TCRAP_Public/090223.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

           Monday, February 23, 2009, Vol. 12, No. 37

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Lenders Agree to Restructure Debt Facilities
BATHURST NATRAD: Declares First and Final Dividend
BAYWATT PTY: Members Receive Wind-Up Report
CITY PACIFIC: Gets One Year Loan Repayment Extension
COWLEY HOLDINGS: Members Receive Wind-Up Report

DETAILED ENGINEERING: Placed Under Voluntary Wind-Up
DUALPOINT FURNITURE: Members Receive Wind-Up Report
DWYLONG PTY ET AL: Members Opt to Wind Up Operations
JIM GRAHAM: Members Receive Wind-Up Report
KEOUGH SAND: Members Receive Wind-Up Report

KEY GROUP: Declares First and Final Dividend
KOORAN PARK: Members Opt to Wind Up Operations
LAM KWOK: Placed Under Voluntary Liquidation
MANRIE PTY: Commences Liquidation Proceedings
OCEANAGOLD CORPORATION: Posts AU$54.74 Mln Net Loss in FY2008

OYSTER BOX: Placed Under Voluntary Wind-Up
RIPPLE SYSTEMS: Commences Liquidation Proceedings
SAXAN AMUSEMENTS: Members Receive Wind-Up Report
SOUTHCORP FINANCE: Members Receive Wind-Up Report
SUNBURST PROPERTIES: Receivers and Managers Step Down

WANDOO PETROLEUM: Declares First and Final Dividend


C H I N A

CHINA EASTERN: Adds 900 Transit Routes to Increase Revenue
CHINA PROPERTIES: S&P Downgrades Corporate Credit Rating to 'B'
NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'CC'
ZTE CORP: To Raise US$15 Bln in Loan for Overseas Telcos


H O N G  K O N G

BROADWAY CHINA: Members to Receive Wind-Up Report on March 18
GIANT CHANNEL: Inability to Pay Debts Prompts Wind-Up
HELIUM CAPITAL: Moody's Cuts Ratings on US$20 Mil. Notes to 'Ca'
HONG KONG MING YI: Creditors' Proofs of Debt Due on March 20
INTERNATIONAL PAPER ET AL: Members' Meetings Set for March 16

JET RIVER: Creditors Hold Meeting
MCKENNA SERVICES: Placed Under Voluntary Wind-Up
MITSUI & CO: Members to Receive Wind-Up Report on March 16
MMS COMPANY: Creditors' Proofs of Debt Due on March 13
PWC CONSULTING: Members to Receive Wind-Up Report on March 18

SEA CDO: Moody's Junks Ratings on Three Classes of 2005-1 Notes


I N D I A

ANJANI SYNTHETICS: CARE Assigns 'BB+' Rating on LT Bank Loans
EAST WEST: CRISIL Rates Rs.46.5 Mln Cash Credit at 'BB+'
JET AIRWAYS: CEO Ravi Chaturvedi Quits
KND INVESTMENT: CARE Puts 'BB' Rating on Rs. 15cr LT Bank Loan
PADMAVATI FINANCIAL: RBI Scraps Registration Certificate

SONIC THERMAL: CRISIL Assigns 'BB' Rating on Rs.50MM Cash Credit


I N D O N E S I A

BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'


J A P A N

ARCH FINANCE: Moody's Cuts Ratings on JPY12.363 Bil. Loan to 'Ba1'
BILLION COUPONS: SEC Halts Ponzi Scheme Targeting Deaf Investors
ELPIDA MEMORY: S&P Downgrades Corporate Credit Rating to 'B+'
SHINSEI BANK: Overseas Investments Were "Too Large", Flowers Says
SHINGINKO TOKYO: To Sue Two Former Executives

* JCR Revises Rating Outlook on 5 Insurance Firms to Negative


K O R E A

* SOUTH KOREA: Debt Default Ratio Remains High in January


N E W  Z E A L A N D

AEL DIRECT: Court Hears Wind-Up Petition
COAST TO COAST: Court Hears Wind-Up Petition
EQUITICORP FINANCE: Intends to Declare Dividend
ISLAND EVENTS: Court Hears Wind-Up Petition
JIREH WAKEFIELD: Court Hears Wind-Up Petition

NO NAME: Court Hears Wind-Up Petition
TUWELL TRUST: Court Hears Wind-Up Petition
W F WATERFRESH: Court Hears Wind-Up Petition
WASAN INTERNATIONAL: Court Hears Wind-Up Petition


S I N G A P O R E

KOON HIAP: Intends to Declare Dividend
POPULAR LOGISTICS: Intends to Declare Dividend
TRANSGLOBAL ENERGY: Creditors Hold Meeting
WEE ZHE: Pays First and Final Preferential Dividend


T A I W A N

PROMOS TECHNOLOGIES: Offers to Buy Back Bonds But Says Funds Short
UNION INSURANCE: Fitch Upgrades Insurance Strength Rating to 'BB'


U N I T E D  A R A B  E M I R A T E S

EMAAR PROPERTIES: U.S. Unit Files for Bankruptcy Protection


                         - - - - -


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

BABCOCK & BROWN: Lenders Agree to Restructure Debt Facilities
-------------------------------------------------------------
On February 6, 2009, Babcock & Brown Limited (BNB) disclosed that
it had reached agreement with the Babcock & Brown Group's banks to
restructure the group's existing debt facilities and that it would
embark on a program of asset sales over a two to three year period
to reduce those corporate debt facilities.

BNB reconfirmed its belief that following the program of asset
sales and allowing for the existing subordination arrangements,
there would be no value for equity holders and no or negligible
value for holders of BNB's subordinated notes, and noted that no
amounts can be paid on the notes while the corporate debt
facilities remain outstanding.

BNB also stated that a restructure of the subordinated notes would
be required to prevent BNB, the holding company, from going into
administration, but that in this situation, Babcock & Brown
International Pty Ltd (BBIPL), the main operating and asset owning
entity of the Babcock & Brown Group, will continue to operate and
continue with the program of asset sales.

In essence, BNB said noteholders are being asked to amend the
terms of their notes such that:

   -- notes would cease to be repayable in any prescribed
      timeframe and would only become repayable from available
      cash after full repayment of the corporate facility banks;

   -- the obligation to pay interest on the notes would be
      removed and replaced with an obligation to pay a premium
      return of 25% per annum (which will also be payable only
      to the extent of available cash);

   -- as at present, no amounts will be payable on the notes for
      so long as any amounts are due and payable but unpaid to
      any other creditors of BNB (other than creditors expressed
      to rank pari passu with, or behind, the holders of the
      Notes); and

   -- most events of default, and all trigger events, change of
      control events, reset provisions and provisions permitting
      conversion into BNB ordinary shares would be removed, and
      the notes would be delisted.

                    Offer to Acquire the Notes

BNB stated that if the restructure is approved, then Babcock &
Brown Australia Group Pty Ltd, a subsidiary of BNB, will make an
offer to acquire the notes for $0.10 per $100.00 Babcock & Brown
Subordinated note and NZ$0.001 per NZ$1.00 Babcock & Brown
Subordinated Note 2  (that is, one tenth of a cent for each dollar
of face value for both series of notes).

The Board and Management of BNB said they deeply regret the loss
of subordinated noteholder value and acknowledge the financial
hardship this has caused investors.

The Board and Management accept that the restructure proposal
delivers little or no value to noteholders but believe that the
restructure represents a better outcome for noteholders than
administration.  In particular, if approved, the restructure
provides the opportunity, however remote, to participate in a
recovery if market conditions improve, while the Offer will allow
certain noteholders to crystallise a tax loss in a more effective
and efficient manner than if they have to wait on the outcome of
an administration or liquidation of BNB.

If the restructure is not approved, then regrettably and in the
absence of further developments not currently contemplated, the
directors of BNB said it will have no choice but to place the
company into administration.  In this situation BBIPL will
continue to operate and continue with the program of asset sales.

The Special Resolution will be voted on at the Meeting to be held
on Friday, March 13, 2009, at Macquarie Graduate School of
Management, Level 6, 51-57 Pitt Street, Sydney commencing at 4:30
p.m., or at any adjournment of the Meeting.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2009, Babcock & Brown Limited said there will be no value
left for its shareholders under the revised business plan, as
discussions with its banking syndicate continue.

In a regulatory filing with the Australian Securities Exchange
(ASX), the company said "the Board believes that in the
current market environment and based on continuing discussions
with the banking syndicate there will be no value for equity
holders under the revised business plan and balance sheet
restructure of Babcock & Brown International Pty Ltd."

Babcock & Brown also said there would be negligible or no value
for holders of the company's subordinated notes.

On Jan. 13, 2009, the TCR-AP, citing the Heraldsun, reported that
Babcock & Brown shares have been in a trading halt since Jan. 7
after it submitted its revised business plan to the 25-bank
syndicate of financiers.

Heraldsun related that under a complex deal negotiated over the
weekend, Babcock would be able to continue trading as a going
concern with the banks taking on equity in the company.

Five Australian banks - NAB, Westpac, Suncorp, ANZ and
Commonwealth -  have lent about $700 million to B&B, while 20
foreign banks including the Royal Bank of Scotland collectively
have $2 billion at risk, the Heraldsun noted.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.

The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


BATHURST NATRAD: Declares First and Final Dividend
--------------------------------------------------
Bathurst Natrad Pty Ltd declared the first and final dividend on
December 12, 2008.

Only creditors who were able to file their proofs of debt by
November 28, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          Alan Scott
          BRI Partners Chartered Accountants
          12 Pirie Street, Level 4
          Adelaide SA 5000


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

The company's liquidator is:

         P. D. Mccarthy
         65 Unley Road
         Parkside SA 5063


CITY PACIFIC: Gets One Year Loan Repayment Extension
----------------------------------------------------
City Pacific Limited disclosed that it has negotiated a 12
month extension to the repayment date for the City Pacific's
corporate facilities of AU$95.5 million and the City Pacific First
Mortgage Fund's ("the Fund") finance facility of AU$108 million.
Both facilities have been extended from February 26, 2009 to
February 26, 2010.

City Pacific said that as part of the agreement with its financier
it has requested the ability to recommence the payment of
distributions to unitholders in the Fund.  The financier
has indicated it will consider the recommencement of distributions
and has requested a proposal from City Pacific detailing a
distribution payment plan.  City Pacific is currently working on
the details of this plan and will submit the plan for the
financier's consideration.

City Pacific Managing Director and CEO John Ellis said:
"This extension is an important step in stabilizing both City
Pacific and the First Mortgage Fund and importantly, toward
returning distributions to the Fund's unitholders.  Both City
Pacific and its financier recognize and understand the position of
unitholders and the significance of normalising the Fund.  The
first step in this process is to commence the payment of partial
distributions to all unitholders.  The Fund's financier's
commitment to look at such proposals should be recognised.  This
extension removes uncertainty and provides a sound platform that
will enable us to continue our strategy of debt consolidation with
measured asset sales and ongoing support to our borrower
developers in the face of a difficult economic Environment."

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 18, 2008, City Pacific Limited said it took the necessary
steps to preserve the value of the Fund's assets and protect
unitholders investments in light of the rapidly changing market
conditions.

As a result of the significant market changes, City Pacific made
the decision in March 2008 to defer the payment of redemptions
from the Fund while continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of AU$55.5
million down 58.4% from previous year's operating profit of
AU$133.42 million.

On November 3, 2008, the TCR-AP reported that City Pacific
confirmed it has negotiated an extension of its finance facilities
to February 27, 2009.  The facilities which total AU$114 million
were due on October 31, 2008.  It also negotiated an extension of
City Pacific First Mortgage Fund's finance facility to
February 27, 2009.  The extended facility for AU$121.5 million was
due on October 31, 2008.


COWLEY HOLDINGS: Members Receive Wind-Up Report
-----------------------------------------------
The members of Cowley Holdings Pty Ltd met on December 3, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Frank J. Scotney
         Accountants
         60 Liverpool Street, Level 1
         Hobart TAS 7000


DETAILED ENGINEERING: Placed Under Voluntary Wind-Up
----------------------------------------------------
During a general meeting held on October 22, 2008, the members of
Detailed Engineering Pty Ltd resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Andre Janis Strazdins
          Nicholas David Cooper
          BRI Partners
          12 Pirie Street, Level 4
          Adelaide SA 5000


DUALPOINT FURNITURE: Members Receive Wind-Up Report
---------------------------------------------------
The members of Dualpoint Furniture Removals Pty Limited met on
December 4, 2008, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Andrew Heard
          Heard Phillips Chartered Accountants
          45 Grenfell Street, Level 2
          Adelaide SA 5000
          Telephone: (08) 8212 3433


DWYLONG PTY ET AL: Members Opt to Wind Up Operations
----------------------------------------------------
During a general meeting held on October 20, 2008, the members
resolved to voluntarly wind up the operations of:

   -- Dwylong Pty Ltd; and
   -- Krasha Pty Ltd.

The company's liquidator is:

         Dean Waldhauser
         Waldhauser & Co
         148 Wilson Street
         Burnie TAS 7320


JIM GRAHAM: Members Receive Wind-Up Report
------------------------------------------
The members of Jim Graham Pty Ltd met on December 15, 2008, and
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Andrew M. Smith
         Bonney Hortle & Partners Pty Ltd
         56 Oldaker Street
         Devonport TAS 7310


KEOUGH SAND: Members Receive Wind-Up Report
------------------------------------------
The members of Keough Sand Depot Pty Ltd met on November 28, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          B. V. Brazier
          Pitcher Partners
          160 Greenhill Road
          Parkside SA 5063


KEY GROUP: Declares First and Final Dividend
--------------------------------------------
Key Group Engineering Pty Ltd declared the first and final
dividend on December 10, 2008.

Only creditors who were able to file their proofs of debt by
November 25, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          A. H. Douglas-Brown
          Grant Thornton
          10 Kings Park Road, Level 1
          West Perth WA 6005


KOORAN PARK: Members Opt to Wind Up Operations
----------------------------------------------
The members of Kooran Park Pastoral Co Pty Ltd met on Oct. 28,
2008, and resolved that the company be wound up voluntarily,

The company's liquidator is:

          Michael Joseph O'Flaherty
          Freer Parker & Associates
          40 Sturt Street
          Adelaide SA


LAM KWOK: Placed Under Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on February 2, 2009, the
members of Lam Kwok Gymnasium Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

         Miss Ngan Sim Sim
         Wing Hang Insurance Building
         Room B, 19th Floor
         11 Wing Kut Street, Central
         Hong Kong


MANRIE PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on October 29, 2008, the members of
Manrie Pty Ltd resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          David Macdonald Johnston
          c/o RSM Bird Cameron
          8 St Georges Terrace, 4th Floor
          Perth WA 6000


OCEANAGOLD CORPORATION: Posts AU$54.74 Mln Net Loss in FY2008
-------------------------------------------------------------
OceanaGold Corporation reported a net loss of AU$54.74 million on
revenue of AU$217.21 million for the year ended December 31, 2008,
compared with a net loss of AU$69.04 million on revenue of
AU$104.40 million in the prior year ended December 31, 2007.

At December 31, 2008, the company's consolidated balance sheet
showed AU$629.99 million in total assets, AU$383.33 million in
total liabilites and AU$246.66 million in total stockholders'
equity.

As at December 31, 2008, the current liabilities of the company
exceeded current assets by AU$43.4 million and the company had
capital commitments of AU$6.6 million.  The company has cash on
hand of AU$9.7 million and current cash flow projections indicate
sufficient funds to continue as a going concern for at least 12
months.  However, should certain assumptions in these projections
not be achieved, cash flow deficits may occur, which could lead to
doubt as to the ability of the company to meet its future
obligations as they fall due and, accordingly, whether or not the
application of the going concern principle is appropriate.

OceanaGold is considering a number of alternatives to secure
additional capital including additional funding facilities or
equity raisings.  Nevertheless, there is no assurance that these
initiatives would be successful or sufficient.

The company's ability to continue as a going concern is dependent
upon its ability to generate positive cash flows from operations,
additional financing, or realisation of assets in the ordinary
course of business.  These financial statements do not reflect the
adjustments to the carrying values of assets and liabilities and
the reported expenses and balance sheet classifications that would
be necessary where the going concern assumption is inappropriate.
These adjustments could be material.

                        About OceanaGold

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration
and the development and operation of gold and other mineral
mining activities.  OceanaGold is a gold producer and is
operating two open cut mines at Macraes and Reefton in New
Zealand and nearing the completion of the development of the new
Frasers underground mine.  The company's projects are Macraes
Gold Project, Reefton Gold Project and Didipio Gold Copper
Project.  The Macraes Project is located 100 kilometers by road,
north of Dunedin in the Otago region of the South Island of New
Zealand.  The Reefton Project is located approximately 7
kilometers southeast of the township of Reefton, within the West
Coast region of New Zealand's South Island.  The Didipio Gold
Copper Project is located approximately 270 kilometers north of
Manila in the Philippines. On June 25, 2007, the company
acquired Oceana Gold Ltd (Oceana).

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$18.617 million, US$23.427 million, and US$69.039
million for the financial years ended 2005, 2006 and 2007,
respectively.


OYSTER BOX: Placed Under Voluntary Wind-Up
------------------------------------------
During a general meeting held on October 24, 2008, the members of
Oyster Box Pty Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidators are:

          Gary Doran
          Simon Cathro
          Deloitte Touche Tohmatsu
          Woodside Plaza, Level 14
          240 St Georges Terrace
          Perth WA 6000


RIPPLE SYSTEMS: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on October 23, 2008, the sole member
of Ripple Systems Pty Ltd resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Gary Peter Doran
          Deloitte Touche Tohmatsu
          Woodside Plaza, Level 14
          240 St George's Terrace
          Perth WA 6000


SAXAN AMUSEMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Saxan Amusements Pty Ltd met on December 8, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Tina G. Penna
         c/o Gill Penfold Kelly Pty Ltd
         4 Tasman Terrace
         Port Lincoln SA 5006
         Telephone: (08) 8682 1899


SOUTHCORP FINANCE: Members Receive Wind-Up Report
-------------------------------------------------
The members of Southcorp Finance Limited met on December 12, 2008,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          R. A. Ferguson
          c/o Fergusons Chartered Accountants
          115 Grenfell Street, Level 8
          Adelaide SA 5000


SUNBURST PROPERTIES: Receivers and Managers Step Down
-----------------------------------------------------
On July 1, 2002, Samuel Charles Davies and Peter McKenzie Anderson
stepped down as receivers and managers of Sunburst Properties Pty
Ltd.

The former Receivers and Managers can be reached at:

          Samuel Charles Davies
          Peter McKenzie Anderson
          McGrathNicol
          99 Gawler Place, Level 13
          Adelaide SA 5000
          Website: http://www.mcgrathnicol.com


WANDOO PETROLEUM: Declares First and Final Dividend
---------------------------------------------------
Wandoo Petroleum Pty Ltd declared the first and final dividend on
November 28, 2008.

Only creditors who were able to file their proofs of debt by
November 26, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

         Christopher Munday
         c/o Pitcher Partners
         914 Hay Street,  1st Floor
         Perth WA 6000
         Telephone: (08) 9322 2022
         Facsimile: (08) 9322 1262



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

CHINA EASTERN: Adds 900 Transit Routes to Increase Revenue
----------------------------------------------------------
China Eastern Airlines plans to open 900 more transit routes and
to charge higher fees on special seats as a way to boost revenue
amid economic downturn, Shanghai Daily reports.

According to the report, a China Eastern marketing official said
the airline will offer a 30-percent discount on the first row of
seats in economy class and seats beside emergency exits, lower
than other seats in economy class that are sold at 40 percent
discount.

The official, as cited by the Daily, said the plan targets high-
end customers who can't afford business class during the financial
turmoil.

The report says the carrier has also added 900 more transit routes
based on its existing 293 domestic direct routes to attract more
passengers without increasing capacity.  The airline, the Daily
adds, will also cancel or reduce direct flights on some
unprofitable routes.

The Troubled Company Reporter-Asia Pacific, citing China View,
reported on Jan. 13, 2009, that China Eastern's board secretary
Luo Zhuping confirmed the carrier has been formulating an array of
256 measures to stem further losses during the global economic
recession.

According to China View, board secretary Luo said that the
efficiency-oriented policies include cutting salaries across the
executive suite, urging employees to take unpaid vacations and
making other operating adjustments.  In addition, secretary Luo
said some unprofitable flights (mostly international) will be
closed down.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com principal
activity is operation of domestic and international commercial air
transportation.  The Group also is involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and linking
to Asia, Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


CHINA PROPERTIES: S&P Downgrades Corporate Credit Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based real estate
developer China Properties Group Ltd. to 'B' from 'B+'.  At the
same time, Standard & Poor's lowered its issue rating on the
company's US$300 million 9.125% senior unsecured notes due 2014 to
'B' from 'B+'.  All the ratings remain on CreditWatch with
negative implications, where they were placed on Sept. 24, 2008 to
reflect the risks surrounding China Properties' weak liquidity.

"We lowered the rating on China Properties to reflect: (1) the
delay in obtaining construction loans onshore China to support
timely construction.  China Properties does not have any undrawn
bank facilities to support construction at this time; (2) weak
market conditions, which continue to exert pressure on the
company's property sales.  Sales have been slow since the second
half of 2008, and this will be reflected in the company's 2009
results; (3) uncertainty over the liquidity buffer associated with
properties available for sale at two projects, Shanghai Cannes and
Shanghai Concord City, due to the prolonged market slowdown; (4)
uncertainty over how soon its projects at Chongqing will be ready
for sale due to the delay in obtaining construction loans; and (5)
uncertainty over how well the crowded Chongqing market will accept
China Properties' products as the company is a newcomer," said
Standard & Poor's credit analyst Bei Fu.

The ratings remain on CreditWatch due to China Properties'
potentially substantial near-term repayment needs and its thin
cash position.

"Uncertainty relates to the maturity of a loan totaling Chinese
renminbi 520 million due in March 2009.  Although S&P understands
that China Properties is in the process of extending it,
visibility is low," said Ms. Fu.

The CreditWatch should be resolved by the middle of March 2009.
The rating could be lowered by one or more notches if China
Properties fails to extend the RMB520 million loan or to obtain at
least a RMB500 million construction facility.  S&P is likely to
affirm the rating if the company successfully refinances its
RMB520 million bank loan.


NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
foreign-currency long-term corporate credit rating on Neo-China
Land Group (Holdings) Ltd. to 'CC' from 'D' after the company
confirmed that it had paid the overdue interest on US$400 million
9.75% senior notes due 2014.  The outlook is negative.  At the
same time, Standard & Poor's raised the issue rating on the notes
to 'C' from 'D'.  This rating level indicates that the notes are
vulnerable to nonpayment.

"The rating reflects Neo-China's vulnerable liquidity position, as
highlighted by the delayed coupon payment," said Standard & Poor's
credit analyst Bei Fu.

Given the sluggish conditions in China's real estate market, S&P
believes the company will face significant pressure to meet two
obligations that are coming due: 1) the put option for a
convertible bond totaling Hong Kong dollar 1.1 billion,
exercisable in June 2009; and 2) a Chinese renminbi (RMB) 1.5
billion loan issued for a project in Zhuhai, due December 2009.

"We understand that Neo-China is looking for ways to resolve its
liquidity issues, but it is uncertain at this point whether the
company will succeed.  In addition, due in part to the heavy media
coverage of the company's missed coupon payment and prolonged
share suspension, it is uncertain whether Neo-China's relationship
and reputation with Chinese banks and potential buyers will be
affected and to what degree," said Ms. Fu. Trading in Neo-China
shares remains suspended.

The rating also reflects S&P's view of Neo-China's deteriorating
financial position, limited financial flexibility, and weak
corporate governance measures.  It further takes into
consideration the company's exposure to the cyclical and
competitive Chinese real estate industry, which is currently
volatile and challenging, and the evolving regulatory environment.

These weaknesses are slightly tempered by Neo-China's diversified
and low-cost land bank.  The company has a reasonable development
track record for the rating category.  As at Oct. 31, 2008, it had
a land bank of about 14.8 million square meters in 12 strategic
cities.


ZTE CORP: To Raise US$15 Bln in Loan for Overseas Telcos
--------------------------------------------------------
ZTE Corporation is in talks with Chinese financial companies to
raise a total of US$15 billion to provide loans to overseas
telecommunications carriers, Shanghai Daily reports citing ZTE
President Yin Yimin.

"We aim to seek opportunities during the crisis and the Chinese
finance firms can also expand overseas through the (US$15 billion)
credit," Shanghai Daily cited President Yimin in an interview at
the Mobile World Congress held in Barcelona, which is posted on
Sina.com.

According to the report, industry insiders said such credit will
help ZTE expand business in the overseas markets as most
telecommunications companies face capital pressure amid the global
financial crisis.

ZTE, Shanghai Daily relates, often offers telcos in Africa or Asia
credit or loans and provide network equipment to them.  It has now
penetrated into the developed markets, including Europe and the
United States, the report says.

                      About ZTE Corporation

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

                          *     *     *

ZTE Corporation continues to carry 'BB+' long-term foreign
currency and local currency Issuer default ratings from Fitch with
stable outlook.  The ratings were affirmed in April 2008.



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

BROADWAY CHINA: Members to Receive Wind-Up Report on March 18
-------------------------------------------------------------
The members of Broadway China Development Company Limited will
hold their meeting on March 20, 2009, at 10:00 a.m., at 8 Finance
Centre, 8 Finance Street, in Central, Hong Kong.

At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


GIANT CHANNEL: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on November 17, 2008, the
members of Giant Channel International Limited 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:

         Cheng Chun Chung
         Kowloon Building
         Suites 604-5 & Suite 904
         555 Nathan Road, Kowloon
         Hong Kong


HELIUM CAPITAL: Moody's Cuts Ratings on US$20 Mil. Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Helium Capital Limited.

The transaction is a static synthetic CDO referencing global
corporate names.  According to Moody's, the rating action is the
result of primarily credit deterioration in the underlying
portfolio combined with Moody's updated key assumptions for rating
corporate synthetic CDOs announced on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating action is:

Helium Capital Limited:

(1) Series 80 US$20,000,000 Limited Recourse Secured Floating Rate
Credit-Linked Notes due 2012

  -- Current Rating: Ca

  -- Prior Rating: Caa3

  -- Prior Rating Date: October 14, 2008, downgraded to Caa3 from
     A2


HONG KONG MING YI: Creditors' Proofs of Debt Due on March 20
------------------------------------------------------------
The creditors of Hong Kong Ming Yi Limited are required to file
their proofs of debt by March 20, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Tak Hung
          Seabright Plaza, Unit A, 12th Floor
          9-23 Shell Street, North Point
          Hong Kong


INTERNATIONAL PAPER ET AL: Members' Meetings Set for March 16
-------------------------------------------------------------
On March 16, 2009, Ho Man Kit will give a report on the companies'
wind-up proceedings and property disposal to the members of:

   -- International Paper (Hong Kong) Packaging Limited at
      2:30 p.m.; and
   -- Union Camp Hong Kong Limited at 3:30 p.m.

The meeting will be held at Unit 511, 5th Floor of Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.


JET RIVER: Creditors Hold Meeting
---------------------------------
The creditors of Jet River Limited held a meeting on February 20,
2009, and discussed matters relevant to the creditors' voluntary
wind-up.


MCKENNA SERVICES: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on February 5, 2009, the
members of McKenna Services Limited passed a resolution that
voluntarily wind up the company's operations.

The company's liquidators are:

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


MITSUI & CO: Members to Receive Wind-Up Report on March 16
----------------------------------------------------------
The members of Mitsui & Co. (China) Auto Investment Limited will
hold their meeting on March 16, 2009, at 10:00 a.m., at 1001
Admiralty Centre Tower I, in 18 Harcourt Road, Hong Kong.

At the meeting, Chan Kim Chee and Chiu Fan Wa, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MMS COMPANY: Creditors' Proofs of Debt Due on March 13
------------------------------------------------------
The creditors of MMS Company Limited are required to file their
proofs of debt by March 13, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Kwok Chi Sun, Vincent
          Vincent Kwok & Co., Certified Public Acountants
          Units A-C
          Seabright Plaza, 25th Floor
          North Point
          Hong Kong


PWC CONSULTING: Members to Receive Wind-Up Report on March 18
-------------------------------------------------------------
The members of PwC Consulting Hong Kong Limited will hold their
meeting on March 18, 2009, at 10:00 a.m., at 1 Queen's Road East,
Hong Kong.

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


SEA CDO: Moody's Junks Ratings on Three Classes of 2005-1 Notes
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of three classes of notes issued by SEA CDO Limited.

The transaction is a static synthetic CDO referencing global
corporate names.  According to Moody's, the rating action is the
result of primarily credit deterioration in the underlying
portfolio combined with Moody's updated key assumptions for rating
corporate synthetic CDOs announced on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating actions are:

SEA CDO Limited:

(1) US$7,000,000 Secured Floating-Rate Credit-Linked Optimum Class
A Notes due March 29, 2010, Series 2005-1

  -- Current Rating: Ca
  -- Prior Rating: B2
  -- Prior Rating Date: October 17, 2008, downgraded to B2
     from Ba3

(2) US$13,000,000 Secured Floating-Rate Credit-Linked Optimum
Class B1 Notes due March 29, 2010, Series 2005-1

  -- Current Rating: Ca

  -- Prior Rating: Caa2

  -- Prior Rating Date: October 17, 2008, downgraded to Caa2 from
     B3

(3) EUR5,000,000 Secured Floating-Rate Credit-Linked Optimum Class
B2 Notes due March 29, 2010, Series 2005-1

  -- Current Rating: Ca

  -- Prior Rating: Caa2

  -- Prior Rating Date: October 17, 2008, downgraded to Caa2 from
     B3




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

ANJANI SYNTHETICS: CARE Assigns 'BB+' Rating on LT Bank Loans
-------------------------------------------------------------
CARE assigned 'CARE BB+' rating to the long-term bank loans/
facilities and 'PR 4' rating to the short-term bank loans /
facilities of Anjani Synthetics Ltd (ASL) for an aggregate amount
of Rs.55.30 crore, including term loan of Rs.8.05 crore, fund-
based working capital limit of Rs.45 crore and non-fund based
limits of Rs.2.25 crore.

Facilities with the 'CARE BB' (Double B) rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  Facilities with the 'PR
4' (PR four) rating would have inadequate capacity for timely
payment of short-term debt obligations and carry very high credit
risk. Such facilities are susceptible to default.  CARE assigns
'+' or '-' signs to be shown after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

The ratings take into account ASL's long track record and
established position in the textile processing industry.  The
ratings are however, constrained by ASL's non-integrated
operations and its weak financial profile characterized by
stressed liquidity, high gearing level and low networth base.
Working capital intensive nature of operations and likely impact
of global slow down on the textile industry further constrain
ratings.  Company's ability to improve profitability while
improving its financial profile shall be key rating sensitivities.

Promoted in 1984 by Shri Radheshyam Agrawal and Shri Subhkaran
Agrawal, ASL is primarily engaged in the business of processing of
grey cotton and synthetics cloth.  The company is having a process
house at Ahmedabad, Gujarat having processing capacity of 620 lakh
meter per annum.  Due to group separation in FY06, now the control
of ASL vests with Shri Subhkaran Agrawal and family.  After group
separation, ASL started exports on its own, which contributed
around 21% of sales in FY08. Exports are on order bases with
around 75% of total export to Germany, mainly home products-bed
sheets, covers etc.

For FY08, total income stood at Rs.195.67 cr, surged by 70%
compared to previous year due to substantial growth in fabric
processing.  PBILDT margin declined marginally to 6.11% for FY08
compared to 6.87% for FY07. PAT margin remained low at 1.71% for
FY08.  Long term debt equity ratio as on March 31, 2008 decreased
to 0.25 times from 0.32 times as on March 31, 2007 due to
repayment of term loan plus accretion of profit to Networth.
However, overall gearing ratio as on March 31, 2008 increased
substantially to 3.02 times from the level of 1.37 times as on
March 31, 2008, due to increase in bank borrowings plus unsecured
loan to support enhanced requirement of working capital.  Interest
coverage declined to 2.20 times for FY08 compared to 2.53 times
for FY07 due to increase interest out go. Overall liquidity
position of ASL remained stressed as indicated by low current
ratio of 1.11 times as on March 31, 2008 and nearly 100% working
capital utilisation during past twelve months.

Overall growth of the company is expected to be driven by the
overall growth of textile industry.  Achieving volume growth along
with improving profitability would be critical for ASL in the
current industry scenario, which is facing overall slow down due
to global recession.


EAST WEST: CRISIL Rates Rs.46.5 Mln Cash Credit at 'BB+'
--------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable/P4' to the bank
facilities of East West Freight Carriers Pvt Ltd (EastWest).

   Rs.46.5 Million Cash Credit          BB+/Stable (Assigned)
   Rs.3.5 Million Standby Line          BB+/Stable (Assigned)
                   of Credit  
   Rs.100.0 Million Bank Guarantee      P4 (Assigned)

The rating is constrained by EastWest's limited financial
flexibility because of its low net worth, and the undifferentiated
and highly competitive nature of the industry that it operates in.
These weaknesses are partially offset by EastWest's established
presence in the freight forwarding business, and its good debt
protection measures.

Outlook: Stable

CRISIL expects EastWest's market position, and consequently its
revenues, to be stable because of its longstanding relationships
with its large and diverse client pool.  The outlook may be
revised to 'Positive' if there is a significant improvement in the
company's capital structure, with higher accruals.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
any significant debt-funded capital expenditure or unrelated
diversification, if there is deterioration in the company's debt
protection indicators, or if its cash credit account is frequently
overdrawn.

                          About EastWest

EastWest was started as a proprietorship concern in 1976 by Mr.
Mohammed Shafi, and was converted into a private limited company
in 1979.  The company operates out of Mumbai and provides freight
forwarding and customs clearing services.  EastWest has 14
branches across the country.  EastWest is an approved
International Air Transport Association (IATA) agent for issue of
airway bills, and is also a registered Custom House Agent.  It
also has a Multi Modal Transport Operator (MMTO) licence from the
Directorate-General of Shipping. For  2007-08 (refers to financial
year, April 1 to March 31), EastWest reported a profit after tax
(PAT) of Rs.13.3 million on net sales of Rs.1.06 billion, as
against a PAT of Rs.14.7 million on net sales of Rs.1.03 billion
for the previous year.


JET AIRWAYS: CEO Ravi Chaturvedi Quits
--------------------------------------
Reuters reports that Jet Airways Group Chief Executive Ravi
Chaturvedi, has resigned for personal reasons.

Citing a Jet Airways statement posted on its website, Reuters
relates Mr. Chaturvedi joined the company in October from fast-
moving consumer goods maker Procter & Gamble (PG.N), where he had
worked in several countries.

"He has resigned citing personal reasons and he is going back to
the United States," a company spokeswoman told Reuters.

Reuters recalls that in August last year, Jet's chief financial
officer, Carl Saldanha, also quit from the company to join Indian
back-office firm Firstsource Solutions Ltd (FISO.BO).

                         Third Qtr Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of Rs 2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of Rs 911.20 million for the quarter ended Dec. 31, 2007.

Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of
Rs 318.8 million in the same period in 2007.

Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


KND INVESTMENT: CARE Puts 'BB' Rating on Rs. 15cr LT Bank Loan
--------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the long-term bank loan
facilities amounting to Rs. 15 crore of KND Investment & Finance
Pvt. Ltd. (KND).  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

The rating factors in the strong track record of promoter &
director Mr. Nitin Chandrakant Desai in the field of art
direction, mainly pertaining to film and television industry.
However the rating is constrained by limited track record of
company, weak capital base, exposure to loss making group
companies and concentration risk.

KND Investment and Finance Pvt. Ltd. (KND) was founded by Mr.
Nitin Chandrakant Desai and his wife Mrs. Neha Nitin Desai, in
November 2007.  Mr. Nitin Chandrakant Desai is a renowned art
director and production designer.  The company is mainly formed
for the purpose of giving loans and making investments to / in
group companies floated by Mr. Desai.  It has also indicated
that it plans to start financing other entities from film and
television industry in future.  The company is duly registered
with Reserve Bank of India as a nonbanking finance company (non-
deposit taking).

The assets of the company mainly comprise Net fixed asset of
around Rs. 40 crore and loans and advances of Rs. 22 crore as on
November 30, 2008.  The total borrowings of the company as on
November 30, 2008 includes preference shares of Rs. 35 crore and
term loans of Rs. 18 crore.  Total Income and PAT for FY08 stood
at Rs. 0.59 crore and Rs. 0.23 crore respectively.  The capital to
total asset ratio is 5.8% as on March 31, 2008 and 4.8% as on
November 30, 2008.


PADMAVATI FINANCIAL: RBI Scraps Registration Certificate
--------------------------------------------------------
The Reserve Bank of India cancelled the certificate of
registration granted to M/s. Padmavati Financial Services 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,
M/s. Padmavati Financial Services Ltd., 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.

M/s. Padmavati Financial Services Ltd.'s registered office is
at 28, Hastings Road, in Allahabad.


SONIC THERMAL: CRISIL Assigns 'BB' Rating on Rs.50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Sonic Thermal (P) Ltd (Sonic Thermal).

   Rs.50 Million Cash Credit          BB/Stable (Assigned)
   Rs.150 Million Term Loans          BB/Stable (Assigned)
   Rs.50 Million Letter of Credit/    P4 (Assigned)
                 Bank Guarantee

   -- All facilities are with Allahabad Bank

The ratings reflect Haldia group's exposure to risks relating to
marginal market share in the steel industry, constrained financial
risk profile due to debt-funded capital expenditure (capex), and
limited risk management policies.  These weaknesses are, however,
partially offset by the benefits that Haldia group derives from
its average forward-integration initiatives.

CRISIL has combined the business and financial profiles of Sonic
Thermal and its group companies, Haldia Steels Ltd (Haldia
Steels), Brand Alloys Ltd (BAL), and Ispat Damodar Ltd (IDL) as
part of this rating exercise.  This is because these companies
(collectively referred to herein as the Haldia group) have strong
operational linkages, and a common management.  The bank
facilities of Sonic Thermal are guaranteed by Haldia Steels.

Outlook: Stable

CRISIL expects the Haldia group's profitability to remain strained
over the medium term owing to its significant capital expenditure
plan and the current slowdown in the economy.  Haldia group is
expected to remain a small player in the domestic steel industry.
The outlook may be revised to 'Positive' if there is substantial
improvement in Haldia group's profitability, or if the group is
able to achieve linkages for raw material.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes
large, debt-funded capital expenditure, or reports reduced
profitability.

                       About Sonic Thermal

Incorporated in December 2002 as a private limited company, Sonic
Thermal is promoted by Mr. Ram Kishore Bansal, Mr. Vikas Bansal
and Mr. Satpal Bansal.  The company is currently setting up two
submerged electric arc furnaces with capacity of 7.5 MVA each, for
the production of ferro manganese and silico manganese; it is also
setting up pelletisation, bricketing and benefication equipments.
The total project cost has been estimated at Rs.237 million, and
is being funded by debt of Rs.150 million. The plant is expected
to begin commercial production from April 2010.

                         About the Group

Established in 1994, the Haldia group commenced operations with an
ingot manufacturing facility. Thereafter, the group expanded
operations by setting up BAL in March 1994 as a steel and
engineering unit.  Subsequently, the promoters ventured into
manufacturing ferro alloys and steel billets along with sponge
iron in Durgapur, West Bengal, under Haldia Steels.  The group
also set up Brand Projects Ltd in April 1996, later renamed as
IDL. IDL began operations in December 2006, with sponge iron and
steel ingot manufacturing facilities.

The Haldia group reported a profit after tax (PAT) of Rs.111
million on net sales of Rs.4.1 billion in 2007-08, as against a
PAT of Rs.90 million on net sales of Rs.2.8 billion in 2006-07.


=================
I N D O N E S I A
=================

BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'
-----------------------------------------------------
Fitch Ratings has affirmed PT Bank Pan Indonesia Tbk's National
Long-term Rating at 'AA-(idn)' (AA minus(idn)) and revised the
Outlook on the rating to Stable from Positive.  The agency has
affirmed all other ratings of Panin: Long-term foreign currency
Issuer Default Rating at 'BB'/Stable Outlook, Individual at 'C/D'
and Support at '3'.  At the same time, Fitch has affirmed the
ratings of its senior Rupiah-denominated debt at 'AA-(idn)' (AA
minus(idn)) and its subordinated Rupiah-denominated debt at 'A+
(idn)'.

The Outlook revision to Stable from Positive on its National
Rating is based on expectations that the momentum of improvement
seen in its financial position will be more difficult to sustain
in the very challenging environment in 2009 hence diminishing the
possibility of a ratings upgrade.  "However, the bank's ratings
remain underpinned by its strong and above-average capital
position, quite diversified funding base, and reasonably strong
profitability achieved in the first nine months of 2008," says Tan
Lai Peng, Director in Fitch's Financial Institutions team.

Absolute NPLs increased over 9M08 although the deterioration
emanated from a moderate level, with NPLs amounting to 3.4% of
gross loans at end-September 2008.  Due to the focus on secured
lending (over 90% of total loans), Panin's provision cover (78.5%
at end-Q308) is below its peers, but this is expected to rise with
the bank's more cautious lending and provisioning stance during
2009.  Fitch is also of the opinion that the bank's relatively
strong capital position with Tier 1 and Total CAR at 16.3% and
20.2%, respectively, at end-Q308, should provide a good buffer
against unexpected contingencies, including the likelihood of a
more pronounced increase in NPLs this year and possibly into 2010.

Meanwhile, the increase in shareholding in Panin by the Australia
& New Zealand Banking Group (ANZ, 'AA-'(AA minus)/Stable) to 38%
from 30% is in line with ANZ's long term aspiration to grow its
banking franchise in Indonesia.  Fitch believes that the
implications on support for Panin are reflected in the current
Support Rating of '3' which reflects a moderate probability of
support from ANZ, if needed.  As Indonesia's seventh largest bank
with about a 3% share of system assets, the agency also believes
that the possibility of back-stop support from the state, although
within the constraints of the state's own financial resources, is
also moderate.

Panin was established in 1971 by the Gunawan family, who remains
in control of the bank through a 44.8% stake held by PT Panin Life
Tbk.  ANZ acquired a 29% stake in 1999, which was raised to 30% at
end-2007 and to 38.2% on January 12, 2009.



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

ARCH FINANCE: Moody's Cuts Ratings on JPY12.363 Bil. Loan to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of the repackaged loan extended to Arch Finance Limited.  This
transaction is a repackaged loan.

This rating action has been taken because the underlying asset has
downgraded to Baa3 from Baa1.  On December 26, 2008, Moody's
placed the rating under review for possible downgrade due to the
review of the underlying asset.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for repackaged securities as described in Moody's Special Reports
below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines Its Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Arch Finance Limited:

(1) Series 2007-1 JPY12,363,538,000 Reverse Dual Currency Loan due
2037

  -- Current Rating: Ba1

  -- Prior Rating: Baa2, on review for possible downgrade

  -- Prior Rating Date: December 26, 2008, Baa2 placed under
     review for possible downgrade

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


BILLION COUPONS: SEC Halts Ponzi Scheme Targeting Deaf Investors
----------------------------------------------------------------
The U.S. Securities and Exchange Commission has obtained a court
order halting a Ponzi scheme that specifically targeted members of
the Deaf community in the United States and Japan.

The SEC alleges that Hawaii-based Billion Coupons Inc. ("BCI") and
its CEO Marvin R. Cooper raised US$4.4 million from 125 investors
since at least September 2007 by, among other things, holding
investment seminars at Deaf community centers.  The SEC also
alleges that Cooper misappropriated at least US$1.4 million in
investor funds to pay for a new home and other personal expenses.
The order obtained by the SEC freezes the assets of BCI and
Cooper.

"This emergency action shows that the Commission will act quickly
and decisively to help victims of affinity fraud," said Linda
Chatman Thomsen, Director of the SEC's Division of Enforcement.

"A Ponzi scheme targeting members of the Deaf community is
particularly reprehensible," said Rosalind R. Tyson, Regional
Director of the SEC's Los Angeles Regional Office.  "This case is
an example of successful coordination between federal and state
agencies to protect vulnerable investors."

BCI's Web site at http://billioncoupons.com/is "currently under
maintenance."  The company said those who have questions may
contact owner@billioncoupons.com.

The SEC's complaint, filed Feb. 18 in federal court in Honolulu,
alleges that BCI and Cooper represented to the investors that
their funds would be invested in the foreign exchange (Forex)
markets, that investors would receive returns of up to 25 percent
compounded monthly from such trading, and that their investments
were safe. According to the complaint, BCI and Cooper actually
used only a net US$800,000 (cash deposits minus cash withdrawals)
of investor funds for Forex trading, and they lost more than
US$750,000 from their Forex trading.  The complaint further
alleges that BCI and Cooper failed to generate sufficient funds
from their Forex trading to pay the promised returns, and instead
operated as a Ponzi scheme by paying returns to existing investors
from funds contributed by new investors.

The SEC alleges that BCI and Cooper have violated the registration
and antifraud provisions of the federal securities laws.  In its
lawsuit, the SEC obtained an order temporarily enjoining BCI and
Cooper from future violations of these provisions.  The SEC also
obtained an order:

   (1) freezing the assets of BCI and Cooper;

   (2) appointing a temporary receiver over BCI;

   (3) preventing the destruction of documents;

   (4) granting expedited discovery; and

   (5) requiring BCI and Cooper to provide accountings.

The Commission also seeks preliminary and permanent injunctions,
disgorgement, and civil penalties against both defendants.  A
hearing on whether a preliminary injunction should be issued
against the defendants and whether a permanent receiver should be
appointed is scheduled for March 2, 2009, at 9 a.m. HST.

The Commodity Futures Trading Commission (CFTC) also filed an
emergency action
on Feb. 18 against BCI and Cooper, alleging violations of the
antifraud provisions of the Commodity Exchange Act.  The State of
Hawaii's Department of Commerce and Consumer Affairs (DCCA),
Office of the Commissioner of Securities, issued a preliminary
order to cease and desist against BCI and Cooper.

The Hawaii DCCA's Office of the Commissioner of Securities and the
CFTC assisted SEC in this matter.


ELPIDA MEMORY: S&P Downgrades Corporate Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB-' its
long-term corporate credit and senior unsecured ratings on Elpida
Memory Inc., and placed the ratings on CreditWatch with negative
implications.  The downgrade and CreditWatch placement reflect the
material weakening of the company's financial soundness, due to
continued losses stemming from deteriorating market conditions and
uncertainty over the company's short-term liquidity.

Amid lingering stagnation in the memory chip market, Elpida posted
a net loss of JPY72.3 billion in the October to December quarter
of 2008, which was the fifth consecutive quarterly net loss posted
by the company.  As a result, the ratio of net debt (debt net of
cash equivalents) to net capital (net debt plus net asset)
worsened materially to 53.0% as of Dec. 31, 2008, from 35.5% as of
March 31, 2008.  The current price of DRAM chips remains under the
company's break-even point.  Given the global economic downturn
and intense competition underlying the stagnant market, there is
little optimism regarding a rapid improvement in the company's
profitability.  As such, Standard & Poor's expects that downward
pressure on the company's financial soundness will grow stronger.

Standard & Poor's believes the net worth maintenance provision
laid down in the borrowing agreement may be a negative factor, as
any violation of the provision may lead to major questions about
the company's short-term liquidity.  To satisfy the requirement,
Elpida intends to enhance its capital by making its Taiwanese
joint venture a consolidated subsidiary.  Elpida has also
solicited a number of companies for a capital contribution.
However, it is still unclear if the company will be able to retain
a sufficient amount of capital by the end of the current fiscal
year.  Although an industry consolidation move led by the
Taiwanese government is a positive factor that could potentially
enhance the company's capital levels, a further examination of the
efficacy of this issues is required at this stage.  Currently,
however, Standard & Poor's is of the opinion that, even if
implemented, the support schemes proposed by Japan and the
Taiwanese government would have only a limited impact on Elpida's
credit quality in the short-term, given the extremely severe
business environment.

Standard & Poor's will closely monitor any progress made by the
company's in its capital enhancement and public support plans, as
well as financial institutions' attitudes toward the company in
terms of providing financial support.  S&P will reflect any
meaningful progress in S&P's rating on the company in a timely
manner.  A downgrade may be considered if the likelihood of the
company violating the net worth maintenance provision grows,
leading to increased pressure on the company's liquidity.  The
downward pressure on the ratings will also increase if the company
continues to post net losses amid the prolonged stagnation in the
DRAM chip market, or if further erosion in the company's financial
standing appears likely.  To maintain the ratings at the current
level, the company would need to achieve a certain level of
capital increase.  Also important is an improvement in the
prospects for a recovery in earnings in fiscal 2009 and beyond,
through further strengthening of the company's business base or
increased signs of a market recovery.

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

              Downgraded; CreditWatch/Outlook Action

             Elpida Memory Inc. (Unsolicited Ratings)

                                To                 From
                                --                 ----
Corporate Credit Rating         B+/Watch Neg/--    BB-/Negative/--
Senior Unsecured (6 issues)    B+/Watch Neg       BB-


SHINSEI BANK: Overseas Investments Were "Too Large", Flowers Says
-----------------------------------------------------------------
Shinsei Bank Ltd over-reached with investments in the U.S. and
Europe that turned sour, the bank's largest private shareholder J.
Christopher Flowers told Bloomberg News in a telephone interview.

Bloomberg News discloses Shinsei has booked more than US$1 billion
in losses and charges on toxic assets including loans to failed
Lehman Brothers Holdings Inc. and an investment it made through
Mr. Flowers's J.C. Flowers & Co. in Germany's Hypo Real Estate
Holding AG.

"In retrospect, the overseas investments were too large," the news
agency quoted Mr. Flowers as saying.  "But they didn't seem too
unusual at the time."

As Shinsei racked up profits in its first six years under foreign
ownership, the bank gave funds to J.C. Flowers to invest and had
no discretion where Mr. Flowers placed the money, Mr. Flowers said
as cited by Bloomberg News.  Neither Shinsei nor Mr. Flowers would
give the amount, the news agency says.

According to the news agency, Mr. Flowers's private equity fund
and New York-based Cerberus Capital Management LP are being
criticized in Japan for losses on toxic investments overseas.

Bloomberg News states Aozora Bank Ltd., controlled by Cerberus,
last week forecast a JPY196 billion loss this financial year after
losses on subprime mortgages, GMAC LLC shares and Bernard Madoff's
fund.

Bloomberg News relates Masamoto Yashiro, Shinsei's former chief
executive officer recalled to lead the bank in November, says the
lender had poor risk management, staked too much for its size and
missed signs of Lehman's coming collapse.

The bank's Tier 1 capital ratio, a key indicator of financial
strength, is the lowest of eight nationwide lenders at 6.64
percent at the end of last year, according to Bloomberg data.

                             Net Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Shinsei incurred a consolidated cash basis net loss
in the first nine months of fiscal year 2008 of JPY23.3 billion,
compared to a consolidated cash basis net income of JPY42.0
billion in the first nine months of the previous fiscal year.

Consolidated net loss in the first nine months of fiscal year 2008
was JPY32.1 billion, compared to a consolidated net income of
JPY33.5 billion in the same period of the previous fiscal year.

The bank attributed the loss to lower revenues and higher net
credit costs.

Total revenue for the first nine months of fiscal year 2008, was
JPY190.3 billion, down 8.9% compared to the same period of the
previous fiscal year.

Net credit costs increased JPY38.8 billion to JPY79.6 billion due
mainly to an increase in credit costs related to the bankruptcy of
a Lehman Brothers subsidiary, reserves for real estate finance and
European asset-backed investments.

                             Outlook

Citing continuing challenging environment, the bank forecasts
FY2008 consolidated cash basis net loss of JPY31.0 billion
(consolidated reported basis net income of JPY12.0 billion revised
to consolidated reported basis net loss of JPY48.0 billion).

The bank won't be paying dividend on common shares in FY2008 and
expects to break even or better in FY2009.

                       About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
9, 2009, Fitch Ratings placed on Rating Watch Negative, the 'BBB+'
(BBB plus) Long-term foreign and local currency Issuer Default
Ratings, 'F2' Short term foreign and local currency IDRs, and the
'C' Individual ratings of Japan's Shinsei Bank Ltd and Shinsei
Trust and Banking Co., Ltd.

The decision to place Shinsei's ratings on Rating Watch Negative
reflects Fitch's view that Shinsei faces challenges on multiple
fronts.  The rating agency is planning to review Shinsei's
redefined business model, ability to enhance the quality and
quantity of its capital and/or reduction of risk assets, as also
maintain satisfactory asset quality before resolving the Rating
Watch Negative.

Fitch noted the weakening of Shinsei's capital ratios and as well
as the bank's two consecutive quarters of net losses.


SHINGINKO TOKYO: To Sue Two Former Executives
---------------------------------------------
Shinginko Tokyo Ltd said it will sue former Chief Executive
Officer Yasumasa Nishi and former executive officer Mikio Tanji
for inept management, The Japan Times reports.

The bank, the Japan Times relates, sought JPY11 billion in
damages.

On May 19, 2008, the Troubled Company Reporter-Asia Pacific,
citing Kyodo News, reported that the FSA began inspecting
Shinginko Tokyo in the first examination of the quality of its
assets.

The FSA examination focused on the quality of the bank's
outstanding loans and the bank's compliance system as well
as the bank's system for examining the creditworthiness of
borrowers and for supervising employees' lending activities.

According to Kyodo News, the bank provided loans without
requiring borrowers to put up collateral or obliging them to
find guarantors.

The bank's lax examination of borrowers resulted in cumulative
losses of JPY101.6 billion at the end of March with its capital
adequacy ratio falling to around 16 percent from 21 percent in
September 2006, Kyodo News said.

In April 2008, the Tokyo Metropolitan Government injected
JPY40 billion in new funds to the bank in order to shore up its
finances.

Reiji Yoshida of The Japan Times said in a report dated
March 25, 2008, that few experts believe the government's rescue
plan will solve the problems of the money-losing bank.

In an interview, Rikkyo University professor Yoshiyuki Yamaguchi
told The Japan Times that many expect that even with the
emergency capital injection, the bank will soon fall into
financial straits again and impose further burdens on the
taxpayers of the capital.

                      About Shinginko Tokyo

Shinginko Tokyo Ltd was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                          *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


* JCR Revises Rating Outlook on 5 Insurance Firms to Negative
-------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has revised the rating
outlooks for 5 of the country's life insurance companies.

   -- Asahi Mutual Life Insurance Company:

                 Rating (Affirmed)           Outlook
                       BB+            From Stable to Negative

   -- Dai-Ichi Mutual Life Insurance Company, The

                 Rating (Affirmed)           Outlook
                       AA-           From Stable to Negative

   -- Meiji Yasuda Life Insurance Company

                 Rating (Affirmed)           Outlook
                       A+            From Positive to Stable

   -- Sumitomo Life Insurance Company

                 Rating (Affirmed)           Outlook
                       A             From Positive to Stable

   -- Mitsui Life Insurance Company Limited

                  Rating (Affirmed)           Outlook

                      BBB+           From Stable to Negative


The operating results of the major Japanese life insurance
companies for the 3rd quarter of FY2008 ending March 31, 2009
showed a significantly increased loss in their investments,
because they are badly affected by turmoil in the global financial
markets.  Large amount of valuation loss on shares of common
stock, funds and foreign securities, due also to the appreciated
yen, and loss on sales of such investment securities have occurred
under the stressed environment.  The risk of variable annuity with
guaranteed minimum benefits has come to the surface, increasing
burden of policy reserves.  Each of the major Japanese life
insurance companies has been accumulating its contingency
reserve and reserve for price fluctuations in recent years.

In the 3rd quarter, there have been many companies which
liquidated these reserves to offset the loss.  The liquidation of
internal reserves and recording of loss reduced risk buffer of
them.  There are some life insurance companies that have an
unrealized loss with their unrealized gains considerably dropping.
The stagnant conditions in the financial markets may persist and
then increase their loss.  Furthermore, real economy has been
deteriorating.  Therefore, JCR is concerned about influences on
the insurance sales.  The business environment, in general, has
become severer than before.

JCR changed the rating outlooks for Meiji Yasuda Life Insurance
Company from Positive to Stable, because the Company is influenced
by the deteriorating business environment to a degree, although
JCR recognizes that the Company limits its risks properly thanks
to the successful risk management.

Similarly, JCR changed the rating outlook for Sumitomo Life
Insurance Company from Positive to Stable under the weakened
business environment.

JCR changed the rating outlooks for Mitsui Life Insurance Company
Limited and Asahi Mutual Life Insurance Company from Stable to
Negative, because their earnings powers are now slightly poor
relative to other life insurance companies in addition to the
influences of the falling investment asset value on them.

JCR also changed the rating outlook for Dai-Ichi Mutual Life
Insurance Company, which is also affected by the turmoil in the
financial markets, although it has a definite risk buffer, from
Stable to Negative.

JCR will continue to watch carefully influences of the
deteriorating business environment on the life insurance companies
including companies for which JCR did not change the rating
outlooks this time and then reflect them in the ratings for them,
taking into consideration their strategies against the
deteriorating environment.



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

* SOUTH KOREA: Debt Default Ratio Remains High in January
---------------------------------------------------------
South Korea's overall debt default ratio stayed high in January
amid the looming risk of the nation slipping into its first
recession in a decade, Reuters reports citing data from the Bank
of Korea.

According to Reuters, the central bank data showed the debt
default ratio was 0.04 percent in January, unchanged from
December, which was the highest level since May 2008.

The central bank, as cited by Reuters, said separately that South
Korea's business start-up/failure ratio in January rose to 19.9
from December's 16.4 but that the number of new businesses had
shrank by 133 to 3,664.



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

AEL DIRECT: Court Hears Wind-Up Petition
----------------------------------------
A petition to have AEL Direct Ltd.'s operations wound up was heard
before the High Court of Christchurch on January 28, 2009.

The Commissioner of Inland Revenue Hunt (1992) Limited filed the
petition against the company on November 13, 2008.


COAST TO COAST: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have Coast to Coast Logging Ltd.'s operations wound
up was heard before the High Court of Blenheim on November 5,
2009.

Nelson Petroleum Distributors Limited filed the petition against
the company on November 5, 2008.


EQUITICORP FINANCE: Intends to Declare Dividend
-----------------------------------------------
Equiticorp Finance Group Ltd. intends to declare dividend.

Only creditors who were able to file their proofs of debt by
February 27, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

          William G. Black
          c/o McGrath Nicol + Partners (NZ) Limited
          18 Viaduct Harbour Avenue, Level 2
          Auckland 1
          Telephone: (09) 366 4655
          Facsimile: (09) 366 4656


ISLAND EVENTS: Court Hears Wind-Up Petition
-------------------------------------------
A petition to have Island Events Ltd.'s operations wound up was
heard before the High Court of Auckland on February 4, 2009.

The Commissioner of Inland Revenue Hunt (1992) Limited filed the
petition against the company on November 11, 2008.


JIREH WAKEFIELD: Court Hears Wind-Up Petition
---------------------------------------------
A petition to have Jireh Wakefield Ltd.'s operations wound up was
heard before the High Court of Auckland on Feb. 4, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on September 26, 2008.


NO NAME: Court Hears Wind-Up Petition
-------------------------------------
A petition to have No Name Building Recyclers Ltd.'s operations
wound up was heard before the High Court of Wellington on
January 26, 2009.

the Commissioner of Inland Revenue filed the petition against the
company on December 2, 2008.


TUWELL TRUST: Court Hears Wind-Up Petition
------------------------------------------
A petition to have Tuwell Trust Ltd.'s operations wound up was
heard before the High Court of Hamilton on Feb. 2, 2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 12, 2008.


W F WATERFRESH: Court Hears Wind-Up Petition
--------------------------------------------
A petition to have W F Waterfresh Engineering Ltd.'s operations
wound up was heard before the High Court of Auckland on Feb. 5,
2009.

Award Carpets Limited filed the petition against the company on
November 25, 2008.


WASAN INTERNATIONAL: Court Hears Wind-Up Petition
-------------------------------------------------
A petition to have Wasan International Co., Ltd.'s operations
wound up was heard before the High Court of Auckland on Feb. 4,
2009.

The Commissioner of Inland Revenue filed the petition against the
company on November 18, 2008.



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

KOON HIAP: Intends to Declare Dividend
--------------------------------------
Koon Hiap Woodwork & Construction Pte. Ltd. intends to declare
dividend.

Only creditors who were able to file their proofs of debt by
February 27, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


POPULAR LOGISTICS: Intends to Declare Dividend
----------------------------------------------
Popular Logistics Pte Ltd. intends to declare dividend.

Only creditors who were able to file their proofs of debt by
February 27, 2009, will be included in the company's dividend
distribution.

The company's liquidator is:

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


TRANSGLOBAL ENERGY: Creditors Hold Meeting
------------------------------------------
The creditors of Transglobal Energy Funds Pte. Ltd. held a meeting
on February 26, 2009, at 19 Keppel Road #02-01 Jit Poh Building
Singapore 089058.

At the meeting, the creditors were asked to receive the comapny's
status of the liquidation and appoint a committee of inspection.


WEE ZHE: Pays First and Final Preferential Dividend
---------------------------------------------------
Wee Zhe Builder Pte Ltd. Declared the first & final preferential
dividend on February 5, 2009.

The company paid 50.2228% to all the received claims.

The company's liquidator is:

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



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

PROMOS TECHNOLOGIES: Offers to Buy Back Bonds But Says Funds Short
------------------------------------------------------------------
ProMOS Technologies Inc. has offered to buy back US$335 million
worth of convertible bonds but said it would be unable to fully
meet its convertible bond obligations, various reports say.

According to Taipei Times, ProMos said more than 97 percent of its
investors intended to redeem the bonds, bringing its estimated
obligations to US$327 million.  However, the Times relates, the
company has only obtained initial approval for NT$3 billion
(US$86.65 million) in syndicated loans.

The company, Taipei Times relates, has hired Citigroup Global
Markets Taiwan Ltd as its representative to negotiate for special
terms with its bondholders.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, AFP said a consortium of Taiwanese banks have
tentatively agreed to provide a new NT$3 billion (US$88.23
million) loan to the company.

According to AFP, 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 related.

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

The TCR-AP, citing Taipei Times, reported on Jan. 20, 2009, that
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.


UNION INSURANCE: Fitch Upgrades Insurance Strength Rating to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded Taiwan's Union Insurance Company's
Insurance Financial Strength Rating to 'BB' from 'BB-' (BB minus)
and its National IFS Rating to 'BBB+(twn)' from 'BBB(twn)'.
Simultaneously, the agency has revised the Outlook to Positive
from Stable.

The rating upgrades reflect Union's notable capitalization
increase, revived policy sales and the performance turnaround in
underwriting profit in January-September 2008.  Meanwhile, the
company's simplistic and conservative investment portfolio
provides additional comfort at a time of significant and
unfavourable market volatility.  The positive rating
considerations are offset by the company's lack of a proven track
record in underwriting profits, the concentrated geographic nature
of its franchise and revenue, its relatively small size and weak
market demand as a result of the ongoing economic recession.
Fitch views that Union's continued progress in business recovery
and consistent delivery of underwriting profits through a more
challenging operating environment, would lead to a higher ratings
level.

With capital injections of TWD1.5 billion in August 2007 and
TWD500 million in October 2008 by the Want Want Group (following
the collapse of previous shareholder, the Rebar Group, in early
2007), Union has restored its capital strength to well above the
regulatory minimum requirement, following which market confidence
in Union was revived.  Its market share by direct written premiums
has improved and it is now seventh out of a total of 21 property
and casualty insurers in Taiwan for January-October 2008.
However, Union's premium revenue remains almost wholly sourced
locally, and monthly sales are still about 30% below the pre-
Rebar-crisis peak level due partly to slow market demand amidst
the very weak economic environment.

In 9M08 Union delivered its first underwriting profit since 2004
with its combined ratios improved to 94.9% on the back of cost
rationalization and a significantly reduced loss ratio.  Unlike
its peers, particularly in the life insurance segment, the company
did not experience major investment losses resulting from the
ongoing global credit crisis, thanks to its conservative and less
active investment activities following recapitalization.  Cash and
cash equivalents accounted for over half of the total investment
portfolio at end-September 2008 and all fixed-income securities
were government bonds.

Note to editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.  The best risk within a country is rated
'AAA' and other credits are rated only relative to this risk.
National ratings are designed for use mainly by local investors in
local markets and are signified by the addition of an identifier
for the country concerned, such as 'AAA(twn)' for National ratings
in Taiwan.  Specific letter grades are not therefore
internationally comparable.



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

EMAAR PROPERTIES: U.S. Unit Files for Bankruptcy Protection
-----------------------------------------------------------
John Laing Homes, a US subsidiary of Emaar Properties PJSC, has
filed for Chapter 11 bankruptcy protection with the U.S.
Bankruptcy Court in Delaware, the Gulf News reports.  The company
listed assets of more than $1 billion (Dh3.678 billion) and debt
of $500 million to $1 billion.

"John Laing Homes anticipates that the Chapter 11 process will
allow it to significantly reduce debt from its balance sheet while
facilitating a strategic reorganisation of the company, which will
place it in the strongest possible position to sustain its
momentum despite extremely challenging market conditions," the
report cited Emaar in an e-mailed statement.

Emaar, the Gulf News relates, had bought the John Laing Homes in
2006 for $1.05 billion.  It is one of the largest private home
builders in the US, and the 31st largest overall, building
condominiums, townhomes to residential communities and multi-
million dollar luxury estates, the report notes.

Citing court documents, Gulf News relates the company is exiting
operations in Colorado, Texas and Arizona and plans to focus on
its flagship homebuilding and luxury units in Southern California.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 19, 2009, that Emaar Properties PJSC incurred a
fourth-quarter loss and placed new real-estate projects on hold
due to writedowns at its U.S. units and falling property prices in
Dubai.

According to Bloomberg News, Emaar Properties posted a net loss of
1.77 billion dirhams (US$481 million) compared with a profit of
1.74 billion dirhams a year earlier.

The Wall Street Journal related the company's full-year profit
dropped 54% to 3.06 billion dirhams from 6.58 billion dirhams a
year earlier.  The company's revenue, WSJ disclosed, declined 10%
to 16.02 billion dirhams.

Emaar Properties, WSJ noted, wrote down 1.77 billion dirhams in
goodwill in its John Laing Homes unit amid the financial crisis,
and a further 919 million dirhams in properties owned by the
company during the quarter.

"Emaar has shown a very dismal performance, and investors were not
expecting losses of this magnitude," Vyas Jayabhanu, head of Al
Dhafra Financial Brokerage LLC, told Bloomberg News in an
interview from Abu Dhabi.  "There should be some more selling
pressure with the stock bottoming out at around 1.5 dirhams."

According to WSJ, Emaar Properties said it is putting future real-
estate projects on hold to stem the oversupply of units in Dubai.
The company, WSJ stated, said it will concentrate on completing
all construction projects that are under way.  The company has
projects in countries such as India, Turkey, Syria, Saudi Arabia
and Morocco, according to WSJ.

"If the current real-estate downturn continues then Emaar may have
to write down the value of its domestic assets," Bloomberg News
quoted Siju Mathew, analyst at HC Securities in Dubai, as saying.
"That is a potential danger I can see for the next quarter."

Meanwhile, TradeArabia Business News Information reports that
according to a resolution adopted by Emaar Properties' board of
directors, the company will not pay a dividend for 2008.  The
company paid a 20 percent dividend for 2007, TradeArabia said.

Emaar Properties PJSC -- http://www.emaar.com/-- is a United Arab
Emirates-based company engaged in property investment and
development, property management services, education, healthcare,
retail and hospitality sectors, as well as investing in financial
service providers.  The Company operates domestically and
regionally covering India, Egypt, Turkey, Morocco, Syria,
Pakistan, Tunisia and Saudi Arabia.  Its domestic projects include
Burj Dubai, Dubai Marina, Arabian Ranches, Emirates Hills, The
Meadows, The Springs, The Greens, The Lakes and The Views.  The
Company has four wholly owned subsidiaries, Emaar Misr for
Development S.A.E., Egypt; WL Homes LLC, the United States of
America; Hamptons Group Limited, the United Kingdom, and Raffles
Campus Pte Ltd, Singapore.  It also holds capital shares in
associated companies throughout the region.  Emaar Properties PJSC
is headquartered in Dubai.



                         *********

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 ***