TCRAP_Public/090515.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

           Friday, May 15, 2009, Vol. 12, No. 95

                            Headlines

A U S T R A L I A

BEMAX RESOURCES: Liquidity Concerns Cue Moody's Junk Rating
BRISCONNECTIONS: Defaulting Investors Won't Have Voting Rights
CFK CHILDCARE: Closes Nearly Half of its Centres
EAH AIR: Placed in Administration; Workers to Receive Nothing
LANE WALKER: Receivers Slash 186 Jobs


C H I N A

CHINA EASTERN: Gets Additional CNY2 Billion Government Bailout
LAS VEGAS SANDS: Mulls 4,000 Additional Job Cuts in Macau
VENETIAN MACAU: Bank Debt Sells at 24% Off in Secondary Market


H O N G  K O N G

ASIA ALUMINUM: Court Appoints Yu and Sutton as Liquidators
BEST FOUNDATION: Releases Tang and Man as Liquidators
CHEONG PUI: Court to Hear Wind-Up Petition on June 24
CHUN SHING: Appoints Mok Hon Kwong, Thomas as Liquidator
DIA-BRILLIANT: Appoints Mok Hon Kwong, Thomas as Liquidator

GLORY TRINITY: Appoints Mok Hon Kwong, Thomas as Liquidator
GREAT HONEST: Contributories & Creditors to Meet on May 19
GREAT HONEST FINANCE: Contributories & Creditors to Meet on May 19
HOP YUE ET AL: Appoints Thomas as Liquidator
KAM WONG: Court to Hear Wind-Up Petition on June 10

NAM TAI: Proposes to Voluntary Wind-Up Business
NEW YUEN: Court to Hear Wind-Up Petition on July 8
PAK WIN: Contributories & Creditors to Meet on May 19
SMART DRAGON: Court to Hear Wind-Up Petition on June 17
SUNWISE INTERNATIONAL: Appoints Thomas as Liquidator


I N D I A

ACG HOSPITALITY: CRISIL Assigns 'B-' Rating on Rs.200MM Term Loan
JET AIRWAYS: Lays Off 120 Foreign Air Hostesses
KUMA STAINLESS: CRISIL Reaffirms 'C' Rating on Cash Credit Limit
MGM TRADELINK: CRISIL Reaffirms 'BB-' Rating on INR10MM Overdraft
SATYAM COMPUTER: Court Offers Chance for Out-of-Court Settlement

TATA STEEL UK: Wants Lenders to Reset Terms on Corus Loan
YOGBHAN CONSULTANTS: CRISIL Rates INR25MM Cash Credit Limit at 'B'


I N D O N E S I A

BANK TABUNGAN: Fitch Affirms Individual Rating at 'D'
PT BANK: Fitch Affirms Individual Rating at 'C/D'
SEMEN GRESIK: To Sign IDR6.3 Trillion Loan Agreement With Banks


J A P A N

LMP LOAN: Moody's Downgrades Ratings on 2007-1 Interests
ORSO ABS: Moody's Downgrades Ratings on Various Classes
PIONEER: Incurs JPY130.53BB Net Loss in Full Yr. Ended March 2009
SCUDETTO ABL: Moody's Downgrades Ratings Assigned to 'B3'
SHINSEI BANK: Incurs JPY97 Billion Net Loss in FY 2008

SPANSION INC: Japanese Unit Seeks Injunctive Relief
TOYOTA MOTOR: To Cut Global Production by 28% This Year
* JAPAN: Corporate Bankruptcies Up 9.4% on Funding Problems


K O R E A

SSANGYONG MOTOR: Posts KRW265.6 Billion Loss in Q1 Ended March 31
* KOREA: Bankruptcy Rate Rises to 1.5% in 2008


M A L A Y S I A

STAMFORD COLLEGE: Auditors' Going Concern Doubt Cues PN17 Listing


N E W  Z E A L A N D

* NEW ZEALAND: Retail Sales Slump 2.9% in March Quarter


P H I L I P P I N E S

POWER SECTOR: Moody's Assigns 'B1' Rating on Senior Unsec. Bonds
POWER SECTOR: S&P Assigns 'BB-' Rating on Senior Unsecured Notes


S O U T H  A F R I C A

PAMODZI GOLD: Simmer & Jack to Bid for Orkney Mine


T A I W A N

POWERCHIP: Fails to Get Bondholders' Okay to Adjust Payment Terms


X X X X X X X X

* S&P Puts Ratings on 17 Asia-Pacific CDOs on Negative CreditWatch
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BEMAX RESOURCES: Liquidity Concerns Cue Moody's Junk Rating
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of Bemax Resources Limited from B3 to
Caa1.  The outlook is negative.

"The ratings downgrade reflects elevated concerns with regard to
Bemax' capacity to maintain sufficient liquidity to fund ongoing
operations and capex", says Ian Lewis, a Moody's Vice President
and Senior Analyst, "At the same time, end-user demand for the
company's products faces protracted challenges as regional and
global economies continue to slow", Lewis adds.

"A combination of weak earnings, high gearing and poor liquidity
has lead to substantial pressure on the company's ratings", says
Lewis who is also Lead Analyst for the company.

Moody's notes that Bemax' liquidity position and overall credit
profile could improve if it receives sufficient capital injection
from its parent, albeit there is no certainty around the
likelihood of such support, at this time.

The negative outlook continues to reflect a very challenging
environment for the company given its high leverage and weak
liquidity and uncertain demand for the company's output in its key
markets as global growth remains fragile.

Bemax Resources Limited is an Australian-based mineral sands
producer, producing zircon and titanium based feedstock products.
Bemax intends to expand operations to additional mining sites as
well as ramp up operations at its Broken Hill facility to allow
for the processing of Rutile and Zircon.  Bemax is a wholly owned
subsidiary of The National Titanium Dioxide Company Limited
(Cristal Global), which operates a large, low-cost, TiO2 facility
in Yanbu, Saudi Arabia.

The last rating action was on 12 March, 2009 when the ratings of
Bemax Resources Limited were downgraded to B3 with negative
outlook.


BRISCONNECTIONS: Defaulting Investors Won't Have Voting Rights
--------------------------------------------------------------
BrisConnections Management Company Limited has warned investors
who failed to make a recent instalment payment would have no
voting rights at a unitholder meeting next month, The Australian
reports.

The report relates BrisCon's position, outlined in an explanatory
memorandum for the June 22 meeting, was immediately contested by
Jim Byrnes, who is advising Brisbane Toll Road Link (BTR) -- the
party that requisitioned the meeting to remove the manager of the
BrisCon trusts.

According to the report, Mr. Byrnes said he would lodge today a
revised class action seeking, among other things, a Federal Court
order that there was no obligation to make the second instalment
payment of AU$1 on partly paid BrisCon units.

"If there's no obligation to pay because the BrisCon product
disclosure statement is misleading and deceptive, as we will be
alleging, then the voting rights can't be removed," Mr. Byrnes
said as cited in the report.

The Australian relates however, that if voting rights only vest
with unitholders that paid the second instalment, the BTR
resolutions will inevitably be defeated, as BrisCon's 102 million
units are overwhelmingly controlled by supportive institutional
shareholders, which include Queensland Investment Corp with 38.8
million units, and Macquarie Group with 31.4 million units.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, the Age said a major shareholder in
BrisConnections has launched a AU$1.3 billion class action against
the company and Macquarie Bank.

The Age said the claim was filed in the Federal Court in Sydney
on April 24, by lawyers for Brisbane Toll Road Link ("BTR")- owned
by US-based New Hampton Distressed Asset Fund and represented by
Mr. Byrnes.  BTR owns 15.2 percent of BrisConnections.

According to the Age, Mr. Byrnes said the class action was
launched on behalf of all past and present unit holders.  The Age
related that Mr. Byrnes said the action alleged misleading
statements and errors in the product disclosure statement.

                           Wind Up Bid

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

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

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

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must be met by the unit holders on April 20, 2009 and January 29,
2010.

According to the Core Economics, BrisConnections has promised a
payment of 5.95c to unit holders in 2009 before the first AU$1
installment is due.  However, the units fall in price to 41c on
their first day of listing on the ASX.  The issue was
undersubscribed, as evidenced by the large number of shares held
by the underwriters after the listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
AU$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


CFK CHILDCARE: Closes Nearly Half of its Centres
------------------------------------------------
CFK Childcare Centres Limited has shut nearly half of its 39
centres, The Australian reports.

The Australian says CFK receiver Ferrier Hodgson revealed Thursday
(May 13) that centres in the Sydney suburbs of Balgowlah and
Westmead were due to close at the end of this month, after the
recent closure of 19 others.  Sixteen have been sold, and two are
under negotiation with potential buyers, the report says.

CFK Childcare Centres Limited (ASX:CFK)-- http://www.cfk.com.au--
operates childcare centers in Australia.  CFK provides
developmental care for children from six weeks to six years of
age.  It offers an educational program based on each child's
individual needs and interests.  The company's programs
incorporate a child's social, emotional, cognitive, language and
physical development.  CFK owns and operates 43 childcare centers
in metropolitan Sydney.

CFK Childcare Centres went into voluntary administration on
November 18, 2008.  It appointed Michael James Humphris,
Anrew Peter Fielding and Geoffrey Trent Hancock of BDO Kendalls as
voluntary administrators.

In a disclosure to the Australian Stock Exchange, the company said
the current board and senior management team were appointed in
September 2007 with a brief to turn the operational performance of
the business around - at that state the company was losing over
AU$400,000 per month.

Despite the efforts of management, CFK said the financial
performance of the business as is has not reached a point where
the company is trading on a cashflow positive basis.  As
previously announced, the company said it has intended a
restructure involving a sale of assets and acquisition of
profitable centers using shares.


EAH AIR: Placed in Administration; Workers to Receive Nothing
-------------------------------------------------------------
EAH Air Handling, which traded as Clyde-Apac, went into
administration a fortnight ago with debts of about $3 million,
Sarah Martin at The Advertisers reports.

Administrators for the company, Lawler Partners, said Clyde-Apac
will be liquidated and the assets sold, but the chance of the
workers receiving any funds was "nil", the report relates.

According to the report, administrators recommend the company be
liquidated and if approved by creditors, Clyde-Apac's assets will
be sold, but the only likely beneficiary will be a company called
Colt Ventilation, which is owed $990,000 in secured debt.  Colt
Ventilation is owned by the same directors as Clyde-Apac,
Gerard Meeuwissen and Brian Young, the report notes.

The Advertisers, citing a report from the administrators, says
there was concern the company had been trading while insolvent
from July 2008, opening the door to possible legal action by the
creditors.

Headquartered in Woodville North, South Australia, EAH Air
Handling, which traded as Clyde-Apac --
http://www.clydeapac.com.au/--  manufactures and markets  car
parts and accessories including vehicle jacks, turbine air
filtration systems, commercial and industrial air filtration.


LANE WALKER: Receivers Slash 186 Jobs
-------------------------------------
The receivers of Lane Walker Rudkin Industries have made 186
workers redundant, The Press reports citing the union representing
the company's staff.

"The 186 redundancies announced by the receivers of textile and
apparel maker Lane Walker Rudkin Ltd over the last 24 hours is an
absolute tragedy for the workers concerned and a new low point of
business irresponsibility in New Zealand," the report quoted
Laila Harre, Secretary of the National Distribution Union (NDU),
as saying.  "Workers have been thrown out of work with no notice,
and no money."

According to the Press, closures and consequent redundancies were
announced at LWR's clothing factories in Pahiatua (19 jobs) on
May 14 and Greytown (61 jobs) and Christchurch (102 jobs) today,
May 15.  Four Auckland sales workers are also affected, the report
notes.

The report, citing insiders, says the receivership launched by
Westpac bank on April 28 was prompted by debts much higher than
$50 million and perhaps double that figure.

As reported in the Troubled Company Reporter-Asia Pacific on
April 30, 2009, hundreds of staff are facing uncertain future as
Lane Walker Rudkin Industries ("LWR") went into receivership with
debt of more than $50 million.

In a press statement released on April 28, BDO Spicers disclosed
that Brian Mayo-Smith and Stephen Tubbs, partners at the firm,
have been appointed joint receivers and managers of LWR.  The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

Lane Walker Rudkin Industries Limited (LWR) --
http://www.lwr.co.nz/history.htm-- is a diversified manufacturer
of clothing and textiles with operations in several locations in
New Zealand and Australia.  Approximately 470 people are employed
in textile, hosiery, underwear and garment factories in
Christchurch; garment manufacture in Greytown and Pahiatua; a sock
factory in Timaru; and a sports apparel factory in Brisbane.  Its
subsidiary Pod comprises fabric maker Designer Textiles
International, clothing designer and manufacturer Michele Ann and
Mollers Homewares, all located in  Auckland.  The group is owned
by Christchurch businessman Ken Anderson, who purchased LWR in
2001 and Pod in 2007.



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

CHINA EASTERN: Gets Additional CNY2 Billion Government Bailout
--------------------------------------------------------------
China Eastern Airlines has received another CNY2 billion (US$290
million) injection from the government, bringing the total amount
of government aid awarded to the airline to CNY9 billion, The
China Post reports.

The money will reduce the financial strain faced by China's third-
largest carrier, the report cited Liu Jiangbo, vice president of
the parent company China Eastern Air Holding Co, in a statement.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial air
transportation.  The Group is also involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering from Shanghai
to the whole People's Republic of China and linking to Asia,
Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


LAS VEGAS SANDS: Mulls 4,000 Additional Job Cuts in Macau
---------------------------------------------------------
Beth Jinks at Bloomberg News reports that Las Vegas Sands Corp
plans to cut as many as 4,000 more jobs in Macau as the casino
operator seeks to reduce costs by more than US$470 million.

Between 3,000 and 4,000 jobs will be eliminated by September, on
top of the company's workforce reduction to 17,500 from "close to
20,000" at its headcount peak in Macau, new Chief Operating
Officer Michael Leven told Bloomberg News in an interview.

The report recalls Las Vegas Sands last year stopped work on its
US$12 billion, 20,000-room complex of hotels and casinos on
Macau's Cotai Strip amid near-frozen credit markets, dwindling
revenue and the risk of defaulting on some loans.

Las Vegas Sands' Venetian Macao, the biggest casino resort in
Asia, also faces the prospect of increased competition when Melco
Crown Entertainment Ltd. opens its US$2.1 billion City of Dreams
in the Cotai area, the report says.

Sheldon Adelson, Las Vegas Sands chief executive officer and
chairman, as cited by Bloomberg News, said the company wants to
reduce Macau staff to between 13,000 and 14,000 until more are
needed after construction resumes, possibly this year.

As reported in the Troubled Company Reporter on May 6, 2009, data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal showed that participations in a syndicated loan under
which Las Vegas Sands is a borrower traded in the secondary market
at 59.98 cents-on-the-dollar during the week ended May 1, 2009.
This represents an increase of 3.25 percentage points from the
previous week, the Journal said.   The loan matures May 1, 2014.
The Company pays 175 basis points above LIBOR to borrow under the
facility.  The bank debt carries Moody's B3 rating and S&P's B-
rating.

Participations in a syndicated loan under which Las Vegas Sands'
unit, Venetian Macau US Finance Co. LLC, is a borrower traded in
the secondary market at 37.88 cents-on-the-dollar during the week
ended May 1, 2009, according to data compiled by Loan Pricing
Corp. and reported in The Wall Street Journal.  This represents an
increase of 3.73 percentage points from the previous week, the
Journal said.   The loan matures May 25, 2013.  The Company pays
225 basis points above LIBOR to borrow under the facility.  The
bank debt carries Moody's B3 rating and S&P's B- rating.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.


VENETIAN MACAU: Bank Debt Sells at 24% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co., LLC, is a borrower traded in the secondary market at
75.79 cents-on-the-dollar during the week ended May 8, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 3.42
percentage points from the previous week, the Journal relates.
The loan matures May 25, 2013.  The Company pays 225 basis points
above LIBOR to borrow under the facility.  The bank debt carries
Moody's B3 rating and S&P's B- rating.

Participations in a syndicated loan under which parent Las Vegas
Sands is a borrower traded in the secondary market at 69.06 cents-
on-the-dollar during the week ended May 8, 2009, an increase of
9.08 percentage points from the previous week.  The loan matures
May 1, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B3
rating and S&P's B- rating.

                      About Venetian Macau

Venetian Macau is a wholly-owned subsidiary of Las Vegas Sands.
VML owns the Sands Macau in the People's Republic of China Special
Administrative Region of Macau and is also developing additional
casino hotel resort properties in Macau.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.



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

ASIA ALUMINUM: Court Appoints Yu and Sutton as Liquidators
----------------------------------------------------------
On April 27, 2009, Fok Hei Yu and Roderick John Sutton were
appointed as provisional liquidators of Asia Aluminum Management
Limited.

The Liquidators can be reached at:

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


BEST FOUNDATION: Releases Tang and Man as Liquidators
-----------------------------------------------------
On April 20, 2009, Alan Chung Wah Tang and Wong Kwok Man were
released as liquidators of Best Foundation Iron & Steel Industrial
Limited.


CHEONG PUI: Court to Hear Wind-Up Petition on June 24
-----------------------------------------------------
A petition to have Cheong Pui Limited's operations wound up will
be heard before the High Court of Hong Kong on June 24, 2009, at
9:30 a.m.

Lo Ping Kwan Joseph filed the petition against the company on
April 21, 2009.

The Petitioner's solicitors are:

         Benny Kong & Yeung
         19th Floor, 88 Gloucester Road
         Wanchai
         Hong Kong


CHUN SHING: Appoints Mok Hon Kwong, Thomas as Liquidator
--------------------------------------------------------
On March 21, 2009, Mok Hon Kwong, Thomas was appointed as
liquidator of Chun Shing Holdings Limited.


DIA-BRILLIANT: Appoints Mok Hon Kwong, Thomas as Liquidator
-----------------------------------------------------------
On March 21, 2009, Mok Hon Kwong, Thomas was appointed as
liquidator of Dia-Brilliant Jewelry Company Limited.


GLORY TRINITY: Appoints Mok Hon Kwong, Thomas as Liquidator
-----------------------------------------------------------
On March 21, 2009, Mok Hon Kwong, Thomas was appointed as
liquidator of Glory Trinity Development Limited.


GREAT HONEST: Contributories & Creditors to Meet on May 19
----------------------------------------------------------
The contributories and creditors of Great Honest Investment
Company Limited will hold their meeting on May 19, 2009, at
9:30 a.m. and 10:00 a.m., respectively, at Room 103 of Duke of
Windsor Social Service Building, No. 15 Hennessy Road, in Wanchai,
Hong Kong.


GREAT HONEST FINANCE: Contributories & Creditors to Meet on May 19
------------------------------------------------------------------
The contributories and creditors of Great Honest Finance Company
Limited will hold their meeting on May 19, 2009, at 9:30 a.m. and
11:00 a.m., respectively, at Room 103 of Duke of Windsor Social
Service Building, No. 15 Hennessy Road, in Wanchai, Hong Kong.


HOP YUE ET AL: Appoints Thomas as Liquidator
--------------------------------------------
On March 21, 2009, Mok Hon Kwong, Thomas was appointed as
liquidator of:

   -- Hop Yue Construction Company Limited;
   -- Anyplace Workshops Limited; and
   -- City Pipe Technologies (Hong Kong) Limited.


KAM WONG: Court to Hear Wind-Up Petition on June 10
---------------------------------------------------
A petition to have Kam Wong Trading (H.K.) Company Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 10, 2009, at 9:30 a.m.

The applicants's solicitors are:

          David Hui & Co
          CNT Tower, 7th & 20th Floor
          120 Johnston Road, Wanchai
          Hong Kong
          Telephone: 2893 3087
          Facsimile: 2893 3599


NAM TAI: Proposes to Voluntary Wind-Up Business
-----------------------------------------------
Nam Tai Electronic & Electrical Products ("NTEEP") has proposed a
voluntary winding-up of the company after its privatization was
turned down, The Standard reports.

"The decision for a voluntary winding-up is to preserve and
maximize value for shareholders," the report quoted NTEEP chairman
Koo Ming-kown as saying.

According to the report, Koo said Nam Tai Electronics Inc, NTEEP's
parent company, is expected to offer about HK$300 million to the
liquidator to buy back the subsidiary, from which independent
shareholders will receive HK$1.52 per share.  Nam Tai owns a 74.02
percent stake in NTEEP, the report notes.

"The liquidator will have no obligations to accept the offer and
will ensure that bidders other than Nam Tai Electronics are also
welcome, in order to obtain the highest value for the shareholders
of NTEEP," Koo said as cited in the report.  However, the report
relates, a white knight may need to pay up to HK$4 billion to the
liquidator to acquire all assets of NTEEP including the US$280
million debt to the parent, to ensure shareholders would get
HK$1.52 per share.

The report relates Koo said shareholders will have to decide
whether to accept the winding-up in a meeting to be held in July.

NTEEP reported a net loss of more than US$8 million (HK$62.4
million) for the first quarter of 2009, the first loss since it
incorporated in 2003, the Standard discloses.

                          About Nam Tai

Based in Hong Kong, Nam Tai Electronic & Electrical Products
Limited (HKG:2633)-- http://www.namtaieep.com/--  is an
electronics manufacturing and designing services provider to
original equipment manufacturer of telecommunications and consumer
electronic products.  Through its electronics manufacturing
services operations, the Company manufactures electronic
components and subassemblies, including liquid crystal display
(LCD) panels, LCD modules, radio frequency (RF) modules, digital
audio broadcasting (DAB) modules, flexible printed circuit (FPC)
subassemblies and image sensors modules and printed circuit board
assembly (PCBAs) for headsets containing Bluetooth wireless
technology.  During the year ended December 31, 2007, the Company
completed certain businesses from NTE Inc. and consequently the
Company has three segments: the Consumer Electronic and
Communication Products, Telecommunication Component Assembly and
the LCD Products.

Nam Tai Electronic & Electrical Products Limited is a subsidiary
of Nam Tai Electronics, Inc.


NEW YUEN: Court to Hear Wind-Up Petition on July 8
--------------------------------------------------
A petition to have New Yuen Fat Garments Factory Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

Nanyang Commercial Bank, Limited filed the petition against the
company on April 23, 2009.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place
          Central, Hong Kong


PAK WIN: Contributories & Creditors to Meet on May 19
-----------------------------------------------------
The contributories and creditors of Pak Win Investment Limited
will hold their meeting on May 19, 2009, at 9:30 a.m. and
11:15 a.m., respectively, at Room 103 of Duke of Windsor Social
Service Building, No. 15 Hennessy Road, in Wanchai, Hong Kong.


SMART DRAGON: Court to Hear Wind-Up Petition on June 17
-------------------------------------------------------
A petition to have Smart Dragon Limited's operations wound up will
be heard before the High Court of Hong Kong on June 17, 2009, at
9:30 a.m.

Lau Wai Bing filed the petition against the company on April 8,
2009.


SUNWISE INTERNATIONAL: Appoints Thomas as Liquidator
----------------------------------------------------
On March 21, 2009, Mok Hon Kwong, Thomas was appointed as
liquidator of Sunwise International Investments Limited.



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

ACG HOSPITALITY: CRISIL Assigns 'B-' Rating on Rs.200MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the term loan
facility of ACG Hospitality Pvt Ltd (ACGHPL).

   INR200 Million Term Loan     B-/Negative (Assigned)

The rating reflects ACGHPL's stretched financial risk profile,
marked by a highly leveraged capital structure.  The current
downturn in the hotel industry accentuates the risks with regard
to demand and rates for hotel rooms and banquet halls.  These
weaknesses are mitigated by ACGHPL's low project implementation
risks, and the extensive industry experience of its promoters.

Outlook: Negative

CRISIL expects the downturn in the hotel industry to adversely
affect ACGHPL's revenues.  The rating may be downgraded in case of
time and cost overruns in the company's hotel project that could
affect ACGHPL's debt servicing ability.  Conversely, the outlook
may be revised to 'Stable' in case the company achieves financial
closure for additional funds and commissions the project without
further time and cost overruns.

                      About ACG Hospitality

ACGHPL, incorporated in 2007, is commissioning a 36-room, 3-star
hotel, with a restaurant and banquet hall, in the West Delhi
region.  The total project cost is estimated at around
INR380 million.  The hotel is expected to commence operations
in December 2009.


JET AIRWAYS: Lays Off 120 Foreign Air Hostesses
-----------------------------------------------
Jet Airways (India) Ltd has laid off 120 foreign airhostesses as
it closes its overseas crew bases in Malaysia, Singapore and
Thailand, The Times of India reports.

The report says Jet has so far never hired cabin crew from the
west and all expat airhostesses hailed from the three countries.

The move, the report notes, is the latest in a series of steps
taken to keep the airline afloat in tough times.

                    Third Fiscal Quarter Loss

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

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

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

                   About Jet Airways (India) Ltd

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

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


KUMA STAINLESS: CRISIL Reaffirms 'C' Rating on Cash Credit Limit
----------------------------------------------------------------
CRISIL's ratings on Kuma Stainless Tubes Ltd's (Kuma's) bank
facilities continue to indicate that the degree of safety
regarding their timely payment is minimal, given the company's
stressed liquidity.  Recently, Kuma delayed payment on its letters
of credit (LCs) from ICICI Bank Ltd (ICICI Bank).

                                           Rating
                                           ------
   INR81.0 Million Long-Term Loan            C
   (Enhanced from INR51.0 Million)

   INR55.0 Million Cash Credit Limit         C (Reaffirmed)

   INR1.0 Million Proposed Long-Term Loan    C (Reaffirmed)

   INR140.0 Million Letter of Credit         P5
    (Enhanced from INR100.0 Million)

   INR150.0 Million Letter of Credit         P4
    (Enhanced from INR100.0 Million)

Kuma's operations are working-capital-intensive.  The company uses
90-day LCs to import raw materials, and then avails buyer's credit
for another 90 days.  However, Kuma was unable to obtain buyer's
credit in the international market between September 2008 and
December 2008, because of the global credit crunch.  This has
stretched the company's liquidity, leading to devolvement of the
ICICI Bank LCs, and delays in repayment of the same, in some cases
for periods exceeding 30 days.

                       About Kuma Stainless

Kuma was incorporated in 2003 to manufacture stainless steel and
aluminised steel tubes for automotive exhaust applications.  It is
a joint venture between Kusakabe Electric & Machinery Company Ltd,
Japan (Kusakabe; 44.44 per cent stake), Gallium Industries Ltd
(Gallium Industries; 11.12 per cent), both tube mill manufactures,
and SKH Metals Ltd (SKH Metals; 44.44 per cent), an automotive
exhaust manufacturer.  As Kusakabe owns a majority stake in
Gallium Industries, the total shareholding of Kusakabe in Kuma is
more than 50 per cent.  Maruti Udyog Ltd (rated 'AAA/Stable/P1+'
by CRISIL) is one of the promoters of SKH Metals.  For 2007-08
(refers to financial year, April 1 to March 31), Kuma reported a
profit after tax (PAT) of INR23 million on net sales of INR350
million, against a PAT of INR21 million on net sales of INR197
million in the previous year.


MGM TRADELINK: CRISIL Reaffirms 'BB-' Rating on INR10MM Overdraft
-----------------------------------------------------------------
CRISIL's rating on various bank facilities of MGM Tradelink Pvt
Ltd (MGM) continues to reflect high price and inventory risk due
to fluctuations in commodity prices, MGM's weak financial risk
profile due to high debt levels and limited track record of the
company.  These weaknesses are partly offset by company's
proximity to sea port.

   INR15.0 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR10.0 Million Overdraft         BB-/Stable (Reaffirmed)
   INR80.0 Million Proposed Long     BB-/Stable (Reaffirmed)
              Term Bank facility
   INR95.0 Million Export Packing    P4 (Reaffirmed)
                   Credit
   INR40.0 Million Letter of Credit  P4 (Reaffirmed)
   INR20.0 Million Proposed Short    P4 (Reaffirmed)
                Term Bank facility

Outlook: Stable

CRISIL expects MGM's rating to be constrained by its high exposure
to commodity price fluctuations.  The outlook may be revised to
'Positive' in case of improvement in company's networth and
sustenance of healthy profitability.  Conversely, the outlook may
be revised to 'Negative' in the event of more than expected debt
undertaken to fund working capital requirements.

                            About MGM

Incorporated in 2003 by Mrs. Susan Perumal, and supported by her
two sons, Mr. Solly Perumal and Mr. Saju Perumal, MGM exports
agricultural commodities, mainly soya bean meal and rape seeds
meal, and imports iron scrap.  MGM sources soya bean meal and
rapeseed meal extractions from suppliers in Madhya Pradesh, and
these are exported mainly to the Middle East.  Iron scrap is
imported mainly from Dubai, and sold to steel companies in the
Kutch region.

For 2007-08 (refers to financial year, April 1 to March 31), MGM
reported a profit after tax (PAT) of INR12 million on net sales of
INR485 million, as against a PAT of INR 6 million on net sales of
INR416 million for 2006-07.


SATYAM COMPUTER: Court Offers Chance for Out-of-Court Settlement
----------------------------------------------------------------
Satyam Computer Services Limited and Upaid Inc. have been offered
a chance to settle their dispute out of court, The Economic Times
reports.

The report says the federal court of Texas has appointed a
mediator to enable the two parties to settle the charges of
forgery, fraud and breach of contracts before the trial begins on
June 1.

Upaid, the report recalls, was a client of Satyam in 1997 and had
awarded a contract to the IT company to develop a technology which
would convert any phone into a public phone.  However, Upaid found
fault with the way the intellectual property (IP) on the
technology was transferred to it, the Times adds. Upaid has
claimed US$1.1 billion in damages from Satyam, the report states.

According to the Times, Satyam had offered Upaid US$10 million to
cover their legal fees and settle the dispute out of court but
according to a senior industry official close to Satyam, Upaid
rejected the offer as they demanded at least US$100 million.

The report, citing industry sources, says the verdict could be
known as early as June 20 if there's no settlement.

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 percent 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 UK: Wants Lenders to Reset Terms on Corus Loan
---------------------------------------------------------
Times of India reports that Tata Steel UK Limited, a subsidiary of
India's Tata Steel Limited, has asked its lenders to reset the
terms and conditions of the debt it took to buy Corus.

According to the report, Tata Steel UK, which bought Corus for
GBP6.7 billion in 2006, sought an easing on the terms of the loans
as the economic slowdown could hit its earnings, straining its
ability to service the loan.

Tata Steel UK, as cited in the report, said it will pre-pay over
GBP200 million of debt as part of the covenant reset package to
de-leverage its European operations.  Tata Steel UK, the report
says, intends to repay GBP200 million through additional support
from its Indian parent.

The report relates the Tata Steel management, during the last
analysts conference, had said that UK arm would repay US$450
million of debt in FY10.  With the company deciding on an early
repayment of US$300 million (GBP200 million), the balance is
US$150 million, the report states.  The Tata Steel group's cash
balances, as of February, stood at US$1,134 million, while its
debt stood at US$9,000 million, the report discloses.

                     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.

                   About Tata Steel UK Limited

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.

                          *     *     *

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.


YOGBHAN CONSULTANTS: CRISIL Rates INR25MM Cash Credit Limit at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Yogbhan Consultants & Contractors Pvt Ltd (Yogbhan).

   INR25.0 Million Cash Credit Limit      B/Stable (Assigned)
   INR40.0 Million Bank Guarantee Limit   P4 (Assigned)

The ratings reflect Yogbhan's weak financial risk profile marked
by low operating margins, high gearing, and weak debt protection
measures.  The ratings also factor in the company's exposure to
intense competition in the infrastructure and industrial sub-
contracting segments, and its small scale of operations.  These
rating weaknesses are mitigated by Yogbhan's established market
presence and diverse customer base.

Outlook: Stable

CRISIL expects Yogbhan to maintain its stable business and
financial risk profiles on the back of its established presence in
the infrastructure and industrial sub-contracting segments, and
its diverse customer base.  The outlook may be revised to
'Positive' if the company scales up its operations substantially,
leading to better-than-expected cash accruals and significant
improvement in its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if Yogbhan undertakes large,
debt-funded capital expenditure, leading to deterioration in its
capital structure; its volumes or margins decline steeply,
resulting in a weaker financial risk profile; or it diversifies
into unrelated businesses.

                    About Yogbhan Consultants

Yogbhan was established in 1993 by Mr. Yogbhan Singh and his
brothers.  The company is primarily involved in operation and
maintenance of stone crushing and screening plants used in road
construction.  It also undertakes design, erection, and
commissioning of industrial and infrastructural plants. For
2007-08 (refers to financial year, April 1 to March 31), Yogbhan
reported a profit after tax (PAT) of INR0.96 million on net sales
of INR97.7 million, as against a PAT of INR0.82 million on net
sales of INR86.9 million in the preceding year.



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

BANK TABUNGAN: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------
Fitch Ratings has affirmed PT Bank Tabungan Negara's (Persero)
National Long-term rating at 'AA-(idn)' (AA minus(idn)),
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

BTN's ratings reflect its dominant role in the provision of
subsidised financing for low-cost housing, but also take into
account its limited deposit franchise and below average
profitability.  Although NPLs have deteriorated, its capital
position is expected to provide some cushion while the impact on
credit costs should be alleviated by the security provided by its
largely residential property-backed mortgage portfolio.  However,
any significant weakening in loan quality will exert pressure on
its National rating.

NPLs increased to 4% of gross loans at end-Q109 (2008: 3.2%) as
repayment ability has weakened with the tougher economic
conditions.  Special mentioned loans remained high at 14% at end-
Q109, although technical reasons have contributed to the high
ratio in the past.  Loan quality is likely to deteriorate further
in 2009, but the generally rather good recoveries on NPLs from
residential loans in the past allay some of Fitch's concerns on
the impact of higher credit costs on BTN's profitability.
Provision cover on NPLs is relatively low at 48% at end-Q109 but
this is partly due to a high portion of secured lending.  Total
CAR declined following a strong loan expansion but remained quite
strong at 16.7% (Tier-1 CAR: 12.1%) at end-Q109, which should help
to cushion the impact of higher credit costs.

Pre-tax ROA moderated slightly to 1.8% in 2008 (2007:1.9%) due to
lower trading income and higher funding costs.  Lower domestic
interest rates since end-2008 should help ease some of the
pressure on margins this year, although profitability is likely to
remain weak as a result of higher credit costs and slower income
growth.

BTN is a state-owned bank focusing on mortgage loans, with a 1.9%
share of total system assets at end-2008.


PT BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------
Fitch Ratings has affirmed the Individual rating of PT Bank
Permata Tbk at 'C/D' and its Support rating at '3', although
downward pressure on the individual rating has increased.

The quality of Permata's loan book has deteriorated but the impact
from higher credit cost is expected to be largely absorbed by
earnings.  The bank's funding and liquidity remained satisfactory
and will likely benefit from financial support from its main
shareholders.  However, any further substantial weakening in loan
quality such that the risk of capital impairment increases
significantly, will exert pressure on its Individual rating.

Total CAR declined to 10.9% at end-Q109 (2007: 13.3%) following
strong loan growth in 2008 although its Tier 1 capital has
remained quite stable at around 9%, below the peer average of 12-
13%.  Funding from an impending subordinated debt to be issued to
its main shareholders, Standard Chartered Bank (rated 'A+') and
Astra International (AI, which is part of the Jardine Group of
companies in Hong Kong), is expected to restore total CAR to
around 13%-14% by around mid-2009.

Loan quality deteriorated in Q109 with NPLs higher at 5.4% of
total loans (3.5% in 2008) due to the weaker economic environment
and downgrades from special mention loans.  The rapid loan
expansion in 2008 may weaken loan quality further in 2009.  Due to
the sharper rise in NPLs, provision cover declined in Q109 to 72%
of NPLs.  Pre-tax ROA decreased to 1.6%-1.8% in 2008 and Q109 with
lower net interest margin and trading income.  Fitch expects the
earnings outlook to be weak this year as income growth eases and
credit charges on NPLs become significantly higher.

Permata is the ninth-largest bank by assets (2.3% of system
assets), formed from the merger of four IBRA-owned banks into Bank
Bali, then renamed as Bank Permata in 2002.  SCB and AI, through a
50:50 joint venture, acquired a 51% stake in Permata in 2004,
raising the stake further to 89.01% in 2006.


SEMEN GRESIK: To Sign IDR6.3 Trillion Loan Agreement With Banks
---------------------------------------------------------------
Semen Gresik (SG) will sign a loan agreement worth IDR6.3 trillion
(US$604.8 million) with a number of local banks this month,
Jakarta Post reports citing SG's Finance Director Cholil Hasan.

"The loan will be used to finance part of capital expenditure,"
Mr. Cholil was quoted by Jakarta Post as saying.

Bank Mandiri, the lead arranger for the loan, will consolidate
other local banks to participate in the loan, the report says.

For 2009 alone, the company targets to spend US$297 million, or
equal to about 22.8% of the total proposed capital budget, Jakarta
Post adds.

The funds will be used to finance production optimization projects
and improve processes by removing production bottlenecks,
increasing production capacity by another 1 million tons this year
to bring it up to 19 million tons, the report relates.

                       About Semen Gresik

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

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



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

LMP LOAN: Moody's Downgrades Ratings on 2007-1 Interests
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Series
2007-1 Class A through C Senior Beneficial Interests issued by LMP
Loan Master Trust, and placed them under review for possible
further downgrade.  The Senior Beneficial Interests of the
transaction were issued in October 2007 and are backed by a pool
of real estate-backed SME loans originated by SFCG Co., Ltd. and
its subsidiary.

The complete rating actions:

Deal Name: LMP Loan Master Trust

Initial Servicer: SFCG Co., Ltd.

  -- Class A, Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade; previously on September 12, 2008, Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to B2 and Placed Under Review for
     Possible Downgrade; previously on December 24, 2008,
     Downgraded to A3 from A2, and Placed Under Review for
     Possible Further Downgrade

  -- Class C, Downgraded to B3 and Placed Under Review for
     Possible Downgrade; previously on December 24, 2008,
     Downgraded to Ba2 from Baa2, and Placed Under Review for
     Possible Further Downgrade

The rating actions mainly reflect Moody's revised assumptions for
the recovery rate of the collateral properties due to the
weakening real estate market.

SFCG, an initial servicer of this transaction, filed for civil
rehabilitation in the Tokyo District Court on February 23, 2009.
On March 24, 2009, the court ordered SFCG to end its
rehabilitation efforts, as the case was applicable to Article 191-
1 of the Civil Rehabilitation Law (Discontinuance of Proceedings
before Confirmation of Rehabilitation Plan).  Later on April 21,
2009, the court ordered the company to initiate bankruptcy
proceedings.

On December 24, 2008, Moody's downgraded the ratings of the Class
B through C Trust Beneficial Interests, concluding the review for
possible downgrade initiated in September 2008.  The downgrades
reflected a continued deterioration in the performance of the
securitized pool (i.e., payments from obligors), including the
delinquency ratio and principal payment rate.  Moody's believed
that credit enhancement for Class B through C was not sufficient
to maintain the respective ratings, in terms of tolerance for
performance deterioration.  Furthermore, the recovery rate of the
collateral properties may have been weaker than initially
expected; hence, Moody's continued its review of the ratings for
possible downgrade.

The servicing and special servicing of all loan receivables in the
transaction were transferred to the back-up servicer and special
servicer.  The servicers are currently preparing for full-scale
operation of collection from the collateral properties.  The deal
contains approximately 80 obligors and 240 collateral properties.
Moody's has not received business plan (i.e. the servicing
strategy, the expected collection amount, etc.) for each
collateral property.

After Moody's took its rating actions on December 24, 2008, the
payments from the obligors of the real estate-backed SME loans
continued to worsen with no sign of improvement, and most of the
securitized loans are now delinquent in terms of principal or
interest payments.  Due to the real estate market slowdown --
driven by global financial crisis -- the liquidation of collateral
properties tends to take longer than before; in some cases,
selling the properties may be quite difficult.  Property prices
upon collateral liquidation also continue to be under stress.
Moody's does not expect a near-term recovery in the real estate
market.  The final maturity of the transaction is in March 2011.

The rating actions at this time reflect the reductions of assumed
recovery rate of the collateral properties, assuming that the
payments from the obligors are not counted and the recovery from
the collateral properties is solely relied on.  The assumed
recovery rate of the collateral properties has also been reduced
(Average recovery rate on loan is reduced to approximately 50-60%
from approximately 60-70% as initially expected).  Moody's has
therefore downgraded the ratings of the Class A through C Trust
Beneficial Interests.

Moody's believes that progress on servicer's operation as well as
actual results of servicing and special servicing should be
monitored, and thereby continues to review these ratings for
possible further downgrade.  At the same time, although the deal
currently contains a certain level of cash reserve for liquidity,
the level of the reserve should be monitored.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


ORSO ABS: Moody's Downgrades Ratings on Various Classes
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
A through E, and X Trust Beneficial Interests issued by Orso ABS
Funding Trust 1 -- SFFC.  The Trust Beneficial Interests of the
transaction were issued in September 2007 and are backed by a pool
of real estate-backed SME loans originated by SF Fudosan Credit
Co., Limited (currently, Real Estate Credit., Ltd.).

The complete rating actions:

Deal Name: Orso ABS Funding Trust 1 -- SFFC Trust Beneficial
Interests

Initial Servicer: SFCG Co., Ltd.

  -- Class A, Downgraded to Aa3; previously on August 27, 2008,
     Aaa Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to Baa1; previously on August 27, 2008,
     Aa2 Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba3; previously on December 24, 2008,
     Downgraded to A3 from A2, and Placed Under Review for
     Possible Further Downgrade

  -- Class D, Downgraded to B2; previously on December 24, 2008,
     Downgraded to Ba1 from Baa2 and Placed Under Review for
     Possible Further Downgrade

  -- Class E, Downgraded to B3; previously on December 24, 2008,
     Downgraded to B2 from Ba2 and Placed Under Review for
     Possible Further Downgrade

  -- Class X, Downgraded to Aa3; previously on August 27, 2008,
     Aaa Placed Under Review for Possible Downgrade

The rating actions mainly reflect Moody's revised assumptions for
the recovery rate of the collateral properties due to the
weakening real estate market.

SFCG, an initial servicer of this transaction, filed for civil
rehabilitation in the Tokyo District Court on February 23, 2009.
On March 24, 2009, the court ordered SFCG to end its
rehabilitation efforts, as the case was applicable to Article 191-
1 of the Civil Rehabilitation Law (Discontinuance of Proceedings
before Confirmation of Rehabilitation Plan).  Later on April 21,
2009, the court ordered the company to initiate bankruptcy
proceedings.

On December 24, 2008, Moody's downgraded the ratings of the Class
C through E Trust Beneficial Interests, concluding the review for
possible downgrade initiated in August 2008.  The downgrades
reflected a continued deterioration in the performance of the
securitized pool (i.e., payments from obligors), including the
delinquency ratio and principal payment rate.  Moody's believed
that credit enhancement for Class C through E was not sufficient
to maintain the respective ratings, in terms of tolerance for
performance deterioration.  Furthermore, the recovery rate of the
collateral properties may have been weaker than initially
expected; hence, Moody's continued its review of the ratings for
possible downgrade.

The servicing and special servicing of all loan receivables in the
transaction were transferred to the back-up servicer, Premier
Asset Management Company.  The deal contains approximately 80
obligors and 170 collateral properties.  Moody's has obtained
business plan (i.e. the servicing strategy, the expected
collection amount, etc.) for each collateral property and actual
results of collateral property liquidations.

After Moody's took its rating actions on December 24, 2008, the
payments from the obligors of the real estate-backed SME loans
continued to worsen with no sign of improvement, and most of the
securitized loans are now delinquent in terms of principal or
interest payments.  Due to the real estate market slowdown --
driven by global financial crisis -- the liquidation of collateral
properties tends to take longer than before; in some cases,
selling the properties may be quite difficult.  Property prices
upon collateral liquidation also continue to be under stress.
Moody's does not expect a near-term recovery in the real estate
market.  The final maturity of the transaction is September 2012.

The rating actions at this time reflect the reductions of assumed
recovery rate of the collateral properties, assuming that the
payments from the obligors are not counted, and the recovery from
the collateral properties is solely relied on.  The assumed
recovery rate of the collateral properties has also been reduced
(Average recovery rate on loan is reduced to approximately 50-60%
from approximately 60-70% as initially expected).  Moody's has
therefore downgraded the ratings of the Class A through E and X
Trust Beneficial Interests.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


PIONEER: Incurs JPY130.53BB Net Loss in Full Yr. Ended March 2009
-----------------------------------------------------------------
Pioneer Corp., which has been making losses for the fifth
consecutive year, posted its biggest loss ever of JPY130.53
billion in the fiscal year ended March 2009, Japan Times reports.

In the fiscal year ended 2008, the company reported JPY19.04
billion net loss, the report recounts.

Pioneer also booked its worst-ever operating loss of JPY54.53
billion in fiscal year ended March 2009, compared with a year-
earlier profit of JPY9.22 billion, Japan Times relates.

Sales also dropped by 27.8% to JPY558.84 billion as consumers cut
back on buying car audio products, plasma display TVs and DVD
drives as the global recession deepened, the report says.

The company also plans to forgo its dividend payment, the report
notes.

"The current sour conditions are expected to continue throughout
the first half of this business year, but we anticipate a recovery
trend to emerge from the second half", Pioneer Corp. President
Susumu Kotani was quoted by the report as saying.

Going forward, Pioneer plans to recover profitability by
implementing aggressive restructuring measures, including: 10,000
job cuts, withdrawal from its money-losing flat-panel display
business, and cutting capital spending by 45% to JPY25 billion in
the current business year, the report discloses.

                          About Pioneer

Headquartered in Tokyo, Japan, Pioneer Corporation (TYO:6773) --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The company has a
global network.  The company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Pioneer Corp., due to the increased likelihood of
deterioration in its financial profile and heightened uncertainty
regarding its funding plans over the next 12 to 24 months.
Moreover, the company is likely to post another large loss for
fiscal 2009 (ending March 31, 2010), which would represent the
sixth consecutive year it has done so.  The outlook on the long-
term corporate credit rating is negative.

Moreover, the TCR-AP also reported on April 22, 2009, that Moody's
Investors Service downgraded to B1 from Ba3 the local currency
issuer rating for Pioneer Corporation.  The ratings outlook is
negative.


SCUDETTO ABL: Moody's Downgrades Ratings Assigned to 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded the rating assigned to
Scudetto ABL Program, and placed it under review for possible
further downgrade.  The Program was established in October 2006,
and the ABL issued out of the program is backed by a pool of real
estate-backed SME loans.

The complete rating action:

Deal Name: Scudetto ABL Program

  -- Downgraded to B3 and Placed Under Review for Possible
     Downgrade; previously on December 24, 2008 Downgrade to Ba1
     from A3 and Placed Under Review for Possible Downgrade

The rating action mainly reflects Moody's revised assumptions for
the recovery rate of the collateral properties due to the
weakening real estate market.

The initial servicer of this transaction filed for civil
rehabilitation in the Tokyo District Court on February 23, 2009.
On March 24, 2009, the court ordered the company to end its
rehabilitation efforts, as the case was applicable to Article 191-
1 of the Civil Rehabilitation Law (Discontinuance of Proceedings
before Confirmation of Rehabilitation Plan).  Later on April 21,
2009, the court ordered the company to initiate bankruptcy
proceedings.

On December 24, 2008, Moody's downgraded the rating of this
transaction, concluding the review for possible downgrade
initiated in September 2008.  The downgrade reflected a continued
deterioration in the performance of the securitized pool (i.e.,
payments from obligors), including the delinquency ratio and
principal payment rate.  Moody's believed that credit enhancement
was not sufficient to maintain a A3 rating, in terms of tolerance
for performance deterioration.  Furthermore, the recovery rate of
the collateral properties may have been weaker than initially
expected; hence, Moody's continued its review of the rating for
possible downgrade.

The servicing and special servicing of all loan receivables in the
transaction were transferred to the back-up servicer -cum- special
servicer.  The servicer is currently preparing for full-scale
operation of collection from the collateral properties.  The deal
contains approximately 130 obligors and 420 collateral properties.
Moody's has not received business plan (i.e. the servicing
strategy, the expected collection amount, etc.) for each
collateral property.

After Moody's took its rating action on December 24, 2008, the
payments from the obligors of the real estate-backed SME loans
continued to worsen with no sign of improvement, and most of the
securitized loans are now delinquent in terms of principal or
interest payments.  Due to the real estate market slowdown --
driven by global financial crisis -- the liquidation of collateral
properties tends to take longer than before; in some cases,
selling the properties may be quite difficult.  Property prices
upon collateral liquidation also continue to be under stress.
Moody's does not expect a near-term recovery in the real estate
market.  The final maturity of the transaction is August 2011.

The rating action at this time reflects the reductions of assumed
recovery rate of the collateral properties, assuming that the
payments from the obligors are not counted and the recovery from
the collateral properties is solely relied on.  The assumed
recovery rate of the collateral properties has also been reduced
(Average recovery rate on loan is reduced to approximately 50-60%
from approximately 60-70% as initially expected).  Moody's has
therefore downgraded the rating of this transaction.

Moody's believes that progress on servicer's operation as well as
actual results of servicing and special servicing should be
monitored, and thereby continues to review the rating for possible
further downgrade.  At the same time, the level of cash reserve
for liquidity has significantly decreased from that at closing,
which is a concern of the transaction.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


SHINSEI BANK: Incurs JPY97 Billion Net Loss in FY 2008
------------------------------------------------------
Shinsei Bank Limited said it will now "move back to basics" after
recording a consolidated cash basis net loss of JPY97.0 billion
for the fiscal year 2008 ended March 31, 2009, compared to a
consolidated cash basis net income of JPY71.3 billion in the
fiscal year 2007.

The company however expects to return to profitability in fiscal
year 2009 with forecast for consolidated cash basis net income of
JPY28.0 billion.

Total revenue for the fiscal year 2008 was JPY258.2 billion, down
1.7% compared to the previous fiscal year.

Other losses of JPY51.8 billion recorded in fiscal year 2008
largely included JPY30.9 billion of charges related to the
accelerated goodwill amortization in APLUS resulting from the
impairment of the company's preferred shares investment on a non-
consolidated basis, restructuring expenses of JPY20.3 billion and
grey zone expenses of JPY15.0 billion at APLUS and Shinki,
compared to other gains of JPY73.7 billion in the previous fiscal
year due mainly to the JPY61.7 billion gain recorde on the sale of
the company's headquarters building and JPY20.3 billion gain from
the sale of Life Housing Loan Co Ltd.

The bank won't be paying dividend on its common shares for the
fiscal year 2008.

                       About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Fitch Ratings affirmed Shinsei Bank Ltd's Individual
Rating at 'C/D', Support Rating Floor at 'BB+' and Subordinated
GBP400 million perpetual notes rating at 'BB'.

As reported in the Troubled Company Reporter-Asia Pacific on
March 12, 2009, Moody's Investors Service revised its outlook to
negative from stable for the D+ bank financial strength rating,
the Baa3 baseline credit assessment, the A3/P-2 long- and short-
term deposit ratings and A3 senior unsecured debt rating, the Baa1
senior and junior subordinated debt ratings, and the Baa3
preferred securities rating for Shinsei Bank, Limited.


SPANSION INC: Japanese Unit Seeks Injunctive Relief
---------------------------------------------------
Spansion Japan Limited, a Japanese corporation, entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan on February 10, 2009.   Spansion Japan voluntarily
petitioned the Tokyo District Court to enter the proceeding to
obtain protection from its creditors while it continues its
restructuring efforts.

The Tokyo District Court entered an order on March 3, 2009,
commencing a proceeding for the corporate reorganization of the
Spansion Japan and appointed Masao Taguchi as the duly authorized
foreign representative to carry out the administration of Spansion
Japan.

On April 15, 2009, the Tokyo District Court certified the Foreign
Representative's request for authority to file a petition for
recognition of a foreign main proceeding under Chapter 15 of the
Bankruptcy Code.

Accordingly, Mr. Taguchi sought and obtained an order from the
U.S. Bankruptcy Court for the District of Delaware enjoining all
entities from:

  * executing against Spansion Japan' assets;

  * commencing or continuing action against Spansion Japan to
    recover a claim;

  * enforcing of a judgment against Spansion Japan or against
    property of Spansion Japan's estate;

  * any act to obtain possession of property of Spansion Japan
    or to exercise control over property of Spansion Japan's
    estate;

  * creating, perfecting or enforcing any lien against property
    of the Foreign Debtor's estate;

  * collecting, assessing, or recovering a claim against
    Spansion Japan;

  * transferring, relinquishing or disposing of any property of
    Spansion Japan to any person or entity other than Mr.
    Taguchi; and

  * the set off of any debt owing to Spansion Japan against any
    claim against it;

provided that the injunction is to be effective solely within the
territorial jurisdiction of the United States.

Judge Carey further entitled Mr. Taguchi and Spansion Japan to
the full protections and rights enumerated under Section 1519 of
the Bankruptcy Code, including:

       (i) entrusting the administration or realization of all
           or part of Spansion Japan's assets located in the
           United States to Mr. Taguchi in order to protect and
           preserve the value of assets that are susceptible to
           devaluation or otherwise in jeopardy;

      (ii) the protection prohibiting other entities from
           transferring, encumbering or disposing of any assets
           of Spansion Japan located in the United States;

     (iii) the right and power to examine witnesses, take
           evidence or deliver information concerning Spansion
           Japan's assets, affairs, rights obligations or
           liabilities; and

      (iv) the right and power to seek additional relief that
           may be available to a trustee, except for relief
           available under Sections 522, 544, 545, 547, 548, 550
           and724(a) of the Bankruptcy Code.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive, networking
and consumer electronics applications. Spansion, previously a
joint venture of AMD and Fujitsu, is the largest company in the
world dedicated exclusively to designing, developing,
manufacturing, marketing, selling and licensing Flash memory
solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc. and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.  The
United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of $3,840,000,000, and total debts
of $2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had $10 million to $50 million in assets and
$50 million to $100 million in debts.


TOYOTA MOTOR: To Cut Global Production by 28% This Year
-------------------------------------------------------
Bloomberg News reports that Toyota Motor Corp will slash global
vehicle production by 28 percent in 2009 to the lowest in seven
years as worldwide vehicle demand plummets.  Global output will
fall to 6.68 million vehicles from 9.24 million in 2008, Hideaki
Homma, a company spokesman, told Bloomberg News by phone.  Sales
will drop 18 percent to 7.34 million vehicles, he said.

The report relates Toyota, which has enough capacity to build 10
million vehicles a year, has slashed production as rising
unemployment and falling wages push U.S. auto sales to near 30-
year lows.

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Toyota forecasts a net loss of JPY550 billion,
operating loss of JPY850 billion and consolidated net revenues of
JPY16.5 trillion for the fiscal year ending March 31, 2010.  In
the fiscal year ended March 31, 2009, the company incurred a loss
of JPY437 billion.

The automaker also proposes to cut its cash dividend for the full
fiscal year by JPY40 to JPY100 per share.

On a consolidated basis, net revenues for the fiscal year ended
March 31, 2009 totaled JPY20.53 trillion, a decrease of 21.9
percent compared to the last fiscal year.  Operating income
decreased from JPY2.27 trillion to a loss of JPY461 billion, and
income before income taxes, minority interest and equity in
earnings of affiliated companies was a loss of JPY560.4 billion.

Operating income decreased by JPY2.73 trillion.  Negative factors
for the decline include JPY1.48 trillion due to the effects of
marketing activities and JPY760 billion mainly from the
appreciation of the Japanese yen against the U.S. dollar and the
euro.

Commenting on the financial results, TMC President Katsuaki
Watanabe said, "Both revenues and profits declined severely during
this period. The negative impact was a consequence of the
significant deterioration in vehicle sales particularly in the
U.S. and Europe, the rapid appreciation of the yen against the
U.S. dollar and the euro and the sharp rise in raw materials."

In fiscal year 2009, Toyota's consolidated sales totaled 7.57
million units, a decrease of 1.34 million units from the last
fiscal year.

Toyota estimates that consolidated vehicle sales for the fiscal
year ending March 31, 2010 will be 6.5 million units, which is a
decrease of 1.06 million units from the fiscal year 2009, due to
continuance of the current severe conditions of each market.

Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations.  Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories.  Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles.  Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers.  Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS).  Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com.  The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.


* JAPAN: Corporate Bankruptcies Up 9.4% on Funding Problems
-----------------------------------------------------------
Toru Fujioka at Bloomberg News reports that according to Tokyo
Shoko Research Ltd.,
corporate bankruptcies in Japan climbed 9.4 percent in April from
a year earlier to 1,329 cases as companies struggled to obtain
funds.

The report relates Bank of Japan Governor Masaaki Shirakawa said
last week that funding conditions for companies remain "severe."

The report notes a record 33 companies went out of business in
2008.



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

SSANGYONG MOTOR: Posts KRW265.6 Billion Loss in Q1 Ended March 31
-----------------------------------------------------------------
Ssangyong Motor Co.'s first quarterly loss widened due to the
declining car sales amid economic downturn.

The Korea Herald reports the company posted a net loss of
KRW265.6 billion (US$214.9 million) during the first quarter ended
March 31, 770 percent higher than the KRW34.2 billion loss a year
earlier.

Ssangyong Motor's first quarter revenue fell 65.5 percent from the
same period last year to KRW233.7 billion.  First quarter auto
sales fell by 74.1 percent to 6,471 units from 25,030 units it
sold during the first quarter of 2008.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board met in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.


* KOREA: Bankruptcy Rate Rises to 1.5% in 2008
----------------------------------------------
KBS WORLD Radio reports that South Korea's corporate bankruptcy
rate rose for the first time in four years in 2008.

The corporate bankruptcy rate registers at about one-point-five
percent last year, according to the Financial Supervisory
Service's analysis of data from three domestic credit ratings
firms obtained by KBS.  The rate had declined to zero percent in
2007 from three percent in 2004, the report notes.

According to the report, the bankruptcy rate among companies with
investment grades above "BBB" stood at just three-tenths of a
percent last year, while the rate for companies with investment
grades under "BB" rose to five-point-nine percent.



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

STAMFORD COLLEGE: Auditors' Going Concern Doubt Cues PN17 Listing
-----------------------------------------------------------------
Stamford College Berhad ("SCB") has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.

As an affected listed issuer, SCB is required to:

   (a) submit a plan to regularize the company's condition
       to the relevant authorities for approval within eight
       months;

   (b) implement the Regularisation Plan within the timeframe
       stipulated by the relevant authorities; and

   (c) announce the status of its Regulation Plan on a monthly
       basis until further notice from Bursa Securities; and

   (d) announce the company's compliance or non-compliance with
       a particular obligation imposed pursuant to PN17/2005 on
       an immediate basis.

In the event that the company fails to comply with its
obligations, it will have all its listed securities suspended
from trading and delisting procedures will be commenced against
it.

Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is principally engaged in the
provision of executive training.  The Company offers over 50
courses of study, which include full Undergraduate Degrees,
Masters Degrees and North American Degree Program.  The
disciplines offered by Stamford range from Accounting to Business
Administration, Engineering, Computer Science, Hospitality
Management and Executive Secretaryship.  Foreign students have
also been part of Stamford's landscape, and Stamford has more than
1,500 foreign students from over 40 countries pursuing their
higher education.  In September 2007, the Company disposed an 80%
interest in Stamford College (Selangor) Sdn Bhd to Quill
Construction Sdn Bhd.



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

* NEW ZEALAND: Retail Sales Slump 2.9% in March Quarter
-------------------------------------------------------
The seasonally adjusted total sales volume fell a record 2.9
percent in the March 2009 quarter, Statistics New Zealand said
today.  This is double the previous largest falls of 1.4 percent
seen in March 1997 and June 2008.  For the sixth quarter in
succession, the biggest contributor to the fall in sales volumes
was motor vehicle retailing, down 11.4 percent in the latest
quarter.

Sales volumes in core retailing, which excludes the vehicle-
related industries, fell a record 1.2 percent in the March 2009
quarter.  This is also double the previous largest falls of 0.6
percent seen in June 2007 and June 2008.  Volumes fell in 14 of
the 20 core industries, led by appliance retailing, down 5.9
percent, and department stores, down 3.6 percent.  Supermarket and
grocery stores, up 1.9 percent, increased the most.

The trend in total retail sales volumes has been in decline since
the June 2007 quarter, falling 6.7 percent since then, the longest
and fastest period of decline since the series began in September
1995.  The trend in core retail sales volumes has been flat or in
decline since the June 2007 quarter and has fallen 1.9 percent
since then.

The seasonally adjusted value of total retail sales fell 1.5
percent (NZ$236 million) in the March 2009 quarter.  This was the
fourth consecutive quarterly fall, and the largest since March
1997 when sales fell 1.6 percent.  The biggest contributors to the
latest fall were motor vehicle retailing, down 9.2 percent (NZ$156
million) and automotive fuel retailing, down 6.6 percent (NZ$112
million).

The value of core retailing, rose 0.3 percent (NZ$41 million) in
the latest quarter. Only 7 of the 20 core retail industries had
sales increases, the largest coming from supermarket and grocery
stores, up 3.3 percent (NZ$119 million).  The largest offsetting
decrease was in appliance retailing, down 6.1 percent (NZ$39
million).

The trend in total retail sales values has been falling for the
last year and is now 2.8 percent lower than in the March 2008
quarter. This is the longest period of decline since the series
began. The trend in the value of core sales is still rising but
has slowed markedly since mid-2007.

In the month of March 2009, seasonally adjusted total retail sales
fell 0.4 percent (NZ$22 million), led by a 7.4 percent (NZ$41
million) drop in automotive fuel retailing.  In 19 of the 24
industries, sales changed little from February: up or down NZ$4
million or less. Core retailing rose 0.5 percent (NZ$20 million),
with sales up in 15 of the 20 core industries. The largest
increase came from cafes and restaurants, up 4.4 percent (NZ$14
million).



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

POWER SECTOR: Moody's Assigns 'B1' Rating on Senior Unsec. Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
US Dollar senior unsecured bonds to be issued by Power Sector
Assets & Liabilities Management Corporation.  The bonds will be
irrevocably and unconditionally guaranteed by the Philippine
government.  The rating outlook is positive, in line with the
sovereign outlook.  This is the first time that Moody's has
assigned a rating to PSALM.

The B1 rating is based on the unconditional and irrevocable
guarantee provided by the Philippine government, which is rated
B1/Positive by Moody's.  The net proceeds will be used for general
corporate funding requirements, including servicing payments
arising under contracts with independent power producers.

"PSALM performs a crucial role as mandated by law to deregulate
the Philippine electricity industry to a competitive and market-
driven sector," says Jennifer Wong, a Moody's AVP/Analyst.

"As such, the Philippine government views PSALM as strategically
important to restructure and reform the country's electricity
industry.  Furthermore, the government views PSALM as an extension
of itself as all debt issued by PSALM are unconditionally and
irrevocably guaranteed by the government.  As such, a debt default
by PSALM would trigger a cross default on government debt as
stated in the government's debt covenants," says Wong, also
Moody's lead analyst for the company

Any rating upgrade or downgrade of PSALM's bonds will be closely
linked to any changes in the rating of the Philippine government.

PSALM's bond rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of PSALM's core industry and PSALM's rating is believed to
be compared to those of other issuers of similar credit risk.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine government, was established in 2001
to take ownership, manage, privatize and dispose of all
generation-related assets, liabilities, contracts with Independent
Power Producers, real estate and other disposable assets of the
National Power Corporation, including National Transmission
Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.


POWER SECTOR: S&P Assigns 'BB-' Rating on Senior Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' rating to the proposed issue of U.S.-dollar senior unsecured
notes by Power Sector Assets & Liabilities Management Corp.  The
net proceeds from the sale of the notes will be used for general
corporate funding requirements, including servicing payments
arising under contracts with independent power producers.  The
rating on the notes is subject to finalization of documentation.

The issue rating reflects the Philippine government's (foreign
currency BB-/Stable/B; local currency BB+/Stable/B) irrevocable,
unconditional, and timely guarantee on the notes, which is in
accordance with S&P's criteria.  The stand-alone credit profile of
PSALM may differ substantially from the guarantor and that profile
may change in future; if the profile deteriorates, the possibility
that the guarantee has to be called upon may increase.

PSALM is a government owned and controlled entity established to
own, operate, manage, privatize, and dispose of all existing
generation assets, IPP contracts, liabilities, real estate and
other assets of National Power Corp. (foreign currency
BB-/Stable/--; local currency BB+/Stable/--).  PSALM's primary
objective is to use the sale proceeds to pay off Napocor's
financial liabilities.  In addition, the company manages the
transferred debt of Napocor, including its power purchase
obligations and outstanding obligations of electric cooperatives
to the National Electrification Administration and other
government agencies to ensure payment of all principal and
interest when due.  PSALM also manages other liabilities it has
assumed, including its own future borrowings.  As at Dec. 31,
2008, PSALM had total assets of PHP870.3 billion.

Standard & Poor's believes the likelihood of extraordinary
government support for PSALM to be extremely high, due to the
company's critical importance and integral link to the government.
The company was set up solely for the purpose of reforming the
electricity sector.  The Electric Power Industry Reform Act of
2001 and its implementing rules and regulations serve as PSALM's
charter, and its liability management is crucial in improving the
government's fiscal position through the successful privatization
of existing generation assets.

In Standard & Poor's view, strong government support, however, is
somewhat offset by the company's weak stand-alone financial risk
profile, which reflects the weak credit profile of Napocor,
exposure to exchange rate fluctuations, and the uncertain
regulatory environment.  These, along with the weak economic
outlook, may hamper the fund-raising capacity of private players
interested in bidding for Napocor's assets, thereby delaying the
privatization process.  In addition, the slowdown may also affect
electricity demand, especially from the industrial sector, which
accounts for one-third of total electricity sales.



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

PAMODZI GOLD: Simmer & Jack to Bid for Orkney Mine
--------------------------------------------------
South African gold producer Simmer & Jack Mines Ltd said it will
bid for Pamodzi Gold Ltd.'s Orkney mine, which is currently in
provisional liquidation, after carrying out due diligence on the
mine, Ron Derby at Bloomberg News reports.

"We will be putting in an expression of interest," spokesman Nick
Goodwin told Bloomberg News by phone from Johannesburg.

Orkney, located in South Africa's North West province, has been
put up for sale by provisional liquidators, the report says citing
an advertisement in Johannesburg-based Business Day.  The mine and
its assets will be sold through tender and all bids must be
submitted to Standard Bank Group Ltd. by May 18, according to the
advertisement cited in the report.

Bloomberg News recalls a shortage of cash resulted in Pamodzi's
Orkney, Free State and East Rand operations being placed into
provisional liquidation last month.

The report relates provisional liquidator Enver Motala said May 4
written offers have been made for Pamodzi's Free State operations.

The mines are burdened by combined debts of 637 million rand,
Bloomberg News said in a report last month.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.



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

POWERCHIP: Fails to Get Bondholders' Okay to Adjust Payment Terms
-----------------------------------------------------------------
Powerchip Semiconductor Corp. has failed to obtain the approval
from bondholders to adjust the payment terms on US$158 million
zero-interest overseas convertible bonds due on June 17, the
Taipei Times reports citing Powerchip in a filing to the Taiwan
Stock Exchange.

The report relates that the company approached bondholders on
May 4 about adjusting the terms, including extending the
conversion date to June 26 from June 17 and resetting the
conversion price by June 26.  According to the report, the company
hired Citigroup Global Markets Ltd to discuss the matter with
bondholders.

Without approval, the Times states, Powerchip will have to convert
the corporate bonds into common shares at NT$20.17 per share under
the original terms, undercutting the firm's efforts to reduce its
financial burden.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on May 4, 2009, that Powerchip Semiconductor
posted a net loss of NT$6.29 billion in the first quarter, its
eighth straight quarterly loss, compared with a net loss of
NT$9.74 billion a year earlier.

Powerchip's first-quarter revenue fell 74% to NT$3.92 billion from
NT$14.84 billion a year earlier, according to monthly company
statements obtained by Dow Jones.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The company's products are
applied in computer telecommunication and consumer electronic
industries.  During the year ended December 31, 2007, the company
obtained approximately 82% and 18% of its total revenue from its
package elements and wafers, respectively.  The company primarily
distributes its products in Asia.  As of December 31, 2007, the
company had five major subsidiaries, including three wholly owned
subsidiaries.



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

* S&P Puts Ratings on 17 Asia-Pacific CDOs on Negative CreditWatch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 17 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications, and kept
two other CDOs on CreditWatch negative.  In addition, 10 other
CDOs were placed on CreditWatch positive, and three CDOs were
taken off CreditWatch negative.

The 17 transactions in the list below have been placed on
CreditWatch negative due to a fall in their SROC (synthetic rated
overcollateralization) to below 100% at the current rating level
in the end-of-month analysis for April 2009.  This reflects the
negative rating migration within the portfolios.

                             Table 1

Deal Name                 Rating To        Rating From   SROC
---------                 ---------        -----------   ----
Athenee CDO PLC
Series 2007-10           AA/Watch Neg     AA            99.7523%
Beech Trust Series 1      AAA/Watch Neg    AAA           97.9944%
Castle Finance I Ltd.
Series 1                 BBB-/Watch Neg   BBB-          98.7613%
Castle Finance I Ltd.
Series 2                 BB+/Watch Neg    BB+           99.4357%
Echo Funding Pty Ltd.
Series 20                CCC+/Watch Neg   CCC+          99.7490%
Eirles Two Ltd.
Series 241               CCC+/Watch Neg   CCC+          99.8529%
Hickory Trust             CCC/Watch Neg    CCC           99.5743%
Jacaranda Trust
Series 1                 AAA/Watch Neg    AAA           99.6015%
Jacaranda Trust
Series 2                 AA-/Watch Neg    AA-           99.7341%
Morgan Stanley Managed
ACES SPC
Series 2006-7 Class IA   CCC+/Watch Neg   CCC+          99.6776%
Morgan Stanley ACES SPC
2007-38
Class I                  BBB-/Watch Neg   BBB-          99.8603%
Obelisk Trust
2006-1 Eden              CCC/Watch Neg    CCC           99.0921%
Obelisk Trust
2006-2 Eden              CCC+/Watch Neg   CCC+          99.2362%
Obelisk Trust
2006-3 Eden              CCC+/Watch Neg   CCC+          99.4631%
Xelo PLC Series 2006
(Spinnaker III Asia Mezz)
Tranche A                BB/Watch Neg     BB            99.1074%
Xelo PLC Series 2006
(Spinnaker III Asia Mezz)
Tranche B                CCC+/Watch Neg   CCC+          99.8657%
Xelo PLC Series 2007
(Spinnaker III Asia
Mezzanine 3)              CCC+/Watch Neg   CCC+          99.9137%

In the table below, the 'CCC-' ratings on Corsair (Jersey) No. 2
Ltd. Series 88 and Series 90 have been kept on CreditWatch
negative as S&P's assessment of aggregate loss is higher than the
available subordination in the respective portfolios, reflecting
S&P's expectation of losses or further downgrade in the coming
weeks.  The 'CCC-' rating on Castlereagh Trust Series 2 was
removed from CreditWatch negative as S&P's assessment of aggregate
loss is lower than the available subordination in the portfolio.
The SROC being lower than 100% reflects the implicit negative bias
within the 'CCC-' rating.

                             Table 2

Deal Name                Rating To        Rating From     SROC
---------                ---------        -----------     ----
Corsair (Jersey)
No. 2 Ltd.
Series 88               CCC-/Watch Neg   CCC-/Watch Neg  99.1128%
Corsair (Jersey)
No. 2 Ltd.
Series 90               CCC-/Watch Neg   CCC-/Watch Neg  99.1132%
Castlereagh Trust
Series 2                CCC-             CCC-/Watch Neg  99.7216%

The ratings on these 10 CDOs were placed on CreditWatch positive
(table 3).  This follows substitutions executed in the respective
portfolios thereby improving the credit quality.  The synthetic
rated overcollateralization levels for the ratings placed on
CreditWatch positive rose above 100% at a higher rating level
during the end-of-month SROC analysis for April 2009, reflecting
the positive rating migration within the reference portfolio.

                             Table 3

Deal Name                       Rating To       Rating From     SROC
---------                       ---------       -----------     ----
Athenee CDO PLC Series 2007-2   BB+/Watch Pos   BB+/Watch Neg   101.0195%
Athenee CDO PLC Series 2007-3   BBB-/Watch Pos  BBB-            101.1351%
Athenee CDO PLC Series 2007-4   BB+/Watch Pos   BB+             100.4332%
Athenee CDO PLC Series 2007-6   BB+/Watch Pos   BB+             100.4332%
Athenee CDO PLC Series 2007-7   BB+/Watch Pos   BB+             100.4332%
Athenee CDO PLC Series 2007-8   BBB-/Watch Pos  BBB-            101.1351%
Athenee CDO PLC Series 2007-9   BB+/Watch Pos   BB+/Watch Neg   101.0195%
Athenee CDO PLC Series 2007-11  BB+/Watch Pos   BB+/Watch Neg   100.9316%
Athenee CDO PLC Series 2007-14  BB+/Watch Pos   BB+             100.4334%
Athenee CDO PLC Series 2007-15  BB+/Watch Pos   BB+             101.1700%

The ratings on these two CDOs (table 4) were taken off
CreditWatch negative and affirmed as the SROC passed 100% at their
current rating level in the end-of-month analysis for April 2009,
thereby reflecting a positive rating migration within the
portfolios.

                             Table 4

Deal Name                       Rating To   Rating From      SROC
---------                       ---------   -----------      ----
Rembrandt Australia
Trust 2004-2                    BBB+        BBB+/Watch Neg   100.9213%
Security Holding
Investment Entity
Linking Deals Pty Ltd.          AA          AA/Watch Neg     101.1642%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

The Global SROC Report with the SROC analysis as of end-April 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89

FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
DONGXIN ELECTR-A         600691     20502873.62      -3038531.89
FUJIAN SANNONG-A         000732     65238961.39     -54995633.00
FUJIAN START-A           600734    105659572.63     -14337777.19
GAOXIN ZHANGTO-A         002075    132630368.70      -9869752.84
GUANGDONG HUAL-A         600242     22465173.76      -2740933.18
GUANGDONG KEL-A          000921    553672005.51    -123382591.66
GUANGMING GRP FU         000587     62369338.74     -12083332.13
GUANGMING GRP -A         000587     49483133.27     -38236098.22
GUANGXIA YINCH-A         000557     50935704.91    -104988061.10
HEBEI BAOSHUO CO         600155    313380313.25    -212285683.69
HEBEI JINNIU C-A         600722    223470984.32    -222746304.24
HISENSE ELEC-H              921    553672005.51    -123382591.66
HUATONG TIANXI-A         600225     73838152.81     -41138558.42
HUDA TECHNOLOG-A         600892     20117117.87      -1494139.58
HUNAN ANPLAS CO          000156     51664398.17     -84057853.53
HUNAN AVA HOLDIN         000918    194225793.46     -69811133.26
JIAOZUO XIN'AN-A         000719     16467080.91      -2586535.71
MUDAN AUTOMOBI-H           8188     32224095.17      -1211266.54
QINGHAI SUNSHI-A         600381     52481259.62     -33816335.98
SHANG WORLDBES-A         600094    327982181.09    -175167931.11
SHANG WORLDBES-B         900940    327982181.09    -175167931.11
SHANGHAI WORLDBE         600757    228103550.88    -102348116.27
SHENZ CHINA BI-A         200017     27968310.96    -264106065.10
SHENZ CHINA BI-B         200017     27968310.96    -264106065.10
SHENZ SEG DASH-A         000007     89466024.49     -10969846.28
SHENZHEN DAWNC-A         000863     29007400.22    -151962203.17
SHENZHEN KONDA-A         000048    184040609.38     -19817331.48
SHENZHEN SHENXIN         000034     27017593.82    -165994719.64
SICHUAN DIRECT-A         000757    121583277.97    -107533583.56
SUNTEK TECHNOLOG         600728     36559320.30     -22153556.46
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70

TIANJIN MARINE           600751     82399198.24     -30394356.74
TIANJIN MARINE-B         900938     82399198.24     -30394356.74
TIBET SUMMIT I-A         600338      63612758.53    -10426824.98
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68

INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HFCL INFOTEL LTD           HFCL     187858492.73    -20403289.30
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20925717.25    -12275407.90
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     433818115.13   -814874663.33
SEKAR BUMI TBK             SKBM      16733314.21     -2444090.09
STEADY SAFE TBK            SAFE      11597738.89     -4220918.08
SURABAYA AGUNG             SAIP     222819808.76   -101236552.84
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13522871.92    -14918402.46


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GREEN FOODS CO             3367      87003396.49    -48040344.74
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63


KOREA

CL LCD CO LTD            035710     55585277.13     -14793655.63
CORE INFO SYSTEM         039990     18137662.12      -7700051.48
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
ELIM EDU CO LTD          046240      34029159.88     -3747735.09
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      26642811.85    -29463868.53
KYSYS CO LTD             015390      10671544.09     -6267111.24
MOBILINK TELECOM         041310      52665694.67    -11474605.44
MOBO CO LTD              051810     196643340.38    -11979182.85
ORICOM INC               010470      82645454.13    -40039161.33
PAXMEDU CO LTD           035500      32757713.75     -7323573.46
PRIME ENTMT              017170      31473002.90    -19371600.20
ROCKET ELEC-PFD          000425      68584186.91     -2140474.00
ROCKET ELECTRIC          000420      68584186.91     -2140474.00
SAMT CO LTD              031330     303858255.56    -77572655.65
SARACOM CO LTD           040020      26655055.92     -2791385.72
SIMM TECH CO LTD         036710     314177541.38    -34486443.29
SOLAR & TECH CO          030390      11466591.81      -588035.38
STARMAX CO LTD           017050      50131660.74    -25436154.88
TAESAN LCD CO            036210     187935112.10   -546263614.46
TONG YANG MAGIC          023020     355147750.92    -25767007.75
YOUILENSYS CORP          038720     166697877.68    -12337148.33

MALAYSIA

BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      51256351.82     -8972145.85
APEX MINING 'B'            APXB      51256351.82     -8972145.85
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      22000423.4     -10278638.86
FILSYN CORP. B             FYNB      22000423.4     -10278638.86
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      13040098.81     -3682026.54
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160168482.84   -79374132.79
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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 ***