TCRAP_Public/090409.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

           Thursday, April 9, 2009, Vol. 12, No. 70

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Macquarie Fails to Reach Deal with Other Parties
RESONANCE FUNDING: S&P Puts 'B+' Note Rating on Negative Watch
OPES PRIME: First Court Hearing Set for June 11


C H I N A

SANLU GROUP: Sells Three Assets for CNY43.2 Mln.


H O N G  K O N G

CORIOLANUS LIMITED: Moody's Downgrades Ratings on Four Notes


I N D I A

HALDYN GLASS: Default on Loan Payments Cues CRISIL 'D' Ratings
KARNATAKA STATE: Delays in Loan Payment Cues CRISIL 'D' Rating
RAJ RAYON: Fitch Downgrades National Long-Term Rating to 'BB-'
SATYAM COMPUTER: CBI Files Charge Sheet Against Raju and 8 Others
SHREEJI POWER: CRISIL Puts 'B-' Rating on Rs.160 Mln LT Loan

SURYA TREASURE: CRISIL Places 'B-' Rating on Rs.720MM Term Loans
TATA CHEMICALS: Moody's Downgrades Corp. Family Rating to 'Ba1'
TATA MOTORS: EIB Grants GBP329 Million Loan to Jaguar Land Rover
TATA MOTORS: To Set Up Truck Manufacturing Plant in Myanmar
UJJAIN TREASURE: CRISIL Rates Rs.250 Mln Term Loans at 'B-'

VALIA IMPEX: CRISIL Rates Rs.10.00MM Overdraft Facility at 'BB'


I N D O N E S I A

BAKRIE & BROTHERS: May Face Probe on Financial Results Revision
PT PAL: BEI Restructures Firm's IDR1 Tril. Loan


J A P A N

ANDANTE LTD: S&P Downgrades Ratings on Three Classes to 'D'
BEARINGPOINT INC: PwC to Pay $38MM for Japan Unit's Shares
DAIWA SECURITIES: Expects Full Year Loss
NEW CITY: Lone Star Funds Wins Bid to Acquire Firm


K O R E A

GENERAL MOTORS: Korean Unit Incurs US$663.7 Mln Loss in 2008


N E W  Z E A L A N D

FIVE STAR: Directors Banned From Corporate Life


S O U T H  A F R I C A

GENERAL MOTORS: South African Arm To Cut 700 Jobs


                         - - - - -



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

BRISCONNECTIONS: Macquarie Fails to Reach Deal with Other Parties
-----------------------------------------------------------------
Macquarie Group Ltd.'s plan to allow some investors in
BrisConnections to skip future payments on partially paid shares
has failed to win support from other parties, Malcolm Scott at
Bloomberg News reports.

Macquarie, Deutsche Bank AG and other parties were unable to reach
agreement on the plan to let retail investors off the obligation
to pay their next two AU$1 installments, the first due April 29,
Bloomberg News cited BrisConnections in a statement to the stock
exchange.

Meanwhile, the Brisbane Times reports that a Queensland Supreme
Court Justice will announce today, April 9, if winding-up
resolutions can be passed at a planned meeting of BrisConnections
unit holders.

According to the Brisbane Times, lawyers for Macquarie Group, the
underwriters and lenders of the project, filed an injunction in
the Queensland Supreme Court asking that Australian Style
Investments ("ASI") and BrisConnections be prevented from
"putting, promoting or moving" resolutions to wind-up
BrisConnections' trusts.

At a hearing before Justice Peter Dutney, the Brisbane Times
relates, Macquarie Group barrister Patrick O'Shea also sought to
prevent ASI, the company owned by BrisConnections renegade
majority shareholder Nicholas Bolton, from voting in favor of any
winding-up resolution.

Mr. O'Shea, according to the Brisbane Times, said that if a wind-
up resolution was passed, BrisConnections would not be in a
position to fulfill contractual obligations by paying its debt to
Macquarie.

The Brisbane Times relates Mr. O'Shea said BrisConnections owes
Macquarie AU$324 million and requires share payments from unit
holders, due on April 29, to honour that debt.

Meanwhile, the Brisbane Times discloses that the Australian
Securities and Investments Commission ("ASIC") formally joined
proceedings in court today, April 9, telling Justice Dutney its
involvement would extend to guide the court in relation to the
protection of BrisConnections members and investors.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 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, 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.


RESONANCE FUNDING: S&P Puts 'B+' Note Rating on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on the
AU$21.0 million Class F and AU$12.0 million Class G notes of
Series 2006-1 issued by Resonance Funding Pty Ltd. on CreditWatch
with negative implications.

The two classes were placed on CreditWatch negative because their
synthetic rate overcollateralization levels fell below 100% at the
current rating level in the SROC analysis for March 2009.  This
occurred following negative rating migration in the underlying
portfolio and indicates that the available credit enhancement for
the tranches is lower than the level required to maintain their
current ratings.

The rating actions taken on the affected transaction are:

                               Rating           Rating
  Transaction                  To               From    SROC
  -----------                  ------           ------  ----
  Resonance Funding Pty Ltd.   BBB-/Watch Neg   BBB-    99.7869%
  Series 2006-1 Class F
  Resonance Funding Pty Ltd.   B+/Watch Neg     B+      99.8794%
  Series 2006-1 Class G


OPES PRIME: First Court Hearing Set for June 11
-----------------------------------------------
Leonie Wood at The Age reports that Opes Prime's creditors are
unlikely to receive distributions from a proposed AU$253 million
settlement until at least late November, after a timetable for
court hearings and creditor meetings was pushed back by two
months.

According to the Age, Opes' liquidator, John Lindholm of Ferrier
Hodgson, had hoped the Federal Court would set a date in late
April for the first of two court hearings about the proposed
scheme of arrangement, but Justice Ray Finkelstein on Tuesday,
April 7, set the first hearing for June 11.

The report states that creditors are likely to meet in early July,
and the matter would return to court for official approval a few
weeks later.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, the Australian Securities and Investments Commission
(ASIC) unveiled proposed settlement for Opes Prime investors.

In a statement released March 6, ASIC said that it would provide
the necessary releases to allow a settlement offer to be put to
Opes Prime investors, which is expected to deliver a sum of
AU$253 million and a return of around 40 cents in the dollar to
creditors of Opes Prime, which includes investors.

The return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration, ASIC
said in a statement.

The settlement offer is subject to both the approval by Opes Prime
creditors and court approval of a creditors scheme of arrangement
giving effect to the offer.

The proposed settlement follows mediation between ASIC, the ANZ
Banking Group Ltd, Merrill Lynch (International) Australia Pty Ltd
and the liquidator of Opes Prime Stockbroking Limited.

ASIC said major objective in encouraging the mediation was to
recover compensation for investors without the need for costly
litigation and multiple actions.

Under the terms of the mediated settlement, ASIC has agreed, if
the offer is approved by Opes Prime creditors and the Court, not
to pursue these actions against ANZ and Merrill Lynch, who are
parties to the settlement offer.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate the company.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.



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C H I N A
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SANLU GROUP: Sells Three Assets for CNY43.2 Mln.
------------------------------------------------
Three dairy firms won the bidding to purchase the assets of
Sanlu Group at an auction held Tuesday, for a total price of
CNY43.2 million ($6.32 million), the People's Daily Online
reports.

According to the People's Daily, Sanlu's assets that were put up
for auction on Tuesday, April 7, include:

   -- 34 percent equity in Hebei Beilande Dairy;
   -- 16.97 percent share in Shijiazhuang Junlebao Dairy;
   -- 60 percent equity in Anhui Shuanggui Food;
   -- 25 percent equity in Henan Huahuaniu Dairy; and
   -- 169 of its protected trademarks and 12 patent rights.

Xinhua News Agency relates both Beilande Dairy and Junlebao Daily
bought back the shares previously owned by Sanlu at CNY3.2 million
and CNY25 million, respectively.

Hebei Tongfu Food Co Ltd meanwhile bought 60 percent of the shares
owned by Sanlu in Anhui Shuangjia Food Company for CNY15 million,
the report says.  Sanlu's 25 percent stake in Henan Huahuaniu
Dairy, however, failed to get the reserve price.

The auction for Sanlu's trademarks and patent rights was suspended
for "technical reasons", Xinhua notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, China Daily said Sanlu was declared bankrupt by a
Chinese local court on Feb. 12, 2009.

According to the Daily, the Intermediate People's Court of
Shijiazhuang, capital of the northern Hebei Province, accepted the
bankruptcy petition for Sanlu, who faced a CNY1.1 billion
(US$161 million) debt, last December.

The TCR-AP reported on Dec. 29, 2008 that the People's Daily
Online said according to Wang Jianguo, spokesman for the city
government of Hebei provincial capital Shijiazhuang, the petition
was made by the Heipingxi Road branch of Shijiazhuang City
Commercial Bank - a creditor of Sanlu.

Sanlu, according to the Daily Online, stopped production on
Sept. 12.  As of Oct. 31, the group recalled more than 10,000
tonnes of baby formula products worth nearly CNY1 billion.

On September 25, 2008, the Troubled Company Reporter-Asia Pacific
reported that the number of children in China affected by
melamine-contaminated milk has reached 53,000, with Sanlu's
products found to contain the highest levels of the chemical.
Melamine is used to make plastics and fertilizer, and can cause
kidney stones and lead to kidney failure when consumed.

                        About Sanlu Group

Sanlu Group Co is a Chinese dairy products company based in
Shijiazhuang, the capital city of Hebei Province.  The state-owned
company is one of the oldest and most popular brands of infant
formula in China.  Sanlu is 43% owned by Fonterra.



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H O N G  K O N G
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CORIOLANUS LIMITED: Moody's Downgrades Ratings on Four Notes
------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of four series of notes issued by Coriolanus Limited.

The transaction closed in July 2007 and is a managed synthetic CDO
of debt obligations issued by corporations domiciled in Asia.

Moody's explained that the rating actions taken are the result of
the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs.  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 Deutsche Bank AG'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 1 April 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:

Coriolanus Limited:

(1) Series 73 US$140,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Date: July 23, 2007, assigned Aaa

(2) Series 74 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: A1
  -- Prior Rating: Aa2
  -- Prior Rating Date: July 23, 2007, assigned Aa2

(3) Series 75 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Baa2
  -- Prior Rating: A2
  -- Prior Rating Date: July 23, 2007, assigned A2

(4) Series 76 US$50,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2019

  -- Current Rating: Ba2
  -- Prior Rating: Baa2
  -- Prior Rating Date: July 23, 2007, assigned Baa2



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I N D I A
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HALDYN GLASS: Default on Loan Payments Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of ‘D/P5’ to the bank facilities
of Haldyn Glass Gujarat Ltd (HGGL) as the company has defaulted on
its term loan obligations because of weak liquidity.

   Rs.160 Million Cash Credit       D (Assigned)
   Rs.450 Million Term Loan ^       D (Assigned)
   Rs.40 Million Letter of Credit   P5 (Assigned)
                 /Bank Guarantee

   ^ including proposed limit of Rs 76.3 million

HGGL was set up in 1994 by Haldyn Glass Ltd (HGL) along with
Gujarat Industrial Investment Corporation Limited (GIIC).  GIIC
holds about 11 per cent stake in HGGL.  The company had an initial
manufacturing capacity of 150 tonnes per day (TPD) of glass
bottles.  In March 2008, it set up additional capacities of around
100 TPD of clear glass, catering mainly to the Indian-made foreign
liquor segment.  The company, in January 2009, has enhanced its
glass capacity to 200 TPD.

For 2007-08 (refers to financial year, April 1 to March 31), the
company reported a profit after tax (PAT) of Rs.81 million on net
sales of Rs.644 million, as against a PAT of Rs.61 million on net
sales of Rs.568 million in 2006-07.


KARNATAKA STATE: Delays in Loan Payment Cues CRISIL 'D' Rating
--------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Karnataka State Road
Transport Corporation's (KSRTC's) Rs.3812.9 million long-term bank
loan because of the regular delays in payment of interest and
repayment of principal.

KSRTC, set up in 1961 under the Road Transport Corporation Act
1950, operates public bus services in Karnataka.  It has 6600
vehicles.  For 2007-08 (refers to financial year, April 1 to
March 31), KSRTC reported a profit after tax of Rs.405.4 million
on net sales of Rs.13.2 billion, as against a loss of Rs.30.6
million on net sales of Rs.11.7 billion in the previous year.


RAJ RAYON: Fitch Downgrades National Long-Term Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded India's Raj Rayon Limited's National
Long-term rating to 'BB-(ind)' (BB minus(ind)) from 'BBB-(ind)'
(BBB minus(ind)) and revised the Outlook to Negative from Stable.
Simultaneously, the agency has downgraded RR's long-term bank
loans aggregating INR653 million and its cash credit limits
totaling INR500 million to 'BB-(ind)' (BB minus(ind)) from 'BBB-
(ind)' (BBB minus(ind)).  Fitch has also downgraded the company's
letter of credit facilities totaling INR250 million and bank
guarantee facilities totaling INR70 million to 'F4(ind)' from
'F3(ind)'.

The downgrades reflect the sustained and severe deterioration in
RR's operating performance and credit metrics over the past three
quarters.  The operating EBITDA margins have fallen to 0.87% in
the nine months ended December 2008 (9M09) from 10.37% yoy,
impacted by lower sales realizations and input cost pressures.
The interest cover has fallen to 0.18x for the Dec 2008 9M (Dec
2007(9M): 2.58x), putting pressure on the debt protection
measures.  However, Fitch draws comfort from the company's ability
to raise funding to meet its immediate obligations, despite the
ongoing liquidity crisis and negative textile sector outlook.  The
downgrades also reflect pressure on profitability driven by raw
material price volatility and impact of forex losses.  Leverage is
already stretched due to low margins and credit metrics are not
expected to improve significantly in the near term.

The Negative Outlook reflects concerns that the environment may
remain challenging for RR, and the sector, during the short-to-
medium term with potential to further impact its credit metrics.
The agency will closely monitor developments across the industry,
as well as RR's operating performance.  Fitch notes that further
refinancing to repay RR's financial commitments, coupled with
EBITDA margins below 6.5% for H1-FY2010 could put downward
pressure on the ratings.  In any case interest coverage not
improving above 1.25x till H1-FY2010 would result in a downward
rating action.  In addition, any major debt-fund capex/expansion
plans or pressure on working capital requirements could act as a
negative ratings trigger.  Conversely, a sustained improvement in
margins may result in the Outlook being revised to Stable.

The company reported revenue of INR2,802 million (2007: INR2,653
million), EBITDA margin of 10.77% (2007: 10.33%) and net debt to
EBITDA of 3.72x (2007: 3.73x) in FY08.  For the nine months ended
December 2008, RR reported revenues of INR2,271 million (2007:
INR2181 million), on which it recorded a EBITDA margin of 0.86%
(2007: 10.37%), Net loss of INR144 million (2007: Net Profit
INR33 million) and interest cover of 0.18x (2007: 2.58x).


SATYAM COMPUTER: CBI Files Charge Sheet Against Raju and 8 Others
-----------------------------------------------------------------
The Times of India reports that the Central Bureau of
Investigation (CBI) has filed its charge sheet against Satyam
Computer Servies Limited former chairman B Ramalinga Raju and
eight others including his two brothers Rama Raju and
Suryanarayana Raju in the local CBI court on Tuesday.

The report says charges have also been filed against former CFO
Vadlamani Srinivas, PW auditors S Gopalakrishnan and Talluri
Srinivas, Satyam vice president G Ramakrishna, senior finance
manager D Venkatapathi Raju, and assistance finance manager
Ch Srisailam.

According to the Times, all the nine accused have been charged
with offences of criminal conspiracy, cheating, impersonation,
forgery of valuable security, forgery for the purpose of cheating,
showing forged documents as genuine, falsification of accounts and
causing disappearance of evidence.

The Times relates CBI DIG V V Lakshmi Narayana said as of now,
this is the final chargesheet, adding that its investigation is
still continuing and if any new evidence comes forward, further
charges will be filed.

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.


SHREEJI POWER: CRISIL Puts 'B-' Rating on Rs.160 Mln LT Loan
------------------------------------------------------------
CRISIL has downgraded its rating on Shreeji Power & Insulators Pvt
Ltd's (SPIPL's) long-term bank facilities to 'B-/Negative' from
'B/Negative', while reaffirming the short-term rating at 'P4'.

   Rs.160 Million Long Term Loan     B-/Negative (Revised from
                                                  'B/Negative')

   Rs.80 Million Proposed Long       B-/Negative (Revised from
       Term Bank Loan Facility                    'B/Negative')

   Rs.50 Million Proposed Short      P4 (Reaffirmed)
         Term BankLoan Facility

The downgrade reflects SPIPL's rescheduling of loans following
delays in setting up the electric insulators manufacturing
project.  The rating also factors in the intensely competitive and
fragmented nature of the electrical insulator industry.

Outlook: Negative

CRISIL believes that SPIPL' project will face time and cost
overruns.  The ratings could be downgraded in case of actual
delays in the project, leading to delays in debt servicing.
Conversely, the outlook could be revised to 'Stable' if the
project is completed on schedule, stabilising the cash flows.

                      About Shreeji Power

SPIPL is a part of the Gujarat-based Kiran group of companies.
The promoters of the group are diversifying from their traditional
business of logistics and warehousing by setting up a facility for
manufacturing electric insulators with an installed capacity of
5623 tonnes per annum under SPIPL.  The project is proposed to
cater to the strong demand for porcelain insulators both in India
and abroad and is expected to commence operations by July 2009.


SURYA TREASURE: CRISIL Places 'B-' Rating on Rs.720MM Term Loans
----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to the Rs.720
million term loans of Surya Treasure Island Pvt Ltd (Surya).  The
rating reflects Surya's weak financial risk profile marked by
stretched liquidity, exposure to substantial demand risks as a
result of the ongoing downturn in the real estate sector, and
limited development track record of its promoters.  These
weaknesses are mitigated by the company's first-mover advantage in
the retail real estate segment in Bhilai, Chhattisgarh.

Outlook: Stable

CRISIL believes that Surya will 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
time and cost over runs in the mall project.

                     About Surya Treasure

Surya was incorporated by the Entertainment World Developers Pvt
Ltd (EWDPL) group to construct the Surya Treasure Island Mall in
Bhilai.  The project is currently in its early stages of
construction.  EWDPL was promoted by 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.


TATA CHEMICALS: Moody's Downgrades Corp. Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the
corporate family rating of Tata Chemicals Ltd.  The outlook on the
ratings is negative.

"The rating downgrade reflects the expected slower improvement in
TCL's consolidated credit metrics than anticipated when the
company completed the acquisition of US-based soda ash producer,
General Chemical Industry Products, for approximately US$1.05
billion," says Ivan Palacios, a Moody's AVP/Analyst.

"Although the pricing for soda ash is expected to remain
relatively resilient over the short term, the global economic
slowdown has reduced visibility beyond 12 months in terms of
demand and prices for the commodity," says Palacios, also Moody's
Lead Analyst for the company.

"This is because the slowdown in construction activity and
automobile manufacturing is leading to weakening demand and prices
for glass, one of the key end-uses of soda ash.  In addition,
long-term soda ash prices could come under pressure due to planned
increased capacity in China."

"With both soda ash volumes and prices lower than expected at the
time of the completion of the GCIP acquisition, Moody's does not
expect TCL to be able to improve its credit metrics over the next
two years to levels consistent with its existing Baa3 rating,"
says Palacios.

The Ba1 rating continues to reflect TCL's leading positions in its
domestic and international markets for soda ash and fertilizers,
competitive cost structure, diversified product portfolio, and
strong operating record; the latter benefiting from the assured
rate of return on its heavily regulated fertilizer business.

The rating further reflects the company's increasing leverage, a
challenge that has become more acute following the acquisition of
GCIP, the cyclical nature of the commodity chemicals industry, and
the regulatory uncertainty surrounding the fertilizer industry in
India.

Moody's notes that TCL's refinancing risk has diminished
substantially following the completion in November 2008 of the
US$300 million non-recourse financing at GCIP level.  Within the
next 12 months, the company has debt maturities of around Rs6.9
billion coming due, which can be repaid out of available cash on
hand, marketable securities and expected free cash flow
generation.

The negative outlook reflects the fact that challenging industry
conditions may delay the potential recovery of the company's
credit metrics, while reducing headroom under the company's
financial covenants.

Upward pressure on the rating is unlikely over the next 12-18
months. However, the outlook could be changed to stable if TCL
manages its operations and capital such that it maintains Adjusted
Debt/EBITDA ratio of around 3.0x-3.5x and Adjusted EBITDA/Interest
of around 4.0-5.0x.

On the other hand, the ratings could be downgraded if the outlook
for soda ash deteriorates and TCL's profitability declines beyond
Moody's expectations for FY2009-10 and FY2010-11.  Credit measures
that Moody's would consider for a downgrade include Adjusted Debt/
EBITDA exceeding 3.5x and EBITDA/interest coverage dropping and
then remaining below 4.0x.  Downward pressure on the rating could
also develop if the company experiences stress in its financial
covenants.

The last rating action with regard to TCL was taken on June 12,
2008, when Moody's assigned the company a Baa3 corporate family
rating with a negative outlook.  This concluded a review process
initiated following the company's acquisition of a 100% stake in
GCIP.

Tata Chemicals Ltd, based in Mumbai, India, is the flagship
chemical company of the Tata Group.  It is currently the world's
second largest producer of soda ash and the domestic leader for
branded salt, fertilizer and urea products.


TATA MOTORS: EIB Grants GBP329 Million Loan to Jaguar Land Rover
----------------------------------------------------------------
The Times' Christine Buckley reports that the European Investment
Bank has granted EUR366 million (GBP329 million) in loan to Jaguar
Land Rover, owned by India's Tata Motors Ltd.

According to the report, JLR's loan will be underwritten by the
government.

The report relates JLR said in a statement: "This loan will
support Jaguar Land Rover's significant investments in
environmental technologies that are crucial for the future -- part
of a total commitment by the business of over GBP800 million. "

JLR, the report notes, also seeks an additional GBP500 million in
loan guarantees from the government.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

The rating action follows material deterioration in Tata Motors'
cash flows and related metrics on a consolidated basis, derived
from an adverse operating environment, which, combined with
significantly high debt levels, will affect its credit protection
measures beyond those consistent with a 'BB' rating category.


TATA MOTORS: To Set Up Truck Manufacturing Plant in Myanmar
-----------------------------------------------------------
Tata Motors Limited said it will set up a heavy truck
manufacturing facility in Myanmar with a capacity of 1,500 units
per annum, the Hindu Business Line reports.

According to the report, the plant is being set up following an
agreement between Indian and Myanmar governments.  New Delhi had
offered a line of credit of US$20 million (about Rs 100 crore) to
the South East Asian country, the report says.

"The two governments had approached Tata Motors to set up the
plant under this credit line for the assembly of Tata Heavy
Trucks," the report quoted a Tata Motors spokesperson as saying.
After initial discussions with Myanmar officials, the company is
now progressing towards implementation of the project, the
spokesman added.

The Business Line says the spokesperson, however, did not specify
when the plant will be operational.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

The rating action follows material deterioration in Tata Motors'
cash flows and related metrics on a consolidated basis, derived
from an adverse operating environment, which, combined with
significantly high debt levels, will affect its credit protection
measures beyond those consistent with a 'BB' rating category.


UJJAIN TREASURE: CRISIL Rates Rs.250 Mln Term Loans at 'B-'
-----------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to the Rs.250
million term loans of Ujjain Treasure Bazar Pvt Ltd (Ujjain
Treasure).  The rating reflects Ujjain Treasure's weak financial
risk profile marked by an aggressive financial policy, exposure to
substantial project risks, and limited development track record of
its promoters.  These weaknesses are mitigated by the moderate
market position of the company's promoter group.

Outlook: Stable

CRISIL believes that Ujjain Treasure will 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 time and cost over runs in the mall project.

                       About Ujjain Treasure
Ujjain Treasure was incorporated by the Entertainment World
Developers Pvt Ltd (EWDPL) group to construct the Ujjain Treasure
Bazar Mall, in Ujjain, Madhya Pradesh.  The project is currently
in its early stages of construction.  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.


VALIA IMPEX: CRISIL Rates Rs.10.00MM Overdraft Facility at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Valia Impex Pvt Ltd (Valia Impex).

   Rs.10.00 Million Overdraft Facility        BB/Stable (Assigned)
   Rs.600.00 Million Bills Discounting        P4 (Assigned)
   Rs.167.50 Million Buyer Credit Limit *     P4 (Assigned)
   Rs.400.00 Million Factoring – Forfeiting   P4 (Assigned)
   Rs.80.00 Million Bank Guarantee            P4 (Assigned)

   * The facility is in the form of Channel Finance.

The ratings reflect Valia Impex's high customer concentration
risks, and moderate financial risk profile.  These weaknesses are,
however, partially offset by Valia Impex's established track
record as a distributor of polymers for Reliance Industries Ltd
(RIL, rated 'AAA/Stable/P1+' by CRISIL).  The ratings also reflect
Valia Impex's satisfactory risk management policies.

Outlook: Stable

CRISIL believes that Valia Impex will maintain a stable credit
risk profile over the medium term on the back of adequate working
capital management practices.  The outlook may be revised to
'Positive' if there is significant improvement in the company's
capital base and capital structure.  Conversely, the outlook may
be revised to 'Negative' if there are significant increase in
debtors, or if adverse movements in interest rates affect the
spreads available to the company.

                     About Valia Impex

Incorporated in 1989, Valia Impex began operations as a del
credere agent for RIL in 1991.  Initially promoted by Mr.
Balkrishna Valia and his son, Mr. Bhavesh Valia, Valia Impex is
currently managed by Mr. Bhavesh Valia and his family.  The Valia
family was earlier engaged in various businesses including
manufacturing of bicycles, manufacturing of high density
polyethylene (HDPE) ropes, sacks and bags, and import of polymers
from Czechoslovakia.  Today, Valia Impex is one of the largest del
credere agents for RIL in India, and sells more than 16,000 tonnes
of polymer products on average each month.  Valia Impex supplies
polymers in Maharashtra, Goa, Daman and Silvassa.

For 2007-08 (refers to financial year, April 1 to March 31), Valia
Impex reported a profit after tax (PAT) of Rs.15.2 million on net
sales of Rs.121.3 million, as against a PAT of Rs.2.5 million on
net sales of Rs.73.4 million for 2006-07.



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

BAKRIE & BROTHERS: May Face Probe on Financial Results Revision
---------------------------------------------------------------
The Jakarta Globe reports that analysts and government regulators
say an investigation is called for regarding a decision by PT
Bakrie & Brothers Tbk to drastically revise down its record net
losses by almost IDR1 trillion (US$88 million).

According to the report, Indonesia's Capital Market and Financial
Institutions Supervisory Agency, or Bapepam-LK, said that it may
probe the management of the company and its public accounting
company, Doli, Bambang, Sudarmaji & Dadang.

"The directors' replacement may become a last option if there is a
serious violation of the [capital market] law," Robinson Simbolon,
chief of Bapepam-LK's laws and legal assistance bureau, was quoted
by the Globe as saying.  "But it will depend on whether there is a
crime.  It depends on the result of the investigation."

The Troubled Company Reporter-Asia Pacific, citing an earlier
report from Jakarta Globe, said PT Bakrie & Brothers 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.
The company recorded IDR223.4 billion net profit in 2007, Jakarta
Globe noted.

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 related 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.

Bapepam-LK's comments, according to Jakarta Globe, follow
questions asked by related parties, including the Indonesia Stock
Exchange, which questioned the holding company on why it belatedly
revised down its figures.

"We want more explanation.  Why the big difference, such a large
reduction, in just a day?" the report quoted Eddy Sugito, IDX
director of listings, as saying.

The Jakarta Globe says the holding company sold assets last year
to help pay about US$1.2 billion of debt raised by pledging the
shares of coal miner PT Bumi Resources Tbk and other units.

                         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.


PT PAL: BEI Restructures Firm's IDR1 Tril. Loan
-----------------------------------------------
The Export Import Bank (BEI) has agreed to restructure PT PAL
Indonesia's IDR1 trillion (US$88 million) loan to help keep the
company afloat, The Jakarta Post reports.

"Our loans to PAL almost reached the maximum limit of disbursed
credits, or 25 percent of our total equity which stands at
IDR4.3 trillion," BEI president director Arifin Indra was cited by
the report as saying.  "The bank is only restructuring the loans
related to working capital for the construction of vessels that
are still 25 percent finished," he said.

According to the Post, PAL has been in financial trouble since it
received a contract for the construction of 20 vessels in 2006.
The report says 18 of these contracts are still unfinished  due to
soaring costs of ship construction.

The Post relates Mr. Indra said the bank would still support PAL
despite their weak condition by restructuring some of their loan
requirements.

PT Pal Indonesia -- http://www.pal.co.id/v5/index.php -- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

Pal Indonesia's factory is located at Ujung, Surabaya.  The
company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.



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

ANDANTE LTD: S&P Downgrades Ratings on Three Classes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
ratings on the class A-1, A-2, and C credit-linked secured notes
issued under the Andante Ltd. series 3 transaction.  The
transaction is an arbitrage synthetic collateral debt obligation
transaction, initially referencing 100 global names.  S&P lowered
the ratings on classes A-1, A-2, and C following the receipt of a
cash settlement notice and confirmation from the calculation agent
that the amount of accumulated losses has exceeded the loss
threshold amounts.

                         Ratings Lowered

                           Andante Ltd.
              Credit-linked secured notes series 3

                 Class   To   From   Issue Amount
                 -----   --   ----   ------------
                 A-1     D    CCC-   JPY700 mil.
                 A-2     D    CCC-   JPY300 mil.
                 C       D    CCC-   $10 mil.


BEARINGPOINT INC: PwC to Pay $38MM for Japan Unit's Shares
----------------------------------------------------------
BearingPoint International Bermuda Holdings Limited, an indirect
subsidiary of BearingPoint, Inc., on April 2, 2009, entered into a
Share Sale Agreement with PwC Advisory Co., Ltd., the Japanese
affiliate of PricewaterhouseCoopers LLP, for the sale of the
Company's consulting business in Japan to PwC Japan.

Pursuant to the Share Sale Agreement, PwC Japan agreed to purchase
BearingPoint Co., Ltd. (Chiyoda-ku), an indirect, wholly owned
subsidiary of the Company, through the purchase of all issued and
outstanding shares of BearingPoint Japan.  The Company expects to
generate cash of roughly $45 million in connection with the
Transaction, including roughly $38.4 million in cash for the
Shares and $6.6 million in cash from the repayment of intercompany
charges owed by BearingPoint Japan to the Company, subject to
adjustment.  In addition, in connection with the Transaction, PwC
Japan will assume the intercompany debt owed by certain non-Debtor
subsidiaries of the Company to BearingPoint Japan.

On March 23, 2009, the Company announced the planned sale of
substantially all of its business to a number of parties, which
the Company expects will result in modifications to its proposed
plan of reorganization.

The consummation of the PwC Transaction is expected to occur on or
prior to April 28, 2009, and is subject to customary closing
conditions, including the delivery of a transition services
agreement and various other transaction documents on or prior to
Closing.

Key terms of the Share Sale Agreement are:

  -- Payment of Net Payables to the Company by BearingPoint Japan

The Share Sale Agreement permits the payment of any payables owed
by BearingPoint Japan to the Company or its other subsidiaries net
of any receivables owed to BearingPoint Japan from any such
entity.  The settlement of any inter-company payables and
receivables between BearingPoint Japan and the Company requires
approval of the Bankruptcy Court.  The approval is not a condition
to closing of the sale of BearingPoint Japan to PwC Japan, but the
Company expects to seek such Bankruptcy Court approval promptly.

  -- Termination

The Share Sale Agreement may be terminated by mutual consent of
the parties, or by either the Seller or PwC Japan if the other
party fails to comply with any of its material closing
obligations, subject to a 10 business-day cure period not to
extend beyond April 28, 2009.

PwC Japan may terminate the Share Sale Agreement if:

    * the conditions precedent are not satisfied or waived on or
      before the April 28 Drop Dead Date;

    * the Seller breaches its covenants in the Share Sale
      Agreement, subject to a right to cure; or

    * the Seller breaches any of its representations or
      warranties, except where the breach has not had and is not
      reasonably expected to have a material adverse effect on
      BearingPoint Japan, subject to a right to cure.

  -- Representations and Warranties

The Share Sale Agreement contains customary representations and
warranties regarding the Seller, the Shares and BearingPoint
Japan.  The Seller's representations and warranties will not
survive the Closing, and PwC Japan is not entitled to claims for
damages against the Seller for a breach of such representations.

The Company believes that the Transaction does not require
Bankruptcy Court approval because the Transaction was approved by
subsidiaries of the Company that are not Debtors, and, therefore,
are not under the jurisdiction of the Bankruptcy Court.

The sale is expected to become effective on or before April 28,
2009. There can be no assurance that the transaction will be
completed.

                     About BearingPoint

BearingPoint, Inc. -- http://www.BearingPoint.com-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP
-- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done.  The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 on February 18, 2009 (Bankr. S.D.
N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq. at Weil Gotshal
& Manges LLP, has been tapped as counsel.  Greenhill & Co., LLC,
and AP Services LLC, have also been tapped as advisors.  Davis
Polk & Wardell is special corporate counsel.  BearingPoint
disclosed total assets of $1,762,689,000, and debts of
$2,231,839,000 as of Sept. 30, 2008.

Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under Chapter to
implement the terms of their agreement with the secured lenders.
Under the Plan, the Debtors propose to exchange general unsecured
claims for equity in the reorganized company.  Existing
shareholders are out of the money.  The Plan and the explanatory
disclosure statement remain subject to approval by the Bankruptcy
Court.


DAIWA SECURITIES: Expects Full Year Loss
----------------------------------------
Reuters reports brokerage firm Daiwa Securities Group Inc. expects
to post a group net loss for the year to March, due to a drop in
value in its equity holdings.

Bloomberg News says the company’s stock has dropped 44 percent
during the past 12 months.

According to Reuters, Daiwa said it would post a JPY17.4 billion
(US$173 million) loss from its equity investments for the period.

The brokerage posted a JPY67.7 billion net loss for the nine
months to December, tumbling from a JPY59.3 billion profit in the
same period a year earlier, Reuters relates.

The company is scheduled to announce earnings on April 28,
according to Bloomberg News.

Japan-based Daiwa Securities Group Inc (TYO:8601) ---
http://www.daiwa-grp.jp/--- is a security company engaged in the
securities, investment, financing and service businesses.  The
company, comprised of 46 consolidated subsidiaries and six
associated companies, is engaged in the trading and brokerage of
securities and derivatives, as well as the the underwriting, sale,
offering and private offering of securities.  It is also involved
in the investment trust, information service, real estate leasing,
venture capital, financing and clerical service businesses. The
company has operations in both domestic and overseas financial
markets, including Japan, North America, Europe, Asia and Oceania.
Daiwa Securities Group has a global network.


NEW CITY: Lone Star Funds Wins Bid to Acquire Firm
--------------------------------------------------
Lone Star Funds beat Daiwa House Industry Co., Oaktree Capital
Management LP and other investors in a bid to acquire New City
Residence Investment Corp., Bloomberg News reports citing three
people with knowledge of the transaction.  The deal would total
about US$1.2 billion including debt, according to the news
agency's sources.

New City has submitted a rehabilitation plan to the Tokyo district
court, under which it will sell shares in a private-placement to
Lone Star in November, Bloomberg News says citing a statement in
the firm's Web site.

According to Bloomberg News, New City filed for bankruptcy on
Oct. 9 with JPY112.4 billion of debt attributing its failure to
difficulties in raising funds and selling properties because of
the global financial crisis.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2009, Moody's Investors' Service downgraded the issuer and
senior unsecured long-term debt ratings of New City to Caa1 from
B1 (under review for possible further downgrade).  The outlook was
stable.

Moody's also withdrew the ratings immediately after the
downgrades, as the rating agency believes it lacks adequate
information to maintain them.

Moody's still believes that the value of the assets in NCR's real
estate portfolio should be sufficient to pay down all of its
outstanding debt.  The agency downgraded the ratings immediately
prior to withdrawing them because of concerns that the company
would become more vulnerable due to the slump and uncertainties in
the real estate market.

Moody's last rating action with respect to NCR was taken on
October 17, 2008, when it downgraded the company's issuer and
senior unsecured long-term debt ratings from Ba1 to B1, and kept
the ratings under review for possible downgrade.

Japan-based New City Residence Investment Corporation is a real
estate investment trust.  The company owns more than 6,700
apartments in Japan.



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

GENERAL MOTORS: Korean Unit Incurs US$663.7 Mln Loss in 2008
------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Corp., reported a net loss in 2008, as massive foreign
exchange bets to hedge overseas sales turned sour on a weaker won
and declining exports, Reuters reports citing GM Daewoo in a
statement.

Reuters says GM Daewoo posted a KRW875.7 billion (US$663.7
million) net loss for 2008, compared with a net profit of
KRW540.5 billion profit a year earlier.  The company reported
KRW2.3 trillion losses from derivatives trading, up sharply from
some KRW200 billion a year ago.

"Negative foreign exchange hedging positions, rising
manufacturing/engineering costs and increased material costs were
the main reasons for the loss," Jay Cooney, Vice President of GM
Daewoo's Corporate Affairs, told Reuters by telephone.

GM Daewoo's operating profit also plunged 39 percent to KRW290.3
billion in 2008.

According to Reuters, the results came as the company has
requested additional loans from banks including main creditor
Korea Development Bank after exhausting a US$2 billion credit
line, and its top shareholder General Motors has warned of the
rising chance of a bankruptcy.

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

General Motors previously said it 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 US$16.6 billion on top of the US$13.4 billion loaned
from the Treasury.

GM is currently negotiating a balance sheet restructuring with
lenders and shareholders but is hoping to effectuate its
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.

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.



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

FIVE STAR: Directors Banned From Corporate Life
-----------------------------------------------
The New Zealand Herald reports that three directors of Five Star
Group of companies have been banned from corporate life for five
years.

The Herald relates that Peter Barker, the deputy registrar of
companies, said Marcus Arthur MacDonald, Nicholas George Kirk and
Anthony Walpole Bowden are prohibited from directing or managing
companies in New Zealand for five years.

Citing a report from Ministry of Economic Development's National
Enforcement Unit to the Registrar of Companies, the Herald relates
the enforcement unit alleged mismanagement, included reckless
trading, breaches of directors' duties and failure to maintain
adequate books and records.

Mr. Barker, according to the report, had to assess whether the
directors of Five Star Finance Ltd, Five Star Consumer Finance Ltd
and Five Star Debenture Nominee Ltd were responsible for the
companies' demise.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.



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

GENERAL MOTORS: South African Arm To Cut 700 Jobs
-------------------------------------------------
Dow Jones state that a spokesperson of General Motors Corp.'s
South African unit said that the firm will lay off about 700
employees, after market conditions deteriorated further in the
early part of this year.

Dow Jones quoted General Motors South Africa communications
manager Denise van Huyssteen as saying, "We anticipate terminating
the services of temporary contract employees, extending the
voluntary separation plan to all employees and, as a last resort,
implementing forced retrenchments."  General Motors South Africa
would proceed with lay offs after consulting with the industry
union and other worker representatives, Dow Jones says, citing Mr.
van Huyssteen.

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 November 10,
2008, General Motors Corporation's balance sheet at September 30,
2008, showed total assets of $110.425 billion, total liabilities
of $170.3 billion, resulting in a stockholders' deficit of
$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 November 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
November 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 $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.



                         *********

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

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

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


                            *********


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

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

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

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

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





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