TCRAP_Public/090408.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, April 8, 2009, Vol. 12, No. 69

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Macquarie May Let Some Investors Skip Payments
CORASAIR NO 2: S&P Cuts Rating on A$5.5 Mil. Floating Notes to 'D'
PMP LIMITED: Names CFO Richard Allely as CEO
RAPTIS GROUP: Unit Placed in Receivership


B A H R A I N

ARCAPITA BANK: S&P Downgrades Counterparty Credit Rating to 'BB'
GULF INTERNATIONAL: Moody's Confirms 'D+' Bank Strength Rating


C H I N A

AGILE PROPERTY: Gets CNY10-Bln Credit Line from ICBC
SHIMAO PROPERTY: Expects 2008 Profit to Fall


H O N G  K O N G

ADWIN INDUSTRIES ET AL: Creditors' Meeting Set for April 17
ARLO IV: Moody's Downgrades Ratings on Two Classes of 2006 Notes
B.O.D. INDUSTRIAL: Placed Under Voluntary Wind-Up
C & C INTERNATIONAL ET AL: Cheung Steps Down as Liquidator
CHAIN CROWN ET AL: Creditors' PROofs of Debt Due on May 5

CITIC PACIFIC: Police Raids Offices, Shares Remain Suspended
ENFANTS DU NINGXIA: Creditors' Proofs of Debt Due on May 3
FULTON PREBON: Members' Final Meeting Set for May 4
GOLDBOND CAPITAL ET AL: Members' Meeting Set for May 8
HANG HOI: Creditors' Proofs of Debt Due on April 23

HONGKONG AIR: Members' Final Meeting Set for May 4
INDO HONG KONG: Chan and Ho Step Down as Liquidators
INFO-MAX INVESTMENT: Members' Final Meeting Set for May 4
INTERNATIONAL MEDICAL: Creditors' Proofs of Debt Due on May 4
MEGAWELL TRADING: Creditors' Proofs of Debt Due on May 11

MILLENNIUM WEARING: Creditors' Proofs of Debt Due on May 4
PACHAORGANIC FOOD: Commences Wind-Up Proceedings
PO HONG: Creditors' Proofs of Debt Due on May 9
POLYCROWN (SICHUAN) ET AL: Yu and Chiong Step Down as Liquidators
POWER PACIFIC: Members' Final Meeting Set for May 5

RISE CHINA: Inability to Pay Debts Prompts Wind-Up
ROAD KING: S&P Downgrades Corporate Credit Rating to 'BB-'
SW CITICOMP: Members' Final Meeting Set for May 4
SW MANDARIN.NET: Members' Final Meeting Set for May 4
TWIN STAR: Members' Final Meeting Set for May 8


I N D I A

BEST ROSES: Default in Loan Payment Cues CRISIL 'D' Rating
CLARITY GOLD: CRISIL Assigns 'B' Rating on Rs.50.6 Mln Term Loan
ENTERTAINMENT WORLD: CRISIL Rates Rs.1000MM Term Loans at 'B'
PCM STRESCON: CRISIL Assigns 'C' Rating on Rs.356.6 Mln Term Loan
SALET SEAFOODS: CRISIL Places 'B+' Rating on Rs.3.3 Mln Term Loan

SATYAM COMPUTER: Submitted Fake Documents to Auditors, Ex-CFO Says
SARA SUOLE: CRISIL Rates Rs.75.0MM Cash Credit Limits at 'BB-'
SUBHIKSHA TRADING: High Court Appoints Provisional Liquidator
STANDARD AUTO: CRISIL Puts 'BB-' Ratings on Various Bank Loans
* INDIA: Slowdown Hits Jewellers' Creditworthiness, CRISIL Says


I N D O N E S I A

BAKRIE & BROTHERS: Revises 2008 Net Loss to IDR15.86 Trillion


J A P A N

EXCELLENT COLLABORATION: Moody's Cuts Ratings on Various Bonds
TOKUSHINKAI GROUP: JCR Affirms 'BB' Rating on Senior Debts


K O R E A

GENERAL MOTORS: Korean Unit 'Optimistic' About Aid
HYUNDAI MOTOR: First Qtr Domestic Output Drops 29.4%
SSANGYONG MOTOR: Plans to Slash Jobs by 40%


M A L A Y S I A

GOLD BRIDGE: Agrees to Extend MOU with HektarKlasik for 45 days
NIKKO ELECTRONICS: Bourse Extends Plan Filing Period to May 28
NIKKO ELECTRONICS: CTM Seeks Payment of MYR7,200 for Goods Sold
PECD BERHAD: Bourse Extends Time to Submit Plans Until July 26


S I N G A P O R E

GE ENERGY: Creditors' Proofs of Debt Due on May 4
EXCELLENT HOLDINGS: Creditors' Proofs of Debt Due on April 17
KEN SENG: Creditors' Proofs of Debt Due on May 4
PLUS-MULTI: Creditors' Proofs of Debt Due on May 4
SIN HONG: Creditors' Proofs of Debt Due on April 17

TUNAS (PTE): Court to Hear Wind-Up Petition on April 17
ZENESIS SPC: Fitch Downgrades Ratings on Various 2006-7 Notes


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -



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

BRISCONNECTIONS: Macquarie May Let Some Investors Skip Payments
---------------------------------------------------------------
Malcolm Scott at Bloomberg News reports that Macquarie Bank Ltd
may let some BrisConnections investors skip future payments,
seeking to stave off a push to liquidate the company.

Macquarie, Deutsche Bank and "other parties" are discussing a
proposal to let individual investors avoid the next two AU$1
installments, the first due April 29, Bloomberg News cited
BrisConnections in a statement to the stock exchange.

The report says the offer is conditional on unit holders rejecting
proposals to wind up the trust when they meet in Brisbane on
April 14.

BrisConnections said no proposal has yet been agreed and Macquarie
has proposed unit holders refrain from taking any action pending
an additional announcement, Bloomberg News relates.

Separately, Bloomberg News says BrisConnections requested its
shares be halted from trading in Sydney on Monday, April 6, ahead
of a potential approach to unit holders.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$3.3 billion toll road project in Australia, said one
of the underwriters of its share offer, Macquarie Bank or Deutsche
Bank, may approach unitholders in a bid to break a deadlock over
funding obligations.

Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

However, Reuters said, some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.  A vote on winding up is scheduled for Thursday,
April 14.

According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.

Macquarie launched court action last week to hold all parties to
their contractual obligations, Reuters said.

                             ASIC Bid

Richard Gluyas at The Australian reported that investors in
BrisConnections will get a package of detailed financial
information ahead of an April 14 meeting to consider a wind-up of
the toll road operator, after the corporate watchdog intervened in
court proceedings on behalf of unitholders.

According to the Australian, the Australian Securities &
Investments Commission ("ASIC") last week sought Victorian Supreme
Court orders requiring BrisConnections to provide a supplementary
explanatory memorandum to unitholders.

ASIC, the Australian related, also applied for an injunction to
stop the company from contacting unitholders by telephone ahead of
the extraordinary meetings, originally scheduled for April 9 and
14, which have been called by renegade investor Nicholas Bolton to
consider a wind-up.

While the court made no formal orders, BrisConnections agreed to
send a detailed memorandum to unitholders setting out its
financial position, including the contents of a report to
directors by accounting firm Deloitte, The Australian stated.

                        Renegade Investor

Melbourne-based entrepreneur Nicholas Bolton, who owns 77 million
BrisConnections shares, has thrown the future of Brisbane's
Airport Link into doubt after winning a court case against
BrisConnections, according to a report posted in
couriermail.com.au.

In the Victorian Supreme Court last week, couriermail.com.au
relates, Justice Ross Robson rejected the BrisConnection's attempt
to wind up Mr. Bolton's company and stop a meeting of unitholders
called by Mr. Bolton to wind up BrisConnections.

Mr. Bolton had applied to the Victorian Supreme Court to have
BrisConnections wound up to avoid having to pay out millions of
dollars in further instalments, couriermail.com.au recounts.

Mr. Bolton will need 75% of the vote in order to have
Brisconnections wound-up.

                            Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics relates the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
be met by the unit holders on April 20, 2009 and January 29, 2010.

BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.

However, the units fall in price to 41c on their first day of
listing on the ASX.  The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


CORASAIR NO 2: S&P Cuts Rating on A$5.5 Mil. Floating Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series 87
A$5.5 million floating-rate secured callable portfolio credit-
linked notes issued by Corsair (Jersey) No. 2 Ltd. to 'D' from
'CCC-/Watch Neg'.

The downgrade reflects a loss incurred by 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 principal amount of the notes.
There has been an interest payment shortfall on the most recent
interest payment date.

The rating action on the affected transaction is:

Rating lowered:

     Name                          Rating To    Rating From
     ----                          ---------    -----------
     Corsair (Jersey) No. 2 Ltd.   D            CCC-/Watch Neg
     Series 87


PMP LIMITED: Names CFO Richard Allely as CEO
--------------------------------------------
PMP Limited has appointed its chief financial officer, Richard
Allely, as its new chief executive, The Age reports.

According to the report, Mr. Allely has been chief financial
officer at PMP for the last seven years and acting chief executive
since former head Brian Evans suddenly left the company on
January 28.

PMP said Mr. Allely's three year contract commenced on April 1,
the Age relates.

The report says Mr. Allely will receive a base salary of $815,000
and a short and long term incentive plan.  Under the incentive
plan, he could earn a maximum of 150 per cent of his base salary
in a financial year.

Australian-based PMP Limited (ASX:PMP) --
http://www.pmplimited.com.au/-- is engaged in commercial
printing, digital premedia and letterbox and magazine distribution
services.  It operates in the areas of data-driven market and
customer analytics, creative advertising solutions, premedia,
creative and photographic services, printing, letterbox and
magazine distribution through its Pacifi c MicroMarketing,
Pinpoint (NZ), PMP Maxum (NZ), PMP Digital, PMP Print, PMP
Distribution, Gordon & Gotch and Griffin Press businesses.  During
the fiscal year ended June 30, 2008, PMP launched PMP Edge, which
is a sales and marketing initiative for the letterbox distribution
business combining a technology-based value proposition with a
significant investment in training of sales staff.
On September 21, 2007, PMP Limited acquired Times Printers
(Australia) Pty Limited.  On November 29, 2007, Times Printers
(Australia) Pty Limited changed its name to Argyle Print Pty Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 26, 2009, 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.


RAPTIS GROUP: Unit Placed in Receivership
-----------------------------------------
A subsidiary of Raptis Group Limited has been placed in
receivership, six months after a marketing campaign launched
failed to attract buyers, The Australian reports.

According to a report posted in goldcoast.com.au, St George Bank
has called receivers to SP Hotel Investments, a Raptis Group
subsidiary that owns the Sheraton Mirage Resort.

The Australian relates that the 293-room hotel has been on the
market since the second half of last year, with an expectation the
property would fetch more than $100 million.

However, the Australian notes, offers for the property have been
around $80 million, less than what Raptis Group chairman Jim
Raptis paid for the hotel it acquired in 2006 from a former MFS
managed trust for $82 million.

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Mr. Brian Silvia and Mr. Andrew
Cummins of BRI Ferrier (NSW) Pty Ltd as administrators to the
company.

According to The Age, the administrators were assessing the books
of the group of companies founded by Mr. Jim Raptis.

"Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million," the Age quoted Mr. Silvia as saying.

Raptis Group, according to the Australian, has more than
$1 billion in total liabilities.

As reported in the TCR-AP on Apr. 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.

The Australian related the DOCA involves a debt-for-equity swap
that will result in creditors owning 40 million shares in the
publicly listed group.  It also paves the way for the group's
relisting on the Australian Stock Exchange, after being suspended
since September 12 last year.

BRI Ferrier's Brian Silvia, as cited by the Australian, said the
restructure plan still needed to be finalized.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


=============
B A H R A I N
=============

ARCAPITA BANK: S&P Downgrades Counterparty Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Bahrain-based Arcapita Bank to
'BB' from 'BB+' and kept the rating on CreditWatch with negative
implications where it was initially placed on Jan. 28, 2009.  At
the same time, Standard & Poor's affirmed its 'B' short-term
rating on Arcapita.

"The rating action reflects the very weak investment climate,
which has challenged Arcapita's business model and has decreased
the value of its assets in S&P's view," said Standard & Poor's
credit analyst Mohamed Damak.  "In this light, S&P believes
Arcapita's leverage indicators have weakened, which has put
pressure on its credit profile."

Arcapita has reported that it is implementing a set of measures to
reduce its leverage and improve its liquidity position.  It has
already:

  -- Raised $300 million through two-year facilities from
     strategic investors;

  -- Raised $100 million of capital from a strategic shareholder
     in the Gulf; and

  -- Sold and leased-back its head office and a related piece of
     land in a $400 million transaction.

S&P believes these measures have alleviated Arcapita's immediate
short-term liquidity pressure.  Additional initiatives the bank
reports that it will implement in the near-term include a rights
issue and an extension of its debt maturity profile.

In S&P's view, if the bank successfully completes the rights
issue, this would, all other factors being equal, support the
current rating.  However, S&P still believe that the business
climate will remain challenging and that there is a potential for
write-downs in Arcapita's investment portfolio.  The rating
reflects Arcapita's stand-alone credit profile and does not
include any uplift for extraordinary external support.  At the
same time, Standard & Poor's recognizes that support from
shareholders has been significant and Arcapita's financial
flexibility is a positive rating factor.

"Arcapita's capacity to execute the planned remaining measures to
reduce leverage will be critical for the ratings in the short
term," said Mr. Damak.

The successful implementation of these measures, all other factors
being equal, should support the current ratings.  However, S&P
would lower the long-term rating by one notch if Arcapita is
unable to raise the amount of the planned capital increase or in
any other way improve its financial position to bring it in line
with rating expectations.  S&P expects to resolve the CreditWatch
status in the next few weeks, following consideration of the above
factors.


GULF INTERNATIONAL: Moody's Confirms 'D+' Bank Strength Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed the A3/P2 deposit ratings,
Baa1 subordinated debt ratings and D+ bank financial strength
rating of Gulf International Bank.  The outlook on all GIB's
ratings is now stable, thereby concluding the review for further
possible downgrade that Moody's initiated in January after the
bank's ratings were downgraded to their current levels.

"Moody's confirmation of GIB's D+ BFSR, which maps to a baseline
credit assessment of Ba1, takes into account the bank's improved
capitalisation and significantly de-risked balance sheet,
following the transfer of US$4.8 billion in securities (mainly
asset-backed securities) to shareholders, effective December 31,
2008," says George Chrysaphinis, Vice President Senior Analyst in
Moody's Limassol-based Financial Institutions Group.  The
securities were purchased at amortised cost less specific
provisions as at the effective date of sale.  The bank announced
the transaction along with its 2008 financial statements on
March 22, 2009, while at the same time also reporting an improved
Basel II total capital adequacy ratio of 17.3% and an all-equity
Tier I ratio of 12.5%.  "If the transfer had not taken place, the
bank would have had to take significant new provisions," cautions
Mr. Chrysaphinis.

Moody's notes that GIB now benefits from a significant capital
cushion that could absorb possible loan losses during the slowdown
facing borrowers in the bank's core Gulf Cooperation Council
markets.  Moody's considers that the bank's loss absorption
capacity (capital cushion, expected earnings and current
provisions) position it well to cope with most economic scenarios
over the next few months, including a deep and prolonged recession
in the GCC.  According to Moody's the bank's future loan loss
outlook is supported by the relatively good quality of its
corporate borrowers but is constrained by high single party
exposure concentrations.  The bank is actively working towards
reducing such concentrations.

Moody's adds that the decision to confirm the D+ BFSR also takes
into account the bank's improved liquidity position as a result of
the cash settlement for the securities transferred.  A significant
part of the sale proceeds will be retained by the bank to
reinforce its liquid assets.  The rest will be used to repay a
portion of deposits from shareholders, which remain an important
source of emergency liquidity, if required.  "The stable outlook
on the rating reflects Moody's view that the downside risk for GIB
with regard to solvency and liquidity is now well contained,"
explains Mr. Chrysaphinis.

The rating agency's confirmation of the A3/P2 deposit ratings was
driven by reduced negative pressure on the BFSR (as reflected in
the confirmation of the D+ BFSR) and by the proactive attitude of
shareholders in addressing the major challenges to the bank's
financial strength, in line with expectations.

Moody's previous rating action on GIB was taken on
January 29, 2009, when the BFSR was downgraded to D+ from C-, the
deposit ratings were downgraded to A3/P2 and the subordinated debt
ratings were downgraded to Baa1.  At the same time, all ratings
were maintained on review for further possible downgrade.

Headquartered in Manama, Bahrain, Gulf International Bank reported
assets totalling US$25.03 billion at the end of December 2008.



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

AGILE PROPERTY: Gets CNY10-Bln Credit Line from ICBC
----------------------------------------------------
Agile Property Holdings Limited has secured a CNY10 billion
(US$1.46 billion) three-year term credit line from the Industrial
and Commercial Bank of China, Reuters reports.

Agile, according to Reuters, said the company's total credit
facilities exceed CNY20 billion, after securing the new credit
line.

Agile Property Holdings Limited is one of the major property
developers in China, targeting the mid-to-high end segment.  It
has a land bank with around 28.4 million sqm of gross floor
area.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 5, 2009, Standard & Poor's Rating Services revised its
outlook on China-based property developer Agile Property Holdings
Ltd. to negative from stable.  At the same time, it affirmed the
'BB' long-term corporate credit rating on Agile and its 'BB' issue
rating on Agile's outstanding US$400 million unsecured notes due
2013.


SHIMAO PROPERTY: Expects 2008 Profit to Fall
--------------------------------------------
Shimao Property Holdings Limited expects a decline in its 2008
profit as it had not completed any new significant investment
properties during the year, Reuters reports.

Reuters relates the company said losses on fair value changes on
investment properties amid the mainland property market downturn
and a delay in obtaining certification to complete some projects
during the year had also led to a decrease in profits.

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Dec. 19,
2008, Standard & Poor's Rating Services revised the outlook on
China-based property developer Shimao Property Holdings Ltd. to
negative from stable.  At the same time, it affirmed the 'BB'
long-term corporate credit rating on Shimao and the 'BB-' issuer
rating on the company's US$350 million 8% senior unsecured notes
due 2016 and on its US$250 million floating rate note due 2010.

Moody's Investors Service, according to a TCR-AP report on
Dec. 17, 2008, also downgraded the corporate family rating of
Shimao Property Holdings to Ba3 from Ba2.  At the same time,
Moody's downgraded the company's senior unsecured bond rating to
B1 from Ba2 due to subordination risk.  The outlook on all ratings
is negative.



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

ADWIN INDUSTRIES ET AL: Creditors' Meeting Set for April 17
-----------------------------------------------------------
A meeting will be held on April 17, 2009, at the 29th Floor of
Caroline Centre, Lee Gardens Two, in 28 Yun Ping Road, Hong Kong
for the creditors of:

   -- Adwin Industries Limited at 1:00 p.m.;
   -- Landwide Limited at 2:00 p.m.;
   -- Victory Knitting Factory Limited at 3:00 p.m.; and
   -- Landwide Textiles Limited at 4:0 p.m.

At the meeting, the creditors will discuss matters set out in
Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.


ARLO IV: Moody's Downgrades Ratings on Two Classes of 2006 Notes
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two classes of Series 2006 (Ganges Synthetic CDO) notes issued
by ARLO IV Limited.

The transaction is a managed synthetic CDO of debt obligations
issued by corporations domiciled, incorporated or organized in
India or any other entity where the majority of its revenues or
operating expenses are derived from India.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained either from credit estimates or through a mapping process
between the portfolio advisor's internal rating scale and Moody's
public rating scale.  To compensate for the absence of credit
indicators such as rating reviews and outlooks, a half notch
stress was applied to the credit estimates and the mapping scale.
For mappings performed prior to April 1, 2007, an additional
stress was selectively applied to capture potential deviations
from established mappings.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

ARLO IV Limited:

(1) Tranche B US$60,000,000 Secured Limited Recourse Managed
Credit Linked Notes due 2011

  -- Current Rating: Ba2
  -- Prior Rating: A3
  -- Prior Rating Date: December 18, 2006, assigned A3

(2) Tranche C US$30,000,000 Secured Limited Recourse Managed
Credit Linked Notes due 2011

  -- Current Rating: Caa3
  -- Prior Rating: B2
  -- Prior Rating Date: December 18, 2006, assigned B2


B.O.D. INDUSTRIAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on March 24, 2009, the
shareholders of B.O.D. Industrial Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Leung Chi Wing
          Yue Xiu Building
          Room 3, 8th Floor
          160 Lockhart Road
          Wanchai, Hong Kong


C & C INTERNATIONAL ET AL: Cheung Steps Down as Liquidator
----------------------------------------------------------
On March 25, 2009, Cheung Hok Hin Alan stepped down as liquidator
of:

   -- C & C International Development Limited;
   -- Garment Network  (HK) Limited; and
   -- Trump Fortune Enterprises Limited.


CHAIN CROWN ET AL: Creditors' PROofs of Debt Due on May 5
---------------------------------------------------------
Lo Wai On fixed May 5, 2009, as the last day to file proofs of
debt for the creditors of:

   -- Chain Crown Limited;
   -- Dragon Hunter Investment Limited;
   -- General Brave Limited;
   -- Harbour Jade Limited;
   -- Leven Limited; and
   -- Wah Ban Limited.

The companies commenced wind-up proceedings on March 23, 2009.

The Liquidator can be reached at:

          Lo Wai On
          Park-in Commercial Centre, Room 1901-2
          56 Dundas Street
          Mongkok, Kowloon
          Hong Kong


CITIC PACIFIC: Police Raids Offices, Shares Remain Suspended
------------------------------------------------------------
Theresa Tang at Bloomberg News reports Citic Pacific Ltd remains
suspended from Hong Kong trading after its offices were raided by
police in a probe of alleged false statements and conspiracy to
defraud.  The company had actually filed an application for the
shares to recommence trading on Monday after being suspended
for the first time on Friday.

Citic Pacific confirmed in a statement Monday that trading in the
shares of the company remains suspended with effect from 9:30 a.m.
on April 6, 2009, pending the release of an announcement which is
or may be price sensitive in nature.

Last week, the Commercial Crime Bureau of the Hong Kong Police
Force executed a search warrant requiring the company and its
directors to provide certain information with regard to the
foreign exchange contracts entered into in 2007 and 2008 and
announcements made by the company from July 1, 2007 to March 16,
2009, Citic Pacific said in an earlier statement.

The company said the warrant related to an investigation of
alleged offences, ie (i) false statements by company directors;
and/or (ii) conspiracy to defraud under the common law, noting
there have not been any charges or arrests made by the police.

The Board also confirms that there should not be any material
impact to the operations of the Company as a result of the
investigation.

Bloomberg News relates Citic Pacific, which was forced to seek
state aid after recording the largest currency derivative loss by
a Chinese company, has been criticized by lawmakers for a six-week
delay in revealing the losses last year.

The Securities and Futures Commission is investigating Chairman
Larry Yung, Managing Director Henry Fan and 15 directors,
Bloomberg News says citing the company in a Jan. 2 statement.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Citic Pacific reported a massive full-year loss in
2008 after making wrong-way currency bets.

Citic Pacific posted a HK$12.66 billion net loss in 2008 compared
with a profit of HK$10.84 billion in 2007.

The company said it booked a realized and marked to market loss of
HK$14.63 billion on a number of foreign exchange contracts, which
significantly impacted the bottom line of the company.

Citic Pacific said it recommends not paying a final dividend.  It
has also decided that no bonuses will be paid to directors for
2008.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on CITIC Pacific Ltd. to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard & Poor's
also raised its issue rating on the senior unsecured notes issued
by CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB'; the notes
are guaranteed by CITIC Pacific.  Both ratings were removed from
CreditWatch, where they were placed with developing implications
on Nov. 14, 2008.  They were originally placed on CreditWatch with
negative implications on Oct. 21, 2008.

On Nov. 18, 2008, the TCR-AP reported that Moody's Investors
Service changed the rating review to direction uncertain for both
CITIC Pacific Ltd's Ba2 corporate family rating and the Ba2 rating
of CITIC Pacific Finance (2001) Ltd's US$450 million bonds, which
are guaranteed by CITIC Pacific.   The ratings were previously
downgraded to Ba2 from Ba1 and placed under review for further
possible downgrade on Oct. 21, 2008, following the company's
report of material losses from leveraged foreign exchange
contracts.


ENFANTS DU NINGXIA: Creditors' Proofs of Debt Due on May 3
----------------------------------------------------------
The creditors of Enfants du Ningxia Foundation Limited are
required to file their proofs of debt by May 3, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2209.

The company's liquidator is:

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


FULTON PREBON: Members' Final Meeting Set for May 4
---------------------------------------------------
The members of Fulton Prebon (Asia) Limited will hold their final
meeting on May 4, 2009, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, in 15 Queen's Road Central, Hong
Kong.

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


GOLDBOND CAPITAL ET AL: Members' Meeting Set for May 8
------------------------------------------------------
A final meeting will be held on May 8, 2009, for the members of:

  -- Goldbond Capital (China) Limited; and
  -- Piper Jaffrey Asia Asset Management Limited.

The meetings will be held at Room 1102, 11th Floor of Henan
Building, 23 Jaffe Road, in Wanchai, Hong Kong.


HANG HOI: Creditors' Proofs of Debt Due on April 23
---------------------------------------------------
The creditors of Hang Hoi Electronics (HK) Limited are required to
file their proofs of debt by April 23, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 23, 2209.

The company's liquidator is:

         Chung Kit Ling, Elaine
         Alexandra House
         3201-02, 32nd Floor
         18 Chater Road
           Central, Hong Kong


HONGKONG AIR: Members' Final Meeting Set for May 4
--------------------------------------------------
The members of Hongkong Air Terminal Services Limited will hold
their meeting on May 4, 2009, at 11:00 a.m., at the 8th Floor of
Shum Tower, Gloucester Tower, The Landmark, in 15 Queen's Road
Central, Hong Kong.

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


INDO HONG KONG: Chan and Ho Step Down as Liquidators
----------------------------------------------------
On March 27, 2009, Chan Wah Tip, Michael and Ho Man Kei, Keith
stepped down as liquidators of Indo Hong Kong International
Finance Limited.


INFO-MAX INVESTMENT: Members' Final Meeting Set for May 4
---------------------------------------------------------
The members of Info-Max Investment Limited will hold their meeting
on May 4, 2009, at 2:00 p.m., at Room 2301-02, 23rd Floor of The
Kwangtung Provincial Bank Building, 409-415 Hennessy Road, in
Causeway Bay, Hong Kong.

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


INTERNATIONAL MEDICAL: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------------------
The creditors of International Medical Products Promotion
Association Limited are required to file their proofs of debt by
May 4, 2009, to be included in the company's dividend
distribution,

The company commenced wind-up proceedings on March 31, 2009.

The company's liquidator is:

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


MEGAWELL TRADING: Creditors' Proofs of Debt Due on May 11
---------------------------------------------------------
The creditors of Megawell Trading Limited are required to file
their proofs of debt by May 11, 2009, to be included in the
company's dividend distribution,

The company commenced wind-up proceedings on March 27, 2009.

The company's liquidator is:

          Chong Cho Mei
          Unit 2706, 113 Argyle Street
          Mongkok, Kowloon
          Hong Kong


MILLENNIUM WEARING: Creditors' Proofs of Debt Due on May 4
----------------------------------------------------------
The creditors of Millennium Wearing Apparel (Asia) Limited are
required to file their proofs of debt by May 4, 2009, to be
included in the company's dividend distribution,

The company commenced wind-up proceedings on March 27, 2009.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road
          Wanchai, Hong Kong


PACHAORGANIC FOOD: Commences Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on March 23, 2009, the
shareholders of Pachaorganic Food Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Leung Chi Wing
          Yue Xiu Building
          Room 3, 8th Floor
          160 Lockhart Road
          Wan Chai, Hong Kong


PO HONG: Creditors' Proofs of Debt Due on May 9
-----------------------------------------------
The creditors of Po Hong Telephone Cleaning Limited are required
to file their proofs of debt by May 9, 2009, to be included in the
company's dividend distribution,

The company commenced wind-up proceedings on April 1, 2009.

The company's liquidator is:

          Tam Chi Chung
          Cheong K. Building, Room 804
          84-86 Des Voeux Road
          Central, Hong Kong


POLYCROWN (SICHUAN) ET AL: Yu and Chiong Step Down as Liquidators
-----------------------------------------------------------------
On April , 2009, Fok Hei Yu and Desmond Chung Seng Chiong stepped
down as liquidators of:

  -- Polycrown (Sichuan) Environmental Protection Limited;
  -- China Star Engineering Limited; and
  -- Golden Bridge International Finance Limited.


POWER PACIFIC: Members' Final Meeting Set for May 5
---------------------------------------------------
The members of Power Pacific Development Limited will hold their
meeting on May 5, 2009, at 11:00 a.m., at the 21st Floor of Fee
Tat Commercial Centre, No. 603 Nathan Road, in Kowloon, Hong Kong.

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


RISE CHINA: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on March 27, 2009, the
members of Rise China Properties 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


ROAD KING: S&P Downgrades Corporate Credit Rating to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Road King Infrastructure Ltd. to 'BB-' from 'BB'.
The outlook is negative.  At the same time, Standard & Poor's
lowered the issue rating on the company's senior unsecured notes
to 'BB-' from 'BB'.  The notes are guaranteed by RKI.

"The downgrade follows RKI's results for 2008, which were
substantially weaker than S&P expected.  The company's property
development business deteriorated substantially in the second half
of 2008 to make a full-year loss, and S&P believes the segment is
likely to continue to put pressure on RKI's overall financial risk
profile, given the challenging conditions in the Chinese real-
estate market," said Standard & Poor's credit analyst Bei Fu.
"Uncertainty over outstanding litigation involving two Tianjin
companies may also continue to adversely affect RKI's property
development operations.  If the legal case is prolonged, it could
erode RKI's cash-generating ability and add to the pressure on its
profitability.  In addition, the slowdown in the Chinese economy
could affect the profitability of RKI's toll-road operations."

RKI's revenue and margins in the property segment were much weaker
than S&P expected due to rapidly shrinking demand and falling
prices.  The company's toll-road investments performed well,
however.  Overall, RKI reported adjusted EBIT interest coverage of
1.9x in 2008, down from 2.4x a year earlier.

RKI's toll-road investments are likely to remain an important and
reliable source of cash flow and income, in S&P's view.  However,
S&P believes their percentage contribution is likely to decline in
2009 as the company will receive a lower proportion of profit from
two of its expressway projects, in accordance with the project
agreements.


SW CITICOMP: Members' Final Meeting Set for May 4
-------------------------------------------------
The members of SW Citicomp Cyberworks Limited will hold their
meeting on May 4, 2009, at 2:30 p.m., at the 8th Floor of Shum
Tower, 268 Des Voeux Road, in Central, Hong Kong.

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


SW MANDARIN.NET: Members' Final Meeting Set for May 4
-----------------------------------------------------
The members of SW Mandarin.net Holdings Limited will hold their
final meeting on May 4, 2009, at 2:30 p.m., at the 8th Floor of
Shum Tower, 268 Des Voeux Road in Central, Hong Kong.

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


TWIN STAR: Members' Final Meeting Set for May 8
-----------------------------------------------
The members of Twin-Star Asia Limited will hold their meeting on
May 8, 2009, at 5:00 p.m., at the 20th Floor of Euro Trade Centre,
21-23 Des Voeux Road, in Central, Hong Kong.

At the meeting, Michael David Horvitz, Mark Asofsky and Cheung Yuk
Yee, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.



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

BEST ROSES: Default in Loan Payment Cues CRISIL 'D' Rating
----------------------------------------------------------
CRISIL has assigned its rating of 'D' to the Rs.62.74 million long
term loans of Best Roses Biotech Pvt Ltd (Best Roses).  The rating
reflects default in Best Roses' repayment of term loan
obligations, owing to weak liquidity.

Best Roses grows around 22 varieties of roses at its six-hectare
greenhouse in Navsari (Gujarat).  The company, which is a 100 per
cent export-oriented unit, uses hydroponics, that is, soil-less
cultivation of flowers in trays using coco-peat (dust that remains
after extraction of fibre from coconut).  Best Roses has the
capacity to cultivate around 9.6 million stems per annum.  The
company's entire exports are currently routed through a single
distributor in Japan.  For 2007-08 (refers to financial year,
April 1 to March 31), Best reported a profit after tax (PAT) of
Rs.3.7 million on net sales of Rs.42.6 million, as against a PAT
of Rs.1.7 million on net sales of Rs.46.7 million for 2006-07.

CLARITY GOLD: CRISIL Assigns 'B' Rating on Rs.50.6 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Clarity Gold Pvt Ltd (CGPL).

   Rs.150.6 Million Cash Credit Limit *   B/Stable (Assigned)
   Rs.50.6 Million Term Loan              B/Stable (Assigned)
   Rs.40.0 Million Bank Guarantee         P4 (Assigned)

   * Includes proposed limit of Rs.5.6 million.

The ratings reflect the company's weak financial flexibility on
account of large debt repayment obligations and a high level of
bank limit utilisation, and price risk because of volatility in
gold prices.  These rating weaknesses are partially mitigated by
CGPL's established market position and the promoters' long
experience in the jewellery industry.

Outlook: Stable

CRISIL believes that CGPL's financial risk profile will remain
weak over the medium term because of stressed financial
flexibility.  The company's business profile is expected to
continue to be constrained by its exposure to fluctuations in gold
prices.  The outlook may be revised to 'Positive' in case of
substantial improvement in CGPL's capital structure, through
additional equity infusion by the promoters.  Conversely, the
outlook may be revised to 'Negative' if the company suffers a
material loss due to adverse movements in gold prices.

                        About Clarity Gold

CGPL was started in 2001 as a partnership firm by Mr. Shiv Shankar
Lal Gupta and Mr. Kushi Kumar Ameriya.  In 2003, it was converted
into a private limited company, which initially operated as an
intermediary between large jewellery retailers and local
manufacturers.  It started manufacturing gold and silver jewellery
in 2004.  CGPL currently manufactures studded jewellery for Titan
Industries Ltd. and various types of gold and silver jewellery for
other retailers.  The company sells jewellery under its brands
'Aura', 'Clarissa' and 'Diamone' through a network of about 47
distributors across India.

For 2007-08 (refers to financial year, April 1 to March 31), CGPL
reported a profit after tax (PAT) of Rs.3.7 million on net sales
of Rs.977.8 million, as against a PAT of Rs.6 million on net sales
of Rs.687.5 million for 2006-07.


ENTERTAINMENT WORLD: CRISIL Rates Rs.1000MM Term Loans at 'B'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the term loans of
Entertainment World Developers Pvt Ltd (EWDPL).

   Rs.1000 Million Term Loans     B/Stable (Assigned)

The rating reflects EWDPL's weak financial risk profile,
aggressive development strategy with focus on retail projects, and
the limited development track record of its promoter group,
exposing the company to project execution risks.  These rating
weaknesses are mitigated by the steady lease rentals that the
company earns from its earlier projects.

Outlook: Stable

CRISIL believes that EWDPL will continue to earn steady revenues
from lease rentals.  The outlook could be revised to 'Positive' in
case of a significant improvement in the company's financial risk
profile.  Conversely, the outlook could be revised to 'Negative'
in case of deterioration in the business risk profile of the
company.

                    About Entertainment World

EWDPL is a part of the Indore-based Kalani group, which has
interests in manufacture of FIBC bags, cement pressure pipes, and
cement sheets; wind energy; and real estate development.  The
company reported revenues of Rs.302 million and a profit after tax
(PAT) of Rs.17 million in 2007-08 (refers to financial year, April
1 to March 31), as against revenues of Rs.268 million and a PAT of
Rs.8 million in the previous year.


PCM STRESCON: CRISIL Assigns 'C' Rating on Rs.356.6 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of "C/P4' to the various bank
facilities of PCM Strescon Overseas Ventures Ltd (PCM).

   Rs.356.6 Million Term Loan*        C (Assigned)
   Rs.763.4 Million Bank Guarantee    P4 (Assigned)
   Rs.600 Million Letter of Credit    P4 (Assigned)

   *Includes proposed facility of Rs 6.60 million

The ratings are constrained by the fact that PCM is yet to start
receiving timely payment towards the monthly supply of sleepers,
pending finalisation of Letter of Credits (LCs) from its customer,
to support its aggressive repayment schedule.  The ratings also
reflect revenue concentration in its contracts and previous
instances of loan rescheduling by PCM due to delays in project
implementation.  These weaknesses are partially mitigated by PCM's
high expected operating margins.

                        About PCM Strescon

PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers.  The company is promoted by PCM Cement Concrete
Pvt Ltd and Strescon Industries Ltd.  PCM has been awarded two
contracts for manufacture and supply of heavy-haul concrete
sleepers in Saudi Arabia.  This work is undertaken as part of the
Civil and Tracks Works (CTW) contracts undertaken for the North-
South Railway of Saudi Arabia.  The supply for both contracts
commenced from February 2009 and is expected to be completed by
2010-11 (refers to financial year, April 1 to March 31).


SALET SEAFOODS: CRISIL Places 'B+' Rating on Rs.3.3 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of "B+/Stable/P4' to the bank
facilities of Salet Seafoods Pvt Ltd (SSPL).

   Rs.3.3 Million Term Loan         B+/Stable (Assigned)
   Rs.0.7 Million Proposed Long     B+/Stable (Assigned)
             Term Bank Facility
   Rs.96.0 Million Export Packing   P4 (Assigned)
             Credit*

   Rs.60.0 Million Foreign Bill     P4 (Assigned)
                   Purchase L/C*
   Rs.60.0 Million Foreign Bill     P4 (Assigned)
                  Purchase Non L/C*

   * Includes additional 20% SLC limit.

The ratings reflect SSPL's stretched financial risk profile,
marked by its high bank limit utilisation and weak debt protection
measures.  The ratings also factor in the company's exposure to
risks inherent to, and intense competition in, the seafood exports
industry.  These weaknesses are, however, mitigated by the
benefits that SSPL derives from its promoters' experience, and its
healthy operating efficiencies.

Outlook: Stable

CRISIL expects SSPL to maintain its business risk profile on the
back of its established relationships with suppliers and
customers.  The company's financial risk profile is expected to
remain stretched over the medium term on account of its large
working capital requirements and non-increasing bank limits.  The
outlook may be revised to "Positive' if the company generates
large cash accruals and significantly improves its financial risk
profile.  Conversely, the outlook may be revised to "Negative' if
SSPL's gearing increases to over 2 times owing to increasing
working capital requirements, or if its volumes or margins decline
substantially, thereby weakening its financial risk profile.

                       About Salet Seafoods

Incorporated in 1994 by Salet family, SSPL processes and exports
seafood.  It has two processing units with an aggregate production
capacity of 97 metric tonnes (MT) per day, and storage capacity of
2000 MT.  For 2007-08, SSPL reported a profit after tax (PAT) of
Rs.2.0 million on net sales of Rs.820.6 million, as against a PAT
of Rs.1.8 million on net sales of Rs.831.2 million for 2006-07.


SATYAM COMPUTER: Submitted Fake Documents to Auditors, Ex-CFO Says
------------------------------------------------------------------
The Financial Express reports that the Institute of Chartered
Accountants of India (ICAI) has claimed Price Waterhouse auditors
for Satyam Computer Services Limited were given fake documents by
the company management.

According to the report, Uttam Prakash Agarwal, President of ICAI,
said he was informed by the deposed CFO of Satyam, Srinivas
Vadlamani, that the fake papers were prepared with the consent of
the company's then management including former chairman B
Ramalinga Raju and his brother who was a member of the board of
directors, B Rama Raju.

"The two auditors have claimed that they are innocent and have not
done anything wrong.  In fact, Vadlamani has also accepted that
the two auditors were given fake documents which did not reflect
the true picture of the company," Mr. Agarwal told the Financial
Express.  The document, the report says, also allegedly included
papers to show inflated profits which never existed.

Mr. Sirnivas, according to the report, also allegedly told the
two-member ICAI team that the fraud in the company's balance
sheets was going on for the last "four-five years".

The report relates that the ICAI got the permission from the local
court in Hyderabad to examine and record the statements of the two
ex-auditors of Satyam and the company CFO in Chanchalguda jail in
the city.

"He (Vadlamani Srinivas) told us the auditors have no role in the
scam.  All Fixed Deposit receipts and bank statements were
provided by one G Ramakrishna who was heading the cost accountancy
department of the company, under the direction of (Ramalinga)
Raju," Mr. Agarwal was quoted by report as saying.

According to the Express, the two external auditors -- S
Gopalakrishnan and Srinivas Talluri -- told the ICAI team that
they were innocent and had no role in fudging books of accounts of
Satyam.

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.

The TCR-AP, citing Bloomberg News, reported on Mar. 9, 2009, that
Satyam won approval to sell stake in itself, as the company seeks
to restore investor confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India ("SEBI") to facilitate a global competitive bidding
process which, subject to receipt of all approvals, contemplates
the selection of an investor to acquire a 51% interest in the
company.

                          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.


SARA SUOLE: CRISIL Rates Rs.75.0MM Cash Credit Limits at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Sara Suole Pvt Ltd (Sara Suole).

   Rs.75.0 Million Cash Credit Limits       BB-/Stable (Assigned)
   Rs.200.0 Million Export Packing Credit   P4 (Assigned)
                     Limits*

   Rs.10.0 Million Letter of Credit Limits  P4 (Assigned)

   Rs.5.0 Million Bank Guarantee Limits     P4 (Assigned)

   * Fully Interchangeable with Foreign Bills Purchase/
     Discounting Limits.

The ratings reflect Sara Suole's large working capital
requirements, and its below-average financial risk profile, marked
by a high gearing, low net worth, and weak debt protection
measures.  These weaknesses are partially offset by Sara Suole's
established presence in footwear manufacturing.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of Sara Suole and Welterman International
Ltd (Welterman), collectively referred to as the Sara group.  This
is because these companies are engaged in the same line of
business, share a common management, and have inter-company cash
transactions.

Outlook: Stable

CRISIL believes that Sara Suole will maintain its business risk
profile because of stable demand for its products.  The outlook
may be revised to "Positive' if the company's financial risk
profile improves on the back of increased margins.  Conversely,
the outlook may be revised to "Negative' if the financial risk
profile weakens, because of deterioration in its capital structure
and decline in debt protection measures.

                         About Sara Suole

Sara Suole, promoted by Mr. Kayum Razak Dhanani in 2000, has an
installed capacity to manufacture about 8000 soles and 3000 shoes
per day.  Welterman was established in 1993; it has the capacity
to manufacture up to 3000 shoe soles per day.  It was referred to
the Board for Industrial and Financial Reconstruction (BIFR) in
1998.  The management intends to merge Sara and Welterman over the
medium term and has submitted a scheme of amalgamation to BIFR.

For 2007-08 (refers to financial year, April 1 to March 31), Sara
Suole reported a profit after tax (PAT) of Rs.22.45 million on net
sales of Rs.603.93 million, as against a PAT of Rs.8.80 million
and net sales of Rs.268.63 million in the preceding year.


SUBHIKSHA TRADING: High Court Appoints Provisional Liquidator
-------------------------------------------------------------
The Madras High Court has issued an order appointing a provisional
liquidator to take charge of Subhiksha Trading Services Ltd's
assets, according to a report posted in TMCnet.com.  The report
says the appointment came after one of its lenders, Kotak
Mahindara Bank, filed a winding up petition against the retailer.

"We had come to know that Kotak Mahindra Bank has filed a winding
up petition at the Madras High Court on Friday against our company
on the grounds of alleged default of repayment obligations.  We
were also given to understand that an order was passed ex-parte
appointing a provisional liquidator to take charge of the assets
of the Company," the report quoted Subhiksha Managing Director
R Subramanian as saying in a release.  "While we have still not
been served a copy of this order we had moved an application to
suspend the order till we are heard."

Subhiksha, as cited by the report, said the court also observed
that the order of appointment of provisional liquidator does not
affect any rights of the company management except in respect of
the company's assets and it would not affect the company's debt
restructuring.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 12, 2009, The Financial Express said Subhiksha may consider
selling stake to raise funds to meet its operational requirements
and has ruled out declaring bankruptcy.

Subhiksha Trading, the Express related, is currently undergoing a
corporate debt restructuring (CDR) exercise with lenders,
including 12 foreign and Indian private sectors banks.  The
company has a total debt of around Rs 750 crore, the Express
noted.

Mr. Subramanian, as cited by the Express, said the company would
be able to raise Rs 300 crore, required for meeting operational
expenses, only after completion of the CDR process.

According to the Express, the company's operations have come to a
standstill for the past few weeks due to non-payment of employees
salaries, huge debt burden and arrears to suppliers.

Subhiksha Trading Services Ltd operates about 1,600 discount
stores in India.  The company employs about 15,000 people directly
and through contractors.


STANDARD AUTO: CRISIL Puts 'BB-' Ratings on Various Bank Loans
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4' to the bank
facilities of Standard Auto Agencies (Standard Auto).

   Rs.8.5 Million Term Loans        BB-/Stable (Assigned)
   Rs.20 Million Cash Credit        BB-/Stable (Assigned)
   Rs.70 Million Inventory Funding  BB-/Stable (Assigned)
   Rs.10 Million Bank Guarantee     P4 (Assigned)

The rating reflects Standard Auto's sub-par financial risk
profile, marked by a high gearing and low capital base and
moderate size of operations.  These weaknesses are mitigated by
the firm's well-established presence as the largest dealer of
Maruti Suzuki India Ltd (MSIL, rated "AAA/Stable/P1+' by CRISIL)
in Jabalpur, and promoters' extensive industry experience in the
dealership business.

Outlook: Stable

CRISIL expects Standard Auto to maintain its business risk profile
on the back of its promoters' extensive experience in the
dealership business.  The firm's financial risk profile is,
however, expected to remain weak because of low net worth and high
gearing.  A significant improvement in the net worth, including
due to equity infusion, resulting in better debt protection
measures and improved capital structure, may result in the outlook
being revised to "Positive'.  Conversely, a decline in
profitability or increase in debt levels could result in the
outlook being revised to "Negative'.

                       About Standard Auto

Standard Auto was established in 1986 by Mr. Deepak Arora as a
dealer for Yamaha Motors Ltd.  The firm obtained the dealership of
MSIL in 2004 at Jabalpur and surrendered the dealership of Yamaha
Motors in 2008.  At present, the firm is engaged in sales and
servicing of MSIL vehicles at Jabalpur.

For 2007-08 (refers to financial year, April 1 to March 31),
Standard Auto reported a net profit of Rs.8.6 million on net sales
of Rs.768 million, as against a net profit of Rs.4.9 million and
net revenues of Rs.602 million in the previous year.  For the 11
months ended February 28, 2009, it reported a net profit Rs.8.4
million on net revenues of Rs.947 million.


* INDIA: Slowdown Hits Jewellers' Creditworthiness, CRISIL Says
---------------------------------------------------------------
CRISIL's review of its outstanding ratings on diamond and
jewellery manufacturers shows severe pressure on their credit
quality because of the global demand slowdown that has adversely
affected their profitability and liquidity.  While the Government
of India ("GoI") has recently announced measures to ease the
industry's financing constraints, these measures will only
partially offset the effect of the slowdown.  CRISIL believes that
companies manufacturing value-added and plain-gold jewellery, and
companies that have adequate liquidity, healthy customer profiles,
and low inventories, will remain relatively unaffected by the
slowdown.  Additionally, companies that sell to the Indian market
are less affected by the slowdown than those whose clientele are
primarily global.

According to CRISIL, global demand for diamond jewellery has
declined steeply.  Prices of polished diamonds and diamond
jewellery have dropped by 15 per cent to 20 per cent between
September 2008 and February 2009, adversely affecting the
profitability of diamond polishers.  CRISIL believes that large
inventories of polished and rough diamonds, coupled with the
demand slowdown, will keep prices low for the rest of 2009, and
will further stretch diamond companies' liquidity.  Some buyers in
developed markets have already begun delaying payments, and a few
buyers could even file for bankruptcy.

To deal with the reduced demand, diamond producers are curtailing
production of rough diamonds.  Diamond polishers too have reduced
purchases of rough diamonds, to restrict, and eventually reduce,
their inventory.  Moreover, to help players in the diamond sector,
GoI has recently announced an interest rate subsidy of 2 per cent
on loans taken in Indian rupees, has increased the period of pre-
shipment rupee export credit to 270 days from 180, and the post-
shipment rupee export credit to 180 days from 90.

These measures notwithstanding, the credit quality of many
companies in the sector will be affected by constrained liquidity
and declining profitability.  Companies with low inventory levels
(mitigating inventory price risk), a conservative approach to
receivables (selling only against payment, or extending credit
only to financially strong parties), and adequate liquidity, are
expected to withstand the pressure on credit quality better than
their more aggressive counterparts can.  Also, companies in the
value-added and plain gold jewellery segment will be largely
insulated from the global slowdown.

In this environment, a company's financial flexibility can also
impart stability to its credit quality.  CRISIL believes that
companies with conservative capital structures, and large net
worth, will withstand the downturn better, as they can more easily
raise fresh capital when needed.  In some cases, financial
flexibility could be supported by the presence of financially
strong group companies, which are either in upstream or downstream
businesses, and have a track record of infusing capital whenever
required.

CRISIL has carried out a comprehensive assessment of the impact of
the above trends on its outstanding ratings on diamond polishers
and jewellery markets.  As a result of this assessment, the
ratings on 10 companies have been revised downwards.

   Name of the Company                Rating
   -------------------                ------

   Abhilasha Jewellers Pvt Ltd        P3
   Arjav Diamond (I) Pvt Ltd          P3
   Aurostar Jewellery (I) Pvt Ltd     P3
   Bhumika Gems                       P4
   Classic Diamond (India) Ltd        BB-/Negative/P4
   D A Jhaveri                        P4 (Downgraded from 'P3)
   Dhanera Diamonds                   P4
   Dilipkumar V. Lakhi                P2+
   Fine Jewellery Manufacturing Ltd   BB/Negative/P4 (Downgraded
                                      from 'BBB+/Stable/P2')
   Forever Precious Jewellery &
   Diamonds Ltd                       P1
   H Dipak & Co.                      P2+
   H. Vinod Kumar & Company           BBB-/Negative/P3
   Jasubhai Jewellers Pvt Ltd         BB/Stable/P4
   Joy Alukkas Traders (India)
   Pvt Ltd                            BBB+/Stable/P2
   Kama Schachter Jewellery (India)   BBB+/Negative/P2 (Downgraded
   Pvt Ltd                            from 'A-/Stable/P2+')
   Kirtilal M. Shah                   P4
   M Suresh Company Ltd               P2 (Downgraded from 'P2+')
   Blue Star Diamonds Private Limited
   (formerly M/s Blue Star)           P3
   Mohit Diamonds Pvt Ltd             P4 (Downgraded from 'P2')
   PC Jewellers (P) Ltd               BBB-/Stable/P3
   Prakash Gold Palace Pvt Ltd        BBB-/Stable/P3
   Radium Creation                    P3+
   Rosy Blue (India) Pvt Ltd          BBB/Negative/P3+ (Downgraded
                                      from 'BBB+/Stable/P2')
   S Narenda                          P4 (Downgraded from 'P3')
   S. Vinodkumar Diamonds Pvt Ltd     P3
   Sahdev Jewellers                   P4
   Shantivijay Jewels Ltd             P3
   Shreeji Jewellery Designs Ltd      P4 (Downgraded from 'P3+')
   Shree Jewellery Ltd                P4 (Downgraded from 'P3+')
   SNC Jewels Pvt Ltd                 BB+/Stable/P4
   Star Rays                          P2
   Su-Raj Diamond and Jewellery Ltd   P1
   Su-Raj Diamond Industries Ltd      P1
   Sutaria Brothers                   P4
   Tribhuvandas Bhimji Zaveri
   Pvt Ltd                            BBB+/Stable
   Vishinda Diamond                   P2+



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

BAKRIE & BROTHERS: Revises 2008 Net Loss to IDR15.86 Trillion
-------------------------------------------------------------
PT Bakrie & Brothers Tbk revised its 2008 net loss figure to
IDR15.86 trillion (US$1.4 billion) from the previously reported
IDR16.624 trillion (US$1.4 billion) loss, Jakarta Globe reports.

The company recorded IDR223.4 billion net profit in 2007, Jakarta
Globe notes.

According to Jakarta Globe, last Saturday, Bakrie & Brothers said
that it booked IDR1.58 trillion in contributions from affiliates
for 2008, more than the IDR582 billion announced last Friday.

The Jakarta Post relates the company attributed the losses
to reverses in partnership sales in its subsidiaries and affiliate
firms worth IDR17.06 trillion and setbacks totaling IDR526 billion
from foreign currency transactions.

                        About PT Bakrie

PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.



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

EXCELLENT COLLABORATION: Moody's Cuts Ratings on Various Bonds
--------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
on Series 1 Class B, C, and D bonds issued by Excellent
Collaboration TMK.  The downgrade does not affect the Class A
bonds (rated Aaa), which are the most senior class.

This is a structured finance transaction subject to the SME-
related financial policies of Tokyo and eight other municipalities
(Osaka Prefecture, and the cities of Chiba, Yokohama, Kawasaki,
Shizuoka, Osaka, Sakai, and Kobe), and arranged by Mizuho Bank,
Ltd.

On March 5, 2009, Moody's downgraded its ratings on the Class B,
C, and D bonds and placed under review for possible further
downgrade, given the worsening performance of the portfolio, the
likelihood of further worsening in the economic environment, and
the negative outlook for the performance of the transaction pool.

The rating actions reflect Moody's significantly increased Default
Probability assumptions for this transaction.  In addition,
because this transaction is backed by bullet assets, defaults are
more likely to only be observed at maturity than the defaults of
assets in typical SME CDOs in Japan, which are backed by
amortizing assets.  Moody's also notes that the Japanese
government's policy to support SME funding has not had a
materially positive impact on the pool's performance.  Based on
these considerations, Moody's updated assumptions regarding this
transaction incorporate several default scenarios that could occur
at maturity of the underlying assets.

The rating actions are:

Excellent Collaboration Tokutei Mokuteki Kaisha

JPY10,400,000,000 Series 1 Class B Specified Bonds (Final
Maturity: July 7, 2010)

  -- Current Rating: B2

  -- Prior Rating: Baa1, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Baa1 on March 5, 2009
     and placed under review for possible downgrade

JPY500,000,000 Series 1 Class C Specified Bonds (Final Maturity:
July 7, 2010)

  -- Current Rating: Caa3

  -- Prior Rating: B2, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to B2 on March 5, 2009
     and placed under review for possible downgrade

JPY500,000,000 Series 1 Class D Specified Bonds (Final Maturity:
July 7, 2010)

  -- Current Rating: Ca

  -- Prior Rating: Caa3, on review for possible downgrade

  -- Prior Rating Action Date: downgraded to Caa3 on March 5,
     2009, and placed under review for possible downgrade

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


TOKUSHINKAI GROUP: JCR Affirms 'BB' Rating on Senior Debts
----------------------------------------------------------
Japan Credit Rating Agency Ltd ("JCR") has affirmed the 'BB'
rating on senior debts of the Tokushinkai Group, revising the
rating outlook from Stable to Positive.

Tokushinkai Group is a dental group that is headquartered in
Niigata City, Niigata Prefecture.  While competition in dental
industry is intensifying due to the increasing number of clinics
and the decreasing number of patients, Tokushinkai Group retains
its strong capacity to pull in patients on the strength of its
provision of high-quality dentistry medical treatment.  It resumed
the turning out newly graduated dentists following start of its
clinical practice dentistry residency program.  Additionally,
applicants for mid-career employment are increasing.  As shown by
these situations, its problem of unfilled dentist positions, which
is a priority issue for it, is now disappearing.  Its improved
efficiency in medical treatment has increased productivity and it
has now stability in cash flow.  Although improvement in the
financial structure remains an issue to be addressed, it has
strengthened relations with financial institutions by inviting
personnel from the main bank.

JCR will examine dentist recruitment and turnover propensity and
will then pay attention to changes in its earnings power and
progress in its management base associated with the changes in the
propensity.



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

GENERAL MOTORS: Korean Unit 'Optimistic' About Aid
--------------------------------------------------
Bloomberg News' Seonjin Cha reports that the South Korean unit of
General Motors Corp., GM Daewoo Auto & Technology Co., is
"optimistic" state-owned lender Korea Development Bank will back a
KRW2.5 trillion ($1.9 billion) investment plan as GM tries to
avoid bankruptcy.  The KDB owns 27% of the carmaker.

Bloomberg says that according to the carmaker's chief executive
officer, Michael Grimaldi, GM Daewoo is also considering selling
assets to help raise funds.  The carmaker, whose first-quarter
sales tumbled 44%, has already idled factories and cut workers'
wages.

The report relates that on Feb. 19 the lender said, GM Daewoo,
which makes about 20% of GM vehicles sold worldwide, has requested
additional loans from Korea Development after exhausting a
$2 billion credit line.  Parent GM is also seeking to devise a
restructuring plan that will convince the U.S. government to lend
it money as it battles plunging domestic sales, Bloomberg said.

GM's Sweden based unit, SAAB, and Germany-based unit, Opel, are
seeking government aid to maintain operations.

As reported by the TCR on March 31, the Obama administration has
decided to give Chrysler LLC 30 days to work out a deal with Fiat
SpA and give General Motors Corp. 60 days to come up with a new
restructuring plan.  FOXNews.com relates that the Obama
administration said that GM and Chrysler failed to submit
acceptable plans to receive more bailout money.  The report states
that the administration has decided not to require the two firms
to immediately repay government loan money they previously
received, since that would force them into Chapter 11 bankruptcy.

Chrysler and General Motors have previously said that they might
be forced to file for bankruptcy, which would further hurt
revenues, absent additional loans from the U.S. government.  GM,
in its viability plan submitted Feb. 17, said it needs an
additional $16.6 billion on top of the $13.4 billion loaned from
the Treasury, while Chrysler needs another $5 billion in addition
to the $4 billion it has already received.  Chrysler, in its plan,
also conveyed plans to form a partnership with Fiat.  Chrysler and
GM are currently negotiating a balance sheet restructuring with
lenders and shareholders but are hoping that they are hoping to
effectuate their restructuring outside the bankruptcy courts.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

General Motors Corp. admitted in its viability plan submitted to
the U.S. Treasury on February 17 that it considered bankruptcy
scenarios, but ruled out the idea, citing that a Chapter 11 filing
would result to plummeting sales, more loans required from the
U.S. government, and the collapse of dealers and suppliers.

A copy of GM's viability plan is available at:

             http://researcharchives.com/t/s?39a4

The U.S. Treasury and U.S. President Barack Obama's automotive
task force are currently reviewing the Plan, which requires an
additional $16.6 billion on top of $13.4 billion already loaned by
the government to GM.

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


HYUNDAI MOTOR: First Qtr Domestic Output Drops 29.4%
----------------------------------------------------
Hyundai Motor Co.'s domestic production of vehicles plunged in the
first three months of this year, Yonhap News Agency reports citing
industry data.

Production by Hyundai's local plants dived 29.4 percent to 320,914
units in the January-March period from the same period a year
earlier, the news agency cited the Korea Automobile Manufacturers
Association in a statement.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: Plans to Slash Jobs by 40%
-------------------------------------------
Ssangyong Motor Co. Ltd. is planning to cut some 2,800 employees
or 40 percent of its entire workforce in a bid to revive the
company, The Chosun Ilbo reports.

The company, which currently employs 7,000 workers, will notify
its labor union of the planned job cuts, the report notes.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, the report relates even if the company produces 200,000 cars
a year, it would be better off dissolving the company rather than
saving it.  In order for it to stay alive, a massive lay-off plan
is inevitable, the report says.

"We will demand the maintenance of the current workforce by job-
sharing, with workers taking five-hour shifts during the day and
night," a member of Ssangyong's labor union was quoted by the
Chosun Ilbo as saying.  "We cannot rule out the possibility of a
general strike if the company pushes ahead with the lay-off plan."

According to the report, Ssanygong plans to announce its first
plan to normalize company management since the beginning of court
receivership, including the restructuring plan.

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 met 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.



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

GOLD BRIDGE: Agrees to Extend MOU with HektarKlasik for 45 days
---------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
December 16, 2009, Gold Bridge Engineering & Construction Berhad
disclosed that its wholly owned subsidiary, Aseania Development
Sdn Bhd (ADSB), entered into a Memorandum of Understanding (MOU)
with HektarKlasik Sdn Bhd to a joint venture to invest in, manage
and operate a 3-storey shopping complex together with a basement
floor upon the terms and conditions as may be agreed by Hektar and
ADSB.

The Shopping Mall was developed and constructed by a wholly owned
subsidiary of D'Aseania Mall Sdn Bhd on all that piece of land
held under HSM 378, Mukim 07, PT802, Daerah Seberang Perai Tengah,
Negeri Pulau Pinang.

Hektar and ADSB have agreed to enter into the MOU to define the
basic terms of the Proposed Joint Venture and to regulate their
interest in D'Aseania.

In an update, Gold Bridge said it has agreed to extend the said
MOU for a further period of 45 days from the last date of expiry,
April 9, 2009, as both parties need more time to facilitate
and complete the necessary due diligence exercise before signing
the definitive agreement.

                        About Gold Bridge

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                          *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


NIKKO ELECTRONICS: Bourse Extends Plan Filing Period to May 28
--------------------------------------------------------------
Bursa Malaysia Securities Berhad said it grant Nikko Electronics
Berhad an extension of time until May 28, 2009, to submit the
company's regularization plans to the Securities Commission and
other relevant authorities for approval.

Bursa Securities had commenced de-listing procedures against
Nikko on January 30, 2009, as the company had failed to submit its
regularisation plan to the Approving Authorities for approval
within the prescribed time frame.

After due consideration of all facts and circumstances of the
matter including representations by the company as to, among
others, the progress of its regularisation plan, Bursa Securities
has decided to grant Nikko an extension of time until May 28,
2009, as requested to submit the company's regularisation plan to
the Approving Authorities for approval.

The extension of time granted to Nikko is without prejudice to
Bursa Securities' right to proceed to de-list the securities of
the company from the Official List of Bursa Securities in the
event:

   1. Nikko fails to submit the company's regularisation
      plans to the Approving Authorities for approval by
      May 28, 2009;

   2. Nikko fails to obtain the approval from any of the
      Approving Authorities necessary for the implementation
      of the company's regularization plans and does not
      appeal to the Approving Authorities within the timeframe
      (or extended timeframe, as the case may be) prescribed
      to lodge an appeal;

   3. Nikko does not succeed in the company's appeal against
      the decision of the Approving Authorities; or

   4. Nikko fails to implement the company's regularization
      plans within the timeframe or extended timeframes
      stipulated by the Approving Authorities.

Upon occurrence of any of the events set out in (1) to (4) above,
the securities of the company shall be removed from the Official
List of Bursa Securities upon the expiry of 7 market days from the
date the company is notified by Bursa Securities or such other
date as may be specified by Bursa Securities.

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses.  A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.


NIKKO ELECTRONICS: CTM Seeks Payment of MYR7,200 for Goods Sold
---------------------------------------------------------------
Nikko Electronics Berhad has been served a Summons on April 3,
2009, from Messrs. Zahir Razak & Co, Advocates & Solicitors,
acting for C.T.M Industries Sdn Bhd ("CTM"), claiming a total of
MYR7,200 purportedly being monies due and owing to CTM for goods
sold and delivered to Nikko.

The company is seeking the necessary legal advise to resolve
and/or defend this matter.

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses.  A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.


PECD BERHAD: Bourse Extends Time to Submit Plans Until July 26
--------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that it granted PECD
Berhad an extension of time until July 26, 2009, to submit the
company's regularization plan to the Securities Commission and
other relevant authorities for approval.

Bursa Securities had commenced de-listing procedures against
PECD on March 3, 2009, as the company had failed to submit its
regularisation plan to the Approving Authorities for approval
within the prescribed time frame.

After due consideration of all facts and circumstances of the
matter including representations by the company as to, among
others, the progress of its regularisation plan, Bursa Securities
has decided to grant PECD an extension of time until July 26,
2009, as requested to submit the company's regularisation plan to
the Approving Authorities for approval.

The extension of time granted to PECD is without prejudice to
Bursa Securities' right to proceed to de-list the securities of
the company from the Official List of Bursa Securities in the
event:

   1. PECD fails to submit the company's regularisation
      plans to the Approving Authorities for approval by
      July 26, 2009;

   2. PECD fails to obtain the approval from any of the
      Approving Authorities necessary for the implementation
      of the company's regularization plans and does not
      appeal to the Approving Authorities within the timeframe
      (or extended timeframe, as the case may be) prescribed
      to lodge an appeal;

   3. PECD does not succeed in the company's appeal against
      the decision of the Approving Authorities; or

   4. PECD fails to implement the company's regularization
      plans within the timeframe or extended timeframes
      stipulated by the Approving Authorities.

Upon occurrence of any of the events set out in (1) to (4) above,
the securities of the company shall be removed from the Official
List of Bursa Securities upon the expiry of 7 market days from the
date the company is notified by Bursa Securities or such other
date as may be specified by Bursa Securities.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                          *     *     *

Malaysian Rating Corp. Bhd downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.
The rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.



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

GE ENERGY: Creditors' Proofs of Debt Due on May 4
--------------------------------------------------
The creditors of GE Energy Ltd are required to file their proofs
of debt by May 4, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


EXCELLENT HOLDINGS: Creditors' Proofs of Debt Due on April 17
-------------------------------------------------------------
Excellent Holdings Pte Ltd, which is compulsory liquidation,
requires its creditors to file proofs of debt by April 17, 2009,
to be included in the company's dividend distribution.

The company's liquidators are:

         Goh Thien Phong
         Kan Yut Keong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


KEN SENG: Creditors' Proofs of Debt Due on May 4
------------------------------------------------
The creditors of Ken Seng & Company Pte Ltd are required to file
their proofs of debt by May 4, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wee Hui Pheng & Co.
          1 Coleman Street #06-10, The Adelphi
          Singapore 179803


PLUS-MULTI: Creditors' Proofs of Debt Due on May 4
--------------------------------------------------
The creditors of Plus-Multi International Pte Ltd are required to
file their proofs of debt by May 4, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


SIN HONG: Creditors' Proofs of Debt Due on April 17
---------------------------------------------------
The creditors of Sin Hong Siah Timber Pte Ltd are required to file
their proofs of debt by April 17, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


TUNAS (PTE): Court to Hear Wind-Up Petition on April 17
-------------------------------------------------------
A petition to have Tunas (Pte) Ltd's operations wound up will be
heard before the High Court of Singapore on April 17, 2009, at
10:00 a.m.

Management Corporation Strata Title Plan No. 562 filed the
petition against the company on March 19, 2009.

The Petitioner's solicitors are:

          Messrs. Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


ZENESIS SPC: Fitch Downgrades Ratings on Various 2006-7 Notes
-------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by Zenesis SPC
2006-7:

  -- US$14,487,633 Zenesis 2006-7/10 notes due March 2010
     downgraded to 'BB+' from 'A'; remains on Negative Outlook.

  -- US$53,199,596 Zenesis 2006-7/12 notes due March 2012
     downgraded to 'BB-' (BB minus) from 'A'; remains on Negative
     Outlook.

These two funded synthetic CDO squared transactions reference the
same five inner CDO portfolios of corporates, financial
institutions and sovereigns, but have different attachment and
detachment points at both the inner and master CDO levels.  Each
inner CDO has between 58 and 126 reference entities, totaling 534
assets for the whole portfolio.

To date, there have been seven credit events including Dura
Automotive Inc., Republic of Ecuador, Fannie Mae, Freddie Mac,
Quebecor World Inc., Tembec Industries Inc., and Washington
Mutual, Inc. In addition, credit event notices are likely to be
served on a further six entities namely: Abitibi Consolidated Inc,
Charter Communications Holdings Inc., Lyondell Chemical Co.,
Nortel Networks Corp., Idearc Inc., and Smurfit-Stone Container
Corp.

The ratings downgrade actions reflect that the credit events,
together with the above-mentioned potential credit events, are
likely to erode credit enhancement levels of three of the five
inner CDOs.  While the affected inner CDOs will suffer credit
enhancement erosion it is expected, at this stage, that the losses
are not sufficient to be transferred to the master CDO level.
However, should the inner CDOs continue to experience losses due
to future credit events, the ability of these structures to
maintain the master level C/Es will be impaired.

Since the last review in October 2008, the portfolios have
experienced notable negative rating migration.  In particular, of
the 534 reference entities in the whole portfolio, the number of
entities rated 'CCC+' or below, including defaulted assets, has
risen to 41 from 29.  Two of the five inner CDOs reference mainly
European or US entities that were pre-dominantly investment grade
at closing, and due to their relatively limited available C/Es,
are particularly vulnerable to further credit deterioration.

The Negative Outlooks reflect the risk of further portfolio
deterioration, and should some of the lowly-rated assets default
or if they do not succeed in their restructuring plans, this would
lead to further erosion in the available credit enhancements of
the inner CDOs, thus increasing the likelihood of losses
transferred to the master CDO level.



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

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

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 ***