TCRAP_Public/090302.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, March 2, 2009, Vol. 12, No. 42

                            Headlines

A U S T R A L I A

CITY PACIFIC: Trilogy Capital to Launch Takeover Bid for Fund
DRIVETRAIN INTERNATIONAL: Sacks 222 Workers at its Albury Plant
FORTESCUE METALS: Moody's Notes Equity Raising from Valin Sale
OZ MINERALS: Gets Loan Extension; Posts AU$2.5 Bln. Full Year Loss
PAPERLINX: Incurs $560.9 Million First Half Net Loss

SEVEN NETWORK: Declared Worthless Due to Mountain of Debts


C H I N A

CHINA EASTERN: Shareholders Approve CNY7 Bln Share Placement
CHINA EASTERN: Sells 35% Stake in Joy Air
SHANGHAI AIRLINES: To Raise CNY1 Bln in Share Placement


H O N G  K O N G

ADVANCED ELASTOMER ET AL: Members to Meet on March 23
ALLIANZ GLOBAL: Creditors' Meeting Set for March 10
BIL KWONG: Court to Hear Wind-Up Petition on April 8
DELUXE WAY: Members to Receive Wind-Up Report on March 23
GARTLETT INVESTMENTS: Court to Hear Wind-Up Petition on March 25

HUA FENG: Commences Wind-Up Proceedings
KEEN BILLION: Court to Hear Wind-Up Petition on March 25
NEWTON COURT: Commences Wind-Up Proceedings
ORIENTAL CHASE: Court to Hear Wind-Up Petition on March 11
OZ WING: Moody's Assigns Provisional Rating on Secured Notes

PEACE MARK: Court to Hear Wind-Up Petition on April 15
RICH STANDARD: Court to Hear Wind-Up Petition on April 15
SOUTH HARBOUR: Members to Receive Wind-Up Report on March 24
WANNA INTERNATIONAL: Court to Hear Wind-Up Petition on March 18
WEALTH DRAGON: Members to Receive Wind-Up Report on March 24

WING MOU: Members & Creditors to Hold Annual Meetings on March 12


I N D I A

SPICEJET LTD: Plans to Set Up Feeder Service
TATA MOTORS: To Launch Nano Cars on March 23


I N D O N E S I A

ARPENI PRATAMA: Fitch Downgrades Issuer Default Rating to 'B+'
BANK MANDIRI: To Restructure IDR3 Trillion of Debts Owed by Firms
BERLIAN LAJU: Fitch Downgrades Issuer Default Rating to 'B'
FAJAR SURYA: Fitch Cuts Issuer Rating on US$100 Mil. Notes to 'B'
INDOSAT: Net Profit Fell 8% to IDR1.8 Trillion in 2008

LIPPO KARAWACI: Fitch Gives Negative Outlook; Affirms 'B+' Rating
PT CENTRAL: Fitch Affirms Long-Term Issuer Default Rating at 'B'
PT PAKUWON: Weak Pre-sales Activities Cue Fitch's Junk Rating
* INDONESIA: Approves IDR73.3 Trillion Stimulus Package


J A P A N

SAIZEN REIT: Moody's Downgrades Corporate Family Rating to 'Ba1'
* S&P Cuts Ratings on 7 Tranches From 44 Japanese CDO Deals


P H I L I P P I N E S

ON-SITE SOURCING: March 27 Auction; Secured Lender Leads Bidding


S I N G A P O R E

2 BROTHERS: Creditors' Proofs of Debt Due on March 27
INDOVER FORFAITING: Creditors' Proofs of Debt Due on March 25
JURONG HI-TECH: Placed Under Judicial Management Order
PETROPOOL (S) PTE: Court Enters Wind-Up Order
WEI INTERIOR: Court Enters Wind-Up Order


S O U T H  A F R I C A

DEALSTREAM: Pretoria High Court Orders Final Liquidation


X X X X X X X X

* S&P Junks Ratings on 6 Tranches From 50 Asia-Pacific CDOs


                         - - - - -


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

CITY PACIFIC: Trilogy Capital to Launch Takeover Bid for Fund
-------------------------------------------------------------
The Australian reported that Trilogy Capital Group will launch a
hostile takeover bid within weeks for City Pacific Limited's
AU$1 billion City Pacific First Mortgage Fund.

According to the report, Trilogy chairman Rodger Bacon said the
fund manager had contacted "close to 1000" City Pacific fund
investors and was close to launching an official takeover, seeking
more than 50 per cent control.

The Australian states that the fund has about 11,000 investors and
for Trilogy to gain control it requires support from voters
controlling more than 50 per cent of the fund's 887 million issued
shares.

Mr. Bacon, the Australian relates, said Trilogy would seek to
replace City Pacific Limited as the responsible entity controlling
the fund.

The Troubled Company Reporter-Asia Pacific reported on Feb. 23,
2009, that City Pacific Limited disclosed that it has negotiated a
12 month extension to the repayment date for City Pacific's
corporate facilities of AU$95.5 million and 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 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.

                          *     *     *

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.


DRIVETRAIN INTERNATIONAL: Sacks 222 Workers at its Albury Plant
---------------------------------------------------------------
A total of 222 workers at Drivetrain Systems International's car
factory in Albury have been laid off without receiving their full
entitlements, various reports say.

The job cuts, Heraldsun relates, were announced last week after
workers were sent home without pay.

The Heraldsun says that the remaining 167 employees were offered
eight weeks of work on a contract with Ford Motor Company, which
will start on March 9.

However, the Heraldsun states, a workers' union said the jobs will
continue if receiver PricewaterhouseCoopers finds a buyer for the
plant.

According to the Heraldsun, the Australian Manufacturing Workers
Union (AMWU) said Drivetrain's failure to pay full redundancy
entitlements was a "disgrace."

ABC News reports that the union called on the federal government
to ensure the displaced workers will get timely assistance.

Paul Bastian from the union, as cited by ABC News, said normally,
workers do not get help through the Federal Government's General
Employee Entitlements and Redundancy Scheme (GEERS) until a
company is liquidated.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, the SmartCompany said Drivetrain Systems was placed
into receivership with debts of AU$30 million to AU$40 million.
The company's production has been suspended for weeks with its 400
workers stood down.

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

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

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


FORTESCUE METALS: Moody's Notes Equity Raising from Valin Sale
--------------------------------------------------------------
Moody's Investors Service has noted Fortescue Metals Group Ltd's
announcement of an equity raising from the Hunan Valin Iron &
Steel Group Company Ltd in a share sale worth A$558 million.
Fortescue is the owner of FMG Finance, the financing vehicle rated
B1/negative by Moody's.

"Moody's understands that the proceeds from the equity raising
will be used for general corporate purposes at Fortescue, and are
therefore not earmarked for immediate use in deleveraging and/or
expansion programs at the rated project level," says Ian
ChanChong, a Moody's VP/Senior Analyst.  "As such, Moody's is not
taking any rating action at this point in time, and will closely
monitor developments and assess the rating as the company
articulates further its intention over the of use of the proceeds
and the potential expansion of its mining capacity for iron ore,"
says ChanChong.  "Moody's will also be mindful of any potential
changes to the ownership structure of Fortsecue if such changes
signal a major shift in its business strategy."

Moody's had previously highlighted the high level of leverage
evident at Fortescue, taking into account that the company is in a
ramp-up phase and the prevailing challenges evident in the steel
market.

The last rating action was on December 17, 2008 when the outlook
on the B1 ratings of FMG Finance Pty Ltd was changed from stable
to negative.

Fortescue Metals Group, based in Perth, is an emerging iron ore
producer engaged in the exploration and mining of iron ore for
export mainly to China.


OZ MINERALS: Gets Loan Extension; Posts AU$2.5 Bln. Full Year Loss
------------------------------------------------------------------
OZ Minerals Ltd. has received an extension to refinance its AU$1.2
billion (US$776 million) debt, clearing a hurdle for an agreed
takeover by China Minmetals Group, Bloomberg News reports.

In a filing to the Australian Securities Exchange, OZ Minerals
said it has secured approval to extend the terms of its debt
arrangements from Feb. 27 to March 31, 2009.

Meanwhile, Bloomberg News says OZ Minerals reported a AU$2.5
billion ($1.6 billion) full-year loss after asset writedowns as
commodity prices fall.  In the 12 months ended Dec. 31, Bloomberg
News says, the company writedowns totaled AU$2.3 billion.

OZ Minerals, Bloomberg News relates, reported an underlying loss
of AU$66.4 million.

"This result was impacted by falls in prices across our major
commodities, significant impairment of assets and other asset
write downs, a number of one-off costs associated with the
acquisition of Zinifex by Oxiana to form OZ Minerals and
restructuring costs," OZ Minerals Managing Director and CEO Andrew
Michelmore said in a statement.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Minmetals offered to purchase all outstanding
shares in OZ Minerals at a cash price of 82.5 cents per share.

Bloomberg News related the extension of OZ Minerals's debt
facilities is a condition of China Minmetals Group's AU$2.6
billion takeover offer.

                      About China Minmetals

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

                        About OZ Minerals

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

                          *     *     *

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


PAPERLINX: Incurs $560.9 Million First Half Net Loss
----------------------------------------------------
PaperlinX has reported a first half net loss of $560.9 million
after a $567.5 million impairment charge on its Australian Paper
unit, The Age News reports.

According to the report, PaperlinX, which is selling Australian
Paper to Nippon Paper for $700 million, placed an impairment on
the carrying value of the unit of $567.5 million.

"While we have incurred a significant loss this half as a result
of this transaction, we have also taken an important step to
secure the financial stability of the company", PaperlinX Chief
Executive Officer Tom Park was quoted by the Age as saying.

The company recorded revenue of $3.8 million, flat on the prior
corresponding period, and declared no interim dividend, down from
3 cents in the prior first half, the report relates.

PaperlinX, as cited by the report, said it had a reasonable
operating result, reporting profit after tax but before
significant items of $6.6 million.

Divisional operating earnings (excluding Corporate) of $92 million
was down eight per cent versus the prior corresponding period as
market driven volume weakness was mitigated by favourable gross
profit margins and accelerated expense reductions, the report
discloses.

"We have seen a difficult external environment depressing volumes
by 7% versus the prior corresponding period and our returns in the
first half were also impacted by the cost of carrying the upfront
investment in the pulp mill upgrade ahead of the December 2008
start up," Mr. Park was quoted by the news agency as saying.

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.
PaperlinX employs over 9,600 people in 28 countries.


SEVEN NETWORK: Declared Worthless Due to Mountain of Debts
----------------------------------------------------------
Seven Network has been declared worthless as it works to repay an
estimated US$2.5 billion in debt, The Australian News reports.

According to the report, the company said the revaluation
reflected the "current global economic challenges and declines in
the overall advertising market", being experienced by all media
companies.

The report relates Kerry Stokes, the biggest shareholder and
executive chairman of Seven Network, confirmed it had cut the
value of its 47 per cent stake in the Seven Media Group (SMG),
from $793.9 million to zero.

However, Mr. Stokes, as cited by the report, said "nothing in all
of our testing would give us any indication" that SMG could breach
on its debt covenants.

The Australian News recounts that Seven Network received a $2.5
billion cash windfall in late 2006 from the sale to KKR of half
its old media assets.  But the sale also involved pumping a
similar amount of debt into SMG.

The Seven Network is an Australian television network owned by the
Seven Media Group.  It is currently the largest network in the
country in terms of population reach.



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

CHINA EASTERN: Shareholders Approve CNY7 Bln Share Placement
------------------------------------------------------------
China Eastern Airlines Corporation Limited has won approval from
shareholders for a share placement plan that will bring it a
capital injection of CNY7 billion ($1.02 billion) from the
government, China Daily reports.

According to the report, China Eastern said it will issue to its
state parent 1.44 billion new Shanghai-listed A shares at CNY3.87
each and 1.44 billion Hong Kong-listed H shares at CNY1 each.

China Eastern, the report relates, said the funds will be used to
improve its balance sheet and strengthen its ability to continue
operations.

Meanwhile, China Daily says, China Southern also announced a share
placement to its parent in exchange for a CNY3 billion cash
injection from the government in late 2008.

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 EASTERN: Sells 35% Stake in Joy Air
-----------------------------------------
China Eastern Airlines Corporation Limited has agreed to sell a 35
percent stake in regional carrier Joy Air Co Ltd to Aviation
Industry Corp of China (AVIC), Reuters reports citing China
Eastern Chairman Liu Shaoyong.

Citing company sources, Reuter says China Eastern wanted to sell a
roughly 30 percent stake in Joy Air to bolster its strapped
finances.

According to the report, AVIC owns a majority of Joy Air while
China Eastern holds a 40 percent stake.  Joy Air, Reuters notes,
is capitalised at CNY1 billion ($146.3 million).

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.


SHANGHAI AIRLINES: To Raise CNY1 Bln in Share Placement
-------------------------------------------------------
Shanghai Airlines Co. Limited plans to raise CNY1 billion (US$146
million) through the issuance of non-public shares to Jin Jiang
International Holdings Co Ltd., China Daily reports.

According to the report, the airline said it would issue 200
million additional shares to Jin Jiang International, currently
its third largest shareholder, in a swap deal.

With the deal, China Daily relates, Jin Jiang International would
overtake Bank of China Group Investment Ltd as its second largest
shareholder, next only to Shanghai Lianhe Investment Ltd, which
holds 35.73 percent stake in the airlines.

"This money would help lower Shanghai Airlines' debt-to-equity
ratio by 5.9 percent, to 85.45 percent, and shore up its
operational cash flow," the report quoted Li Lei, an analyst with
CITIC China Securities, as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2009, Reuters said Shanghai Airlines net loss for 2008
could be double than the previous year amid weak travel market.
The carrier posted CNY435 million net loss in 2007.

According to Reuters, the airline also reported CNY170 million in
unrealised fuel hedging losses as of Dec. 31, 2008, following a
tumble in fuel prices during the second half of the year.

                     About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.



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

ADVANCED ELASTOMER ET AL: Members to Meet on March 23
-----------------------------------------------------
On March 23, 2009, Wong Lung Tak, Patrick presented the companies
wind-up report and property disposal to the members of:

   -- Advanced Elastomer Systems Hong Kong Limited; and
   -- Mei Foo Oil Limited.

The Liquidator can be reached at:

          Wong Lung Tak, Patrick
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


ALLIANZ GLOBAL: Creditors' Meeting Set for March 10
---------------------------------------------------
The creditors of Allianz Global Investors Pacific Limited are
required to file their proofs of debt by March 10, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

        Derek Lai
        Darach Haughey
        Mark W. R. Smith
        One Pacific Place, 35th Floor
        88 Queensway
        Hong Kong


BIL KWONG: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------
A petition to have Bill Kwong Universal International Engineering
Company Limited's operations wound up will  be heard before the
High Court of Hong Kong on April 8, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on February 3, 2009.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          Wong On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


DELUXE WAY: Members to Receive Wind-Up Report on March 23
---------------------------------------------------------
The members of Deluxe Way Investment Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on March 23, 2009, at 10:00 a.m., at Suite 1408
of Two Exchange Square, in 8 Connaught Place Hong Kong.


GARTLETT INVESTMENTS: Court to Hear Wind-Up Petition on March 25
----------------------------------------------------------------
A petition to have Gartlett Investments Limited's operations wound
up will be heard before the High Court of Hong Kong on March 25,
2009, at 9:30 a.m.

Securities and Futures Commission filed the petition against the
company on January 20, 2009.

The Petitioner's solicitor is:

         JSM
         Prince's Building, 18th Floor
         10 Chater Road, Central
         Hong Kong


HUA FENG: Commences Wind-Up Proceedings
---------------------------------------
On February 12, 2009, the shareholders of Hua Feng Dah Company
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Sun Kwong
         Beverley Commercial Centre
         Office No. 1818, 18th Floor
         87-105 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


KEEN BILLION: Court to Hear Wind-Up Petition on March 25
--------------------------------------------------------
A petition to have Keen Billion Limited's operations wound up will
be heard before the High Court of Hong Kong on March 25, 2009, at
9:30 a.m.

Lam Kit Seng Pankie filed the petition against the company on
January 21, 2009.


NEWTON COURT: Commences Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on February 10, 2009, the
members of Newton Court Seafood Restaurant Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

        Cheuk Yee Man
        Room 2810, 28th Floor
        113 Argyle Street
        Kowloon


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

Citic Ka Wah Bank Limited filed the petition against the company
on January 5, 2009.

The Petitioner's solicitors are:

         Li & Partners
         World Wide House
         Rooms 2201-03, 22nd Floor
         19 Des Voeux Road Central
         Hong Kong
         Telephone: 2501 0088
         Facsimile: 2501 0028


OZ WING: Moody's Assigns Provisional Rating on Secured Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)A2 to the Secured Floating Rate Loan to be borrowed by OZ Wing
Cayman Limited. The provisional rating is based on an
unconditional and irrevocable credit facility as well as an
interest rate swap to be provided by the Industrial Bank of Korea
("IBK", rated A2/Prime-1/D+).  Deutsche Bank AG, Hong Kong Branch
acts as the arranger of the deal.

The rating addresses the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and the scheduled principal
repayments of the loan by the relevant loan payment date.  The
rating on the loan will be linked to the rating of IBK.

The complete rating action is:

Borrower: OZ Wing Cayman Limited

  -- JPY [4] Billion of Secured Floating Rate Loan due April 2012,
     rated (P)A2

In assigning the provisional rating, Moody's considered among
other things, these factors:

1. The unconditional and irrevocable credit facility to be
provided by IBK

2. The IRS with IBK as the swap counterparty

3. The legal and structural protections in the transaction

4. The adequate capacity of Deutsche Bank AG and its affiliate and
   subsidiaries as key transaction parties

                       Transaction Summary

At closing, the borrower - a newly established, bankruptcy remote,
special purpose company to be incorporated in the Cayman Islands -
will borrow the Yen [4] billion secured floating rate loan and use
the loan proceeds to acquire a Yen-denominated variable rate bond
to be issued by the bond issuer, a limited liability special
securitization company to be incorporated in Korea.  The bond
issuer will then apply the proceeds to acquire an investor
beneficiary certificate from the originator, Asiana Airlines, Inc.

On the closing date, Asiana Airlines, Inc., Tokyo branch will
entrust a portfolio of Yen-denominated future airline ticket
receivables and a reserve fund to a Japanese Trust in exchange for
an investor beneficiary certificate, a second investor beneficiary
certificate, and a seller beneficiary certificate.  Asiana Tokyo
will then deliver the investor beneficiary certificate to Asiana
based on an inter-branch memorandum.  The payments to the investor
beneficiary certificate and to the second investor beneficiary
certificate will rank pari passu and will be senior to the seller
beneficiary certificate.  At closing, the second investor
beneficiary certificate has zero balance and receives no payment.

The loan will pay monthly Yen-Libor linked interest, and its
principal will be repaid according to a pre-defined monthly
amortization schedule.

Upon satisfaction of certain conditions precedent, the borrower
may increase the loan amount up to an additional Yen [6] billion
by the first loan payment date in April 2009.  The additional loan
amount will ultimately be paid to Asiana in exchange for the
second investor beneficiary certificate, whose balance will be
increased from zero at closing to an amount equal to the
additional loan amount.

The loan will benefit from the unconditional and irrevocable
credit facility and the IRS to be provided by IBK.  The credit
facility is Yen-denominated in an amount designed to cover the
full amount of the loan principal repayment, the fixed swap
payments payable by the borrower under the IRS, the scheduled
senior fees and expenses, credit facility fees, and a cushion to
cover extraordinary expenses.  The commitment amount under the
credit facility will decrease by an amount equal to the actual
loan principal repayments, the swap payments, the senior fees and
expenses, and the credit facility fees.  The IRS to be entered
with IBK is to mitigate the mismatch between the fixed commitment
amount under the credit facility and floating amount payment
obligation under the loan.

IBK will take both the roles of the swap counterparty and the
credit facility provider.  In the event that IBK's rating changes,
the rating of the loan will be affected.


PEACE MARK: Court to Hear Wind-Up Petition on April 15
---------------------------------------------------------
A petition to have Peace Mark Production Limited's operations
wound up will  be heard before the High Court of Hong Kong on
April 15, 2009, at 9:30 a.m.

Corporoactive Limited filed the petition against the company on
February 10, 2009.

The Petitioner's solicitor is:

         Richards Butler
         Alexandra House, 20th Floor
         16-20 Chater Road
         Central, Hong Kong


RICH STANDARD: Court to Hear Wind-Up Petition on April 15
---------------------------------------------------------
A petition to have Rich Standard Investment Limited's operations
wound up will  be heard before the High Court of Hong Kong on
April 15, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on February 10, 2009.

The Petitioner's solicitors are:

         Tsang, Chan & Wong
         Wing On House, 16th Floor
         No. 71 Des Voeux Road Central
         Hong Kong


SOUTH HARBOUR: Members to Receive Wind-Up Report on March 24
------------------------------------------------------------
The members of South Harbour Holdings Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on March 24, 2009, at 11:30 a.m., at the 20th
Floor of Tung Wai Commercial Building, 109-111 Gloucester Road, in
Wanchai, Hong Kong.


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

Mak Sheung Yim Limited filed the petition against the company on
January 12, 2009.


WEALTH DRAGON: Members to Receive Wind-Up Report on March 24
------------------------------------------------------------
The members of Wealth Dragon Trading Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on March 24, 2009, at 10:00 a.m., at Flat A,
16th Floor of United Centre, in 95 Queensway, Hong Kong.


WING MOU: Members & Creditors to Hold Annual Meetings on March 12
-----------------------------------------------------------------
The members and creditors of Wing Mou Construction Company Limited
will hold their annual meetings on March 12, 2009, at 2:00 p.m.
and 2:30 p.m., respectively, at the 18th Floor of 1801 Wing On
House, 71 Des Voeux Road, in Central, Hong Kong.

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



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

SPICEJET LTD: Plans to Set Up Feeder Service
--------------------------------------------
SpiceJet Ltd is planning to set up an airline connecting smaller
cities in the country to lure rail passengers, Bloomberg News
reports.  The plan, Bloomberg News says, will enable SpiceJet to
win some of India's 15 million daily rail passengers.

"For aviation to grow, we have to win customers from the trains,"
Bloomberg News cited Chief Executive Officer Sanjay Aggarwal as
saying in an interview with Bloomberg Television from New Delhi.
"To win the customers, we have to provide the connectivity that
trains provide."

But, according an analyst cited by the report, Spicejet has to
overcome challenges including better train fares and the need to
supplement a fleet of Boeing Co. 737 aircraft with smaller jets.

"In smaller sectors, you have to keep your costs to a minimum, as
you can’t really be much more expensive than trains,"  Binit
Somaia, a Sydney-based director at Centre for Asia Pacific
Aviation, told Bloomberg News in a phone interview.

According to the report, Mr. Aggarwal said Spicejet, the only
Indian discount airline to fly an all-Boeing fleet, may lease
aircraft with a capacity of 40 to 60 seats to set up the feeder
service.

Mr. Aggarwal, Bloomberg News relates, said the carrier will also
consider starting flights to the Middle East, Southeast Asia,
Nepal and other neighboring countries when it gets permission to
fly overseas in May 2010.

SpiceJet Limited -- http://www.spicejet.com/-- is an airline
carrier in India.  During the fiscal year ended May 31, 2007
(fiscal 2007), the company increased its fleet size to 11
aircrafts covering 14 destinations and operating 83 daily
flights.  The aircrafts acquired during fiscal 2007, were the
next generation Boeing737-800.  The company has also integrated
with Tata AIG Insurance Company Limited to commence travel
insurance sales, which was launched in May 2007.

                          *     *     *

SpiceJet Limited booked annual net losses of Rs. 707.43 million in
2007 and Rs. 1,335.07 million in 2008.


TATA MOTORS: To Launch Nano Cars on March 23
--------------------------------------------
Tata Motors Limited said it will launch its Tata Nano cars on
March 23, 2009, in Mumbai.

Tata Motors said the cars will be on display at Tata Motors
dealerships from the first week of April 2009.  The company will
start accepting bookings in the second week of April 2009.

Meanwhile, citing Bild newspaper in an interview with Tata,
Bloomberg News reports the company will sell the Nano in Europe
for 5,000 euros ($6,347).

Tata Motors, the newspaper said, will present the European version
of the Nano next month at the Geneva car show, Bloomberg News
relates.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2008, Tata Motors unveiled the much-hyped world's
cheapest car, which Tata Group Chairman Ratan N. Tata hopes will
get India's masses off motorbikes and into cars.

The four-door People's Car or the Tata 'NANO,' can seat four
persons and measures 3.1 meters in length, 1.5 meters in width
and stands 1.6 meters.

The TCR-AP on Sept. 22, 2008, reported that the plan to introduce
the world's smallest car on September 2008 was derailed after Tata
Motors suspended operations at Singur in response to violent
protests conducted by Trinamool Congress at the site.  The party,
who is representing farmers affected by the Nano project, demanded
return of 400 acres of land out of the 997 acres Tata Motors
acquired.

On Oct. 8, 2008, the TCR-AP reported that after a month-long work
suspension, Tata Motors finally decided to move its Nano car
project out of Singur in the State of West Bengal citing
heightened level of agitation and hostility by opposition party,
Trinamool Congress, led by Ms. Mamata Banerjee.  The company then
relocated the mother plant for its Nano car project to Sanand in
Gujarat.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.


                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2.  The outlook
remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.

The TCR-AP reported on July 9, 2008, that Standard & Poor's
Ratings Services kept its 'BB' corporate credit rating on India's
Tata Motors Ltd. On CreditWatch with negative implications,
pending finalization of the long-term financing plans for funding
the company's purchase of Jaguar and Land Rover from Ford Motor
Co. (B/Watch Neg/--).  At the same time, Standard & Poor's ratings
on all Tata Motors' rated debt remain on CreditWatch with negative
implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.



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

ARPENI PRATAMA: Fitch Downgrades Issuer Default Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded PT Arpeni Pratama Ocean Line Tbk's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-' (BB minus) and its National Long-term rating to
'A(idn)' from 'A+(idn)'.  The rating on the US$160 million senior
unsecured notes due 2013 has also been downgraded to 'B' from
'BB-' based on a recovery rating of 'RR5'.  All ratings have been
placed on Rating Watch Negative pending the conclusion of two
newbuild product tanker sales in March 2009.

The rating downgrades are based on Fitch's expectation that
Arpeni's leverage will continue to remain higher than that
appropriate for its previous ratings.

Fitch understands that for 2009 Arpeni has renewed contracts for
intra-Indonesian coal transportation on similar terms as in 2008,
and will benefit from full year contributions from several new
assets purchased in 2008.  However, of concern is its increased
exposure to the international shipping business, which will suffer
as a result of significantly weakened demand and freight rates.
Despite this, Fitch is of the view that Arpeni can maintain its
net leverage below 4x, supported by its intra-Indonesian
operations.  Given the difficulties in credit markets, Fitch
believes Arpeni will limit its capex in 2009 to currently
committed amounts of around US$70m, which can be funded, to a
large extent, with operating cash generation.

Fitch will resolve the RWN pending the sale of two product tankers
that are to be delivered in March 2009.  Arpeni has sold three of
five product tankers that were delivered in 2008.  The same
counterparty has agreed to purchase the remaining two vessels upon
delivery.  Any deviations from this arrangement can result in
Arpeni having to pay around US$40 million to the shipyard, which
will stretch its liquidity.  If this transaction is concluded as
expected by the company, the Outlook on the ratings is most likely
to be revised to Stable.

The downgrade of the senior unsecured rating below the IDR
reflects the relatively high level of secured indebtedness
limiting the available recovery value to Arpeni's senior unsecured
creditors.


BANK MANDIRI: To Restructure IDR3 Trillion of Debts Owed by Firms
-----------------------------------------------------------------
The Jakarta Post reports that Bank Mandiri is to restructure
IDR3 trillion (around US$225 million) in debts owed by a number of
firms hard hit by the global downturn.

The restructuring was being made at the request of the companies,
which are mostly footwear and textile exporters, The Post cited
Mandiri director Abdul Rachman as saying.

The report, citing Mr. Abdul, relates that under the
restructuring, which will start to take effect from March until
June, each debtor would be given the chance to reschedule their
debt payment of up to one year.

Each debtor could delay payment on the debt principal instalments,
but would still be required to pay the interest, the report noted.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.


BERLIAN LAJU: Fitch Downgrades Issuer Default Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded PT Berlian Laju Tanker Tbk's Long-
term foreign and local currency Issuer Default Ratings to 'B' from
'B+'.  The Outlook has been revised to Negative from Stable.  At
the same time, the senior unsecured rating on the US$400 million
notes due 2014 issued by BLT Finance B.V and guaranteed by BLT has
been downgraded to 'CCC' from 'B' following the lowering of the
recovery rating on the notes to 'RR6' from 'RR5'.

These rating actions follow Fitch's expectation of BLT's leverage
increasing over the short-to-medium-term following the rapid
deterioration in the global shipping markets.  The outlook for the
chemical tanker segment is much weaker than initially expected due
to weaker demand.  The difficult shipping and credit market
conditions will lead to higher newbuilding cancellations and
increased scrapping.  However, given the weak demand the sector
will likely be plagued by overcapacity over the next several
years.  Although BLT will continue to benefit from having a young
fleet, risk to its earnings are high given the company's high
reliance on the spot market and on short-term charters.

BLT's short-term liquidity appears sufficient with around US$200m
cash and its short-term facilities currently rolled-over.
Committed capex in 2009 is not high at around US$60m.  However,
Fitch is concerned over the company's high capex and relatively
high debt maturities in 2010. Its committed capex for 2010 is
around US$140m and holders of its US$125 million convertible bond
have an option to put the notes to the issuer. Committed capex in
2011 is higher at around US$300m.

The Negative Outlook reflects the possibility of further negative
rating actions should the shipping markets continue to deteriorate
and affect BLT's cash generation and debt servicing ability.
Further negative rating actions may also be taken if the
aforementioned issues relating to liquidity and high capex are not
addressed adequately in a timely fashion.

The downgrading of the recovery rating on the notes reflects BLT's
higher-than-expected secured indebtedness.  The new secured credit
facilities obtained in 2008 remain fully drawn and are expected to
remain so.


FAJAR SURYA: Fitch Cuts Issuer Rating on US$100 Mil. Notes to 'B'
-----------------------------------------------------------------
Fitch Ratings has downgraded PT Fajar Surya Wisesa Tbk's Long-term
foreign currency and local currency Issuer Default Ratings and the
issue rating of its US$100 million senior notes to 'B' from 'B+',
and affirmed the recovery rating of the senior notes at 'RR4'.  At
the same time, the agency has downgraded Fajar's National Long-
term rating to 'BBB(idn)' from 'A-(idn)' (A minus(idn)).  The
Outlook is Negative.

The rating downgrades reflect Fajar's deteriorating financial
profile due to a significant drop in its sales volumes Q408, to
about 149 kilo tonnes compared to an average of 175 KT in each
previous quarter of the year.  Also, towards the end of 2008
average selling prices in US$-terms had decreased by 34%, compared
to the beginning of the year, and decreased by 20% in Indonesian
Rupiah-terms.  Weak demand and currently low selling prices are
expected to continue in 2009, while a possible recovery will rely
mainly on a recovery in the global economy.

Fitch acknowledges that as a step towards preserving cash and not
leveraging further, Fajar has decided to postpone capex for its
Paper Machine (PM-5) expansion project.  The project cost is
estimated to be around US$85 million, for which Fajar had secured
a syndicated loan of US$70 million.  The project has not commenced
and the only costs that Fajar has incurred are loan commitment
fees and a down payment on the machineries amounting to US$2.55
million.  In view of continuous weak demand, Fajar's future cash
flow generation is expected to fall significantly.  Coupled with
revenue and margin pressures, the agency expects leverage to
remain high at above 3x in FY2009 and FY2010.

The Negative Outlook reflects Fitch's concern that Fajar's
profitability and cash flow generation could be under further
pressure due to prolonged weak economic conditions and the
volatility in raw material prices.  A continued decline in demand
and selling price could result in significantly higher leverage
levels.  The company's rating could face downward pressure if net
adjusted debt/EBITDAR is sustained above 5.5x or interest coverage
ratio (measured by Operating EBITDA/gross interest expenses) is
sustained below 1.5x.  Other potential negative rating triggers
include a resumption of its PM-5 expansion project, without a
significant improvement in domestic demand and difficulty in
renewing its revolving facilities.

Established in 1988, Fajar is one of the largest non-integrated
producers of industrial paper in Indonesia with total installed
capacity of 700,000 tonnes per annum.  Mr. Winarko Sulistyo owns a
69.9% beneficial interest in the company.


INDOSAT: Net Profit Fell 8% to IDR1.8 Trillion in 2008
------------------------------------------------------
PT Indosat disclosed that its 2008 net profit declined by 8% to
IDR1.8 trillion (US$151.2 million) from IDR2.04 trillion a year
earlier, due to stiffer competition and losses from the weakening
rupiah, The Jakarta Post reports.

According to the report, the fall in the rupiah contributed to the
55 percent overall increase in Indosat’s expenses during the year.
Of the total IDR2.4 trillion spent in 2008, at least
IDR885.7 billion simply reflected foreign exchange losses.

However, as Indosat hedged 52 percent of its dollar-denominated
loans and bonds, the company managed to reduce the impact of
potential losses and even managed to gain IDR136.6 billion from
hedging in 2008, up by 100 percent on hedging gains of
IDR68 billion in 2007, the report relates.

Despite a drop in profit growth, the company’s fundamentals
remained strong, with revenue growing at 13.2 percent to
IDR18.66 trillion in 2008 even under unfavorable conditions in the
last quarter of the year, according to Jakarta Post.

The report adds Indosat’s cellular business, which contributed 76
percent to the company’s revenue, grew 11 percent to IDR14.1
trillion, while its multimedia and fixed telephone businesses rose
by 26 percent and 11.3 percent respectively to IDR2.7 trillion and
IDR1.7 trillion.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on October 8, 2008, that Moody's
Investors Service confirmed the Ba1 local currency corporate
family rating of PT Indosat, and the Ba2 foreign currency senior
unsecured bond rating of Indosat Finance Company B.V. and Indosat
International Finance Company B.V.  The outlook on all ratings is
stable.


LIPPO KARAWACI: Fitch Gives Negative Outlook; Affirms 'B+' Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Lippo Karawaci Tbk's
ratings to Negative from Stable and affirmed the Long-term foreign
currency and local currency Issuer Default Ratings at 'B+', and
National Long-term rating at 'BBB+(idn)'.  At the same time, Fitch
has affirmed the rating of 'B+' and recovery rating of 'RR4' on
the US$250 million senior unsecured notes due 2011 issued by Lippo
Karawaci Finance B.V. and guaranteed by LK.

The Outlook revision reflects Fitch's concern that the company's
cash flow generation may be affected by the slowdown in the
Jakarta property market, which is more severe and protracted than
initially expected.  Although LK may be able to mitigate some of
this risk by re-phasing some of its development projects, the
agency believes that a low take-up rate could possibly weaken the
company's credit profile.

Fitch notes that as a remedial step to preserve cash and not
leverage further, LK has decided to scale down its capex programme
by deferring the commencement of its major investment projects
such as hospitals, lease malls and hotels.  In the mean time, the
company will only focus on the development of major projects that
have already been launched (Superblock Kemang Village and
Superblock St. Moritz).  Launches to date in both Kemang Village
and St. Moritz have achieved take-up rates that enable them to be
profitable.  However, the company will likely face a slowing
demand for new launches as the market remains subdued due to
weakening economic fundamentals.

LK's ratings are supported by its position as one of the leading
property developers in Indonesia with a diversified revenue base
and project portfolio, strong liquidity position and significant
cash flow from recurring businesses.  In the first nine month of
2008 (9M08), around 57% of LK's EBITDA was derived from its
recurring businesses, i.e. healthcare, hospitality, township
infrastructure and property management, which partially mitigates
the risks arising from the lumpiness of the cash flow generated
from property development.

At end-September 2008, LK had cash balance of IDR1,614bn which
implies that it will be able to fund its near term capex
programme.  The company has modest debt repayment obligations
until the US$250 million notes mature in 2011 but has annual
operating lease commitments of at least SGD24.1 million, arising
from a sale and leaseback transaction completed in December 2006.
LK also derives some financial flexibility from the large land
bank inventory it owns, though the ability to monetise land bank
is usually constrained during periods of stress.

LK is the largest listed property company in Indonesia with
business interests in housing and land development, healthcare and
hospitals, and hospitality and infrastructure.  Its major
shareholders are the Lippo Group companies (24%), China Resources
(Holdings) Co. Ltd. (13%) and the investment banking real estate
arm of Austrian Raiffeisen Bank, CP Inlandsimmobilien-Holding GmbH
(7%).

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(idn)' for National ratings
in Indonesia. Specific letter grades are not therefore
internationally comparable.


PT CENTRAL: Fitch Affirms Long-Term Issuer Default Rating at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia's PT Central Proteinaprima
Tbk's Long-term foreign currency Issuer Default Rating and senior
unsecured ratings at 'B'.  The Outlook is Negative.

The ratings have been affirmed despite CPP's shrimp exports being
investigated by the United States Customs and Border Protection
agency. In Q408, the US Customs held 41 containers of CPP's frozen
shrimp under the suspicion that the shrimps had been transhipped
from China.  The US Customs released all the containers in
December 2008, allowing CPP to re-package and re-export the
shrimps to other markets.

Subsequently, CPP appealed to the US Government and in January
2009, the company invited the US Customs to audit its ponds in
Indonesia.  The outcome of the investigation is expected to be
released shortly.

If the transhipment is proven, some of the importers of CPP's
shrimps into the US would have to pay an antidumping import duty
of 112.8%.  Although this action may affect only a portion of
CPP's exports to the US (which accounts for roughly 60% of CPP's
exports), Fitch will closely monitor this issue and its impact to
CPP's sales volume and cash flow generation going forwards.

CPP's rating reflects the company's highly leveraged position
which did not improve as previously expected.  Financial leverage
(measured by adjusted debt net of cash to operating EBITDAR) was
4.8x for the first nine months of 2008.  As demand for shrimp is
expected to slow down due to the economic recession in main
consuming countries such as the US, Europe and Japan, the agency
expects cash flow generation will be lower than previously
expected and leverage to remain high in FY2009 and FY2010.

The Negative Outlook reflects Fitch's concern that CPP's
profitability and cash flow generation will be under further
pressure due to a weakening global economy.  Given its low
operating margins, continued decline in frozen shrimp price and/or
a material reduction in sales volume from projected level could
result in significantly higher leverage levels.  The company's
rating could face downward pressure if net adjusted debt/EBITDAR
is sustained above 5.5x or interest coverage ratio (measured by
Operating EBITDA/gross interest expenses) is sustained below 1.5x.
Other potential negative rating triggers include a decline of
frozen shrimp prices of more than 5% from the FY2008 average;
unplanned new material capital outflow; and difficulty in renewing
its revolving bank facilities

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in Thailand,
CPP is one of the world's largest shrimp producers and processors.
The Jiaravanon family, which is the controlling shareholder of
CPG, has a majority beneficial interest in the company.


PT PAKUWON: Weak Pre-sales Activities Cue Fitch's Junk Rating
-------------------------------------------------------------
Fitch Ratings has downgraded PT Pakuwon Jati Tbk's Long-term
foreign and local currency Issuer Default Ratings to 'CCC' from
'B-' (B minus) and its National Long-term rating to 'B(idn)' from
'BB(idn)'.  At the same time, the rating of the US$110 million
senior notes due 2011, issued by Pakuwon Jati Finance B.V. and
guaranteed by Pakuwon and its subsidiaries, has been downgraded to
'CCC' from 'B-' (B minus) and affirmed the recovery rating at
'RR4'.  Fitch has also downgraded the rating of Pakuwon's Senior
Bond I due 2011 (outstanding IDR71.4 billion) to 'B(idn)' from
'BB(idn)'.  The agency has simultaneously removed all the ratings
from Rating Watch Negative and assigned a Negative Outlook.

The rating actions reflect further weak pre-sales activities from
its Superblock development project in Gandaria, South Jakarta and
Fitch's expectations that the Jakarta property market will
continue to worsen materially in 2009.  In the last two months of
2008, the company had registered minimal pre-sales from its
strata-title condominium and office tower at Gandaria of about
IDR8 billion.

Fitch notes that the company's debt amortisation and interest
payment in 2009 can be adequately met by its cash position, from
the collection from its pre-sales activities and recurring cash
flows from Superblock Tunjungan City, its mature retail mall in
Surabaya.  However, Pakuwon's ability to meet subsequent
amortisation of US$27.5 million and capex programme for Gandaria's
construction of IDR303 billion in 2010 is mainly reliant on
Gandaria's pre-sales and additional bank funding.

Fitch acknowledges that the company had postponed the development
of a hotel tower at Gandaria to preserve cash.  However, since the
capex planned for the hotel is only around 10% of the total
development cost of the project of around IDR1.7 trillion
(excluding land acquisition cost), this action is insufficient to
improve liquidity.  Fitch notes that at the end of 2008, Pakuwon
had obtained additional long-term bank loan of IDR45 billion
(outstanding IDR3.6 billion).  Nonetheless, based on the company's
calculations, it needs additional external debt of around IDR200
billion in 2010 in order to finance Gandaria's capex and to meet
its debt amortisation.  This additional debt requirement might
further increase if the prevailing weak pre-sales continues
further.

The Negative Outlook reflects Fitch's concern that the company's
liquidity position will be under further pressure particularly in
meeting the scheduled debt amortisation in 2010 onwards,
especially given the increased difficulty of obtaining bank
funding.  Further delays in the Gandaria project, a significant
deterioration in pre-sales from projected levels and/or difficulty
in obtaining bank funding may result in a negative rating action.

Pakuwon is a listed property company in Indonesia with a presence
in commercial property investment and development (retail, hotel
and office segments) and residential property development,
primarily in Surabaya but expanding into Jakarta.  Pakuwon
achieved revenues of IDR444 billion and EBITDA of IDR234 billion
in 2007.  Founder Alexander Tedja's family has a 72.7% beneficial
interest in the company.


* INDONESIA: Approves IDR73.3 Trillion Stimulus Package
-------------------------------------------------------
After weeks of debate, Indonesia's parliament budget committee
has approved a IDR73.3 trillion (US$6.15 billion) stimulus package
to protect its economy from the worst of the global economic
crisis, The China Post reports citing lawmakers.

"We hope that the stimulus can prevent rising unemployment,
sustain consumer spending capability and strengthen businesses,"
Committee Deputy Chairman Suharso Monoarfa was quoted by The Post
as saying.

Indonesia's economy has slowed due to falling commodity prices and
plunging demand for its exports from major buyers such as Japan
and the United States, the report noted.



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

SAIZEN REIT: Moody's Downgrades Corporate Family Rating to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded Saizen REIT's corporate
family rating to Ba1 from Baa3. At the same time, the rating
remains on review for possible downgrade.  "The downgrade reflects
Moody's expectation that Saizen is unlikely to achieve the
operating scale built into its originally assigned Baa3 rating, as
the credit market remains tight, and could deteriorate further in
view of the de-leveraging evident in the banking system," says
Kaven Tsang, a Moody's AVP/Analyst.

"Meanwhile, Saizen is exposed to a high level of refinancing risk
in 4Q2009 and asset devaluation risk. The latter could narrow the
headroom for loan covenant compliance," adds Tsang, also Moody's
lead analyst for the trust.  "Saizen's internal reserves can cover
the debt maturing in 1H2009, but it still has to secure additional
financing, including the rights issues announced at end-2008, to
meet a total of JPY13.4 billion in CMBS maturing in 4Q2009."

"The tightened nature of the global credit environment and the
distressed state of the banking sector add material uncertainty to
the company's refinancing process, while it is also exposed to the
weakening in the operating environment as Japan's recession
deepens," he continues.

Partly mitigating these concerns is the fact that its properties
are in cities whose rental housing markets display fairly stable
histories, even during the downturns of the late 1990s and early
2000s.  Saizen's temporary suspension of cash dividend payouts
would also help preserve liquidity.

Saizen's rating remains on review for possible downgrade and the
review will focus on the company's financing risk exposure, and
abilities to raise new equity fund and complete the refinancing of
its maturing CMBS against the backdrop of turbulence in the
financial markets.

Further downward rating pressure would evolve if Saizen's
liquidity position weakens, in the event that 1) Saizen fails to
complete its rights issues, 2) there is no material progress in
securing committed funds -- over the next 3 months -- to refinance
the debt maturing in November and December 2009, or 3) it makes a
cash dividend payout beyond expectations.

Additionally, the rating could be downgraded if Sazien's projected
financial profile weakens with Debt/EBITDA above 9x on a sustained
basis.

The last rating action was on 2 February 2008 when Saizen's rating
was put on review for possible downgrade.

Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties. It listed on the Singapore Stock Exchange
in November 2007.  Its portfolio has 166 residential properties in
13 Japanese regional cities.  The total value of properties under
management is around JPY49 billion (US$500 million).  By revenue,
Sapporo is the largest contributor, representing 26%, followed by
Hiroshima (17%), and Kumamoto (14.7%).


* S&P Cuts Ratings on 7 Tranches From 44 Japanese CDO Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 51
tranches relating to 44 Japanese synthetic CDO transactions.
Standard & Poor's also removed its ratings on 35 of the 51
tranches from CreditWatch, while keeping the ratings on the other
16 on CreditWatch with negative implications.  At the same time,
Standard & Poor's raised its ratings on two tranches relating to
two Japanese synthetic CDO transactions, and removed the ratings
from CreditWatch with positive implications.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.  The upgrades are mainly
attributable to the rating migration of reference entities
including, among other things, the rating upgrade of GMAC LLC.
from 'SD' to 'CCC' on Feb. 4, 2009, and that of Clear Channel
Communications Inc. from 'SD' to 'B' on Dec. 24, 2008.

                           Ratings List

                   Corsair (Jersey) No. 2 Ltd.
           Floating-rate credit-linked notes series 56

                  To    From          Issue Amount
                  --    ----          ----- ------
                  BB-   B/Watch Pos   JPY2.2 bil.

            Fixed rate credit-linked notes series 64

                  To   From             Issue Amount
                  --   ----             ----- ------
                  B    CCC+/Watch Pos   $50.0 mil.

  Floating-rate secured portfolio credit-linked notes series 76

                  To    From           Issue Amount
                  --    ----           ----- ------
                  CCC   B-/Watch Neg   $20.0 mil.

  Floating-rate secured portfolio credit-linked notes series 78

             To              From          Issue Amount
             --              ----          ----- ------
             CCC/Watch Neg   B/Watch Neg   JPY3.0 bil.

  Floating rate secured portfolio credit-linked notes series 86

                To     From            Issue Amount
                --     ----            ----- ------
                CCC-   CCC/Watch Neg   $10.0 mil.

                         Eirles Two Ltd.
            L1 credit linked secured loan 2004-4

             To             From            Issue Amount
             --             ----            ----- ------
             AA/Watch Neg   AAA/Watch Neg   JPY4.0 bil.

          Portfolio credit linked secured notes series 310

             Class   To     From            Issue Amount
             -----   --     ----            ----- ------
             A       BBB-   BBB/Watch Neg   JPY5.0 bil.
             B       B+     BB-/Watch Neg   JPY1.0 bil.

                             ELM B.V.
          Global portfolio CDO secured notes series 43

                  To    From          Issue Amount
                  --    ----          ----- ------
                  CCC   B/Watch Neg   $20.0 mil.

      Elysium class B secured credit linked notes series 97

           To               From            Issue Amount
           --               ----            ----- ------
           CCC-/Watch Neg   CCC/Watch Neg   $20.0 mil.

                Ethical CDO I (Jersey No. 1) Ltd.
Floating-rate extendible maturity secured portfolio credit-linked
                          notes series 2

                To    From             Issue Amount
                --    ----             ----- ------
                CCC   CCC+/Watch Neg   A$50.0 mil.

                       Helium Capital Ltd.
   Corporate basket credit-linked note series 60 (Esperance)

                To     From           Issue Amount
                --    ----             ----- ------
                CCC+   B-/Watch Neg   A$85.0 mil.

    Limited recourse secured floating rate credit-linked notes
                             series 65

                To     From             Issue Amount
                --    ----             ----- ------
                CCC-   CCC+/Watch Neg   JPY2.0 bil.

                       J-Bear Funding Ltd.
Limited recourse secured floating rate portfolio credit-linked
                       notes ( Series 31)

            To              From            Issue Amount
            --              ----            ----- ------
            BB-/Watch Neg   BB+/Watch Neg   JPY3.0 bil.

Limited recourse secured floating rate portfolio credit-linked
                        notes series 36

            To             From             Issue Amount
            --              ----            ----- ------
            BB/Watch Neg   BBB-/Watch Neg   $10.0 mil.

                    Momentum CDO (Europe) Ltd.
                    SONATA notes series 2006-2

        Class   To              From            Issue Amount
        -----   --              ----            ----- ------
        AF      BB-/Watch Neg   BB+/Watch Neg   JPY2.0 bil.
        AX      BB-/Watch Neg   BB+/Watch Neg   JPY1.1 bil.

             SONATA floating rate notes series 2006-5

        Class   To             From             Issue Amount
        -----   --              ----            ----- ------
        AF      B+/Watch Neg   BBB-/Watch Neg   EUR5.0 mil.

                    SONATA notes series 2006-7

            Class   To    From            Issue Amount
            -----   --    ----            ----- ------
            BF      B-    BB-/Watch Neg   JPY100.0 mil.
            BX      B-    BB-/Watch Neg   JPY700.0 mil.

             SONATA fixed-rate notes series 2006-10

            Class   To    From            Issue Amount
            -----   --    ----            ----- ------
            AX      B-    BB-/Watch Neg   EUR20.0 mil.

            SONATA floating rate notes series 2006-11

             To              From             Issue Amount
             --              ----             ----- ------

             BB+/Watch Neg   BBB-/Watch Neg   $6.0mil.

OPALE floating and fixed-rate credit linked notes series 2006-12

      Class   To               From             Issue Amount
      -----   --               ----             ------------
      AF      CCC-/Watch Neg   CCC+/Watch Neg   JPY1.0 bil.
      AX      CCC-/Watch Neg   CCC+/Watch Neg   JPY600.0 mil.

        Floating-rate credit-linked notes series 2006-20

                To     From             Issue Amount
                --     ----             ------------
                CCC-   CCC/Watch Neg    JPY1.0 bil.

           SONATA 4 floating rate notes series 2006-21

                To     From             Issue Amount
                --     ----             ------------
                CCC-   CCC/Watch Neg    $20.0 mil.

           SONATA 5 floating rate notes series 2006-22

                To     From             Issue Amount
                --     ----             ------------
                CCC    CCC+/Watch Neg   $10.0 mil.

                  Omega Capital Investments PLC
             Class A-1 series 11 secured 1.5% notes

                To     From             Issue Amount
                --     ----             ------------
                BBB    AA-/Watch Neg    JPY2.2 bil.

                Secured multi rate notes series 21

        Class   To            From            Issue Amount
        -----   --            ----            ------------
        A1      B/Watch Neg   BB-/Watch Neg   $20 mil.
        A2      B/Watch Neg   BB-/Watch Neg   JPY300.0 mil.

                Secured multi rate notes series 32

            Class   To     From           Issue Amount
            -----   --     ----           ------------
            A1      CCC+   B-/Watch Neg   JPY500.0 mil.
            A2      CCC+   B-/Watch Neg   JPY300.0 mil.

                    Series 48 secured notes

           Class   To    From            Issue Amount
           -----   --    ----            ------------
           5Y-A1   B     B+/Watch Neg    JPY1.3 bil.
           5Y-A2   B     B+/Watch Neg    JPY1.2 bil.

                       Signum Vanguard Ltd.
   Class A secured fixed rate credit-linked loan series 2005-04

            To              From             Issue Amount
            --              ----             ------------
            BB+/Watch Neg   BBB-/Watch Neg   JPY4.0 bil.

        Secured floating rate credit-linked notes 2006-01

            To              From             Issue Amount
            --              ----             ------------
            BB+/Watch Neg   BBB-/Watch Neg   JPY2.0 bil.

    Secured floating rate credit-linked notes series 2006-02

               To     From           Issue Amount
               --     ----           ------------
               CCC+   B/Watch Neg    JPY2.0 bil.

    Secured floating rate credit-linked notes series 2006-03

           To              From             Issue Amount
           --              ----             ------------
           B+/Watch Neg    BB+/Watch Neg    $10.0 mil.

    Series 2006-05 secured floating rate credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               B-     BB/Watch Neg     JPY600.0 mil.

     Series 2006-06 secured fixed rate credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               CCC+   BB-/Watch Neg    JPY500.0 mil.

     Series 2006-07 secured fixed rate credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               CCC    B-/Watch Neg     JPY500.0 mil.

    Secured floating rate credit-linked notes series 2006-10

               To     From             Issue Amount
               --     ----             ------------
               CCC+   B/Watch Neg      JPY300.0 mil.

    Secured floating rate credit-linked notes series 2006-11

               To     From             Issue Amount
               --     ----             ------------
               CCC-   CCC+/Watch Neg   JPY2.0 bil.

    Series 2007-01 secured floating rate credit-linked notes

               To     From             Issue Amount
               --     ----             ------------
               CCC-   CCC/Watch Neg    JPY500.0 mil.

    Series 2007-02 secured fixed rate credit-linked notes

               To     From            Issue Amount
               --     ----            ------------
               CCC-   CCC/Watch Neg   JPY1.0 bil.

                        Silk Road Plus PLC
Limited-recourse secured floating-rate credit-linked notes series
                           2 class B1-U

               To     From             Issue Amount
               --     ----             ------------
               BBB-   BBB+/Watch Neg   $70.0 mil.

Limited-recourse secured variable return combination credit-linked
                    notes series 6 class B3-U

           To         From                 Issue Amount
           --         ----                 ------------
           BBB-pNRi   BBB+pNRi/Watch Neg   $14.0 mil.

Limited recourse secured floating rate credit-linked notes series
                          7 class A1-U

                To     From             Issue Amount
                --     ----             ------------
                BBB+   A+/Watch Neg     $0.1 mil.

Limited recourse secured floating-rate credit-linked notes series
                          10 class A1-E

                To     From             Issue Amount
                --     ----             ------------
                BBB+   A+/Watch Neg     EUR10.0 mil.

Series 13 limited recourse secured fixed rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB-   BBB+/Watch Neg   S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB-   BBB+/Watch Neg   S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB-   BBB+/Watch Neg   S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

                To     From             Issue Amount
                --     ----             ------------
                BBB-   BBB+/Watch Neg   S$9.0 mil.



=====================
P H I L I P P I N E S
=====================

ON-SITE SOURCING: March 27 Auction; Secured Lender Leads Bidding
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
approved a proposed auction for On-Site Sourcing Inc.'s assets.

According to Bloomberg's Bill Rochelle, On-Site Sourcing Inc. will
hold an auction on March 27, with Integreon Managed Solutions Inc.
under contract.  Integreon has offered a $28 million credit bid
using the secured debt it purchased prior to ONSITE3's filing.
On-Site will pursue the sale to Integreon, absent higher and
better bids at the auction.

Competing bids are due March 23.  The sale hearing is on March 31.

ONSITE3 disclosed its entry into an asset purchase agreement with
Integreon on February 5, when it announced its Chapter 11 filing.

As part of the transaction, ONSITE3 said Integreon completed the
acquisition of ONSITE3's outstanding pre-bankruptcy secured debt
and has agreed to provide debtor-in-possession financing to assure
ONSITE3's continued operation throughout the reorganization
process.

                   ONSITE3 Expands BPO Portfolio

Robert Ballou, CEO of ONSITE3, said on February 5, "Integreon's
planned acquisition of ONSITE3's electronic discovery business
will create an unrivaled end-to-end 'enterprise' set of litigation
and compliance services for law firms and corporations under one
roof.  The expanded scope will include forensics and collection,
proprietary E3(TM) processing and eView(TM) hosted review
applications, and will be coupled with Integreon's onshore and
offshore document review.

"Our plan is to focus on our growing e-discovery business. We will
close our declining paper discovery support operations, but
preserve the continuity of our e-discovery operations around the
U.S. We plan to immediately transition paper projects to other
vendors, allowing us to focus on the core electronic offerings
that our clients value most."

Liam Brown, CEO of Integreon, said, "The comprehensive range of
ONSITE3's electronic discovery services and proprietary
technologies dovetail well with our document review capability and
significantly increases the scale and U.S. footprint of our own
EDD capabilities.

"This planned transaction will result in the creation of a
$40 million national electronic discovery division of Integreon
with industrial-scale processing centers in Washington, D.C. and
New York City, along with review centers in the U.S., India and
the Philippines."

                 About Integreon Managed Solutions

Integreon Managed Solutions Inc. -- http://www.integreon.com/--
provides a range of knowledge support services to professionals,
such as research and analytics, legal and financial document
services, legal and discovery services, and finance and accounting
services, which transform the Middle Office and allow
professionals to focus their time and energy on their 'highest and
best use'.  Its customers include the world's leading financial
services institutions, international law firms, and Global 2000
corporations.

Integreon is the business-process-outsourcing unit by Philippines-
based Ayala Corp.  Fred Ayala serves as chairman of the board of
Integreon and CEO of LiveIt Solutions, Inc., Ayala Corp.'s holding
company for its investments in the BPO sector.  He is also the
non-executive Chairman and former CEO of eTelecare, one of the
leading customer care companies in Asia.  LiveIt recently acquired
a significant shareholding in eTelecare.  Mr. Ayala was also
formerly Chairman of SPi, one of the leading non-voice BPO
companies in Asia.

                      About On-Site Sourcing

Los Angeles, California-based ONSITE3 -- 1-877-433-5227 or
http://www.onsite3.com/-- is widely recognized in the industry as
a top provider of electronic discovery services and has been in
the litigation support and legal discovery business since 1991.
Its innovative approach to evidence management focuses on the need
to manage both the risk and cost associated with complex
litigation and regulatory compliance. The combination of its
proprietary and integrated technology-enabled solutions enables
law firms and corporations to achieve a greater return on their
investments in evidence management.

On-Site Sourcing Inc. and two affiliates filed for Chapter 11 on
February 4, 2009(Bankr. E.D. Va. Lead Case No. 09-10816).  In its
bankruptcy petition, it estimated assets and debts of $10 million
to $50 million each.  Michael A. Condyles, Esq., at Kutak Rock
LLP, in Richmond, Virginia, handles the case.



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

2 BROTHERS: Creditors' Proofs of Debt Due on March 27
-----------------------------------------------------
The creditors of 2 Brothers Resources Pte. Ltd. are required to
file their proofs of debt by March 27, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


INDOVER FORFAITING: Creditors' Proofs of Debt Due on March 25
-------------------------------------------------------------
The creditors of Indover Forfaiting & Trade Services Pte Ltd are
required to file their proofs of debt by March 25, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce &
          Industry Building
          Singapore 179365


JURONG HI-TECH: Placed Under Judicial Management Order
------------------------------------------------------
On February 20, 2009, the High Court of Singapore entered a
judicial management order for Jurong Hi-Tech Industries Pte Ltd.

The Applicant's solicitors are:

         Messrs. Allen & Gledhill LLP
         One Marina Boulevard #28-00
         Singapore 018989


PETROPOOL (S) PTE: Court Enters Wind-Up Order
---------------------------------------------
On February 13, 2009, the High Court of Singapore entered an order
to have Petropool (S) Pte. Ltd.'s operations wound up.

S. L. Development Pte. Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


WEI INTERIOR: Court Enters Wind-Up Order
----------------------------------------
On February 20, 2009, the High Court of Singapore entered an order
to have Wei Interior Pte. Ltd.'s operations wound up.

HL Timber Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118



======================
S O U T H  A F R I C A
======================

DEALSTREAM: Pretoria High Court Orders Final Liquidation
--------------------------------------------------------
The Pretoria High Court has ordered the final liquidation of
Dealstream, MoneyWeb reports.

The report says Dube Tshidi, executive officer of the Financial
Services Board, had applied for the liquidation of Dealstream,
which was placed under curatorship in October 2008, after evidence
emerged that CEO Russell Leigh had plundered the accounts of his
clients.

According to the report, executive officer Tshidi noted in his
motivating affidavit that Dealstream was "hopelessly insolvent".

MoneyWeb relates Dealstream curator Bernard Levenstein filed his
report with the High Court on February 20, 2009.

According to MoneyWeb, the findings of the report are summarized
by Mr. Tshidi as:

   -- Dealstream failed to prepare audited financial statements
      since its incorporation in 2004 and the available
      accounting records cannot be relied upon.

   -- There is sufficient evidence to show that there was
      intermingling of client funds in contravention of the
      Financial Intelligence Centre Act.

   -- Mr. Leigh used client funds to finance Dealstream's
      business and also to cover losses incurred in its own
      trading account.

   -- Mr. Leigh arbitrarily withdrew funds from clients' trust
      accounts to finance losses of other investors.

   -- Mr. Leigh transferred personal negative positions to
      other accounts.

   -- Dealstream's liabilities exceed its assets by about
      R118 million and it is insolvent with no prospect of
      recovery.

Executive officer Tshidi noted that the liquidation would allow
the liquidator to pursue claims against Leigh and other
identifiable wrongdoers.

Based in Melrose Arch, South Africa, Dealstream is an online
stockbroker dealing primarily in single stock futures and
contracts for difference (CFDs).



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

* S&P Junks Ratings on 6 Tranches From 50 Asia-Pacific CDOs
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered 51 ratings on 50
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations.  The ratings on two other CDOs
were raised and removed from CreditWatch with positive
implications.  At the same time, 23 ratings of the downgraded CDO
tranches were kept on CreditWatch negative and 28 ratings of the
downgraded CDO tranches were removed from CreditWatch negative.

The downgrades reflect the increased credit risk of underlying
portfolios in the respective transactions.  The synthetic rated
overcollateralization levels for tranches that have been
downgraded fell below 100% at their current rating levels during
the SROC analysis for the month of February.  This indicates that
the available credit enhancement for each of the tranches is
lower than the level required to maintain its current rating.
Where the SROC is less than 100%, scenarios that project the
current portfolio 90 days into the future are run, assuming no
asset rating migration.  Where this projection indicates that the
SROC would return to a level above 100%, the rating is maintained,
but placed on CreditWatch negative.  If the projection indicates
that the SROC would remain below 100%, the rating is immediately
lowered.

The synthetic rated overcollateralization levels for the ratings
that were raised rose above 100% at a higher rating level,
indicating positive rating migration within the reference
portfolio.

                         Related Research

This article is based in part on these criteria articles:

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

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

The rating actions taken on the affected transactions are:

               Australian And New Zealand Cdo Deals

  Deal Name                         Rating To             Rating
From
  ---------                         ---------
-----------
Echo Funding Pty Ltd.
Series 18                        BB-/Watch Neg         BBB-/Watch
Neg
Echo Funding Pty Ltd.
Series 19                        CCC+/Watch Neg        B+/Watch
Neg
Echo Funding Pty Ltd.
Series 20                        CCC+                  BB-/Watch
Neg
Echo Funding Pty Ltd.
Series 21                        B+/Watch Neg          BB+/Watch
Neg
Mahogany Capital Ltd.
Series II                        B-pNRi/Watch Neg
BpNRi/Watch Neg
Obelisk Trust 2005-1              BBB+/Watch Neg        A/Watch
Neg
Obelisk Trust 2006-1 Eden         CCC                   CCC+/Watch
Neg
Obelisk Trust 2006-2 Eden         CCC+                  B/Watch
Neg
Obelisk Trust 2006-3 Eden         CCC+                  B/Watch
Neg
SELECT ACCESS Investments Ltd.
Series 2005-2                    BB                    BB+/Watch
Neg
SELECT ACCESS New Zealand Ltd.
Series 2004-3                    AA/Watch Neg          AA+/Watch
Neg
NRi—Interest is not rated. p--principal

                       Asian (Excluding Japan) Deals

  Deal Name                        Rating To             Rating
From
  ---------                        ---------
-----------
Aphex Pacific Capital Ltd.
Series 5 DESIGN 2006            BB-/Watch Neg         BB/Watch
Neg
ARLO IX Ltd. 2007
(Pascal SCO A-1)                BB+                   BBB-/Watch
Neg
Athenee CDO PLC Series 2007-11   BBB+                  A+/Watch
Neg
Athenee CDO PLC Series 2007-12   BBB                   A-/Watch
Neg
Athenee CDO PLC Series 2007-14   BBB/Watch Neg         A-/Watch
Neg
Athenee CDO PLC Series 2007-15   BBB+                  AA-/Watch
Neg
Athenee CDO PLC Series 2007-2    BBB+                  A+/Watch
Neg
Athenee CDO PLC Series 2007-3    BBB+                  A+/Watch
Neg
Athenee CDO PLC Series 2007-4    BBB/Watch Neg         A-/Watch
Neg
Athenee CDO PLC Series 2007-5    BBB                   A-/Watch
Neg
Athenee CDO PLC Series 2007-6    BBB/Watch Neg         A-/Watch
Neg
Athenee CDO PLC Series 2007-7    BBB/Watch Neg         A-/Watch
Neg
Athenee CDO PLC Series 2007-8    BBB+                  A+/Watch
Neg
Athenee CDO PLC Series 2007-9    BBB+                  A+/Watch
Neg
Beryl Finance Ltd.
Series 2007-13                  CCC-pNRi/Watch Neg
CCC+pNRi/Watch Neg
Beryl Finance Ltd.
Series 2008-4                   ApNRi/Watch Neg
AApNRi/Watch Neg
Castle Finance I Ltd. Series 1   BBB-                  BBB/Watch
Neg
Corsair (Cayman Islands) 4 Ltd.
Series 5                        CCC-                  CCC/Watch
Neg
Corsair (Jersey) No. 2 Ltd.
Series 72                       B-                    BB-/Watch
Neg
Corsair (Jersey) No. 2 Ltd.
Series 89                       CCC                   CCC+/Watch
Neg
Corsair (Jersey) No. 2 Ltd.
Series 91                       CCC                   CCC+/Watch
Neg
Diadem City CDO Ltd.
Series 2008-3                   CCC-pNRi/Watch Neg
CCC+pNRi/Watch Neg
Dragon A (CDS BNP)               BBB+srp/Watch Neg     A-srp/Watch
Neg
Dragon AA (CDS BNP)              AA-srp/Watch Neg
AA+srp/Watch Neg
Eirles Two Ltd. Series 241       B+/Watch Neg          BB/Watch
Neg
Eirles Two Ltd Series 148        AA-/Watch Neg         AA/Watch
Neg
Hercules Global CDO I Trust      BBB                   BB/Watch
Pos
Magnolia Finance I PLC
Series 2006-21                  B+/Watch Neg          BB+/Watch
Neg
Magnolia Finance I PLC
Series 2006-22                  B+/Watch Neg          BB+/Watch
Neg
Morgan Stanley ACES SPC 2007-29  BB                    BBB-/Watch
Neg
Morgan Stanley ACES SPC 2007-38
Class I                         BBB-                  BBB/Watch
Neg
Morgan Stanley ACES SPC 2007-9
Class III (Interest)            CCC+i/Watch Neg       B-i/Watch
Neg
Morgan Stanley ACES SPC 2007-9
Class III (Principal)           Bp                    BBp/Watch
Neg
Morgan Stanley Managed ACES SPC
Series 2006-12 Class IA         CCC+                  B/Watch Neg
Morgan Stanley Managed ACES SPC
Series 2006-12 Class IIIA       CCC-                  CCC/Watch
Neg
Morgan Stanley Managed ACES SPC
Series 2006-7 Class IA          B/Watch Neg           B+/Watch
Neg
Morgan Stanley Managed ACES SPC
Series 2006-7 Class IIA         CCC                   CCC+/Watch
Neg
Salisbury International
Investments Ltd.
Series 2006-18                  CCC-                  CCC/Watch
Neg
Saphir Finance PLC
Series 2006-5                   B-pNRi/Watch Neg      BpNRi/Watch
Neg
Sceptre Capital B.V.
Series 2007-2                   B                     BB-/Watch
Neg
Sceptre Capital B.V.
Series 2005-3                   BBB+                  BBB-/Watch
Pos
STARTS (Cayman) Ltd.
Series 2007-35                  CCC+                  B/Watch Neg

                   NRi — Interest is not rated.
                         P — principal.
                     Srp — swap risk rating.



                         *********

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.





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