TCRAP_Public/090604.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

           Thursday, June 4, 2009, Vol. 12, No. 109

                            Headlines

A U S T R A L I A

BABCOCK & BROWN POWER: Sells 10.63% Stake to GPG
MACAIR AIRLINES: Former Directors Face Insolvent Trading Claims
URANIO LIMITED: To Merge With Manhattan Resources
* AUSTRALIA: ASIC Launches Online Insolvency Website


C H I N A

AIR CHINA: To Infuse CNY431 Million Into Air Macau Unit
CHINA EASTERN: JV Joy Air to Get Operational Approval on June 15


H O N G  K O N G

CDS INTRA-CITY: Creditors and Contributories to Meet on June 29
CHANGJIANG POWER: Creditors & Contributories to Meet on June 12
CHAOMING LIMITED: Creditors & Contributories to Meet on June 12
CITY TELECOM: Moody's Upgrades Senior Unsecured Rating to 'Ba3'
DOLLYCRAFT LIMITED: Creditors' Proofs of Debt Due on June 30

GAIN SUPER: Members' Final Meeting Set for June 30
GLOBAL REGENCY: Creditors' Proofs of Debt Due on July 2
HIGH WEALTH: Members' Final Meeting Set for June 29
HOTSPUR DEVELOPMENT: Placed Under Voluntary Wind-Up
KAM MOON: Creditors' Proofs of Debt Due on June 13

MAK COMMEMORATIVE: Creditors' Proofs of Debt Due on June 30
MARRIOT DEVELOPMENT: Members' Final Meeting Set for June 30
ROAD KING: Expressway Sale Won't Affect S&P's 'BB-' Rating
UNIQUE BUSINESS: Creditors & Contributories to Meet on June 12
WADY PROPERTIES: Members' Final Meeting Set for June 30

YUE KING: Kin and Tong Step Down as Liquidators


I N D I A

AIR INDIA: Contract Staff Stage Indefinite Strike
ANS PRIVATE: CRISIL Assigns 'P4' Rating on INR510MM Bank Guarantee
GAYATRI SUGARS: Failure to Pay Interest Cues CRISIL 'D' Ratings
GSR SUGARS: Default on Loan Payments Prompt CRISIL 'D' Ratings
JET AIRWAYS: In Talks With Gulf, Oman Air on Wet Lease Conversion

KARTHIK AGRO: CRISIL Places 'B' Rating on INR285.00 Mln LT Loan
LEEDS SPINNING: CRISIL Places 'C' Rating on INR208.2MM Long Term
SATYAM COMPUTER: SEBI Clears Tech Mahindra's Open Offer
SUGAVANESWARA SPINNING: CRISIL Rates INR98.0 Mln LT Loan at 'B'
TATA MOTORS: Moody's Affirms Corporate Family Rating at 'B3'

UNITECH LIMITED: Coercive Debt Exchange Cues Fitch's Debt Rating
UNITECH LIMITED: Fitch Downgrades Ratings on Single Loan Sell Down
VEEKAY POLYCOATS: Stretched Liquidity Cues CRISIL 'BB+' Ratings


I N D O N E S I A

BANK MANDIRI: To Allocate IDR13.6 Trillion for Oil and Gas Lending


J A P A N

ANABUKI CONSTRUCTION: JCR Withdraws 'BB+' Rating on Senior Debts
CAFES 2: Moody's Changes Ratings on Three Classes of Notes
GENERAL MOTORS: Bankruptcy Filing Won't Affect Japanese Automakers
GODO KAISHA: Moody's Changes Ratings on Four JLOC37 Notes
HARVEST TRUST: Moody's Changes Ratings on Various Certificates

J-CORE12 TRUST: Fitch Downgrades Ratings on Two Notes to Low-Bs
JLOC XXVIII: Moodyu's Downgrades Ratings on Three Classes of Notes
L-JAC 7: Moody's Changes Ratings on Various Classes of Notes
L-JAC 8: Moody's Changes Ratings on Various Classes of Notes
MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes

ORSO FUNDING: Moody's Downgrades Ratings on Four 2005-1 Notes


K O R E A

SSANGYONG MOTOR: Warns Striking Workers to Disperse by June 8
SSANGYONG MOTOR: Qatari Investors Set Eye on Korean Carmakers


M A L A Y S I A

LITYAN HOLDINGS: Posts MYR997,000 Net Loss in Qtr Ended March 31
PANGLOBAL BHD: Incurs MYR20.48MM Net Loss in Qtr. Ended March 31
TALAM CORPORATION: Updates Bursa on Default Status as of April 30


N E W  Z E A L A N D

PLUS SMS: Settles Legal Proceedings With Garry Donoghue


P H I L I P P I N E S

PERMANENT PLANS: Gets Nod from Court to Pursue Rehabilitation
PERMANENT PLANS: Accused by SEC for Misleading Public


S A U D I  A R A B I A

SAAD GROUP: Moody's Withdraws 'B1' Issuer Credit Ratings
SAAD GROUP: S&P Downgrades Corporate Credit Ratings to 'D/D'
SAAD TRADING: Frozen Accounts Cue Moody's Rating Cut to 'B1'


S I N G A P O R E

BUILD TRADE: Creditors' Proofs of Debt Due on June 12
HONG LUAN: Creditors' Proofs of Debt Due on June 12
MINSOON CREDIT: Creditors' Proofs of Debt Due on June 30
S.C. CAPITAL ADVISORS: Creditors' Proofs of Debt Due on June 12


                         - - - - -


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

BABCOCK & BROWN POWER: Sells 10.63% Stake to GPG
------------------------------------------------
Babcock & Brown Power has sold 10.63% stake to Guinness Peat Group
plc for AU$6.5 million, The National Business Review reports.

The report says GPG bought 77.2 million Babcock & Brown Power
stapled securities in the period from April 24 to June 2 in an
average price per security of just 8.4c.

According to the Business Review, BBP's share price has been
further buffeted by news that its AU$2.7 billion debt will have to
be renegotiated, in light of the company being unable to attract
an investment grade credit rating.  Babcock & Brown Power, the
report relates, is already in breach of its interest cover
covenant and is in talks with its banking syndicates.

The report says the company has posted two profit downgrades so
far this year and is now picking a normalised ebitda figure of
AU$260-$270 million.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the report notes.

                             About GPG

Guinness Peat Group plc (GPG) is a United Kingdom-based investment
holding company with a diversified range of interests in a number
of businesses, mainly in Europe and Australasia.  The company’s
subsidiaries include GPG (UK) Holdings plc, which is an investment
company; GPG Finance plc, which is a finance company; GPG
Securities Trading Ltd, which is engaged in securities trading;
Coats plc, which is engaged in thread manufacturing; Staveley
Inc., which is engaged in testing services, and Canberra
Investment Corporation Ltd, Capral Ltd, which is engaged in
property development.  During the year ended December 31, 2008,
the company acquired 100% of Gosford Quarry Holdings Limited.  As
of April 2, 2009, GPG and its subsidiaries held 71.05% of Canberra
Investment Corporation Limited's voting power.

                   About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


MACAIR AIRLINES: Former Directors Face Insolvent Trading Claims
---------------------------------------------------------------
Three former directors of Queensland regional airline MacAir
Airlines are facing court actions for allegedly engaging in
insolvent trading, The Age reports.

The report says documents filed with the Supreme Court in Brisbane
allege that Terrance John Byrt, Clive David Triplett and Kent
Victor Donaldson incurred debts of just over AU$38.8 million in
the six months after they were appointed directors of Macair in
July 2008.

According to the report, liquidator Jonathan McLeod, who was
appointed to the company shortly before it wound up in February,
is claiming the trio knew Macair was insolvent when they racked up
the unsecured debts from creditors.

Macair, according to the claim, also owed the Australian Taxation
Office almost AU$500,000, and had not lodged a business activity
statement since October last year, the Age relates.

The report notes that the claim against its former directors will
be argued in court at a date to be fixed.

                     About MacAir Airlines

MacAir Airlines is a privately own regional airline based in
Queensland.  It employs over 200 professionals directly.  MacAir
operates over 125 flights throughout regional Queensland, and
transports around 13,400 passengers to and from a variety of
regional Queensland destinations.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing
couriermail.com.au, reported on Feb. 3, 2009, that MacAir Airlines
was placed in receivership due to rising aviation fuel costs and
increased industry competition.

Terry Byrt, the airline's owner, appointed Jonathan McLeod of
McLeod & Partners as voluntary administrator.  Subsequently, the
airline's banker Suncorp Metway appointed Justin Walsh of Ernst &
Young as receiver.  MacAir owes Suncorp Metway about AU$10 million
and owes unsecured creditors such as BP and Shell of an estimated
AU$4 million.


URANIO LIMITED: To Merge With Manhattan Resources
-------------------------------------------------
Uranio Limited disclosed a proposed merger with Manhattan
Resources Pty Ltd under which Uranio will acquire the issue
capital of Manhattan, a private uranium company headed by Alan J.
Eggers.

Under the terms of the agreement, Uranio will issue 44.2 million
new shares to the 19 shareholders of Manhattan.

In a statement to the Australian Securities Exchange, Uranio said
the merger of Uranio and Manhattan will create a well funded
company with a substantial uranium resource of 10.9Mlb, identified
exploration upside of 6.6Mlb to 15.4Mlb.

Mr. Eggers will become full time Executive Chairman of the merged
company.

Manhattan shareholders have agreed, by way of a Share Sale Deed
with Uranio, to sell their shareholdings in Manhattan in exchange
for the issue of 44.2 million fully paid ordinary shares in
Uranio.

The agreement is subject to a number of conditions precedent,
including:

   -- Uranio completing due diligence and inquiries of Manhattan's
      business to its satisfaction;

   -- Uranio shareholder approval at a general meeting expected
      to be held in mid July;

   -- Provision of an independent expert's report on the
      transaction containing a conclusion other than the
      transaction being unfair and unreasonable;

   -- Appropriate terms being agreed, and approved by
      shareholders, for the appointment of Mr. Eggers as
      Executive Chairman;

   -- ASX confirmation, which has been obtained, that it
      does not require the company to comply with chapters
      1 and 2 of the Listing Rules as a result of the
      transaction;

   -- ASX confirmation, which has been obtained, that there
      is no escrow on the shares issued to Manhattan
      shareholders; and

   -- compliance with all the relevant ASX Listing Rules and
      Corporation Act.

Following completion of the transaction, Uranio will, subject to
shareholder approval, change its name to Manhattan Corporation
Limited and Allan Eggers will join the board as Executive Chairman
in a full time capacity.  Marcello Cardaci, the current Chairman,
will remain on the board as a non-executive Director and
Robert Wrixon will continue in his role as Managing Director.
David Riekie will resign from the board.

Manhattan has 19 shareholders, a number of which are also
significant holder of Uranio shares.  Alan Eggers, and his
associates, hold 42.86% of Manhattan and 19.76% of Uranio.

On completion of the merger, as proposed, the top 20 shareholders
of the merged entity will hold 76.3% of the company with 14 of
those holders being Manhattan shareholders.  Allan Eggers and
managed investment fund Minvest Securities (New Zealand) Limited
will have a combined 31.20% stake in the company.

                      About Uranio Limited

Based in Australia, Uranio Limited (ASX:UNO) --
http://www.uranio.com.au-- is engaged in the business of
exploring mining tenements for uranium and developing tenements to
production.  The company's projects include Siccus Project, South
Australia; Ponton North Project, Western Australia, and Gardner
Range Project, Western Australia.  Siccus Project is an uranium
exploration project consisting of an exploration license (EL 3288)
in the prospective Frome Basin uranium province.  Ponton North
consists of five contiguous exploration tenements in the eastern
Goldfields of Western Australia (approximately 200 kilometers
northeast of Kalgoorlie) surrounding the Mulga Rock uranium
deposits and covering a series of associated palaeochannels.
Gardner Range consists of four exploration tenements in the Tanami
Region of Western Australia.  Anketel project consists of 11
tenements approximately 350 kilometers inland from Port Hedland,
on the northern edge of the Pilbara Craton.

                        *     *     *

BDO Kendalls Audit and Assurance (WA) Pty Ltd cast significant
doubt about Uranio Limited's ability to continue as a going
concern.  The company incurred two consecutive annual net losses
of AU$374,333 and AU$1,328 for the year ended June 30, 2008 and
2007, respectively and a net cash outflow from operating
activities of AU$21,402 (2007: AU$4,868 cash inflow).  At June 30,
2008, the company had cash assets of AU$3,554,602 and working
capital of AU$2,937,039.


* AUSTRALIA: ASIC Launches Online Insolvency Website
----------------------------------------------------
The Australian Securities & Investments Commission ("ASIC") has
launched a new online portal specifically designed to meet the
needs of stakeholders likely to be impacted by corporate
insolvency.

The information is part of ASIC's response to the increasing
number of companies experiencing financial difficulty, or becoming
insolvent, in the current economic environment.

ASIC Commissioner, Michael Dwyer, said, "When a company
experiences financial distress or becomes insolvent, there are
likely to be a wide range of people affected, including directors,
creditors, employees, and often, shareholders and investors."

"ASIC now provides specific information on its website to give
greater clarity and assistance to these stakeholders, including
direction to further advice and information," he said.

The portal, which is available at www.asic.gov.au/insolvency,
provides information specific to each stakeholder group about
their rights and obligations and responds to frequently asked
questions.  It also assists stakeholders to understand the
technical jargon of insolvency and outlines the most common forms
of corporate insolvency administration.

"ASIC aims to ensure that company directors are aware of their
obligations to avoid trading while insolvent, and to take
appropriate action, such as getting advice, at the first signs of
difficulty.  The consequences and impact of corporate insolvency,
and flow-on effects to other stakeholder groups, can be mitigated
or minimised if directors act early and responsibly," Mr. Dwyer
said.

"We encourage all company directors to familiarize themselves with
this information and ensure they understand their responsibilities
in relation to insolvent trading," he added.

In addition to company directors, the website provides links for
company creditors (for example, suppliers) and for employees to
assist them in identifying possible signs of insolvency in
companies with which they are involved.

For the first time, the website also includes new information for
shareholders and investors who either own shares in, or have
invested through, failed companies.

For insolvency practitioners, the portal includes existing website
information about their registration and compliance obligations.

"Company insolvencies are getting more complex and each
circumstance is different.  We recognise that the portal won't be
able to answer every question but we want to ensure people have
easy access to clear and independent information about insolvency
during these often stressful times", Mr. Dwyer said.

"We encourage insolvency practitioners, and the representative
bodies of the various stakeholder groups, to refer to this
information in their liaison with clients and stakeholders and to
provide links to this information on their own websites,"
Mr. Dwyer said.



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

AIR CHINA: To Infuse CNY431 Million Into Air Macau Unit
-------------------------------------------------------
Air China will inject cash worth CNY431 million (US$63 million) to
Air Macau in order to help keep the subsidiary stay afloat amid
economic downturn, the China Post reports.

Air Macau, according to Air China's statement to the Shanghai
Stock Exchange cited by the Post, has a negative net asset value
of CNY91.2 million as of end 2008.

According to the Post, Air China said shareholders have decided to
pump CNY431.2 million into Air Macau by issuing new ordinary
shares to existing investors and non-voting redeemable preference
shares to the government of Macau.

The Post relates that Air China said the only other option open
was to dissolve the company according to Macau laws.

Shanghai Daily says Air China holds 51 percent of Air Macau via
its subsidiary China National Aviation Corp (Macau) Co Ltd.  The
Macau government owns 5 percent of the carrier, the Daily notes.

As reported in the The Troubled Company Reporter-Asia Pacific on
April 21, 2009, the Associated Press said Air China incurred a net
loss of CNY9.3 billion in 2008 due to weakened demand, surging
fuel costs and wrong-way bets on fuel hedging contracts.  The
company reported a CNY3.4 billion profit in 2007.

The AP, citing Air China, said fuel costs for the year surged
31 percent to CNY22.6 billion (US$3.3 billion), while passenger
revenue fell slightly to CNY43.3 billion (US$6.3 billion).

Xinhua News Agency related that Air China booked fuel-hedging
contracts losses of CNY7.47 billion and CNY1.15 billion loss due
to its unsuccessful investment in Hong Kong-based Cathay Pacific
Airways Ltd, its business partner.

                         About Air China

Air China Limited – http://www.airchina.com.cn/-- together with
its subsidiaries, is engaged in the provision of airline, airline-
related services, including aircraft engineering services, air
catering services and airport ground handling services, mainly in
Mainland China, Hong Kong and Macau.  It operates in four
segments: the airline operations segment consists the provision of
air passenger and air cargo services; the engineering services
segment consists the provision of aircraft engineering services,
including aircraft maintenance, repair and overhaul services; the
airport terminal services segment consists the provision of ground
services, including check-in service, boarding service, premium
class lounge service, ramp service, luggage handling service,
loading and unloading services, cabin cleaning and transit
services, and the others segment consists the provision of air
catering services and other airline-related services. On Jan. 3,
2008, the company acquired additional 25% interest in the Air
China Cargo.


CHINA EASTERN: JV Joy Air to Get Operational Approval on June 15
----------------------------------------------------------------
The Civil Aviation Administration of China has completed an
initial review of the Xi'an-based Joy Air, a regional carrier
jointly set up by China Eastern Airlines and China Aviation
Industry Corp (AVIC), Shanghai Daily reports.  The report says the
administration plans to issue operational approval by June 15,
after seeking public opinions.

The new carrier, with a registered capital of CNY1 billion
(US$146 million), is 95 percent owned by AVIC, with 5 percent held
by China Eastern, the report discloses.

The Daily, citing Lin Zuomin, general manager of AVIC, says the
regional carrier will begin selling tickets and operate its first
flight this month.

According to the report, Shanghai-based China Eastern used to hold
a 40 percent stake in Joy Air but transferred 35 percent to AVIC
after loosing CNY14 billion last year.

The report states that Joy Air is part of China Eastern's plans to
develop Xi'an, capital of Shaanxi Province, as a regional air hub
together with Kunming, capital of Yunnan Province.

Meanwhile, Shanghai Daily reports that China Eastern has signed an
agreement with the Yunnan provincial government to set up a joint
venture in Kunming as early as this year.  China Eastern will hold
65 percent of the venture and the provincial government will take
the balance, the Daily says.

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

                          *     *     *

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



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

CDS INTRA-CITY: Creditors and Contributories to Meet on June 29
---------------------------------------------------------------
The creditors and contributories of CDS Intra-City Logistics
Company Limited will hold their final meetings on June 29, 2009,
at 11:00 a.m., at Ferrier Hodgson Limited, 14th Floor of The
Hong Kong Club Building, 3A Chater Road, in Central, Hong Kong.

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


CHANGJIANG POWER: Creditors & Contributories to Meet on June 12
---------------------------------------------------------------
The creditors and contributories of Changjiang Power Development
(HK) Company Limited will hold their meeting on June 12, 2009, at
10:00 a.m. and 10:30 a.m., respectively, at the 6th Floor of
Sunning Plaza, 10 Hysan Avenue, in Causeway Bay, Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CHAOMING LIMITED: Creditors & Contributories to Meet on June 12
---------------------------------------------------------------
The creditors and contributories of Chaoming Limited will hold
their meeting on June 12, 2009, at 11:00 a.m. and 11:30 a.m.,
respectively, at the 6th Floor of Sunning Plaza, 10 Hysan Avenue,
in Causeway Bay, Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CITY TELECOM: Moody's Upgrades Senior Unsecured Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the senior
unsecured bond rating and corporate family rating of City Telecom
(H.K.) Limited; the outlook on the ratings is stable.

"The rating upgrade reflects CTI's improving financial metrics, in
particular its low leverage, as measured by adjusted debt/EBITDA,
which was approximately 1.6x as at the interim stage 2009 and is
very low for the rating level," says Laura Acres, a Moody's Vice
President.

"Despite its increased capex plan over the next 2 years, the
company's balance sheet remains strong aided by significant cash
balances, relative to its size, and the recent reduction in debt.
This, combined with the expectation that capex can be funded out
of operating cash flow and CTI's ability to increase revenues and
the subscriber base, further supports the upgrade," says Acres,
also Moody's Lead Analyst for CTI.

The Ba3 rating reflects CTI's position as the largest alternative
wire-line provider and second largest broadband provider in Hong
Kong.  It also takes into account the benefits derived from CTI's
advanced and self-owned network -- including 1.5 million home
passes -- which is unlikely to be replicated by any competitors
over the short to medium term.

At the same time, the rating takes into account the inherent risks
in CTI's long-term business plan to expand its network coverage
and subscriber base in a highly competitive and mature operating
environment, as well as the company's relatively small scale in a
global context.

The stable outlook reflects Moody's expectation that CTI will
fully execute its business plan and maintain its strong financial
profile.

Upward rating pressure is limited given CTI's small size weak
market position relative to larger Hong Kong based operators.
However, upward pressure could emerge over the long term should
CTI: 1) strengthen its market position and revenue base without
any negative impact on profitability such that EBITDA margins
remain in the 30-35% range; 2) maintain its strong leverage
metrics; and 3) maintain a high degree of balance sheet liquidity.

Downward pressure on the rating could emerge should CTI's market
position weaken such that it loses subscriber numbers or suffers a
material decline in blended ARPU levels.  Such downward pressure
may be evidenced by: 1) a failure to generate revenue growth; 2)
a deterioration in EBITDA margins such that they fall below 30%;
3) a decline in (EBITDA-Capex)/Interest to below 2x on a
consistent basis; and/or 4) unencumbered cash balances falling
below HK$200 million.

The last rating action was on August 26, 2008, when Moody's
upgraded CTI's senior unsecured and corporate family rating to
B1 with a positive outlook.

Through its wholly-owned subsidiary, Hong Kong Broadband Network
Ltd, CTI provides broadband service), telephony, IP-TV and
corporate data services through its self-built Metro Ethernet IP
network.  HKBN is the largest alternative operator for residential
voice and broadband services in Hong Kong.  As of February 2009,
it had 1.5 million home residential passes representing 60% of HK
households, and a total of 872,000 subscribers for its triple-play
of voice, broadband and pay-TV services.


DOLLYCRAFT LIMITED: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------------
The creditors of Dollycraft 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 19, 2009.

The company's liquidator is:

          Lo Wai On
          Park-In Commercial Centre
          Room 1901-2
          56 Dundas Street, Mongkok
          Kowloon, Hong Kong


GAIN SUPER: Members' Final Meeting Set for June 30
--------------------------------------------------
The members of Gain Super Development Limited will hold their
final meeting on June 30, 2009, at 10:00 a.m., at the 76th Floor
of Two International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

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


GLOBAL REGENCY: Creditors' Proofs of Debt Due on July 2
-------------------------------------------------------
The creditors of Global Regency Electronics 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 19, 2009.

The company's liquidator is:

          Christopher Harvey Hall
          The Center, 31st Floor
          99 Queen's Road Central
          Hong Kong


HIGH WEALTH: Members' Final Meeting Set for June 29
---------------------------------------------------
The members of High Wealth Company 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 Wan Chai, 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.


HOTSPUR DEVELOPMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on May 15, 2009, the
members of Hotspur Development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


KAM MOON: Creditors' Proofs of Debt Due on June 13
--------------------------------------------------
The creditors of Kam Moon Tong Restaurant Limited are required to
file their proofs of debt by June 13, 2009, to be included in the
company's dividend distribution.

Yuen Shu Tong is the company's liquidator.


MAK COMMEMORATIVE: Creditors' Proofs of Debt Due on June 30
-----------------------------------------------------------
The creditors of Mak Commemorative 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's liquidator is:

          Mak Lei Wun
          Dynasty Court, Flat B, 36th Floor
          23 Old Peak Road
          Hong Kong


MARRIOT DEVELOPMENT: Members' Final Meeting Set for June 30
-----------------------------------------------------------
The members of Marriot Development Limited will hold their final
meeting on June 30, 2009, at 11:30 a.m., at Rooms 2504-05, 25th
Floor of Hopewell Centre, No. 183 Queen's Road East, in Wan Chai,
Hong Kong.

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


ROAD KING: Expressway Sale Won't Affect S&P's 'BB-' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Road King Infrastructure Ltd. (RKI; BB-/Negative/--)
are not immediately affected by the sale of its expressway for
Chinese renminbi 1,068.8 million.  In S&P's opinion, the sale will
improve RKI's liquidity, and therefore is supportive of debt
refinancing and repayment.  However, this benefit is offset by the
loss of recurring income from RKI's toll road business, which S&P
views as an important and reliable source of cash flow.

S&P expects the disposal of the expressway to lower the profit in
RKI's toll road segment by more than 15%.  Standard & Poor's will
review the rating on RKI if the company disposes of any further
expressways.


UNIQUE BUSINESS: Creditors & Contributories to Meet on June 12
--------------------------------------------------------------
The creditors and contributories of Unique Business Service
(China) Limited will hold their meeting on June 12, 2009, at
12:00 p.m. and 12:30 p.m., respectively, at the 6th Floor of
Sunning Plaza, 10 Hysan Avenue, in Causeway Bay, Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


WADY PROPERTIES: Members' Final Meeting Set for June 30
-------------------------------------------------------
The members of Wady Properties Limited will hold their final
meeting on June 30, 2009, at 10:00 a.m., at Room 806 of Kenbo
Commercial Building, in 335-339 Queen's Road West, Hong Kong.

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


YUE KING: Kin and Tong Step Down as Liquidators
-----------------------------------------------
On May 29, 2009, Chan Shu Kin and Chow Chi Tong stepped down as
liquidators of Yue King Enterprises Limited.



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

AIR INDIA: Contract Staff Stage Indefinite Strike
-------------------------------------------------
Nearly 300 contractual security and commercial staff of Air India
(AI) went on an indefinite strike yesterday, June 3, a Business
Standard report says.

According to the report, the workers were demanding better pay
package and medical benefits even as the airlines management
terminated the services of 21 such employees.

"We are going on indefinite strike after the management did not
pay heed to our demands and terminated the contracts of 21
employees on June 1," the report quoted Jeet Singh, president of
the Indian Airlines Limited-Airport Services (IAL-ASL) Employees
Union, as saying.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

Air India and Indian Airlines posted a combined net loss of
Rs.688 crore for the financial year ended March 2007, according to
The Financial Express.


ANS PRIVATE: CRISIL Assigns 'P4' Rating on INR510MM Bank Guarantee
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
ANS Pvt Ltd (ANSPL).

   INR510.0 Million Bank Guarantee Facility    P4 (Assigned)

The rating reflects ANSPL's adequate capitalisation.  The rating
is, however, constrained by ANSPL's modest market position in the
retail equity broking business, and its exposure to uncertainties
inherent to the equity markets.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ANSPL and Ajay Natavarlal Commodities
Pvt Ltd (ANCPL), together referred to as the Ajay Natavarlal
Group.  This is because the two companies are promoted by the same
family, and, going forward, there will be substantial operational
and management integration between them.

                         About ANS Pvt

Incorporated in 1999, ANSPL is engaged in the business of retail
equity broking as a member of National Stock Exchange, Bombay
Stock Exchange, and Multi Commodity Exchange (MCX) – Stock
Exchange, offering cash market trading, and futures and options
trading in equities and currency derivatives.  The company started
as a sub-broker for SKSE Securities Ltd, but is now a full-fledged
broking house with branches in Mumbai, Ahmedabad, Junagadh and
Indore. It has around 200 sub-brokers, mainly in Gujarat.  As on
March 31, 2009, ANSPL had around 20,000 retail clients.

Incorporated in 2006, ANCPL is a member of National Commodity &
Derivatives Exchange Limited (NCDEX) and MCX, and carries out
commodity broking.

The Ajay Natavarlal Group reported a profit after tax (PAT) of
INR46.3 million on net sales of INR103.2 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR53.9 million on net sales of INR117.6 million for 2007-08.


GAYATRI SUGARS: Failure to Pay Interest Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'D' rating to Gayatri Sugars
Ltd's (GSL's) bank facilities, as the company has not paid the
interest on its term loan.

   INR330.10 Million Cash Credit        D (Assigned)
   INR317.60 Million Long Term Loan *   D (Assigned)

   * Includes proposed amount of Rs19.10 Million

For arriving at the rating, CRISIL has combined the business and
financial risk profiles GSL and its group company GSR Sugars Pvt
Ltd (GSPL).

                       About Gayatri Sugars

GSL, set up in 1995, is engaged in manufacture of white crystal
sugar.  It has an installed cane crushing capacity of 3500 tonnes
per day and a 50-kilo litres per day-capacity distillery.  GSPL,
incorporated in 2001, is a manufacture of white crystal sugar.  It
has an installed cane crushing capacity of 3000 tonnes per day and
a 16.25-megawatts cogeneration plant. The company commenced
operations in November 2007.

For 2007-08 (refers to financial year, April 1 to March 31), the
GSL and GSPL reported a consolidated net loss of INR111.9 million
on net sales of INR723.6 million, against a net profit of
INR26.1 million on net sales of INR932.7 million in the preceding
year.


GSR SUGARS: Default on Loan Payments Prompt CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D' rating to the bank
facilities of GSR Sugars Pvt Ltd (GSPL), as the company has not
paid its term loan installments.  For arriving at the rating,
CRISIL has combined the business and financial risk profiles of
GSPL and its group company Gayatri Sugars Ltd (GSL).

   INR270.00 Million Cash Credit        D (Assigned)
   INR555.00 Million Long Term Loan     D (Assigned)

                       About GSR Sugars

Incorporated in 2001, GSPL is engaged in the manufacture of white
crystal sugar.  It has an installed cane crushing capacity of 3000
tonnes per day and a 16.25-megawatts cogeneration plant.  The
company commenced operations in November 2007.  GSL has an
installed cane crushing capacity of 3500 tonnes per day and a
50-kilo litres per day-capacity distillery.

For 2007-08 (refers to financial year, April 1 to March 31), the
GSL and GSPL reported a consolidated net loss of INR111.9 million
on net sales of INR723.6 million, against a net profit of
INR26.1 million on net sales of INR932.7 million in the preceding
year.


JET AIRWAYS: In Talks With Gulf, Oman Air on Wet Lease Conversion
-----------------------------------------------------------------
Jet Airways (India) Ltd is in talks with Bahrain's national
carrier Gulf Air and Oman Air to convert wet lease agreements into
dry lease for the four Boeing 777s and two Airbus 330s
respectively, The Economic Times reports.

"The company is in talks with carriers to convert them into dry
lease as the wet lease agreements will expire at October and
November end," Jet Airways chief executive office Wolfgang Prock-
Schaeur told The Economics Times.

According to the report, Jet Airways started fresh talks for dry
lease with Gulf Air only last month.  The Times relates that
according to local reports Gulf Air earlier decided not to pursue
the dry lease option with Jet for the foreseeable future.

Wet leasing of aircraft involves the contracting of the aircraft,
personnel, insurance and maintenance services for a period of time
from 1 month to 1 or 2 years.  Dry Leasing meanwhile involves the
contracting of aircraft alone.

                       About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the Company are domestic (air
transportation within India) and international (air transportation
outside India).  The Company has a frequent flyer programme named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The Company’s
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe Services
N.V.  On April 20, 2007, the Company acquired Sahara Airlines
Limited.

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


KARTHIK AGRO: CRISIL Places 'B' Rating on INR285.00 Mln LT Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Karthik Agro Industries Pvt Ltd (KAIPL).

   INR285.00 Million Long Term Loan   B/Stable (Assigned)
   INR36.00 Million Cash Credit       B/Stable (Assigned)

The rating reflects KAIPL's exposure to risks relating to
commercialisation of its plant at Bagalkot (Karnataka), volatility
in raw material prices, and high degree of regulations in the
distillery industry.  These weaknesses are mitigated by the
benefits that KAIPL derives from the experience of its promoters.

Outlook: Stable

CRISIL believes that KAIPL will commence commercial operations as
scheduled without further time or cost overruns.  The outlook may
be revised to 'Positive' if the company generates higher-than-
expected revenues following stabilisation of operations at its
Bagalkot plant.  Conversely, the outlook may be revised to
'Negative' if the company undertakes additional debt-funded
capital expenditure, leading to deterioration in its financial
risk profile, or if there are any further delays in commencement
of its plant operations.

                     About Karthik Agro

KAIPL, established in 2007, is setting up a plant to manufacture
ethanol and extra neutral alcohol from molasses and grains near
Bagalkot in Karnataka.  The total cost of the project is estimated
at INR450 million, funded by a debt of INR285 million.  The
project faced a time overrun of two months; the company now plans
to start commercial production by August 2009.


LEEDS SPINNING: CRISIL Places 'C' Rating on INR208.2MM Long Term
----------------------------------------------------------------
CRISIL has assigned its rating of 'C/P4' to the bank facilities of
Leeds Spinning Mills (P) Ltd (LSML).

   INR130.0 Million Cash Credit Limits  C (Assigned)
   INR208.2 Million Long Term Loan      C (Assigned)
   INR12.5 Million Bank Guarantee       P4 (Assigned)
   INR30.0 Million Bills Discounted     P4 (Assigned)
   INR65.0 Million Letter of Credit     P4 (Assigned)

The rating factors in LSML's weak financial risk profile marked by
stretched liquidity, revenue concentration, and the vulnerability
of its operating margins to increase in power costs and volatility
in prices of cotton and cotton yarn.  These weaknesses are
mitigated by the benefits that the company derives from its
established presence in the textile industry and the experience of
its management.

                      About Leeds Spinning

LSML, incorporated in 1994, is the flagship company of the Leeds
group promoted by Mr. R Palanisamy.  The Tirupur-based company is
into production of cotton yarn, grey woven fabrics, and knitted
cloth.  The company has capacities of 23,040 spindles, 29 knitting
machines, and 22 looms.  LSML also has 15 windmills, of which 8
are in Erode, while the rest are in Kanyakumari.

LSML registered a profit after tax of INR19.36 million on sales of
INR288.27 million in 2007-08 (refers to financial year, April 1 to
March 31), against INR23.70 million and INR298.18 million,
respectively, in 2006-07.


SATYAM COMPUTER: SEBI Clears Tech Mahindra's Open Offer
-------------------------------------------------------
The Economic Times reported that the Securities and Exchange Board
of India ("SEBI") has cleared Tech Mahindra's Rs 1,154-crore open
offer for purchase of 20 percent stake in Satyam Computer Services
Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2009, Satyam said it selected Venturbay Consultants
Private Limited, a subsidiary controlled by Tech Mahindra, as the
highest bidder to acquire a controlling stake in the company,
subject to the approval of the Company Law Board.

The Financial Express said that Tech Mahindra emerged as the top
bidder with an offer of INR58 a share for a 31 percent stake in
Satyam, beating strong rival L&T.  Tech Mahindra would acquire the
stake in an all-cash deal, followed by an open offer for a 20
percent stake to take management control of the company.

According to the Times, SEBI received the open offer for its
consideration on May 6, and issued its 'observations' on May 27,
thus clearing the way for the open offer.  The issuance of SEBI's
observations is mandatory for any company to go ahead with the
open offer, the Times notes.

The Times says that the open offer was made by Venturebay
Consultants through Kotak Mahindra Capital, its merchant banker
for the issue.

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon
INR200 million (US$4.1 million) a month out of the company, The
Financial Times said in a report.

The TCR-AP, citing Bloomberg News, reported on March 9, 2009, that
Satyam won approval to sell stake in itself, as the company seeks
to restore investor confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India ("SEBI") to facilitate a global competitive bidding
process which, subject to receipt of all approvals, contemplates
the selection of an investor to acquire a 51% interest in the
company.

                         About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.


SUGAVANESWARA SPINNING: CRISIL Rates INR98.0 Mln LT Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Sugavaneswara Spinning Mills Pvt Ltd (SSMPL).

   INR98.0 Million Long Term Loan       B/Negative (Assigned)
   INR35.0 Million Cash Credit Limit    B/Negative (Assigned)
   INR10.0 Million Goods Loan           P4 (Assigned)

The ratings reflect SSMPL's weak financial risk profile, its
exposure to risks relating to volatility in cotton and cotton yarn
prices, and its small scale of operations.  These weaknesses are
mitigated by the benefits SSMPL derives from its established
presence, and its promoters' experience, in the cotton yarn
industry.

Outlook: Negative

CRISIL believes that SSMPL will face a slowdown in demand for its
products, and in its revenues and cash flows, on account of the
current recessionary trends.  The ratings may be downgraded if the
company's financial risk profile deteriorates any further because
of pressure on its margins and cash flows, or large, debt-funded
capital expenditure.  Conversely, the outlook may be revised to
'Stable' if SSMPL's financial risk profile improves considerably,
backed by improvement in its gearing, and increase in its
realisations and profitability.

                   About Sugavaneswara Spinning

Promoted by Mr. A V Marimuthu, SSMPL started operations in 1981,
at Salem in Tamil Nadu.  It manufactures cotton yarn in counts
ranging from 30s to 80s, with an installed capacity of 23,236
spindles.

SSMPL reported a profit after tax (PAT) of INR4.9 million on a
turnover of INR210.4 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR11.9 million on
a turnover of INR209.6 million for 2006-07.


TATA MOTORS: Moody's Affirms Corporate Family Rating at 'B3'
------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Tata Motors Ltd.  The outlook on the rating is changed
to stable from negative.

"The change in outlook to stable reflects the completion of the
refinancing of the maturing US$2 billion bridge loan, originally
raised in June 2008 for TML's acquisition of Jaguar Land Rover,"
says Ivan Palacios, a Moody's AVP/Analyst.

"The successful refinancing reflects TML's strong support from the
domestic banking sector during very challenging times for the
credit markets.  This support is a result of the company's strong
domestic market position and the reputation it enjoys as part of
the Tata Group," says Palacios, also Moody's lead analyst for the
company.

The company refinanced the bridge loan through the issuance of
INR42 billion (US$840 million) of secured non-convertible rupee
debentures, prepayment of US$176 million through its fixed-
deposits scheme, and the roll over of the US$1 billion remaining
balance of the original bridge loan for 18 months up to
December 31, 2010.

Moody's notes that despite the successful refinancing of the
bridge loan, TML's capital structure remains highly geared and has
a high proportion of short-term debt.  However, the domestic
banking system remains supportive of the company, and the current
rating assumes that the company's short-term bank credit
facilities will be rolled over as in the past.

The B3 rating continues to reflect the operating challenges that
the company will face in the near to medium term.  These
challenges include Moody's expectation that TML will generate
negative free cash flow, its high gearing and execution risk --
the latter regarding the company's ability to turn around JLR's
operations while executing planned asset sales and raising
additional equity.

In addition, JLR's operating environment remains very challenging;
a significant decline in sales volume has challenged its ability
to achieve cash flow and profitability breakeven and has lead to a
reliance on debt funding.

However, some improvements in TML's domestic market were seen in
the quarter ended March 31, 2009, as volumes grew by 41% compared
to the previous quarter (though still 21% below the same quarter
last year).  This shows that the market contraction has probably
hit the bottom in India as a result of the government policy
stimulus and easier availability of credit.

The stable outlook reflects TML's reduced short-term refinancing
risk and the first signs of improvement in its Indian operations.
This is balanced against a very challenging operating environment,
particularly for JLR.

The rating could face upward pressure if 1) TML completes its
planned asset sales and equity-related fund raising, thereby
resulting in material and sustainable improvement in its capital
structure; 2) the company turns around JLR's performance; and 3)
demand increases leading to a sustained improvement in operating
performance in India.

The financial indicators Moody's would consider for an upgrade to
the rating include Debt/EBITDA improving to 7.0x on a sustained
basis.

On the other hand, the rating would experience downward pressure
if 1) there is further deterioration in either the motor industry
or TML's fundamentals; and/or 2) signs emerge that TML's access to
funding is proving difficult.

Moody's last rating action with regard to TML was taken on 5
March, 2009, when the company's corporate family rating was
downgraded to B3 with a negative outlook.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles.  Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and buses),
utility vehicles and cars.  TML is listed on the Bombay Stock
Exchange, National Stock Exchange of India and New York Stock
Exchange.  It was ultimately 42% owned by the Tata Group as of
March 2009.


UNITECH LIMITED: Coercive Debt Exchange Cues Fitch's Debt Rating
----------------------------------------------------------------
Fitch Ratings has downgraded India's Unitech Limited's National
Long-term rating to 'D' from 'B(ind)' to reflect the agency's
assessment that the company has undergone a Coercive Debt
Exchange, in line with Fitch's criteria on such restructurings.
Simultaneously, the agency has re-assigned the rating at 'B-
(ind)', reflecting the post-restructuring credit profile of
Unitech.  As a result of these actions, the Rating Watch Negative
on the National Long-term rating has been resolved.  The Outlook
on the rating is Negative.  The issuer's other ratings affected by
these actions are listed at the end of the RAC.

The downgrade of the National Long-term rating reflects Fitch's
treatment of Unitech's financial restructuring with banks,
financial institutions and mutual funds as "coercive", in line
with its criteria on treatment of such restructurings (for
additional context, please see Fitch's comment titled "India:
Impact of Restructurings on Corporate Ratings" dated 29 May 2009).
Fitch notes that the restructuring has not resulted in significant
impairment of the contractual terms for the creditors, with the
revised terms envisaging an extension in maturity profile together
with higher interest and/or additional security.  However, in
Fitch's view, the restructuring was essential for Unitech to avoid
a liquidity crunch and would have otherwise resulted in a default
on its debt obligations.  Fitch has, therefore, treated the
restructuring as an effective default.

However, considering that the post restructuring credit profile of
Unitech benefits from an extended repayment schedule, Fitch has
simultaneously re-assigned the National Long-term rating at 'B-
(ind)', with the short term issuance ratings re-assigned at
'F4(ind)', reflecting the successful execution of restructuring
with documentation in the process of being finalised.  The
financial profile has also been aided by Unitech's recent
monetisation of its assets including a hotel property and office
complex in Delhi, inflows from Telenor ('BBB+'/Negative) in terms
of an increased equity stake in the telecommunication business,
and the successful raising of equity at the Unitech level (through
a qualified institutional placement - QIP) aggregating US$325m in
April 2009 - which Fitch expects is likely to reduce liquidity
pressures in the short term. Unitech has used a substantial
proportion of these inflows to meet part of its immediate debt
obligations, with the balance expected to be deployed into the
business to complete existing/launch new residential/commercial
projects.  The company's cash flow, and consequent deleveraging of
the balance sheet, could potentially be further aided by the
proposed preferential allotment to the sponsors; however, this has
presently not been factored into the rating.

The Negative Outlook reflects Fitch's expectation that the
operating environment in the Indian real estate sector will
continue to remain challenging in 2009, making asset monetization
and project sales difficult to achieve.  Fitch notes that these
are crucial to facilitate debt repayments in line with the
restructured schedule.  Any shortfall in further planned asset
monetization or project sales could constrain the extent of de-
leveraging and exert renewed pressure on liquidity, thereby acting
as a negative driver for the rating.  In any event, further
restructuring of its debt obligations that Fitch deems to be
"coercive" in line with its criteria, could again see the rating
migrate to default.

A significant deleveraging of the balance sheet through
monetization of its assets or through raising of additional
equity, and/or an improvement in the operating environment could
result in the Outlook being revised to Stable.

The agency has also downgraded and then re-assigned the ratings of
its debt instruments,

  -- INR5,000 million, INR20,000 million and INR19,000 million
     long-term debt programmes -downgraded to 'D' from 'B(ind)'
      and re-assigned  at 'B-(ind)';

  -- INR5,000 million and INR6,000 million short-term debt
     programmes - downgraded to 'F5(ind)' from 'F4(ind)' and
     re-assigned at 'F4(ind)';

  -- INR1,000 million short-term bank loan programme – downgraded
     to 'F5(ind)' from 'F4(ind)' and re-assigned at 'F4(ind)';

  -- INR3,000 million non-fund based bank limits - downgraded to
     'F5(ind)' from 'F4(ind)' and re-assigned at 'F4(ind)'.

The RWN has been removed from all ratings.

Unitech is one of India's largest real estate developers.  It
originally started out as a civil consultancy, which later
operated as a construction company and is now more focused on
real estate development.  The company made INR22 billion in
operating EBITDAR on revenue of INR41.1 billion in the financial
year ended March 2008.  The corresponding figures for 9MFY09 were
INR14.6 billion and INR25 billion , respectively.


UNITECH LIMITED: Fitch Downgrades Ratings on Single Loan Sell Down
------------------------------------------------------------------
Fitch Ratings has downgraded single loan sell down transactions
where the ratings of the Pass Through Certificates are directly
linked to Fitch's National Long-term and Short-term ratings for
Unitech Limited.

The downgrade of the PTCs follows the downgrade of Unitech's
National Long- and Short-term rating to 'D' from 'B(ind)' and to
'F5(ind)' from 'F4(ind)', respectively, which reflects the
agency's assessment that the company has undergone a coercive debt
exchange, in line with Fitch's criteria on such restructurings.
Simultaneously, the agency has re-assigned the long- and short-
term rating at 'B-(ind)' and 'F4(ind)', respectively, reflecting
the post-restructuring credit-profile of Unitech.

This list of single loan sell down transactions have been
downgraded to 'D' from 'B (ind)(SO)', and simultaneously re-
assigned a rating of 'B-(ind)(SO)' with a Negative Outlook.  Thus,
the Rating Watch Negative action has been resolved for all the
series listed below:

  -- INR761.9 million Corporate Loan Securitization Series 64
     Trust 2008 Series A;

  -- INR761.9 million Corporate Loan Securitization Series 65
     Trust 2008 Series A;

  -- INR507.9 million  Corporate Loan Securitization Series 66
     Trust 2008 Series A;

  -- INR760.2 million Corporate Loan Securitization Series 67
     Trust 2008 Series A;

  -- INR760.2 million Corporate Loan Securitization Series 68
     Trust 2008 Series A;

  -- INR506.8 million Corporate Loan Securitization Series 69
     Trust 2008 Series A;

  -- INR764.7 million Corporate Loan Securitization Series 71
     Trust 2008 Series A;

  -- INR505.2 million Corporate Loan Securitization Series 79
     Trust 2008 Series A;

  -- INR755.8 million Corporate Loan Securitization Series 80
     Trust 2008 Series A;

  -- INR755.7 million Corporate Loan Securitization Series 81
     Trust 2008 Series A;

  -- INR503.8 million Corporate Loan Securitization Series 82
     Trust 2008 Series A;

  -- INR503.8 million Corporate Loan Securitisation Series 83
     Trust 2008 Series A;

  -- INR501.1 million KUL Loan Trust Series A1;

  -- INR400.0 million KBH Loan Trust Series A1;

  -- INR213.6 million KUT Loan Trust Series A1;

  -- INR261.4 million KUT Loan Trust Series A2;

  -- INR1,007.2 million RB Loan Trust Series VI Series A;

  -- INR12.4 million RB Loan Trust Series VII Series A1 (IO);

  -- INR518.2 million RB Loan Trust Series VII Series A2 (PO); and

  -- INR100.1 million RB Loan Trust Series IX Series A.

This list of single loan sell down transactions have been
downgraded to 'F5(ind)(SO)' from 'F4 (ind)(SO)' and simultaneously
re-assigned a rating of 'F4(ind)(SO)',:

  -- INR3.6 million RB Loan Trust Series 21 Series A1 (IO); and
  -- INR471 million  RB Loan Trust Series 21 Series A2 (PO).


VEEKAY POLYCOATS: Stretched Liquidity Cues CRISIL 'BB+' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Veekay Polycoats Ltd (Veekay).

   INR180.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR70.0 Million Term Loan              BB+/Stable (Assigned)
   INR270.0 Million Proposed Long Term    BB+/Stable (Assigned)
                    Bank Loan Facility
   INR370.0 Million Letter of Credit      P4 (Assigned)

   INR110.0 Million Proposed Short Term   P4 (Assigned)
                     Bank Loan Facility

The ratings reflect Veekay's average debt protection measures and
stretched liquidity marked by delays in recovery of dues from
customers, and exposure to risks relating to intense competition
in the highly fragmented synthetic leather industry.  These
weaknesses are partially offset by Veekay's established market
position in the domestic synthetic leather industry.

Outlook: Stable

CRISIL expects Veekay to maintain a stable credit risk profile
over the medium term, backed by its established presence in the
domestic synthetic leather industry and relationships with
suppliers and customers over last 10 years.  The outlook may be
revised to 'Positive' if the company's collection cycle improves,
and upon timely stabilization of operations at its Haridwar
facility without any time or cost overruns.  Additionally, more
than expected growth/improvement in profitability/cash accruals
may also lead to an improvement in rating outlook.  Conversely,
the outlook may be revised to 'Negative' if the company's
profitability declines and/or if the working capital/liquidity
continues to remain stretched due to persistent delays in recovery
collection cycle.  Further, larger than expected debt-funded
capital expenditure, leading to deterioration in its capital
structure may lead to the outlook being revised to Negative.

                     About Veekay Polycoats

Promoted by Mr. Vinod Garg in 1992, Veekay manufactures synthetic
leather.  Its facility at New Delhi has installed capacity to
manufacture 7.2 million metres per annum of synthetic leather
(around 70% to the operating income) per annum.  In 2006, Veekay
commenced manufacturing non-woven fabrics (around 30% to the
operating income), and has installed capacity of 3000 tonnes per
annum in this segment.  Veekay markets its products in the form of
sheets/rolls through its distributors across India.

Veekay reported profit after tax (PAT) of INR 21 million on net
sales of INR 1236 million for 2007-08 (refers to financial year,
April 1 to March 31), as against INR 18 million and INR 889
million, respectively, for 2006-07.



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

BANK MANDIRI: To Allocate IDR13.6 Trillion for Oil and Gas Lending
------------------------------------------------------------------
PT Bank Mandiri will allocate IDR13.6 trillion or 8 percent of its
IDR170 trillion (US$17 billion) 2009 lending budget to finance the
oil and gas industry's less risky activities, Jakarta Globe
reports.

So far, the bank had disbursed 2 percent of its total lending to
oil and gas firms, the report noted citing Mandiri's President
Director Agus Martowardojo.

The report, citing Mr. Martowardojo, says that local banks hoped
to eventually lend far greater amounts in a bid to increase the
country’s foreign exchange stocks.

The oil and gas regulatory body BPMigas first suggested the use of
national banks' credit facilities last Nov. 19, the report
recounts.

The agency aims to increase liquidity in the domestic banking
sector and stop energy producers placing dollars in offshore
accounts, which has been a common practice for decades, the report
relates.

"However, we don't recommend the state-owned banks finance the
exploration activities, because they are too risky.  We estimate
that [total] investments on the oil and gas sector this year will
be about US$17 billion", Raden Priyono, BPMigas's chairman was
quoted by the report as saying.

                       About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.



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

ANABUKI CONSTRUCTION: JCR Withdraws 'BB+' Rating on Senior Debts
----------------------------------------------------------------
Japan Credit Rating Agency, Ltd. ("JCR") has withdrawn the
BB+/Stable and the J-3 rating on senior debts and CP program of
Anabuki Construction Inc. at the request of the company.

Senior debts: BB+/Stable
CP: J-3
Maximum: JPY5 billion
Backup Line: 0%

Anabuki Construction sells its own condominium brand "Surpass"
nationwide.  It ranked No.1 position in the number of condominiums
sold for 2007 nationwide.


CAFES 2: Moody's Changes Ratings on Three Classes of Notes
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class C
through E Notes issued by Cafes 2.  The final maturity of the
trust certificates will take place in August 2013.

The individual rating actions are listed below.

  -- Class C, downgraded to Baa1 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Ba2 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to B2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

Cafes 2, effected in October 2006, represents the securitization
of nine non-recourse loans.  Four of the non-recourse loans have
been paid in full, and the transaction is currently secured by
five non-recourse loans backed by 20 properties.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       13% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       56% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                      31% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 8% to 18% and 13% for the weighted average (excluding the
specially serviced loans), in light of these factors.

1) Recovery of one specially serviced loan will likely be hampered
by the stressed environment for the commercial real estate market.

2) The rents and cash flows of the main tenants in tenant-
concentrated properties are likely to decline for retail
properties, and given stressed environment for the commercial real
estate market, cash flow volatility is likely to make these
properties less attractive to potential buyers.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


GENERAL MOTORS: Bankruptcy Filing Won't Affect Japanese Automakers
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the bankruptcy filing
by General Motors Corp. would have only a limited direct impact on
its ratings on Japanese automakers and auto parts suppliers.  On
June 1, 2009, Standard & Poor's lowered its corporate credit and
other ratings on GM to 'D' from 'CC', following the company's
filing for Chapter 11 bankruptcy protection in New York.

Standard & Poor's believes that some Japanese auto parts, tire,
and electric equipment makers may not be able to fully recover
their accounts receivables.  Although S&P understands that the
scope and volume of business transactions that some Japanese
suppliers had with GM are on a larger scale than with Chrysler
LLC, which filed for bankruptcy protection on April 30, 2009, S&P
believes there is only a small possibility that GM's bankruptcy
will directly affect the credit ratings on these suppliers.  This
is because their transactions with GM generally accounted for only
a limited portion of their entire business.  Moreover, the
deterioration of GM's business performance had been obvious long
before the bankruptcy filing.  This gave GM's Japanese business
counterparts the opportunity to take appropriate credit management
measures, which included controlling transaction volumes and
inventories, and, at some suppliers, applying for the U.S. auto
parts supplier support program.  Furthermore, the solid financial
bases of the rated Japanese suppliers are strong enough to absorb
any losses that may be incurred.

Amid extremely weak demand for automobiles in the U.S., a
potential chain-reaction of bankruptcies among suppliers that
transact mainly with GM may undermine production at Japanese
automakers in the U.S. Last week alone, Metaldyne Corp., which is
a U.S. subsidiary of Japanese metal auto parts maker Asahi Tec
Corp., and Visteon Corp., a former parts manufacturing division of
Ford Motor Co. (CCC+/Negative/NR), filed for Chapter 11 bankruptcy
protection, and both companies were downgraded to 'D'.
Nevertheless, Standard & Poor's does not believe that the impact
of these factors on Japanese automakers' manufacturing operations
in the U.S. will be serious or sustained, as S&P understands that
most Japanese automakers have been taking precautionary measures,
such as securing supplies from alternative manufacturers.

In terms of alliances or close relationships with GM, Toyota Motor
Corp. (AA/Negative/A-1+) has New United Motor Manufacturing, Inc.,
a 50/50 joint venture with GM in the U.S. that produces passenger
vehicles.  Suzuki Motor Corp. (NR) and Isuzu Motors Ltd. also have
similar relationships with GM.  Standard & Poor's does not rule
out the possibility that these companies may re-examine their
relationships with GM over the medium to long term.  Moreover, the
closure of GM and Chrysler plants is likely to have an impact on
some Japanese auto parts suppliers, which may be forced to review
their production structures in North America.  Standard & Poor's
will continue to closely monitor trends in the overall U.S.
automobile industry and the progress made in GM's bankruptcy
process, as well as assessing the impact of these factors on the
major rated Japanese automakers and auto part suppliers.


GODO KAISHA: Moody's Changes Ratings on Four JLOC37 Notes
---------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A1
through D2 and Class X Notes issued by Godo Kaisha JLOC37.  The
notes will mature in January 2015.

The individual rating actions are listed below.

  -- Class A1 and Class A2, downgraded to Aa2 from Aaa;
     previously, Aaa placed under review for possible downgrade on
     January 20, 2009

  -- Class B1 and Class B2, downgraded to A3 from Aa2; previously,
     Aa2 placed under review for possible downgrade on January 20,
     2009

  -- Class C1 and C2, downgraded to B3 from Ba2; previously,
     downgraded to Ba2 from Baa2 and placed under review for
     possible downgrade on April 28, 2009

  -- Class D1 and Class D2, confirmed at Caa3; previously,
     downgraded to Caa3 from B3 and placed under review for
     possible downgrade on April 28, 2009

  -- Class X, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on January 20, 2009

JLOC37, effected in July 2007, represents the securitization of
ten non-recourse loans.  Three of the non-recourse loans have been
paid in full, and the transaction is currently secured by seven
non-recourse loans backed by 42 properties.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       22% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       51% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                      27% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, recovery stress ranges from 2% to 21% and is
estimated at 12% for the weighted average(excluding the specially
serviced loans), reflecting these factors.

1) Two loans are now classified as "Specially Serviced Loans."
Given the location and type of properties, Recovery of two
specially serviced loans will likely be hampered by the stressed
environment for the commercial real estate market.

2) Rents and occupancy rates, among others, for some of properties
are less than originally assumed.

3) 49% of the loan pool will mature by the end of 2009. Loans that
will need to be refinanced in the stressed market account for a
higher percentage of the loan pool.

4) 26% of the loans are liquidating loans.  The rating actions
reflect the changes made to Moody's scenario, which take into the
account the progress of property disposition as well as the types
of property.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


HARVEST TRUST: Moody's Changes Ratings on Various Certificates
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through G trust certificates issued by Harvest Trust.  The final
maturity of the trust certificates will take place in October
2012.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

  -- Class B, downgraded to A1 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa2 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Ba2 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba3 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to B3 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to Ca from Caa3; previously, downgraded
     to Caa3 from B3 on March 19, 2009

Harvest Trust, effected in September 2007, represents the
securitization of eight non-recourse loans and three specified
bonds.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       79% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       21% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 15% to 24% and 19% for the weighted average (excluding
the specially serviced loans), in light of these factors.

1) Rents and occupancy rates, among others, for some of properties
   are less than originally assumed.

2) Recovery of a specially serviced loan will likely be hampered
   by the stressed environment for the commercial real estate
   market.

3) 69% of the loan portfolio, including specially serviced loans,
   will mature in 2009; the remaining 31% will mature in 2010.
   Loans that will need to be refinanced in a stressed market
   account for a higher percentage of the loan pool.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


J-CORE12 TRUST: Fitch Downgrades Ratings on Two Notes to Low-Bs
---------------------------------------------------------------
Fitch Ratings has downgraded the Class D and E Trust Beneficiary
Interests of J-CORE12 Trust due February 2014, maintaining Rating
Watch Negative on both classes, and affirmed the other classes:

  -- JPY11.21 billion* Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY2.12 billion* Class B TBIs affirmed at 'AA'; Outlook
     Stable;

  -- JPY2.18 billion* Class C TBIs affirmed at 'A'; Outlook
     Negative;

  -- JPY1.78 billion* Class D TBIs downgraded to 'BB+' from 'BBB';
     remains on RWN;

  -- JPY1.23 billion* Class E TBIs downgraded to 'B+' from 'BBB-';
     remains on RWN; and

  -- Dividends-only, Class X TBIs affirmed at 'AAA'; Outlook
     Stable.

  * as of June 1, 2009

The rating actions reflect the agency's revised view on the
expectation of recovery, as a result of collateral property
dispositions and other measures on three underlying assets that
have defaulted, taking into account the special servicer's
collection strategy and actual results of collection activity to
date.

Fitch has downgraded the Class E TBIs to 'B+' based on the view
that material default risk on the TBIs is present, but a certain
margin of safety remains, considering the collateral property
portfolio characteristics and the collection strategy and
disposition activity achieved to date.  The Class D TBIs were
downgraded to 'BB+' due to the concern that under stressed
circumstances, credit enhancement levels could deteriorate as
collections on the defaulted underlying assets progress.

Among the four underlying assets of J-CORE12 trust, one asset
defaulted in October 2008 and two more defaulted in January 2009.
For the underlying asset that defaulted in October 2008, five out
of eight collateral properties have been sold.  As for the
underlying assets that defaulted in January 2009, disposition
activity of the collateral properties has started, but no property
has been disposed of yet and cash amount in the trustee account
has increased due to the excess cash generated since then.

Fitch will resolve the RWN status after reviewing information from
the special servicer, including updated collection plans and/or
the progress of principal recovery resulting from further sales
activity.

Since there is no significant concern regarding the performance of
the remaining non-defaulted underlying asset, and as credit
enhancement levels are expected to improve as principal
collections from the defaulted assets progress, the ratings on the
Class A to C TBIs and Class X TBI have been affirmed.

The TBIs were issued in May 2007, and the transaction was
initially a securitization of three loans and one specified bond
backed by 47 property TBIs.  While no underlying asset has been
fully repaid to date, partial prepayments have been made mainly
following the disposition of properties in some underlying assets.
The transaction is currently backed by 30 property TBIs.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors there is a
reasonable probability of a rating change in the short term as a
result of a specific event, rating Outlooks indicate the likely
direction of any rating change over a one- to two-year period.


JLOC XXVIII: Moodyu's Downgrades Ratings on Three Classes of Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded the Class C and D Senior
trust certificates issued by JLOC XXVIII Trust as well as the
Mezzanine Specified Bonds issued by Harajuku Holding Tokutei
Mokuteki Kaisha.  The final maturity for both will take place in
October 2012.

The individual rating actions are listed below.

  -- Class C, downgraded to A3 from Aa3; previously, Aa3 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Ba3 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Mezzanine Specified Bond, to B3 from Ba2; previously, Ba2
     placed under review for possible downgrade on April 14, 2009

JLOC XXVIII Senior Trust and Harajuku Holding TMK, effected in
October 2005, represent a liquidating CMBS transaction.  JLOC
XXVIII Senior Trust was originally backed by senior specified
bonds issued by two TMK.  The specified bonds issued by Nakano
Holding TMK were redeemed in full in July 2006.  The remaining
specified bonds were issued by Harajuku Holding TMK.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                      100% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received asset performance data and the revised asset
disposal plan. Moody's also interviewed the asset adviser
regarding its disposition plan policies.

1) Moody's initial assumptions about collateral recovery need to
   be reconsidered, as does its scenario, since actual disposition
   is slower and disposition prices are less than originally
   assumed.

2) The TMK bond is in fast-pay mode because of the triggers;
   however, because disposition prices are lower than release
   prices, paying down the bond is proving to be difficult, and
   thus, leverage is not likely to improve as expected.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


L-JAC 7: Moody's Changes Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through K-1, Class X and CMBL issued/borrowed by L-JAC 7 Trust.
The final maturity of the trust certificates will take place in
October 2014.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

  -- Class B, downgraded to A2 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa2 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D-1, downgraded to Ba1 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class D-2, downgraded to Ba2 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class D-3, downgraded to Ba2 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class E-1, downgraded to Ba2 from Baa3; previously, Baa3
     placed under review for possible downgrade on April 14, 2009

  -- Class E-2, downgraded to Ba3 from Baa3; previously, Baa3
     placed under review for possible downgrade on April 14, 2009

  -- Class E-3, downgraded to Ba3 from Baa3; previously, Baa3
     placed under review for possible downgrade on April 14, 2009

  -- Class F-1, downgraded to B1 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class F-2, downgraded to B1 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class F-3, downgraded to B1 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G-1, downgraded to B2 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class G-2, downgraded to B2 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class G-3, downgraded to B2 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class H-1, downgraded to B3 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class H-2, downgraded to B3 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class H-3, downgraded to B3 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class I-1, downgraded to Caa1 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

  -- Class I-2, downgraded to Caa1 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

  -- Class I-3, downgraded to Caa1 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

  -- Class J-1, downgraded to Caa2 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

  -- Class J-2, downgraded to Caa2 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

  -- Class K-1, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on April 14, 2009

  -- Class X, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

  -- CMBL, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches of 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade come to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is applying higher stress to its recovery assumptions for
those loans that are more likely to default than in normal market
conditions.  To incorporate this influence in its CMBS ratings,
Moody's has classified all CMBS loans, according to the likelihood
of refinancing, into three categories plus special servicing
loans.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage .

                       64% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                      26% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                   < Special Servicing Loans>

                       10% of the loan pool

Recovery stress is estimated 28% maximum and 16% for weighted
average, reflecting these factors. Moody's received the relevant
information such as PM report, rent roll, etc.

1) Recovery of a specially serviced loan will likely be hampered
by the stressed environment for the commercial real estate market

2) The rents and cash flows of the main tenants in tenant-
concentrated properties are likely to decline for retail
properties, and given stressed environment for the commercial real
estate market, cash flow volatility is likely to make these
properties less attractive to potential buyers.

3) Rents and occupancy rates, among others, for some of properties
are less than originally assumed.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


L-JAC 8: Moody's Changes Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through K and Class X Notes issued by L-JAC 8 Trust.  The final
maturity of the trust certificates will take place in January
2013.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

  -- Class B, downgraded to A2 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa3 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Ba3 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to B1 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to B2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to B3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class H, downgraded to Caa1 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class I, downgraded to Caa2 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

  -- Class J, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

  -- Class K, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on April 14, 2009

  -- Class X, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on April 14, 2009

L-JAC 8Trust, effected in March 2008, represents the
securitization of two non-recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches of 50 Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade come to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is applying higher stress to its recovery assumptions for
those loans that are more likely to default than in normal market
conditions.  To incorporate this influence in its CMBS ratings,
Moody's has classified all CMBS loans, according to the likelihood
of refinancing, into three categories plus special servicing
loans.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                       

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage .

                        

                      100% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                        

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                    < Special Servicing Loans>

                       0% of the loan pool

Recovery stress is estimated 22% to 24% and 24% for weighted
average, reflecting these factors.  Moody's received the relevant
information such as PM report, rent roll, etc.

1) The rents and cash flows of the main tenants in tenant-
concentrated properties are likely to decline.

2) Given stressed environment for the commercial real estate
market, cash flow volatility is likely to make these properties
less attractive to potential buyers.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class D
and E Trust Certificates of MHTB Discovery II Trust.  The final
maturity of the trust certificates will take place in July 2013.

The individual rating actions are listed below.

  -- Class D, downgraded to Ba1 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba3 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

MHTB Discovery II Trust, effected in September 2006, represents
the securitization of six non-recourse loans.  The transaction is
currently secured by two non-recourse loans.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                        Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                      100% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                        Category 3 Loans

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 25% to 27% and 26% for the weighted average, in light of
these factors.

1) Both of the backing loans' expected maturity dates have been
extended, but none of the collateral properties have been disposed
of. Given the location and the type of properties, recovery will
likely be hampered by the stressful environment for the commercial
real estate market.

2) 100% of the loan portfolio will mature in 2010.  Loans that
will need to be refinanced in a stressed market account for a
higher percentage of the loan pool.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.


ORSO FUNDING: Moody's Downgrades Ratings on Four 2005-1 Notes
-------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through G Trust Certificates of Orso Funding CMBS 2005-1 Trust.
The final maturity of the trust certificates will take place in
January 2012.

The individual rating actions are listed below.

  -- Class B, confirmed at Aa2; previously, Aa2 placed under
     review for possible downgrade on April 14, 2009

  -- Class C, confirmed at A2; previously, A2 placed under review
     for possible downgrade on April 14, 2009

  -- Class D, downgraded to Baa3 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to B1 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to B3 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

Orso Funding CMBS 2005-1 Trust, effected in March 2005, represents
the securitization of non-recourse loans and specified bonds to
seven borrowers.  The transaction is currently secured by non-
recourse loans and specified bonds to three borrowers.

Moody's has updated its key surveillance assumptions for the
monitoring of Japanese CMBS ratings and on April 14, 2009, started
reviewing for possible downgrade 228 tranches in Japanese CMBS
deals.

As a result, the number of tranches on review for possible
downgrade comes to 339, in 57 deals -- including deals that had
already been on review for possible downgrade.  This is one of the
transactions that had been placed under review because of the
update.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining precipitously, and that real estate prices will remain
stressed.

Moody's is thus applying higher stress to its recovery assumptions
for those loans that are more likely to default than in normal
market conditions.  To incorporate this influence into its CMBS
ratings, Moody's has classified all CMBS loans into three
categories -- plus special servicing loans -- according to the
likelihood of refinancing.

Moody's has also re-evaluated recovery assumptions for other loans
that are not characterized as having a high likelihood of default,
depending on a necessity based on collateral performance such as
rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's considers these loans as having a high likelihood of
refinancing based on (1) the sponsor's characteristics, (2) the
quality of the collateral, and (3) the amount of leverage.

                         Category 2 Loans

                       84% of the loan pool

Moody's considers these loans as having a high likelihood of
default, based on the sponsor's characteristics and the short
period until maturity.

                         Category 3 Loans

                       0% of the loan pool

These are loans that do not fit the criteria for Categories 1 and
2.

                     Special Servicing Loans

                      16% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 7% to 7% and 7% for the weighted average (excluding the
specially serviced loans), in light of these factors.

1) One loan is now classified as a "Specially Serviced Loan."
   Given the location and type of properties, recovery will likely
   be hampered by the stressed environment for the commercial real
   estate market.

2) 57% of the loan portfolio, including specially serviced loans,
   will mature in 2009; the remaining 43% will mature in 2010.
   Loans that will need to be refinanced in a stressed market
   account for a higher percentage of the loan pool.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.



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

SSANGYONG MOTOR: Warns Striking Workers to Disperse by June 8
-------------------------------------------------------------
Yonhap News Agency reported that Ssangyong Motor Co. has warned
striking workers occupying the company's only plant to disperse by
early next week.

The news agency relates that thousands of unionized workers at
Ssangyong have occupied the carmaker's sole plant in the city of
Pyeongtaek, 70 km south of Seoul, since May 12, staging a sit-in
to protest against a massive job-cut plan.  In response, says
Yonhap, Ssangyong closed the Pyeongtaek factory.

"Unless striking workers disperse voluntarily by Monday (June 8),
we will take all possible legal actions," Lee Yoo-il, one of the
two court-appointed managers supervising the automaker's
bankruptcy process, was quoted by Yonhap as saying.

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

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

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                      About Ssangyong Motor

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


SSANGYONG MOTOR: Qatari Investors Set Eye on Korean Carmakers
-------------------------------------------------------------
Investors in Qatar may be interested in taking over Korean
carmakers including Ssangyong Motor Co., KBS News reports citing a
South Korean government agency.

The Knowledge Economy Ministry, according to KBS, said that during
his visit to Seoul late last month, Qatari Crown Prince Sheikh
Tamim Bin Hamad Al Thani expressed his will to foster his
country's auto industry and hinted at preparations for a major
investment in South Korea.

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

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

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                      About Ssangyong Motor

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



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

LITYAN HOLDINGS: Posts MYR997,000 Net Loss in Qtr Ended March 31
----------------------------------------------------------------
Lityan Holdings Berhad posted a net loss of MYR997,000 on
MYR11.6 million of revenues in the quarter ended March 31, 2009,
compared with a net loss of MYR3.19 million on MYR11.46 million
of revenues in the same period in 2008.

The company's unaudited balance sheet as of March 31, 2009, showed
total assets of MYR57.52 million and total liabilities of
MYR160.96 million, resulting in a shareholders' deficit of
MYR103.44 million.

As of March 31, 2009, the company's unaudited balance sheet also
showed illiquidity with current assets of MYR50.54 million
available to pay current liabilities of MYR160.93 million.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


PANGLOBAL BHD: Incurs MYR20.48MM Net Loss in Qtr. Ended March 31
----------------------------------------------------------------
Panglobal Bhd incurred a net loss of MYR20.48 million on
MYR46.24 million of revenues in the quarter ended March 31, 2009,
as compared to a net loss of MYR26.52 million on MYR62.73 million
of revenues in the same quarter of 2008.

As of March 31, 2009, the company's balance sheet showed
MYR55.11 million of current assets available to pay
MYR1.09 billion of current liabilities coming due within the
next twelve months.

The company's balance sheet as of end-March 2009 also reflected
MYR542.55 million of total assets and MYR1.24 billion of total
liabilities resulting in a shareholders' deficit of
MYR701.50 million.

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

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


TALAM CORPORATION: Updates Bursa on Default Status as of April 30
-----------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of April 30, 2009.

                      Default Status

A. Europlus Corporation Sdn Bhd has been notified that the
   Noteholders have approved and passed the resolution in
   writing on the proposed restructuring scheme on September 25,
   2006.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.


                                               Amt. Outstanding
   Subsidiary            Lender                  of 04/30/2009
   ----------            ------                ----------------
   Europlus Corp         Abrar Discounts Bhd     MYR190,000,000
   Sdn Bhd

B. These loans with the companies are part of the overall
   Financial Restructuring scheme submitted to the respective
   financial institutions.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 004/30/2009
   ----------            ------                ----------------
   Abra Development      EON Bank Bhd             MYR13,451,282
   Sdn Bhd

   Talam Corp Bhd        EON Bank Berhad          MYR3,242,549
                                                  MYR3,220,148

   Europlus Bhd          RHB Investment Bank      MYR3,297,382
                         Bhd

   Talam Industries Bhd  RHB Investment Bank     MYR11,221,142
                         Bhd                     MYR16,816,990
                                                  MYR5,710,867
                                                  MYR5,657,099

   Talam Industries Bhd  RHB Investment Bank     MYR13,216,520
                         Bhd


C. These companies are in the midst of finalizing the sales and
   Purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 04/30/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR25,817,108
   Sdn Bhd               Sdn Bhd                 MYR66,854,368
                                                 MYR71,644,860

D. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 04/30/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,393,412
                         Leasing Sdn Bhd          MYR22,327,487


   Ukay Land Sdn Bhd     Insas Credit &           MYR14,565,346
                         Leasing Sdn Bhd

E. This company is currently under Section 176 of the Companies
   Act, 1965.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 04/30/2009
   ----------            ------                ----------------
   Maxisegar Sdn Bhd     Abrar Discounts Bhd     MYR130,000,000

F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 04/30/2009
   ----------              ------             ----------------

   Talam Corporation Bhd   Pengurusan          MYR3,193,690
                           Danaharta Nasional

On the Regularisation Plan, the company has obtained the
conditional approval from the Securities Commission on certain
revisions to the Principal Terms and Conditions of the Redeemable
Convertible Secured Loan Stocks and 10-Year Al-Bai Bithaman Ajil
Islamic Debt Securities.

The SC and Bursa Malaysia Depository Sdn Bhd have also recently
approved the proposed transfer of the redeemable convertible
preference shares and redeemable convertible secured loan stocks
[collectively known as "Securities"] from Kumpulan Darul Ehsan
Berhad ("KDEB") to 100 holders each holding 100 units of the
Securities respectively to meet the public spread requirement of
Bursa Malaysia Securities Berhad.  The SC has also approved an
extension of time to June 29, 2009 for Talam to complete the
Regularisation Plan.

The SC’s approval on the proposed transfer of Securities and
extension of time are subject to the condition that RHB Investment
Bank Berhad and Talam to give detailed explanations if there are
substantial variances between the Talam group of companies’ profit
and shareholders’ equity based on the audited financial statements
for the financial year ended January 31, 2009, and the figures
which were submitted to the SC on March 26, 2009.  The company
targets to issue the Securities to inter-alia, the lenders of the
company by end of June 2009.

                         About Talam

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

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



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

PLUS SMS: Settles Legal Proceedings With Garry Donoghue
-------------------------------------------------------
Plus SMS Holdings Ltd said it has settled proceedings brought by
its founder Mr. Garry Donoghue against the company.

Plus SMS has also apologized to Mr. Donoghue for any disparaging
comments made about him by representatives of the company.

The company did not disclose full terms of the settlement due to
its confidentiality.

Separately, the company discloses the appointment of
Mr. Cristian Olea as Executive Director Latin America effective
June 2, 2009.

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                         *     *     *

The company incurred three consecutive net losses of NZ$6.96
million, NZ$11.89 million, and NZ$4.49 million for the financial
years ended March 31, 2008, 2007 and 2006, respectively.



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

PERMANENT PLANS: Gets Nod from Court to Pursue Rehabilitation
-------------------------------------------------------------
The Makati Regional Trial Court has cleared the way for the
proposed corporate rehabilitation of Permanent Plans Inc., Manila
Standard reports.

"The rehabilitation plan will allow Permanent Plans to settle its
maturities in full, albeit in an alternative, deferred-settlement
mode in order to preserve the present asset inventory of its trust
fund", Permanent Plans president Juan Miguel Madrigal Vazquez was
quoted by the report as saying.

Permaplans filed its petition for rehabilitation before the Makati
Regional Trial Court on May 21, Business Mirror 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 Troubled Company Reporter-Asia Pacific
reported on June 3, 2009, citing the Philippine Daily Inquirer.

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 adds.

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.


PERMANENT PLANS: Accused by SEC for Misleading Public
-----------------------------------------------------
The Securities and Exchange Commission (SEC) accused Permanent
Plans Inc. of misleading its planholders and the public, Business
Mirror reports.

The report, citing SEC commission Secretary Gerard M. Lukban,
says that the corporate regulator neither approved nor allowed the
Permaplans's alternative mode of settlement.

"The March 31 letter cited by Permaplans was a letter issued by
the Non-Traditional Securities and Instruments Department of SEC,
calling the attention of the company on complaints received from
planholders that it has been offering an unacceptable alternative
mode of settling its obligations.  There is nothing in the said
letter which allows any other mode of settling planholders’
claims", Sec. Lukban was quoted by the report as saying.

According to the report, the SEC also said that it did not push
for the freezing of the company’s trust fund Assets.

"What the SEC did was merely to direct the trustee banks to secure
approval first from the commission before disbursements are made
to ensure that any and all withdrawals will only be made for the
purpose of servicing the planholders.  In order to facilitate the
procedure for approval of withdrawals, SEC directed Permaplans to
submit its updated masterlist of all its planholders, which to
date the company has not yet complied with", Sec. Lukban adds.

As of end-2008, Permaplans told the court that it had current
liabilities of PHP62 million, against current assets of only
PHP35 million, the Troubled Company Reporter - Asia Pacific
reported on June 3, 2009, citing the  Philippine Daily Inquirer..

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, the report adds.



======================
S A U D I  A R A B I A
======================

SAAD GROUP: Moody's Withdraws 'B1' Issuer Credit Ratings
--------------------------------------------------------
Moody's Investors Service has withdrawn all ratings including
these ratings of the Saad Group; the B1 issuer ratings of Saad
Trading Contracting & Financial Services Company, Saad Investments
Company Limited and Saad Group Limited, and the B1 debt ratings on
issuance of Golden Belt 1 Sukuk Company -- together "the Saad
Group".  The ratings have been withdrawn because Moody's believes
it lacks adequate information to maintain the ratings.

Moody's previous rating action on the Saad Group was on the 1 June
2009 when the rating agency downgraded the ratings of the Saad
Group to B1 on review for further downgrade.

Saad Trading, Contracting and Financial Services Company Limited
Partnership, headquartered in Al Khobar in the Kingdom of Saudi
Arabia, is a privately owned company with origins in construction
and real-estate development, which also holds a material
investment portfolio.  At year-end 2008, it had total assets of
US$13.0 billion.

Saad Investments Company Limited, incorporated in the Cayman
Islands, is a privately owned international investment vehicle
focusing on various financial asset classes.  At year-end 2008, it
had total assets of US$9.1 billion.

Golden Belt 1 Sukuk Company B.S.C.(c), registered in the Kingdom
of Bahrain, is a special purpose vehicle set up for the sole and
exclusive purpose of issuing Sukuk on behalf of Saad Trading
Contracting & Financial Services Company.

Saad Group Limited, based in the Cayman Islands, is set to become
the ultimate parent of STCFSC, and other subsidiaries of the Saad
Group.  At year-end 2008, it had total assets of US$30.6 billion


SAAD GROUP: S&P Downgrades Corporate Credit Ratings to 'D/D'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term and short-term corporate credit ratings to 'D/D' from
'BBB+/A-2' on Saudi Arabia-based Saad Group and related entities,
reflecting information received from Saad Group's management that
it is in the process of entering into a standstill agreement (by
which debt service payments are suspended) with its creditors.
Further details of the agreement were not disclosed.  At the same
time, S&P withdrew the ratings on Saad Group, its related
entities, and its associated issues because S&P has insufficient
information for surveillance of the ratings.  Saad Group has also
requested the withdrawal of the ratings.

S&P understands that Saad Group's action follows a regulatory
freeze on certain personal bank accounts in Saudi Arabia of Saad
Group's key owners.  The circumstances surrounding the regulatory
freeze, including the motivation of the regulators, are not
publicly known, although Standard & Poor's has confirmed both the
freeze and the standstill agreement with Saad Group.

As a consequence of the withdrawal of S&P's ratings, Saad Group,
its related entities, and its associated issues are no longer
under surveillance by Standard & Poor's.


SAAD TRADING: Frozen Accounts Cue Moody's Rating Cut to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Saad
Trading Contracting & Financial Services Company, Saad Investments
Company Limited and Saad Group Limited to B1 from Baa1.  Moody's
has placed the ratings on review for further downgrade.

The rating action follows public reports that the Saudi Arabia
Monetary Authority may have ordered that the accounts belonging to
Saad's majority owner and Chairman be frozen.  No reason has yet
been given for this action, and the disclosure relating to this
development has been limited.

Moody's notes that the events of the past few days have resulted
in heightened risk of default at entities of the Saad Group, if
they face increased contagion from disputes originating from the
shareholder.

Moody's notes that recovery values based on year-end 2008 audited
financial statements should be fairly high, given that both STCFSC
and SICL are reported to hold substantial liquid long term
investment securities and cash deposits, in addition to a large
land bank in Saudi Arabia.  Whilst STCFSC has been more focused on
property and construction in Saudi Arabia, as well as investments
in international and domestic banks, SICL's investment policy is
more diversified, including a range of financial asset classes.

Moody's highlights the close strategic, managerial and financial
integration that exists between the shareholder and the various
entities of the Group.  Furthermore, Moody's notes that its
downgrade to non-investment grade will constitute an event of
default under STCFSC's US$2.75 billion and SICL's US$2.8 billion
revolving credit facilities, which are both close to fully drawn.
This is thus likely to further accentuate liquidity pressures
within the group.

Ratings remain on review for downgrade, and could thus face
further downgrades over the short term, if recovery values within
the Group prove to be lower than anticipated.  Moody's will be
monitoring the Group's restructuring plans as they develop, and
the degree to which creditor claims can be satisfied from existing
assets and cash flows.

Moody's last rating action on Saad was on February 27, 2008, when
the rating agency affirmed the ratings.

SICL's ratings were assigned by evaluating factors that Moody's
believes are relevant to the credit profile of the issuer, such as
(i) the business risk and competitive position of the company,
(ii) the capital structure and financial risk of the company,
(iii) the projected performance of the company over the near to
intermediate term, and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside of SICL's core industry and SICL's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Moody's last rating action on Saad Investments Company Limited was
on January 28, 2009, when the outlook was changed to stable from
positive.

Saad Trading, Contracting and Financial Services Company Limited
Partnership, headquartered in Al Khobar in the Kingdom of Saudi
Arabia, is a privately owned company with origins in construction
and real-estate development, which also holds a material
investment portfolio.  At year-end 2008, it had total assets of
US$13.0 billion.

Saad Investments Company Limited, incorporated in the Cayman
Islands, is a privately owned international investment vehicle
focusing on various financial asset classes.  At year-end 2008,
it had total assets of US$9.1 billion.

Saadgroup Limited, based in the Cayman Islands, is set to become
the ultimate parent of STCFSC, and other subsidiaries of the Saad
Group.  At year-end 2008, it had total assets of US$30.6 billion.



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

BUILD TRADE: Creditors' Proofs of Debt Due on June 12
-----------------------------------------------------
The creditors of Build Trade (Singapore) Pte Ltd. are required to
file their proofs of debt by June 12, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


HONG LUAN: Creditors' Proofs of Debt Due on June 12
---------------------------------------------------
The creditors of Hong Luan Pte Ltd. are required to file their
proofs of debt by June 12, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

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


MINSOON CREDIT: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
The creditors of Minsoon Credit Copn. (Pte) Ltd are required to
file their proofs of debt by June 30, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wee Hui Pheng
          c/o M/s Wee Hui Pheng & Co
          1 Coleman Street #06-11
          The Adelphi
          Singapore 179803


S.C. CAPITAL ADVISORS: Creditors' Proofs of Debt Due on June 12
---------------------------------------------------------------
The creditors of S.C. Capital Advisors (Singapore) Pte. Ltd. are
required to file their proofs of debt by June 12, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Mick Aw Cheok Huat
          Neo Keng Jin
          c/o 10 Anson Road
          #29-15 International Plaza
          Singapore 079903



                         *********

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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