TCRAP_Public/090422.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, April 22, 2009, Vol. 12, No. 78

                            Headlines

A U S T R A L I A

ASCIANO GROUP: Receives Takeover Offers
BABCOCK & BROWN: Banks Mull on Buying Out Noteholders
BRISCONNECTIONS: Macquarie Offers Lifeline to Investors
CUMMINSCORP: Creditors Voted to Liquidate Firm
FORTESCUE METALS: Confirms Investment Talks in China

LIBERTY PRIME: Fitch Assigns 'BB' Rating on Class E Notes
PACIFIC BRANDS: Obtains Debt Repayment Extensions


C H I N A

AGFEED INDUSTRIES: Receives Nasdaq Non-Compliance Notice
FORD MOTOR: Says 2009 China Sales May Exceed 10%
GENERAL MOTORS: May Build New Plant in China to Boost Sales


H O N G  K O N G

BEP CORPORATE: Inability to Pay Debts Prompts Wind-Up
BETTER ELECTRICAL: Inability to Pay Debts Prompts Wind-Up
GENSET LIMTED: Creditors' Proofs of Debt Due on May 29
HIGH REGARD: Creditors' Meeting Set for April 24
JOINBEST INTERNATIONAL: Creditors' Meeting Set for April 24

MOK YING: Members' Meeting Set for May 18
PEREGRINE BROKERAGE: Members' Meeting Set for May 20
POWER HERO: Creditors Opt to Wind Up Operations
S.E.A. TRAC: Members' Meeting Set for May 18
SCRIPT SECURITISATION: S&P's BB+ Rtng on Class D Notes on WatchNeg

UNIVERSAL BRIGHT: Placed Under Voluntary Wind-Up


I N D I A

ASHOK TRANSFORMERS: CRISIL Rates Various Bank Facilities at 'BB+'
MAHAMERU FASHION: CRISIL Puts 'B' Rating on Rs.217.9 Mln LT Loan
MUTHOOT HOTELS: CRISIL Assigns 'BB+' Ratings on Various Bank Loans
MUTHOOT HOTELS: CRISIL Rates Rs.135 Mln Foreign Currency Term Loan


I N D O N E S I A

PT GAJAH: Poor Operating Environment Cues S&P's Junk Rating


J A P A N

ASYST TECHNOLOGIES: Files for Chapter 11, Related Filings in Japan
CITIGROUP INC: Closes Final Bid for Nikko Cordial
HITACHI LTD: May Seek Public Funding
PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'B1'
TOSHIBA CORPORATION: Drops on Stock Offering News


J O R D A N

BANK OF JORDAN: Fitch Affirms Issuer Default Rating at 'BB-'
JORDAN ISLAMIC: Fitch Affirms Issuer Default Rating at 'BB-'


K O R E A

HYUNDAI MOTOR: Says 2009 China Sales May Reach 11% on Tax Cuts
HYUNDAI MOTOR: Recalling 500,000 Vehicles on Switch Malfunction
KOREAN AIR: To Hike Fares to U.S., Europe By 10%


N E W  Z E A L A N D

AIR NEW ZEALAND: EPMU Issues Another Strike Notice
BRIDGECORP: Proceedings Against Two Directors Moved to June 16
DOMINION FINANCE: Receivers To File Claims Against Valuations Firm
PROPERTYFINANCE: SecCom Bans Moratorium Restructure Advertisement


P H I L I P P I N E S

PRUDENTIAL LIFE: SEC Revokes Dealership License
UNITED COCONUT: Receives PHP30-Bln Deposits from Gov't.


S I N G A P O R E

G-PHONE SINGAPORE: Court Enters Wind-Up Order
PACIFIC EXPLORATION: Court Enters Wind-Up Order


U N I T E D  A R A B  E M I R A T E S

AJMAN SEWERAGE: Moody's Withdraws Rating on 2026 Loan Facility


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -



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

ASCIANO GROUP: Receives Takeover Offers
---------------------------------------
Asciano Group said it has received some proposed takeover offers
and offers for individual assets, The Age reports.

"These proposals include indicative offers for a range of
different assets, together with a number of proposals relating to
transactions that may result in a change of control and or a
recapitalisation of the group," the report cited Asciano in a
statement.  "All of the proposals are conditional and non-
binding."

The report relates the company said it was evaluating the
proposals and would select a smaller group of parties to complete
further due diligence and provide final binding offers.

Asciano is aiming to announce a transaction by the end of the
current financial year, The Age notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, The Australian said Asciano Group was considering
buyout offers for all of its assets after a plan to sell a half-
stake in its coal-haulage division failed to attract sufficient
interest.

The group, the Australian recalled, had said it was extending its
plan to "monetise" its coal business, signalling the possibility
of further asset sales after reporting a loss of AU$93.4 million
for the first half of the financial year.

According to the Australian, asset sales would allow Asciano to
address looming debt repayments, with a AU$290 million working
capital facility due to roll over in May and a further AU$2.25
billion in debt maturing in May 2010.

The group has debts of AU$4.5 billion but a market value of just
AU$506 million, the Australian noted.

Asciano Group (ASX:AIO) -- http://www.asciano.com/-- is an
Australia-based infrastructure owner, with a primary focus on
transport infrastructure, including ports and rail assets, and
associated operations and services.  The company operates through
its wholly owned subsidiary, Asciano Limited, and its controlled
entities, including Asciano Finance Trust.  Asciano provides
freight transport solutions through two freight transport modes.
The company's operations include the Pacific National rail
operations and the Patrick ports and stevedoring businesses.  It
owns and operates a range of infrastructure assets, including
ports and rail across Australia.  It also provides intermodal
services, providing interstate rail freight services to freight
forwarders and steel manufacturers.  Through Patrick's ports and
stevedoring business, Asciano operates container terminals. It
provides a network of ports-related freight services and logistics
to importers and exporters.


BABCOCK & BROWN: Banks Mull on Buying Out Noteholders
-----------------------------------------------------
A syndicate of 25 banks is considering a move to buy out Babcock &
Brown Ltd.’s 8,000 subordinated noteholders owed about AU$600
million, The Australian reports.

The Australian says any offer would pre-empt an August 17 meeting
designed to discuss how much or how little noteholders could
expect to recoup from the company's collapse.

The report, citing analysts, relates the banks would have to offer
more than AU$600,000 offered by management in March, which the
noteholders rejected, to stave off any investigations into the
company, including putting it into liquidation or challenging
their rights to the debt if the company is solvent.

Meanwhile, The Australian discloses that the syndicate of banks,
on advice from McGrathNicol, entered a conditional agreement on
March 31 for a management buyout of Babcock & Brown Public
Partnerships to Amber Infrastructure Group.  The price has not
been disclosed, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against the special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

                      About Babcock & Brown

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
November 25, 2008, Standard & Poor's Ratings Services lowered its
long-term issuer credit rating on Australia-based Babcock & Brown
International Pty Ltd. to 'CC' from 'CCC+', following disclosure
of a dispute relating to the release of a deposit with a bank.
The short-term rating remains on 'C', and the long-term and the
short-term ratings remain on CreditWatch with negative
implications, where they were initially placed on Nov. 10, 2008.
The CreditWatch negative reflects that the rating on BBIPL is
expected to be lowered to 'D' if the worsening liquidity problems
lead to a default.  The rating is also likely to be lowered to 'D'
if BBIPL fails to meet its AU$3.1 billion corporate facilities'
financial covenants and the banks accelerate payments under the
facilities, or if a facility is restructured in such a way that is
deemed by Standard & Poor's as a distressed exchange.  For
example, a restructure could result in lenders not receiving
appropriate compensation.  S&P notes that Babcock & Brown intends
to negotiate with its lenders for amendments in the corporate bank
facilities.

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


BRISCONNECTIONS: Macquarie Offers Lifeline to Investors
-------------------------------------------------------
Macquarie Group Ltd has offered a lifeline to small investors in
Brisconnections by paying their outstanding instalments if they
give up their holdings for free, The Sydney Morning Herald
reports.

According to the Herald, Macquarie Group said it will pay all
remaining liabilities to about 80 per cent of unit holders in the
BrisConnections Investment Trust, including the second instalment
of $1 per BrisConnections unit due on April 29 and a third
instalment of $1 per security on January 29, 2010.

The report relates Macquarie said the offer is open to eligible
unit holders who held  fewer than 50,000 units in BrisConnections
as of April 14.

"BCS (BrisConnections) unit holders are under absolutely no
obligation to accept Macquarie's offer,and should not do so if
they prefer to retain their units and pay the second instalment,"
the report cited Macquarie in a statement.

The report says unit holders have until May 4 to accept
Macquarie's offer.

Macquarie, as cited by the Herald, said it had been in discussions
with Deutsche Bank AG, Sydney Branch (Deutsche) and other parties
on a proposal to put to retail unit holders in BrisConnections,
but no agreement had been reached on that proposal.

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.

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 has launched court action to hold all parties to their
contractual obligations, Reuters said.

                           Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

The Australian, citing Leighton Holdings in filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                           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 related 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.


CUMMINSCORP: Creditors Voted to Liquidate Firm
----------------------------------------------
Cumminscorp Limited has been moved into liquidation, according to
a report posted at Goldcoast.com.au.

The report says the creditors on Monday, April 20, voted to
liquidate the company after it failed to pay an already delayed
contribution at the end of March.

According to the report, the 20c in the dollar payment was due in
September and Cumminscorp indicated last week it was still unable
to cough up the cash.

Goldcoast.com.au relates that Cumminscorp's creditors, who are
owed about $1 million and were being paid under a deed-of-company-
arrangement, have also called on an investigation to determine if
the company was trading while insolvent.

Citing a previous report from Goldcoast.com.au, the Troubled
Company Reporter-Asia Pacific reported on Dec. 18, 2008, that
creditors of Cumminscorp Limited have unanimously agreed to wait a
further six months before they receive payments under a deed of
arrangement, allowing the company to use the funds for further
expansion.

Goldcoast.com.au related that the company has been operating under
the deed of arrangement after moving out of voluntary
administration in 2007.

Based in Australia, Cumminscorp Limited --
http://www.cumminscorp.com.au/-- engages in the research and
development of water solutions with emphasis on water tank
manufacture, aquaculture systems to harvest fish and water
purification and water remediation systems.


FORTESCUE METALS: Confirms Investment Talks in China
----------------------------------------------------
Fortescue Metals Group Ltd confirmed Monday media commentary about
potential corporate transactions.

The Age newspaper, citing BusinessDay, reported Tuesday that
Fortescue founder Andrew Forrest dined with Lou Jiwei, the head of
China's sovereign wealth fund at the Bo'ao economic forum on
Friday.  He was spotted speaking with China Investment Corporation
official Bai Xiaoqing a day later, the report relates.

In a statement, the iron ore miner said senior Fortescue
executives visited China and held discussions with a range of
parties in regards to future investment and finance opportunities.

However, the company said the talks are "preliminary and
incomplete in nature as the company remains focused on ensuring
the successful ramp up of its current infrastructure platform."

The news sent Fortescue's shares up 5 percent to AU$2.66 on
Monday, April 20, the highest level since April 3, on the
Australian stock exchange, according to Bloomberg News.

Separately, The Wall Street Journal's Juan Chen reports Fortescue
Chief Executive Andrew Forrest said he is confident China will
approve Hunan Valin Iron & Steel Group Co.'s investment in the
company.

"We are not expecting any problems with the approval," the WSJ
quoted Mr. Forrest as saying.

The WSJ recalls China-based Valin said in February that it will
buy 16.5% of Fortescue for AU$1.2 billion (US$865 million).

According to the WSJ, Australia's government approved the
transaction in March.  China's economic-planning agency, the
National Development and Reform Commission, has yet to approve the
deal.

                        About Hunan Valin

China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes.  Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US.  It was
formed in 1999.  In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.

                     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.


LIBERTY PRIME: Fitch Assigns 'BB' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings-Sydney/Singapore-21 April 2009: Fitch Ratings has
assigned final ratings and loss severity ratings to Liberty PRIME
Series 2009-1 Trust's mortgage-backed floating-rate notes:

  -- AU$44.5 million Class A1 notes: 'F1+';
  -- AU$200.5 million Class A2 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$283.0 million Class A3 notes: 'AAA', LS-1; Outlook Stable;
  -- AU$37.8 million Class AB notes: 'AAA', LS-2; Outlook Stable;
  -- AU$8.4 million Class B notes: 'AA', LS-3; Outlook Stable;
  -- AU$8.4 million Class C notes: 'A', LS-3; Outlook Stable;
  -- AU$8.4 million Class D notes: 'BBB', LS-3; Outlook
     Stable; and
  -- AU$3.0 million Class E notes: 'BB', LS-4; Outlook Stable.

The Class F notes totaling AU$6.0 million represents 1.0% of the
AUD equivalent of the total amount of bonds to be issued and were
not rated by Fitch.

The notes were issued by Liberty Funding Pty Ltd in respect of the
Liberty PRIME Series 2009-1 Trust.

At the pool cut-off date, the total collateral pool comprised 9.9%
reduced documentation mortgages with the remaining borrowers
provided full documentation.  The portfolio consisted of 2,893
loans originated by Liberty Financial Pty Ltd totaling
approximately AU$591.0 million.  Fitch's calculated weighted
average current loan-to-value ratio was 68.8% and the weighted
average seasoning was just under 26 months.  Investment loans
comprise 12.7% of the pool, and 17.0% of mortgages in the
portfolio are interest-only loans.  In addition, fixed rate loans
make up 7.1% of the pool.  The agency has incorporated all the
abovementioned factors into its credit analysis of the
transaction.

The final 'F1+' rating assigned to the Class A1 notes and the
final 'AAA' ratings assigned to the Class A2, Class A3 and Class
AB notes are based on:

  -- the quality of the mortgage loan collateral;

  -- the 5.7% credit enhancement provided by the subordination of
     the Class B, C, D, E and the unrated Class F notes and excess
     spread;

  -- Liberty's mortgage underwriting and servicing capabilities;

  -- the liquidity provision of 1.5% of the outstanding rated
     notes funded from the issuance proceeds; and

  -- the interest-rate swap arrangements the trustee has entered
     into with National Australia Bank Limited ('AA'/Outlook
     Stable).

The final ratings assigned to other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change in the short
term as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


PACIFIC BRANDS: Obtains Debt Repayment Extensions
-------------------------------------------------
Pacific Brands Limited said it has extended the maturity profile
of its debt facilities, The Age reports.

According to the report, Pacific Brands said:

   -- the first tranche of its existing debt had been
      extended from August 21, 2010, to January 1, 2011,
      by when that tranche would be repaid fully;

   -- Tranche 2 had been extended from August 21, 2010,
      to March 28, 2012; and

   -- Tranche 3 and the company's securitisation facility
      would remain unchanged.

The Age says the company had AU$810.8 million in net debt at
December 31, 2008, with AU$1.05 billion available under current
facilities at that time.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2009, Bloomberg News said Pacific Brands obtained a six-
month extension to repay AU$330 million (US$215 million) of debt.

The extended debt is part of the company's AU$550 million debt due
in February 2010, Bloomberg News related.

Bloomberg News said with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories.  The company had
8,126 employees at June 30, according to data compiled by
Bloomberg.

The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.

In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2 percent of revenue, Bloomberg News
disclosed.

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

                      About Pacific Brands

Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/--  is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.



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

AGFEED INDUSTRIES: Receives Nasdaq Non-Compliance Notice
--------------------------------------------------------
AgFeed Industries, Inc., has received a letter from Nasdaq
indicating that AgFeed's issuance of common stock and warrants in
December 2008 without shareholder approval violated Marketplace
Rule 5635(d)(2) and providing AgFeed an extension until June 12,
2009, to evidence compliance with Nasdaq's shareholder approval
requirements.  To remedy this matter, AgFeed agreed to seek
shareholder approval at its 2009 Annual Meeting of Shareholders of
the referenced transaction.  AgFeed's 2009 Annual Meeting is
scheduled to be held on June 11, 2009.

AgFeed Industries also disclosed that Selina Jin was appointed as
its Chief Financial Officer on April 16, 2009.  Liangfan Yan,
AgFeed's former Chief Financial Officer, will remain with AgFeed
as its Internal Controller.

                          Nasdaq Letter

On April 13, 2009, AgFeed received a letter from Nasdaq indicating
that AgFeed's sale of common stock and warrants in a December 2008
registered direct offering violated the shareholder approval
requirement of Nasdaq Marketplace Rule 5635(d)(2).  Nasdaq also
provided an extension until June 12, 2009 to evidence compliance
with Nasdaq's shareholder approval requirements.  AgFeed's 2009
Annual Meeting is scheduled for June 11, 2009.

In a registered direct offering which closed on December 31, 2008,
AgFeed sold to four institutional investors 5,000,006 units, each
consisting of one share of our common stock and a warrant to
purchase seven-tenths of one share of our common stock for
aggregate gross proceeds of $8,750,010.25, or $1.75 per unit.  The
5,000,006 shares of common stock were sold at a discount to market
price, but only represented approximately 15.2% of AgFeed's
outstanding common stock prior to the sale, well below the 20%
limit of Marketplace Rule 5635(d)(2).  However, the 3,500,004
shares of common stock issuable upon exercise of the warrants
represented approximately 10.6% of AgFeed's common stock prior to
the sale.  While the $2.50 exercise price of the warrants was
greater than the market price of AgFeed's common stock at the time
of the sale, it was less than $3.29 book value of AgFeed's shares,
as reflected in the financial statements included in AgFeed's Form
10-Q Quarterly Report for the third quarter ended September 30,
2008.

In a letter to Nasdaq dated February 27, 2009, AgFeed agreed to
seek shareholder approval at its 2009 Annual Meeting of
Shareholders for its sale of common stock and warrants in the
December transaction.  In the letter and subsequent conversations
with Nasdaq's staff, AgFeed also agreed to not effect exercises of
the warrants prior to the date of shareholder approval.

Members of the Company's management having the right to vote
11,460,024 shares of the Company's common stock (representing
approximately 30% of AgFeed's outstanding common stock) have
agreed to vote to approve the December transaction at the 2009
Annual Meeting.  The December transaction will be approved if a
majority of the votes cast on the transaction at the annual
meeting vote to approve it, not counting any votes represented by
the shares purchased in the December transaction which are voted
by an investor in that transaction.

                    Appointment of Selina Jin

Ms. Jin joined AgFeed as its Assistant Chief Financial Officer in
June 2008.  She brings to AgFeed 12 years of extensive experience
in financial management, researching, budgeting, reporting,
investment analysis, internal controls, and design of corporate
performance evaluation.  She is familiar with the latest PRC GAAP,
US GAAP and IFRS and is English speaking.

Dr. Songyan Li, Chairman of AgFeed commented, "Ms. Jin is skilled
at establishing financial analysis modules and integrating and
implementing financial accounting controls and procedures. I
believe she will be of great help in advancing our financial
management."

Ms. Jin possesses a Bachelor's degree in Accounting from the
School of International Business at Hunan University and a Masters
of Business Administration in Finance and Accounting from Shanghai
University of Financial and Economics.  Ms. Jin is a member of the
China Association of Chief Financial Officers, the Institute of
Management Accountants, and the International Financial Management
Association.

Prior to joining AgFeed, Ms. Jin served as the Chief Financial
Officer of Changsha Zhan Hong Energy Chemical Co., Ltd., where she
directed an array of financial functions, including effective
variance analyses on financial performance, financial budgeting
and financial ratio monitoring.  Under her leadership, the
financial department assisted management with strategic planning,
budgeting, management process control, corporate performance
evaluation, and, most importantly, increasing shareholder value.

From 2003 to 2004, Ms. Jin was the Assistant Chief Executive
Officer of Citia International Ltd. N. Z., where she established
that company's financial and operational infrastructure and
designed and implemented internal controls for its financial and
operating systems.  Ms. Jin began her career as an assistant
professor in the Business School of Central South University,
where her responsibilities included teaching courses and
conducting research in financial accounting, corporate finance
analysis, taxation, and management information systems for
accounting.

While an MBA candidate, Ms. Jin directed a number of projects,
including setting up a customized enterprise performance
evaluation system based on a corporation's unique situations and
EVA, BSC, and KPI principles, evaluating the opportunities/risks
of investing in limestone mining and deep processing for China
Minmetals Corporation, a Fortune 500 global company, as well as
analyzing and forecasting the general trend of the stock market
for real-estate enterprises.

                     About AgFeed Industries

Nasdaq Global Market listed AgFeed Industries --
http://www.agfeedinc.com/-- is a U.S. company with its primary
operations in China.  AgFeed has two profitable business lines --
premix animal feed and hog production. AgFeed is China's largest
commercial hog producer in terms of total annual hog production as
well as the largest premix feed company in terms of revenues.
China is the world's largest hog producing country that produces
over 600 million hogs per year, compared to approximately
100 million hogs in the U.S. China also has the world's largest
consumer base for pork consumption.  Over 65% of total meat
consumed in China is pork.  Hog production in China enjoys income
tax free status.  The pre-mix feed market in which AgFeed operates
is an approximately $1.6 billion segment of China's $40 billion
per year animal feed market, according to the China Feed Industry
Association.


FORD MOTOR: Says 2009 China Sales May Exceed 10%
------------------------------------------------
Bret Okeson at Bloomberg News reports Ford Motor Co. expects to
boost 2009 sales in China by more than 10 percent as the
government’s stimulus plan and tax cuts help increase demand.

Sales at local joint venture Changan Ford Mazda Automobile Co.
were "pretty good" in the first three months of the year, Nigel
Harris, general manager of the venture, was cited in the report as
saying.

The venture sold about 200,000 vehicles in 2008, Jeffrey Shen,
president of the company, said as cited by Bloomberg News.

Bloomberg News relates China's vehicle sales may rise 8.7 percent
this year to 10.2 million according to the China Association of
Automobile Manufacturers after the government halved sales taxes
on vehicles with engines of 1.6 liters or less in January and
subsidized rural drivers to buy new mini-vehicles in March.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


GENERAL MOTORS: May Build New Plant in China to Boost Sales
-----------------------------------------------------------
Stephanie Wong at Bloomberg News reports General Motors Corp is
"likely" to build a new factory in China on surging demand.

"Operations in China are profitable and in the future China can
finance its own growth," Bloomberg News quoted Nick Reilly, the
company's Asia-Pacific president, as saying, but didn't give a
timeframe for the new plant.

The report discloses GM boosted sales in China 38 percent last
month compared to U.S. sales which slumped 45 percent.

GM said April 9 it expects to double annual sales in China to more
than 2 million vehicles over the next five years, with more than
30 new and upgraded models being introduced in that span, the
report relates.

The automaker meanwhile delayed expansion of an Indian plant for
as long as two years as sales growth there has slowed and will
seek to turn around sales in Australia and South Korea, Bloomberg
News says citing Mr. Reilly.

                       About General Motors

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

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

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

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

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

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

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

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

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

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

As reported in the Troubled Company Reporter on June 24, 2008,
Dominion Bond Rating Service 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.



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

BEP CORPORATE: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on April 7, 2009, the
members of BEP Corporate Management Limited resolved to
volunatarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidator is:

          Kong Chi How, Johnson
          BDO Financial Services Limited
          Wing On Centre
          Room 1302, 13th Floor
          111 Connaught Road Central
          Hong Kong


BETTER ELECTRICAL: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on April 7, 2009, the
members of Better Electrical Products (HK) Company Limited
resolved to volunatarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidator is:

          Kong Chi How, Johnson
          BDO Financial Services Limited
          Wing On Centre
          Room 1302, 13th Floor
          111 Connaught Road Central
          Hong Kong


GENSET LIMTED: Creditors' Proofs of Debt Due on May 29
------------------------------------------------------
The creditors of Genset Limited are required to file their proofs
of debt by May 29, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 6, 2009.

The company's liquidator is:

          Mak Kay Lung, Dantes
          China Insurance Group Building, Rooms 2101-3
          141 Des Voeux Road
          Central, Hong Kong


HIGH REGARD: Creditors' Meeting Set for April 24
------------------------------------------------
The creditors of High Regard Limited will hold their meeting on
April 24, 2009, at 10:00 a.m., for the purposes set out in
Sections 241, 242, 243, 244, 251(a), 255A(2) and 283 of the
Companies Ordinance.

The meeting will be held at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


JOINBEST INTERNATIONAL: Creditors' Meeting Set for April 24
-----------------------------------------------------------
The creditors of Joinbest International Investment Limited will
hold their meeting on April 24, 2009, at 11:30 a.m., for the
purposes set out in Sections 241, 242, 243, 244, 251(1)(a),
255A(2) and 283 of the Companies Ordinance.

The meeting will be held at 1401, Level 14, Tower 1 of Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


MOK YING: Members' Meeting Set for May 18
-----------------------------------------
The members of Mok Ying Kie Limited will hold their meeting on
May 18, 2009, at 10:00 a.m., at 1001 Admiralty Centre Tower I, in
18 Harcourt Road, Hong Kong.

At the meeting, Chan Kim Chee and Chiu Fan Wa, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PEREGRINE BROKERAGE: Members' Meeting Set for May 20
----------------------------------------------------
The members of Peregrine Brokerage Limited will hold their meeting
on May 20, 2009, at 9:00 a.m., at the 20th Floor of Prince's
Building, in Central, Hong Kong.

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


POWER HERO: Creditors Opt to Wind Up Operations
-----------------------------------------------
At an extraordinary general meeting held on March 27, 2009, the
creditors of Power Hero International Limited resolved to
voluntarily wind up the company's operations .

The company's liquidator is:

          Ip Pui Lam, Arthur
          Nan Dao Commercial Building, 19th Floor
          359-361 Queen's Road Central, Sheung Wan
          Hong Kong


S.E.A. TRAC: Members' Meeting Set for May 18
--------------------------------------------
The members of S.E.A. Trac (Holdings) Limited will hold their
meeting on May 18, 2009, at 11:00 a.m., at the 31st Floor of The
Center, in 99 Queen's Road Central, Hong Kong.

At the meeting, Robin Harris and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SCRIPT SECURITISATION: S&P's BB+ Rtng on Class D Notes on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on Script
Securitisation Ltd.'s Southern Cross Series 2005-1 Class C, Series
2005-2 Class D, and Series 2006-1 Class A2-a, A2-b, B-a, B-b, and
C notes on CreditWatch with negative implications.

The ratings 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 each of the
underlying portfolios, and indicates that the available credit
enhancement for the each of the tranches is lower than the level
required to maintain their current ratings.

The rating actions taken on the affected transactions are:

                                         Rating          Rating
                                         ------          ------
  Transaction                   Class   To              From
  -----------                   -----   --              ----      SROC
                                                                  -----
Script Securitization Pty Ltd.   C       BBB/Watch Neg   BBB      99.800%
Southern Cross Series 2005-1
Script Securitization Pty Ltd.   D       BB+/Watch Neg   BB+      99.684%
Southern Cross Series 2005-2
Script Securitization Pty Ltd.   A2-a    AAA/Watch Neg   AAA      99.615%
Southern Cross Series 2006-1    A2-b    AAA/Watch Neg   AAA      99.615%
                                 B-a     AA-/Watch Neg   AA-      99.720%
                                 B-b     AA-/Watch Neg   AA-      99.720%
                                 C       BBB/Watch Neg   BBB      99.740%


UNIVERSAL BRIGHT: Placed Under Voluntary Wind-Up
------------------------------------------------
On April 6, 2009, the sole member of Universal Bright Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Chan Che Wai
          Hing Yip Commercial Centre, 17th Floor
          272-284 Des Voeux Road Central
          Hong Kong



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

ASHOK TRANSFORMERS: CRISIL Rates Various Bank Facilities at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Ashok Transformers Pvt Ltd (ATPL).

   Rs.100.0 Million Cash Credit Limit      BB+/Stable (Assigned)
   Rs.10.0 Million Standby Line of Credit  BB+/Stable (Assigned)
   Rs.140.0 Million Bank Guarantee         P4 (Assigned)
   Rs.10.0 Million Letter of Credit        P4 (Assigned)

The ratings reflect ATPL's large working capital requirements, and
exposure to risks relating to customer concentration, and tender-
based revenue streams.  These weaknesses are, however, partially
offset by ATPL's strong track record in the electrical transformer
segment, and healthy growth prospects.

Outlook: Stable

CRISIL believes that ATPL will maintain a stable credit risk
profile backed by strong order book, long-standing presence in the
electrical transformers industry, and reputed customer base.  The
outlook may be revised to 'Positive' if the company reports
higher-than-expected revenue growth and profitability.
Conversely, the outlook may be revised to 'Negative' if there are
significant delays in recovery of dues, or if the company
undertakes large, debt-funded expansions, leading to stress on
debt protection measures.

                     About Ashok Transformers

Set up as a partnership firm in 1970, ATPL converted to a private
limited company in 1974.  It manufactures electrical transformers
at its plant at Surat (Gujarat).  ATPL reported a profit after tax
(PAT) of Rs.13.2 million on net sales of Rs.268.2 million for
2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of Rs.11.5 million on net sales of Rs.149.4 million
for 2006-07.


MAHAMERU FASHION: CRISIL Puts 'B' Rating on Rs.217.9 Mln LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Mahameru Fashion Apparel Ltd (Mahameru).

   Rs.46.6 Million Cash Credit Limits   B/Negative (Assigned)
   Rs.217.9 Million Long Term Loan      B/Negative (Assigned)
   Rs.20 Million Bank Guarantee         P4 (Assigned)
   Rs.32.5 Million Letter of Credit     P4 (Assigned)

The ratings reflect Mahameru's low revenue visibility, as a new
player in the garment exports business.  This weakness is
partially offset by the benefits that Mahameru derives from its
new plant, and the operational support that it receives from
Busana Apparel Group (BAG), Indonesia.

Outlook: Negative

The 'Negative' outlook reflects the expected decline in retail
demand for ready-made garments because of the present downturn in
the global economy.  The outlook may be revised to 'Stable' if
Mahameru's new facility operates at full capacity, and the global
demand situation improves.  Conversely, the rating may be revised
downwards if Mahameru's financial risk profile deteriorates as a
result of large, debt-funded capital expenditure or prolonged
under-utilisation of its capacity.

                      About Mahameru Fashion

Incorporated in 2006 by Mr. Maniwanen and Mr. Arunachalam,
Mahameru manufactures woven garments for export.  Mr. Maniwanen is
also the promoter of BAG, an established garment-manufacturer with
an annual turnover of Rs.10 billion in 2007 (refers to calendar
year, ending January 1 to December 31).  Mr. Arunachalam is an NRI
with businesses in Hong Kong and India. Mahameru began commercial
production in December 2008.


MUTHOOT HOTELS: CRISIL Assigns 'BB+' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Muthoot Hotels & Infrastructure Ventures (P) Ltd
(MHIVPL).  For arriving at the ratings, CRISIL has combined the
financials of MHIVPL and its wholly-owned subsidiary Muthoot
Hotels (P) Ltd (MHPL), together referred to as Muthoot Hotels.

   Rs.568.8 Million Foreign Currency   BB+/Stable (Assigned)
                     Term Loan
   Rs.456.5 Million Long Term Loan     BB+/Stable (Assigned)
   Rs.10.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   Rs.23.0 Million Letter of Credit    P4 (Assigned)
                    & Bank Guarantee

The ratings reflect Muthoot Hotels' project implementation risk
and below-average financial risk profile: the current slowdown in
the hotel industry has further affected the financial risk
profile.  These weaknesses are mitigated by Muthoot Hotels'
established market position, tie-up with the Taj group and the
Sarovar Hotels group, and diversified revenues.

Outlook: Stable

CRISIL believes that Muthoot Hotels will maintain its stable
business risk profile on the back of its established market
position and good revenue potential.  The outlook may be revised
to 'Positive' in case of a substantial and sustained improvement
in Muthoot Hotels' financial risk profile, through equity infusion
or better-than-expected accruals.  Conversely, the outlook will be
revised to 'Negative' in case of significant time and cost
overruns in the ongoing project or if the companies contract large
debt to fund expansion.

                      About Muthoot Hotels

Muthoot Hotels is a part of the Muthoot Pappachan group; the group
has interests in non-banking financial business, power generation,
automobile dealership, and infrastructure development, among
others.  Muthoot Hotels operates a five-star deluxe resort (Taj
Green Cove Resort), a five-star business hotel (The Muthoot
Plaza), a flight kitchen (The Muthoot Skychef), an airport
restaurant, and an information technology park (Technopolis). At
present, Muthoot Hotels is adding rooms at The Muthoot Plaza and
setting up a new hotel at Kakkanad, Kerala.

For 2007-08 (refers to financial year, April 1 to March 31),
Muthoot Hotels reported a net loss of Rs.3.3 million on net sales
of Rs.472.7 million.


MUTHOOT HOTELS: CRISIL Rates Rs.135 Mln Foreign Currency Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Muthoot Hotels (P) Ltd (MHPL), a wholly owned
subsidiary of Muthoot Hotels & Infrastructure Ventures (P) Ltd
(MHIVPL).  For arriving at the ratings, CRISIL has combined the
financials of MHIVPL and MHPL, together referred to as Muthoot
Hotels.

   Rs.135.0 Million Foreign Currency   BB+/Stable (Assigned)
                     Term Loan    
   Rs.5.0 Million Cash Credit Limit    BB+/Stable (Assigned)
   Rs.20.0 Million Letter of Credit    P4 (Assigned)
                    & Bank Guarantee  

The ratings reflect Muthoot Hotels' project implementation risk
and below-average financial risk profile: the current slowdown in
the hotel industry has further affected the financial risk
profile.  These weaknesses are mitigated by Muthoot Hotels'
established market position, tie-up with the Taj group and the
Sarovar Hotels group, and diversified revenues.

Outlook: Stable

CRISIL believes that Muthoot Hotels will maintain its stable
business risk profile on the back of its established market
position and good revenue potential.  The outlook may be revised
to 'Positive' in case of a substantial and sustained improvement
in Muthoot Hotels' financial risk profile, through equity infusion
or better-than-expected accruals.  Conversely, the outlook will be
revised to 'Negative' in case of significant time and cost
overruns in the ongoing project or if the companies contract large
debt to fund expansion.

                      About Muthoot Hotels

Muthoot Hotels is a part of the Muthoot Pappachan group; the group
has interests in non-banking financial business, power generation,
automobile dealership, and infrastructure development, among
others.  Muthoot Hotels operates a five-star deluxe resort (Taj
Green Cove Resort), a five-star business hotel (The Muthoot
Plaza), a flight kitchen (The Muthoot Skychef), an airport
restaurant, and an information technology park (Technopolis). At
present, Muthoot Hotels is adding rooms at The Muthoot Plaza and
setting up a new hotel at Kakkanad, Kerala.

For 2007-08 (refers to financial year, April 1 to March 31),
Muthoot Hotels reported a net loss of Rs.3.3 million on net sales
of Rs.472.7 million.



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

PT GAJAH: Poor Operating Environment Cues S&P's Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
credit rating on Indonesia-based tire manufacturer PT Gajah
Tunggal Tbk. to 'CCC+' from 'B'.  The outlook is negative.

At the same time, Standard & Poor's also lowered the rating on the
senior unsecured bonds due July 21, 2010, to 'CCC+' from 'B'.
These bonds were issued by GT2005 Bonds B.V. and are guaranteed by
Gajah Tunggal.

"We lowered the ratings by two notches as the company's liquidity
has been severely affected by the sharp deterioration in its
operating environment," said Standard & Poor's credit analyst Wee
Khim Loy.  "As a result, the company may have difficulty servicing
its interest payments and may face refinancing risk of the bonds
due in 2010."

The weak operating environment is attributed to declining margins
and a significant fall in global demand for automotive tires,
particularly from its export market, which constitutes more than
40% of total revenue, Ms. Loy said.

Domestic demand weakened in fourth quarter 2008, in tandem with
the slowing Indonesian economy, and is likely to remain muted in
2009.  In S&P's view, if the weak demand observed in fourth
quarter 2008 continues, and the company can't cushion the negative
impact of declining margins and business volume through its
flexible cost structure, given its high debt level and
vulnerability to foreign exchange fluctuations, S&P expects the
company's capital structure to deteriorate further.

Gajah Tunggal's fiscal 2008 sales increased 20% to Indonesian
rupiah 7,963 billion from 2007.  However, its EBITDA margin, which
fell below 12% in 2008 from 15% in 2007, was adversely affected by
significant raw material cost fluctuations and the time lag in
passing on the cost increase to buyers before the onset of the
global downturn.  The company posted a net loss of IDR625 billion
in 2008 -- aggravated by the weakening of the rupiah -- compared
with a net income of IDR91 billion in 2007.

As a result of the weakened rupiah at December 31, 2008, the
company was in breach of a financial covenant relating to credit
facilities from a bank.  However, Standard & Poor's understands
that Gajah Tunggal has obtained exceptional approval from the bank
regarding this breach.



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

ASYST TECHNOLOGIES: Files for Chapter 11, Related Filings in Japan
------------------------------------------------------------------
Asyst Technologies, Inc. filed voluntary petition under Chapter 11
of the U.S. Bankruptcy Code.  The company's Japanese subsidiaries,
Asyst Technologies Japan Holdings Company, Inc. and Asyst
Technologies Japan, Inc., also entered into related voluntary
proceedings under Japan's Corporate Reorganization Law (Kaisha
Kosei Ho).

As a result of the global economic recession, demand for
semiconductor manufacturing equipment has declined dramatically.
Over the past several months, the company has undertaken
significant efforts to reduce its expense structure and working
capital requirements in response to these unprecedented
conditions.  These efforts have included significant decreases in
non-labor expenses, work force reductions, executive salary cuts,
reductions in benefits, and mandatory time off.  As a result, the
company has significantly reduced its cash breakeven level.  The
company also has been exploring strategic alternatives, including
a sale of the company and/or significant asset sales, which would
maximize value on behalf of all of the company's stakeholders.
However, recent delays in customer projects and related cash
collections, a constriction in available borrowing from lenders,
acceleration of vendor payment obligations, and inability to
generate sufficient cash flow or identify new sources of liquidity
have caused the company to seek bankruptcy protection in order to
be better able to manage its operations through a restructuring
process.

Through its Chapter 11 case, the company intends to effectuate a
disposition of its assets or other strategic alternative that will
maximize value for all constituencies.  The company expects to
continue essential operations, including product support, service
and warranty programs, during this process.  Importantly, the
parallel bankruptcy proceedings in the U.S. and Japan will permit
the company to preserve the going concern value of its assets in
order to minimize any impact or disruption to the company's
continued ability to develop, maintain, and service its
intellectual property.

The initiation of these proceedings in the United States and Japan
are events of default under Asyst's senior secured term and
revolving credit agreement with KeyBank National Association, as
lead manager and administrative agent, and under lines of credit
from Japanese banks previously available to our subsidiaries in
Japan, as well as other agreements to which Asyst and subsidiary
entities are a party. These defaults automatically accelerated the
outstanding indebtedness under the term loan and revolving credit
agreements and lines of credit.

The company is seeking Court approval of a stipulation with
KeyBank National Association, agent for the company's lenders
under its principal credit facility, permitting the company's use
of cash collateral during its bankruptcy case.  The company is
also evaluating sources of debtor-in-possession financing to
provide additional liquidity during the Chapter 11 process.

                           About Asyst

Asyst Technologies, Inc. -- http://www.asyst.com/-- provides
integrated automation solutions that enable semiconductor and flat
panel display manufacturers to increase their manufacturing
productivity and protect their investment in materials during the
manufacturing process.  Encompassing isolation systems, work-in-
process materials management, substrate-handling robotics,
automated transport and loading systems, and connectivity
automation software, Asyst's modular, interoperable solutions
allow chip and FPD manufacturers, as well as original equipment
manufacturers, to select and employ the value-assured, hands-off
manufacturing capabilities that best suit their needs.


CITIGROUP INC: Closes Final Bid for Nikko Cordial
-------------------------------------------------
Citigroup Inc closed the final bidding on Monday, April 20, for
its planned sale of Nikko Cordial Securities and part of Nikko
Citigroup Ltd, Reuters reports citing unnamed sources.

Reuters, citing five people with direct knowledge of the sale,
relates that Mitsubishi UFJ Financial Group, Mizuho Financial
Group and Sumitomo Mitsui Financial Group have submitted bids to
buy the Japanese retail brokerage unit of Citigroup in a deal that
could raise about JPY600 billion (US$6 billion).

According to Reuters, the people said the sale includes part of
Nikko Citigroup Ltd, the wholesale brokerage unit of Citigroup,
but not Nikko Asset Management, its fund management arm that may
be sold off in a separate transaction.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2009, The Japan Times said Citigroup Inc intended to
sell its Japanese banking unit Nikko Citigroup Ltd along with
Nikko Cordial Securities Inc and Nikko Asset Management Co.

The TCR-AP, citing Bloomberg News, reported on April 6, 2009, that
Citigroup started the auction process to sell Nikko Asset
Management Co. and invited bids from Japanese banks.

As reported in the TCR-AP on Jan. 20, 2009, the Wall Street
Journal said Citigroup has earmarked Japanese retail brokerage
Nikko Cordial Securities for sale.  Nikko Cordial Securities will
be categorized as a non-core asset alongside other peripheral or
ailing businesses globally, WSJ said, citing Citigroup.

                         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.


HITACHI LTD: May Seek Public Funding
------------------------------------
Hitachi Ltd. President Takashi Kawamura said the company may apply
for public funding to bolster capital after after forecasting a
record JPY700 billion (US$7.1 billion) loss for the 12 months
ended March 31, Pavel Alpeyev at Bloomberg News reports.

The company will also reorganize its group structure in the fiscal
year ending March 31, 2010, and may strengthen capital ties with
some of its publicly traded subsidiaries, the report cited Mr.
Kawamura as saying without giving further details.

The report recalls Hitachi last month said it plans to separate
its automotive systems and consumer units on July 1 and reduce
costs by JPY500 billion this fiscal year.  The overhaul adds to
job cuts of as many as 7,000 positions announced in January, the
report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, Hitachi said its board of directors decided to
implement business structure reforms centered on the split-off of
Hitachi's Automotive Systems Group and Consumer Business Group.

According to Japan Today, the group will hive off its auto systems
business and the consumer electronics arm into separate companies
in July.  The two units will be wholly owned Hitachi subsidiaries.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Hitachi Ltd now expects to incur a JPY700 billion
(US$7.8 billion) loss for the year ending March 31, 2009, compared
to a JPY15 billion net income it earlier projected.

The company also revised its operating profit forecast to
JPY40 billion from JPY410 billion, a 90 percent decrease.

According to Bloomberg News, Hitachi blamed slumping demand,
losses from affiliates, taxes, writedowns of equipment and the
stronger yen for the projected loss, which would exceed the
company's previous record deficit by 44 percent.

                        About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company operates in seven segments: Information &
Telecommunication Systems, Electronic Devices, Power & Industrial
Systems, Digital Media & Consumer Products, High Functional
Materials & Components, Logistics, Services & Others and financial
services.  In April 2008, Hitachi acquired a majority ownership
interest in M-Tech Information Technology, Inc., a provider of
identity management software and services.  In April 2008,
Hitachi, Ltd. established a new wholly owned subsidiary, Hitachi
Information & Telecommunication Systems Global Holding
Corporation.  In March 2008, Hitachi Consulting, the global
consulting company of Hitachi, acquired JMN Associates, a provider
of consulting services to the financial services, real estate and
insurance industries.


PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the local
currency issuer rating for Pioneer Corporation.  The ratings
outlook is negative.  This concludes the review for possible
downgrade initiated on October 31, 2008.

The rating action takes into account the subordination of the
company's unsecured debt to its loans.  The negative outlook
reflects Moody's concerns that Pioneer's core business will
continue to face severe market conditions and that the company
will need some time before it can improve its profitability and
financial position.  At the same time, Moody's notes that the
potential capital/business alliances or financial partnerships the
company is seeking may expedite the recovery of its
competitiveness and financial stability.

According to its quarterly financial report for FYE12/2008,
Pioneer had decided that by February 2009 it would provide about
JPY44.5 billion worth of its assets as collateral for its loans,
which would raise the amount thus subordinated to about JPY50.2
billion -- or around 35% of total debt.  As of end-December 2008,
Pioneer held about JPY144.2 billion in short- and long-term debt.
In Moody's view, a good portion of Pioneer's unsecured debt is now
subordinate to its secured loans.

Moody's notes, however, that this may have a positive impact in
terms of getting continued support from major lenders.  In the
rating agency's opinion, one of the key rating factors for Pioneer
is strong and ongoing financial support from its major lenders.

At the same time, Moody's changed the outlook of Pioneer's rating
to negative because of the uncertainty regarding the timely
improvement of the company's profitability and financial position,
irrespective of its ongoing restructuring efforts.

Moody's expects that Pioneer's restructuring measures, including
its withdrawal from the FPD TV business, will mitigate the
downside risk on earnings, since this segment was a major cause of
the company's operating loss in FYE03/2009.

At the same time, sluggish demand for car audio and car navigation
systems and intense market competition may continue to pressure
the earnings of the car electronics business.  Moody's believes
that the car electronics business remains competitive, as the
company has the world's leading market positions in consumer
products as well as solid business relationships with major
automakers.  However, the rating agency is concerned that Pioneer
may not be able to restore profitability in a timely manner unless
it can significantly reduce costs and bolster its competitiveness,
through business alliances, for example.

In addition, Moody's expects that Pioneer's balance sheet will
deteriorate significantly due to weakened profitability and cash
flow, due in large part to the implementation of restructuring
measures.  Its debt to capitalization ratio deteriorated to more
than 60% in FYE03/2009, from about 40% the prior year.  In Moody's
opinion, without effective countermeasures -- including the
financial partnerships the company is considering -- the ratio
will suffer further damage in FYE03/2010.

Moody's will continue to monitor Pioneer's progress in forming
capital/business alliances and financial partnerships.

The last rating action for Pioneer took place on February 13,
2009, when Moody's downgraded the company's issuer rating to Ba3
from Ba1 and kept it on review for a possible downgrade.

Pioneer Corporation, headquartered in Tokyo, is a leading
manufacturer of car electronics and home electronics products.


TOSHIBA CORPORATION: Drops on Stock Offering News
-------------------------------------------------
Toshiba Corp. dropped 4.8 percent to JPY316 at the 3 p.m. close on
the Tokyo Stock Exchange Monday, the lowest since April 8, after a
report said the company may raise capital through a stock
offering, Pavel Alpeyev at Bloomberg News reports.

According to the report, the Nikkei newspaper, without saying
where it obtained the information, said the company will raise
JPY500 billion (US$5 billion) in stock and bonds to strengthen its
semiconductor business.  Toshiba will raise JPY300 billion by
selling common stock and JPY200 billion by selling bonds, the
Nikkei said as cited by Bloomberg News.

The report relates Toshiba said it’s considering capital measures
and that the Nikkei report wasn’t based on a company announcement.

Last week, the report says Toshiba announced a wider-than-forecast
net loss for the year ended March 31.  The net loss was probably
JPY350 billion in the year ended March 31, compared with JPY127.4
billion profit a year earlier, Toshiba said in a preliminary
earnings statement obtained by Bloomberg News.  The company in
January had forecast a deficit of JPY280 billion, the report
recalls.

                    About Toshiba Corporation

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal
televisions, camera systems, digital versatile disc (DVD) players
and recorders, personal computers (PCs) and business phones, among
others.  The Electronic Device segment provides general logic
integrated circuits (ICs), optical semiconductors, power devices,
large-scale integrated (LSI) circuits for image information
systems and liquid crystal displays (LCDs), among others.  The
Social Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.


===========
J O R D A N
===========

BANK OF JORDAN: Fitch Affirms Issuer Default Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed Bank of Jordan's ratings at Long-term
Issuer Default 'BB-' (BB minus) with Stable Outlook, Short-term
IDR 'B', Individual 'C/D' and Support '3'.  The Support Rating
Floor was affirmed at 'BB-' (BB minus).

BoJ's ratings reflect the bank's good domestic franchise, sound
core profitability, strong liquidity and competent management.
The ratings also recognize the bank's potentially volatile
operating environment, a possible deterioration in asset quality
especially under the current uncertain economic environment, and a
capital base that is weaker than peers.

BoJ's operating performance was sound in 2008; operating profit
increased by about 11% in 2008 to reach JOD44 million, driven by
rising net interest and fee income and lower impairment charges.
The increase was achieved despite a reduction in investment-
related income as the local stock market fell during H208.  Loan
growth was about 12% in 2008, and loan quality improved
substantially as recoveries, mainly of one large non-performing
loan, resulted in the bank's non-performing loan ratio dropping to
5.8% at end-2008 from 9.8% at end-2007.  The coverage ratio
improved to 83% from 50%.  However, asset quality and
profitability are likely to weaken as a result of the economic
slowdown in Jordan and BoJ is increasing reserves partly as a
buffer against potential risks in its loan portfolio.

BoJ has a strong domestic funding franchise and non-equity funding
consists entirely of customer deposits, about 70% of which are
retail.  Deposits increased by about 11% in 2008, keeping pace
with loan growth, and the bank's balance sheet remains liquid with
a loan/deposit ratio of 60%.  Capital ratios are weaker than many
of its peers' and continued to weaken during 2008, although this
was partly due to the shift to the Basel II calculation of capital
requirements since January 2008.  The bank's capital adequacy
ratio was 13.4% at end-2008.

BoJ is a medium-sized Jordanian commercial bank, providing a broad
range of retail and corporate financial services.  The bank has a
solid franchise in Jordan, with the third-largest branch network
in the kingdom and a market share of about 6% of credit facilities
and just over 5% of deposits.  BoJ also operates in the
Palestinian territories.


JORDAN ISLAMIC: Fitch Affirms Issuer Default Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed Jordan Islamic Bank for Finance and
Investment's ratings at Long-term Issuer Default 'BB-' (BB minus)
with Stable Outlook, Short-term IDR 'B', Individual 'C/D' and
Support '3'.  The Support Rating Floor was affirmed at 'BB-' (BB
minus).

JIB's ratings reflect its strong franchise in Islamic banking in
Jordan, good profitability, strong liquidity and substantial
retail funding franchise.  The ratings also reflect the bank's
potentially volatile operating environment, its fairly basic risk
management systems, and the possible deterioration in asset
quality especially in the current uncertain economic environment.

The Jordanian banking sector has generally not been materially
affected by the global credit crunch; on the whole banks invest
locally or regionally and funding is mostly local deposits that
have so far been stable.  JIB has been quick to capitalise on the
comparatively good economic conditions in Jordan during 2008 and
also on a rising interest in Shari'ah-compliant banking.
Profitability continued to strengthen and in 2008 JIB posted a 53%
increase in net profit, one of the highest growth rates among
domestic peers.

Financing accounts for about half of the bank's assets and most of
its risks.  Financing grew by about 26% in 2008, and asset quality
ratios improved during the period.  The bank has a strong domestic
funding franchise, especially among retail depositors, which
account for more than 90% of the total.  JIB has a liquid balance
sheet with about a third of its assets in cash and bank placements
at end-2008.  The bank's capital adequacy ratio decreased to 13.7%
at end-2008, weaker than most peers' but still above the central
bank's required minimum.  Free capital is relatively low,
constrained by investments in associated companies and in real
estate.

JIB is the largest (and the oldest) Islamic bank in Jordan.  It
has built up a substantial franchise especially in the retail
sector; by 2008, it was the fifth-largest bank in Jordan by total
assets and had market shares of about 7% of financing and 9% of
system deposits.  The bank's main shareholder is the Bahrain-based
Al-Baraka Banking Group with a 65% stake.



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

HYUNDAI MOTOR: Says 2009 China Sales May Reach 11% on Tax Cuts
--------------------------------------------------------------
Seonjin Cha at Bloomberg News reports Hyundai Motor Co. boosted
its 2009 China sales forecast by more than 11 percent as tax cuts
spur demand for small cars in its third biggest market.

In the first three months of the year, the Seoul-based company
boosted China sales by 49 percent, the report says.

The report relates Noh Jae Man, Beijing Hyundai Motor Co.
president, said in an interview Monday that South Korea’s biggest
automaker now expects to sell more than 400,000 vehicles in China
compared with an earlier prediction of 360,000.

The company's passenger vehicle market share will likely reach 7
percent from a previous estimate of 6.3 percent, Mr. Noh said as
cited in the report.

The report recalls Hyundai on Feb. 1 said it aimed to boost sales
at its Chinese venture by 22 percent this year.

According to the report, sales in China accounted for 11 percent
of Hyundai’s global sales last year, compared to South Korea’s 21
percent share and the 14 percent sold in the U.S.

                       About Hyundai Motor

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

                          *     *     *

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


HYUNDAI MOTOR: Recalling 500,000 Vehicles on Switch Malfunction
---------------------------------------------------------------
Birmingham Business Journal's Aneesa McMillan reports Hyundai
Motor Company has issued a recall for 532,000 vehicles – including
the 2006-2007 Sonata and the 2007 Santa Fe, which are both
manufactured in Alabama.

The recall was prompted by the possibility of the stop lamp switch
malfunctioning, the Business Journal says citing a report obtained
from the National Highway Traffic Safety Administration’s Web
site.

"We are voluntarily initiating this action to ensure the safety
and quality of the cars," the report quoted Jim Trainor, public
relations representative for the company, as saying.  "Owners will
be mailed notification letters."

The Korean automaker said it would remedy the problem by having
dealers replace the lamp switch free of charge, the report
relates.

According to the report, other Hyundai Models affected include:

   --- 2005-2007 Tucson
   --- 2006-2007 Accent, Entourage, Elantra
   --- 2007 Azera
   --- 2007-2008 Veracruz

                       About Hyundai Motor

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

                          *     *     *

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


KOREAN AIR: To Hike Fares to U.S., Europe By 10%
------------------------------------------------
Korean Air Lines Co. Ltd said it plans to increase ticket prices
for flights to the United States and Europe by as much as 10
percent, Yonhap News Agency reports.

The news agency, citing a company official, relates that Korean
Air has submitted the plan to the Ministry of Land, Transport and
Maritime Affairs to hike the airfares.

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2008, Bloomberg News said Korean Air Lines Co. Ltd posted
its biggest loss in 10 years as it paid more for fuel and a weak
won inflated foreign-denominated debt.

Citing an e-mailed statement, Bloomberg said Korean Air reported a
net loss of KRW684.1 billion in the third quarter ended
September 30, 2008, compared with net income of KRW129.6 billion
in the same period last year.

For the year ended June 30, 2008, the airline's net loss grew
more than six times to KRW614.4 billion from KRW83.6 billion in
the previous year.



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

AIR NEW ZEALAND: EPMU Issues Another Strike Notice
--------------------------------------------------
The union representing a group of Air New Zealand flight
attendants has issued another strike notice, various reports say.

According to The Press, Engineering, Printing and Manufacturing
Union (EPMU) national secretary Andrew Little said attendants
working for Air New Zealand subsidiary Zeal would launch a four-
day strike from May 7.

"The decision to strike was not taken lightly by our members but
they have been negotiating for seven months and the company is
still offering them terms and conditions that are tens of
thousands of dollars less than crew employed directly by Air New
Zealand," the Press quoted Mr. Little as saying.  "This is a
matter of basic fairness.  We'll continue to negotiate with the
company in good faith until we get an agreement."

The report says the strike would involve 240 flight attendants and
would affect all Trans-Tasman and Pacific flights serviced by Air
New Zealand's Airbus A320 fleet.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reportd on April 2, 2009, that Air New Zealand said a planned
flight attendants strike has been called off.

The EPMU has withdrawn notice of a strike by 250 attendants who
work on Airbus SAS A320 aircraft that was planned from April 8 to
April 11, Bloomberg News cited Air New Zealand in an e-mailed
statement.

The National Business Review related that the decision is due to
legal issues rather than a sudden caving-on on the part of either
Air New Zealand or the EPMU.

As reported in the TCR-AP on Mar. 25, 2009, Bloomberg News said
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 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.

                      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.


BRIDGECORP: Proceedings Against Two Directors Moved to June 16
--------------------------------------------------------------
The New Zealand Herald reports that the criminal proceedings
against two directors of Bridgecorp were adjourned until June.

According to the report, the case involving Rod Petricevic and
Robert Roest was back in Auckland District Court yesterday,
April 21, for a procedural matter and adjourned until June 16, for
the possible setting of a depositions date.

As reported in the Troubled Company Reporter-Asia Pacific on
September 15, 2008, the Securities Commission said that new and
more serious Securities Act charges have been laid against Messrs.
Petricevic and Roest.

These additional charges arise from claims in the Bridgecorp
prospectus about the company's record of making payments to
investors.  They carry a maximum penalty of 5 years imprisonment
or fines of up to NZ$300,000.

The charges have been laid by the Companies Office at the request
of the Securities Commission, following further investigations
into statements in the prospectus.

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


DOMINION FINANCE: Receivers To File Claims Against Valuations Firm
------------------------------------------------------------------
Dominion Finance receiver Deloitte is preparing to lay claims
against a valuations company as well as Dominion's own directors
and officers, The National Business Review reports citing Deloitte
in their latest letter to investors.

The Business Review relates that the un-named valuations company,
which is now in liquidation, was responsible for valuations on
nine significant Dominion loans to two developers.

Deloitte partner Rod Pardington, the report says, confirmed that
the claims relate to allegedly incorrect valuations rather than
debts owed to Dominion.

Deloitte, as cited by the report, said these claims, together with
potential returns from liquidators, could materially enhance
returns to investors.

According to the report, the receiver will pursue claims against
Dominion's directors Terry and Ann Butler, chairman Rick Bettle,
Paul Forsyth and Vance Arkinstall.

The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on Feb. 24, 2009, that an application to
put Dominion Finance Group (DFG), a subsidiary of Dominion Finance
Holdings Limited, into liquidation has been put off until after
investors have had the chance to vote on the scheme.

The liquidation application will be heard before the High Court in
Auckland on May 15.

Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership, the
Business Review related.  "It's another step in the process."

                     About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2008, the company's trustee Perpetual Trust Limited
appointed Rodney Gane Pardington and Barry Phillip Jordan, both
Chartered Accountants of Deloitte, as receivers and managers of
its subsidiary Dominion Finance Group (DFG), rather than allow DFG
to put its moratorium proposal to DFG stockholders for approval.

Dominion Finance Group owes 6,055 debenture holders NZ$224
million.

A TCR-AP report Oct. 17, 2008, said Dominion Finance Holdings
Limited appointed John Joseph Cregten and Andrew John McKay of
Corporate Finance Limited as the company's voluntary
administrators.

According to The National Business Review: "Dominion Finance
Holding went into voluntary administration after it was fined
NZ$65,000 by NZX Discipline for filing its annual report late.  At
that time, directors said the holding company had little cash to
its own name."

In addition, the TCR-AP on Dec. 3, 2008, reported that the debt
moratorium for Dominion Finance Holding's other subsidiary North
South Finance Ltd was approved by the stockholders on Dec. 2,
2008.


PROPERTYFINANCE: SecCom Bans Moratorium Restructure Advertisement
-----------------------------------------------------------------
The Securities Commission has banned Propertyfinance Securities
Limited ("PFSL"), a primary subsidiary of Propertyfinance Group
Limited, for advertising a proposed restructure of its moratorium
arrangements.

The Commission said that the advertisements were likely to mislead
investors about the relative advantages and disadvantages of the
proposal as compared with the alternative option of receivership
and did not comply with the law.

PFSL has been advertising its proposed restructure in roadshow
presentations to investors and in briefing notes published on its
website.

The Commission believes that the roadshow presentations were
likely to mislead investors because they set out only the positive
aspects of the restructure proposal, and only the negative aspects
of the receivership option.   By omitting the potential
disadvantages to investors of the proposal and the potential
advantages of receivership they did not provide balanced
information.

In the Commission's view the offer does not comply with the law
because there is no registered prospectus.  Under the law
securities can not be advertised until there is a registered
prospectus, except in certain limited circumstances which do not
apply in this case.

Moratorium documents are a form of offer documents and are
therefore subject to the same rules as other offer documents.

"Investors need to be provided with full information about both
the advantages and disadvantages of moratorium and receivership
options so they can make informed investment decisions,"
Securities Commission Chairman, Jane Diplock, said.  "Investors
should be provided with full information, including the
assumptions directors have made if they say a moratorium will
result in better returns and the risks compared with those of
receivership."

                   About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                          *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.



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

PRUDENTIAL LIFE: SEC Revokes Dealership License
-----------------------------------------------
The Philippine Securities and Exchange Commission ("SEC") has
revoked the dealership license of Prudential Life Plans Inc. due
to a deficiency in its trust fund, various reports say.

According to BusinessWorld Online, Prudential Life proposed to
fund its deficiencies - PHP4.49 billion for its trust fund and
PHP3.64 billion for its capital — using shares of stock of related
companies, but the SEC said real property was more acceptable.

However, the report notes the company said it could not use its
properties to fund the deficiencies as some of them are tied up in
various deals.

Prudential Life, which submitted its capital and trust fund
buildup plan on Jan.31, requested to be allowed to sell one type
of plan, arguing that its trust funds were liquid and could still
pay claims for five years, the report relates.

The SEC found that Prudential's proposal to hike its capital and
trust fund was unsatisfactory.

The report, citing the SEC in an order, says Prudential Life is no
longer qualified to sell pre-need plans.

According to the BusinessWorld, the SEC also ordered the firm to:

   -- terminate sales operations and continue paying
      clients;

   –- cancel all unsold plans and publish a notice
      within 10 days;

   -- infuse PHP100 million in cash into its trust fund
      within 30 days and increase the periodic deposit to
      its trust funds to 80% of collections by next month; and

   -- convert PHP1.94 billion in deposits for stock
      subscriptions to paid-in capital within 30 days,
      which could not be withdrawn until the company
      becomes solvent.

The report says the firm was also barred from selling assets,
declaring any dividends, and increasing salaries without SEC
approval.

BusinessWorld Online discloses that the SEC gave troubled pre-need
companies until April 15 to submit proposals to shore up their
resources, after which those who would not be able to raise funds
would be shut down.

Prudential Life Plans Inc. -- http://www.prudentialife.com/– is a
pre-need company.  The company offers life, pension and education
plans.  It has diversified into financial services, non-life
insurance, memorialization, real estate and travel and leisure.


UNITED COCONUT: Receives PHP30-Bln Deposits from Gov't.
-------------------------------------------------------
United Coconut Planters Bank ("UCPB") has finally received the
entire PHP30 billion in deposits from the national government as
part of the rescue package for the bank, the Manila Standard Today
reports citing Finance officials.

According to the report, the government transferred its deposit
account with the Bangko Sentral to UCPB to virtually complete the
rescue package.

The report, citing Philippine Deposit Insurance Corp. ("PDIC")
president Jose Nograles, says UCPB had received the entire PHP30
billion in government deposits as part of the bank’s
rehabilitation plan.

Mr. Nograles said PDIC was also completing the conversion of
PHP12 billion in loans into equity, the report relates.

"The documentation is in process for the conversion [of the loan]
into capital notes," the reported cited Mr. Nograles as saying in
a text message.

The Standard states that UCPB, the Finance Department, PDIC and
the Bangko Sentral signed a memorandum of agreement on the UCPB’s
rehabilitation program.

Citing the Philippine Daily Inquirer, the Troubled Company
Reporter-Asia Pacific reported on Dec. 23, 2008, that under the
framework, the government will get PHP30 billion of its deposits
with the central bank and transfer these deposits to UCPB, which
in turn will invest the proceeds in government securities.  The
funds will thus revert to the government, which will afterward
place the money with the central bank.

The release of the entire PHP30 billion, however, was tied to the
capitalization of the Bangko Sentral to compensate for the
withdrawal of government deposits from the central bank to UCPB,
Manila Standard notes.

                            About UCPB

United Coconut Planters Bank -- http://www.ucpb.com/--
provides financial products and services to corporations, middle
market companies, small- and medium- sized businesses, and
consumers in the Philippines.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 4, 2008, UCPB incurred financial difficulties due to
its inability to raise new capital and its sequestered status.
In June 2007, UCPB reported a non-performing loans ratio of 29.8
percent and a negative 36.3 percent return on equity.
Accordingly, Manila Standard related, the bank disposed of
Php8.68 billion in bad assets in November 2007, which reduced
the level of its bad assets by 42 percent to Php12.11 billion.

The TCR-AP reported on August 7, 2008, that Moody's Investors
Service said the announced recapitalization agreement between
United Coconut Planters Bank (UCPB) and three government agencies
should help stabilize the bank's financial condition.

Moody's currently assigns to UCPB a bank financial strength
rating of E and foreign currency deposit ratings of B1/Not-
Prime.  The outlook for the ratings is stable.



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

G-PHONE SINGAPORE: Court Enters Wind-Up Order
---------------------------------------------
On April 3, 2009, the High Court of Singapore entered an order to
wind up the operations of G-Phone Singapore Pte Ltd.

Yak Siew Kim filed the petition against the company.

The company's liquidator is:

          Lai Seng Kwoon
          SK Lai & Co
          c/o 100 Cecil Street
          #11-01 The Globe
          Singapore 069532


PACIFIC EXPLORATION: Court Enters Wind-Up Order
-----------------------------------------------
On April 3, 2009, the High Court of Singapore entered an order to
wind up the operations of Pacific Exploration Pte Ltd.

Eureka Control Systems Pte Ltd filed the petition against the
company.

The company's liquidator is:

          Lai Seng Kwoon
          SK Lai & Co
          c/o 100 Cecil Street
          #11-01 The Globe
          Singapore 069532



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

AJMAN SEWERAGE: Moody's Withdraws Rating on 2026 Loan Facility
--------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the loan
facility due 2026 issued by Ajman Sewerage (Private) Company
Limited and guaranteed by Ambac Assurance Corporation.  Moody's
has withdrawn this rating for business reasons.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on Ambac wrapped securities for which there is no
published underlying rating. Should Ambac's rating subsequently
move back into the investment grade range or should Ajman Sewerage
(Private) Company Limited subsequently publish the underlying
rating, Moody's would reinstate the rating to the wrapped
instruments.  For further information, please refer to Moody's
special comment: 'Assignment of Wrapped Ratings When Financial
Guarantor Falls below Investment Grade (May 6, 2008).'

This rating has been withdrawn:

Senior secured rating of US$100 million 20-year amortising loan
facility due 2026.

The last rating action on Ambac was on 13 April 2009 when its
insurance financial strength rating was downgraded to Ba3 from
Baa1 with developing outlook.

Ajman Sewerage (Private) Company Limited is a company that is
designing, building, commissioning and financing a wastewater
treatment and disposal system for the city of Ajman in the United
Arab Emirates and will subsequently operate the system for a 25
year concession period.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***