TCRAP_Public/090527.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 27, 2009, Vol. 12, No. 103

                            Headlines

A U S T R A L I A

NOT QUITE: Enters Into Voluntary Administration
PANAUST LIMITED: Inks AU$180 Million Investment Deal With GRAM
VENTRACOR LIMITED: Administrators Prefer Sell-Out Than DOCA


C H I N A

HAINAN AIRLINES: Incurs CNY1.42 Bil. Net Loss in Yr. Ending 2008
HAINAN AIRLINES: To Receive CNY3-Billion Cash Infusion


H O N G  K O N G

CITIC PACIFIC: Plans to Invest US$2.21-Bln in Iron-Ore Business
ELECTRONIC TECHNOLOGY: Creditors' Proofs of Debt Due on June 23
FINE LAND: Members' Final Meeting Set for June 23
FUTURE MOUNTAIN: Members' Final Meeting Set for June 24
HONG KONG SAR: Creditors' Proofs of Debt Due on June 23

IT'S ACADEMIC: Members' Final Meeting Set for June 23
PACIFIC VICTORY: Creditors' Proofs of Debt Due on June 22
REALUCK LIMITED: Members' Final Meeting Set for June 17
SKY FIT: Placed Under Members' Voluntary Liquidation
THE CHINESE COUNCIL: Creditors' Proofs of Debt Due on June 25

UNITED POWER: Placed Under Voluntary Wind-Up
WISE RIGHT: Members' Final Meeting Set for June 26


I N D I A

ATRIA BRINDAVAN: CRISIL Rates INR808.00 Mln Long Term Loan at 'BB'
COSMO FERRITES: CRISIL Cuts Ratings on Various Bank Loans to 'C'
JET AIRWAYS: Incurs INR4023.40 Million Net Loss in FY2008
SABARI EXIM: Low Net Worth Prompts CRISIL 'BB-' Ratings
TIMTECH INDIA: CRISIL Places 'BB+' Rating on INR49 Mln Term Loan

VIJAYASRI ORGANICS: CRISIL Junks Rating on INR250 Mln Term Loan


I N D O N E S I A

BANK DANAMON: Expects to Increase Lending in 2nd Qtr. of 2009
PT PERTAMINA: Wants to Buy 2% Stake in Donggi Senoro Through Medco


J A P A N

HITACHI LTD: Splits Off Consumer and Automotive Units
NISSAN MOTOR: Likely to Get JPY100-Bln U.S. Loans for Green Cars


K O R E A

HYUNDAI MOTOR: Posts 11% Sales Increase in European Market
SSANGYONG MOTOR: To Proceed With Restructuring Plans


N E W  Z E A L A N D

FELTEX CARPETS: Court Defers Former Directors' Case to April 2010
MELVIEW: Placed in Receivership
RETRAVISION (NZ): Shareholders Voluntarily Liquidate Business


P A K I S T A N

UNITED BANK: Fitch Downgrades Individual Rating to 'D/E'


P H I L I P P I N E S

LEGACY GROUP: Appelate Court Lifts Freeze Order on 9 Bank Accounts


S I N G A P O R E

DURACO INDUSTRIES: Creditors' Proofs of Debt Due on June 6
SAIZEN REIT: Liquidity Pressures Cues Moody's to Junk Corp. Rating
SIN HONG: Pays Dividend to Preferential and Ordinary Claims
SINGAPORE DERRICK: Court Enters Wind-Up Order
SOUTHERN STAR: Court to Hear Wind-Up Petition on June 5


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

NOT QUITE: Enters Into Voluntary Administration
-----------------------------------------------
The Sydney Morning Herald reports that discount retailer Not Quite
Retail has entered voluntary administration.

The report says Ferrier Hodgson confirmed it will act as
administrator for the unlisted retailer, which has been in
business for 20 years.

Not Quite Retail sells discontinued lines or excess stock.  The
supermarket-style chain has 26 stores across Victoria.


PANAUST LIMITED: Inks AU$180 Million Investment Deal With GRAM
--------------------------------------------------------------
PanAust Limited said it has entered into a share placement
agreement with Guandong Rising Asset Management ("GRAM"), a major
Chinese investment group, under which GRAM will invest AU$180
million (approximately US$141 million) to acquire a 19.9 percent
interest in PanAust.

"Subject to PanAust shareholder and regulatory approvals, GRAM
will subscribe for approximately 457 million fully paid ordinary
shares in PanAust at an issue price of AU$0.395 per share,
equivalent to 19.9 percent of PanAust's share capital," PanAust
said in a statement to the Australian Securities Exchange.

PanAust also said it intends to undertake an equity offer of
AU$142 million (approximately US$111 million) by way of a
placement to institutional investors ("Institutional Placement")
and a 2 for 9 accelerated non-renounceable pro-rata entitlement
offer ("Entitlement Offer").  Proceeds of the equity offer will be
use to repay the company's US$80 million subordinated debt
facility with Goldman Sachs JBWere and provide working capital.
ABN AMRO Morgans Corporate Limited has underwritten a minimum
AU$110 million of the equity offer.

The issue price for the institutional placement and entitlements
offer is AU$0.28 per share; a 29.1 percent discount to the last
closing price of PanAust share on May 25, 2009 and a 24.3 percent
discount to the theoretical ex-rights price.

GRAM will maintain its 19.9 percent interest in the company post
the equity offer through an additional top-up placement of shares
at the issue price.

PanAust Managing Director, Gary Stafford, said "We look forward to
welcoming GRAM as a cornerstone investor in PanAust.  The proposed
investment will allow PanAust to significantly reduce its debt and
enhances its future funding flexibility."

Following completion, PanAust will invite one nominee from GRAM to
join the Board of directors.  PanAust has not entered into any
agreements in relation to takeoff as part of the proposed
investment by GRAM.

The GRAM investment is expected to close in late July 2009,
following receipt of PanAust shareholder approval and Australian
and Chinese regulatory approvals.

Rothschild Australia Limited is acting as financial adviser to
PanAust.  ABN AMRO Morgans Corporate Limited is acting as lead
manager to the equity offer.

Gresham Partners and China International Capital Corporation
Limited are acting as joint financial advisers to GRAM.

                    About PanAust Limited

Headquartered in Brisbane, Australia, PanAust Limited (ASX:PNA) --
http://www.panaust.com.au/-- formerly Pan Australian Resources
Limited, is engaged in the mine development, gold mining
operations, precious and base metal project evaluation and mineral
exploration.  PanAust has mining and mineral operations carried on
in Laos and Thailand.  In Laos, the Company operates the large Phu
Kham Copper-Gold Mine, which commenced processing of copper-gold
ore in March 2008.  The Company produces gold from the Phu Kham
Heap Leach Gold Operation which was brought into production in
November 2005.  The Company owns a 90% interest in the Phu Bia
Mining Limited (Phu Bia Mining), through the Company's wholly
owned subsidiary Pan Mekong Exploration Pty Limited.  PanAust
holds a shareholding right of 33.17% in Puthep Company Limited
(Puthep) through the Companyís wholly owned subsidiary PNA
(Puthep) Pty Limited.

                         *     *     *

The company incurred three consecutive net losses of US$39.96
million, US$13.05 million and AU$4.52 million, for the years
ended Dec. 31, 2008, 2007 and 2006, respectively.


VENTRACOR LIMITED: Administrators Prefer Sell-Out Than DOCA
-----------------------------------------------------------
The administrators of Ventracor Limited are recommending creditors
vote in favour of selling the company offshore for US$8 million
(AU$10.2 million) rather than placing it in deed of company
administration, The Australian reports.

Citing a creditors' report released by Ferrier Hodgson on May 25,
The Australian says the administrators confirmed it had entered
into a non-binding and non-exclusive heads of agreement with
US-based Siqro Inc, which offered to buy the assets of the
company, including intellectual property, plant and equipment,
its heart pump inventory and supplier and distributor contracts.
Siqro has also assured continued employment for most employees,
the Australian adds.

The Australian meanwhile says Ferrier Hodgson dismissed Ventracor
Shareholders Group's bid to buy back the company via a deed of
company administration (DOCA).

"It is our opinion that the Shareholder DOCA has uncertainty and
at present a number of outstanding practical issues, which casts
general doubt over the projected outcomes," the Australian cited
Ferrier's Steve Sherman as saying in his report.

The report notes while the shareholder group had indicated it had
raised $12 million, principally from four cornerstone investors,
the administrator was concerned about how it would fund the
business after the sale.

Creditors will vote on the future of the company at a meeting in
Sydney on Friday, May 29.

As reported by the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Ventracor said the company has been placed into
voluntary administration as it has not been able to attract
sufficient capital to fund its operations through to June 30,
2009.

Ventracor said "the company has approached over 130 potential
investors in Australia, US and Europe over a period of more than
a year.  In addition, a share purchase plan offer was made to
shareholders, but did not attract sufficient capital."

The company has appointed Steven Sherman and John Gothard of
Ferrier Hodgson as administrators.

Meanwhile, The Australian recalled that in February, Ventracor
defended its decision to keep quiet about the deaths of three
patients who have since been linked to its failed heart pumps.

The Australian related that Ventracor, whose VentrAssist device is
subject to a safety investigation by the Therapeutics Goods
Administration, issued a statement at the time that advised it had
been "in full compliance with its obligation to make continuous
disclosure" under the Australian Securities Exchange listing
rules.

The company's shares have been suspended from trading since early
February, when it reported to the TGA that there had been 11
adverse events associated with its device, according to the
Australian.

Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a
global medical device company that has developed an implantable
blood pump, the VentrAssist left ventricular assist device (LVAD),
designed as therapy for patients in end-stage heart failure.  The
principal activities of the Company are the research, development,
manufacture, clinical trials and commercialization of the
VentrAssist LVAD and related technologies.  The VentrAssist
product segment utilizes specialist medical companies in Australia
and internationally to assist in the production of VentrAssist
pumps for the clinical trials.  Final testing and assembly of the
VentrAssist is carried out in Australia.  The Company's divisions
are managed in Australia, with operations in Australia, the United
States and Europe.



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

HAINAN AIRLINES: Incurs CNY1.42 Bil. Net Loss in Yr. Ending 2008
----------------------------------------------------------------
Hainan Airlines Co. Ltd. (HNA) incurred a CNY1.42 billion
(US$208 million) net loss in 2008 compared to a CNY627 million net
profit in 2007, Xinhua news agency reports.

According to the report, the company attributed its losses to the
high oil prices in the first half of 2008 and the declining market
demands brought by the global economic downturn.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China Rating's "CC"
issuer credit rating placed on October 31, 2005 with a negative
outlook.


HAINAN AIRLINES: To Receive CNY3-Billion Cash Infusion
------------------------------------------------------
Hainan Airlines will receive a CNY3 billion (US$440 million)
cash infusion as it will issue 300 million new shares at about
CNY5 each to the government of Hainian Province and to its parent,
HNA Group, Shanghai Daily reports.

The report, citing a company statement, says that the cash
injection will trim the carrier's debt-to-asset ratio to about 81
percent from 86 percent.

"Hainan Air expanded capacity quickly in recent years and the
injection can help it introduce more jets and the lower debt-to-
asset ratio enables the carrier to widen financing channels to
increase its capacity", the news agency quoted Wu Li, an analyst
at Guotai Jun'an Securities Co., as saying.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China Rating's "CC"
issuer credit rating placed on October 31, 2005 with a negative
outlook.



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

CITIC PACIFIC: Plans to Invest US$2.21-Bln in Iron-Ore Business
---------------------------------------------------------------
Citic Pacific Ltd. plans to invest CNY15 billion (US$2.21 billion)
in its iron-ore mining operations over the next two years, The
Wall Street Journal reports citing Citic Chairman Chang Zhenming.

WSJ relates that Mr. Chang told reporters after an annual
shareholders' meeting that Citic Pacific will continue to divest
non-core businesses, but it has no plans to sell its 17.5 percent
stake in Cathay Pacific Airways Ltd.

"We don't have timetable on assets disposal, but we hope to sell
some low-return assets at a suitable time to maximize return to
shareholders," WSJ quoted Mr. Chang as saying.  The restructuring
of the conglomerate's non-core assets would take time and the
company's future business focus would be special steel, iron-ore
mining and China property, he said.

Citic Pacific, WSJ recounts, said last month it planned to sell
a 20 percent stake in a power producer in Inner Mongolia for
CNY1.98 billion, as part of efforts to sell shares in companies in
which it doesn't have a controlling stake.

The Troubled Company Reporter-Asia Pacific, citing The New York
Times, reported on April 13, 2009 that Citic Pacific Ltd replaced
its top management amid an investigation by regulators into
currency losses at the company last year.

According to the Times, Citic Pacific said its chairman, Larry
Yung, the son of a former Chinese vice president and once
the richest man in mainland China, will be succeeded by Chang
Zhenming, vice chairman of the parent company, Citic Group.  The
managing director of Citic Pacific, Henry Fan, also resigned,
the Times said.

Bloomberg News said Citic Pacific, which was forced to seek state
aid after recording the largest currency derivative loss by a
Chinese company, has been criticized by lawmakers for a six-week
delay in revealing the losses last year.

The Securities and Futures Commission is investigating Mr. Yung,
Mr. Fan and 15 directors, Bloomberg News said citing the company
in a Jan. 2 statement.

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Citic Pacific reported a massive full-year loss in
2008 after making wrong-way currency bets.

According to Bettina Wassener at The NY Times, Citic Pacific took
big losses on ill-timed currency transactions, mainly through bets
on the value of the Australian dollar in a botched attempt to
hedge the currency risks associated with a large mining investment
in Australia.

Citic Pacific posted a HK$12.66 billion net loss in 2008 compared
with a profit of HK$10.84 billion in 2007.

The company said it booked a realized and marked to market loss of
HK$14.63 billion on a number of foreign exchange contracts, which
significantly impacted the bottom line of the company.

Citic Pacific said it recommends not paying a final dividend.  It
has also decided that no bonuses will be paid to directors for
2008.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on CITIC Pacific Ltd. to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard & Poor's
also raised its issue rating on the senior unsecured notes issued
by CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB'; the notes
are guaranteed by CITIC Pacific.  Both ratings were removed from
CreditWatch, where they were placed with developing implications
on Nov. 14, 2008.  They were originally placed on CreditWatch with
negative implications on Oct. 21, 2008.

On April 14, 2009, the TCR-AP reported that Moody's Investors
Service sees no immediate impact on the Ba1 corporate family
rating of CITIC Pacific Ltd and the Ba1 bond rating of CITIC
Pacific Finance (2001) Ltd after the resignation of two of CITIC
Pacific's directors.  The outlook on these ratings remains
negative.


ELECTRONIC TECHNOLOGY: Creditors' Proofs of Debt Due on June 23
---------------------------------------------------------------
The creditors of Electronic Technology Systems Dr. Genz (HK)
Limited are required to file their proofs of debt by June 23,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Ko Tak Wing
          CRE Building, 303 Hennessy Road
          Wanchai, Hong Kong


FINE LAND: Members' Final Meeting Set for June 23
--------------------------------------------------
The members of Fine Land Development Limited will hold their
meeting on June 23, 2009, at 10:00 a.m., at the 76th Floor of Two
International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

At the meeting, Cheung Fong Ming, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FUTURE MOUNTAIN: Members' Final Meeting Set for June 24
-------------------------------------------------------
The members of Future Mountain Technologies Limited will hold
their meeting on June 24, 2009, at 11:00 a.m., at Akkerweg 26, in
5513AR Wintelre, Netherlands.

At the meeting, Chan Chung Wah Clement, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HONG KONG SAR: Creditors' Proofs of Debt Due on June 23
-------------------------------------------------------
The creditors of Hong Kong Sar Golfers Association Limited are
required to file their proofs of debt by June 23, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Chow Sin Man
          Kai Tak Commercial Building
          Unit 1609, 16th Floor
          317-319 Des Voeux Road Central
          Hong Kong


IT'S ACADEMIC: Members' Final Meeting Set for June 23
-----------------------------------------------------
The members of It's Academic (Asia) Limited will hold their
meeting on June 23, 2009, at 11:30 a.m., at the 20th Floor of Tung
Wai Commercial Building, 109-111 Gloucester Road, in Wanchai,
Hong Kong.

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


PACIFIC VICTORY: Creditors' Proofs of Debt Due on June 22
---------------------------------------------------------
The creditors of Pacific Victory Trading Limited are required to
file their proofs of debt by June 22, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Tam Chun Wan
          Wing On House
          Room 403, 4th Floor
          71 Des Voeux Road, Central
          Hong Kong


REALUCK LIMITED: Members' Final Meeting Set for June 17
-------------------------------------------------------
The members of Realuck Limited will hold their meeting on June 17,
2009, at 11:00 a.m., at the 18th Floor of Ginza Plaza, 2A Sai
Yeung Choi Street South, Mongkok, in Kowloon, Hong Kong.

At the meeting, Lau Chi Yuen and Wan Ho Yuen, Terence, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SKY FIT: Placed Under Members' Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on May 8, 2009, the
members of Sky Fit Investment Limited resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Tang Piu Hung
          Rammon House, 3rd Floor
          101 Sai Yeung Choi Street South
          Mongkok, Kowloon


THE CHINESE COUNCIL: Creditors' Proofs of Debt Due on June 25
-------------------------------------------------------------
The creditors of The Chinese Council (Hong Kong) Limited are
required to file their proofs of debt by June 25, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 14, 2009.

The company's liquidator is:

          Liu Chi Lai
          Wah Kit Commercial Centre, 13th Floor
          302 Des Voeux Road Central
          Hong Kong


UNITED POWER: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on May 18, 2009, the
members of United Power Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Lai Wing Kin
          Kailey Tower, 8th Floor
          16 Stanley Street
          Central, Hong Kong


WISE RIGHT: Members' Final Meeting Set for June 26
--------------------------------------------------
The members of Wise Right International Limited will hold their
meeting on June 26, 2009, at 3:00 p.m., at Room 1701 of Shui On
Centre, 6-8 Harbour Road, in Wanchai, Hong Kong.

At the meeting, Kam Chi Chiu Anthony, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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

ATRIA BRINDAVAN: CRISIL Rates INR808.00 Mln Long Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Atria Brindavan Power Ltd (ABPL).

   INR808.00 Million Long Term Loan    BB/Stable (Assigned)

The rating reflects ABPL's weak financial risk profile marked by
high gearing and below-average debt protection measures, its
exposure to risks relating to availability of water, and delayed
receivables from Chamundeshwari Electricity Supply Corporation
(CESC).  These weaknesses are partially offset by ABPL's stable
revenues from sale of power to CESC.

Outlook: Stable

CRISIL expects ABPL to maintain a comfortable credit risk profile
over the medium term backed by steady offtake of power by CESC and
debt repayments.  The outlook may be revised to 'Positive' if the
company operates at a higher plant load factor (PLF) enabling
better cash flows.  Conversely, the outlook may be revised to
'Negative' in case of considerable delay in receivables from CESC
or decline in PLF due to non-availability of water.

                     About Atria Brindavan

Established in 2003, ABPL is a hydro-electric power generating
company with a 12-mega watt (MW) plant located on the banks of the
Cauvery river in Karnataka.  The plant, which was set up at a cost
of INR660 million, was to commence operations in August 2006;
however, owing to damage caused to the dam structure by heavy
flooding, the plant was commissioned only in February 2008. ABPL
has a 'take or pay' power purchase agreement with CESC with a
fixed tariff for 10 years.


COSMO FERRITES: CRISIL Cuts Ratings on Various Bank Loans to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on various bank facilities of
Cosmo Ferrites Limited (CFL) to 'C/P4' from 'BBB-/Stable/P3'.

   INR20.0 Million Cash Credit Limit *    C (Downgraded from
                                             BBB-/Stable)

   INR62.1 Million Term Loan              C (Downgraded from
                                             BBB-/Stable)

   INR33.0 Mil. Export Packing Credit **  P4 (Downgraded from P3)

   INR12.5 Mil. Letter of Credit ***      P4 (Downgraded from P3)

   INR2.5 Million Bank Guarantee          P4 (Downgraded from P3)

     * Interchangeable with export packing credit up to
       INR2.5 million

    ** Including a stand-by limit of INR5.5 million

   *** Including inland letter of credit (ILC) of INR2.5 million
       and foreign letter of credit (FLC) of INR10 million.
       Fully interchangeable from ILC to FLC.

The ratings reflect delay in repayment of the company's term loan
obligations due to stretched liquidity.  The ratings also reflect
sluggish off-take in the export market and the small scale of its
operations.

                      About Cosmo Ferrites

CFL was promoted in 1986 by Mr. Ashok Jaipuria, who is also the
founder promoter of Cosmo Films Ltd (Cosmo Films), which currently
holds a 46 per cent stake in CFL.  Cosmo Films manufactures bi-
axially-oriented polypropylene (BOPP) films.  CFL manufactures
soft ferrites at its facility near Shimla.  The company's client
base comprises distributors for original equipment manufacturers
of transformers, compact fluorescent lights, mobile phones,
wireless chargers, and inductive heaters.  For 2008-09 (refers to
financial year, April 1 to March 31), CFL reported a net loss of
INR14 million on net sales of INR300 million, as against a PAT of
INR8 million on net sales of INR313 million for 2007-08.


JET AIRWAYS: Incurs INR4023.40 Million Net Loss in FY2008
---------------------------------------------------------
Jet Airways India Ltd disclosed its financial results for the
quarter & year ended March 31, 2009.

For the year ended March 31, 2009, Jet Airways reported a
standalone net loss of INR4023.40 million, compared with net loss
of INR2530.60 million for the year ended March 31, 2008.
Standalone total income increased from INR95509.60 million for the
year ended March 31, 2008 to INR117868.80 million for the year
ended March 31, 2009.

The Group posted a consolidated net loss of INR9614.10 million for
the year ended March 31, 2009, compared with consolidated net loss
of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

For the quarter ended March 31, 2009, the Company has posted a net
profit of INR529.90 million for the quarter ended March 31, 2009
as compared to net loss of INR2211.80 million for the quarter
ended March 31, 2008.  Total income decreased from INR27964.70
million for the quarter ended March 31, 2008 to INR25662.10
million for the quarter ended March 31, 2009.

                       About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 85 aircraft, which includes 10
Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 54
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  Flights to 63
destinations span the length and breadth of India and beyond,
including New York (both JFK and Newark), San Francisco, Toronto,
Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala
Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain,
Muscat, Doha, Abu Dhabi and Dubai.

The company's subsidiaries include Jet Lite (India) Limited,
Jetair Private Limited, Jet Airways LLC, Trans Continental e
Services Private Limited, Jet Enterprises Private Limited, Jet
Airways of India Inc., India Jetairways Pty Limited and Jet
Airways Europe Services N.V.  On April 20, 2007, the Company
acquired Sahara Airlines Limited.


SABARI EXIM: Low Net Worth Prompts CRISIL 'BB-' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Sabari Exim Pvt Ltd (SEPL).

   INR125.00 Million Cash Credit    BB-/Stable (Assigned)
   INR22.20 Million Term Loan       BB-/Stable (Assigned)
   INR2.80 Million Proposed Long    BB-/Stable (Assigned)
         Term Bank Loan Facility
   INR500.00 Million Letter of      P4 (Assigned)
                   Credit *

   * includes a Sub limit of INR15.00 Million as Bank Guarantee

The ratings reflect SEPL's limited financial flexibility owing to
low net worth and significant working capital requirements, and
its exposure to group companies.  These weaknesses are partially
offset by the benefits that the company derives from its
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL expects SEPL's financial risk profile to remain moderate
and its scale of operations to remain subdued over the near to
medium term.  The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, owing to
improvement in operating margins, leading to better cash accruals
and accretions to net worth.  Conversely, the outlook may be
revised to 'Negative' in case of significant deterioration in debt
protection measures.

                        About Sabari Exim

Incorporated in April 1999 by Mr. Shashi Kumar and Mrs. Leena
Shashi, SEPL deals in steel scrap and allied products such as mild
steel (MS) scrap, billets, angles, and TOR steel.  The company
also owns two windmills near Coimbatore, Tamil Nadu.

SEPL reported a profit after tax (PAT) of INR0.013 billion on net
sales of INR1.69 billion for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR610 million for 2006-07.


TIMTECH INDIA: CRISIL Places 'BB+' Rating on INR49 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Timtech India Pvt Ltd (Timtech).

   INR140 Million Cash Credit Limits    BB+/Stable (Assigned)
   INR49 Million Term Loan              BB+/Stable (Assigned)
   INR130 Million Letter of Credit      P4 (Assigned)
   INR255 Million Letter of Credit &    P4 (Assigned)
                   Bank Guarantee

The ratings reflect Timtech's working-capital-intensive nature of
operations leading to consistently negative cash flow from
operations (CFO) and high utilisation of cash credit facility, and
exposure to risks relating to intense competition in the plywood
industry.  These weaknesses are, however, partially offset by the
company's moderate business risk profile, backed by an established
presence and a wide distribution network.

As part of this rating exercise, CRISIL has combined the financial
risk profiles of Timtech, and Timtech's subsidiaries, Amrit Supply
Company Pvt Ltd (Amrit), Shri Bhavani Plyboard Pvt Ltd (Shri
Bhavani), and Diamond Timber Industries Pvt Ltd (Diamond Timber).
This is because all four companies, collectively referred to as
the Timtech group, share a common management and are in the same
line of business.

Outlook: Stable

CRISIL expects the Timtech group to maintain a stable credit
profile over the medium term, backed by its moderate business
profile.  The outlook may be revised to 'Positive' if better
profitability and working capital management lead to higher cash
flow from operations than anticipated.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure or acquisitions, leading to
deterioration in financial risk profile.

                     About Timtech India

Set up in 1998, Timtech manufactures plywood and has its
manufacturing unit near Kolkata.  In 1999, Timtech began
production of veneers through Amrit, its wholly-owned subsidiary,
under the brand name Mayur Veneer.  In 2003, Timtech acquired Shri
Bhavani, which was a non-performing asset (NPA) with State Bank of
India. Timtech also has a 90 per cent subsidiary, Diamond Timber.
Timtech has recently acquired Arjun Ply and Veneer Pvt Ltd, a ply
manufacturing unit at Chennai. The group has a combined capacity
of 72 CBM/day on a single-shift basis.

Timtech group reported a profit after tax (PAT) of INR40 million
on net sales of INR1656 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR12 million on
net sales of INR1093 million for 2006-07.


VIJAYASRI ORGANICS: CRISIL Junks Rating on INR250 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Vijayasri Organics Ltd (VOL), a Vijayasri group company.

   INR100 Million Cash Credit       C (Assigned)
   INR250 Million Term Loan         C (Assigned)
   INR50 Million Letter of Credit   P4 (Assigned)

The ratings reflect the VOL's delays in loan repayment due to its
stretched liquidity position.  The ratings also reflect the
group's exposure to risks relating to customer concentration in
revenues, and to intense competition in the pharmaceutical
industry.  These weaknesses are mitigated by the group's moderate
business risk profile.

For arriving at the ratings, CRISIL has combined the financials of
Vijayasri Organics Ltd, Vijayasri Chemicals, and Vijayasri
Organics, collectively referred to as the Vijayasri group.  This
is because all these companies are under a common management, and
have operational and financial linkages.

                        About the Group

The Vijayasri group was formed in 1996 by Mr. S V J Raju, Mr. K V
Rama Rao, and Mr. Prakash Reddy, who set up Vijayasri Chemicals, a
partnership firm, to process solvents in Hyderabad, Andhra
Pradesh.  The group further expanded its operations in 2004 by
setting up Vijayasri Organics.  In 2005, the group set up
Vijayasri Organics Ltd in Visakhapatnam as part of its expansion
plans.  The group is currently engaged in the production of active
pharmaceutical ingredients, also known as bulk drugs, and
intermediates.

The Vijayasri group reported a profit after tax (PAT) of INR104
million on net sales of INR1393 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR49
million on net sales of INR632 million for 2006-07.



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

BANK DANAMON: Expects to Increase Lending in 2nd Qtr. of 2009
-------------------------------------------------------------
PT Bank Danamon expects to increase its lending in the second
quarter of 2009, given the brighter outlook, Jakarta Globe reports
citing Danamon's President Director Sebastian Paredes.

"For 2009, we expected that our loan growth would be less than
10%, with the first half of the year being very difficult.  We now
feel the second half will be better because interest rates will
continue to decrease.  First-quarter gross domestic product was
also not as low as we expected and our microfinance growth was
better than predicted", Mr. Paredes was quoted by the report as
saying following the company's extraordinary general shareholders'
meeting on Monday.

The report, citing Mr. Paredes, says that the bank still had a
strong capital position and that high liquidity would allow it to
expand faster if economic conditions allowed.

As of the end of April, Danamon's capital adequacy ratio stood at
23%, well above the minimum of 8% required by the central bank,
while its loan-to-deposit ratio during the same period was a
moderate 80%, the news agency noted.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


PT PERTAMINA: Wants to Buy 2% Stake in Donggi Senoro Through Medco
------------------------------------------------------------------
PT Pertamina is seeking to purchase an additional 2% stake in
PT Donggi Senoro LNG by purchasing part of PT Medco Energi
International's 20% holdings of Donggi Senoro, Jakarta Globe
reports citing Pertamina's President Director Karen Agustiawan.

The acquisition will bring Pertamina's ownership of Donggi Senoro
up to 31%, the report noted.

"With a 31% stake, we would have to be involved in the projectís
decision-making process", Ms. Agustiawan was quoted by the report
as saying.

On the other hand, Medco's project director, Lukman Mahfoedz finds
the proposal acceptable.  Mr. Mahfoedz said that what now mattered
is how the final investment decision would be carried out, the
report noted.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                          *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

HITACHI LTD: Splits Off Consumer and Automotive Units
-----------------------------------------------------
Hitachi Ltd. said Tuesday that it has formally decided to transfer
its consumer electronics and automotive systems businesses to two
newly created entities effective July 1, as previously planned,
Hiroyuki Kachi at Dow Jones Newswires reports.

The report says that the company's consumer electronics unit will
be called Hitachi Consumer Electronics Co., and the automotive
unit Hitachi Automotive Systems Ltd.

As reported in the Troubled Company Reporter-Asia Pacific, citing
Bloomberg News, Hitachi Ltd said its net loss will narrow this
fiscal year after the company booked tax writedowns in the
previous period.

Bloomberg News said that according to the Tokyo-based company,
net loss will contract to JPY270 billion (US$2.78 billion) in the
12 months ending March 31, 2010, from a record JPY787.3 billion
deficit a year earlier, while operating profit will probably fall
76 percent to JPY30 billion as sales decline 11 percent to JPY8.9
trillion.

Bloomberg News related Hitachi said it had JPY390 billion in tax-
related writedowns last fiscal year, disposing of all such
obligations.  The company will probably book a charge of
JPY200 billion, including JPY100 billion for reorganization and
JPY50 billion to reflect losses at the semiconductor unit, Renesas
Technology Corp., Bloomberg News cited Takashi Miyoshi, an
executive vice president at Hitachi, as saying.

According to Bloomberg News, the company in March said it's
cutting jobs and separating its automotive systems and consumer
units to trim costs by JPY500 billion this fiscal year and weather
the global recession.

On April 22, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Hitachi President Takashi Kawamura
said the company may apply for public funding to bolster capital
after forecasting a record JPY700 billion (US$7.1 billion) loss
for the 12 months ended March 31.  The company will also
reorganize its group structure in the fiscal year ending March 31,
2010, and may strengthen capital ties with some of its publicly
traded subsidiaries, the report cited Mr. Kawamura as saying
without giving further details.

                        About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company has seven segments: Information & Telecommunication
Systems, Electronic Devices, Power & Industrial Systems, Digital
Media & Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.


NISSAN MOTOR: Likely to Get JPY100-Bln U.S. Loans for Green Cars
----------------------------------------------------------------
Nissan Motor Co. is likely to receive more than JPY100 billion in
low-interest loans set up by the U.S. government to promote the
development of and transition to electric vehicles and other fuel-
efficient cars, Kyodo News reports citing sources familiar with
the matter.

Nissan is the first foreign automaker that is close to winning
approval for the U.S. direct loans, opening up the possibility for
Japan's third-largest automaker to study producing zero-emission
electric vehicles in the United States, the report says.

The report relates sources said that access to the U.S. loans is
also likely to alter Nissan's global production plans for electric
vehicles.

According to the report, Nissan plans to roll out an electric
vehicle in both Japan and the United States during fiscal 2010
through March 2011 and has already decided to manufacture the
model at its plant in Yokosuka, Kanagawa Prefecture.  The company
is also studying locally producing electric vehicles in China,
where it hopes to begin selling the cars by the beginning of 2011,
the report adds.

Kyodo News discloses that the total amount of US$25 billion (about
JPY2.35 trillion) to be provided in direct loans is part of the
U.S. government's program to support advances in fuel economy and
establishment of manufacturing facilities in the United States to
produce green cars.

The Troubled Company Reporter-Asia Pacific, citing The Japan
Times, reported on May 14, 2009, that Nissan Motor Co. booked its
first annual loss in fiscal year 2008 due to shrinking global
demand for cars amid the sharp recession and stronger yen.  For
the year that ended in March, Nissan reported a group net loss of
JPY233.71 billion, compared with a JPY482.26 billion profit in
2007.  The company is projecting a group net loss of JPY170
billion for this business year, which ends March 2010.

Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services.  The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment.  These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components.  Financial services include primarily leases and
credits principally in Japan and North America.  The company has
two segments: automobile and sales financing.  The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.



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

HYUNDAI MOTOR: Posts 11% Sales Increase in European Market
----------------------------------------------------------
The Chosun Ilbo reported that Hyundai Motor was the only automaker
to post better sales in the European car market while all other
automakers reported a decline in sales.

The report, citing the European Automobile Manufacturers
Association, says Hyundai saw an 11 percent increase in terms of
units sold in 28 European countries during the first four months
of this year compared to the same period last year.

According to the report, Hyundai said new models appealing to
Europeans have brought about the recent success.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: To Proceed With Restructuring Plans
----------------------------------------------------
Ssangyong Motor Co said it will proceed with restructuring plans
and push for an early sales of idle assets to secure enough funds
to operate factories, launch new cars and boost liquidity, The
Chosun Ilbo reports.

The report says Ssangyong will seek an additional mortgage of
KRW330 billion from the Korea Development Bank and relocate the
Seoul Office from Posteel Tower to the Poongrim Building nearby to
save over KRW1 billion in rent a year.

The Troubled Company Reporter-Asia Pacific, citing The Auto
Channel, reported on May 25, 2009, that a South Korean court
approved Ssangyong Motor Co's restructuring plan.

The Auto Channel said the court confirmed a recent Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value, and
ordered Ssangyong to submit its full restructuring plan by mid-
September.

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

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.



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

FELTEX CARPETS: Court Defers Former Directors' Case to April 2010
-----------------------------------------------------------------
Five former Feltex Carpets directors who are facing criminal
charges laid by the Registrar of Companies won't have their case
heard until at least April next year, The National Business Review
reports.

The Auckland District Court, according to the report, has set
aside two weeks starting from April 12, 2010 to hear the case.

According to the report, parties involved in the case will
possibly learn this week who will be assigned as judge to the
case.

The Troubled Company Reporter-Asia Pacific, citing The New
Zealand Herald, reported that the five former directors appeared
in the Auckland District Court on Feb. 2, to face criminal charges
laid against them by the Registrar of Companies.

The five former directors who are facing criminal charges are
John Michael Feeney, John Carlaw Hagen, Peter David Hunter,
Timothy Ernest Saunders, and Peter Thomas.

The Herald said the charges relate to information provided in the
company's interim financial statements for the six-month period
ended December 31, 2005.

                     About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


MELVIEW: Placed in Receivership
-------------------------------
The National Business Review reports that two high-flying
companies associated with a billion-dollar resort development in
Queenstown have been put into receivership.

The report says Brendon Gibson and Grant Graham of KordaMentha
have been appointed as receivers to Melview (Kawarau Falls
Station) Investments Ltd and Melview (Kawarau Falls Station)
Development Ltd.  Bank of Scotland International (BOS) is believed
to to have brought in the receivers, the report adds.

According to the report, Mr. Gibson said their assessment would
take a couple of weeks.  "This is a complex development being
built in multiple stages," he said.

The Business Review discloses that the 6.4ha site at Kawarau Falls
Station, the only north-facing high-density residential site in
Queenstown, was intended to have 1100 units and 13 buildings,
boulevard-style streets, restaurants and parks, when completed in
2011.

According to the Business Review, construction of the first stage
of the project, two international hotels and an extensive upmarket
residential development, was financed by Bank of Scotland
International (BOS) and Hanover Finance.   The report notes that
BOS has a first mortgage securing up to $513 million while Hanover
has a second mortgage securing up to $150 million.

Funding for a second stage, the report relates, was to be provided
by Fortress Credit Corp with Hanover as second mortgagee.

The three-stage complex was expected to be worth more than $1
billion, and to become the single largest employer in Queenstown,
with about 880 people working on and off the site, the Business
Review states.


RETRAVISION (NZ): Shareholders Voluntarily Liquidate Business
-------------------------------------------------------------
Retravision (NZ) Limited has officially gone into liquidation
following the merger of its members with those of Appliance
Connexion Group, The National Business Review reports.  The report
says the shareholders resolved to put the company into liquidation
as part of the winding down process.

"Retravision (NZ) Limited agreed to terminate trading from
Jan. 31, 2009 and members were offered the option of joining the
Appliance Connexion Group, which most Retravision members took
up," the Business Review cited PKF Corporate Recovery & Insolvency
(Auckland) in a first liquidator report.

According to the Business Review, Chris McCullagh, who is a senior
manager at PKF, said this was the orderly winding up of the
business.

Mr. McCullagh said the business was not solvent because it could
not pay full rebates to all its member shareholders but that the
members were comfortable with the process.

The liquidation of its member Stereo World was cited as one of the
reason for Retravision's insolvency, the report notes.

Retravision (NZ) Limited was responsible for the buying and
marketing for 35 electronic stores across New Zealand.



===============
P A K I S T A N
===============

UNITED BANK: Fitch Downgrades Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings has downgraded Pakistan-based United Bank Limited's
Individual rating to 'D/E' from 'D' and affirmed its Support
rating at '5'.  Concurrently, the agency has also affirmed the
ratings of these three Pakistani banks:

  -- Habib Bank Limited: Individual rating affirmed at 'D/E',
     Support affirmed at '5';

  -- MCB Bank Limited: Individual rating affirmed at 'D', Support
     affirmed at '5'; and

  -- National Bank of Pakistan: Individual rating affirmed at 'D',
     Support affirmed at '5'.

The low Individual ratings of all four banks reflect their modest
balance sheet strength in an international context and the very
volatile operating environment in Pakistan, which poses
significant challenges and risks.  The agency expects the
prevailing extremely weak economic conditions in Pakistan, which
have since been compounded by the global economic slowdown, to
affect the financial profile of Pakistani banks over the next 12-
18 months.  Although the immediate effects at present seem less
pronounced, the already low Individual ratings of the four banks,
particularly the ones that are still rated 'D' on the Individual
rating scale, do carry further downside risks.

The downgrade of UBL's Individual ratings, in the current weak
operating environment, reflects the bank's constrained ability to
accommodate the deterioration in its asset quality due to its weak
capitalization (restated total capital adequacy ratio of 10.6% at
end-2008; regulatory minimum of 9% - to be increased to 10% by
end-2009) and lower than peer profitability (ROA of 1.7% in Q109).
Underlining UBL's asset quality risks are its aggressive loan
growth (20%-35%) since 2004, elevated risk of delinquencies in a
high interest rate - inflation environment and possible weakening
in its Middle East operations amid the global economic downturn.

HBL's Individual rating of 'D/E' reflects its weaker than peer,
albeit slightly improved, financial profile (Q109: gross NPL ratio
of 8.7%, equity/assets 8.5% and ROA of 1.9%).  While there are
downside risks for the bank's financial profile in the current
environment, the downside risks on the rating is limited as it is
already at a very low level.

MCB's financial profile was also impacted by rather sharp
weakening in its asset quality (gross NPL ratio of 7.6% at end-
Q109; 2007: 4.7%).  Despite this weakening the bank's rating is
supported by its adequate capitalisation (equity/assets of 12.0%
at end-Q109 and total CAR of 16.0% at end-2008) and still strong
profitability (ROA of 3.7% in Q109), which should enable MCB to
absorb the likely increase in credit costs.  Despite this, given
the very weak domestic economy, any significant weakening in asset
quality or pre-provision profitability levels could prompt a
downgrade of MCB's rating.

NBP's rating may face downward pressure should its already weak
asset quality (gross NPL ratio of 13.6% at end-Q109) deteriorate
further.  However, still sustaining NBP's rating is its
capitalization (equity/assets of 10.2% at end-Q109 and total CAR
of 16.6% at end-2008) and profitability (ROA of 2.0% in Q109),
which should enable it to absorb the likely increase in credit
costs.

Fitch's Support rating for all four banks is at '5', the lowest on
the agency's scale.  This is premised on Fitch's assessment that
although the propensity for support from the government (the
eventual supporter) may be high due to the systemic importance -
both individually and collectively - of these banks (about 45% of
banking system assets), the timeliness of such support may be
severely constrained by the government's own very weak financial
condition.



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

LEGACY GROUP: Appelate Court Lifts Freeze Order on 9 Bank Accounts
------------------------------------------------------------------
The Court of Appeals has lifted the freeze order on nine bank
accounts of Legacy Consolidated Plan Inc., a unit of bankrupt
Legacy Group, Manila Standard reports.  The accounts are six
LandBank trust accounts bearing numbers 14-213, 14-214, 14-215,
14-215, 14-216, 14-216 and collectively containing some
PHP180,261,113.41 and US$579,836.97; and Metrobank trust accounts
- 11010000403, 11010000503, 1101001601 - or a total amount of
PHP20,391,447.06, the report says.

According to the report, the ruling came after the Anti-Money
Laundering Council (AMLC) and the Philippine Securities and
Exchange Commission (SEC) found out that "the trust accounts
consist of payments made by the plan holders who are the
beneficial owners of the said accounts, and that these funds do
not belong to Celso De los Angeles" and other officials of the
Legacy Group.

The court also considered the argument of AMLC that the trust
funds are not involved in unlawful activities or money laundering
offenses and that trust assets are being held by the trustee banks
for the plan holders, the report relates.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies.  The banks offer various financial
products and pre-need firms have pension, education and memorial
plans.  Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.



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

DURACO INDUSTRIES: Creditors' Proofs of Debt Due on June 6
----------------------------------------------------------
Duraco Industries (Pte) Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by June 6, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Ong Yew Huat
          Seshadri Rajagopalan
          c/o 1 Raffles Quay, North Tower Level 18
          Singapore 048583


SAIZEN REIT: Liquidity Pressures Cues Moody's to Junk Corp. Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded Saizen REIT's corporate
family rating to Caa1 from Ba3.  The outlook is negative.  The
concludes the rating review extended on April 1, 2009.

"The downgrade reflects Saizen's exposure to significant liquidity
pressures, including a material level of refinancing risk and
tightened head room in its loan covenant compliance," says Kaven
Tsang, a Moody's AVP/Analyst.

"While the completion of its rights issue would provide it with
additional liquidity, there remains a JPY8 billion CMBS due in
November 2009, and for which the company still has not secured any
definitive long-term refinancing," adds Tsang, also Moody's lead
analyst for the trust.

"Given the REIT's narrow banking relationships and the fact that
the CMBS market is shut, the slow refinancing process introduces a
high level of uncertainty over Saizen's abilities to secure funds
to refinance the CMBS," says Tsang.

"The Caa1 rating also reflects significant operating uncertainties
of Saizen going forward even if the refinancing risk is addressed,
as the REIT continues to expose to the weakening in the operating
environment and asset devaluation risk, as Japan's recession
deepens," comments Tsang.

"The latter exposure would increase the risk of loan covenant
breach, which could result in acceleration of loan repayment and
further pressure Saizen's liquidity," adds Tsang.

The negative outlook reflects high uncertainties over the
company's abilities to raise committed funding to address the CMBS
due in November 2009.

The rating could be further downgraded if Saizen fails to
refinance the JPY8 billion CMBS due in November 2009.

The last rating action was on 1 April 2009 when Saizen's rating
was downgraded to Ba3 and Moody's continued its review for further
possible downgrade.

Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties.  It listed on the Singapore Stock Exchange
in November 2007.  Its portfolio has 166 residential properties in
13 Japanese regional cities.  The total value of properties under
management is around JPY44 billion.  By revenue, Sapporo is the
largest contributor, representing 26%, followed by Hiroshima
(17%), and Kumamoto (14.7%).


SIN HONG: Pays Dividend to Preferential and Ordinary Claims
-----------------------------------------------------------
Sin Hong Siah Timber Pte Ltd, which is in liquidation, paid the
first and final dividend to its preferential and ordinary claims.

The company paid 100% to all admitted preferential claims while
8.8% to all admitted ordinary claims.

The company's liquidators are:

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


SINGAPORE DERRICK: Court Enters Wind-Up Order
---------------------------------------------
On May 15, 2009, the High Court of Singapore entered an order to
wind up the operations of Singapore Derrick Pte Ltd.

The company's liquidators are:

          Insolvency and Public Trusteeís Office
          The URA Centre (East Wing)
          Maxwell Road #06-11
          Singapore 069118


SOUTHERN STAR: Court to Hear Wind-Up Petition on June 5
-------------------------------------------------------
A petition to have Southern Star Trading Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
June 5, 2009, at 10:00 a.m.

Abterra Ltd filed the petition against the company on May 13,
2009.

The Petitioner's solicitor is:

          Chia Wong LLP
          No. 6 Eu Tong Sen Street
          The Central (SOHO 1) #11-08
          Singapore 059817



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

* 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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