TCRAP_Public/090612.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

           Friday, June 12, 2009, Vol. 12, No. 115

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Starts Legal Actions Against Defaulters
FONTAINEBLEAU: Crown Writes Down 19.6% Stake in Firm to Zero
OZ MINERALS: Shareholders Approve US$1.39 Billion Minmetals Deal
TIMBERCORP: To Sell Olive Grove Water Rights for AU$12 Million


C H I N A

CHINA EASTERN: Sets Up Joint Working Team with Shanghai Airlines
FORD MOTOR: Beijing Auto May Bid for Volvo Car Unit
MOMENTIVE PERFORMANCE: Nantong Inks Deals With Shanghai Hongkou


H O N G  K O N G

ASSET FAIR: Members' Meeting Set for July 8
CARGO LINK: Creditors' Meeting Set for June 16
CATALLA LIMITED: Members' Meeting Set for July 10
CELEBRITY EXPORTS: Appoints Rainier and Ming as Liquidators
CROWN YORK: Members' Meeting Set for July 6

GOOD STUFF: Court to Hear Wind-Up Petition on July 8
GRAND SPEED: Leung Mei Fan Steps Down as Liquidator
INTEL CHINA: Members' Meeting Set for July 9
MORGAN STANLEY: S&P Downgrades Rating on 2007-23 Notes to 'D'
NHH INTERNATIONAL: Creditors' Proofs of Debt Due on June 19

PARTNER ASIA: Appoints Kong Sze Man as Liquidator
RAFFLES PLACE: Fitch Downgrades Ratings on Eight Classes to 'D'
SHS HONG KONG: Members to Hear Wind-Up Report on July 6
SRE GROUP: Tender Offer Won't Affect Moody's 'B2' Corporate Rating
SUNITY ENTERPRISES: Members to Hear Wind-Up Report on July 6

TAIGU CHEMISTRY: Court to Hear Wind-Up Petition on July 8
TIGER GLOBAL: Member to Hear Wind-Up Report on July 7
TMT FINANCIAL: Kit and Simone Step Down as Liquidators
TOP HARBOUR: Court to Hear Liquidator's Application on June 19
VEGOO LIMITED: Creditors' Meeting Set for June 12


I N D I A

ANANGOOR TEXTILE: CRISIL Places 'B+' Rating on INR215 Mln LT Loan
APL INTERNATIONAL: CARE Puts 'CARE BB' Rating on INR10cr LT Loan
FRIENDS SALT: CARE Places 'CARE BB+' Rating on INR41.04cr LT Loan
GOPINATH SPINNING: Loan Default Cues CRISIL 'D' Ratings
IN-LAND INFRASTRUCTURE: CRISIL Rates Cash Credit Limit at 'B'

RASHMI CEMENT: Fitch Assigns 'BB+' National Long-Term Rating
RASHMI METALIKS: Fitch Assigns 'BB+' National Long-Term Rating
TATA STEEL: S&P Keeps 'BB' Rating on GBP3.67 Bil. Senior Debt
TERAPANTH FOODS: CARE Rates INR34cr Long-Term Loans at 'CARE BB'
THE KUTCH: CARE Assigns 'CARE BB' on INR41.64cr LT Bank Facilities


I N D O N E S I A

PERUSAHAAN LISTRIK: Reprimanded by Ministry for Raising Tariff
PERTAMINA: Revises Down Bid for 37.15% Stake Acquisition of Elnusa
PT PERTAMINA: Targets to Produce 172,000 Barrels of Oil per Day


J A P A N

ALL NIPPON: To Sell 60% Stake in Chopper Unit to Eurocopter Japan
KOBE STEEL: To Increase Capacity Usage Rates by 10%
MAZDA MOTOR: Mulls Alliance with Ford to Develop Electric Devices
NANBU INC: Voluntary Chapter 15 Case Summary
SPANSION INC: Samsung Wants Stay Lifted; June 23 Hearing Set

* S&P Puts Ratings on 28 Tranches From 26 Japanese CDO Deals


K U W A I T

AL AHLI: Fitch Downgrades Individual Rating to 'C/D'


M A L A Y S I A

AXIS INC: Changes Financial Year-End to June 30
IDAMAN UNGGUL: BNM Extends Unit's Annual Results Submission
NEPLINE BHD: Sets Annual General Meeting on June 30
TIME ENGINEERING: Executive Director Quits Post


M O N G O L I A

* Moody's Confirms 'B1' Rating on Mongolia; Puts Negative Outlook


N E W  Z E A L A N D

BRIDGECORP: To Pursue Action Against Former Director
PLUS SMS: Three Directors Quit, Shares Suspended
SOVEREIGN YACHTS: Placed in Receivership
* NEW ZEALAND: Retail Sales Rise 0.5% in April as Motor Sales Up


S I N G A P O R E

CENTRAALSTAAL SINGAPORE: Creditors' Proofs of Debt Due on July 9
CIG SINGAPORE: Creditors' Proofs of Debt Due on July 9
GLENAYRE ELECTRONICS: Creditors' Proofs of Debt Due on July 9
MOUNTAMOUNT (SINGAPORE): Pays Second and Final Dividend


X X X X X X X X

* S&P Puts Ratings on Five Asia-Pacific CDOs on Positive Watch
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

BRISCONNECTIONS: Starts Legal Actions Against Defaulters
--------------------------------------------------------
BrisConnections Management Company Limited has started its debt
recovery process by launching a flood of legal claims against 140
investors who defaulted on the second installment payment on their
partly paid securities, The Australian reports.

The Australian says the litigation phase of the debt recovery
process, led by specialist Queensland law firm Results Legal
Solutions, began on Tuesday this week for individuals, and on
Tuesday, June 2, for corporations, trusts and superannuation
funds.

According to the report, a BrisCon spokesman said the litigation
was part of the process of debt recovery, which the company had to
undertake to meet the terms of its agreement with joint
underwriters Macquarie Group and Deutsche Bank .

The Troubled Company Reporter-Asia Pacific reported on May 25,
2009, that BrisConnections offered approximately 278 million or
over 70 percent BrisConnections for sale  at a public auction held
on June 5, after investors failed to pay the second installment by
April 29.  In accordance with Brisconnections' obligations under
the Underwriting Agreement, a reserve price of each stapled
security was $1.

The auction failed to attract a single bid or let alone a sale,
The Australian relates.

Meanwhile, the Brisbane Times reports that BrisConnections unit
holders will finally get their first distribution payment - about
$0.0005, or a twentieth of a cent - ten months after the company
halted the payments to 'preserve its capital'.

However, only 111 million units are likely to reap the
distribution, because 278 million unitholders forfeited that right
when they failed to pay the second $1 installment fee, the
Brisbane Times notes.

The Brisbane Times relates that the distribution payment is due to
be confirmed on June 17, the same day underwriters Macquarie
Capital and Deutsche Bank are due to cover the AU$278 million
shortfall in instalment payments.

                           Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

The Australian, citing Leighton Holdings in a filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must be met by the unit holders on April 20, 2009 and January 29,
2010.

According to the Core Economics, BrisConnections has promised a
payment of 5.95c to unit holders in 2009 before the first AU$1
installment is due.  However, the units fall in price to 41c on
their first day of listing on the ASX.  The issue was
undersubscribed, as evidenced by the large number of shares held
by the underwriters after the listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
AU$1 installment in April 2009.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


FONTAINEBLEAU: Crown Writes Down 19.6% Stake in Firm to Zero
------------------------------------------------------------
The bankruptcy petition for Chapter 11 protection of
Fontainebleau Las Vegas Holdings, LLC, and two of its affiliates
forced Crown Ltd., Australia's largest casino owner, to write
down to $0 the value of its 19.6% equity stake in Fontainebleau
Resorts LLC, Bloomberg news said in a June 10, 2009 report.

The carrying value of Crown's investment in Fontainebleau Resorts
LLC is $22 million, according to Bloomberg.  Crown said it has no
plans or obligations to contribute further cash to Fontainebleau.

Fontainebleau Resorts LLC is not among the Fontainebleau units
that have filed for Chapter 11.

As reported in the Troubled Company Reporter on June 11, 2009,
Fontainebleau Las Vegas LLC and two of its affiliates,
Fontainebleau Las Vegas Holdings LLC and Fontainebleau Las Vegas
Capital Corp., filed voluntary petitions to reorganize under
Chapter 11 of the United States Bankruptcy Code after certain
lenders refused to honor their contractual commitments to provide
nearly US$800 million in construction funding for the US$2.9
billion resort-casino project, which is 70 percent complete.

                  About Fontainebleau Las Vegas

Fontainebleau Las Vegas Holdings, LLC, and its direct wholly owned
subsidiary, Fontainebleau Las Vegas, LLC --
http://www.fontainebleau.com/-- is constructing a luxury resort,
Fontainebleu Las Vegas, on the northern end of the Las Vegas
Strip.


OZ MINERALS: Shareholders Approve US$1.39 Billion Minmetals Deal
----------------------------------------------------------------
Shareholders in OZ Minerals Ltd. approved a plan to sell US$1.39
billion of assets to China Minmetals Group, Bloomberg News
reports.

About 92 percent of shareholders voted in favor of the motion at
the company's annual general meeting yesterday, Bloomberg News
relates citing OZ Minerals in a statement to the stock exchange.

According to Bloomberg News, state-controlled Minmetals yesterday
raised its offer by US$180 million, or 15 percent, after OZ
Minerals this week said it had received two alternative proposals.

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.


TIMBERCORP: To Sell Olive Grove Water Rights for AU$12 Million
--------------------------------------------------------------
Timbercorp Ltd will sell the water rights for its olive grove, at
Boort in north-west Victoria, for more than AU$12 million, The
Herald Sun reports.

The report says the buyer is believed to be the State Government,
which will pay AU$2500 a megalitre for 5000 megalitres a year in
rights from a regional water authority.

According to the Sun, administrator Mark Korda said the water
license was in the process of being sold to an unnamed buyer and
that the deal involved only a small volume of the Boort orchard's
irrigation needs.

However, the report relates Chris Garnaut, a financial adviser
representing about 9000 investors who are at risk of losing almond
and olive farms, said all available water was critical to the
groves.

Mr. Garnaut, as cited by the report, said that part of the
proceeds from the sale should be used to fund a legal team to
represent growers.

Mr. Garnaut argues that growers are being denied legal funding
while Melbourne law firm Arnold Bloch Leibler is being paid to
represent Mr. Korda and fellow administrator Leanne Chesser.

Meanwhile, The Australian reports that investors in Timbercorp's
30-odd olive and almond schemes will find out next week whether
administrator KordaMentha will get court backing for a plan to
make an application to wind them up although Judge Ross Robson of
the Victorian Supreme Court on Wednesday granted them the right to
have a "contradictor" put their case.

Barrister Michael Galvin, who represents about half the 11,000
investors, was given leave to put their case next week, The
Australian notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, the Herald Sun said investors in Timbercorp
Limited's olive and almond plantations could lose AU$600 million
when the Supreme Court is asked to consider winding up the
"hopelessly insolvent" company.

According to the Sun, Timbercorp's administrator Mark Korda will
lodge papers asking a judge to decide whether it is proper to
bring forward a wind-up application of Timbercorp's 13 almond
projects and 11 olive ventures sold to investors over the past six
years.

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

The administrators would implement this three-point plan:

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

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

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

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

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

                        About Timbercorp

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



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

CHINA EASTERN: Sets Up Joint Working Team with Shanghai Airlines
----------------------------------------------------------------
Xinhua News Agency reports that China Eastern Airlines had set up
a joint working team with Shanghai Airlines to oversee their tie-
up affairs.

Citing China Eastern spokesman Liu Jiangbo, Xinhua relates that
the carrier selected Liu Shaoyong, general manger of the China
Eastern Air Holding Company and board chairman of the China
Eastern Airlines Corporation Limited, as head of the joint leading
team for restructuring work.

"China Eastern and Shanghai Airlines officially began
restructuring procedures on June 8, and the joint working team
will be mainly in charge of related issues," the report quoted the
spokesman as saying.

According to the news agency, analysts believe the merger would
give the new group a 50 percent market share in Shanghai, where
the two carriers headquarter in, and help the combined carrier to
be more competitive over its major rivals, Air China and China
Southern Airlines.

"After restructuring, the new carrier will help optimize the
industry's competitive landscape and combat the economic slowdown
jointly with other rivals," industry analyst Ma Xiaoli of the
Beijing-based Citic Securities was cited by Xinhua News as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2009, Bloomberg News said the Chinese government has
approved the consolidation of China Eastern Airlines Corp. and
Shanghai Airlines Co.

Bloomberg News said the government bailed out the two state-
controlled carriers after they incurred joint losses of CNY16.5
billion (US$2.4 billion) last year.

Currently, China Eastern reports a registered capital of
CNY2.6 billion (US$382.4 million) with 220 aircraft, while
Shanghai Airlines has a registered capital of CNY521 million
(US$76.6 million) with 70 aircraft, Xinhua News discloses.

                     About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com/
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.

                       About China Eastern

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.


FORD MOTOR: Beijing Auto May Bid for Volvo Car Unit
---------------------------------------------------
Beijing Automotive Industry Holding Co. may bid for Ford Motor
Co.'s Volvo Car Corp. unit, Bloomberg News reports citing a person
familiar with the discussions.

According to Bloomberg News, the person said Beijing Auto is
expected to send executives this week to Volvo's Gothenburg,
Sweden, headquarters.  The Chinese delegation is to tour Volvo's
factories and review its books, the person said.

Bloomberg News notes that Beijing Auto may challenge Geely Holding
Group Co. for Volvo as Chinese carmakers seek advanced technology
to build more profitable vehicles.

Citing a person familiar with the process, the report says Geely,
China's biggest private automaker, remains the frontrunner among
companies interested in buying Volvo.

Bloomberg News relates that according to people familiar with the
matter, Geely made its interest in Volvo known to Ford a year ago,
before the Dearborn, Michigan-automaker put its Swedish unit up
for sale.

"There are a number of interested parties and there are continuing
discussions," the report quoted John Gardiner, a Ford spokesman
based in Cologne, Germany, as saying.  "It will take some time to
unfold."

As reported in the Troubled Company Reporter on April 27, 2009,
Ford Motor Company said it is probable that it will dispose of its
Volvo operations within the next 12 months.

In the first quarter, Ford started discussions with interested
parties regarding the sale of Volvo.

Ford has classified Volvo as held for sale in preparation of its
first quarter 2009 financial statements.  It has conducted held-
for-sale impairment testing for Volvo, and concluded on April 21,
2009, that it would have a US$650 million impairment charge to be
reflected in its financial statements for the first quarter of
2009.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


MOMENTIVE PERFORMANCE: Nantong Inks Deals With Shanghai Hongkou
---------------------------------------------------------------
Momentive Performance Materials (Nantong) Co. Ltd., a wholly owned
indirect subsidiary of Momentive Performance Materials Inc. ,
entered into two agreements with the Shanghai Hongkou sub-branch
of China Construction Bank Corporation Limited and its affiliate
dated June 3, 2009 -- a Supplementary Agreement, which amends the
Loan Agreement among the parties entered into on April 27, 2007,
and a Fee Agreement.

Pursuant to the Supplemental Agreement, the parties (i) amended
the first measurement date for the financial covenants under the
Loan Agreement from December 31, 2008, to December 31, 2010, and
(ii) deferred principal repayments originally due on June 30,
2009, and December 31, 2009, aggregating to approximately
$6.2 million, until the final maturity date of the debt under the
Loan Agreement on June 30, 2014.  Pursuant to the Fee Agreement,
MPM Nantong agreed to pay certain additional fees.

As a result of the Agreements, MPM Nantong is in compliance with
all of its obligations, including its financial covenants, under
the Loan Agreement.  Momentive also expects to classify the
principal amount due under the Loan Agreement as long-term debt,
rather than current debt, in its next quarterly financial
statements.

                   About Momentive Performance

Momentive Performance Materials Inc. is a producer of silicones
and silicone derivatives, and is engaged in the development and
manufacture of products derived from quartz and specialty
ceramics.  As of December 31, 2008, the Company had 25 production
sites located worldwide, which allows it to produce the majority
of its products locally in the Americas, Europe and Asia.
Momentive's customers include companies in industries, such as
Procter & Gamble, 3M, Goodyear, Unilever, Saint Gobain, Motorola,
L'Oreal, BASF, The Home Depot and Lowe's.

                             *   *   *

According to the Troubled Company Reporter on June 8, 2009,
Moody's Investors Service assigned a B3 rating to the proposed
$200 million 12.5% second lien notes of Momentive Performance
Materials Inc. that will be issued as part of a debt exchange
offer announced on May 12, 2009 for all senior unsecured and
subordinated notes validly tendered by June 9, 2009.  As of
May 26, 2009, $515 million in aggregate principal amount of
outstanding unsecured and subordinated notes had been tendered.
The outlook is negative.



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

ASSET FAIR: Members' Meeting Set for July 8
-------------------------------------------
The members of Asset Fair Limited will hold their meeting on
July 8, 2009, at 10:00 a.m., at Room 802, 8th Floor of Wah Ying
Cheong Central Building, in 160 Queen's Road Central, Hong Kong.

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


CARGO LINK: Creditors' Meeting Set for June 16
----------------------------------------------
The creditors of Cargo Link (Hong Kong) Limited will hold their
meeting on June 16, 2009, at 3:00 p.m., for the purposes mentioned
in Sections 241, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at the office of Baker Tilly Hong Kong,
12th Floor of China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road, in Central, Hong Kong.


CATALLA LIMITED: Members' Meeting Set for July 10
-------------------------------------------------
The members of Catalla Limited will hold their meeting on July 10,
2009, at 12:00 noon, at the 10th Floor of Dawning House, 145-6
Connaught Road, in Central, Hong Kong.

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


CELEBRITY EXPORTS: Appoints Rainier and Ming as Liquidators
-----------------------------------------------------------
On May 27, 2009, Lam Hok Chung Rainier and Cheung Yat Ming were
appointed as liquidators of Celebrity Exports International
Limited.

The Liquidators can be reached at:

          Lam Hok Chung Rainier
          Cheung Yat Ming
          PricewaterhouseCoopers
          Prince's Building, 22nd Floor
          Central, Hong Kong


CROWN YORK: Members' Meeting Set for July 6
-------------------------------------------
The members of Crown York Development Limited will hold their
meeting on July 6, 2009, at 10:00 a.m., at Rooms 1201-1203 of  Siu
On Centre, 188 Lockahart Raod, in Wanchai, Hong Kong.

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


GOOD STUFF: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to have Good Stuff (Central) Co., Limited's operations
wound up will be heard before the High Court of Hong Kong on
July 8, 2009, at 9:30 a.m.

Lee Hon Ching filed the petition against the company on April 22,
2009.


GRAND SPEED: Leung Mei Fan Steps Down as Liquidator
---------------------------------------------------
On May 26, 2009, Leung Mei Fan stepped down as liquidator of Grand
Speed Service Limited.


INTEL CHINA: Members' Meeting Set for July 9
--------------------------------------------
The members of Intel China One Technology Limited will hold their
meeting on July 9, 2009, at 10:00 a.m., at the 32nd Floor of Two
Pacific Place, 88 Queensway, in Central, Hong Kong.

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


MORGAN STANLEY: S&P Downgrades Rating on 2007-23 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-23 JPY1 billion Class II secured floating-rate notes due 2012
issued by Morgan Stanley ACES SPC to 'D' from 'CCC-/Watch Neg'.

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

The rating action on the affected transaction is:

Rating lowered:

       Name                        Rating To   Rating From
       ----                        ---------   -----------
       Morgan Stanley ACES SPC     D           CCC-/Watch Neg
       Series 2007-23


NHH INTERNATIONAL: Creditors' Proofs of Debt Due on June 19
-----------------------------------------------------------
The creditors of NHH International Trading Limited are required to
file their proofs of debt by June 19, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Che Wai
          Hing Yip Commercial Centre, 17th Floor
          272-284 Des Voeux Road Central
          Hong Kong


PARTNER ASIA: Appoints Kong Sze Man as Liquidator
-------------------------------------------------
At an extraordinary general meeting held on May 15, 2009, the
members of Partner Asia Co., Limted appointed Kong Sze Man, Simone
as the company's liquidator.


RAFFLES PLACE: Fitch Downgrades Ratings on Eight Classes to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the ratings of eight
classes of notes issued by Raffles Place II Funding, Ltd. (Raffles
Place II):

  -- US$587,322,514* Class A1M Notes downgraded to 'D' from 'BB-',
     assigned RR6; withdrawn;

  -- US$259,471,468* Class A1Q Notes downgraded to 'D' from 'BB-',
     assigned RR6; withdrawn;

  -- US$39,918,687* Class A2 Notes downgraded to 'D' from 'B-',
     assigned RR6; withdrawn;

  -- US$39,918,687* Class A3 Notes downgraded to 'D' from 'CCC',
     assigned RR6; withdrawn;

  -- US$39,918,687* Class A4 Notes downgraded to 'D' from 'CC',
     assigned RR6; withdrawn;

  -- US$10,661,332* Class B Notes downgraded to 'D' from 'CC',
     assigned RR6; withdrawn;

  -- US$3,785,774* Class C1 Notes downgraded to 'D' from 'CC',
     assigned RR6; withdrawn;

  -- US$3,821,531* Class C2 Notes downgraded to 'D' from 'CC',
     assigned RR6; withdrawn.

  * The tranche notionals as of March 2009 prior to the
    liquidation of the collateral pool.

Fitch has also removed all classes from Rating Watch Negative.

Raffles Place II is a static cash flow CDO which closed on
December 13, 2006, and is managed by UOB Asset Management Limited,
Singapore.  The transaction had a portfolio comprised primarily of
U.S. RMBS bonds and structured finance CDOs that were issued in
2006.

Raffles Place II declared an event of default ralization ratio to
below 94%.  This EOD was the result of extensive collateral
deterioration within the portfolio attributed to the weak
performance of the RMBS and SF CDO bonds.  On April 8, 2009, the
majority of the Class A-1M and A-1Q (Class A-1) noteholders
elected to liquidate the portfolio and terminate the transaction.
Subsequently, the portfolio assets were sold at current market
prices, the proceeds from which were then distributed on the last
distribution date on May 20, 2009, in accordance with the on
April 4, 2008, following a decline of the Class A overcollate
priority of payments specified in the transaction documents.

Fitch does not expect that there will be sufficient proceeds from
the liquidation process or any other sources to fully redeem the
Class A-1M notes, and as such, noteholders of all the remaining
classes are not expected to be receiving any further interest or
principal payments on their notes.  Fitch expects that Class A-1M
is likely to suffer a significant loss of over 90% with the other
classes suffering losses close to or at 100%.


SHS HONG KONG: Members to Hear Wind-Up Report on July 6
-------------------------------------------------------
The members of SHS Hong Kong Company Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 6, 2009, at 2:00 p.m.

The meeting will be held at Room 1005 of Allied Kajima Building,
138 Gloucester Road, in Wanchai, Hong Kong.


SRE GROUP: Tender Offer Won't Affect Moody's 'B2' Corporate Rating
------------------------------------------------------------------
Moody's Investors Service says it sees no immediate impact on SRE
Group Limited's B2 corporate family rating, B3 bond rating and
negative ratings outlook from the company's announcement that it
has begun a tender offer to purchase for cash all its
US$200 million notes due 2013 at 80% of face value.

At the same time, the company is seeking the consent of its
bondholders to amend certain restrictive provisions of the
indenture governing the US$ notes.

"While a successful buyback of the US$ notes could result in a
modest improvement in SRE's financial profile, its projected
leverage and coverage metrics would remain appropriate for its
existing rating level," says Kaven Tsang, a Moody's AVP/Analyst.

"This specific transaction is opportunistic -- taking advantage of
current market conditions -- and its completion is subject to
various conditions, including obtaining the requisite consents
from note holders and SRE's successful raising of new capital to
finance the buyback," says Mr. Tsang, also Moody's lead analyst
for SRE.

"These conditions could also increase uncertainties over whether
SRE can complete the transaction as planned.  Nevertheless, the
ratings will be maintained if the tender offer and consent
solicitation fail to go ahead as SRE's overall credit profile will
-- in such a situation -- remain as is," adds Mr. Tsang.

Moody's last rating action occurred on May 4, 2009, when SRE's
corporate family rating and senior unsecured bond rating were
downgraded to B2 and B3 with a negative outlook.

SRE Group Limited was established in 1993 and listed on the Hong
Kong Stock Exchange in 1999.  The company focuses on mid-to-high-
end residential developments in Shanghai, Shenyang and Haikou.  It
has attributable land banks of 1.12 million sqm in Shanghai,
1.49 million sqm in Shenyang and 727,200 sqm in Haikou.  These
land banks are sufficient for five years of development.


SUNITY ENTERPRISES: Members to Hear Wind-Up Report on July 6
------------------------------------------------------------
The members of Sunity Enterprises Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 6, 2009, at 3:00 p.m.

The company's liquidator is:

          Ho Wai Chi
          Golden Centre, 20th Floor
          No. 188 Des Voeux Road Central
          Hong Kong


TAIGU CHEMISTRY: Court to Hear Wind-Up Petition on July 8
---------------------------------------------------------
A petition to have Taigu Chemistry Industry (H.K.) Group Limited's
operations wound up will be heard before the High Court of
Hong Kong on July 8, 2009, at 9:30 a.m.

John Swire & Sons (H.K.) Limited filed the petition against the
company on April 21, 2009.

The Petitioner's solicitor is:

          JSM
          Prince' Building, 18th Floor
          10 Chater Road, Central
          Hong Kong


TIGER GLOBAL: Member to Hear Wind-Up Report on July 7
-----------------------------------------------------
The sole member of Tiger Global Investment Consulting (Hong Kong)
Company Limited will receive the liquidator's report on the
company's wind-up proceedings and property disposal on July 7,
2009, at 8:30 p.m.

The company's liquidator is:

          Tang Tin Sek
          15D Entertainment Building
          30 Queen's Road Central
          Hong Kong


TMT FINANCIAL: Kit and Simone Step Down as Liquidators
------------------------------------------------------
On May 27, 2009, Ho Man Kit and Kong Sze Man Simone stepped down
as liquidators of TMT Financial Services Limited.


TOP HARBOUR: Court to Hear Liquidator's Application on June 19
--------------------------------------------------------------
The High Court of Hong Kong will hear on June 19, 2009, at
9:30 a.m., the application of Top Harbour Industrial Limited's
provisional liquidators for the appointment of joint and several
liquidator and no committee of inspection.

Tso Hei Sing and Lai Chi Kwong as the company's joint and several
provisional liquidators.


VEGOO LIMITED: Creditors' Meeting Set for June 12
-------------------------------------------------
The creditors of Vegoo Limited will hold their meeting on June 12,
2009, at 2:30 p.m., for the purposes mentioned in Sections 241,
242, 243 and 244 of the Companies Ordinance.

The meeting will be held at Unit 511, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, in Kowloon, Hong Kong.



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

ANANGOOR TEXTILE: CRISIL Places 'B+' Rating on INR215 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Anangoor Textile Mills Pvt Ltd (Anangoor Textiles).

   INR100 Million Cash Credit Limits  B+/Stable (Assigned)
   INR215 Million Long Term Loan      B+/Stable (Assigned)
   INR8.3 Million Bank Guarantee      P4 (Assigned)
   INR30 Million Short Term Bank      P4 (Assigned)
                  Facility

The ratings reflect Anangoor Textiles' weak financial risk
profile, and exposure to risks relating to fluctuation in raw
material prices.  These weaknesses are, however, partially offset
by the benefits that Anangoor Textiles derives from its
established presence in the textile industry.

Outlook: Stable

CRISIL believes that Anangoor Textiles will maintain a stable
credit risk profile over the medium term, on the back of its
established position in textile industry.  The outlook may be
revised to 'Positive' if the company's financial risk profile
improves through substantial improvement in cash flows or capital
infusions.  Conversely, the outlook may be revised to 'Negative'
if cash flows and margins deteriorate, or if the company
undertakes large, debt-funded capital expenditure, impacting
capital structure.

                      About Anangoor Textile

Established as a partnership firm in 1995 by Mr.K.Ramasamy and
Mr.C.Palanisamy, Anangoor Mills is engaged in the manufacture of
cotton yarn of count size ranging from 8s-30s.  The company has
two manufacturing units located at Kanageyam and Anangoor,
Tamilnadu and, has 2592 rotors and 12000 spindles.

Anangoor Textiles reported a profit after tax (PAT) of INR3.9
million on a turnover of INR259.8 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR16.1
million on a turnover of INR162.8 million for 2006-07.


APL INTERNATIONAL: CARE Puts 'CARE BB' Rating on INR10cr LT Loan
----------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of APL International Private Limited (APL)
aggregating INR10 crore.  This rating is applicable for facilities
having tenure of more than one year.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations. Such facilities carry high credit risk.

Further, CARE has assigned a 'PR4' (PR four) rating to the Short-
term Bank Facilities of APL aggregating INR31.20 crore.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are constrained by its small size of operations, very
low profitability, fluctuating level of trading activities and
presence of other companies belonging to the Ruchi group in
similar businesses.  Potential volatility in margins in the
trading business further constrains the ratings. The above
constraints are partially offset by experience of promoters in
trading of agro-commodities and the company being part of the
Ruchi Group.

                      About APL International

APL belongs to Ruchi Group of Indore having 40 years of presence
in edible oil, commodity trading and steel industry. Presently,
the group is headed by Shri Kailash Shahra, Chairman, of Ruchi
Soya Industries Ltd., which is the flagship company of the group.
Overall, the management is integral part of the overall
Ruchi Group management.  APL is engaged in trading of agro
commodities mainly soya de-oiled cake, edible oil and other
commodities for Ruchi Group companies based on opportunity and
management call.  The company is a recognised Export House and
also a Merchant Importer. As a Merchant Importer, the company is
opening LCs on behalf of third parties/actual users (mainly Ruchi
Group companies) and taking service charges from them for such
transaction.

For FY08, APL reported total income of INR131 crore with net
profit of INR1.16 crore.  As per the provisional result for first
six month of FY09 ended Sept. 30, 2008 company reported total
income of INR44 crore with PBILDT of INR0.34 crore.


FRIENDS SALT: CARE Places 'CARE BB+' Rating on INR41.04cr LT Loan
-----------------------------------------------------------------
CARE has assigned 'CARE BB+' (Double B plus) rating to the Long-
term Bank Facilities of Friends Salt Works & Allied Industries
(FSAI) aggregating INR41.04 crore.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations. Such facilities carry high credit risk.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position of the firm
within the band covered by the rating symbol.

Further, CARE has assigned a 'PR4' (PR four) rating to the Short-
term Bank Facilities of FSAI aggregating INR1 crore. This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are largely constrained FSAI's below average financial
risk profile as marked by significant inter-group transactions and
stressed liquidity position which has resulted in few instances of
delays in debt servicing in past.  The risk associated with FSAI's
trading operations and uncertainties associated with salt
production further constrained the ratings. The ratings however,
factored in FSAI's long and established track record as one of the
largest salt producers and exporters in the country and as one of
the major established private sector entities operating tank
terminals for liquid cargo storage at Kandla Port.  Firm's
ability to improve its financial risk profile while maintaining
financial discipline is the key rating sensitivity.

                        About Friends Salt

FSAI is a partnership firm constituted in 1985 at Gandhidham,
Gujarat.  FSAI has total 1,010 acres of lease land at Kandla from
Kandla Port Trust out of which it carries out salt production on
935 acres, 50 acres is used for liquid cargo storage and 25 acres
for dry cargo storage. FSAI started liquid cargo storage business
by developing tank terminals at Kandla Port in 1998. Till date,
FSAI has erected 132 tanks having aggregate storage capacity of
2,71,000 KL.  Tank terminal operations generate stable income flow
for FSAI with the established operations at strategic location
resulting in repeat business from its clients.  The group is also
engaged in trading of iron ore, minerals, castor oil etc.

For FY08, FSAI reported total operating income of INR199.30 crore
with PBILDT margin and PAT margin of 23.29% and 9.83%
respectively.  As per the provisional result for first six
months ended Sept.30, 08 in FY09, firm reported total income of
INR124 crore with PBILDT margin of 21%.


GOPINATH SPINNING: Loan Default Cues CRISIL 'D' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Gopinath Spinning Pvt Ltd (GSPL).

   INR20.0 Million Cash Credit Limit     D (Assigned)
   INR97.6 Million Term Loan             D (Assigned)
   INR13.0 Million Inland / Foreign      P5 (Assigned)
                     Bank Guarantee

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

                     About Gopinath Spinning

Incorporated in 2003, GSPL is promoted by the Yogin Patel group,
Atlas group and Shiva group.  GSPL began commercial operations in
July 2007.  It manufactures cotton combed and blended yarn for
knitting and weaving, and has an installed capacity of 19,680
spindles (250 tonnes per month) at its factory at Dadra.


IN-LAND INFRASTRUCTURE: CRISIL Rates Cash Credit Limit at 'B'
-------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the cash credit
facility of In-Land Infrastructure Developers Pvt Ltd (IDPL).

   INR150.00 Million Cash Credit Limit    B/Stable (Assigned)

The rating reflects IDPL's exposure to risks relating to funding,
implementation, and saleability of its project, Inland Windsors
(Windsors).  The impact of these weaknesses is partially mitigated
by good revenue visibility of project Inland Ornate (Ornate) and
the promoter's experience in small- to mid-size real estate
projects.

Outlook: Stable

CRISIL believes that IDPL will maintain its stable credit risk
profile on the back of its established presence in Mangalore's
real estate market and focus on timely project execution and
maintaining quality standards.  The outlook may be revised to
'Positive' in case IDPL collects more-than-expected customer
advances against its projects, and completes Windsors on schedule
and without cost overruns.  Conversely, the outlook may be revised
to 'Negative' in case Windsors faces time and cost overruns, or
the promoters do not bring in sufficient funds for the project.

                   About In-Land Infrastructure

IDPL, incorporated in Jan 2007 by Mr. Siraj Ahamed, is part of the
Mangalore-based real estate developer group, In-Land.  The company
has ongoing projects in Mangalore: Ornate, a commercial complex,
and Windsors, a residential complex.


RASHMI CEMENT: Fitch Assigns 'BB+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned Rashmi Cement Ltd a 'BB+(ind)' National
Long-term rating.  The Outlook is Stable.  At the same time, the
agency has assigned these ratings to the RCL's various bank loans:

  -- INR137.2 million outstanding long-term debt (as at
     December 31, 2008): 'BB+(ind)';

  -- INR1045.0 million Cash Credit limit: 'BB+(ind)'; and

  -- INR722.0 million non-fund based facilities: 'F4(ind)'.

The ratings reflect the company's operational (EBITDA) losses in
its cement division during FY07 and FY08, coupled with low
capacity utilization in its sponge iron division.  The loss made
in the cement division was mainly due to a lack of backward
integration which exposes RCL to raw material volatility risks.
Fitch notes that almost 50%-70% of RCL's revenues are generated
from exports of iron ore fines for FY06-FY08, a segment which is
exposed to high risks in terms of the Government of India's
regulations.

Over FY06-FY08, RCL exported almost 50%-70% of its iron ore fines
to China.  However, with a global slowdown in steel demand, RCL's
exports are likely to be under pressure, which would stretch cash
conversion cycles as realizations are faster in the case of
exports, as compared to the domestic market.  RCL procures
clinkers, its main raw material for the cement division, in the
spot market or through imports.  With the volatility in clinker
prices, this carries high inventory risk if RCL is not able to
pass on price hikes to customers.  Fitch believes that RCL's
ability to pass on input price volatility to its end customers are
limited and will be a key factor affecting its EBIDTA margins.
The iron ore used in its sponge iron division is bought on a spot
basis and inventory levels are maintains before orders are
secured.

The company reported net sales of INR2610.7 million in FY08 (FY07:
INR1605.3 million).  RCL's Operating EBIDTA margins improved in
FY08 to 12.8% (FY07: 9.9%) primarily due to an improved demand of
iron ore fines from China supported by its efficient logistic
infrastructure.  RCL's leverage (Total Adjusted Debt net of
cash\Operating EBIDTA) also improved in FY08 to 3.1x (FY07: 3.4x).
The company's free cash flows continued to remain negative over
the past four years from increased working capital requirements
and higher capital expenditure.  The increasing trend in working
capital to INR793.6 million in FY08 from INR76.6 million in FY05
was mainly due to an increase in average inventory period to 105
days in FY08 from 70 days in FY05.

Substantial debt-funded acquisitions/capex and a deterioration in
leverage (net debt/operating EBITDA) could affect RCL's key credit
metrics and put downward rating pressure on its ratings.

RCL, incorporated in 1991, was initially engaged in the trading
business of cement and steel and moved gradually into the
manufacturing business.  RCL is a diversified player with
manufacturing facilities in cement and steel, with an installed
capacity of 100,000 MTPA for both cement and sponge iron.  The
company has an iron ore crusher plant with an installed capacity
of 540,000 MTPA.  The company is expanding its cement and sponge
iron manufacturing facility to 150,000MTPA and 200,000MTPA,
respectively.  The total cost of the project is INR1250 million
and would be funded by internal accruals and equity from
promoters.

Note to editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.  The best risk within a country is rated
'AAA' and other credits are rated only relative to this risk.
National ratings are designed for use mainly by local investors in
local markets and are signified by the addition of an identifier
for the country concerned, such as 'AAA(ind)' for National ratings
in India.  Specific letter grades are not therefore
internationally comparable.


RASHMI METALIKS: Fitch Assigns 'BB+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(ind)' National Long-term rating
to Rashmi Metaliks Ltd.  The Outlook is Stable.  At the same time,
the agency has assigned these ratings to the RML's various bank
loans:

  -- INR790.3 million outstanding long-term debt (as o
     December 31, 2008): 'BB+(ind)';

  -- INR1560.0 million Cash Credit limit: 'BB+(ind)'; and

  -- INR1700.0 million non fund-based facilities: 'F4(ind)'.

The ratings reflect RML's limited operational track record (with
commencement of facilities in FY08), its exposure to volatility in
raw material and end product prices, and the regulatory risks
associated with the export of iron ore fines from the country.
Fitch notes that while the company's manufacturing facilities are
focused on pig iron, a large part of the revenues and EBITDA
during the past one year has been generated from exporting iron
ore fines -- thus limiting value addition and exposing it to
significant regulatory risks.  The ratings also take into account
the company's plans to set up a sponge iron facility of 180,000
tpa and a captive power plant of 15MW, to be commissioned by mid
FY10 at a cost of INR1500 million.

RML has reported revenue of INR4551.2 million in FY08, with an
operating EBITDA margin of 12.5% and total debt of
INR1535.9 million.  The leverage (total adjusted debt net of cash/
operating EBITDA) was 2.5x in the same period, although Fitch
expects this to increase over the next two years on account of its
proposed capex and increased working capital requirements.

A sustained improvement in operating margins with leverage below
2.5x on a sustained basis could be a positive rating trigger.  On
the other hand, a delay in project execution, or decline in
margins coupled with additional debt funded capex that leads to a
deterioration of its credit metrics above 4.0x on a sustained
basis, will be reason for a downgrade.  Any significant regulatory
changes impacting cash flows could also potentially impact the
rating negatively.

RML was incorporated in 2004 and promoted by Mr. Sajjan Kumar
Patwari.  The firm was initially engaged in the trading of cement
and steel for 14 years before gradually entering into the
manufacturing business.  The company has a mini blast furnace for
manufacturing pig iron with an installed capacity of 100,000MTPA
at Gokulpur, near Kharagpur in West Bengal.  It also has a sinter
plant with an installed capacity of 288,000MTPA, iron ore crusher
with an installed capacity of 1,056,000 MTPA and private railway
siding of 5km (2.33 km at Barbil and 2.67 km at Gokulpur).

Note to editors: Fitch's National ratings provide a relative
measure of creditworthiness for rated entities in countries with
relatively low international sovereign ratings and where there is
demand for such ratings.  The best risk within a country is rated
'AAA' and other credits are rated only relative to this risk.
National ratings are designed for use mainly by local investors in
local markets and are signified by the addition of an identifier
for the country concerned, such as 'AAA(ind)' for National ratings
in India.  Specific letter grades are not therefore
internationally comparable.


TATA STEEL: S&P Keeps 'BB' Rating on GBP3.67 Bil. Senior Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB'
issue rating on the GBP3.67 billion senior secured debt of Tata
Steel U.K. Ltd. (B+/Negative/B) on CreditWatch, where it was
placed with negative implications on Feb. 5, 2009.

"We have kept the issue rating on CreditWatch pending a review of
S&P's recovery analysis on TSUK.  This review will factor in the
impact on S&P's simulated default scenario, and in turn S&P's
estimate of the stressed enterprise value at default, following:
(1) a recent agreement with banks to amend the covenants on the
company's senior secured debt; (2) the significant deterioration
in the operating environment; and (3) the measures that TSUK
undertakes to manage the currently challenging environment," said
Standard & Poor's credit analyst Yasmin Wirjawan.

The agreement with the banks is in line with S&P's expectation.
The issue rating is two notches above the corporate credit rating
because of the recovery rating of '1', which indicates S&P's
expectation of very high (90%-100%) recovery in the event of a
payment default.

The agreement with lenders has resulted in the testing of
earnings-related covenants to be largely suspended until March
2010.  Testing will resume with significantly higher flexibility
compared with the original covenants.  Under the agreement, parent
Tata Steel Ltd. (BB-/Negative/--) will inject GBP425 million into
TSUK in a phased manner.  TSUK will use about GBP200 million to
make prepayments on its debt.

TSUK is the intermediate parent holding company of U.K.-based
steel manufacturer Corus Group PLC and is a wholly owned
subsidiary of Tata Steel.

S&P expects to resolve the CreditWatch on the senior secured debt
rating within the next 30 days after reviewing the recovery rating
on TSUK in view of the recent agreement with lenders, significant
deterioration in operating conditions, and the measures that TSUK
has undertaken to manage the currently challenging environment.


TERAPANTH FOODS: CARE Rates INR34cr Long-Term Loans at 'CARE BB'
----------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Terapanth Foods Ltd (TFL) aggregating INR34
crore.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.

Further, CARE has assigned a 'PR4' (PR four) rating to the Short-
term Bank Facilities of TFL aggregating INR1 crore.  This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

Rating Rationale

The above ratings are largely constrained by TFL's weak financial
risk profile as marked by low profitability, high gearing ratio,
stressed liquidity position and significant inter-group
transactions.  TFL's presence in highly fragmented salt
processing industry which is marked by low entry barrier with
presence of many unorganised players and the risk associated with
trading business further constrain the ratings.  The ratings
however, factored in TFL's established operations as a part of
'Friends Group' of Gandhidham, which has long and established
operations in salt business and other port related activities at
Kandla Port.  Company's ability to improve financial risk profile
while maintaining financial discipline is the key rating
sensitivity.

                      About Terapanth Foods

TFL is primarily engaged in manufacturing of free-flow refined
iodized salt at Kandla, Gujarat since 1997.  TFL is a part of
Friends group and was promoted by Singhvi family. Started with the
1.8 Lakh MTPA of processing capacity, TFL has added capacity
during last two years and reached present capacity of 3.25 Lakh
MTPA.  The group is also involved in trading business, mainly of
iron ore and other minerals which TFL procures from Hospet-Bellary
region and sells to other group concern which in turn export them
mainly to China.  Trading business contributed to nearly 85% of
the total income during last three years till FY08.

For FY08, TFL reported total operating income of INR224.44 crore
with PBILDT margin and PAT margin of 6.7% and 2% respectively.
Long term debt equity and over gearing ratios remained high at
1.65 times and 3.47 times respectively as on March 31, 2008.  As
per the provisional result, nine-month period ended Dec.31, 2008,
TFL reported total income of INR98.47 crore with PBILDT margin of
15%.


THE KUTCH: CARE Assigns 'CARE BB' on INR41.64cr LT Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of The Kutch Salt & Allied Industries Ltd (KSAL)
aggregating INR41.67 crore.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.

Rating Rationale

The assigned rating is largely constrained by KSAL's weak
financial risk profile as marked by low profitability, high
gearing ratio, stressed liquidity position and significant inter-
group transactions.  The risk associated with trading operations
and uncertainties associated with salt production further
constrained the ratings.

The ratings however, factored in KSAL's established operations as
a part of 'Friends Group' of Gandhidham, which has long and
established operations in salt business and other port related
activities at Kandla Port.  Company's ability to improve its
financial profile while maintaining financial discipline is the
key rating sensitivity.

                       About The Kutch Salt

KSAL is engaged in the business of raw salt production, with the
lease hold right of 3,891 acres of land at Kandla from Kandla Port
Trust.  KSAL was acquired by Friends group which is also involved
in salt manufacturing as well as various port related activities
at Kandla Port.  The group is also engaged in trading business
mainly iron ore and other minerals.  KSAL has developed 12
saltpans of 100 acres each during last two years to reach total
capacity of approx. 10 Lakh MT of raw salt production per annum.
As a part of group, KSAL is also involved in trading of iron ore,
where operations are handled on common management platform but
executed under/through different group companies.  Trading
activity accounted for 78% of total operating income for FY08.

For FY08, KSAL reported total operating income of INR124.90 crore
with PBILDT margin and PAT margin of 8.5% and 1.8% respectively.
Long term debt to equity and Overall gearing ratio stood high at
0.91 times and 3.10 times respectively as on March 31, 2008.  As
per the provisional result for the first nine months in FY09,
KSAL reported turnover of INR38.53 cr out of which salt business
contributed INR17.65 cr and trading business contributed
INR20.88 cr.



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

PERUSAHAAN LISTRIK: Reprimanded by Ministry for Raising Tariff
--------------------------------------------------------------
The Energy Ministry abruptly ordered PT Perusahaan Listrik Negara
(PLN) to cancel its tariff increases of at least 300 percent for
new installations and adding capacity, Jakarta Globe reports.

"PLN shouldn’t be sneaky with the government about raising its
prices", Jacobus Purwono, director general of electricity and
energy was quoted by the report as saying.

According to the report, PLN raised the tariffs in Java and Bali
on May 15 without advertising the fact.

During a press conference held on Tuesday, PLN's president
director Fahmi Mochtar was cited by the report as saying that the
government’s subsidy covered only 90,000 new customers a year
while demand growth would reach 120,000 customers annually in the
Jakarta area alone.

"That is why we offered the new tariffs to customers who want
electricity installed in their houses without having to wait their
turn on the list", Mr. Fahmi adds.

Some 50,000 customers had new power installed at their homes
between January and May, with 2,000 of them under the new price in
Jakarta, the report noted.

However, PLN had no intention of returning the additional fees
paid, the news agency relates.

The House of Representatives' Commission VII on energy issues will
summon PLN next week to seek for explanation, the report adds
citing Tjatur Sapto Edy, a member of the commission.

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

                          *     *     *

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


PERTAMINA: Revises Down Bid for 37.15% Stake Acquisition of Elnusa
------------------------------------------------------------------
The government and PT Pertamina's board of commissioners has
decided to revised down its bid to buy 37.15 percent share of PT
Elnusa as the price was too steep, Jakarta Globe reports.

"But we [the government] agree that if the price is fair, it could
increase the synergy between Pertamina and Elnusa.  We don't have
to buy Elnusa shares at any cost because we have other options",
State Enterprises Minister Sofyan Djalil was quoted by the report
as saying.

The Elnusa stake has been in play since mid-April, when PT Tridaya
Esta said that it planned to sell, the report recounts.

Tridaya Esta originally bought the Elnusa stake in 1997 from
Pertamina, the report adds.

                       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).


PT PERTAMINA: Targets to Produce 172,000 Barrels of Oil per Day
---------------------------------------------------------------
PT Pertamina has set itself to produce 171.9 thousand barrels of
oil per day from the 150 thousand barrels produced per day in the
previous year, Antara News reports.

In order to achieve the production target, Pertamina will optimize
the production of its main oil fields in Sukowati, Tambun, Limau
and Polent, the report relates citing Minister Energy and Mineral
Resources Purnomo Yusgiantoro.

According to the report, the production target is expected to be
met with the production of Pertamina`s subsidiaries such as PT
pertamina EP which is expected to produce 125,500 barrels per day
(bpd), Pertamina Hulu Energi 34,700 bpd, Cepu 6.7 bpd and about
5 thousand bpd from acquired companies.

"This upward trend production must be maintained because Pertamina
is also facing a decline in production rate of 18 percent per
annum," Minister Purnomo Yusgiantoro was quoted by the report as
saying.

                       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
=========

ALL NIPPON: To Sell 60% Stake in Chopper Unit to Eurocopter Japan
-----------------------------------------------------------------
Chris Cooper at Bloomberg News reports that All Nippon Airways Co.
agreed to sell a 60 percent stake in its helicopter maintenance
unit to European Aeronautic Defence and Space Co.’s Japanese unit,
Eurocopter Japan T&E Co.

Citing All Nippon Air in a June 10 statement to the Tokyo Stock
Exchange, Bloomberg News says the sale is set for July 1.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2009, that All Nippon Airways posted its first full-year net loss
in six years due to an unprecedented fall in demand for domestic
and international air travel - in particular high-yield business
travel, in the latter half of the year under review - and a sharp
drop in demand for air cargo services.

For the twelve-month period ended March 31, revenue was down 6.4
percent to JPY1.39 trillion and the Group fell into a net loss of
JPY4.2 billion.  This compares with the JPY64.1 billion profit
posted in the previous year, a much larger than normal result
boosted by an extraordinary gain on the sale of ANA’s hotel
properties in June 2007.  Operating profit for fiscal 2008 weighed
in at JPY7.5 billion, down 91 percent year-on-year from JPY84.3
billion.  No recurring profit was posted.

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.


KOBE STEEL: To Increase Capacity Usage Rates by 10%
---------------------------------------------------
Masumi Suga and Yasumasa Song at Bloomberg News reported that Kobe
Steel Ltd. plans to increase usage of its capacity by about 10
percentage points as customers including carmakers reduce
inventories.

Citing Kobe Steel spokesman Hiroyuki Yabuki in a phone interview,
the report said the steelmaker will probably begin increasing
utilization rates to about 65 percent "this summer" before
restoring the rate to 70 percent from September.  The mill's
operation rates have fallen below 60 percent this quarter,
Bloomberg News noted.

According to Bloomberg News, Kobe Steel and other mills in Japan,
the world's second-largest producer of the metal, are counting on
demand to recover as Japanese automakers decelerate output cuts by
shedding excess inventories.  Japan's steel orders, says
Bloomberg, fell at a slower pace of 35 percent in April, a month
after recording the largest percentage drop because of the global
recession.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.

                          *     *     *

Kobe Steel Limited continues to carry Mikuni Credit Rating's
"BB" Mortage Debt and Senior Debt ratings.


MAZDA MOTOR: Mulls Alliance with Ford to Develop Electric Devices
-----------------------------------------------------------------
Kiyori Ueno and Tetsuya Komatsu at Bloomberg News report that
Mazda Motor Corp. is considering forming an alliance with Ford
Motor Co. and other carmakers to develop electric devices that
boost fuel efficiency.

“There is a possibility to form an alliance with Ford and others,”
Bloomberg News quoted Seita Kanai, senior managing executive
officer in charge of development, as saying at a press conference
in Tokyo.

Mazda President Takashi Yamanouchi said the company will continue
its partnership with the U.S. automaker and share vehicle
platforms, Bloomberg News relates.

Meanwhile, The Japan Times reports that Mazda this week launched
its all-new Axela compact in Japan, showing off its higher fuel
efficiency and new idle-stop technology.

The report, citing Mazda President Takashi Yamanouchi, says the
automaker is aiming for annual sales of over 300,000 units
globally and 24,000 units in Japan for the second-generation
model, which entered Europe, North America and Australia earlier
this year as the Mazda3.

The Axela, fully remodeled for the first time since 2003, comes as
a four-door sedan or a sporty five-door hatchback with prices
ranging from JPY1.66 million to JPY2.68 million.  The models will
also be available with three engine displacements — 1.5, 2.0 and
2.3 liters, the Times discloses.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'BB' long-term corporate
credit rating on Mazda Motor Corp., reflecting increased pressure
on the company's profitability and cash flow amid ongoing
turbulence in global auto markets.  At the same time, Standard &
Poor's affirmed its long-term corporate credit and 'BB+' senior
unsecured debt ratings on Mazda.


NANBU INC: Voluntary Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Petitioner: Tsunehiro Sasanami

Chapter 15 Debtor: Nanbu, Inc.
                  aka Nanbu Sekkei Kaihatsu, Inc.
                  c/o Tsunehiro Sasanami
                  Takusyou Sogo Horitsu Jimusho
                  Maru Bldg. 12F Section #1201
                  4-1, Marunouchi 2-chome
                  Chiyoda-ku, Tokyo, Japan 100-6312

Chapter 15 Case No.: 09-01274

Chapter 15 Petition Date: June 8, 2009

Court: District of Hawaii (Honolulu)

Judge: Robert J. Faris

Estimated Assets: US$1 million to US$10 million

Estimated Debts: US$50 million to US$100 million


SPANSION INC: Samsung Wants Stay Lifted; June 23 Hearing Set
------------------------------------------------------------
A flash-technology patent spat between bankrupt Spansion Inc. and
Samsung Electronics Co. Ltd. is back on, a week after a judge
tossed a proposed US$70 million settlement between the two
companies, Bankruptcy Law360 reports.

On Monday, Samsung filed a motion with the U.S. Bankruptcy Court
for the District of Delaware for entry of an order granting it
relief from the automatic stay with respect to the patent
litigation.  The hearing on the motion is scheduled for June 23,
2009, at 2:00 p.m.  Objections are due by June 16, 2009.

As reported in the Troubled Company Reporter on June 8, 2009,
the Bankruptcy Court denied Spansion's motion for authorization to
enter into a settlement of litigation with, and license of
intellectual property to, Samsung.

As reported in the Troubled Company Reporter on May 27, 2009, the
Ad Hoc Consortium of Floating Rate Noteholders balked at a
US$70 million settlement agreement between Spansion and Samsung.
The group related that while it continues to review the adequacy
of the proposed agreement between the Debtors and Samsung, the
group firmly believes that the structural problems with the
Agreement render it not in the paramount interest of creditors, as
required by law, and thus should not be approved by the Court.

In November 2008, Spansion filed a patent infringement complaint
against Samsung with the International Trade Commission.  The
complaint sought the exclusion form the United States market of
more than 100 million mp3 players, cell phones, digital cameras
and other consumer electronic devices containing Samsung's flash
memory components.  The Debtors alleged in the ITC Action that
those components infringe on four of their patents relating to
"floating gate" technology.

Simultaneously with the ITC Action, the Debtors filed a patent
infringement lawsuit against Samsung in the Bankruptcy Court,
seeking both an injunction and damages for alleged violations
relating to Samsung Flash Memory.  Samsung filed counter-claims in
the Delaware Action, alleging that the Debtors are infringing five
Samsung patents and seeking injunction and damages for the alleged
violations.  In addition, Samsung filed a patent infringement
action against the Debtors' Japanese subsidiary, Spansion Japan
Limited, seeking an injunction against Spansion Japan from
manufacturing and selling certain products that allegedly infringe
on Samsung's intellectual property as well as the destruction of
all those products.

                      About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.


* S&P Puts Ratings on 28 Tranches From 26 Japanese CDO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 28
tranches relating to 26 Japanese synthetic CDO transactions on
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed its ratings on two tranches relating to
two Japanese synthetic CDO transactions and removed them from
CreditWatch with negative implications.

The 28 tranches placed on CreditWatch with negative implications
had SROC (synthetic rated overcollateralization) levels that fell
below 100% during S&P's monthly run on June 1, 2009.  The SROC
levels of the two tranches whose ratings were affirmed and removed
from CreditWatch with negative implications, meanwhile, recovered
to 100% or above during S&P's monthly run on June 1, 2009.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

The ratings assigned here are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, this criteria is
under review.  S&P solicited feedback from market participants
with regard to proposed changes to S&P's collateralized loan
obligation and synthetic CDO criteria.  S&P will evaluate the
market feedback, which may result in changes to the criteria.  Any
such criteria changes may affect the rating(s) on the notes
affected by the rating actions.

                            Ratings List

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 45

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY3.0 bil.

      Floating rate secured portfolio credit-linked series 52
                         (Portfolio F360)

                To             From   Issue Amount
                --             ----   ------------
                B+/Watch Neg   B+     JPY1.0 bil.

    Fixed rate secured portfolio credit-linked loan series 53

               To     From             Issue Amount
               --     ----             ------------
               BBB-   BBB-/Watch Neg   JPY3.0 bil.

            Floating-rate credit-linked notes series 56

                To            From   Issue Amount
                --            ----   ------------
                B/Watch Neg   B      JPY2.2 bil.

                         Eirles Two Ltd.
         Portfolio credit linked secured notes series 310

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       B+/Watch Neg     B+     JPY5.0 bil.
           B       CCC+/Watch Neg   CCC+   JPY1.0 bil.

                        Helium Capital Ltd.
    Limited recourse secured floating rate credit-linked notes
                             series 57

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   $10.0 mil.

                        J-Bear Funding Ltd.
  Limited recourse secured floating rate portfolio credit-linked
                          notes series 36

                To             From   Issue Amount
                --             ----   ------------
                BB/Watch Neg   BB     $10.0 mil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes Louvre II CDO series 2005-2

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           AX      BB+/Watch Neg   BB+    JPY700.0 mil.

      Secured credit-linked loan Louvre CDO II series 2005-3

               To              From   Issue Amount
               --              ----   ------------
               BB+/Watch Neg   BB+    JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

                To    From            Issue Amount
                --    ----            ------------
                BB+   BB+/Watch Neg   JPY3.0 bil.

             SONATA floating rate notes series 2006-5

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           AF      CCC/Watch Neg   CCC    EUR5.0 mil.

                  Omega Capital Investments PLC
               Series 16 secured floating rate notes

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           A       BBB/Watch Neg   BBB    JPY2.0 bil.

                       Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2004-09

                To              From   Issue Amount
                --              ----   ------------
                BB+/Watch Neg   BB+    JPY1.0 bil.

     Secured floating rate credit-linked notes series 2005-07

                To            From   Issue Amount
                --            ----   ------------
                B/Watch Neg   B      JPY3.0 bil.

     Secured floating rate credit-linked notes series 2006-02

               To              From   Issue Amount
               --              ----   ------------
               CCC/Watch Neg   CCC    JPY2.0 bil.

     Series 2006-05 secured floating rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Neg   CCC+   JPY600.0 mil.

     Series secured floating rate credit-linked 2006-09 notes

                To              From   Issue Amount
                --              ----   ------------
                CCC/Watch Neg   CCC    JPY2.0 bil.

      Secured floating rate credit-linked notes series 2006-10

                To              From   Issue Amount
                --              ----   ------------
                CCC/Watch Neg   CCC    JPY300.0 mil.

                       Silk Road Plus PLC
    Limited-recourse secured floating-rate credit-linked notes
                       series 2 class B1-U

                To              From   Issue Amount
                --              ----   ------------
                BBB-/Watch Neg   BBB-   $70.0 mil.

    Limited recourse secured floating-rate credit-linked notes
                      series 5 class C1-J

                To              From   Issue Amount
                --              ----   ------------
                BB/Watch Neg   BB     JPY1.0 bil.

      Limited-recourse secured variable return combination
              credit-linked notes series 6 class B3-U

           To                   From       Issue Amount
           --                   ----       ------------
           BBB-pNRi/Watch Neg   BBB-pNRi   $14.0 mil.

    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

               To              From   Issue Amount
               --              ----   ------------
               BBB/Watch Neg   BBB    $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

                To              From   Issue Amount
                --              ----   ------------
                BBB/Watch Neg   BBB    EUR10.0 mil.

Series 13 limited recourse secured fixed rate credit-linked notes

                To               From   Issue Amount
                --               ----   ------------
                BBB+/Watch Neg   BBB+   S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

                To               From   Issue Amount
                --               ----   ------------
                BBB+/Watch Neg   BBB+   S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

                To               From   Issue Amount
                --               ----   ------------
                BBB+/Watch Neg   BBB+   S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

                To               From   Issue Amount
                --               ----   ------------
                BBB+/Watch Neg   BBB+   S$9.0 mil.

                         Skylark Ltd.
         Secured credit-linked notes series 2004-2 (Aska)

           Class   To              From   Issue Amount
           -----   --              ----   ------------
           C       AAA/Watch Neg   AAA    JPY1.5 bil.
           D       AA+/Watch Neg   AA+    JPY1.5 bil.



===========
K U W A I T
===========

AL AHLI: Fitch Downgrades Individual Rating to 'C/D'
----------------------------------------------------
Fitch Ratings has affirmed Al Ahli Bank of Kuwait's Long-term
Issuer Default Rating at 'A-' and Short-term IDR at 'F2'.  At the
same time, its Individual Rating has been downgraded to 'C/D' from
'C'.  ABK's Support '1' and Support Rating Floor 'A-' have been
affirmed.  The Outlook for the Long-term IDR is Stable.

ABK's IDRs and Support Rating reflect Fitch's view that there is
an extremely high probability of support from the Kuwaiti
authorities, if required, a view based on the State's strong
history of supporting local banks and AKB's systemic importance.

The downgrade in AKB's Individual Rating reflects Fitch's concerns
that the bank's financial position is exposed to tougher operating
conditions in Kuwait.  Profitability is likely to come under
further stress from rising impairment costs and investment write-
downs, at a time when loan growth is slowing.  Although
capitalization is adequate, Fitch believes that ABK's equity base
will continue to be adversely affected by declining securities
values.  The loan book also has sizable concentrations to domestic
real estate and construction, sectors which have been severely
affected by the economic downturn.  While these issues are not
specific to ABK, Fitch believes that the smaller banks in Kuwait
which have less diversified franchises will be more vulnerable to
downside risks.  To date ABK's asset quality remains satisfactory
and Fitch understands that the bank has minimal exposure to
corporates and banks which recently defaulted in Saudi Arabia and
Bahrain.  ABK's liquidity position has improved slightly with loan
growth slowing in Q109, although the bank's undiversified and
highly concentrated funding profile remains a concern.

Founded in 1967, ABK (8% market share) is engaged in retail and
corporate banking, treasury and investment services.  The bank
operates a network of 22 branches and 48 ATMs, supported by
internet and telephone banking and a call centre.

ABK has a branch each in Dubai and Abu Dhabi.  A Kuwait-based
subsidiary, Ahli Capital Investment Company, provides fund
management and advisory services.  ABK is listed on the Kuwait
Stock Exchange.

The Individual Rating reflects the standalone strength of a bank,
while the Support Rating reflects the probability of support from
the majority shareholder and/or government.



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

AXIS INC: Changes Financial Year-End to June 30
-----------------------------------------------
In a regulatory filing with Bursa Malaysia Berhad, Axis
Incorporation Berhad said that the company's board of directors
approved the change of financial year end of the Company from
March 31 to June 30.

Accordingly, Axis Inc's next set of financial statements will be
made up from April 1, 2008, to June 30, 2009, covering a period of
15 months.  Thereafter, the company's financial year end will end
on June 30 for each subsequent year.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


IDAMAN UNGGUL: BNM Extends Unit's Annual Results Submission
-----------------------------------------------------------
Idaman Unggul Berhad disclosed that Bank Negara Malaysia has
granted Tahan Insurance Malaysia Berhad, a wholly owned subsidiary
of Idaman, an extension of time to submit the signed copies of the
annual audited accounts for the financial year ended December 31,
2007, and December 31, 2008, until June 15, 2009, and June 30,
2009, respectively.

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                         *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


NEPLINE BHD: Sets Annual General Meeting on June 30
---------------------------------------------------
Nepline Berhad will hold its twenty-sixth Annual General Meeting
on June 30, 2009, at 9:00 a.m., at Meeting Room, Level 6, Kompleks
Antarabangsa, Jalan Sultan Ismail, in Kuala Lumpur.

At the meeting, the members will be asked to:

  -- receive the audited accounts for the financial year
     ended December 31, 2008, together with the Reports
     of the Directors and Auditors;

  -- re-elect Hamdi Bin Omar who retires pursuant to
     Article 73 of the Company’s Articles of Association;

  -- re-elect Dato’ Md Dakhiyar b Amir who retires pursuant
     to Article 83 of the Company’s Articles of Association;

  -- reappoint Messrs. UHY Diong as Auditors of the Company
     to hold office until the conclusion of the next Annual
     General Meeting of the Company at a remuneration to be
     determined by the Directors;

  -- approve the Directors' Fees of MYR60,000.00 for the
     financial year ended December 31, 2008;

  -- authorize the Company's directors to issue shares in
     the Company at any time until the conclusion of the
     Company's next Annual General Meeting; and

  -- transact any other business of which due notice has
     been given.

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

                          *     *     *

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

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

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

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


TIME ENGINEERING: Executive Director Quits Post
-----------------------------------------------
Time Engineering Berhad said YM Raja Azmi Raja Nazuddin stepped
down as executive director of the company effective June 5, 2009.

Raja Azmi, a nominee of UEM Group Berhad, was appointed as a Non-
Independent Non-Executive Director on July 2, 2007, and assumed
the position of Executive Director of the Company on Jan. 1, 2009.

Raja Azmi also sits on the Board of Dagang Net Technologies Sdn
Bhd, a subsidiary of the company, as Executive Director; and
several other subsidiary companies in the group.

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

                         *     *     *

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



===============
M O N G O L I A
===============

* Moody's Confirms 'B1' Rating on Mongolia; Puts Negative Outlook
-----------------------------------------------------------------
Moody's Investors Service has removed its review for possible
downgrade of Mongolia's ratings, confirming its B1 government bond
ratings, but assigning at the same time a negative outlook.  This
concludes the rating review initiated on February 5, 2009.

"The rating action was supported by the policy tightening
undertaken by the Mongolian authorities after the Moody's review
was announced on February 5 and the subsequent stabilization of
the country's balance of payments, although concerns persist about
the durability of the new policy stance and the ability of the
authorities to implement far-reaching reform," says Thomas Byrne,
a Moody's Senior Vice President.

"The action means that in addition to Mongolia's B1 foreign- and
local-currency ratings for government bonds, its Ba2 foreign-
currency country ceiling for bonds and B2 foreign-currency ceiling
for bank deposits now have a negative outlook, but are no longer
under review for possible downgrade," says Mr. Byrne.

Moody's had initially assigned Mongolia's B1 ratings in October
2005 and they have not been changed since.

"At the time of the assignment of the ratings, Moody's considered
that the seemingly beneficial effects on the country's credit
fundamentals of the recently past commodity boom would prove
ephemeral," says Mr. Byrne.  "Moreover, policy failures, coupled
with a severe shock to Mongolia's terms-of-trade from high oil and
fuel prices as well as the collapse in copper prices acted to
undermine its credit fundamentals last year and into early this
year."

"However, in recent months, Mongolia's economic conditions have
started to stabilize; the depletion in its official foreign
exchange reserves has reversed as the improved policy framework
helped restore confidence in the currency and allowed for the
government to gain access to financing from the IMF, the
multilateral development banks and the government of Japan," adds
Mr. Byrne.

Mongolia's success in gaining support from the IMF in April and in
completing the first program review on June 5 also holds promise
for the placing of government finances on a firmer footing for the
rest of this year and into next year.

Moreover, if the government is successful in passing into law its
draft fiscal responsibility act, then budgetary stability over the
long run would be enhanced, and the boom-bust oscillations endemic
to a commodity-dependent economy would be dampened.  This would
definitely improve Mongolia's long-term credit fundamentals.

Moody's believes that credit positive events over the rating
outlook horizon would include a continued reduction in inflation,
stability in the exchange rate, and further increases in official
foreign exchange reserves.

The ability of the government to contain its budget deficit and
reduce pressures for unaffordable social welfare spending would
also be viewed favorably.  Furthermore, the parliament's enactment
of a strategic investment pact for the Oyu Tolgoi mining project
would improve Mongolia's investment environment and its long-term
economic strength.

On the other hand, a relapse into economic instability and a
fraying of the policy framework would renew negative ratings
pressure.

Moody's time horizon for rating outlooks is generally 12 to 18
months.

The last rating action with respect to Mongolia was on 5 February
2009 when Moody's placed on review for possible downgrade
Mongolia's ratings and country ceilings.



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

BRIDGECORP: To Pursue Action Against Former Director
----------------------------------------------------
Receivers for Bridgecorp Ltd are going to pursue former company
director Rob Roest for funds after settlement was not reached in
the court, The National Business Review reports.

The report says the action relates to remuneration Mr. Roest was
paid prior to the company going into receivership.

According to the report, Bridgecorp receiver Colin McCloy said no
settlement had been reached between the two parties in a judicial
settlement conference held yesterday.

The Review discloses that the receivers have already undertaken
legal proceedings against director Rod Petrecevic over a
NZ$576,000 advance the company made to him – these were successful
but Mr. Petrecevic has since been made bankrupt.

The Troubled Company Reporter-Asia Pacific, citing the Business
Day, reported on June 8, 2009, that two former Bridgecorp
directors have been barred from directing or managing a
company in New Zealand for five years.

The ban, imposed by the Deputy Registrar of Companies Peter
Barker, is for the maximum term allowed under the law, the
Business Day said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the New Zealand Herald said the Registrar of
Companies' National Enforcement Unit is carrying out the
prosecution of Bridgecorp Limited's two executive directors,
Rodney Petricevic and Robert Roest, who are facing charges under
the Securities Act and the Companies Act.

According to the Business Day, Mr. Barker said that the National
Enforcement Unit had provided reports that alleged mismanagement
including: misleading information contained in the prospectus;
defaults of the payment of principal and interest; misleading
information provided to the Trustee; and, in the case of
Mr. Petricevic, transactions involving personal interest.

Mr. Barker said he found the failings of Messrs. Petricevic and
Roest to be "serious and fundamental" with such a depth that any
one of the matters alone would have been enough to prohibit them
from acting as company managers or directors, the Business Day
related.

                        About Bridgecorp

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.

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.


PLUS SMS: Three Directors Quit, Shares Suspended
------------------------------------------------
Plus SMS Holdings Ltd disclosed that Murray G Allott and Robert K.
Hunter have resigned as directors of the Company, effective
June 11, 2009.

In a separate stock exchange statement, company director
Hans Hawinkels also tendered his resignation as director effective
immediately.

The National Business Review reports that excluding recently
announce departures, company Office records show Plus SMS has 11
former directors since 2000.  The NZAX-listed company has
farewelled its chief commercial officer, chief executive and chief
financial officer in the last year and has been in dispute with a
founder, the report notes.

Plus SMS shares are suspended from trading until further advise.

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.


SOVEREIGN YACHTS: Placed in Receivership
----------------------------------------
Sovereign Yachts has been placed in receivership, a report posted
at stuff.co.nz says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2009, The National Business Review said that the High
Court at Auckland entered an order to liquidate Sovereign
Yachts after the liquidation petition filed by ASB Bank against
the company was approved.

A similar application made by superyacht service provider YCO SAM,
a subsidiary of YCO Deuxmil was struck out, the Review recounted.

The list of secured creditors for Sovereign Yachts is lengthy and
includes finance companies Marac Finance and Rent Plus Funding and
the troubled Nuplex, the Review noted.

According to media reports, Sovereign Yachts has been in trouble
before as it had come to New Zealand leaving behind unpaid taxes
in Canada.

Sovereign Yachts which is owned by Bill Lloyd, is in the business
of building big luxurious boats for export.


* NEW ZEALAND: Retail Sales Rise 0.5% in April as Motor Sales Up
----------------------------------------------------------------
The seasonally adjusted total retail sales in New Zealand rose 0.5
percent (NZ$27 million) in April 2009, the country's statistics
agency said.  Motor vehicle retailing, which can show considerable
month-on-month volatility, contributed two-thirds of this month's
increase, up 3.5 percent or NZ$18 million, according to Statistics
New Zealand.

Core retailing, which excludes the four-vehicle related
industries, was down 0.1 percent (NZ$4 million), with the biggest
dollar movements in other retailing, down 5.1 percent or NZ$14
million, and department stores, up 4.0 percent or NZ$12 million.

Movements in the remaining 21 retail industries, up or down, were
less than NZ$7 million.

The trend in total retail sales has been in decline or flat since
January 2008 and has fallen 3.5 percent since then.  However,
since January 2009, the rate of decline has eased and the trend
has flattened.  The core retail sales trend has been rising since
September 1995.  Since April 2007, it has slowed to an average
increase of 0.1 percent per month.

In the regions, April 2009 saw a 5.0 percent increase in sales in
Waikato (the region's first increase since November 2008), while
Wellington was the only North Island region to record decreased
sales.  In the South Island, sales increased in Canterbury and
were lower in the remainder of the South Island.



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

CENTRAALSTAAL SINGAPORE: Creditors' Proofs of Debt Due on July 9
----------------------------------------------------------------
Centraalstaal Singapore Pte Ltd, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


CIG SINGAPORE: Creditors' Proofs of Debt Due on July 9
------------------------------------------------------
CIG Singapore Pte Ltd, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


GLENAYRE ELECTRONICS: Creditors' Proofs of Debt Due on July 9
-------------------------------------------------------------
Glenayre Electronics Singapore Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by July 9, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


MOUNTAMOUNT (SINGAPORE): Pays Second and Final Dividend
-------------------------------------------------------
Mountamount (Singapore) Pte Ltd. paid the second and final
dividend on May 25.

The company paid 0.004185% to all received claims.

The company's liquidator is:

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



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

* S&P Puts Ratings on Five Asia-Pacific CDOs on Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on five
Asia-Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  In
addition, two other CDOs were placed on CreditWatch with positive
implications.

The five transactions in the list below have been placed on
CreditWatch negative due to a fall in their SROC (synthetic rated
overcollateralization) levels to below 100% at the current rating
level in the SROC analysis as at June 1, 2009.  This reflects the
negative rating migration within the portfolios.

                                        Rating
                                        ------
  Deal Name                      To                From   SROC
  ---------                      --                ----   ----
Magnolia Finance I PLC
Series 2006-21                CCC/Watch Neg     CCC     99.8077%
Magnolia Finance I PLC
Series 2006-22                CCC/Watch Neg     CCC     99.8077%
Morgan Stanley ACES SPC 2007-9
Class III (Principal)         CCC+p/Watch Neg   CCC+p   99.408%
Zenesis SPC Series 2005-4      AAA/Watch Neg     AAA     97.4359%
Zenesis SPC Series 2006-1      BBB-/Watch Neg    BBB-    99.0070%

The ratings on the following two CDOs were placed on CreditWatch
positive as their SROC levels rose to above 100% at a higher
rating level during the SROC analysis as at June 1, 2009.  This
reflects positive rating migration due to substitutions executed
in the Athenee CDO PLC Series 2007-10 portfolio in May, and the
reduction in the credit risk of the underlying portfolio for
Thunderbird Investments PLC Series 20 as the transaction
approaches its scheduled maturity date.

                                        Rating
                                        ------
  Deal Name                      To               From   SROC
  ---------                      --               ----   ----
Athenee CDO PLC Series 2007-10 AA/Watch Pos     AA     100.7787%
Thunderbird Investments PLC
Series 20                     BBB-/Watch Pos   BBB-   100.6140%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

The Global SROC Report with the SROC analysis as at June 1, 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
HYRO LTD                    HYO      19685101.98    -15769362.01
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23


CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     232705737.25   -154492563.65
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHENGDE DIXIAN-B         200160      87712534.25     -34757144.4
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     108580649.97    -96583109.33
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89
FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
GAOXIN ZHANGTO-A         002075    132630368.70      -9869752.84
GUANGDONG HUAL-A         600242     22465173.76      -2740933.18
GUANGDONG KEL-A          000921    553672005.51    -123382591.66
GUANGMING GRP -A         000587     49483133.27     -38236098.22
GUANGXI BEISHE-A         600556    127731806.69    -151971279.72
GUANGXIA YINCH-A         000557     50935704.91    -104988061.10
HEBEI BAOSHUO CO         600155    142966656.73    -343290007.70
HEBEI JINNIU C-A         600722    223470984.32    -222746304.24
HISENSE ELEC-H              921    553672005.51    -123382591.66
HUATONG TIANXI-A         600225     71967700.19     -34586375.37
HUDA TECHNOLOG-A         600892     20117117.87      -1494139.58
HUNAN ANPLAS CO          000156     51664398.17     -84057853.53
HUNAN AVA HOLDIN         000918    194225793.46     -69811133.26
JIAOZUO XIN'AN-A         000719     16467080.91      -2586535.71
QINGHAI SUNSHI-A         600381     52481259.62     -33816335.98
SHANG HONGSHENG          600817     20571020.42    -395924551.33
SHANG LIANHUA-A          600617     17393631.02      -1326976.74
SHANG LIANHUA-B          900913     17393631.02      -1326976.74
SHANGHAI WORLDBE         600757    228103550.88    -102348116.27
SHENZ CHINA BI-A         200017     27968310.96    -264106065.10
SHENZ CHINA BI-B         200017     27968310.96    -264106065.10
SHENZ SEG DASH-A         000007     89466024.49     -10969846.28
SHENZHEN DAWNC-A         000863     29007400.22    -151962203.17
SHENZHEN KONDA-A         000048    184040609.38     -19817331.48
SHENZHEN SHENXIN         000034     27017593.82    -165994719.64
SICHUAN DIRECT-A         000757    121583277.97    -107533583.56
SUNTEK TECHNOLOG         600728     36559320.30     -22153556.46
SUNTIME INTERN-A         600084    355378023.17    -100009910.49
TAIYUAN TIANLON          600234     13532912.36     -59849665.53
TIANJIN MARINE           600751     82399198.24     -30394356.74
TIANJIN MARINE-B         900938     82399198.24     -30394356.74
TIBET SUMMIT I-A         600338     63612758.53     -10426824.98
TOPSUN SCIENCE-A         600771    200297068.36    -121751109.77
WINOWNER GROUP C         600681     15765618.47     -71012772.96
WUHAN BOILER-B           200770    420171281.85     -31431673.83
WUHAN GUOYAO-A           600421     11572781.73     -36641609.36
XIAMEN OVERSEAS          600870    203753040.13    -161726321.55
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
HUTCHISON TELE              215    2386395819.88   -363969917.68
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      160927722.22     -1629398.23
PALADIN LTD -PRE           642      160927722.22     -1629398.23
SANYUAN GROUP LT           140       17768260.98     -2131329.68


INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BAKELITE HYLAM             BKLT      13911138.88    -12867352.60
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JIK INDUS LTD               KFS      20633171.50     -5623616.49
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS FINANCE             LYDF      36822038.19    -10290725.19
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
MILTON PLASTICS            MILT      26114050.07    -42391324.19
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
NICCO UCO ALLIAN           NICU      38783460.25    -61661278.80
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PEACOCK INDS LTD           PCOK      14682895.47    -18138660.88
PRECISION CONTAI           PCLL      10013065.56     -3669728.21
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RAMA PHOSPHATES            RMPH      34066789.55     -1192495.62
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN      13283611.52    -25431862.10
SHALIMAR WIRES             SWRI      30588221.25    -63772177.80
SHAMKEN COTSYN              SHC      23127927.75     -6172791.93
SHAMKEN MULTIFAB            SHM      60546590.60    -13260108.95
SHAMKEN SPINNERS            SSP      42180451.29    -16764934.64
SHARDA ISPAT LTD           SHIL      16179943.38     -5040578.35
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIDDHARTHA TUBES            SDT      92929926.47    -10719543.54
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WINDSOR MACHINES            WML      14500894.45    -28144999.02
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20182967.71    -14063966.67
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      13459944.34     -7208303.23
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     433818115.13   -814874663.33
SEKAR BUMI TBK             SKBM      16366816.27     -2619135.89
STEADY SAFE TBK            SAFE      10838828.11     -4030148.54
SURABAYA AGUNG             SAIP     211007388.88   -113611192.14
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13649308.63    -14400120.13


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ARUCOUNION CORP            4798      20858257.56    -22890695.36
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
AVIX INC                   7836      19009420.72     -2125138.36
COSMOS INITIA CO           8844    2333430615.87   -454804416.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GONZO                      3755      23926459.97    -27476878.35
GREEN FOODS CO             3367      87003396.49    -48040344.74
JO GROUP HOLDING           1710      51555022.17    -44056839.90
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
NEXTECH CORP               3767      23786243.12     -2967517.58
OPEN INTERFACE I           4302      10824431.23    -25566252.98
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      19727184.96     -1662140.28
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
SPC ELECTRONICS            6818     124705573.68    -13095644.59
TERRANETZ CO LTD           2140      11633353.37     -4293462.63
ZENTEC TECHNOLOG           4296      61830417.59    -30591970.99


KOREA

CL LCD CO LTD            035710     55585277.13     -14793655.63
DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
ELIM EDU CO LTD          046240      34029159.88     -3747735.09
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      26642811.85    -29463868.53
KYSYS CO LTD             015390      10671544.09     -6267111.24
MOBILINK TELECOM         041310      52665694.67    -11474605.44
MOBO CO LTD              051810     196643340.38    -11979182.85
ORICOM INC               010470      82645454.13    -40039161.33
PAXMEDU CO LTD           035500      32757713.75     -7323573.46
PRIME ENTMT              017170      31473002.90    -19371600.20
ROCKET ELEC-PFD          000425      68584186.91     -2140474.00
ROCKET ELECTRIC          000420      68584186.91     -2140474.00
SAMT CO LTD              031330     303858255.56    -77572655.65
SIMM TECH CO LTD         036710     314177541.38    -34486443.29
SOLAR & TECH CO          030390      11466591.81      -588035.38
STARMAX CO LTD           017050      50131660.74    -25436154.88
TAESAN LCD CO            036210     187935112.10   -546263614.46
TONG YANG MAGIC          023020     355147750.92    -25767007.75
YOUILENSYS CORP          038720     166697877.68    -12337148.33


MALAYSIA

BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26


NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      51256351.82     -8972145.85
APEX MINING 'B'            APXB      51256351.82     -8972145.85
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      12926776.59    -79228223.36
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      22000423.4     -10278638.86
FILSYN CORP. B             FYNB      22000423.4     -10278638.86
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      13040098.81     -3682026.54
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       21968409.53     -405898.00
LINDETEVES-JACOB             LJ      160168482.84   -79374132.79
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
PACIFIC CENTURY             PAC       84332200.42    -2695477.98
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58


TAIWAN

CHIEN TAI CEMENT           1107      202446919.23   -22407739.40
HELIX TECH-EC             2479T       24491773.99   -23009171.69
HELIX TECH-EC IS          2479U       24491773.99   -23009171.69
HELIX TECHNOL-EC          2479S       24491773.99   -23009171.69
TAIWAN KOL-E CRT          1606U      507206787.88  -147139297.70
TAIWAN KOLIN-EN           1606V      507206787.88  -147139297.70
TAIWAN KOLIN-ENT          1606W      507206787.88  -147139297.70
VERTEX PREC-ENTL          5318T       43037265.55    -2305484.43
VERTEX PRECISION           5318       43037265.55    -2305484.43
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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.





                 *** End of Transmission ***