TCRAP_Public/090416.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 16, 2009, Vol. 12, No. 74

                            Headlines

A U S T R A L I A

ABC LEARNING: Receivers Sell 210 Centres, Close 19 Others
DIORO EXPLORATION: Gets Surprise Takeover Bid from Avoca
FOREST RESORT: Placed in Receivership
FORTESCUE METALS: Seeks More Funding in China


C H I N A

SANLU GROUP: Fonterra May Buy 15% Stake in Dairy Farm


H O N G  K O N G

CHEER STAR: Creditors' Proofs of Debt Due on May 4
CHONG FU: Creditors' Meeting Set for April 17
COSMIC DIGITAL: Creditors' Meeting Set for April 20
FRONT GROUP: Inability to Pay Debts Prompts Wind-Up
GOLDEN CORNER: Placed Under Voluntary Wind-Up

IMAGE PRINTING: Placed Under Voluntary Wind-Up
JASMAN ASIA: Creditors' Meeting Set for April 28
LAM KWOK: Members' Meeting Set for May 19
PCCW IMS: Creditors' Proofs of Debt Due on May 8
PERFECT CHARTER: Creditors' Proofs of Debt Due on May 11

ROYAL WOLF: Members' Meeting Set for May 11
SAN SHAN: Inability to Pay Debts Prompts Wind-Up
STANDARD CHARTERED: Creditors' Proofs of Debt Due on May 8
VICTORY DYEING: Inability to Pay Debts Prompts Wind-Up


I N D I A

ARCVAC FORGECAST: CRISIL Rates Rs.412.5 Mln Long Term Loan at 'C'
MAHIMA FIBRES: CRISIL Puts 'BB-' Rating on Rs.509.7 Mln Term Loan
NANGALWALA IMPEX: CRISIL Assigns 'B' Ratings on Various Bank Loans
RAIGARH ISPAT: CRISIL Places 'BB+' Rating on Rs.115 Mln Term Loan
SHREE RAJMOTI: CRISIL Rates Rs.300 Mln Cash Credit Limit at 'B'

SONA WIRES: Low Net Worth Cues CRISIL 'B+' Rating
VINAYAK POLYTEX: CRISIL Puts 'B+' Rating on Rs.53.5 Mln Term Loan


I N D O N E S I A

PERTAMINA: May Buy LPG from Bontang if Price Lower than Petredec


J A P A N

AEON CO: Posts JPY2.76 Bil. Net Loss in 2008
CITIGROUP INC: May Sell Nikko Citigroup


K O R E A

SSANGYONG MOTOR: Workers To Strike Over Job Cuts
* SOUTH KOREA: Gov't. To Restructure 10 Major Firms


K U W A I T

GULF BANK: Shares' First Trading Day Greeted With 5.3% Drop


M A L A Y S I A

PANGLOBAL: Insurance License Cancelled
* MALAYSIA: Properties Under Receivership Increases


N E W  Z E A L A N D

AIR NEW ZEALAND: Mediation Talks Over Planned Strike Action Fails


P H I L I P P I N E S

LEGACY GROUP: Incomplete Documentation Hampers Payment, KPMG Says


S I N G A P O R E
ACROPOLIS ELECTRONICS: Court Enters Judicial Management Order
URBAN CORPORATION: Creditors' Proofs of Debt Due on May 7
* SINGAPORE: Cuts This Year's Economic Forecast for the 3rd Time


                         - - - - -



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

ABC LEARNING: Receivers Sell 210 Centres, Close 19 Others
---------------------------------------------------------
Receivers for ABC Learning Centres said they had found buyers for
the majority of the 241 centres judged non-viable, The Australian
reports.

The Australian, citing court-appointed receiver Stephen Parbery,
of PPB, says that operators had been found for 210 childcare
centres of the original 241 ABC2 group of centres while 19 centres
would close.

According to The Australian, PPB will continue to explore every
possible option to find sustainable solutions for the eight
centres that have not attracted buyers.

The Age meanwhile relates that of the four remaining centres, two
reverted to former receiver McGrath Nicol, and two had already
been closed.

PPB, as cited by The Age, said that 80% of current employees are
expected to be asked to stay on the job.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, the Canberra Times said the receivers of ABC
Learning received more than 300 new inquiries from potential
buyers for ABC's unviable 241 childcare centres, collectively
known as the ABC2 group.

Receivers McGrath Nichol, Canberra Times noted, is still managing
the remaining 720 ABC Learning centres, while the ABC2 group has
been given AU$34 million by the Federal Government to stay open
until March 31.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd, Premier Early
Learning Centres Pty Ltd, ABC  Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd.  On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


DIORO EXPLORATION: Gets Surprise Takeover Bid from Avoca
--------------------------------------------------------
Dioro Exploration NL said it has received notification of an
intention to make a takeover offer from Avoca Resources Limited
("Avoca").

The Australian relates that Avoca's hostile AU$49 million bid for
Dioro has been labeled a surprise move by the target.

According to the Australian, Avoca's all-scrip offer -- one of its
shares for every 2.82 Dioro shares held -- values the target at
about 53c a share, a 34.2 per cent premium to Dioro's closing
price on Thursday, April 9.

The report, citing Avoca managing director Rohan Williams, says
the company had been investigating the deal for several months
because the combined group would have the largest gold tenements
in the Kalgoorlie to Kambalda districts.

Avoca seeks to combine its Higginsville mine with Dioro's nearby
Frog's Leg and South Kalgoorlie mines, the report notes.

According to the report, the bid is conditional on a 90 per cent
acceptance level, but is not open to overseas shareholders.
Dioro, which is also listed on the Toronto Stock Exchange, has
about 5 per cent of its shareholding in Canada.

In a statement, Dioro advised its shareholders to take no action
in relation to Avoca’s offer or any document received from Avoca
until they receive the Dioro Directors’ formal recommendation.

Based in Australia, Dioro Exploration NL (ASX:DIO) --
http://www.dioro.com.au/ -- is a gold mining and exploration
company.  The company owns the South Kalgoorlie mining operation
(South Kal operation) located 32 kilometers south of Kalgoorlie,
which includes 220,000 ounces of open pitable reserves, 1.675
million ounces of measured and indicated resources, the 1.2
million tonne per annum Jubilee processing facility and
approximately 1,100 square kilometers of exploration acreage.  In
addition, Dioro owns a 49% interest in the Frog’s Leg gold project
located 20 kilometers west of Kalgoorlie, which includes 605,000
ounces of underground gold reserves.  Its subsidiaries include HBJ
Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar
Minerals Limited.

                          *     *     *

Dioro Exploration reported a net loss of AU$15.99 million for
the year ended Aug. 31, 2008 -- its third consecutive annual loss.
In 2007, the company posted a AU$1.32 million net loss.  Dioro
also reported a AU$0.64 million net loss for 2006.


FOREST RESORT: Placed in Receivership
-------------------------------------
The Forest Resort at Creswick, Victoria has been placed in
receivership, The Courier reports.

The report says Leanne Chesser, of corporate restructuring firm
Korda Mentha, was appointed receiver and manager to the Forest
Resort group of companies including Rytelle Pty Ltd, The Forest
Resort Hotel Pty Ltd, The Forest Resort Pty Ltd and Forest Resort
Utilities Pty Ltd.

The receiver, according to The Courier, has notified creditors and
suppliers of the Forest Resort that Korda Mentha intends to
"continue to operate the companies on a business as usual basis".

The report relates Korda Mentha said it was not in a position to
discharge debts incurred before April 1, when the Forest Resort
went into receivership.

Forest Resort -- http://www.forestresort.com.au/-- is a $250
million residential golf course development located at Creswick,
Victoria.  The resort includes a Novotel Hotel and a golf course
designed by Australian golfer, Robert Allenby.


FORTESCUE METALS: Seeks More Funding in China
---------------------------------------------
Matt Chambers at The Australian reports that Fortescue Metals
Group top executive has held meeting with a Chinese bank in its
bid for $3 billion funding.

The bank, according to the report, revealed that Fortescue chief
executive Andrew Forrest met China Export-Import Bank president
and chairman Li Ruogu on March 22.

Fortescue, the report recounts, confirmed earlier this month it
had discussions with Exim Bank and China Investment Corp for funds
to boost its future mining capacity to 120 million tonnes a year.

The report says the miner continues to struggle to lift production
at its Pilbara iron ore operations, where it hopes to boost the
capacity rate to 45 million tonnes a year by the end of this year.

According to the Australia, any funds raised by Mr. Forrest from
Exim Bank would be in addition to the $645 million injection from
Hunan Valin, which is boosting its stake in Fortescue to 17 per
cent.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.



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

SANLU GROUP: Fonterra May Buy 15% Stake in Dairy Farm
------------------------------------------------------
New Zealand's Fonterra Co-operative Group, former partner of Sanlu
Group, plans to buy Sanlu's shares in a joint dairy farm, the
People's Daily Online reports.

According to the Daily Online, Fonterra Chairman Henry van der
Heyden said his company, who owns 85 percent of the dairy farm in
Tangshan, a city in north China's Hebei Province, plans to buy the
remaining 15 percent owned by Sanlu, without mentioning how much
it plans to spend.

The report relates that Sanlu's shares in the farm was put up for
sale in the fourth and planned auction of Sanlu's assets but the
auction subsequently failed.

According to the report, the dairy farm was established in
April 2007 with an investment of CNY144 million (US$21 million)
from Fonterra and Sanlu.  The report says the farm is Fonterra's
first dairy farm outside New Zealand.

The Troubled Company Reporter-Asia Pacific, citing Shanghai Daily,
reported on Mar. 6, 2009, that Beijing Sanyuan won the bidding for
the core assets of the Sanlu Group.

According to the Shanghai Daily, Sanyuan bought Sanlu's core
assets at auction held March 4 in north China's Hebei Province at
the Intermediate People's Court of Shijiazhuang, for CNY616.5
million (US$90.1 million).

Beijing Sanyuan, the Daily related, acquired Sanlu's land use
rights, buildings, machinery and equipment as well as one of its
subsidiaries, the Linhe Dairy.

As reported in the TCR-AP on Feb. 16, 2009, China Daily said Sanlu
was declared bankrupt by a Chinese local court on Feb. 12, 2009.

According to China 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.

On September 25, 2008, the TCR-AP 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.

The TCR-AP, citing the People's Daily Online, reported on Dec. 29,
2008, Sanlu stopped production in September last year and on
Oct. 31 recalled more than 10,000 tonnes of baby formula products
worth nearly CNY1 billion.

                        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.



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

CHEER STAR: Creditors' Proofs of Debt Due on May 4
--------------------------------------------------
The creditors of Cheer Star Development 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:

          Yan Tat wah
          Dah Sing Life Building, 5th Floor
          99-105 Des Voeux Road Central
          Hong Kong


CHONG FU: Creditors' Meeting Set for April 17
---------------------------------------------
The creditors of Chong Fu Catering Company Limited will hold their
meeting on April 17, 2009, at 2:00 p.m., at Founder's Room, 3rd
Floor of South Tower, 41 Salisbury Road, YMCA of Hong Kong,
Tsimshatsui, in Kowloon, Hong Kong.

The company commenced wind-up proceedings on April 3, 2009.

The company's liquidator is:

          Chan Kin Hang, Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


COSMIC DIGITAL: Creditors' Meeting Set for April 20
---------------------------------------------------
The creditors of Cosmic Digital Technology Limited will hold their
meeting on April 20, 2009, at 3:30 p.m., for the purposes of
considering the matters as provided in Sections 241, 242, 243 and
244 of the Companies Ordinance.

The meeting will be held at the office of Baker Tilly Hong Kong,
12th Floor of China Merchants Tower, Shun Tak Centre, in 168-200
Connaught Road Central, Hong Kong.


FRONT GROUP: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on March 27, 2009, the
members of Front Group 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:

          Wong Sun Keung
          Tsui Mei Yuk Janice
          Unit 4, 20th Floor
          Far East Consortium Building
          121 Des Voeux Road Central
          Hong Kong


GOLDEN CORNER: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 2, 2009, the
members of Golden Corner Limited resolved to volunarily wind up
the company's operations.

The company's liquidator is:

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


IMAGE PRINTING: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 3, 2009, the
members of Image Printing Company Limited resolved to volunarily
wind up the company's operations.

The company's liquidator is:

          Charles Kong Cheung On
          Ginza Plaza, Room 1705
          2A Sai Yeung Choi Street
          Mongkok, Kowloon
          Hong Kong


JASMAN ASIA: Creditors' Meeting Set for April 28
------------------------------------------------
The creditors of Jasman Asia Limited will hold their meeting on
April 28, 2009, at 10:30 a.m., for the purposes of considering the
matters as provided in Sections 241, 242, 243 and 244 of the
Companies Ordinance.

The meeting will be held at The Auditorium, 1st Floor of Duke of
Windsor Social Service Building, 15 Hennessy Road, in Wanchai,
Hong Kong.


LAM KWOK: Members' Meeting Set for May 19
-----------------------------------------
The members of Lam Kwok Gymnasium Limited will hold their meeting
on May 19, 2009, at 11:00 a.m., at Room B, 19th Floor of Wing Hang
Insurance Building, 11 Wing Kut Street, in Central, Hong Kong.

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


PCCW IMS: Creditors' Proofs of Debt Due on May 8
------------------------------------------------
The creditors of PCCW IMS Limited are required to  file their
proofs of debt by May 8, 2009, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Goucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


PERFECT CHARTER: Creditors' Proofs of Debt Due on May 11
--------------------------------------------------------
The creditors of Perfect Charter Properties Limited are required
to  file their proofs of debt by May 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Shum Lap Chi
          Ka Wah Bank Centre
          Unit 1201, 12th Floor
          232 Des Voeux Road Central
          Hong Kong


ROYAL WOLF: Members' Meeting Set for May 11
-------------------------------------------
The members of Royal Wolf (Central Asia) Limited will hold their
meeting on May 11, 2009, at 10:00 a.m., at Room 3801-6, 38th Floor
of ICBC Tower, Citibank Plaza, in 3 Garden Road, Hong Kong.

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


SAN SHAN: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
At an extraordinary general meeting held on March 31, 2009, the
shareholder of San Shan Rhone Group 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:

          Kenny King Ching Tam
          Messrs. Kenny Tam & Co.
          Certified Public Accountants
          Nan Fung Tower
          Room 908, 9th Floor
          173 Des Voeux Road Central
          Hong Kong


STANDARD CHARTERED: Creditors' Proofs of Debt Due on May 8
----------------------------------------------------------
The creditors of Standard Chartered Links (HK) Limited are
required to  file their proofs of debt by May 8, 2009, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


VICTORY DYEING: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
At an extraordinary general meeting held on March 27, 2009, the
members of Victory Dyeing Factory 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:

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



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

ARCVAC FORGECAST: CRISIL Rates Rs.412.5 Mln Long Term Loan at 'C'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Arcvac Forgecast Ltd (Arcvac).

   Rs.412.5 Million Long Term Loan      C (Assigned)
   Rs.250.0 Million Cash Credit         C (Assigned)
   Rs.100.0 Million Letter of Credit    P4 (Assigned)
   Rs.37.5 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Arcvac's modest financial risk profile,
limited financial flexibility, and consequent delays in servicing
of term debt instalments.  These weaknesses are, however,
partially offset by the benefits that Arcvac derives from its
established presence, and the vast experience of its promoters, in
the industrial forgings segment.

                          About Arcvac

Incorporated in 2003, Arcvac commenced commercial production in
2006.  The company manufactures ingots and steel forgings.  The
company has been promoted by the Chhajer family of Kolkata, who
have been in the forging business since 1992 under the name of
Smithy group of companies.  The group, prior to Arcvac, had
promoted Vikrant Forge Ltd. which is also in the business of
industrial forging and machining.  Arcvac has a forging capacity
of 7800 tonnes per annum.  For 2007-08, (refers to financial year,
April 1 to March 31), Arcvac reported a profit after tax (PAT) of
Rs. 7.6 million on net sales of Rs. 496 million, as against a PAT
of Rs. 3.7 million on net sales of Rs. 27 million for 2006-07.


MAHIMA FIBRES: CRISIL Puts 'BB-' Rating on Rs.509.7 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Mahima Fibres Pvt Ltd (MFPL).

   Rs.150.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   Rs.509.7 Million Term Loan           BB-/Stable (Assigned)
   Rs.30.3 Million Proposed Long        BB-/Stable (Assigned)
                   Term Facility
   Rs.140.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect MFPL's weak financial risk profile, small
scale of operations, and exposure to risks relating to volatility
in cotton prices.  However, these weaknesses are partially offset
by the benefits that MFPL derives from the vast experience of its
promoters in the textile industry.

Outlook: Stable

CRISIL expects MFPL's financial risk profile to remain weak over
the medium term, owing to high gearing and moderate debt
protection measures.  The outlook may be revised to 'Positive' if
the company reports substantial growth in sales following increase
in capacity, along with high profitability leading to improvement
in capital structure.  Conversely, the outlook may be revised to
'Negative' if the company's profitability and cash accruals reduce
significantly or company undertakes debt funded capex, resulting
in deterioration in financial risk profile.

                       About  Mahima Fibres

Incorporated in 1998, MFPL was earlier engaged in the cotton
ginning business.  The company also promotes organic cotton
farming.  The promoter Mr. Ashok Kumar Doshi, has been in this
business since 1974. In 2005-06, (refers to financial year, April
1 to March 31) it ventured into cotton spinning by establishing a
spinning unit with 13 ring frames and 15600 spindles.  Further,
the company is in the process of doubling up the existing capacity
by establishing additional 13 ring frames and 15600 spindles.  For
2007-08, MFPL reported a profit after tax (PAT) of Rs.24.3 million
on revenues of Rs.1282.5 million, as against a PAT of Rs.20
million on revenues of Rs.758.6 million for 2006-07.


NANGALWALA IMPEX: CRISIL Assigns 'B' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Nangalwala Impex Pvt Ltd (NIPL).

   Rs.99.00 Million Cash Credit Limit    B/Stable (Assigned)
   Rs.4.60 Million Term Loan             B/Stable (Assigned)
   Rs.3.10 Million Proposed Long Term    B/Stable (Assigned)
                   Bank Loan Facility
   Rs.10.00 Million Bank Guarantee       P4 (Assigned)

   * Includes SME Gold card facility of Rs.9 Million

The ratings reflect NIPL's weak financial risk profile marked by
high gearing and weak debt protection measures, and its
susceptibility to risks related to small scale of operations and
revenue concentration.  These weaknesses are partially offset by
NIPL's established presence in the power cables industry.

Outlook: Stable

CRISIL believes that NIPL will maintain its stable credit risk
profile backed by steady revenue growth and stable margins.  The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenue growth, and significant improvement
in operating margins.  Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure, or sustains pressure on its operating margins,
leading to deterioration in credit metrics.

                      About Nangalwala Impex

NIPL was incorporated in 1995 by Mr. Subhash Agarwal and Mr.
Naresh Agarwal.  The company started off with manufacturing of
poly-vinyl chloride (PVC) auto cables but currently is primarily
into manufacturing of rubber coated power cables, which
constituted more than 90 per cent of its sales in 2007-08 (refers
to financial year, April 1 to March 31).  NIPL reported a profit
after tax (PAT) of Rs.4.7 million on net sales of Rs.417.9 million
for 2007-08, as against a PAT of Rs.3.6 million on net sales of
Rs.292.4 million for 2006-07.


RAIGARH ISPAT: CRISIL Places 'BB+' Rating on Rs.115 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Raigarh Ispat and Power Ltd (RIPL).

   Rs.45 Million Cash Credit Limits      BB+/Stable (Assigned)
   Rs.115 Million Term Loan              BB+/Stable (Assigned)
   Rs.25 Million Short Term Facility *   P4 (Assigned)
   Rs.30 Million Letter of Credit &      P4 (Assigned)
                 Bank Guarantee

   * includes overdraft against book debts

The ratings reflect RIPL's marginal market share in the steel
industry, and exposure to risks relating to cyclicality in the
steel industry, and to the non-integrated nature of its
operations.  These weaknesses are, however, partially offset by
RIPL's moderate business risk profile.

Outlook: Stable

CRISIL believes that RIPL will maintain its moderate business
profile.  The outlook may be revised to 'Positive' if the company
reports a substantial increase in revenues or greater integration
in operations.  Conversely, the outlook may be revised to
'Negative' if lower than expected capacity utilisation levels
result in deterioration in operating margins, or if the company
undertakes large, debt-funded capital expenditure.

                       About Raigarh Ispat

RIPL, promoted by Mr. Kamal Kishor Agrawal, Mr. Sushil Kumar
Agrawal and Mr. Sharavan Kumar Agrawal, produces sponge iron.  Its
manufacturing facility at Raigarh (Chhattisgarh) has two sponge
iron kilns with capacities of 100 tonnes each per day.  For 2007-
08 (refers to financial year, April 1 to March 31), RIPL reported
a profit after tax (PAT) of Rs.22 million on net sales of Rs.306
million, as against a PAT of Rs.7 million on net sales of Rs.130
million for 2006-07.


SHREE RAJMOTI: CRISIL Rates Rs.300 Mln Cash Credit Limit at 'B'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of M/S Shree Rajmoti Industries (Rajmoti).

   Rs.300.00 Million Cash Credit Limit    B/Stable (Assigned)
   Rs.158.40 Million Short Term Bank      P4 (Assigned)
                      Facility
   Rs.41.60 Million Proposed Short        P4 (Assigned)
                    Term Facility

The ratings reflect Rajmoti's weak financial risk profile, marked
by high gearing and weak debt protection measures, and the firm's
exposure to risks relating to seasonality and fragmentation in the
edible oil industry, and large working capital requirements.
However, these weaknesses are partially offset by the benefits
that the firm derives from its promoters' experience, and its
established presence in the groundnut oil segment

Outlook: Stable

CRISIL expects Rajmoti to maintain a stable credit risk profile
backed by its position in groundnut oil segment in Gujarat, and
strong brand.  The outlook may be revised to 'Positive' if Rajmoti
reports substantial, sustained profitable growth, and significant
improvement in debt protection indicators.  Conversely, the
outlook may be revised to 'Negative' if the company's capital
structure deteriorates considerably, on account of increased
working capital requirements.

                     About M/S Shree Rajmoti

Set up in 1962 in Rajkot, Rajmoti, is a partnership firm, engaged
primarily in the manufacture and trading of double-filtered and
refined groundnut oil, and refined cottonseed oil.  The firm sells
groundnut oil under the brand, Rajmoti.  The company is promoted
by three partners Mr. Sameer Shah, Mr. Shyam Shah, and Mr.
Bhavdeep Vajubhai Vala, with a profit sharing of 28.5 per cent,
28.5 per cent, and 43 per cent respectively.

Rajmoti reported a profit after tax (PAT) of Rs.7.1 million on net
sales of Rs.2667.2 million in 2007-08 (refers to financial year,
April 1 to March 31) as against a PAT of Rs.10.3 million on net
sales of Rs.2145.6 million for 2006-07.


SONA WIRES: Low Net Worth Cues CRISIL 'B+' Rating
-------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable/P4' to the various
bank facilities of Sona Wires Pvt Ltd (Sona Wires).

   Rs.37.5 Million Cash Credit Limits   B+/Stable (Assigned)
   Rs.34.0 Million Letter of Credit     P4 (Assigned)
                     & Bank Guarantee

The rating reflects Sona Wires' weak financial risk profile,
limited scale of operations, and low net worth.  These weaknesses
are however, partially offset by the company's moderate business
risk profile.

Outlook: Stable

CRISIL believes that Sona Wires' financial risk profile will
remain strained, and its debt protection indicators will remain
weak over the medium term.  The outlook may be revised to
'Positive' if substantial improvement in profitability and further
infusions of equity result in higher net worth for Sona Wires.
Conversely, large debt-funded capital expenditure or decline in
profitability may lead to a revision in outlook to 'Negative'.

                         About Sona Wires

Incorporated as a closely-held company by Mr. S K Jain in 1987,
Sona Wires manufactures galvanised iron (GI) wires and stay wires
with a manufacturing facility at Raipur, Chattisgarh.  The day-to-
day operations are managed by Mr. V K Agarwal, who has been
involved with Sona Wires over the past 15 years.  Sona Wires
reported a profit after tax (PAT) of Rs.134 million on net sales
of Rs.209 million in 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of Rs.114 million on net sales of
Rs.158 million for the previous year.


VINAYAK POLYTEX: CRISIL Puts 'B+' Rating on Rs.53.5 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Vinayak Polytex Pvt Ltd (VPPL).

   Rs.43 Million Cash Credit Limit       B+/Stable (Assigned)
   Rs.53.5 Million Term Loan Facility    B+/Stable (Assigned)
   Rs.3.5 Million Bank Guarantee         P4 (Assigned)

The ratings reflect VPPL's weak financial risk profile, marked by
moderate gearing and weak debt protection measures.  The ratings
also factor in VPPL's small scale of operations in the high-
density poly-ethylene (HDPE) and poly-propylene (PP) bags
industry, and exposure to risks relating to the highly fragmented
nature of the industry.  These weaknesses are, however, partially
offset by the benefits that the company derives from its
established market presence in the woven sacks segment, and strong
customer relationships.

Outlook: Stable

CRISIL expects VPPL to maintain its business risk profile on the
back of strong customer base.  The outlook may be revised to
'Positive' if a substantial improvement in margins leads to
increase in net cash accruals for VPPL.  Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates on account of large, debt-funded capital
expenditure.

                      About Vinayak Polytex

Set up in 1996 as a private limited company, VPPL manufactures
HDPE and PP bags.  Its facilities at Varanasi (Uttar Pradesh), and
Jabalpur (Madhya Pradesh) have an installed capacity of around
6000 tonnes per annum.  It supplies to cement companies in Uttar
Pradesh, Madhya Pradesh, and Rajasthan.

VPPL reported a profit after tax (PAT) of Rs. 1.3 million on net
sales of Rs. 166 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 0.9 million on net
sales of Rs. 132 million for 2006-07.



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

PERTAMINA: May Buy LPG from Bontang if Price Lower than Petredec
----------------------------------------------------------------
PT Pertamina will likely begin purchasing liquefied petroleum gas
(LPG) from Bontang's Badak NGL refinery in East Kalimtan in the
first quarter of 2010 if the LPG price is lower than the import
price from Petredec, Antara News reports citing Pertamina's Deputy
Director for Marketing Affairs Hanung Budya.

The report relates Mr. Hanung said Pertamina will talk to Bontang
LPG producers to keep their gas for the time being at their
storing tanks up the first quarter of 2009.

The absorption of Bontang LPG would depend on the progress of the
government's kerosene-to-LPG conversion program, which this year
was targeted to cover 23 million families, Mr. Hanung said as
cited by the report.

The LPG supplies in 2009 would come from Pertamina's refineries
amounting to one million tons, its contractors (KKKS) one million
tons and imports from Petredec between 800,000 and 1 mil. tons,
according to the report.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                         *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

AEON CO: Posts JPY2.76 Bil. Net Loss in 2008
--------------------------------------------
Aeon Co. reported its first annual loss in seven years due to
lackluster consumer spending and special losses linked to its U.S.
clothing affiliate Talbots Inc., Japan Today reports.

The report says Aeon logged a group net loss of JPY2.76 billion
for the business year ended in February 28, compared with a net
profit of JPY43.93 billion logged a year earlier.

The company's operating profit dropped 20.3% to JPY124.37 billion
on sales of JPY5.23 trillion, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
October 14, 2008, Reuters said Aeon' first half profit dropped 13%
to JPY16 billion (US$158 million) for the six months ended in
August, down from a net profit of JPY23.8 billion a year earlier,
after writing down the value of stores and other assets as it
faces weak consumer spending and a slowing economy.

That report related that the company, which operates Jusco stores
and owns a majority stake in struggling U.S. apparel chain Talbots
Inc, was pushed into the red by JPY40.2 billion worth of
extraordinary losses to write down assets and close unprofitable
stores, and a change in the way it accounts for tax credits also
ate into its profit by about JPY15 billion.

Reuters noted that the company's main general merchandising stores
continued to suffer sharp falls in sales of non-grocery items,
mainly clothing, but food sales were solid as it expanded its
range of private-label goods, a cheaper alternative to national
brands.  A slump in clothing sales has been especially telling on
Aeon and its rivals since clothes carry a far bigger profit margin
than other merchandise, the same report said.

The firm, Reuters added, was also hurt by a dismal performance at
Talbots and other apparel chains.

                         About Aeon Co.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


CITIGROUP INC: May Sell Nikko Citigroup
---------------------------------------
Citigroup Inc intends to sell its Japanese banking unit Nikko
Citigroup Ltd along with Nikko Cordial Securities Inc and Nikko
Asset Management Co in Japan, The Japan Times reports citing Kyodo
News.

The report, citing an official at a major Japanese commercial
bank, says the three Nikko firms combined could be priced at
JPY800 billion.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on April 6, 2009, that Citigroup Inc. started the auction
process to sell Nikko Asset Management Co. and invited bids from
Japanese banks.

According to Reuters, Citigroup has approached Mitsubishi UFJ
Financial Group, Mizuho Financial Group and Sumitomo Mitsui
Financial Group about the sale of Nikko Asset.  Citigroup has also
likely approached Nippon Life Insurance Co and major investment
funds on the sale of Nikko Asset, Bloomberg News related.

Citing The Wall Street Journal, the TCR-AP reported that
Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho
Financial have presented preliminary offers for Citigroup Inc.'s
Nikko Cordial Securities.

According to WSJ, the winner will get Nikko Cordial's 109 retail
branches across Japan and about 7,000 salespeople.  People
familiar with the matter said that MUFG was an early favorite to
win the bidding, WSJ related.

WSJ said the second round of bidding is likely to finish around
the end of April.

                         About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citi had $2.0 trillion in total
assets on $1.9 trillion in total liabilities as of Sept. 30, 2008.

As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC.  In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.



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

SSANGYONG MOTOR: Workers To Strike Over Job Cuts
------------------------------------------------
Yonhap News Agency reports that the labor union of Ssangyong Motor
Co. said its members had overwhelmingly approved a proposed strike
against massive layoffs announced by the company.

According to the news agency, the Ssangyong union said 86.1
percent of 5,025 unionized workers supported the strike call.

The report notes a walkout would complicate Ssangyong's bid to
turn itself around.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2009, The Chosun Ilbo said Ssangyong Motor Co. was
planning to cut some 2,800 employees or 40 percent of its entire
workforce in a bid to revive the company.

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.


* SOUTH KOREA: Gov't. To Restructure 10 Major Firms
---------------------------------------------------
The South Korea government has come up with measures to
restructure the nation's ten major industries for the first time
since the 1997 financial crisis, KBS News reports.

The Ministry of Knowledge Economy in January presented a report
that outlines restructuring measures for major sectors, KBS News
recounts.

KBS News relates according to the Ministry's report, the
government will foster the restructuring of one or two of the
nation’s five automakers.

According to KBS News, the government also proposed to liquidate
insolvent shipbuilders and those with minimal chances to recover
while struggling producers of polystyrene will be consolidated.



===========
K U W A I T
===========

GULF BANK: Shares' First Trading Day Greeted With 5.3% Drop
-----------------------------------------------------------
Gulf Bank KSC dropped 5.3 percent to 450 fils on its first trading
day Tuesday in Kuwait since being suspended in October and after
doubling its capital by issuing new shares, Fiona MacDonald at
Bloomberg News reports citing stock exchange data.
Not adjusted for the capital increase the shares tumbled 53
percent, the report says citing data compiled by Bloomberg.

The shares will not be included in the country’s main index for
the first 14 days after trading resumed, the report relates.

Bloomberg News recalls Gulf Bank’s stock was stopped from trading
on Oct. 26 after it reported losses from derivatives trading.

On Nov. 19, 2008, the Troubled Company Reporter-Asia Pacific,
citing The Associated Press, reported Gulf Bank lost 375 million
dinars (US$1.4 billion) as a result of trading in derivatives and
other financial instruments.

According to AP, Gulf Bank's level of losses, which were
determined by external auditors, was significantly higher than the
previously unofficially reported 200 million dinar estimate.

Gulf Bank admitted the loss occurred as result of the significant
decline in the exchange rate of the Euro against the US dollar.

Following the admission, the members of Gulf Bank's board tendered
their resignation and recommended boosting the bank's capital by
100 percent through  issuance of shares.

According to Bloomberg News, the bank doubled its capital by
issuing 1.25 billion shares to existing investors in January.

Following the capital increase, Bloomberg News says the Kuwait
Investment Authority, the emirate’s US$250 billion sovereign
wealth fund, owns 16 percent of Gulf Bank and private investors
hold 84 percent.

Ali Rasheed al-Bader, a former head of the Kuwait Investment
Authority, took over as chairman on April 12, according to
Bloomberg News.

                       About Gulf Bank KSC

Gulf Bank KSC (KUW:GBK) -- http://www.e-gulfbank.com/-- is a
Kuwait-based financial institution engaged in carrying out banking
activities through a network of 42 branches.  Its services and
products cover personal, corporate and international banking.  The
Bank's personal banking products and services include savings,
investment and current accounts, time deposits, debit and credit
cards, loans and travel insurance.  The business banking products
and services deal with credit facilities primarily for the
trading, manufacturing and services sectors; financial advisory
services; contracting finance; special finance primarily for real
estate and investment companies, Islamic institutions and high-
net-worth investors; margin trading, and credit facilities for
small and medium-sized businesses.  Gulf Bank also offers
international banking services, as well as online banking, online
trading, wireless banking and other electronic services.  The Bank
operates an offshore banking subsidiary in the Kingdom of Bahrain.



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

PANGLOBAL: Insurance License Cancelled
--------------------------------------
Bank Negara Malaysia ("BNM") has informed PanGlobal Berhad that
the revocation of the company's insurance licence took effect on
April 13, 2009, under Section 31(5) Insurance Act 1996 through a
revocation notice by the Minister of Finance dated March 30, 2009.

PanGlobal said the revocation was in compliance with one of the
conditions set out by BNM in its approval of the sale of the
company's general insurance business to Tokio Marine Insurans
(Malaysia) Berhad (TMIM), and the company's surrender of the
insurance license to BNM.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2008, PanGlobal Berhad said in its regulatory
filing with the Kuala Lumpur Stock Exchange that Bank Negara
Malaysia (BNM)approved the scheme of transfer of the company's
general insurance business to Tokio Marine Insurans (Malaysia)
Berhad (TMIM) pursuant to Section 130 of the Insurance Act 1996.

The TCR-AP reported on June 9, 2008 that PanGlobal Insurance
Berhad, a 99.97% owned subsidiary of Panglobal Berhad, made an
application to Bank Negara Malaysia for its approval for the
Proposed Disposal comprising the insurance assets and liabilities
of PanGlobal Insurance to Tokio Marine Insurans (Malaysia) Berhad,
for an indicative purchase consideration of approximately MYR15
million.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.


* MALAYSIA: Properties Under Receivership Increases
---------------------------------------------------
Auctioneers in Malaysia are seeing an increasing trend of
properties under receivership this year, as the overall supply of
auction properties in the last few months had already risen by 10%
to 20% compared with normal times, The StarBiz reports.

"The number of (auction) cases for medium-cost apartments costing
MYR50,000 to MYR150,000 has risen by 15%, while for high-end
condominiums it is up by 10%.  For offices the figure is up by
20%," property Auction House Sdn Bhd General Manager Danny Loh was
quoted by the report as saying.

Landed properties had the smallest increase of 5% and they were
saleable, the report relates citing Mr. Loh.

Another auctioneer told StarBiz that her company's auctioning
activities had risen to between five and 10 cases now, from the
five cases a month before the economic crisis.

However, Mr. Loh estimated that the number of bidders had dropped
by 30% because banks were more stringent on financing and buyers
were careful about buying big-ticket items, the report says.



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

AIR NEW ZEALAND: Mediation Talks Over Planned Strike Action Fails
-----------------------------------------------------------------
Strike action by Air New Zealand cabin staff remains a possibility
after pay talks held Wednesday, April 15, broke down, a report
posted at stuff.co.nz. says.

According to the report, EPMU national secretary Andrew Little
said mediation talks between Air New Zealand and the EPMU, the
union representing the workers, concluded without agreement.

The report relates Mr. Little said the union would now hold
meetings with members to discuss future action.

The report, citing Air New Zealand, says the airline was
disappointed the EPMU walked out of mediation.  Air New Zealand
said "some progress" was being made and management were ready to
return to mediation to negotiate a commercially sustainable deal
"whenever EPMU next makes itself available," the report relates.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Mar. 25, 2009, the EPMU said attendants will stop
work from April 8 to April 11 after being unable to agree on a pay
deal.

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

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

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

                      About Air New Zealand

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

                          *     *     *

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



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

LEGACY GROUP: Incomplete Documentation Hampers Payment, KPMG Says
-----------------------------------------------------------------
KPMG Manabat Sanagustin, the independent audit firm engaged by the
Philippine Deposit Insurance Corporation (PDIC) to help speed up
the pre-settlement examination of deposit accounts in the 12
Legacy-affiliated banks placed under PDIC receivership in
December 2008, confirmed that bulk of the PHP6.05 billion doubtful
accounts in said banks had incomplete documentation due to missing
bank records and discrepancies in recording done by accountable
officers.

"Documentation of bank transactions is the responsibility of the
bank officers.  It is incumbent upon bank officers to comply with
the regulations on deposit-taking", PDIC President Jose C.
Nograles said.

In its report to PDIC, KPMG Manabat Sanagustin said that some bank
records required in the validation of deposit accounts such as
teller's blotters, proofsheets, bank copies of certificates  of
time deposit, among others, were found to be missing as of
takeover dates.  These documents are needed to show evidence of
funds inflow to the banks.

"Under the PDIC Charter, PDIC is mandated not only to determine
the legitimate depositors on record but also to validate that the
deposit account had actual funds inflow", Mr. Nograles said.

PDIC had earlier reported that of the Php6.05 billion classified
as doubtful, the examination of Php5.42 billion worth of deposit
accounts is being hampered by incomplete documentation.  Mr.
Nograles said that the verification process for these accounts
have significantly slowed down because of incomplete bank records.

He clarified that bank records turned over by accountable bank
officers to PDIC when these banks were placed under receivership
in December 2008, were insufficient to enable PDIC to determine
the validity of the bulk of the deposits.  The bank records turned
over to PDIC were inventories as part of standard receivership
procedures.  The PDIC had issued demand letters to Legacy bank
officers to turn over documents still in their possession.  The
PDIC President also appealed to former officers and employees of
the Legacy banks to turn over bank documents still in their
possession to either the PDIC or the Senate committee on trade and
commerce, which is conducting an investigation on the failure of
the banks.

Mr. Nograles said that under Section 21(f) of the PDIC Charter,
PDIC can file charges against the accountable officers and
employees of the Legacy Banks for non-compliance with bank
regulations and their refusal to turn over bank records.  In the
past, PDIC has successfully prosecuted officers for violating this
provision.

The PDIC President explained that Legacy depositors whose accounts
cannot be validated due to incomplete documentation may run after
agents or solicitors whom they entrusted their money.

"The depositors and the PDIC are both victims here.  PDIC will
remiss in its mandate of paying only valid deposit insurance
claims if it pays without bases set by law", Mr. Nograles said.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



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

ACROPOLIS ELECTRONICS: Court Enters Judicial Management Order
-------------------------------------------------------------
On April 3, 2009, the High Court of Singapore entered an order to
place Acropolis Electronics Pte Ltd under judicial management.

United Overseas Bank Limited filed the petition against the
company on February 4, 2009.

Rajah & Tann LLP is the company's solicitor.


URBAN CORPORATION: Creditors' Proofs of Debt Due on May 7
---------------------------------------------------------
The creditors of Urban Corporation Asia Pte. Ltd. are required to
file their proofs of debt by May 7, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


* SINGAPORE: Cuts This Year's Economic Forecast for the 3rd Time
----------------------------------------------------------------
Bloomberg News reports Singapore's trade ministry said economy may
contract 6 percent to 9 percent, reducing its forecast for the
third time this year.  The government previously predicted a
decline of as much as 5 percent, the report says.

The report says according to the trade ministry, Singapore’s gross
domestic product last quarter declined an annualized 19.7 percent
from the previous three months and 11.5 percent from a year
earlier.

Also last quarter, the report says manufacturing fell 29 percent
and services shrank 5.9 percent.

Exports meanwhile fell 17 percent in March from a year earlier,
the report relates citing the trade promotion agency.

Overseas shipments may drop as much as 13 percent in 2009, the
government said as cited by Bloomberg News, revising a previous
estimate for a decline of 9 percent to 11 percent.



                         *********

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.

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