cooperating' category
                                
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding TRT Builders &
Constructions (India) Private Limited's 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.

As part of its process and in accordance with its rating agreement
with TRT Builders & Constructions (India) Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple 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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

TRT Builders & Constructions (India) Private Limited was
incorporated in the year 2011 as a private limited company promoted
by Mr. Sundareshan, Mr. Nizamudeen, and Mr. Robin P. Alex. The
day-to-day activities of the company are managed by Mr.
Sundareshan, who has more than 35 years of experience in the
construction industry. All three promoters of the firm are
registered Class A contractors in Kerala, each having more than two
decades of experience in the construction industry in their
personal capacities. Mr. Sundareshan, Mr. Nizamudeen, and Mr. Robin
P. Alex own, in their personal capacities, the firms M/s Trio
Builders, M/s Thoppil Builders, and M/s Sreyas Builders,
respectively, with all three firms operating in the construction
segment across different regions.


UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long Term rating of Universal Freight Management
(India) Private Limited in the 'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        14.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        10.70      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING"
The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Universal Freight
Management (India) Private Limited's 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.

As part of its process and in accordance with its rating agreement
with Universal Freight Management (India) Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple 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, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Universal Freight Management India Private Limited (UFM) was
incorporated in 2009 by Mr RajeevBhatnagar and Mr Sheshagiri
Kulkarni as Communicare Infra India Private Limited and
subsequently its name waschanged to UFM. The company is primarily
engaged in providing services such as Air and Ocean forwarding,
Multimodal transport, custom clearance, distribution, contract
logistics and warehousing services. The company has fiveoffices in
India at Delhi, Mumbai, Bangalore, Chennai and Hyderabad. The
company also operates three warehouses


VIKRAM SOLAR: NCLAT Stays Insolvency Proceedings Against Company
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has stayed the insolvency proceedings against
Vikram Solar till the next date of hearing, the company said in a
regulatory filing.

The company did not inform about the next date of the hearing.

According to ET, the Kolkata-bench of the National Company Law
Tribunal (NCLT), on June 19, ordered the initiation of the
Corporate Insolvency Resolution Process (CIRP) against Vikram Solar
after admitting a plea of its operational creditor, Isitva Steels.

This order was challenged by Vikram Solar before the appellate
tribunal NCLAT, ET says.

"The NCLAT has stayed the operation of the order passed by the NCLT
Kolkata bench, admitting a petition filed by Isitva Steels under
Section 9 of the Insolvency and Bankruptcy Code, 2016, until the
next date of listing," the company said.

NCLT had also appointed an interim resolution professional for
Vikram Solar, suspending the board of the company as per the
procedure laid down in the Insolvency & Bankruptcy Code.

"In effect, a stay on the corporate insolvency resolution process
against Vikram Solar Limited has been granted by the Hon'ble NCLAT,
and no further steps can be taken by the interim resolution
professional," it said.

An order regarding this is yet to be uploaded on the NCLAT portal,
ET adds.

Vikram Solar Limited manufactures solar photovoltaic (PV) modules
and develops solar power projects through engineering, procurement,
and construction (EPC) and operations and maintenance (O&M)
services.




=========
J A P A N
=========

MARELLI AUTOMOTIVE: Faces Lawsuit Over CEO Hiring, Trade Secrets
----------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that French
automotive parts manufacturer OPmobility has launched legal action
against Marelli Automotive, alleging the company improperly hired
former chief executive Laurent Favre and gained access to
confidential trade secrets. The case was filed in Delaware
bankruptcy court, where Marelli is pursuing restructuring
proceedings.

In its complaint, OPmobility says Favre left the company last 2025
citing personal reasons after serving as CEO for almost six years.
During that time, he was deeply involved in corporate strategy,
product development, customer negotiations, and other key aspects
of the business, giving him access to highly sensitive
information.

OPmobility alleges Marelli ignored warnings that employing Favre
could violate contractual restrictions and jeopardize proprietary
information. The company claims Marelli's conduct amounts to
tortious interference and trade secret misappropriation, and it is
seeking legal protections against potential competitive misuse of
its confidential data, the report states.

                About Marelli Automotive Lighting USA LLC

Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11, 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.

Judge Brendan Linehan Shannon handles the cases.

The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.


MARELLI AUTOMOTIVE: Plan Exclusivity Period Extended to Oct. 13
---------------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware extended Marelli Automotive Lighting USA LLC
and affiliates' exclusive periods to file a plan of reorganization
and obtain acceptance thereof to Oct. 13 and Dec. 10, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that it
is clear that their capital structure, which as of the Petition
Date consisted of approximately $4.9 billion in funded debt
obligations, is large and complex. The 76 Debtors have obligations
to a tremendous number of stakeholders across the globe, including
approximately 46,000 employees as of the Petition Date, and a wide
variety of parties in interest, including vendors, customers,
creditors, facility and equipment lessors, other contractual
counterparties, and local, state, and federal agencies.

The Debtors assert that their restructuring process is intended to
confirm a plan that maximizes the value of the Debtors' estates for
all stakeholders. Since the commencement of these chapter 11 cases,
the Debtors have worked, and will continue to work, diligently and
constructively with stakeholders to build additional consensus for
the Debtors' proposed chapter 11 transactions.

The Debtors further assert that their exclusivity extension request
is not intended to pressure creditors to submit to the Debtors'
restructuring demands but to provide sufficient time for the
Debtors to file and eventually confirm a value-maximizing chapter
11 plan and implement the transactions contemplated thereby without
the disruption and distraction created by competing plan
proposals.

Accordingly, the relief requested herein is without prejudice to
the Debtors' creditors and will benefit the Debtors' estates, their
creditors, and all other key parties in interest.

Co-Counsel for the Debtors:             

                        Laura Davis Jones, Esq.
                        Timothy P. Cairns, Esq.
                        Edward A. Corma, Esq.
                        PACHULSKI STANG ZIEHL & JONES LLP
                        919 North Market Street, 17th Floor
                        P.O. Box 8705
                        Wilmington, Delaware 19899 (Courier 19801)
                        Tel: (302) 652-4100
                        Fax: (302) 652-4400
                        Email: ljones@pszjlaw.com
                               tcairns@pszjlaw.com
                               ecorma@pszjlaw.com

Co-Counsel for the Debtors:                

                        Joshua A. Sussberg, P.C.
                        Nicholas M. Adzima, Esq.
                        Evan Swager, Esq.
                        KIRKLAND & ELLIS LLP
                        KIRKLAND & ELLIS INTERNATIONAL LLP
                        601 Lexington Avenue
                        New York, New York 10022
                        Telephone: (212) 446-4800
                        Facsimile: (212) 446-4900
                        Email: joshua.sussberg@kirkland.com
                               nicholas.adzima@kirkland.com
                               evan.swager@kirkland.com

                           - and -

                        Ross M. Kwasteniet, P.C.
                        Spencer A. Winters, P.C.
                        333 West Wolf Point Plaza
                        Chicago, Illinois 60654
                        Tel: (312) 862-2000
                        Fax: (312) 862-2200
                        Email: ross.kwasteniet@kirkland.com
                               spencer.winters@kirkland.com

               About Marelli Automotive Lighting USA

Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11, 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.

Judge Brendan Linehan Shannon handles the cases.

The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.


MARELLI HOLDINGS: Stellantis and Nissan in Talks to Buy Assets
--------------------------------------------------------------
The Japan Times reports that Stellantis and Nissan Motor are in
talks to take over some of the assets of Marelli Holdings, the
global auto-parts maker that's mired in a challenging
reorganization in bankruptcy.

The Japan Times relates that Stellantis is in discussions for
Marelli's suspensions business in Italy and some other countries,
according to people familiar with the negotiations, asking not to
be identified discussing nonpublic information. Nissan is looking
at cockpit assets from the supplier in Japan, the people said.

Marelli, created in 2019 through the private equity-backed
combination of Italian and Japanese auto suppliers, is going
through a complex and lengthy restructuring process after filing
for Chapter 11 bankruptcy one year ago. According to The Japan
Times, the talks on specific assets are part of broader
negotiations to try to save the auto-parts supplier, the people
said. There is no certainty the deals will be struck, the people
added.

The component maker, which makes interiors, climate systems and
automotive electronics, sought U.S. court protection from creditors
after clients including Stellantis - the maker of Jeep and Fiat -
and Nissan struggled with declining sales in key markets. The
company also blamed tariffs and lingering supply-chain problems
that began during the Covid-19 pandemic, according to court papers,
The Japan Times relays.

Chapter 11 status gives Marelli breathing room from creditor
demands, allowing daily operations to continue while the company
attempts to reorganize its debts, The Japan Times notes. Many
distressed companies that, like Marelli, have significant assets in
the U.S. choose Chapter 11 because it offers a well-tested court
process and prospects for speedy emergence.

KKR formed the company after buying Magneti Marelli from Stellantis
predecessor Fiat Chrysler for roughly EUR6.2 billion ($7 billion),
and merging it with Calsonic Kansei, a Japanese supplier with ties
to Nissan that the PE firm already owned.

Magneti Marelli, founded in 1919, remains a key part of the
industrial fabric in Italy's automotive sector. Beyond Stellantis
and Nissan, Marelli clients include German manufacturers such as
BMW that also are under pressure.

The assets Stellantis is considering include operations in Poland,
Brazil and Mexico, the people, as cited by The Japan Times, said.
It and Nissan are involved in the restructuring talks due to their
close working relationships with Marelli. They are also its largest
unsecured creditors, according to court filings.

The Japan Times says Marelli has received emergency funding from a
group of its senior creditors. The company has said that it expects
to emerge from bankruptcy this year, under the ownership of its
main lenders. This group includes Strategic Value Partners, MBK
Partners, Fortress Investment Group and Polus Capital Management.

Marelli already manufactures the components at some Stellantis
sites, one of the people said. Apart from the possible portfolio
transactions, commitments in terms of future orders from both
Stellantis and Nissan will be key for Marelli's Chapter 11
proceeding, the people said, The Japan Times relays.

                            About Marelli

Marelli is a "Tier 1" automotive supplier and one of the largest
automotive components suppliers in the world. Headquartered in
Saitama, Japan, Marelli operates in 24 countries around the world
and supplies over 65 OEMs and brands such as Stellantis, Nissan,
Volkswagen, BMW, and Mercedes Benz.  With around 45,000 employees
worldwide, the Marelli footprint includes over 150 sites globally.
In 2024, Marelli generated over $10 billion of revenue.

On June 11, 2025, Marelli Holdings Co. Ltd. and its affiliates
commenced voluntary chapter 11 cases (Bankr. D. Del. Lead Case No.
25-11034).  The cases are pending before the Honorable Judge Craig
T. Goldblatt in Delaware.

Around 80% of the Company's lenders have signed an agreement to
support the Company' Chapter 11 restructuring in the U.S., which
will deleverage Marelli's balance sheet and strengthen its
liquidity position.

Kirkland & Ellis LLP is serving as legal counsel to Marelli.  PJT
Partners Inc. is serving as financial advisor, and Alvarez & Marsal
LLC is serving as restructuring advisor to Marelli.  Verita
Global,
formerly KCC, is the claims agent.

Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and
AlixPartners LLP are serving as advisors to the ad hoc group of
lenders.



=====================
N E W   Z E A L A N D
=====================

ASCEND WORKS: Court to Hear Wind-Up Petition on July 7
------------------------------------------------------
A petition to wind up the operations of Ascend Works Limited will
be heard before the High Court at Wellington July 7, 2026, at 10:00
a.m.

Hollings First Aluminium Limited filed the petition against the
company on April 29, 2026.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19, 191 Queen Street
          Auckland


BURGERBURGER LIMITED: Ecovis KGA Appointed as Administrators
------------------------------------------------------------
Raymond Paul Cox and Gareth Russel Hoole of Ecovis KGA on June 18,
2026, were appointed as Administrator of Burgerburger Limited and
Burgerburger IP Limited.

The Administrators may be reached at:

          Raymond Paul Cox
          Gareth Russel Hoole
          Ecovis KGA Limited
          PO Box 37223
          Parnell, Auckland 1151


LDW LIMITED: Creditors' Proofs of Debt Due on Aug. 18
-----------------------------------------------------
Creditors of LDW Limited and Provost Mercari Limited are required
to file their proofs of debt by Aug. 18, 2026, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 18, 2026.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


NECK OF THE WOODS: Saved as Crowdfunding Raises Over NZD150,000
---------------------------------------------------------------
Stuff.co.nz reports that an Auckland music venue that was facing
closure two weeks ago has been given a lifeline after a
crowdfunding drive raised over NZD150,000 in less than a week.

On June 18, Neck of the Woods on Karangahape Rd revealed it was
closing its doors after 11 years, citing post-Covid pressures,
rising debt and falling bar sales, Stuff recalls.

The announcement was met with an outpouring of support for the
venue and prompted the club night group Nympho World to launch a
crowdfunding campaign to keep the doors open.

According to Stuff, the group sought to raise NZD150,000, which
Neck of the Woods said was needed to settle outstanding expenses
and provide a clean slate for a possible reopening.

Stuff relates that the target was met on June 25, with thousands of
people donating money, including New Zealand band The Beths, which
donated about NZD9,000 of its merch sales from a show in
Philadelphia.

The fundraising drive ended on June 27, while other money is still
being raised through merch sales, a compilation album, a specially
announced Garage Project beer and several shows set to take place
in this week.

In a post on Instagram, Neck of the Woods thanked people for their
support, saying it was not prepared for the "outpouring of love and
grief our community immediately expressed," Stuff relays.

"The groundswell of support when Nympho announced their fundraiser
was and still is very humbling. It gave us a reason to fight
alongside you all."

As a result, Neck of the Woods said it was "no longer facing
immediate closure" and could "rebuild" because of the money
raised.

"We've got some mahi to do in the background, but rest assured,
we'll be back soon, and we want you all down here for the biggest
comeback party this city has ever seen."

Stuff adds that the fundraiser's main organiser Nympho World said
there was still work to do, and the venue was "not quite out of the
woods yet".


PFH LIMITED: Court to Hear Wind-Up Petition on July 16
------------------------------------------------------
A petition to wind up the operations of PFH Limited will be heard
before the High Court at Christchurch on July 16, 2026, at 10:00
a.m.

MDS Law filed the petition against the company on May 13, 2026.

The Petitioner's solicitor is:

          Vaughan Taylor
          MDS Law
          Level 1, Duncan’s Buildings
          Little High Lanes, 255 St Asaph Street
          Christchurch 8011


REMERS CORPORATION: Creditors' Proofs of Debt Due on July 20
------------------------------------------------------------
Creditors of Remers Corporation Limited (formerly Griffiths And Co
Limited), Oriental Pearl Investment Limited, Inner Sanctum Limited
and LL Building and Construction Limited are required to file their
proofs of debt by July 20, 2026, to be included in the company's
dividend distribution.

Remers Corporation and LL Building and Construction commenced
wind-up proceedings on June 15, 2026.

Oriental Pearl Investment and Inner Sanctum wind-up proceedings on
June 17, 2026.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom, Auckland 1051




=====================
P H I L I P P I N E S
=====================

DEL MONTE PACIFIC: Posts US$10MM Net Profit for Q4 Ended April 30
-----------------------------------------------------------------
The Business Times reports that Del Monte Pacific on June 25
reported a Q4 net profit of US$10.1 million, a sharp reversal from
the US$704.1 million loss for the previous corresponding period.

The big improvement was due mainly to the absence of a massive
US$703.5 million impairment incurred in the previous corresponding
period. The write-off resulted from the group's US unit, Del Monte
Food Holdings, filing for Chapter 11 bankruptcy in 2025.

According to BT, the Singapore and Philippine-listed group said in
a bourse filing on June 25 that it has since deconsolidated the US
subsidiary, reducing its consolidated liabilities by around US$1.5
billion.

For the final quarter ended April 30, the group reported stronger
operations across all market segments.

Excluding a US$40.8 million gain from an India share swap
transaction in the previous period, net profit was US$10.1 million,
BT discloses.

Meanwhile, overall sales rose 11.4 per cent to US$213.7 million,
driven by higher international market sales and the Philippines,
where turnover grew 5.9 per cent in pesos and 3.8 per cent in US
dollars to US$75.1 million, reflecting a weakening currency against
the greenback.

For the year, net profit was US$48.4 million, compared with a
US$796 million loss previously. Sales increased 13.5 per cent to
US$896.1 million.

Despite FY2026's stronger earnings Del Monte Pacific said the
US$703.5 million write-down of its US business at the end of FY2025
led to a negative equity. As at April 30 this year, the group's net
capital deficit stood at US$589 million, with current liabilities
exceeding current assets by US$787 million, according to BT.

"The group cannot declare dividends due to its negative equity
position," it said.

                          About Del Monte

Del Monte Pacific Limited (DMPL) is an investment holding company
with subsidiaries principally engaged in growing, processing, and
selling packaged fruits, vegetable and tomato, sauces, condiments,
pasta, broth, mainly under the brand names of "Del Monte", "S&W",
"Today's", "Contadina", "College Inn", and other brands.

The Company's subsidiaries include Del Monte Pacific Resources
Limited; DMPL India Pte Ltd; DMPL Management Services Pte Ltd; GTL
Limited; S&W Fine Foods International Limited; and DMPL Foods
Limited.

At April 30, 2025, the Company had $2.26 billion in total assets
against $2.88 billion in total liabilities and shareholders'
deficit of $621.06 million.

On July 1, 2025, DMPL's U.S. subsidiary Del Monte Foods Corporation
II, Inc., and 17 affiliated debtors filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code
(Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in
funded debt obligations.

The Debtors' bankruptcy cases are pending before the Honorable
Michael B. Kaplan.

Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are
serving as legal counsel to Del Monte, Alvarez & Marsal North
America, LLC is serving as financial advisor, and PJT Partners is
serving as investment banker to the Company. Stretto is the claims
agent.

Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is
represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as
Prepetition and DIP ABL Agent, is represented by Greenberg Traurig,
LLP and Simpson Thacher & Bartlett LLP.

The Official Committee of Unsecured Creditors of Del Monte Foods
Corporation II Inc. has retained Morrison Foerster and Kelley Drye
& Warren LLP as counsel.



=================
S I N G A P O R E
=================

BAR ON CHULIA: Court to Hear Wind-Up Petition on July 10
--------------------------------------------------------
A petition to wind up the operations of Bar on Chulia Pte. Ltd.
will be heard before the High Court of Singapore on July 10, 2026,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 16, 2026.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


BRILLIANT TOTS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Brilliant Tots @ Hougang Pte. Ltd. on June 17, 2026,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ng Hoe Kiat Keith
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


CHEERPOWER ENGINEERING: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Cheerpower Engineering Pte. Ltd. on June 16, 2026,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Muk Siew Peng
          c/o ClearView Associates
          133 New Bridge Road
          #08-01 Chinatown Point
          Singapore 059413


FARSOIYA RECYCLERS: Court to Hear Wind-Up Petition on July 9
------------------------------------------------------------
A petition to wind up the operations of Farsoiya Recyclers Pte.
Ltd. will be heard before the High Court of Singapore on July 9,
2026, at 10:00 a.m.

Alexio James and Karnjote Singh S/O Jarmal Singh (in their capacity
as joint and several Interim Judicial Managers) filed the petition
against the company on May 26, 2026.

The Petitioner's solicitors are:

          DLA Piper Singapore   
          80 Raffles Place
          UOB Plaza 1, #48-01
          Singapore 048624


GRACE OCEAN: Dali Crew Face Wait as Criminal Trial Set for 2027
---------------------------------------------------------------
CBS News reports that crew members for the Dali, many stuck in
Baltimore since the Key Bridge collapse more than two years ago,
are pleading to return home.

But that homecoming could be another year and a half away, as a
judge set the criminal trial for October 2027 at a hearing last
June 16.

According to CBS News, some crew members who used to work on the
massive Dali cargo vessel and other sister ships managed by Synergy
Marine showed up for the hearing at Baltimore's federal courthouse.
They are not accused of any wrongdoing.

CBS News relates that lawyers for Synergy said they should be
allowed to travel as the company prepares for a complex criminal
trial.

But they remain in limbo for now.

"We'll see how it affects them. We have to absorb everything," one
of their lawyers said, notes the report.

Other counsel and Synergy crew members declined to say much to WJZ
Investigates other than "no comment."

Synergy Marine wrote a letter to Judge James K. Bredar that states,
". . . Enough is enough. Security agreements are not meant to keep
crew detained for years." The letter notes that crew members have
been "isolated from everything they know. They have been living in
hotels in a foreign country, unable to work; their skill sets are
dwindling, and their livelihoods are in danger," CBS News relays.

CBS News says government prosecutors argued they have allowed most
crew permission to travel, and they maintained the security
agreement keeping them here is necessary to make sure they show up
to testify in the criminal trial against Synergy, the Dali's owner
Grace Ocean, and Radhakrishnan Nair, the Dali's technical
superintendent who remains overseas.

The Department of Justice revealed in court that there has been no
concrete progress getting Nair to Baltimore, but prosecutor Matthew
Phelps told Judge Bredar, "We will do everything we can within our
powers to bring Mr. Nair to justice in the United States."

According to CBS News, the government alleges the defendants
covered up the use of a manual flushing pump, which starved the
Dali's generators of fuel and caused a second blackout on the ship,
leading to a collision course with the Key Bridge in March 2024.

The defendants deny the allegations.

At a news conference on May 12, Jimmy Paul, who heads the FBI
Baltimore Field office, told WJZ, "The bridge was struck and
collapsed because those who were responsible for the ship's
operation deliberately cut corners at the expense of safety."

U.S. Attorney Kelly O. Hayes said at that time, "The indictment
alleges had they been using the proper fuel supply pumps, then the
vessel would have regained power in time to safely navigate under
the Key Bridge."

CBS News relates that Judge Bredar told attorneys on June 16, "The
court is not blind to the . . . outright cruelty of a person bound
to stay far from home and family."

But Judge Bredar rejected Synergy's push for an earlier trial date
in January 2027 and set the criminal jury trial for October 2027,
as prosecutors requested.

That trial is expected to last for more than a month, beginning
October 4 and ending November 19, 2027, CBS News notes.

Synergy's lawyers asked to separate heir case from Mr. Nair's. The
judge did not rule on that request.

Synergy's lawyers, including Kiersten Carlson, who spoke for the
defense June 16, had no comment after the hearing, CBS News says.

In court, Ms. Carlson told Judge Bredar she had "grave concerns"
about restrictions on crew members' travel. "Synergy cares about
their employees.  . . . It's part of the reason we're pushing for
an early trial date," she said.

                          About Grace Ocean

Singaporean companies Grace Ocean Private Limited and Synergy
Marine Pte Ltd are the owner and manager, respectively, of MV Dali.
On March 26, 2024, the Dali catastrophically allided with the
Francis Scott Key Bridge, precipitating its immediate downfall,
claiming lives, ravaging local property, and crippling economic
lifeline at the Baltimore Harbor.  Since the disastrous allision,
commercial activities in and around Baltimore have virtually come
to a standstill. It could take several years for the area to
recover fully.

The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco
River at the outer crossing of the Baltimore Harbor.


TN AUTO: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on June 12, 2026, to
wind up the operations of TN Auto Trading Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:


          Mr. Gary Loh Weng Fatt
          Mr. Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778





=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: Workers, Partners, Seek State Support via e-People
---------------------------------------------------------------
The Asia Business Daily reports that Homeplus employees, partner
companies, and store operators have requested government-level
support through the e-People petition platform.

Asia Business Daily relates that the Hanmaeum Council, which
represents Homeplus employees, announced on June 26 that, together
with partner companies and store operators, it had requested
government support through e-People to prevent the company from
going bankrupt.

According to Asia Business Daily, the Hanmaeum Council stated, "All
employees have made painful self-saving efforts for the company's
recovery, but it is no longer sustainable due to a depletion of
operating funds. If we cannot secure operating funds by the 30th,
it will be difficult to avoid bankruptcy. We once again urge the
government to actively step in so that a 200 billion won operating
loan can be arranged to prevent bankruptcy."

The council further argued, "Since MBK Partners, the largest
shareholder, and Byungju Kim, partner at MBK Partners, have
expressed willingness to provide a joint guarantee worth 100
billion won, Meritz Financial Group, as the largest creditor,
should also immediately provide 200 billion won in emergency
operating funds," Asia Business Daily relays.

Although Homeplus has successfully sold its supermarket division,
Homeplus Express, to NS Shopping, it will be difficult to implement
the previously submitted rehabilitation plan if the required 200
billion won for wage and product payments, as well as
restructuring, is not secured. For this reason, the company is
requesting an emergency operating loan of 200 billion won from
Meritz Financial Group, Asia Business Daily states.

Yonghun Jeong, head of the Hanmaeum Council, stated, "Since not
only all employees but also partner companies and store operators
are joining forces to drive the company's recovery, we are
confident that if a 200 billion won operating loan is secured,
successful rehabilitation is possible."

                         About Homeplus Co

Homeplus Co., Ltd. Homeplus Co. operates discount store chain in
South Korea.

In March 5, 2025, Homeplus entered court-led rehabilitation process
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.

In December 2025, Homeplus submitted a rehabilitation plan that
included debtor-in-possession (DIP) financing and asset sales.
According to Yonhap News Agency, the plan's approval deadline was
initially set for March, but was later extended to May and again to
July as the court sought additional time to review the progress of
asset sales and funding efforts.




=============
V I E T N A M
=============

VIET CAPITAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B+' to Viet Capital Commercial Joint Stock Bank
(BVBank). The Outlook on the IDR is Stable. The agency has also
assigned BVBank a Viability Rating (VR) of 'b' and Government
Support Rating of 'b+'.

Key Rating Drivers

IDR Driven by Government Support: BVBank's Long-Term IDR is driven
by its GSR. The ratings reflect the state's strong willingness to
support the banking system, given the sector's high importance to
the economy. This is offset by the banking system's large size
relative to GDP and BVBank's limited systemic importance, as
indicated by its market share of less than 1% in system deposits
and assets, which would make support less of a priority than for
larger peers during periods of stress.

Moderate Business Profile Drives VR: The bank's VR of 'b' reflects
its small market presence in Vietnam, which limits pricing power
and exposes its balance sheet to higher-risk borrowers compared
with larger peers. The rating also considers the bank's
below-average profitability and thin capital buffers. These risks
are partially offset by an adequate liquidity profile and a loan
portfolio that is generally well secured. Fitch expects the bank's
capitalisation to improve as a result of planned capital raising.

Sustained Economic Growth: Vietnam's GDP expanded by 7.8% in 1Q26,
following 8.0% growth in 2025. The ongoing conflict in the Middle
East and persistent trade tensions are likely to weigh on near-term
economic activity, but Fitch expects the country's growth prospects
to remain firm in the medium term as it benefits from sustained
foreign direct investment inflows and robust export performance.
This should sustain banking business volume and contain credit
impairment risks.

Higher Problem Loan Ratio: Its assessment of the bank's asset
quality and risk profile considers its above-average problem loan
ratio, which includes non-performing loans (NPL), special-mention
loans and bad loans transferred to Vietnam Asset Management
Company. It also factors in BVBank's large risk appetite, with an
annual credit growth target of about 18% over 2026-2030, and high
large-borrower concentration — a trait shared by many small bank
peers. Fitch projects the bank's NPL ratio (excluding interbank
loans) of 3.2% at end-1Q26 to rise only moderately over the next 12
months due to a broadly supportive economic environment.

Profitability to Improve from Low Base: BVBank's risk-adjusted
return is below the average of its local peers due to higher credit
costs and a higher operating cost structure, as indicated by its
cost-to-income of 57% in 1Q26. Nevertheless, Fitch expects
profitability to gradually improve as the bank scales up digitally
and redeploys its balance sheet toward higher-yielding assets.

Rights Issuance to Increase Capital: BVBank plans to raise about
VND3.2 trillion in new capital through a rights issuance. Fitch
estimates this to increase its capital ratio by up to 4pp when it
is completed, underpinning the positive outlook for the bank's
capitalisation and leverage score. However, Fitch sees capital
ratios declining over time as loan growth continues to outpace
internal capital generation.

Higher Reliance on Price-Sensitive Funding: BVBank's
loan-to-deposit ratio of 80% at end-1Q26 is one of the lowest among
peers and reflects an adequate liquidity position. Fitch expects
this ratio to rise as the bank ramps up loan growth over the next
12-18 months. Its assessment of the bank's funding profile also
considers its high reliance on price-sensitive funding, with
low-cost current and savings accounts (CASA) making up only around
4% of total deposits at end-March 2026.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDR and GSR

A downgrade in Vietnam's sovereign rating (BB+/Stable) or a
revision of its Outlook on the sovereign rating to Negative is
likely to result in similar action on BVBank's Long-Term IDR and
GSR.

VR

Fitch may downgrade the VR should Fitch sees a sudden and material
weakening in the bank's liquidity position. Fitch may also
downgrade if the bank's Fitch Core Capital (FCC) ratio declines
closer to 5% (March 2026: 9.1%) without a credible plan to rebuild
buffers, or if its asset quality metrics were to deteriorate
materially to an extent that structurally weakens its
profitability.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

IDR and GSR

The Long-Term IDR and GSR may be upgraded if the sovereign rating
is upgraded or if BVBank's systemic importance rises, as reflected
in a deposit market share of 2% or higher. However, such a large
increase in market share is unlikely to occur in the near term.

VR

Fitch may upgrade the VR if a combination of the following occurs:

- the bank maintains an FCC ratio comfortably above 8% and the
tangible common equity/tangible asset ratio improves above 6.5% for
a prolonged period; and

- if the problem-loan ratio declined close to 3.5%, accompanied by
a reduction in large-borrower concentration; and/or

- if there is material improvement in its risk-adjusted returns,
with its operating profit/risk-weighted asset ratio rising to and
staying above 1.25%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The Short-Term IDR is mapped from the Long-Term IDR in accordance
with Fitch's Bank Rating Criteria.

The Long-Term Foreign- and Local-Currency IDRs (xgs) of 'B(xgs)'
are aligned with the VR, as the VR excludes the assumption of
government support. The Short-Term Foreign- and Local-Currency IDRs
(xgs) of 'B(xgs)' are assigned in accordance with the Long-Term
Foreign- and Local-Currency IDRs (xgs) and the short-term mapping
outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are unlikely to be upgraded unless the
Long-Term IDR is upgraded above 'BB+'. The Short-Term IDRs may be
downgraded if the Long-Term IDR is below 'B-'.

The Long-Term Foreign- and Local-Currency IDRs (xgs) will mirror
any rating changes in the VR. The Short-Term Foreign- and
Local-Currency IDRs (xgs) could be downgraded if the Long-Term
Foreign- and Local-Currency IDRs (xgs) are downgraded below
'B-(xgs)' or upgraded if they are upgraded above 'BB+(xgs)', but
both scenarios have remote prospects in the near term.

VR ADJUSTMENTS

The operating environment score of 'bb' is above the 'b' category
implied score due to the following adjustment reason(s): economic
performance (positive).

The asset quality score of 'b' is below the 'bb' category implied
score due to the following adjustment reason(s): concentrations
(negative).

The funding & liquidity score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason(s): deposit
structure (negative).

Date of Relevant Committee

19-Jun-2026

Public Ratings with Credit Linkage to other ratings

BVBank's IDR is driven by Vietnam's sovereign rating.

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           
   -----------                    ------           
Viet Capital
Commercial Joint
Stock Bank        LT IDR             B+  New Rating
                  ST IDR             B   New Rating
                  LC LT IDR          B+  New Rating
                  LC ST IDR          B   New Rating
                  Viability          b   New Rating
                  Government Support b+  New Rating
                  LT IDR (xgs)    B(xgs) New Rating
                  ST IDR (xgs)    B(xgs) New Rating
                  LC LT IDR (xgs) B(xgs) New Rating
                  LC ST IDR (xgs) B(xgs) New Rating


                           *********


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 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***