TCRAP_Public/090519.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, May 19, 2009, Vol. 12, No. 97

                            Headlines

A U S T R A L I A

BBP FINANCE: Fitch Puts 'BB+' Issuer Rating on Negative Watch
BV CONSTRUCTIONS: Goes Into Administration; Liquidation Confirmed
FAIRFAX MEDIA: Asks Staff to Consider Nine Day Fortnight Scheme
GREAT SOUTHERN: Goes Into Administration
PAPER BOND: S&P Downgrades Rating on Class B Notes to 'BB+'


B O T S W A N A

AFRICAN COPPER: Defaults on US$21 Million Loan


C H I N A

CHINA EASTERN: Opens First Office in Taiwan
NEO-CHINA LAND: Moody's Maintains 'Caa3' Corporate Family Rating


H O N G  K O N G

AFA SYSTEMS ET AL: Chen and Wong Step Down as Liquidators
EXTRAWORLD INTERNATIONAL: Placed Under Voluntary Wind-Up
FASTER CHINA: Creditors' Proofs of Debt Due on June 5
INFORMATION TECHNOLOGY: Creditors' Proofs of Debt Due on May 29
JING GANG: Members' Final Meeting Set for June 15

KO CHUN HING: Creditors' Meeting Set for May 26
TEEYANO TRADING ET AL: Placed Under Creditors' Voluntary Wind-Up
TOP SUN: Inability to Pay Debts Prompts Wind-Up
Y.M. LAU: Placed Under Voluntary Wind-Up
* HONG KONG: April Bankruptcy Petitions Up 56% YOY to 1,490


I N D I A

ABCI INFRASTRUCTURES: CRISIL Rates INR40 Mln Term Loan at 'BB-'
ADVIN TRADEFIN: CRISIL Assigns 'B' Rating on INR95.0 Mln Term Loan
AKSHATA MERCANTILE: CRISIL Puts 'BB' Rating on INR57.5MM LT Loan
CHAMPALAL MOTILAL: CRISIL Rates INR100.0 Mln Cash Credit at 'BB'
MAYTAS INFRA: Bankers to Discuss Debt Restructuring Package

NETRA MERCANTILE: CRISIL Assigns 'P4' Rating on Letter of Credit
PHEONIX IMPEX: CRISIL Places 'BB' Rating on INR200 Mln Cash Credit
POSCHO STEELS: CRISIL Rates INR100.0 Million Cash Credit at 'BB'
RUBICON RESEARCH: CRISIL Rates INR116.9MM Rupee Term Loan at 'BB'
SHRI DAMODAR: CRISIL Puts 'B+' Ratings on Various Bank Facilities

SOLUBLE SILICATES: Low Net Worth Cues CRISIL 'B+' Ratings


J A P A N

AOZORA BANK: Incurs US$2.5 Bln Annual Loss on U.S. Investments
L-JAC 5: Moody's Continues Rating Review on Various Trusts
ORSO ABS: S&P Affirms Ratings on Various Trust1-SFFC Interests
PANASONIC: Predicts JPY195 Billion Loss This Year
TOSHIBA CORP: Sues Eight DVD Makers for Patent Infringement


M A L A Y S I A

BSA INTERNATIONAL: Failure to File Plan Prompts Delisting Notice
HO HUP: Below Mininum Equity Triggers Another PN17 Criterion
NIKKO ELECTRONICS: EMMSB Seeks Payment of MYR61,900 Loan
PANGLOBAL: Insurance Unit Changes Company Name


N E W  Z E A L A N D

AIR NEW ZEALAND: To Freeze Pay on High Earning Staff for One Year
PROPERTYFINANCE: Wins Back Trustee; Withdraws Court Injunction
PROVINCIAL FINANCE: Delivers Final Payment to Investors
WILLIAMS AND ADAMS: Liquidators Sell Wellington and Porirua Sites


P H I L I P P I N E S

GLOBAL STEEL: Receives Takeover Bids from Several Groups


S I N G A P O R E

ARMADA (SINGAPORE): Faces Judicial Management Petition
BANK OF AMERICA: Temasek Sells Stake in Firm at a Loss
CHARTERED SEMICONDUCTOR: Seeks Debt Restructuring
CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on May 29
COOL AIR: Court Enters Wind-Up Order

GETECH INDUSTRIES: Creditors' Meeting Set for May 27
GOH HUP: Pays Second and Final Dividend


S O U T H  A F R I C A

* Fitch Says South Africa's Mining Output is Expected to Decline


X X X X X X X X

* BOND PRICING: For the Week May 11 to May 15, 2009


                         - - - - -



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

BBP FINANCE: Fitch Puts 'BB+' Issuer Rating on Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed BBP Finance Australia Pty Limited's 'BB+'
Long-term Issuer Default Rating and 'BBB-' secured multi-currency
term and revolving syndicated facility rating on Rating Watch
Negative.  At the same time, the agency has placed Flinders Power
Partnership's 'BB+' Long-term IDR on RWN.

BBPF is a wholly owned subsidiary of Babcock & Brown Power
Limited, an Australian Stock Exchange-listed energy generator and
retailer.

The RWN reflects BBP's announcement that it will be issuing
revised FY09 EBITDA guidance and is in ongoing discussions with
BBPF's banking syndicate as to the implications of the revised
guidance.

Flinders Power Partnership has been put on RWN as its credit
profile is aligned to that of BBPF.

The RWN will be resolved when Fitch has further information on the
company's financial outlook and on the progress of the discussions
between BBP and BBPF's banking syndicate.


BV CONSTRUCTIONS: Goes Into Administration; Liquidation Confirmed
-----------------------------------------------------------------
The Border Mail reports that BV Constructions Pty Ltd, trading as
Brae-Villa Homes, has been placed in administration.  The report
says the decision was made in Queensland Supreme Court after
action taken by timber company Hyne & Son Pty Ltd.

According to the report, John Shanahan, of the Brisbane branch of
Korda- Mentha, confirmed Brae-Villa Homes had gone into
liquidation.

The report relates the liquidator said it was too soon to tell how
the company's finances were positioned and records requested from
the directors would help ascertain the level of debt.  Company
directors, Philip Whiteman and Brian Lawrence, had until May 20 to
provide the documents, he said.

BV Constructions Pty Ltd, trading as Brae-Villa Homes,
manufactures transportable homes.


FAIRFAX MEDIA: Asks Staff to Consider Nine Day Fortnight Scheme
---------------------------------------------------------------
Fairfax Magazines, a unit of Fairfax Media Limited, has given full
time staff until this week to consider a nine day fortnight, Radio
New Zealand reports.

The report, citing Fairfax Magazines' general manager,
Lynley Belton, says increasing printing costs and declining
advertising revenue have forced the company to find ways to make
savings.

Radio New Zealand relates that Fairfax Magazines staff, which is
just over 100, were asked to consider a voluntary arrangement
which could save jobs.

According to the report, Ms. Belton said vacancies will not be
filled, staff will not receive pay rises this year and some will
be redeployed.  Freelance rates have also been cut by 15 percent,
the report notes.

                     Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services 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.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The Company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


GREAT SOUTHERN: Goes Into Administration
----------------------------------------
Australia's biggest agribusiness investment company has been
placed in administration with debts of about AU$600 million, The
Australian reports.

The directors of Great Southern Limited and Great Southern
Managers Australia Limited have appointed Martin Jones, Andrew
Saker, Darren Weaver and James Stewart of Ferrier Hodgson as joint
and several administrators of the two companies and the majority
of their subsidiaries.

"The Directors have been left with no alternative but to take this
sad and disappointing course of action after the group’s club
banks declined to continue to support the company’s restructuring
program," Great Southern’s managing director Cameron Rhodes said
in a statement.

Mr. Rhodes said Great Southern had been working on a restructure
program for the past 15 months, recognising the need to diversify
its earnings and cash flow, reduce its reliance on annual MIS
sales, reduce its level of gearing and to derive more value from
its strategic asset base.

"Earlier this year, the company continued its restructuring
program by implementing a clear and comprehensive 5 point plan we
believe had the capacity to deliver maximum value for all
stakeholders of the group. However, while advanced in this short
term plan, the company still has some reliance on MIS sales to
generate short term cash flow.

"Because of the increasing market uncertainty surrounding MIS
sales and the funding of those sales, which were no doubt
compounded following Timbercorp’s appointment of voluntary
administrators on April 23, the company had begun discussions with
our banks in regards to working capital and a request for the
provision of a short term bridging facility which would assist the
company through to asset realisations, which we had expected would
generate over AU$200 million over the coming months.  Despite our
comprehensive plans which included the listing of cattle stations
for auction in June and the sale of other non-core land holdings
and not withstanding the fact that the company remained within the
terms of its facilities and no debt was currently due and payable,
our banking syndicate declined our request for additional support.

"We very much still believe in the strategic plan we had in place
and are committed to working with the administrators to capitalize
on the work already done and leverage value from the Company’s
substantial asset base to ensure the best possible outcome for all
stakeholders.

Steven Cole, independent chairman of Great Southern Managers
Limited as the responsible entity for the forestry, olive,
viticultural and almond projects managed by the group wanted to
assure project investors that Great Southern’s management team
would work closely with the administrators to ensure all project
investors interests were protected to the fullest extent possible.

"The GSMAL directors note that the interests of MIS investors are
separate from those of the Great Southern group and that the
voluntary administrators, who now displace the GSMAL board, are
obligated to the same duties as were the directors of GSMAL to act
in the best interests of Project investors, and to give priority
to those interests," he said.

The group, which manages about 43,000 investors through 45 managed
investment schemes, is believed to have collapsed with bank debt
of about AU$600 million, The Australian relates.  The financiers
are Commonwealth Bank, ANZ and BankWest (owned by CBA).

Ferrier Hodgson Partner Martin Jones said the Administrators'
first job will be to review the group's financial position and
communicate with key stakeholders.  "The Administrators will be
contacting creditors within the next few days to inform them of
the details of the first meeting of creditors, to be in Melbourne
on Wednesday, May 27," Mr. Jones said.

Great Southern owns and leases approximately 240,000 hectares of
land.  It also owns more than 150,000 cattle across approximately
1.5 million hectares of owned and leased land.

                       About Great Southern

Great Southern Limited (ASX:GTP) -- http://www.great-
southern.com.au/ -- is engaged in the development, marketing,
establishment and management of agribusiness-based projects.  The
Company provides finance, directly and through third party
financiers, to approved investors who wish to invest in the
Company's projects.  The Company also acquires and manages
farmland and other agribusiness related properties which are held
for long term investment.  It operates an agricultural investment
services business offering two key products: agricultural managed
investment schemes, which is provision of MIS products in the
forestry and agribusiness sector, and agricultural funds
management, which are agricultural investment funds providing
investors exposure to a portfolio of agricultural assets.


PAPER BOND: S&P Downgrades Rating on Class B 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.

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-



===============
B O T S W A N A
===============

AFRICAN COPPER: Defaults on US$21 Million Loan
----------------------------------------------
African Copper Plc said it has received a demand calling for the
immediate repayment of the entire principal amount of the bonds
issued by its wholly owned subsidiary, Messina Copper (Botswana)
(Proprietary) Limited, being approximately
BWP150 million (US$21 million), as well as the accrued interest
thereon on the basis of alleged defaults under the terms of the
Bondholders Debt, the company said in a press statement Friday.

The bonds were purchased by another party on May 14, African
Copper said as cited by Bloomberg News.

Meanwhile, the company said Natasa Mining Limited (one of the
holders of the bonds issued by Messina) has lodged a petition with
the High Court of Botswana for the winding up of Messina and the
appointment of a provisional liquidator.  Messina has been served
with a copy of the petition.

In addition, African Copper said there will be a short delay in
filing its interim financial statements and related management
discussion & analysis for the three-month period ended March 31,
2009.

The company said the delay has arisen due to the company's
inability to complete the planned transactions with Natasa Mining
Ltd as a result of receiving less than the requisite level of
shareholder approval required to proceed with completing the
Natasa Transaction at the company's Extraordinary General Meeting
held on May 7, 2009.

The company disclosed that prior to the EGM, virtually all closing
conditions to the Natasa Transaction were satisfied (except for
shareholder approval) and management efforts had been
predominantly focused on moving towards the successful completion
of the Natasa Transaction and the necessary transitions
thereafter.

Following the unexpected results of the vote at the EGM, the
company said despite their best efforts and in light of the
significant resources required to be devoted to negotiating the
ZCI transaction, management has not been able to prepare the
Financial Statements and MD&A in time to meet the May 15, 2009
filing deadline.

The company anticipates filing the Financial Statements and MD&A
by June 5, 2009.

Headquartered in London, England, African Copper plc (LON:ACU) ---
http://www.africancopper.com/--- together with its subsidiaries,
is engaged in the exploration and development of copper and other
base metal deposits in Botswana.  The Company is focused on the
development of its copper mine at the Mowana Mine, and holds
permits in exploration properties at the Matsitama Project.  The
Mowana Mine is located in the northeastern portion of Botswana and
the Matsitama Project is contiguous to the southern boundary of
the Mowana Mine.



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

CHINA EASTERN: Opens First Office in Taiwan
-------------------------------------------
China Eastern Airlines Corp. opened its first Taiwan office in the
capital Taipei on May 17 in an effort to better serve passengers
on the cross-strait route, The China Post reports citing China
Eastern in a statement.

According to the Post, Taiwan and China in December resumed direct
shipping, air and postal links as warmer relations eased a six-
decade ban, shaving time and transport costs for two economies
with US$125 billion in annual trade between them.

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

                          *     *     *

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


NEO-CHINA LAND: Moody's Maintains 'Caa3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service says that it will maintain Neo-China
Land Group (Holdings) Limited's Caa3 corporate family and senior
unsecured ratings.  The ratings outlook remains negative.

This follows the company's announcement that it had obtained the
consent of its bond holders to revise the terms of its convertible
bonds, including a reduction of the put price to 63% of face value
-- from 120% originally -- on the forthcoming put date of June 12,
2009.  The amendment is still subject to the approval of the Stock
Exchange of Hong Kong.

"Moody's views this transaction as a distressed exchange, given
that a failure to obtain bond-holder consent would have likely
resulted in a default if investors put the convertible bonds back
to Neo-China at the original price," says Kaven Tsang, a Moody's
AVP/Analyst.

"Although the successful restructuring could -- as Moody's
believes -- mitigate the risk of imminent default, the Caa3 rating
continues to reflect Neo-China's exposure to a high risk of
default, as it has to meet the next coupon payment on its US$400
million bond due in July 2009 and it has short-term loan payables
totaling around HK$2 billion," says Tsang.

The negative outlook continues to reflect a high level of
uncertainty surrounding Neo-China's ability to meet these
obligations due to its very tight liquidity position.  It also
reflects uncertainties associated with the potential impact of the
prolonged share trading suspension and ICAC investigation.

Moody's last rating action occurred on February 20, 2009, when
Neo-China's ratings were upgraded from Ca to Caa3 with a negative
outlook after it made up the missed coupon payment within the
grace period.

Neo-China Land Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 16 major projects under development in 12 cities in China and
a land bank of around 14.8 million sqm in gross floor area.



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

AFA SYSTEMS ET AL: Chen and Wong Step Down as Liquidators
---------------------------------------------------------
On May 5, 2009, Chen Yung Ngai Kenneth and Wong Tak Man Stephen
stepped down as liquidators of:

   -- Afa Systems (Asia) Limited;
   -- Best United Limited;
   -- Fag China Company Limited;
   -- Oriental Merchant Limited;
   -- South China Binding Limited;
   -- South China Printing Company (1988) Limited;
   -- Valiant Printing (Far East) Limited; and
   -- Fluidmaster/Bemis Asia Pacific Limited.


EXTRAWORLD INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on May 7, 2009, the
members of Extraworld International Limited passed a resolution
that voluntarily winds up the company's operations.

The company's liquidator is:

         Chiu Fan Wa
         CKK Commercial Centre
         Unit A, 5th Floor
         289 Hennessy Road
         Wanchai, Hong Kong


FASTER CHINA: Creditors' Proofs of Debt Due on June 5
-----------------------------------------------------
The creditors of Faster China Development Limited are required to
file their proofs of debt by June 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 8, 2009.

The company's liquidators are:

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


INFORMATION TECHNOLOGY: Creditors' Proofs of Debt Due on May 29
---------------------------------------------------------------
The creditors of Information Technology Entrepreneurs Association
Limited are required to file their proofs of debt by May 29, 2009,
to be included in the company's dividend distribution.

The company's liquidator is:

          Lo Yau Tak
          Langham Place
          Office Tower, Unit 2103, 21st Floor
          8 Argyle Street
          Mongkok, Kowloon
          Hong Kong


JING GANG: Members' Final Meeting Set for June 15
-------------------------------------------------
The members of Jing Gang Entertainment Company Limited will hold
their final meeting on June 15, 2009, at 10:00 a.m., at Room 1903,
19th Floor of World-Wide House, 19 Des Voeux Road, in Central,
Hong Kong.

At the meeting, Yeung Tak Chun, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KO CHUN HING: Creditors' Meeting Set for May 26
-----------------------------------------------
The creditors of Ko Chun Hing Dyeing & Finishing Factory Limited
will hold their meeting on May 26, 2009, at 2:30 p.m., for the
purposes set out in Sections 241, 242, 243, 244, 251(1)(a),
255A(2) and 283 of the Companies Ordinance.

The meeting will be held at the 29th Floor of Caroline Centre, Lee
Gardens Two, in 28 Yun Ping Road, Hong Kong.


TEEYANO TRADING ET AL: Placed Under Creditors' Voluntary Wind-Up
----------------------------------------------------------------
At the extraordinary general meeting held on May 8, 2009, a
resolution was passed to voluntarily wind up the operations of:

   -- Teeyano Trading Limited; and
   -- Polerun Limited.

The companies' liquidator is:

          Yau Kim Hung
          Wah Ying Cheong Central Building, Room 703
          158-164 Queen's Road Central
          Hong Kong


TOP SUN: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on May 5, 2009, a
resolution was passed to voluntarily wind up the operations of Top
Sun Manufacturing Company Limited due to its inability to pay
debts when it fall due.

The company's liquidators are:

          Huen Ho Yin
          Mok Hon Kwong Thomas
          Li Po Chun Chambers, 8th Floor
          189 Des Voeux Road Central
          Hong Kong


Y.M. LAU: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on May 4, 2009, the
members of Y.M. Lau Charity Fund Limited passed a resolution that
voluntarily winds up the company's operations.

The company's liquidator is:

          Tang Ting Ying
          Hang Seng North Point Building,
          Rooms 2305-8, 23rd Floor
          341 King's Road
          Hong Kong


* HONG KONG: April Bankruptcy Petitions Up 56% YOY to 1,490
-----------------------------------------------------------
Bankruptcy petitions in Hong Kong jumped 56 percent in April from
a year earlier, Reuters reports citing government data.

Reuters relates that the bankruptcy petitions filed in April this
year reached 1,490 while bankruptcies in April a year ago amounted
to 957.  But it fell from a six-year high March bankruptcies that
totalled 1,872.

According to Reuters, the latest data marked only the second time
since August that bankruptcy petitions had fallen from the
previous month.



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

ABCI INFRASTRUCTURES: CRISIL Rates INR40 Mln Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative/P4' to the various
bank facilities of ABCI Infrastructures Pvt Ltd (ABCI).

   INR150 Million Cash Credit Limits   BB-/Negative (Assigned)
   INR40 Million Term Loan             BB-/Negative (Assigned)
   INR500 Million Bank Guarantee       P4 (Assigned)

The ratings reflect ABCI's working capital-intensive operations,
and exposure to risks relating to geographical concentration and
customer concentration in revenues.  These weaknesses are,
however, partially offset by ABCI's above-average financial
profile, marked by low gearing and healthy debt protection
measures, and healthy order book, leading to strong revenue
visibility.

Outlook: Negative

CRISIL expects ABCI's financial risk profile to deteriorate on
account of constrained liquidity, marked by high utilisation of
fund-based limits.  The ratings may be downgraded if the company
reports low operating margins, or undertakes large, debt-funded
capital expenditure.  Conversely, the outlook may be revised to
'Stable' if ABCI's revenues and profitability improve
substantially, or if equity infusions improve its financial risk
profile, or enhanced fund-based limits improve its liquidity.

                    About ABCI Infrastructures

Set up in 1993 ABCI (formerly, Maxxom Vyapaar Pvt Ltd) undertakes
infrastructure-related construction activities for government
entities.  In 2002, ABCI took over the existing business of
another promoter firm, Anupam Bricks and Concrete Industries.
ABCI, managed by Mr. Budhmal Baid and Mr. Jodhraj Baid, constructs
roads, bridges, tunnels and buildings, and undertakes border
fencing.

ABCI reported a profit after tax (PAT) of INR27 million on sales
of INR955 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR34 million on sales of INR767
million for 2006-07.


ADVIN TRADEFIN: CRISIL Assigns 'B' Rating on INR95.0 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Advin Tradefin Pvt Ltd (Advin).

   INR95.0 Million Term Loan         B/Stable (Assigned)
   INR15.0 Million Cash Credit       B/Stable (Assigned)
   INR5.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect Advin's exposure to risks relating to
successful commissioning and commercialisation of its monofilament
dyed polyester (mono-dyed) yarn facility and current slowdown in
the textile industry.  These weaknesses are, however, partially
offset by Advin's limited exposure to funding risks on its
project.

Outlook: Stable

CRISIL believes that Advin's credit risk profile will remain
moderate until commencement and stabilisation of operations of its
proposed mono-dyed yarn plant.  The outlook may be revised to
'Negative' if the company faces further delay in commissioning of
the plant, and/or generates lower-than-expected revenues and
profitability after the plant gets commissioned.  Conversely, the
outlook may be revised to 'Positive' if the company is able to
commence and stabilize operations as scheduled, and demonstrate
sustained profitability and healthy cash accruals.

                      About Advin Tradefin

Incorporated in 1995, Advin is implementing a project for
manufacturing 20-denier mono-dyed yarn.  The company is promoted
by Mr Ashok Biyani and Mr Arvind Biyani.  The proposed plant will
be located at Silvassa, and have an overall capacity to
manufacture 2400 tonnes of yarn per annum.  The total cost of the
project is estimated to be INR180.0 million.  It is in the final
stage of commissioning and is expected to commence trials by
May 2009 and commercial production by June 2009.


AKSHATA MERCANTILE: CRISIL Puts 'BB' Rating on INR57.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Akshata Mercantile Pvt Ltd, part of the
Topworth Group.

   INR57.5 Million Long Term Loan     BB/Negative (Assigned)
   INR450.0 Million Cash Credit       BB/Negative (Assigned)
   INR800.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect the company's exposure to risks arising from
volatility in steel prices coupled with limited financial
flexibility which results in high dependence on bank lines to
support its increasing working capital requirements.  These
weaknesses are, however, partially offset by the benefits that
Akshata group derives from its established relationships with
suppliers and customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Akshata Mercantile Pvt Ltd, Champalal
Motilal Steel Co Pvt Ltd, Netra Mercantile Pvt Ltd, Pheonix Impex
Pvt Ltd and Poscho Steels Pvt Ltd (collectively referred to as the
Akshata group); this is in view of the common line of trading
business, cash flow fungibility and common management control in
respect of these companies.

CRISIL has not consolidated the financials of the three
manufacturing companies, which are also part of Topworth Group,
engaged in the production of sponge iron and billets.  This
approach is on account of the significantly different business
risk profiles and management's stated intention to keep the
operations of manufacturing and trading companies separate.

Outlook: Negative

CRISIL believes that the volatility in steel prices may put
pressure on the business risk profile of steel trading companies
like Akshata group; consequently the business volumes, revenues
and accruals of the group may be constrained over the near to
medium term.  The rating may be downgraded if there is a
substantial fall in the revenues and profitability of the group or
if the group undertakes any large, debt-funded capital
expenditure.  The outlook may be revised to 'Stable' if the group
is able to generate higher than expected cash accruals on a
sustainable basis over the medium term.

                         About the Group

The Topworth group of companies was promoted by Mr. Abhay Lodha, a
first generation entrepreneur.  The group started its trading
activities in 1999 dealing primarily in hot-rolled and cold-rolled
coils and sheets.  The other manufacturing companies of the group
produce sponge iron and billets at their plants in Durg and
Nagpur.  For 2007-08 (refers to financial year, April 1 to
March 31), the Akshata group reported a profit after tax (PAT) of
INR168 million on net sales of INR19.74 billion, as against a PAT
of INR90 million on net sales of INR10.23 billion for 2006-07.


CHAMPALAL MOTILAL: CRISIL Rates INR100.0 Mln Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Champalal Motilal Steel Co. Pvt Ltd, part of
the Topworth Group.

   INR100.0 Million Cash Credit         BB/Negative (Assigned)
   INR400.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect the company's exposure to risks arising from
volatility in steel prices coupled with limited financial
flexibility which results in high dependence on bank lines to
support its increasing working capital requirements.  These
weaknesses are, however, partially offset by the benefits that
Akshata group derives from its established relationships with
suppliers and customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Akshata Mercantile Pvt Ltd, Champalal
Motilal Steel Co Pvt Ltd, Netra Mercantile Pvt Ltd, Pheonix Impex
Pvt Ltd and Poscho Steels Pvt Ltd (collectively referred to as the
Akshata group); this is in view of the common line of trading
business, cash flow fungibility and common management control in
respect of these companies.

CRISIL has not consolidated the financials of the three
manufacturing companies, which are also part of Topworth Group,
engaged in the production of sponge iron and billets.  This
approach is on account of the significantly different business
risk profiles and management's stated intention to keep the
operations of manufacturing and trading companies separate.

Outlook: Negative

CRISIL believes that the volatility in steel prices may put
pressure on the business risk profile of steel trading companies
like Akshata group; consequently the business volumes, revenues
and accruals of the group may be constrained over the near to
medium term.  The rating may be downgraded if there is a
substantial fall in the revenues and profitability of the group or
if the group undertakes any large, debt-funded capital
expenditure.  The outlook may be revised to 'Stable' if the group
is able to generate higher than expected cash accruals on a
sustainable basis over the medium term.

                         About the Group

The Topworth group of companies was promoted by Mr. Abhay Lodha, a
first generation entrepreneur. The group started its trading
activities in 1999 dealing primarily in hot-rolled and cold-rolled
coils and sheets.  The other manufacturing companies of the group
produce sponge iron and billets at their plants in Durg and
Nagpur.  For 2007-08 (refers to financial year, April 1 to
March 31), the Akshata group reported a profit after tax (PAT) of
INR168 million on net sales of INR19.74 billion, as against a PAT
of INR90 million on net sales of INR10.23 billion for 2006-07


MAYTAS INFRA: Bankers to Discuss Debt Restructuring Package
-----------------------------------------------------------
Bankers will likely hold a meeting with Maytas Infra Ltd, a firm
promoted by the kin of Satyam Computer B. Ramalinga Raju, to
discuss the company's corporate debt restructuring package after
it was approved by its board, The Economic Times reports.

"The bankers may call for a meeting to further discuss the CDR
package, which is likely to be scheduled during next week," the
report cited Maytas in filing to the Bombay Stock Exchange.

The report says the board also reviewed the build-operate-transfer
projects, the Hyderabad Metro Rail project and the future course
of action for the company.

According to the report, the statement said the board took stock
of the human capital situation of the company and the requirement
in the current scenario.

Meanwhile, the Express Buzz, citing sources, reports that Maytas
newly recruited board members are evaluating the possibilities of
downsizing its staff.

"Due to the financial crisis, employees are not being paid
salaries since February," the Express Buzz cited a company
official as saying.

While it is unclear as to the percentage of employees who'll be
shown the door, employees, however, apprehend that more than 700
people may be given pink slips, the Express Buzz states.

The Express Buzz relates that Maytas currently employs about 1,500
employees across four states working on irrigation and other
construction-related activities.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board ("CLB") to supercede the present boards of
Maytas Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.  The
Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court has rejected an application
made by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


NETRA MERCANTILE: CRISIL Assigns 'P4' Rating on Letter of Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the letter of credit
facility of Netra Mercantile Pvt Ltd, part of the Topworth Group.

   INR200.0 Million Letter of Credit    P4 (Assigned)

The rating reflects the company's exposure to risks arising from
volatility in steel prices coupled with limited financial
flexibility which results in high dependence on bank lines to
support its increasing working capital requirements.  These
weaknesses are, however, partially offset by the benefits that
Akshata group derives from its established relationships with
suppliers and customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Akshata Mercantile Pvt Ltd, Champalal
Motilal Steel Co Pvt Ltd, Netra Mercantile Pvt Ltd, Pheonix Impex
Pvt Ltd and Poscho Steels Pvt Ltd (collectively referred to as the
Akshata group); this is in view of the common line of trading
business, cash flow fungibility and common management control in
respect of these companies.

CRISIL has not consolidated the financials of the three
manufacturing companies, which are also part of Topworth Group,
engaged in the production of sponge iron and billets.  This
approach is on account of the significantly different business
risk profiles and management's stated intention to keep the
operations of manufacturing and trading companies separate.

                         About the Group

The Topworth group of companies was promoted by Mr. Abhay Lodha, a
first generation entrepreneur. The group started its trading
activities in 1999 dealing primarily in hot-rolled and cold-rolled
coils and sheets. The other manufacturing companies of the group
produce sponge iron and billets at their plants in Durg and
Nagpur. For 2007-08 (refers to financial year, April 1 to
March 31), the Akshata group reported a profit after tax (PAT) of
INR168 million on net sales of INR19.74 billion, as against a PAT
of INR90 million on net sales of INR10.23 billion for 2006-07.


PHEONIX IMPEX: CRISIL Places 'BB' Rating on INR200 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Pheonix Impex Pvt Ltd, part of the Topworth
Group.

   INR200.0 Million Cash Credit         BB/Negative (Assigned)
   INR250.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect the company's exposure to risks arising from
volatility in steel prices coupled with limited financial
flexibility which results in high dependence on bank lines to
support its increasing working capital requirements.  These
weaknesses are, however, partially offset by the benefits that
Akshata group derives from its established relationships with
suppliers and customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Akshata Mercantile Pvt Ltd, Champalal
Motilal Steel Co Pvt Ltd, Netra Mercantile Pvt Ltd, Pheonix Impex
Pvt Ltd and Poscho Steels Pvt Ltd (collectively referred to as the
Akshata group); this is in view of the common line of trading
business, cash flow fungibility and common management control in
respect of these companies.

CRISIL has not consolidated the financials of the three
manufacturing companies, which are also part of Topworth Group,
engaged in the production of sponge iron and billets.  This
approach is on account of the significantly different business
risk profiles and management's stated intention to keep the
operations of manufacturing and trading companies separate.

Outlook: Negative

CRISIL believes that the volatility in steel prices may put
pressure on the business risk profile of steel trading companies
like Akshata group; consequently the business volumes, revenues
and accruals of the group may be constrained over the near to
medium term.  The rating may be downgraded if there is a
substantial fall in the revenues and profitability of the group or
if the group undertakes any large, debt-funded capital
expenditure.  The outlook may be revised to 'Stable' if the group
is able to generate higher than expected cash accruals on a
sustainable basis over the medium term.

                         About the Group

The Topworth group of companies was promoted by Mr. Abhay Lodha, a
first generation entrepreneur. The group started its trading
activities in 1999 dealing primarily in hot-rolled and cold-rolled
coils and sheets. The other manufacturing companies of the group
produce sponge iron and billets at their plants in Durg and
Nagpur. For 2007-08 (refers to financial year, April 1 to
March 31), the Akshata group reported a profit after tax (PAT) of
INR168 million on net sales of INR19.74 billion, as against a PAT
of INR90 million on net sales of INR10.23 billion for 2006-07.


POSCHO STEELS: CRISIL Rates INR100.0 Million Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Poscho Steels Pvt Ltd, part of the Topworth
Group.

   INR100.0 Million Cash Credit         BB/Negative (Assigned)
   INR300.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect the company's exposure to risks arising from
volatility in steel prices coupled with limited financial
flexibility which results in high dependence on bank lines to
support its increasing working capital requirements.  These
weaknesses are, however, partially offset by the benefits that
Akshata group derives from its established relationships with
suppliers and customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Akshata Mercantile Pvt Ltd, Champalal
Motilal Steel Co Pvt Ltd, Netra Mercantile Pvt Ltd, Pheonix Impex
Pvt Ltd and Poscho Steels Pvt Ltd (collectively referred to as the
Akshata group); this is in view of the common line of trading
business, cash flow fungibility and common management control in
respect of these companies.

CRISIL has not consolidated the financials of the three
manufacturing companies, which are also part of Topworth Group,
engaged in the production of sponge iron and billets. This
approach is on account of the significantly different business
risk profiles and management's stated intention to keep the
operations of manufacturing and trading companies separate.

Outlook: Negative

CRISIL believes that the volatility in steel prices may put
pressure on the business risk profile of steel trading companies
like Akshata group; consequently the business volumes, revenues
and accruals of the group may be constrained over the near to
medium term.  The rating may be downgraded if there is a
substantial fall in the revenues and profitability of the group or
if the group undertakes any large, debt-funded capital
expenditure.  The outlook may be revised to 'Stable' if the group
is able to generate higher than expected cash accruals on a
sustainable basis over the medium term.

                          About the Group

The Topworth group of companies was promoted by Mr. Abhay Lodha, a
first generation entrepreneur.  The group started its trading
activities in 1999 dealing primarily in hot-rolled and cold-rolled
coils and sheets.  The other manufacturing companies of the group
produce sponge iron and billets at their plants in Durg and
Nagpur.  For 2007-08 (refers to financial year, April 1 to
March 31), the Akshata group reported a profit after tax (PAT) of
INR168 million on net sales of INR19.74 billion, as against a PAT
of INR90 million on net sales of INR10.23 billion for 2006-07


RUBICON RESEARCH: CRISIL Rates INR116.9MM Rupee Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Rubicon Research Pvt Ltd (Rubicon).

   INR116.9 Million Rupee Term Loan   BB/Stable (Assigned)
   INR12.0 Million Cash Credit        BB/Stable (Assigned)
   INR2.3 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Rubicon's moderate financial risk profile,
modest scale of operations in contract research services, and
exposure to risks relating to commercialisation of its
manufacturing facility being set up at Ambernath (Maharashtra).
These weaknesses are, however, partially offset by the benefits
that Rubicon derives from the experience of its promoters in the
pharmaceutical industry.

Outlook: Stable

CRISIL expects Rubicon's business risk profile to remain stable
over the near term on the back of established relations with
reputed pharmaceutical players, resulting in steady inflow of
orders.  The outlook may be revised to 'Positive' if Rubicon
reports sustainable and substantial improvement in revenues; or to
'Negative' if accruals from the Ambernath plant are insufficient
to meet debt obligations, thereby straining the company's
financial risk profile.

                      About Rubicon Research

Rubicon was set up as an independent contract research
organisation by promoters, Ms. Pratibha Pilgaonkar, Ms. Maharukh
Rustomjee, and Mr. Sudhir Pilgaonkar.  The company offers research
services in drug delivery systems, and operates out of its office
at Bhandup, Mumbai and caters to innovator and generic pharma
companies.  Rubicon reported a profit after tax (PAT) of INR16.6
million on net sales of INR111.8 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR18.8
million on net sales of INR82.8 million for 2006-07.


SHRI DAMODAR: CRISIL Puts 'B+' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the various
bank facilities of Shri Damodar Yarn Manufacturing Pvt Ltd (Shri
Damodar Yarn).

   INR135.0 Million Term Loan         B+/Negative (Assigned)
   INR59.0 Million Cash Credit        B+/Negative (Assigned)
   INR73.5 Million Proposed Long      B+/Negative (Assigned)
           Term Bank Facility
   INR10.0 Million Packing Credit     P4 (Assigned)
   INR7.5 Million Bills Discounting   P4 (Assigned)
   INR10.0 Million Letter of Credit   P4 (Assigned)
   INR5.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Shri Damodar Yarn's small scale of operations
in the synthetic yarns business, and moderate financial risk
profile marked by high gearing and weak debt protection measures.
These weaknesses are, however, partially offset by the benefits
that the company derives from its stable business risk profile,
driven by strong customer base and established presence in yarn
manufacturing.

Outlook: Negative

CRISIL believes that Shri Damodar Yarn's financial risk profile
will remain moderate on account of large debt-funded capital
expenditure.  The rating may be revised downwards if the company's
debt servicing ability deteriorates owing to low accruals, as a
result of the ongoing slowdown in demand.  Conversely, the outlook
may be revised to 'Stable' if Shri Damodar Yarn achieves strong
growth in revenues post commissioning of its new plant, while
sustaining its current profitability.

                        About Shri Damodar

Incorporated in 1984, Shri Damodar Yarn primarily processes
synthetic yarn.  The company, promoted by Mr. Arvind Biyani, has
manufacturing units at Sarigam and Vapi (Gujarat), and Tarapur
(Maharashtra).  During 2006-07 (refers to financial year, April 1
to March 31), three group companies (Arnar Synthetics Pvt. Ltd.,
Shri Damodar Silk Mills Pvt. Ltd., Aman Synthetics Pvt. Ltd.)
engaged in the similar line of business were amalgamated with Shri
Damodar Yarn.  Shri Damodar Yarn reported a profit after tax (PAT)
of INR16.97 million on net sales of INR256.40 million for 2007-08,
as against a PAT of INR2.98 million on net sales of INR270.98
million for 2006-07.


SOLUBLE SILICATES: Low Net Worth Cues CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Soluble Silicates Pvt Ltd (SSPL).

   INR55 Million Cash Credit           B+/Negative (Assigned)
   INR10 Million Term Loan             B+/Negative (Assigned)
   INR10 Proposed Long Term Facility   B+/Negative (Assigned)
   INR2.5 Million Bank Guarantee       P4 (Assigned)
   INR22.5 Million Letter of Credit    P4 (Assigned)

The ratings reflect SSPL's small scale of operations, and its weak
financial risk profile marked by a high gearing and low net worth.
These weaknesses are mitigated by SSPL's strong and established
clientele.

Outlook: Negative

CRISIL expects SSPL's financial risk profile to remain weak over
the medium term, given the company's low net worth and weak debt
protection measures.  The rating may be downgraded in case of a
steep decline in the company's profitability.  Conversely, the
outlook may be revised to 'Stable' in case of a sustained
improvement in the profitability or a significant increase in the
net worth, through fresh equity infusion.

                     About Soluble Silicates

Established in 1998 by Mr. Naresh Poddar, SSPL is engaged in the
business of manufacture and sale of sodium silicates.  It also
trades in soda ash.  The company's manufacturing facilities are
located in West Bengal and Orissa.  SSPL reported a profit after
tax (PAT) of INR1.6 million on net sales of INR166 million in
2007-08 (refers to financial year, April 1 to March 31), against
INR1.1 million and INR136 million, respectively, in 2006-07.



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

AOZORA BANK: Incurs US$2.5 Bln Annual Loss on U.S. Investments
--------------------------------------------------------------
Finbarr Flynn at Bloomberg News reports that Aozora Bank Ltd
posted its first loss in a decade, after investments in U.S.
lender GMAC LLC and Bernard Madoff soured.

Aozora booked a JPY242.6 billion (US$2.5 billion) deficit in the
year ended March 31, compared with a profit of JPY5.93 billion a
year earlier, the bank said in a statement obtained by Bloomberg
News.

The report relates the bank said it lost JPY35.8 billion on U.S.
auto financing company GMAC and JPY11.7 billion on investments
tied to Madoff in February.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2009, Moody's Investors Service downgraded Aozora's base
line credit assessment to Ba1 from Baa3.  Moody's said the
downgrade reflects increased concerns that Aozora will face
significant challenges before it can restore the confidence of the
market and its profitability in view of the difficult nature of
the operating environment for banking institutions funded by
wholesale funds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 2, 2008, Fitch Ratings affirmed Aozora's Support Rating
Floor rating at 'BB+'.  The Outlook remains Stable.

                       About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.


L-JAC 5: Moody's Continues Rating Review on Various Trusts
----------------------------------------------------------
Moody's Investors Service has announced the continuation of a
review for possible downgrade of the ratings of L-JAC 5 Trust and
L-JAC 7 Trust.

Moody's had originally placed the ratings under review for
possible downgrade on September 17, 2008, as a result of the
Lehman Brothers Holdings Inc. bankruptcy on September 15, 2008 and
a subsequent rating downgrade.  As hedge counterparties, the
reviewed classes were exposed to either Lehman or its
subsidiaries.

On April 14, 2009, Moody's also placed under review for possible
downgrade the ratings of a number of Japanese CMBS transactions,
prompted by the view that the turmoil affecting the Japanese CMBS
market might continue for a sustained period of time.  Moody's had
announced its intention to conclude this review, as well as others
on ratings that it had already placed under review for possible
downgrade, including the ratings of the affected classes of the
L-JAC 5 and L-JAC 7 Trusts.

The relevant parties to the two transactions have selected a
substitute for the hedge counterparty, and new hedge contracts
have been finalized.  However, although Moody's believes that the
potential interest rate risks of the transactions have been hedged
by the contracts, the review of the two transaction ratings, as
well as of the Japanese CMBS ratings, will continue.

- L-JAC 5 Trust

  -- Class A, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

  -- Class B, Aa2 still under review for possible downgrade;
     previously, Aa2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class C, A2 still under review for possible downgrade;
     previously, A2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class D-1, Baa2 still under review for possible downgrade;
     previously, Baa2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class E-1, Baa3 still under review for possible downgrade;
     previously, Baa3 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class F-1, Ba1 still under review for possible downgrade;
     previously, Ba1 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class G-1, Ba2 still under review for possible downgrade;
     previously, Ba2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class H-1, Ba3 still under review for possible downgrade;
     previously, Ba3 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class I-1, B1 still under review for possible downgrade;
     previously, B1 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class J-1, B2 still under review for possible downgrade;
     previously, B2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class X-1, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

  -- Class X-2, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

- L-JAC 7 Trust

  -- Class A, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

  -- Class B, Aa2 still under review for possible downgrade;
     previously, Aa2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class C, A2 still under review for possible downgrade;
     previously, A2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class D-1, Baa2 still under review for possible downgrade;
     previously, Baa2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class E-1, Baa3 still under review for possible downgrade;
     previously, Baa3 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class F-1, Ba1 still under review for possible downgrade;
     previously, Ba1 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class G-1, Ba2 still under review for possible downgrade;
     previously, Ba2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class H-1, Ba3 still under review for possible downgrade;
     previously, Ba3 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class I-1, B1 still under review for possible downgrade;
     previously, B1 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class J-1, B2 still under review for possible downgrade;
     previously, B2 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class K-1, B3 still under review for possible downgrade;
     previously, B3 had been placed under review for possible
     downgrade on September 17, 2008

  -- Class X, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

  -- CMBL, Aaa still under review for possible downgrade;
     previously, Aaa had been placed under review for possible
     downgrade on September 17, 2008

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


ORSO ABS: S&P Affirms Ratings on Various Trust1-SFFC Interests
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on ORSO
ABS Funding Trust1-SFFC's class A to class D beneficiary
interests, issued in September 2007, and removed the ratings from
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed its ratings on the class E-Deferral
beneficiary interests and the class X–IO beneficiary interests.

On Feb. 24, 2009, Standard & Poor's lowered its ratings on the
class A to class E-Deferral beneficiary interests, reflecting
deterioration in the credit quality of the debtors of collateral
real estate loan receivables, as well as a potential decline in
the recovery amount from collateral real estate, due to recent
difficult conditions in the Japanese real estate market.  At the
same time, Standard & Poor's kept its ratings on the class A to
class D beneficiary interests on CreditWatch with negative
implications, reflecting needs to consider the execution of the
sale plan for collateral real estate and to consider the impact on
the transaction from the commencement of legal insolvency
proceedings on SFCG Co. Ltd., the relevant party of this
transaction.  (In February 2009, SFCG filed for commencement of
civil rehabilitation proceedings, which were eventually ordered by
the court to commence as bankruptcy proceedings.)

Standard & Poor's affirmed the ratings on the class A to class D
beneficiary interests and removed them from CreditWatch with
negative implications due to these: 1) The completion of the sale
plan for collateral real estate marks a step forward for the back-
up servicer to collect recoveries expeditiously by selling
collateral real estate under certain conditions allowed in the
sale plan, and 2) The collection from collateral real estate loans
will be solely led by the back-up servicer, limiting any negative
impact on the transaction from the commencement of the bankruptcy
proceedings on SFCG.

In this transaction, liquidity risk is limited since predetermined
cash reserves allow dividend payments on beneficiary interests
during a certain period even if there is a stall in recovery from
the sale of collateral real estate.  However, Standard & Poor's
believes that it is necessary to consider the timing of recovery
from the collateral real estate sale because: 1) There is a
possibility that the cash reserve could be exhausted if the sale
of collateral real estate is delayed, and 2) Negative carry risk
may arise if a portion of principal collections is allocated to
the payment of dividends and transaction costs prior to principal
payment of beneficiary interests, thus decreasing the amount
allocated to principal payment.  While Standard & Poor's resolved
the CreditWatch placements on the class A to class D beneficiary
interests S&P is  there is a possibility that S&P may consider
negative rating actions if the back-up servicer fails to collect
the targeted amount from collateral real estate loans as outlined
in the sale plan.

Currently, only class A beneficiary interests are being repaid and
the outstanding balances as of are approximately JPY7.9 billion
for the class A beneficiary interests and approximately
JPY22.0 billion for the sum of the class A to E-Deferral
beneficiary interests.

The class A to E-Deferral and X-IO beneficiary interests are
ultimately backed by: 1) Real estate-backed loan receivables
originated by Real Estate Credit Co. Ltd. (the former SF Real
Estate Credit Co. Ltd.), a newly established company that took
over the real estate-backed loan business of SFCG Co. Ltd. through
a company spin-off; and 2) Real estate-backed loans originated by
SFCG prior to the company spin-off.

            Ratings Affirmed, Off Creditwatch Negative

                  ORSO ABS Funding Trust 1-SFFC
       JPY30 billion beneficiary interests due September 2012

Class   To    From             Initial Issue Amount   Coupon Type
-----   --    ----             --------------------   -----------
A       A     A/Watch Neg      JPY15.9 bil.             Floating
B       BBB   BBB/Watch Neg    JPY4.6 bil.              Floating
C       BB    BB/Watch Neg     JPY3.1 bil.              Floating
D       B-    B-/Watch Neg     JPY2.8 bil.              Floating

                        Ratings Affirmed

       Class         Rating   Initial Amount   Coupon Type
       -----         ------   --------------   -----------
       E-Deferral*   CCC      JPY3.6 bil.        Floating
       X-IO**        AAA      JPY30 bil.***      Floating

     * Conditional deferred dividends
     ** Performance-linked dividends
     *** Notional principal of interest-only beneficiary interests
     Issue date Sept. 21, 2007.


PANASONIC: Predicts JPY195 Billion Loss This Year
-------------------------------------------------
Panasonic Corp said Friday it predicts to incur its second annual
loss of JPY195 billion in the 12 months ending March 31, 2010,
Bloomberg News reports.  The company posted JPY379 billion net
loss in the year ending March 31, 2009, the report says.

The report relates Panasonic forecasts sales will fall 9.9% to
JPY7 trillion this year and revenue will fall 10% to JPY3.37
trillion.

Meanwhile, the report, citing the company's statement, says the
company's profit at the main consumer-electronics division will
probably increase to JPY16 billion this year from JPY3.2 billion
while operating profit may rise 2.9% to JPY75 billion.

On the other hand, Panasonic plans to cut the full-year dividend
payment to JPY10 a share from JPY30 a year earlier, Bloomberg News
adds.

Panasonic also plans to close about 20 plants this fiscal year,
about the same number as 2008, the report cited Makoto Uenoyama,
director in charge of finance, as saying.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.


TOSHIBA CORP: Sues Eight DVD Makers for Patent Infringement
-----------------------------------------------------------
The China Post reports that Toshiba Corp. has filed a lawsuit in
the United States against eight firms for alleged DVD patent
infringement.

According to the report, Toshiba filed a suit at a district court
in Wisconsin, asking for compensations and an order to stop the
firms from producing the DVDs that are sold under Imation and
Memorex in the United States.

The eight firms include Taiwan's CMC Magnetics and Ritek, U.S.'s
Imation, and India's Moser Baer.

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.



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

BSA INTERNATIONAL: Failure to File Plan Prompts Delisting Notice
----------------------------------------------------------------
BSA International 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 extended
timeframe granted by Bursa Securities.

The Company also said that:

   (a) BSA 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 Listing
       Requirements.

On May 8, 2009, Bursa Malaysia Securities Berhad rejected the
company's application for a further extension of time for a period
of 6 months up to November 8, 2009, to submit a regularization
plan.

                     About BSA International

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.

                          *     *     *

BSA Group said it 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.


HO HUP: Below Mininum Equity Triggers Another PN17 Criterion
------------------------------------------------------------
Based on the company’s audited financial statements for the
financial year ended December 31, 2008, Ho Hup Construction
Company Bhd said it also triggered paragraph 2.1(a) of the Amended
PN 17/2005, in addition to the paragraph 2.1(d) of the Amended PN
17/2005 as announced on July 31, 2008.

The company said that as of financial year ended December 31,
2008, Ho Hup's consolidated shareholders equity stands at
MYR18.769 million which is below 25% of the paid-up share capital
of MYR102,000,408 and such shareholders’ equity is less than the
minimum issued and paid up capital of MYR60 million as required
under paragraph 8.16A(1) of the Listing Requirements.

As such, in addition to the criterion on 2.1(d) of Amended PN
17/2005, the Company is also an affected issuer in accordance with
criterion set out in 2.1(a) of Amended PN17/2005.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


NIKKO ELECTRONICS: EMMSB Seeks Payment of MYR61,900 Loan
--------------------------------------------------------
On May 15, 2009, Nikko Nikko Electronics Berhad has been served
with a sealed copy of an originating motion filed by Messrs Wong-
Chooi & Mohd. Nor, Advocates and Solicitors acting for Exceptional
Mould Manufacturing Sdn Bhd ("EMMSB") to obtain leave of Court to
enable EMMSB to proceed with the action filed by them against
Nikko for payment of outstanding sum of MYR61,900.00.

The action, vide Butterworth Session's Court (1) Summons No. 52-
1314-2008, is now fixed for mention on August 12, 2009.

The Originating Motion is fixed for hearing on August 7, 2009 at
9:00 a.m. at Penang High Court.

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


PANGLOBAL: Insurance Unit Changes Company Name
----------------------------------------------
PanGlobal Berhad disclosed that PanGlobal Insurance Berhad, a
99.97% owned-subsidiary of the Company, has changed its name to
PanGlobal Marketing Berhad.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme for
implementation.



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

AIR NEW ZEALAND: To Freeze Pay on High Earning Staff for One Year
-----------------------------------------------------------------
Air New Zealand will implement a pay freeze for staff who earned
more than NZ$80,000 as it looks to cut costs amid slump in demand
for air travel, The New Zealand Herald reports.

According to the Herald, Air New Zealand chief executive Rob Fyfe
said the freeze will affect to about 1,000 of its 11,000-strong
workforce.

The Herald says the pay freeze will apply to those on individual
contracts for a year from July but does not affect collective
employment contracts already in force or pay increases committed
to within those agreements.

Radio New Zealand relates the company has also set guidelines on
pay increases for those on individual contracts of less than
NZ$80,000.

Air New Zealand will limit raises to an average of 2.5 percent on
those earning up to NZ$50,000, 2 percent on those between
NZ$50,000 and NZ$70,000 and 1 percent on those between NZ$70,000
and NZ$80,000, Radio New Zealand discloses.

Radio New Zealand, citing Mr. Fyfe, says Air New Zealand is also
looking to cut more flights on all its routes.

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

                          *     *     *

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

PROPERTYFINANCE: Wins Back Trustee; Withdraws Court Injunction
--------------------------------------------------------------
The National Business Review reports that Propertyfinance
Securities has its trustee, Covenant Trustee Company
Limited, onside again as it prepares a restructure of its
moratorium.

The report relates that this means Propertyfinance has withdrawn
its High Court injunction seeking to stop Covenant appointing a
receiver to the firm.

Propertyfinance expects to put revised plans for a restructure to
investors for a vote by June 30, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Propertyfinance Securities applied for a High
Court injunction to prevent its trustee, Covenant Trustee Company
Limited, from being able to appoint receivers on the company.

                   About Propertyfinance Group

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

                          *     *     *

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

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


PROVINCIAL FINANCE: Delivers Final Payment to Investors
-------------------------------------------------------
The receivers of Provincial Finance Ltd have announced a final
payment of 1.7c in the dollar, taking total payments to 92.2c, The
New Zealand Herald reports.

According to the report, receiver Maurice Noone of
PricewaterhouseCoopers said that all the assets of Provincial
Finance had now been realized, and a claim against Veda Advantage
had been settled.  "I am pleased to see the receivership reach its
conclusion with a significant return for debenture holders," the
report quoted Mr. Noone as saying.

The total cash repaid to secured debenture holders from the
receivership will be NZ$273 million, the Herald notes.

Provincial Finance Limited -- http://www.provincialfinance.co.nz/
-- is a New Zealand finance company that provides consumer and
commercial finance to individuals and businesses across New
Zealand, and promote a range of investment opportunities.

As reported in the Troubled Company Reporter-Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The company owes
NZ$300 million to 14,000 small investors.


WILLIAMS AND ADAMS: Liquidators Sell Wellington and Porirua Sites
-----------------------------------------------------------------
David Hargreaves at the BusinessDay reports that liquidators of
car dealer Williams and Adams have sold the company's Wellington
and Porirua Holden businesses.

The report relates that the two sites were sold to a newly formed
company Team Capital for an undisclosed amount.

According to the report, the liquidators said the sale will save
51 jobs and provide a better outcome for creditors than if the
business had been closed down.

The liquidators are in the process of selling the headquarters
building, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 6, 2009, the National Business Review said Williams and
Adams, Wellington's largest and long-established car dealership,
has gone into liquidation.

According to the Business Review, John Fisk of
PricewaterhouseCoopers said the business failed due to declining
sales amid economic downturn.

Williams and Adams -- http://www.williamsandadams.co.nz/-- is a
4th Generation Wellington family owned and operated motor vehicle
group that has supplied the greater Wellington region for more
than 80 years.  It employs 115 staff and has 10 sites.



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

GLOBAL STEEL: Receives Takeover Bids from Several Groups
--------------------------------------------------------
Global Steel Philippines Inc. is now the subject of a takeover bid
from several groups, but its Mumbai-based owners, Global Ispat
Holdings, are not keen on selling it, Manila Standard reports
citing Trade Secretary Peter Favila.

"I told them the company should explore such opportunities.  If it
makes good business sense and the price is right, then they can
decide whether to sell it or not", Sec. Favila was quoted by the
report as saying.

The report, citing Sec. Favila, relates that Global Steel had been
operating intermittently for the past two months and only operates
when there are orders.

Aside from the sluggish demand, the company also had to deal with
billions of pesos in unpaid debt to creditor-banks and millions of
pesos in overdue electricity bills and city taxes, the report
notes.

Several banks declared Global Steel in default in October 2005,
when it failed to pay its debt, while renegotiating the terms of a
PHP12.25-billion loan, according to Manila Standard.

Global Steel is a supplier of flat products in the Philippines and
other markets in Southeast Asia.  Its products include hot rolled
coils, hot rolled plates, cold rolled coils and tinplates.



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

ARMADA (SINGAPORE): Faces Judicial Management Petition
------------------------------------------------------
A petition to place Armada (Singapore) Pte Ltd under judicial
management will be heard before the High Court of Singapore on
May 26, 2009, at 10:00 a.m.

The petition were filed by:

   -- Global Maritime Investments Limited;
   -- Oceanbulk Shipping & Trading SA;
   -- AS Klaveness Chartering;
   -- Charbons ET Fuels S.A.S;
   -- Augustea Atlantica SRL;
   -- Castalia Springs Limited, Cayman Islands; and
   -- Bocimar International NV.

The Applicants' solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00
          AIA Tower
          Singapore 048542


BANK OF AMERICA: Temasek Sells Stake in Firm at a Loss
------------------------------------------------------
Chen Shiyin at Bloomberg News reports that Singapore state-owned
fund Temasek Holdings Pte sold its 3.8 percent stake in Bank of
America Corp. at a loss that may total US$4.6 billion.

The report says the sale may have raised about US$1.27 billion,
based on the average price of Bank of America stock in the first
quarter.  The divestment was completed by March 31, the report
relates citing a U.S. filing.  Temasek declined to comment on the
price, the report notes.

                      About Bank of America

Based in Charlotte, North Carolina, Bank of America --
http://www.bankofamerica.com/-- is one of the world's largest
financial institutions, serving individual consumers, small and
middle market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk-management products and services.  The company serves more
than 59 million consumer and small business relationships with
more than 6,100 retail banking offices, nearly 18,700 ATMs and
online banking with nearly 29 million active users.  Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.  Bank
of America offers support to more than 4 million small business
owners.  The company serves clients in more than 150 countries.
Bank of America Corporation stock is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).

As reported by the Troubled Company Reporter on March 27, 2009,
Moody's Investors Service lowered the senior debt rating of Bank
of America Corporation to A2 from A1, the senior subordinated debt
rating to A3 from A2, and the junior subordinated debt rating to
Baa3 from A2.  The preferred stock rating was downgraded to B3
from Baa1.  The holding company's short-term rating was affirmed
at Prime-1.


CHARTERED SEMICONDUCTOR: Seeks Debt Restructuring
-------------------------------------------------
Katrina Nicholas at Bloomberg News reports that Chartered
Semiconductor Manufacturing Ltd is in talks with lenders to change
terms of debt due after 2010 as the global recession hurts
earnings.

Chartered Semi has SG$3.9 billion (US$2.7 billion) of loans and
bonds outstanding, including US$390 million of bonds due August
2010, the report says citing data compiled by Bloomberg.

The report recalls the company on April 9 said investors bid for
more than the stock it offered in a US$300 million share sale to
pay down debt and finance investments.

Bloomberg News relates Chartered Semi on April 24 reported a
US$98.8 million net loss for the first quarter compared with net
income of $2.4 million a year earlier.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2009, for the year ended December 31, 2008, Chartered Semi
incurred a net loss of US$92.6 million compared to a net income of
US$101.7 million in 2007.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2009, Moody's Investors Service confirmed the Ba2
corporate family and senior unsecured bond ratings of Chartered
Semiconductor.  The rating outlook is negative.

On March 12, 2009, the TCR-AP reported that Fitch Ratings
downgraded Chartered Semiconductor's Long-term foreign currency
Issuer Default rating and outstanding senior unsecured debt to
'BB-' (BB minus) from 'BB+'.  The Outlook has been revised to
Negative from Stable.

A TCR-AP report on Feb. 27, 2009, said Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on
Chartered Semiconductor to 'BB' from 'BB+'.  The outlook is
negative.  At the same time, Standard & Poor's lowered the issue
ratings on all of Chartered's senior unsecured notes to 'BB' from
'BB+'.

                  About Chartered Semiconductor

Singapore-based Chartered Semiconductor Manufacturing Ltd.
(Nasdaq: CHRT and SGX-ST: CHARTERED) --
http://www.charteredsemi.com/-- is a semiconductor foundry, which
provides wafer fabrication services and technologies to
semiconductor suppliers and systems companies.  The company
focuses on providing foundry services to customers that serve
technologically advanced applications for the communication,
computer and consumer sectors.  As of December 31, 2007, Chartered
owns, or have an interest in, five fabrication facilities, Fabs 2,
3, 5, 6 and 7, all of which are located in Singapore.  Fab 7 is
its only 300-mm facility.  During the year ended December 31,
2007, the company manufactured semiconductors for over 150
different active customers.  During 2007, its top five customers
collectively accounted for approximately 61% of the company's
total net revenue.  In March 2008, the company completed the
acquisition of Hitachi Semiconductor Singapore Pte Ltd, from
Hitachi, Ltd and Hitachi Asia Ltd.


CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on May 29
--------------------------------------------------------------
A petition to have Continental Chemical Corporation Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on May 29, 2009, at 10:00 a.m.

Raiffeisen Zentralbank Osterreich Aktiengesellschaft filed the
petition against the company on May 7, 2009.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


COOL AIR: Court Enters Wind-Up Order
------------------------------------
On May 8, 2009, the High Court of Singapore entered an order to
wind up the operations of Cool Air Marine Engineering Pte Ltd.

Yong Chan Metal Engineering Pte Ltd filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-00
          Singapore 069118


GETECH INDUSTRIES: Creditors' Meeting Set for May 27
----------------------------------------------------
The creditors of Getech Industries Pte Ltd will hold their meeting
on May 27, 2009, at 10:00 a.m., at 19 Keppel Road #03-07 Jit Poh
Building, Singapore 089058.

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the liquidation of the
      company;
   -- appoint a Committee of Inspection, if thought fit; and
   -- discuss other business.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o 19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


GOH HUP: Pays Second and Final Dividend
---------------------------------------
Goh Hup Heng Electrical Pte Ltd, which is compulsory liquidation,
paid the second and final dividend on May 18, 2009.

The company paid 100% to all admitted preferential claims, while
6.5% to all admitted unsecured claims.



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

* Fitch Says South Africa's Mining Output is Expected to Decline
----------------------------------------------------------------
Fitch Ratings says in a report that South Africa's mining output
is expected to decline further during 2009 on the back of the
global economic downturn.  Weak demand for gold, diamonds, copper,
iron ore and platinum is expected to continue in the short-term,
with a recovery in demand and market conditions not expected prior
to 2011.

"The adverse effects of the downturn are expected to worsen across
emerging market economies during 2009, including South Africa, as
reduced exports and continued negative quarterly GDP growth impact
credit profiles of manufacturing and mining companies," says
Roelof Steenekamp, Associate Director in Fitch's South African
Corporate team.

The agency notes that companies that continue to display stronger
cash generation, to retain conservative debt profiles and focus on
liquidity management are better positioned to cope with the impact
of the downturn.

Official statistics indicated a decline in gold output of 7.6% yoy
in March 2009, and a decline of 4.1% in non-gold mining output.
Fitch expects that high input costs will persist during 2009 and
into 2010, affecting profitability negatively.

Fitch rates Impala Platinum Holdings Ltd
'BBB+'/'AA(zaf)'/Negative, AngloGold Ashanti Ltd 'AA-(zaf)'/'F1+
(zaf)'/Stable, and Harmony Gold Mining Company Ltd 'BB'/'BBB-
(zaf)'/Stable.



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

* BOND PRICING: For the Week May 11 to May 15, 2009
---------------------------------------------------

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


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


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


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


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


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


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


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

Navios Maritime                9.500%  12/15/14     USD    65.87


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


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


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


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


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


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



                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***