TCRAP_Public/090512.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 12, 2009, Vol. 12, No. 92

                            Headlines

A U S T R A L I A

AMERICAN INT'L: Macquarie Eyes Fund Unit, Bloomberg News Says
FORTESCUE METALS: In Talks With China Investment Corp for Funds
RIVIERA: Placed in Receivership


C H I N A

GITI TIRE: Moody's Changes Outlook on 'B2' Rating to Negative
GREENTOWN CHINA: May Launch Private Placement for Bond Buyback


H O N G  K O N G

ANGLO STARLITE: High Court Appoints Provisional Liquidators
BRILLIANT GAIN ET AL: Creditors' Proofs of Debt Due on May 22
CAPGEMINI FINANCIAL: Appoints Hay and Man as Liquidators
FAR EASTERN: Jiann-Jong and Tai Step Down as Liquidators
HONG KONG ARCHITECTURAL: Sang Steps Down as Liquidator

JOINBEST INTERNATIONAL: Appoints Borrelli and Walsh as Liquidators
KEEWAH DEVELOPMENT: Appoints Borrelli and Walsh as Liquidators
KONG WAH: Appoints Borrelli and Walsh as Liquidators
MYHOME NETWORK: Creditors' Meeting Set for June 30
PEROT SYSTEMS: Yuen Steps Down as Liquidator

START II: Moody's Downgrades on Five Classes of Notes
TACK FAT: Commences Wind-Up Proceedings
THE MOVIE: Chan Steps Down as Liquidator
WING GO: Creditors' Proofs of Debt Due on June 8


I N D I A

ARMSTRONG KNITTING: Low Net Worth Prompts CRISIL 'C' Rating
ARMSTRONG SPINNING: Default in Loan Payment Cues CRISIL 'D' Rating
CG ISPAT: Fitch Assigns National Long-Term Rating at 'BB+'
CHENNIAPPA YARN: CRISIL Assigns 'B' Rating on INR197.0 Mln LT Loan
DEFIANCE KNITTING: CRISIL Puts 'BB' Ratings on Various Bank Loans

EVOLUTION EDUCATION: CRISIL Rates INR140 Mln Term Loan at 'BB-'
KHODAY INDIA: CRISIL Places 'BB' Rating on INR469.9MM Term Loans
KINGFISHER AIRLINES: To Kick-Off Bangalore-Dubai Route on June 25
MAGNUM STEELS: Low Profitability Cues CRISIL 'BB' Rating
NITIN SPINNERS: CARE Revises Ratings on LT Bank Loans to 'CARE C'

OJASWINI SAMDARSHI: CRISIL Rates INR70 Million Term Loan at 'BB'
SATYAM COMPUTER: Fidelity Reduces Satyam Stake to 4.02%
TATA STEEL: May Mothball its TCP Plant in Northeast England
VRAJ INTEGRATED: CRISIL Assigns 'BB' Rating on INR200MM Term Loan


I N D O N E S I A

BANK MANDIRI: Secures US$400 Mil. Funding for Eco-Friendly Works
BANK NEGARA: Islamic Dev't Bank to Invest US$500 Million in Unit
INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims
MEDCO ENERGI: Plans IDR1-Tril. Bond Issue
MEDCO ENERGI: Seeks Loans to Fund Libyan Oil Blocks

SARIJAYA PERMANA: Customers to Sue Bapepam-LK and IDX


J A P A N

AMERICAN INT'L: In Talks w/ Nippon Life on Japan HQ Building Sale
FUJI HEAVY: Expects to Incur Second Annual Loss in FY2010
JAPAN AIRLINES: To Reduce Retirement Allowances To Cut Costs
SHINSEI BANK: Fitch Corrects Press Release; Affirms 'BB' Rating
TOSHIBA CORPORATION: Moody's Assigns 'Ba1' Rating to 1st Series

TOSHIBA CORP: To Raise US$5 Bil. Capital to Lower Debt
* Fitch Downgrades Ratings on Nine Japanese Insurance Companies


N E W  Z E A L A N D

AIR NEW ZEALAND: Reviews Regional Operations
CEA GROUP: Receiver Closes Two Bars in Christchurch
* NEW ZEALAND: Court Liquidations Rise to 657 in First 4 Months


S I N G A P O R E

CONTAINER BRIDGE: Court Enters Wind-Up Order
DISTRI PLUS: To Pay First and Final Dividend on June 8
DRULL SERVICES: Creditors' Proofs of Debt Due on May 22
GLORY WEALTH: Court to Hear Wind-Up Petition on May 22
PACIFIC CROSS: Fitch Downgrades Insurer Strength Rating to 'B-'

SAVE-MONEY-DIVING.COM: Court Enters Wind-Up Order


T A I W A N

CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'


U N I T E D  A R A B  E M I R A T E S

* DUBAI: Hawkamah to Hold Insolvency Law Conference on May 27


X X X X X X X X

* BOND PRICING: For the Week May 4 to May 8, 2009


                         - - - - -


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

AMERICAN INT'L: Macquarie Eyes Fund Unit, Bloomberg News Says
-------------------------------------------------------------
Australian investment bank Macquarie Group Ltd is bidding for an
American International Group Inc. fund unit with about US$100
billion under management, Bloomberg News reports citing two people
with the knowledge of the matter.

AIG expects to sell the unit for as much as US$500 million,
Bloomberg News says citing one of the people who spoke on
condition of anonymity because the talks are private.

Macquarie is among several firms pursuing AIG Investments, a New
York-based fund manager put up for sale in January, the people
cited in the report said.

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on September 8, 2008, to
US$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, US$40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had US$1.022 trillion in total
consolidated assets and US$950.9 billion in total debts.
Shareholders' equity was US$71.18 billion, including the addition
of US$23 billion of consideration received for preferred stock not
yet issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
US$62 billion for the fourth quarter and US$99 billion for the
full year of 2008, along with a revised restructuring plan
supported by the U.S. Treasury and the Federal Reserve.  This
concludes a review for possible downgrade that was initiated on
September 15, 2008.


FORTESCUE METALS: In Talks With China Investment Corp for Funds
---------------------------------------------------------------
The Wall Street Journal reports that Hunan Valin Iron & Steel
Group executives said China's sovereign-wealth fund may help
finance expansion at Fortescue Metals Group Ltd. through debt
rather than stock purchases.

According to WSJ, Wang Jun, vice party secretary of Hunan Valin
Iron, said Fortescue is talking to China Investment Corp., the
country's US$200 billion sovereign-wealth fund, on a possible debt
investment, such as a convertible-bond purchase.

Mr. Wang, as cited by WSJ, said Hunan Valin Iron would also help
Fortescue talk to Chinese financial companies on possible
financing.

Meanwhile, Reuters reports that according to the official China
News Agency, Fortescue CEO Andrew Forrest said the company may
list its shares in Shanghai noting that Fortescue's equity tie-up
with Hunan Valin Iron would help its localisation in China and may
facilitate a Shanghai listing.

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2009, Fortescue said it received China's National
Development and Reform Commission ("NDRC")'s approval on its
investment agreement with Hunan Valin Iron in the company.

"The NDRC approval was the key milestone for the transaction and
paves the way for the Chinese Ministry of Commerce and the State
Administration of Foreign Exchange to formalise the Agreement,"
Fortescue said in a statement.  "Once this is done, all conditions
under the Agreement will have been satisfied to enable Valin to
proceed with its acquisition of 260 million new Fortescue shares
issued at a subscription price AU$2.48 per share to raise AU$644.8
million in new equity capital."

The placement, combined with Valin's recent acquisition of 275
million existing shares from Harbinger Capital Partners, will take
Valin's holding in Fortescue to 535 million shares, making it the
second largest shareholder at 17.33% of total issued capital.

Approval from the NDRC follows the approval from the Australian
Federal Treasurer in March.

                        About Hunan Valin

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

                     About Fortescue Metals

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

                          *     *     *

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


RIVIERA: Placed in Receivership
-------------------------------
Boat builder Riviera has been placed in voluntary receivership,
the Brisbane Times reports.  Deloitte partners Chris Campbell,
Vaughan Strawbridge and Richard Hughes have been appointed
receivers and managers of Riviera.

According to the report, Mr. Campbell said the company's sales
over the past 12 months had been "significantly impacted" by the
global financial crisis.  It was proposed to sell Riviera as a
going concern after a restructuring of the company, he said.

The report relates that Riviera shed 117 of its Gold Coast staff
in January and cut more than 300 staff from its Coomera
headquarters in 2008.  Mr. Campbell said he could not guarantee
that the remaining 550 jobs were safe.

The company also closed its production line for three weeks, from
April 10 to May 5, in a bid to clear stock held by international
dealers, the report adds.

Riviera --http://www.riviera.com.au/--is a luxury boat builder
based in Australia.



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

GITI TIRE: Moody's Changes Outlook on 'B2' Rating to Negative
-------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of GITI Tire Pte Ltd's B2 corporate family and B3 senior
bond ratings.

"The rating action reflects Moody's concern that GITI's operating
performance and financial profile will remain under pressure amid
a challenging operating environment for the global automotive
market," says Wonnie Chu, a Moody's Analyst.

"In view of weak market demand, it is uncertain whether the
benefit from declining raw materials prices will offset the
financial impact of declining unit sales and average sales
prices," says Chu, also Moody's lead analyst for the rating.

As such, GITI's financial leverage, as measured by debt/EBITDA, is
expected to be around 6- 7x in the next 12-18 months -- a level
that is high for its rating.

On a fundamental basis, GITI enjoys a highly competitive domestic
position.  Its focus on the domestic market (65% of sales) and
replacement market (80% of sales), as well as its flexible capex
spend, could offer a degree of earnings stability and help support
its liquidity position.  The company also maintains access to
onshore bank funding for its working capital requirements.  All
these factors combined provide support to its B2 rating despite
its high gearing.

Upward pressure on the company's rating is unlikely given the
negative outlook.  However, the rating outlook could revert to
stable if signs of market stability emerge.  In addition, GITI's
prudent management of its operations and capex, such that adjusted
debt/EBITDA falls below 5-6x on a sustained basis, would also be
positive for the rating.

On the other hand, GITI's ratings could be downgraded if 1) its
quarterly performance weakens further due to the prolonged
industry downturn, such that its debt/EBITDA remains above 6x; 2)
its liquidity profile tightens as a result of the company having
difficulty rolling over its bank debts; and/or 3) evidence emerges
of cash leakage/upstreaming to group companies and shareholders.

The last rating action with regard to GITI was on February 12,
2007 when the ratings were affirmed following the completion of
the senior note issuance.

GITI Tire Pte Ltd is the largest motor vehicle tire manufacturer
in China.  It is a private company ultimately owned by the Liem
family, which has a Singaporean-Indonesian background.  GITI also
has a minority interest in PT Gajah Tunggal TBK (Caa1/negative),
an Indonesian tire producer.


GREENTOWN CHINA: May Launch Private Placement for Bond Buyback
--------------------------------------------------------------
Greentown China Holdings Limited is likely to kick off a private
placement in a bid to finance its planned bond buyback, a report
posted at tradingmarkets.com says.

According to the report, a source said Greentown China has to
raise capital to repurchase part of the US$400 million high-rate
bonds it sold in 2006 ahead of schedule.

The report relates that the Hangzhou-based real estate developer
announced on May 5 that more than 90% of its bondholders had
agreed to sell their bonds at a discount, a move that is believed
to help the company avoid a default.

According to the report, Greentown China inked an agreement to set
up a real estate investment fund in partnership with Zhonghai
Trust Co. Ltd., expecting to raise CNY992 million to CNY1.983
billion to bankroll two projects in Hangzhou and Wuxi.  The
report, citing market observers, said the company would violate
the US$400 million bond contract it signed in 2006 if the
aforesaid agreement was implemented.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on April 23, 2009, that Greentown China was seeking to
repurchase all US$400 million of 9 percent senior notes due in
2013 at 85 cents on the dollar.

The company will fund the purchase from "internal resources,"
including proceeds from the partial sale of its stakes in two
units to a trust, Greentown said in a stock exchange statement
obtained by Bloomberg News.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on Greentown China Holdings Ltd.
to 'B+' from 'BB-'.  At the same time, it lowered the issue rating
on the company's Chinese renminbi 2.3 billion convertible bond due
2012 and US$400 million senior unsecured notes due 2013 to 'B'
from 'B+'.  All the ratings were placed on CreditWatch with
negative implications.  The CreditWatch placement follows the
company's announcement of a tender offer to repurchase its US$400
million unsecured notes and the disclosure of bond covenant
breaches.

A TCR-AP report on May 8, 2009 said Moody's Investors Service
will maintain Greentown China Holdings Limited's Caa1 corporate
family rating and Caa2 senior unsecured bond rating.  The ratings
outlook remains negative.

                      About Greentown China

Hong-Kong based Greentown China Holdings Limited (HKG:3900) ---
http://www.chinagreentown.com/--- is an investment holding
company.  The Company together with its subsidiaries is engaged in
the property development in the People's Republic of China.  The
subsidiaries of the Company are Zhejiang Jiahe Industrial Co.,
Ltd. (Zhejiang Jiahe), Nanjing Tianpu Real Estate Co., Ltd.
(Nanjing Tianpu), Hangzhou Qiandaohu Greentown Real Estate Co.,
Ltd. (Hangzhou Qiandaohu), Tonglu Jiuzhou Real Estate Co., Ltd.
(Tonglu Jiuzhou), Yangshengtang Zhejiang Qiandaohu Real Estate
Development Co., Ltd., Zhongji Group (HK) Int'l Financial
Investment Limited (Zhongji Group), De He International Industrial
Limited (De He), Zhoushan Ruifeng Real Estate Development Co.,
Ltd. ( Zhoushan Ruifeng), Zhoushan Shunfan Real Estate Development
Co., Ltd.( Zhoushan Shunfan), Zhoushan Zhuocheng Real Estate
Development Co., Ltd. (Zhoushan Zhuocheng) and Zhoushan Mingcheng
Real Estate Development Co., Ltd. (Zhoushan Mingcheng).



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

ANGLO STARLITE: High Court Appoints Provisional Liquidators
-----------------------------------------------------------
Anglo Starlite Insurance Company Limited (Anglo Starlite) was
placed into provisional liquidation on May 7, 2009 by order of
Madam Justice Kwan of the High Court, with Mr. Peter Whalley and
Mr. Jan Blaauw of PricewaterhouseCoopers being appointed as joint
and several Provisional Liquidators.

The appointment was made after an investigation into the affairs
of Anglo Starlite conducted by the Joint Managers appointed by the
Commissioner of Insurance on May 5, 2009 in accordance with the
Insurance Companies Ordinance.

A spokesman for the Office of the Commissioner of Insurance said
on Friday (May 8), "Provisional liquidation allows for the
possibility of introducing a Scheme of Arrangement, which may
introduce a faster and more efficient mechanism for claims by
affected policyholders."

"A provisional liquidation order does not result in automatic
cancellation of existing policies with the company.  All existing
policies remain in effect and all the valid outstanding insurance
claims will be processed accordingly.  The Provisional Liquidators
have preliminarily assessed that the statutory deposit of $200
million placed in trust with the Insurance Authority (IA),
together with resources available in the Insolvency Fund managed
by the Motor Insurers' Bureau (MIB) of about $2 billion, should be
able to meet all valid outstanding insurance claims," the
spokesman added.

The IA has been closely monitoring the solvency position of Anglo
Starlite and discovered that some bank deposits receipts provided
by the company could be forged.

Acting on a report filed by the IA, the Commercial Crime Bureau
has taken four key employees of Anglo Starlite into custody on
May 6, 2009 to assist in its investigation.

The spokesman said, "The IA has been working closely with the
Joint Managers over the past few days in consultation with MIB and
other interested parties to work out feasible solutions to protect
policyholders.

"The material misstatements in the management account of Anglo
Starlite, including bank deposits  amounting to HK$189 million,
would seriously impair its financial position and ability to
settle debts when they fall due.  The IA therefore decided to
petition to the High Court for an order to place the company into
provisional liquidation.

"A transition to insolvent administration is appropriate for Anglo
Starlite at this stage so that it could continue to operate under
the Companies Ordinance," the spokesman added.

"The Insolvency Fund managed by MIB and the Employees Compensation
Insurer Insolvency Fund (the Statutory Funds) have both undertaken
to accept and process relevant third-party insurance claims under
the policies issued by Anglo Starlite."

The Provisional Liquidators will continue their telephone hotline
to answer enquiries in relation to policyholders and other
claimants (Tel: 2289 5011; Fax: 2890 8345).  They will also be
prepared to advise claimants on application to the Statutory Funds
as appropriate.

The MIB has also established a hotline on  2866 9681 to assist
claimants in understanding their rights in relation to third party
motor bodily injury claims under the MIB fund.

"Going forward, we expect the Provisional Liquidators will work
out a Scheme of Arrangement for the company to minimise any
inconvenience to policyholders," the spokesman said.

Anglo Starlite Insurance Company Limited is a non-life insurance
business which undertook, inter alia, the following types of
business:

    * Motor Insurance;

    * Compulsory Employee Compensation Insurance (claims
      arising out of accidents during the course of
      employment); and

    * Other (less than 0.5% of the Company's 2008 business).


BRILLIANT GAIN ET AL: Creditors' Proofs of Debt Due on May 22
-------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley fixed May 22, 2009, as
the last day to file proofs of debt for the creditors of:

   -- Brilliant Gain Investments Limited;
   -- Growth Link Limited.

The companies commenced wind-up proceedings on April 29, 2009.

The Liquidators can be reached at:

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


CAPGEMINI FINANCIAL: Appoints Hay and Man as Liquidators
--------------------------------------------------------
At an extraordinary general meeting held on May 4, 2009, the
members of Capgemini Financial Services Hong Kong Limited
appointed Luk Wing Hay and Lai Kim Man as the company's
liquidators.

The Liquidators can be reached at:

          Luk Wing Hay
          Lai Kim Man
          Surson Commercial Building, 9th Floor
          140-142 Austin Road
          Tsimshatsui, Kowloon


FAR EASTERN: Jiann-Jong and Tai Step Down as Liquidators
--------------------------------------------------------
On May 8, 2009, Lin Jiann-Jong and Lee Chi-Tai stepped down as
liquidators of Far Eastern International Finance Limited.


HONG KONG ARCHITECTURAL: Sang Steps Down as Liquidator
------------------------------------------------------
On April 30, 2009, Chan Lok Sang stepped down as liquidator of
Hong Kong Architectural Aluminum Association Limited.


JOINBEST INTERNATIONAL: Appoints Borrelli and Walsh as Liquidators
------------------------------------------------------------------
On April 24, 2009, Cosimo Borrelli and G Jacqueline Fangonil Walsh
were appointed as liquidators of Joinbest International Investment
Limited.

The Liquidators can be reached at:

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


KEEWAH DEVELOPMENT: Appoints Borrelli and Walsh as Liquidators
--------------------------------------------------------------
On April 24, 2009, the members and creditors of Keewah Development
Limited appointed Cosimo Borrelli and G Jacqueline Fangonil Walsh
as the company's liquidators.

The Liquidators can be reached at:

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


KONG WAH: Appoints Borrelli and Walsh as Liquidators
----------------------------------------------------
On April 24, 2009, the members and creditors of Kong Wah
Industrial (China) Investment Company Limited appointed
Cosimo Borrelli and G Jacqueline Walsh as the company's
liquidators.

The Liquidators can be reached at:

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


MYHOME NETWORK: Creditors' Meeting Set for June 30
--------------------------------------------------
The creditors of Myhome Network Limited will hold their meeting on
June 30, 2009, at 11:45 a.m., for the purposes set out in Sections
241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.

The meeting will be held at Flat C, 1st Floor of Mandarin Hotel,
No. 1418 Guangzhou Ave(M), in Guangzhou, China.


PEROT SYSTEMS: Yuen Steps Down as Liquidator
--------------------------------------------
On April 27, 2009, Yeung Betty Yuen stepped down as liquidator of
Perot Systems Hong Kong Limited.


START II: Moody's Downgrades on Five Classes of Notes
-----------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of five classes of notes issued by Start II CLO Limited.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions are the result the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of Moody's credit indicators such as
ratings reviews and outlooks in mapped ratings, a half notch
stress was applied to the mapping scale.

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

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

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating action is:

Start II CLO Limited:

(1) US$108 million Class A credit-linked floating rate notes due
June 29, 2012

  -- Current Rating: Aa1
  -- Prior Rating: Aaa
  -- Prior Rating Date: 29 June 2006, assigned Aaa

(2) US$24 million Class B credit-linked floating rate notes due
June 29, 2012

  -- Current Rating: A2
  -- Prior Rating: Aa2
  -- Prior Rating Date: 29 June 2006, assigned Aa2

(3) US$20 million Class C credit-linked floating rate notes due
June 29, 2012

  -- Current Rating: Baa1
  -- Prior Rating: A2
  -- Prior Rating Date: 29 June 2006, assigned A2

(4) US$15.2 million Class D credit-linked floating rate notes due
June 29, 2012

  -- Current Rating: Baa3
  -- Prior Rating: Baa2
  -- Prior Rating Date: 29 June 2006, assigned Baa2

(5) US$15.2 million Class E credit-linked floating rate notes due
June 29, 2012

  -- Current Rating: Ba2
  -- Prior Rating: Ba1
  -- Prior Rating Date: 29 June 2006, assigned Ba1


TACK FAT: Commences Wind-Up Proceedings
---------------------------------------
On April 23, 2009, Tack Fat International Holdings Limited
commenced wind-up proceedings.

The company's liquidators are:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road, Central
          Hong Kong


THE MOVIE: Chan Steps Down as Liquidator
----------------------------------------
On April 30, 2009, Chan Sin Yiu stepped down as liquidator of The
Movie Limited.


WING GO: Creditors' Proofs of Debt Due on June 8
------------------------------------------------
The creditors of Wing Go Piece Goods Limited are required to file
their proofs of debt by June 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2009.

The company's liquidators are:

          Ng Kin Yung, Tony
          Greenwich Centre, 6th Floor
          260 King's Road, North Point
          Hong Kong



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

ARMSTRONG KNITTING: Low Net Worth Prompts CRISIL 'C' Rating
-----------------------------------------------------------
CRISIL has assigned its 'C/P4' rating to the bank facilities of
Armstrong Knitting Mills (AKM).

   INR56.90 Million Long Term Loan         C (Assigned)
   INR140.00 Million Packing Credit        P4 (Assigned)
   INR30.00 Million Foreign Bill Purchase  P4 (Assigned)
   INR25.00 Million Letter of Credit       P4 (Assigned)
   INR2.50 Million Bank Guarantee          P4 (Assigned)

The rating reflects AKM's below-average financial risk profile
marked by a low net worth and weak debt protection measures,
pressure on the order book because of the continued slowdown in
the global textile retail demand, and vulnerability of its margins
to volatility in the value of the Indian rupee.  The ratings also
factor in the unpaid derivative liability of INR230 million,
currently disputed by the firm. These weaknesses are mitigated by
the firm's integrated operations and promoter experience.

                     About Armstrong Knitting

Set up in 1971, Tirupur-based AKM manufactures knitted garments,
predominantly for the export market. In 1996, the promoters
entered the cotton yarn spinning business through Armstrong
Spinning Mills Pvt Ltd. Both the entities are a part of the
Armstrong group.

For 2007-08 (refers to financial year, April 1 to March 31),
AKM reported a net loss of INR5 million on net sales of INR486
million, against a profit after tax of INR66 million on net sales
of INR638 million in the previous year.


ARMSTRONG SPINNING: Default in Loan Payment Cues CRISIL 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Armstrong Spinning Mills Pvt Ltd (ASMPL) because of default in
term loan servicing, due to weak liquidity. ASMPL has approached
its banker for rescheduling its debt.

   INR161.90 Million Long Term Loan     D (Assigned)
   INR115.00 Million Cash Credit        D (Assigned)
   INR10.00 Million Foreign Bill        P5 (Assigned)
                    Purchase
   INR7.50 Million Bill Purchase-       P5 (Assigned)
              Discounting Facility  
   INR12.50 Million Letter of Credit    P5 (Assigned)
   INR2.00 Million Bank Guarantee       P5 (Assigned)

                     About Armstrong Spinning

Set up in 1996, ASMPL is engaged in the business of manufacturing
cotton yarn; it has an installed capacity of 26,000 spindles.  The
company is part of the Tirupur-based Armstrong group, which has a
presence in spinning, processing, and knitting.  ASMPL reported a
net loss of INR23 million on sales of INR394 million in 2007-08
(refers to financial year, April 1 to March 31), against a profit
after tax of INR2 million on sales of INR376 million in 2006-07.


CG ISPAT: Fitch Assigns National Long-Term Rating at 'BB+'
----------------------------------------------------------
Fitch Rating has assigned CG Ispat Private Limited a National
Long-term rating of 'BB+(ind)' with a Stable Outlook.
Simultaneously, Fitch has also assigned ratings to CGIPL's bank
loans, as follow:

  -- Long-term loans INR272.2 million (as on December 31, 2008):
     'BB+(ind)';

  -- Fund-based working capital limits INR220 million (cash
     credit): 'BB+(ind)'; and

  -- Non-fund based limits INR100 million (to be carved out of
     cash credit limits): 'F4(ind)'.

The ratings reflect the relatively small size of the company's
operations, with under 1% share of the domestic market for
structural steel products.  They also reflect a lack of track
record of successful operations particularly in view of the
substantial under utilization of its plant capacity during FY07-
FY08 and limited control on prices of raw material and end
products.

During FY07, which was the first complete year of operations,
CGIPL's capacity utilization was 50%.  This declined to 40% in
FY08 due to operational issues related to furnaces in its plant
before rising to over 65% in the nine months to fiscal year ended
March 2009.  Given downward pressure on product prices, further
improvements in capacity utilization are needed to maintain
expected revenue growth.  A demonstrated track record for a longer
period of time could act a positive rating trigger.

Being a steel converter, CGIPL's profitability depends on its
ability to pass on input cost volatility to its customers in an
effective and timely manner.  Rising raw material prices have
caused CGIPL's operating margins to fall to 4.4% in 9MFY09 from
over 6% during FY07-FY08.  The ratings also reflect the high
working capital intensity of CGIPL's business, as well as the
volatility in raw material prices, which together may challenge
CGIPL's short-term liquidity.

However, with infrastructure being the target market, Fitch
believes that CGIPL may not be hit as hard as other converters
supplying to industries like auto or real estate.  CGIPL also does
conversion jobs for structural steels for some of the steel majors
(like Steel Authority of India Ltd (rated 'AAA(ind)'/Outlook
Stable), which provides some revenue stability.

CGIPL has plans to set up a thermo mechanically treated bars (TMT
Bars) plant of 120,000 TPA with a capital outlay of INR350m.
Fitch views this is as an event risk and has presently not
factored it into the ratings.

Debt-funded capex or a decrease in profitability causing leverage
to deteriorate beyond 4x on a sustained basis would put downward
pressure on the ratings.

CGIPL, a closely held company, has a capacity of manufacturing
100,000 TPA mild steel beams.  During FY08, CGIPL's revenue
increased 72% to INR1.99 billion from INR1.13 billion in FY07.
CGIPL's operating EBITDA margins also improved to 6.7% in FY08 to
INR132.9 million from 6.2% in FY07.  Similarly, CGIPL's leverage
also improved to 3.8x in FY08 from 5.7x in FY07.


CHENNIAPPA YARN: CRISIL Assigns 'B' Rating on INR197.0 Mln LT Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Chenniappa Yarn Spinners Pvt Ltd (Chenniappa).

   INR197.0 Million Long Term Loan        B/Stable (Assigned)
   INR90.0 Million Cash Credit Limit *    B/Stable (Assigned)
   INR5.0 Million Stand by Line of        B/Stable (Assigned)
                     Credit Limit
  
   INR20.0 Million Letter of Credit       P4 (Assigned)
                      Limit
   INR10.0 Million Bank Guarantee Limit  P4 (Assigned)

   * Includes INR 30.00 Million Ad-hoc Cash Credit Limit

The ratings reflect Chenniappa's weak financial risk profile,
exposure to volatility in cotton prices, and small scale of
operations.  These weaknesses are mitigated by Chenniappa's
moderate operating efficiencies.

Outlook: Stable

CRISIL believes that Chenniappa will maintain its business and
financial risk profiles over the medium term on the back of its
moderate operating efficiency.  The outlook may be revised to
'Positive' in case of a significant improvement in the company's
financial risk profile through higher-than-expected increase in
accruals or fresh equity infusion.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in revenues and
margins or if the company undertakes large, debt-funded capital
expenditure, adversely affecting its capital structure.

                      About Chenniappa Yarn

Chenniappa was promoted in 2005; it took over the business of the
partnership firm set up by its promoter Mr. C Subramaniam.  The
company is engaged in the business of manufacture of hosiery
cotton yarn.  For 2007-08 (refers to financial year, April 1 to
March 31), Chenniappa reported a profit after tax of INR1.91
million on net sales of INR221.37 million, against a net loss of
INR5.27 million on net sales of INR10.47 million in the preceding
year.


DEFIANCE KNITTING: CRISIL Puts 'BB' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Defiance Knitting Industries Pvt Ltd (DKIPL), part
of the Defiance group.

   INR90.0 Million Rupee Term Loan   BB/Stable (Assigned)
   INR55.0 Million Cash Credit       BB/Stable (Assigned)
   INR24.5 Million Bill Purchase-    BB/Stable (Assigned)
            Discounting Facility
   INR10.0 Million Packing Credit    BB/Stable (Assigned)
   INR12.0 Million Letter of Credit  P4 (Assigned)
   INR4.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the Defiance group's limited presence in the
fragmented garments industry, and the customer concentration in
its revenue profile.  These weaknesses are partially offset by
DKIPL's strong customer base, and the benefits it is expected to
derive from its forward integration initiatives.

For arriving at the ratings, CRISIL has combined the financials of
DKIPL and DKI Apparel Pvt Ltd (DKIAPL), collectively referred to
as the Defiance group, as both the companies are under the same
management, and are engaged in similar lines of business.

Outlook: Stable

CRISIL believes that DKIPL will maintain its financial risk
profile over the medium term on the back of steady cash accruals
and limited debt obligations.  The outlook may be revised to
'Positive' if the Defiance group scales up its operations
significantly without incurring any material deterioration in its
capital structure and debt protection measures.  Conversely, the
outlook may be revised to 'Negative' if the Defiance group
undertakes large debt-funded capital expenditure, weakening its
debt protection measures.

                     About Defiance Knitting

Set up in 1995 by Mr. Sudhir Vora, Mr. Jamno Kalwani, and
Mr. Mohanlal Badlani, DKIPL manufactures knitted fabrics and
garments. It supplies fabrics mainly to domestic garment
manufacturers.  The company owns 250 garment stitching machines
and 26 knitting machines.  DKIPL reported a profit after tax (PAT)
of INR41 million on net sales of INR447 million for 2007-08
(refers to financial year, April 1 to March 31), as against a PAT
of INR16 million on net sales of INR442 million for 2006-07.

DKIAPL commenced trail runs of its knitted garments unit in
January 2009, and is expected to commence commercial operations in
the first quarter of 2009-10.


EVOLUTION EDUCATION: CRISIL Rates INR140 Mln Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the term loans
of Evolution Education Society (EES).

   INR140 Million Term Loan     BB-/Stable (Assigned)

The rating reflects the society's initial phase of operations, and
the highly regulated nature of the education industry.  These
rating weaknesses are mitigated by the healthy demand for
technical education.

Outlook: Stable

CRISIL expects a significant improvement in EES's operating
financial position over the medium term.  CRISIL believes that the
society will not take on incremental debt and will get funds at
regular intervals from its members and through donations.  The
outlook may be revised to 'Positive' if the society establishes a
track record of healthy cash accruals.  Conversely, the outlook
may be revised to 'Negative' if the society takes on more debt or
fails to gets adequate funds, through donations and from members.

                        About the Society

Ojaswini Samdarshi Nyas, a trust, was formed in 1992 with the
objective of furthering higher education in Madhya Pradesh.  The
Ojaswini Group of Institutes was founded in 2001 with the
establishment of Ojaswini Institute Par Excellence.  EES is a
newly-formed trust of the group.  The group has set up two
technical education institutions, which became operational from
2008-09 (refers to financial year, April 1 to March 31).  The two
institutions, Ojaswini Women Management and Engineering College
(for women), and Infinity Management and Engineering College,
offer degree courses in computer science and engineering,
information technology, electronics and telecommunication, and
civil engineering.  The colleges are affiliated to the Rajiv
Gandhi Proudyogiki Vishwavidyalaya, a technical university, and
have been approved by the All India Council for Technical
Education, New Delhi.


KHODAY INDIA: CRISIL Places 'BB' Rating on INR469.9MM Term Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the bank
facilities of Khoday India Limited (KIL).

   INR469.9 Million Term Loans          BB/Negative (Assigned)
   INR650 Million Cash Credit Limits    BB/Negative (Assigned)
   INR48 Million Bill Discounting       P4 (Assigned)
   INR33 Million Letter of Credit *     P4 (Assigned)

   * Interchangeable with Bank Guarantee

The ratings reflect regulatory risks in the distillery industry,
KIL's moderate market share in the Indian made foreign liquor
(IMFL) market in Karnataka, and its weak financial risk profile.
These weaknesses are partially offset by healthy business
prospects for IMFL, and the moderate geographical diversity of
KIL's revenues.

Outlook: Negative

CRISIL expects demand prospects for IMFL to remain strong; KIL
will benefit in terms of revenue growth, but its financial profile
is expected to remain constrained by sub-par debt protection
measures.  The rating may be downgraded if business performance –
contrary to CRISIL's expectations – is sluggish, if KIL is unable
to refinance large debt repayments due in 2010-11, or if KIL
leverages itself for executing large capital expenditure in the
real estate sector (not factored into the present rating).
Conversely, the outlook may be revised to 'Stable' in case of
greater-than-expected improvement in KIL's business performance
leading to a material improvement in its debt protection measures.

                        About Khoday India

KIL, part of the Khoday group of companies, was incorporated in
1965. It manufactures IMFL under its own brands, which include
Peter Scot (a super premium brand) and Red Knight (a premium
brand).  These brands account for about 50 per cent of the 1.1
million cases of IMFL that the company sold in 2008-09.  KIL also
has capacity to manufacture up to 21,900 tonnes of glass every
year; about 60 per cent of the glass bottles it produces are used
captively.  For 2008-09, the company reported a loss after tax of
INR14 million on net sales of INR1.2 billion, against a PAT of
INR83 million on net sales of INR1.2 billion in the preceding
year.


KINGFISHER AIRLINES: To Kick-Off Bangalore-Dubai Route on June 25
-----------------------------------------------------------------
Kingfisher Airlines will start flying daily from Bangalore, India
to Dubai from June 25, The Financial Express reports.

According to the report, airline's officials said the flight,
using an A320 aircraft, will take off from Bangalore at 6:30 p.m.
and land in Dubai at 8:55 p.m. local time while the return flight
will leave Dubai at 11:30 p.m. and reach Bangalore at 4:45 a.m.

The report, citing official from Kingfisher, said the airline also
plans to start flights to Abu Dhabi and a couple of other
destinations in the Gulf region.

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, The Times of India said Kingfisher Airlines
put off its plans to launch Dubai services until June-July.
The Times said the airline was all set to connect Bangalore to
Dubai beginning March 7, but had deferred its plans due to the
economic slowdown that has gripped the Middle East and plummeting
airfares.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.

In the financial year ended March 31, 2008, Kingfisher Airlines
reported a net loss of INR1.89 billion.


MAGNUM STEELS: Low Profitability Cues CRISIL 'BB' Rating
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Magnum Steels Ltd (MSL), which is part of the
Magnum group.

   INR65.00 Million Cash Credit Limit   BB/Stable (Assigned)
   INR50.00 Million Letter of Credit    P4 (Assigned)
   INR10.00 Million Bank Guarantee      P4 (Assigned)

The ratings reflect MSL's moderate financial risk profile, marked
by low profitability and large capital expenditure (capex) plans.
The ratings also factor in MSL's exposure to risks relating to
trading in the capital markets, to cyclicality in the steel
business, and concentration of revenues in the automobile sector.
However, these weaknesses are partially offset by benefits that
MSL derives from backward integration initiatives which mitigate
risks relating to raw material availability.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of MSL, Magnum Iron & Steel Pvt Ltd
(MISPL), Deluxe Alloys Pvt Ltd (DA), and N R Sponge Pvt Ltd (NRS),
collectively referred to herein as the Magnum group. This is
because the companies share the same value chain, are under a
common management, and have significant inter-company
transactions.

Outlook: Stable

CRISIL expects the Magnum group to maintain its stable business
risk profile, backed by the experience of its promoter in the
spring steel industry. The group's financial profile may remain
stretched owing to low cash accruals. The outlook may be revised
to 'Negative' if the company undertakes additional debt-funded
capex, or reports further decline in operating margins.
Conversely, the outlook may be revised to 'Positive' if the
company's operating margins and debt protection measures improve
considerably, over the medium term.

                        About the Company

Set up in 1991 as a private limited company by Mr. I C Jindal,
MSL started as a single steel project at Gwalior in 1989; it
manufactures spring steel flats, high strength deformed (HSD)
steel bars and thermo-mechanically treated (TMT) bars through the
electric arc process. MSL converted to a closely-held public
company in 1995. Magnum group integrated backwards by acquiring
DA in 1990-91 and MISPL (formerly, Vibha Steel Pvt Ltd) in 1997.
In 2006-07, MSL began manufacturing steel ingots and castings, by
acquiring two group companies, B R Associates and IRS Industries.
MSL acquired NRS in 2007. MSL reported a profit after tax (PAT) of
INR11 million on net sales of INR1,308 million for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR592 million on net sales of INR1,327 million for 2006-07.


NITIN SPINNERS: CARE Revises Ratings on LT Bank Loans to 'CARE C'
-----------------------------------------------------------------
CARE has revised the rating assigned to the long-term bank loans /
facilities of NSL (Nitin Spinners Ltd.) from 'CARE BB+' (Double B
Plus) to 'CARE C' (Single C) and has retained the 'PR 4' (PR Four)
rating to the short-term bank loans / facilities for an aggregate
amount of Rs.294.12 cr, including outstanding long-term rupee term
loan of Rs.187.10 cr and outstanding short-term rupee term loan of
Rs.10 cr as on Aug.1, 2008, sanctioned fund-based working capital
limit of Rs.87.02 cr and non-fund based limit of Rs.10 cr.

Facilities with 'CARE C' rating are considered to be having very
high likelihood of default in the payment of interest and
principal.  Facilities with 'PR 4' rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.

                                 Amount
   Facilities                 (Rs. crore)      Rating
   ----------                  ----------      ------
   Long-term bank loans         187.10         'CARE C'
   Long-term bank facilities    87.02          'CARE C'
   Short-term bank loans        10.00          'PR4'
   Short-term bank facilities   10.00          'PR4'

Rating Rationale

The revision in the ratings factor in deterioration in financial
risk profile of NSL as reflected by losses incurred by it in
9MFY09 especially on account of rising cotton prices and
increasing power & fuel costs and its approach to the CDR
(Corporate Debt Restructuring) Cell for debt restructuring.

                      About Nitin Spinners

Bhilwara-based NSL, incorporated in 1992, is mainly engaged in the
manufacturing of cotton yarn and cotton knitted fabrics.

Although total income of NSL increased by 35% in 9MFY09 compared
to 9MFY08, its PBILDT margin deteriorated from 18.66% in 9MFY08 to
10.28% in 9MFY09 mainly on account of its inability to increase
its sales realisations in line with the increased cost of raw
material (mainly cotton) as a result of adverse impact of slowdown
in the textile industry especially cotton spinning sector.  This
resulted in the cost of raw material consumed (including stock
adjustment) increasing from 53.65% in 9MFY08 to 63.22% in 9MFY09.
As against a PAT of Rs.0.80 crore in 9MFY08, NSL incurred a loss
of Rs.21.10 crore in 9MFY09. Apart from a dip in its PBILDT
margin, it was also impacted by the realised foreign exchange loss
of Rs.13.95 crore on its derivative exposure.  It is to be further
noted that the company has not provided M2M loss of Rs.17.63 crore
on its outstanding derivative contracts as on December 31, 2008
(thus, the company has not complied with the requirements of AS-
30).  Increase in interest cost also had an adverse impact on
NSL's loss during 9MFY09.


OJASWINI SAMDARSHI: CRISIL Rates INR70 Million Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loans of
Ojaswini Samdarshi Nyas (Ojaswini).

   INR70 Million Term Loan    BB/Stable (Assigned)

The rating reflects the trust's small scale of operations and low
net worth, and the highly regulated nature of the education
industry.  These rating weaknesses are mitigated by the healthy
demand for higher education.

Outlook: Stable

CRISIL expects Ojaswini's new institute to generate healthy cash
accruals.  The trust is likely to consolidate the operations of
its existing colleges and attract higher donations and funds from
the trustees, and thereby improve its liquidity and reduce its
bank debt and gearing significantly.  The outlook may be revised
to 'Positive' if the trust is able to establish a track record of
healthy annual cash accruals, coupled with a turnaround of its
loss-making education programmes. Conversely, the outlook may be
revised to 'Negative' if Ojaswini contracts fresh debt and is
unable to source adequate funds through donations and from its
members, or if the losses from the trust's various programmes
increase or the new institute is unable to break even as expected
by 2009-10 (refers to financial year, April 1 to March 31).

                        About the Society

Ojaswini, a trust, was formed in 1992 with the objective of
providing higher education facilities in Madhya Pradesh. The trust
has a focus on education for women.  The Ojaswini Group of
Institutes (OGI) was founded in 2001 with the establishment of
Ojaswini Institute Par Excellence.  Since then, OGI has expanded
its domain to include nursing, management, and engineering
colleges.  The trust recently set up the Ojaswini Institute of
Technology and Management, which became operational from 2007-08.

In 2007-08 (refers to financial year, April 1 to March 31),
Ojaswini reported a profit after tax (PAT) of INR-4.4 million on
net sales of INR30.6 million, as against a PAT of INR5.9 million
on net sales of INR1.98 million in 2006-07.


SATYAM COMPUTER: Fidelity Reduces Satyam Stake to 4.02%
-------------------------------------------------------
Foreign fund house Fidelity has cut its stake in Satyam Computer
Limited by 1.76 per cent to 4.02 per cent through an open market
transaction, The Financial Express reports.

Fidelity, through its investment arms, Fidelity Diversified
International Fund and the Fid Funds (Mauritius) Ltd, sold 1.18
crore shares worth Rs 55.80 crore, the report relates citing
Satyam in a disclosure on the Bombay Stock Exchange.

The report discloses Fidelity held 8.71 per cent stake in the
company as at the end of the March quarter.

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 March 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 that 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.


TATA STEEL: May Mothball its TCP Plant in Northeast England
-----------------------------------------------------------
Tata Steel Limited's European arm Corus said that it has been
forced to open consultations that might result in a decision to
mothball its Teesside Cast Products (TCP) plant in northeast
England.

"This development has become unavoidable because of a failure by
four international slab buyers to fulfil their obligations under
an Offtake Framework Agreement (OFA).  The OFA was signed with
Corus in 2004 and committed the consortium to buy just under 78%
of the plant's production for ten years," the company said in a
statement released Friday, May 8.

The company has begun discussions with employees and their
representatives about what can be done to mitigate the impact of
mothballing the plant on the 1,920 TCP employees and what future
action may be needed.  Any decision to mothball is likely to lead
to a very significant number of redundancies.

The signatories to the OFA, which include Marcegaglia SpA, Dongkuk
Steel Mills Co Ltd, Duferco Participations Holding Ltd1 and Alvory
SA2, agreed to buy their share of TCP's output at cash cost.  Over
the duration of the contract so far the consortium members have
benefited tremendously.  Despite this, last month the consortium
unilaterally and unreasonably initiated moves to terminate the
contract, thereby making the TCP operation unviable.

Corus said it is using all legal means to ensure that the terms of
the 10-year OFA are fully enforced and that the four consortium
members live up to their contractual obligations.  Alongside these
actions Corus will explore alternative options that might secure a
viable future for TCP and its employees.

"I am extremely disappointed that the consortium members have seen
fit to take this irresponsible action," said Corus CEO Kirby
Adams.  "Their unilateral termination of a legally binding 10-year
contract could bring to an end a fine heritage of steelmaking at
Teesside.   We regret the distress their action will cause TCP's
dedicated employees, who have worked steadfastly in the interests
of the consortium."

                           About Corus

Corus is Europe's second largest steel producer with annual
revenues of more than GBP12 billion and crude steel production of
about 20 million tonnes.  With main steelmaking operations
primarily in the UK and the Netherlands, Corus supplies steel and
related services to the construction, automotive, packaging,
mechanical engineering and other markets worldwide.  Corus is a
subsidiary of Tata Steel, one of the world's top ten steel
producers.  Following the acquisition of Corus in 2007, the
combined enterprise has an aggregate crude steel capacity of more
than 28 million tonnes and approximately 82,700 employees across
four continents.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/--  is a diversified steel producer.
It has operations in 24 countries and commercial presence in
over 50 countries.  Its operations predominantly relate to
manufacture of steel and ferro alloys and minerals business.
Other business segments comprises of tubes and bearings.  Tata
Metaliks Limited, which is engaged in the business of
manufacturing and selling pig iron, became a subsidiary of the
Company with effect from Feb. 1, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'.  The
Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  The rating remains on review for possible
further downgrade.


VRAJ INTEGRATED: CRISIL Assigns 'BB' Rating on INR200MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Vraj Integrated Textile Park Ltd (VITPL).

   INR200.00 Million Term Loan     BB/Stable (Assigned)

The rating reflects delays in commissioning of textile units,
which are likely to impact VITPL's financial risk profile.  The
weakness is, however, partially offset by the benefits that VITPL
derives from the experience of the promoters in the textile
industry, and low funding risks.

Outlook: Stable

CRISIL believes that though VITPL will be able to commission the
common infrastructure facilities without any time or cost
overruns, however due to challenging industry environment,
commissioning of the 29 operating units under Phase 1 may be
delayed hampering project revenues.  The outlook may be revised to
'Positive' if a majority of units in the textile park commence
operations on time, thereby providing stable revenues and cash
accruals.  Conversely, the outlook may be revised to 'Negative' in
case of time or cost overruns in the project, or more than
expected delay in commencement of operations by the textile units.

                      About Vraj Integrated

Incorporated in 2005, VITPL is a special purpose vehicle (SPV)
promoted by the Chiripal group of companies to set up a textile
park near Kheda (Gujarat) at an estimated cost of INR1.12 billion.
The park will offer 36 plots for spinning, weaving, processing,
garment manufacturing, sizing, and dyeing units.  VITPL was set up
under the scheme for integrated textile parks (SITP) supported by
the ministry of textiles, Government of India.  The textile park
is yet to generate any revenue as the units are expected to
commence operations only by 2009-10.



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

BANK MANDIRI: Secures US$400 Mil. Funding for Eco-Friendly Works
----------------------------------------------------------------
Bank Mandiri is receiving US$400 million in financing from the
Agence Francaise de Developpement (AFD) and the Asian Development
Bank (ADB) to help finance environmentally friendly and socially-
positive projects in the country, Jakarta Post reports.

According to the report, Bank Mandiri signed an agreement with AFD
to channel US$100 million in long-term loans while another US$300
million of similar financing support from ADB is currently
finalized by the bank, the report relates.

"This is a breakthrough not only for Mandiri but also our banking
industry.  With this kind of financing support, we learn how to
incorporate the environment into our assessment of projects", The
Post quoted Mandiri director Thomas Arifin as saying.

Mandiri is looking for projects that include clean energy
projects, geothermal power plants, wind power plants and projects
that consume less energy or make use of renewable energy sources,
Mr. Arifin told the Post.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.


BANK NEGARA: Islamic Dev't Bank to Invest US$500 Million in Unit
----------------------------------------------------------------
Aloysius Unditu at Bloomberg News reports that Islamic Development
Bank, owned by states including Saudi Arabia, Egypt and Turkey,
plans to invest as much as US$500 million in PT Bank Negara
Indonesia's Shariah-compliant banking unit to help it expand in
Asia.

A unit of the Jeddah, Saudi Arabia-based IDB will help the venture
buy banks and expand in Indonesia, Southern Thailand and Malaysia,
Gatot Suwondo, president director of Bank Negara, told Bloomberg
News in an interview in Jakarta.  The investment will be made in
stages and the unit may be spun off as an independent business
this year, Mr. Suwondo said in the report without providing
further details.

The report relates according to Mr. Suwondo, Bank Negara's Islamic
unit has total assets of US$300 million.

Bank Negara's profit rose 36 percent to IDR1.2 trillion last year
from IDR898 billion a year earlier while net interest income rose
33 percent to IDR9.9 trillion, the report says.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).


INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims
------------------------------------------------------------------
Ferry Irwanto at Jakarta Globe reports that Indonesian creditors
are seeking repayment of EUR151.28 million in credit claims from
Netherlands-based Bank Indover, owned by Bank Indonesia.

According to the report, Indover's Indonesian creditors include
owner BI, and 42 Indonesian banks -- both state and private.  BI,
the report discloses, has credit claims to Indover worth EUR101.48
million, or nearly 25 percent of Indover's total liabilities,
while the 42 Indonesian banks, including PT Bank Mandiri and PT
Bank Negara Indonesia, have credit claims on Indover worth EUR49.8
million, the report notes.  PT Bank Mandiri, one of Indonesia's
state banks, has credit claims worth EUR31 million, while PT Bank
Negara Indonesia, another state bank, has EUR27 million in credit
claims, the report states.

The report says Indonesia's central bank and other Indonesian
banks will have to wait for a creditors meeting organized by
trustees A. van Hees and H.P. de Haan, appointed by the District
Court of Amsterdam, which is scheduled for the end of this month.
The report relates Bank Indonesia spokeswoman Dyah Nastiti K.
Makhijani on Sunday said that the central bank did not have any
information about which creditors had already submitted claims,
what Indover assets had been sold and what the results of
Indover's claims verification process were.  "Everything is
handled by the trustees [appointed by the District Court of
Amsterdam] now," the report quoted Ms. Makhijani as saying.

The report states Mr. Economist Dradjad H. Wibowo, a member of the
House of Representative's Commission XI, which handles banking and
financial issues, said Bank of Indonesia's failure to secure
domestic banks' claims to Indover "will reflect badly on Bank
Indonesia and state banks' financial audits".

"Commission XI was worried because the trial was held in the
Netherlands using the country’s legal system and liquidators," Mr.
Dradjad was quoted by the report as saying.  "We were afraid the
liquidators would see that our banks were the last in line to
receive credit based on fraudulent reasons."

Citing Indover's provisional financial statement of March 31,
which was released in April, the report discloses the bank's total
liabilities were EUR429.87 million, including debts to some
central banks amounting to EUR130.99 million, as well as
liabilities to banks, financial institutions and customers
totaling EUR298.88 million.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Antara News said De Indonesische Overzeese Bank
N.V. (Indover), Bank Indonesia (BI)'s subsidiary based in the
Netherlands, was declared bankrupt by a local court.

As reported by the TCR-Asia Pacific, the District Court of
Amsterdam, on Oct. 6, 2008, declared the emergency regulations
applicable to Indover Bank at Amsterdam and appointed T. van Hees
(Stibbe lawyers) and H. de Haan as administrators.

                       About Bank Indonesia

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

                        About Indover Bank

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly-owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.


MEDCO ENERGI: Plans IDR1-Tril. Bond Issue
-----------------------------------------
PT Medco Energi Internasional Tbk will offer IDR1 trillion (US$96
million) in bonds to finance its working capital and capital
expenditures this year, The Jakarta Globe reports citing
Cyril Noerhadi, Medco's financial director.

The report says Medco's bonds, to be issued in two series, will be
offered in tenors of three and five years, with yields of between
12.6 percent and 13.6 percent, and 13.37 percent and 14.37
percent, respectively, based on Friday's (May 8) fixed rate.  The
bonds will mature in 2012 and 2014, the report notes.

"This will be the second bond that Medco has issued," the Globe
quoted Cyril as saying.  "The yield would be paid every quarter
and our bonds have received AA- outlook, or stable, from Pefindo
[corporate credit rating].  Seventy percent of the funds raised
will be allocated for investments, while 30 percent will be for
operations."

The report, citing Andi Sidharta, a director at PT Bahana
Securities, said the offering period for the bonds had been set
for June 9-11, followed by a listing on the Indonesia Stock
Exchange on June 17.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Moody's Investors Service put on review for
possible downgrade PT Medco Energi Internasional Tbk's B2
corporate family rating and B3 senior unsecured rating (Senior
8.75% bonds due 2010 issued by MEI Euro Finance Ltd).


MEDCO ENERGI: Seeks Loans to Fund Libyan Oil Blocks
---------------------------------------------------
The Jakarta Post reports that PT Medco Energi International is
seeking as much as US$275 million worth of loans to develop its
oil block in Libya.

The report, citing Medco project director Lukman Mahfoedz, said
the so-called Area 47 project in Libya would cost US$800 million
for facility construction and $300 million for development.

"Of the total cost of US$ 1.1 billion, Medco will only contribute
25 percent," the Post quoted Lukman as saying.

According to the report, Area 47 is estimated to have contingent
reserves of 307 million barrels of oil.  Under the production
sharing agreement, Medco and partner Canada-based Verenex jointly
own 13.7 percent of the reserve, while Libya's National Oil
Company owns the remaining 86.3 percent once the block starts
production, the Post notes.

The report relates that Medco president director Darmoyo
Doyoatmojo said Medco expected Area 47 to begin production by the
end of 2010, with an average output of 50,000 barrels oil per day
(bpd).

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Moody's Investors Service put on review for
possible downgrade PT Medco Energi Internasional Tbk's B2
corporate family rating and B3 senior unsecured rating (Senior
8.75% bonds due 2010 issued by MEI Euro Finance Ltd).


SARIJAYA PERMANA: Customers to Sue Bapepam-LK and IDX
-----------------------------------------------------
The customers of PT Sarijaya Permana Sekuritas will sue the Stock
Market and Financial Institutions Supervisory Agency (Bapepam-LK)
and the Indonesia Stock Exchange (IDX) for their negligence,
Jakarta Post reports.

"Sarijaya is one of the big local securities houses, how can they
claim did not know anything about this case earlier, but disclosed
it *only* at the last minute when all the money was gone", Teguh,
a representative of Sarijaya customers from Bogor branch, was
quoted by The Post as saying.

Teguh told The Post that his group is now making coordination with
a team of lawyers, before submitting the lawsuit file to the South
Jakarta District Court.

Another group from Jakarta branch is planning to do the same, the
report says citing Teguh.

The planned lawsuit is the latest attempt carried out by Sarijaya
customers to get their money back given the slow progress in
finding out about the fate of their funds, allegedly swindled by
Sarijaya president commissioner Herman Ramli, the report notes.

Sarijaya customers have also tried requesting help from the IDX,
to asking solutions from the members of House of Representatives,
to organizing a series of street demonstrations, The Post says.

As reported by the Troubled Company Reporter – Asia Pacific on
Jan. 9, 2009, Herman Ramli, owner of Sarijaya embezzled some
IDR240 billion (US$22.32 million) in investors' funds.

Established in 1990, PT Sarijaya Permana Sekuritas (SPS), the
Globe says, boasts institutional clients in various sectors,
including 30 pension funds, 11 insurance firms, two financial
firms and two large foundations.  The company has about 48
branches around the country.



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

AMERICAN INT'L: In Talks w/ Nippon Life on Japan HQ Building Sale
-----------------------------------------------------------------
American International Group Inc is in final talks with Nippon
Life Insurance Co to sell its Japanese headquarters building,
Reuters reports citing a source familiar with the matter.

Reuters relates the source said the prized building in the
Otemachi section of Tokyo could fetch a little more than US$1
billion though a deal had not yet been reached.

Mitsui Fudosan Co. and Mitsubishi Estate Co. are also in the final
round of bidding, the Wall Street Journal relates citing another
person familiar with the situation.

Based in New York, American International Group, Inc. (AIG), is
the leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from $22.76 on September 8, 2008, to
$4.76 on September 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On September 22, 2008, AIG entered into an $85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At September 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled $63 billion,
including accrued fees and interest.

Since September 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to September 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On November 10, 2008, the U.S. Treasury agreed to purchase,
through its Troubled Asset Relief Program, $40 billion of newly
issued AIG perpetual preferred shares and warrants to purchase a
number of shares of common stock of AIG equal to 2% of the issued
and outstanding shares as of the purchase date.  All of the
proceeds will be used to pay down a portion of the Federal Reserve
Bank of New York credit facility.  The perpetual preferred shares
will carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At September 30, 2008, AIG had $1.022 trillion in total
consolidated assets and $950.9 billion in total debts.
Shareholders' equity was $71.18 billion, including the addition of
$23 billion of consideration received for preferred stock not yet
issued.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


FUJI HEAVY: Expects to Incur Second Annual Loss in FY2010
---------------------------------------------------------
Fuji Heavy Industries Ltd. expects to record its second straight
annual loss of JPY55 billion (US$554 million) in the year ending
March 2010, Bloomberg News reports citing President Ikuo Mori.

The company already posted a net loss of JPY69.93 billion in the
fiscal year ended March 31, 2009, the report relates.

According to the report, the company incurred its loss as the
global recession hammered demand for vehicles in Japan and
overseas.  The yen’s 10 percent gain against the dollar this year
is also cutting the value of Fuji Heavy’s sales abroad, the report
says.

Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) --
http://www.fhi.co.jp/english/-- is a global manufacturer of
transportation and aerospace-related products and the maker of
Subaru automobiles.  It has four business divisions.  The main
products of the Automobiles division include Legacy, Impreza,
Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer.  Its Subaru
automotive business manufactures, repairs and sells minicars,
small cars, passenger cars and their components.  Through the
Aerospace division, FHI is engaged in the manufacture, repair and
sales of airplanes, aerospace-related machinery and their
components.  The Industrial Products division is engaged in the
manufacture, repair and sales of power generators, engine-equipped
machinery, Robin engines, pumps, agricultural machinery,
construction machinery and other machine tools.  The Other
division manufactures, sells, repairs and services sweeper and
eco-related machinery, garbage collection vehicles and specialized
vehicles.  The Other division is also engaged in real estate
leasing.


JAPAN AIRLINES: To Reduce Retirement Allowances To Cut Costs
-------------------------------------------------------------
Japan Airlines Corp. aims to cut costs by at least JPY10 billion
(US$100 million) a year by reducing retirement allowances,
Bloomberg News reports citing the Asahi newspaper.

According to Bloomberg News, the paper said the airline will
negotiate with its eight labor unions over the cuts, which will
affect as many as 6,000 employees.  Asahi said the allowance cut
is part of the business plan Japan Airlines expects to disclose on
May 12, Bloomberg News relates.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that Japan Airlines revised its consolidated financial
forecast for FY2008, the year ending March 31, 2009.

The airline said it would post a net loss of JPY63 billion for the
fiscal year, which ended March 31, almost double than the
previously forecasted annual net loss of JPY34 billion.  The Group
also expects an operating loss of JPY51 billion for the year,
against a previous forecast of a JPY37 billion operating loss.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


SHINSEI BANK: Fitch Corrects Press Release; Affirms 'BB' Rating
---------------------------------------------------------------
This announcement corrects the version issued earlier.  It
provides the correct web-link in the second paragraph.  The
updated text is:

Fitch Ratings has affirmed Japan-based Shinsei Bank Ltd's and
Shinsei Trust & Banking Co., Ltd's ratings after the former
announced a deeper loss forecast for the fiscal year ended March
2009 (FYE09) than previously indicated.  The complete list of the
ratings is provided at the end of this comment.

Shinsei announced on May 7, 2009, that it will now post a net loss
of JPY143 billion in FYE09 against the previous forecast of a net
loss of JPY48 billion.  The increased net loss and resulting low
capital ratios are in line with Fitch's assessments, based on
which the agency downgraded Shinsei's and Shinsei Trust's ratings
on April 24, 2009.

Shinsei has reported that the increase in net loss is mainly due
to the higher impairment charges on its US and European CLO
investments, increase in reserves for interest refund claims at
its consumer finance business and also mainly on its non-recourse
real estate loan portfolio, restructuring related costs, reversal
of deferred tax assets and accelerated goodwill amortization on
account of the impairment (on non-consolidated basis) in its
preferred shares in APLUS, its consolidated subsidiary.

Fitch will monitor the bank's initiatives for improving its
portfolio quality and strengthening capital ratios, given the
difficult operating environment.

The complete list of ratings is:

Shinsei:

  -- Long-term foreign and local currency Issuer Default Ratings
     affirmed at 'BBB'; Outlook Negative

  -- Short-term foreign and local currency IDRs affirmed at 'F2'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

  -- Senior unsecured notes affirmed at 'BBB'

  -- Subordinated EUR1 bil. notes affirmed at 'BBB-'

  -- Subordinated GBP400m perpetual notes affirmed at 'BB'

  -- Shinsei Finance (Cayman) Company's and Shinsei Finance II
     Limited's preferred securities affirmed at 'BB'

Shinsei Trust:


  -- Long-term foreign and local currency IDRs affirmed at 'BBB';
     Outlook Negative

  -- Short-term foreign and local currency IDRs affirmed at 'F2'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '2'.


TOSHIBA CORPORATION: Moody's Assigns 'Ba1' Rating to 1st Series
---------------------------------------------------------------
Moody's Investors Service has assigned a rating of (P)Ba1 to The
1st Series Unsecured Interest Deferrable and Early Redeemable
Subordinated Bonds Solely For Qualified Institutional Investors
(Tekikaku Kikan Toshika Gentei) issued by Toshiba Corporation.
The rating outlook is negative.

The rating for the Bonds considers the Baa2 rating of Toshiba's
senior unsecured bonds and the subordinated priority of claim the
Bonds will have within the company's capital structure.  Proceeds
from the Bonds offering will be used for debt repayments of the
company.

The last rating action for Toshiba was on April 27, 2009, when
Moody's downgraded the company's long-term debt ratings to Baa2
from Baa1 and outlook was negative.  The Prime-2 short-term
ratings of Toshiba and its supported subsidiaries were confirmed
at that time.

Toshiba Corporation, headquartered in Tokyo, is one of Japan's
leading integrated electronics companies.


TOSHIBA CORP: To Raise US$5 Bil. Capital to Lower Debt
------------------------------------------------------
Toshiba Corp. plans to raise about US$5 billion in capital to
provide some financial breathing room as it suffered a
JPY343.6 billion net loss in the fiscal year ended March 31, 2009,
The Wall Street Journal reports.

According to The Journal, Toshiba plans to issue up to
JPY313 billion (US$3.16 billion) of new equity and an additional
JPY170 billion to JPY180 billion in debt.  The new share issuance
is expected to dilute the value of Toshiba's current shares by
around 24%.

The proceeds will be used by the company for financing of capital
investments and to trim its debt load, the report relates.

The company forecasts a net loss of JPY50 billion in the fiscal
year ending March 2010, the report says.

                    About Toshiba Corporation

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


* Fitch Downgrades Ratings on Nine Japanese Insurance Companies
---------------------------------------------------------------
Fitch Ratings has downgraded the ratings of nine Japanese life
insurance companies and resolved the Rating Watch Negative. The
Outlook on all nine companies is Negative.

The rating actions follow a review of the Japanese Life insurance
sector, which is part of an ongoing review of the insurance
portfolio, and reflect Fitch's increasingly negative view of the
exposure of the Japanese Life Insurance sector to equity risk.

The decline of the Nikkei over the last 18 months has
significantly impacted the insurers' balance sheets and reversed
the capital strengthening recorded over the previous four years.
The ongoing volatility of equity markets continues to pressure
companies, most of whom have seen previous unrealized gains on
long-held equity portfolios turn to unrealized losses.

Also, Fitch is more concerned over the medium term prospects for
the Japanese economy with forecasts considerably more pessimistic,
compared to six months ago.  A prolonged economic slowdown will
stunt premium growth, maintain downward pressure on investment
returns and may result in increased surrender-and-lapse experience
for the life companies, although current these companies' business
performances have not been affected much.

Fitch has also reviewed the ratings of the insurance sector
relative to other global insurance markets and the ratings of
other financial institutions in Japan.  Specifically, Fitch
considers that, in most territories, banks are more likely to
receive direct government support if faced with a liquidity
crisis, as has been demonstrated in a number of countries in
recent months.  Fitch notes that insurance companies as less
likely to receive government support in a solvency crisis,
although forms of regulatory forbearance are considered likely.

The Negative Outlooks reflect the broader macroeconomic pressures
that Fitch expects to impinge on investment returns and new
business generation.

The details of the ratings actions are summarized below:

Asahi Mutual Life Insurance Co.:

  -- Insurer Financial Strength Rating downgraded to 'BB' from
     'BBB-'.

Daido Life Insurance Co.:

  -- IFS rating downgraded to 'A' from 'AA-'.

The Dai-ichi Mutual Life Insurance Company (Dai-ichi Life):

  -- IFS Ratings downgraded to 'A-' from 'A+';

  -- Long-term Issuer Default Rating downgraded to 'BBB+' from
     'A'; and

  -- US$500 mil. 5.73% Subordinated Notes March 17, 2014
     downgraded to 'BBB' from 'A-'.

Fukoku Mutual Life Insurance Company:

  -- IFS Rating downgraded to 'A' from 'A+';

  -- Long-term IDR downgraded to 'A-' from 'A';

  -- EUR300 mil. Fixed to Floating Rate Subordinated Callable
     Notes 28  September 2025 downgraded to 'BBB+' from 'A-'.

Meiji Yasuda Life Insurance Company:

  -- IFS rating downgraded to 'A' from 'A+'.

Mitsui Life Insurance Company Limited:

  -- IFS rating downgraded to 'BBB-' from 'BBB'.

Nippon Life Insurance Company (Nippon Life):

  -- IFS rating downgraded to 'A+' from 'AA'.

Sumitomo Life Insurance Company:

  -- IFS rating downgraded to 'BBB+' from 'A';

  -- Long-term IDR downgraded to 'BBB' from 'A-';

  -- EUR2 bil. Senior Unsecured Euro Medium-term Note (EMTN-
     senior) downgraded to 'BBB' from 'A-';

  -- EUR2 bil. Undated Subordinated Euro Medium-term Note (EMTN-
     sub) downgraded to 'BBB-' from 'BBB+'.

Taiyo Life Insurance Company (Taiyo Life):

  -- IFS rating downgraded to 'BBB+' from 'A+'.

Asahi Life has been focusing on its third-sector business (medical
and nursing care insurance), and under strong management, strong
business performance in this area and high policy persistency has
given rise to profitability improvement.  Among the nine life
insurers, Asahi Life has a relatively smaller market share with a
much weaker capital position and sizeable negative spread burden.
Faced with stock market declines, its capital has fallen
significantly over the last year.  Fitch has concerns as to the
company's ability to strengthen its capital position to its
previous level, under the current environment.  Furthermore,
ongoing negative equity market movements continue to pressure its
IFS, given its existing thin capitalization level.

Fitch believes that Daido Life's capital position no longer moves
in tandem with its sister companies, especially under the current
conditions of economic and capital market downturns.  Although
capital raising activities and potential support among the T&D
group companies are likely to be coordinated at the group level,
the rating on each subsidiary reflects the group's intention to
keep the operations of its major operating subsidiaries separate.

Fitch believes the negative impact on Daido Life from the turmoil
in the capital market and from the economic downturn is somewhat
mitigated by the company's relatively strong capital position,
which was partly boosted by the increase in capital in March 2009
through T&D Holdings, Inc.  The company's leverage is nil on a
stand-alone basis.  Fitch also notes that Daido Life's exposure to
the negative spread problem is relatively small, as indicated by
the fact that the company recorded gains from interest rate
spreads in the financial year ended March 2007 (FYE07), the first
among its peers.  The company continued to record gains from
interest rate spreads in FYE08 and in the first half of FYE09,
although it turned negative in the third quarter of FYE09 due to
the decline in investment returns.  Selling policies through tax-
related agencies, the company has a strong franchise in the SME
market, which has resulted in persistency of the company's in-
force business, compared with its Japanese peers.  However, the
agency also notes that the negative impact of the weak
macroeconomic conditions on SMEs resulted in an increase in
surrenders and lapses of Daido Life's cash value products.
Moreover, Fitch notes that a mismatch in the durations of the
company's assets and liabilities remains large.

Fitch notes Dai-ichi Life's surrender-and-lapse rate has compared
well with peers.  The agency believes that Dai-ichi Life's well-
established position in the Japanese life insurance market
alleviates part of the negative affects on its underwriting
results from weak macroeconomic conditions.  Moreover, Fitch
believes the company's operations, including funding activities,
risk management, and business strategies stand to benefit from the
demutualization planned in April 2010.  These changes could
potentially have a positive impact on its existing rating level.
Fitch notes that Dai-ichi Life's negative spread burden is
relatively small, although the decline in investment returns is
likely to increase the spread under the current circumstances.
However, Fitch regards that the company's exposure to stock market
volatilities is still high, compared with global peers.  Its
capitalization level has deteriorated to a level commensurate with
the rating assigned.

Fukoku Life's management and strategy are among the most
conservative in Japan's life insurance sector.  Although the
company refrains from businesses it perceives as riskier, as well
as from more volatile investment classes, the stock market
downturn has negatively impacted its balance sheet.  The company
has been decreasing its negative spread burden in recent years,
however, Fitch considers it would likely increase at end-March
2009 as yields on risk-free assets have declined over the last 12
months.

Fukoku Life has historically demonstrated a competitive advantage
over peers through a surrender-and-lapse rate lower than the
industry's average.  This advantage has narrowed in recent years
and Fitch considers the harsh economic conditions may result in
rising S&L rates for all companies.  The company is rather smaller
in scale but has a strong business base in particular markets, and
is attempting to reinforce the Bancassurance market through its
subsidiary company.

Fitch notes that the negative impact on Meiji Yasuda Life from the
capital market turmoil and economic downturn is partly mitigated
by its capital position, which was one of the strongest among its
peers, as indicated by a strong statutory solvency margin ratio at
end-December 2008.  Furthermore, the company enjoys a well-
established position in the Japanese life insurance market.  The
company's negative spread burden is relatively small, although the
decline in investment returns is likely to increase negative
spread burden under current circumstances.

Fitch believes that Meiji Yasuda Life's bond investment strategy
is relatively conservative, and asset and liability management has
improved in recent years, which resulted in the duration of the
company's assets and liabilities to be more closely matched.
However, Fitch notes the company's exposure to stock market
volatilities remains high, compared with global peers.  The agency
also notes that the company's new policy sale and the endurance of
its in-force business have been somewhat weak over the past
several years.

Mitsui Life is a member of the Mitsui Sumitomo Group, and has a
close relationship with Sumitomo Mitsui Banking Corporation.  The
turmoil of the financial markets has incurred a sizeable loss of
JPY125 billion to its existing capitalization level in Q3FYE2009.
Its negative spread burden remained high without showing any
significant sign of reduction over the last two years, and it is
unlikely the burden would decrease at end-March 2009 considering
the current pressured investment environment.

Mitsui Life increased its capital in December 2008 by an allotment
to group companies.  Fitch notes that the support from group
companies has been reinforced through the appointment to the board
of directors of two executives from group financial institutions.
The majority of Mitsui Life is held by SMBC and other group
companies.

Fitch believes the restructuring plan initiated by Mitsui Life,
which includes the suspension of sales of variable annuities and
the reinforcement of risk control, would improve business
performance.  Implicit support would be expected from group
companies and this will help strengthen Mitsui Life's position in
the market.  Fitch will continue to monitor Mitsui Life's
restructuring plan proceedings.

Nippon Life is the largest life insurer in Japan with a strong
business base.  Its capital position was strengthened by
accumulating retained earnings over the last few years.  Being the
largest player, Nippon Life has experienced unique advantages in
its consumer reach-out, sizeable distribution channels and its
inherited systemic importance within the domestic life insurance
industry.

Like any other Japanese life insurer, Nippon Life's exposure to
equity is sizeable and this led to the deterioration in its
capitalization level under the current volatile market
environment.  Its statutory solvency margin remained at a
relatively high level of 929.5% at end-December 2008, although
this represents a sharp drop from 1156.8 at.end-March 2008.
Nippon Life's negative spread burden is relatively lower than its
peers, but Fitch expects it to increase under current market
circumstances where investment returns are not expected to rise.
The rating action reflects Fitch's view that Nippon Life is
unlikely to return to its previous very strong financial strength
position in the near future.

Sumitomo Life has reduced its risky assets relatively earlier than
peers.  The company demonstrated a strong business position over
the year with steady growth in its annualized in-force premium,
arising mainly from its new business sales in third-sector
products and individual annuities.  However, recent stock market
turmoil has greatly eroded its existing capitalization level.  As
a major insurer who underwrites variable annuities business in
Japan, its profitability level has suffered a steep deterioration
associated with the guaranteed risk inherited in the products
offered.  The company's leverage level and negative spread burden
remained relatively higher than top-tier insurers.

As a core subsidiary within T&D Group, Fitch shares similar views
on Taiyo Life as with Daido Life in terms of its independence
within the group.  Taiyo Life's rating has been supported by the
financial strength of T&D Group.  The widening notching gap
between Taiyo Life and Daido Life is a result of Daido Life's
lower rating and emphasizes their stand-alone differences in
capitalization levels, profitability and equity leverage within
each respective member of the group.

Fitch notes that Taiyo Life's equity exposure decreased
significantly towards the end of 2008, through hedging activities,
although its equity exposure relative to the size of its capital
is still large, compared with global peers.  The company's new
policy sale recovered strongly in the financial year ended
March 2009.  This was boosted by the increase in its sales force,
improved persistency and the launch of a new insurance product in
October 2008.  However, Fitch regards that the company's negative
spread burden is relatively large and that its pressure on
profitability will increase given current market conditions, due
to a decline in investment returns.



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

AIR NEW ZEALAND: Reviews Regional Operations
--------------------------------------------
Air New Zealand is reviewing its regional operations to maintain
competitiveness as rival Pacific Blue steps up activities
suggesting it is looking at some of the provincial routes, The
National Business Review reports.

According to the Review, the airline said Air Nelson general
manager John Hambleton had been appointed project director of the
regional review.  Mr. Hambleton would lead a team that would
examine, recommend and implement changes across the three regional
airlines Air Nelson, Eagle Air and Mount Cook Airline, the report
says.

Among issues being dealt with by the review, the report notes, the
company would seek to maximise synergies across the regional
airlines, and determine the best place for heavy and line
maintenance operations.

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

                          *     *     *

As of May 11, 2009, Air New Zealand Ltd continues to carry Moody's
Investor's Service "Ba1" Senior Unsecured Issuer rating with
stable outlook.


CEA GROUP: Receiver Closes Two Bars in Christchurch
---------------------------------------------------
CEA Group receiver has closed down Christchurch's Grumpy Mole bar
and Taxi bar after owner CEA Trading went into receivership this
month, The Dominion Post reports.

According to the report, Andrew Grenfell of receiver McGrathNicol
said five staff have been made redundant and three would transfer
to alternative venues.

"Following an assessment of CEA's venues, we have determined that
the Grumpy Mole and Taxi venues in Christchurch are not profitable
and are unlikely to become profitable," the Post quoted Mr.
Grenfell as saying.

The report, citing Mr. Grenfell, relates that it was business as
usual for the remaining 18 venues operated by CEA, including the
Grumpy Mole in Nelson.

The Post says the receiver did not respond to questions about
whether the two closed venues would be sold or the future of the
remaining 18.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, the Otago Daily Times said that a group of companies
trading under the CEA banner have been placed in receivership.

The group, which owns 20 bars in the South Island and employs
about 300 people, were placed in the hand of receivers McGrath
Nicol Partners in Auckland by creditor Commonwealth Bank of
Australia, the Post relates.

The CEA group of companies that are under receivership are CEA
Trading, CEA Staff Employment Services, CEA Services NZ, andCEA
Property, according to the Otago Daily Times citing Mr. Grenfell.


* NEW ZEALAND: Court Liquidations Rise to 657 in First 4 Months
---------------------------------------------------------------
Court-ordered liquidations have more than doubled in the first
four months of 2009 from the same period last year, The National
Business Review reports citing the Ministry of Justice.

The report relates that figures from the Ministry of Justice
showed the courts put 657 companies into liquidation in the first
four months of 2009, compared to just 280 for the same period in
2008.

Another 285 applications to liquidate companies were discontinued,
dismissed or withdrawn over the first third of 2009, the report
says.



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

CONTAINER BRIDGE: Court Enters Wind-Up Order
--------------------------------------------
On April 24, 2009, the High Court of Singapore entered an order to
have Container Bridge (S) Pte Ltd's operations wound up.

Winson Oil Trading Pte Ltd filed the petition against the company.

The company's liquidator is:

          Timothy James Reid
          c/o Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


DISTRI PLUS: To Pay First and Final Dividend on June 8
------------------------------------------------------
Distri Plus Pte Ltd, which is in court wind-up, will pay the first
and final dividend on June 8, 2009.

The company will pay 100% to all received claims.

The company's liquidator is:

          Aw Eng Hai
          47 Hill Street #05-01 Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


DRULL SERVICES: Creditors' Proofs of Debt Due on May 22
-------------------------------------------------------
The creditors of Drull Services Pte Ltd. are required to file
their proofs of debt by May 22, 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


GLORY WEALTH: Court to Hear Wind-Up Petition on May 22
------------------------------------------------------
A petition to have Glory Wealth Shipping Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
May 22, 2009, at 10:00 a.m.

Minmetals Logistics Group Co., Ltd filed the petition against the
company on April 27, 2009.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          4 Battery Road #26-01 Bank of China Building
          Singapore 049908


PACIFIC CROSS: Fitch Downgrades Insurer Strength Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Pacific Cross Insurance Co Ltd's
(formerly known as Pacific International Insurance Company
Limited) Insurer Financial Strength rating to 'B-' from 'B+'.  The
Outlook is revised to Negative from Stable.

The rating actions mainly reflect the deterioration in Pacific
Cross's liquidity and capitalization due to a continued increase
in intra-group receivables since 2004.  These loans were extended
to Pacific Cross's ultimate holding company and another
shareholding company for the purpose of financing property
investments and other cash needs.

Pacific Cross has had to fund the cash outflows to its parents,
and its own operating cash requirements through the disposal of
its investments.  Based on unaudited figures, invested assets
accounted for only 17.5% of total assets in 2008, from 44.9% in
2004.  Meanwhile, intra-group receivables increased to 65.2% of
the balance sheet from 47.1%.

Furthermore, Pacific Cross's remaining bond portfolio has high
concentration risk and consists mostly of non-investment grade
names.  These factors have contributed to a decline in Pacific
Cross's risk-based capital adequacy ratio, which now stands at a
level of what Fitch considers to be weak.

That said, Fitch notes that the company's underwriting performance
improved in 2008, reflecting greater economies of scale and
favorable claims experience.  Partnerships in Thailand and Vietnam
also seem to be producing significant premium flows for Pacific
Cross.  In the absence of further inter-company loans and
significant dividend payouts in 2009, Fitch believes a limited
margin of safety exists, although the capacity for continued
timely payments is contingent upon a sustained, favorable business
and economic environment.

Pacific Cross was incorporated in Samoa in June 1990 and
underwrites medical, travel and accident insurance in Asia.


SAVE-MONEY-DIVING.COM: Court Enters Wind-Up Order
-------------------------------------------------
On April 24, 2009, the High Court of Singapore entered an order to
have Save-Money-Diving.com pte. Ltd.'s operations wound up.

SLABC Pte. Ltd. filed the petition against the company.

The company's liquidators are:

          Messrs. Abuthahir Abdul Gafoor
          Ebenezer John Lazarus
          c/o ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616



===========
T A I W A N
===========

CHINA BILLS: Fitch Affirms Support Rating Floor at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed all the ratings of Taiwan-based China
Bills Finance Corporation following its decision to reduce around
TWD3.36 billion of its paid-in capital (representing 15% of CBF's
net worth at end-March 2009), pending shareholders and regulators'
approval).  The ratings are:

  -- Long-term foreign currency Issuer Default Rating
     affirmed at 'BBB'

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- National Long-term rating affirmed at 'A+(twn)'

  -- National Short-term rating affirmed at 'F1(twn)'

  -- Individual rating affirmed at 'C'

  -- Support affirmed at '4'

  -- Support Rating Floor affirmed at 'B+'

  -- The Outlook of the ratings remain Stable.

Fitch understands the capital reduction is meant by CBF to boost
its capital efficiency and bolster shareholders' return.  The act
may also imply the management's confidence in the company's
financial flexibility.  Nevertheless, the agency considers that
such de-capitalization would effectively reduce CBF's excess
capital and hence weaken its capacity to absorb potential losses,
particularly in the current challenging economic environment.

Fitch has re-assessed CBF's financial strengths by applying
stresses to the company's capitalization and gross leverage,
assuming hefty credit losses from its credit guarantees and
holdings of private-sector bonds, as well as a marked-to-market
loss arising from a sharply upward shift of the yield curve.  The
results from the hypothetic stress testing indicate that CBF would
remain adequately capitalized and maintain reasonably moderate
leverage - factors that Fitch views as key to support its current
ratings.



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

* DUBAI: Hawkamah to Hold Insolvency Law Conference on May 27
-------------------------------------------------------------
The Dubai International Financial Centre based Hawkamah Institute
for Corporate Governance, will organize the first ever regional
conference on insolvency and creditor rights this month, a report
posted at MiddleEastEvents.com says.

The conference, being held in association with World Bank, INSOL
International, Abu Dhabi Chamber of Commerce and Industry and the
OECD, will be the platform for the release of the Middle East
North Africa (MENA) Insolvency Law Survey Results.  It will be
held in Abu Dhabi at the Hilton Hotel on May 27.

Insolvency systems provide a pre-determined set of rules and
institutions concerned with the recognition of insolvency, the
resultant liquidation or rehabilitation of the insolvent firm, and
the allocation of the financial consequences between the
stakeholders.

They also permit lenders to more accurately price risk and
encourage cash flow lending rather than relationship or
politically-directed lending, and discipline managers to allocate
scarce resources efficiently.

Government policymakers and regulators, judges and lawyers,
restructuring and insolvency professionals, bankers and
accountants and auditors and financial forensic experts from the
MENA region and internationally will examine the functioning of
formal and informal processes relating to corporate financial
difficulty, insolvency and the judicial and administrative
involvement in these processes.

Also under discussion will be creditor and debtor rights and
interests, risk management and corporate workout mechanisms,
reorganization proceedings and implementation of insolvency
systems in the eleven jurisdictions included in the survey which
included Lebanon, the UAE, Egypt, Jordan, KSA, Bahrain, Qatar,
Oman, Yemen, and Palestine, in addition to the Insolvency Law at
the DIFC.

Dr. Nasser Saidi, Director of Hawkamah, stated: "Our survey and
analysis represent a benchmark, the first ever attempt at
examining and appraising insolvency regimes and creditor rights in
the MENA region. Sound insolvency standards are a major building
block of the institutional and market infrastructure to ensure
sound financial systems.

"Hawkamah, and its partners in this regional initiative, will be
presenting the results of the state of insolvency laws in the MENA
region, and in consultation with regional and national
stakeholders, we hope that government representatives and
regulators will be developing recommendations to modernize
insolvency frameworks tailor-made to the needs of the countries in
the region in the light of best international practice and
experience," he added.

The survey and the formulation of recommended policy options have
been the work of the regional task force on insolvency and
creditor rights, with Hawkamah acting as the secretariat.

Dr. Saidi pointed out that the global financial crisis has
highlighted the importance of updating and developing the region's
insolvency and creditor rights systems.  "We, at Hawkamah, have
been striving to bring about global best practices to our region.
Our focus on MENA insolvency regimes is part of our efforts at
strengthening the institutional and market infrastructure for our
regional banking and financial industry and to support our
business sector in adjusting to the challenges of the increasingly
global economic and financial crisis.

"We believe that addressing and modernizing the region's
insolvency and creditor rights framework is one of the key policy
issues facing the corporate sector –both bank and non-bank
businesses- and the region's financial markets," he added.

Mahesh Uttamchandani, Senior Counsel at the World Bank explained
that the World Bank, Hawkamah, OECD and INSOL International had
developed a detailed questionnaire based on the World Bank's
Report on Observance of Standards and Codes programme.

The questionnaire consisted of 172 queries covering the areas of
Legal Framework for Creditors Rights, Risk Management and
Corporate Workout, Legal Framework for Insolvency, and
Reorganizations, Proceeding and Implementation of the Insolvency
System.  The questionnaire was circulated to 15 MENA countries of
which a response from 11 jurisdictions has been received.

"Some very interesting trends have emerged from the survey and we
shall share them with representatives of governments, regulators
and market practitioners who are being brought together by
Hawkamah from across the region to discuss a forward-looking
agenda on modernizing the region's insolvency framework,"
Uttamchandani said.

He stressed that the support of regulators, legislators and market
practitioners are key to any progress on modernizing insolvency
frameworks.  "The ultimate goal of the World Bank, Hawkamah, OECD
and INSOL International is to get more countries to complete the
insolvency questionnaire so that the region can uniformly address
the issue with a complementary framework that is contemporary and
effective,  Uttamchandani added.



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

* BOND PRICING: For the Week May 4 to May 8, 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.





                 *** End of Transmission ***