TCRAP_Public/090518.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

           Monday, May 18, 2009, Vol. 12, No. 96

                            Headlines

A U S T R A L I A

FAIRFAX MEDIA: S&P Downgrades Corporate Credit Rating to 'BB+'
FMG FINANCE: Weak Iron Ore Market Cues Moody's 'B1' Rating Review
KLEENMAID: May Have Been Insolvent Since 2007, Administrators Say
MARINER LEISURE: Banker Calls In Receivers
PAPER BOND: S&P Downgrades Rating on A$20 Mil. Notes to 'BB+'


C H I N A

CHINA GLASS: Moody's Downgrades Corporate Family Rating to 'B3'
CHINA SOUTHERN: Fitch Affirms 'B+' Issuer Default Ratings
LAS VEGAS SANDS: Considers HK IPO for Macau Unit
* CHINA: Shipbuilders Suffer 95% Drop in New Orders


H O N G  K O N G

DONG YANG: Creditors' Meeting Set for May 29
GRAND RANK ET AL: Members and Creditors to Meet on June 18
JIIN HUNG: Creditors' Proofs of Debt Due on June 15
KARLNICE INDUSTRIAL: Creditors' Proofs of Debt Due on June 19
LONG FAITH: Placed Under Voluntary Wind-Up

PETER CHAN: Placed Under Voluntary Wind-Up
REGIONAL SERVICES: Creditors' Proofs of Debt Due on June 15
SEMI-CONDUCTOR: Creditors' Proofs of Debt Due on June 16
SIEBEL SYSTEMS: Members' Final Meeting Set for June 16
THE GRANTHAM: Law Yui Lun Steps Down as Liquidator


I N D I A

CHAMANLAL SETIA: CRISIL Assigns 'BB+' Rating on INR40MM Term Loan
DKI APPAREL: CRISIL Rates INR165.0 Million Rupee Term Loan at 'BB'
POJ HOTELS: CRISIL Puts 'B+' Rating on  INR100.00MM Long Term Loan
PRAKASH WOOLLEN: CRISIL Places 'B-' Rating on INR58.3MM Term Loan
RANBAXY LABORATORIES: May Raise Loans to Settle Forex Losses

SAUDAGAR ENTERPRISE: CRISIL Rates INR167.5 Million LT Loan at 'B-'
SHRI LAXMINARAYAN: Low Net Worth Prompts CRISIL 'B' Ratings
SV POWER: CRISIL Assigns 'B-' Rating on INR2.08 Billion Term Loan
TATA MOTORS: British Gov't Offers Conditional Help to JLR
TATA POWER: Appeals Sasan Project Decision to Supreme Court


J A P A N

CITIGROUP INC: Mitsubishi UFJ Cancels NikkoCiti Purchase Deal
SANYO ELECTRIC: Forecasts Breakeven in FY Ending March 2010
SIGNUM VANGUARD: S&P Downgrades Ratings on Secured Notes to 'D'
SONY CORP: Sees Wider Second Straight Full-Year Loss
TOSHIBA CORP: To Close LCD Factory in the UK

* S&P Puts Ratings on 26 Tranches from 22 Japanese CDO Deals


M A L A Y S I A

BSA INTERNATIONAL: Bourse Suspends Securities Trade
ENERGREEN CORP: Bourse Seeks Explanation on Failure to File Plan
PILECON ENG'G: Has Until July 31 to Fill Audit Committee Vacancy
TALAM CORP: SC Extends Revised Plan Completion Until June 29


N E W  Z E A L A N D

DOMINION FINANCE: High Court Appoints Liquidators to DFG
XERO LIMITED: Annual Net Loss Widens to NZ$6.75 Million


S I N G A P O R E

ASIAN GAMING: Creditors' Proofs of Debt Due on May 29
DAIICHI KOSHO: Creditors' Proofs of Debt Due on June 4
FRASERS COMMERCIAL: S&P Keeps 'BB' Rating on Negative CreditWatch
KIAN SENG: Creditors' Meeting Set for May 22
PASIR PANJANG: Pays Second Interim Dividend


S O U T H  A F R I C A

FRESCO 2: Fitch Puts Ratings on Seven Tranches on Negative Watch


T A I W A N

AMERICAN INT'L: IPO Asia Life-Insurance Arm Could Raise $5 Billion


                         - - - - -


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

FAIRFAX MEDIA: S&P Downgrades Corporate Credit Rating to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"These rating actions reflect the ongoing deterioration of
Fairfax's advertising earnings, which have exhibited a level of
cyclicality beyond what was previously factored into the rating,"
Standard & Poor's credit analyst Peter Sikora said.  "Although
Fairfax's credit metrics have benefited from an equity issue and
assets sales, the weaker earnings outlook for the remainder of
calendar 2009 has resulted in underlying credit metrics for the
company moving outside tolerances for the 'BBB-' rating."

The rating downgrade also recognizes the lack of visibility in a
recovery of Fairfax's earnings, and the company's reduced
financial flexibility to improve credit metrics through other
means, given that dividends have already been significantly
reduced and shareholders have recently been approached for
additional equity.  The downgrade also comes at a time when
Fairfax's business faces structural challenges relating to the
migration of advertising revenue from traditional newspapers to
Internet and other distribution channels.

Mr. Sikora added: "The stable rating outlook reflects an
expectation that Fairfax will continue to maintain adequate
headroom in its financial covenants on borrowings.  The Fairfax
rating could come under downward pressure if earnings expectations
weaken further from current levels, and if headroom in the
company's financial covenants tightens.  Upward rating momentum
would require greater future earnings visibility and a sustainable
improvement in credit metrics."


FMG FINANCE: Weak Iron Ore Market Cues Moody's 'B1' Rating Review
-----------------------------------------------------------------
Moody's Investors Service has placed the B1 senior secured rating
of FMG Finance Pty Ltd on review for possible downgrade,
reflecting concerns surrounding the continued weakness in the iron
ore market, combined with recent operating challenges at FMG's
mining and processing operations.

"The iron ore market continues to face uncertainty in the near
term, in which the spot price is expected to remain depressed",
says Ian ChanChong, a Moody's VP/Senior Analyst, adding "In
addition, FMG has been facing elevated operating challenges due
mainly to weather conditions, which have delayed ramp up and led
to increased cash operating costs".

The review will focus on the ability of FMG to ramp up production
to the stated 36 million tons per annum by December 2009; and
plans to improve operating costs.  The review will also consider
progress in relation to the shipping contract dispute, as well as
the level of leasing arrangements which could potentially elevate
legal subordination issues for the Senior Secured Noteholders.

The last rating action was on December 17, 2008 when the outlook
on the B1 ratings of FMG Finance Pty Ltd was changed from stable
to negative.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export
mainly to China.


KLEENMAID: May Have Been Insolvent Since 2007, Administrators Say
-----------------------------------------------------------------
Deloitte partner John Greig said today the administrators
recommended Kleenmaid be put into liquidation, saying the company
may have been insolvent as early as June 2007, Chelsea Mes at
NEWS.com.au reports.

"Unfortunately there is no good news for employees, customers,
suppliers or creditors of the Kleenmaid Group.  The financial
position ... is worse than we initially expected,"  the report
cited Mr. Greig said  in a statement.

The report relates the administrators also said the amount owing
to creditors is now AU$102 million, which included AU$3 million
owed to Kleenmaid employees.

According to the report, Mr. Greig said if it was proved the
company was trading while insolvent, Kleenmaid directors Andrew
and Brad Young could be held personally liable for the company's
unpaid debts.

"However, at this stage we are not in a position to form a view
regarding the likely recovery by liquidators for a claim for
insolvent trading as this would require further investigation if
appointed by creditors at the forthcoming meeting," the report
quoted Mr Greig as saying.

A second creditors' meeting will be held on May 25 at the Mercure
Hotel in Brisbane, the report says.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid has been placed into
administration.  The company appointed Deloitte partners John
Greig, Richard Hughes and David Lombe as voluntary administrators.

Founded in 1985, Kleenmaid -- http://www.kleenmaid.com.au/--
sells kitchen and laundry appliances.


MARINER LEISURE: Banker Calls In Receivers
------------------------------------------
The Australian reports that receivers were called in for the
tourism venture of Bill Ireland, the founder and executive
chairman of Mariner Financial Limited.  The receivership was due
to the company's inability to repay a AU$30 million bank loan, the
report says.

In a statement to the stock exchange, Mariner Financial disclosed
that the Commonwealth Bank of Australia has appointed Paul
Billingham and Said Jahani of Grant Thornton as receivers and
managers of Mariner Leisure Management Limited and Mariner Coastal
Operations Pty Ltd.

The Mariner Coastal Investment Fund is an unlisted satellite fund
which comprises the management company Mariner Leisure Management
and also holds four coastal assets along the east coast of
Australia.  Two of the assets are operating EcoResorts located in
regional New South Wales; one asset is an operating tourist park
in suburban Brisbane while the remaining asset is a vacant land
development asset with development approval for a tourist park
located in Port Douglas, Far North Queensland.

According to The Australian, Mr. Ireland said that the value of
the fund's assets had fallen from up to AU$70 million in 2007 when
the fund was launched to less than AU$48 million.  Values have
been falling across the commercial property sector, but tourism
assets particularly have suffered from the global financial
crisis, the report says.

Mr. Ireland said Mariner had made a number of representations to
the bank to roll the AU$30 million loan after it had expired on
December 31, the report relates.

The Australian, citing Paul Billingham, of Grant Thornton, said
the resorts were expected to continue trading until the assets
were put up for sale when the market improved, and there would be
no redundancies.

Mariner Leisure Management Limited and Mariner Coastal Operations
Pty Ltd are not subsidiaries of Mariner Financial Limited.


PAPER BOND: S&P Downgrades Rating on A$20 Mil. Notes to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
AU$20 million Class B notes issued by Paper Bond Ltd. to 'BB+'
from 'BBB-'.

This rating action follows the lowering of the issuer credit
rating on Fairfax Media Ltd. to 'BB+' from 'BBB', on May 14, 2009
(see research update published on May 14, 2009, titled "Fairfax
Media Ltd. Ratings Lowered To 'BB+' As Financial Pressure Mounts;
Outlook Stable").

The rating action reflects Fairfax's role as guarantor to the
Class B notes.  The 'AAA' rating on the Class A notes is not
dependant on the rating on Fairfax as a letter of credit provided
by the Commonwealth of Australia (AAA/Stable/A-1+) guarantees
payment to Class A noteholders.  Therefore, the rating on the
Class A notes remains unaffected by the Fairfax rating downgrade.

                                             Ratings
                                             -------
       Transaction                      To             From
       -----------                      --             ----
       Paper Bond Ltd. Class B          BB+            BBB-



=========
C H I N A
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CHINA GLASS: Moody's Downgrades Corporate Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of China Glass Holdings Ltd to B3 from
B1.  The outlook on the ratings is negative.  This concludes the
rating review for possible downgrade initiated on March 20, 2009.

"The rating downgrade reflects the material deterioration of China
Glass' financial profile and liquidity position," says Renee Lam,
a Moody's Vice President, adding, "The company's aggressive
expansion -- amid a severe cyclical downturn -- significantly
lifts its business and financial risks."

China Glass' profitability in 2008 was dampened by high fuel costs
without a commensurate rise in product prices.  Coupled with large
capital investments in the construction of new plants, its
adjusted debt to EBITDA was estimated at about 13.7x in 2008,
materially above the previously expected 5-5.5x range.  Over the
next 12 months, this ratio is projected to hover at around 8x,
which remains weak for the lowered rating level.

"The company's considerable contracted capital commitments of
RMB565.7 million could strain its liquidity, while its non-
compliance with the fixed-charge coverage ratio -- stipulated as a
debt incurrence test in its 2012 bond indenture -- has also
reduced its financial flexibility," adds Lam, also Moody's lead
analyst for the company.

Definitive funding for a considerable amount of this capital
expenditure is yet to be confirmed, although Moody's understands
the company is close to finalizing such arrangements.

Moody's notes that with increased debt funding for capital
investments at operating companies that are non-subsidiary
guarantors, structural subordination risk for senior unsecured
bond creditors at the holding company level has also heightened.

The negative outlook reflects lingering pressure on China Glass'
operating and financial profiles over the next 12 months due to
its sizeable committed capital outlays.  This has coincided with
poor industry demand, which has further pressured its liquidity
profile.

The rating will be downgraded if China Glass fails to put in place
over the next few months the funding required to meet its
committed payments for 2009.  The rating will also come under
pressure if China Glass embarks on additional material debt-funded
expansion plans, or if industry conditions further deteriorate,
such that adjusted debt to EBITDA remains above 8x.  The senior
unsecured bond rating will also be downgraded if the company
incurs further debt at the operating entity level to fund its
capital expenditure.

The possibility of a rating upgrade is limited, given the negative
outlook.  The rating outlook could revert to stable should China
Glass (1) arrange funding for its capital commitments and
refinancing needs; (2) reduce its cash outlays; and/or (3) should
market conditions stabilize, such that the company's pro-rata
consolidated debt to EBITDA improves to around 5.5-6x.

Moody's last rating action with respect to China Glass was taken
on March 20, 2009, when the company's ratings were put on review
for possible downgrade.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 15 production lines across the country.  The flat
glass it produces is largely for use in the construction industry.


CHINA SOUTHERN: Fitch Affirms 'B+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed China Southern Airlines Co. Ltd's 'B+'
Long-term foreign and local currency Issuer Default Ratings, and
simultaneously withdrawn the ratings.   Outlook on the ratings
remains Stable.

Fitch will no longer provide ratings or analytical coverage on
this issuer.


LAS VEGAS SANDS: Considers HK IPO for Macau Unit
------------------------------------------------
Las Vegas Sands Corp has hired Goldman Sachs to look at a
potential Hong Kong listing for its Macau unit, Reuters reports
citing a source familiar with the plans.

"They are considering it, but nothing is confirmed until they file
for it, and it hasn't happened yet," Reuters quoted the source as
saying.

Reuters says the source declined to be identified because the
information has not been made public yet.

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.


* CHINA: Shipbuilders Suffer 95% Drop in New Orders
---------------------------------------------------
New orders for Chinese shipbuilders sank 95 percent in the first
four months of 2009 from a year earlier to 990,000 deadweight
tons, Shanghai Daily Reports citing the Ministry of Industry and
Information Technology.

The industrial output value of domestic shipyards was CNY156.8
billion (US$23 billion) by the end of April, a 39.4 percent jump
year on year, while the value of exports rose 28.9 percent year on
year to CNY75.4 billion, the report says.

The report relates that according to latest statistics from
Clarkson Plc, Chinese shipyards are not the only ones suffering as
globally only 26 vessels, or 1.3 million dwt, were ordered in the
first quarter of the year.

"The number of new vessels being manufactured has been shrinking
since last November and this will continue till the second half of
this year," the report quoted Xiao Jiangfeng, an analyst at Datong
Securities, as saying.



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

DONG YANG: Creditors' Meeting Set for May 29
--------------------------------------------
The creditors of Dong Yang Enterprises (H.K.) Limited will hold
their meeting on May 29, 2009, at 9:30 a.m., for the purposes set
out in Sections 241, 242, 243, 244, 251(a), 255A(2) and 283 of the
Companies Ordinance.

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


GRAND RANK ET AL: Members and Creditors to Meet on June 18
----------------------------------------------------------
On June 18, 2009, a final general meeting will be held for the
members and creditors of:

   -- Grand Rank Limited;
   -- Homewell Enterprises Limited;
   -- The Alumni Association of Oxford University; and
   -- Lee Shau Kee Scholarship Limited.

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


JIIN HUNG: Creditors' Proofs of Debt Due on June 15
---------------------------------------------------
The creditors of Jiin Hung Company Limited are required to file
their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 30, 2009.

The company's liquidator is:

         Chan Wing Kit
         United Centre
         Flat A, 16th Floor
         95 Queensway
         Hong Kong


KARLNICE INDUSTRIAL: Creditors' Proofs of Debt Due on June 19
-------------------------------------------------------------
The creditors of Karlnice Industrial Limited are required to file
their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Sun Kwong
          Beverley Commercial Ctr.
          Office No. 1818, 18th Floor
          87-105 Chatham Road
          Tsimshatsui, Kowloon
          Hong Kong


LONG FAITH: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on May 8, 2009, the
members of Long Faith Investments Limited passed a special
resolution that voluntarily winds up the company's operations.

The company's liquidator is:

          Leung Kwok Kai
          102 Austin Road, 22nd Floor
          Kowloon, Hong Kong


PETER CHAN: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on May 2, 2009, a special
resolution was passed to voluntarily wind up the operations of
Peter Chan Secretaries (International) Limited.

The company's liquidator is:

          Chan Po Fun Peter
          Caltex House, 2nd Floor
          258 Hennessy Road
          Wanchai, Hong Kong


REGIONAL SERVICES: Creditors' Proofs of Debt Due on June 15
-----------------------------------------------------------
The creditors of Regional Services Limited are required to file
their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 7, 2009.

The company's liquidator is:

          Christopher David Ian Gordon
          The Center
          5705, 57th Floor
          99 Queen's Road Central
          Hong Kong


SEMI-CONDUCTOR: Creditors' Proofs of Debt Due on June 16
--------------------------------------------------------
Semi-Conductor Limited requires its creditors to file their proofs
of debt by June 16, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 15, 2009.

The company's liquidator is:

          Cheng Chak Shan
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road, Kowloon
          Hong Kong


SIEBEL SYSTEMS: Members' Final Meeting Set for June 16
------------------------------------------------------
The members of Siebel Systems Hong Kong Limited will hold their
meeting on June 16, 2009, at 11:30 a.m., at the 20th Floor of
Prince's Building, in Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


THE GRANTHAM: Law Yui Lun Steps Down as Liquidator
--------------------------------------------------
On April 30, 2009, Law Yui Lun stepped down as liquidator of Ex-
Patients' Association Limited.



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I N D I A
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CHAMANLAL SETIA: CRISIL Assigns 'BB+' Rating on INR40MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the various
bank facilities of Chamanlal Setia Exports Ltd (CSE).

   INR40.00 Million Term Loan         BB+/Stable (Assigned)
   INR790.00 Million Cash Credit ^    BB+/Stable (Assigned)

   ^ 100% fungible with PCFC.

The ratings reflect CSE's weak financial risk profile owing to
working capital-intensive operations.  The ratings also factor in
the company's small scale of operations, and exposure to
regulatory risks in the agricultural commodity industry, and
fluctuations in raw material prices.  These weaknesses are,
however, partially offset by the benefits that CSE derives from
its promoters' experience in the agricultural commodity industry,
and the healthy growth prospects for the basmati rice industry.

Outlook: Stable

CRISIL expects CSE's financial risk profile to remain stretched
over the medium term owing to working capital intensity of
operations, large, debt-funded capital expenditure, and low net
worth. The outlook may be revised to 'Positive' if there is
substantial improvement in the company's capital structure, most
likely through equity infusions.  Conversely, further
deterioration in capital structure or pressures on profitability
may drive a revision in outlook to 'Negative'.

                      About Chamanlal Setia

CSE was set up as a partnership firm in 1975 by Mr. Chamanlal
Setia and his sons, Mr. Vijay Setia and Mr. Rajeev Setia.  The
firm converted to a public limited company in 1994, and was listed
on the Mumbai Stock Exchange (BSE) in 1995.  CSE is engaged in
milling, processing and selling of basmati rice.  CSE's paddy
processing units at Amritsar (Punjab) and Karnal (Haryana) have
rice processing capacities of 2 tonnes per hour (tph) and 6 tph,
respectively.  The company also has a rice grading and sorting
facility in Delhi.  CSE's Amritsar unit is on lease from sister
concern, Setia Rice Mills, while the Karnal and Delhi units are
its own.

For 2007-08 (refers to financial year, April 1 to March 31), CSE
reported a profit after tax (PAT) of INR44.9 million on net sales
of INR1.2 billion, as against a PAT of INR19.9 million on net
sales of INR944.5 million for 2006-07.


DKI APPAREL: CRISIL Rates INR165.0 Million Rupee Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of DKI Apparel Pvt Ltd (DKIAPL), part of the Defiance
group.

   INR165.0 Million Rupee Term Loan    BB/Stable (Assigned)
   INR31.0 Million Packing Credit      P4 (Assigned)
   INR24.0 Million Bills Purchase-     P4 (Assigned)
             Discounting Facility

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

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

Outlook: Stable

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

                        About DKI Apparel

Set up in 1995, DKIPL manufactures knitted fabrics and garments.
It supplies fabrics mainly to domestic garment manufacturers.
The company owns 250 garment stitching machines and 26 knitting
machines.  DKIPL reported a profit after tax (PAT) of
INR41 million on net sales of INR447 million for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR16 million on net sales of INR442 million for 2006-07.  DKIAPL
commenced trail runs of its knitted garments unit in January 2009,
and is expected to commence commercial operations in the first
quarter of 2009-10.


POJ HOTELS: CRISIL Puts 'B+' Rating on  INR100.00MM Long Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of POJ Hotels Pvt Ltd (POJ).

   INR100.00 Million Long Term Loan   B+/Stable (Assigned)
   INR13.20 Million Cash Credit *     B+/Stable (Assigned)

   * Includes a proposed limit of INR11.20 Million.

The rating reflects POJ's project risk and vulnerability to the
cyclicality in the hospitality industry.  These weaknesses are
mitigated by the company's strong business prospects and the
promoters' extensive experience in the civil construction
business.

Outlook: Stable

CRISIL expects POJ to commission its ongoing three-star hotel
project on schedule, without cost overruns.  The outlook may be
revised to 'Positive' in case of a significant improvement in the
company's financial risk profile on the back of higher-than-
expected cash accruals on a sustained basis.  Conversely, the
outlook may be revised to 'Negative' if the company faces
significant time and cost overruns in its project.

                         About POJ Hotels

Incorporated in 2005 by Mr. Gorla Sundaraiah and Mr. Gorla
Jayaprakash, POJ is developing an upscale, full-service, three-
star hotel at Nellore, Andhra Pradesh.  The promoters are in the
business of civil construction and irrigation works.  The property
will have 48 rooms, two restaurants, a spa and gymnasium, and one
presidential suite.  The hotel is likely to commence commercial
operations in October 2009.


PRAKASH WOOLLEN: CRISIL Places 'B-' Rating on INR58.3MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the various
bank facilities of Prakash Woollen Mills Ltd (Prakash Woollen).

   INR140.0 Million Cash Credit Limit   B-/Negative (Assigned)
   INR58.3 Million Term Loan            B-/Negative (Assigned)
   INR5.0 Million Letter of Credit      P4 (Assigned)
   INR0.5 Million Bank Guarantee        P4 (Assigned)

The ratings reflect Prakash Woollen's weak financial risk profile,
working-capital-intensive operations, and vulnerability to
increasing raw material prices and threat of competition from
Chinese products.  These weaknesses are, however, partially offset
by the benefits that Prakash Woollen derives from continuous
upgradation of product base to meet changing market demand.

Outlook: Negative

CRISIL believes that Prakash Woollen's cash accruals will be
inadequate to cover maturing debt obligations over the medium
term.  The rating maybe downgraded if the company is not able to
repay its term debt obligations on time.  The outlook maybe
revised to 'Stable' if growth in revenues leads to more-than-
expected cash accruals.

                      About Prakash Woollen

Incorporated in 1978, Prakash Woollen manufactured acrylic and
woollen blankets, before commencing manufacture of polyester
blankets in 2008-09 (refers to financial year, April 1 to
March 31).  Its plant located at Moradabad (Uttar Pradesh) has
capacity to manufacture 100,000 double bed blankets per month.
For 2007-08, Prakash Woollen reported a profit after tax (PAT)
of INR8 million on net sales of INR424 million, as against a PAT
of INR1.5 million on net sales of INR329 million for 2006-07.


RANBAXY LABORATORIES: May Raise Loans to Settle Forex Losses
------------------------------------------------------------
Ranbaxy Laboratories may have to raise loans if cash outflow from
additional forex loss continues this fiscal year, The Economic
Times reports citing analysts.

"In 2008, cash outgo on forex losses cancelled all the operating
profit.  With very little operating profit expected this year,
forex losses are likely to deliver a significant cash outflow,
even if there is a marginal gain because of the appreciating
rupee.  The company may have to raise more debt to settle these
losses," the report quoted a Credit Suisse note based on the
company's annual report as saying.

Ranbaxy recorded a loss of about INR2,670 crore (US$540 million)
on forex contracts in 2008, the report notes.

The Times meanwhile relates that Ranbaxy's annual loss of
INR951 crore and writedown on value of assets due to drop in its
stock price, dragged its parent Daiichi Sankyo to post first
annual loss.  According to the report, Daiichi Sankyo posted
annual loss of JPY335.8 billion, hurt by JPY351 billion writedown
of its investments in Ranbaxy.  Last fiscal, the Japanese company
reported a net profit of JPY97.7 billion, the report discloses.

"There is no light at the end of the tunnel.  It would be prudent
for Daiichi Sankyo to buy back shares and delist the company," the
Times quoted HDFC Securities Institutional Research VP Ranjit
Kapadia as saying.

                       U.S. Investigations

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, the U.S. Food and Drug Administration said that a
facility owned by Ranbaxy Laboratories falsified data and test
results in approved and pending drug applications.  The facility,
which is located in Paonta Sahib, India, has been under an FDA
Import Alert since September 2008.  In a press statement, the FDA
disclosed it is continuing to investigate the matter to ensure the
safety and efficacy of marketed drugs associated with Ranbaxy's
Paonta Sahib site.  To date, the FDA has no evidence that these
drugs do not meet their quality specifications and has not
identified any health risks associated with currently marketed
Ranbaxy products.

In July 2008, the TCR-AP reported that the U.S. Department of
Justice conducted a probe on Ranbaxy for allegedly bringing
adulterated and misbranded medications into the U.S.  Accordingly,
the DOJ sought court permission to access privilege records of
Ranbaxy's internal audits and operations.

Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.

In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration due to
deficiencies in manufacturing processes, a TCR-AP report said.

Separately, a Sept. 26, 2008, TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared.  The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine.  The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.

On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker handed
over documents relating to the regulators' concerns over its
manufacturing.

                   About Ranbaxy Laboratories

Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients.  It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa.  The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin.  Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India.  RLL's
segments include Pharmaceuticals and Other businesses.  During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.


SAUDAGAR ENTERPRISE: CRISIL Rates INR167.5 Million LT Loan at 'B-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable/P4' to the bank
facilities of Saudagar Enterprise (Saudagar).

   INR167.5 Million Long-Term Loan        B-/Stable (Assigned)
   INR40.0 Million Overdraft Facility     P4 (Assigned)
   INR30.0 Million Pre-Shipment Credit    P4 (Assigned)
   INR20.0 Million Post-Shipment Credit   P4 (Assigned)

The ratings reflect Saudagar's weak financial risk profile, large
working capital requirements, small scale of operations in the
garments industry, and vulnerability to volatility in cotton
prices.  These weaknesses are mitigated by the integrated nature
of Saudagar's operations.

Outlook: Stable

CRISIL expects Saudagar's financial risk profile to remain weak
over the medium term because of its large working capital
requirements.  The outlook may be revised to 'Negative' if the
financial risk profile deteriorates further.  Conversely, the
outlook may be revised to 'Positive' if the firm is able to
diversify its customer base and increase its scale of operations,
while maintaining the current operating margins.

                         About the Firm

Established in 1977, Saudagar is a proprietorship firm promoted by
Mr. Ashraf Saudagar K Merchant.  The firm manufactures and exports
towels and hosiery garments.  It has integrated operations, with
facilities for dyeing, stitching, printing, and embroidering, and
manufacture of cotton yarn.  Saudagar reported a profit after tax
(PAT) of INR4.5 million on net sales of INR98.7 million for 2007-
08 (refers to financial year, April 1 to March 31), against
INR13.0 million and INR97.0 million, respectively, for 2006-07.


SHRI LAXMINARAYAN: Low Net Worth Prompts CRISIL 'B' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the various bank
facilities of Shri Laxminarayan Chemicals and Fertilizers Pvt Ltd
(SLCFPL).

   INR45 Million Cash Credit Limits   B/Stable (Assigned)
   INR10 Million Long Term Loan       B/Stable (Assigned)

The ratings reflect SLCFPL's product concentration risks in the
fertiliser industry, small scale of operations, limited track
record; below-average financial risk profile marked by low net
worth; and exposure to risks relating to unfavourable changes in
regulations governing India's complex-fertiliser industry.  These
weaknesses are, however, partially offset by the benefits that
SLCFPL derives from its status as an establishing player with
advantages of location.

Outlook: Stable

CRISIL expects SLCFPL's cash flows to improve on the back of
increasing revenues and improving operating efficiencies. The
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, or if its profitability
deteriorates due to declining operating efficiencies.  Conversely,
the outlook may be revised to 'Positive' if cash flows improve as
a result of substantial increase in revenues and profitability.

                     About Shri Laxminarayan

Incorporated in 2006, SLCFPL began operations in May 2007.  The
company manufactures nitrogen, phosphorous, and potassium (NPK)
granulated fertilisers with a capacity of 25,000 tonnes per annum.
The company is part of the Akalwadi group that has interests in
businesses such as trading in liquor, agricultural equipment
manufacturing, and construction.  The company was set up to meet
the large potential for granulated fertilisers in northern and
central Karnataka. SLCFPL reported a net loss of INR 4.0 lakhs on
sales of INR 105.6 million for 2007-08 (refers to financial year,
April 1 to March 31).


SV POWER: CRISIL Assigns 'B-' Rating on INR2.08 Billion Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the long-term
loan of SV Power Pvt Ltd (SVP).

   INR2.08 Billion Term Loan     B-/Negative (Assigned)

The rating reflects high implementation risk in the power project
undertaken by the company.

Outlook: Negative

The Negative outlook factors in SVP's exposure to risks related to
time and cost overruns.  An outlook revision to 'Stable' would
hinge on timely project completion and commencement of commercial
operations. Conversely, the rating may be downgraded if SVP is
unable to complete the project in time, leading to cost overruns
and delayed cash accruals.

                          About SV Power

SVP, planned as a 51:49 joint venture (JV) between the KVK group
and Maytas Infrastructure Ltd (MIL), is setting up a 126-megawatts
(MW) coal washery-reject-based power plant and a 2.5-million
tonnes per annum (mtpa) coal washery at Renki village in
Chhattisgarh.  SVP has received a no-objection certificate from
the Chhattisgarh State Renewable Energy Development Agency for the
coal washery-reject-based project.

The power project will be implemented in two phases. Under the
first phase, SVP proposes to set up a 63-MW power plant and the
coal washery plant, to be commissioned by November 2009.  The
rejects from the washery will be used as feed for the power plant.
Company has executed a power purchase agreement with Reliance
Energy Trading Ltd for the sale of entire power generated from the
plant at a fixed tariff for a period of ten years ending March 31,
2019.


TATA MOTORS: British Gov't Offers Conditional Help to JLR
---------------------------------------------------------
Pankaj Doval at Times of India reports that according to the
official spokesperson for UK's Department of Business, Enterprise
and Regulatory Reform (BERR), the British government was ready to
provide only "conditional" help to Jaguar and Land Rover, owned by
India's Tata Motors, as it had to "protect the interest of
taxpayers".

The BERR spokesperson refused to agree with Tata's statement that
the government does not care about the manufacturing sector,TOI
discloses.  The spokesperson, as cited by TOI said the government
was fully aware of the importance, as well as the needs, of the
manufacturing sector.

The BERR also dismissed reports that suggested that the government
was reluctant to provide loan guarantees to the two brands as they
were controlled by a foreign company, TOI states.  "Ownership is
no factor in our decision on this front," the spokesperson was
quoted by TOI as saying. "The main responsibility rests with the
Tata group and we would say this to any company.  Any parent
company is responsible for its companies."

TOI relates the official spokesperson for Tata Motors said it is
still in discussions with the BERR.

                         EIB Loan

As reported in the Troubled Company Reporter-Europe on May 13,
2009, Times of India, citing British publication The Guardian,
said JLR is planning to raise up to GBP1 billion by September to
keep the cash-starved company afloat without the British
government's help.

TOI related according to the Guardian, the Tatas have mandated
financial adviser Citigroup to find banks with solid credit
rating, prepared to underwrite some of the GBP340 million loan
pledged by the European Investment Bank (EIB).  TOI disclosed the
newspaper added the Tatas are also seeking to tap the debt-markets
to help secure the GBP500 million to GBP1 billion short-term
financing package needed.  However, TOI noted the Guardian said
"Even if Tata can raise more debt and find banks willing to
underwrite part of the EIB loans, the cost of the financing will
be very high."

TOI recalled the Tatas have rejected the British government's
conditions for underwriting some of the EIB loan to secure
immediate and short-term help, arguing "it can secure better terms
independently".

As reported in the Troubled Company Reporter-Europe on May 8,
2009, Telegraph.co.uk, citing sources close to the negotiations,
said the terms of the loan set by the government for underwriting
the EIB loan, which is intended for the development of green
technology, include the right to demand a veto over all decisions
taken by the company, the ability to choose the chairman, a
permanent seat on the board, extra investment into JLR of GBP300
million by Tata, and guarantees of no further job cuts among the
15,000 UK employees.  Telegraph.co.uk noted the government has
said it will only guarantee GBP175 million of the loan and that,
if it is taken up, it will charge JLR 15pc of the total to provide
it.

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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


TATA POWER: Appeals Sasan Project Decision to Supreme Court
-----------------------------------------------------------
Tata Power on Thursday (May 14) moved the Supreme Court
challenging the government decision that allowed Reliance Power to
divert surplus coal from the Sasan power project, The Economic
Times reports.

According to the report, a Bench headed by Chief Justice K G
Balakrishnan refused to give any interim relief to Tata Power.
The Bench however, adjourned the matter until July, the report
says.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on April 15, 2009 that Tata Power plans to make an appeal
before the India’s Supreme Court over the dismissal of the
company's petition challenging the government's decision to allow
surplus coal from Sasan power project to be used in other
projects.

The government's decision to allow diversion of coal from Sasan to
other Reliance Power projects was taken "after the conclusion of
the bidding process... this has disturbed the fairness,
transparency and the level playing field and is not in accordance
with the bidding documents", Bloomberg News quoted the company as
saying.

Reliance Power Ltd., which won the auction to build the Sasan
project, said a group of cabinet ministers had in August 2008
allowed it to use the surplus coal in other projects, Bloomberg
News recalled.

Sasan is one of 12 coal- based power projects that are being
planned to help Asia’s third-largest economy meet electricity
demand and end blackouts, according to Bloomberg News.

                   About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.



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

CITIGROUP INC: Mitsubishi UFJ Cancels NikkoCiti Purchase Deal
-------------------------------------------------------------
Bloomberg News reports that Mitsubishi UFJ Financial Group Inc.
canceled an agreement it signed in December to buy Citigroup
Inc.'s Japanese banking unit NikkoCiti Trust & Banking Corp. after
failing to purchase other Japanese assets from the U.S. bank.

Mitsubishi UFJ, Bloomberg News says, cited a change in strategy
and circumstances for the decision, without elaborating.

A Nikkei newspaper report cited by Bloomberg News meanwhile said
the company failed to make the second round of bidding for Nikko
Asset Management Co. and decided that buying NikkoCiti alone would
have limited value.

The report relates Citigroup planned to sell the unit for
JPY25 billion (US$262 million) and expected the deal to result
in a pretax gain of US$89 million.

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

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


SANYO ELECTRIC: Forecasts Breakeven in FY Ending March 2010
-----------------------------------------------------------
Sanyo Electric Co. is expecting a breakeven in fiscal year ending
March 31, 2010, after posting a net loss of JPY93.2 billion in the
12 months just ended, Bloomberg News reports.

According to the report, the company predicted to triple its
operating profit to JPY25 billion (US$261.8 million) in the 12
months ending March 2010, from the JPY8.28 billion it posted a
year earlier.

The company initially aimed for a group operating profit of
JPY90 billion in the fiscal year ending March 2011, but it now
expects that it will need one more year to meet that target, The
Wall Street Journal relates.

In the meantime, Sanyo will continue to concentrate its resources
in environment-related businesses such as solar and rechargeable
batteries, The Journal says.  "The global economy experienced the
crisis of a century, but we are now seeing the opportunity of a
century in the emerging Green New Deal global environmental
initiative", Sanyo President Seiichiro Sano was quoted by The
Journal as saying.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SIGNUM VANGUARD: S&P Downgrades Ratings on Secured Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
ratings on Signum Vanguard Ltd.'s series 2006-08 and series 2007-
01 credit-linked secured notes.  The transactions are arbitrage
synthetic collateral debt obligation transactions, both initially
referencing 100 global names.  S&P lowered its ratings on the
aforementioned notes because credit event notices have been
issued, and S&P understand that the amounts of accumulated losses
for both transactions have exceeded their loss threshold amounts.

                         Ratings Lowered

                       Signum Vanguard Ltd.
  MAJOR multi-jurisdiction repackaging note programme JPY1 billion
        secured floating rate credit-linked notes due 2013

                     To   From   Issue Amount
                     --   ----   ------------
                     D    CCC-   JPY1 bil.

                       Signum Vanguard Ltd.
MAJOR multi-jurisdiction repackaging note programme series 2007-01
JPY500 million secured floating rate credit-linked notes due 2012

                    To   From   Issue Amount
                    --   ----   ------------
                    D    CCC-   JPY500 mil.


SONY CORP: Sees Wider Second Straight Full-Year Loss
----------------------------------------------------
Sony Corp. said net loss may widen to JPY120 billion (US$1.26
billion) in the 12 months ending March 31, from a JPY98.9 billion
deficit a year earlier, Hiroshi Suzuki at Bloomberg News reports.

The company projected its operating loss may more than halve to
JPY110 billion and sales may drop 5.6 percent to JPY7.3 trillion,
the report relates.

Japan-based Sony Corporation (TYO:6758) -- http://www.sony.co.jp/
-- is the ultimate parent company of the Sony Group.  The company
is primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music, and
Financial Services, such as insurance and banking sectors.  It has
five segments: Electronics, Games, Pictures, Financial Services
and All Other.  In the Electronics segment, it develops, designs,
manufactures and sells various kinds of electronic equipment,
instruments and devices for consumer and professional markets.  In
the Games segment, Sony Computer Entertainment Inc. (SCEI)
develops, produces, markets and distributes PlayStation Portable
(PSP), PlayStation 2 and the PLAYSTATION 3 computer entertainment
systems.  In the Entertainment segment, operations encompass
motion picture, television and home entertainment production,
acquisition and distribution; television broadcasting, and digital
content creation.


TOSHIBA CORP: To Close LCD Factory in the UK
--------------------------------------------
Japanese manufacturers, including Toshiba Corp and Hitachi Ltd,
are planning to consolidate flat-panel television factories
outside Japan and expand outsourcing to cut costs, Reuters reports
citing the Nikkei business daily.

Reuters says the Nikkei business daily reported that Toshiba plans
to end assembly of liquid crystal display (LCD) televisions at a
British unit's Plymouth factory by the end of this year affecting
about 250 jobs or 80 percent of the workforce.

Meanwhile, Reuters relates the newspaper said Hitachi has shut
down a flat-TV production plant in the Czech Republic affecting
about 800 employees at the site.  Hitachi is considering
outsourcing production for the European market to contract
electronics manufacturers, Nikkei said as cited by Reuters.

                    About Toshiba Corporation

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Moody's Investors Service assigned a rating of
(P)Ba1 to The 1st Series Unsecured Interest Deferrable and Early
Redeemable Subordinated Bonds Solely For Qualified Institutional
Investors (Tekikaku Kikan Toshika Gentei) issued by Toshiba
Corporation.  The rating outlook is negative.


* S&P Puts Ratings on 26 Tranches from 22 Japanese CDO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 26
tranches relating to 22 Japanese synthetic CDO transactions on
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed its ratings on nine tranches relating
to seven Japanese synthetic CDO transactions and removed the
ratings from CreditWatch with negative implications.

The 26 tranches that have been placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during S&P's monthly run on April 30,
2009.  Meanwhile, S&P affirmed its ratings on the other nine
tranches and removed them from CreditWatch with negative
implications after their SROC levels recovered to 100% or above
during S&P's monthly run on April 30, 2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

                           Ratings List

                           Andante Ltd.
               Credit-linked secured notes series 2

           Class   To    From            Issue Amount
           -----   --    ----            ------------
           A-1     CCC   CCC/Watch Neg   JPY1.7 bil.
           A-2     CCC   CCC/Watch Neg   JPY1.3 bil.

                   Corsair (Jersey) No. 2 Ltd.
    Fixed rate secured portfolio credit-linked loan series 45
                To    From            Issue Amount
                --    ----            ------------
                BB+   BB+/Watch Neg   JPY3.0 bil.

          Floating rate secured portfolio credit-linked
                    series 52 (Portfolio F360)

                To   From             Issue Amount
                --   ----             ------------
                B+   B+/Watch Neg     JPY1.0 bil.

    Fixed rate secured portfolio credit-linked loan series 53

              To               From   Issue Amount
              --               ----   ------------
              BBB-/Watch Neg   BBB-   JPY3.0 bil.

             Fixed rate credit-linked loan series 58

              To               From   Issue Amount
              --               ----   ------------
              A-/Watch Neg     A-     JPY3.0 bil.

                             ELM B.V.
          Global portfolio CDO secured notes series 43

              To               From   Issue Amount
              --               ----   ------------
              CCC/Watch Neg    CCC    $20.0 mil.

                 Hummingbird Securitisation Ltd.
                          Series 2 loan

           Class     To             From   Issue Amount
           -----     --             ----   ------------
           #2 Loan   B+/Watch Neg   B+     JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
     Secured credit-linked notes Louvre II CDO series 2005-2

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AX      BBB/Watch Neg    BBB    JPY700.0 mil.

     Secured credit-linked loan Louvre CDO II series 2005-3

               To              From   Issue Amount
               --              ----   ------------
               BBB/Watch Neg   BBB    JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Neg   BBB-   JPY3.0 bil.

                    SONATA notes series 2006-2

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      B-/Watch Neg     B-     JPY2.0 bil.
           AX      B-/Watch Neg     B-     JPY1.1 bil.

             SONATA floating rate notes series 2006-5

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      CCC+/Watch Neg   CCC+   EUR5.0 mil.

                    SONATA notes series 2006-7

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           BF      CCC+/Watch Neg   CCC+   JPY100.0 mil.
           BX      CCC+/Watch Neg   CCC+   JPY700.0 mil.

              SONATA fixed-rate notes series 2006-10

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AX      CCC+/Watch Neg   CCC+   EUR20.0 mil.

            SONATA floating rate notes series 2006-11

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      CCC+/Watch Neg   CCC+   $6.0 mil.

                  Omega Capital Investments PLC
                   Floating rate note series 7

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       AAA/Watch Neg    AAA    JPY3.0 bil.
           B       AAA/Watch Neg    AAA    JPY2.0 bil.

              Series 10 secured floating rate notes

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       BB+/Watch Neg    BB+    JPY2.0 bil.

                Secured multi rate notes series 32

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A1      CCC+/Watch Neg   CCC+   JPY500.0 mil.
           A2      CCC+/Watch Neg   CCC+   JPY300.0 mil.

                     Series 48 secured notes

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           7Y-B1   CCC+/Watch Neg   CCC+   JPY300.0 mil.

                         Orpheus II Ltd.
                    Secured credit link notes

          Class   To     From             Issue Amount
          -----   --     ----             ------------
          BF      CCC+   CCC+/Watch Neg   JPY2.3 bil.
          BX      CCC+   CCC+/Watch Neg   JPY400.0 mil

                       Signum Vanguard Ltd.
             Secured credit-linked loan series 2004-6

                 To   From           Issue Amount
                 --   ----           ------------
                 A-   A-/Watch Neg   JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2004-08

                 To   From           Issue Amount
                 --   ----           ------------
                 A-   A-/Watch Neg   JPY1.0 bil.

  Class A secured fixed rate credit-linked loan series 2005-04

                To             From   Issue Amount
                --             ----   ------------
                B+/Watch Neg   B+     JPY4.0 bil.

    Secured floating rate credit-linked notes series 2005-07

                To             From   Issue Amount
                --             ----   ------------
                BB/Watch Neg   BB     JPY3.0 bil.

    Series 2006-05 secured floating rate credit-linked notes

                To             From   Issue Amount
                --             ----   ------------
                B-/Watch Neg   B-     JPY600.0 mil.

                        Silk Road Plus PLC
    Limited recourse secured floating-rate credit-linked notes
                       series 5 class C1-J

                To               From   Issue Amount
                --               ----   ------------
                BBB-/Watch Neg   BBB-   JPY1.0 bil.

   Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

                To               From   Issue Amount
                --               ----   ------------
                BBB+/Watch Neg   BBB+   $0.1 mil.

   Limited recourse secured floating-rate credit-linked notes
                      series 10 class A1-E

               To               From   Issue Amount
               --               ----   ------------
               BBB+/Watch Neg   BBB+   EUR10.0 mil.

                          Skylark Ltd.
         Secured credit-linked notes series 2004-2 (Aska)

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            C       AAA   AAA/Watch Neg   JPY1.5 bil.



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

BSA INTERNATIONAL: Bourse Suspends Securities Trade
---------------------------------------------------
Bursa Malaysia Securities Berhad suspended the trading of BSA
International Berhad's securities on May 15, 2009, after the
company failed to submit its regularization plan to the Securities
Commission and other relevant authorities for approval within the
timeframe stipulated by Bursa Securities pursuant to paragraph
8.14C of the LR and paragraph 4.0 of PN17 ie. on or before May 8,
2009.

In addition to the imposition of suspension, Bursa Securities had
commenced de-listing procedures against the company.  The Company
has been served with a notice to make representations to Bursa
Securities as to why the company's securities should not be de-
listed from the Official List of Bursa Securities.

BSA International Berhad is a Malaysia-based investment holding
company.  The company operates in two business segments:
manufacturing, which is engaged in manufacturing of alloy wheels
and related accessories, and trading, which is engaged in
trading of alloy wheels, tires and related accessories.  Other
business segments include investment holding, provision of
services and promotion of motor sport events.  The company's
subsidiaries include BSA International (Labuan) Plc., CAM
International Limited, BS Automotive (M) Sdn. Bhd., BSA
Motorsports Sdn. Bhd., CAM Automotive Inc., PT CAM Automotive
and BSA Racing Team Sdn. Bhd.

                          *     *     *

The company has defaulted in payments under Practice Note
No. 1/2001 of the Listing Requirements of Bursa Malaysia
Securities Berhad on June 2, 2008.  Moreover, it triggered the
requirement under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia on June 9, 2008.


ENERGREEN CORP: Bourse Seeks Explanation on Failure to File Plan
----------------------------------------------------------------
Energreen Corporation Berhad said it has received a notice to show
cause on de-listing of securities of the Company from Bursa
Malaysia Securities Berhad ("Bursa Securities") for failing to
submit its regularisation plan to the Securities Commission and
other relevant authorities for approval within the timeframe
stipulated by Bursa Securities under paragraph 8.14C of the
Listing Requirements of Bursa Securities ("LR") and paragraph 4.0
of Practice Note No. 17/2005 on or before May 10, 2009.

The Company also said that:

(a) Energ has been accorded 5 market days by Bursa Securities to
make written representations to Bursa Securities as to why its
securities should not be removed from the Official List of Bursa
Securities;

(b) In the event Bursa Securities decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of Bursa Securities upon the expiry of 7 market days from the
date of notification of the decision to de-list the Company or
upon such other date as may be specified by Bursa Securities
unless an appeal is made within the prescribed timeframe; and

(c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the LR.

Energreen Corporation Berhad  formerly known as Welli Multi
Corporation Berhad, is Malaysia-based nvestment holding company
engaged in the provision of management services.  Its subsidiaries
include: Fourseason Foodstuff Industries (M) Sdn. Bhd., which is
engaged in the manufacture and distribution of all kinds of
foodstuff; Fourseason Trading Sdn. Bhd., which is involved in the
trading and distribution of foodstuff and toys; Welli Edible Oil
Sdn. Bhd., which is engaged in the processing of copra and palm
kernel, and trading of palm kernel oil, coconut oil, palm kernel
cake and copra cake; Welli Business Ventures Sdn. Bhd., which is
engaged in the importing, exporting, distribution and general
trading of flexible packaging, plastic sheet products, plastic
lighting diffuser, consumer products and health-related food, and
Welli Bio-Tech Sdn. Bhd., which is dormant.

                          *     *     *

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date, the
      group's and the company's current liabilities exceeded their
      current assets by MYR175,640,659 and MYR8,575,952
      respectively.  The group and the company had a deficit in
      shareholders' equity of MYR99,366,945 and MYR7,673,479,
      respectively.


PILECON ENG'G: Has Until July 31 to Fill Audit Committee Vacancy
----------------------------------------------------------------
Pilecon Engineering Berhad disclosed that Bursa Securities has
granted the Company until July 31, 2009 to comply with the
requirement of paragraph 15.10(1)(a) of Bursa Securities LR to
fill the vacancy in the Audit Committee to be composed of no fewer
than 3 members.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


TALAM CORP: SC Extends Revised Plan Completion Until June 29
------------------------------------------------------------
RHB Investment Bank Berhad, on behalf of Talam Corporation Berhad,
disclosed that the Securities Commission has approved the:

   (i) the proposed transfer of the redeemable convertible
       preference shares and redeemable convertible secured
       loan stocks (collectively known as “Securities”) from
       Kumpulan Darul Ehsan Berhad to 100 holders each holding
       100 units of the Securities respectively to meet the
       public spread requirement of Bursa Malaysia Securities
       Berhad; and

  (ii) proposed extension of time to June 29, 2009 for Talam
       to complete the Proposed Revised Regularisation Plan.

The approvals are subject to the condition that RHB Investment
Bank and Talam are to give detailed explanations if there are
substantial variances between the Talam group of companies’ profit
and shareholders equity based on the audited financial statements
for the financial year ended January 31, 2009 and the figures
which were submitted to the SC on March 26, 2009.

The Securities Commission, on May 2, 2009, approved Talam
Corporation's proposed revised regularisation plan, the
Troubled Company Reporter-Asia Pacific recounts.

                     About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.



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

DOMINION FINANCE: High Court Appoints Liquidators to DFG
--------------------------------------------------------
The National Business Review reports that Dominion Finance Group
(DFG), a subsidiary of Dominion Finance Holdings Limited, has been
placed in liquidation by the High Court at Auckland on Friday,
May 15.

Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, The National Business Review said that Perpetual
Trust applied for the liquidation of DFG.

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

                      About Dominion Finance

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

                          *     *     *

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

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

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

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

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


XERO LIMITED: Annual Net Loss Widens to NZ$6.75 Million
-------------------------------------------------------
Xero Limited reported a net loss of NZ$6.75 millionfor the year
ended March 31, 2009, compared with a net loss of NZ$4.31 million
in the same period ended March 31, 2008.

For the year ended March 31, 2009, the operating revenue from
customer subscriptions was NZ$959,000, compared with NZ$134,000
for the previous year.  Xero received grant funding from New
Zealand Trade & Enterprise of NZ$125,000. Interest earned was
NZ$494,000.  Revenue was significantly weighted towards the last
quarter of the period as Xero customer acquisition accelerated.

Payments to suppliers and employees totalled NZ$8,364,000 for the
year ended March 31, 2009, compared with NZ$5,488,000 in the prior
year.

The net cash used for operations amounted to NZ$5,144,000 compared
to NZ$3,875,000 for the previous year. These increased costs are
primarily attributable to the increase in staff in all areas of
operations, particularly product development and sales and
marketing.

                        Subsequent Events

Xero said it has successfully raised NZ$23.2 million in new
capital from strategic investors.  It is also raising further
capital via a Share Purchase Plan which is being offered to all
New Zealand-based Xero Shareholders.  The SPP closes on May 18,
2009.

In addition, the company said Craig Winkler, the major new
strategic investor, will join Xero’s Board on May 21, 2009
following completion of the capital raising.

                        About Xero Limited

Xero Limited (NZE:XRO) -- http://www.xero.com/-- formerly Xero
Live Limited, is a New Zealand-based company.  The Company is
principally engaged in the provision of a platform for online
accounting and business services to small and medium sized
enterprises.  The Company’s subsidiaries include Xero Live
Limited, Xero Live Pty Limited and Xero Trustee Limited.

Xero reported a NZ$1.05 million net loss for the year ended
March 31, 2007.



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

ASIAN GAMING: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of Asian Gaming Pte. Ltd. are required to file their
proofs of debt by May 29, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 24, 2009.

The company's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


DAIICHI KOSHO: Creditors' Proofs of Debt Due on June 4
------------------------------------------------------
The creditors of Daiichi Kosho Singapore Pte Ltd are required to
file their proofs of debt by June 4, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 30, 2009.

The company's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #04-09 Golden Wall Centre
          Singapore 188216


FRASERS COMMERCIAL: S&P Keeps 'BB' Rating on Negative CreditWatch
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on Singapore-based Frasers Commercial
Trust on CreditWatch with negative implications.  In S&P's
research update published on April 8, 2009, S&P indicated that in
resolving the CreditWatch, Standard & Poor's anticipated firm
committed refinancing arrangements to be in place by middle of
May 2009.

After S&P's recent communication with FCOT, although S&P believes
the company is not likely to have committed refinancing
arrangements within the earlier expected time frame, S&P believes
that all measures being taken by the company to seek refinancing
are satisfactory at this stage.  S&P understand that the company
is already in the advance stages of its negotiations with banks
and is expecting to have in place firm committed refinancing
arrangements by mid June 2009.

"In resolving the CreditWatch, S&P expects firm committed
refinancing arrangements to be in place by middle of June 2009.
In the absence of that, a downgrade on the rating is likely,
possibly by multiple categories," said Standard & Poor's credit
analyst Allan Redimerio.

Even after the CreditWatch resolution, the outlook on the rating
is likely to be negative, reflecting the challenging conditions in
the commercial and office properties segment and the highly
leveraged capital structure of FCOT.  The outlook may be revised
to stable if FCOT's capital structure and the commercial office
real estate sector improve.

FCOT is a Singapore-based real estate investment trust, focusing
primarily on commercial office properties, and is backed by the
financial flexibility and satisfactory credit profiles of Frasers
Centrepoint Ltd. (which owns 22% of FCOT) and Frasers & Neave Ltd.
(which owns 100% of Frasers Centrepoint).  Its current portfolio
consists of nine office buildings located in Singapore, Australia,
and Japan, and an investment in an unlisted office fund in
Australia.


KIAN SENG: Creditors' Meeting Set for May 22
--------------------------------------------
The creditors of Kian Seng Lee (1488) Food Manufacturers Pte Ltd
will hold their first meeting on May 22, 2009, at 11:00 a.m., at
6 Raffles Quay #23-00 Singapore 048580.

At the meeting, the creditors will be asked to:

   -- receive the full statement of the affairs of the company,
      showing its assets and liabilities;
   -- appoint a Committee of Inspection if deemed necessary; and
   -- discuss other matters.

The company's liquidator is:

          Don M Ho, FCPA
          c/o Don Ho & Associates, Public Accountants & Certified
          Public Accountants
          Corporate Advisory & Recoveries
          20 Cecil Street #12-02 Equity Plaza
          Singapore 049705
          Tel: 6532 0320 (8 lines)
          Fax: 6532 0331


PASIR PANJANG: Pays Second Interim Dividend
-------------------------------------------
Pasir Panjang Industries Pte Ltd, which is in liquidation, paid
the second interim dividend on May 12, 2009.

The company paid SGD3 per share.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



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

FRESCO 2: Fitch Puts Ratings on Seven Tranches on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed seven tranches of FRESCO 2 Ltd on Rating
Watch Negative:

  -- Class A1: 'AAA(zaf)'; placed on RWN
  -- Class A2: 'AAA(zaf)'; placed on RWN
  -- Class B1: 'AA(zaf)'; placed on RWN
  -- Class B2: 'AA(zaf)'; placed on RWN
  -- Class C: 'A+(zaf)'; placed on RWN
  -- Class D: 'A-(zaf)'; placed on RWN
  -- Class E: 'BBB(zaf)'; placed on RWN
  -- Class F: 'BBB-(zaf)'; placed on RWN
  -- Class G: 'BB(zaf)'; placed on RWN

The rating actions reflect Fitch's updated credit view for
corporate collateralized debt obligations.  The agency's view is
inline with its revised criteria for corporate CDOs.

In addition to the criteria change, Fitch has witnessed a
significant credit deterioration of the international banks in the
portfolio, but there has also been some deterioration of the local
South African corporates.  Fitch is in the process of reviewing
the credit quality of these assets and updating its mapping
analysis of FirstRand Bank's (FirstRand, rated 'AAzaf)'/'F1+
(zaf)'/Negative) internal credit scores.  The agency will resolve
the rating watch status once this process is complete.

Fresco 2, which is incorporated under South Africa law, is a
partially funded synthetic securitisation of a portfolio of South
African and international credit exposures held on FirstRand's
balance sheet.  At closing on 17 July 2007, Fresco 2 entered into
a credit default swap with FirstRand whereby Fresco 2, as the
protection seller, purchased the credit risk the portfolio from
FirstRand.  The transaction is a managed transaction with
synthetic excess spread trapped once actual losses are recorded.



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

AMERICAN INT'L: IPO Asia Life-Insurance Arm Could Raise $5 Billion
------------------------------------------------------------------
The 2010 initial public offering of American International Group
Inc.'s Asian life-insurance arm, American International Assurance
Co., could raise more than US$5 billion, depending on the
structure of the deal, Rick Carew and Jonathan Cheng at The Wall
Street Journal report, citing people familiar with the matter.

According to WSJ, sources said that bankers expect AIG to invite
investment banks to submit proposals as early as next week to
underwrite a listing of AIA.  The terms of the AIA IPO will depend
on market conditions, WSJ says, citing bankers.  WSJ relates that
AIG failed to find a buyer for AIA through an auction earlier this
year.   The bankers, according to the report, said that they
intend to suggest a structure that would call for selling around
20% of AIA's stock to the public, which would raise at least
US$5 billion if investors value the entire AIA around
US$25 billion.

WSJ, citing people familiar with the matter, reports that AIA has
been working with consultants at McKinsey to consolidate its
operations and shore up its brand.  AIG could shift from the AIG
marquee and adopt the AIA logo, the report says.

Citing people familiar with the matter, WSJ states that AIG is
also taking steps to sell to bidders or the public its operating
life-insurance unit in Taiwan, Nan Shan Life Insurance Co.  AIG,
says WSJ, hired Morgan Stanley to sell Nan Shan, which had a book
value of 87 billion New Taiwan Dollars, or around US$2.64 billion,
as of March 2009.  WSJ quoted Nan Shan as saying, "AIG is
reviewing various strategic options for Nan Shan at the moment.
No particular decision has been made."

WSJ relates that the sales are intended to pay back part of a
$173 billion U.S. government bailout of AIG.

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

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

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

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

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

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

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

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



                         *********

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.


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

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

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

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

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





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