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        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

           Tuesday, March 17, 2009, Vol. 12, No. 53

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Management Teams Mull Management Buyout
CROWN LTD: S&P Comments on Financial Risk Profile Improvement


C H I N A

CHINA MERCHANTS: To Grant CNY30 Bln. Loan to Domestic Carriers
EAST STAR: Suspends Operations Due to Mounting Debts


H O N G  K O N G

AROSA FUNDING: S&P Downgrades Rating on US$50 Mil. Notes to 'CC'
FURLA FAR: Creditors' Proofs of Debt Due on April 14
GIANT SHARP: Herbert Steps Down as Liquidator
GOOD HARVEST: Creditors' Meeting Set for March 31
LEE TUNG: Creditors' Proofs of Debt Due on April 14

MASTPOLE LIMITED: Creditors' Proofs of Debt Due on April 15
MO AND COMPANY: Lui and Lauren Step Down as Liquidators
MOMENTUM CDO: S&P Downgrades Rating on 2006-16 Notes to 'CC'
SCA ASIA: Placed Under Members' Voluntary Wind-Up
SUNICE INTERNATIONAL: Creditors' Meeting Set for March 20

TOP PEAK: Hwa Steps Down as Liquidator
U-RIGHT ENTERPRISES: Inability to Pay Debts Prompts Wind-Up
YUEN CHEONG: Creditors' Meeting Set for April 15
ZH057 HUANG: Mee and Yee Step Down as Liquidators


I N D I A

GUPTA SYNTHETICS: Delay in Loan Repayment Cues CRISIL 'D' Ratings
J KORIN: CRISIL Rates Rs.128.0 Mln. Rupee Term Loan at 'BB-'
KISHAN INDUSTRIES: CRISIL Puts 'C' Rating on Rs.25.00MM Term Loan
MAHESH PIPE: CRISIL Rates Rs.75MM Cash Credit Facility at 'B'
POPULAR VEHICLES: CRISIL Assigns 'B' Ratings on Various Bank Loans

SATYAM: Gets Adequate Response from Local and Overseas Bidders
SCHLEGEL AUTOMOTIVE: Owner Moves to Avoid Bankruptcy


I N D O N E S I A

BANK CENTURY: New Management Asks Removal from Surveillance List
BANK DANAMON: Ready to Challenge EKN's Derivative Lawsuit
CENTRAL PROTEINAPRIMA: Bapepam Cancels Rights Issue


J A P A N

MAZDA MOTOR: Will Resume Production at its Two Plants in July
NORTH PACIFIC: Fitch Affirms Individual Rating at 'C/D'
TOYOTA MOTOR: To Cut Bonuses of Management-Level Staff by 50%


K O R E A

SSANGYONG MOTOR: Liquidation of Business Likely, Manager Says


N E W  Z E A L A N D

KORDIA GROUP: Reports NZ$4.4MM Half Year Loss
NUPLEX INDUSTRIES: Lenders Amend Debt Covenant; To Raise NZ$110MM


P H I L I P P I N E S

AMERICAN INT'L: East West Bank Acquires Phil. Units for US$45 Mln.


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms National Long-Term Rating


S I N G A P O R E

EASTLINK SHIPBROKING: Court to Hear Wind-Up Petition on March 27
ISTV PTE: Creditors' Proofs of Debt Due on April 3
OLDLAB PTE: Pays Dividend to Unsecured Creditors
RECYCLE STANDARDS: Court Enters Wind-Up Order
SYDUS PTE: Court Enters Wind-Up Order


X X X X X X X X

* S&P Puts Junk Ratings on 5 Asia-Pacific CDOs on Negative Watch
* BOND PRICING: For the Week March 9 to March 13, 2009


                         - - - - -


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

BABCOCK & BROWN: Management Teams Mull Management Buyout
--------------------------------------------------------
Management teams at Babcock & Brown Ltd are seeking financing to
fund a series of management buyouts, the Independent reports.

London-based directors Giles Frost and Hugh Blaney are thought to
be interested in buying the company's public-private partnerships
arm while Antonino Lo Bianco, Babcock's European head of
infrastructure, is believed to be seeking backing to buy its
European infrastructure and wind farm funds, the Independent cited
a source close to the three men as saying.

According to Reuters, bosses of the group's British division,
Babcock & Brown Public Partnerships Ltd (BBPP), which specializes
in private finance initiative (PFI) projects, are interested in
buying a management contract under which they receive investment
advice.

A source close to BBPP, as cited by Reuters, said the move would
mean the 30-strong portfolio management team providing the advice
would keep their jobs by moving into BBPP.

Reuters, citing a Financial Sunday Express report, says the UK
division is in funding talks about such a deal and hopes to
conclude it shortly.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown Ltd appointed voluntary
administrators after investors in the company's subordinated notes
listed in New Zealand voted on Friday, March 13, against the
special resolution to restructure the terms of the notes.

"As a result of this vote and as foreshadowed in the Explanatory
Memorandum booklet released to the market on February 19, 2009,
the Board has appointed David Lombe and Simon Cathro of Deloitte
Touche Tohmatsu as Voluntary Administrators of Babcock & Brown
Limited," Babcock & Brown said in a statement.

The appointment of administrators to Babcock & Brown Ltd is not
expected to have any material impact on Babcock & Brown
International Pty Ltd (BBIPL) the main operating and asset owning
entity of the Babcock & Brown Group, the company said.

BBIPL will continue to operate and will proceed with the orderly
realization of assets over an approximate 2-3 three years time
horizon to reduce debt.

Babcock and Brown said the company's equity and subordinated note
holders are not expected to receive any return.

                            About BBPP

Babcock & Brown Public Partnerships Limited (LON:BBPP) --
http://www.bbpublicpartnerships.com/ is an investment company.
As of December 31, 2007, the company's portfolio comprised 30
projects, 14 developed under the United Kingdom Private Finance
Initiative, six under United Kingdom National Health Service (NHS)
Local Improvement Finance Trust procurement, five Australian
Public Private Partnership (PPP) projects, and individual projects
in Canada, Germany, France, Belgium and Ireland.  The portfolio is
diversified geographically, as well as across several PPP/ Private
Finance Initiative (PFI) sectors, including roads and tunnels,
railways, schools, courthouses, police and custodial facilities,
government offices and health facilities.  In May 2008, the
company announced the acquisition of 50% of the private sector
economic interests in East London LIFT (ELL).

                      About Babcock & Brown

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

                          *     *     *

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

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

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


CROWN LTD: S&P Comments on Financial Risk Profile Improvement
-------------------------------------------------------------
Standard & Poor's Ratings Services said that Crown Ltd.'s
(BBB/Negative/A-3) financial risk profile has improved following
the termination of Crown's agreement to buy Cannery Casino Resorts
LLC (B+/Watch Pos/--).  Crown will need to pay a termination fee
of US$50 million to Cannery shareholders as part of the
termination agreement, and will (subject to gaming approval) fund
the purchase of a US$320 million preferred instrument, giving the
company an effective 24.5% minority stake in Cannery.

Nevertheless, the implications of this settlement on Crown's
credit measures are significantly less than if the full
acquisition of Cannery had proceeded.  Crown's financial metrics
are now expected to remain at a level supportive of the 'BBB'
long-term rating.  The rating outlook remains negative, reflecting
uncertainty in relation to Crown's future financial policy and
strategic intentions following this announcement.



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

CHINA MERCHANTS: To Grant CNY30 Bln. Loan to Domestic Carriers
--------------------------------------------------------------
China Merchants Bank (CMB) will provide a CNY30-billion (US$4.39
billion) credit line to domestic carriers in the country's latest
effort to help the ailing sector survive, Shanghai Daily reports.

Citing the Civil Aviation Administration of China in an online
statement, the report relates the bank and the administration have
formed a strategic cooperation to grant the credit line to
domestic carriers over five years.

According to the Daily, the global downturn and waning demand mean
overcast skies for the domestic aviation industry, which reported
a combined 28-billion-yuan loss last year.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service's Baa3/P-
3 long-term/short-term foreign currency deposit ratings and D+
bank financial strength rating.  The affirmation follows CMB's
planned purchase of Wing Lung Bank ("WLB", C+/A2).  The ratings'
outlook remains stable.


EAST STAR: Suspends Operations Due to Mounting Debts
----------------------------------------------------
The General Administration of Civil Aviation of China (CAAC) has
ordered private carrier East Star Airlines to suspend its
operations on Sunday due to unpaid debts and for "poor internal
management", Reuters reports citing a government official.

"The main reason is due to the airline not being able to pay back
its heavy debts, which has lead to operational difficulties,"
Reuters quoted Tan Shizhang, a traffic department spokesman within
the Wuhan city government, as saying in a China Central Television
show.

Reuters relates the spokesman said the suspension order came after
General Electric's aircraft leasing arm, GE Commercial Aviation
Services, sought redress from the government of Wuhan City,
capital of Hubei Province, after repeated requests to the company
for unpaid aircraft leasing fees came to nothing.

Citing a notice posted on CAAC's website, Reuters relates the
authorities had "already taken emergency measures to coordinate
relevant airlines to temporarily fly (East Star's) routes, refund
tickets and reschedule flights."

Headquartered in Wuhan, Hubei Province, East Star Airlines is
China's fourth registered private airline.  East Star flew its
first flight on May 19, 2006.  The airline has 10 rented planes,
seven A320 and three A319, and operated more than 20 domestic
passenger routes between key cities including Shanghai, Guangzhou,
Hong Kong, Macao.



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

AROSA FUNDING: S&P Downgrades Rating on US$50 Mil. Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'CC',
from 'CCC-', on Series 2006-9 US$50 million secured variable-rate
credit-linked notes issued by Arosa Funding Ltd.  At the same
time, the rating was removed from CreditWatch with negative
implications, where it was placed on Oct. 31, 2008.

The downgrade reflects S&P's expectation of a loss to the
noteholders.  The portfolio in the transaction had suffered
several credit events, which resulted in an aggregate loss that
exceeded the available subordination and reduced the funds
available for the principal amount of the notes.  As a result of a
reduction in the principal, S&P expects there will also be a
reduction in the interest paid on the next interest payment date.

The rating action on the affected transaction is:

Rating lowered:

        Name                  Rating To     Rating From
        ----                  ---------     -----------
        Arosa Funding Ltd.    CC            CCC-/Watch Neg
        Series 2006-9


FURLA FAR: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------
The creditors of Furla Far East Limited are required to file their
proofs of debt by April 14, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 28, 2009.

The company's liquidators are:

          Wong Tak Man Stephen
          Chen Yung Ngai Kenneth
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


GIANT SHARP: Herbert Steps Down as Liquidator
---------------------------------------------
On March 10, 2009, Tsoi Hak Kong Herbert stepped down as
liquidator of Giant Sharp Limited.


GOOD HARVEST: Creditors' Meeting Set for March 31
-------------------------------------------------
The creditors of Good Harvest Textiles Limited will hold their
meeting on March 31, 2009, at 2:30 p.m., for the purposes
mentioned out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2)
and 283 of the Companies Ordinance.

The meeting will be held at the 29th Floor of Caroline Centre, Lee
Gardens Two, in 28 Yun Ping Road, Hong Kong.


LEE TUNG: Creditors' Proofs of Debt Due on April 14
---------------------------------------------------
The creditors of Lee Tung Development Shipping Limited are
required to file their proofs of debt by April 14, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Tam Chun Wan
          Wing On House, Room 403, 4th Floor
          71 Des Voeux Road
          Central, Hong Kong


MASTPOLE LIMITED: Creditors' Proofs of Debt Due on April 15
-----------------------------------------------------------
The creditors of Mastpole Limited are required to file their
proofs of debt by April 15, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2009.

The company's liquidator is:

          Wong Kit Sang
          Tern Centre, 8th Floor, Tower 1
          237 Queen's Road Central
          Hong Kong


MO AND COMPANY: Lui and Lauren Step Down as Liquidators
-------------------------------------------------------
On March 4, 2009, Kennic Lai Hang Lui and Lau Wu Kwai King Lauren
stepped down as liquidators of Mo and Company (Hong Kong) Limited.


MOMENTUM CDO: S&P Downgrades Rating on 2006-16 Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'CC',
from 'CCC-', on Series 2006-16 NZ$91.5 million floating-rate notes
due 2012 issued by Momentum CDO (Europe) Ltd.  Additionally, the
rating on the principal of Series 2006-1 NZ$91.5 million credit-
linked notes due 2012 issued by Credit Sail Ltd. was lowered to
'CCpNRi' from 'CCC-pNRi'.  The subscript NRi means that the
interest on the notes is not rated.  At the same time, both
ratings were removed from CreditWatch with negative implications.

The downgrade on Momentum CDO (Europe) Ltd. Series 2006-16
reflects an increased probability of principal loss to the
investor.  The portfolio in the transaction has suffered several
credit events, which resulted in an aggregate loss that exceeded
the available subordination.  This loss will result in cash
settlements due under the credit default swap, which may
consequently reduce the funds available for the principal payment
of the notes at maturity.  The rating on the principal of Credit
Sail Ltd. Series 2006-1 is dependent on the rating on Momentum CDO
(Europe) Ltd. Series 2006-16.

The rating actions on the affected transactions are:

Ratings lowered:

    Name                             Rating To   Rating From
    ----                             ---------   -----------
    Momentum CDO (Europe) Ltd.       CC          CCC-/Watch Neg
    Series 2006-16

   Name                             Rating To   Rating From
   ----                             ---------   -----------
Credit Sail Ltd.                 CCpNRi      CCC-pNRi/Watch Neg
Series 2006-1


SCA ASIA: Placed Under Members' Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on March 10, 2009, the
members of SCA Asia Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Chung Yuk Mui
          Nga Ching House, Lok Nga Court
          Flat 4, 2nd Floor, Block B
          Ngau Tau Kok
          Kowloon, Hong Kong


SUNICE INTERNATIONAL: Creditors' Meeting Set for March 20
---------------------------------------------------------
The creditors of Sunice International Limited will hold their
meeting on March 20, 2009, at 3:00 p.m. for the purposes mentioned
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.

The meeting will be held at the 17th Floor of Ginza Square,
565-567 Nathan Road, in Kowloon, Hong Kong.

The company commenced liquidation proceedings on March 10, 2009.


TOP PEAK: Hwa Steps Down as Liquidator
--------------------------------------
On March 6, 2009, Chang Ji Yu Hwa stepped down as liquidator of
Top Peak International Development Limited.


U-RIGHT ENTERPRISES: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------
On March 5, 2009, the sole shareholder of U-Right Enterprises
Limited resolved to voluntarily wind up the company's operations
due to its inability to pay debts when it fall due.

The company's liquidators are:

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


YUEN CHEONG: Creditors' Meeting Set for April 15
------------------------------------------------
The creditors of Yuen Cheong Sawmill Limited will hold their first
and final meeting on April 15, 2009, at the 3rd Floor of Dah Sing
Life Building, 99-105 Des Voeux Road Central, in Central,
Hong Kong.

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


ZH057 HUANG: Mee and Yee Step Down as Liquidators
-------------------------------------------------
On February 25, 2009, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee stepped down as liquidators of ZH057 Huang Gang Development
Limited.



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

GUPTA SYNTHETICS: Delay in Loan Repayment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the various bank
facilities of Gupta Synthetics Ltd (GSL).

   Rs.560.50 Million Cash Credit Limit      D (Assigned)
   Rs.423.00 Million Term Loan              D (Assigned)
   Rs.27.00 Million Short Term Loan         P5 (Assigned)
   Rs.34.50 Million Bank Guarantee          P5 (Assigned)
   Rs.405.00 Million Letter of Credit       P5 (Assigned)

The rating reflects the delay in GSL's repayment on term loan
obligations, owing to weak liquidity.

                      About Gupta Synthetics

GSL was set up in August 1984 as a private limited company, and
was converted to a public limited company in October 1988.  The
company manufactures partially-oriented yarn (POY), and fully-
drawn, texturised, and drawn-twisted yarn.  For 2007-08 (refers to
financial year, April 1 to March 31), GSL reported a net loss of
Rs.72.3 million on net sales of Rs.3532.4 million, as against a
PAT of Rs.129.8 million on net sales of Rs.3416.5 million for
2006-07.


J KORIN: CRISIL Rates Rs.128.0 Mln. Rupee Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of J Korin Spinning Pvt Ltd (J Korin).

   Rs.128.0 Million Rupee Term Loan    BB-/Stable (Assigned)
   Rs.35.0 Million Cash Credit*        BB-/Stable (Assigned)
   Rs.31.0 Million Bank Guarantee^     P4 (Assigned)

   * includes sublimit for packing credit of Rs.25.0 Million
   ^ includes sublimit for letter of credit of Rs.10.0 Million

The ratings reflect J Korin's moderate financial risk profile, and
exposure to risks relating to customer concentration.  These
weaknesses are, however, partially offset by the benefits that J
Korin derives from its promoters established track record in the
textile industry, and the expected support from group companies.

Outlook: Stable
CRISIL believes that J Korin will benefit from the established
track record of its promoters in the textile industry.  The
outlook may be revised to 'Positive' if the company attains
higher-than-expected operating revenues and profits.  Conversely,
the outlook may be revised to 'Negative' if there is significant
delay by the company in commencement of commercial production
beyond April 2009.

                       About J Korin

J Korin, incorporated in February 2008, has a polyester mono-
filament yarn (MFY) manufacturing unit at Surat (Gujarat), with a
production capacity of 200 tonnes per month (TPM).  The unit is
expected to commence commercial production by April 2009.  The
company is jointly promoted by Jaybharat and Yoganand groups of
Surat, and the Korin group of Korea.  The company is managed by
Mr. Himanshu Jariwala from the Yoganand Group.


KISHAN INDUSTRIES: CRISIL Puts 'C' Rating on Rs.25.00MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'C' to the bank facilities of
Kishan Industries (Kishan).

   Rs.50.00 Million Cash Credit Limit     C (Assigned)
   Rs.25.00 Million Term Loan             C (Assigned)

The rating reflects Kishan's weak financial risk profile marked by
stretched liquidity, and its highly working capital intensive
operations and limited track record.  These weaknesses are
mitigated by the firm's strong network of sales agents.

                       About Kishan Industries

Kishan, a partnership firm set up in November 2007, manufactures
cotton bales at its ginning and pressing unit at Bhunava in
Gujarat.  The partners are Mr. Babubhai Patel, Mr. Ramnikbhai
Patel, and Mr. Nilesh Kishorebhai Jolapara.  The firm began
production in November 2008.


MAHESH PIPE: CRISIL Rates Rs.75MM Cash Credit Facility at 'B'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the Rs.75 million
cash credit facility of Mahesh Pipe Centre (MPC).

The rating reflects MPC's small scale of operations and below-
average financial risk profile, marked by a low net worth, high
gearing, and weak debt protection measures.  The firm is also
exposed to concentration in its revenue profile, and high reliance
on a single supplier.  These weaknesses are partially offset by
MPC's established presence as a distributor for Supreme Industries
Ltd (Supreme; rated 'A+/Stable/P1' by CRISIL), and its wide
distribution network.

Outlook: Stable
CRISIL believes that MPC will maintain its stable financial and
business risk profiles backed by its established relationship with
Supreme and wide distribution network.  The outlook may be revised
to 'Positive' if the firm significantly scales up and diversifies
its revenue profile and supplier base, leading to a significant
improvement in its financial and business risk profiles.
Conversely, the outlook may be revised to 'Negative' if MPC's
credit risk profile weakens, due to large debt-funded capital
expenditure or significant drop in margins, or if its relationship
with Supreme deteriorates.

                      About Mahesh Pipe

MPC was set up as a proprietorship firm in 1997 by Mr. Ashok Jain.
It distributes poly vinyl chloride (PVC) pipes for Supreme, which
operates in the injection, moulding, and extrusion segments of the
plastic processing industry.  For 2007-08 (refers to financial
year, April 1 to March 31), MPC reported a profit after tax (PAT)
of Rs.11 million on net sales of Rs.457 million, as against a PAT
of Rs.8 million on net sales of Rs.404 million for the previous
year.


POPULAR VEHICLES: CRISIL Assigns 'B' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Popular Vehicles and Services Ltd (PVSL), which
is part of the Popular group.

   Rs.59.30 Million Long Term Loan     B/Stable(Assigned)
   Rs.315.30 Million Cash Credit       B/Stable(Assigned)
   Rs.50.00 Million Short Term loan    P4(Assigned)
   Rs.60.00 Million Letter of Credit   P4(Assigned)
   Rs.60.00 Million Bank Guarantee     P4(Assigned)

The ratings reflect the Popular group's weak financial risk
profile on account of high gearing, and the expected pressure on
its business risk profile over the medium term due to the current
economic slowdown.  These weaknesses are, however, partially
offset by the group's established presence in the automobile
dealership market, and improving revenue mix.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of PVSL and its subsidiary, Popular
Mega Motors (India) Ltd (PMML), together referred to as the
Popular group.  This is because both the companies are in the same
line of business and under a common management.

Outlook: Stable

CRISIL believes that the Popular group will maintain a favourable
business risk profile over the medium term backed by its
established market position.  The outlook may be revised to
'Positive' if the group's capital structure and operating margins
improve substantially.  Conversely, reduced revenues and
profitability on account of slowdown in the automobile industry,
or deterioration in capital structure due to large, debt-funded
capital expenditure, may prompt a revision in the outlook to
'Negative'.

                    About Popular Vehicles

Incorporated in 1983, PVSL is one of the leading dealers for
Maruti Suzuki India Ltd (MSIL) in Kerala, with 10 showrooms and 20
service centres.  The company also trades in used cars and Maruti
spare parts.  Its subsidiary, PMML, is an authorised dealer for
Tata Motors' commercial vehicles in South Kerala, and has been in
operations since 1998.  The Popular group is part of the
Kuttukaran group, promoted by Mr. Kuttukaran Porinchu Paul in
1940, and is now managed by Mr. Francis Paul, Mr. John Paul, and
Mr. Naveen Phillip.

For 2007-08 (refers to financial year, April 1 to March 31),
Popular group reported a profit after tax (PAT) of Rs.18.3 million
on net sales of Rs.9.2 billion, as against a PAT of Rs.20.7
million on net sales of Rs.7.7 billion for 2006-07.


SATYAM: Gets Adequate Response from Local and Overseas Bidders
--------------------------------------------------------------
The Times of India reports that Satyam Computer Services Ltd said
on Friday that the process of registration of bidders, which ended
on Thursday, got adequate response from both Indian and
international bidders, including private equity firms.

According to Reuters, the outsourcing company did not name or
disclose the number of bidders.

Reuters, citing two investment banking sources, says some eight
potential suitors had registered to bid for a 51 percent stake in
Satyam.

"There have been at least 5-8 bids.  We expect a much, much
smaller number to proceed to the next stage of putting in a
financial bid," Reuters quoted a banker with knowledge of the deal
as saying.

Among those who registered as potential bidders, Reuters notes,
are Indian engineering firm Larsen & Toubro, IT services firm Tech
Mahindra, diversified Spice Group and U.S. outsourcer iGate Corp.

Citing sources close to the development, the Hindu Business Line
says that a true picture would emerge only on March 20, when the
deadline closes for the submission of Expression of Interests.

At its meeting on Friday, the Times relates, Satyam's board of
directors said that it had taken steps to release the request for
proposals (RFPs) in the course of the day to all registered
bidders.

The Times states that upon Satyam board's request, former Chief
Justice of India, S P Bharucha, had agreed to oversee the sale
process of the company.

The Troubled Company Reporter-Asia Pacific on March 10, 2009,
reported that Satyam said it is commencing a competitive
bidding process which, subject to receipt of all approvals,
contemplates the selection of an investor to acquire a 51% equity
interest in the company.

                      Transaction Structure

The acquisition is expected to occur in these related steps:

   * An initial subscription by the selected investor of newly
     issued equity shares representing 31% of the company's
     share capital after giving effect to the share issuance
     ("enhanced share capital");

     1) Upon deposit of the entire subscription amount by the
        selected investor with the company and requisite funds
        for the public offer in the escrow account as required
        under the SEBI Takeover Regulations, the investor will
        be required to make a mandatory public offer to purchase
        a minimum of 20% of the company's enhanced share capital.
        The public offer will be made at the same share price as
        the price paid by the investor for the initial
        subscription; and

     2) If upon the closing of the public offer, the investor
        would have acquired less than 51% of the enhanced share
        capital of the company through the initial subscription
        and the public offer, the investor would have the option
        to subscribe to additional newly issued equity shares,
        such that the shares acquired by the investor through
        the three related steps, the initial subscription,
        public offer and the subsequent subscription (if any)
        will result in the investor acquiring not more than 51%
        of the enhanced share capital of the company.  Ability
        to subscribe to additional equity shares in the third
        related step would be subject to the terms and conditions
        specified in the request-for-proposal ("RFP").  The
        subsequent subscription, if any, will be required to be
        completed within 15 days of the closing of the public
        offer and will not result in requiring a further public
        offer.

               Process for Registration of Interest

   * Commencing on March 9, all interested bidders should
     register their interest in participating in the bidding
     process by accessing
     http://www.satyam.com/bidprocess/march09/index.aspand
     registering their interest by 5:00 p.m. Indian Standard
     Time on Thursday, March 12, 2009, subject to their meeting
     the registration requirements set forth on such website.
     Interested bidders may see
     http://www.satyam.com/bidprocess/march09/index.aspfor
     more details.

   * The process for selecting a bidder shall be overseen by
     a former Chief Justice of India or a former Supreme Court
     judge appointed by the company.

                           Bid Process

   * Each interested bidder that has validly registered its
     interest in participating in the bid process by 5:00 p.m.
     Indian Standard Time on Thursday, March 12, 2009 will be
     sent an RFP shortly thereafter, and asked to submit a
     detailed Expression of Interest ("EOI") together with the
     proof of availability of funds in the amount of at least
     Rs. 1,500 crores (US$290 million based on exchange rate
     of Rs. 51.635 to US$1) by 5:00 p.m. Indian Standard Time
     on Friday, March 20, 2009.

   * Based on submitted EOIs, eligible bidders will be short
     -listed and given access to certain business, financial
     and legal diligence materials relating to the company
     provided they have executed a non-disclosure and non-
     solicitation agreement, a stand-still agreement and a
     'no-claims' undertaking.  After completion of the due
     diligence process and execution of the pre-financial bid
     documents, all short-listed bidders will be asked to
     submit their financial bids and an executed copy of the
     share subscription agreement.

   * Based on an evaluation of the bids, the company will
     select the successful bidder, after which the successful
     bidder will have four days to deposit with the company the
     entire subscription amount, and the requisite funds for
     the public offer in an escrow account.

   * As a result of a relaxation from SEBI, there is no
     requirement to have a minimum floor price that is
     otherwise required under Indian law in connection with
     the initial subscription.

   * Upon selection of the successful bidder, the company will
     be required to approach the Company Law Board and SEBI for
     approval and, upon receipt thereof, the successful bidder
     would be allowed to consummate the subscription.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

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

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

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

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

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

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

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

                          About Satyam

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


SCHLEGEL AUTOMOTIVE: Owner Moves to Avoid Bankruptcy
----------------------------------------------------
Schlegel Automotive Europe Ltd was saved from going into
bankruptcy after its Kolkata-based owner cut working week at its
factory in Coalville, Leicestershire to three days resulting in
almost 50% fall in payroll costs without job cuts, Livemint
reports.  According to the report, Schlegel employs about 500
people and wages account for at least 42% of the company's costs.

Schlegel "almost gone into administration" after it defaulted on
payments to suppliers and service providers in December, the
report cited the company's owner, Pawan Kumar Ruia, as saying.

The report relates Mr. Ruia said lenders have agreed to give the
company more time to clear its dues after he intervened, warning
however that "we should break even in March, but if our customers
cut prices again, we are gone."

According to the report, Mr. Ruia bought the UK auto parts company
last year in a leveraged buyout.

U.K.-based Schlegel Automotive Europe Ltd manufactures rubber
sealing systems for global auto brands such as Toyota, Nissan,
BMW, Honda, Jaguar and Aston Martin.



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

BANK CENTURY: New Management Asks Removal from Surveillance List
----------------------------------------------------------------
The new management of PT Bank Century is now proposing to the
central bank to remove it from the special surveillance list,
Jakarta Post reports citing Century President Director Maryono.

'The status has limited us managing the company.  It has also kept
the  bank's image negative, scaring away the public.  So that's
why we want Bank Indonesia (BI) to end the status,” Mr. Maryono
was quoted by The Post as saying.

According to the report, after three months under the supervision
of the central bank and the government, Bank Century's capital
adequacy ratio (CAR) -- a gauge of a bank's financial health --
has now increased to 8.63%, slightly above BI's minimum tolerance
of 8%.

Bank Century has recorded a -2.3% CAR in November, the report
recounts, citing Mr. Maryono.

The bank's third party funds also soared significantly from
-IDR2 trillion (US$166 million) to IDR315 billion.

'The funds were partly from Deposit Insurance Corporation (LPS)
cash injections worth IDR2 trillion.  But after that, with some
marketing programs, we managed to attract new depositors,” Mr.
Maryono was quoted by the news agency as saying.

The new management has also  been able to reduce Century's non-
performing loans (NPL) down to 9.3% from 16% in December, the
report adds.

The government plans to sell Century to interested parties once
the LPS says the bank is healthy, The Post notes.

As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Reuters said Bank Century was hit by liquidity
problems related to about US$56 million of payments on bonds
maturing in the last few months.

Citing central bank officials, Reuters said Bank Century had
failed to receive funds from around US$56 million worth of bonds
maturing in late October and early November, which was a major
cause behind liquidity problems.

According to Reuters, the central bank said on Nov. 14 that Bank
Century was having technical problems settling interbank payments,
but an official at the deposit insurance agency said there had
been a deterioration in its assets.

Bank Century, Reuters said, is a relatively small lender with
total assets of INR15 trillion (US$1.3 billion).  The government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector, the Post said.

                        About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


BANK DANAMON: Ready to Challenge EKN's Derivative Lawsuit
---------------------------------------------------------
Bank Danamon is ready to face the IDR1-trillion lawsuit filed by
PT Esa Kertas Nusantara (EKN) for selling "misleading derivative
products" though at the same time the bank is seeking for an out-
of-court settlement, Jakarta Post reports citing the bank's
lawyer, Ricardo Simanjuntak.

Mr. Simanjuntak told the Post that the bank is ready to challenge
EKN because their contracts stated that EKN had approved the
agreement and understand well the risks.

"We don't have any knowledge of their reason for failing to
understand the products.  Danamon has met all the criteria
required for providing such transactions," Mr. Simanjuntak was
quoted by The Post as saying.

As reported by the Troubled Company Reporter – Asia Pacific on
March 12, 2009, EKN's financial advisor representative said that
Danamon had allegedly sold the products aimed at speculative gains
rather than for hedging purposes.

However, Mr. Simanjuntak dismissed the allegations, saying the
products were aimed at hedging protection especially for exporting
companies as mentioned in the contracts, the Post recounts.

                       About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


CENTRAL PROTEINAPRIMA: Bapepam Cancels Rights Issue
---------------------------------------------------
PT Central Proteinaprima Tbk's IDR1.75 trillion rights issue will
not proceed as the company had failed to satisfy the attendance
quorum for minority shareholders at an extraordinary general
meeting held on Nov. 28, Jakarta Globe reports citing the Capital
Market and Financial Institutions Supervisory Agency (Bapepam-LK).

"According to the official minutes, 55.48% of independent
shareholders attended, but we found that only 45.97% were actually
present," Robinson Simbolon, Bapepam's head of legal and
regulatory affairs, was quoted by the report as saying.

As market regulations require more than 50% of independent
shareholders to attend meetings for such purposes, Bapepam-LK
decided that CP Prima's independent shareholders' meeting was
invalid, the report relates citing Mr. Robinson.

Bapepam's first explanation came after almost three months after
the issue was canceled when Bapepam suddenly suspended trading in
the rights on Dec. 19, the report noted.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.  Its products also include poultry feed,
day-old chicks and probiotics.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 6, 2009, Moody's Investors Service downgraded to B3 from B2
the corporate family rating and senior secured bond rating of PT
Central Proteinaprima.  At the same time, PT Moody's Indonesia
downgraded CPP's national scale issuer rating to Ba1.id from
Baa2.id.  The outlook on all ratings is negative.

The TCR-AP also reported on March 2, 2009, that Fitch Ratings
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.



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

MAZDA MOTOR: Will Resume Production at its Two Plants in July
-------------------------------------------------------------
Mazda Motor Corp. will resume full production at two domestic
plants in July, ending days off it introduced for output cutbacks,
Bloomberg News reports citing the Nikkei newspaper.

According to Bloomberg News, the Nikkei reported without saying
where it obtained the information that Mazda's monthly production
is expected to rise by about 10,000 units compared with this
month.

The newspaper, Bloomberg News relates, said Mazda's factories, in
Yamaguchi Prefecture and Hiroshima will start full production for
the remodeled Axela, which generates a third of Mazda's sales
worldwide.

Meanwhile, Japan Today reports that Mazda Motor said Friday it
will slow down the pace of production cuts in Japan in April in
light of progress made on the inventory drawdown.

The carmaker, as cited by Japan Today, said production will resume
on Fridays at its plant in Hofu, Yamaguchi Prefecture while work
will recommence on two Fridays a month at its Ujina plant in
Hiroshima Prefecture.

In February, Japan Today notes, all of Mazda's domestic plants did
not operate on Fridays and will remain that way in March.

                        About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor continues to carry Standard & Poor's "BB" long-term
corporate credit and long-term senior unsecured debt ratings.


NORTH PACIFIC: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Japan-based North
Pacific Bank, Ltd. and revised its rating Outlook to Stable from
Negative:

  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'BBB'/ Outlook revised to Stable from Negative;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'BBB-' (BBB minus).

Fitch's rating actions follow the Financial Services Agency's
announcement that it will inject JPY100 billion in the form of
convertible preferred shares (Tier 1 capital), under the Law on
Special Measures for Strengthening Financial Functions ("the Law")
that is scheduled for March 31, 2009.

Fitch notes that the injection of capital is a positive factor for
NPB's financial strength as the agency expects that it will take
time for NPB to recover to its former level of capitalization from
building up its retained earnings.  Instead, the public funds will
instantly replenish most of NPB's diminished capitalization.  NPB
also announced a revised projection for its FYE09 results ending
this month, in which a net loss of JPY204 billion is expected
mainly due to JPY253 billion losses related to its investment
securities.  Through this aggressive write-down of its securities
investment, additional losses are likely to be limited.  As such,
Fitch views that the bank's capitalization is expected to be
sound, leading to a Stable Outlook.

NPB is one of the first institutions to receive a capital
injection under the Law.  The national budget allocation for
supporting banks has been increased to JPY12 trillion.  Banks can
apply for capital injections if it leads to an increase in a
bank's lending, especially to local SMEs.  Unlike the previous lot
of public funds injected into the mega banks in 1999, the
attaching terms and conditions accompanying the present are
moderate.  Other banks receiving public funds under the Law this
time are Minami-Nippon Bank (JPY15 billion) and Fukuho Bank
(JPY6 billion).


TOYOTA MOTOR: To Cut Bonuses of Management-Level Staff by 50%
-------------------------------------------------------------
Toyota Motor Corp has decided to halve management bonuses of its
9,000 domestic management-level employees as it expects a loss for
the 12 months ending March 31, Bloomberg News reports citing the
Yomiuri newspaper.

Bloomberg News relates the newspaper said the decision came after
Toyota decided its business won't pick up at an early stage for
the year to March 2010.

In December, the report recalls, Toyota cut winter bonuses for
Japan managers for the first time as the global recession crippled
car demand.

The Troubled Company Reporter-Asia Pacific, citing the Financial
Times, reported on Jan. 8, 2009, that Toyota Motor said it was
cutting 18 shifts over 11 days, or the equivalent of nine days
worth of production at all 12 of its domestic facilities in
February and March.

According to the FT, the company said the cutbacks will affect
most of Toyota's models made in Japan, excluding those outsourced
to subcontractors.

The Wall Street Journal related Toyota had already decided to halt
production for three days at 11 of its domestic plants in January,
exempting a parts plant.

The Japanese carmaker, the FT said, is forecasting its first
operating loss in 71 years, of JPY150 billion (US$1.6 billion),
compared with an earlier estimate of JPY600 billion in operating
profits.

                           About Toyota

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.



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

SSANGYONG MOTOR: Liquidation of Business Likely, Manager Says
-------------------------------------------------------------
A court-appointed manager of Ssangyong Motor Co. acknowledged the
risk of liquidation as creditors voiced doubts about the company's
viability, JoongAng Daily reports citing the manufacturer's union.

Citing a statement issued by the union, Park Young-tae, one of two
court-appointed managers at Ssangyong said "The creditors' stance
is that liquidation is a better option to retrieve their debts
from Ssangyong Motor."

"It's not a threat, but a fact," Park said, citing the results of
an audit of the company's assets.

Park's remark, the report says, comes amid local news reports that
Ssangyong may have to slash one-third of its 5,200 assembly line
workers to stay afloat.

According to the report, Han Sang-kyun, leader of Ssangyong's
union, strongly criticized court-appointed manager Park for making
the remark and called on the state-run Korea Development Bank, the
carmaker's main creditor, to offer fresh loans.

"Unless new funds are offered in two or three months, Ssangyong
Motor will get the ax," the report quoted Han as saying.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board meet in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.



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

KORDIA GROUP: Reports NZ$4.4MM Half Year Loss
---------------------------------------------
Kordia Group disclosed an after tax loss of NZ$4.4 million for the
first half result of FY09.  This compares to a budgeted loss of
NZ$3.4 million contained in the Group's Statement of Corporate
Intent.

Kordia said the shortfall is substantially due to unbudgeted
redundancy costs in the New Zealand engineering consultancy
business.

Revenue at NZ$116 million for the first six months was behind
budget by 1.2 per cent or NZ$1.4 million.

The shortfall in revenue is primarily in the Contracting and
Consulting businesses (now Kordia Solutions).  Compared to the
same period last year, it is 10.7 per cent lower, but last year
there were extenuating circumstances in the form of two major one-
off transactions: the sale of the Australian broadcast repair and
maintenance business to Broadcast Australia, and the termination
of the Extend underwrite agreement with Telecom.

When these results are normalized against last year's one-off
items, the first half FY09 EBIT result is similar to FY08.

And, against the backdrop of a difficult market, Kordia said it is
being transformed.  Over the last three years the foundations have
been laid for ongoing growth and sustainable future profitability.
The company has transitioned from dependence on the declining
broadcast business (heading towards analogue switch-off), into a
diversified modern telecommunications business.

It is forecast that by the end of FY09 that the total investment
in new platforms, new businesses and internal systems for a
diversified modern telecommunications business will be NZ$200
million (including the two new digital broadcast platforms).
Internally generated cash flows have funded 80 per cent of this
investment and bank debt the balance.

So while there has been a short-term dip in profit during a peak
in investment as the company is transformed, Kordia said it is now
well-positioned to grow its revenue and EBIT on the basis of these
new investments, and to reduce annual capital expenditure.

Kordia said it anticipates a stronger second half performance.
There will be improved performances from the Orcon, Kordia
Networks and the Australian contracting and consulting businesses,
together with reductions in overheads.  However, if continued
adjustments to the New Zealand-based contracting and consulting
businesses are required, this will result in further unbudgeted
redundancy costs and impact the NPAT position.

In summary, while Kordia's half year result is NZ$1 million behind
its NPAT budget, substantially due to NZ$800,000 of unbudgeted
redundancy costs incurred to right-size the consulting business,
the transformation of the Kordia business to a diversified
telecommunications company is progressing to plan.

                         Convenant Breach

The National Business Review reports that Kordia Group has
breached its banking covenants as debt surges to NZ$125 million.

Citing Kordia in its interim result for the six months ended
December 31, 2008, the Business Review relates Kordia also
announced that its unaudited debt had risen from NZ$106.3 million
to NZ$125.1 million.

The debt surge, the Business Review notes, means Kordia is now in
technical breach of its banking covenants with the BNZ, ANZ and
the Commonwealth Bank of Australia, which call for it to maintain
a net debt-to-Ebitda ratio of 3.5 to 1.

As of December 31, 2008, the report says Kordia owed the BNZ
NZ$34.6 million (of a NZ$40 million facility), the ANZ NZ$35.6
million (of a NZ$55 million facility) and the Commonwealth Bank of
Australia NZ$55 million.

According to the report, the Commonwealth Bank of Australia and
ANZ facilities don't expire until January 2011, while the BNZ
facility will expire on March 31.

The Business Review relates the BNZ and the Commonwealth Bank of
Australia have both granted Kordia waivers, but ANZ is retaining
the right to take action.

Kordia chief executive Geoff Hunt, as cited by the report said,
the company is in talks with all three banks to rework the terms
of its loan arrangements.

Mr. Hunt, however, said Kordia is now back within the bounds of
its covenants, the report relates.

Kordia Group -- http://www.kordia.co.nz/-- is a New Zealand
state-owned enterprise that operates a national communications
network and provides network feeds and broadcast services for the
major television and radio networks.


NUPLEX INDUSTRIES: Lenders Amend Debt Covenant; To Raise NZ$110MM
-----------------------------------------------------------------
Nuplex Industries Limited said it has agreed various amendments to
its senior debt facilities with its banks.

The banks have agreed to amend the senior debt cover ratio (SDCR)
covenant (currently 3.00 times) so that it is tested monthly based
on rolling 12-month EBITDA:

   Period                                Maximum SDCR
   ------                                ------------

   Up to April 30, 2009                  Waived

   May 1, 2009 to June 29, 2009          3.50 times

   June 30, 2009 to Sept. 29, 2009       3.25 times

   From Sept. 30, 2009                   3.00 times

The agreement reached with the banks is subject to completion of
documentation.  The banks have also required conditions to the
amendment of the SDCR covenant including (in addition to
usual banking terms):

   -- Net proceeds from the planned capital raising (see below)
      shall be applied to reduction of amounts outstanding under
      the senior debt facilities;

   -- Net asset sale proceeds (other than inventory) in excess
      of NZ$2 million shall be applied to reduction of amounts
      outstanding under the senior debt facilities;

   -- Covenants will be measured on a monthly basis;

   -- Any dividends for the financial year ending June 30, 2009,
      shall not exceed 60% of net profit after tax without
      agreement of the banks; and

   -- General security will be taken by the banks over all of
      Nuplex's New Zealand and Australian assets by the allotment
      date for the capital raising.

If the planned capital raising is not completed, Nuplex will be
subject to a further review by the banks of their banking
covenants.

Nuplex currently has the following senior debt facilities and
other debt funding:

   Form of Funding    Provider    Amount         Maturity
   ---------------    --------    -------        --------
   Bank Debt          Citibank    AU$50.0  mln.  Nov. 2009
   Bank Debt          CBA         AU$100.0 mln.  Nov. 2010
   Bank Debt          HSBC        AU$100.0 mln.  Nov. 2011
   Bank Debt          Westpac     AU$100.0 mln.  Nov. 2011
   Capital Notes (1)  Public      NZ$52.6  mln.  Sept. 2012 (2)

(1) If capital notes holders do not accept the new terms of
     the capital notes at the election date and seek to redeem
     their capital notes, Nuplex may, at its option, either
     convert the capital notes into ordinary shares or redeem
     them for cash.

(2) Election date, rather than maturity date.

Nuplex currently has in place bank debt facilities totalling
AU$350 million.  Following receipt of the proceeds from the
planned capital raising, these facilities will be drawn to
approximately AU$240 million.  Nuplex does not anticipate any
issues in repaying the amount due to Citibank in November 2009
(subject to completion of the planned capital raising).

                     Planned Capital Raising

To ensure Nuplex can comply with the amended terms of its senior
debt facilities, Nuplex said it has decided to raise NZ$110
million of new equity capital.  This capital is planned to be
raised by two
methods:

   * A placement of new ordinary shares to institutional and
     habitual investors (Placement); and

   * A pro-rata renounceable rights issue of new ordinary shares
     to existing Nuplex shareholders (Rights Issue).

The terms of the Placement and the Rights Issue (including the
amount of new capital to be raised by each method) will be
confirmed following completion of a book-build process.  The
book-build process commenced yesterday, March 16 and is expected
to be completed by 10:00 a.m. on Wednesday, March 18, 2009.

The Placement and Rights Issue will be managed by First NZ Capital
Securities Limited.  It is also intended that the Rights Issue
will be fully underwritten by First NZ Capital Securities
Limited.

As the number of new shares to be allotted under the Placement
will likely exceed 15% of the number of Nuplex's existing shares
on issue, the Placement is expected to be subject to Nuplex
shareholder approval.  Accordingly, Nuplex plans to hold a special
shareholder meeting on Friday, April 3, 2009, to seek such
approval (if required).  If shareholder approval is required for
the Placement but is not obtained, both the Placement and Rights
Issue will not proceed.

New shares issued pursuant to the Placement will not be entitled
to participate in the Rights Issue.

The new capital to be raised from the Placement and the Rights
Issue will in the opinion of the Directors be sufficient to meet
Nuplex's short and medium term capital needs in the current
economic and trading environment.

No money is currently being sought and no applications for
securities will be accepted or money received with respect to the
Rights Issue.  Those shareholders who are eligible and wish to
acquire shares under the Rights Issue will need to complete the
application form which will be in or accompany the offer
documentation which will be distributed by Nuplex in connection
with the Rights Issue (which will include an investment statement
for New Zealand shareholders).

                           Trading Halt

Nuplex has requested NZX and ASX to halt trading in Nuplex's
ordinary shares from 10:00 a.m. (NZ time) on Monday, March 16,
2009, to 10:00 a.m. (NZ time) on Wednesday, March 18, 2009,
while the Placement is undertaken.


As reported by the Troubled Company Reporter - Asia Pacific on
February 27, 2009, Nuplex reported an after-tax profit of
NZ$6.0 million for the six months to December 31, 2008, down 76
percent from the NZ$24.6 million net profit reported in the
previous comparable period.

                         Covenant Breach

Under the group's multi-currency cash advance facility agreements
with banks, Nuplex is required to comply at all times with a
senior debt cover ratio to EBITDA of 3.00 times, however, as at
December 31, 2008, the company said it did not comply with this
covenant.

Nuplex said it has been in discussion with its banks to seek an
amendment to the covenant ratio to enable the company to comply.
The facility agreements require that all banks agree to conditions
for an amendment.

The company said it is reviewing the group's funding arrangements
and the board is considering the merits of issuing ordinary
equity.

Mr. John Hirst, group managing director, said "This has been the
most difficult period in the company's history, with a drop in
global demand at a rate and to an extent we have never seen
before.

"Against this backdrop, the result, although disappointing,
demonstrates that Nuplex remains a sound and profitable Company,
even in such adverse times.  While our operations have been
restructured in line with current trading the benefits of this
will not be realised until future periods.  However, as global
confidence returns, as it will inevitably do, a leaner and focused
Nuplex will be well positioned to profit from increased demand."

Nuplex said it suspended payment of 2009 interim dividend to
strengthen balance sheet and repay debt.

                          About Nuplex

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.



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

AMERICAN INT'L: East West Bank Acquires Phil. Units for US$45 Mln.
------------------------------------------------------------------
East West Banking Corp. has acquired PhilAm Savings Bank Inc.
(PASB) and its two other units, PhilAm Auto Finance & Leasing Inc.
and PFL Holdings Inc., from American International Group Inc.
(AIG) for US$45 million, Cris Larano at Dow Jones Newswires
reports.

The amount paid for the acquisition was lower than the earlier
agreed upon price of US$48.5 million because of some valuation
adjustments, the report cited Antonio Moncupa, president of East
West Bank, as saying.

According to the news agency, Mr. Moncupa said the bank already
secured the approval of the central bank to merge Philam Savings
and the two other firms with East West Bank.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2009, the BusinessMirror said AIG agreed to sell its
Philippine retail bank and auto-lending unit to East West Banking
Corp.

According to Reuters, the Philamlife group is being sold by AIG as
part of its global fund-raising to repay billions of dollars worth
of debt to the U.S. Government.  Philamlife group has total assets
of Php170 billion as of end-2007, Reuters noted.

Deutsche Bank advised the Philam group on the sale while
Blackstone Group LP is advising AIG on its global divestment plan,
according to Reuters.

                   About American International

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on September 8, 2008, to
$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, $40 billion of newly issued AIG
perpetual preferred shares and warrants to purchase a number of
shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had $1.022 trillion in total
consolidated assets and $950.9 billion in total debts.
Shareholders' equity was $71.18 billion, including the addition of
$23 billion of consideration received for preferred stock not yet
issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the US Treasury and the Federal Reserve.  This concludes a review
for possible downgrade that was initiated on September 15, 2008.



================
S R I  L A N K A
================

PEOPLE'S LEASING: Fitch Affirms National Long-Term Rating
---------------------------------------------------------
Fitch Ratings Lanka Ltd has affirmed these ratings on People's
Leasing Company Limited, consequent to the announcement of its
possible takeover of Seylan Merchant Leasing Plc.  The affirmed
ratings are:

  -- National Long-term rating at 'A-(lka)' (A minus(lka));

  -- National Long-term rating on proposed subordinated debenture
     issue at 'BBB+(lka)'; and

  -- National Short-term rating on LKR75 million outstanding
     short-term debentures at 'F1(lka)'.

The Outlook of PLC's National Long-term ratings remains Stable.

At the same time, Fitch has placed SML's 'BB+(lka)' National Long-
term rating on Rating Watch Positive.

The RWP indicates that SML's rating could potentially be upgraded
or affirmed if PLC were to acquire a controlling stake from SML's
majority shareholder, Seylan Merchant Bank Plc (SMB, with an 84%
ownership).

The RWP is based on Fitch's view that SML is likely to benefit
from PLC's support post-acquisition, given the strategic
importance of SML's registered finance company license to PLC.
This license will enable PLC to access customer deposit funding,
thereby broadening its funding avenues, which is currently
dependent upon institutional borrowings.

The affirmation of PLC's ratings is underpinned by the agency's
expectations that its credit profile is unlikely to be materially
affected due to this acquisition.  Fitch believes the firm's
stronger financial profile should be able to comfortably absorb
SML, which accounted for only 9% of the "consolidated entity"
assets.  For instance, even in the highly unlikely event that
would require PLC to write off all advances on SML's books, PLC's
net NPL/Equity ratio is expected to remain comfortable for its
current rating at approximately 10% (based on the financial
position of both companies at December 31, 2008) compared to 5% on
a standalone basis.

The Rating Watch on SML will be resolved once the transaction is
concluded or in the event that it is abandoned.

PLC is a specialized leasing company and is wholly owned by
People's Bank of Sri Lanka ('A-(lka)' (A minus(lka))/Positive
Outlook).  The company's total asset base stood at LKR25.4 billion
at end-Dec 08.

SML is a registered finance company and is a 84%-owned subsidiary
of SMB, which in turn is a 51.84%-owned subsidiary of Seylan Bank
Plc ('BBB+(lka)'/Stable Outlook).  SML's total assets amounted to
LKR2.4 billion at end-Dec 08.

People's Bank owns 1.78% of the shares in Fitch Ratings Lanka
Limited. No shareholder, other than Fitch Ratings Limited of the
UK, is involved in the day-to-day operations of, or credit rating
reviews undertaken by Fitch Ratings Lanka Limited.



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

EASTLINK SHIPBROKING: Court to Hear Wind-Up Petition on March 27
----------------------------------------------------------------
A petition to have Eastlink Shipbroking Pte Ltd's operations wound
up will be heard before the High Court of Singapore on March 27,
2009, at 10:00 a.m.

Patrick Khoo ng Hock and Michael Kitara Tay Min Teck filed the
petition against the company on March 3, 2009.


ISTV PTE: Creditors' Proofs of Debt Due on April 3
--------------------------------------------------
The creditors of ISTV Pte. Ltd. are required to file their proofs
of debt by April 3, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Shirley Lim Guat Hua
          Lim Peng Huat
          c/o 10 Anson Road
          #15-07 International Plaza
          Singapore 079903


OLDLAB PTE: Pays Dividend to Unsecured Creditors
------------------------------------------------
Oldlab Pte. Ltd., which is in voluntary liquidation, paid the
first and final dividend to its unsecured creditors on March 16,
2009.

The company paid 0.1791 per centum of all admitted proofs of
claims.

The company'a liquidator is:

          Lai Seng Kwoon
          c/o KPMG LLP
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


RECYCLE STANDARDS: Court Enters Wind-Up Order
---------------------------------------------
On March 6, 2009, the High Court of Singapore entered an order to
have Recycle Standards Pte Ltd's operations wound up.

The company's liquidators are:

          Yiong Kok Kong
          Tan Tuan Hock
          Infinity Consulting Pte Ltd
          133 New Bridge Road
          #25/03/08 Chinatown Point
          Singapore 059413


SYDUS PTE: Court Enters Wind-Up Order
-------------------------------------
On March 6, 2009, the High Court of Singapore entered an order to
have Sydus Pte. Ltd.'s operations wound up.

An Steel Corp filed the petition against the company.

The company's liquidator is:

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



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

* S&P Puts Junk Ratings on 5 Asia-Pacific CDOs on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 18 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  In
addition, four CDOs were kept on CreditWatch negative, while 16
CDOs were taken off CreditWatch negative.

The 18 transactions in the list below (see table 1) have been
placed on CreditWatch negative due to a fall in their SROC
(synthetic rated overcollateralization) to below 100% at the
current rating level in the end-of-month analysis for February
2009.  This reflects the negative rating migration within their
portfolios.  Zenesis SPC Series 2005-1 has been kept on
CreditWatch negative, reflecting S&P's expectation of an imminent
downgrade to the portfolio.  Obelisk Trust 2007-1 Sonoma Valley
Class A has also been kept on CreditWatch negative, pending
resolution of the CreditWatch on the authorized investments
supporting the transaction.

                             Table 1

  Deal Name                     Rating To      Rating From    SROC
  ---------                     ---------      -----------    ----
ARLO IX Ltd. 2007
(Pascal SCO A-1)                 BB+/Watch Neg     BB+
9.97%
ARLO Ltd. Series 2006 (OCL-1)     CCC+/Watch Neg    CCC+
99.96%
Athenee CDO PLC Series 2007-5     BBB/Watch Neg     BBB
99.99%
Athenee CDO PLC Series 2007-12    BBB/Watch Neg     BBB
99.99%
Corsair (Jersey) No. 2 Ltd.
Series 89                        CCC/Watch Neg     CCC
99.97%
Corsair (Jersey) No. 2 Ltd.
Series 91                        CCC/Watch Neg     CCC
99.97%
DBS Bank Ltd.                     AA-/Watch Neg     AA-
99.42%
SG$100 million portfolio credit-linked notes
Jacaranda Trust Series 1          AAA/Watch Neg     AAA
91.54%
Jacaranda Trust Series 2          AA-/Watch Neg     AA-
98.78%
Morgan Stanley ACES SPC 2007-9
Class III (Principal)            Bp/Watch Neg      Bp
99.26%
Morgan Stanley ACES SPC 2007-21
Class I                          BB-/Watch Neg     BB-
99.90%
Morgan Stanley ACES SPC 2007-29   BB/Watch Neg      BB
99.94%
Obelisk Trust 2007-1
Sonoma Valley Class A            AAA/Watch Neg     AAA/Watch Neg
100.11%
Signum Platinum I Ltd.
Series 2006-1                    CCC+/Watch Neg    CCC+
99.43%
STARTS (Cayman) Ltd.
Series 2007-35                   CCC+/Watch Neg    CCC+
100.00%
Wollemi 2005-1 Trust              AAA/Watch Neg     AAA
94.20%
Zenesis SPC Series 2005-3         AA/Watch Neg      AA
83.03%
Zenesis SPC Series 2005-4         AAA/Watch Neg     AAA
90.36%
Zenesis SPC Series 2006-1         BBB+/Watch Neg    BBB+
98.88%
Zenesis SPC Series 2005-1         AAA/Watch Neg     AAA/Watch Neg
71.52%

The ratings on these eight CDOs were taken off CreditWatch
negative and affirmed as their SROC passed 100% at their current
rating level in the end-of-month analysis for February 2009,
thereby reflecting a positive rating migration within their
portfolios.

                               Table 2
  Deal Name                  Rating To   Rating From         SROC
  ---------                  ---------   -----------         ----
ARLO Ltd. Series 2006
(SKL CDO Series 11)            BBBpNRi     BBBpNRi/Watch Neg
100.07%
Castlereagh Trust Series 1      CCC         CCC/Watch Neg
100.05%
Echo Funding Pty Ltd.
Series 19                      CCC+        CCC+/Watch Neg
100.29%
Echo Funding Pty Ltd.
Series 21                      B+          B+/Watch Neg
100.01%
Obelisk Trust 2004-1            A+          A+/Watch Neg
101.03%
Resonance Funding Series 2006-1
Class F                        BBB-        BBB-/Watch Neg
100.09%
SELECT ACCESS Investments Ltd.
Series 2004-5                  AA+         AA+/Watch Neg
100.04%
XELO PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                      B           B/Watch Neg
100.09%

In table 3, the CreditWatch negative at the 'CCC-' rating level
was removed if (a) the SROC was greater than 100% at 'CCC-' or (b)
if in S&P's assessment, the aggregate loss is lower than the
available subordination in the respective portfolios.  The SROC
levels that are lower than 100% in these deals reflect the
implicit negative bias within the 'CCC-' ratings.  Additionally,
Corsair (Jersey) No. 2 Ltd. Series 87 and Morgan Stanley ACES
SPC 2007-23 have been kept on CreditWatch negative as, in S&P's
assessment, the aggregate loss is higher than the available
subordination in the respective portfolios.  S&P expects losses or
further downgrades in the coming weeks on these two deals.  The
rating action on Prelude Europe CDO Ltd. 2006-3 follows that on
Series 2006-19 credit-linked notes issued by Momentum CDO
(Europe) Ltd.  The Momentum Series 2006-19 CLNs represent the
authorized investments in the Prelude Europe CDO 2006-3
transaction.

                              Table 3

  Deal Name                Rating To       Rating From       SROC
  ---------                ----------       -----------       ----
Corsair (Jersey) No.2 Ltd.
Series 69                      CCC-            CCC-/Watch Neg
100.52%
Corsair (Jersey) No.2 Ltd.
Series 70                      CCC-            CCC-/Watch Neg
100.52%
Corsair (Jersey) No. 2 Ltd.
Series 87                      CCC-/Watch Neg  CCC-/Watch Neg
98.28%
STARTS (Cayman) Ltd.
Series 2005-5                  CCC-            CCC-/Watch Neg
100.17%
Lunar Funding V PLC
Series 2006-24                 CCC-            CCC-/Watch Neg
99.43%
Momentum CDO (Europe) Ltd.
Series 2006-19                 CCC-            CCC-/Watch Neg
99.43%
Morgan Stanley ACES SPC 2007-23 CCC-/Watch Neg  CCC-/Watch Neg
98.23%
Motif Finance (Ireland) PLC
Series 2007-1                  CCC-            CCC-/Watch Neg
41.25%
Prelude Europe CDO Ltd.
Series 2006-3                  CCC-pNRi        CCC-pNRi/Watch Neg
N/A
Thunderbird Investments PLC
Series 21                      CCC-            CCC-/Watch Neg
99.57%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc. N/A—Not applicable.


The Global SROC report with the SROC analysis as of end-Feb 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific (excluding Japan) synthetic CDOs will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.


* BOND PRICING: For the Week March 9 to March 13, 2009
-----------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.67
Alumina Finance               2.000%   05/16/13   USD      63.19
Antares Energy               10.000%   10/31/13   AUD       1.00
Babcock & Brown Pty           8.500%   11/17/09   NZD       4.14
Becton Property Group         9.500%   06/30/10   AUD       0.14
Bemax Resources               9.375%   07/15/14   USD      39.00
Bemax Resources               9.375%   07/15/14   USD      39.00
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD      58.90
China Century                12.000%   09/30/10   AUD       0.89
CIT Group AU Ltd              6.000%   03/03/11   AUD      67.39
Com BK Australia              4.875%   12/19/23   GBP      70.21
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.95
First Australian             15.000%   01/31/12   AUD       0.30
FMG Finance                   9.750%   09/01/13   EUR      73.87
FMG Finance                   9.750%   09/01/13   EUR      73.87
GE Cap Australia              6.000%   04/15/15   AUD      72.12
GE Cap Australia              6.000%   03/15/19   AUD      57.61
Goodman Aust Fin              9.750%   07/16/18   GBP      73.80
Griffin Coal Min              9.500%   12/01/16   USD      33.50
Griffin Coal Min              9.500%   12/01/16   USD      33.50
Hanson Australia              5.250%   03/15/13   USD      44.58
Heemskirk Consol              8.000%   04/29/11   AUD       2.32
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.50
Macquarie Bank                5.500%   09/19/16   GBP      70.84
Macquarie Bank                6.500%   05/31/17   GBP      35.93
Metal Storm                  10.000%   09/01/09   AUD       0.08
Minerals Corp                10.500%   03/31/09   AUD       0.40
Myer Group Fin               10.194%   03/15/13   AUD      52.00
Natl Australiabk              6.750%   06/26/23   EUR      67.03


   CHINA
   -----
Chinatrust Comm                 5.625%  03/29/49     CNY    54.28
Jiangxi Copper                  1.000%  09/22/16     CNY    73.91


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    62.30


   INDIA
   -----
Amtek Auto                     0.500%  06/03/10     USD    62.25
Canara Bank                    6.365%  11/28/21     USD    71.75
Hindustan Cons                10.000%  10/25/09     INR    33.35
ICICI Bank Ltd                 6.375%  04/30/22     USD    54.50
ICICI Bank Ltd                 7.250%  08/29/49     USD    41.50
ICICI Bank Ltd                 7.250%  08/29/49     USD    41.50
JCT Ltd                        2.500%  04/08/11     USD    19.50


   INDONESIA
   ---------
Bakrieland Dev                12.850%  03/11/13     IDR    65.00
Bank DKI                      12.250%  03/04/18     IDR    65.00
Bank Lippo TB PT               7.375%  11/22/16     USD    70.12
Indonesia Gov't                9.500%  07/15/23     IDR    71.08
Indonesia Gov't               10.000%  09/15/24     IDR    72.76
Indonesia Gov't               10.250%  07/15/27     IDR    73.42
Indonesia Gov't               10.000%  02/15/28     IDR    71.56
Indonesia Gov't                9.750%  05/15/37     IDR    67.51
Indonesia Gov't               10.500%  07/15/38     IDR    72.45
Indonesia Gov't                6.625%  02/17/37     IDR    61.75
Indonesia Gov't                6.625%  02/17/37     IDR    64.46
Indonesia Gov't                7.750%  01/17/38     IDR    71.93
Indonesia Gov't                7.750%  01/17/38     IDR    68.50


   JAPAN
   -----
Aiful Corp                     1.990%  10/19/15     JPY    58.21
Aozora Bank                    1.400%  04/27/12     JPY    73.74
Aozora Bank                    0.560%  05/12/12     JPY    74.84
Aozora Bank                    0.560%  05/27/12     JPY    74.56
Aozora Bank                    1.600%  06/27/12     JPY    73.05
Aozora Bank                    0.660%  07/12/12     JPY    74.57
Aozora Bank                    0.660%  07/27/12     JPY    74.29
Aozora Bank                    1.700%  07/27/12     JPY    73.27
Aozora Bank                    0.660%  08/12/12     JPY    74.04
Aozora Bank                    0.660%  08/27/12     JPY    73.73
Aozora Bank                    1.700%  08/27/12     JPY    72.42
Aozora Bank                    0.660%  09/12/12     JPY    73.44
Aozora Bank                    0.660%  09/27/12     JPY    73.17
Aozora Bank                    1.400%  09/27/12     JPY    70.99
Aozora Bank                    0.660%  10/12/12     JPY    70.90
Aozora Bank                    1.600%  10/26/12     JPY    71.00
Aozora Bank                    0.660%  10/27/12     JPY    72.65
Aozora Bank                    0.660%  11/12/12     JPY    72.35
Aozora Bank                    0.600%  11/27/12     JPY    72.08
Aozora Bank                    1.350%  11/27/12     JPY    69.67
Aozora Bank                    0.660%  12/12/12     JPY    71.82
Aozora Bank                    0.660%  12/27/12     JPY    71.56
Aozora Bank                    1.450%  12/27/12     JPY    69.41
Aozora Bank                    0.660%  01/12/13     JPY    71.29
Aozora Bank                    1.250%  01/25/13     JPY    68.24
Aozora Bank                    0.660%  01/27/13     JPY    71.05
Aozora Bank                    0.560%  02/12/13     JPY    70.41
Aozora Bank                    0.560%  02/27/13     JPY    70.15
Aozora Bank                    1.300%  02/27/13     JPY    67.82
Aozora Bank                    0.560%  03/12/13     JPY    69.92
Aozora Bank                    0.560%  03/27/13     JPY    69.67
Aozora Bank                    1.250%  03/27/13     JPY    67.38
Aozora Bank                    0.560%  04/12/13     JPY    69.39
Aozora Bank                    1.300%  04/26/13     JPY    67.32
Aozora Bank                    0.560%  04/27/13     JPY    69.16
Aozora Bank                    0.560%  05/12/13     JPY    68.92
Aozora Bank                    0.560%  05/27/13     JPY    68.63
Aozora Bank                    1.600%  05/27/13     JPY    67.68
Aozora Bank                    0.560%  06/12/13     JPY    68.36
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.08
CSK Corporation                0.250%  09/30/13     JPY    20.00
Daikyo Inc.                    1.800%  03/12/12     JPY    74.90
Ebara Corp                     1.700%  09/30/11     JPY    54.00
Ebara Corp                     1.300%  09/30/13     JPY    40.19
ES-Con Japan Ltd               3.360%  05/10/10     JPY    43.42
Fukoku Mutual                  4.500%  09/28/25     EUR    64.49
Hitachi Zosen                  1.500%  09/30/12     JPY    59.80
JACCS Co Ltd                   1.820%  09/28/15     JPY    74.06
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    58.65
Kenedix Inc                    2.090%  11/09/10     JPY    51.99
Kirayaka Holding               2.590%  03/22/16     JPY    66.65
Nichiei Co Ltd                 1.750%  03/31/14     JPY    55.00


SOUTH KOREA
-----------
GS Caltex Corp                 5.500%  10/15/15     USD    71.94
GS Caltex Corp                 5.500%  10/15/15     USD    72.14
GS Caltex Corp                 5.500%  04/24/17     USD    65.82
Hynix Semi Inc.                4.500%  12/14/12     USD    68.12
Hynix Semi Inc.                7.875%  06/27/17     KRW    36.37
Hynix Semi Inc.                7.857%  06/27/17     USD    36.37
Korea Dev Bank                 7.350%  10/27/21     KRW    51.31
Korea Dev Bank                 7.400%  10/27/21     KRW    51.31
Korea Dev Bank                 7.450%  10/31/21     KRW    51.28
Korea Dev Bank                 7.400%  11/02/21     KRW    51.27
Korea Dev Bank                 7.310%  11/08/21     KRW    51.22
Korea Dev Bank                 8.450%  12/15/26     KRW    74.35
NACF                           5.375%  04/26/17     USD    69.02
Rep of Korea                   4.250%  12/07/21     EUR    74.49



   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.04
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.90
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.98
Cagamas Berhad                 3.640%  05/05/09     MYR     2.70
Crescendo Corp B               3.750%  01/11/16     MYR     0.07
EG Industries                  5.000%  06/16/10     MYR     0.71
Huat Lai Resources             5.000%  03/28/10     MYR     0.32
Insas Berhad                   8.000%  04/19/09     MYR     0.22
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.10
Kretam Holdings                1.000%  08/10/10     MYR     1.00
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
Lion Diversified               4.000%  12/17/13     MYR     0.90
Mithril Bhd                    8.000%  04/05/09     MYR     0.10
Mithril Bhd                    3.000%  04/05/12     MYR     0.65
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.14


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    63.00


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    36.55
Allied Nationwid              11.520%  12/29/49     NZD    31.50
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    14.80
Blue Star Print                9.100%  09/15/12     NZD    15.37
Capital Prop NZ                8.500%  04/15/09     NZD    20.00
Capital Prop NZ                8.000%  04/15/10     NZD    25.00
Fidelity Capital               9.250%  07/15/13     NZD    61.54
Fletcher Buildin               7.800%  03/15/09     NZD    15.00
Fletcher Buildin               7.550%  03/15/11     NZD    12.50
Fonterra                       8.740%  11/29/49     NZD    75.00
Generator Bonds                8.200%  09/07/12     NZD    46.70
Hellaby Holdings               8.500%  06/15/11     NZD    35.56
Infrastr & Util                8.500%  11/15/13     NZD    10.60
Infratil Ltd                   8.500%  02/15/20     NZD    56.49
Infratil Ltd                  10.180%  12/29/49     NZD    55.00
Marac Finance                 10.500%  07/15/13     NZD     0.62


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    50.27


   SINGAPORE
   ---------
Avago Tech Fin                11.875%  12/01/15     USD    74.49
Capitaland Ltd.                2.950%  06/20/22     SGD    60.55
Chartered Semico               6.250%  04/04/13     USD    74.38
Chartered Semico               6.375%  08/03/15     USD    59.65
Ciliandra P Fin               10.750%  12/08/11     USD    72.00
Empire Cap Res                 9.375%  12/15/11     USD    73.00


   SRI LANKA
   ---------
Rep of Sri Lanka              8.250%  10/24/12     USD     67.79
Sri Lanka Govt                6.850%  04/15/12     LKR     73.90
Sri Lanka Govt                6.850%  10/15/12     LKR     71.03
Sri Lanka Govt                8.500%  01/15/13     LKR     74.15
Sri Lanka Govt                8.500%  07/15/13     LKR     72.16
Sri Lanka Govt                7.500%  08/01/13     LKR     69.03
Sri Lanka Govt                7.500%  11/01/13     LKR     68.03
Sri Lanka Govt                8.500%  02/01/18     LKR     62.25
Sri Lanka Govt                8.500%  07/15/18     LKR     61.84
Sri Lanka Govt                7.500%  08/15/18     LKR     57.22
Sri Lanka Govt                7.000%  10/01/23     LKR     51.33


  THAILAND
  --------
Advance Agro Pub             11.000%  12/19/12     USD     39.88
Italian-Thai Dey              4.500%  06/10/13     USD     47.35



                         *********

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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