TCRAP_Public/090212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, February 12, 2009, Vol. 12, No. 30

                            Headlines

A U S T R A L I A

A W MOORE: Placed Under Voluntary Wind-Up
ANUIL HILL: Members Opt to Wind-Up Business
BLUE WINGS: Appoints Kugel and Warner as Liquidators
BUSINESS CATALYST: Creditors Receive Wind-Up Report
CENTROM PROJECTS: Members and Creditors Receive Wind-Up Report

DEEMAH MARBLE: Declares Priority Dividend for Ex-Employees
EXPRESS COMMUNICATIONS: Placed Under Voluntary Wind-Up
FAIRFAX PUBLICATIONS ET AL: Placed Under Voluntary Wind-Up
GOLDTRUSS PTY: Members and Creditors Receive Wind-Up Report
MPS SECURITY: Members and Creditors Receive Wind-Up Report

QUADRIC INTERIORS: Declares First and Final Dividend
QUADTEL INTERNATIONAL: Members and Creditors Hear Wind-Up Report
LYNAS CORPORATION: To Suspend Rare Earths Project
REICA CONSTRUCTION: Members and Creditors Receive Wind-Up Report
RENGAR PTY: Inability to Pay Debts Prompts Wind-Up

RIO TINTO: In Talks w/ Japanese Cos on Energy Resources Stake Sale
SURSOLAC PTY: Placed Under Voluntary Wind-Up
TOP STATION: Placed Under Voluntary Wind-Up
TRUCK MART: Supreme Court Enters Wind-Up Order
VALLEY RIDGE: Placed Under Voluntary Wind-Up

VENTRACOR LIMITED: May Enter into Voluntary Administration
WESTRALIAN TRANSFORMERS: Members Receive Wind-Up Report
WIGHAM POLAND: Members Receive Wind-Up Report


H O N G  K O N G

CHINA OVERSEAS: Creditors' Proofs of Debt Due on March 6
DFE LIMITED: Pang and Hei Step Down as Liquidators
FRONT GROUP: Creditors' Meeting Set for March 27
GRAND SPEED: Creditors' Proofs of Debt Due on March 6
KDLC LEASE: Creditors' Proofs of Debt Due on March 6

KESWICK INTERNATIONAL: Fai and Lo Step Down as Liquidators
NEC COMPOUND: Seng and Lo Step Down as Liquidators
PO HONG: Creditors' Proofs of Debt Due on March 9
PRELOTUS DEVELOPMENT: Chong Steps Down as Liquidator
PROTEK ASIA: Members to Hear Wind-Up Report on March 12

SANYO TECHNICAL: Commences Wind-Up Proceedings
SUPER MISSION: Chui Steps Down as Liquidator
THE MOVIE: Commences Wind-Up Proceedings
TOP PEAK: Members to Hear Wind-Up Report on March 6
UNITECH NETWORKS: Appoints Chan as Liquidator


I N D I A

ARVIND PRODUCTS: Unmet Debt Obligations Cues CRISIL 'D' Rating
BHUMIKA GEMS: Weak Financial Flexibility Cues CRISIL 'P4' Rating
METAL CLOSURES: CRISIL Rates Rs.207.80MM Long Term Loan at 'BB-'
RGA SOFTWARE: CRISIL Assigns 'BB(so)' Rating on Rs.1905MM LT Loan
SOLID (INDIA): CRISIL Puts 'B+' Ratings on Various Bank Facilities

SONIC BIOCHEM: CRISIL Rates Rs.380.0 Mln. Cash Credit at 'BB+'
SUBHIKSHA TRADING: In Debt Restructuring Review with Lenders
TST PIPES: CRISIL Assigns 'BB-' Ratings on Various Bank Facilities


J A P A N

AOZORA BANK: Forecasts JPY196 Bln. Full Year Loss; Appoints CEO
SAIZERIYA CO: Founder Shogaki Resigns as President
SPANSION INC: Japanese Subsidiary Files for Bankruptcy


N E W  Z E A L A N D

BEAUTYBEE HOLDINGS: Court Hears Wind-Up Petition
COLONEL PROPERTIES: Appoints McKay and Cregten as Liquidators
FOUR STAR: Appoints Paul Graham Sargison as Liquidator
J.P. 3: Commences Liquidation Proceedings
MINFORD LTD: Appoints Meltzer and Mason as Liquidators

NGAMOKO HOLDINGS: Commences Liquidation Proceedings
OPI PSP ET AL: Appoint McKay and Cregten as Liquidators
PRIMESIDE LTD ET AL: Creditors' Proofs of Debt Due on March 15
RDKS NZ: Commences Liquidation Proceedings
SAVANNAH HEIGHTS ET AL: Appoint Ries & Levin as Liquidators


S I N G A P O R E

FASCON CRANE: Court Enters Wind-Up Order
GOLD PRECISION: Pays Second and Final Dividend
PAMMAS PTE: Creditors' Proofs of Debt Due on March 6
TEAM ENERGY: Court Enters Wind-Up Order


                         - - - - -


=================
A U S T R A L I A
=================

A W MOORE: Placed Under Voluntary Wind-Up
-----------------------------------------
During a general meeting held on October 30, 2008, the members of
A W Moore Pty Ltd resolved that the company be wound up
voluntarily.

The company's liquidator is:

          Gerald Lee
          5/80 Cecil Street
          Castle Hill NSW 2154


ANUIL HILL: Members Opt to Wind-Up Business
-------------------------------------------
During a general meeting held on October 28, 2008, the members of
Anuil Hill Project Watch Association Incorporated resolved that
the company be wound up voluntarily.

The company's liquidator is:

          Peter Charles Hicks
          Forsythes Chartered Accountants
          Level 5, 175 Scott Street
          Newcastle


BLUE WINGS: Appoints Kugel and Warner as Liquidators
----------------------------------------------------
During a general meeting held on October 28, 2008, the members of
Blue Wings International Pty Limited appointed Steven Kugel and
Anthony Warner as the company's liquidators.

The Liquidators can be reached at:

          Steven Kugel
          Anthony Warner
          Telephone: (02) 8243 5200
          Website: http://www.liquidationdirect.com.au


BUSINESS CATALYST: Creditors Receive Wind-Up Report
---------------------------------------------------
The creditors of Business Catalyst Asia Pacific Pty Limited met on
Dec. 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

G. W. Hall is the company's liquidator.


CENTROM PROJECTS: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Centrom Projects Pty Limited met on
December 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

Geoffrey Mcdonald is the company's liquidator.


DEEMAH MARBLE: Declares Priority Dividend for Ex-Employees
----------------------------------------------------------
Deemah Marble & Granite Pty Limited, which is in liquidation,
declared the first and final priority dividend to ex-employees on
December 16, 2008.

Only creditors who were able to file their proofs of debt by
December 9, 2008, were included in the company's dividend
distribution.


EXPRESS COMMUNICATIONS: Placed Under Voluntary Wind-Up
------------------------------------------------------
During a general meeting held on October 30, 2008, the members of
Express Communications Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

          Peter Charles Hicks
          Forsythes Chartered Accountants
          Level 5, 175 Scott Street
          Newcastle


FAIRFAX PUBLICATIONS ET AL: Placed Under Voluntary Wind-Up
----------------------------------------------------------
A special resolution was passed by the members  to voluntarily
wind up the operations of:

   -- Fairfax Publications Pty Ltd (Fair);
   -- Lockeville Pty Limited (Locke);
   -- Metropolis Media Pty Ltd (Metro);
   -- N E Investments Pty Ltd (N E); and
   -- Propertypath.com.au Pty Limited (Prop).

The companys liquidators are:

         David Clement Pratt
         Timothy James Cuming
         201 Sussex Street, Level 15
         Sydney NSW 1171


GOLDTRUSS PTY: Members and Creditors Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Goldtruss Pty Ltd met on December 15,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


MPS SECURITY: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of MPS Security Group Australia Pty
Limited met on December 12, 2008, and received the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


QUADRIC INTERIORS: Declares First and Final Dividend
----------------------------------------------------
Quadric Interiors (NSW) Pty Limited declared the first and final
dividend on December 3, 2008.

Only creditors who were able to file their proofs of debt by
December 2, 2008, were be included in the company's dividend
distribution.


QUADTEL INTERNATIONAL: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Quadtel International Pty Limited met
on December 15, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         G. G. Woodgate
         Woodgate & Co
         Telephone: (02) 9233 6088
         Facsimile: (02) 9233 1616


LYNAS CORPORATION: To Suspend Rare Earths Project
-------------------------------------------------
Lynas Corporation Limited said it would suspend work in its Rare
Earths Project due to uncertainty concerning the project's
financing structure.

Lynas continues to hold the view that the project is sound, even
in the current environment, and that with appropriate funding
structures in place, the company will have an exciting future.

The Company continues to be in active dialogue concerning
alternative funding structures.  Both Rare Earths demand and
prices remain robust and the project economics remain solid.  The
proposed suspension of the project is a result of global
constraints on the availability of capital.

Significant development work has been undertaken on the project,
including detailed engineering planning, preparation of the site
in Malaysia and the mining of a large stockpile of high grade ore
at Mt Weld.

According to Lynas, the key factors that lead to this re-
assessment include:

   1. There is presently a dispute as to whether all conditions
      precedent to release of the US$95 million bond monies from
      escrow have been satisfied.  Lynas has asserted that the
      conditions were satisfied prior to January 31, 2009,
      however the bondholders do not appear likely to agree to
      release the escrowed funds in accordance with the original
      terms that were released to the ASX on March 7, 2008.  The
      Company is assessing all of its options (including its
      legal position) in relation to the bond facility.

   2. Although the senior bank facility is underwritten and
      available until 31 March 2009, it cannot be drawn down
      without prior release of the bond monies or other
      equivalent funding.  Given the differences in terms and
      conditions being sought by the bondholders compared with
      the original terms, the Company considers it unlikely
      that these funds will be available.

   3. While customer support remains very strong, the Company
      needs to ensure that the capital structure supporting the
      project is appropriate for the long term future of the
      Company.  In that regard, the Company is in discussions
      with various potential partners who may have a mutual
      interest in supporting the industrial development of the
      project.

The Company's cash balance at January 31, 2009 was AU$55,000,000,
and Lynas will reduce ongoing costs and will prudently manage
available cash.

The Company continues to be confident about the future of the
Mount Weld Rare Earths project, and, if the project is suspended,
the Company intends to restart the project once an appropriate
capital structure is in place.

Nicholas Curtis, Executive Chairman, said "We feel very sad about
the proposed suspension of project development given the strong
customer demand, and in fact need, for our products. This proposed
suspension is entirely a function of a disruption in the capital
market conditions and is not a reflection of the industrial
strength of the project.  We will continue to pursue available
funding opportunities to push the project forward."

                     About Lynas Corporation

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources.  Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant.  The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.

                         *     *     *

The company incurred three consecutive annual net losses of
AU$21.48 million, AU$6.20 million and AU$4.50 million for the year
ended June 30, 2006, 2007 and 2008.


REICA CONSTRUCTION: Members and Creditors Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Reica Construction Pty Ltd met on
December 12, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Blair Pleash
          Hall Chadwick
          31 Market Street, Level 29
          Sydney NSW 2000


RENGAR PTY: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
The members of Rengar Pty Limited met on October 24, 2008, and
resolved to voluntariy wind up the company's operations due to its
inability to pay debts when it fall due.

The company's liquidator is:

         Steven Gladman
         c/o Hall Chadwick
         31 Market Street, Level 29
         Sydney NSW 2000


RIO TINTO: In Talks w/ Japanese Cos on Energy Resources Stake Sale
------------------------------------------------------------------
Rio Tinto is in talks with several Japanese energy companies on a
potential sale of its 68 per cent stake in Energy Resources
Australia Ltd as part of its effort to pay off debts, the
Heraldsun reports citing BusinessDaily.

"Rio has received several expressions of interest from Japanese
companies involved in power generation," sources close to the
company told BusinessDaily.

"It's at an early stage, but Rio is now testing that interest."

The Heraldsun notes several Japanese conglomerates last year
scooped up stakes in two major Australian uranium developments
including Mitsui and Mitsubishi.

          Missed Asset-Sale Targets, May Sell Shares

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2009, Bloomberg News said Rio Tinto failed to meet its
asset-sale targets due to the global recession, and may sell
shares to help cut debts.

According to a TCR-Europe report on Dec. 11,2008, Rio Tinto plans
to further reduce its net debt by US$10 billion by the end of 2009
through expanding the scope of assets targeted for divestment to
include significant assets not previously highlighted for sale.

The company so far has sold at least US$4.6 billion in assets,
Bloomberg News said.

The group's net debt as of October 31, 2008 stood at US$38.9
billion.

Rio doesn't "rule out the potential to issue equity as one of the
options it has available," the London-based company said in a
Jan. 28 statement obtained by Bloomberg News.

"The likelihood of Rio doing a share sale is increasing,"
Bloomberg News quoted Peter Arden, an analyst at Ord Minnett Ltd.,
an affiliate of JPMorgan Chase & Co., as saying.  "Buyers want
super bargains and Rio does not want to sell at those prices.  Rio
is probably thinking it's better to go to the market."

Bloomberg News recalled Rio increased its debt almost 19-fold
after buying Canadian aluminum producer Alcan Inc. for US$38.1
billion in 2007.

According to Bloomberg News, BHP Billiton abandoned its hostile
US$66 billion bid for Rio Tinto plc on Nov. 25 citing Rio's debt
and slumping demand for commodities.

Rio has declined 33 percent since then and its London shares are
now trading 75 percent below the 6,000 pence a share price paid by
Chinalco and Alcoa, Bloomberg News disclosed.

To reduce costs, Rio said it will:

   -- Reduce global headcount by 14,000, comprising 8,500
      contractor jobs and 5,500 employee roles (annual operating
      cost saving of US$1.2 billion, upfront severance costs of
      US$400 million);

   -- Consolidate offices around the Group, including the
      London head office;

   -- Rapidly accelerate outsourcing and off-shoring of
      IT and procurement in 2009; and

   -- Defer exploration and evaluation expenditure.

                         About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


SURSOLAC PTY: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on October 31, 2008, the
members of Sursolac Pty Limited resolved that the company be wound
up voluntarily.

The company's liquidator is:

          Barry Cook
          54 Beechwood Avenue
          Greystanes NSW 2145
          Telephone: (02) 9636 2845
          Facsimile: (02) 9636 2845


TOP STATION: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on October 29, 2008, the
members of Top Station Grazing Co Pty Ltd resolved that the
company be wound up voluntarily.

The company's liquidator is:

         Nicholas Preobrajensky
         Nick Preo Accountant
         43 King Street
         Gloucester NSW 2422


TRUCK MART: Supreme Court Enters Wind-Up Order
----------------------------------------------
On October 28, 2008, the Supreme Court of New South Wales entered
an order to have Truck Mart Group Pty Limited's operations wound
up.

The company's liquidator is:

          Christopher J. Palmer
          O'Brien Palmer
          23 Hunter Street, Level 4
          Sydney NSW 2000


VALLEY RIDGE: Placed Under Voluntary Wind-Up
--------------------------------------------
During a general meeting held on October 29, 2008, the members of
Valley Ridge Investments Pty Limited resolved that the company be
wound up voluntarily.

The company's liquidator is:

          P. Ngan
          Ngan & Co
          Chartered Accountants
          49 Market Street, Level 5
          Sydney NSW 2000


VENTRACOR LIMITED: May Enter into Voluntary Administration
----------------------------------------------------------
Ventracor Limited has warned it may call in administrator within
weeks if the company fails to find an investor and put together a
deal to sell the company, James Thomson at SmartCompany reports.

According to the report, Ventracor has been desperately trying to
find an investor, merger partner or even buyer for its business
for the past few months.  The company, the report relates, had
also tried to raise capital but failed to convince investors to
pour any more cash into the business.

"The board continues to closely monitor the solvency position of
the company," SmartCompany cited Ventracor in a statement to the
Australian Stock Exchange.

"If an acceptable refinancing cannot be achieved in the next few
weeks, the company will have no alternative other than to appoint
a voluntary administrator, and this may potentially occur while
the company remains in voluntary suspension from trading."

SmartCompany says that the company was forced to issue an "urgent
field safety notice" after problems were discovered with one of
its heart implant devices.

Ventracor, as cited by the report, said it had been in discussions
with one party about a potential sale and another party about a
debt financing deal.

Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a
global medical device company that has developed an implantable
blood pump, the VentrAssist left ventricular assist device (LVAD),
designed as therapy for patients in end-stage heart failure.  The
principal activities of the Company are the research, development,
manufacture, clinical trials and commercialization of the
VentrAssist LVAD and related technologies.  The VentrAssist
product segment utilizes specialist medical companies in Australia
and internationally to assist in the production of VentrAssist
pumps for the clinical trials.  Final testing and assembly of the
VentrAssist is carried out in Australia.  The Company's divisions
are managed in Australia, with operations in Australia, the United
States and Europe.


WESTRALIAN TRANSFORMERS: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Westralian Transformers Pty Limited met on Dec. 15,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Murray Smith
          McGrathNicol
          60 Margaret Street, Level 31
          Sydney NSW 2000
          Telephone: +61 2 9338 2600
          Website: http://www.mcgrathnicol.com


WIGHAM POLAND: Members Receive Wind-Up Report
---------------------------------------------
The members of Wigham Poland Australia Pty Ltd met on Dec. 12,
2008, and received the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          P. J. Davidson
          c/o Marsh Pty Ltd
          Darling Park, Tower 3
          201 Sussex Street
          Sydney NSW 2000
          Telephone: (02) 8864 8501



================
H O N G  K O N G
================

CHINA OVERSEAS: Creditors' Proofs of Debt Due on March 6
--------------------------------------------------------
The creditors of China Overseas-Young's Mechanical & Electrical
Engineering Limited are required to file their proofs of debt by
March 6, 2009, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 2, 2009.

The company's liquidators are:

         Qin Chongrui
         Poon Lock Kee, Rocky
         China Overseas Building, 29th Floor
         139 Hennessy Road
         Wanchai, Hong Kong


DFE LIMITED: Pang and Hei Step Down as Liquidators
--------------------------------------------------
On February 3, 2009, So Chin Pang and Tong Sik Hei, Godfrey
stepped down as liquidators of DFE Limited.


FRONT GROUP: Creditors' Meeting Set for March 27
------------------------------------------------
The creditors of Front Group Limited will hold their meeting on
March 27, 2009, at 3:30 p.m., at Room 203, 2nd Floor of Duke of
Windsor Social Service Building, No. 15 Hennessy Road, in Wanchai,
Hong Kong.

At the meeting, the creditors will be asked to consider the
matters in Sections 241, 242, 243, 244, 251(1)(a) and 255A of the
Companies Ordinance.


GRAND SPEED: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
The creditors of Grand Speed Service Limited are required to file
their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 2, 2009.

The company's liquidator is:

         Leung Mie Fan
         Allied Kajima Building, Room 1005
         138 Gloucester Road
         Wanchai, Hong Kong


KDLC LEASE: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of KDLC Lease and Finance Limited are required to
file their proofs of debt by March 6, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 30, 2009.

The company's liquidators are:

         Messrs. Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


KESWICK INTERNATIONAL: Fai and Lo Step Down as Liquidators
----------------------------------------------------------
On January 21, 2009, Puen Wing Fai and Lo Yeuk Ki, Alice stepped
down as liquidators of Keswick International Limited.


NEC COMPOUND: Seng and Lo Step Down as Liquidators
--------------------------------------------------
On January 20, 2009, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of NEC Compound Semiconductor Devices
Hong Kong Limited.


PO HONG: Creditors' Proofs of Debt Due on March 9
-------------------------------------------------
The creditors of Po Hong Computer Equipment Cleaning Limited are
required to file their proofs of debt by March 9, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 31, 2009.

The company's liquidator is:

         Tam Chi Chung
         Cheong K Building, Room 804
         34-86 Des Voeux Road
         Central, Hong Kong


PRELOTUS DEVELOPMENT: Chong Steps Down as Liquidator
----------------------------------------------------
On January 21, 2009, Chong Shi Ming John stepped down as
liquidator of Prelotus Development Limited.


PROTEK ASIA: Members to Hear Wind-Up Report on March 12
-------------------------------------------------------
The members of Protek Asia (H.K.) Limited will meet on March 12,
2009, at 10:00 a.m., at Flat 204-5, 2nd Floor of Laford Centre,
838, Lai Chi Kok Road, in Kowloon, Hong Kong.

At the meeting, Chu Kam Chiu, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SANYO TECHNICAL: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on February 2, 2009, the
sole shareholder of Sanyo Technical Service (H.K) Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chow Chor Kai, Francis
         C C Wu Building, Room 1909, 19th Floor
         302-308 Hennessy Road
         Wanchai, Hong Kong


SUPER MISSION: Chui Steps Down as Liquidator
--------------------------------------------
On January 23, 2009, Chui Chi Yun Robert stepped down as
liquidator of Super Mission Development Limited.


THE MOVIE: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on January 30, 2009, the
members of The Movie Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Chan Sin Yiu
          Takshing House, Room 1506
          20 Des Voeux Road C.
          Central, Hong Kong


TOP PEAK: Members to Hear Wind-Up Report on March 6
---------------------------------------------------
The members of Top Peak International Development Limited will
meet on March  6, 2009, at 10:00 a.m., at Unit 5-6 & 18, 17th
Floor of Shatin Galleria, 18-27 Shan Mei Street, Fo Tan, in
Shatin, N.T.

At the meeting, Chang Ji Yu Hwa, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


UNITECH NETWORKS: Appoints Chan as Liquidator
---------------------------------------------
On January 24, 2009, the creditors of Unitech Networks Limited
appointed Chan Kin Hang, Danvil as the company's liquidator.

The Liquidator can be reached at:

         Chan Kin Hang, Danvil
         Ginza Square, Room 2301, 23rd Floor
         565-567 Nathan Road
         Yaumatei
         Kowloon, Hong Kong



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

ARVIND PRODUCTS: Unmet Debt Obligations Cues CRISIL 'D' Rating
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Arvind Products Ltd (Arvind Products) to 'D/P5' from
'BBB-/Negative/P3'.

   Rs. 288 Million Cash Credit Limits     D (Downgraded from
                                            'BBB-/Negative')
   Rs.273 Million Working Capital         D (Downgraded from
                   Demand Loans             'BBB-/Negative')

   Rs.240.9 Million Foreign Currency      D (Downgraded from
                    Loan                'BBB-/Negative')

   Rs.1207.3 Million Rupee Term Loan      D (Downgraded from
                                            'BBB-/Negative')
   Rs.189 Million Export Packing Credit  P5 (Downgraded from
                                              'P3')

   Rs.150 Million Letter of Credit        P5 (Downgraded from
                  Limits                      'P3')

   Rs.50 Million Bank Guarantee Limits    P5 (Downgraded from
                                              'P3')

The revision in ratings is because Arvind Products has not met its
term debt obligations due to IDBI Bank in January 2009.  The
company is in discussions with its lenders, including IDBI Bank,
to reschedule its long-term debt obligations, as it believes that
its internal accruals are unlikely to suffice due to the weak
business environment prevalent in the textile segment.  CRISIL
believes that Arvind Products may not meet some of the debt
obligations falling due in February 2009, as these would be under
consideration for rescheduling.

                     About Arvind Products

Arvind Products is a 53.66 per cent subsidiary of Arvind Ltd.
Arvind Products has four divisions: Ankur Textiles, at Ahmedabad,
Gujarat, which manufactures voiles; Arvind Polycot, at Santej,
Gujarat, which manufactures bottom weights and khakis; and Arvind
Intex, Ahmedabad, and Arvind Cotspin, Kolhapur, Maharashtra, which
manufacture cotton yarn.

For 2007-08 (refers to financial year, April 1 to March 31),
Arvind Products reported a net profit of Rs.29.34 million
(Rs.71.28 million for 2006-07) on net sales of Rs.3.99 billion
(Rs.4.03 billion).  For the nine months ended December 31, 2008,
the company reported a net loss of Rs.150.70 million (net profit
of Rs.38.30 million in the corresponding period of the previous
year) on net sales of Rs.2.95 billion (Rs.3.40 billion).


BHUMIKA GEMS: Weak Financial Flexibility Cues CRISIL 'P4' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Bhumika Gems (Bhumika).

   Rs.40.0 Million Export Packing Credit    P4 (Assigned)
   Rs.95.0 Million Post Shipment Credit     P4 (Assigned)
   Rs.27.0 Million Standby Line of Credit   P4 (Assigned)

The rating reflects the expected deterioration in Bhumika's
profitability and revenues due to the current economic slowdown,
its weak financial flexibility because of the partnership nature
of business, and the firm's exposure to supplier concentration
risks.  These weaknesses are partially mitigated by the benefits
that Bhumika derives from its promoters' experience of around two
decades in the diamond business.

                        About Bhumika

Formed in 1993 by brothers Mr. Ghanshyambhai Vaghani, Mr.
Arvindbhai Vaghani, and Mr. Maheshbhai Vaghani, Bhumika is a
partnership firm engaged in manufacturing of, and trading in
polished diamonds. Mr. Ghanshyambhai Vaghani manages the
procurement of rough diamonds from Belgium; Mr. Arvindbhai Vaghani
manages the firm's manufacturing facilities in Surat and
Ahmedabad; and Mr. Maheshbhai Vaghani manages the firm's
operations out of Mumbai.  The brothers have an equal share in the
firm's capital.  The firm has a branch office in Surat with their
own manufacturing units at Surat and Ahmedabad.  For 2007-08
(refers to financial year, April 1 to March 31), Bhumika reported
a profit after tax (PAT) of Rs.4.8 million on net sales of Rs.412
million, as against a PAT of Rs.4.4 million on net sales of Rs.346
million in the previous year.


METAL CLOSURES: CRISIL Rates Rs.207.80MM Long Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the
various bank facilities of Metal Closures Pvt Ltd (Metal
Closures).

   Rs.207.80 Million Long Term Loan      BB-/Negative (Assigned)
   Rs.257.20 Million Cash Credit Limits  BB-/Negative (Assigned)
   Rs.340.00 Million Letter of Credit    P4 (Assigned)
   Rs.10.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the company's weak financial risk profile,
constrained by debt-funded capital expenditure (capex) for
expanding capacity.  The ratings also factor in Metal Closures'
exposure to the risks related to the fragmented nature of, and
intense competition in, the metal packaging industry, the working
capital-intensive nature of its operations, and supplier
concentration.  These rating weaknesses are mitigated by Metal
Closures' established clientele, diversified product mix, and
healthy operating margins.

Outlook: Negative

CRISIL believes that Metal Closures' credit risk profile will
remain under pressure over the medium term on account of the
ongoing debt-funded capex.  The rating could be downgraded in case
the company is unable to tie-up for project funding, affecting
project implementation and thereby straining its financial risk
profile.  Conversely, the outlook could be revised to 'Stable' in
case of successful implementation of current projects, higher
utilisation of facilities, and better margins, resulting in an
improvement in the company's financial risk profile.

                     About Metal Closures

Metal Closures, incorporated in 1977 at Bangalore, manufactures
metal packaging products such as crown corks, shoe-care products,
dry cell battery jackets and components, and twist-off closures.
The company has manufacturing units at Kanakapura and Kunigal in
Karnataka, and Kal-amb in Himachal Pradesh.  It is currently
undertaking a capex of Rs.363 million with a debt-to-equity mix of
about 2:1.

For 2007-08 (refers to financial year, April 1 to March 31), Metal
Closures reported a profit after tax (PAT) of Rs.55 million on net
sales of Rs.1.1 billion, as against a PAT of Rs.23 million on net
sales of Rs.822 million for the previous year.


RGA SOFTWARE: CRISIL Assigns 'BB(so)' Rating on Rs.1905MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB(so)/Stable' to the long term
loan facility of RGA Software Systems Pvt Ltd (RGA).

   Rs.1905 Million Long Term Loan    BB(so)/Stable (Assigned)

The rating reflects RGA's exposure to risks relating to project
implementation, concentration of revenues in three lessees, and
strained financials resulting in cash flow mismatches, which are
partly met through debt.  These weaknesses are mitigated by the
competitive edge that RGA has because of the quality and the
location of its information technology (IT) parks, which attracts
multinationals.

Outlook: Stable

CRISIL expects RGA to maintain its steady business and financial
risk profiles over the medium term, backed by its established
lessee base, and to complete its new special economic zone (SEZ)
project on time.  The outlook may be revised to 'Positive' if the
company is able to finalise lease contracts for its new project at
the expected occupancy and realizations.  Conversely, the outlook
may be revised to 'Negative' if there are substantial delays in
project completion, lower-than-expected or delayed revenues from
new project, or unexpected terminations of existing lease
agreements.

                   About RGA Software

Incorporated in 2000, RGA is an infrastructure developer, and has
constructed four IT parks in Bangalore; it has leased this space
to three IT companies, Genpact, Hewlett Packard and HCL
Technologies Ltd.  RGA is developing a SEZ project, with a built-
up area of 1.8 million square feet on Outer Ring Road, Bangalore,
as part of a joint development agreement with Primal Projects Pvt
Ltd, a group company.

For 2007-08 (refers to financial year, April 1 to March 31), RGA
reported a profit after tax (PAT) of Rs.19.27 million on net sales
of Rs.203.35 million, as against a PAT of Rs.14.10 million on net
sales of Rs.152 million in the previous year.


SOLID (INDIA): CRISIL Puts 'B+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Solid (India) Ltd (SIL).

   Rs.15.00 Million Working Capital   B+/Stable (Assigned)
            Demand Loan *    

   Rs.80.00 Million Proposed Long     B+/Stable (Assigned)
            Term Bank Facility

   Rs.5.00 Million Bank Guarantee     P4 (Assigned)

   * Includes Sub-limit of Rs. 2.50 million for Supplier
     Bill Discounting

The ratings reflect SIL's weak financial risk profile, small scale
of operations and exposure to risks relating to fluctuations in
the prices of raw material.  However, these weaknesses are
partially offset by SIL's diversified product portfolio.

Outlook: Stable

CRISIL expects SIL to maintain it risk profile backed by steady
demand from the export markets, although small scale of operations
may restrict the company's ability to compete with bigger
international and domestic players.  The outlook may be revised to
'Positive' if SIL's capital structure improves significantly, and
its expanded capacities attain stabilisation of operations leading
to higher sales and profitability.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large debt-funded
capital expenditure, leading to deterioration in debt protection
measures and operating margins.

                       About Solid (India)

Incorporated in 1992, SIL manufactures a large range of equipment
for the road construction industry.  It did not have manufacturing
operations till March 31, 2007.  From April 2007, three group
partnership/proprietorship firms, Solid & Correct Engineering
Works, Solid Steel Plant Manufacturers, and Solmec Earthmover
Equipments, were merged into SIL. For 2007-08, (refers to
financial year, April 1 to March 31), SIL reported a profit after
tax (PAT) of Rs.2.4 million on net sales of Rs.128.2 million.


SONIC BIOCHEM: CRISIL Rates Rs.380.0 Mln. Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Sonic Biochem Extractions Ltd (Sonic Biochem).

   Rs.380.0 Million Cash Credit       BB+/Stable (Assigned)
   Rs.231.4 Million Term Loan         BB+/Stable (Assigned)
   Rs.10.0 Million Letter of Credit   P4 (Assigned)
   Rs.10.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Sonic Biochem's stretched liquidity, its weak
debt protection measures, which are likely to deteriorate further
because of the ongoing capital expenditure (capex), and pricing
risks associated with the agri-based business.  These weaknesses
are mitigated by Sonic Biochem's large and integrated product
offerings, diverse customer base, and wide geographic reach, which
together lend stability to its revenues.

Outlook: Stable

CRISIL believes that the incremental debt that Sonic Biochem has
contracted to fund its capex will be supported by increasing cash
flows from new capacities as they come on stream. The outlook may
be revised to 'Positive' in case of a substantial improvement in
the company's liquidity.  Conversely, the outlook may be revised
to 'Negative' in the event of delays in project implementation or
a steeper-than-expected deterioration in the company's debt
protection measures.

                       About Sonic Biochem

Sonic Biochem is part of the Indore-based Matlani group of
companies, which has interests in real estate development and soya
bean products.  The group companies are headed by Mr. Girish
Matlani. Sonic Biochem manufactures more than 10 non-genetically
modified soya products.  For 2007-08 (refers to financial year,
July 1 to June 30), Sonic Biochem reported a profit after tax
(PAT) of Rs.99.87 million on net sales of Rs.2.63 billion, as
against a PAT of Rs.44.03 million on net sales of Rs.1.73 billion
for the 13-month period ended June 30, 2007.


SUBHIKSHA TRADING: In Debt Restructuring Review with Lenders
------------------------------------------------------------
The Financial Express reported that Subhiksha Trading Services
said it may consider selling stake to raise funds to meet its
operational requirements and has ruled out declaring bankruptcy.

Subhiksha Trading, the report relates, is currently undergoing a
corporate debt restructuring (CDR) exercise with lenders,
including 12 foreign and Indian private sectors banks.  The
company has a total debt of around Rs 750 crore, the report notes.

"No, not at all, as that (declaring bankruptcy) is not a solution.
We have a viable business which is cash-starved and CDR will help
us revive this," Subhiksha Trading Services Managing Director R
Subramanian was quoted by the Express as saying.

Mr. Subramanian, as cited by the report, said the company would be
able to raise Rs 300 crore, required for meeting operational
expenses, only after completion of the CDR process.

According to the report, the company's operations have come to a
standstill for the past few weeks due to non-payment of employees
salaries, huge debt burden and arrears to suppliers.

Subhiksha Trading Services Ltd operates about 1,600 discount
stores in India.  The company employs about 15,000 people directly
and through contractors.


TST PIPES: CRISIL Assigns 'BB-' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of TST Pipes Ltd (TST).

   Rs.105.0 Million Cash Credit limit       BB-/Stable (Assigned)
   Rs.24.0 Million Standby line of Credit   BB-/Stable (Assigned)
   Rs.14.8 Million Term Loan                BB-/Stable (Assigned)
   Rs.30.0 Million Bank Guarantee           P4 (Assigned)
   Rs.30.0 Million Letter of Credit         P4 (Assigned)

The ratings reflect TST's small scale of operations, low net
worth, and moderate financial risk profile.  These weaknesses are
mitigated by the company's established market presence in the
electric resistance welded (ERW) pipe segment.

Outlook: Stable

CRISIL believes that TST will maintain its stable business and
financial risk profiles over the medium term.  The outlook may be
revised to 'Positive' if the company expands its presence in the
market and generates more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if TST's
profitability declines significantly on account of a sharp
increase in raw materials prices.

                     About  TST

Incorporated in 1999, TST manufactures and exports ERW black and
galvanised pipes.  The company's plant, located in Ghaziabad, has
capacity to manufacture 60,800 tonnes per annum of pipes in
different sizes.  For 2007-08 (refers to financial year, April 1
to March 31), TST reported a profit after tax (PAT) of Rs.8.9
million on net sales of Rs.867 million, as against a PAT of Rs.8.3
million on net sales of Rs.694 million for the previous year.



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

AOZORA BANK: Forecasts JPY196 Bln. Full Year Loss; Appoints CEO
---------------------------------------------------------------
Aozora Bank Ltd has revised its full year earnings forecasts for
FY2008 ending March 31, 2009 to a full year loss of JPY196
billion.  The bank reported JPY109.4 billion net loss for the
third quarter ending December 31, 2008.  It has also revised its
common share dividend forecast to zero.

In a news release, Aozora Bank said it has taken proactive
measures to significantly address legacy and non-core assets, such
as GMAC, CDOs, hedge fund investments, credit to Lehman Brothers,
and ETF investments by the end of FY2008 in order to secure a
return in profitability in FY2009.

The Bank's consolidated capital adequacy ratio remains at 13.71% ,
and Tier 1 at 14.81%, as of the end of December, maintining its
position as of the highest among major Japanese banks.  After
addressing legacy and non-core asset by the end of FY2008, the
bank projects that its capital adequacy ratio will remain over
12%.  Aozora Bank continues to maintain ample liquidity, with a
level of over JPY1 trillion as of the end of January 2009.

                       Management Changes

Aozora Bank disclosed that Federico J. Sacasa has resigned with
immediate effect, and is suceeded by Brian F. Prince as Acting
President and Acting Chief Executive Officer.  In addition, the
bank will make other changes at its next general shareholders
meeting to strenghten its management framework in to best carry
out its new business model.

The management team commented, "We would like to offer our sincere
apologies to all of our stakeholders, including our customers and
shareholders, for the extremely disappointing full year forecasts
and third quarter results, which have led to our decision to
revise the common share dividend to zero for this fiscal year.
The new management believe that the decisive action taken during
this fiscal year, begun on November 14, 2008, are necessary to
secure a return to profitability from FY2009 onwards.  A reduction
in renumeration for the management has remained in place since
October 2008.  The management team will continue to review the
cost structure and together with employees of the bank, are
committed to realizing growth and a stable, profitable business
model based on domestic lending through an effective use of the
bank's ample capital.  We would like to express our gratitude for
the continuing support of our customers and stakeholders."

                       About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 31, 2008, Moody's Investors Service downgraded Aozora Bank,
Limited's bank financial strength rating (BFSR) to D+ from C-, the
base line credit assessments to Baa3 from Baa2, the long-term and
short-term deposit ratings to A3/P-2 from A2/P-1, and senior
unsecured debt rating to A3 from A2.  The outlook for these
ratings is negative.  This rating action concludes the review
initiated on September 18, 2008.

Moody's said the downgrade reflects its views that Aozora's
earnings, particularly from its domestic investment banking and
global investment businesses, will remain volatile and that the
bank's operating performance will remain under pressure due to a
less favorable environment for businesses funded by wholesale
funds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 2, 2008, Fitch Ratings has affirmed Japan's Aozora Bank's
Long-term foreign and local currency Issuer Default Ratings at
'A-', Short-term foreign and local currency IDRs at 'F1',
Individual 'C', Support '3', Support Rating Floor 'BB+' and senior
unsecured notes 'A-'.  The Outlook remains Stable.


SAIZERIYA CO: Founder Shogaki Resigns as President
--------------------------------------------------
Saizeriya Co. Ltd. said its founder, Yasuhiko Shogaki, will step
down as president and will become Chairman of the company, The
Japan Times reports citing Kyodo News.  Director Issei Horino will
take place as president effective April 1, 2009.

The Times relates that Mr. Horino joined Saizeriya in April 2000
after working for Ajinomoto Co., and has been a director since
November 2000.

The Troubled Company Reporter-Asia Pacific on Jan. 8, 2009, citing
The Japan Times, said Saizeriya expects to report a JPY5.8 billion
group net loss for the year ending August 2009.  The company
earlier projected a JPY4.2 billion profit.

According to the Times, the revised earnings forecast comes after
the company reported JPY15.31 billion in losses from the
cancellation of derivatives transactions in December 2008.

For the first half of the year, Japan Times related, Saizeriya
said it will incur a group net loss of JPY8.8 billion instead of
an earlier estimated profit of JPY1.3 billion.

Saizeriya Co. Ltd. is a Japan-based company primarily involved in
the restaurant business.  The company is engaged in the operation
of Italian wine and cafe restaurants under the name Saizeriya, as
well as fast food restaurants under the names Eat Run and
Saizeriya EXPRESS.  As of August 31, 2008, it had 769 Saizeriya
restaurants and six fast food restaurants in Japan, as well as 20
restaurants in Shanghai, China.  Additionally, the company is also
involved in the processing of food ingredients and the logistics
business.  The company has six subsidiaries.


SPANSION INC: Japanese Subsidiary Files for Bankruptcy
------------------------------------------------------
Spansion Inc. said its Japanese subsidiary, Spansion Japan Ltd,
has entered into a proceeding under the Corporate Reorganization
Law (Kaisha Kosei Ho) of Japan.

Spansion Japan Ltd voluntarily chose to enter the proceeding to
obtain protection from its creditors while it continues its
restructuring efforts.  This action does not include any of
Spansion's other subsidiaries or their operations outside of
Japan.

Spansion Inc. does not expect the filing in Japan to materially
affect its global operations.  Spansion Japan Ltd. will continue
its operations and intends to pay, in a timely manner, for all
goods and services that it obtains after the date of filing.

"We intend for Spansion Japan to continue to operate throughout
the restructuring period," said John Kispert, Spansion's president
and CEO.  "Our Japanese operations have sufficient cash on hand to
meet their immediate, short-term working capital needs and we plan
to maintain our high standards of excellence and our commitments
to product quality, safety and outstanding customer service."

                   Spansion Reports Progress
                  on U.S. Restructuring Efforts

Spansion said it is in active discussions with an ad hoc committee
representing holders of its US$625 million Senior Secured Floating
Rate Notes due 2013 about restructuring the company's balance
sheet as well as potential strategic transactions.

"We are making progress in our constructive discussions with an ad
hoc committee of secured noteholders, to find a mutually
beneficial agreement as we seek to resolve Spansion's capital
structures," said Kispert, who joined Spansion as its president
and CEO last week with the goal of positioning the company to
reach sustainable profitability and/or to successfully complete a
strategic transaction.

Spansion Japan's entry into the Corporate Reorganization
proceeding is an event of default under certain of Spansion
Japan's and Spansion LLC's debt instruments.

                         About Spansion

Spansion (NASDAQ: SPSN) -- http://www.spansion.com-- is a leading
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive, networking
and consumer electronics applications.  Spansion, previously a
joint venture of AMD and Fujitsu, is the largest company in the
world dedicated exclusively to designing, developing,
manufacturing, marketing, selling and licensing Flash memory
solutions.

As reported by the Troubled Company Reporter on Jan. 19, 2009,
Fitch Ratings downgraded these ratings for Spansion Inc.:

  -- Issuer Default Rating to 'C' from 'CCC';

  -- $175 million senior secured revolving credit facility (RCF)
     due 2010 to 'CC/RR3' from 'CCC+/RR3';

  -- $625 million senior secured floating rating notes due 2013
     to 'CC/RR3' from 'CCC+/RR3';

  -- $225 million of 11.25% senior unsecured notes due 2016 to
     'C/RR6' from 'CC/RR6';

  -- $207 million of 2.25% convertible senior subordinated
     debentures due 2016 to 'C/RR6' from 'CC/RR6'.

According to the TCR on Jan. 19, 2009, Moody's Investors Service
downgraded Spansion's corporate family rating and probability of
default rating to Ca from Caa2, senior secured floating rate notes
to Caa2 from B3 and senior unsecured notes to Ca from Caa3.

The TCR reported on Jan. 19, 2009, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Spansion Inc. to
'D' from 'CCC', and the issue-level rating on Spansion LLC's
11.25% senior unsecured notes due 2016 to 'D' from 'CC'.



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

BEAUTYBEE HOLDINGS: Court Hears Wind-Up Petition
------------------------------------------------
On January 28, 2009, the High Court at New Plymouth heard a
petition to have Beautybee Holdings Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition against the
company on November 14, 2008.


COLONEL PROPERTIES: Appoints McKay and Cregten as Liquidators
-------------------------------------------------------------
On December 15, 2008, Andrew John McKay and John Joseph Cregten
were appointed as liquidators of Colonel Properties Ltd.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2009, will be be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Andrew John McKay
          John Joseph Cregten
          c/o Aaron Walsh
          AMP Centre, Level 15
          29 Customs Street West
          PO Box 532, Auckland
          Telephone: (09) 354 8243
          Facsimile: (09) 358 3646


FOUR STAR: Appoints Paul Graham Sargison as Liquidator
------------------------------------------------------
On December 19, 2008, Paul Graham Sargison was appointed as
liquidator of Four Star Investments Ltd.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2009, will be be included in the company's dividend
distribution.

The Liquidator can be reached at:

          Paul Graham Sargison
          Gerry Rea Partners
          PO Box 3015, Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


J.P. 3: Commences Liquidation Proceedings
-----------------------------------------
J.P. 3 Limited commenced liquidation proceedings on Dec. 23, 2008.

The company's liquidator is:

          Shane F. Hussey
          c/o Hussey & Co
          55-65 Shortland Street, Level 7
          Auckland 1010
          Telephone: (09) 300 5481
          Facsimile: (09) 300 5489.


MINFORD LTD: Appoints Meltzer and Mason as Liquidators
------------------------------------------------------
On December 17, 2008, Jeffrey Philip Meltzer and Rachel Karen
Mason were appointed as liquidators of Minford Ltd.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be be included in the company's dividend
distribution.

The company's liquidators are:

         Jeffrey Philip Meltzer
         Rachel Karen Mason
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


NGAMOKO HOLDINGS: Commences Liquidation Proceedings
---------------------------------------------------
Ngamoko Holdings Ltd. commenced liquidation proceedings on
December 11, 2008.

Only creditors who were able to file their proofs of debt by
January 31, 2009, will be be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Stephen Kim Bennett
          Timothy John Hoyle
          Steve Bennett Associates
          PO Box 627, Whangarei 0140
          Telephone: (09) 438 2312
          Facsimile: (09) 438 2912
          e-mail: info@sba.net.nz


OPI PSP ET AL: Appoint McKay and Cregten as Liquidators
-------------------------------------------------------
On December 15, 2008, Andrew John McKay and John Joseph Cregten
were appointed as liquidators by the shareholders of:

   -- OPI PSP Limited;
   -- Pacific Administration Limited; and
   -- Pacific Trust Management Services Limited.

Only creditors who were able to file their proofs of debt by
January 30, 2009, will be be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Andrew John McKay
          John Joseph Cregten
          c/o Aaron Walsh
          AMP Centre, Level 15
          29 Customs Street West
          PO Box 532, Auckland
          Telephone: (09) 354 8243
          Facsimile: (09) 358 3646


PRIMESIDE LTD ET AL: Creditors' Proofs of Debt Due on March 15
--------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy fixed Feb. 14,
2009, as the last day to file proofs of debt for the creditors of:

   -- Primeside Limited;
   -- Bradleys Transport (1998) Limited;
   -- MIT Plastering Limited;
   -- Silver River Limited; and
   -- Fisiipeau Limited.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          PricewaterhouseCoopers
          Private Bag 92162, Victoria Street West
          Auckland 1142
          Facsimile: (09) 355 8013


RDKS NZ: Commences Liquidation Proceedings
------------------------------------------
RDKS NZ Ltd. commenced liquidation proceedings on December 18,
2008.

The company's liquidator is:

          Kiran Dutt
          PO Box 9687, Newmarket
          Auckland
          Telephone: (09) 630 3808
          Facsimile: (09) 630 3970


SAVANNAH HEIGHTS ET AL: Appoint Ries & Levin as Liquidators
-----------------------------------------------------------
On December 15, 2008, Vivien Judith Madsen-Ries and Henry David
Levin were appointed as liquidators of:

   -- Savannah Heights Limited; and
   -- Finished Floors 2005 Limited.

Only creditors who were able to file their proofs of debt by
Feb. 4, 2009, will be be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Vivien Judith Madsen-Ries
         Henry David Levin
         Deloitte
         Deloitte House, Level 8
         8 Nelson Street
         Auckland 1010
         Telephone: (09) 309 4944
         Facsimile: (09) 309 4947



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

FASCON CRANE: Court Enters Wind-Up Order
----------------------------------------
On January 23, 2009, the High Court of Singapore entered an order
to have Fascon Crane Services Pte Ltd's operations wound up.

Empire Technology Pte Ltd filed the petition against the company.

Fascon Crane's liquidator is:

         Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


GOLD PRECISION: Pays Second and Final Dividend
----------------------------------------------
Gold Precision Engineering Pte Ltd paid the second and final
dividend on January 12, 2009.

The company paid 5.3100% to all received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PAMMAS PTE: Creditors' Proofs of Debt Due on March 6
----------------------------------------------------
The creditors of Pammas Pte. Ltd. are required to file their
proofs of debt by March 6, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


TEAM ENERGY: Court Enters Wind-Up Order
---------------------------------------
On January 30, 2009, the High Court of Singapore entered an order
to have Team Energy Asia-Pacific Singapore Pte. Limited's
operations wound up.

The company's liquidators are:

         Seshadri Rajagopalan
         Ee Meng Yen Angela
         Aaron Loh Cheng Lee
         c/o Ernst & Young Solutions LLP
         One Raffles Quay Tower North Level 18
         Singapore 048583



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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.


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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., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  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$625 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
Christopher Beard at 240/629-3300.





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