TCRAP_Public/090505.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

           Tuesday, May 5, 2009, Vol. 12, No. 87

                            Headlines

A U S T R A L I A

EUGENE MANSOURS: Placed Into Liquidation; 50 Jobs Affected
MGIC AUSTRALIA: Moody's Withdraws 'Ba2' Insurance Strength Rating
REGIS RESOURCES: Shareholders Replace Board


H O N G  K O N G

AT ASSET: Placed Under Voluntary Wind-Up
COSMIC DIGITAL: Commences Wind-Up Proceedings
CSI SPORTS: Lam and Toohey Step Down as Liquidators
DIAGEO HONG KONG: Creditors' Proofs of Debt Due on May 29
FIVE FOXES: Creditors' Proofs of Debt Due on June 1

GOLD FACE ENTERPRISES: Annual Meetings Set for May 8
GRAND TOYS: Inability to Pay Debts Prompts Wind-Up
HONG KONG TOY: Inability to Pay Debts Prompts Wind-Up
MARATHON ASSET: Creditors' Proofs of Debt Due on May 22
ORIENTAL COUNTRY: Creditors' Proofs of Debt Due on June 1

PROSPECTFUL ASIA: Ying Hing Chiu Steps Down as Liquidator
QUALITY EDUCATIONAL: Appoints Lui Wing Tat as Liquidator
SANYO ENERGY: Placed Under Voluntary Wind-Up
TALYBOUT LIMITED: Placed Under Voluntary Wind-Up
WARD EASTON: Placed Under Voluntary Wind-Up


I N D I A

ANKIT KNIT: CRISIL Assigns 'BB' Rating on INR147.5 Mln Cash Credit
APCO CONSTRUCTION: CRISIL Rates INR170MM Cash Credit at 'BB+'
DEEPAK DIAMONDS: CRISIL Puts 'P4' Ratings on Various Bank Loans
EVERSHINE EXPORTS: CRISIL Rates INR28.0MM Packing Credit at 'P4'
JET AIRWAYS: Lays Off 110 Employees

PARABOLIC DRUGS: CRISIL Downgrades Ratings on Various Loans to 'D'
SATYAM COMPUTER: Three Big Clients to Stay with Firm
SHIVALIK POWER: Default in Loan Repayments Cues CRISIL 'D' Ratings
TATA MOTORS: JLR to Enter Indian Market by Year-End
TATA MOTORS: Total Sales in April Fell 2%

VAISHNAVI KOSMETICOS: CRISIL Puts 'BB+' Rating on INR140MM LT Loan
VISHAL RETAIL: CARE Downgrades Rating on LT Bank Loan to 'BB'


I N D O N E S I A

GARUDA INDONESIA: To Go Public Prior to Paying Mandiri Debt
PT ANTAM: Net Profit Down by 87% to IDR90 Bil. in 2009 1st Qtr.
PT PERTAMINA: May Pick Partner for Natuna Project by Year End
SEMEN GRESIK: Starts Construction of Pati Cement Plant


J A P A N

CITIGROUP INC: To Sell Nikko to Sumitomo Mitsui for JPY774.5BB
SPANSION JAPAN: Voluntary Chapter 15 Case Summary
TOM SAWYER: S&P Withdraws 'CCC-' Rating on JPY10.6 Bil. Notes
* JAPAN: Over 200,000 Workers to Lose Jobs Between Oct-June


K O R E A

GENERAL MOTORS: Rules Out Sale of Daewoo Stake, Korea Herald Says


N E W  Z E A L A N D

LAKES RESORT: Placed Under Liquidation
NZ SNACK: Reports NZ$20.2 Million Pre-Tax Loss


P A K I S T A N

* PAKISTAN: To Introduce Insolvency Law


P H I L I P P I N E S

LEGACY GROUP: Unit Declared as Insolvent Debtor by Makati RTC


S I N G A P O R E

ALTUS CORPORATION: Court to Hear Wind-Up Petition on May 15
CHAMP ASIA: Court to Hear Wind-Up Petition on May 15
FACES DE ORIENT: Court Enters Wind-Up Order
STAGE DEVELOPMENT: Creditors' Proofs of Debt Due on May 14
YANG CONSTRUCTION: Creditors' Proofs of Debt Due on May 14


X X X X X X X X

* ADB Sets Up US$3 Billion Fund to Aid Fiscal Spending
* Asian Countries Unveil US$120 Billion Liquidity Fund
* BOND PRICING: For the Week April 27 to May 1, 2009


                         - - - - -


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

EUGENE MANSOURS: Placed Into Liquidation; 50 Jobs Affected
----------------------------------------------------------
Manchester and home furnishings chain Mansours has been placed
into liquidation with the loss of about 50 jobs, The Sydney
Morning Herald reports.

Mansours director Peter Mansour made the decision to appoint
liquidator Martin Green of BRI Ferrier following a downturn in
sales partly caused by the global financial crisis, the report
says.

Citing BRI Ferrier in a statement issued on May 1, the report
relates that the company said 21 stores would close immediately,
with 50 full- and part-time staff to be retrenched.

"Mr. Green is negotiating the sale of the remaining eight stores
with the aim to enable them to continue to trade as normal, with
some 30 full- and part-time staff retaining their jobs," the
Herald cited BRI in a statement.

Founded in Queensland in 1906, Eugene Mansour Pty Limited --
http://www.mansours.com.au/-- which trades as Mansours, designs
and manufactures custom made window furnishings.  The company has
29 stores across NSW.


MGIC AUSTRALIA: Moody's Withdraws 'Ba2' Insurance Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 insurance
financial strength rating of MGIC Australia Pty Ltd (MGIC
Australia).

Moody's has withdrawn this rating for business reasons.

The last rating action relating to MGIC Australia occurred on
February 25, 2009, when Moody's downgraded the company's IFSR to
Ba2 from A2.

MGIC Australia, based in Sydney, is a wholly-owned subsidiary of
Mortgage Guaranty Insurance Corporation, a leading lender's
mortgage insurer in the US.  Its ultimate parent is MGIC
Investment Corporation, which is the listed holding company on the
New York Stock Exchange.


REGIS RESOURCES: Shareholders Replace Board
-------------------------------------------
Regis Resources Ltd said the company's shareholders have
overwhelmingly endorsed the appointment of new management team to
spearhead its transition from explorer to gold producer.

At an extraordinary general meeting held May 4 in Melbourne,
shareholders approved the appointment of Mark Clark, Morgan Hart
and Nick Giorgetta as directors.  Shareholders have also voted to
remove David Walker, while Mr. Paul Dowd and Mr. Jeff Lucy
resigned as directors prior to consideration of resolutions to
remove them.

Messrs. Clark, Giorgetta and Hart were previously executive
directors of Equigold NL, a highly successful Australian-listed
gold producer which was acquired by Lihir Gold for AU$1.1 billion
in 2008.

The Sydney Morning Herald relates that a meeting has been called
for by a group of rebels, led by Equigold founder Nick Giorgetta
and chief executive Mark Clark, to replace managing director David
Walker and chairman Jeff Lucy.

Messrs. Giorgetta and Clark believe the board has taken too long
to develop the Duketon gold project in Western Australia, the
Herald says.

Based in Australia, Regis Resources Limited (ASX:RRL) --
http://www.regisresources.com -- is engaged in mineral
exploration with landholdings in the Eastern Goldfields of Western
Australia.  The Company manages exploration on the Copper Well
Joint Venture.  The Company's properties include Duketon Gold
Project and the Collurabbie Nickel Project north of Laverton.  The
Duketon Gold Project consists of eight separate shallow gold
deposits all within trucking distance of a proposed central
processing facility at Moolart Well.  The Moolart Well deposit is
a large oxide gold deposit sitting within a deeply weathered
Archaean ultramafic-mafic volcanic sequence above the base of
weathering at about 70 meters vertical depth.  The deposit
consists of two zones: a flat-lying laterite zone developed in an
iron-rich weathering hard cap, and a deeper oxide zone developed
in clays.

                         *     *     *

Regis Resources Limited reported two consecutive consolidated net
losses of AU$1.55 million and AU$2.29 million for the years ended
June 30, 2007 and 2008.  The company reported a net loss of
AU$1.41 million for the year ended June 30, 2006.



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

AT ASSET: Placed Under Voluntary Wind-Up
----------------------------------------
On April 17, 2009, the sole member of At Asset Management
(Asia-Pacific) Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Edward Simon Midddleton
          Patrick Cowley
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


COSMIC DIGITAL: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on April 20, 2009, the
members of Cosmic Digital Technology Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


CSI SPORTS: Lam and Toohey Step Down as Liquidators
---------------------------------------------------
On April 22, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of CSI Sports Limited.


DIAGEO HONG KONG: Creditors' Proofs of Debt Due on May 29
---------------------------------------------------------
The creditors of Diageo Hong Kong Limited are required to file
their proofs of debt by May 29, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


FIVE FOXES: Creditors' Proofs of Debt Due on June 1
---------------------------------------------------
The creditors of Five Foxes Holdings Co., Limited are required to
file their proofs of debt by June 1, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chan Kim Chee
          Chiu Fan Wa
          1001 Admiralty Centre, Tower 1
          18 Harcourt Road
          Hong Kong


GOLD FACE ENTERPRISES: Annual Meetings Set for May 8
----------------------------------------------------
The members and creditors of Gold-Face Enterprises Limited will
hold their annual meetings on May 8, 2009, at 5:00 p.m., at the
62nd Floor of One Island East, 18 Westlands Road, in Island East,
Hong Kong.

At the meeting, Mabel Tsang May Bo, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GRAND TOYS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on April 24, 2009, the
members of Grand Toys (HK) Limited resolved to voluntarily wind up
the company's operations due to its inability to pay debts when it
fall due.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre
          1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


HONG KONG TOY: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on April 24, 2009, the
members of Hong Kong Toy Centre Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          1401, Level 14, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


MARATHON ASSET: Creditors' Proofs of Debt Due on May 22
-------------------------------------------------------
The creditors of Marathon Asset Management HK, Limited are
required to file their proofs of debt by May 22, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 20, 2009.

The company's liquidators are:

          Ying Hing Chiu
          Chan Mi Har
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


ORIENTAL COUNTRY: Creditors' Proofs of Debt Due on June 1
---------------------------------------------------------
The creditors of Oriental Country Development Limited are required
to file their proofs of debt by June 1, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Lam Tak Keung
          World Finance Centre
          Suite 504, South Tower
          Harbour City, 17-19 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


PROSPECTFUL ASIA: Ying Hing Chiu Steps Down as Liquidator
---------------------------------------------------------
On April 27, 2009, Ting Hing Chiu stepped down as liquidator of
Prospectful Asia Limited.


QUALITY EDUCATIONAL: Appoints Lui Wing Tat as Liquidator
--------------------------------------------------------
On April 24, 2009, Lui Wing Tat was appointed as liquidator of
Quality Educational Organisation Limited.

The Liquidator can be reached at:

          Lui Wing Tat
          c/o Century Business Consultants Limited
          Millenium City 3
          Unit 2002, 20th Floor
          370 Kwun Tong Road
          Kowloon, Hong Kong


SANYO ENERGY: Placed Under Voluntary Wind-Up
--------------------------------------------
On April 24, 2009, a special resolution was passed to voluntarily
wind up the operations of Sanyo Energy (Hong Kong) Company
Limited.

The company's liquidators are:

          Rainier Hok Chung Lam
          Anthony David Kenneth Boswell
          Prince's Building, 22nd Floor
          Central, Hong Kong


TALYBOUT LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
On April 24, 2009, the sole shareholder of Talybout Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


WARD EASTON: Placed Under Voluntary Wind-Up
-------------------------------------------
On April 21, 2009, a special resolution was passed to voluntarily
wind up the operations of Ward Easton Liang Limited.

The company's liquidator is:

          Ha Man Kit, Marcus
          99 Hennessy Road, Room 2302, 23rd Floor
          Wan Chai
          Hong Kong



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

ANKIT KNIT: CRISIL Assigns 'BB' Rating on INR147.5 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Ankita Knit Wear Ltd (Ankita Knit Wear).

   INR297.2 Million Rupee Term Loan     BB/Stable (Assigned)
   INR147.5 Million Cash Credit         BB/Stable (Assigned)
   INR65.0 Million Letter of Credit     P4 (Assigned)
   INR10.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Ankita Knit Wear's modest scale of operations
in the knitted and woven fabrics industry, and exposure to risks
relating to aggressive capital expenditure (capex).  However,
these weaknesses are partially offset by the company's above
average financial risk profile, marked by moderate gearing and
comfortable debt protection indicators.

Outlook: Stable

CRISIL believes that Ankita Knit Wear will maintain a stable
credit risk profile over the medium term on the back of healthy
cash accruals.  The outlook may be revised to 'Positive' if the
company reports more than expected growth in revenues, while
maintaining current profitability.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates substantially on account of large, debt-funded capex.

                     About Ankita Knit

Set up in 1998 by Mr. Anil Jhawar, Ankita Knit Wear manufactures
and trades in knitted and woven fabrics.  Its plant at Vada
(Maharashtra) has 84 weaving machines and 6 knitting machines.
The company plans to add 100 knitting machines to its current
capacity for around INR450 million; it has already received
sanction for the debt component of INR215 million from State Bank
of India.

Ankita Knit Wear reported a profit after tax (PAT) of INR17.34
million on net sales of INR 738.00 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.88
million on net sales of INR 456.53 million for 2006-07.


APCO CONSTRUCTION: CRISIL Rates INR170MM Cash Credit at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of APCO Construction Pvt Ltd (APCO).

   INR170.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR565.9 Million Bank Guarantee      P4 (Assigned)

The ratings reflect APCO's healthy order book position which
provides good revenue visibility and above average financials risk
profile.  This strength is, however, partially offset by APCO's
exposure to risks relating high geographical concentration in
revenues, and large working capital requirements.

Outlook: Stable

CRISIL believes that APCO will maintain a stable credit risk
profile over the medium term backed by its healthy order book
position and adequate financial risk profile.  The outlook may be
revised to 'Positive' if the company reports higher revenue
growth/ profitability and improves revenue and geographic
diversity.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes any large debt-funded capital
expenditure.

                    About APCO Construction

APCO was incorporated in 1992 by Mr. Anil Kumar Singh in Lucknow,
Uttar Pradesh.  APCO is primarily engaged in construction of roads
and buildings.  The company undertakes work for both government
bodies like public works department (PWD) and U.P. Rajya Vidyut
Utpadan Nigam Ltd (UPRVUNL) as well as for private companies like
Reliance Power Ltd and Punj Lloyd Ltd.  APCO reported a profit
after tax (PAT) of INR35.6 million on net sales of INR1189.7
million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR20.3 million on net sales of
INR492.6 million for 2006-07.


DEEPAK DIAMONDS: CRISIL Puts 'P4' Ratings on Various Bank Loans
---------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Deepak Diamonds.

   INR39 Million Export Packing Credit    P4 (Assigned)
   INR147 Million Post Shipment Credit    P4 (Assigned)

The ratings reflect Deepak Diamonds' weak financial risk profile,
and the expected pressure on its revenues and profitability owing
to the current economic slowdown.  However, these weaknesses are
partially offset by its established presence in the brown diamonds
business.

                      About Deepak Diamonds

Set up in 1988, Deepak Diamonds is a family run business, promoted
by Mr. Parshottambhai Patel and his sons, Mr. Vijay Patel and Mr.
Alpesh Patel.  The firm primarily manufactures and trades in brown
diamonds in the range of 0.5 points to 20 points.  The firm has
its own manufacturing facility at Surat. Deepak Diamonds reported
a profit after tax (PAT) of INR8.9 million on net sales of
INR513 million in 2007-08 (refers to financial year, April 1 to
March 31) as against a PAT of INR6.8 million on net sales of
INR345 million for 2006-07.


EVERSHINE EXPORTS: CRISIL Rates INR28.0MM Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Evershine Exports.

   INR72.0 Million Bill Discounting   P4 (Assigned)
   INR28.0 Million Packing Credit     P4 (Assigned)

The rating reflects Evershine Exports' modest scale of operations
in the diamond manufacturing and trading industry, and moderate
financial risk profile.  However, these weaknesses are partially
offset by the benefits that the firm derives from its promoters'
experience in the diamond manufacturing and trading business.

                    About Evershine Exports

Set up in 2000, as a partnership firm by Mr. Ashok Patel,
Mr. Narendra Patel, Mr. Valjibhai Patel, and Mr. Arvind Patel,
Evershine Exports manufactures and exports cut and polished
diamonds and trades domestically in rough and polished diamonds.
The firm has a manufacturing unit at Surat (Gujarat) and the head
office is located in Mumbai at Opera House.

Evershine Exports reported a profit after tax (PAT) of
INR7 million on sales of INR294 million for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR4 million on sales of INR237 million for 2006-07.


JET AIRWAYS: Lays Off 110 Employees
-----------------------------------
Jet Airways (India) Ltd has laid off 110 employees on the eve of
May Day, The Financial Express reports.  The affected employees
include 50 contract employees who have 'superannuated,' and 60
probationary cabin-crew, the report says.

"These cabin-crew were in their probation period and the airline
has decided to terminate their contracts.  However, the
termination is in accordance with law and their service
conditions," the report quoted a Jet Airways spokesperson as
saying.

"Jet Airways undertakes additional measures to streamline costs to
improve the financial health of the company under the challenging
global economic environment.  The airline has issued notices of
termination to identified employees on contract, who have
superannuated," the spokesperson told the Express.

                    Third Fiscal Quarter Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of INR2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of INR911.20 million for the quarter ended Dec. 31, 2007.
Total income increased from INR25171.80 million for the quarter
ended Dec. 31, 2007 to INR30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of INR4553.30 million, compared with a net loss of
INR318.8 million in the same period in 2007.  Total income
increased from INR60512.00 million for the nine months ended
Dec. 31, 2007 to INR90113.30 million in the same period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


PARABOLIC DRUGS: CRISIL Downgrades Ratings on Various Loans to 'D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the term loans and bank
facilities of Parabolic Drugs Ltd (PDL) to 'D/P5' from
'BBB-/Stable/P3', as the company has defaulted on some of its
rated debt obligations.

   INR247.0 Million Cash Credit Limit   D (Downgraded from
         / WorkingCapital Demand Loan      'BBB-/Stable')

   INR424.1 Million Term Loan           D (Downgraded from
                                           'BBB-/Stable')

   INR535.0 Million Export Packing      D (Downgraded from
                    Credit                 'BBB-/Stable')

   INR32.7 Million Proposed Long-Term   D (Downgraded from
                    Loan                   'BBB-/Stable')

   INR488.0 Million Bill Discounting    P5 (Downgraded from 'P3')
   INR810.0 Million Letter of Credit    P5 (Downgraded from 'P3')
   INR20.0 Million Bank Guarantee       P5 (Downgraded from 'P3')
   INR5.0 Million Short-Term Loan       P5 (Downgraded from 'P3')

Besides the credit strengths and weaknesses, the ratings were
predicated on PDL management's declaration that the company was
meeting, and continued to meet, all its financial obligations on
a timely basis.  However, CRISIL has now been informed that the
company has been delaying on its debt obligations for some time,
which indicates that the company's management had provided
incorrect declarations to CRISIL regarding timely debt servicing.

                   About Parabolic Drugs

PDL was promoted by Mr. Pranav Gupta and his brother Mr. Vineet
Gupta in February 1996. It commenced production in February 1998.
It is an active pharmaceutical ingredient (API) manufacturer of
antibiotic drugs in both oral and sterile form.  The company has
manufacturing facilities at Derabassi (Mohali, Punjab) and
Panchkula (Haryana).  Its clients include formulation players
such as Ranbaxy and Cipla. It also exports to unregulated markets
of Africa and the Middle East.


SATYAM COMPUTER: Three Big Clients to Stay with Firm
----------------------------------------------------
The Economic Times reports that three big clients of Satyam
Computer Services Limited have assured to continue business with
the firm.

"Clients such as Nestle and Nissan has already expressed
confidence in the company and had assured us that they will
continue with us," an official privy to the development was quoted
by the report as saying.

According to the report, the person said Nestle, which was earlier
keeping a tab on the developments has given some additional
business to Satyam last month.  The report relates that auto major
Nissan for whom Satyam provides application management had also
said they would continue business with the firm while SAP client
CIBA also gave its endorsement to Satyam.

Post to the acquisition of Satyam by Tech Mahindra, the Times
relates, some of Satyam's clients had expressed confidence in the
firm and pledged to continue business with them though analysts
had feared that Satyam clients might move to other vendors after
the acquisition.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

   (1) inflated (non existent) cash and bank
       balances of 50.40 billion rupees (US$1.04 billion)
       (as against 53.61 billion reflected in the books);

   (2) an accrued interest of 3.76 billion rupees which
       is non existent;

   (3) an understated liability of 12.30 billion rupees
       on account of funds arranged by Mr. Raju; and

   (4) an overstated debtors position of
       4.90 billion rupees (as against 26.51 billion
       reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
Rs200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

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

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

On April 14, 2009, the TCR-AP, citing the Financial Express,
reported Tech Mahindra Limited emerged as the top bidder with an
offer of Rs 58 a share for a 31 per cent stake in Satyam Computer
Services Limited, beating strong rival L&T.  Tech Mahindra would
acquire the stake in an all-cash deal, followed by an open offer
for a 20 per cent stake to take management control of the company.

                           About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SHIVALIK POWER: Default in Loan Repayments Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D' to the various bank
facilities of Shivalik Power and Steel Pvt Ltd (Shivalik).  This
is because the company has defaulted in its term loan repayments.

   INR117.36 Million Cash Credit *   D (Assigned)
   INR259.4 Million Term Loan @      D (Assigned)

   * Includes overdraft against book debt (ODBD) of
     Rs 7.2 Million

   @ Includes FCNR Loan of Rs 51.2 Million

                     About Shivalik Power

Set up by Mr. Giriraj Singhania and Mr. Raghwendra Singhania in
2004, Shivalik generates power from non-conventional energy
sources such as rice husk and groundnut shells.  Its plant at
Raipur, Chhattisgarh, has the capacity to generate 8.5 megawatts
of power.  In 2007, the promoters have set up a foundry unit, with
a capacity of 18,000 tonnes per annum; Shivalik benefits from cost
efficiencies resulting from captive power consumption by this
unit.

For 2007-08 (refers to financial year, April 1 to March 31),
Shivalik reported a profit after tax (PAT) of INR15 million on net
sales of INR155 million, as against a PAT of INR0.3 million on net
sales of INR38 million for the previous year.


TATA MOTORS: JLR to Enter Indian Market by Year-End
---------------------------------------------------
Jaguar Land Rover, owned by India's Tata Motors Ltd., has
confirmed that it is to begin selling its range of premium
performance saloon cars and sports utility vehicles in the Indian
market later this year and has reached agreement with Tata Motors
to be the exclusive importer.

Jaguar and Land Rover's award-winning vehicles, including Jaguar's
XF and XKR and Land Rover's Discovery and Range Rover, are
renowned around the world for their unique blend of refined
luxury, quality and capability and will now become officially
available in this rapidly expanding market.

David Smith, CEO of Jaguar Land Rover, said: "We are delighted to
be formally entering the Indian market, an economy which is still
growing appreciably, and able to offer our premium products to a
whole new group of customers. It is an important strategic move
for Jaguar Land Rover and will enable us to realise our
competitive potential in this significant market."

The newly-formed Premier Car Division, within Tata Motors
Passenger Car Business unit, will assume responsibility for the
distribution of all Jaguars and Land Rovers in India and is also
due to open the first showroom at Ceejay House in Worli, Mumbai,
in June this year. This flagship facility will offer a range of
both Jaguar and Land Rover vehicles and aims to establish a
benchmark experience in luxury car sales in India.

Rohit Suri, who has extensive premium automotive sector
experience, has been appointed to head the new organisation and is
leading plans to develop a dealer network through 2009 and 2010.

Ravi Kant, Managing Director of Tata Motors, commented: "This is a
natural move for both businesses and will allow Jaguar and Land
Rover to establish a strong and deserved presence in India. We are
very pleased to develop our relationship with Jaguar Land Rover in
this way and to provide the opportunity for Indian customers to
access their premium products for the first time."

                            About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA MOTORS: Total Sales in April Fell 2%
-----------------------------------------
Tata Motors Ltd said total sales (including exports) declined 2
percent last month to 37,518 vehicles from 38,149 vehicles sold in
April last year.  Domestic sales for the month of April 2009 were
36,257 nos., a 1 percent increase over 35,844 nos. sold in April
last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in April 2009 in the
domestic market were 22,847 nos., an increase of 9 percent
compared to 21,001 nos. sold in April last year.  This is the
first month since Sept 2008, that the company is registering a
year-on-year increase.  This increase is driven by LCV sales which
at 14,794 nos.is,an increase of 52 percent over April 2008 ,which
offset the situation in M&HCV sales which at 8,053 nos., is a
28 percent decline over April 2008.

                         Passenger Vehicles

Tata Motors passenger vehicle business reported a total sale and
distribution of 14,615 (13,410 Tata + 1205 Fiat) vehicles in the
domestic market in April 2009, compared to 15,243 (14,843 Tata +
400 Fiat) vehicles in April 2008.  Tata branded car sales were at
11,202 nos. and grew marginally by 0.1%.  The Indica range sales
at 8,633 nos., grew by 16.2 percent over last April led by the
growing numbers of the Indica Vista.  The Indigo family registered
sales of 2,569 nos., a decline of 31.7 percent over April 2008.
The UV/ SUV range of Sumo and Safari accounted for sales of 2,208
nos., a 39.5 percent decline over April 2008.

                             Exports

The company exported 1,261 vehicles in April 2009 as compared to
2,305 vehicles in April last year, a decline of 45%.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


VAISHNAVI KOSMETICOS: CRISIL Puts 'BB+' Rating on INR140MM LT Loan
------------------------------------------------------------------
CRISIL has assigned ratings of 'BB+/Stable' to the bank facilities
of Vaishnavi Kosmeticos Industries Private Limited (VIPL).

   INR140 Million Long Term Loan   BB+/Stable (Assigned)
   INR60 Million Cash Credit       BB+/Stable (Assigned)

The ratings reflect off-take risk arising from the company's
proposed large expansion, revenue concentration risk, a limited
track record, and a leveraged capital structure.  The rating
weaknesses are mitigated by VIPL's sound business strategy, marked
by a focus on third-party conversion business, and operational
benefits because of its presence in Baddi in Himachal Pradesh
(H.P.).

Outlook: Stable

CRISIL believes that VIPL will maintain its focus on the third-
party manufacturing model and increase its customer base, because
of its locational advantage.  The outlook may be revised to
'Positive' in case the company increases the conversion revenues
from a diversified customer base, which will improve its business
risk profile and insulate it from fluctuations in raw material
prices, and there is significant increase in the cash accruals
leading to an increase in the company's net worth.  Conversely,
the outlook may be revised to 'Negative' in case VIPL weakens its
capital structure by undertaking significant debt-funded capital
expenditure.

                    About Vaishnavi Kosmeticos

VIPL was incorporated in 2007 by Mr. R. K. Saxena.  The company
manufactures personal care products for leading fast-moving
consumer goods (FMCG) companies.  Mr. R. K. Saxena and his wife,
Mrs. Poonam Saxena, hold 100 per cent of the shares in the
company.  Mr. Saxena also holds 100 per cent of the equity of
Coral Health Care Pvt Ltd, situated at Parwanoo (H.P.), He is also
associated with leading real estate groups in India, and manages
his own apple orchard in the US and horse-racing business in
India.  The company is managed by a team of qualified
professionals and supported by Dr. S. K. Sarkar, Business Director
of the company.  Dr. Sarkar is ex-Chief Chemist of Dabur India
Ltd, and has worked with organisations such as Procter & Gamble
India and Emami Ltd.  He was also Technical Advisor to Sahara
India.

VIPL reported a net loss of INR14 million on net sales of
INR132 million in 2007-08 (refers to financial year, April 1
to March 31)




VISHAL RETAIL: CARE Downgrades Rating on LT Bank Loan to 'BB'
-------------------------------------------------------------
CARE has downgraded the rating assigned to the Long-term Bank
Facilities of Vishal Retail Limited (VRL) from 'CARE BBB-' [Triple
B Minus] to 'CARE BB' [Double B].  This rating is applicable for
facilities having tenure of over one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.

                       Amount Rated/Outstanding
  Instrument           as on March 31, 2009          Rating
  ----------           ------------------------      ------

  Long-term Bank               292.04                  'BB'
  Facilities

The rating revision takes into consideration the declining
profitability leading to irregularities in debt servicing and high
financial risk profile primarily resulting from debt funded
growth.  The risk is accentuated due to inability to make the
proposed capital infusion and delay in sanction of working capital
limits leading not only to paucity of funds to sustain the
operations but also to significant increase in short-term debt
thereby exposing the company to relatively higher liquidity risk.
The ratings however, continue to draw comfort from significant
experience of the promoters, high brand awareness and large retail
space with presence across the country.

                     About Vishal Retail

Vishal Retail Ltd. (VRL) incorporated in the year 2001 is engaged
in retailing of apparels, household merchandise and consumer good
items.  The company is promoted by Mr. Ram Chandra Agarwal, CMD
(Chairman and Managing Director), having over two decade of
experience in the retail sector.  VRL made an Initial Public Offer
(IPO) in FY08, of over 4 mn equity shares resulting in equity
infusion of about INR110 cr. VRL's operations entail sourcing of
raw material, finished goods from vendors to selling the products
in its own stores.  The company consistently scaled up the retail
area over the years and has 181 stores covering retail space of
about 2.9 mn sq ft (as on December 31, 2008).

The overall growth of the company was impacted due to challenging
operating environment on account of weakening consumer spending
affecting retail industry as a whole which led to lower footfalls
and conversion, thus reducing the revenues per sq ft of area.
Moreover, the company witnessed delay in sanction of regular
working capital limits and also faced fund paucity due to delay in
proposed capital infusion.  This not only affected the growth
plans of the company but also led to increase in high-cost short
term debt and reduced profitability margins.



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

GARUDA INDONESIA: To Go Public Prior to Paying Mandiri Debt
-----------------------------------------------------------
PT Garuda Indonesia is planning to repay its US$109 million debt
to Bank Mandiri in terms of assets only after it gets listed on
the Indonesia Stock Exchange, Jakarta Globe reports.

"We have asked Bank Mandiri to restructure our debt and will repay
the debt after Garuda goes public", Garuda's President Director
Emirsyah Satar was quoted by the news agency as saying.

The report, citing Mr. Emirsyah, says the option was considered
after a previous convertible bond scheme was denied under central
bank rules.  Mandatory convertible bonds have a conversion or
redemption feature that requires the holder to convert them into
the underlying common stock, the report notes.

In 2006, Garuda offered Bank Mandiri the opportunity to convert
the loans into shares, but the bank turned down the offer because
the airline was losing money, the report noted.

Garuda's total debts amount to about US$650 million, including
money owed from its 1995 purchase of six Airbus 330s through
Europe's Export Credit Agency worth US$450 million, the news
agency adds.  The airline's remaining debt of about US$200 million
are denominated in rupiah, the report recounts.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


PT ANTAM: Net Profit Down by 87% to IDR90 Bil. in 2009 1st Qtr.
---------------------------------------------------------------
PT Antam Tbk discloses unaudited consolidated net profit of
IDR90 billion in the first quarter of 2009 as compared to
IDR675.3 billion in the same period last year.  The 87% decrease
over the same period last year was attributed to lower sales
prices and sales volumes of nickel and bauxite.

During the first quarter of 2009, Antam's sales rose by 26% due to
higher gold and silver trading activities to benefit from higher
gold and silver prices.  Higher gold trading also led to increased
cost of sales as Antam increased purchases of gold scraps for
sale.

Inline with a significant jump in cost of sales, Antam's gross
profit decreased by 85% over 1Q08 to IDR162 billion.  During the
first quarter of 2009, Antam's gross profit amounted to 6%
compared to 51% of gross margin during the first quarter of 2008.

Although the international oil prices decreased in the first
quarter of 2009, inline with the depreciation of the Rupiah
against US Dollar, the average fuel price for the Indonesian
market remained stable.  At the same time, the average selling
price of Antam's nickel decreased inline with international nickel
prices as a result of the global economic crisis.  Antam's nickel
segment posted a loss in the first quarter of 2009.  Antam's net
margin decreased to 3% compared to 32% in the first quarter of
2008.

Antam's total consolidated assets in first quarter of 2009
decreased 14% to IDR10,317 billion mainly contributed from lower
current assets account.

The group's total consolidated stockholders' equity decreased
14% to IDR8,151 billion mainly due to payment of dividend that
reached IDR2,052.98 billion based on 2007 performance and resulted
in lower retained earnings by 16% to IDR7,145 billion.  Antam
posted IDR13.4 billion of treasury stock due to share buyback
program from the market which reached 15,460,000 shares.

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


PT PERTAMINA: May Pick Partner for Natuna Project by Year End
-------------------------------------------------------------
PT Pertamina may choose by the end of the year, its partners for
the development of the massive Natuna-D Alpha offshore gas block,
Jakarta Globe reports citing Pertamina President Director Karen
Agustiawan.

The firm previously said that it would select partners by the end
of March after a prolonged ownership dispute with former contract
holder ExxonMobil, the report recounts.

"We are still negotiating the terms and conditions.  We hope that
they are applicable for our partners because we are the
[production sharing contract] holder.  However, looking at the
current economic situation, it is a bit difficult.  Everyone is
prepared if oil and gas prices rise, but not when they decline",
Ms. Agustiawan was quoted by the news agency as saying.

According to the report, Pertamina compiled a list of eight firms
as potential partners for the Natuna project, including Royal
Dutch Shell, Norway's StatoilHydro, Italy's Eni, France's Total
and Exxon.

                        About PT Pertamina

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

                         *     *     *

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

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


SEMEN GRESIK: Starts Construction of Pati Cement Plant
------------------------------------------------------
PT Semen Gresik has started construction of its cement plant in
Sukolilo, Pati, Antara News reports citing Central Java Governor
Bibit Waluyo.

"The main problems has already been settled, and now we are
waiting for the actual construction work", Gov. Waluyo was quoted
by the news agency as saying.

According to the report, the governor asked the people of Pati to
understand the situation as the investment in building the cement
plant is costly and it will provide an opportunity to eradicate
poverty and unemployment and building a prospective future.

                         About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.



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

CITIGROUP INC: To Sell Nikko to Sumitomo Mitsui for JPY774.5BB
--------------------------------------------------------------
Citigroup Inc. has reached a definitive agreement to sell its
Japanese domestic securities business, conducted principally
through Nikko Cordial Securities Inc., to Sumitomo Mitsui Banking
Corporation in a transaction with a total cash value to Citigroup
of JPY774.5 billion (US$7.9 billion at an exchange rate of
JPY97.75 to US$1.00).  The cash value is comprised of the purchase
price for the transferred business of JPY545 billion, the
estimated purchase price for certain Japanese-listed equity
securities held by Citigroupof JPY28.5 billion, and JPY201 billion
of cash derived either through the retention of excess cash in
Nikko Cordial Securities or repayment of its outstanding
indebtedness to Citigroup.

The transaction is expected to generate approximately
US$2.5 billion of tangible common equity for Citigroup at closing,
with Citigroup expected to recognize an after-tax loss of
approximately US$0.2 billion.  On a pro forma basis for the
transaction, Citigroup's March 31, 2009 Tier 1 capital ratio would
have increased by approximately 27 basis points.  The transaction
is expected to close by the end of the fourth quarter of 2009,
subject to regulatory approvals and customary closing conditions.

All of the operations and personnel of Nikko Cordial Securities
and various other group companies (including Nikko Systems
Solutions Ltd. and Nikko Business Systems Co., Ltd.), together
with some of the operations and personnel of Nikko Citigroup
Limited (including its domestic equity and debt underwriting
business), will be transferred to SMBC as part of the transaction.
Citi's ownership interests in Nikko Citigroup Limited, Nikko Asset
Management Co., Ltd., and Nikko Principal Investments Japan Ltd.
are not included in the transaction.  A total of about 7,800
employees will be included in the transaction.

"This is a great outcome for Citigroup and Sumitomo Mitsui
Financial Group, as well as for the employees and clients of Nikko
Cordial Securities.  This transaction is another step in the
execution of the Citicorp/Citigroup Holdings strategy we announced
earlier this year.  We will continue to look for additional
opportunities to maximize the value of businesses and assets as we
rationalize and restructure Citi Holdings.  I am also very pleased
that Citi and our clients retain access to one of Japan's leading
securities firms for capital markets transactions, while SMFG will
benefit from Citi's global banking platform and international
network. Citi has proudly served clients in Japan for more than a
century, and we remain committed to this very important market,"
said Citigroup CEO Vikram Pandit.

In connection with the transaction, Citigroup and Sumitomo Mitsui
Financial Group (hereafter SMFG) have agreed to enter into an
alliance agreement to provide SMFG with access to Citigroup's
global networks in corporate and investment banking, including M&A
and sales and trading services, while continuing the longstanding
partnership between Citigroup and Nikko Cordial Securities in
originating and distributing capital markets products to investors
in Japan and globally.  The two alliance partners will also
explore further opportunities to facilitate the development of new
business opportunities, products and services that will build upon
the powerful combination of SMFG's and Citi's unique strengths in
their respective core products and geographical markets.

Nikko Citi Holdings' CEO Doug Peterson said, "Citi has a proud
history of delivering our global capabilities to clients in Japan,
and we will continue to have a large local presence here, with
market-leading investment banking and corporate banking platforms,
the largest retail banking presence among foreign-owned banks and
one of Japan's top premium credit card businesses."

Citi's Institutional Clients Group advised Citigroup on this
transaction.

                        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 US$2.0 trillion in total
assets on US$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 US$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 issued preferred shares to the Treasury and
FDIC.  The Federal Reserve agreed to backstop residual risk in the
asset pool through a non-recourse loan.


SPANSION JAPAN: Voluntary Chapter 15 Case Summary
-------------------------------------------------
Chapter 15 Debtor: Spansion Japan Limited
                 2 Takaku-Kogyo-Danchi
                 Aizwakamatsu-shi
                 Fukushima
                 Japan

Chapter 15 Case No.: 09-11480

Type of Business: The Debtor operates chemical and material
                production facility.

                On March 1, 2009, each of the affiliated
                entities of Spansion Inc. filed for bankruptcy.
                These cases are being jointly administered for
                procedural purposes and are maintained on the
                case docket for Spansion Inc., Case No. 09-
                10690. However, the Foreign Representative is
                not seeking joint administration of the
                chapter 15 case with that of the U.S. Debtors.

                Entities                        Case No.
                --------                        --------
                Spansion Inc.                   09-10690
                Spansion Technology LLC         09-10691
                Spansion LLC                    09-10692
                Spansion International, Inc.    09-10693
                Cerium Laboratories LLC         09-10694

Chapter 15 Petition Date: April 30, 2009

Court: District of Delaware (Delaware)

Judge: Kevin J. Carey

Chapter 15 Petitioner's Counsel: Gregory Alan Taylor, Esq.
                               bankruptcy@ashby-geddes.com
                               Ashby & Geddes
                               500 Delaware Avenue, 8th Floor
                               P.O. Box 1150
                               Wilmington, DE 19899
                               Tel: (302) 654-1888
                               Fax: (302) 654-2067

Estimated Assets: US$10 million to US$50 million

Estimated Debts: US$50 million to US$100 million


TOM SAWYER: S&P Withdraws 'CCC-' Rating on JPY10.6 Bil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the senior trust certificate issued under the Tom Sawyer Trust
Funding transaction at the relevant party's request.

                         Rating Withdrawn

                     Tom Sawyer Trust Funding
     JPY10.6 billion senior trust certificate due April 2014

         To   From   Initial Issue Amount   Coupon Type
         --   ----   --------------------   -----------
         NR   CCC-   JPY10.6 bil.             Fixed Rate

The transaction's closing date was in March 2006.


* JAPAN: Over 200,000 Workers to Lose Jobs Between Oct-June
-----------------------------------------------------------
A total of 207,381 nonregular employees in Japan, mainly temporary
workers, have lost or are expected to lose their jobs between
October 2008 and June this year due to the recession, up 8% from a
similar survey in March, Japan Today reports citing Kyodo News.

The report relates that according to the Ministry of Health, Labor
and Welfare, the number of regular employees who are expected to
lose their jobs during the same period totals 18,315, representing
a 46.5% jump from the previous survey.



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

GENERAL MOTORS: Rules Out Sale of Daewoo Stake, Korea Herald Says
-----------------------------------------------------------------
General Motors Corp. has no intention of reducing its stake in its
South Korean unit GM Daewoo Auto and Technology Co., The Korea
Herald reports citing GM's Asia Pacific president Nick Reilly.

"I have read reports that the Korea Development Bank has demanded
additional shares of GM Daewoo, but this is not true and I do not
know under what circumstances the bank would do so," the report
quoted Mr. Reilly as saying.  "The bank has offered to buy shares
if it was necessary but GM is not looking to reduce its shares."

The report relates Mr. Reilly said that as GM Daewoo had received
extensions on 50 percent the forward currency exchange contracts
with seven banks, including the KDB, that reach maturity in May
and June, the company's short term liquidity problems have been
addressed and that GM is now negotiating with the KDB to establish
a long term solution for GM Daewoo.

Mr. Reilly added that GM Daewoo's troubles had been caused by the
massive losses incurred through currency hedging, the report
notes.

GM and its affiliates currently hold 72 percent shares in GM
Daewoo while state-run KDB holds 28 percent.

                   About General Motors Corp.

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.

For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of US$16.8 billion.  This compares to an
adjusted net loss of US$279 million.  Including special items, the
company reported a loss of US$30.9 billion, compared to a reported
loss of US$43.3 billion in 2007, which included a non-cash special
charge of US$38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

As of December 31, 2008, GM reported US$91,047,000,000 in total
assets, US$176,387,000,000 in total liabilities, and
US$86,154,000,000 in stockholders' deficit.

GM 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.

                       Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's US$4.5 billion senior secured revolving
credit
facility to 'CCC-' (one notch above the 'CC' corporate credit
rating on the company) from 'CCC'.  It revised the recovery rating
on this facility to '2' from '1', indicating its view that lenders
can expect substantial (70% to 90%) recovery in the event of a
payment default.  The corporate credit rating remains unchanged,
at 'CC', reflecting its view of the likelihood that GM will
default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.



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

LAKES RESORT: Placed Under Liquidation
--------------------------------------
Lakes Resort Golf and Country Club and related company Pauanui
Lakes Properties were put into liquidation at the High Court at
Auckland on May 1 following applications from Inland Revenue, The
National Business Review reports.

According to the report, three other companies related to the
company have already been liquidated this year and three
properties including the golf course are to be sold in a mortgagee
sale.

The report, citing an unsigned court statement read by associate
Judge David Robinson, relates that 36 staff were likely to lose
their jobs and there would be no chance of creditors getting their
money back if the company was liquidated.

The liquidation of the company is being blamed on the bad winter
last year, which decreased revenue, the report notes.

Tenders for the three properties close on May 22.

Located in Pauanui, New Zealand, Lakes Resort Pauanui properties
and companies are all owned by Investment Holdings (Pauanui),
which in turn is co-owned by Trevor Toohill, Richard Herbert and
Grant McDougall.


NZ SNACK: Reports NZ$20.2 Million Pre-Tax Loss
----------------------------------------------
NZ Snack Food Holdings reported a pre-tax loss of NZ$20.2 million
for the year to December, up from a loss of NZ$13.3 million the
year before, David Hargreaves at the BusinessDay reports.  The
company posted an after tax loss of NZ$14.6 million, compared with
a NZ$4.8 million loss last year.

Citing NZ Snack accounts filed with the Companies Office, the
report relates the loss was attributed to an interest bill of
NZ$46.8 million in the latest year.

According to the report, the accounts also show that NZ Snack Food
had NZ$289.5 million of term liabilities as at December 2008, up
from NZ$268.4 million the previous year.  Total assets were
showing at NZ$586.8 million, up from NZ$572.6 million.

NZ Snack Food Holdings is the holding company for the Griffin's
biscuits and snack foods group.  It also has the Eta brands and
"Nice & Natural" products.



===============
P A K I S T A N
===============

* PAKISTAN: To Introduce Insolvency Law
---------------------------------------
Bloomberg News's Naween A. Mangi reports that Pakistan's corporate
regulator will introduce an insolvency law by July to enable
companies hit by the economic downturn to be revived or taken
over.

“There's a national emergency,” Bloomberg News cited Salman Ali
Shaikh, chairman of the Islamabad-based Securities & Exchange
Commission of Pakistan, in an interview in Karachi.  “Growing
closures in the industrial sector and increasing non-performing
loans in banking make it imperative to act.”

According to Bloomberg News, under the so-called Corporate
Rehabilitation Act, the judiciary will approve plans filed by
debtors or creditors on how to revive a troubled company.

The report relates Mr. Shaikh said the law, which provides for the
setting up of a resolution trust corporation, was modeled on the
U.S. Chapter 11 procedure and Mexico's insolvency law, 2000.

Shaikh said the law was developed after consultations with
textile, cement and car makers, engineering companies and
industrial units in the North West Frontier Province, Bloomberg
News states.

Pakistan's textile makers and engineering companies are losing
business as the country's economy grows at the slowest pace in
eight years, global demand declines and the government struggles
to combat al-Qaeda and Taliban militants along the border with
Afghanistan, according to Bloomberg News.

The report says that according to the commission, South Asia's
second-biggest economy had a total of 52,643 registered companies
as of Dec. 21, 2008.



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

LEGACY GROUP: Unit Declared as Insolvent Debtor by Makati RTC
-------------------------------------------------------------
Judge Reynaldo Laigo of the Makati Regional Trial Court (RTC)
Branch has declared Legacy Consolidated Plans Inc., a unit of
Legacy Group, as an "insolvent debtor" and ordered the pre-need
firm to produce a list of its assets and liabilities, Philippine
Daily Inquirer reports.

According to the report, Judge Laigo issued an order for Legacy to
submit within three days a "full and true statement" of all its
debts and liabilities, as well as an inventory that contained an
"accurate description" of all its real and personal properties.

The court also prohibited Legacy from paying any debts pending the
submission of the list and the June 10 election of an "assignee"
that would represent the creditors, the report adds.

                        About Legacy Group

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



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

ALTUS CORPORATION: Court to Hear Wind-Up Petition on May 15
-----------------------------------------------------------
A petition to have Altus Corporation Limited's operations wound up
will be heard before the High Court of Singapore on May 15, 2009,
at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
April 17, 2009.

The Petitioner's solicitor is:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


CHAMP ASIA: Court to Hear Wind-Up Petition on May 15
----------------------------------------------------
A petition to have Champ Asia Enterprises (S) Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
May 15, 2009, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
April 20, 2009.

The Petitioner's solicitor is:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


FACES DE ORIENT: Court Enters Wind-Up Order
-------------------------------------------
On April 24, 2009, the High Court of Singapore entered an order to
have Faces de Orient Group Pte. Ltd.'s operations wound up.

Liau Soon Heng (Liao Shunxing) filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


STAGE DEVELOPMENT: Creditors' Proofs of Debt Due on May 14
----------------------------------------------------------
The creditors of Stage Development Pte Ltd are required to file
their proofs of debt by May 14, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


YANG CONSTRUCTION: Creditors' Proofs of Debt Due on May 14
----------------------------------------------------------
The creditors of Yang Construction Pte Ltd. are required to file
their proofs of debt by May 14, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118



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

* ADB Sets Up US$3 Billion Fund to Aid Fiscal Spending
------------------------------------------------------
The Asian Development Bank (ADB) will establish a US$3 billion
fund to help developing member countries (DMCs) swiftly ramp up
the fiscal spending needed to overcome the global economic crisis
and help sustain longer-term growth.

The Countercyclical Support Facility (CSF) will provide short-term
loans faster and cheaper than under ADB's existing special program
loan (SPL) facilities, and will be available to DMCs who qualify
for loans from ADB's Ordinary Capital Resources (OCR), said ADB
President Haruhiko Kuroda, who announced plans for the new
facility at a press conference at ADB's 42nd Annual Meeting in
Bali.  OCR is a pool of ADB funds available for lending to middle-
income countries at near market terms.

"I believe this will be a very welcome initiative to assist
faltering economies and, most importantly, protect the poor from
the worst impacts of the crisis," Mr. Kuroda told journalists.

The CSF announcement comes just two days after the ADB's Board of
Governors agreed to triple ADB's capital base from $55 billion to
$165 billion.  The 200% increase allows ADB to substantially
increase its support to countries affected by the global downturn.
The new facility would form part of that assistance.

Details of the CSF, together with other proposed ADB crisis-
related programs, were outlined in a report released by Mr. Kuroda
at the press conference.

The report, The Global Economic Crisis: Challenges for Developing
Asia and ADB's Response, says ADB plans to increase its lending
assistance by more than $10 billion in 2009-2010, bringing total
ADB assistance for these two years to about $32 billion.  This
compares with about $22 billion in 2007-2008.

The crisis support will include project investments, quick-
disbursing policy-based loans, guarantees, and new initiatives
designed to address specific crisis needs.  ADB will also expand
its support through grants for policy analysis and capacity
building.

Export-dependent Asia has been hard hit by slumping demand for its
goods in major global economies, such as the U.S. and Europe.  A
number of governments in the region have boosted spending to spur
domestic consumption to counter falling offshore demand, but not
all governments are able to do so.  Moreover, with the global
downturn likely to be deeper and longer than previously expected,
economies in the region are likely to come under increased
pressure.

Borrowing under the CSF will cost around 200 basis points over
ADB's financing cost.  That is set lower than the ADB's SPL
facility set up after the 1997-1998 Asian financial crisis to help
the region deal with balance of payments difficulties, which are
not the problem for many DMCs today.

The ADB forecasts economic growth in its 44 developing member
countries at 3.4% in 2009 and 6.0% in 2010.  The current account
surplus as a percentage of gross domestic product is likely to
fall to 4.9% in 2009 from 5.3% in 2008 and further drop to 4.7% in
2010.


* Asian Countries Unveil US$120 Billion Liquidity Fund
------------------------------------------------------
Thirteen Asian countries have agreed on Sunday to set up a
US$120-billion emergency currency pool to boost liquidity and help
the region overcome the economic crisis, the AFP reports.

According to the report, financial ministers of the 10-member
Association of Southeast Asian Nations (ASEAN), plus China, Japan
and South Korea, unveiled the deal after talks alongside with the
Asian Development Bank (ADB) annual meeting in Indonesia.

"We are pleased to announce that we have reached agreement on all
the main components of the CMIM (Chiang Mai Initiative) and
decided to implement the scheme before the end of the year," AFP
cited the ministers in a joint statement.

The report says the two largest contributors will be Japan and
China, with a US$38.4 billion contribution with China's shares
including US$4.2 billionn from Hong Kong.  The next largest
contributor is South Korea, at US$19.2 billion, the report adds.

AFP notes that among the ASEAN countries the biggest contributors
were Indonesia, Singapore, Thailand and Malaysia, which agreed to
provide $4.77 billion each.

The ministers were careful to explain the scheme was intended to
"supplement" existing international financial institutions amid
concerns from some quarters that it is a bid to circumvent the
International Monetary Fund (IMF), the AFP relates.


* BOND PRICING: For the Week April 27 to May 1, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      64.98
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       9.50
AMP Group Financ              6.875%   08/23/22   GBP      66.52
Antares Energy               10.000%   10/31/13   AUD       1.25
Aust & NZ Bank                6.540%   06/29/49   GBP      56.27
Babcock & Brown Pty           8.500%   11/17/09   NZD      24.82
Becton Property Group         9.500%   06/30/10   AUD       0.40
Bemax Resources               9.375%   07/15/14   USD      36.37
Bemax Resources               9.375%   07/15/14   USD      36.37
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
China Century                12.000%   09/30/10   AUD       0.90
Com BK Australia              4.875%   12/19/23   GBP      68.01
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.88
First Australian             15.000%   01/31/12   AUD       0.30
GE Cap Australia              6.000%   03/15/19   AUD      56.18
Goodman Aust Fin              9.750%   07/16/18   GBP      66.79
GPT Management                6.500%   08/22/13   AUD      66.72
Griffin Coal Min              9.500%   12/01/16   USD      37.25
Griffin Coal Min              9.500%   12/01/16   USD      37.25
Hanson Australia              5.250%   03/15/13   USD      58.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      62.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.62
Macquarie Bank                5.500%   09/19/16   GBP      72.22
Macquarie Bank                6.500%   05/31/17   GBP      35.61
Minerals Corp                10.500%   09/30/09   AUD       0.55
Metal Storm                  10.000%   09/01/09   AUD       0.09
Natl Australiabk              6.750%   06/26/23   EUR      72.48
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.70
Sun Resources NL             12.000%   06/30/11   AUD       0.10
Suncorp-Metway                6.500%   06/22/16   AUD      70.36
Suncorp-Metway                6.625%   10/23/17   GBP      62.56
Suncorp Insuran               6.250%   06/13/27   GBP      55.00
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Westfield Fin                 5.500%   06/27/17   GBP      64.02



   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    59.41
Jiangxi Copper                  1.000%  09/22/16     CNY    73.01


   HONG KONG
   ---------
City Telecom HK                8.750%  02/01/15     USD    74.73


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    70.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Gemini Commnica                6.000%  07/18/12     EUR    54.50
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    58.00
Jindal Saw Ltd                 0.750%  07/01/11     JPY    66.50
Kei Industries                 1.000%  11/30/11     USD    45.50
State BK India                 6.439%  02/28/49     USD    70.00
Strides Arcolab                0.500%  04/19/10     USD    72.00
Wanbury Ltd                    1.000%  04/23/12     EUR    62.50


   INDONESIA
   ---------
Indonesia (Rep)                6.625%  02/17/37     USD    73.03


   JAPAN
   -----
Aozora Bank                    0.400%  04/27/12     JPY    74.78
Aozora Bank                    0.660%  10/27/12     JPY    74.53
Aozora Bank                    0.660%  11/12/132    JPY    74.22
Aozora Bank                    0.660%  11/27/12     JPY    73.94
Aozora Bank                    0.660%  12/12/12     JPY    73.66
Aozora Bank                    0.660%  12/27/12     JPY    73.39
Aozora Bank                    0.660%  01/12/13     JPY    73.12
Aozora Bank                    1.250%  01/25/13     JPY    73.86
Aozora Bank                    0.660%  01/27/13     JPY    72.87
Aozora Bank                    0.560%  02/12/13     JPY    72.23
Aozora Bank                    0.560%  02/27/13     JPY    71.95
Aozora Bank                    1.300%  02/27/13     JPY    73.44
Aozora Bank                    0.560%  03/12/13     JPY    71.72
Aozora Bank                    0.560%  03/27/13     JPY    71.45
Aozora Bank                    1.250%  03/27/13     JPY    72.80
Aozora Bank                    0.560%  04/12/13     JPY    71.16
Aozora Bank                    1.300%  04/26/13     JPY    72.44
Aozora Bank                    0.560%  04/27/13     JPY    70.91
Aozora Bank                    0.560%  05/12/13     JPY    70.66
Aozora Bank                    0.560%  05/27/13     JPY    70.35
Aozora Bank                    1.600%  05/27/13     JPY    72.89
Aozora Bank                    0.560%  06/12/13     JPY    70.05
Aozora Bank                    0.560%  06/27/13     JPY    69.78
Aozora Bank                    1.650%  06/27/13     JPY    72.54
Aozora Bank                    0.560%  07/12/13     JPY    69.51
Aozora Bank                    1.700%  07/26/13     JPY    72.23
Aozora Bank                    0.560%  07/27/13     JPY    69.26
Aozora Bank                    0.560%  08/12/13     JPY    68.95
Aozora Bank                    0.560%  08/27/13     JPY    68.68
Aozora Bank                    1.600%  08/27/13     JPY    71.68
Aozora Bank                    0.560%  09/12/13     JPY    68.39
Aozora Bank                    0.560%  09/27/13     JPY    68.12
Aozora Bank                    1.800%  09/27/13     JPY    71.87
Aozora Bank                    0.560%  10/12/13     JPY    67.87
Aozora Bank                    0.560%  10/25/13     JPY    67.62
Aozora Bank                    0.560%  11/12/13     JPY    67.31
Aozora Bank                    0.560%  11/27/13     JPY    67.04
Aozora Bank                    0.400%  12/12/13     JPY    66.19
Aozora Bank                    0.400%  12/27/13     JPY    65.92
Aozora Bank                    0.400%  01/12/14     JPY    65.67
Aozora Bank                    0.100%  01/27/11     JPY    65.36
Aozora Bank                    0.400%  02/12/14     JPY    65.08
Aozora Bank                    0.400%  02/27/14     JPY    64.81
Aozora Bank                    0.400%  03/12/14     JPY    64.58
Aozora Bank                    0.400%  03/27/14     JPY    65.32
Aozora Bank                    0.400%  04/12/14     JPY    64.05
Aozora Bank                    0.400%  04/27/14     JPY    63.81
Aozora Bank                    0.400%  05/12/14     JPY    63.51
Belluna Co Ltd                 1.100%  03/21/12     JPY    57.25
CSK Corporation                0.250%  09/30/13     JPY    36.00
Daikyo Inc.                    1.880%  03/12/12     JPY    71.75
Ebara Corp                     1.300%  09/30/13     JPY    60.23
Elpida Memory In               2.100%  11/29/12     JPY    72.44
Elpida Memory                  2.290%  12/07/12     JPY    72.35
ES-Con Japan Ltd               3.360%  05/10/10     JPY    42.28
Hitachi Zosen                  1.500%  09/30/12     JPY    72.68
JACCS Co Ltd                   1.820%  09/28/15     JPY    71.62
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.76
Kenedix Realty I               2.370%  03/15/17     JPY    74.70
Kirayaka Holding               2.590%  03/22/16     JPY    66.12
NIS Group                      8.060%  06/20/12     USD    65.37
Orix Corp                      2.110%  03/18/16     JPY    73.43
Orix Corp                      2.190%  04/18/17     JPY    70.03
Pacific Golf Gro               1.000%  05/01/12     JPY    65.27
Resona Bank                    5.986%  08/29/49     GBP    45.31
Resona Bank                    4.125%  09/29/49     GBP    48.62
Shinsei Bank                   6.819%  09/20/36     USD    62.52
Shinsei Bank                   1.600%  08/27/13     JPY    74.48
Shinsei Bank                   1.700%  09/27/13     JPY    74.38
Shinsei Bank                   1.960%  03/25/13     JPY    66.24
Shinsei Bank                   2.010%  10/30/15     JPY    63.76
Shinsei Bank                   3.750%  02/23/16     EUR    49.00
Shinsei Bank                   5.625%  12/26/49     GBP    37.33
Softbank Corp                  7.750%  10/15/13     EUR    59.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    57.00


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.14
Cagamas Berhad                 3.640%  05/05/09     MYR     2.60
Crescendo Corp B               3.750%  01/11/16     MYR     0.70
Dutaland Bhd                   4.000%  04/11/13     MYR     0.31
Dutaland Bhd                   4.000%  04/11/13     MYR     0.73
Eastern & Orient               8.000%  04/25/11     MYR     0.64
Huat Lai Resources             5.000%  03/28/10     MYR     0.20
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings                1.000%  08/10/10     MYR     1.06
Kumpulan Jetson                5.000%  11/27/12     MYR     0.46
Lion Diversified               4.000%  12/17/13     MYR     0.60
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.19
Olympia Industri               2.800%  04/11/13     MYR     0.30
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Public Bank Berh               6.840%  08/22/36     MYR    69.32
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.71
Rubberex Corp                  4.000%  08/14/12     MYR     0.75
Senai-Desaru Exp               3.500%  12/09/19     MYR    65.87
Tenaga Nasional                3.050%  05/10/09     MYR     0.96
Tradewinds Corp                2.000%  02/08/12     MYR     0.57
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.00
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.40
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.26


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    65.87


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    48.08
Allied Nationwid              11.520%  12/29/49     NZD    40.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    17.36
Blue Star Print                9.100%  09/15/12     NZD    22.05
Cadmus Devt Ltd                9.900%  01/15/10     NZD    51.22
Capital Prop NZ                8.000%  04/15/10     NZD    15.70
Contact Energy                 8.000%  05/15/14     NZD     0.99
Fidelity Capital               9.250%  07/15/13     NZD    64.94
Fletcher Buildin               7.550%  03/15/11     NZD     9.25
Fletcher Buildin               8.500%  03/15/15     NZD    12.50
Fonterra                       8.740%  11/29/49     NZD    70.00
Generator Bonds                8.200%  09/07/11     NZD    44.13
Hellaby Holdings               8.500%  06/15/11     NZD    61.54
Infrastr & Util                8.500%  09/15/13     NZD    15.00
Infratil Ltd                   8.500%  02/15/20     NZD    59.14
Infratil Ltd                  10.180%  12/29/49     NZD    53.50
Marac Finance                 10.500%  07/15/13     NZD     0.89
Rabobank Ned NZ                7.449%  01/29/49     NZD    75.00
Sky Network TV                 9.370%  10/16/16     NZD    71.00
South Canterbury              10.430%  12/15/12     NZD     0.96
South Canterbury              10.430%  12/15/12     NZD     0.90
St Laurence Prop               9.250%  07/15/10     NZD    64.90
Shinsei Bank                   9.250%  05/15/11     NZD    54.06
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     8.35


   PHILIPPINES
   -----------
First Gen Corp                 2.500%  02/11/13     USD    69.81


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    66.82
Chartered Semico               6.250%  04/04/13     USD    67.45
Chartered Semico               6.375%  08/03/15     USD    64.33
United ENG Ltd                 1.000%  03/03/14     SGD     1.00


SOUTH KOREA
-----------
Hynix Semi Inc.                7.875%  06/27/17     KRW    64.63
Hynix Semi Inc.                7.857%  06/27/17     USD    65.52
Korea Elec Pwr                 6.000%  12/01/26     USD    66.41
Korea Elec Pwr                 7.000%  02/01/27     USD    74.65
Korea Elec Pwr                 6.750%  08/01/27     USD    72.21
Rep of Korea                   4.250%  12/07/21     EUR    72.29
Shinhan Bank                   5.663%  03/02/25     USD    56.64


SRI LANKA
---------
Sri Lanka Govt                 8.500%  02/01/18     LKR    72.20
Sri Lanka Govt                 8.500%  07/15/18     LKR    71.72
Sri Lanka Govt                 7.500%  08/15/18     LKR    66.59
Sri Lanka Govt                 7.000%  10/01/23     LKR    60.23


  THAILAND
  --------
Advance Agro Pub              11.000%  12/19/12     USD    61.18
Krung Thai Bank                7.378%  10/29/49     USD    59.87
True Move                     10.375%  08/01/14     USD    59.54



                         *********

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

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

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


                            *********


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

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

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

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

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





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