TCRAP_Public/090520.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

           Wednesday, May 20, 2009, Vol. 12, No. 98

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Heads Towards Liquidation
BABCOCK & BROWN: Sells Stake in U.S. Infrastructure Fund
CENTRO NP: Fitch Affirms Long-Term Issuer Default Rating at 'CCC'
GREAT SOUTHERN: Security Trustee Places Firm in Receivership
GREAT SOUTHERN: Faces AU$30 Million Class Action Lawsuit

OPES PRIME: AU$253 Mln Scheme Settlement Offer May Face Opposition
OZ MINERALS: China's NDRC Approves Minmetal Deal


B A H R A I N

INVESTCORP BANK: Moody's Downgrades Deposit Ratings to 'Ba1'


C H I N A

FIAT SPA: Mulls Joint Venture Agreement With Guangzhou Auto


H O N G  K O N G

ASIA ART: Creditors' Proofs of Debt Due on June 15
CELEBRITY EXPORTS: Creditors' Meeting Set for May 27
CHEONG LEE ET AL: Members' Meeting Set for June 15
GLOBAL SOURCE: Creditors' Meeting Set for May 27
HING LEE: Placed Under Voluntary Wind-Up

KINSION UNITED: Members' Final Meeting Set for June 16
LUNG ELECTRONICS: Creditors' Proofs of Debt Due on June 2
MANDRA FORESTRY: Missed Payment Prompts S&P's Rating Cut to 'D'
NAL LIMITED: Sole Member to Hear Wind-Up Report on June 15
TACK FAT ET AL: Creditors' Meeting Set for May 20

THE UNITED TRADING: Placed Under Voluntary Wind-Up


I N D I A

C. DINESH: Low Net Worth Prompts CRISIL 'P4' Ratings
HARISONS & HARLAJ: CRISIL Rates INR13.9 Million Term Loan at 'BB'
LOMEX INDIA: CRISIL Assigns 'P4' Rating on INR100MM Bank Guarantee
PARAS INDUSTRIES: Delays in Debt Servicing Cues CRISIL 'P5' Rating
PRABHAT ELASTOMERS: CRISIL Puts 'D' Ratings on Various Bank Loans

SRI RAMA: Default in Loan Repayment CRISIL Prompts 'D' Rating
TATA MOTORS: S&P Keeps 'B+' Long-Term Corporate Credit Rating


I N D O N E S I A

PT MEDIA: Moody's Changes Outlook on 'B1' Corp. Rating to Stable


J A P A N

TOSHIBA CORPORATION: Moody's Assigns 'Ba1' Rating on Bonds
* JAPAN: Top Banks Post Annual Losses


K O R E A

HYNIX SEMICONDUCTOR: To Sell $300MM Worth of Equipment to China JV


M A L A Y S I A

BSA INTERNATIONAL: Receives Notice to Set Aside Wind Up Petition
POLY TOWER: Loan Payment Default Prompts PN17 Listing


N E W  Z E A L A N D

FIVE STAR: Liquidators File Court Action Against Receivers
INFRATIL LIMITED: Posts NZ$191 Mln Net Loss in Year Ended March 31
KENSINGTON PARK: Could Be Sold Soon, Receivers Say


P H I L I P P I N E S

PHILIPPINE LONG: Moody's Confirms 'Baa2; Currency Issuer Rating


S I N G A P O R E

ASIAN PETROCHEMICAL: Court to Hear Wind-Up Petition on May 29
CROWN GLOBAL: Creditors' Proofs of Debt Due on May 29
LANDIS & GYR: Creditors' Proofs of Debt Due on May 29
TAN PENG: Creditors' Proofs of Debt Due on May 29


X X X X X X X X

AMERICAN INT'L: Taps Blackstone Group for Asian Life Unit IPO
CAPMARK FINANCIAL: Compliance to Leverage Ratio Covenant Waived
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ALLCO FINANCE: Heads Towards Liquidation
----------------------------------------
The administrators of Allco Finance Group will recommend the
companies be wound up, The Sydney Morning Herald reports.

According to the report, administrators Anthony McGrath and
Joseph Hayes of McGrathNicol said it is in the best interests of
creditors to vote for Allco Finance Group and its subsidiaries be
placed into liquidation.

"That is based on our analysis that the companies are insolvent
and no acceptable deed of company arrangement has been proposed,"
the Herald cited McGrathNicol in a supplementary report to
creditors released on May 18.

"Accordingly, it is our opinion that it is in the interests of
creditors of each company to vote in favour of winding up each of
the companies and appointing liquidators."

The next meeting is on May 26, the report notes.

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


BABCOCK & BROWN: Sells Stake in U.S. Infrastructure Fund
--------------------------------------------------------
Ben Sharples at Bloomberg News reports that Babcock & Brown Ltd
has sold its interest and management rights in Babcock & Brown
Infrastructure Fund North America LP to John Hancock Life
Insurance Co. for an undisclosed amount.

The Boston-based financial services group has teamed up with the
fund's management team to buy Babcock & Brown's stake, Bloomberg
News cited the companies as saying in an e-mailed statement.

Bloomberg News relates that the companies said the existing
management team will remain in place and the name of the fund will
be changed to SteelRiver Infrastructure Fund North America LP "in
due course."

Babcock & Brown Infrastructure Fund North America LP owns and
manages energy and infrastructure assets throughout North America.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


CENTRO NP: Fitch Affirms Long-Term Issuer Default Rating at 'CCC'
-----------------------------------------------------------------
Fitch Ratings has issued a credit analysis report on Centro NP.
On April 7, 2009, Fitch affirmed Centro NP's Long-term Issuer
Default Rating at 'CCC'.  The Outlook is Negative.

Centro NP is a real estate company focusing on the ownership,
management and development of community and neighborhood shopping
centers with total assets of US$4.2 billion at Dec. 31, 2008.
Centro NP operates a national portfolio of community and
neighborhood shopping centers across the U.S. Centro Properties
Group is a Melbourne-based company focused on the ownership,
management, and development of retail shopping centers.  Centro
has $17.7 billion of retail property assets as of Dec. 31, 2008,
of which $12.1 billion were located in the U.S.


GREAT SOUTHERN: Security Trustee Places Firm in Receivership
------------------------------------------------------------
The Sydney Morning Herald reports that Great Southern Ltd. has
been placed in receivership.

The report, citing receivers McGrathNicol, relates that the
receivers had been appointed to the company and certain of its
subsidiaries by a security trustee on behalf of a group of secured
creditors.

The appointment of receivers follows the decision by directors of
Great Southern on May 16 to place the company into voluntary
administration, the report says.

According to the Herald, McGrathNicol partner Simon Read said the
receivers would work closely with Great Southern management, the
voluntary administrator and other stakeholders to confirm the
current financial position of the companies in receivership,
including the financial viability of each managed investment
schemes (MIS).

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, 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 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).

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

Based in West Perth, Australia, 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.


GREAT SOUTHERN: Faces AU$30 Million Class Action Lawsuit
--------------------------------------------------------
Investors in Great Southern Limited will likely launch a AU$30
million class-action lawsuit against the failed managed investment
scheme company, a report posted at farmonline says.

Citing The Australian Financial Review, the report says law firm
Dennis & Company is representing 600 investors who invested an
average of AU$50,000 in one of Great Southern's cattle schemes
between 2006 and 2007.

According to the report, Dennis & Company principal Bruce Dennis
said the investors had had their interests compulsorily acquired
and transferred into shares.  At the same time loans, many of
which were provided by Great Southern Finance, were called in.

The report relates Mr. Dennis said the potential lawsuit revolved
around representations by Great Southern, which told investors it
had the "financial wherewithal to keep the projects going" but at
the same time knew it had to convert the project into shares to
stay in business.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, 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 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).

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

Based in West Perth, Australia, 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.


OPES PRIME: AU$253 Mln Scheme Settlement Offer May Face Opposition
------------------------------------------------------------------
Litigation funder IMF has indicated it may oppose the scheme
settlement offer to Opes Prime creditors proposed by lenders ANZ
and Merrill Lynch, The Australian reports.  IMF is acting on
behalf of 90 creditors with claims of about AU$160 million.

The report, citing IMF in court documents lodged on May 15,
relates that IMF described parts of the AU$253 million scheme of
arrangement as misleading and unclear.

According to the report, IMF's strongest criticism was aimed at
liquidator John Lindholm, who is destined to be appointed scheme
administrator if the scheme is approved.

"The role of the scheme administrator under the schemes conflicts
in several key regards with the role which should properly be
occupied by such officers," the Australian quoted the litigation
funder as saying.

The report relates IMF also said that the liquidator had failed to
disclose in the scheme what its fees were to date.

In outlining their concerns, the Australian discloses, IMF argued
against all the Opes creditors being lumped together, instead
saying they should be broken up into different classes of
creditors, reflecting their different claims and rights.

"There are clearly serious issues that will need to be determined
about the validity of the scheme," IMF litigation manager Charlie
Gollow said as cited in the report.

The Australian meanwhile relates that law firm Slater & Gordon,
acting behalf of other creditors, said it had "fundamental
concerns" over the scheme of arrangement.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, the Australian Securities and Investments
Commission (ASIC) unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration, ASIC
said in a statement.  The settlement offer is subject to both the
approval by Opes Prime creditors and court approval of a creditors
scheme of arrangement giving effect to the offer.  The proposed
settlement follows mediation between ASIC, the ANZ Banking Group
Ltd, Merrill Lynch (International) Australia Pty Ltd and the
liquidator of Opes Prime Stockbroking Limited.  ASIC said major
objective in encouraging the mediation was to recover compensation
for investors without the need for costly litigation and multiple
actions.  Under the terms of the mediated settlement, ASIC has
agreed, if the offer is approved by Opes Prime creditors and the
Court, not to pursue these actions against ANZ and Merrill Lynch,
who are parties to the settlement offer.

For the scheme to succeed, The Australian relates, more than 50
per cent of creditors by number, and at least 75 per cent by
value, must vote in favor of the proposal at the meeting in July.

                         About IMF

IMF is a publicly listed company providing funding of legal claims
and other related services where the claim size is over $2
million.  IMF has brought together the major participants in the
litigation funding market in Australia and has an Australian
Financial Services Licence (AFSL:286906). IMF is the largest
litigation funder in Australia and the first to be listed on the
Australian Securities Exchange.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate the company.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


OZ MINERALS: China's NDRC Approves Minmetal Deal
------------------------------------------------
The National Development and Reform Commission of the People's
Republic of China ("NDRC") has approved the proposed acquisition
of various assets and businesses of OZ Minerals Limited by China
Minmetals Non-ferrous Metals.

In a statement, OZ Minerals said the approval follows the approval
given to the transaction by the Treasurer of the Commonwealth of
Australia on April 23 and represents the satisfaction of an
important Condition Precedent to the completion of the
transaction.

OZ Minerals also said that Minmetals had received binding
financing commitments from its financiers to enable the
transaction to be completed.

Further necessary Chinese regulatory approvals, including from the
Ministry of Commerce, the State Administration of Foreign Exchange
and the State-owned Assets Supervision and Administration
Commission, are expected to be received before June 11, OZ
Minerals said.

"While several further Chinese regulatory approvals are required",
noted Mr. Barry Cusack, Chairman of OZ Minerals, "we are aware of
the significance of the NDRC approval that Minmetals has advised
us of today."

"We recently announced that a resolution authorising the sale to
Minmetals will be put to shareholders at our Annual General
Meeting on June 11 and we have previously stated, this sale
represents the best available outcome for OZ Minerals and provides
a complete solution to its refinancing issues.  Accordingly, the
Board of OZ Minerals unanimously recommends, in the absence of a
superior transaction, that shareholders vote in favour of the
resolution", Mr. Cusack added.

If the resolution authorising the sale to Minmetals is approved,
the transaction with Minmetals will be completed and settled on or
before June 18, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
March 31, 2009, OZ Minerals said under the alternative proposal,
Minmetals will acquire all of OZ Minerals' assets except for
Prominent Hill, Martabe and the company's portfolio of listed
assets, including Toro Energy Limited.

OZ Minerals may sell the assets for as much as AU$1.6 billion,
enough to repay debt owed to 11 banks, RBC Capital Markets said as
cited by Bloomberg News.

                       About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.



=============
B A H R A I N
=============

INVESTCORP BANK: Moody's Downgrades Deposit Ratings to 'Ba1'
------------------------------------------------------------
Moody's Investors Service downgraded the long- and short-term
deposit ratings of Investcorp Bank B.S.C. to Ba1/Not-Prime from
Baa3/Prime-3.  The ratings of its subsidiary Investcorp S.A. were
downgraded to the same level.  Moody's also kept the bank's Ba1
long-term deposit ratings on review for possible further downgrade
and, similarly, placed its D+ bank financial strength rating on
review for possible downgrade.

Moody's rating action forms part of its continuing review of
Investcorp's ratings, initiated in November 2008, when the bank
was downgraded to Baa3/Prime-3/D+ with its ratings kept on review
for further possible downgrade.  The November 2008 rating actions
were driven by the adverse pressure on the bank's financial
strength as a result of significant losses on its proprietary fund
of hedge fund investments in September and by the rating agency's
expectation of further losses.  Moody's explained that further
rating actions would depend on the outcome of the bank's plans to
deleverage its balance sheet and raise new equity, and also on the
evolution of the operating environment.

Moody's says that the decision to downgrade Investcorp's deposit
ratings to Ba1/Not-Prime reflects its revised, more conservative
assessment of the bank's financial flexibility, in the context of
its updated and more negative view of the operating environment
for alternative investment providers.  This view coincides with
the rating agency's more conservative assumptions about the length
of the global recession and the strength of the eventual recovery.

Moody's explains that Investcorp's rating is constrained by its
poor earnings visibility, high portfolio concentrations and modest
loss absorption capacity, notwithstanding its high regulatory
capital ratios and successful balance sheet deleveraging and the
anticipated issue of preference shares by the end of June.  The
rating is supported by the bank's sound liquidity profile and by
the active management of the private equity portfolio, which is
relatively well positioned to survive under most economic
scenarios.

Moody's further elaborates that in its view it could take several
months for Investcorp's private equity origination and placement
activity to recover to pre-crisis levels and that, in the absence
of such a recovery, profitability could remain marginally
negative.  Similarly, conditions for the sale or placement of
existing large private equity investment exposures are expected to
remain challenging for several months, constraining the bank's
ability to reduce its high balance sheet concentrations.  These
two factors limit the bank's ability to absorb shocks and,
together with its targeted leverage ratio (illiquid risk assets to
tangible common equity) of about 2.5-3.0 times (depending on the
eventual volume of preference shares issued), represent only
modest financial flexibility, more appropriately reflected by a
sub-investment-grade rating.

Moody's review for possible downgrade of Investcorp's Ba1 long-
term deposit rating and D+ BFSR recognises the possible challenges
to the timely completion of the bank's capital-raising initiative.
If Investcorp were to successfully raise the announced minimum of
around US$250 million in preference shares over the next few weeks
it could lead Moody's to confirm the current ratings.  Any upgrade
of the ratings over the medium term would depend on the recovery
of the bank's earnings capacity to pre-crisis levels.

Finally, the rating agency reiterates its view that, as a
wholesale bank under the Central Bank of Bahrain's definition,
there is little probability of systemic support for Investcorp.
As such, Moody's does not impute any uplift for the bank's deposit
ratings as a result of such support.

These debts issued by Investcorp Capital Ltd, Investcorp Bank
B.S.C.'s wholly owned subsidiary, was also downgraded to Ba1 with
the rating on review for further possible downgrade:

  -- US$50.0 million 8.08% Guaranteed Global Medium-Term Notes due
     July 12, 2032

  -- EUR538.18 million (US$689.87 million) Guaranteed Global
     Medium-Term Note Programme

  -- US$20.0 million Floating-Rate Guaranteed Global Medium-Term
     Notes Series 8 due April 7, 2012

  -- JPY20 billion (US$203.61 million) 3.5% Guaranteed Euro
     Medium-Term Notes Series 002 due March 29, 2030

Moody's last rating action on Investcorp was on November 11, 2008
when the ratings were downgraded to Baa3/Prime-3/D+ and were kept
on review for further possible downgrade.

Headquartered in Manama, Bahrain, Investcorp reported total
balance sheet assets of US$3.67 billion at the end of
December 2008.



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

FIAT SPA: Mulls Joint Venture Agreement With Guangzhou Auto
-----------------------------------------------------------
John Liu at Bloomberg News reports that Fiat SpA plans to form a
CNY4.3 billion (US$630 million) carmaking venture in China with
Guangzhou Automobile Group Co.

The two companies have applied to build a car factory in Guangzhou
city, Guangdong, the report says citing a statement posted on the
Web site of China's Ministry of Environmental Protection.

Fiat currently shares technology with Guangzhou Auto, the report
relates.  It exited a venture with Nanjing Automobile Group Corp.
in 2007 after its partner was bought by SAIC Motor Corp, the
report says.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on May 8,
2009, Standard & Poor's Ratings Services said that its 'BB+' long-
term corporate credit rating on Italian industrial group Fiat SpA
remains on CreditWatch with negative implications, where it was
placed on Jan. 22, 2009.  At the same time, the 'B' short-term
corporate credit rating was affirmed.

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Moody's Investors Service downgraded Fiat S.p.A's long term
ratings to Ba1 from Baa3 and its short term ratings to Not Prime
from Prime-3.  The outlook on the ratings is negative.  At the
same time Moody's assigned a Ba1 Corporate Family Rating.  The
rating action concluded Moody's review for downgrade initiated on
January 15, 2009.



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

ASIA ART: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------
The creditors of Asia Art Foundation Limited are required to file
their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          J P Walsh
          2301 Dominion Centre
          43 Queen's Rd East
          Hong Kong


CELEBRITY EXPORTS: Creditors' Meeting Set for May 27
----------------------------------------------------
The creditors of Celebrity Exports International Limited will hold
their meeting on May 27, 2009, at 2:30 p.m., for the purposes
provided for in Sections 228A, 241, 242, 243, 244, 251 and 255A of
the Companies Ordinance.

The meetng will be held at Room 103 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


CHEONG LEE ET AL: Members' Meeting Set for June 15
--------------------------------------------------
A final meeting will be held on June 15, 2009, for the members of:

   -- Cheong Lee Construction Company Limited at 12:00p.m.; and
   -- Yan Cheong Investment Company Limited at 12:30 p.m.

The meeting will be held at Room 703 of Wah Ying Cheong Central
Building, 158-164 Queen's Road, in Central, Hong Kong.


GLOBAL SOURCE: Creditors' Meeting Set for May 27
------------------------------------------------
The creditors of Global Source & Design Limited will hold their
meeting on May 27, 2009, at 10:00 a.m., for the purposes set out
in Sections 241, 242, 243, 244, 251(1)(a) and 255A(2) of the
Companies Ordinance.

The meeting will be held at No. 2588, Yan An West Road, Shaghai,
in Shanghai Puxi, China.


HING LEE: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on May 9, 2009, the
members of Hing Lee Nylon Woven Fabric Holdings Limited resolved
to volunarily wind up the company's operations.

The company's liquidator is:

          Wong Yuk Ming Aaron
          Tung Che Commercial Centre, 1603
          246 Des Voeux Road West
          Hong Kong


KINSION UNITED: Members' Final Meeting Set for June 16
------------------------------------------------------
The members of Kinsion United Enterprises Limited will hold their
final meeting on June 16, 2009, at 11:00 a.m., at Room 1601 of
Wing On Centre, 111 Connaught Road, in Central, Hong Kong.

At the meeting, Li Wai Chi Franky, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LUNG ELECTRONICS: Creditors' Proofs of Debt Due on June 2
---------------------------------------------------------
The creditors of Lung Electronics (HK) Limited are required to
file their proofs of debt by June 2, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Au-Yeung Sin Ming, Cindy
          Kwan Chart Tower
          1301-02, 13th Floor
          6 Tonnochy Road
          Wanchai, Hong Kong


MANDRA FORESTRY: Missed Payment Prompts S&P's Rating Cut to 'D'
------------------------------------ --------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Mandra Forestry Finance Ltd. and its issue rating
on Mandra's US$195 million guaranteed senior notes due May 15,
2013 to 'D' from 'CC'.  The notes are guaranteed by Mandra
Forestry Holdings Ltd.

"We lowered the ratings after Mandra missed an interest payment on
its senior secured notes that was due on May 15, 2009.  Standard &
Poor's views Mandra as being in material financial distress," said
Standard & Poor's credit analyst Ryan Tsang.

Mandra announced on April 28, 2009, that it did not intend to make
the payment until it had drawn down its working capital facility
in China, and the proposed acquisition of the company by third
parties had been completed, and related restructuring confirmed.
The senior notes accounted for a very substantial part of Mandra's
liabilities.  Discussions with third parties involve the possible
sale of a portion or all of Mandra's business, which would also
include a restructuring of the terms of its notes.  Details about
the progress of negotiations are not available at this time.

Standard & Poor's assigns a 'D' rating when payments on an
obligation are not made on the date due even if the applicable
grace period has not expired, unless S&P believes that such
payments will be made during the grace period.


NAL LIMITED: Sole Member to Hear Wind-Up Report on June 15
----------------------------------------------------------
The sole member of Nal Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on June 15, 2009, at 10:00 a.m.

The meeting will be held at the 8th Floor of Gloucester Tower, The
Landmark, 15 Queen's Road in Central, Hong Kong.


TACK FAT ET AL: Creditors' Meeting Set for May 20
-------------------------------------------------
On May 20, 2009, a meeting will be held for the creditors of:

   -- Tack Fat International Holdings Limited; and
   -- Chiu Wing Enterprise Company Limited.

At the meeting, the creditors will discuss sections 228A, 241,
242, 243, 244 and 251 of the Companies Ordinance.


THE UNITED TRADING: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on May 6, 2009, the
members of The United Trading and Shipping Company Limited
resolved to volunarily wind up the company's operations.

The company's liquidator is:

          Jennifer Tan
          China Resources Building
          4303, 43rd Floor
          26 Harbour Road
          Wanchai, Hong Kong



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

C. DINESH: Low Net Worth Prompts CRISIL 'P4' Ratings
----------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
C. Dinesh & Co Pvt Ltd (C. Dinesh).

   INR165.6 Million Export Packing Credit    P4 (Assigned)
   INR184.4 Million Post Shipment Credit     P4 (Assigned)
   INR150.0 Million Proposed Short Term      P4  (Assigned)
                     Bank Loan Facility

The ratings reflect C. Dinesh's moderate financial risk profile,
marked by high gearing, low net worth and modest debt protection
measures coupled with high revenue concentration risk.  These
rating weaknesses are partially mitigated by C. Dinesh's
established presence in the diamond industry, and the benefits
that the company derives from its promoters' extensive experience
in the diamond manufacturing and trading business.

                         About C. Dinesh

C. Dinesh was set up as a partnership firm in 1976 as C. Dinesh &
Co by Mr. Dineshchandra Shah and Mr. Chinubhai R Doshi for
manufacturing and trading diamonds.  It was converted into a
private limited company in April 2007.  The company has a diamond-
cutting facility at Surat, Gujarat.

For 2007-08 (refers to financial year, April 1 to March 31),  C.
Dinesh reported a profit after tax (PAT) of INR16.11 million on
net sales of INR1004.1 million as against a PAT of INR20.57
million on net sales of INR713.6 million in 2006-07.


HARISONS & HARLAJ: CRISIL Rates INR13.9 Million Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Harisons & Harlaj Ltd (H&H).

   INR13.9 Million Term Loan               BB/Stable (Assigned)
   INR115.0 Million Export Packing Credit  P4 (Assigned)
   INR35.0 Million Bill Discounting        P4 (Assigned)
   INR2.0 Million Bank Guarantee           P4 (Assigned)

The ratings reflect H&H's weak financial risk profile, marked by
moderate gearing, weak debt protection measures, and low net
worth.  The ratings also factor in the company's exposure to risks
relating to high geographic and customer concentration, small
scale of operations in the home furnishings business, and to
cyclicality inherent to the home furnishings segment. T hese
weaknesses are, however, partially offset by the benefits that H&H
derives from its established presence in the home furnishings
segment.

Outlook: Stable

CRISIL expects H&H to maintain its established presence in the
home furnishings market, backed by the promoters' experience.
However, H&H's financial risk profile may be constrained by high
gearing and low debt protection measures.  The outlook may be
revised to 'Positive' if H&H's capital structure, turnover and
margins improve considerably.  Conversely, the outlook may be
revised to 'Negative' if the company's top-line declines
substantially, or if its capital structure deteriorates further on
account of large, debt-funded capital expenditure, or increase in
working capital requirements.

                     About Harisons & Harlaj

Set up in 1979 as a partnership firm, H&H converted to a private
limited company in 1995.  H&H manufactures carpets, cushion covers
and other home furnishing items such as bath mats, door mats, bed
covers, and curtains.  Its plant at Panipat (Haryana) has capacity
to manufacture 20 lakh square meters per annum. It exports its
products Europe, USA and Japan.

H&H reported a profit after tax (PAT) of INR3 million on net sales
of INR 672 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR 4 million on net sales of
INR 747 million for 2006-07.


LOMEX INDIA: CRISIL Assigns 'P4' Rating on INR100MM Bank Guarantee
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Lomex India Pvt Ltd (LIPL).

   INR100 Million Bank Guarantee*    P4 (Assigned)

   * Includes proposed amount of Rs 2.5 million

The ratings reflect LIPL's small scale of operations, low net
worth and exposure to risks relating to intense competition in the
wood panel industry.  These weaknesses are, however, partially
offset by LIPL's moderate business risk profile, marked by healthy
growth in revenues.

Outlook: Stable

CRISIL believes that LIPL will benefit from its moderate business
profile.  The outlook may be revised to 'Positive' if LIPL
strengthens its business risk profile through greater diversity
while maintaining its operating margins.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure (capex) or acquisitions, leading
to deterioration in financial risk profile.

                        About Lomex India

LIPL, incorporated in 1992 is part of the Kolkata-based DPG group,
and is managed by Mr. Amit Kumar Goyal.  The company manufactures
veneers and ply wood used in the manufacturing of furniture.
Plywood manufactured by the company is sold under the brand
Diyunaply.  The manufacturing unit is in Howrah District, West
Bengal. LIPL reported a profit after tax (PAT) of INR(0.2)million
on net sales of INR122 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR(0.1) million
on net sales of INR59 million for 2006-07.


PARAS INDUSTRIES: Delays in Debt Servicing Cues CRISIL 'P5' Rating
------------------------------------------------------------------
CRISIL has assigned its 'P5' rating to Paras Industries' bank
facilities because of delays in debt servicing.

   INR62 Million Pre-Shipment Credit      P5 (Assigned)
   INR50 Million Post-Shipment Credit *   P5 (Assigned)

   * includes INR5 million loan against duty drawback.

                      About Paras Industries

Paras Industries, a partnership firm, was incorporated in 1987.
The firm, owned by the Jariwala and the Shah families, exports
knitted garments and accessories, mainly to departmental stores in
the US, the UK, and other European nations.  The firm also
undertakes job work for the domestic market.  For 2007-08 (refers
to financial year, April 1 to March 31), the firm reported a net
profit of INR4.2 million (INR6.2 million for 2006-07) on net sales
of INR271.7 million (INR271.9 million).


PRABHAT ELASTOMERS: CRISIL Puts 'D' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Prabhat Elastomers Pvt Ltd (PEPL).

   INR63.2 Million Term Loan              D (Assigned)
   INR107.0 Million Proposed Long Term    D (Assigned)
                    Facility
   INR4.7 Million Foreign Currency Loan   D (Assigned)
   INR10.0 Million Cash Credit            D (Assigned)
   INR40.0 Million Packing Credit         P5 (Assigned)
   INR110.0 Million Bill Discounting      P5 (Assigned)
   INR100.0 Million Letter of Credit      P5 (Assigned)
   INR5.0 Million Bank Guarantee          P5 (Assigned)

The ratings are constrained by delays in repayment of term debt
obligations, latest being in the month of April 2009.  The ratings
also reflect PEPL's stretched financial risk profile, marked by
high gearing, low debt protection measures, and working capital
intensive nature of its operations.  These weaknesses are,
however, partially offset by PEPL's established presence in the
synthetic and natural rubber gaskets segment, with long-standing
customer relationships.

                     About Prabhat Elastomers

Incorporated in 1994, PEPL was set up by Mr. Harsukhlal Dhruv and
his family. PEPL manufactures a vartiety of synthetic and natural
rubber gaskets.  The company's manufacturing facility at Sarigam
(Gujarat) has capacity to manufacture more than 20 million gaskets
per annum.  The company derives the bulk of its revenues from
exports.  It also caters to large domestic customers such as
Jindal Saw Ltd.  PEPL recorded a profit after tax (PAT) of INR3.4
million on net revenues of INR315 million in 2007-08 (refers to
financial year, April 1 to March 31) as against a PAT of INR9.1
million on net revenues of INR298 million for 2006-07.


SRI RAMA: Default in Loan Repayment CRISIL Prompts 'D' Rating
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Sri Rama Steels Ltd (Sri Rama).

   INR230.0 Million Cash Credit         D (Assigned)
   INR473.0 Million Letter of Credit    P5 (Assigned)

The ratings reflect default by Sri Rama in the repayment of its
term loan obligations, owing to weak liquidity.

                       About Sri Rama

Incorporated in 1981, Sri Rama manufactures mild steel ingots.
The company currently has two manufacturing units at Solan
(Himachal Pradesh) with a combined installed manufacturing
capacity of 124,500 tonnes per annum.  For 2007-08 (refers to
financial year, April 1 to March 31), Sri Rama reported a profit
after tax (PAT) of INR32.2 million on net sales of INR1020.5
million, as against a PAT of INR55.5 million on net sales of
INR1286.8 million for 2006-07.


TATA MOTORS: S&P Keeps 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating and issue rating on the senior unsecured
debt of India-based automaker Tata Motors Ltd. on CreditWatch with
negative implications.

"After our recent communication with Tata Motors, S&P continue to
expect the company to be able to successfully complete its bridge
facility refinancing before the June 2, 2009, due date," said
Standard & Poor's credit analyst Manuel Guerena.

S&P expects the refinancing to happen partly through rupee bonds
of different tenures of up to seven years, guaranteed by banks,
and the balance through roll-over of the bridge facility with
scheduled maturities up to Dec. 31, 2010.  The company said it is
close to completion on both the plans.  The company would also now
be required to comply with various financial covenants.

The current outstanding amount on the original US$3 billion bridge
facility stands at about US$1.88 billion after the company repaid
(1) about US$1 billion through proceeds from a rights issuance and
certain divestments in October 2008; and (2) a further
US$126 million recently, through a voluntary prepayment option.

Tata Motors has also taken other measures to manage the
significant short-term debt of Indian rupees 192 billion after
excluding the bridge facility as of Dec. 31, 2008.  The company
has raised about INR22 billion through public deposits,
securitized about INR18 billion of its finance receivables, and
collected INR25 billion through advances for Nano bookings.  This,
along with improvement in the Indian automobile market conditions
in 2009, has somewhat eased liquidity pressure at Tata Motors, Mr.
Guerena said.

On the future funding requirements of Jaguar and Land Rover,
especially for capital expenditure, Tata Motors continues to have
discussion with the U.K. government to guarantee the £340 million
loan sanctioned by European Investment Bank as well as additional
loans from U.K.-based commercial banks.  JLR is seeking these
funds to develop new and more fuel-efficient cars for improving
its medium- to long-term competitive position.

Resolving the CreditWatch would require (1) the bridge refinancing
to be completed; (2) review of the company's debt structure and
liquidity position to provide a more reasonable level of short-
term debt; and (3) further clarity on JLR's operating and
financial performance and expectations going forward, considering
the challenging conditions and possible structural changes in the
auto industry.  The company's ability to adjust its operations to
maintain adequate liquidity will be a key component of S&P's
review, given the continuing weak markets.



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

PT MEDIA: Moody's Changes Outlook on 'B1' Corp. Rating to Stable
----------------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook for PT Media Nusantara Citra's B1 corporate family and
guaranteed notes ratings.  Concurrently, PT Moody's Indonesia has
changed the outlook on the company's A1.id national scale rating
from positive to stable.

"The outlook change has been prompted by an increasingly
challenging operating environment in Indonesia, and weaker-than-
expected earnings contributions from recent acquisitions," says
Wonnie Chu, a Moody's Analyst.

"MNC's FY2008 operating performance and financial profile have
been affected by a slowing and increasingly competitive
advertising market in Indonesia.  In addition, most of the IPO
proceeds earmarked for strategic acquisitions (about US$200
million) were spent on areas that are unlikely to yield any
meaningful earnings contribution over the next 1-2 years,"
explains Chu, also Moody's lead analyst for the company.

At the same time, the B1 rating is supported by MNC's leading
position in Indonesia's growing free-to-air TV market, where it
enjoyed a combined audience share of 32.6% in 2008.  It also
reflects the company's strong liquidity position and low capital
investment requirements.

The stable outlook reflects Moody's expectations that (1) MNC will
maintain its leading market position and ample liquidity; and (2)
the company will see its EBITDA margin stabilizing at around the
20% level.

The rating is unlikely to experience upward rating pressure over
the next 12 to 18 months, given current challenging market
conditions.

On the other hand, downgrade pressure could emerge if (1) market
conditions deteriorate beyond expectations; and/or (2) the
company's expansion proves too aggressive and is not accompanied
by a corresponding increase in cash inflows, such that Adjusted
Debt/EBITDA rises above 4x and EBITDA/interest coverage falls
below 2x-2.5x.

The last rating action with regard to MNC was on November 29, 2007
when the ratings were affirmed following the Linktone acquisition.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia, is
an integrated media company with operations in television, radio
and print media.  It is the market leader in Indonesia's free-to-
air TV industry, owning 3 of 11 FTA TV networks nationwide.  PT
Global Mediacom Tbk owns approximately 71.14% of MNC, while
MediaCorp owns a further 6.85% as a strategic investor.

Moody's National Scale Ratings are not intended to be globally
comparable.  Moody's also emphasizes that its National Scale
Ratings are not opinions on absolute default risk.  In this
respect, they are different to the Moody's global scale ratings
which have been assigned to Indonesian or other national
institutions, and which do not carry the ".id" suffix.  Only
Moody's global scale ratings are directly comparable to the
Moody's global ratings assigned elsewhere in the world, and they
also address absolute default risk.



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

TOSHIBA CORPORATION: Moody's Assigns 'Ba1' Rating on Bonds
----------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba1 to
JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

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

Moody's assigned provisional ratings to the bonds on May 8, 2009.

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

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


* JAPAN: Top Banks Post Annual Losses
-------------------------------------
Top Japanese banks tumbled to steep annual losses as bad loans
rise and share prices plunges, Japan Today reports citing the
Associated Press.

According to the report, Japan's three megabanks Mizuho Financial
Group Inc, Sumitomo Mitsui Financial Group Inc, or SMFG, and
Mitsubishi UFJ Financial Group Inc had all projected annual
losses, after drastic downgrades of initial profit estimates.

The report says Mizuho Financial posted a group net loss of
JPY588.8 billion for the fiscal year ended March, its first annual
loss in six years.  Mizuho's smaller rival Sumitomo Mitsui
Financial Group Inc, or SMFG, also reported a net loss of JPY373.5
billion, while Mitsubishi UFJ, is expecting a JPY42 billion loss.

The banks expect to turn a profit this fiscal year, the report
says.  For the fiscal year through March 2010, Mizuho expects a
net profit of JPY200 billion on revenue projected at JPY3.20
trillion while SMFG is projecting a net profit of JPY220 billion
on revenue of JPY3.4 trillion.

Japan's major banks managed to weather the U.S. subprime mortgage
crisis with far smaller losses than their Western counterparts,
but they are now facing the painful impact of of the global
recession, the report states.



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

HYNIX SEMICONDUCTOR: To Sell $300MM Worth of Equipment to China JV
------------------------------------------------------------------
Hynix Semiconductor plans to sell $300 million worth of equipment
to a future China joint venture in a bid to ease liquidity
problems, The Korea Herald reports.

The Herald says the company plans to sell some of its packaging
and testing equipment in Korea and China to its envisioned joint
venture with China's Wuxi Industrial Development Group Company
Ltd.  Hynix will own 45 percent of the shares in the $150 million
joint venture, while Wuxi will own the remaining 55 percent
shares, the report notes.

The report, citing Hynix in a news release, relates that the sale
will allow the company to save more than KRW2 trillion in
investments for the next five years by raising the portion of
back-end outsourcing from the current 30 percent to 50 percent.
This will allow the company to focus "front-end" manufacturing and
research and development, Hynix added as cited in the report.

According to the Herald, Hynix also plans to secure an additional
KRW725 billion ($574 million) through the ongoing new shares sale,
with the goal of raising a total of KRW2.3 trillion, which is
according to a company spokesman, consists of KRW1 trillion to be
raised from sales of Hynix's property and factory equipment and
KRW1.3 trillion to be raised via new share sale and other
fundraising measures.

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
Dec. 29, 2008, Standard and Poor's Ratings Services lowered to
'B+' from 'BB-' its long-term corporate credit and senior
unsecured debt ratings on Korea-based Hynix Semiconductor Inc. to
reflect the extremely challenging market situation and the rapid
deterioration in the company's financial risk profile.  The
outlook on the long-term corporate credit rating is negative.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.



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

BSA INTERNATIONAL: Receives Notice to Set Aside Wind Up Petition
----------------------------------------------------------------
BSA International Berhad has received a notice of application for
setting aside the winding-up order filed by Synergy Worldwide (M)
Sdn Bhd against BSA Manufacturing Sdn Bhd, a wholly owned
subsidiary.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, BSA Manufacturing Sdn Bhd (BSAM), a wholly owned
subsidiary of BSA International Berhad, received a winding-up
petition from Synergy Worldwide (M) Sdn Bhd, for claims amounting
to MYR245,564.54 in relation to the forwarding services provided
to BSAM.

The application is now pending hearing date to be fixed by Court.

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.


POLY TOWER: Loan Payment Default Prompts PN17 Listing
-----------------------------------------------------
Poly Tower Ventures Berhad ("PTV") has been considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 on May 15, 2009 and the company is unable to provide a
solvency declaration to Bursa Malaysia Securities Berhad.

As a listed company under the Amended PN17 of the Bursa
Securities, Poly Tower is required to:

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

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

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

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

   (e) provide details of the Regularisation Plan ("Reguisite
       Announcement"), which shall include the timeline for
       the complete implementation of the Regularisation Plan.
       This Requisite Announcement must be made by a merchant
       banker or a participating organisation that may act as
       a principal adviser under the Securities Commission's
       Guidelines on the Offering of Equity and Equity-Linked
       Securities.

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

PTV is currently in the process of negotiating with the lenders in
connection with the credit facilities defaulted on
May 15, 2009 to seek indulgence for a standstill period for the
company to come out with a proposed restructuring of repayment of
the outstanding amount.

Thereafter, the company shall take appropriate steps pursuant to
the guidelines under the Securities Commission's Guidelines on the
Offering of Equity and Equity-Linked Securities, if applicable, to
formalize the Regularisation Plan.  The company shall make, on
finalization and completion of the regularization plan, the
requisite announcement outlining the details of its Regularisation
Plan.

                         About Poly Tower

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
company.  The company's segments include investment holding and
property investment, manufacturing, and trading.  The company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.



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

FIVE STAR: Liquidators File Court Action Against Receivers
----------------------------------------------------------
The liquidators of Five Star Finance Ltd are pursuing for
ownership of units in the Richmond Park Property Trust, The
National Business Review reports.

The NBR, citing Five Star Finance's six monthly liquidators
report, says action had been commenced against the receivers of
Five Star Consumer Finance in respect of the units, which had been
transferred to them.

The report relates that the liquidators have already managed to
recover NZ$90,605 from the trust after they found advances had
been made to the trust prior to liquidation.

The liquidators were presently in negotiation with the receivers
over the units and indicated settlement might be possible with the
receivers, liquidator Paul Sargison told NBR.

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star Consumer Finance Limited and its
subsidiaries.


INFRATIL LIMITED: Posts NZ$191 Mln Net Loss in Year Ended March 31
------------------------------------------------------------------
Infratil Limited reported a  net loss after tax and minority
interests of NZ$191 million for the year ended March 31, 2009,
compared with a loss of NZ$2 million in 2008, largely due to
NZ$179 million of non-cash write downs associated with listed
investments.

For the year ended March 31, 2009, Infratil's consolidated
earnings (EBITDAF) were NZ$356 million, up 13% from NZ$316 million
for the previous year.

The operating surplus (earnings after interest, depreciation and
amortisation) was NZ$77 million, from NZ$88 million and operating
cash flows adjusted for movements in working capital increased to
NZ$144 million from NZ$134 million.  Investment and capital
spending amounted to NZ$300 million, down from NZ$507 million in
2008.

Infratil's core businesses, TrustPower, Wellington Airport and
Infratil Energy Australia delivered improved results while NZ Bus
was slightly down.  Infratilís European Airports performed poorly.
Higher interest and depreciation charges were due to recent
capital spending on enhanced and expanded facilities.  Lower
investment outflows occurred as new investments were curtailed and
discretionary capital spending programmes wound down.

The company declared a fully imputed dividend of 3.75 cents per
share.

                          About Infratil

Wellington, New Zealand-based Infratil Limited --
http://www.infratil.com/-- is an infrastructure investor.  The
company, along with its subsidiaries, operates in four
industries: investment in infrastructure and utility companies,
airport, transportation and energy operations.  The airport
operations comprise the revenue and expenses associated with
Infratil Limited's investments in Wellington International
Airport Limited and Infratil Airports Europe Limited;
transportation comprises the businesses of New Zealand Bus
Limited and New Zealand Bus Finance Limited and subsidiaries,
which was acquired by the company on November 30, 2005, and the
energy operations relate to Victoria Electricity Pty Limited and
Infratil Energy Australia Pty Limited.  On December 5, 2005,
Infratil Limited acquired a 90% interest in Flughafen Lubeck
GmbH (Lubeck Airport).  In December 2006, Alliant Energy Corp.
sold its ownership interest in Alliant Energy New Zealand
Limited to the company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on May 19, 2009,
listed these Infratil Ltd. bonds as distressed:

           Coupon          Maturity            Price
           ------          --------            -----
            8.500%         02/15/20            NZ$59.14
           10.180%         12/29/49            NZ$53.50


KENSINGTON PARK: Could Be Sold Soon, Receivers Say
--------------------------------------------------
The New Zealand Herald reports that the receivers of Kensington
Park said the luxury housing estate at Orewa could be sold soon.

According to the report, KordaMentha, receivers for Kensington
Park Properties said a six-week marketing campaign this year
resulted in negotiations which were going on now.

"A number of expressions of interest were recorded.  These are
being discussed with the general security holder," the Herald
cited receiver Grant Graham as saying in a recently released
report.

The Troubled Company Reporter-Asia Pacific, citing The
National Business Review, reported on Sept. 16, 2008, that
Kensington Park Properties has been placed into receivership.
Kordamentha was appointed receivers to the company.

The Business Review related that Kensington Park Properties, the
company behind a NZ$560 million Orewa property development and
headed by developer Patrick Fontein, was developing the 800 house
Kensington Park subdivision.  Kensington Park was financed by Bank
of New Zealand, Fidelity Finance and NZ Funds Management's Super
Yield Fund, the Business Review said.

The Business Review noted that Kensington Park Properties is owned
by Titmotu Investments (29%), a company associated with South
Island businessman Ken Cummings; Tesla Securities (27%); Mr.
Fontein's Kensington Properties (26%); and Allee Holdings (18%),
which is part-owned and directed by Allan Clarke.



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

PHILIPPINE LONG: Moody's Confirms 'Baa2; Currency Issuer Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed Philippine Long Distance
Telephone Company's Baa2 local currency issuer rating with a
stable outlook.  This concludes the rating review for direction
uncertain that was initiated on March 16, 2009.  At the same time,
Moody's has affirmed PLDT's Ba2/positive foreign currency bond
rating, which was not on review.

"The rating confirmation reflects PLDT's increased appetite for
risk as a result of the recently announced Meralco (Manila
Electric Company) acquisition which, given funding plans, will
result in an increase in leverage and weakened cash flow metrics,"
says Laura Acres, a Moody's Vice President, adding "Such concern
is counter-balanced by PLDT's solid financial profile post-
acquisition which can be contained within the Baa2 rating."

"While Moody's is also concerned about the move into a non-core
business, it does acknowledge that various operational synergies
exist as well a potential defensive play which will ensure PLDT
access to Meralco infrastructure," adds Acres also Moody's Lead
Analyst for PLDT.

PLDT's local currency issuer rating of Baa2 reflects the company's
position as the largest telecommunications operator in the
Philippines supported by strong consolidated financial metrics and
dominant market position, founded on its integrated business
profile.

However, these factors are counter-balanced by country specific
issues, such as uncertainty surrounding the Philippines political
and economic environment.  Any deterioration in the political
system or changes in the regulatory regime could impact PLDT's
operating profile and prospects for growth.

The stable outlook reflects Moody's expectation that PLDT will
execute its business plan as outlined and that no additional
investment in Meralco or any other non-core business is
considered.

Moody's affirmation of PLDT's Ba2 foreign currency bond rating
reflects the fact that the rating is unlikely to rise without an
improvement in the Philippines foreign currency country ceiling.

PLDT's financial metrics exhibit strong investment grade
characteristics.  Hence any upward pressure on the local currency
rating would be more reflective of PLDT's ability to maintain its
existing sound financial and operating profile on a sustainable
basis, particularly post the Meralco acquisition.  Moody's would
specifically like to ensure that shareholder return and asset
investment polices do not lead to a material deterioration of the
company's financial profile.

Downward pressure is not expected given that PLDT currently enjoys
a healthy financial and operating risk profile.  Event risk is
always a possibility given the parlous state of the socio-economic
and political environment and such risk would be measured by
EBITDA margins falling below 50% and/or debt/EBITDA rising above
2.0x.  Moody's would also view negatively any additional material
investment into non-core businesses.

The Ba2/positive foreign currency rating is sensitive to any
movements in the sovereign rating.

The last rating action was taken on March 16, 2009 when PLDT's
Baa2 senior unsecured local currency issuer rating was placed
under review direction uncertain and the foreign currency bond
rating was affirmed at Ba2/positive.

PLDT, headquartered in Manila and listed on the Philippine Stock
Exchange and American Depository Receipts traded on the New York
Stock Exchange, is an integrated provider of fixed-line,
broadband, cellular and ICT (Information and Communications
Technology) services.  It currently has a 52% subscriber market
share for cellular telephony, 60% for fixed-line services and
about 70% for broadband.



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

ASIAN PETROCHEMICAL: Court to Hear Wind-Up Petition on May 29
-------------------------------------------------------------
A petition to have Asian Petrochemical Marketing Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on May 29, 2009, at 10:00 a.m.

Asian Petrochemical Marketing (Holding) Limited filed the petition
against the company on May 5, 2009.

The Petitioner's solicitors are:

          Messrs. Wong Thomas & Leong
          No. 23 New Bridge Road, #03-01
          Singapore 059389


CROWN GLOBAL: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of Crown Global Equipment & Machinery Pte Ltd. are
required to file their proofs of debt by May 29, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


LANDIS & GYR: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of Landis & Gyr Communications Pte Ltd. are required
to file their proofs of debt by May 29, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

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


TAN PENG: Creditors' Proofs of Debt Due on May 29
-------------------------------------------------
The creditors of Tan Peng Construction (Private) 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:

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



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

AMERICAN INT'L: Taps Blackstone Group for Asian Life Unit IPO
-------------------------------------------------------------
Bei Hu at Bloomberg News reports that American International Group
Inc plans to sell shares in its Asian life unit to raise funds to
repay US$182.5 billion in taxpayer loans.

Citing AIG in a statement, Bloomberg News says the U.S.-based
insurer hired Blackstone Group LP to advise on the reorganization
and initial public offering on an Asian exchange of American
International Assurance Co.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2009, The Wall Street Journal, citing people familiar with
the matter, said the 2010 initial public offering of AIG's Asian
life-insurance arm could raise more than US$5 billion, depending
on the structure of the deal.  According to WSJ, sources said that
bankers expect AIG to invite investment banks to submit proposals
as early as  this week to underwrite a listing of AIA.  The terms
of the AIA IPO will depend on market conditions, WSJ said, citing
bankers.  WSJ said AIG failed to find a buyer for AIA through an
auction earlier this year.  The bankers, according to the report,
said that they intend to suggest a structure that would call for
selling around 20% of AIA's stock to the public, which would raise
at least US$5 billion if investors value the entire AIA around
US$25 billion.

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

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

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

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

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

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

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

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


CAPMARK FINANCIAL: Compliance to Leverage Ratio Covenant Waived
---------------------------------------------------------------
Capmark Financial Group Inc. intends to enter into amendments to
the senior credit facility and bridge loan agreement.

On May 8, 2009, Capmark received a commitment from certain lenders
under its bridge loan agreement and senior credit facility to
provide a new term loan facility of up to $1.5 billion.  Proceeds
from the Facility, along with $75.0 million in cash, will be used
to refinance a portion of Capmark's bridge loan agreement and
senior credit facility.  The Facility will be secured by a pledge
and security interest on substantially all of Capmark's U.S. and
Canadian non-bank mortgage loans and foreclosed real estate.  The
maturity date of the Facility will be March 23, 2011, provided
that if certain conditions relating to the restructuring of
Capmark's senior notes due 2010 have not been met, the maturity
date of the Facility will be accelerated to April 2010.

According to Capmark, the Amendments will extend the maturity date
under the bridge loan agreement to the maturity date of the
Facility, conform the financial covenants in those agreements to
the financial covenants in the Facility and amend certain other
provisions of those agreements, including amendments necessary to
enter into the Facility.  The Facility and the Amendments are
subject to a number of closing conditions, including the
negotiation and execution of definitive agreements and related
documents satisfactory to the lenders.

To facilitate the execution of definitive agreements with respect
to the Facility and the Amendments, Capmark has extended the
maturity date of 100% of its outstanding bridge loan to May 21,
2009.  Additionally, the required lenders under the senior credit
facility and the bridge loan agreement have agreed to waive
Capmark's compliance with the leverage ratio covenant for the
quarters ended December 31, 2008 and March 31, 2009.  These
waivers are effective through May 21, 2009.

Capmark is seeking to document and close the Facility and the
Amendments by May 21, 2009.  If Capmark does not close the
Facility by May 21, 2009 and the lenders under the senior credit
facility and bridge loan agreement fail to waive or eliminate the
leverage ratio covenant beyond May 21, 2009 and further extend the
maturity of the bridge loan agreement, Capmark will default under
these agreements upon expiration of the waivers and the extension
and the majority lenders under such agreements can immediately
declare all loans due and payable.

Capmark on Friday reported a net loss of $727.7 million for the
quarter ended March 31, 2009 compared to a net loss of $212.9
million for the quarter ended March 31, 2008.  The operating
results for the first quarter of 2009 were impacted by continued
adverse market conditions that resulted in net losses on loans of
$229.2 million due to valuation losses, net losses on investments
and real estate of $247.4 million largely due to impairment
charges on real estate investments in Capmark's Asian Operations
business segment and $143.5 million of losses from investments in
joint ventures and partnerships resulting from declines in the
fair value of the assets held through such investments.
Capmark's net loss totaled $727.7 million for the three months
ended March 31, 2009 compared to a net loss of $212.9 million for
the three months ended March 31, 2008. The $514.8 million increase
in net loss was primarily due to lower noninterest income, a
higher provision for loan losses and the absence of an income tax
benefit on the losses incurred for the three months ended
March 31, 2009.

Noninterest income was impacted by continued adverse market
conditions that resulted in increased net losses on Capmark's
loans, investments and real estate of $107.6 million and declines
in its fee and investment income of $172.4 million largely
attributable to equity in losses of joint ventures and
partnerships.

The increase in net losses was attributable to an increase in net
losses on investments and real estate of $235.6 million largely
due to impairment charges on real estate investments in Capmark's
Asian Operations business segment, partially offset by a decline
in net losses on loans of $128.0 million reflecting lower downward
changes in fair value recognized on Capmark's portfolio of loans
held for sale in the three months ended March 31, 2009, due to the
sale of 39 European loans in 2008.

The decline in fee and investment income of $172.4 million was
largely due to an increase in losses from equity investments in
joint ventures and partnerships and declines in mortgage servicing
fees, trust fees and placement fees.  Capmark's loss from equity
investments in joint ventures and partnerships increased $133.5
million primarily due to declines in fair value of the assets held
through such joint ventures and partnerships.  Mortgage servicing
fees declined $12.8 million primarily due to lower assumption
fees.  Trust fees decreased $11.8 million primarily due to the
lower interest rate environment. Placement fees declined $10.3
million primarily due to a decrease in loan origination volume.

Capmark's provision for loan losses totaled $98.7 million for the
three months ended March 31, 2009 compared to $7.6 million for the
three months ended March 31, 2008. The increase in provision for
loan losses reflects an overall increase in Capmark's loans held
for investment from a year ago, an increase in impaired loans for
which a specific allowance is recorded and the impact of declining
asset quality on the remaining loans held for investment in its
portfolio due to challenging economic conditions.

Capmark established a valuation allowance on its deferred tax
assets that resulted in the absence of an income tax benefit on
the losses incurred for the three months ended March 31, 2009.

As of March 31, 2009, Capmark had readily available cash
(excluding cash held at Capmark Bank) of approximately $1.4
billion and Capmark Bank had approximately $1.8 billion in cash.
During the three months ended March 31, 2009, net cash provided by
operating activities totaled $1.2 billion due to the sale of U.S.
Treasury securities classified as trading.

Capmark used net cash of $44.8 million in investing activities for
the three months ended March 31, 2009, primarily for the purchase
of $65.8 million of equity investments under existing commitments
to our fund and partnership investments and the origination of
$248.6 million of loans held for investment, which was offset in
part by the receipt of $283.9 million from the repayment of loans
held for investment.

For the three months ended March 31, 2009, net cash provided by
financing activities totaled $1.4 billion due to a net increase of
$1.5 billion in deposit liabilities at Capmark Bank.

To date, Capmark has continued to take actions to maintain
liquidity to support its business operations such as obtaining a
commitment to refinance its senior credit facility and bridge loan
and focusing its efforts on originating loans for government
sponsored enterprises and third parties of $900.0 million for the
three months ended March 31, 2009. In addition, Capmark has
materially reduced its proprietary originations and investments
and, other than funding of previously committed loans,
substantially all of its originations for the three months ended
March 31, 2009 were funded by Capmark Bank.

Challenging economic conditions have resulted in declining asset
quality in recent quarters, including the first quarter of 2009,
resulting in adverse credit migration and increases in non-
performing loans. The factors contributing to the decline in asset
quality include weak economic conditions, market illiquidity,
declining commercial real estate fundamentals, Capmark's
concentration of transitional real estate and declining real
estate values.

As of March 31, 2009, the carrying value of Capmark's loan
portfolio held for investment was $8.0 billion, net of an
allowance for loan losses totaling $167.5 million and fair value
and other adjustments totaling $46.4 million as a result of
valuation adjustments on loans transferred in a prior year from
held for sale designation.

As of March 31, 2009, Capmark's loan portfolio held for sale was
carried at a fair value of $3.8 billion representing an aggregate
discount of approximately $1.0 billion to the portfolio's
aggregate unpaid principal balance of $4.8 billion.

As of March 31, 2009, total reserves on the loan portfolios held
for investment and held for sale (including allowance for loan
losses and fair value and other adjustments) were 9.2% of the
unpaid principal balance of the loan portfolio.

As of March 31, 2009, Capmark's real estate investments had a
carrying value of $1.7 billion, which reflects Capmark recording
impairment charges of $122.7 million during the first quarter of
2009 related to its real estate holdings in Asia.

As of March 31, 2009, Capmark had $21.1 billion in total assets
and $$20.4 billion in total liabilities.

                           About Capmark

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets.  Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing.  Capmark operates in North America, Europe and
Asia.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/




                         *********

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

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

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


                            *********


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

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

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

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

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





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