TCRAP_Public/090610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, June 10, 2009, Vol. 12, No. 113

                            Headlines

A U S T R A L I A

FORTESCUE METALS: Inks Joint Venture With BC Iron
MARINER FINANCIAL: Sells Management Rights in 3 Trusts to Entrust
OZ MINERALS: Macquarie to Submit New Proposal Today


C H I N A

CHINA CONSTRUCTION: Opens First Branch in the U.S.


H O N G  K O N G

ADVANCES STAR: Appoints Ng Kam Chiu as Liquidator
AURORA OFFICE: Members' and Creditors' Meeting Set for July 10
BHK SHA: Creditors' Proofs of Debt Due on July 6
BUYNOW (NANJING): Appoints Kit and Simone as Liquidators
CHIU WING: Appoints Yu and Sutton as Liquidators

CTIA VSAT: Placed Under Voluntary Wind-Up
EWAY INTERNATIONAL: Creditors' Proofs of Debt Due on July 6
GLOBAL SOURCE: Placed Under Voluntary Liquidation
GLORY RISE: Creditors' Proofs of Debt Due on June 25
HARVEST SCENE: Creditors' Proofs of Debt Due on July 10

HONG KONG TOSHIN: Placed Under Voluntary Wind-Up
KENLAN INTERNATIONAL: Creditors' Proofs of Debt Due on July 10
MAXTIME MARINE: Leung Chi Kwong William Steps Down as Liquidator
RICH TREASURE: Inability to Pay Debts Prompts Wind-Up
TACK FAT: Appoints Yu and Sutton as Liquidators

VICTORY STAR: Creditors' Proofs of Debt Due on July 6
WIDEWAVE LIMITED: Creditors' Proofs of Debt Due on July 10


I N D I A

ANAND INTERNATIONAL: Low Net Worth Cues CRISIL 'BB' Ratings
AIR INDIA: May Consider Rescheduling Boeing Orders
AIR INDIA: Seeks Rs14,000 crore Bail Out
GURUDEVA TRUST: Fitch Assigns National Long-Term Rating at 'B'
IND SPHINX: Delay in Debt Repayment Prompts CRISIL 'D' Ratings

MARUTI FERROUS: CRISIL Rates INR30 Million Term Loan at 'BB'
TATA STEEL: Moody's Downgrades Corporate Family Rating to 'Ba3'
TATA VISTEON: CRISIL Cuts Rating on LT Loan from 'BBB-' to 'BB+'


I N D O N E S I A

MEDCO: Aims to Complete Study on Gas Block Acquisition This Month
PERTAMINA: To Import 5.7 Mil. Barrels of Fuel Oil This Month


J A P A N

ASAHI MUTUAL: JCR Downgrades Senior Debts Rating to 'BB'
SMBC COMMERCIAL: Moody's Changes Ratings on Various Certificates


K O R E A

SSANGYONG MOTOR: Union Rejects Management Proposal


M A L A Y S I A

HO HUP: To Hold 35th Annual General Meeting on June 25
NIKKO: DHL Seeks Payment of MYR14,701 for Services Rendered
OCI BHD: Courts Grants Extension of Restraining Order
PUTERA CAPITAL: Bourse to De-list Securities on June 12
SELOGA HOLDINGS: Sets 13th Annual General Meeting on June 26


N E W  Z E A L A N D

BLUE CHIP: Court Dismisses Bid to Liquidate Parent Firm
BRIDGECORP: Momi Bay Project Put Up for Sale


S I N G A P O R E

CORPORATION FRANCO-ASIATIQUE: To Receive Claims Until July 5
ENZER ELECTRONICS: Creditors' Proofs of Debt Due on June 19
MPF-01 PTE: Court Enters Wind-Up Order
SO SAY: Court to Hear Judicial Management Petition on June 30


T A I W A N

S-TECH CORP: Poor Performance Prompts Fitch to Junk Ratings


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

FORTESCUE METALS: Inks Joint Venture With BC Iron
-------------------------------------------------
BC Iron Ltd has given up half its iron ore project in Western
Australia's Pilbara region in exchange for access to Fortescue
Metals Group Ltd's rail and port facilities, The Sydney Morning
Herald reports.

The Herald relates BC Iron said on Friday that the companies had
signed an agreement to establish a joint venture to develop BC
Iron's Nullagine Iron Ore Project in the east Pilbara region.

According to the report, BC Iron said it expects to commence
production at Nullagine in early 2010, subject to completion of
the feasibility study and securing all relevant statutory
approvals.

Under the agreement, the report relates, BC Iron will manage the
Nullagine joint venture, including responsibility for all
operations, road haulage, marketing and ore sales.  Fortescue will
manage all rail and port operations, taking product from the
project stockpile at Fortescue's Chichester operation to ships in
Port Hedland, the Herald notes.

                        About BC Iron

BC Iron Limited is involved in mineral exploration and
development, focusing primarily on iron ore deposits near
Nullagine, Western Australia.  The Company's 100% owned Nullagine
Project is strategically located north east of the Cloud Break
operation, part of Fortescue Metal Group's Chichester Iron
Project.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


MARINER FINANCIAL: Sells Management Rights in 3 Trusts to Entrust
-----------------------------------------------------------------
Mariner Securities Limited has agreed to sell the management
rights of its property trusts, Mariner Property Trust No. 1 (MPT1)
the Powercor building located in Melbourne's CBD, to Entrust
Funds Management Limited (Entrust).  Subject to unit holder
approval, Entrust will become the responsible entity of MPT1.

The company said it has also agreed to transfer the management
rights of the Mariner Coastal Land Fund, which includes the Yamba
residential development.

Approval for both proposals will be sought at unit holder meetings
to be held on June 30, 2009.

Further, Mariner Securities has entered into a heads of agreement
for the sale of the management rights for Mariner Property Trust
No. 2 the Millers Self Storage building located at Moore Park in
Sydney.  A unit holder meeting seeking approval for this proposal
is scheduled for early July.

"These transfers of management rights are in line with Mariner
Financial Limited's focus on selling assets and exiting the retail
funds management market segment," Mariner Financial said in a
statement.

In May, Mariner Financial stated that it was seeking to replace
its two departing directors.  The company is currently finalizing
the terms of appointment with replacement directors, and expects
to make an announcement over the coming week.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 28, 2008, the Australian said Mariner Financial has been
under considerable financial distress.  Its share price plunged 91
percent from AU$2.15 in February 2007 to just 19c on Nov. 26,
2008.  Mariner's shares closed at 1c on Feb. 27.

The company has slashed two-thirds of its staff and has been
conducting a fire sale of assets and management rights this year.

Mariner Financial, according to a TCR-AP report on October 9,
2008, appointed receivers and managers to its wholly owned
subsidiary, Mariner Treasury Limited.

                     About Mariner Financial

Based in Australia, Mariner Financial Limited --
http://www.marinerfunds.com.au/-- focuses on originating,
structuring and distributing investment products for Australian
investors.  During the fiscal year ended June 30, 2008, its
activities included property investment and development;
retirement and superannuation investment, and infrastructure
investment.  The company predominantly distributes its investment
products through independent advisory intermediaries.  In April
2008, Mariner Financial Limited announced the sale to APA Group of
its remaining units in the Mariner Pipeline Income Fund.


OZ MINERALS: Macquarie to Submit New Proposal Today
---------------------------------------------------
Macquarie Group Ltd is set offer a new AU$1.4 billion
recapitalization proposal to OZ Minerals Ltd early today, Reuters
reports citing the Australian Financial Review.

According to Reuters, the Review said that the new proposal
involved a share placement and rights issue worth up to AU$1.4
billion, both underwritten and priced at a 20-25 percent discount
to the theoretical ex-rights price.

The Australian relates Macquarie resubmitted its "Project
Scotland" recapitalization proposal, which it said offered a 79
percent value premium to the Minmetals proposal, on the basis that
a recapitalised OZ would be worth an indicative AU$5.24 billion,
or 92c share.

The Macquarie proposal, which is also understood to involve Morgan
Stanley, is a mildly modified version of a proposal presented on
Friday and rejected by the OZ board as being better than the RFC-
Royal Bank of Canada proposal, but not as good as the Minmetals
plan, The Australian says.

The Review, as cited by Reuters, said OZ Minerals' shareholders
are set to vote on Thursday on a $1.2 billion agreed bid for most
of the firm's assets by China's Minmetals, but Macquarie is
believed to have strong support for its proposal.

The Herald Sun relates that Australia's biggest retail investor
group expects most members to vote against Minmetals' bid for OZ
Minerals.

Duncan Seddon, a representative of the Australian Shareholders'
Association, has told BusinessDaily the majority of small
investors were likely to oppose the bid on national interest
grounds, the Sun relates.

The Australian states that OZ has repeatedly warned investors that
if the Minmetals deal is rejected, the company will be forced into
administration by its syndicate of banks.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2009, OZ Minerals Limited and China Minmetals Non-
ferrous Metals Co. have agreed on the commercial terms for a sale
to Minmetals of certain of OZ Minerals assets excluding
Prominent Hill and Martabe for US$1.206 billion.

The transaction involves the sale of Sepon, Golden Grove, Century,
Rosebery, Avebury, Dugald River, High Lake, Izok Lake and certain
other exploration and development assets.  OZ Minerals will retain
Prominent Hill, Martabe, specific exploration assets in Cambodia
and Thailand and its listed equity interests (including its
interest in Toro Energy).

OZ Minerals said it expect to also retain a cash balance of
approximately AU$500 million immediately upon completion of the
transaction, assuming that it retires all its debt (except for the
Convertible Bonds on issue).  Subject to regulatory approvals,
both parties are aiming for completion of the transaction in
mid/late June 2009.

                        About OZ Minerals

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

                          *     *     *

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



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

CHINA CONSTRUCTION: Opens First Branch in the U.S.
--------------------------------------------------
Xinhua News Agency reports that China Construction Bank
Corporation (CCB) opened its New York branch on June 5, 2009.

The New York branch, CCB's first branch in the United States,
extends CCB's global presence and marks a significant milestone in
CCB's global strategy, CCB's Chairman Guo Shuqing told Xinhua
after the opening ceremony.

Chairman Shuqing said the establishment of CCB's branch in New
York, the world's largest financial center, will significantly
improve CCB's ability to provide worldwide services to its
customers, Xinhua relates.

Located at 1095 Avenue of the Americas, the New York Branch will
engage in wholesale banking activities, including lending,
acceptance of wholesale deposits, trade finance, U.S. dollar
clearing and treasury.

Meanwhile, China Construction Bank has launched its fully owned
subsidiary in the United Kingdom.  CCB London is CCB's first
wholly-owned subsidiary in Europe, and the second operating
institution in Europe.

CCB (London) is to provide banking businesses including corporate
deposit, loan, trade finance, commodity finance and hedging,
Sterling Pound clearing, treasury, etc.  As a business platform to
UK, CCB (London) strives to provide high quality service to
customers engaged in Sino-UK trade, multinational enterprises and
financial institutions, with the strong support of CCB's funding
base, network and technology.

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                         *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.



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

ADVANCES STAR: Appoints Ng Kam Chiu as Liquidator
-------------------------------------------------
At an extraordinary general meeting held on May 29, 2009, the
members of Advances Star Industries Limited appointed Ng Kam Chiu
as the company's liquidator.

The Liquidator can be reached at:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road
          Wanchai, Hong Kong


AURORA OFFICE: Members' and Creditors' Meeting Set for July 10
--------------------------------------------------------------
The members and creditors of Aurora Office Furniture Limited will
hold their meeting on July 10, 2009, at 10:00 a.m. and 11:00 a.m.,
respectively, at the 18th Floor of Richmond Commercial Building,
109 Argyle Street, Mongkok, in Kowloon, Hong Kong.

At the meeting, Cheng Faat Ting Gary, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BHK SHA: Creditors' Proofs of Debt Due on July 6
------------------------------------------------
The creditors of BHK SHA TIN Limited are required to file their
proofs of debt by July 6, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 1, 2009.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


BUYNOW (NANJING): Appoints Kit and Simone as Liquidators
--------------------------------------------------------
At an extraordinary general meeting held on May 22, 2009, the
members of Buynow (Nanjing) Limited appointed Ho Man Kit and Kong
Sze Man, Simone as the company's liquidators.

The Liquidators can be reached at:

          Ho Man Kit
          Kong Sze Man, Simone
          Silvercord
          Unit 511, 5th Floor, Tower 1
          No. 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


CHIU WING: Appoints Yu and Sutton as Liquidators
------------------------------------------------
On May 20, 2009, the members of Chiu Wing Enterprise Company
Limited appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building
          14th Floor, 3A Chater Road
          Central, Hong Kong


CTIA VSAT: Placed Under Voluntary Wind-Up
-----------------------------------------
The shareholders of CTIA VSAT Network Limited passed a resolution
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


EWAY INTERNATIONAL: Creditors' Proofs of Debt Due on July 6
-----------------------------------------------------------
The creditors of Eway International Limited are required to file
their proofs of debt by July 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road
          Wanchai, Hong Kong


GLOBAL SOURCE: Placed Under Voluntary Liquidation
-------------------------------------------------
On May 27, the members of Global Source & Design Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

          Messrs. Man Man Wai
          Carpo Commercial Building
          Room 305, 18-20 Lyndhurst Terrace
          Central, Hong Kong;

and

          Li Wai See
          China Insurance Group Building
          Room 2601, 26th Floor
          141 Des Voeux Road
          Central, Hong Kong


GLORY RISE: Creditors' Proofs of Debt Due on June 25
----------------------------------------------------
The creditors of Glory Rise Limited are required to file their
proofs of debt by June 25, 2009, to be included in the company's
dividend distribution.

Lau Siu Hung is the company's liquidator.


HARVEST SCENE: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------------
The creditors of Harvest Scene Limited are required to file their
proofs of debt by July 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidators are:

          Andrew C. C. Ma
          Felix K. L. Lee
          Seaview Commercial Building
          19th Floor
          21-24 Connaught Road West
          Hong Kong


HONG KONG TOSHIN: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on June 1, 2009, the
members of Hong Kong Toshin Sea Foods Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Akinori Orimo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


KENLAN INTERNATIONAL: Creditors' Proofs of Debt Due on July 10
--------------------------------------------------------------
The creditors of Kenlan International Limited are required to file
their proofs of debt by July 10, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidators are:

          Andrew C. C. Ma
          Felix K. L. Lee
          Seaview Commercial Building
          19th Floor
          21-24 Connaught Road West
          Hong Kong


MAXTIME MARINE: Leung Chi Kwong William Steps Down as Liquidator
----------------------------------------------------------------
On Ma 29, 2009, Leung Chi Kwong William stepped down as liquidator
of Maxtime Marine Products Limited.


RICH TREASURE: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
On May 25, 2009, the creditors of Rich Treasure Limited resolved
to voluntarily wind up the company's operations due to its
inability to pay debts when it fall due.

The company's liquidator is:

          Chung Cheuk Ming
          New Mandarin Plaza
          Rooms 1214-1215, Tower A
          TST East
          Kowloon


TACK FAT: Appoints Yu and Sutton as Liquidators
-----------------------------------------------
On May 20, 2009, the members of Tack Fat International Holdings
Limited appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building
          14th Floor, 3A Chater Road
          Central, Hong Kong


VICTORY STAR: Creditors' Proofs of Debt Due on July 6
-----------------------------------------------------
The creditors of Victory Star Enterprise Limited are required to
file their proofs of debt by July 6, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

          Ng Kam Chiu
          Tak Lee Commercial Building, 13A
          113-117 Wanchai Road
          Wanchai, Hong Kong


WIDEWAVE LIMITED: Creditors' Proofs of Debt Due on July 10
----------------------------------------------------------
The creditors of Widewave Limited are required to file their
proofs of debt by July 10, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidators are:

          Andrew C. C. Ma
          Felix K. L. Lee
          Seaview Commercial Building
          19th Floor
          21-24 Connaught Road West
          Hong Kong



=========
I N D I A
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ANAND INTERNATIONAL: Low Net Worth Cues CRISIL 'BB' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Anand International (Anand).

   INR25.0 Million Cash Credit     BB/Stable (Assigned)
   INR24.0 Million Stand By Line   BB/Stable (Assigned)
                    of Credit
   INR17.4 Million Proposed Long   BB/Stable (Assigned)
         Term Bank Loan Facility

   INR85.0 Million Term Loan       BB/Stable (Assigned)
   INR120.0 Million Export         P4 (Assigned)
           Packing Credit ^

   ^ Interchangeable with Bill Discounting

The ratings reflect Anand's weak financial risk profile, marked by
high gearing and low net worth, and small scale of operations in
the home textile industry.  These weaknesses are, however,
partially offset by the benefits that Anand derives from its
established track record in the home textile industry, and healthy
customer base.

Outlook: Stable

CRISIL believes that Anand will maintain its established position
in the home furnishing market, backed by established customer
relationships.  However, Anand's financial risk profile may be
constrained by high gearing and low debt protection measures. The
outlook may be revised to 'Positive' if the firm reports large
cash accruals, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
slowdown in demand for home textiles in the overseas market, or if
the firm's capital structure deteriorates on account of large,
debt-funded capital expenditure or increase in working capital
requirements.

                      About Anand International

Set up in 1991 by Mr. Suresh Kumar Garg, Anand manufactures and
trades in home textiles.  Its product range includes bathmats,
flocks, towels, rugs, and blankets.  Located at Panipat, Haryana,
it has weaving, dyeing and bleaching processes.

Anand reported a profit after tax (PAT) of INR 7.5 million on net
sales of INR 307.1 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 19.7 million on net
sales of INR 304.0 million for 2006-07.


AIR INDIA: May Consider Rescheduling Boeing Orders
--------------------------------------------------
Air India may reschedule planes on order from Boeing Co as it
looks for various options to save money, Reuters reports citing
Air India Chairman Arvind Jadhav.

"We are looking at options including rescheduling," Reuters quoted
Mr. Jadhav as saying on the sidelines of an aviation meeting in
Kuala Lumpur.  "I don't have cash, what do you expect me to do?"

Air India has over US$8 billion worth of planes on order from
Boeing, including 27 B787 Dreamliners, Reuters discloses.

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.


AIR INDIA: Seeks Rs14,000 crore Bail Out
----------------------------------------
The Financial Express reported that the National Aviation Company
of India Ltd (Nacil), the company that operates Air India, is
seeking Rs 14,000 crore in equity infusion, soft loans and grants.

"The rise in fuel cost has created a major problem for our day-to-
day operations as our calculations for current and future fares
was based on oil prices ranging between US$40 and US$50 a barrel,"
the report quoted a newly appointed senior executive of Nacil as
saying.

However, the report relates, the airline is unlikely to get the
amount that it is seeking, and may have to settle for around
US$1-1.5 billion (Rs 5,000-5,500 crore) as indicated by the
government.

"An equity infusion of up to Rs 1,500 crore, plus a soft loan of
Rs 3,000-3,500 crore will be considered on a priority basis.
There is no chance of the airline receiving a package of Rs 14,000
to 15,000-crore package," the report quoted a very senior source
in the civil aviation ministry as saying.

The report discloses that a hectic reworking of the capital
restructuring possibilities is underway and is expected to be
submitted by June 22.

Civil aviation minister Praful Patel, according to the Express,
had already said an initial public offering of shares in Air India
could be considered in the near future.  The report notes that any
decision in this regard, however, will be considered once the
markets revive.

Though auditors are still vetting Nacil's 2008-09 accounts, the
airline's losses are in the range of Rs 5,000 crore instead of the
expected Rs 3,000 crore, the report says.

                        About Air India

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.


GURUDEVA TRUST: Fitch Assigns National Long-Term Rating at 'B'
--------------------------------------------------------------
Fitch Ratings has assigned India's Gurudeva Trust a National Long-
term rating of 'B(ind)'.  Fitch has also assigned ratings of
'B(ind)' to Gurudeva's term loans amounting to INR113.50 million
and overdraft limits of INR4.5 million.  The Outlook is Stable.

The ratings reflect the established position of the trust's
sponsored educational institute, Sree Narayana Guru Institute of
Science and Technology, located in the North Paravur district of
Ernakulam, Kerala.  However, the ratings are constrained by the
institute's mixed track record in terms of the number of
applications, admissions-to-seats ratio, pass percentages and
student placements.

Gurudeva's ratings are also constrained by its relatively short
track record of about six years and the limited number of courses
offered to date; which is reflected in its small scale of
operations and net losses during the period FY04 and FY06.  The
ratings are further limited by the trust's exposure to the
regulatory framework for self-financing colleges in India and by
its affiliations to operationally inefficient government-sponsored
universities.  The ratings also take into account the trust's
stretched financial profile -- in the form of high levels of
overall debt -- which has resulted in significantly high gearing
levels and debt/EBIDTA.  Historically, the total debt/EBIDTA has
been very high, at more than 10x.  While it has declined over the
years to 5.1x in FY09, borrowings for the proposed engineering
college project is likely to increase the gearing levels back to
about 8x.  Furthermore, an increase in the interest outgo on the
outstanding debt has resulted in a decrease in operational surplus
(net surplus margins have decreased to 5.5% in FY09 as compared to
10.2% in FY08) and a substantial deterioration in the interest
coverage (FY09: 1.6x; FY03: 15.3x).

The ratings are further constrained by the execution risks
associated with the trust's significantly large capex program for
commencing new courses in the areas of engineering, science and
management, as well as the uncertainty over the financial closure
for this project.  Meanwhile, the trust is in the process of tying
up term loans from banks.  Gurudeva is also required to raise
additional contributions of about INR40 million from trust members
in the form of interest-free, long-term (average tenor of about
five years) unsecured loans.  Apart from these, the trust is
planning to use forms of funding such as long-term deposits and
supplier's credit to bridge the gap between the project cost and
the sources of finance; the quantum and availability of which is
uncertain at this point in time.

Achieving financial closure for the project, which will aid the
implementation and completion of the project and result in the
commencement of the new courses as scheduled, would be considered
a positive ratings trigger.  Significant delays in the project
impacting the revenue and operational surplus levels, would be
considered a negative ratings trigger.

Gurudeva Trust, a public charitable trust was formed in 2001 to
run Sree Narayana Guru Institute of Science and Technology.  The
institute offers courses in management, computer applications and
bio-informatics.  For FY09, the trust reported a fee income of
INR43.3 million and a surplus from operations of INR2.4 million.


IND SPHINX: Delay in Debt Repayment Prompts CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of IND Sphinx Precision Limited (ISPL).

   INR305 Million Term Loan *       D (Assigned)
   INR13 Million Cash Credit        D (Assigned)
   INR64 Million Export Packing     P5 (Assigned)
                  Credit
   INR6.5 Million Letter of Credit  P5 (Assigned)
   INR10.5 Million Standby Letter   P5 (Assigned)
                    of Credit
   INR1 Million Bank Guarantee      P5 (Assigned)

   * Includes proposed term loan of INR106.7 million.

The ratings reflect the delay in debt repayment obligations owing
to weak liquidity.

                       About the Company

ISPL was incorporated in 1987 by Mr. Sunil Taneja under a joint
venture agreement with Sphinx Werke Mueller AG of Switzerland. The
company manufactures tungsten carbide tools used in printed
circuit board (PCB) drilling/routing and micromachining. The
majority of ISPL's products are sold in the export market. The
manufacturing plant in Parwanoo, Himachal Pradesh has a capacity
of 10.55 million units per annum. The company has recently
ventured into non PCB tools namely Tool for micro Machining

For 2007-08 (refers to financial year, April 1 to March 31), ISPL
reported a profit after tax of INR7.8 million on net sales of
INR208 million, against INR20.8 million and INR251 million,
respectively, in the previous year.


MARUTI FERROUS: CRISIL Rates INR30 Million Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Maruti Ferrous Pvt Ltd (MFPL).

   INR45 Million Cash Credit        BB/Stable (Assigned)
   INR30 Million Term Loan          BB/Stable (Assigned)
   INR10 Million Letter of Credit   P4 (Assigned)
   INR10 Million Bank Guarantee     P4 (Assigned)

The ratings reflect MFPL's small scale of operations, marginal
market share, and exposure to cyclicality in the steel industry.
These weaknesses are however, partially offset by MFPL's moderate
operating efficiencies and the benefits that it derives from
forward-integration initiatives.

Outlook: Stable

CRISIL believes that MFPL will maintain an average business risk
profile on the back of improving operational efficiency.  The
outlook may be revised to 'Positive' if improvement in net worth
results in a stronger financial risk profile for MFPL; or to
'Negative' if the company undertakes significant debt-funded
capital expenditure.

                        About Maruti Ferrous

MFPL, located in Raipur, is engaged in the production of steel
ingots.  The company commenced commercial production in September
2005.  MFPL has ingot production capacities of 56,000 tonnes per
annum.

MFPL reported a profit after tax (PAT) of INR 4 million on net
sales of INR 691 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR 1 million on net
sales of INR486 million for 2006-07.


TATA STEEL: Moody's Downgrades Corporate Family Rating to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Tata Steel Ltd to Ba3 from Ba2.  The rating outlook is stable.

The rating action concludes the review for possible downgrade
initiated on January 12, 2009, and continued on March 4, 2009.

"The rating action reflects the anticipated weakening of Tata
Steel's consolidated financial profile over the intermediate term,
driven by the weakness in the steel markets and the significant
operating challenges faced by the company's European operations,"
says Ivan Palacios, a Moody's AVP/Analyst.

While Tata Steel's Indian operations have historically enjoyed
better margins due to their globally competitive cost position,
backed by a significant degree of vertical integration, the extent
of the deterioration in operating performance is greater at the
company's European operation -- Tata Steel UK, formerly "Corus" --
because of its higher fixed-cost structure, and its lack of
captive raw materials.

Because of Tata Steel UK's expected material decline in
profitability, it has had to negotiate the reset of the covenants
under its GBP 3.7 billion senior debt facility.  As part of the
reset process, Tata Steel agreed to inject GBP425 million of
equity and subordinated loans into Tata Steel UK in a phased
manner, and of which GBP200 million will be used to pay off debt
and deleverage the balance sheet of the European subsidiary.

"The successful amendment of the covenants reflects the strength
of Tata Steel's banking relationships and the reputation it enjoys
as part of the Tata Group.  In addition, the announced funding
injection is a demonstration of its strong commitment to support
Tata Steel UK," says Palacios, also Moody's lead analyst for the
company.

"Reduced cash flow generation and increased leverage to support
Tata Steel UK are putting pressure on Tata Steel India's credit
profile.  However, the company's ability to provide further equity
to the European operation is backed by the strong support from the
domestic banking sector," adds Palacios.

It is Moody's expectation that Tata Steel's consolidated leverage
ratios -- such as Adjusted debt/EBITDA -- will peak at levels
above 5.0x-6.0x as of year-end March 2010.  Nevertheless, Moody's
Ba3 rating anticipates some progressive recovery in the metrics to
levels more commensurate with the current rating once the
restructuring measures taken in Europe and the expected volume
growth in India start to show results in 2010.

The stable outlook on the rating reflects Moody's expectation that
following the renegotiation of the covenants and contribution of
additional funding to Tata Steel UK, Tata Steel's position is
likely to have stabilized in the near term, with an expectation of
progressive improvement in Tata Steel's consolidated financial
profile beyond year-end March 2010.

Negative rating pressure could develop in the event that a
deterioration in the operating environment -- beyond Moody's
current expectations -- further pressures Tata Steel UK's
financial profile, potentially leading to the need for additional
equity injections from the parent, which would in turn further
deteriorate the group's consolidated financial profile.

The financial indicators Moody's would consider for a downgrade
include Adjusted Debt/EBITDA exceeding 5.0x and EBIT margin
falling below 5% on a sustained basis.

Conversely, upward rating pressure would require (1) a
stabilization in the steel markets both in terms of prices and
volumes, leading to improved cash flow generation and a meaningful
reduction in leverage, (2) the maintenance of a strong liquidity
profile with comfortable headroom under its financial covenants,
both at Tata Steel UK and Tata Steel India, and (3) a recovery in
the group's credit metrics, such that Adjusted debt/EBITDA
improves towards 4.0x and EBIT margin improves above 8% on a
sustained basis.

Moody's last rating action on Tata Steel was taken on March 4,
2009, when it downgraded the rating to Ba2 from Ba1 and placed the
rating on review for possible further downgrade.

Tata Steel UK Limited, a 100% subsidiary of Tata Steel Ltd, was
created through the acquisition of Corus Group plc in 2007 by Tata
Steel, and is the second largest steel producer in Europe.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai.  After the acquisition of Corus, Tata Steel became the
world's sixth largest steelmaker with an annual production
capacity of around 29.9 million tons of crude steel.


TATA VISTEON: CRISIL Cuts Rating on LT Loan from 'BBB-' to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tata
Visteon Automotive Pvt. Ltd (TVAPL) to 'BB+/P4' from
'BBB-/Negative/P3', and has placed the company's long term ratings
on 'Rating Watch with Negative Implications'.

   INR425 Million Long Term   BB+ (Downgraded from 'BBB-/Negative'
            Loan Facilities        and placed on 'Rating Watch
                                   with Negative Implications')

   INR40 Million Cash Credit  BB+ (Downgraded from 'BBB-/Negative'
                                   and placed on 'Rating Watch
                                   with Negative Implications')

   INR20 Million Letter of Credit  P4 (Downgraded from P3)
   INR120 Million Bank Guarantee   P4 (Downgraded from P3)

The rating action is due to continuing operating and net losses in
TVAPL following lower than expected off take from Tata Motors Ltd
(Tata Motors; rated 'A/Stable/P1' by Crisil), from which TVAPL
generates a significant portion of its revenues.  The losses have
further impacted the already weak financial risk profile of the
company.  CRISIL also believes TVAPL will take longer than earlier
anticipated to break-even, and therefore, will require additional
capital infusion to fund operational losses and meet interest
obligations in the near term.

TVAPL is a 50:50 joint venture between the US-based Visteon
Holdings International Inc (subsidiary of Visteon Corp, rated
'D/NR' by Standard &Poor's) and Tata AutoComp Systems Ltd (TACO,
rated 'AA-/Stable/P1+' by CRISIL). With Visteon Corp and its US
based subsidiaries recently filing for bankruptcy, CRISIL is in
dialogue with the management of TVAPL to better understand Visteon
Corp's commitment in the form of technological and financial
support to the company.  CRISIL would remove the ratings from
watch and take a final rating decision once adequate clarity
emerges regarding the future support by Visteon Corp. to TVAPL.

The ratings, however, continue to derive strength from TVAPL's
strong linkages with Tata Motors and TACO.

                       About Tata Visteon

TVAPL was incorporated in 2005 for manufacturing automotive
lighting and engine induction systems.  The company's plant in
village Maan, near Hinjewadi, Pune, has the capacity to
manufacture around 600,000 units per annum of automotive lighting
and plastic air induction systems.  For 2008-09 (refers to
financial year, April 1 to March 31), TVAPL is estimated to
have reported a net loss of INR 200 million on net revenues of
INR210 million compared with a net loss of INR149 million on net
revenues of INR95 million in the previous year.



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

MEDCO: Aims to Complete Study on Gas Block Acquisition This Month
-----------------------------------------------------------------
PT Medco Energi Internasional aims to complete this month, its
feasibility study on its plan to acquire BP Indonesia's 46% stake
in the Offshore North West Java Sea block (ONWJ), The Jakarta Post
reports citing Medco finance director D. Cyril Noerhadi.

According to The Post, the ONWJ concession stretches from Cirebon
in the east to the Thousand Islands, Jakarta, in the west.

The block supplies gas to fertilizer company PT Pupuk Kujang,
state electricity company PT PLN and state gas company PT PGN, the
report relates.

Competition will be tough for Medco as local energy firms such as
PT Pertamina and PT Energi Mega Persada have also announced bids
to acquire the block, which mostly produces gas, the report noted.

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Moody's Investors Service put on review for
possible downgrade PT Medco Energi Internasional Tbk's B2
corporate family rating and B3 senior unsecured rating (Senior
8.75% bonds due 2010 issued by MEI Euro Finance Ltd).


PERTAMINA: To Import 5.7 Mil. Barrels of Fuel Oil This Month
------------------------------------------------------------
Pertamina will import 5.7 million barrels of fuel oil this month,
in order to meet 30 percent of domestic need, Antara News reports
citing a Pertamina official.

"Pertamina will begin importing diesel oil and premium gasoline
this month.  It has nothing to do with the incident in the Cilacap
refinery plant where the tube of one of its crude units has caught
fire, Pertamina's Vice President for communications affairs
Basuki Trikor Putra was quoted by the report as saying.

According to the report, Pertamina will import 3.5 million barrels
of premium and 2.2 million barrels of diesel oils per month.

On the other hand, Pertamina has no longer imported avtur as a
result of the government's kerosene-to-liquefied petroleum gas
conversion program, the report relates.

Pertamina has set a target to increase its oil production this
year to 171.9 thousand barrels per day, despite a production
decline rate of 18 percent per annum, the report noted.

                       About PT Pertamina

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

                          *     *     *

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

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



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

ASAHI MUTUAL: JCR Downgrades Senior Debts Rating to 'BB'
--------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has downgraded ratings on
senior debts and ability to pay insurance claims of Asahi Mutual
Life from BB+ to BB.  The rating outlook remains Negative.

According to the operating results of life insurance companies for
FY2008 ended March 31, 2009, their loss from asset management has
significantly increased owing to the turmoil in the global
financial markets.

JCR downgraded the rating on two life insurance companies, Asahi
Mutual Life Insurance Company (the Company) and Mitsui Life
Insurance Company Limited, for which the rating outlook is
Negative, because their earnings power with respect to the core
life insurance business is poorer relative to other life insurance
companies in addition to their weak tolerance against fall in
values of the invested assets.  The two companies recorded a large
loss due to their increased loss related to the investment
securities for FY2008 ended March 31, 2009, reducing the core
equity capital amount.

As JCR considers that they can no longer keep their current rating
levels, JCR downgraded the rating of each of the two companies by
one notch.  Concerning Mitsui Life Insurance Company Limited, JCR
changed the rating outlook from Negative to Stable, assessing that
it succeeded in reducing risk from fall in asset values to a
degree by trimming down risk assets centering on investment trusts
and hedge funds, although it recorded a large loss.  Concerning
Asahi Mutual Life, rating outlook remains Negative because risk
buffer also decreased significantly, although risk assets
decreased sharply, and it will take time for it to increase the
buffer to the previous level and thus it will be susceptible to
market conditions.

JCR will continue to take into consideration the handling of the
difficult business conditions by each life insurance company and
then reflect it in the rating for each of them.


SMBC COMMERCIAL: Moody's Changes Ratings on Various Certificates
----------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D and X Trust Certificates of SMBC Commercial Mortgage
Backed Securities #1.  The Trust Certificates will mature in
August 2012.

The individual rating actions are listed below.

  -- Class A, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class B, Downgraded to Aa3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- 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 X, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

SMBC Commercial Mortgage Backed Securities #1, effected in
May 2007, represents the securitization of a portfolio of 13
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 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,
based on collateral performance such as rents and occupancy rates.

                         Category 1 Loans

                       0% of the loan pool

Moody's consider 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 consider 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.  Moody's also interviewed the asset manager regarding its
refinancing and disposition plan policies, as well as its leasing
and expense management.  Accordingly, Moody's estimated recovery
stress 15%, in light of these factors.

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

2) This loan will mature in 2010 and will have to be refinanced in
   what Moody's believes will be a stressed market.

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: Union Rejects Management Proposal
--------------------------------------------------
Unionized workers at Ssangyong Motor Co. on Monday turned down a
compromise whereby management offered to suspend a layoff plan if
the union ends its strike, The Chosun Ilbo reported.

According to the report, some 900 Ssangyong union members said in
a press conference Monday that the layoff plan must be dropped
entirely, not suspended, before they return to work.

Chosun Ilbo says the number of workers threatened with layoff has
already been cut back to 976 after 80 out of 1,056 workers who
were handed with pink slips applied for early retirement.

The Troubled Company Reporter-Asia Pacific, citing a previous
report from The Chosun Ilbo, said Ssangyong Motor is planning to
cut some 2,800 employees or 40 percent of its entire workforce in
a bid to revive the company.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, Chosun Ilbo related that even if the company produces
200,000 cars a year, it would be better off dissolving the company
rather than saving it.  In order for it to stay alive, a massive
lay-off plan is inevitable, Chosun Ilbo added.

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

HO HUP: To Hold 35th Annual General Meeting on June 25
------------------------------------------------------
Ho Hup Construction Company Berhad will hold its 35th annual
general meeting on June 25, 2009, at 9:30 a.m., at Kelab Golf Seri
Selangor, Persiaran Damansara Indah, Off Persiaran Damansara
Tropicana, 47410 Petaling Jaya, in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   * receive the Audited Financial Statements for the year ended
     December 31, 2008, and the Reports of the Directors and
     Auditors;

   * re-elect these Directors who will retire under the provision
     of Article 96 of the Company's Articles of Association:

   -- Dato' Liew Lee Leong;
   -- Mr. Low Kim Leng;
   -- Encik Long Md. Nor Amran Bin Long Ibrahim; and
   -- Mr. Lim Ching Choy.

   * re-elect Mr. Low Teik Kien who will retire under the
     provision of Article 90 of the Company's Articles of
     Association;

   * re-appoint Yang Berbahagia Tan Sri Datuk Seri Panglima
     Abdul Kadir bin Haji Sheikh Fadzir who will retire
     pursuant to Section 129(6) of the Companies Act, 1965; and

   * re-appoint Messrs. Ernst & Young as Auditors of the
     company and to authorize the Directors to fix their
     remuneration.

As special business:

   * consider and, if thought fit, to pass the this Ordinary
     Resolution:

     "That subject always to the Companies Act, 1965, Articles
      of Association of the Company and approvals from Bursa
      Malaysia Securities Berhad and any other governmental/
      regulatory bodies, where such approval is necessary,
      authority be and is hereby given to the Directors
      pursuant to Section 132D of the Companies Act,1965 to
      issue not more than ten percent (10%) of the issued
      capital of the Company at any time upon any such terms
      and conditions and for such purposes as the Directors
      may in their absolute discretion deem fit or in pursuance
      of offers, agreements or options to be made or granted
      by the Directors while this approval is in force until
      the conclusion of the next Annual General Meeting of the
      Company and that the Directors be and are hereby further
      authorised to make or grant offers, agreements or options
      which would or might require shares to be issued after
      the expiration of the approval hereof."

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

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.


NIKKO: DHL Seeks Payment of MYR14,701 for Services Rendered
-----------------------------------------------------------
Nikko Electronics Bhd. has been served a Summons dated May 25,
2009, from Messrs. Hing & Alvin, Advocates & Solicitors, acting
for DHL Express (Malaysia) Sdn Bhd claiming MYR14,701.04
purportedly being monies due and owing for services rendered.

Nikko will file an appearance and/or defence before/on August 24,
2009.  The company is also seeking necessary legal advise to
resolve this matter.

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

                         *     *     *

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

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


OCI BHD: Courts Grants Extension of Restraining Order
-----------------------------------------------------
The High Court has granted the application of OCI Bhd to extend
its restraining order for another 90 days.  The date of the
restraining order will now expire on August 19, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2008, the High Court of Malaya at Kuala Lumpur
approved OCI Berhad's application for restraining order via
Petition No D6-24-16-2008, under Section 176 of the Companies
Act 1965.

The restraining order provides for all proceedings against OCI,
which included acceptance, summarization, implementation and
proceedings deliberate to be postponed for 90 days from the date
of the order was given except with the permission of the High
Court.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


PUTERA CAPITAL: Bourse to De-list Securities on June 12
-------------------------------------------------------
Putera Capital Berhad's securities will be removed from the
Official List of Bursa Securities on June 12, 2009, as the company
failed to make representations to Bursa Securities on the
completion of acquisition of assets and execution of a definitive
agreements by May 31, 2009.

Putera Capital, however, noted that it will accordingly submit an
appeal against Bursa Securities' decision to delist its
securities.

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

As of Feb. 29, 2008, Putera Capital's consolidated balance sheet
went upside down by MYR22.18 million, on total assets of
MYR31.53 million and total liabilities of MYR53.71 million.


SELOGA HOLDINGS: Sets 13th Annual General Meeting on June 26
------------------------------------------------------------
Seloga Holdings Berhad will hold its 13th annual general meeting
at 10:30 a.m. on June 26, 2009, at The Gardens Hotel and
Residences, The Gardens, Mid Valley City, in Lingkaran Syed Putra,
59200 Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the audited Financial Statements for the financial
      year ended December 31, 2008, and the reports of the
      Directors and Auditors;

   -- re-elect these Directors retiring in accordance with
      Article 97 of Company's Articles of Association:

   (a) Mr. Derek John Fernandez; and
   (b) Dato' Syed Md Amin bin Syed Jan Aljeffri

   -- consider and if thought fit, to pass this Ordinary
      Resolution in accordance with Section 129 of the
      Companies Act, 1965:

      "That Dato' Lim Git Hooi @ Robert Lim, retiring pursuant
       to Section 129 of the Companies Act, 1965, be and is
       hereby re-appointed a Director of the Company to hold
       office until the next Annual General Meeting."

   -- re-appoint Messrs. SJ Grant Thornton as the company's
      Auditors and authorize the Directors to determine their
      renumeration.

   -- pass the following Ordinary Resolution:

      "Subject to the Companies Act, 1965, the Memorandum and
      Articles of Association of the company and the Listing
      Requirements of the Bursa Malaysia Securities Berhad,
      approval will be given to the company and its subsidiaries
      to enter into all transactions involving the Related
      Parties as specified in Section 2.2.2. of the
      Shareholders' Circular dated May 30, 2008, provided that
      transactions are:

   (a) recurrent transactions of a revenue or trading nature;
   (b) necessary for the day-to-day operations;
   (c) carried out in the ordinary course of business on normal
       commercial terms which are not more favorable to the
       related parties than those generally available to the
       public; and
   (d) are not detriment to the minority shareholders

As Special Business to consider and if thought fit:

   -- to pass this Ordinary Resolution:

      "That pursuant to Section 132D of the Companies Act,
       1965, the Directors be and are hereby authorised to
       issue shares in the Company at any time until the
       conclusion of the next Annual General Meeting and
       under such terms and conditions and for such purposes
       as the Directors may, in their absolute discretion,
       deem fit provided that the aggregate number of shares
       to be issued does not exceed 10 per centum of the
       issued share capital of the Company for the time being,
       subject always to the approval of all relevant
       regulatory bodies being obtained for such issue and
       allotment."

                      About Seloga Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

                         *     *     *

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.



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

BLUE CHIP: Court Dismisses Bid to Liquidate Parent Firm
-------------------------------------------------------
The High Court in Auckland has dismissed an application by the
Registrar of Companies to wound up Blue Chip sole surviving
investment vehicle, Northern Crest Investments (NCI), Kris Hall at
BusinessDay reports.

The report says the decision was made on the grounds that to do so
would, among other things, significantly harm the interests of the
firm's new crop of 2000 shareholders.

According to the BusinessDay, Justice Peter Christiansen said the
picture had changed markedly since proceedings to liquidate NCI
were first brought by Registrar Neville Harris, based on claims it
traded while insolvent, and persistently or seriously failed to
keep accounting records.

"On the face of things there were good reasons for the Registrar's
claims, particularly Mark Bryers' position as a sole director and
major debtor of the company.  He has since stepped down," the
report quoted Justice Christiansen as saying.  "The company is
proposing to migrate to Australia.  This court has confidence that
the regulating authorities in Australia can protect against the
issues raised by this proceeding."

The New Zealand Herald says Blue Chip liquidator Jeff Meltzer, in
charge of handling the winding up of more than 20 companies in the
failed property investment group, told the court he supported a
plan Northern Crest's new directors had come up with to help Blue
Chip victims.

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, The National Business Review said the Registrar of
Companies filed an application to liquidate Mr. Bryers' remaining
investment vehicle, Northern Crest Investments Limited, on
February 18.

According to the Herald, Northern Crest Investments, formerly Blue
Chip Financial Solutions, changed its name after the group
collapsed early last year.  It is listed on the Australian Stock
Exchange, but trading in its shares has been suspended since the
collapse, the Herald notes.

Northern Crest Investment Limited (ASX:NOC), formerly Blue Chip
Financial Solutions Limited, is a financial planning specialist,
providing wealth creation opportunities for clients in Australasia
using residential property solutions.  The company operated in two
divisions: financial services and leasing services.  The financial
services division is engaged in the provision of financial
structuring services and investment product to a variety of
clients.  The leasing activities division is engaged in rental of
residential property.  The company sources its clients through a
network of licensees and advisers in New Zealand and Australia.
During the year ended December 31, 2006, the company disposed
TIBL, Blue Chip Finance Limited and Enform Limited.  In April
2008, the company placed its New Zealand arm into voluntary
liquidation.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


BRIDGECORP: Momi Bay Project Put Up for Sale
--------------------------------------------
Bridgecorp Ltd investors' hopes of a return from the NZ$106.6
million poured into Fiji's Momi Bay resort development are fading
as the unfinished project is set to be sold, The National Business
Review reports.

Citing the Fiji Times, the Business Review relates that the Fiji
National Provident Fund, a government pension fund, wants to sell
Momi Bay development in an auction to recover the more than FJD$80
million it invested in the development.

According to BusinessDay, the Fund said it took possession of Momi
as it was entitled to do under the loan securities as mortgagee in
possession.  A security firm had been hired to oversee Momi while
the site is prepared for the auction, BusinessDay notes.

Bridgecorp was a subordinated lender to the development so it
won't get any money back until the primary lenders have been paid,
the Business Review relates.

The Momi development, the BusinessDay discloses, has been dogged
by funding difficulties, construction delays and latterly problems
with the volatile political situation in Fiji.

The project was to have been the largest resort development in
Fiji and the South Pacific, The New Zealand Herald says.

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.



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

CORPORATION FRANCO-ASIATIQUE: To Receive Claims Until July 5
------------------------------------------------------------
Corporation Franco-Asiatique Holdings Pte. Ltd., which is in
voluntary liquidation, requires its creditors to file their proofs
of debt by June 5, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower Level 18
          Singapore 048583


ENZER ELECTRONICS: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------------
Enzer Electronics Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by June 19,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


MPF-01 PTE: Court Enters Wind-Up Order
--------------------------------------
On May 22, 2009, the High Court of Singapore entered an order to
have MPF-01 Pte Ltd's operations wound up.

The company's liquidator is:

          Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre, East Wing
          45 Maxwell Road, #05-11 & #06-11
          Singapore 069118


SO SAY: Court to Hear Judicial Management Petition on June 30
-------------------------------------------------------------
A petition to place So Say Cheong Pte Ltd under judicial
management will be heard before the High Court of Singapore on
June 30, 2009, at 10:00 a.m.

The applicant's solicitor is:

          Messrs. Wee, Tay & Lim
          133 New Bridge Road
          #19-09/10 Chinatown Point
          Singapore 059413



===========
T A I W A N
===========

S-TECH CORP: Poor Performance Prompts Fitch to Junk Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based S-Tech Corp.'s National
Long-term rating to 'CCC(twn)' from 'B+(twn)' and National Short-
term rating to 'C(twn)' from 'B(twn)'.  Simultaneously, Fitch has
downgraded S-Tech's TWD160 million five-year senior unsecured
convertible bonds due June 2012 to 'CC(twn)' from 'B(twn)', with a
recovery rating of 'RR5'.

"The downgrade reflects S-Tech's significantly deteriorated
performance in 2008, as well as expected limited improvement of
its credit metrics in 2009," says Kevin Chang, Director of Fitch's
Industrials team in Asia-Pacific.  "The debt financing for its
extensive capex in 2008 materially increased its leverage when its
profitability plunged due to higher raw material costs, reduced
shipment volume and lower selling price, amid the industry
downturn," adds Mr. Chang.

Leading to a one-notch difference against the National Long-term
rating, the 'RR5' rating reflects below-average recovery prospects
in the event of default.  Assuming no sufficient conversion of the
optional convertibles, Fitch expects potential recovery of its
unsecured debt to be less than 30%, because 74% of its debt was
secured against fixed assets at end-Q109.

S-Tech's revenues dropped 26.8% yoy in 2008 but increased 7.5% yoy
in Q109.  Its operating EBITDAR margin slipped to 2.7% and 3.5%,
respectively, for 2008 and Q109, compared to 16% in 2007.  Fitch
expects the company's revenue growth to be less than 5% in 2009,
with an EBITDAR margin continuing to be much lower than its
historical average.

Fitch notes that S-Tech's free cash flow for 2008 and Q109 was
negative as a result of large capex, which amounted to
TWD709 million and TWD102 million, respectively.  The company's
FCF for full-year 2009 is likely to remain negative.  The
TWD489 million increase of bank debt in 2008 on top of weakened
operating cash flow led to a material deterioration of its
financial leverage, in terms of total adjusted debt net of
cash/operating EBITDAR, which skyrocketed to 43.8x at end-2008
from 1.2x at end-2007.  This is likely to remain as high as nearly
20x for 2009.

At end-Q109, S-Tech's TWD145 million cash balance covered 42% of
its TWD341 million debt due within one year (including the
convertibles with investor put options on June 25, 2009).  The
company has already arranged additional mid-term bank loan
facilities in May 2009, in preparation for the potential put back
of bonds.

Fitch notes that S-Tech has a much smaller operating scale than
its major global peers.  The company also has high exposure to
volatile feedstock prices, but lacks in-house supply of raw
materials (which account for around 70% of production costs).

Established in May 2002, S-Tech is 33%-owned by Gloria Material
Technology Corp.  S-Tech is the only company in Taiwan to
vertically integrate titanium material transformation, precision
finish and component machining.



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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