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Cebu Pacific Takes Off with Rackspace’s Managed Hosting and Services for SharePoint

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HONG KONG and MANILA, Philippines/PRNewswire/ — Rackspace® Hosting (NYSE: RAX), the open cloud company, today announced Cebu Pacific (CEB), the Philippines’ largest national flag carrier, is using Rackspace’s managed hosting for its website and its deployment of SharePoint solutions.
With Rackspace, Cebu Pacific was able to increase its capacity significantly to handle demanding traffic loads on its website (www.cebupacificair.com), which regularly serves 250,000 online customers on a daily basis. Rackspace provisioned an infrastructure designed for passenger spikes, with a goal of accommodating up to 900,000 concurrent users while maintaining a a smooth and uninterrupted online experience. With Rackspace, CEB was able to accommodate 40% more traffic load.
“Cebu Pacific receives 55% of its bookings online, so the website is a fundamental part of our business. With Rackspace as our hosting partner, we are provided with a 100% network uptime guarantee. This gives us great comfort, especially during seat sales when we experience peak website traffic,” said CEB VP for People and Administration Michael Shau.
Cebu Pacific will deploy and fully leverage the functionality of Rackspace’s managed hosting and its industry leading SLAs. The airline will also position itself for new advanced operations underpinned by Rackspace’s technical consultancy and infrastructure support for SharePoint, plus its round-the-clock Fanatical Support®.
The Philippines’ low fare airline pioneer, Cebu Pacific offers its trademark lowest fares and seat sales to 32 domestic and 20 Asian destinations on over 90 routes. Since its inception in 1996, it has flown over 70 million passengers.
Cebu Pacific is also deploying an internal SharePoint environment for a more efficient content-management process, and Rackspace’s global reputation and track record for Sharepoint hosting services made it an apt fit.
“Rackspace’s hosting support for SharePoint has enabled us to make the right investment in the SharePoint infrastructure, free up our IT resources to focus on solutions customization, and deploy the SharePoint environment successfully,” Shau said.
“Now, different departments can apply up-to-date changes such as promos or banners to the website directly. This gives our passengers the latest deals and news of the day, making our online audience much more engaged and eager to return to our website,” he added.
“Rackspace understands the paramount importance of a fully-functioning, quickly updated website to an online business. We are very pleased that our hosting support for its website and SharePoint solutions has helped Cebu Pacific optimize its IT infrastructure and website to capture vibrant growth opportunities,” said Mark Randall, interim managing director Asia Pacific, Rackspace.
About Rackspace
Rackspace® Hosting (NYSE: RAX) is the open cloud company, delivering open technologies and powering more than 197,000 customers worldwide. Rackspace provides its renowned Fanatical Support® across a broad portfolio of IT products, including Public Cloud, Private Cloud, Hybrid Hosting and Dedicated Hosting. The company offers choice, flexibility and freedom from vendor lock in. Rackspace has been recognized by Bloomberg BusinessWeek as a Top 100 Performing Technology Company and is featured on Fortune’s list of 100 Best Companies to Work For. Rackspace was positioned in the Leaders Quadrant by Gartner Inc. in the “2011 Magic Quadrant for Managed Hosting.” Rackspace is headquartered in San Antonio with offices and data centers around the world. For more information, visit http://www.rackspace.com.hk.
About Cebu Pacific
Cebu Pacific Air is the largest carrier in the Philippine air transportation industry, offering its low-cost services to more destinations and routes with higher flight frequency within the Philippines than any other airline. It offers over 2,000 weekly flights to 32 domestic and 20 international destinations, from six Philippine hubs.
CEB currently operates 10 Airbus A319, 23 Airbus A320 and 8 ATR-72 500 aircraft — one of the most modern aircraft fleets in the world. Between 2013 and 2021, Cebu Pacific will take an additional 19 Airbus A320 and 30 Airbus A321neo aircraft. It is slated to begin long-haul services in the 3rd quarter of 2013, with the arrival of 2 Airbus A330-300 aircraft.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Rackspace could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements concerning expected development, performance or operational results related to any particular customer or customers of our customers associated with our hosting solutions or other products and services; any other statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include issues relating to the performance of a customer’s configuration caused by forces outside of the control of Rackspace; changes in the economy, technological and competitive factors, regulatory factors, and and other risks that are described in Rackspace Hosting’s Form 10-Q for the quarter ended September 30, 2012, filed with the SEC on November 7, 2012. Except as required by law, Rackspace Hosting assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Source: Rackspace
Related stocks: NYSE:RAX

Written by asiafreshnews

January 28, 2013 at 12:07 pm

Air China Taps CyberSource to Secure Call Center Payments across Asia with Payment Security and Fraud Management Solutions

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SINGAPORE and BEIJING /PRNewswire/ — CyberSource, a Visa company (NYSE Code: V) and one of the world’s largest providers of eCommerce payment management services, today announced that it has signed an agreement with China’s national airline Air China, to provide payment gateway and fraud management services for its international sales and service hotline.
Air China launched its international sales and service hotline in Singapore, Hong Kong, Australia and the Philippines to provide better service to their travelers. This was supported by CyberSource’s international payment gateway and risk management services. The 800 hotline number, using Air China’s Interactive Voice Response (IVR) payment services, supported by CyberSource’s solutions, will also be rolled out gradually in four other markets — Taiwan, UAE, Thailand and India.
This CyberSource-enabled infrastructure is a critical element in Air China’s strategy to increase its share of the regional market by extending its high quality, customer experience to each new market, immediately upon service inception. In October, Air China served 160,100 regional and 526,400 international passengers (Note 1).
“It is an honor to be a part of Air China’s newly launched call center solution,” said Poon Khye Wei, Regional Director, Greater China & Korea for CyberSource. “Payments that are made via Air China call centers’ IVR system, supported by CyberSource payment gateway and fraud screening solutions, will protect Air China from fraud and keeping sensitive payment data off Air China’s networks. This same CyberSource connection can also be used by Air China to support other payment channels as Air China scales its operations.”
In a statement, Air China said: “Our aim is to continue to provide convenience to overseas travelers. As part of our offering, Air China’s customer service staff will provide the traveler’s itinerary over the phone and when the traveler is ready to proceed with payment, we will switch the call to the IVR system, supported by CyberSource and the traveler can continue with card number entry and the ensuing checks to complete the payment process.”
CyberSource’s fraud-management technology and processes feature the world’s largest fraud detection radar, and include over 250 tests for fraudulent activity — all in the space of a couple of seconds. Its payment gateway and payment security services facilitate secure cross-border transactions in multiple payment types, currencies, and transaction environments. Banks, merchants and third-party service providers are using CyberSource technology to capitalize on the growth of eCommerce in China and around the region to expand their business.
For more information on CyberSource products, visit http://www.cybersource.com/asiapacific.
Note 1: http://www.airchina.com.cn/www/en/html/index/ir/traffic/
About CyberSource
CyberSource Corporation, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 370,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security.
The company is headquartered in San Francisco and maintains offices throughout the world, with regional headquarters in Singapore (Asia Pacific); Tokyo (Japan), Miami/Sao Paulo (Latin America and the Caribbean), and Reading, U.K. (Europe/Middle East/Africa).
CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
About Air China
Air China Limited (“Air China”) and its predecessor, the former Air China, were founded in 1988. According to the “Civil Aviation System Reform Program” which was approved and passed by the State Department in October 2002, the former Air China consolidated with China National Aviation Company and China Southwest Airlines and founded China Aviation Group Company. Based on the combined air transportation resources of the three entities, the new Air China Company was established. On September 30th, 2004, approved by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Air China Limited was officially launched in Beijing, operating air transport services as its primary business and controlled by the China Aviation Group. On December 15th, 2004, Air China successfully listed in Hong Kong (SEHK: 0753) and London (LSE: AIRC).
Air China is China’s exclusive national flag carrier for civil aviation, a member of the Star Alliance, the world’s largest airline alliance, and it was the official airline partner of the 2008 Beijing Olympic Games. It ranks first among domestic airline brands (evaluated by the World Brand Laboratory as having a brand value of RMB 61.885 billion in 2012) and it is leading ahead of its domestic competitors in passenger and freight air transport and related services.
As of December 31, 2011, Air China (including holding companies) owns 432 Boeing and Airbus aircraft, with an average age of 6.77 years; operates a total of 282 passenger flight routes, including 71 international routes, 14 regional routes, and 197 domestic routes covering 30 countries and regions worldwide connecting 143 cities, including 43 international cities, 96 domestic cities and four regions. In cooperation with Star Alliance member airlines, its service network is further extended to 1,160 destinations in 181 countries.
Air China is committed to providing passengers with “Four Cs” service: Credibility, Convenience, Comfort and Choice. Air China PhoenixMiles, the frequent flyer program, has the longest history of any frequent flyer program in China. Air China was the first domestic civil airline to launch two classes of premium service. Currently, Air China’s ground service provides support for 940 departure and arrival flights each day in Beijing, up to 1,026 flights on peak travel days, and 79 flights per hour during peak hours.
For five consecutive years from 2007 to 2011, Air China was listed among the “top 500 global brands”, becoming the only Civil Aviation airline ever listed. In June 2012, Air China was rated 24th among China’s 500 most valuable brands by the World Brand Laboratory, and the first in the domestic aviation service sector. The Air China brand has been jointly awarded one of “China’s Top Ten International Brands” by the Financial Times of Great Britain and American McKinsey Management Consulting Company.
Media Contacts:
Grace Lam James Dyson
Fleishman-Hillard Hong Kong Fleishman-Hillard Hong Kong
Tel: +852-2111-3552 Tel: +852-2111-9858
Mobile: +852-9130-0656 Mobile: +852-9381-1460
Email: grace.lam@fleishman.com Email: james.dyson@fleishman.com
Source: CyberSource Corporation

Written by asiafreshnews

December 7, 2012 at 2:29 pm

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Asia Jet & Jet Edge International Announce Collaborative Fleet Expansion

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HONG KONG /PRNewswire/ — Asia Jet, the Hong Kong based Charter Management and aviation leader in Asia, has joined forces in a strategic relationship with Jet Edge International; one of the fastest growing Charter Management Companies in the US. The deal makes Jet Edge the exclusive aircraft operator for all Asia Jet aircraft under their Federal Aviation Administration (FAA) registry.
Asia Jet has been duly appointed the exclusive sales and marketing agent in Asia for Jet Edge’s U.S. based fleet which it now offers within its charter program, to its Asia based clients when they require US domestic jet charters. Asia Jet also enjoys a shareholding partnership with Jet Edge, and Asia Jet’s Chief Executive Officer Mike Walsh was recently appointed to Jet Edge’s Board of Directors.
“We evaluated a number of potential aircraft charter management companies to work with in the U.S. and found that Jet Edge International had the right mixture of experience and expertise to satisfy our requirements and our clients’ needs,” said Walsh. “We decided to take it one step further and invest in Jet Edge as we are pleased with the early results and progress to-date and look forward to growing our aircraft management presence and product offerings in Asia with the assistance of Jet Edge.”
“We’ve been working on this business plan over the past 12 months together, as we knew that China would be a future growth area for our company,” said Bill Papariella, president of Jet Edge International. “Asia Jet and their shareholders have provided a significant existing platform from which we can grow and execute our strategy. With four aircraft already available I expect Asia Jet, in coordination with Jet Edge, to grow our collective businesses exponentially, but also responsibly.”
With their collaboration, the two companies have built a business model that provides private aircraft owners in Asia with a strong, sustainable and flexible platform, as well as expanded fleet access to large cabin jets for private jet travelers in both the Pacific Rim and the United States. Immediately available for charter in Asia are four Gulfstream aircraft: a G-IVSP; a G300 and two G200s, with multiple aircraft in the pipe-line thanks to significant interest from local aircraft owners who wish to have their assets managed efficiently.
All aircraft in the Asia Jet fleet under FAA registry will be operated and maintained on Jet Edge’s Air Carrier Certificate, while Asia Jet will continue to be responsible for the sales and marketing of its on-demand charters, card programs, aircraft acquisition, consultancy and aircraft management services.
Papariella added, “We are excited to finally capitalize on a business plan that was well thought out prior to adding aircraft. Asia Jet has spent significant amounts of time, energy and capital to develop a strong business model that has sustainable elements and we are pleased to support their long term vision.
ASIA JET/ JET EDGE INTERNATIONAL
In addition, the recent investment proves we are committed to becoming a substantial regional partnership for the medium to long term through our deepening ties. Our collective goal is to be the leaders in Asia, and I have no doubt that Mike Walsh and his team will achieve this goal.”
With one of the largest dedicated charter fleets of heavy jet aircraft in the US, Jet Edge offers clients an exceptional combination of experience, safety and performance in the most popular business jets, with new aircraft scheduled for delivery in 2013. The Jet Edge fleet currently includes Gulfstream V, Gulfstream 450, Gulfstream IVSP, Gulfstream IV, Gulfstream 300, Gulfstream III, Gulfstream 200 and Lear 45 aircraft.
About Asia Jet
Asia Jet, headquartered in Hong Kong has been the preferred charter service company in Asia since its establishment in 2008. The Asia Jet brand has been the symbol of top class service and safety in the Asia region; serving distinguished clients through its jet card membership, consultancy, aircraft acquisition, on demand charter and aircraft management services. The Asia Jet team contains a wealth of knowledge spanning over 20 years in the industry and intimately understands the Asian client expectations. Its consistent high standards fulfill the promises made to their clients each and every time they fly. For more information on Asia Jet, please visit http://www.AsiaJet.com
About Jet Edge International
Jet Edge International, a Bard Capital Company, has quickly become a leader in private aviation and one of the fastest-growing, full-service integrated private jet management and service companies in the US. Headquartered in Los Angeles, Jet Edge International offers individuals and companies 365-day-a-year guaranteed access to multiple jet types, with unparalleled and award-winning safety programs. For more information on Jet Edge International, please visit http://www.flyjetedge.com
Contact:
Asia Jet
+852-2613-3133
Source: Asia Jet

Written by asiafreshnews

November 1, 2012 at 10:20 am

CPA Global expands regional headquarters in Hong Kong

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HONG KONG /PRNewswire/ — HONG KONG Jersey-based intellectual property management specialist and legal services outsourcing company CPA Global has reaffirmed its commitment to Hong Kong with the opening of its new and expanded regional headquarters to spearhead the group’s continued growth in Asia.
To view the multimedia page, please go to: http://mms.prnasia.com/mnr/cpaglobal/20121029/english/mnr.htm

CPA Global Management team and Asia Pacific leaders officiate the Hong Kong Headquarter Expansion Ceremony.

From left: Gerard Delaney, Global Sales Head; Peter Sewell, Chief Executive Officer and Joanne Hon, Senior Vice President, Asia Pacific of CPA Global participate in the Roast Pig Cutting Ceremony.

Champagne toasting at CPA Global Asia Pacific Headquarter Expansion Ceremony.
CPA Global is a world leader in intellectual property (IP) management, IP software, and legal services outsourcing. Its clients are from all over the world and range from small businesses to some of the world’s best-known corporations and law firms. It offers a range of IP and broader legal services, helping clients to manage risk, cost and capacity, and realise greater value for their businesses and their IP assets.
Hong Kong’s strategic location at the heart of Asia and on the doorstep of Mainland China is one of the major factors that attracted CPA Global to Hong Kong three years ago when it first set up in the city. This location advantage is also playing a key role in the company’s latest decision to expand its Hong Kong operation into a regional headquarters.
Senior Vice President, Asia Pacific, for CPA Global, Joanne Hon said, “Mainland China is now the world’s fastest growing market for IP and one of the top filers of international patents. On a country-by-country basis, China’s expenditure on R&D is now only second to the US. Indeed, its focus on developing a technology-based economy, protected by IP Rights is at the core of its success.”
She added that South Korea and Taiwan are other prime markets and said, “Hong Kong is the ideal location to serve as our platform for expansion into Mainland China and other parts of north and southeast Asia.”
Associate Director-General of Investment Promotion, Andrew Davis, welcomed CPA Global’s ongoing commitment to Hong Kong and said, “While Hong Kong’s strong rule of law provides solid protection of IP Rights, the free market principle encourages the free flow of information that is integral to the IP industry development. We are delighted to see CPA Global reaffirming Hong Kong as regional base and taking its business to new heights.”
About CPA Global
Founded in Jersey, Channel Islands, in 1969, CPA Global is one of the world’s leading IP management and legal outsourcing companies, offering a full range of IP and broader legal support services to attorney firms and corporate clients. With offices across Europe, the United States, Asia and the Pacific, CPA Global employs some 1,500 people, serving clients in over 100 countries. Clients include leading Fortune 500 and FTSE companies, and two-thirds of the Global Lawyer 100. For more information, please visit http://www.cpaglobal.com.
About Invest Hong Kong
InvestHK is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. As at June 2012, InvestHK had completed over 2,600 investment projects, creating more than 30,000 new jobs in the first year of operation or expansion and HK$67 billion of investment. For more information, please visit http://www.investhk.gov.hk.
Asia Pacific:
Amy Sun
+852-3177-3421
asun@cpaglobal.com
United Kingdom:
Steve Clark
+44(0)20-7549-5504
sclark@cpaglobal.com
Victoria Knowles
+44(0)20-7549-4585
vknowles@cpaglobal.com
Source: CPA Global

Written by asiafreshnews

October 30, 2012 at 11:27 am

Rovia Wins Gold and Silver Honors in 2012 Travel Weekly Magellan Awards Competition

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Rovia earns premier travel industry distinctions for third year in a row
PLANO, Texas /PRNewswire/ — Rovia is proud to announce that the company has earned both gold and silver honors in the 2012 Travel Weekly Magellan Awards competition. Honored with the 2012 Gold Magellan Award for the Best Community Involvement Program, Rovia was recognized for their work with the bottle school project; and was presented the Silver Magellan Award for the best Travel Guides/Ratings/Reviews for its newsletter, A DreamTrips Way of Life.
Receiving over 550 entries, the Travel Weekly Magellan Awards is the premier awards program honoring a broad range of industry segments including Hotels and Resorts, Travel Destinations, Cruise Lines, Online Travel Services, Airlines and Airports, Travel Agents and Agencies, making it one of the most prestigious awards to win amongst the travel business.
This is the third year in a row that Rovia has topped its competitors in various categories, and the second time that Rovia has won in the Best Community Involvement Program category.
“Winning the Magellan Awards confirms Rovia’s great accomplishments both in our internal and external commitments,” Rovia President Mike Putman said. “We’re proud to stand for travel excellence and to provide our members with the most updated and inclusive newsletter, A DreamTrips Way of Life, as much as we’re proud to provide our members with the opportunity to give back to our global community. Our collaboration with Hug It Forward, through our nonprofit organization, Manifest Foundation, provides our members with a wonderful opportunity to work collaboratively with underprivileged communities and truly experience Guatemalan culture. We are grateful to our members who have taken an active part of this meaningful opportunity, and to the Travel Weekly Magellan Awards for acknowledgement of the change we’re all making together.”
About Rovia:
Rovia is a leading online travel company with offices in South Carolina and Texas. Established by the convergence of two well-respected travel companies with more than 50 years of experience in the travel industry, Rovia offers its premiere curated group travel membership, DreamTrips, in 21 countries.
Source: Rovia

Written by asiafreshnews

October 15, 2012 at 3:41 pm

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Time Sensitive Notice Regarding a Proposed Settlement Between Certain Settlement Trusts Related to Securitizations Sponsored by Residential Capital, LLC, and certain of its subsidiaries, including GMAC Mortgage, LLC and Residential Funding Company, LLC

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LAKE SUCCESS, N.Y. /PRNewswire/ — The following statement is being issued by the RMBS Trustees regarding a Proposed Settlement between Residential Capital, LLC, et al., and the Settlement Trusts.
TIME SENSITIVE NOTICE REGARDING A PROPOSED SETTLEMENT BETWEEN CERTAIN SETTLEMENT TRUSTS RELATED TO SECURITIZATIONS SPONSORED BY RESIDENTIAL CAPITAL, LLC, AND CERTAIN OF ITS SUBSIDIARIES, INCLUDING GMAC MORTGAGE, LLC AND RESIDENTIAL FUNDING COMPANY, LLC
NOTICE IS HEREBY GIVEN BY:
THE BANK OF NEW YORK MELLON,
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
DEUTSCHE BANK TRUST COMPANY AMERICAS,
U.S. BANK NATIONAL ASSOCIATION AND
WELLS FARGO BANK, N.A.
IN THEIR SEVERAL CAPACITIES AS TRUSTEES OR INDENTURE TRUSTEES (COLLECTIVELY, THE “RMBS TRUSTEES” AND EACH, AN “RMBS TRUSTEE”), TO THE HOLDERS OF CERTIFICATES, NOTES OR OTHER SECURITIES (THE “CERTIFICATEHOLDERS”) UNDER THE RESIDENTIAL MORTGAGE-BACKED SECURITIZATION TRUSTS IDENTIFIED IN EXHIBIT A, AVAILABLE AT WWW.RESCAPRMBSSETTLEMENT.COM (COLLECTIVELY, THE “SETTLEMENT TRUSTS” AND EACH A “SETTLEMENT TRUST”).
THIS NOTICE CONTAINS IMPORTANT TIME-SENSITIVE INFORMATION FOR CERTIFICATEHOLDERS AND OTHER PERSONS POTENTIALLY INTERESTED IN THE SETTLEMENT TRUSTS. ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE, AS APPLICABLE, ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO CERTIFICATEHOLDERS IN A TIMELY MANNER.
Dated: August 22, 2012 (date on which notice was delivered to registered Certificateholders)
This notice (the “Notice”) is given to you by the RMBS Trustees under the Pooling and Servicing Agreements (including Series Supplements and Standard Terms of Pooling and Servicing Agreements), Indentures and related Servicing Agreements (collectively, the “Governing Agreements”) governing the Settlement Trusts. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Governing Agreements.
I. Background.
As Certificateholders have previously been notified by each RMBS Trustee, on May 14, 2012, Residential Capital, LLC, and certain of its direct and indirect subsidiaries (collectively, “ResCap”) filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”) (In re Residential Capital, LLC, Case No. 12-12020 (MG) and related cases) (collectively, the “Chapter 11 Cases”).
THIS NOTICE CONCERNS A PROPOSED SETTLEMENT OF CLAIMS OF THE SETTLEMENT TRUSTS AGAINST RESCAP IN THE CHAPTER 11 CASES. THESE CLAIMS INCLUDE, WITHOUT LIMITATION, CERTAIN CLAIMS RELATING TO THE ORIGINATION AND SALE BY RESCAP OF MORTGAGE LOANS AND TO CERTAIN ASPECTS OF RESCAP’S SERVICING OF THOSE MORTGAGE LOANS. THE PROPOSED SETTLEMENT WOULD, IF APPROVED BY THE COURT AND ACCEPTED BY THE RMBS TRUSTEE OF A SETTLEMENT TRUST, BIND THAT SETTLEMENT TRUST AND RELATED CERTIFICATEHOLDERS. ACCORDINGLY, THE PROPOSED SETTLEMENT AND RELATED COURT APPROVAL PROCEDURES MATERIALLY AFFECT THE INTERESTS OF THE CERTIFICATEHOLDERS, AND THE RMBS TRUSTEES RESPECTFULLY REQUEST THAT ALL CERTIFICATEHOLDERS AND OTHER NOTICE RECIPIENTS READ THIS NOTICE AND RELATED MATERIALS CAREFULLY IN CONSULTATION WITH THEIR LEGAL AND FINANCIAL ADVISORS.
II. The Proposed Settlement.
On May 13, 2012, ResCap entered into separate agreements with two sets of Certificateholders (collectively, the “Institutional Investors”), each of which was titled an “RMBS Trust Settlement Agreement” (collectively, the “Original Proposed RMBS Trust Settlement Agreements”). On August 15, 2012, the Original Proposed RMBS Trust Settlement Agreements were amended (the “Amended Proposed RMBS Trust Settlement Agreements,” and together with the Original Proposed RMBS Trust Settlement Agreements, the “Proposed RMBS Trust Settlement Agreements”). (Copies of these documents can be obtained as explained in Part IV below.) The Proposed RMBS Trust Settlement Agreements seek to, among other things, settle the claims of the Settlement Trusts concerning ResCap’s alleged breaches of representations and warranties in the Governing Agreements and certain alleged violations of ResCap’s servicing obligations. The Proposed RMBS Trust Settlement Agreements are subject to the approval of the Court and the settlements set forth therein cannot be offered to or accepted by the Settlement Trusts until and unless such approval is granted by the Court (see Part III below).
The Proposed RMBS Trust Settlement Agreements provide that in settlement of the Proposed Settled Claims (as defined below) against ResCap, each Settlement Trust that accepts the settlement (an “Accepting Trust”) will be allowed a general unsecured claim against the estates of certain ResCap entities in the Chapter 11 Cases. If all Settlement Trusts become Accepting Trusts, such allowed claims will aggregate $8,700,000,000 (US$8.7 billion), less an allocation of the allowed claims for the payment of fees and expenses of the attorneys for the Institutional Investors as set forth in the Proposed RMBS Trust Settlement Agreements (the “Settlement Claims Allowance”). The Proposed RMBS Trust Settlement Agreements further provide that each Accepting Trust shall have the option (the “HoldCo Option”), at any time prior to confirmation of a chapter 11 plan in the Chapter 11 Cases (a “Plan”), to elect to receive up to twenty percent of that Accepting Trust’s Settlement Claims Allowance as an allowed general unsecured claim against the estate of Residential Capital, LLC (“HoldCo”), in lieu of a general unsecured claim against the estates of certain of its direct and indirect subsidiaries thereby reducing each Accepting Trust’s allowed general unsecured claim against such estates to the extent each Accepting Trust exercises the HoldCo Option. The determination of the Settlement Claims Allowance of each Accepting Trust (i.e., each Accepting Trust’s share of the aggregate Settlement Claims Allowance) is subject to an allocation procedure set forth in the Proposed RMBS Trust Settlement Agreements and all recipients of this Notice are referred to such agreements for the details of that procedure.
The Proposed RMBS Trust Settlement Agreements allow each related Settlement Trust to accept or reject the settlement offer independently without affecting the rights of any other Settlement Trust (including the share of the Settlement Claims Allowance to which any other Settlement Trust is entitled if it becomes an Accepting Trust). If approved by the Court, the Proposed RMBS Trust Settlement Agreements would affect the rights and interests of all Certificateholders, and their successors-in-interests and assigns, in any Accepting Trusts. The affected rights and interests will include, among other things, the release of claims against Rescap on behalf of the RMBS Trustee, the Accepting Trusts and all Certificateholders in the Accepting Trusts, arising out of or relating to (i) the origination and sale of mortgages to the Accepting Trusts, including representations and warranties made with respect to those mortgages and any mortgage repurchase obligations; (ii) documentation of the mortgages in the Accepting Trusts, with certain exceptions; (iii) servicing of the mortgages in the Accepting Trusts, with certain exceptions; (iv) certain setoff or recoupment under the Governing Agreements against ResCap; and (v) any loan seller that either sold loans to ResCap or Ally Financial Inc. that were sold or transferred to the Accepting Trusts (collectively, the “Proposed Settled Claims”).
The acceptance of the Proposed RMBS Trust Settlement Agreements by an Accepting Trust would not, at present, entitle such Accepting Trust to receive any specific amount of money or other consideration, at any specific time, as a distribution from the ResCap debtor entities’ bankruptcy estates. Rather, the Settlement Claims Allowance would entitle the Accepting Trust to receive such consideration as is eventually afforded to the claims of general unsecured creditors in the Chapter 11 Cases that are classified in the same manner as the claims of the Accepting Trusts. Accordingly, at present, Certificateholders cannot assume that acceptance by any Settlement Trust of the related Proposed RMBS Trust Settlement Agreement will result in any particular recovery with respect to the Settlement Claims Allowance of such Settlement Trust. Acceptance by any Settlement Trust of the related Proposed RMBS Trust Settlement Agreement would, however, resolve disputes with ResCap and other parties in interest to the Chapter 11 Cases as to the amount and general unsecured claim status of any claims such Settlement Trust may have with respect to the Proposed Settled Claims.
The RMBS Trustees have jointly engaged Duff & Phelps, LLC as their primary advisor with respect to their evaluation of the Proposed RMBS Trust Settlement Agreements and with respect to certain other matters in the Chapter 11 Cases. Each RMBS Trustee has also engaged independent counsel to advise it with respect to relevant legal matters affecting the particular Settlement Trusts that they administer. None of the RMBS Trustees has made a determination, as of the date of this Notice, as to the reasonableness of, or the advisability of entering into, the Proposed RMBS Trust Settlement Agreements on behalf of any Settlement Trust. None of the RMBS Trustees anticipates making its decision as to whether or not to accept the proposed settlement on behalf of any Settlement Trust until and unless the proposed settlement has been approved by the Court (see Part III below). Although the RMBS Trustees are cooperating with each other in their evaluation of the proposed settlement, each RMBS Trustee will make its own decision as to whether or not to accept the proposed settlement on behalf of any Settlement Trust, and for each Accepting Trust, whether, and in what amount, to elect to exercise the HoldCo Option, on the basis of information available to that RMBS Trustee at the time of such decision.
Settlement Trusts that do not accept the Proposed RMBS Trust Settlement Agreements and do not become Accepting Trusts will be subject to the procedures of the Bankruptcy Code and the Court (including the scheduling order for the Chapter 11 Cases entered by the Court) relating to the assertion and allowance of claims, including, but not limited to, ResCap’s right to object to the claims.
III. ResCap’s Motion for Approval of the Proposed RMBS Trust Settlement Agreements by the Court; The Rights of Certificateholders and Other Parties to Appear and Object.
The Proposed RMBS Trust Settlement Agreements are agreements between ResCap and the Institutional Investors and will not become effective or binding as to any Settlement Trust until and unless both (a) ResCap obtains Court approval to make the settlement offer to the Settlement Trusts and (b) such Settlement Trust, acting through its respective RMBS Trustee, accepts the Proposed RMBS Trust Settlement Agreements. Accordingly, on June 11, 2012, ResCap filed a motion with the Court seeking Court approval of the Proposed RMBS Trust Settlement Agreements and of ResCap’s offer of the settlement proposed thereunder to each of the RMBS Trustees on behalf of the Settlement Trusts (the “Original 9019 Motion”). On August 15, 2012, ResCap filed a Supplement to the 9019 Motion (together with the Original 9019 Motion, the “9019 Motion”).
Among other things, the 9019 Motion seeks a finding by the Court that the settlements proposed under the Proposed RMBS Trust Settlement Agreements are fair and reasonable to, and in the best interest of, all interested parties, including but not limited to, ResCap’s creditors, the Institutional Investors, the Certificateholders for each Accepting Trust and each such Accepting Trust, the RMBS Trustees, and certain other persons, as a compromise of the claims asserted by each Accepting Trust against ResCap.
On July 31, 2012, the Court entered an order setting forth a schedule of deadlines and the date of a hearing related to the 9019 Motion and the RMBS Trustees’ acceptance or rejection of the settlement under the Proposed RMBS Trust Settlement Agreements (the “Order”). Pursuant to the Order, the Court will commence an evidentiary hearing on the 9019 Motion (the “Hearing”) on November 5, 2012. If the Court grants the 9019 Motion, the RMBS Trustees must accept or reject the Proposed RMBS Trust Settlement Agreements on behalf of any Settlement Trust on or before the later of (a) November 12, 2012 or (b) five business days after the entry of an order granting the 9019 Motion. The RMBS Trustees have until the confirmation of a Plan to elect to exercise the HoldCo Option on behalf of each Accepting Trust.
[NOTE: Dates set forth in this Notice and in the Order may have changed between the date that this Notice was written and the date of publication or reading and are subject to subsequent change. Accordingly, Certificateholders and other persons interested in the Settlement Trusts should refer to the sources of information described in Part IV below for up-to-date scheduling information.]
Any Certificateholder or other person potentially having an interest in the Settlement Trusts may object to the 9019 Motion or any aspect of the Proposed RMBS Trust Settlement Agreements, may seek discovery regarding the 9019 Motion or the Proposed RMBS Trust Settlement Agreements, and may participate in the Hearing. The Court has directed that:
any objections to the 9019 Motion, along with any supporting expert reports, must be filed with the Court by October 5, 2012;
the RMBS Trustees’ objections or responses to the 9019 Motion, if any, must be served by October 15, 2012; and
any reply to objections to the 9019 Motion must be filed by October 29, 2012.
(Further information regarding additional deadlines regarding the 9019 Motion is contained in the Order which can be obtained as explained in Part IV below.)
If the Court approves the 9019 Motion and an RMBS Trustee agrees to accept the settlement under the Proposed RMBS Trust Settlement Agreements on behalf of an Accepting Trust, all Certificateholders under the Accepting Trust will be bound by the Proposed RMBS Trust Settlement Agreements and the releases contained therein, whether or not the Certificateholder appeared in the Hearing or submitted an objection to the 9019 Motion or the Proposed RMBS Trust Settlement Agreements. Accordingly, any Certificateholder that has concerns about or might object to the Proposed RMBS Trust Settlement Agreements should consider with their legal advisors whether to participate in the Court proceedings pursuant to any of the means described in the preceding paragraph. There will likely be no forum other than such Court proceedings in which a Certificateholder’s objection to the Proposed RMBS Trust Settlement Agreements will be able to be heard. If the Court approves the Proposed RMBS Trust Settlement Agreements, the decision of the applicable RMBS Trustee to accept or reject the proposed settlement on behalf of an individual Settlement Trust, and to exercise the HoldCo Option on behalf of an Accepting Trust, will be informed by each RMBS Trustee’s analysis of the settlement taking into account interests of all of its respective Certificateholders and will not necessarily be based on the interests, objections or other position of any individual Certificateholder.
IV. This Notice is a Summary; Other Sources of Information.
This Notice summarizes the Proposed RMBS Trust Settlement Agreements, the 9019 Motion and the Order and is not a complete statement of those documents, of relevant law or of relevant legal procedures. The RMBS Trustees do not intend to send any further notices with respect to the matters addressed herein, and Certificateholders and other potentially interested persons are urged to carefully review the Proposed RMBS Trust Settlement Agreements, the 9019 Motion and the Order and other pleadings that have been filed, and that subsequently may be filed, in the Chapter 11 Cases, and to consult with their own legal and financial advisors. The Proposed RMBS Trust Settlement Agreements and other related, material documents, including certain orders entered by the Court and other information relevant to the Proposed RMBS Trust Settlement Agreements, are available at http://www.rescaprmbssettlement.com, which will be updated each time additional, related, material papers are filed or orders are entered by the Court. You may also obtain any documents filed with the Court in the Chapter 11 Cases by logging on to PACER at https://www.uscourts.gov or by visiting ResCap’s claims agent website at http://www.kccllc.net/rescap. If you have any questions, you may call (866) 241-7538 in the United States, +1 (202) 470-4565 outside the United States or send an email to questions@rescaprmbssettlement.com.
Inquiries regarding the matters set forth in this Notice may be directed to questions@rescaprmbssettlement.com or, with respect to any particular Settlement Trust, to the RMBS Trustee for such Settlement Trust using the “RMBS Trustee Contact Information” for such RMBS Trustee at http://www.rescaprmbssettlement.com.
V. Other Matters.
Certificateholders and other persons interested in the Settlement Trusts should not rely on the RMBS Trustees, or on counsel or other advisors retained by the RMBS Trustees, as their sole source of information.
Please note that the foregoing is not intended and should not be construed as investment, accounting, financial, legal or tax advice by or on behalf of the RMBS Trustees, or their directors, officers, affiliates, agents, attorneys or employees. Each person or entity receiving this Notice should seek the advice of its own advisers in respect of the matters set forth herein.
Please be further advised that each of the RMBS Trustees reserves all of the rights, powers, claims and remedies available to it under the Governing Agreements and applicable law. No delay or forbearance by an RMBS Trustee to exercise any right or remedy accruing upon the occurrence of a default, or otherwise under the terms of the Governing Agreements, other documentation relating thereto or under applicable law, shall impair any such right or remedy or constitute a waiver thereof or an acquiescence therein.
Each of the RMBS Trustees expressly reserve all rights in respect of each applicable Governing Agreement, including without limitation its right to recover in full its fees and costs (including, without limitation, fees and costs incurred or to be incurred by such RMBS Trustee in performing its duties, indemnities owing or to become owing to such RMBS Trustee, compensation for such RMBS Trustee’s time spent and reimbursement for fees and costs of counsel and other agents it employs in performing its duties or to pursue remedies) and its right, prior to exercising any rights or powers in connection with any applicable Governing Agreement at the request or direction of any Certificateholder, to receive security or indemnity satisfactory to it against all costs, expenses and liabilities which might be incurred in compliance therewith, and all rights that may be available to it under applicable law or otherwise.
Please be advised that with respect to any particular inquiry from individual Certificateholders, an RMBS Trustee may conclude that a specific response to such inquiry is not consistent with requirements under applicable law and regulation of equal and full dissemination of information to all Certificateholders.
THE BANK OF NEW YORK MELLON, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., DEUTSCHE BANK NATIONAL TRUST COMPANY, DEUTSCHE BANK TRUST COMPANY AMERICAS, U.S. BANK NATIONAL ASSOCIATION OR WELLS FARGO BANK, N.A., severally, as trustees or indenture trustees of the Settlement Trusts
Source: RMBS Trustees

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October 9, 2012 at 10:26 am

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Squire Sanders Opens Office in Seoul, Korea

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SEOUL/PRNewswire/ — Global legal practiceSquire Sanders has opened an office in Seoul, Ferrum Tower in Eulji-ro, in the heart of Seoul’s Gangbuk business district, after its application to practice in the Republic of Korea was approved by the Korean Ministry of Justice.
The Seoul office of Squire Sanders which will be led by Joon Yong Kim, a U.S. licensed lawyer who was admitted as a foreign legal consultant by the Ministry of Justice in July will focus on M&A and other transactional work, as well as litigation and arbitration. Other practice areas include infrastructure projects, intellectual property and anti-trust and trade disputes.
Joon Yong Kim will be joined by corporate partner Edward Ghiyun Kim, who is relocating to Korea from Squire Sanders’ Tokyo office. Edward Kim’s practice focuses on corporate transactions, M&A, project finance and commercial matters. Other Squire Sanders lawyers are also applying to practice in Korea and will relocate during the course of the coming year.
Joon Yong Kim commented: “We are pleased that our application has been successful and that we have been able to move quickly to open our office in Seoul. We believe our local knowledge, our reputation for comprehensive, cost effective legal counsel, and our cross-border experience and global platform will benefit Korean businesses of all sizes, including mid-market companies that are looking to grow and invest abroad. We will be able to represent Korean companies in key markets throughout the Asia Pacific region, the U.S., South America, the Middle East and Europe. And, with an office in Seoul, we will also be ideally placed to advise our global clients on Korea-related work.”
James J. Maiwurm, Squire Sanders chair and global CEO, added: “We have been watching developments in Korea for some time. With an export-orientated economy, driven by multinational conglomerates with interests in sectors where we have considerable experience, such as energy, infrastructure, automotive, shipbuilding, electronics, finance and securities, it was an obvious market for us to consider.
“We are excited about our prospects in South Korea. We believe our long history of representing manufacturers and trading houses in Asia will stand us in good stead as we launch our office in Seoul.”
Squire Sanders has been advising a wide range of Korean companies from the automotive, chemicals, communications, construction, energy, electronics and steel industries, from several key offices, including Tokyo, Beijing, Los Angeles and Washington D.C., for nearly 30 years. The launch of the Seoul office is part of a wider investment in Asia-Pacific over the past 12 months: The firm has added offices in Australia (Perth) and Singapore, grown its offices in China with senior hires, including eight new partners, and now has a total of 124 lawyers across the Asia-Pacific region.
About Squire Sanders
Founded in 1890, Squire Sanders has approximately 1,300 lawyers in 37 offices located in 18 countries. With one of the strongest integrated global platforms and our longstanding “one-firm firm” philosophy, Squire Sanders provides seamless legal counsel worldwide. Our presence in Asia dates back to the 1950s, making Squire Sanders one of the first global legal practices operating in the region.
Contact:
Nicola Woodmass, Squire Sanders Senior Media Relations and Communications Manager, Europe, Middle East and Asia
E: Nicola.Woodmass@squiresanders.com,
T: +44.0.121.222.3690
Stan Aoyama, Squire Sanders Regional Business Development and Communications, Asia
E: stan.aoyama@squiresanders.com
T: +813-5774-1800
Source: Squire Sanders

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October 5, 2012 at 12:51 pm

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