Asia Pacific

Israel's only rehabilitation and training center for the blind and sight-impaired will be sent into receivership, the Haifa District Court said yesterday after the government refused to cover the nonprofit organization's NIS 11 million deficit, Haaretz.com reported. Sources at Migdal Or (Tower of Light ) told Haaretz the operating expenses for the center and its various units are higher than what the state is willing to invest. The center, located in Kiryat Haim near Haifa, is operated on behalf of the Social Affairs Ministry at an annual budget of NIS 14 million.

Westpac has extended for another six months a $19 million loan facility to troubled finance and rural services firm Allied Farmers, The National Business Review reported. The move follows Allied’s announcement last week that it had negotiated the sale of a 23.3ha property forming part of the Five Mile development near Queenstown. Allied had already gained an extension of the debt facility with Westpac to September 24 this year, from an initial expiry date of June 30. The latest extension runs until the end of March next year.

Some wineries based in New Zealand's celebrated Marlborough region have gone into receivership, with more expected to follow, as the area's popular sauvignon blanc has been hit by a high New Zealand dollar, oversupply and early signs of a resurgence by Australian chardonnay, The Sydney Morning Herald reported.

Japan Airlines Corp said it will offer early retirement packages to pilots, co-pilots and trainees from Tuesday until Aug. 16, the Nikkei business daily reported. The debt-ridden group has set a goal of shedding 16,000, or one-third, of its employees in the current year ending March 2011. The first round of early retirement offers found 4,003 takers, the paper said. The group is looking to shed about 670 people from subsidiary Japan Airlines International Co, which has 1,450 pilots, 1,030 first officers and 300 trainee pilots on its payroll, the Nikkei said.

Nelson businessmen behind failed financier Finance & Investments are now under the watch of the Securities Commission, having agreed they won’t manage a company or raise money publicly in the future, The National Business Review reported. The Securities Commission has accepted enforceable undertakings from Andrew Harding and Murray Scholfield - the partners of Finance & Investments, which went into receivership in September 2007, owing $16 billion to 370 investors. The pair also had an 87% stake in Nelson financier LDC Finance -- also in receivership.

Finance company minnow Mutual Finance has collapsed into receivership owing $9.3 million of mostly Crown guaranteed funds to 340 depositors, The National Business Review reported. The receivership follows that of sister company Viaduct Capital and comes three months after Strategic Finance founder Paul Bublitz took control of Mutual with an 80% shareholding. Mutual’s trustee company Covenant has appointed Grant Graham and Brendon Gibson of KordaMentha as receivers.

Ailing South Korean automaker Ssangyong Motor said Tuesday it had extended the deadline for final bids for a controlling stake in the firm following requests from bidders for more time, Agence France-Presse reported. The deadline was extended from July 20 to August 10. Ssangyong said six bidders, including an alliance of France's Renault and Japan's Nissan Motor, had joined the race. The preliminary bidders also include Young An Hat, a local headgear company which owns bus maker Daewoo Bus, and India's top utility vehicle company Mahindra and Mahindra, Yonhap news agency said.

Receivers for National Finance 2000 could be ordered to provide its directors with information to help with their defence against charges laid by the Companies Office, a court heard yesterday, The New Zealand Herald reported. In 2008, the Companies Office laid criminal charges against the directors that relate to alleged untrue statements in the company's registered prospectus and failure to comply with financial reporting standards.

A bid by state-owned Landcorp for 16 dairy farms owned by former Crafar family companies has fallen short leaving a Chinese-backed company in the box seat to purchase the assets, The National Business Review reported. Receivers Michael Stiassny and Brendon Gibson of KordaMentha confirmed today that over 50 offers were submitted on all or parts of the portfolio from a range of buyers. They were pleased with the strength of the offers, however Landcorp was not among the preferred tenders, they said in a brief statement.

Investors are finding a new appetite in the savings bank industry, as troubled thrifts are putting themselves on sale under a government-led restructuring drive, The Korea Times reported. Many savings banks have suffered liquidity problems as a large part of their loans are tied to investments in the depressed property market. Boutique investment bankers in Yeoido, the financial center of Seoul, are busy throwing sales pitches to potential investors these days, sources said Friday. The potential buyers range from private equities to insurance and construction firms.