TCRAP_Public/090325.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, March 25, 2009, Vol. 12, No. 59

                            Headlines

A U S T R A L I A

ALBIDON LIMITED: May Enter Administration if Funding Talks Fail
FKP PROPERTY: Sells TAC Building in Geelong
PMP LTD: S&P Affirms Long-Term Corporate Credit Rating to 'BB+'


C H I N A

CITIC BANK: Provides CNY15 Bil. Credit Line to AVIC
SHENZHEN DEV'T: Net Profit Drops 77% in 2008


H O N G  K O N G

BRAVO ENGINEERING: Creditors' Proofs of Debt Due on April 20
CHINA CREDIT: Creditors' Proofs of Debt Due on April 27
CHINA LAW: Creditors' Proofs of Debt Due on April 21
CITIC RESOURCES: Moody's Downgrades Corp. Family Rating to 'Ba3'
GEIS CARGO ET AL: Lai and Haughey Step Down as Liquidators

GETRONICS (HK): Creditors' Meeting Set for March 31
HONOUR RIDER: Tsoi Hak Kong Herbert Steps Down as Liquidator
JOHNSON ELECTRIC: Creditors' Proofs of Debt Due on April 22
KINGSWAY INVESTMENT: Creditors' Proofs of Debt Due on April 20
MEGALAND TRADING: Creditors' Proofs of Debt Due on April 22

POWER WHEEL: Placed Under Voluntary Wind-Up
SILVER HAWK: Creditors' Proofs of Debt Due on April 30
WAN YIP: Law Yui Lun Steps Down as Liquidator


I N D I A

GOLD PLUS: Fitch Assigns National Long-Term Rating at 'BB'
SATYAM COMPUTER: To Reveal Winning Bidder by April 15
SEVA AUTOMOTIVE: CRISIL Puts 'B+' Rating on Rs.210.0MM Cash Credit
SUSHRUTA VISHRANTHI: CRISIL Rates Rs.100MM Proposed Loan at 'BB'
TATA MOTORS: Launches Tata Nano Cars in Mumbai

UNNAO DISTILLERIES: CRISIL Places 'B+' Rating on Rs.43MM Term Loan
VHM INDUSTRIES: CRISIL Assigns 'B' Ratings on Various Bank Loans


I N D O N E S I A

BANK TABUNGAN: To Issue IDR1 Tril. of Mortgage-Backed Securities
EXCELCOMINDO: Inks Second Deal with EKN to Secure US$214 Mil. Loan


J A P A N

MITSUBISHI UFJ: To Cut 1,000 Jobs; Shuts 50 Branches


M A L A Y S I A

AXIS INC.: Defaults on Approx. MYR100 Mln. Banking Facilities
AXIS INC: High Court Appoints Provisional Liquidator
MALAYAN BANKING: Sees Lower Annual Profit on Writedowns
SILK HOLDINGS: Revises Terms of Proposed Rights Issue


N E W  Z E A L A N D

AIR NEW ZEALAND: Unveils Plan To Mitigate Looming Workers Strike
WOOSH WIRELESS: Posts NZ$21.3 Million Annual Loss


S A U D I  A R A B I A

GULF INTERNATIONAL: Fitch Raises Individual Rating to 'C/D'


S I N G A P O R E

AGROGEN PTE: Pays Dividend to Preferential and Unsecured Claims
G-PHONE SINGAPORE: Court to Hear Wind-Up Petition on April 3
GOH HUP: Creditors' Proofs of Debt Due on April 3
JONG WAH: Court Enters Wind-Up Order
VERTEX TECHNOLOGY: Creditors' Proofs of Debt Due on April 20


S R I  L A N K A

INDUSTRIAL FINANCE: Weak Credit Quality Cues Fitch's Junk Rating


T A I W A N

PROMOS TECHNOLOGIES: Obtains Creditors' OK on Bond Buyback


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -



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

ALBIDON LIMITED: May Enter Administration if Funding Talks Fail
---------------------------------------------------------------
The Australian reports that Albidon Limited has warned it could go
into voluntary administration if it doesn't finalize funding talks
with China's Jinchuan Group.

"The trading halt is requested because the company's funding
arrangements, while well advanced, have yet to be finalised
between Jinchuan Group Limited, the senior lenders and unsecured
creditors," the company said in a statement to the Australian
Securities Exchange.

"If this is not achieved on a timely basis, then the company and
its subsidiaries will be placed in voluntary administration."

According to The Australian, lenders had previously granted
Albidon an extension to midnight, March 23.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 5, 2009, Bloomberg News said Albidon suspended output at its
biggest nickel mine in Munali, Zambia after the price of the metal
slumped 56 percent since its July opening.

"Depressed nickel prices have made ongoing operations at Munali
unsustainable," Albidon said in a stock exchange statement
obtained by Bloomberg News.

Reuters related Albidon said it has received a conditional
financing proposal from its largest shareholder, China's Jinchuan
Group Ltd, but its ability to continue was subject to the
completion of the deal.

According to Reuters, Albidon would receive US$1.8 million as an
accelerated payment for nickel concentrate, US$7 million in equity
before March 20, and a later convertible note, under the proposed
funding from Jinchuan.

Jinchuan owns 18.4 percent of Albidon, Bloomberg News said.

Australia-based Albidon Limited (ASX:ALB) ---
http://www.albidon.com/--- is engaged in the exploration and
evaluation of mineral interests.  The Company's development
activities is focussed on the Munali Nickel project in Zambia,
which comprises the Enterprise deposit and a number of other
nickel prospects in the Munali Intrusion, the most advanced of
which is the Voyager prospect along strike to the north of
Enterprise.  Its licence holdings in southern and eastern Zambia
also have potential for substantial uranium deposits.  Its other
properties include Selebi-Phikwe Nickel Project, Botswana; Songea
Nickel and Luwumbu Platinum Joint Ventures, Tanzania, and Nefza
Zinc Project, Tunisia.  The Selebi-Phikwe project comprises 20
contiguous prospecting licences covering approximately 17,466
square kilometers in the eastern part of the Central District of
Botswana.  The project covers prospective ground to the west,
south and east of the Selebi-Phikwe Nickel Mining District and
includes nickel-copper occurrences, including the Lipadi Hill
deposit.


FKP PROPERTY: Sells TAC Building in Geelong
-------------------------------------------
FKP Property Group said it has entered into a conditional
agreement to sell the Transport Accident Commission ("TAC")
headquarters in Geelong to a private buyer.

The sale agreement will become unconditional on the execution of
the formal lease agreement with TAC, which is expected to be
finalized in the short term.

While the terms of the sale are confidential, FKP said that after
expenses, the sale price will be equal to or slightly above the
December 2008 book value.

The building is located in Brougham Street in the Geelong CBD, and
has been preleased to TAC as its headquarters for 15 years.

Including this sale, FKP said it has now completed sales, or
pre-sale and fund-through arrangements, in respect of more than
$325 million of product since mid-2008, both on balance sheet and
on behalf of managed vehicles.  Successful completion of the
presale of the Energex Building, announced on a conditional basis
on February 25, 2009, would lift this figure to approximately $500
million.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2008, the Age said the Federal Court has ruled out that
FKP Property Group was having severe cashflow problems by the end
of December 2007.

The Age quoted Justice Michelle Gordon as saying "Put simply, the
undisputed evidence at trial showed that by the end of 2007 FKP
was facing a time of financial hardship."

"Sales of significant assets had fallen through.  It needed a cash
injection and it needed it fast."

"An internal FKP deadline of an injection of $5 million by
December 31, 2007, had passed without being met," Justice Gordon
said.

According to the report, at its half-year results two months
later, FKP managing director Peter Brown boasted about the
company's "strong balance sheet".

The report said details of the company's urgent need for cash were
revealed after Coles supermarkets, now owned by Wesfarmers, sued
it in the Federal Court for breach of contract.

Coles, the report related, sued the FKP after it claimed it was
gazumped as anchor tenant for a new $20 million shopping centre in
Tarneit.  Coles succeeded in its breach of contract claim,
however, the court is yet to decide whether Coles will be awarded
damages or the lease in the center.

In September 2008, the company issued a profit downgrade and
warned it was facing liquidity problems, the report added.

                       About FKP Property

Based in Australia, FKP Property Group engages in property
development and investment activities.  The company operates
through four segments: land subdivision, which is engaged in the
supply of land for development and sale ranging from small infill
projects to master-planned residential communities; property
development, which is engaged in the development and construction
of residential, commercial, retail, retirement villages and
industry property for sale; retirement, which is engaged in
retirement homes and independent living units provided along with
the service of management for a majority of villages, and
investment and funds management, which is engaged in delivery of
risk return profile to investors and management of income-
producing properties.


PMP LTD: S&P Affirms Long-Term Corporate Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on PMP Ltd. and revised
the outlook on the rating to negative from stable.  The outlook
revision reflects S&P's view of the increasingly challenging
market conditions for the company and the Australian printing
sector.  At the same time, the 'BB+' rating on PMP's senior
unsecured bank facilities were affirmed.

"The size of PMP's first-half earnings decline reflects the
intense competitive pressure in the print market and PMP's
vulnerability to adverse economic conditions," Standard & Poor's
credit analyst May Zhong said.  "Ongoing moderation in earnings,
together with a bleak outlook for the print sector and potential
weakening in PMP's market position, could challenge PMP's ability
to maintain a financial profile supportive of the 'BB+' rating."

The ratings may be lowered if there were a misstep in PMP's
refocused strategy or further deterioration in PMP's operating
performance to such an extent that its financial metrics continue
to weaken (in particular lease-adjusted funds from operations to
debt falling below 25%).  In addition, loss of any major print or
delivery contracts would also put immediate downward pressure on
the ratings.  Upward rating movement is unlikely in the short
term, given the company's high exposure to the cyclical and highly
competitive print market.



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C H I N A
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CITIC BANK: Provides CNY15 Bil. Credit Line to AVIC
---------------------------------------------------
CITIC Bank Co Ltd has granted a CNY15 billion ($2.2 billion)
credit line to the national aircraft maker, Aviation Industry Corp
of China (AVIC), China Daily reports citing Xinhua News Agency.

According to the Daily, the credit line is part of a partnership
between the two that will also see CITIC provide investment bank
and asset management services to AVIC.

The report discloses that AVIC was created last year out of a
merger of two state aircraft makers with sights set on big
projects, including a locally developed regional jet, to reduce
China's reliance on Boeing and Airbus.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of March 6, 2009, China CITIC Bank continues to carry Moody's
'D' bank financial strength rating.


SHENZHEN DEV'T: Net Profit Drops 77% in 2008
--------------------------------------------
The Shenzhen Development Bank (SDB), part-owned by US private
equity firm Newbridge Capital, said that its 2008 net profit fell
76.8 percent due to significant provisioning and bad loans write-
off, the People's Daily Online reports.

According to the report, the bank's net profit for the year was
CNY614 million (US$89.8 million), down from CNY2.65 billion a year
earlier, while net interest income rose 31 percent to CNY12.6
billion.

The Shenzhen-listed bank said it allocated an additional CNY5.6
billion in the fourth quarter for provisioning, and wrote off
CNY9.4 billion of bad loans, the Daily relates.

After the write-offs, the report says, the bank's nonperforming-
loan ratio dropped to 0.68 percent at the end of last year from
5.64 percent a year earlier, and its credit-provision ratio
increased to 105.14 percent from 48.28 percent.

The report states that Shenzhen Development Bank's capital-
adequacy ratio was 8.58 percent at the end of last year, below the
10 percent prerequisite for Chinese banks that want to open new
outlets or conduct mergers and acquisitions.

The lender has proposed to sell up to CNY28 billion of bonds to
boost its capital base, the report adds.

                 About Shenzhen Development Bank

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2008, Moody's Investors Service upgraded Shenzhen
Development Bank's (SZDB) bank financial strength rating (BFSR)
from E+ to D-.  At the same time, the rating agency upgraded the
bank's long-term foreign currency deposit rating from Ba3 to Ba2;
its short-term foreign currency deposit rating remains unaffected
at Not-Prime.  The outlook for all ratings is stable.



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

BRAVO ENGINEERING: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------------
The creditors of Bravo Engineering Limited are required to file
their proofs of debt by April 20, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2009.

The company's liquidator is:

          Ho Wai Ip
          World-Wide House, Room 1903, 19th Floor
          19 Des Voeux Road Central
          Hong Kong


CHINA CREDIT: Creditors' Proofs of Debt Due on April 27
-------------------------------------------------------
The creditors of China Credit Co-operative Services, Limited are
required to file their proofs of debt by April 27, 2009, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on March 16, 2009.

The company's liquidators are:

          Tai Hay Yuen
          Kong Tak Wing, Robert
          Tai Kong Corporate Advisory Limited
          Chinachem Tower, 21st Floor
          34-37 Connaught Road Central
          Hong Kong


CHINA LAW: Creditors' Proofs of Debt Due on April 21
----------------------------------------------------
The creditors of China Law Council are required to file their
proofs of debt by April 21, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 6, 2009.

The company's liquidator is:

          Ho Wai Chi
          Golden Centre, 20th Floor
          No. 188 Des Voeux Road
          Central, Hong Kong


CITIC RESOURCES: Moody's Downgrades Corp. Family Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
corporate family rating of CITIC Resources Holdings Ltd, and the
rating of the US$1 billion 7-year unsecured senior notes issued by
CITIC Resources Finance (2007) Ltd and guaranteed by CITIC
Resources.  The outlook for the ratings is negative.  This
concludes the rating review initiated on December 15, 2008.

"The rating action reflects CITIC Resources' below-target
production at the Karazhanbas oil field.  It also reflects
softened commodities market conditions which have resulted in
projected weakened credit metrics that are no longer appropriate
for its previous rating," says Renee Lam, a Moody's Vice
President.

"Moody's is also concerned over the likely tight headroom for
CITIC Resources to comply with the interest coverage covenant
under its US$280 million syndicated facility, tested half-yearly,
for 2009, which could affect the company's access to liquidity,"
adds Lam.

CITIC Resources' debt coverage measures are expected to remain
aggressive in 2009.  Its adjusted debt to proved developed
reserves is projected to be about US$10/barrels of oil equivalent,
while retained cash flow to adjusted debt is projected to be about
10% in 2009.  These metrics are more in line with its lowered
stand-alone B2 rating.

The final Ba3 rating incorporates a two-notch uplift based on the
expected support from CITIC Group (Baa2/Negative), CITIC
Resources' 54.05% parent.  The company's association with CITIC
Group, in Moody's opinion, also strengthens its access to banking
and debt markets.

The rating further recognizes that the company's major capital
expenditures have been substantially pre-funded by committed
available debt, equity issuances and internal cash flows.  There
is no material debt maturity over the next 12 months.

The negative outlook primarily reflects concerns over tight
headroom in CITIC Resources' financial covenant, and its weakening
operating and financial profiles.

The rating will be downgraded if there is any development,
including breach of covenant compliance, which may hamper CITIC
Resources' access to liquidity.

The rating could also be downgraded should the company's
underlying credit strength continue to weaken.  This could occur
if 1) oil field production cannot be substantially increased
within the next 12-18 months; 2) reserve replacements are
materially inadequate; 3) high production costs persist; 4)
commodity market fundamentals further soften; and/or 5) the
company engages in aggressive acquisitions.

Indicators that Moody's would consider for a downgrade include
RCF/adjusted debt remaining below 8-10%.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- would be negative for CITIC
Resources' rating.  Should there be a downgrade of CITIC Group's
rating, its support level and hence the rating uplift for CITIC
Resources would also be revisited.

Given the negative outlook, potential for a rating upgrade is
limited.  Evidence of continued financial covenant compliance, and
improvement in operating performance and financial metrics, would
help the rating outlook return to stable.

The last rating action with respect to CITIC Resources was taken
on December 15, 2008, when it was placed on review for possible
downgrade.

CITIC Resources, based in Hong Kong, is a natural resources and
energy investment holding company with interests in aluminium
smelting, coal, oil, manganese, and the import and export of
commodities.  The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.


GEIS CARGO ET AL: Lai and Haughey Step Down as Liquidators
----------------------------------------------------------
On March 10, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators of:

   -- Geis Cargo Logistics Limited; and
   -- GC-Line Limited

The company's former Liquidators can be reached at:

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


GETRONICS (HK): Creditors' Meeting Set for March 31
---------------------------------------------------
The creditors of Getronics (HK) Limited will hold their meeting on
March 31, 2009, at 11:30 a.m., for the purposes set out in
Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.

The meeting will be held at Room 202 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


HONOUR RIDER: Tsoi Hak Kong Herbert Steps Down as Liquidator
------------------------------------------------------------
On March 17, 2009, Tsoi Hak Herbert stepped down as liquidator of
Honour Rider Limited.

The company's former Liquidator can be reached at:

          Tsoi Hak Herbert
          Melbourne Plaza, Room 2088
          33 Queen's Road Central
          Hong Kong


JOHNSON ELECTRIC: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------------
The creditors of Johnson Electric Enterprises Limited are required
to file their proofs of debt by April 22, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidators are:

          Yip Chee Lan
          Li Wai Fan
          6-22 Dai Shun Street
          Tai Po Industrial Estate
          Tai Po, New Teritories
          Hong Kong


KINGSWAY INVESTMENT: Creditors' Proofs of Debt Due on April 20
--------------------------------------------------------------
The creditors of Kingsway Investment (China) Limited are required
to file their proofs of debt by April 20, 2009, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2009.

The company's liquidator is:

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


MEGALAND TRADING: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------------
The creditors of Megaland Trading Limited are required to file
their proofs of debt by April 22, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2009.

The company's liquidators are:

          Yip Chee Lan
          Li Wai Fan
          6-22 Dai Shun Street
          Tai Po Industrial Estate, New Territories
          Hong Kong


POWER WHEEL: Placed Under Voluntary Wind-Up
-------------------------------------------
On March 10, 2009, the shareholder of Power Wheel Logistics
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Cheung Chui Ping Chaplin
          Times Media Centre, 9th Floor
          133 Wanchai Road
          Wanchai, Hong Kong


SILVER HAWK: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------
The creditors of Silver Hawk Garment Mfg. Limited are required to
file their proofs of debt by April 30, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 11, 2009.

The company's liquidator is:

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


WAN YIP: Law Yui Lun Steps Down as Liquidator
---------------------------------------------
On March 7, 2009, Law Yui Lun stepped down as liquidator of Wan
Yip (HK) Trading Company Limited.

The company's former Liquidator can be reached at:

          Law Yui Lun
          Mei Tak Building
          Flat E2, 2nd Floor
          No. 33 Kwong Fuk Road
          Tai Po, N.T.
          Hong Kong



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I N D I A
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GOLD PLUS: Fitch Assigns National Long-Term Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has assigned India-based Gold Plus Glass Industry
Limited a National Long-term rating of 'BB(ind)'.  At the same
time, Fitch has assigned a rating of 'BB(ind)' to its long-term
bank loans of INR2380 million, 'BB(ind)'/'F4(ind)' to its
INR220 million fund-based working capital limits and
'BB(ind)'/'F4(ind)' to its INR100m non-fund based working capital
limits.  The Outlook is Stable.

The ratings are supported by the experience of Gold Plus Group in
the glass industry, the pan-India dealers' network, the expected
increased activity in the construction industry in the medium- to
long-term and increased safety concerns in the automotive sector.
Fitch also takes into consideration GPGI's location advantage,
being near to the market and raw materials, and its eligibility
for excise duty and income tax benefits during the initial years.
The ratings also factor GPGI's ability to achieve the project
commissioning close to the new projected date.  Besides GPGI, GPG
consists of Gold Plus Glass India Limited, Gold Plus Toughened
Glass Limited and Gold Plus Himachal Safety Glass Limited - all
these companies have guaranteed the loans taken by GPGI.
Furthermore, GPGI will supply part of its output to the other
group entities for processing.  Fitch believes that all four group
entities have strong operational, management and financial
linkages.

The ratings are moderated by the substantial size of the capex
(INR3,840 million, which consists of bank loan of INR2,560 million
and promoter's contribution of INR1,280 million) that GPGI is
undertaking, considering the small size of operations of GPG.
Although the promoters have worked in the glass processing
industry for 25 years, they do not have experience in float glass
manufacturing.  Other factors moderating the ratings include the
economic slowdown which has affected the real estate construction
and automobile industries - the two main contributors for Gold
Plus revenues, the overcapacity of raw glass and a projected
surplus of processed glass, and competition from China (despite
anti-dumping duties).

The achievement of financials as per projections would be the key
ratings driver.

GPGI is part of GPG, an industrial group engaged in the trading
and processing of glass sheets for the automotive and
construction/architectural sectors.  In the automotive sector, GPG
is one of the suppliers of replacement glasses for automobiles in
India.  In the construction/architectural sectors, it supplies
insulating and other structural glasses to corporate houses and
real estate developers.  GPG has set up a float glass line unit at
Rookree, Uttrakhand at an installed capacity of 460 tons per day
under GPGI.  The commercial production of this unit began in
January 2009.

In FY08, GPI, GPT and GPH reported net revenues of INR327.2
million, INR346.9 million and INR290.6 million, respectively, an
operating EBITDAR margin of 8.6%, 8.2% and 31%, respectively, and
a net income of INR13.1 million, INR13.2 million and INR73.3
million, respectively.  Total adjusted debt of GPI, GPT and GPH
amounted to INR78 million, INR58.3 million and INR80 million,
respectively at FYE08, which resulted in a total adjusted
debt/operating EBITDAR at 2.8x, 2.0x and 0.9x, respectively.


SATYAM COMPUTER: To Reveal Winning Bidder by April 15
-----------------------------------------------------
The winning bid for picking up a 51 per cent stake in Satyam
Computer Services Limited is likely to be announced by April 15,
The Hindu Business Line reports citing a source involved in the
process.

The Business Line also says the shortlisted bidders for Satyam may
be asked to submit their financial bids around April 9.

Meanwhile, the Times of India reports that the CBI believes the
Satyam scam involves a much bigger amount, close to Rs 10,000
crore, than what was disclosed by Satyam founder Ramalinga Raju.

Citing unnamed sources, the Times relates the agency has retrieved
over 7,000 fake invoices and forged documents showing fixed
deposits and bank balances.

The Times says their evaluation shows that the size of the scam is
over Rs 9,600 crore, much more than the Rs 7,800 crore disclosed
by Raju on January 7.

The sources, as cited by the Times, said these inflated figures
were also reflected in the balance sheet in the form of audit
reports which helped the company to cheat the public who were
purchasing its shares.

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.


SEVA AUTOMOTIVE: CRISIL Puts 'B+' Rating on Rs.210.0MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Seva Automotive Pvt. Ltd (Seva).

   Rs.210.0 Million Cash Credit          B+/Stable (Assigned)
   Rs.31.5 Million Standby Line          B+/Stable (Assigned)
                   of Credit
   Rs.8.5 Million Proposed Short Term    P4 (Assigned)
                  Bank Loan Facility

The ratings reflect Seva's weak financial risk profile, low
margins, and limited negotiating power with principal, Maruti
Udyog Ltd (MUL).  These weaknesses are, however, partially offset
by the benefits that the company derives from its established
position in the automobile dealership segment.

Outlook: Stable

CRISIL expects Seva to maintain its strong position in the
automobile dealership segment, thereby resulting in steady
revenues from existing and new models of MUL, further supplemented
by revenues from other operations, such as sale of spares, and
services.  The outlook may be revised to 'Positive' if there is
substantial improvement in Seva's operating margins or debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if the company's operating margins or sales decline
considerably.

                      About Seva Automotive

Incorporated in 1985 by Mr. Sanjeev Bafna, Seva began operations
as a dealer for MUL in Nashik.  Subsequently, Seva also set up MUL
dealerships at Nanded in 1991, Nagpur in 1995, and Dhule in 2004.
For 2007-08 (refers to financial year, April 1 to March 31), Seva
reported a profit after tax (PAT) of Rs.2.4 million on net sales
of Rs.1870.5 million, as against a PAT of Rs.1.9 million on net
sales of Rs. 1549.6 million for 2006-07.


SUSHRUTA VISHRANTHI: CRISIL Rates Rs.100MM Proposed Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative' to the bank
facilities of Sushruta Vishranthi Dhama Ltd (Suvidha).

   Rs.100 Million Proposed Long Term    BB-/Negative(Assigned)
                  Loan
   Rs.50 Million Cash Credit Limits     BB-/Negative(Assigned)

The rating reflects Suvidha's project implementation risk, and its
stringent shareholder criteria, resulting in moderate equity
inflow.  These weaknesses are mitigated by the company's stable
business model and capacity to generate cash flows independently.

Outlook: Negative

CRISIL believes that Sushruta Vishranthi Dhama Ltd's (Suvidha's)
equity inflow will remain weak in view of the present economic
scenario and the company's inability to sell its cottages owing to
the current occupation rules.  The rating may be revised downwards
if the company reports further delays in commencement of the
project's operations, or is unable to bring in new investors or
further borrowings in the next few months.  Conversely, the
outlook may be revised to 'Stable' if Suvidha sells its remaining
cottages without reducing its booking rates.

                     About Sushruta Vishranthi

Suvidha was incorporated by the promoters of Sushruta Medical Aid
and Research Hospital Limited in 2004.  The company is building a
lifestyle retirement village on the outskirts of Bangalore.
Originally incorporated to cater to retirement needs of promoter
doctors, the management later decided to involve general public as
well.  It consists of 200 cottages (1 or 2 bedroom), each
measuring around 840 square feet. The company's objective is to
set up and operate the village once construction is complete.


TATA MOTORS: Launches Tata Nano Cars in Mumbai
----------------------------------------------
Tata Motors Limited on Monday, March 23, launched its Tata Nano
cars in Mumbai.

The Tata Nano is BS-III* compliant and comes with an all-new 2-
cylinder aluminium MPFI 624 cc petrol engine mated to a four-speed
gear box and will be available in three variants.

The cars will be on display across the country at Tata Motors
Passenger Car dealerships and other select authorised outlets from
April 1, 2009.

Speaking at a Press Conference, the Chairman of Tata Sons and Tata
Motors, Mr. Ratan N. Tata, said, "The Nano represents the spirit
of breaking conventional barriers.  From the drawing board to its
commercial launch, the concept, development and productionisation
of the car has overcome several challenges.  It is to the credit
of the team at Tata Motors that a car once thought impossible by
the world is now a reality.  I hope it will provide safe,
affordable, four-wheel transportation to families who till now
have not been able to own a car.  We are delighted in presenting
the Tata Nano to India and the world."

The Tata Nano is currently being manufactured at the company’s
Pantnagar plant in Uttarakhand in limited numbers.  The new
dedicated plant, at Sanand in Gujarat, will be ready in 2010 with
an annualised capacity of 350,000 cars.

                         Booking Process

The Tata Nano cars will be available through a booking mode.  The
company said it has entered into an exclusive agreement with the
State Bank of India to manage the booking process.

The sale of application forms and acceptance of booking will start
from April 9 to April 25, 2009.

For those who seek financing, Tata Motors has entered into
agreements with 15 preferred banks/NBFCs for the Tata Nano booking
loan product.  The booking product offered by these banks will
enable a Tata Nano to be booked by paying an amount starting
Rs. 2999/- only.

Within 60 days of the closure of bookings, Tata Motors will
process and announce the allotment of 100,000 cars in the first
phase of deliveries, through a computerised random selection
procedure.  These 100,000 allotments will be price protected for
the launch prices until delivery of the cars but the booking
amounts will not bear any interest for the customers.

Deliveries will commence from July 2009.

Meanwhile, Reuters says Tata Motors looks set to harness massive
demand for its Nano, helping it raise funds to cover bridge loans
for last year's purchase of the luxury Jaguar and Land Rover
brands.

Reuters relates that interested buyers need to front up most of
the cost of the new car in April, potentially giving Tata Motors
$1 billion for at least 3 months and at least $200 million against
the delivery of the first 100,000 units -- which could take more
than a year.

"We are expecting lakhs (hundreds of thousands) of applicants,
judging from the initial reaction," Reuters qupted O.P. Bhatt,
chairman of top bank State Bank of India.

According to Reuters, Tata Motor's cash needs are pressing.  The
company, Reuters says, has $100 million of cash left in its books
as of the end of 2008 and is finding it hard to raise INR70
billion ($1.4 billion) for working capital.

"The company can finance its working capital at nominal interest
rates on booking amounts received for Nano," Reuters cited Brics
Securities in a research note.

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

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

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

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

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, Standard & Poor's Ratings Services said that it had
kept its 'BB-' long-term corporate credit rating on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's kept its 'BB-'
issue ratings on the company's senior unsecured notes on
CreditWatch with negative implications.

"We have kept the ratings on CreditWatch pending clarification of
the company's strategy to minimize the deterioration of its cash
flow, its funding plans for significant capital expenditure; and
its future debt composition.  S&P believes Tata Motors' cash flows
-- particularly from Jaguar and Land Rover -- and related metrics
may materially deteriorate on a consolidated basis.  That's
because, in S&P's view, the operating environment continues to be
extremely adverse for JLR and, to a decreasing extent, Tata
Motors' India operations," said Standard & Poor's credit analyst
Manuel Guerena.  "In addition, the company has high debt,
including a big proportion of short-term debt.  S&P expects the
ratings to remain on Credit Watch until Tata Motors has refinanced
the remaining US$2 billion of a bridge facility, which is due on
June 2, 2009."

The TCR-AP reported on Dec. 2, 2008, that Moody's Investors
Service downgraded the corporate  family rating of Tata Motors Ltd
to B1 from Ba2.  The outlook remains negative.

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


UNNAO DISTILLERIES: CRISIL Places 'B+' Rating on Rs.43MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the various
bank facilities of Unnao Distilleries & Breweries Ltd (Unnao).

   Rs.140.0 Million Cash Credit       B+/Negative (Assigned)
   Rs.43.0 Million Term Loan ^        B+/Negative (Assigned)
   Rs.20.0 Million Bank Guarantee *   P4 (Assigned)

   ^ Including Proposed limit of Rs 3.0 million.
   *Including Proposed limit of Rs 15.0 Million.

The ratings reflect Unnao's liquidity constraints, leading to
overdrawn bank lines, and exposure to risks relating to
unfavourable regulations in the distillery industry.  These
weaknesses are, however, partially offset by Unnao's strong market
position in the country liquor segment in Uttar Pradesh (UP).

Outlook: Negative

The 'Negative' outlook reflects the overdrawn cash credit limits
maintained by the company over the past 12 months.  The rating may
be downgraded if the credit limits remain overdrawn over the
medium term due to weak liquidity position.  Conversely, the
outlook may be revised to 'Positive' if improved working capital
management results in stronger cash flows for Unnao.

                     About Unnao Distilleries

Unnao, was formed by taking over the operations of ACT Ltd in
2000.  It has an installed capacity of 150 lakh litres of
commercial spirit and potable liquor.  The company manufactures
country liquor under the Madhuri brand, and Indian-made foreign
liquor under the High Choice and Deluxe brands.  Unnao is licensed
to sell spirit in UP and has been market leader in the country
liquor segment in the state for the past five years.  For 2007-08
(refers to financial year, April 1 to March 31), Unnao reported a
profit after tax (PAT) of Rs.43 million on net sales of Rs.1948
million, as against a loss of Rs.1.0 million on net sales of
Rs.1054 million for 2006-07.


VHM INDUSTRIES: CRISIL Assigns 'B' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of VHM Industries Ltd (VHM).

   Rs.315.9 Million Term Loan          B/Stable (Assigned)
   Rs.260.0 Million Cash Credit        B/Stable (Assigned)
   Rs.25.0 Million Line of Credit      B/Stable (Assigned)
   Rs.80.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect VHM's stretched financial risk profile, and
its intended, although deferrable, large debt-funded capital
expenditure (capex).  These rating weaknesses are mitigated by
VHM's established market position in the fabrics business, and its
widespread distribution network.

Outlook: Stable

CRISIL expects VHM to sustain its credit risk profile on the back
of its established market position and widespread distribution
reach.  The outlook could be revised to 'Positive' if the company
stabilises its enhanced capacities before schedule, leading to
more-than-expected improvement in its profitability.  Conversely,
the outlook may be revised to 'Negative' if the company's intended
large, debt-funded capex materially affects company's debt
protection measures.

                       About VHM Industries

Incorporated in 1989 by Mr. Vijayraj Mehta and family, VHM
manufactures and processes blended fabrics for suiting and
shirting.  The fabrics are sold through a well- diversified
network covering 18 states.  The company implemented a project to
treble its capacity to 9 million metres per annum, during 2007-08
(refers to financial year, April 1 to March 31) and 2008-09.  Its
facilities are located at Bhiwandi (Maharashtra), and Umargaon
(Gujarat). VHM reported a profit after tax (PAT) of Rs.14.3
million on revenues of Rs.968.8 million for 2007-08, as against a
PAT of Rs.4.4 million on revenues of Rs.630 million for the
previous year.



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

BANK TABUNGAN: To Issue IDR1 Tril. of Mortgage-Backed Securities
----------------------------------------------------------------
Bank Tabungan Negara (BTN) plans to issue up to IDR1 trillion
(US$86.39 million) worth of mortgage-backed securities within the
first half of 2009, The Jakarta Post reports citing BTN Treasury
Director Saut Pardede.

"We plan to issue IDR500 billion [of mortage-backed securities],
but may increase it by up to IDR1 trillion depending on the
situation," Mr. Pardede was quoted by The Post as saying.

The report, citing Mr. Pardede, said that the securities would
have a tenure of between three and seven years, with yields based
on the government bonds rate with a maturity period of between
three and seven years.

Last month, BTN issued the country's first ever IDR100 billion of
mortgage-backed securities, popularly known as KIK EBA, The Post
noted.

                       About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                        *     *     *

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term deposit rating of Bank Tabungan Negara to "B1"
from "B2".  The rating carries a stable outlook.


EXCELCOMINDO: Inks Second Deal with EKN to Secure US$214 Mil. Loan
------------------------------------------------------------------
PT Excelcomindo Pratama has inked a second deal with Swedish
export credit guarantee agency EKN to secure US$214 million in
loans for the purchase of Ericsson equipment from Sweden, The
Jakarta Post reports.

The report, citing the company's statement, said that the facility
is the second tranche of the total US$428 million facility
provided by EKN.

The loan will be used to partly finance the company's
capital expenditure this year, The Post noted.

                    About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2009, that Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit rating on the company and its 'BB-' rating on the
US$250 million (US$127.7 million currently outstanding) 7.125%
notes due 2013 issued by Excelcomindo Finance Co. B.V., a fully
owned company incorporated in The Netherlands, and which are
unconditionally and irrevocably guaranteed by XL.  S&P also
revised its down its outlook on the company's long-term corporate
credit rating to negative from stable.

The TCR-AP also reported on Feb. 27, 2009, that Moody's Investors
Service has changed the outlook on PT Excelcomindo Pratama Tbk's
Ba2 local currency issuer rating and senior unsecured foreign
currency rating to negative from stable.

On September 2, 2008, the TCR-AP reported that Fitch Ratings
affirmed PT Excelcomindo Pratama Tbk's Long-term foreign currency
and local currency Issuer Default Ratings at 'BB-'.  The Outlook
on the ratings is Stable.  At the same time, Fitch has affirmed
the rating on XL's outstanding senior unsecured notes programme at
'BB-'.



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

MITSUBISHI UFJ: To Cut 1,000 Jobs; Shuts 50 Branches
----------------------------------------------------
Mitsubishi UFJ Financial Group Inc. plans to eliminate 1,000 jobs
and close 50 branches as Japan heads for its worst recession since
World War II, Finbarr Flynn at Bloomberg News reports.

Japan Today relates the bank has been streamlining domestic
operations since January 2006, when it was created through a
merger between the Bank of Tokyo-Mitsubishi and UFJ Bank.

According to Bloomberg News, Tokyo-based spokesman Takashi
Takeuchi said the bank is reducing its workforce after completing
the integration of the founding banks' computer systems last year.

Takeuchi said Mitsubishi UFJ, which has already closed 70 branches
as part of the merger, will shut the further 50 outlets during the
next three years and slashes jobs through natural attrition,
Bloomberg News relates.

Takeuchi, as cited by Bloomberg News, said the bank will also
redeploy 1,000 personnel from head office to branches across the
nation.

Japan Today notes that the lender fell into the red in the nine
months through December, posting a group net loss of JPY42 billion
($436.4 million).

                  About Mitsubishi UFJ Financial

Mitsubishi UFJ Financial Group, Inc. (MUFG) -- http://www.mufg.jp/
-- is a holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd.
(BTMU), Mitsubishi UFJ Trust and Banking Corporation (MUTB),
Mitsubishi UFJ Securities Co., Ltd., and Mitsubishi UFJ NICOS Co.,
Ltd., (Mitsubishi UFJ NICOS).  The services of the Company include
commercial banking, trust banking, credit cards, asset management,
leasing and other financial services.  MUTB is a trust bank in
Japan, providing trust and banking services to clients in Japan
and the rest of Asia, as well as in the United States and Europe.
MUS provides underwriting and brokerage of securities, mergers and
acquisitions, derivatives, corporate advisory and securitization
operations.  Mitsubishi UFJ NICOS is a credit card company in
Japan that issues credit cards, and provides credit card and other
related services. On October 14, 2008, it acquired a 21% stake in
Morgan Stanley.  In November 2008, the Company, along with BTMU,
completed the acquisition of UnionBanCal Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 26, 2008, Standard & Poor's Ratings Services placed its
long-term counterparty credit ratings on Mitsubishi UFJ Financial
Group Inc. (MUFG), Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU),
Mitsubishi UFJ Trust and Banking Corp. (MUTB), and Master Trust
Bank of Japan Ltd. on CreditWatch with negative implications.  The
ratings on the companies' relevant senior unsecured debt,
subordinated debt, junior subordinated debt, and preferred debt
instruments were also placed on CreditWatch with negative
implications.  At the same time, S&P affirmed its 'A-1' short-term
counterparty ratings on MUFG's three operating entities.

Standard & Poor's also affirmed Bank of Tokyo-Mitsubishi UFJ Ltd.
(BTMU), Mitsubishi UFJ Trust and Banking Corp. (MUTB), and Master
Trust Bank of Japan Ltd.'s bank fundamental strength rating local
currency at 'B'.



===============
M A L A Y S I A
===============

AXIS INC.: Defaults on Approx. MYR100 Mln. Banking Facilities
-------------------------------------------------------------
In accordance with Practice Note 1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Axis
Incorporation Berhad disclosed that the company and its wholly
owned subsidiary companies ("Axis Group") defaulted on the payment
of principal and/or interest in respect of loans and banking
facilities granted to Axis Group.

Axis said the group is unable to service the loan repayments to
certain lenders due to its tight overall working capital position.

As a measure to address the default in payments, Axis appointed a
financial adviser who is currently working on a debt restructuring
scheme for the Axis Group with a view of reaching an agreement
with the lenders to restructure the defaulted debts of the Axis
Group.

The default in payment of principal and interest amounted to
approximately MYR100 million as at December 31, 2008.  Some of the
banking facilities are secured against certain assets of the Axis
Group.

According to Axis, legal proceedings have been commenced against
the company by certain lenders and the company has appointed a
legal advisor to address these legal issues.

As a result of the default in payment, all remaining facilities
granted by other lenders to Axis Group are technically in default
by virtue of the "Cross Default" clauses in the respective
agreements.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.


AXIS INC: High Court Appoints Provisional Liquidator
----------------------------------------------------
On March 12, 2009, the High Court of Malaya at Johor Bahru entered
an order to appoint Gabriel Teo Chun of Insolcorp Advisory Sdn.
Bhd. as provisional liquidator to Axis Incorporation Berhad.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by
Messrs. Dennis Nik & Wong, acting for the Bank of East Asia
Singapore Branch.

The Bank of East Asia demanded Axis to pay for the principal sum
of US$2,422,277.23 with interests and costs.

The Order appointing the Provisional Liquidator was obtained on an
ex-parte basis on the allegation the assets of Axis are in
jeopardy and to preserve the assets of Axis pending the hearing of
winding-up.

The hearing date of the winding up petition against the Company is
April 1, 2009.

The Board of Directors has appointed legal counsels, Messrs. Adnan
Sundra & Low, to take immediate actions to contest the petition
for winding-up and to set aside the appointment of the Provisional
Liquidator.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.


MALAYAN BANKING: Sees Lower Annual Profit on Writedowns
-------------------------------------------------------
Malayan Banking Bhd. (Maybank) said that its profit may drop in
the current fiscal year as it sets aside more money for loan
delinquencies and writes down the value of recent acquisitions,
The Jakarta Globe reports.

The report, citing a Bloomberg survey of 12 analysts, says Maybank
is expected to post IDR2.47 billion (US$678.5 million) profit for
the year ending June 30.  Maybank recorded a IDR2.93 billion
profit in the previous year, the report relates.

Maybank also expects bad debts to increase slightly amid the
worsening economy, the report adds citing Maybank Chief Executive
Officer Abdul Wahid Omar as saying.

                         About Maybank

Maybank, a trade name for Malayan Banking Berhad is the largest
bank and financial group in Malaysia, with significant personal
banking operations in Brunei, Singapore and the Philippines as
well.  The bank also has large interests in Islamic banking and
insurance via its Etiqa subsidiary.  Maybank is the largest bank
in Malaysia with 361 domestic branches and 88 international
branches.  Maybank is the second largest listed company on the
Malaysian Stock Exchange, Bursa Malaysia, with a market
capitalisation of over MYR46.3 billion as of mid-December 2007.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 31,
2008, that Moody's Affirmed 'C' Bank Financial Strength Rating
but its outlook has been changed to negative from stable.


SILK HOLDINGS: Revises Terms of Proposed Rights Issue
-----------------------------------------------------
Silk Holdings Berhad ("SHB"), formerly known as Sunway
Infrastructure Berhad, disclosed that its board proposes to revise
the terms of the Redeemable Convertible Unsecured Loan Stocks
(RCULS-A), under its proposed Regularisation Scheme which
includes:

   -- Proposed renounceable rights issue of up to
      MYR10.0 million nominal value 3.00% Redeemable
      Convertible Unsecured Loan Stocks ("RCULS-A")
      at 100% of its nominal value of MYR1.00 each
      on the basis of one (1) RCULS-A for every
      eighteen (18) existing ordinary shares of
      MYR0.50 each in SHB ("SHB shares") held prior
      to the proposed par value reduction to be
      undertaken based on a minimum subscription
      level ("Proposed Rights Issue");

   -- proposed reduction in the existing issued and
      paid-up share capital of SHB via the cancellation
      of MYR0.25 of the par value of each existing SHB
      shares ("Proposed Par Value Reduction"); and

   -- proposed acquisition of 4,706,000 ordinary shares
      of MYR1.00 each representing the entire equity \
      interest in Aql Aman Sdn Bhd ("AQL") for a purchase
      consideration of MYR87.5 million to be satisfied by
      the issuance of 175 million new ordinary shares of
      MYR0.25 each in SHB after the proposed par value
      reduction and MYR43.75 million nominal value 3.00%
      redeemable convertible unsecured loan stocks-B of
      MYR1.00 each and in addition, the assumption of
      liabilities owing by Jasa Merin Employee Trust to
      Jasa Merin (Malaysia) Sdn Bhd, a 70% subsidiary of
      AQL amounting to MYR6,530,500 ("Proposed Acquisition").

Further, SHB and the vendors of AQL had on March 13, 2009, entered
into a supplemental sale and purchase agreement for shares to vary
certain terms of the SPA ("Supplemental SPA").

             The Revised Terms of the RCULS-A

Redemption:

In the event the Proposed Par Value Reduction is not completed,
the RCULS-A may be redeemed, in whole or in part (if in part,
rateably) at the Issue Price, at the option of SHB on the Maturity
Date, and unless previously converted or redeemed, all outstanding
RCULS-A shall be automatically converted into new ordinary shares
in SHB at the Conversion Rate on the Maturity Date.  Upon
redemption or conversion, the RCULS-A will be cancelled.

Rating:

Exemption from rating will be sought by SHB.

Apart from the above, other indicative salient terms of the
RCULS-A remain unchanged.

              Salient Terms of the Supplemental SPA

(a) clause 3.1(iii)(a) of the SPA be deleted and substituted with:

"the SC for the Proposed Acquisition and Proposed Par Value
  Reduction, including the listing of and quotation for the
  Consideration Shares, to be obtained by SHB"; and

(b) the current clause 3.1(iii)(h) is to be known as clause
3.1(iii)(i) and a new clause 3.1(iii)(h) is to be inserted as:

"the SPA shall also be conditional upon obtaining the approval
  of the SC for an exemption from having to comply with the
  requirements of the Malaysian Code on Takeovers and Mergers,
  1998 to ARA and persons acting in concert with it."

The Supplemental SPA is available for inspection at the registered
office of SHB during office hours from Mondays to Fridays (except
for public holidays) at Suite 2.03, 2nd Floor, Wisma Mirama, in
Jalan Wisma Putra, 50460 Kuala Lumpur for the period of three (3)
months from March 13, 2009.

                       About Silk Holdings

Headquartered in Petaling Jaya, Malaysia, Silk Holdings Berhad,
formerly known as Sunway Infrastructure Berhad --
http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.



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

AIR NEW ZEALAND: Unveils Plan To Mitigate Looming Workers Strike
----------------------------------------------------------------
Tracy Withers at Bloomberg News reports that Air New Zealand Ltd
said customers won't be disrupted by a planned flight attendants
strike at the start of the Easter holidays.

"We have completed planning and we expect our significant
contingency efforts will mitigate the EPMU’s efforts to ruin the
travel of holiday makers looking forward to a well earned break
over Easter," Bloomberg News cited Glen Sowry, general manager,
Tasman Pacific, in an e-mailed statement.

According to the report, the Engineering, Printing and
Manufacturing Union (EPMU) yesterday said attendants will stop
work from April 8 to April 11 after being unable to agree on a pay
deal.

The union said about 250 workers, who are employed by an Air New
Zealand unit called Zeal 320 Ltd., failed to agree to new terms
with the airline after six months of talks, Bloomberg News
relates.

These attendants, the report notes, are  paid less than colleagues
hired directly by Air New Zealand and don't get the same
allowances.

Mr. Sowry, according to the report, said the attendants rejected
the airline’s offer of a 4.5 percent pay increase for 15 months.

The threatened strike action will affect flights to Australia and
some Pacific Islands, Bloomberg News adds.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                        *     *     *

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


WOOSH WIRELESS: Posts NZ$21.3 Million Annual Loss
-------------------------------------------------
Woosh Wireless has reported another whopping annual loss of
NZ$21.3 million, Tom Pullar-Strecker at The Dominion Post reports.

The Post relates that Woosh Wireless' accounts filed with the
Companies Office showed the company has accumulated losses of
NZ$142.2 million.  Sales revenue, the report notes, edged up to
NZ$16.5 million.

Woosh's losses before interest, tax, depreciation and amortization
fell from NZ$9.5 million to NZ$7.7 million, the Post relates.

Chairman Rod Inglis, according to the Post, acknowledged in a
letter to shareholders that the company was taking longer than
expected to deliver returns, but said a "realistic opportunity"
for the business remained.

According to the Post, the company's directors said they were
satisfied Woosh remained a going concern.

Meanwhile, Jenny Keown at The Independent relates Woosh chief
operating officer Kristin Dunne-Powell has resigned and won't be
replaced in a further sign the internet firm is struggling.

Mr. Inglis, as cited by the Independent, said the firm wouldn't
replace Ms. Dunne-Powell in the short-term because the firm wasn't
actively marketing any products and didn't require that expertise
at present.

The Independent says Mr. Inglis confirmed the company was still
trying to secure funding, which is believed to be about NZ$160
million, to switch customers from its existing service to next
generation wireless Wimax technology and hoped to have that in
place this year.

Mr. Inglis said the company had cut staff numbers from 150 to 85
over the past calendar year, the Independent relates.

Woosh Wireless is a New Zealand-based broadband provider.



======================
S A U D I  A R A B I A
======================

GULF INTERNATIONAL: Fitch Raises Individual Rating to 'C/D'
-----------------------------------------------------------
Fitch Ratings has affirmed Gulf International Bank's Long-term
Issuer Default Rating at 'A' with a Stable Outlook, and upgraded
the bank's Individual Rating to 'C/D' from 'D'.  Fitch has
simultaneously affirmed GIB's Short-term IDR at 'F1', Support
Rating at '1', and Support Rating Floor at 'A'.  The agency has
also affirmed GIB's subordinated debt obligations at 'A-' (A
minus).

The upgrade of the Individual Rating reflects the 22 March 2009
announcement that shareholders of GIB will acquire US$4.8 billion
investment securities from GIB on March 27, 2009, and the positive
impact this will have on the bank's risk profile, capitalization
and liquidity.  The investments will be sold at amortized cost net
of specific provisions already incurred, and will thus not impact
GIB's income statement.  However, following the sale of the
US$4.8bn investment securities, GIB will have no net exposure to
CDOs or asset backed securities; GIB will also sell all its non-
GCC financial institutions subordinated debt and certain financial
institutions senior debt investments.  The remaining investment
securities portfolio (end-2008: US$2.2 billion) consists mainly of
highly-rated bank senior debt and government debt securities.
With the removal of a significant amount of uncertainty over
potential further losses from GIB's investment portfolio, Fitch
now considers GIB's market risk profile to be moderate rather than
high.

The US$4.8 billion transaction is also the main driver for a
significant decline in risk weighted assets to US$16 billion at
end-2008 from US$25 billion at end-2007, which has significantly
improved the bank's capitalization.  At end-2008, GIB's Fitch
eligible capital ratio was 12.5% (end-H108: 12.6%), but the bank's
revaluation reserves in equity (unrealized losses) improved
significantly to -US$67 million (end-H108: -US$745 million) and
Fitch now views GIB's capitalization as adequate rather than weak.
The US$4.8 billion acquisition will be in return for cash and so
GIB's liquidity will improve following the transaction.

Fitch notes that GIB's profitability remains weak and given the
challenging operating environment, it will be difficult for the
bank to strengthen this.  GIB reported a net loss of US$396
million in 2008 following large trading losses (US$87 million) and
impairment charges for investment securities (US$365 million), but
these are not expected to recur following the US$4.8 billion sale
of investment securities.  Asset quality in the loan book remains
strong, with impaired loans below 0.1% of end-2008 gross loans.

GIB's IDRs and Support Rating reflect the extremely high
probability that the bank would receive financial support from its
shareholders, in case of need.  Fitch considers GIB's
shareholders' US$4.8 billion acquisition of investment securities
a demonstration of an extremely strong ability and propensity to
support GIB.  The US$4.8 billion acquisition is an unprecedented
support measure in the Middle East in terms of scale, particularly
when considered with the US$1 billion February 2008 rights issue
to which GIB's shareholders subscribed following the bank's large
losses from structured credit investments in 2007.

GIB's current shareholders are the six governments of the GCC -
Bahrain ('A'/Stable, 7%), Kuwait ('AA'/Stable, 12%), Oman (7%),
Qatar (12%), Saudi Arabia ('AA-' (AA minus)/Stable, 17%) and the
United Arab Emirates (7%) - and the Saudi Arabia Monetary Agency
(SAMA, 38%).  The Saudi government and SAMA increased their GIB
shareholding to a combined 55% majority stake from 40% following a
US$1bn rights issue in February 2008.

Established in 1975, Bahrain-based GIB provides wholesale banking
services to corporate and institutional clients in the Gulf.



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

AGROGEN PTE: Pays Dividend to Preferential and Unsecured Claims
---------------------------------------------------------------
Agrogen Pte Ltd, which is in voluntary liquidation, paid the first
and final dividend to its preferential and unsecured creditors on
March 24, 2009.

The company paid 100 percentum to all admitted preferential
claims, 100 percentum to all admitted unsecured claims and
74.37 percentum to all admitted claims arising from redemption of
redeemable convertible preference shares.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          Member, RSM International
          8 Wilkie Road #03-08
          Wilkie Edge Singapore 228095


G-PHONE SINGAPORE: Court to Hear Wind-Up Petition on April 3
------------------------------------------------------------
A petition to have G-Phone Singapore Pte Ltd's operations wound up
will be heard before the High Court of Singapore on April 3, 2009,
at 10:00 a.m.

Yak Siew Kim filed the petition against the company on March 13,
2009.

The Plaintiff's solicitors are:

          SNG & Company
          133 New Bridge Road
          #14-10 Chinatown Point
          Singapore 059413


GOH HUP: Creditors' Proofs of Debt Due on April 3
-------------------------------------------------
The creditors of Goh Hup Heng Electrical 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 liquidator is:

          Abuthahir Abdul Gafoor
          c/o ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


JONG WAH: Court Enters Wind-Up Order
------------------------------------
On March 13, 2009, the High Court of Singapore entered an order to
have Jong Wah Radio & T.V Pte Ltd's operations wound up.

Icon Resources and Technologies Pte Ltd filed the petition against
the company.

The company's liquidators are:

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


VERTEX TECHNOLOGY: Creditors' Proofs of Debt Due on April 20
------------------------------------------------------------
The creditors of Vertex Technology Fund Ltd are required to file
their proofs of debt by April 20, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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



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

INDUSTRIAL FINANCE: Weak Credit Quality Cues Fitch's Junk Rating
----------------------------------------------------------------
Fitch Ratings Lanka has downgraded Sri Lanka's Industrial Finance
Limited's National Long-term rating to 'CCC(lka)' from 'BB-(lka)'
(BB minus(lka)).  The Outlook is Negative.

The rating action reflects IFL's weakening credit quality, which
has resulted in continued operating losses that eroded the
company's capital base to below the regulatory minimum required
level.  Fitch further notes that the company's significant
exposure to real estate investments since the quarter ended
September 2008 has added to the risk.  The Outlook on the rating
is Negative, indicating the probable liquidity challenges.

ASPIC Corporation Pvt Ltd bought out IFL's previous shareholders
in February 2008 and currently holds 91.9% of the company's
equity.  The current shareholders infused equity to meet the
LKR200m minimum capital requirement by the deadline of end-July
2008, but Fitch is of the view that further equity infusions will
be necessary on account of subsequent losses.

With an asset base of LKR1.2 billion at end-December 2008, IFL is
one of the smaller registered finance companies in the Sri Lankan
landscape.  IFL is registered as a finance company under Act No.78
of 1988, and as a Finance Leasing Establishment under Act No. 56
of 2000.  As an RFC, the company comes under the regulatory
purview of the Department of Supervision of Non-Bank Financial
Institutions of the Central Bank of Sri Lanka.



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

PROMOS TECHNOLOGIES: Obtains Creditors' OK on Bond Buyback
----------------------------------------------------------
ProMOS Technologies Inc. has won approval from creditors for a
tender offer to buy back convertible bonds at a deep discount,
averting potential default, various reports say.

Citing ProMOS in a statement to the Taiwan Stock Exchange, China
Post relates that more than 79 percent of convertible bond holders
agreed to sell the securities back.

The Post says ProMOS plans to pay about $250 for every $1,000 face
value of debt to creditors who accepted the tender.

According to the Post, the deal provides ProMOS with a reprieve
and may allow it to tie up with state-controlled Taiwan Memory Co.
as the government tries to reorganize the local computer-memory
industry.

"This allows the chipmaker to stay alive," the Post quoted Edward
Du, a technology analyst at First Securities Investment Trust Co.
in Taipei, as saying.  "The next step for the company is to try to
join Taiwan Memory."

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

According to the Wall Street Journal, the banks making the loan
demanded that ProMOS must buy back the bonds with the loan, saying
that otherwise they won't lend.

The banks will hold the bonds from ProMOS until the company's
position improves, Taiwan Cooperative Bank Vice President John
Chou was cited by WSJ as saying.

Taipei Times notes that ProMOS intends to use NT$3 billion in
syndicated bank loans to repay its debt.  The company said it
would finalize details with creditors to obtain the loans as soon
as possible, Taipei Times relates.

                          About ProMOS

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.



                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***