 |
January 17, 2008 |
|
|
|
 |
NFC FERTILIZER: Court to Hear Rehab Petition on February 8 The Central Bankruptcy Court of Thailand has ordered a second hearing on February 5, 2008, for SC Management Co. Ltd.'s petition to put NFC Fertilizer PCL under business rehabilitation. The company's management is one of the shareholders of SC Management. In a disclosure with the Stock Exchange of Thailand, the company said that there was only one objection to the petition during the first hearing held on December 17, 2007. This objection came from the Industrial Estate Authority. About NFC Fertilizer Headquartered in Bangkok, NFC Fertilizer Public Company Limited -- http://www.nfc.co.th -- produces chemical fertilizer containing nitrogen, phosphate, and potash, under its Nation Fertilizer brand name. Additionally, it imports and distributes urea, ammonium sulfate, and potassium chloride fertilizers. The company also distributes phosphoric acid and gypsum, which are by-products of its fertilizer production. The company is currently listed under the "Non-Performing Group" sector of the Stock exchange of Thailand. Going Concern Doubt After auditing the company's financial statements for the first half and second quarter of 2007, Methee Ratanasrimetha at M.R. & Associates Co. Ltd. raised substantial doubt on the company's ability to continue as a going concern. Mr. Methee said that the company acknowledged that it is not worth to further invest in chemical fertilizer production by using current equipment and machinery as it will generates even further loss. The Company is in the process of finding new business and has continued importing and distributing chemical fertilizer and chemical products. The Company, therefore, has not considered to stop its chemical fertilizer production. The auditor then said that the company's ability to continue as a going concern depends on the resolution of these matters. Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
