TCRAP_Public/090603.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, June 3, 2009, Vol. 12, No. 108

                            Headlines

A U S T R A L I A

CITY PACIFIC: Claims Trilogy Takeover Bid is Void
LEHMAN BROTHERS: Creditors of Australian Unit Accept Deal
LEHMAN BROTHERS: Aussie Reserve Bank Gov. Blames Firm for Crisis
OZ MINERALS: Minmetals Deal Secures All Necessary Approvals
SEIZA AUGUSTUS: S&P Cuts Rating on Class F of 2007-1 Notes to CC

TIMBERCORP: Administrators To Meet Olive Growers This Week


B A H R A I N

ARCAPITA BANK: S&P Downgrades Counterparty Credit Ratings to 'BB-'


C H I N A

ICBC: Goldman Sachs Sells ICBC Stake For Up to US$1.9 Billion


H O N G  K O N G

BEI BU: Final Meetings Slated for June 30
CHUN LEE: Creditors' Proofs of Debt Due on June 30
CORSAIR NO 2: S&P Downgrades Rating on Series 70 Notes to 'D'
DAVID C LEE: Arboit and Blade Step Down as Liquidators
DBS VICKERS: Members' Final General Meeting Set for July 3

EASTERN ATHLETIC: Creditors' Proofs of Debt Due on June 30
FAVOUR LUCK: Members' Final General Meeting Set for June 29
HILLSBURG GROUP: Members' Final General Meeting Set for July 14
JOINT LEADER: Creditors' Proofs of Debt Due on June 29
KAWAMURA CO: Creditors' Meeting Set for June 5

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Related Cases
LEHMAN BROTHERS: HK Liquidators Get Approval for Payment of Costs
PRIME MAKER: Creditors' Proofs of Debt Due on July 2
ROTARY CLUB: Members' Final General Meeting Set for June 29
SENATOR LINES: Members' Final General Meeting Set for June 30

UNION WINNER: Placed Under Voluntary Wind-Up
YEW CHUNG: Members' Final Meeting Set for June 30


I N D I A

ALUPAN COMPOSITE: Stretched Liquidity Cues CRISIL 'B+' Rating
GURPREET GALVANISING: CRISIL Rates INR100 Mln Cash Credit at 'BB+'
NANDI SAHAKARI: CRISIL Puts 'BB+' Rating on  INR337.2 Mln LT Loan
POWER MAX: Low Net Worth Prompts CRISIL to Assign 'BB+' Ratings
PURVANCHAL CONST: CRISIL Rates INR500 Million Cash Credit at 'BB+'

SVP INDUSTRIES: CRISIL Places 'BB+' Rating on INR105.7MM Term Loan
TATA MOTORS: May Need to Pump Funds to Plug JLR Pension Deficit


I N D O N E S I A

PERUSAHAAN LISTRIK: Needs US$83BB Through 2018 for Power Expansion


K O R E A

HYUNDAI MOTOR: Vehicle Sales Down 0.4% in May
KIA MOTORS: Sales Fall 0.5% in May


M A L A Y S I A

KOSMO TECHNOLOGY: Bourse to Delist Securities on June 9
NEPLINE BHD: Incurs MYR2.98 Million 1st Qtr Loss
PECD BERHAD: Posts MYR22.07 Mil. Net Loss in Qtr. Ended March 31
SATANG HOLDINGS: Posts MYR965,000 Profit in 2nd Qtr Ended March 31
TENGGARA OIL: Has MYR20.97 Million Outstanding Debt as of May 31

TIME ENGINEERING: To Hold 39th Annual Meeting on June 22


N E W  Z E A L A N D

AUCKLAND REGIONAL: Needs Capital Infusion As Debt Repayment Nears
FAIRFAX MEDIA: Suburban Unit Asks Staff to Take 9-Day Fortnight


N I G E R I A

NITEL: Nigerian Gov't. Retakes Control of Firm From Transcorp


P H I L I P P I N E S

PERMANENT PLANS: Seeks Approval from Court for Rehabilitation


S I N G A P O R E

FIDIUS SHIPPING: Creditors' Proofs of Debt Due on June 29
GRAPHIC PACKAGING: Creditors' Proofs of Debt Due on June 29
IOMEGA PACIFIC: Creditors' Proofs of Debt Due on June 29
THE SHANGHAI: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

CITY PACIFIC: Claims Trilogy Takeover Bid is Void
-------------------------------------------------
Anthony Klan at The Australian reports that City Pacific Limited
claims that a hostile takeover bid for its AU$630 million City
Pacific First Mortgage Fund may be void.

According to a report posted at goldcoast.com.au, City Pacific
made the claim in response to an Australian Securities Exchange
query on City Pacific's disclosure over a notice from Balmain
Trilogy to call a meeting to vote on the proposal.

Balmain Trilogy, comprising Brisbane's Trilogy Funds Management
and Sydney's Balmain NB Corporation, called the meeting after
securing 10 percent support from unitholders, goldcoast.com.au
relates.

"Based on preliminary legal advice received by City Pacific, the
notice of meeting may contain some legal defects,"
goldcoast.com.au cited City Pacific in its statement to the ASX.
"The board is seeking a full legal review to determine the
validity of the notice of meeting."

Trilogy executive chairman Rodger Bacon, according to The
Australian, dismissed City Pacific's claims as a desperate move by
the group to prevent the meeting, which is scheduled for June 25.

Separately, The Australian reports that City Pacific offshoot CP1
said it had failed to make a AU$15 million payment to its
financier, the Commonwealth Bank by May 31 after a deal to sell
some of its land at the Martha Cove development fell through.

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2009, The Australian said that Trilogy Capital Group will
launch a hostile takeover bid for City Pacific's mortgage fund.

The Australian relates that Trilogy executive chairman Mr. Bacon
said Trilogy would seek to replace City Pacific Limited as the
responsible entity controlling the fund.

The Australian stated that the fund has about 11,000 investors and
for Trilogy to gain control it requires support from voters
controlling more than 50 percent of the fund's 887 million issued
shares.  Investors in the City Pacific mortgage fund will vote on
June 25 whether to hand control of the fund to Trilogy, the TCR-AP
reported on May 26, 2009.

As reported in the TCR-AP on August 18, 2008, City Pacific said it
took the necessary steps to preserve the value of the Fund's
assets and protect unitholders investments in light of the rapidly
changing market conditions.  As a result of the significant market
changes, City Pacific made the decision in March 2008 to defer the
payment of redemptions from the Fund while continuing the payment
of distributions to unitholders.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of
AU$55.5 million down 58.4% from the previous year's operating
profit of AU$133.42 million.


LEHMAN BROTHERS: Creditors of Australian Unit Accept Deal
---------------------------------------------------------
Creditors of Lehman Brothers Australia voted in favor of a
proposal by Lehman Brothers Asia Holdings that will repay the
creditors more and avoids costly and time delays of litigation,
according to the Melbourne Herald Sun.

The vote was controversial, with four proxy votes rejected during
the meeting, The Australian Business related.  If the votes had
been allowed, it would have tipped the vote to 62 creditors
against the Lehman Brothers Asia proposal and 61 in favor, the
newspaper said.

"The benefit of that is it enables us to pay the employees and
general creditors in full, early, and it provides a very
reasonable return to the contingent creditors.  It should bring
litigation to an end," the Herald Sun quoted Neil Singleton of
PPB as saying.  Mr. Singleton is one of the administrators of
Lehman Brothers Australia who recommended the deed of company
arrangement.

Those classed as contingent creditors will receive up to 13 in
the dollar for real or paper losses they incurred or an average
8.7 in the dollar based on the higher asset realization value
estimate, the Herald Sun reported.

Investors who still own the securities Lehman Australia advised
them to buy or bought on their behalf can hold on to them, the
newspaper related.  They will receive continuing income and
potential capital returns as markets improve, the report further
said.

The administrators estimate $142.2 to $247.6 million will be
distributed to all the creditors including other Lehman units,
the Herald Sun reported.  As part of the deal, $43.5 million is
set aside for councils and other "contingent" creditors, which
are owed $626.5 million, Australian Business related.  Executives
of Lehman Brothers Asia will receive as much as $11 million,
Brisbane Times said.

Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business
said.

                      Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com/-- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on September 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Aussie Reserve Bank Gov. Blames Firm for Crisis
----------------------------------------------------------------
Ric Battellino, deputy governor of the Reserve Bank of Australia,
blamed the collapse of Lehman Brothers Holdings Inc. for
escalating the global financial crisis and reducing the impact of
changes to monetary policy, the Melbourne Herald Sun reported.

At a Securities and Derivatives Industry Association conference
in Sydney, Australia, Mr. Battellino said the bankruptcy of LBHI
caused a decline in household and business confidence, the report
related.  He added that as a result, many nations found that
their normal monetary policy transmission mechanism had become
less effective, which forced official interest rates to
abnormally low levels or close to zero in some cases, the
newspaper added.

"The reason why official interest rates have been reduced to such
extreme levels is that frictions in markets had made interest
rates on loans to households and businesses less responsive to
cuts in official rates," the Herald Sun quoted Mr. Battellino as
saying.

According to Mr. Battellino, only Australia, New Zealand,
Denmark, and Norway, among developed economies, which still have
official interest rates above one percent.  "Official interest
rates have never been this low in the developed world in the 150-
year period for which we have data," the Herald Sun quoted Mr.
Battellino, as saying.  He added that the reduced impact of the
transmission mechanism meant that household borrowing rates were
low but not at the extremes seen among official interest rates.

Mr. Battellino said that dramatic monetary policy chances were
even less effective for corporate borrowers with interest rates
faced by corporations in capital markets "still a little above
decade averages" because of the large increase in risk premiums,
the Herald Sun reported.

To make up for the limited flow-through of monetary policy
changes and sustain the flow of credit in their economies, some
central banks resorted to unconventional measures including
expanding the range of collateral accepted by the central banks
and purchasing long-term bonds, Mr. Battellino said, adding that
these measures have started to show some results.

"So far, their main impact seems to have been on market pricing,
which is starting to return to more normal levels.  As most of
these measures were undertaken relatively simultaneously, only
their combined effects can be judged," Mr. Battellino said as
cited by the Herald Sun.

                       Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com/-- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on September 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


OZ MINERALS: Minmetals Deal Secures All Necessary Approvals
-----------------------------------------------------------
OZ Minerals Limited has received all necessary approvals for the
US$1.2 billion asset sale to China Minmetals Nonferrous Metals Co.
("Minmetals").

The company has also received consent from all of its requisite
lenders for the US$211 sale of its Martabe project to China-
SciTech Holdings Limited ("CST"), OZ Minerals said in a statement.

OZ Minerals Chairman Barry Cusack said, "With all other Conditions
Precedent now met, we now look forward to putting this vote to
shareholders at our AGM next week.

"The Minmetals offer provides a complete solution to our
refinancing issues in so far as it is timely and allows OZ
Minerals to repay all of its debt. It also sees the company retain
the Prominent Hill operation and exploration projects and
following the transaction will have approximately US$500 million
cash with which to continue to develop Prominent Hill and pursue
other activities.

"The Board continues to unanimously recommend the offer from
Minmetals."

                         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.


SEIZA AUGUSTUS: S&P Cuts Rating on Class F of 2007-1 Notes to CC
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
Class C, M, D, E, and F notes issued by Seiza Augustus 2007-1
Trust and affirmed the ratings on the Class A and B notes.  The
notes are backed by a portfolio of residential and small-ticket
commercial property loans.

These downgrades are a result of continual deterioration in the
performance of the underlying portfolio.  To date, the Class G
note has been completely charged-off, and there has been a partial
charge-off to the Class F note due to losses and delinquencies
experienced in the portfolio.  This weakens the credit support
available to the notes ranked above the Class F notes, in
particular the Class C, D, and E notes.  Consequently, the ratings
on the Class C, D, and E notes have been lowered to reflect S&P's
revised opinion of the credit quality of the underlying portfolio.

The Class M notes are effectively net-interest-margin notes that
receive their interest and scheduled amortization amount pari-
passu with the Class C notes from interest collections.
Consequently, the rating on the Class M notes was lowered to
'BBB+', in line with the downgrade on the Class C notes.

Based on the current performance of the portfolio, it is highly
likely that the Class F notes will be charged-off completely in
the near term and interest payment to the Class F notes will be
made only on the stated amount of the notes outstanding, if any.
This being the case, S&P expects an imminent interest payment
default on Class F notes, and S&P's opinion is reflected in the
lowering of the rating of Class F notes to 'CC'.

This portfolio has a high concentration of interest-only loans,
which in S&P's opinion may experience refinancing challenges as
they reach their maturity dates.  Furthermore, the portfolio may
experience poorer recovery from the defaulted mortgages due to the
portfolio's concentration to properties in troubled areas with
poor recoverability.  Consequently, S&P expects further defaults
and losses to emerge in the short to medium term.  The Class E
notes will be the next class of notes that is extremely vulnerable
to this exposure.

S&P affirmed the Class A and B notes because S&P believes they
currently have sufficient credit support built-up through
amortization to weather further performance deterioration at their
current rating levels.

                         Ratings Lowered

  Transaction                        Class  Rating to  Rating from
  -----------                        -----  ---------  -----------
Seiza Augustus Series 2007-1 Trust   C      BBB+       A-
Seiza Augustus Series 2007-1 Trust   M      BBB+       A-
Seiza Augustus Series 2007-1 Trust   D      B-         BB-
Seiza Augustus Series 2007-1 Trust   E      CCC-      CCC+
Seiza Augustus Series 2007-1 Trust   F      CC          CCC-


                        Ratings Affirmed

       Transaction                          Class   Rating
       -----------                          -----   ------
       Seiza Augustus Series 2007-1 Trust   A       AAA
       Seiza Augustus Series 2007-1 Trust   B       AA


TIMBERCORP: Administrators To Meet Olive Growers This Week
----------------------------------------------------------
The administrator for Timbercorp Limited will be holding
discussions with Victorian olive growers this week about the
future of the company's olive scheme, ABC News reports.

The report, citing a spokesman for administrator KordaMentha, says
that growers will learn more about the financial viability of the
olive scheme this week.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Limited called in voluntary
administrators to the company and its subsidiaries.  The company
appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

The administrators would implement a three-point plan:

  1. suspend forestry and horticulture operations while funding
     options are determined;

  2. develop a strategy for each forestry and horticulture
     product, project by project, then execute; and

  3. attend to statutory reporting, investigation, creditor
     and shareholder liaison.

Timbercorp had previously announced that the company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations.

In the full year accounts issued in November 2008, Timbercorp
reported current debt of AU$568 million, net debt of AU$903.1
million and net assets of AU$595 million.

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development.  Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.

Timbercorp has approximately 170 staff based at offices in
Melbourne, Perth, Hamilton, Mildura and Penola.



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

ARCAPITA BANK: S&P Downgrades Counterparty Credit Ratings to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term counterparty credit ratings on Bahrain-based Arcapita
Bank to 'BB-' from 'BB' and removed them from CreditWatch, where
they were first placed on Jan. 28, 2009, with negative
implications.  At the same time, S&P affirmed its 'B' short-term
rating on Arcapita.  The outlook is negative.

The ratings reflect S&P's opinion of Arcapita's stand-alone credit
profile and do not include any uplift for extraordinary external
support.  However, Standard & Poor's recognizes that ongoing
support from Arcapita's shareholders has been significant and is
incorporated in Arcapita's stand-alone credit profile.

"The rating action reflects our opinion of Arcapita's high
leverage in the context of a very difficult economic and
investment climate, which has challenged Arcapita's business
model, reduced the value of its assets, and put pressure on its
financial performance," said Standard & Poor's credit analyst
Mohamed Damak.

Arcapita's financial profile deteriorated significantly in 2008.
Financial leverage (as measured by, among other indicators, the
ratio of net debt to investment portfolio value or loan-to-value
ratio) increased rapidly during 2008, as Arcapita made large
investments that it was not able to fully place with its
customers.  This also put pressure on Arcapita's liquidity toward
the end of 2008.  Positively, S&P notes that Arcapita has been
successful in implementing measures to reduce its leverage and
improve its liquidity position.

"In our view, these measures have alleviated Arcapita's short-term
liquidity pressure.  In addition, S&P estimate that these measures
resulted in a reduction of Arcapita's LTV ratio from almost 80% at
Dec. 31, 2008 -- prior to the implementation of above-mentioned
corrective measures -- to slightly more than 55% -- taking into
account all the above-mentioned measures," said Mr. Damak.

S&P believes that Arcapita intends to further reduce its leverage
in the next 12 to 18 months -- through placements and exits.
However, S&P is of the view that the current environment is making
significant leverage reduction challenging especially as Arcapita
is mindful of not damaging long-term shareholder value by exiting
at this low point in the valuation cycle.

Standard & Poor's expects Arcapita's financial performance to
remain weak in 2009 owing to the gloomy outlook for private
equity, investors' limited appetite for alternative assets, the
deteriorated economic conditions in the U.S. and Europe-–the two
major regions of Arcapita's investments--and the high likelihood
that Arcapita will have to book write-downs on its investment
portfolio.

The negative outlook reflects S&P's view of Arcapita's excessive
market value gearing for the current ratings.  It also reflects
S&P's view that its earnings will likely remain susceptible to
portfolio provisions, and the need to preserve cash could
constrain its ability to make new investments.

"Failure to restore the LTV ratio, so that it falls within our 40%
rating threshold in the next 12 months, would put further pressure
on the ratings," said Mr. Damak.

The outlook also reflects S&P's belief that Arcapita's
creditworthiness is dependent on its operating environment and the
revival of placements and exits, or management's decision to more
aggressively divest its investments if the environment does not
improve.  The outlook could be revised to stable if leverage is
materially managed down from current levels, if Arcapita
demonstrates an ongoing commitment to a more predictable and
conservative leverage policy, and if it maintains adequate
liquidity.



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

ICBC: Goldman Sachs Sells ICBC Stake For Up to US$1.9 Billion
-------------------------------------------------------------
Goldman Sachs has sold up to about US$1.9 billion worth of shares
in Industrial and Commercial Bank of China ("ICBC") at a discount
of 4 percent to 6 percent to the Chinese lender's Monday closing
price of HK$5.11, according to a term sheet cited by Reuters.

According to Reuters, the Wall Street bank was selling 3.03
billion shares in ICBC at HK$4.80 to HK$4.90 each.

The Wall Street Journal relates that Goldman Sachs now owns 13
billion ICBC shares, or a 4% holding, subject to a lockup until
April 28, 2010, as well as around 263 million shares it can freely
trade.

                       About Goldman Sachs

The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding
company and global investment banking, securities and investment
management firm that provides services worldwide to a
corporations, financial institutions, governments and high-net-
worth individuals.  Its activities are divided into three
segments: Investment Banking, Trading and Principal Investments,
and Asset Management and Securities Services.  On December 11,
2007, Credit-Based Asset Servicing and Securitization LLC, a sub-
prime mortgage investor, completed the sale of its Litton Loan
Servicing business to Goldman Sachs.  In May 2008, MBF Healthcare
Partners, LP and Goldman Sachs announced the acquisition of OMNI
Home Care (OMNI), a provider of skilled nursing and therapy home
healthcare services.  MBF Healthcare Partners, LP and Goldman
Sachs will share joint ownership of OMNI.  In June 2008, its
division, Goldman Sachs Urban Investment Group, and Cordova, Smart
& Williams, LLC announced the acquisition of H2O Plus, LLC.

                          About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                         *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.



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

BEI BU: Final Meetings Slated for June 30
-----------------------------------------
The members and creditors of Bei Bu Wan Development Company
Limited will hold their final meetings on June 30, 2009, at
10:00 a.m. and 11:00 a.m., respectively, at Unit 2907, 29th Floor,
118 Connaught Road West, in Sai Ying Pun, Hong Kong.

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


CHUN LEE: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------
The creditors of Chun Lee Investment Company Limited are required
to file their proofs of debt by June 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2009.

The company's liquidator is:

          Li Wai Chi Franky
          Champion Building, Room 1213
          301-309 Nathan Road
          Jordan, Kowloon


CORSAIR NO 2: S&P Downgrades Rating on Series 70 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series 70
US$102.6 million floating-rate secured portfolio credit-linked
notes due 2010 issued by Corsair (Jersey) No. 2 Ltd. to 'D' from
'CCC-'.

The rating downgrade reflects a loss incurred by the noteholders.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination and reduced the principal amount of the
notes.  There has been an interest payment shortfall on the most
recent interest payment date.

The rating action on the affected transaction is:

Rating lowered:

     Name                          Rating To      Rating From
     ----                          ---------      -----------
     Corsair (Jersey) No. 2 Ltd.   D              CCC-
     Series 70


DAVID C LEE: Arboit and Blade Step Down as Liquidators
------------------------------------------------------
On April 27, 2009, Bruno Arboit and Simon Richard Blade stepped
down as liquidators of David C Lee Surveyors Limited.


DBS VICKERS: Members' Final General Meeting Set for July 3
----------------------------------------------------------
The members of DBS Vickers Securities Onlibe (HK) Limited will
hold their final meeting on July 3, 2009, at 3:45 p.m., at
Level 28 of Three Pacific Place, in 1 Queen's Road East,
Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EASTERN ATHLETIC: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------------
The creditors of Eastern Athletic Association Limited are required
to file their proofs of debt by June 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidators are:

          Ho Mei Ngan
          Low Fung Ping
          Kai Tak Commercial Building
          Rooms 903-908, 9th Floor
          317-319 Des Voeux Road Central
          Hong Kong


FAVOUR LUCK: Members' Final General Meeting Set for June 29
-----------------------------------------------------------
The members of Favour Luck Limited will hold their final meeting
on June 29, 2009, at 10:00 a.m., at Room 2702-03, of CC Wu
Building, 302-8 Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Ho Sun Fung Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HILLSBURG GROUP: Members' Final General Meeting Set for July 14
---------------------------------------------------------------
The members of Hillsburg Group Limited will hold their final
meeting on July 14, 2009, at 10:00 a.m., at Rooms 1905-8, 19th
Floor of Kai Tak Commercial Building, 161 Connaught Road, in
Central, Hong Kong.

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


JOINT LEADER: Creditors' Proofs of Debt Due on June 29
------------------------------------------------------
The creditors of Joint Leader Limited are required to file their
proofs of debt by June 29, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Man Mo Leung
          The Lee Gardens, 34th Floor
          33 Hysan Avenue, Causeway Bay
          Hong Kong


KAWAMURA CO: Creditors' Meeting Set for June 5
----------------------------------------------
The creditors of Kawamura Co., Limited will hold their meeting on
June 5, 2009, at 10:00 a.m., at Room 1005 of Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, the creditors will be asked to determine whether
or not to accept certain accounts receivables to be bad debt.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Related Cases
----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that there are
currently 111 Lehman-Brothers-related cases under disciplinary
consideration.  These are cases which have gone through detailed
investigation by the HKMA.

"A number of cases are at a very advanced stage of the enforcement
process.  Before making a final determination in these cases, we
have to go through due process to ensure fairness, including
giving the subjects of investigation an opportunity to be heard,"
said by an HKMA spokesperson.

In addition, the HKMA has referred to the Securities and Futures
Commission (SFC) eight cases involving complaints of alleged
misconduct in respect of investment products related to Lehman
Brothers for it to decide whether to take further action.  The
eight cases, which are the twenty-ninth batch of Lehman-
Brothers-related cases referred in this way, involve alleged
misconduct by one licensed bank in Hong Kong.  Since October 17,
2008, the HKMA has referred a total of 457 Lehman-Brothers-related
cases, involving 16 banks, to the SFC for further action.  These
cases have been reviewed by the HKMA, which has determined that
there are sufficient grounds for referring them to the SFC to
facilitate its investigations into banks.

The HKMA has, as of May 21, 2009, received 20,999 complaints
concerning Lehman-Brothers-related products, of which 20,834
complaints have gone through the preliminary assessment process.
As a result of the assessment, the HKMA is currently investigating
6,074 cases and seeking further information on 13,594 cases.  A
total of 1,055 complaints have been closed as there was no
sufficient prima facie evidence found after the preliminary
assessment process or no sufficient grounds and evidence found
after the detailed investigation.  "The closure of these cases
will not affect the top-down investigations being undertaken by
the SFC at the bank level," the HKMA spokesperson said.

Commenting separately on voluntary settlements between banks and
their customers, the HKMA spokesperson said that, according to
figures collected by the HKMA from the distributing banks, as of
May 13, 2009, a total of 6,736 cases involving Lehman-Brothers-
related products have resulted, or will soon result, in voluntary
settlement, including compensation either in part or in full,
between the customers and the banks concerned.  Of these voluntary
settlements, 4,970 have already been concluded.  Discussions about
settlements are in progress in the remaining
1,766 further cases.  The spokesperson said that, 2,554 of the
settlement cases involve elderly customers.  This compares with a
total of 3,537 complaints received by the HKMA in relation to
elderly customers.

"While the HKMA welcomes settlements between banks and
complainants, its investigations into allegations of mis-selling
will not be closed simply because of settlements or withdrawals of
complaint cases.  The HKMA will, regardless of any terms of a
settlement, continue its investigation into cases where evidence
of mis-selling is revealed." the spokesperson added.

                        Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com/-- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on September 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: HK Liquidators Get Approval for Payment of Costs
-----------------------------------------------------------------
KPMG's Paul Brough, Edward Middleton and Patrick Cowley, the
Liquidators of the eight Hong Kong based Lehman Brothers entities,
have obtained an order from the High Court allowing them an
interim payment of 75% of the professional costs incurred during
the period when they acted as Provisional Liquidators between
September 2008 and March 2009.

Total costs of the Provisional liquidators and their advisers in
the 'provisional liquidation' period amounted to HK$291 million,
and realizations to date are in excess of HK$4 billion.  The costs
will also be subject to a Court supervised assessment process in
due course.

Liquidator Patrick Cowley said: "The collapse of Lehman is now
generally accepted as the most complex global insolvency in
corporate history and he costs incurred reflect the scale and
complexity of a business with over HK$350 billion of assets and
liabilities, operating across the whole of Asia, in a wide array
of investment banking activities, and as part of a truly global
enterprise."

The Liquidators have recently signed an International Protocol
with a number of insolvency administrators appointed around the
world.  This should create a cooperative framework for them to
continue realizing assets and addressing the many intra-group
issues that will arise in the course of this insolvency process.

                          About KPMG

KPMG is a global network of professional firms providing Audit,
Tax and Advisory services.  It operates in 144 countries and has
137,000 people working in member firms around the world.

The independent member firms of the KPMG network are affiliated
with KPMG International, a Swiss cooperative.  Each KPMG firm is a
legally distinct and separate entity and describes itself as such.

KPMG China has 12 offices (including KPMG Advisory (China)
Limited) in Beijing, Shenyang, Qingdao, Shanghai, Nanjing,
Chengdu, Hangzhou, Guangzhou, Fuzhou, Shenzhen, Hong Kong and
Macau, with more than 8,500 professionals.

                       Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com/-- was the fourth largest investment bank
in the United States, offering a full array of financial services
in equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for Chapter 11 on September 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history.  Several affiliates
filed bankruptcy petitions thereafter.

On September 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on September 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                            Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only US$2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


PRIME MAKER: Creditors' Proofs of Debt Due on July 2
----------------------------------------------------
The creditors of Prime Maker Limited are required to file their
proofs of debt by July 2, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 22, 2009.

The company's liquidator is:

         Ching Kwok Ho, Samuel
         New World Tower II, 12th Floor
         18 Queen's Road
         Central, Hong Kong


ROTARY CLUB: Members' Final General Meeting Set for June 29
-----------------------------------------------------------
The members of Rotary Club of Queensway Community Service Fund
Limited will hold their final meeting on June 29, 2009, at Room
1202, 12th Floor of Lucky Commercial Centre, 103 Des Voeux Road
West, in Sheung Wan, Hong Kong.

At the meeting, Cheng Kwan Sing and Chang Tak Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SENATOR LINES: Members' Final General Meeting Set for June 30
-------------------------------------------------------------
The members of Senator Lines (Asia) Limited will hold their final
meeting on June 30, 2009, at 3:00 p.m., at 1902 MassMutual Tower,
38 Gloucester Road, in Wanchai, Hong Kong.

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


UNION WINNER: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on May 22, 2009, the
members fo Union Winner Enterprises Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Fung Kit Yee
          Chinachem Tower, 3rd Floor
          34-37 Connaught Road Central
          Hong Kong


YEW CHUNG: Members' Final Meeting Set for June 30
-------------------------------------------------
The members of Yew Chung Quality Education Development
Organisation Limited will hold their final general meeting on
June 30, 2009, at 10:00 a.m., at the company's registered office.

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



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

ALUPAN COMPOSITE: Stretched Liquidity Cues CRISIL 'B+' Rating
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Alupan Composite Panels Pvt Ltd (ACPPL).

   INR40 Million Cash Credit          B+/Stable (Assigned)
   INR57.5 Million Letter of Credit   P4 (Assigned)

The ratings reflect ACPPL's extremely limited track record of
operations, and working capital intensive operations with
stretched liquidity with exposure to risks relating to large
working capital requirements.

Outlook: Stable

CRISIL believes that ACPPL will have a average business risk
profile on account of extremely limited track record of
operations, while its financial risk profile will remain weak
owing to large working capital requirements, over the medium term.
The outlook may be revised to 'Positive' if the company reports
higher-than-expected increase in cash accruals.  Conversely, the
outlook may be revised to 'Negative' if the company reports a
decline in its profitability, or undertakes large, debt-funded
capital expenditure, leading to deterioration in its debt
protection measures.

                      About Alupan Composite

ACPPL, promoted by Mr. Vinod Kumar Garg in 2003, manufactures
aluminium composite panels and began commercial production late in
2006-07. ACPPL's manufacturing facility is located at Haridwar
(Uttarakhand).  ACPPL reported a profit after tax (PAT) of
INR0.67 million on net sales of INR96 million for 2007-08 (refers
to financial year, April 1 to March 31).


GURPREET GALVANISING: CRISIL Rates INR100 Mln Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Gurpreet Galvanising Pvt Ltd (Gurpreet).

  INR100.00 Million Cash Credit       BB+/Stable (Assigned)
  INR20.00 Million Bank Guarantee     P4 (Assigned)
  INR10.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect GGPL's small scale of operations in the
fragmented galvanised telecom tower industry, and exposure to
risks relating to strained liquidity on account of large working
capital requirements and limited financial flexibility, and to
concentration in revenue profile, and susceptibility of margins to
volatility in raw material prices.  These weaknesses are, however,
partially offset by the benefits that Gurpreet derives from its
promoters' experience in the telecom towers business, and its
comfortable gearing and debt protection indicators.

Outlook: Stable

CRISIL believes that Gurpreet Galvanising Pvt Ltd's (Gurpreet's)
operations will remain small and its margins and liquidity will be
under pressure over near to medium term.  The outlook may be
revised to 'Positive' in case the company increases its scale of
operations by adding new clients in telecom tower sector or
diversifies in the power transmission sector; and improves its
liquidity.  Conversely, the outlook may be revised to 'Negative'
in case Gurpreet's revenues and profitability come under pressure
because of disruption in order flow; or the company's financial
risk profile is adversely affected by stretched receivables.

                   About Gurpreet Galvanising

Gurpreet, incorporated in September 1998, is in the business of
fabrication of communication line towers and sub-station
structures used for transmission of telecommunication signals.
The company also undertakes job work for galvanising fabricated
steel structures such as pressed steel tanks, tubular poles,
roofing structure, steel girder bridges, and galvanised garbage
containers.  The company is also into trading in allied steel
components and sale of raw materials to various other
manufacturers.  Gurpreet's installed manufacturing capacity is
1200 tonnes per month (TPM) and 3000 TPM for galvanising process.
The company has two plants, Unit I and Unit II, at Ranga Reddy,
with Unit I spread over 2 acres of land and Unit II spread over
30000 square feet.

Gurpreet reported a profit after tax (PAT) of INR29.2 million on
sales of Rs.579 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR27.7 million on sales
of INR435 million for 2006-07.


NANDI SAHAKARI: CRISIL Puts 'BB+' Rating on  INR337.2 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of The Nandi Sahakari Sakkare Karkhane Niyamit (NSSKN).

   INR400 Million Cash Credit Limit      BB+/Stable (Assigned)
   INR337.2 Million Long Term Loan *     BB+/Stable (Assigned)

   * includes proposed limit of INR186.6 million

The ratings reflect NSSKN's weak financial risk profile with high
gearing, and the high degree of regulatory risks in the sugar
industry.  These weaknesses are mitigated by NSSKN's average
operational efficiencies.

Outlook: Stable

CRISIL expects NSSKN to maintain its moderate business risk
profile and improve its currently weak financial risk profile over
the medium term, supported by higher sugar prices.  A stronger-
than-expected financial performance due to higher-than-anticipated
sugar prices, resulting in an improved credit profile, especially
gearing, could result in the outlook being revised to 'Positive'.
Conversely, cost or time overruns in implementation of the
expansion project, or any additional debt-funded capital
expenditure (capex) impacting the society's credit risk profile,
could result in the outlook being revised to 'Negative'.

                        About the Society

NSSKN, located in Bijapur district of Karnataka, was established
under The Karnataka Co-operative Societies Act by Mr. S B Patil in
May 1982.  The society set up a sugar factory with an initial
capacity of 2500 tonnes of cane crushed per day (tcd) and
cogeneration capacity of 2.5 mega watts (MW), and started
commercial production in 1992-93 (refers to the financial year,
April 1 to March 31).  In 2006-07, NSSKN expanded its crushing
capacity to 3500 tcd.  In March 2006, the society also expanded
its cogeneration capacity by setting up a new cogeneration plant
of 18.14 MW.  Currently, the society uses around 5.8 MW of power
for its captive consumption and sells the surplus production to
Karnataka Power Transmission Corporation Ltd.  NSSKN is expanding
its cane crushing capacity to 5000 tcd from 3500 tcd with a capex
of around INR245 million; the increased capacity is expected to be
commissioned in November 2009.

For 2007-08, NSSKN reported a net profit of INR2.28 million on
net sales of INR1.30 billion, as against a net profit of
INR0.78 million on net sales of INR763.57 million in 2006-07.


POWER MAX: Low Net Worth Prompts CRISIL to Assign 'BB+' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Power Max (India) Pvt Ltd (PMPL).

   INR100 Million Cash Credit       BB+/Stable (Assigned)
   INR10 Million Term Loan          BB+/Stable (Assigned)
   INR80 Million Bank Guarantee     P4 (Assigned)
   INR10 Million Letter of Credit   P4 (Assigned)

The ratings reflect PMPL's large working capital requirements,
small scale of operations in the engineering services industry,
and low net worth.  These weaknesses are, however, partially
offset by the benefits that PMPL derives from the experience of
its promoters, and its strong customer profile.

Outlook:Stable

CRISIL believes that PMPL will maintain a stable credit risk
profile on the back of its established relationships with clients.
The outlook may be revised to 'Positive' if the company reports
significant improvement in revenues, operating margins and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if there are time or cost overruns in the company's ongoing and
future projects, or if the company undertakes large, debt-funded
capital expenditure.

                      About Power Max (India)

PMPL, formed in 1977 by Mr. Dilip Kumar Bose, provides turnkey
services in the engineering industry, in segments such as
mechanical, engineering, procurement & construction (EPC), design
and engineering, civil, structural and architectural, electrical,
and instrumentation, and infrastructure development.  PMPL
reported a profit after tax (PAT) of INR7.9 million on net sales
of INR336.7 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR5.6 million on net sales of
INR312.0 million for 2006-07.


PURVANCHAL CONST: CRISIL Rates INR500 Million Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to Purvanchal
Construction Works Pvt Ltd's (Purvanchal's) bank facility.

   INR500 Million Cash Credit    BB+/Stable (Assigned)

The rating reflects Purvanchal's limited development track record,
weak market position, low cash accruals due to slowdown in project
sales, and exposure to the risks and cyclicality inherent to the
real estate sector.  These weaknesses are partly offset by
Purvanchal's comfortable capital structure resulting in healthy
debt protection measures, and its conservative management.

Outlook: Stable

CRISIL believes that Purvanchal will be prudent in its future
growth plans, thereby maintaining its comfortable capital
structure.  The outlook may be revised to 'Positive' if there is a
significant improvement in the company's project sales and cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large debt-funded projects that may weaken
its financial risk profile.

                   About Purvanchal Construction

Purvanchal, incorporated in 1994, is a real estate development
firm based in Noida, Uttar Pradesh.  For 2007-08 (refers to
financial year, April 1 to March 31), Purvanchal registered
net sales and profit after tax (PAT) of INR1.86 billion and
INR199 million, respectively, as against net sales of
INR1.36 billion and PAT of INR195 million in 2006-07.


SVP INDUSTRIES: CRISIL Places 'BB+' Rating on INR105.7MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of SVP Industries Ltd (SVPIL).

   INR70 Million Cash Credit        BB+/Stable (Assigned)
   INR12 Million Standby Line       BB+/Stable (Assigned)
                   of Credit
   INR105.7 Million Term Loan *     BB+/Stable (Assigned)
   INR5 Million Letter of Credit    P4 (Assigned)
   INR5 Million Bank Guarantee      P4 (Assigned)

   * Includes proposed limit of INR5 million.

The ratings reflect exposure to regulatory risks in the distillery
industry, and vulnerability of the company's operating margins to
volatility in the prices of raw material like molasses.  These
weaknesses are, however, partially offset by SVPIL's comfortable
business risk profile driven by its established presence in the
country liquor segment in Uttar Pradesh (UP), and its promoters'
experience in the liquor industry.  The ratings are also
underpinned by SVPIL's financial risk profile, marked by low
gearing, and average debt protection measures.

Outlook: Stable

CRISIL believes that SVPIL's revenues and operating profitability
to benefit on the back of established market position in Uttar
Pradesh, and strong operating efficiencies.  The outlook may be
revised to 'Positive' if SVPIL consolidates its presence in the
country liquor market by successfully entering new markets,
thereby, improving its realisations and profitability.
Conversely, the outlook may be revised to 'Negative', if SVPIL's
financial risk profile deteriorates significantly, due to drastic
changes in the regulatory environment, or launch of significantly
debt-funded capital expenditure plans.

                       About SVP Industries

Set up in 1960 by Late Mr. Brahm Swarup, SVPIL manufactures,
markets and sells industrial alcohol, country liquor, and Indian-
made foreign liquor (IMFL).  The company manufactures country
liquor under its in-house brands like Mr. India, Tohfa, Dil Se
etc. and also does the bottling work for United Spirits Ltd (UB
group) in the IMFL segment.  SVPIL has an installed capacity of
198 lakh (bulk litres per annum) of commercial spirit and potable
liquor at its distillery at Mansurpur (Muzaffarnagar, UP).

SVPIL reported a profit after tax (PAT) of INR29.7 million on net
sales of INR2890 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR14.8 million on net
sales of INR949 million for 2006-07.


TATA MOTORS: May Need to Pump Funds to Plug JLR Pension Deficit
---------------------------------------------------------------
India's Tata Motors Ltd may have to infuse funds to meet the
widening gap in the the pension plans operated by Jaguar Land
Rover, Lijee Philip & MV Ramsurya at the Economic Times report
citing people familiar with the development.

According to the report, the sharp fall in equities, especially
since September last year, has increased the deficit in the
pension plans operated by JLR.  The report relates two people
familiar with the situation said JLR has already increased the
contribution from employees to 7% of their salary from 6%, but
this may not be enough.

"All we are able to report at this time is that we work closely
with the trustees to ensure that the pension plans are
appropriately funded on a long-term basis," the report quoted
Simon Warr, director communications at JLR, as saying.

The report recalls early this month, JLR increased employees'
contribution to partially meet unfunded liabilities, while
reducing the Tatas' contribution by one percentage.   Citing a
member of Unite, a union of autoworkers', including employees of
JLR, the report discloses the savings to Tata Motors from the
reduction in the contribution to the scheme is around
US$70 million to US$100 million.

The report states just ahead of the purchase by the Tatas, Ford,
JLR's former parent, invested US$600 million into the pension
plans, but it appears now that the money has not been enough, the
report discloses.   The report notes HR experts say that the
impact of the securities market increases if the company follows
the Defined Benefit Plan.

                    About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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



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

PERUSAHAAN LISTRIK: Needs US$83BB Through 2018 for Power Expansion
------------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) is seeking about US$83 billion
in investment through 2018 to expand its power plants as well as
its transmission and distribution networks, Jakarta Globe reports.

The report, citing PLN President Director Fahmi Mochtar, says that
PLN requires US$56.7 billion for the construction of plants,
US$14.1 billion to expand transmission and US$12.4 billion for
distribution.

According to the report, the company has forecast that it will
need an average of US$7.6 billion of investment annually through
2018, with the biggest investment required in 2010 of
US$10 billion, when the second stage of the so-called fast-track
energy generation program is expected to get underway.

With electricity demand growing by 9.2 percent per year, the
nation will need to add 16,183 MW by 2010 in order to curb power
shortages and meet increased demand, the report notes.

PLN intends to have 10,000 MW of new power online in the first
phase of the fast-track program, which is scheduled for completion
in 2010 with a number of coal-fired power plants it is building
throughout the country, the report says.  The second phase of the
plan, which would add more than 9,000 MW, is scheduled to begin
this year and finish in 2014, the report relates.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.



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

HYUNDAI MOTOR: Vehicle Sales Down 0.4% in May
---------------------------------------------
Hyundai Motor Co. on Monday reported a 0.4 percent fall in total
vehicle sales during May 2009, Yonhap News Agency reports.

The news agency says Hyundai sold 250,441 units last month with
exports declining 4.8 percent to 186,723 units, while domestic
sales rose 15.4 percent to 63,718 units.

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.


KIA MOTORS: Sales Fall 0.5% in May
----------------------------------
Yonhap News Agency reports that Kia Motors Corp. said its sales
fell 0.5 percent in May due to weak exports.

The news agency says the automaker sold 122,163 units last month
with exports falling 12.8 percent to 84,061 units, while domestic
sales rose 44 percent to 38,102 units.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.



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

KOSMO TECHNOLOGY: Bourse to Delist Securities on June 9
-------------------------------------------------------
The Bursa Malaysia Securities Bhd has resolved to disallow Kosmo
Technology Industrial Berhad's appeal on its decision to de-list
the securities of the company as it does not have an adequate
level of financial condition and operations to warrant continued
listing on the Official List of Bursa Securities.

Accordingly, the securities of Kosmo will be removed from the
Official List of Bursa Securities on June 9, 2009.

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


NEPLINE BHD: Incurs MYR2.98 Million 1st Qtr Loss
------------------------------------------------
Nepline Berhad posted a MYR2.98 million net loss in the first
quarter ended March 31, 2008, compared with a net profit of
MYR8.25 million in the same quarter of 2008.

For the current quarter, the company registered zero revenue as
compared with MYR4.73 million of revenue in the preceding year
quarter.

As at March 31, 2009, the company's consolidated balance sheet
showed total assets of MYR74.60 million and total liabilities of
MYR166.14 million, resulting in a shareholders' deficit of
MYR91.53 million.  The company's consolidated balance sheet as of
March 31, 2009, also showed strained liquidity with MYR4.54
million in total current assets available to pay MYR166.14 million
in total current liabilities.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


PECD BERHAD: Posts MYR22.07 Mil. Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
PECD Berhad incurred a net loss of MYR22.07 million on MYR19.74
million of revenues in the quarter ended March 31, 2009, as
compared to a net loss of MYR16.65 million on MYR36.61 million of
revenues in the same quarter of 2008.

As of March 31, 2009, the company's balance sheet showed
strained liquidity with current assets of MYR439.51 million
available to pay MYR1.78 billion of current liabilities coming
due within the next twelve months.

PECD Berhad's balance sheet as of end-March 2009, went upside
down by MYR1.33 billion, on total assets of MYR903.24 million
and total liabilities of MYR2.23 billion.

                        About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


SATANG HOLDINGS: Posts MYR965,000 Profit in 2nd Qtr Ended March 31
------------------------------------------------------------------
Satang Holdings Berhad reported a net profit of MYR965,000 on
MYR11.21 million of revenues in the second quarter ended March 31,
2009, compared with a net loss of MYR2.79 million on MYR14.81
million of revenues in the same quarter in 2008.

As of March 31, 2009, the company's unaudited balance sheet
reflected strained liquidity with current assets of MYR37.73
million available to pay current liabilities of MYR31.27 million.

The company's balance sheet as of end-March showed MYR54.94
million in total assets, MYR35.39 million in total
liabilities and MYR19.56 million in total shareholders' equity

                      About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


TENGGARA OIL: Has MYR20.97 Million Outstanding Debt as of May 31
----------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete
Sdn. Bhd., have been unable to pay the amount of principal and
interest in respect of its credit facilities as at May 31, 2009.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,667,491.78
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,398,842.32
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR20,971,149.72

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


TIME ENGINEERING: To Hold 39th Annual Meeting on June 22
--------------------------------------------------------
The members of Time Engineering Berhad will hold their 39th
Annual General at 10:30 a.m., on June 22, 2009, at Sunway Resort
Hotel, Persiaran Lagoon Bandar Sunway, 46150 Petaling Jaya, in
Selangor.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the year
      ended December 31, 2008, together with the reports of the
      Directors and Auditors thereon;

   -- re-elect Dato’ Dr Gan Khuan Poh, who retires by rotation
      in accordance with Article 96 of the Company's Articles of
      Association and, being eligible, he has offered himself for
      re -election;

   -- consider, and if thought fit, to pass these resolutions
      as a Special Resolution pursuant to Section 129(6) of the
      Companies Act, 1965:

   (i) That Tuan Haji Abdullah Yusof who is over the age of 70
       years be and is hereby re-appointed as a Director of the
       company in accordance with Section 129(6) of the
       Companies Act 1965 and to hold office until the
       conclusion of the next Annual General Meeting of the
       Company.

   -- approve the payment of Directors’ Fees amounting to
      MYR228,000 for the financial year ended December 31, 2008.

   -- re-appoint Messrs KPMG as Auditors of the Company to
      hold office until the conclusion of the next Annual
      General Meeting and to authorize the Directors to fix the
      Auditors' remuneration;

   -- consider and, if thought fit, to pass this resolution
      as an Ordinary Resolution:

     "That pursuant to Section 132D of the Companies Act, 1965,
      and subject to the approval of the relevant authorities
      being obtained, the Directors be and are hereby authorised
      to issue shares in the Company at any time and upon such
      terms and conditions and for such purposes as the Directors
      may, in their absolute discretion deem fit, provided that
      the aggregate number of shares to be issued does not exceed
      10 percent of the issued share capital of the Company as
      at the date of this Annual General Meeting and that the
      Directors be and are also empowered to obtain the approval
      for the listing of and quotation for the additional shares
      so issued on the Bursa Malaysia Securities Berhad and that
      such authority shall continue in force until the conclusion
      of the next Annual General Meeting of the Company."

   -- transact any other business of which due notice will
      have been received.

                     About Time Engineering

TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.



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

AUCKLAND REGIONAL: Needs Capital Infusion As Debt Repayment Nears
-----------------------------------------------------------------
Auckland Regional Holdings ("ARH"), owner of Ports of Auckland,
is needing a capital infusion for the first time as debt repayment
deadline nears, Garry Sheeran at the Sunday Star Times reports.

ARH has NZ105.5 million in debt coming due on December 18, the
report says.  However, Ports of Auckland chief financial officer
Wayne Thompson told the Sunday Star-Times that he is "highly
confident" the debt will be refinanced in time.

Analysts and industry sources, according to the report, have
welcomed those assurances, given the fact that the NZ$105.5
million debt has blown the Port's current liabilities out to
NZ$131.3 million, more than four times its current assets of
NZ$28.3 million, a position of significant technical insolvency.

According to the report, the repayment of the NZ$105.5 million
debt is part of a wider capital structure review being undertaken
by Ports of Auckland, which will look not only at debt and equity
levels, but also ways in which the shareholder, as well as banks,
can meet those demands.

The Star Times relates that the NZ$105.5 million debt was
originally part of Ports' long-term bank loan facility, but the
board decided not to roll it over in December, a decision that
forced its need for capital to the top of the agenda.

Ports of Auckland's debt levels, Star Times notes, have increased
significantly since ARH became sole shareholder.  Its debt has
grown from NZ$146.4 million in 2005, when ARH bought out the
company, to NZ$362.1 million in 2007 and NZ$355.5 million in
December, the report discloses.

Ports of Auckland is 100% owned by Auckland Regional Holdings, a
statutory investment entity accountable to the Auckland Regional
Council.


FAIRFAX MEDIA: Suburban Unit Asks Staff to Take 9-Day Fortnight
---------------------------------------------------------------
The National Business Review reports that Fairfax's Suburban
Newspapers division has asked staff to consider a nine-day working
fortnight scheme as it attempts to avoid further job losses at the
publishing house.

Engineering, Printing and Manufacturing Union spokesman Rob Egan,
according to the report, confirmed that Fairfax was putting
forward the proposal but would not say more as the union was going
to start negotiations with the company on behalf of staff.

Fairfax's Suburban Newspapers publishes 18 weekly newspapers
including the Central Leader, East and Bays Courier, Manukau
Courier and the North Shore Times, the Business Review discloses.

The Troubled Company Reporter-Asia Pacific, citing Radio
New Zealand, reported on May 19, 2009, that Fairfax Magazines, a
unit of Fairfax Media Limited, has also asked staff to consider a
nine day fortnight working scheme.

According to Radio New Zealand, Fairfax Magazines' general
manager, Lynley Belton, said increasing printing costs and
declining advertising revenue have forced the company to find ways
to make savings.

In March, the government launched its Job Support Scheme program
including a 9-day working fortnight scheme that aims to help
workers avoid redundancy.  Employers, workers and unions would
negotiate voluntary agreements to reduce their hours of work to a
nine-day fortnight for up to six months.

                    Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

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

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

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



=============
N I G E R I A
=============

NITEL: Nigerian Gov't. Retakes Control of Firm From Transcorp
-------------------------------------------------------------
The Nigerian government has taken back control of the country's
former telecoms monopoly Nigerian Telecommunications Limited
("Nitel") from Transnational Corp. of Nigeria ("Transcorp") due to
lack of investment and unpaid debts, BBC News reports.

"The government is considering a technical board to manage Nitel
until a new core investor emerges," Bureau of Public Enterprises
director geneneral Christopher Anyanwu, was quoted by BBC News as
saying.

The Wall Street Journal relates that Transcorp had breached
its contract under which it acquired Nitel and its subsidiary
Mobile Telecommunications Ltd., or MTEL.

Citing the Bureau of Public Enterprises in a statement, WSJ
relates that Transcorp was in serious breach of the terms and
conditions of the agreement in respect of both companies.

WSJ says that Transcorp failed to meet its obligations to invest
NGN8.9 billion within 100 days of the takeover to address the
company's liquidity problems.  Transcorp also failed to pay
interconnectivity debt totaling about NGN17 billion and has been
unable to pay staff in the past 11 months, WSJ states.

According to BBC News, Nitel has been hit hard by a decline in
both fixed line and mobile phone subscriber numbers.  Since 2001,
Nitel has seen its number of fixed lines plunge from more than
500,000 to about 100,000.  Subscribers to its mobile phone
subsidiary Mtel have also fallen from 1.3 million to a few
thousand, BBC News notes.

In 2006, Transcorp paid US$500 million for a 51% stake in Nitel.



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

PERMANENT PLANS: Seeks Approval from Court for Rehabilitation
-------------------------------------------------------------
Permanent Plans has filed a petition before the Makati Regional
Trial Court asking to allow the pre-need plan provider to pay off
its planholders on a staggered basis, Philippine Daily Inquirer
reports.

In the petition, Permanent Plans asked the court to allow them to
pay off its planholders who may wish to preterminate their plans
based on a 60-40 percent asset-cash formula, where 40 percent
would be settled in cash and 60 percent in the form of assets such
as memorial lots, the report says.

For benefits already maturing, the company also proposed a five-
year payment in installments, where 10 percent will be paid on the
first year, another 45 percent on the fourth year and the
remaining 45 percent on the fifth year, the report relates.

According to the news agency, a market-based interest rate will
also be paid to compensate the client for the staggered payment
schedule.

"We have done this to assure you [that] you will be paid.  We have
weighed the options and the planholders will be better served by
rehabilitation", Permaplans President Juan Miguel Vasquez was
quoted by the report as saying.

As of end-2008, Permaplans told the court that it had current
liabilities of PHP62 million, against current assets of only
PHP35 million, the report notes.

Its trust fund is also deficient, when compared to its preneed and
insurance reserve liability.  Based on the actuarial validation
report as of Dec. 31, 2008, the trust fund equity covering preneed
and insurance reserves for the pension plans has an asset balance
of PHP403 million while the preneed and insurance reserves
amounted to PHP656.01 million, according to the report.



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

FIDIUS SHIPPING: Creditors' Proofs of Debt Due on June 29
---------------------------------------------------------
Fidius Shipping Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by June 29,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


GRAPHIC PACKAGING: Creditors' Proofs of Debt Due on June 29
-----------------------------------------------------------
Graphic Packaging International Asia Pte Ltd, which is in
voluntary liquidation, requires its creditors to file their proofs
of debt by June 29, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


IOMEGA PACIFIC: Creditors' Proofs of Debt Due on June 29
--------------------------------------------------------
Iomega Pacific Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by June 29,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

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


THE SHANGHAI: Court Enters Wind-Up Order
----------------------------------------
On May 8, 2009, the High Court of Singapore entered an order to
have The Shanghai Book (CNPIEC) Co Pte Ltd's operations wound up.

The Shanghai Book Co (Pte) Ltd filed the petition against the
company.

The company's liquidator is:

          Lai Seng Kwoon
          SK Lai & Co.
          8 Robinson Road #13-00
          ASO Building
          Singapore 048544



===============
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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