TCRAP_Public/090218.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

           Wednesday, February 18, 2009, Vol. 12, No. 34

                            Headlines

A U S T R A L I A

ANGSANA TRAVEL: Placed Under Voluntary Wind-Up
B & U FIRE: Inability to Pay Debts Prompts Wind-Up
BHFME PTY ET AL: Commence Wind-Up Proceedings
CASHPRO INTEGRATED ET AL: Commence Wind-Up Proceedings
DRIVETRAIN INTERNATIONAL: Placed in Receivership

ENVIRONINVEST LAND ET AL: Creditors Opt to Wind Up Operations
ENVIRONINVEST LTD: Commences Wind-Up Proceedings
GREENVALE PLASTER: Placed Under Voluntary Wind-Up
GTP (NSW): Declares First and Final Dividend
HELTON AUSTRALIA: Members and Creditors Receive Wind-Up Report

I.D.C.S PTY: Creditors Opt to Wind Up Operations
I.D.C.S SERVICES: Creditors Opt to Wind Up Operations
LAVERTON TRANSPORT: Placed Under Voluntary Wind-Up
MALDON NOMINEES: Members and Creditors Receive Wind-Up Report
MASTRO CONCRETE: Placed Under Voluntary Wind-Up

MECCA BAH ET AL: Placed Under Voluntary Wind-Up
MERRYNGLEN PTY: Placed Under Voluntary Wind-Up
OZ MINERALS: Receives AU$2.6 Billion Takeover Offer from Minmetals
PINESDALE PTY ET AL: Members and Creditors Hear Wind-Up Report
S.T.Y. (AFFORESTATION) ET AL: Placed Under Voluntary Wind-Up

SELLMORE INVESTMENTS: Members Receive Wind-Up Report
TRIDENT AIR: Declares Second and Final Dividend
* AUSTRALIA: May Suffer Recession if Japan Economic Slump Worsens
* S&P Puts 'B' Rating on Obelisk Trust 2006-3 Eden on WatchNeg.


C H I N A

ASIA ALUMINUM: Moody's Junks Corporate Ratings on Tender Offers
ASIA ALUMINUM: Tender Offers Prompt S&P's Rating Cut to 'CC'
UNIVERSAL FOG: Posts US$46,413 Net Loss in Quarter ended Dec. 31


H O N G  K O N G

CHAN'S SCAFFOLDING: Court to Hear Wind-Up Petition on March 4
DUNCAN INTERIOR: Court to Hear Wind-Up Petition on March 11
HIN FAI: Intends to Declare Dividend
NFY NURSERY: Creditors' Proofs of Debt Due on February 27
OCEAN WAVE: Court to Hear Wind-Up Petition on March 11

PEAK QUALITY: Court to Hear Wind-Up Petition on March 18
REHM SUNEAST: Court to Hear Wind-Up Petition on April 1
SGA (HK): Appoints Middleton and Cowley as Liquidators
SGA INTERNATIONAL: Appoints Middleton and Cowley as Liquidators
SUNLINK INTERNATIONAL: Appoints Keung and Wai as Liquidators

THE INCORPORATED: Contributories and Creditors Hold Meetings
TOP SUCCESS: Court Hears Wind-Up Petition


I N D I A

GANGOTRI TEXTILES: Debt Servicing Delays Spur "D" CRISIL Ratings
KAANE PACKAGING: CRISIL Rates Rs.50.0MM Cash Credit Limits at 'BB'
MAYTAS INFRA: High Court Rejects Lenders' Receivership Application
MAYTAS INFRA: Gammon India May Bid to Acquire Firm
MULTI-FLEX LAMI: CRISIL Places 'B-' Ratings on Various Bank Loans

SHANTHALA SPHEROCAST: CRISIL Rates Rs.78MM Long Term Loan at 'BB+'
SHRI DNYANESHWAR: CRISIL Assigns 'BB+' Rating on Rs.236MM LT Loan
NILANSHU HIRE: RBI Cancels Certificate of Registration
SATYAM COMPUTER: To Speed Up Bidder Selection Process
* INDIA: Sees Lower Budget Deficit in March 2010


J A P A N

FUJI ELECTRIC: S&P Changes Outlook on 'BB+' Rating to Negative
LOPRO CORP: Seeking Up to JPY20 Billion in Public Funding
* JAPAN: Economy Shrinks 12.7% on Falling Exports, Rising Yen


K O R E A

* KOREA: Firms to Cut 2009 Spending, Looming Recession Seen


K U W A I T

GULF INVESTMENT: Moody's Slashes Financial Strength Rating to 'D'


N E W  Z E A L A N D

AXIOM INTERNATIONAL: Appoints Chatfield & Tietjens as Liquidators
CATRA PROPERTIES: Court Hears Wind-Up Petition
CIVIL WORKS: Court Hears Wind-Up Petition
GLOBAL VIRTUAL: Appoints van Delden and Finnigan as Liquidators
HEARTLAND DEVELOPMENTS: Goes Into Liquidation

KINGDOM RESIDENTIAL: Court Hears Wind-Up Petition
M.F.U. HOLDINGS: Commeces Liquidation Proceedings
MODA PIETRA: Court Hears Wind-Up Petition
MT VAEA: Court Hears Wind-Up Petition
NEXA NEW ZEALAND: Court Hears Wind-Up Petition

FISHER & PAYKEL: May Receive Gov't. Bail Out, PM John Key Says
FISHER & PAYKEL: Slashes Profit for FY2009; May Raise Capital
VIP DAIRY: Court Hears Wind-Up Petition


S I N G A P O R E

ARIEL SINGAPORE: Creditors Hold Meeting
COCOWOODS INTERNATIONAL: Members to Hold Final Meeting on March 12
CONDUIT MANAGEMENT: Member to Hold Final Meeting on March 12
HO SHING: Court Enters Wind-Up Order
SYDUS PTE: Court to Hear Wind-Up Petition on February 20

* SINGAPORE: Exports Fell 3.2% in January on Weak Demand


T A I W A N

PROMOS TECHNOLOGIES: Banks Agree on NT$3 Billion Loan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ANGSANA TRAVEL: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on October 14, 2008, the
sole member of Angsana Travel Pty Ltd resolved that the company be
wound up voluntarily.

The company's liquidators are:

         Rod Slattery
         Warren White
         PPB, Chartered Accountants
         90 Collins Street, Level 10
         Melbourne, Victoria


B & U FIRE: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
The members of B & U Fire Protection Pty Ltd met on October 23,
2008, and resolved to voluntarily wind up the company's operations
due to its inability to pay debts when it fall due.

The company's liquidator is:

          Gary Fettes
          Rodgers Reidy Chartered Accountants
          200 Queen Street, Level 10
          Melbourne VIC 3000


BHFME PTY ET AL: Commence Wind-Up Proceedings
---------------------------------------------
During a general meeting held on October 30, 2008, it was resolved
by the members to voluntarily wind up the operations of:

   -- BHFME Pty Ltd;
   -- EIS Ken910 Pty Ltd;
   -- Asam Australia Pty Limited;
   -- Michlake Pty Ltd;
   -- Badenoch & York Pty. Ltd; and
   -- A.C.N. 075 066 483 Pty Ltd.

The company's liquidator is:

          Richard Judson
          Judson & Co Chartered Accountants
          Suite 4, Level 1
          10 Park Road
          Cheltenham VIC 3192
          Telephone: (03) 9585 4155


CASHPRO INTEGRATED ET AL: Commence Wind-Up Proceedings
------------------------------------------------------
During a general meeting held on October 17, 2008, it was resolved
by the members to voluntarily wind up the operations of:

   -- Cashpro Integrated Group Pty Ltd;
   -- Utopia Collingwood Pty Ltd;
   -- Blue Earth Properties (Footscray) Pty Ltd;
   -- "Last Name" Pty Ltd; and
   -- DIB Properties Pty Ltd.

The companies' liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


DRIVETRAIN INTERNATIONAL: Placed in Receivership
------------------------------------------------
Drivetrain Systems International (DSI) was placed into
receivership with debts of AU$30 million to AU$40 million, the
SmartCompany reports.  The company's production has been suspended
for weeks with its 400 workers stood down.

According to the report, receivers and manager Stephen Longley
from PricewaterhouseCooopers will assess the company's financial
position and attempt to sell the business as a going concern.

The report says production is expected to resume next week.

SmartCompany meanwhile relates the Australian Manufacturing
Workers Union expects at least 200 workers will lose their jobs.
The union, the report says, is also concerned that the 400 workers
may not get paid of the AU$25 million entitlements they are owed.

Drivetrain Systems, the report says, has been hit hard by the
collapse of Korean car maker SsangYong Motor.  Its customers in
India and Russia have also cut back in recent months, the report
notes.

Drivetrain Systems International is a car parts manufacturer.  The
company employs about 380 at Lavington in Albury and 20 in
Melbourne, Australia.


ENVIRONINVEST LAND ET AL: Creditors Opt to Wind Up Operations
--------------------------------------------------------------
On October 23, 2008, the creditors opt to voluntarily wind up the
operations of:

   -- Environinvest Land Lease Pty Ltd;
   -- Environinvest Pastoral Pty Ltd;
   -- Environinvest Northern Cattle Pty Ltd;
   -- Eenvironinvest King Island Pty Ltd;
   -- Eenvironinvest Cropping Pty Ltd;
   -- Environinvest Cattle Pty Ltd;
   -- Dinibili Pastoral Company Pty Ltd;
   -- BEP Finance Pty Ltd;
   -- BEP Management Pty Ltd; and
   -- Environinvest Securities Pty Ltd.

The company's liquidator is:

          James Patrick Downey
          J P Downey & Co
          22 William Street, Level 1
          Melbourne Vic 3000


ENVIRONINVEST LTD: Commences Wind-Up Proceedings
------------------------------------------------
The creditors of Environinvest Ltd met on October 24, 2008, and
resolved that the company be wound up voluntarily.

The company's liquidator is:

          James Patrick Downey
          J P Downey & Co
          Level 1, 22 William Street
          Melbourne VIC 3000


GREENVALE PLASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
During a general meeting held on October 22, 2008, the members of
Greenvale Plaster Pty. Ltd. resolved that the company be wound up
voluntarily.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


GTP (NSW): Declares First and Final Dividend
--------------------------------------------
GTP (NSW) Pty Ltd declared the first and final dividend on
November 21, 2008.

Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Judson & Co Chartered Accountants
          Suite 4, Level 1
          10 Park Road
          Cheltenham VIC 3192
          Telephone: (03) 9585 4155


HELTON AUSTRALIA: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Helton Australia Pty Ltd met on
December 9, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Con Kokkinos
          Worrells Solvency & Forensic Accountants
          15 Queen Street, Level 5
          Melbourne VIC 3000
          Telephone: (03) 9613 5516
          Facsimile: (03) 9614 3233
          Website: http://www.worrells.net.au


I.D.C.S PTY: Creditors Opt to Wind Up Operations
------------------------------------------------
On October 29, 2008, the creditors of I.D.C.S Pty Ltd resolved
that the company be wound up voluntarily.

The company's liquidator is:

          D. A. Turner
          PKF
          140 William Street, Level 14
          Melbourne VIC 3000


I.D.C.S SERVICES: Creditors Opt to Wind Up Operations
-----------------------------------------------------
On October 29, 2008, the creditors of I.D.C.S Services Pty Ltd
resolved that the company be wound up voluntarily.

The company's liquidator is:

          D. A. Turner
          PKF
          140 William Street, Level 14
          Melbourne VIC 3000


LAVERTON TRANSPORT: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on October 27, 2008, the
members of Laverton Transport Pty Ltd resolved that the company be
wound up voluntarily.

The company's liquidator is:

          William Bernard Abeyratne
          c/o APL Insolvency
          150 Albert Road, Level 5
          South Melbourne VIC 3205
          Telephone: (03) 9696 2885


MALDON NOMINEES: Members and Creditors Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of Maldon Nominees Pty Ltd met on
December 11, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

A. S. R. Hewitt is the company's liquidator.


MASTRO CONCRETE: Placed Under Voluntary Wind-Up
-----------------------------------------------
During a general meeting held on October 13, 2008, the members of
Mastro Concrete Pumping Pty. Ltd. resolved that the company be
wound up voluntarily.

The company's liquidator is:

          Gregory Stuart Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton VIC 3053
          Telephone: (03) 9662 2666
          Facsimile: (03) 9662 9544


MECCA BAH ET AL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On October 29, 2008, the members resolved to voluntarily wind up
the operations of:

   -- Mecca Bah (FV) Pty Ltd;
   -- Mecca BAH TMBDDTPTY Ltd;
   -- Livebait Docklands Pty Ltd;
   -- Mecca Victoria Pty Ltd;
   -- The Restaurant Management Group Pty Ltd;
   -- Trytell Holdings Pty Ltd;
   -- Trytell Holdings (FV) Pty Ltd;
   -- Claringbold Corporation (FV) Pty Ltd; and
   -- Janstar Pty Ltd.

The company's liquidator is:

          James Patrick Downey
          J P Downey & Co
          Level 1, 22 William Street
          Melbourne VIC 3000


MERRYNGLEN PTY: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on October 28, 2008, the
members of Merrynglen Pty Ltd resolved that the company be wound
up voluntarily.

The company's liquidators are:

          Gess Michael Rambaldi
          David Raj Vasudevan
          Pitcher Partners
          15 William Street, Level 19
          Melbourne, Victoria 3000


OZ MINERALS: Receives AU$2.6 Billion Takeover Offer from Minmetals
------------------------------------------------------------------
OZ Minerals Limited said it has entered into a Scheme
Implementation Agreement with China Minmetals Non-ferrous Metals
Company Limited for the proposed acquisition through a scheme of
arrangement of all outstanding shares in OZ Minerals by Minmetals
at a cash price of 82.5 cents per share.

The transaction is unanimously recommended by OZ Minerals' Board
of Directors, subject to no superior competing proposal and
confirmation by an independent expert that the transaction is in
the best interest of OZ Minerals shareholders, the company said in
a statement.

Completion of the transaction is subject to a number of conditions
including due diligence, the approval of regulatory authorities in
Australia and the People's Republic of China as well as the
approval of OZ Minerals' current lending banks.

                           Breakup Fee

Brett Foley at Bloomberg News reports that OZ Minerals is putting
up few barriers to a higher bid after accepting China Minmetals's
AU$2.6 billion ($1.7 billion) takeover offer.

According to Bloomberg News, China Minmetals would get a AU$25.8
million fee if OZ Minerals abandons the deal.

The report relates the 49 percent decline in the London Metal
Exchange index in the past six months contributed to OZ's 70
percent collapse in Sydney trading, encouraging larger companies
to seek takeovers.

Evy Hambro, a managing director at BlackRock Investment Management
Ltd. in London, as cited by the report, said the penalty payment
is "small" and wouldn't stand in the way of another bidder.

OZ's breakup fee is within the 1 percent to 2 percent range
typical in deals recommended by the target company, according to
data compiled by Bloomberg.

                          Debt Facility

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, OZ Minerals said it secured a bridging finance
facility of up to AU$140 million.  Proceeds from the bridging
facility are principally available to be used to cover expected
short-term cash requirements in respect of the company's
operations and projects at Golden Grove, Prominent Hill and
Martabe.

The bridging facility will terminate on February 27, 2009, and is
repayable by that date.  OZ Minerals previously disclosed it is
working to achieve a refinancing of its debt facilities by
February 27, 2009, with the agreement of its lenders and, in that
context, is actively pursuing both an asset sale program and other
initiatives.

                      About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


PINESDALE PTY ET AL: Members and Creditors Hear Wind-Up Report
--------------------------------------------------------------
On December 15, 2008, Gideon Rathner presented the companies'
wind-up report and property disposal to the members and creditors
of:

   -- Pinesdale Pty Ltd;
   -- Ninety Second Macorp Nominees Pty Ltd;
   -- Polegate Pty Ltd;
   -- Glendive Pty Ltd;
   -- Servington Pty Ltd;
   -- Sixty-Fourth Shelley Nominees Pty Ltd; and
   -- Clear The Airconditioning Company Pty Ltd.

The Liquidator can be reached at:

          Gideon Rathner
          Lowe Lippmann, Chartered Accountants
          5 St. Kilda Road
          St. Kilda Vic 3182
          e-mail: grathner@lowelippmann.com.au


S.T.Y. (AFFORESTATION) ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------------------
On October 24, 2008, the members resolved to voluntarily wind up
the operations of:

   -- S.T.Y. (Afforestation) Pty Ltd; and
   -- Primary Yield Finance Pty Ltd.

The company's liquidator is:

          James Patrick Downey
          J P Downey & Co
          Level 1, 22 William Street
          Melbourne VIC 3000


SELLMORE INVESTMENTS: Members Receive Wind-Up Report
----------------------------------------------------
The members of Sellmore Investments Pty Ltd met on Dec. 1, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          G. Sbarrato
          MCG Partners
          18 Camberwell Road, 1st Floor
          Hawthorn East VIC 3123


TRIDENT AIR: Declares Second and Final Dividend
-----------------------------------------------
Trident Air Conditioning Services Pty Ltd declared the second and
final dividend on November 21, 2008.

Only creditors who were able to file their proofs of debt by that
day were included in the company's dividend distribution.

The company's liquidator is:

          Richard Judson
          Judson & Co Chartered Accountants
          Suite 4, Level 1
          10 Park Road
          Cheltenham VIC 3192
          Telephone: (03) 9585 4155


* AUSTRALIA: May Suffer Recession if Japan Economic Slump Worsens
-----------------------------------------------------------------
Australia could go into recession this year if economic slump in
Japan continues to worsen, ABC News reports citing AMP Capital's
chief economist Shane Oliver.

According to the report, Japan's GDP shrank 12.7 per cent from
December 2007 to the end of last year, the country's worst result
in 35 years.

Mr. Oliver, as cited by the news agency, said Japan is Australia's
largest export market so it will be a terrible six months for the
resources sector and local agricultural producers.

"That in turn, I think, will make it very difficult for Australia
to avoid a recession," ABC News quoted the chief economist as
saying.

"My view is that we will have a recession ... the stimulus package
will help mute that recession but I don't think it will be enough
to stop a recession, given the slump in exports that we're likely
to see down the track."

                   AU$42 Bln Stimulus Package

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2009, Australia announced a AU$42 billion plan to add around
1/2 of one per cent to GDP growth in 2008-09 and around 3/4 to 1
per cent to GDP growth in 2009-10.

The new economic stimulus package, called "Nation Building and
Jobs Plan", will support up to 90,000 jobs over the next 2 years,
Treasurer of the Commonwealth of Australia Wayne Swan said in a
statement.

Under the plan, the government will:

   -- provide five key AU$950 one-off payments
      for low and middle income households and
      individuals;

   -- fund a AU$2.7 billion temporary business
      investment tax break for small and
      general businesses buying eligible assets;

   -- invest AU$14.7 billion for improvement of
      facilities in Australian schools;

   -- spend AU$890 million to improve community
      infrastructure;

   -- construct over 20,000 new homes; and

   -- install free ceiling insulation in
      around 2.7 million Australian homes.

"In the midst of this global recession it would be irresponsible
not to act swiftly and decisively to support jobs and invest in
nation building," Treasurer Swan said, noting a AU$22.5 billion
(1.9 per cent of GDP) budget deficit is now forecast for 2008-09.

"The global recession has hit budgets hard all around the world,
with the IMF now forecasting a collective budget deficit of 7 per
cent of GDP for advanced economies," the Treasurer added.

                         Rising Bad Debts

The Wall Street Journal reports bad debts continue to climb in
Australia after Commonwealth Bank of Australia Ltd said
impairments for bad and doubtful debts rose almost fivefold to
AU$1.61 billion (US$1.09 billion) from AU$333 million due to the
bank's exposure to some failed or struggling businesses.

National Australia Bank Ltd and Australia & New Zealand Banking
Group Ltd earlier warned that rising bad debts are eroding
profitability, the Journal relates.


* S&P Puts 'B' Rating on Obelisk Trust 2006-3 Eden on WatchNeg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on two
Australian synthetic collateralized debt obligations on
CreditWatch with negative implications.  This follows the recent
rating actions taken by Standard & Poor's on Asia-Pacific
(excluding Japan) synthetic CDOs on Feb. 13, 2009.

The two CDOs were placed on CreditWatch negative because their
synthetic rated overcollateralization levels fell below 100% at
the current rating level in the end-of-month analysis for January
2009.  When the SROC is below 100%, it indicates that there is
insufficient credit enhancement to maintain a rating on a tranche.

                          Related Research

This article is based in part on these criteria articles:

  -- CDO Spotlight: Synthetic ROC and the Surveillance of
     Synthetic CDOs published on March 15, 2004

  -- Refinements To Standard & Poor's Synthetic CDOs CreditWatch
     And Upgrade Policy published on Sept. 15, 2006

The rating actions taken on the affected transactions are:

  Deal Name                          Rating To        Rating From
  ---------                          ---------        -----------
Obelisk Trust 2006-3 Eden            B/Watch Neg      B
SELECT ACCESS Investments Ltd.
Series 2004-15                       BBB-/Watch Neg   BBB-



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

ASIA ALUMINUM: Moody's Junks Corporate Ratings on Tender Offers
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2 the
corporate family rating (CFR) and to Ca from B3 the senior
unsecured note ratings of Asia Aluminum Holdings Ltd's.  The
outlook for the ratings remains negative.

"The rating action follows AA's announcement that it is commencing
a tender offer and consent solicitation for its US$450 million
senior notes due 2011, and US$535 million PIK notes due 2012 as
part of its debt restructuring plan," says Wonnie Chu, a Moody's
Analyst, adding, "The company will offer up to 27.5 cents to the
dollar for the senior notes and 13.5 cents to the dollar for the
PIK notes, representing a very deep discount to the face value."

"Moody's views the transaction as a distressed exchange, and the
Ca rating for the senior notes reflects the high economic loss and
low recovery rate for the note holders," says Chu.

The downgrade of the CFR to Caa1 reflects Moody's view that the
company's deteriorated operating performance -- due to the
materially weakening market conditions, delay in the ramp-up of
its new flat roll product plant, and reliance on short-term
financing for its large working capital requirements -- in the
context of a tightening credit environment have adversely affected
the company's credit profile.

In addition, according to the company's announcement, its bank
creditors may demand immediate repayment of all outstanding short-
term debts should the company fail to consummate the tender offer
and consent solicitation -- an obligation that the company will
not be able to fulfill with its cash on hand.

The negative outlook reflects the high degree of uncertainty over
the successfully completion of the tender offer and consent
solicitation.  If the tender offer fails to go ahead, the ratings
will be lowered further to reflect the higher probability of
default and lower expected recovery rate.

At the same time, Moody's recognizes that the completion of the
transaction could result in a significant reduction in AA's debt
and interest burden, which would be positive for the CFR or its
rating outlook.  Moody's will evaluate the rating impact upon
completion of the tender offer process.

The last rating action was on December 22, 2008, when the
company's CFR was downgraded to B2 from B1 and the senior
unsecured bond to B3 from B2 with a negative outlook.

Asia Aluminum Holdings Ltd, founded in 1992, is the largest
manufacturer of aluminum extrusion products in Asia, with 360,000
metric tons annual design capacity.  The company also expects to
fully commence its 400,000 MT flat-rolled product facility by
FY2009.

AAH was privatized in May 2006.  The new holding company, Asia
Aluminum Investment, is controlled by Mr. Kwong Wui Chun, the
founder and chairman of AAH.


ASIA ALUMINUM: Tender Offers Prompt S&P's Rating Cut to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Chinese aluminum extruder
Asia Aluminum Holdings Ltd. to 'CC' from 'B'.  The outlook is
negative.  At the same time, Standard & Poor's lowered its issue
rating on the company's US$450 million senior unsecured notes due
2011 to 'C' from 'B-'.

"These actions follow the company's announcement of tender offers
to buy back its outstanding bonds and to solicit bondholders'
consent," said Standard & Poor's credit analyst Bei Fu.  If
completed, S&P would view the proposed transactions as being
tantamount to default because: (1) the tender offers represent a
substantial discount to the par amount (or face value) of the
outstanding issues; and (2) in S&P's view, Asia Aluminum is
uncertain to be able to service its current debt obligation over
the next two to three years if its offer is not accepted.

"If the alternative to such a tender is a general default,
investors or counterparties could stand to fare even worse, which
may partially motivate them to accept the offer," said Ms. Fu.

Asia Aluminum is offering up to US$275 for every US$1,000 of the
principal amount for the senior unsecured notes and up to
US$135 for every US$1,000 of the principal amount of its payment-
in-kind notes, including warrants.  Currently, US$450 million of
the principal amount of Asia Aluminum's senior unsecured notes are
outstanding, compared with about US$727.53 million for the PIK
notes.

Business conditions for Asia Aluminum have weakened over the past
two to three months as a result of the slowdown in the global
economy.  The company's sales volume by tonnage dropped 20% over
the six months ended Dec. 31, 2008, while the cost of its sales
per ton increased by 29% as it continued to prepare a new
manufacturing facility for commercial production. S&P expects the
prices of Asia Aluminum's products to have dropped during the same
period, based on industry trends.  The outlook is negative.  The
tender offer expires on May 18, 2009.  If the proposed transaction
is completed, S&P will lower the issue rating on the notes to 'D'
and the corporate credit rating to 'SD' (for selective default).
Thereafter, S&P will reassess Asia Aluminum's capital structure
and assign new ratings based on the amount of notes successfully
tendered.

If Asia Aluminum's tender is not completed or it fails to solicit
consent, its bank creditors may demand immediate repayment of all
outstanding amounts and refuse to approve further drawdowns under
the company's existing working capital facilities.  S&P believes
the company doesn't have sufficient financial resources to make
such early repayments or to service the obligations under other
notes.  As a result, under such a scenario, S&P would be likely to
lower the corporate credit rating and the issue rating to 'D'.


UNIVERSAL FOG: Posts US$46,413 Net Loss in Quarter ended Dec. 31
--------------------------------------------------------------
Universal Fog, Inc., disclosed in a regulatory filing its
financial results for the three and six months ended Dec. 31,
2008.  Net loss for the three months ended Dec. 31, 2008, was
US$46,413, an increase of US$41,822 compared with a net loss for
the three months ended Dec. 31, 2007 of US$4,591.

Net loss for the six months ended Dec. 31, 2008, was US$55,186, a
decrease of US$7,080 or 11% compared to net loss for the six
months ended December 31, 2007 of US$62,266.

                 Liquidity and Capital Resources

The company has a working capital deficit of US$860,611 as of
Dec. 31, 2008.

During the six months ended Dec. 31, 2008, net cash increased by
US$91,368 or 259%, consisting of US$123,209 used in operating
activities, US$35,627 used in investment activities, US$254,859
provided by financing activities and effects of foreign exchange
on cash of US$4,655.

Net cash used in operating activities increased US$41,119 or 50%
during the six-month period ended Dec. 31, 2008, versus the
comparable period in 2007.  This increase was due to changes in
working capital associated with the increase in inventory
purchases, accounts receivable and prepaid expenses resulting from
the increase of production and sales activities.

The drivers of cash used in investing activities were capital
spending.  Cash used in investing activities was US$35,627 and
US$1,917 for the six months ended Dec. 31, 2008, and 2007.  During
the six months ended Dec. 31, 2008, a total of US$35,627 cash
outflow was used to purchase new equipment and additions to
facilities.

Net cash provided by financing activities for the six months ended
Dec. 31, 2008, consisted of proceeds from related party debt of
US$253,395, which is a critical source of its working capital
funding.

At Dec. 31, 2008, the company's balance sheet showed total assets
of US$2,604,886, total liabilities of US$1,225,925, and
stockholders' equity of US$1,378,961.

                       Going Concern Doubt

The Company had an accumulated deficit of US$254,614 and a working
capital deficit of US$860,611 as of Dec. 31, 2008.

Management has taken actions to revise its operating and financial
requirements, which it believes are sufficient to provide the
Company with the ability to continue as a going concern.  During
the inception period from Dec. 14, 2003 through Dec. 31, 2008, the
Company relied for its financing needs on its majority owner; Xin
Sun.

A full-text copy of the 10-Q filing is available for free at:

               http://ResearchArchives.com/t/s?3984

                     About Universal Fog Inc.

Headquartered in China, Universal Fog, Inc. (OTC:UVFO)  --
http://www.unifog.com/-- was engaged in manufacturing systems for
outdoor cooling United States.  Pursuant to an Asset Purchase and
Sale Agreement dated Sept. 10, 2007, the Company transferred all
of its assets and liabilities to Universal Fog Systems, Inc., and
the Company is no longer an operating company.  As of December 31,
2007, the Company is no longer engaged in its businesses. It has
no franchises as of December 31, 2007.



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

CHAN'S SCAFFOLDING: Court to Hear Wind-Up Petition on March 4
-------------------------------------------------------------
A petition to have Chan's Scaffolding Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
March 4, 2009, at 9:30 a.m.

Cheung Shuk Yee filed the petition against the company on Dec. 30,
2009.


DUNCAN INTERIOR: Court to Hear Wind-Up Petition on March 11
-----------------------------------------------------------
A petition to have Duncan Interior Limited's operations wound up
will be heard before the High Court of Hong Kong on March 11,
2009, at 9:30 a.m.

Kwok Hon Po, Anthony filed the petition against the company on
January 5, 2009.

The Petitioner's solicitors are:

          Chan, Lau & Wai
          Asia Standard Tower, 8th Floor
          Nos. 59-65 Queen's Road Central
          Hong Kong


HIN FAI: Intends to Declare Dividend
------------------------------------
Hin Fai Limited intends to declare dividend.

Only creditors who were able to file their proofs of debt by
February 20, 2009, will be included in the company's dividend
distribution.

The company's liquidators are:

          Wong Man Chung, Francis
          Wong Wai Man, Cliff
          c/o AC & FW Consultants Limited
          19th Floor, No. 3 Lockhart Road
          Wanchai, Hong Kong


NFY NURSERY: Creditors' Proofs of Debt Due on February 27
---------------------------------------------------------
The creditors of NFY Nursery Limited are required to file their
proofs of debt by February 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Stephen Briscoe
         Cosimo Borrelli
         1801 Wong On House, 18th Floor
         71 Des Voeux Road, Central
         Hong Kong


OCEAN WAVE: Court to Hear Wind-Up Petition on March 11
------------------------------------------------------
A petition to have Ocean Wave International Limited's operations
wound up will be heard before the High Court of Hong Kong on
March 11, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on December 23, 2009.

The Petitioner's solicitors are:

          K.C. Ho & Fong
          Henley Building, 18th Floor
          5 Queen's Road Central
          Hong Kong


PEAK QUALITY: Court to Hear Wind-Up Petition on March 18
--------------------------------------------------------
A petition to have Peak Quality Limited's operations wound up will
be heard before the High Court of Hong Kong on March 18, 2009, at
9:30 a.m.

Dah Sing Bank, Limited filed the petition against the company on
January 9, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          10 Chater Road, Hong Kong
          Telephone: 2525-6011
          Facsimile: 2520-2090


REHM SUNEAST: Court to Hear Wind-Up Petition on April 1
-------------------------------------------------------
A petition to have Rehm Suneast International Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 1, 2009, at 9:30 a.m.

Rehm Thermal Systems GmbH filed the petition against the company
on Jan. 29, 2009.

The Petitioner's solicitors are:

          Beiten Burkhardt
          8 Queen's Road Central, 3rd Floor
          Hong Kong
          Telephone: 2524 6468
          Facsimile: 2524 7028


SGA (HK): Appoints Middleton and Cowley as Liquidators
------------------------------------------------------
On November 17, 208, Edward Simon Middleton and Patrick Cowley
were appointed as provisional liquidators of SGS (HK) Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


SGA INTERNATIONAL: Appoints Middleton and Cowley as Liquidators
---------------------------------------------------------------
On November 17, 208, Edward Simon Middleton and Patrick Cowley
were appointed as provisional liquidators of SGA International
Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


SUNLINK INTERNATIONAL: Appoints Keung and Wai as Liquidators
------------------------------------------------------------
On December 24, 2008, Messrs. Stephen Liu Yiu Keung and David Yen
Ching Wai were appointed as provisional liquidators of Sunlink
International Holdings Limited.

The Liquidators can be reached at:

          Stephen Liu Yiu Keung
          David Yen Ching Wai
          Ernst & Young Transactions Limited
          One Island East, 62nd Floor
          18 Westlands Road
          Island East, Hong Kong


THE INCORPORATED: Contributories and Creditors Hold Meetings
------------------------------------------------------------
The contributories and creditors of The Incorporated Owners of Kai
Tak Mansion held a meeting on February 13, 2009, and discussed the
filling two vacancies of the the committee of inspection.


TOP SUCCESS: Court Hears Wind-Up Petition
-----------------------------------------
On February 25, 2009, the High Court of Hong Kong heard a petition
to have Top Success (Asia) International Limited's operations
wound up.

Zhuang Hong filed the petition against the company on Nov. 25,
2008.



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

GANGOTRI TEXTILES: Debt Servicing Delays Spur "D" CRISIL Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Gangotri Textiles Ltd (GTL).

   Rs.2826.5 Million Long Term Loan        D (Assigned)
   Rs.900 Million Cash Credit              D (Assigned)
   Rs.50 Million Letter of Credit         P5 (Assigned)
   Rs.18.3 Million Bank Guarantee         P5 (Assigned)

The ratings reflect continued delays in debt servicing by GTL.

The delays followed large losses because of sluggish textile
markets, power interruptions affecting operations, and delays in
stabilising operations subsequent to a large (about Rs.3.5
billion) debt-funded capital expenditure programme.  The company
is rescheduling its debt obligations through a corporate debt
restructuring programme.

                           About GTL

GTL was promoted by Mr. Manoj Kumar Tibrewal in 1989.  The company
spins open-ended yarn and ring-spun yarn, and makes garments for
the domestic market under the brand name 'Tibre'.  As of
March 2008, the company had a capacity of 5904 rotors and 17,376
spindles.  Under a major expansion undertaken since mid-2006, the
company has increased its spinning capacity besides adding weaving
and processing facilities of 50,000 metres of fabric per day.

For 2007-08 (refers to financial year, April 1 to March 31), the
company reported a net loss of Rs.88 million on net sales of
Rs.1.57 billion, as against a net profit of Rs.32 million on net
sales of Rs.1.64 billion in the previous year.  During the nine-
month period ended December 31, 2008, the company reported a net
loss of Rs.464 million on net sales of Rs.961 million, as against
a net loss of Rs.50 million on net sales of Rs.1.18 billion during
the corresponding period in the previous year.


KAANE PACKAGING: CRISIL Rates Rs.50.0MM Cash Credit Limits at 'BB'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the various bank
facilities of Kaane Packaging Pvt Ltd (KPPL).

  Rs.50.0 Million Cash Credit Limits *    BB/Stable (Assigned)
  Rs.120.0 Million Term Loan              BB/Stable (Assigned)

  *Fungible with Letter of Credit upto Rs 10.0 Million

The rating reflects KPPL's weak financial risk profile, low net
worth, small scale of operations, and limited track record.  These
rating weaknesses are mitigated by the benefits that KPPL derives
from the vast business experience of its promoters and their
established relationships with customers.

Outlook: Stable

CRISIL expects KPPL to maintain its financial and business risk
profiles on the back of promoters' vast experience in the
industry. The outlook may be revised to 'Positive' in case of a
sustained improvement in the company's profitability. Conversely,
the outlook may be revised to 'Negative' if the company incurs
more-than-expected, debt-funded capital expenditure, leading to
further deterioration in its financial risk profile.

                       About Kaane Packaging

Incorporated in 1998, KPPL entered the business of manufacturing
laminated rolls and pouches, used for packaging in the fast-moving
consumer goods industry, in 2006.  The company's facility at
Haridwar has an installed laminated rolls manufacturing capacity
of 2400 tonnes per annum (tpa).  The plant is backward integrated
with a polyfilm manufacturing capacity of 1200 tpa; thus, the
company's entire polyfilm requirement is met in-house.  KPPL
reported a net loss of Rs.7 million on revenues of Rs.237 million
in 2007-08 (refers to financial year, April 1 to March 31), as
against a net loss of Rs.9 million on revenues of Rs.59 million in
the previous year.


MAYTAS INFRA: High Court Rejects Lenders' Receivership Application
------------------------------------------------------------------
The Bombay High Court has rejected an application made by IDBI
Bank and ICICI Bank seeking appointment of a court receiver to
oversee the administration of Maytas Infra Limited, India Infoline
says citing a report.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billionn debt outstanding, in term loans
and working capital facilities from various banks.

The report says Maytas' financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, the report says a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                          Legal Notice

In a press statement, Maytas Infra said it has issued a legal
notice to Vendanta Aluminum Limited for fraudulently and illegally
encashing two Bank Guarantees worth Rs. 64 crores on Jan. 20,
2009, and for not clearing admitted dues.  The Bank Guarantees
were produced by Maytas Infra towards the contract awarded by
Vedanta Aluminum to execute the construction of township for
Vedanta Aluminium Limited on May 7, 2008.

According to Maytas Infra, the legal notice was a result of the
breach of contract by Vendanta due to the following:

    * Vedanta has encashed the Bank Guarantees without even
      terminating the contract or establishing any breach of
      the terms & conditions by Maytas Infra. The Bank Guarantee
      can be invoked only if the company provides a termination
      contract or establishes breach of terms and conditions.

    * Vedanta has not paid the undisputed amounts worth Rs. 29
      crores towards the bills submitted by Maytas Infra Limited
      for the last 2 months by forcibly retaining them until
      Feb. 5, 2009.

    * Further, Vedanta in collusion with the local elements had
      illegally confined the employees of Maytas Infra Limited
      working at their Jharsuguda site from January 15, 2009 to
      January 25, 2009.

Mr. Sudheer Mareddi, Vice President, Buildings & Structures,
Maytas Infra, said, "Vedanta Aluminium Limited fraudulently
encashed our Bank Guarantees and also did not settle our bills.
Vedanta has not issued any termination notice to Maytas Infra as
of today, neither has there been any intimation from their end on
any breach of terms & conditions.  It is a clear case of Vedanta
taking advantage of the situation that Maytas Infra is currently
in.  Armed with money that lawfully belongs to Maytas Infra,
Vendanta is in talks with other local contractors to complete its
project."

For non settlement of the admitted dues, Maytas Infra has served a
statutory legal notice of company winding up to Vedanta Aluminium
Limited under the Companies Act, and is in the process of filing
company winding-up petition before the High Court at a time as
stipulated by law.

The total value of the project is Rs. 232 crores for construction
of township, which is to be completed in all respects by
December, 2009.  Maytas Infra had already completed work amounting
to Rs. 35 crores, and work is in progress for another Rs. 10
crores after mobilizing men, machineries, plant and equipment
worth Rs. 30 crores.

                        About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


MAYTAS INFRA: Gammon India May Bid to Acquire Firm
--------------------------------------------------
Gammon India is now in the race for taking over Maytas Infra
Limited, The Economic Times reports citing highly placed sources.

According to the report, the move follows declaration of the Raju
family to the stock exchanges that their entire shareholding in
Maytas Infra has been pledged to lenders.

The report relates that Gammon India, whose under-construction
flyover in Hyderabad collapsed two years ago, is supported by two
small-time local players, Ritwik Projects and SEW Infrastructure
to acquire Maytas.

Citing an industry analyst, the Economic Times says financial
institution IL&FS too is joining the three companies and is in
talks for the purpose.  IL&FS owns a part of the pledged shares of
the Rajus, the report notes.

However, the Economic Times's sources said suitors are seeking
indemnity from actions taken by the previous management before
they take the plunge.

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


MULTI-FLEX LAMI: CRISIL Places 'B-' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the various
bank facilities of Multi-Flex Lami Print Ltd (Multi-Flex).

   Rs.287.20 Million Cash Credit       B-/Stable (Assigned)
   Rs.16.80 Million Working Capital    B-/Stable (Assigned)
            Demand Loan
   Rs.229.00 Million Letter of Credit  P4 (Assigned)

The ratings reflect Multi-Flex's weak financial risk profile and
exposure to risks relating to customer concentration and intense
competition in the domestic flexible packaging industry.  These
weaknesses are, however, partially offset by the benefits that
Multi-Flex derives from the long-standing experience of its
promoters, and established relationships with key customers.

Outlook: Stable

CRISIL expects Multi-Flex to maintain a stable business risk
profile on the back of established relations with key customers,
and the growth prospects of the packaging industry.  The outlook
may be revised to 'Positive' if the company diversifies its
customer profile, reduces gearing, and improves its operating
margins and debt protection metrics.  The outlook may, on the
other hand, be revised to 'Negative' if the company's customer
concentration risks increase, or it takes on significant, debt-
funded capital expenditure, or reports a sharp decline in margins
or faces a demand for heavy tax dues.

                         About Multi-Flex

Multi-Flex was incorporated in March 1991.  It manufactures and
sells the packaging laminates to the fast moving consumer goods
(FMCG) and pesticide and agro-chemical companies.  The company has
two manufacturing facilities at Mahad (Maharashtra), with a
laminates capacity of 14,400 tonnes per annum (tpa), and a
polythene film capacity of 8520 tpa as on March 31, 2008.  For
2007-08 (refers to financial year, April 1 to March 31), Multi-
Flex reported a net loss of Rs.3.8 million on sales & other income
of Rs.1071.3 million, as against a net loss of Rs.21.3 million on
sales & other income of Rs.929.5 million for 2006-07.


SHANTHALA SPHEROCAST: CRISIL Rates Rs.78MM Long Term Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Shanthala Spherocast Pvt Ltd (SSPL).

   Rs.78.0 Million Long Term Loan        BB+/Stable (Assigned)
   Rs.90.0 Million Cash Credit Limits    BB+/Stable (Assigned)
   Rs.10.0 Million Letter of Credit      P4 (Assigned)
                   Limits
   Rs.2.0 Million Bank Guarantee Limits  P4 (Assigned)

The ratings reflect SSPL's limited financial flexibility marked by
low net worth, high working capital requirements, and small scale
of operations.  However, these weaknesses are partially offset by
SSPL's comfortable business risk profile backed by sound operating
efficiencies.

Outlook: Stable

CRISIL believes that SSPL will maintain its current business and
financial risk profiles over the medium term, on the back of
healthy operating efficiencies and stable demand.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves substantially driven by improvement in gearing and debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large, debt-funded capital
expenditure, leading to deterioration in capital structure, or if
a substantial decline in margins results in a weaker financial
risk profile.

                           About SSPL

Set up in 1984, SSPL undertakes foundry job works, including
casting and machining of components.  The company manufactures
ductile iron castings which are used in engineering, construction
and automobile industries.  SSPL's manufacturing facility at
Shimoga (Karnataka) has capacity to manufacture 8500 tonnes of
iron castings and components.  The promoters of SSPL hold around
40 per cent stake in one of the group companies, Vijay Technocrats
Pvt Ltd (VTPL) (CRISIL rated B/Stable/P4).  VTPL manufactures
intricate iron and high chrome castings.  The promoters also own a
machining facility, Shanthala Machining Private Ltd (SMPL). SMPL
carries out machining activities for VTPL and SSPL. VTPL
outsources 100 per cent and SSPL outsources nearly 50 per cent of
its machining activities to SMPL.

For 2007-08, (refers to financial year, April 1 to March 31) SSPL
reported a profit after tax (PAT) of Rs. 14.6 million on net sales
of Rs. 505.9 million, as against a PAT of Rs. 10.3 million on net
sales of Rs. 393.7 million for 2006-07.


SHRI DNYANESHWAR: CRISIL Assigns 'BB+' Rating on Rs.236MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of Shri Dnyaneshwar Sahakari Sakhar Karkhana Ltd
(SDSSK).

   Rs.236.0 Million Long Term Loan   BB+/Stable (Assigned)
   Rs.120.0 Million Cash Credit      BB+/Stable (Assigned)

The ratings reflect SDSSK's moderate financial risk profile marked
by low net worth and high gearing due to aggressive debt-funded
expansions, and exposure to regulatory risks governing the sugar
industry.  These weaknesses are, however, partially offset by the
benefits that SDSSK derives from its healthy operational
efficiencies supported by integrated nature of operations.

Outlook: Stable

CRISIL believes that SDSSK will maintain its existing business
risk profile, backed by benefits derived from its forward
integration initiatives.  The outlook may be revised to 'Positive'
if there is a significant improvement in the company's financial
profile due to higher-than-expected cash accruals, coupled with a
comfortable capital structure maintained over the medium term.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected debt-funded capital expenditure.

                          About SDSSK

SDSSK, incorporated in 1972, is a fully-integrated sugar
manufacturer, with distillery and co-generation facilities. SDSSK,
a co-operative society, functions as a non-profit organisation and
distributes most its profits to the sugarcane farmers after
considering maturing debt obligations.  The company's facilities
at Ahmednagar include capacity to crush 6000 tonnes of sugar per
day, a distillery with 45 kilo litres per day, and a 4 mega watt
captive power plant.  Recently, the company set up its 12 MW co-
generation plant which was commissioned in August 2007. The co-
operative society, set up by the late Mr. Marutrao Ghule, is
currently managed by his sons, Mr. Chandrasekhar Ghule and
Mr. Narendra Ghule along with an elected Board.

For 2007-08 (refers to financial year, April 1 to March 31), SDSSK
reported a profit after tax (PAT) of Rs.2.6 million on net sales
of Rs.1,578 million, as against a PAT of Rs.1.8 million on net
sales of Rs.1,897 million for 2006-07.


NILANSHU HIRE: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to Nilanshu Hire Purchase Ltd for carrying on
the business of a non-banking financial institution as the company
has opted to exit from the business of a non-banking financial
institution.

Following cancellation of the registration certificate,
Microland Investments Private Limited, cannot transact the
business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

Nilanshu Hire Purchase Ltd.'s registered office is at Ayodhya
Nagar, in Ujhani, Budaun.


SATYAM COMPUTER: To Speed Up Bidder Selection Process
-----------------------------------------------------
Satyam Computer Services Limited has begun considering purchase
offers for the company, The Wall Street Journal reports citing new
Chief Executive Officer A.S. Murty.

Reuters relates Satyam said it would accelerate plans to find a
bidder after India's market regulator amended its takeover rules.
According to Reuters, the Securities and Exchange Board of India
(SEBI) on Friday said it would relax its takeover rules if
approached by a target firm that met certain conditions.

The company has been approached by "numerous entities," Mr. Murty
said in written responses to questions from the Journal.

According to the Journal, entities who have expressed interest in
Satyam include Larsen & Toubro Ltd., which holds a 12% stake in
Satyam, HCL Technologies Ltd., the Hinduja Group, Tech Mahindra
Ltd. and Spice Group.

No specific date has been set for the any deal to close, the
Journal discloses.

"There is no timeline that we can commit [to] at this stage," Mr.
Murty was quoted by the Journal as saying.

On January 7, 2009, Satyam Chairman Ramalinga Raju resigned after
saying he manipulated the company's accounts.  Specifically, Mr.
Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and SEBI.  Several groups also
considered filing class action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.

                          About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


* INDIA: Sees Lower Budget Deficit in March 2010
------------------------------------------------
India's budget deficit will narrow to 5.5 percent of gross
domestic product by March 31, 2010 from an estimated 6 percent in
the current fiscal year, Bloomberg News reports citing Foreign
Minister Pranab Mukherjee during presentation of interim budget in
parliament in New Delhi on Monday.

The report notes the interim budget didn't contain any tax
changes.

Minister Mukherjee, as cited by the news agency, said
"constitutional propriety" demanded the government didn't announce
new tax rates or policies in the interim budget.

The report relates the Minister noted the statement was aimed at
obtaining parliamentary approval for spending in the first four
months of the next fiscal year starting April 1.

General elections may be held in April and May and soon thereafter
the new government will unveil the budget for the remaining eight
months of the year ending March 31, 2010, the report discloses.

Minister Mukherjee, according to the report, said the new
government must focus on reducing the budget deficit as soon as
possible when the economy revives.

Failure to cut the deficit "could undermine" India's economic
growth prospects and put at risk its ability to continue to
attract capital, James McCormack, head of Asia sovereign ratings
at Fitch Ratings in Hong Kong, was cited by Bloomberg News as
saying.



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

FUJI ELECTRIC: S&P Changes Outlook on 'BB+' Rating to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
the outlook on its 'BB+' long-term corporate credit rating on Fuji
Electric Holdings Co. Ltd.  The outlook revision reflects a
substantial weakening in the company's earnings, due mainly to a
rapid decline in demand for electronic devices and electric
systems.  It also represents a deterioration of the company's
debt-to-capital structure stemming from weakened profitability and
structural reform-related losses.  At the same time, Standard &
Poor's affirmed the 'BB+' long-term corporate credit and the
'BBB-' long-term senior unsecured debt ratings on the company.

On Feb. 13, 2009, Fuji Electric made substantial downward
revisions to its consolidated earnings forecast for fiscal 2008
(ending March 31, 2009).  The company now anticipates total sales
of JPY760 billion (a 10.6% year-on-year drop), compared with the
previously projected JPY850 billion.  Operating income was
previously projected at JPY10 billion, yet the company now
anticipates an operating loss of JPY22 billion (against an
operating profit of JPY35.9 billion in fiscal 2007).  Similarly,
Fuji Electric now expects a JPY70 billion net loss (against a
JPY16.8 billion net profit in fiscal 2007), having previously
forecast a net profit of JPY0.  The weakness of its earnings is
particularly evident in the Electronic Devices segment, which
specializes in the production of power semiconductors and hard-
disk media, and the Energy & Electric Systems segment, which
engages in the manufacture of factory automation machinery and
control instruments.

The company's level of capitalization has also substantially
eroded.  As of Dec. 31, 2008, its net worth decreased by about
JPY93 billion compared with March 31, 2008, to about
JPY170 billion, due mainly to weakened earnings and in part to
losses related to structural reform. During the same period, the
company's outstanding balance of net debt increased by about
JPY27 billion to about JPY361 billion.

The affirmation of S&P's ratings on the company reflects these
factors:

  -- Standard & Poor's has, to an extent, already incorporated the
     high business risk in the Electronic Devices segment into
     S&P's current ratings on the company.

  -- S&P expects the company to secure full-year profits in its
     other segments.

   -- S&P anticipate some positive effects from the ongoing
     business structural reform.

Fuji Electric intends to carry out restructuring measures designed
to shed fixed costs while restraining capital investments.
Considering these measures, Standard & Poor's believes that the
company is less likely to record huge losses in the next fiscal
year and beyond.  Nonetheless, it seems difficult for the company
to quickly improve its earnings profile, in light of the
increasingly challenging business environment and global economic
downturn.  The ratings on the company could come under downward
pressure if earnings from its Electronic Devices and Energy &
Electric Systems segments further weaken, if the slump in business
conditions continues for a prolonged period, or if the positive
effects on its earnings and financial profile from the
restructuring measures and the efforts to restrain capital
expenditures prove to be limited.  Conversely, if the company
demonstrates its ability to speedily improve profitability at the
Electronic Devices and Energy & Electric Systems segments, or if
the company comes up with large-scale financial improvement
measures, this could precipitate upward movement in the outlook or
a rating revision.  However, in light of the challenging business
environment, which S&P expects to continue for some time, the
possibility of this scenario actually happening is slim, as the
prospects for quick profit recovery are diminishing.

The rating on the long-term senior unsecured debt is one notch
higher than the corporate credit rating.  This reflects the lower
default risk of the company's debt than its bank loans based on
the expectation for debt forgiveness by creditor banks in case of
default.

This unsolicited rating(s) was initiated by Standard & Poor's. It
may be based solely on publicly available information and may or
may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to be
reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.

                           Ratings List

           Ratings Affirmed; CreditWatch/Outlook Action

       Fuji Electric Holdings Co. Ltd. (Unsolicited Ratings)

                                  To                 From
                                  --                 ----
Corporate Credit Rating           BB+/Negative/--    BB+/Stable/--
Senior Unsecured (8 issues)      BBB-


LOPRO CORP: Seeking Up to JPY20 Billion in Public Funding
---------------------------------------------------------
Lopro Corp. plans to apply for a proposed government program aimed
at providing public funds for companies with depleted capital,
tradingmarkets.com reports citing Kyodo News.

According to the report, Lopro President Masahiro Maeda said the
company is considering accepting public funds worth JPY10 billion
to JPY20 billion.

"An infusion of public money to our company would be meaningful if
we are to rescue minor companies that larger financial
institutions do not dare lend money to," the report quoted Mr.
Maeda as saying.

The report says Lopro is also aiming to use the funds to bolster
its capital base as its business has been badly hurt following
demands by borrowers for the reimbursement of overpayments made
under excessive interest rates.

Lopro Corporation is a Japan-based company engaged in the
provision of financial loan services.  Lopro is involved in the
provision of lending services and discount of commercial bill
services, as well as the leasing services of real estate and the
lease guarantee services.  It principally offers its services to
small- and medium-sized companies, as well as small-scale
businesses.  Its major products include commercial bill discounts,
as well as unsecured loans on notes and deeds. The Company has one
subsidiary.

                          *     *     *

Lopro Corporation incurred three consecutive net losses of
JPY29.12 trillion, JPY23.98 trillion and JPY23.46 trillion for the
years ended March 31, 2008, 2007 and 2006.


* JAPAN: Economy Shrinks 12.7% on Falling Exports, Rising Yen
-------------------------------------------------------------
Japan's economy shrank 12.7% on an annualized basis in the
October-to-December period, or 3.3% from the previous quarter,
Chris Oliver at MarketWatch reports citing preliminary data
released Monday by the Cabinet Office.

The decline, the report relates, was the biggest since a 13.1%
annualized contraction in the January-to-March period in 1974.

The report discloses in its outlook report on Jan. 22, the Bank of
Japan forecast that the economy would contract 1.8% in the fiscal
year ending in March.

In the July-to-September quarter, Japan's economy contracted 2.3%
annualized, the report notes.

Citing Barclays Capital economist Kyohei Morita in Tokyo, the news
agency says
exports and household consumption appear set to weaken throughout
the current quarter, hurting spending for new factory equipment
and other capital- expenditure outlays.

Exports, the country's primary business, was affected by the
credit crunch
and exacerbated by the increase in the yen's value.

According to MarketWatch, exports were down a record 13.9% on
quarter, business investment fell 5.3% and private consumption
eased 0.4%.

"As long as exports remain weak, I don't think we can expect
positive growth in Japan's GDP," MarketWatch quoted Kyohei Morita
as saying.

                      Corporate Bankruptcies

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
11, 2009,
BBC News said data from Tokyo Shoko Research showed Japanese
corporate bankruptcies rose 15.8% to 1,360 cases in January from a
year earlier, the eighth consecutive monthly increase.

Bankruptcies at market listed companies meanwhile hit a record
high of 35 for the year to March 31, the highest since World War
II, BBC News noted.

                             Bailout

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2009, Bloomberg News said the Bank of Japan will buy JPY1
trillion (US$11.1 billion) of shares owned by financial
institutions, less than two weeks after the bank said it will buy
up to JPY3 trillion of commercial paper and consider purchasing
corporate bonds.

According to Bloomberg News, the central bank will purchase stocks
until April 2010 and will hold the shares until at least March
2012.  The bank will only buy up to 250 billion in stocks from
each lender, the new agency noted.

The central bank, the report related, said it will buy stocks of
companies with a credit rating of BBB- and higher.  To be
eligible, banks will need stockholdings exceeding JPY500 billion
and a "capital adequacy ratio based on international standards,"
BoJ said in a statement obtained by Bloomberg News.

"This measure aims to act as a safety net to stabilize the
financial markets," BoJ Governor Masaaki Shirakawa was quoted by
Bloomberg News as saying during a press briefing in Tokyo.  "It's
always appropriate to prepare for the worst factors and the worst-
case scenario."

Bloomberg News related Gov. Shirakawa said the plan isn't
necessarily focused on boosting the stock market, rather, the
central bank is concerned that banks will become reluctant to lend
toward the fiscal year end, when companies settle accounts, out of
fear that declining stock values will deplete their capital.

On Feb. 16, 2009, the Associated Press said media reports over the
weekend said Japan may be considering additional measures to shore
up its economy with fresh spending likely to top US$109 billion.




=========
K O R E A
=========

* KOREA: Firms to Cut 2009 Spending, Looming Recession Seen
-----------------------------------------------------------
Corporate capital spending in Korea will fall 2.5 percent this
year from the same period a year ago as the economy heads for its
first recession in 11 years, The Korea Herald reports citing
survey data obtained by Yonhap News Agency.

According to the Herald, citing the poll of the nation's top 600
firms by revenue, the Federation of Korean Industries said capital
investment will decline to 86.7 trillion won, marking the first
annual contraction in eight years.

Particularly, companies specializing in semiconductors, flat-panel
displays and shipbuilding considered cutting their capital
expenditures by 42.5 percent, 40.9 percent and 26.5 percent,
respectively, the federation said as cited by the Herald.

                        Economy to Shrink

Reuters reports a senior official at Standard & Poor's said Monday
the rating agency forecasts South Korea's economy will contract by
about 3.5 percent this year.

Late last month, S&P had a zero growth forecast for the country.

                     Missed Bond Sale Target

Bloomberg News reports South Korea failed to meet its target at an
auction of 10-year bonds for a second consecutive month on concern
that the nation will increase debt sales to fund stimulus
spending.

The report relates Deputy Finance Minister Noh Dae Lae said Feb.
12 South Korea has already allocated KRW51 trillion in tax cuts
and infrastructure projects to shore up the economy, and the
government needs to increase its budget spending to revive growth.

According to the report, the country's finance ministry said South
Korea raised KRW584 billion (US$415 million) at a Feb. 16 sale,
less than the KRW800 billion targeted, after investors offered to
buy KRW604 billion.

The securities were sold at an average yield of 5.2 percent,
higher than the 5.1 percent the market expected, the news agency
cited Kim Do Sung, a futures trader with PB Futures Co in Seoul,
as saying.

"The market has shown little interest in longer-dated debt," Mr.
Kim said as quoted by Bloomberg News.  "The trend may continue for
a while as concern about oversupply lingers."

The report states investors are avoiding long-term securities as
governments fund extra spending by increasing debt sales.  Asian
nations have pledged an additional US$685 billion over the next
five years to support growth after recessions in the U.S., Europe
and Japan caused exports in the region to collapse, the report
says.

Bloomberg News recalls in a Jan. 19 auction, the Korean government
sold KRW426 billion of similar-maturity debt, failing to raise a
planned KRW800 billion.



===========
K U W A I T
===========

GULF INVESTMENT: Moody's Slashes Financial Strength Rating to 'D'
-----------------------------------------------------------------
Moody's Investors Service downgraded the financial strength rating
of Gulf Investment Corporation to D from D+.  The D rating now
maps to a Baseline Credit Assessment -- one of the company's key
rating inputs under Moody's methodology for government-related
issuers -- of 12, down from 11 (on a scale of 1 to 21, where 1
reflects the lowest level of risk).  Consequently, Moody's
downgraded GIC's long-term and short-term deposit ratings to Baa2/
Prime-2 from A3/Prime-1 and its senior unsecured debt rating to
Baa2 from A3.

All of GIC's ratings were placed on review for possible further
downgrade, reflecting the company's ongoing high balance-sheet
exposure to market risk, which, under the current volatile
conditions, could lead to a further erosion of its already
weakened capital base, particularly if poor global market
conditions persist.

The rating action has been prompted by the high market risk that
the company has built up relative to its capital base and the
increased volatility in its earnings, which are weighing on its
ratings and challenging its business model.

"In recent years, GIC's business model has led it to grow its
equity investments, hedge funds and structured products. Given the
recent dire performance of such instruments, necessary provisions
and asset write-downs are inevitably leading to a material erosion
of the company's capitalization," explains Stathis Kyriakides,
AVP-Analyst and lead analyst at Moody's for GIC.  At the same
time, within the context of the global credit crunch, fluctuating
and widening yields, as well as the deterioration in corporate
issuers' credit standing (reflected in rating downgrades) are
likely to have also resulted in mark-to-market write-downs and/or
trading losses in GIC's bond portfolio.

Moody's recognizes the company's efforts to manage its risks by
diversifying its portfolio of financial instruments, in terms of
both geographies and instrument types.  However, correlations
under current extreme market stresses have converged, causing a
rapid deterioration in the company's performance.  In addition,
given GIC's very limited business diversification and narrow
customer franchise, it lacks revenue streams unrelated to the
financial markets' performance capable of generating sufficient
income to buffer its capital base from market-related write-downs
and losses.  The performance of the company's investments in
projects and equity participations is also sensitive to market
conditions and it would be difficult to realize hidden value (if
any) contained in this portfolio.

Moody's review will focus on: (i) the scale of GIC's recorded
losses and write-downs and the impact they have had on its
capitalization in relation to its risk profile, as well as its
plans for raising additional capital; (ii) stress-testing the
sensitivity of the company's performance and capitalization to
further market-related losses/write-downs; (iii) evidence of any
forthcoming shareholder support; (iv) the company's plans for
steering itself through the current difficulties and its strategy
for the future; and (v) developments in the financial markets.

Moody's notes that the company's six GCC country shareholders
(through their representatives on GIC's board of directors) have
committed to subscribing to the company's US$1.1 billion rights
issue.  The rating agency cautions that, although completion of
the capital increase is important, it would not automatically
address some of the fundamental issues facing GIC, namely those of
weak business diversification, narrow scope of operations and
small franchise.  That said, excessive delays (or retraction) on
the part of any or all shareholders in paying up capital could
leave the company insufficiently capitalized and could have
negative rating implications.

Moody's previous rating action on GIC was on 9 October 2008, when
its Baseline Credit Assessment was lowered to 11 from 10 and its
long-term, issuer and deposit ratings were downgraded to A3 from
A2.



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

AXIOM INTERNATIONAL: Appoints Chatfield & Tietjens as Liquidators
-----------------------------------------------------------------
On December 19, 2008, Peter Charles Chatfield and Stephen Rex
Tietjens were appointed as liquidators of Axiom International Ltd.

Only creditors who were able to file their proofs of debt by
January 22, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Peter Charles Chatfield
          Stephen Rex Tietjens
          Accru Smith Chilcott Limited, Chartered Accountants
          South Canterbury Finance Building, Level 5
          57 Fort Street
          Auckland 1010
          Telephone: (09) 379 8035
          Facsimile: (09) 307 8892


CATRA PROPERTIES: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Catra Properties Ltd.'s operations wound up was
heard before the High Court at Hamilton on Feb. 2, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 20, 2008.


CIVIL WORKS: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have Civil Works Ltd.'s operations wound up was
heard before the High Court at Auckland on Jan. 30, 2009.

Fletcher Steel Limited filed the petition against the company on
November 12, 2008.


GLOBAL VIRTUAL: Appoints van Delden and Finnigan as Liquidators
---------------------------------------------------------------
On December 19, 2008, the shareholders of Global Virtual Services
Network Ltd. appointed Boris van Delden and Peri Micaela Finnigan
as the company's liquidators.

Only creditors who were able to file their proofs of debt by
February 5, 2009, will be included in the company's dividend
distribution.

The Liquidators can be reached at:

          Boris van Delden
          Peri Micaela Finnigan
          McDonald Vague, Chartered Accountants
          PO Box 6092, Wellesley Street
          Auckland 1141
          Facsimile: (09) 303 0508


HEARTLAND DEVELOPMENTS: Goes Into Liquidation
---------------------------------------------
Ben Heather at The Southland Times reports that Heartland
Developments Wanaka Ltd, a NZ$25 million Wanaka hotel development,
has gone into liquidation after a contractor called in debt.

According to the report, liquidator Colin Currie said the company
had simply run out of money and now owed about NZ$1 million to its
financier and a further NZ$1.5 million to contractors.

Mr. Currie said the liquidation was ordered by the High Court at
Hamilton after one of the contractors sought to recover between
NZ$200,000 and NZ$300,000 in debts, the Southland Times relates.

Mr. Currie, as cited by the report, said the project was consented
in April 2007, but despite a big marketing push no pre-sales could
be secured and by late last year there were no investors
interested.

Meanwhile, the report discloses development projects everywhere
are feeling the fury of the economic crisis, evident in the high
number of mortgagee sales.

"It's probably typical of many developments we are seeing at the
moment.  There are no investors, no bankers, which means there are
no developers," the report quoted Mr. Currie as saying.

"Development projects in the South Island, in Wanaka and
Queenstown in particular, are probably as hard hit as development
projects in Auckland."

The Southland Times notes that there are at least eight mortgagee
sales in Queenstown listed on Trade Me, including four in the
Esplanade Villa complex, where the apartments are valued at more
than NZ$1 million.


KINGDOM RESIDENTIAL: Court Hears Wind-Up Petition
-------------------------------------------------
A petition to have Kingdom Residential Housing Nelson (1999)
Ltd.'s operations wound up was heard before the High Court at
Nelson on Jan. 28, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 5, 2008.


M.F.U. HOLDINGS: Commeces Liquidation Proceedings
-------------------------------------------------
M.F.U. Holdings Ltd. commenced liquidation proceedings on Dec. 16,
2008.

The company's liquidator is:

          Peta Jill Walker
          PO Box 11719, Wellington
          Telephone: (04) 385 8628
          Facsimile: (04) 385 8708


MODA PIETRA: Court Hears Wind-Up Petition
-----------------------------------------
A petition to have Moda Pietra Ltd.'s operations wound up was
heard before the High Court at Christchurch on Jan. 19, 2009.

Parbury Building Products (N.Z.) Limited filed the petition
against the company on September 10, 2008.


MT VAEA: Court Hears Wind-Up Petition
-------------------------------------
A petition to have MT Vaea Investments Ltd.'s operations wound up
was heard before the High Court at Auckland on Jan. 28, 2009.

Body Corporate No. 211997 filed the petition against the company
on November 6, 2008.


NEXA NEW ZEALAND: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Nexa New Zealand Ltd.'s operations wound up was
heard before the High Court at Auckland on Feb. 4, 2009.

Compuvest Corporation filed the petition against the company on
November 18, 2008.


FISHER & PAYKEL: May Receive Gov't. Bail Out, PM John Key Says
--------------------------------------------------------------
Adrian Bathgate and James Thornhill at Reuters report that
Fisher & Paykel Appliances Ltd's shares fell as much as 42 percent
to a record low on Monday, Feb. 16, after the company slashed its
profit forecast and said it was looking to raise capital to pay
off mounting debts.

According to various reports, the surprise announcement has
prompted New Zealand Prime Minister John Key to float the idea of
a possible government bail-out.

"If that meant the loss of jobs and the collapse of an iconic
company, that would be unacceptable to me," Reuters quoted Prime
Minister Key as saying on TV3's Sunrise programme.

Prime Minister John Key, Reuters relates, said it was premature to
discuss options for supporting Fisher & Paykel Appliances, but the
government would not rule out taking an equity stake in the
company, or acting as a banker.

According to Reuters, Fisher & Paykel Appliances chief executive
John Bongard said he had held talks with the Prime Minister on
Monday, and outlined that availability of credit was the main
issue facing the company.

"The issue is that there aren't many lenders out there that are
prepared to increase their borrowings by that much," Mr. Bongard
told Radio New Zealand.

Shares in Fisher & Paykel appliances bounced 10.8 percent, or 7
cents, to NZ$0.72 on Tuesday, Feb. 17, recovering from Monday's
trough of NZ$0.58, the lowest since the company was created in
2001, according to Reuters.

Reuters says the company expects a normalised net profit of NZ$25
to NZ$30 million (US$13 - $15.5 million) in the year to end-March,
down from NZ$54.2 million in the previous year.

                      About Fisher & Paykel

Fisher & Paykel Appliances Holdings Ltd. --
http://www.fisherpaykel.com/--  is a New Zealand-based company,
which has two principal areas of business: Appliance manufacturer,
distributor and marketer (Appliances Group) and Financial services
in New Zealand (Finance Group).  The principal activity of the
Appliances business is the design, manufacture and marketing of
household appliances.  Its major markets are New Zealand,
Australia, North America and Europe. The Appliances business has
manufacturing operations in New Zealand, Australia, North America,
Italy and Thailand.  The Finance business is a provider of retail
point of sale consumer finance (including the Farmers Finance
Card), insurance services, and rental and leasing finance.


FISHER & PAYKEL: Slashes Profit for FY2009; May Raise Capital
-------------------------------------------------------------
Fisher & Paykel Appliances Holdings Ltd disclosed trading update
to the New Zealand Stock Exchange on Feb. 16, 2009:

Fisher & Paykel said that subsequent to reporting the Interim
Result on November 13, 2008, unprecedented and difficult trading
conditions have been experienced in all markets.  Slowing consumer
demand as a direct result of the Global Credit Crisis has
significantly impacted sales, particularly late in the second
fiscal half.  Slow Christmas sales and very weak macro conditions
have led to a reduction in revenue for all markets.  In addition
competition for volume has also impacted margins.

                    New Zealand and Australia

In New Zealand, the overall market contracted during the current
April-January period by 15% in unit terms, when compared with the
previous corresponding period.  The deepening recession in the
second half of the year resulted in the market size reducing 19%
in unit terms between October 2008 and January 2009, over the
previous corresponding period.

As consumers' preference has moved from the top end of the market
towards lower priced and less featured products, the Elba brand
has performed well, gaining market share in New Zealand.

Australian sales levels have reduced in line with falling consumer
confidence.  The company's market shares have declined in some
product categories partly due to the price increase implemented in
September and October last year, while competitors chose to defer
increasing prices until early in the 2009 calendar year.  Similar
to the New Zealand market, this has been compounded by consumers
increasingly preferring lower priced products.

                          North America

The North American market remained in severe decline.  The market
has noticeably receded since the last release, with the Oct-Dec 08
quarter falling 18% when compared with the previous corresponding
period.  The Fisher & Paykel and DCS brands continue to perform
well against the market.  Combined revenue for these 2 brands in
the fiscal year to date was down 6.1% on the previous
corresponding period, reflecting resilience in the marketplace and
an increased product portfolio.

Ongoing pressure at the high end though is hindering not only
existing sales growth but also sales levels of new product
introductions including the recently launched CoolDrawer
refrigerator.  With intense market competition continuing and
competitors fighting to retain sales volumes, margins have been
put under increasing pressure.

                              Europe

European sales suffered similarly, as sales slowed, particularly
in Great Britain.  The weakening of the British pound against the
Euro also contributed to weakening sales levels and eroded
margins.

                         Rest of World

The weakening of the NZD against the USD has assisted revenues
during the second half but business remains challenging in all
markets.  This currency movement has also helped make the brand
more attractive to overseas distributors.

                        General Comments

To address the immediate issues of declining demand in global
markets and the trend for consumers to trade down in their
purchase decision, the Company said it is committed to introducing
a second tier brand to some of its major markets.

The success experienced with Elba as an entry point brand in
New Zealand, has instilled confidence that a similar offering
would succeed in other markets, given the current economic
climate.  This strategy will be quickly replicated opening the way
for greater opportunity to the present consumer preference
purchase direction.

In a move to further expand its reach into the North American
market, the Company will launch a range of products under the Elba
brand exclusively distributed through Sears Outlet stores,
commencing in April.  The Elba brand will be manufactured in the
Company's North American manufacturing facilities and sold in
Sears outlet stores nationally.

Fisher & Paykel is currently in negotiation with Australian
customers for introduction of the Company's entry point Elba
branded products.

                      Production Facilities

The consistent results being achieved from the new manufacturing
facility in Thailand are exceeding initial saving expectations,
the company said.

The Rayong facility in Thailand is now fully functioning and
producing Laundry products for the Australian, New Zealand, Asian
and Rest of World markets.  The Electronics factory, which was
relocated from Auckland, New Zealand last year, is now fully
commissioned within the facility and is providing components
direct to line in Thailand as well as to our other manufacturing
sites globally.  The second factory, being built adjacent to the
Laundry plant for housing the Brisbane refrigeration line, is on
time and nearing completion.

The Reynosa facility in Mexico is now manufacturing initial
release quantities of the new DishDrawer Tall product for
introduction into the North American market in March.  The
inventory required for this launch will be completed by late
February, at which time the factory will have the capability to
manufacture all versions of DishDrawer for global markets
including New Zealand and Australia as well as Europe.  Production
rates will increase as demand requires.

The Range & Dishwasher facility in Dunedin, New Zealand, is now in
the final stages of shutdown.  The freestanding range line, along
with a limited number of built in ovens and cooktops will continue
to be manufactured through until April, at which time all
production will transfer to the Italian and Mexican plants.  The
site in Mosgiel, Dunedin, which has been sold to the Fonterra Co-
operative Group, will be vacated by June 30, 2009.

The Cleveland refrigeration factory in Brisbane, Australia is on
schedule for closure in early April.  The inventory build to allow
for the relocation is on target and the shipment of the plant and
equipment will commence shortly after closure.

The North American Laundry production facility in Clyde, Ohio has
been under recent review.  With falling global demand, washer
production requirements for North America will now be consolidated
and wholly supplied out of the Thailand factory in Rayong.  The
company expects the factory efficiency gains from the increased
production, combined with lower labour and material costs, will
more than offset the increased cost of freight, duty and working
capital.  The additional production required will be accommodated
using the existing equipment in Thailand.  The North American
washer line will remain closed on the Clyde site until such time
as market conditions improve.

The SmartLoad dryer line, a facility producing a product designed
specifically for the North American market will be relocated to
the Reynosa facility in Mexico.  This will consolidate all North
American finished products manufacturing onto a single site
thereby optimising freight and warehousing efficiencies.

These Laundry production lines will discontinue manufacturing at
Clyde during the second quarter 2009.

The motor line will remain on the Clyde site and continue
supplying components to Whirlpool Corporation located near by.

Costs associated with implementing the global relocation of
manufacturing facilities are now expected to exceed the previous
guidance by $5 million - $10 million, partly due to currency
effects.

                           Cost Cutting

The Company has recently initiated a number of internal cost down
measures in response to the current global economic conditions.
These include an immediate salary reduction for the CEO of 7.5%
and Executive staff of 5%.  The Company is finalising a scheme
with all salaried employees whereby staff will take one rostered
day off a month.  They will have the option to substitute this day
with annual leave, thereby ensuring continuity of income.  These
new initiatives are over and above the ongoing cost down
programmes currently operating within the business.

                          Raw Materials

Raw material pricing has reduced significantly over the past few
months as global demand lessens.  Spot rates for plastics,
chemicals and copper are considerably lower than 6 months ago.
Steel prices have also fallen recently and will be reflected in
forward contracts for deliveries commencing April 2009.

                             Finance

The Finance business continues to trade satisfactorily given the
volatile economic conditions it is operating in.  Notwithstanding
increasing bad debts that have eroded earnings over the past 4
months, the cost to income ratio remains within budget and on
forecast at 42%.

Net receivables as at January 31, 2009 exceeded that of the
previous year, reflecting the continued growth of both Q Card and
Farmers Finance Card.

Participation in the Crown Deposit Guarantee Scheme has allowed
the Finance business to significantly increase retail deposits by
over $100 million and reduce reliance on Bank funding facilities.
In addition, reinvestment rates on retail debentures have been
strong since November 2008 and for January 2009 exceeded 90%.

The Finance business has maintained a sound diversified funding
base.  Committed, undrawn Bank facilities at January 31, 2009
exceeded $275 million.  In addition, the retail debenture book now
exceeds $195 million, providing significant funding to the finance
business during uncertain times.

As a result of recent regulatory changes and proposed regulatory
changes introduced by the Reserve Bank of New Zealand, the Finance
business will be seeking a credit rating with an approved credit
rating agency and will be subject to minimum capital ratio
requirements.  The best current estimate is a requirement for
approximately $50 million of additional capital some time in early
2010.

                      Balance Sheet Gearing

The Group has substantial investments in appliance manufacturing
operations in North America, Italy and Thailand which are in the
main debt funded in US dollars, Euro and Thai Baht respectively.

Due to the rapid depreciation in the value of the New Zealand
dollar, foreign currency denominated debt has increased in New
Zealand dollar terms by approximately $122 million since
March 31, 2008.  As at January 31, 2009, total bank debt was $512
million and the deferred consideration in respect of the Reynosa
facility was approximately $49 million.

As a result of this and the temporary peak of inventory build
required as part of the Appliances Global Manufacturing Strategy,
the debt to debt plus equity ratio for the Appliances business has
increased beyond the Group's target range of between 25% and 35%,
to 43% as at 31 January 2009.

Debt is projected to be at approximately $570 million at March 31,
2009, after which levels will be progressively reduced by
approximately $230 million over the next 9 months as the
relocation stock build is sold out, working capital levels are
realigned to the current sales levels and properties are sold.

In light of the increase in the Group's debt, the Directors
believe that it is prudent that the Group strengthen its balance
sheet and are therefore considering a range of alternatives.
These include advancing the marketing of the 14.5 hectare site at
East Tamaki, Auckland as a sale and lease back arrangement.  The
Company is continuing to market its Cleveland site in Australia
and several parties have expressed interest.

Due to the adverse financial market conditions, the Company will
not proceed with a Capital Note issue.  However, the Company is
reviewing the Group's capital structure and examining alternative
sources of capital.  As part of this review, the Directors are
considering the merits of issuing equity, including to a strategic
cornerstone investor.

                          Group Outlook

As consumer demand slows in all markets, the Company said it has
been taking proactive measures to address the economic environment
it is now operating in.

For the Finance business, as the impact of lower interest rates
permeates through the economy, customers will gain relief from the
cost of servicing home mortgages and while there will be ongoing
uncertainty, the Company expects consumer confidence will
gradually improve.  This period of adjustment is likely to take
some time, requiring a continuation of intensive credit
management, operating cost control, and security in funding.

For the Appliances business, the Company believes it is well
positioned to take advantage of any improvement in economic
conditions.  The near completion of its Global Manufacturing
Strategy, first announced in April 2007, will ensure the Company
will be able to produce whiteware products on a more competitive
basis.

The shift of manufacturing facilities to lower cost countries has
progressed well, with resulting savings ahead of expectations.
The remaining relocations to Thailand, Mexico and Italy, are
expected to be completed on time.  Full production from all
offshore facilities is likely to be on stream by the commencement
of the second half 2009.  These moves will deliver significantly
lower manufacturing costs than have applied in the past and will
offer extra capacity capability without significant additional
cost.

Appliances is looking to expand its distribution channels and
brand offerings in Australia and North America.  The release of a
second tier brand will present opportunities for increased sales
levels and distribution exposure.  The implementation of this
arrangement will be executed in a short time frame within the
existing manufacturing and warehouse framework.

Overall reductions in raw material prices are expected to begin to
flow through in the first quarter of the 2009/10 financial year.
This will to some extent offset contracting margins being
experienced in all markets.  Plastics cost decreases of between
30% 50% are currently being observed in the market.

Normalised Group net profit after tax is projected at $25 million
to $30 million for the current 2008/09 financial year. Subject to
the completion of the Cleveland land sale, Group net profit after
tax and costs associated with the Global Manufacturing Strategy,
is projected to be approximately break-even.

The Company is confident that following the completion of the
Global Manufacturing Strategy and the associated restructuring
processes, it will be well positioned to manage current market
conditions and benefit from any improvement in global economies.
The Company is pleased that these relocations have thus far been
completed seamlessly during a time of economic turmoil and will be
fully functional and will enable the Company to seize upon any
growth opportunities that present themselves in the future.

                Potential Equity Capital Raising

The Directors of the Company are reviewing the Group's capital
structure and examining a range of potential sources of capital.

If an equity raising is conducted, the Company expects it would
include a pro rata entitlement offer to eligible shareholders.
The securities issued under any pro rata entitlement offer would
be ordinary shares, having the same rights as the existing
ordinary shares of the Company.  The proceeds would be used to
repay debt.

The Directors expect to provide a further update on the timing of
any pro rata entitlement offer to investors and the market in
early March.

                       About Fisher & Paykel

Fisher & Paykel Appliances Holdings Ltd. --
http://www.fisherpaykel.com/--  is a New Zealand-based company,
which has two principal areas of business: Appliance manufacturer,
distributor and marketer (Appliances Group) and Financial services
in New Zealand (Finance Group).  The principal activity of the
Appliances business is the design, manufacture and marketing of
household appliances.  Its major markets are New Zealand,
Australia, North America and Europe. The Appliances business has
manufacturing operations in New Zealand, Australia, North America,
Italy and Thailand.  The Finance business is a provider of retail
point of sale consumer finance (including the Farmers Finance
Card), insurance services, and rental and leasing finance.


VIP DAIRY: Court Hears Wind-Up Petition
---------------------------------------
A petition to have VIP Dairy Ltd.'s operations wound up was heard
before the High Court at Whangarei on Feb. 9, 2009.

ANZ National Bank Limited filed the petition against the company
on November 10, 2008.



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

ARIEL SINGAPORE: Creditors Hold Meeting
---------------------------------------
The creditors of Ariel Singapore Pte Ltd met on February 27, 2009,
and receives a full statement of the company's affairs together
with a list of creditors and the estimated amount of their claims.


COCOWOODS INTERNATIONAL: Members to Hold Final Meeting on March 12
------------------------------------------------------------------
The members of Cocowoods International Pte. Ltd. will hold meeting
on March 12, 2009, at 3:00 p.m., for the purposes stated in
Section 308 of the Companies Act, Cap. 50.

The meeting will be held at 1 Scotts Road, #21-07/08/09 Shaw
Centre, Singapore 228208.


CONDUIT MANAGEMENT: Member to Hold Final Meeting on March 12
------------------------------------------------------------
The member of Conduit Management Services Pte Ltd will hold
meeting on March 12, 2009, at 11:00 a.m., for the purposes stated
in Section 308 of the Companies Act, Cap. 50.

The meeting will be held at 1 Scotts Road, #21-07/08/09 Shaw
Centre, Singapore 228208.


HO SHING: Court Enters Wind-Up Order
------------------------------------
On January 5, 2009, the High Court of Singapore entered an order
to have Ho Shing Construction Co. (Pte.) Ltd's operations wound
up.

Aw Chye Leng filed the petition against the company.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          RSM Chio Lim LLP/Stone Forest
          Corporate Advisory Pte Ltd
          8 Wilkie Road #03-08 Wilkie Edge
          Singapore 228095


SYDUS PTE: Court to Hear Wind-Up Petition on February 20
--------------------------------------------------------
A petition to have Sydus Pte Ltd's operations wound up will be
heard before the High Court of Singapore on February 20, 2009, at
10:00 a.m.

AN Steel Corp filed the petition against the company on Jan. 24,
2009.

The Petitioner's solicitors are:

          Messrs. Joseph Chen & Co.
          No. 101 Upper Cross Street
          #05-33 People's Park Centre
          Singapore 058357


* SINGAPORE: Exports Fell 3.2% in January on Weak Demand
--------------------------------------------------------
Declining demand due to the global financial crisis took a beating
on Singapore's exports last month.  The city-state's exports fell
a seasonally adjusted 3.2 percent to SG$10.0 billion (US$6.6
billion) in January from December, The International Herald
Tribune reports citing Trade and Industry Ministry figures.

According to Bloomberg News, in January, Singapore's:

   --- Non-oil domestic exports dropped 34.8 percent
       from a year earlier, after contracting
       20.8 percent in December;

   --- Electronics shipments plunged 38.4 percent
       from a year earlier, the 24th consecutive drop,
       following a 25.4 percent decline in December;

   --- Non-electronics shipments, which include
       petrochemicals and pharmaceuticals, fell
       32.4 percent from a year earlier; and

   --- Pharmaceutical shipments dropped 4.5 percent.

Bloomberg News relates Singapore, whose exports industry account
for two-thirds of its gross domestic product, said last month it
expects overseas shipments to fall as much as 11 percent in 2009
after a 7.9 percent decline last year.

Singapore in October became the first Asian economy to enter
recession, according to AFP.

The Herald discloses Singapore's economy contracted a seasonally
adjusted, annualized 16.9 percent decline in the fourth quarter.
Economic growth, the Herald notes, slowed to 1.5 percent last year
from 7.7 percent in 2007.  The government expects GDP to contract
as much as 5 percent this year, the Herald says.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, Reuters said Singapore announced a SG$20.5 billion
(US$13.74 billion) stimulus package to help companies and save
jobs along with a 1 percentage point cut in corporate tax.

According to Reuters, the package, which comes on top of regular
government spending, included SG$5.1 billion on training and other
measures to save jobs and SG$5.8 billion to stimulate bank
lending.

The resilience package won't get the country "out of recession"
but "will help avert an even sharper downturn, and more lasting
damage to the economy," Finance Minister Tharman Shanmugaratnam
was quoted by Reuters as saying as he unveiled the 2009/2010
budget.



===========
T A I W A N
===========

PROMOS TECHNOLOGIES: Banks Agree on NT$3 Billion Loan
-----------------------------------------------------
A consortium of Taiwanese banks have tentatively agreed to provide
a new NT$3 billion (US$88.23 million) loan to ProMOS Technologies
Inc, AFP reports citing Bank of Taiwan, the lead bank in the eight
creditor banks syndicate.

According to the report, the state Bank of Taiwan said "they had
reached a tentative agreement to grant a NT$3 billion loan to
ProMOS," -- two billion dollars short of the amount sought by the
company.

The agreement, the bank said, requires final approval of the
banks' separate boards, AFP relates.

Without the loan, AFP notes, it was feared that ProMOS would not
have sufficient funds to pay its bondholders and sustain
operations, leading to a possible default.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, the Taipei Times said ProMos was facing mounting
pressure to repay US$330 million in overseas corporate debt that
matured on Feb. 14.

For the first nine months of 2008, ProMOS lost NT$22.5 billion
amid a slump in demand for memory chips.  The company reported a
net loss of NT$7.32 billion for the year ended December 31, 2007.

                          About ProMOS

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.


===============
X X X X X X X X
===============

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Valcon
       Four Seasons, Las Vegas, Nevada
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 2, 2009
ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
    Chicago Regional Conference
       Union League Club of Chicago, Chicago, Illinois
          Contact: 1-541-858-1665; http://www.airacira.org/

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                         *********

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.


                            *********


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.





                 *** End of Transmission ***