TCRAP_Public/090624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

              Wednesday, June 24, 2009, Vol. 12, No. 123

                            Headlines

A U S T R A L I A

ALLCO: Rubicon Investors Urged Not To Rely on RJT ASX Release
FAIRFAX MEDIA: CEO Sells 13% Stake in Company for AU$467,250
FORTESCUE METAL: Shareholders Approve Equity Issues
GOODMAN GROUP: Moody's Downgrades Subordinated Rating to 'Ba1'
OZ MINERALS: Cuts Stake in Toro Energy

PERPETUAL TRUSTEE: S&P Raises Ratings on Six Classes of Notes


C H I N A

CHINA DIGITAL: Goodbye Kabani, Hello Goldman Parks
CHINA MINSHENG: Investors Okay Hong Kong Share Sale Plan
EAST STAR: Gets Takeover Offer from Shanghai Yujie


H O N G  K O N G

ASAHI SHIMBUN: Members' Final Meeting Set for July 20
ASIA ALUMINUM: Zhaoqing City Gov't. May Oppose Norsk Hydro Bid
CCC SERVICES: Yuen and Kong Step Down as Liquidators
CHINA OVERSEAS: Members' Final Meeting Set for July 24
FOOD THERAPY: Creditors' Meeting Set for July 17

HOPESOON LIMITED: Creditors' Proofs of Debt Due on July 20
HUNG KEE: Annual Meetings Set for July 21
IOMEGA HONG KONG: Placed Under Voluntary Wind-Up
KAO CHEMICALS: Creditors' Meeting Set for July 7
PROTESTANT PEOPLES': Placed Under Voluntary Wind-Up

TELEGYR SYSTEMS: Creditors' Proofs of Debt Due on July 17
WING GO: Members' Final Meeting Set for July 22


I N D I A

ADHYA HIMALAYAN: Low Net Worth Prompts CRISIL 'BB-' Ratings
AEON TELECTRONICS: ICRA Puts 'LBB+' Rating on Fund Based Limits
AMMAN STEEL: CRISIL Puts 'B-' Rating on INR15.0MM Overdraft Limit
AIR INDIA: Plans to Cut Wage Bill by INR500cr Annually
CHRYSLER LLC: Fiat Unveils Plan For Larger Share In India

EASTERN SILK: CRISIL Cuts Rating on Packing Credit Limits at 'BB'
HOMEMAKER ENTERPRISES: CRISIL Rates Cash Credit Limit at 'BB'
MK ENGINEERING: CRISIL Places 'BB' Rating on INR30 Mln Cash Credit
NODAI SEEDS: Small Net Worth Prompts CRISIL to Assign 'B' Rating


I N D O N E S I A

PERUSAHAAN GAS: Gov't. Asks 100% Dividend from 2008 Net Profit


J A P A N

ELPIDA MEMORY: Applies for Gov't. Capital Injection
JAPAN AIRLINES: Secures JPY100-Bln Emergency Funding
NISSAN MOTOR: S&P Puts Corporate Rating on CreditWatch Negative
SPANSION INC: Samsung Wants Stay Lifted for Suit to Continue
SPANSION INC: U.S. Court OKs Chapter 15 Petition of Japan Unit


K O R E A

HYUNDAI MOTOR: Cumulative Sales in Africa Top 1 Million Units


N E P A L

NEPAL DEVELOPMENT: NRB Finally Moves to Liquidate Bank


N E W  Z E A L A N D

GATEWAY TO QUEENSLAND: Calls In Receivers
LAKES RESORT: Liquidators Repossess Assets To Raise Funds
PROPERTYFINANCE GROUP: Shares Suspended from Trading


S I N G A P O R E

CONSULAR INDUSTRIES: Creditors' Proofs of Debt Due on July 21
FIRST DURANGO: Creditors' Proofs of Debt Due on July 19
GOLDEN MANDIRI: Court Enters Wind-Up Order
JURONG HI-TECH: Creditors' Proofs of Debt Due on July 3
JURONG TECHNOLOGIES: Creditors' Proofs of Debt Due on July 3


S R I  L A N K A

SINHAPUTHRA FINANCE: Fitch Keeps National Long-Term Rating at BB-


T A I W A N

AU OPTRONICS: To Form Joint Venture LCD Plant in China
NANYA TECHNOLOGY: Plans to Raise NT$12.2-Bln Via Private Placement


V I E T N A M

* Fitch Affirms 'D' Individual Ratings on Two Vietnamese Banks


X X X X X X X X

* S&P Downgrades Ratings on Five Asia-Pacific Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ALLCO: Rubicon Investors Urged Not To Rely on RJT ASX Release
-------------------------------------------------------------
The voluntary administrators of the Rubicon Asset Management Ltd
have warned investors not to rely on a statement issued to the
stock exchange on Monday, June 22, by directors of Rubicon Japan
Trust, The Sydney Morning Herald reports.

The report, citing the administrators, of accountancy firm Grant
Thornton, says the administrators did not approve the final form
of the statement, which purported to provide an update to the
market on the trust's debt position.

"Whilst the administrators had been provided with a draft of the
ASX release dated 22 (June) 2009, they had yet to fully consider
and verify its contents, in particular the statements concerning
the subordinate liabilities of (the trust)," the administrators
said in a statement as cited by the report.

"Until further notice, investors should not rely upon the
statements contained in the ASX release dated 22 (June) 2009."

According to the Herald, the administrators confirmed one key
point of the disputed release, however, that a creditor, National
Australia Bank, had exercised its rights under a facility
agreement and used cash reserves to pay an outstanding facility of
AU$1.5 million.

The administrators said they expected to be able to provide an
update on Rubicon Japan Trust's debt "shortly," the Herald
relates.

             Appointment of Voluntary Administrators

The directors of Rubicon Asset Management Ltd (RAML) have
appointed Paul Billingham and Michael Owen of Grant Thornton
Australia as voluntary administrators of RAML.

RAML is the responsible entity for three ASX listed property
trusts, Rubicon America Trust, Rubicon Europe Trust, and Rubicon
Japan Trust.

The Troubled Company Reporter-Asia reported on Nov. 10, 2008, that
following a request from the directors of Allco Finance Group-
managed Rubicon Holdings Australia Ltd., National Australia Bank
(NAB) appointed Chris Campbell and Vaughan Strawbridge of
Deloitte as receivers and managers to the company.

NAB has an exposure of approximately AU$20 million to Rubicon
Holdings Australia and is taking a provision against a proportion
of this debt, the bank said in a statement.

NAB said it is a lender to the underlying trusts in the Rubicon
group to the extent of approximately AU$170 million.  These
borrowings are secured by assets, the trusts are performing and no
material losses are anticipated.

Rubicon Holdings Australia Ltd is the parent entity of RAML.

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


FAIRFAX MEDIA: CEO Sells 13% Stake in Company for AU$467,250
------------------------------------------------------------
Fairfax Media Limited chief executive Brian McCarthy has sold down
his overall holding in the company by 13 per cent, offloading
350,000 shares to raise AU$467,250, Andrew Main at The Australian
reports.

According to the report, Mr. McCarthy has 694,479 shares under the
Fairfax Executive Share Plan that are subject to escrow
provisions, and his family super fund owns 736,880 shares.

The line he sold came from his own personal holding, which dropped
from 1.12 million to 777,163 shares, the report says.

A Fairfax spokesman, according to The Australian, described the
sale on Monday as having been for "personal debt reduction", which
suggests his action is closely, if accidentally, aligned with the
media group's overall situation.

                     Credit Ratings Downgrade

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

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

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

                       About Fairfax Media

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


FORTESCUE METAL: Shareholders Approve Equity Issues
---------------------------------------------------
The Sydney Morning Herald reports that Fortescue Metal Groups
Ltd's issue of shares to a shipping company under a dispute
settlement and to a Chinese steelmaker has been ratified at an
extraordinary general meeting of shareholders in Perth on Tuesday,
June 23.

The Herald says that shareholders voted in favour of the issue of
16.4 million Fortescue shares, worth US$28 million (AU$35.61
million) when the settlement was announced in February to Bocimar
International NV as settlement for the iron ore miner's
cancellation of shipping contracts.

Shareholders also approved the issue of 260 million Fortescue
shares to Hunan Valin Iron and Steel Company further to a
strategic co-operative alliance entered into in late 2008, the
report relates.

According to the Herald, while Fortescue has settled disputes with
Bocimar and shipping company Classic Marine, several contracts
remain in dispute.  Arbitration is ongoing, with proceedings
slated for September, the report notes.

                    About Fortescue Metals

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

                         *     *     *

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


GOODMAN GROUP: Moody's Downgrades Subordinated Rating to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has lowered Goodman Group's issuer and
senior unsecured rating to Baa3 from Baa2.  In addition, the
subordinated rating on Goodman's hybrid securities has been
lowered to Ba1 from Baa3.  All ratings remain on review for
possible downgrade.

"The downgrade of Goodman's senior ratings reflects Moody's views
on these key factors: (1) continued weakness in the outlook for
industrial properties in Australia and, to a higher extent, Europe
in which some of Goodman's strategic fund investments are located;
(2) current high look-through gearing for its rating which --
absent equity raising and other initiatives -- will likely
deteriorate further over the next 12 to 18 months; and (3) the
likely extended period of difficulty for Goodman in restoring
profitability and cash flows from its funds management business;"
says Clement Chong, a Moody's VP/Senior Analyst.

Moody's notes that the group reported -- on a look-through basis
-- fixed charge coverage of 2.1 times, Debt/Assets about 54%, and
Net Debt/EBITDA greater than 9 times, for the period ended
December 2008.  These metrics are weak even for a Baa3 rating.  In
addition it has more than A$2.3 billion -- at the headstock and
funds -- falling due in the next 12 months which is pressuring the
ratings until it is resolved.

The subordinated rating on the hybrid has been lowered by one
notch reflecting the hybrid instrument's position in the group's
capital structure.

Moody's notes that Goodman is pursuing a number of strategic
initiatives to reduce gearing and enhance its liquidity profile.
These initiatives are important if the Goodman's rating is to
stabilize at the current rating level.

At the same time, Goodman's ongoing profitability and business
position is likely to be weaker relative to what was the case in
previous years.  In Moody's opinion, its funds management business
model, which has been weakened by the current operating
environment, is unlikely to recover to pre-downturn levels in the
near term.

The ratings remain on review for downgrade reflecting execution
risk surrounding the successful implementation of these
initiatives.  Under that situation, and to the extent that Goodman
is unable to implement an alternative plan to reduce gearing and
enhance its liquidity, the ratings could be downgraded further,
and there is the risk that such downgrade could be multiple
notches.

On the other hand, if the initiatives are completed as
anticipated, Goodman's senior unsecured ratings could be confirmed
at Baa3 reflecting the resulting solid financial profile and
liquidity, and the investment grade profile of its industrial
portfolio in Australia.

The last rating action on Goodman was on April 23, 2009 when
Goodman's ratings were downgraded to Baa2/Baa3 and which remained
on review for possible downgrade.

The Goodman Group, based in Australia, is an internally managed,
integrated property group, with ownership of a substantial
portfolio of Australian industrial property assets.  In addition,
the group has a number of strategic investments in various
industrial property funds globally.  It also derives earnings
streams from providing funds management and property management
services together with property development activities.


OZ MINERALS: Cuts Stake in Toro Energy
--------------------------------------
OZ Minerals Ltd said that it has reduced its holding in Toro
Energy Limited by 10 million shares to 277.392 million leaving OZ
Minerals with a 49.9% shareholding in the company.

In a statement to the stock exchange, OZ Minerals said the
transaction was facilitated by Taylor Collison, with the shares
placed to clients at a price of AU$0.19 per share.

"This transaction restores OZ Minerals' shareholding in Toro
Energy to below 50% which is in line with OZ Minerals' preferred
position," the company said.

OZ Minerals said it is pleased to continue its support of Toro
Energy through a significant shareholding and board presence.

OZ Minerals shareholding in Toro Energy increased to 51.7% as a
result of the company's participation in a non-underwritten rights
issue made by Toro in late 2008.

                       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.


PERPETUAL TRUSTEE: S&P Raises Ratings on Six Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on six
classes of notes issued by Perpetual Trustee Co. Ltd. in its
capacity as trustee of the Q9 and Q10 Trusts.  At the same time,
Standard & Poor's affirmed the ratings on all other classes of
both transactions.  Each transaction is backed by a portfolio of
fully amortizing residential loans to subprime and nonconforming
borrowers.  The loans are originated by GE Mortgage Solutions Ltd.
and serviced by Bendigo and Adelaide Bank Ltd.

The rating upgrades reflect the significant build-up in credit
support to rated notes as the portfolio amortizes and excess
spread covers prior losses.  In S&P's opinion, due to this
accumulated credit support, the transactions are able to withstand
further deterioration in portfolio performance before impacting
any notes.  Furthermore, both transactions are expected to
continue to trap excess spread, which will provide further
protection from potentially rising arrears and loss levels.

                          Ratings Raised

        Name              Class   Rating To   Rating From
        ----              -----   ---------   -----------
        Q9                A       AA          AA-
        Q9                B       A+          A
        Q9                C       BBB+        BBB
        Q10               B       AA          AA-
        Q10               C       A+          A
        Q10               D       BBB+        BBB

                        Ratings Affirmed

                Name              Class    Rating
                ----              -----    ------
                Q9                D        BB
                Q9                E        B
                Q10               A        AAA
                Q10               E        BB
                Q10               F        B


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C H I N A
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CHINA DIGITAL: Goodbye Kabani, Hello Goldman Parks
--------------------------------------------------
The Board of Directors of China Digital Communication Group on
June 10, 2009, dismissed Kabani & Company, Inc., as its
independent registered public accounting firm.

The Board appointed Goldman Parks Kurland Mohidin LLP as the
Company's new independent registered public accounting firm.

The Company's Board of Directors participated in and approved the
decision to change the independent registered public accounting
firm.

Kabani's reports on the Company's financial statements for the
years ended December 31, 2007 and 2008 and during the subsequent
interim period through June 10, 2009, did not contain an adverse
opinion or a disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or accounting principles.

According to the Company, during the years ended December 31,
2007, and 2008 and during the subsequent interim period through
June 10, 2009, there were no disagreements on any matter of
accounting principles or practices, financial statement
disclosures, or auditing scope or procedures, which disagreements
if not resolved to their satisfaction would have caused them to
make reference in connection with Kabani's opinion to the subject
matter of the disagreement.

The Company also notes that, during the years ended December 31,
2007 and 2008 and during the subsequent interim period through
June 10, 2009, the Company did not consult with GPKM regarding (1)
the application of accounting principles to a specified
transactions, (2) the type of audit opinion that might be rendered
on the Company's financial statements, (3) written or oral advice
was provided that would be an important factor considered by the
Company in reaching a decision as to an accounting, auditing or
financial reporting issues, or (4) any matter that was the subject
of a disagreement between the Company and its predecessor auditor.

                     About China Digital

China Digital Communication Group and Subsidiaries Inc., (OTC:
CHID) -- www.chinadigitalgroup.com/ -- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly $7 million
in cash and stock; the following year, it sold Galaxy View for
$3 million.  The company is headquartered in Shenzhen, Guangdong,
Republic of China.

In an April 2008 filing with the U.S. Securities and Exchange
Commission, Kabani & Company, Inc., raised substantial doubt about
the ability of China Digital Communication Group and Subsidiaries
Inc., to continue as a going concern after it audited the
Company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's accumulated deficit of
$12,078,964 at December 31, 2007, which included net losses for
the years ended December 31, 2007 and 2006.


CHINA MINSHENG: Investors Okay Hong Kong Share Sale Plan
--------------------------------------------------------
China Minsheng Banking Corp. won investor approval to revive an
initial share sale in Hong Kong after shelving the plan for four
years, Bloomberg News reports.

According to the report, Minsheng shareholders approved the plan
share sale at a meeting held on Monday, June 22, in Beijing.  The
bank plans to offer stock equivalent to as much as 15 percent of
its enlarged share capital, and may boost the sale by 15 percent
if there's enough demand, Bloomberg News says.

Citing people familiar with the matter, Bloomberg News relates
that the bank may raise as much as US$3 billion, making it the
biggest public stock offering in Hong Kong since April 2008.

UBS AG, Switzerland's biggest bank by assets, will help manage the
stock sale, Bloomberg News states.

Liu Minwen, director of the capital financing office, told
shareholders that the bank aims to complete the offering by the
end of the year barring any "unusual circumstances," Bloomberg
News says.

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                          *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "4".


EAST STAR: Gets Takeover Offer from Shanghai Yujie
--------------------------------------------------
East Star Airlines received a takeover offer that may enable it to
resume flights, Bloomberg News reports.

Bloomberg News relates that according to a statement distributed
to reporters at a press conference, Shanghai Yujie Industry Co.
will lead a group that will buy at least 85 percent of the
airline.  East Star, Bloomberg News says, may get at least CNY500
million (US$73 million) under the plan.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2009, Xinhua News Agency said that East Star Airlines's
creditors sent bankruptcy applications for the company to the
Intermediate People's Court in Wuhan City, capital of Hubei
Province.

Bloomberg News, citing Wu Yue, an attorney at Grandall Lagal
Group, relates that the airline has total debts of more than
CNY500 million.

The TCR-AP, citing Reuters, reported on March 17, 2009, that the
General Administration of Civil Aviation of China (CAAC) ordered
private carrier East Star Airlines to suspend its operations on
March 15 due to unpaid debts and for "poor internal management".

Headquartered in Wuhan, Hubei Province, East Star Airlines is
China's fourth registered private airline.  East Star flew its
first flight on May 19, 2006.  The airline has 10 rented planes,
seven A320 and three A319, and operated more than 20 domestic
passenger routes between key cities including Shanghai, Guangzhou,
Hong Kong, Macao.



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


ASAHI SHIMBUN: Members' Final Meeting Set for July 20
-----------------------------------------------------
The members of Asahi Shimbun Limited will hold their final general
meeting on July 20, 2009, at 11:00 a.m., at the 20th Floor of
Prince's Building, in Central, Hong Kong.

At the meeting, Lam Hok Chung Rainier, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASIA ALUMINUM: Zhaoqing City Gov't. May Oppose Norsk Hydro Bid
--------------------------------------------------------------
Tom Kohn at Bloomberg News reports that Zhaoqing, the Chinese city
where Asia Aluminum Holdings Ltd. employs about 10,000 people, may
oppose an offer from Norsk Hydro ASA for the company's assets.

"This kind of expression of interest will only cause delay,"
Bloomberg News cited the city's bureau of foreign trade and
economic cooperation in a June 19 letter to Ferrier Hodgson Ltd.,
Asia Aluminum's provisional liquidators.

"We support the restructuring proposal submitted by the
management, and hope the restructuring can be completed as soon as
possible," the bureau said in a statement as cited by Bloomberg
News.

The city's bureau said that Norsk Hydro may make a bid this month
for what was formerly the region's biggest maker of extruded
aluminum, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 22, 2009, the Financial Times said that Norsk Hydro ASA made
a last-minute approach to acquire Asia Aluminum Holdings Limited.
Norsk Hydro's late intervention throws a potential lifeline to
offshore investors lobbying against a restructuring plan that they
fear will wipe out their holdings, the FT said.

Citing people familiar with the matter, FT reported that Norsk
Hydro declared its "strong" interest in bidding for the company
and hopes to make an indicative non-binding bid within seven days.

On March 19, 2009, the TCR-Asia Pacific, citing a report from
Bloomberg News, said that Asia Aluminum Holdings named provisional
liquidators after some bondholders opposed a debt-restructuring
plan.  The High Court in Hong Kong has appointed Ferrier Hodgson
as provisional liquidators to the company.

Citing Asia Aluminum in an e-mailed statement, Bloomberg News
related Ferrier Hodgson is "undertaking an urgent assessment of
the financial position and operations" of the company.

Bloomberg News said directors Vincent Fok and Rod Sutton will lead
the review.

Meanwhile, FinanceAsia reported that subsequent to the appointment
of provisional liquidators, Asia Aluminum has terminated its
tender offer.

                   Discounted Debt Buyback

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, The Wall Street Journal said the chairman of Asia
Aluminum pleaded with investors to allow the company to buy back
US$1.2 billion in debt at a substantial discount.

According to the Journal, Chairman Kwong Wui Chun said unless
investors take the deal, the company's suppliers and creditors on
the mainland will move to push the company into bankruptcy.

The Journal related Mr. Kwong said he approached several entities
about a rescue but hasn't received the support needed to avoid the
buyback.

Bank of China Ltd. and China Construction Bank have agreed to
extend a lifeline, provided foreign debt holders comply with the
existing offer, the company said as cited by the Journal.

Bloomberg News related Mr. Kwong on Feb. 27 sent a letter to
investors offering his shares in Asia Aluminum's parent if
investors accept the bond buyback offer.

                           Tender Offer

As reported in the Troubled Company Reporter-Asia Pacific, on
Feb. 13, Asia Aluminum and its parent AA Investments Company
Limited ("AAI") said they intend to commence a tender offer and
consent solicitation for:

   -- any and all of Asia Aluminum's outstanding
      US$450,000,000 8.00% Senior Notes due 2011
      (the "AAH Notes");

   -- any and all of AAI's outstanding US$355,000,000 12.00%
      Senior PIK Notes due 2012 and AAI's outstanding
      US$180,000,000 14.00% Senior PIK Notes due 2012
      together, the "PIK Notes") as well as 1,706,987 Warrants
      originally issued with the PIK Notes ("Warrants"); and

   -- solicitation of consents to a one-time waiver of, and
      amendments to, certain of the provisions of, the indentures,
      as amended and supplemented, under which the AAH Notes and
      the PIK Notes were issued.

The Group expects to offer up to US$275 per US$1,000 principal
amount for AAH Notes and up to US$135 per US$1,000 principal
amount of PIK Notes including Warrants.

The AAH Notes and the PIK Notes are listed on the Singapore
Exchange Securities Trading Limited.

Currently, there are US$450,000,000 principal amount of AAH Notes
outstanding and US$727,529,000 principal amount of PIK Notes
outstanding (which amount includes PIK Notes issued as payment-in-
kind for interest).

On Feb. 26, Trade association EMTA and Aberdeen Asset Management
Plc hosted a call for holders of the 8 percent notes in which all
participants agreed not to sell at the offer price, Bloomberg News
reported citing Bondcritic.com analyst Warut Promboon.

Since the tender offer was made, the Journal said investors have
been arguing that they don't have adequate information about the
company's financial health.

The company hasn't provided specific earnings figures for the six
months ended Dec. 31, the Journal noted.

The International Herald Tribune stated Asia Aluminum has been
hit, like most resources companies, by falling demand.  But unlike
most, the news agency said the company bears a mountain of debt
dating from a leveraged management buyout.

               About Asia Aluminum Holdings Limited

Based in Kowloon, Hong Kong, Asia Aluminum Holdings Limited ---
http://www.asiaalum.com/--- makes aluminum extrusion and
stainless steel products serving the construction, transportation,
industrial, and home-improvement sectors.  It also provides design
and testing services for aluminum products and is building its
capabilities in the aluminum flat-rolled products sector.  Asia
Aluminum has five aluminum extrusion plants in Nanhai and another
in Zhaoqing.  Though it once was publicly traded, the company was
taken private by founder and chairman Kwong Wui Chun in 2006.
Asia Aluminum announced plans to go public again in 2009.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Asia Aluminum Holdings Ltd.
to 'D' from 'CC'.  At the same time, S&P also lowered its issue
rating on the company's US$450 million senior unsecured notes due
2011 to 'D' from 'C'.

The TCR-AP also reported on March 19, 2009, that Moody's Investors
Service downgraded to Ca from Caa1 the corporate family rating and
to C from Ca the senior unsecured rating of Asia Aluminum Holdings
Ltd.  The outlook for the ratings remains negative.


CCC SERVICES: Yuen and Kong Step Down as Liquidators
----------------------------------------------------
On June 11, 2009, Tai Hay Yuen and Kong Tak Wing Robert stepped
down as liquidators of CCC Services Limited.


CHINA OVERSEAS: Members' Final Meeting Set for July 24
------------------------------------------------------
The members of China Overseas-Young's Mechanical & Electrical
Engineering Limited will hold their final general meeting on
July 24, 2009, at 10:00 a.m., at the 29th Floor of China Overseas
Building, 139 Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Qin Chongrui and Poon Lock Kee Rocky, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FOOD THERAPY: Creditors' Meeting Set for July 17
------------------------------------------------
The creditors of Food Therapy Limited will hold their meeting on
July 17, 2009, at 11:00 a.m., for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 1108, 11th Floor of Wellborne
Commercial Building, No. 8 Java Road, in North Point, Hong Kong.


HOPESOON LIMITED: Creditors' Proofs of Debt Due on July 20
----------------------------------------------------------
The creditors of Hopesoon Limited are required to file their
proofs of debt by July 20, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 19, 2009.

The company's liquidator is:

          Wong Pui Chung
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road
          Kowloon, Hong Kong


HUNG KEE: Annual Meetings Set for July 21
-----------------------------------------
The creditors and members of Hung Kee Electrical Material Limited
will hold their annual meetings on July 21, 2009, at 10:00 a.m.
and 10:30 a.m., respectively, at Room 203 of Duke of Windsor
Social Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.

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


IOMEGA HONG KONG: Placed Under Voluntary Wind-Up
------------------------------------------------
On June 10, 2009, the shareholders of Iomega Hong Kong Limited
passed a written resolution that voluntarily winds up the
company's operations.

The company's liquidators are:

          Ying Hing Chiu
          Chan Mi Har
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


KAO CHEMICALS: Creditors' Meeting Set for July 7
------------------------------------------------
The creditors of Kao Chemicals (Hong Kong) Limited will hold their
meeting on July 7, 2009, at 10:15 a.m., for the purposes mentioned
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


PROTESTANT PEOPLES': Placed Under Voluntary Wind-Up
---------------------------------------------------
On June 12, 2009, the members of Protestant Peoples' Church
Limited passed a written resolution that voluntarily winds up the
company's operations.

The company's liquidator is:

          Lau Wai Ming
          Hang Seng Wanchai Building
          6th Floor, Rooms 603-4
          200 Hennessy Road
          Wanchai, Hong Kong


TELEGYR SYSTEMS: Creditors' Proofs of Debt Due on July 17
---------------------------------------------------------
The creditors of Telegyr Systems (Asia Pacific) Limited are
required to file their proofs of debt by July 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 10, 2009.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor
          The Landmark
          15 Queen's Road
          Central, Hong Kong


WING GO: Members' Final Meeting Set for July 22
-----------------------------------------------
The members of Wing Go Piece Goods Limited will hold their final
general meeting on July 22, 2009, at 10:00 a.m., at the 6th Floor
of Greenwich Centre, 260 King's Road, in North Point, Hong Kong.

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


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


ADHYA HIMALAYAN: Low Net Worth Prompts CRISIL 'BB-' Ratings
-----------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Adhya Himalayan Waters (Adhya).

   INR15.0 Million Cash Credit     BB-/Stable (Assigned)
   INR40.0 Million Term Loan       BB-/Stable (Assigned)
   INR10.0 Million Proposed Long   BB-/Stable (Assigned)
         Term Bank Loan Facility

The rating reflects Adhya's weak financial risk profile on account
of low net worth and high gearing, small scale of operations, and
exposure to risks relating to geographical concentration in its
revenue profile and increasing raw material prices. These
weaknesses are, however, partially offset by the benefits that
Adhya derives from the experience of its promoters in the plastic
bottles and caps industry, and its healthy operating margins.

Outlook: Stable

CRISIL believes that Adhya's financial risk profile will remain
weak, and its scale of operations will remain small over the
medium term.  The outlook may be revised to 'Positive' if Adhya's
financial risk profile improves significantly through retention of
cash accruals, or infusion of fresh equity capital.  Conversely,
the outlook may be revised to 'Negative' if the firm withdraws
more than the accruals, or reports reduction in operating margins
over the medium term.

                        About Adhya Himalayan

Adhya, set up as a partnership firm in 2004 by Mr. Pramit Sanghavi
and Mr. Dewang Sanghavi, manufactures preforms, plastic bottles
and caps and packaged mineral water.  The firm's plant at Baddi
(Himachal Pradesh) enjoys fiscal benefits such as income tax and
excise duty exemptions.

Adhya reported a profit after tax (PAT) of INR27.6 million on net
sales of INR82.8 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR10 million on net
sales of INR35.7 million for 2006-07.


AEON TELECTRONICS: ICRA Puts 'LBB+' Rating on Fund Based Limits
---------------------------------------------------------------
ICRA has assigned rating of LBB+ (pronounced L Double B plus) to
INR37.5 million fund based limits of Aeon Telectronics Private
Limited (Aeon), indicating inadequate-credit-quality in the long
term.  ICRA has also assigned an A4+ (pronounced A four plus)
rating to INR15 million of fund based limits and INR61.2 million
non-fund based bank limits of Aeon, indicating risk-prone credit
quality in the short term.

The ratings take into account Aeon's modest scale of operation,
its high supplier and customer concentration (top two customers
contributing to approx 90% of Aeon's revenues) and intensely
competitive nature of industry.  While assigning the rating ICRA
has also taken into consideration relatively low profitability of
the company.  The rating however favorably factors in Aeon's long
track record in the telecommunication industry (with operations
since 1989) and its experienced management.

Founded in 1989, Aeon is a part of the Leotech group.  The company
is mainly into Telecommunication products.  Currently the main
products offered by the company include Electronic Push Button
Telephone sets and Antennas.  Top two customers of the company
together contribute more than 90% of the turnover.  For the year
ended March 31, 2008, Aeon posted a Profit after Tax (PAT) of
INR11.8 million on an Operating Income of INR316 million.


AMMAN STEEL: CRISIL Puts 'B-' Rating on INR15.0MM Overdraft Limit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Amman Steel Corporation (ASC).

   INR15.0 Million Overdraft Limit        B-/Negative (Assigned)
   INR40.0 Million Demand Promissory      P4 (Assigned)
                    Limit
   INR70.0 Million Letter of Credit       P4 (Assigned)
                    Limit

The ratings reflect ASC's weak financial risk profile,
geographical concentration in revenue profile, small scale of
operations, and exposure to risks relating to volatility in prices
of steel scrap and in the value of the Indian rupee.  The impact
of these weaknesses is mitigated by the benefits that the firm
derives from the experience of its management and by its
established presence in the steel industry.

Outlook: Negative

CRISIL expects ASC's financial risk profile to weaken further over
the medium term because of the impact of the current economic
slowdown.  The rating may be downgraded in case of steep
deterioration in the firm's financial risk profile, because of a
sharp decline in revenues or margins, or if the firm undertakes
large, debt-funded capital expenditure or significant withdrawals
by the promoter.  Conversely, the outlook may be revised to
'Stable' in case of a sustainable improvement in the firm's
financial risk profile, supported by increase in its scale of
operations.

                       About Amman Steel

Set up as a proprietorship firm in 1979 by Mr. S P
Muthuramalingam, ASC trades in steel and iron scrap. Based in
Tiruchirappalli, Tamil Nadu, the firm is a part of the Amman
group, which has interests in the production of steel ingots and
steel bars, manufacture of cotton yarn, local bus transportation,
and real estate.

ASC reported a profit after tax (PAT) of INR5 million on net sales
of INR372 million for 2007-08 (refers to financial year, April 1
to March 31), against INR4 million and INR181 million,
respectively, for 2006-07. The firm is estimated to have recorded
a PAT of INR1 million against revenues of INR328 million in
2008-09.


AIR INDIA: Plans to Cut Wage Bill by INR500cr Annually
------------------------------------------------------
Air India has set up a four-member committee to suggest ways to
reduce the company's wage bill by 16 pent cent or INR500 crore
annually, the Business Standard reports.

The report says that the committee, comprising executives from HR
and finance departments, has been given time till July 15 to
submit its report.  The committee will scrutinise all the
agreements on wages, flying allowances and productivity-linked
incentives between the management and the employee unions and
examine other ways to cut costs, the Standard relates.

According to the report, Air India Chairman and Managing Director
Arvind Jadhav is meeting Principal Secretary T K Nair in the Prime
Minister's Office (PMO) and the aviation secretary M Madhavan
Nambiar to discuss a revival plan of which the cost-cutting
committee is a part that will also require fresh funds from the
government.

The size of the revival package could be over INR5,000 crore in
fresh equity and debt, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2009, The Hindustan Times said that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.

Air India's losses have almost doubled to over INR4,000 crore in
2008-09 (INR2,226 crore in 2007-08) and it does not have the money
to foot the INR350-crore monthly salary bill of its 31,500
employees, according to the Hindustan Times.

Citing a report by The Financial Express, the TCR-AP said on
June 10, 2009, that the National Aviation Company of India Ltd
(Nacil), the company that operates Air India, is seeking INR14,000
crore in equity infusion, soft loans and grants.

                        About Air India

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


CHRYSLER LLC: Fiat Unveils Plan For Larger Share In India
---------------------------------------------------------
Fiat S.p.A., the Italy-based automaker that acquired most of
Chrysler LLC's assets, disclosed plans to increase its share of
India's automobile market and hinted it may also offer Chrysler
models to the country's middle class, Agence France-Presse
reported.

Fiat-India CEO Rajiv Kapoor told reporters during the launching of
Grande Punto in India that he hoped the hatchback would help the
company capture a market share of 11% to 12%, the report said.

The car has been priced at 400,000 rupees (US$8,900) in a move to
challenge the dominance of mid-sized models of Maruti Suzuki, AFP
reported.

Mr. Kapoor said Fiat projected a monthly sale of 2,500 units of
the four-door Punto, which has sold 1.6 million units since its
2005 launch in Europe.  He also raised the possibility of offering
Chrysler models to the Indian market in future.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The Company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.  In
2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for $7.2 billion.  Daimler AG kept a 19.9% stake.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the terms
approved by the Bankruptcy Court, the company formerly known as
Chrysler LLC on June 10, 2009, formally sold substantially all of
its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


EASTERN SILK: CRISIL Cuts Rating on Packing Credit Limits at 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Eastern Silk Industries Ltd's
(Eastern Silk's) existing bank facilities to 'BB/Negative/P4' from
'BBB/Stable/P3+', and has assigned its rating of 'BB/Negative' to
the company's INR100-million packing credit limits.

   INR100 Million Packing Credit Limits*   BB/Negative (Assigned)
   INR2250 Million Packing Credit Limits*  BB/Negative (Downgraded
                                           from 'BBB/Stable')
   INR1100 Million Bank Guarantee and      P4 (Downgraded from
                 Letter of Credit@         'P3+')

    *Interchangeable with bills purchase.
    @Includes proposed limit of INR70 million.

The rating action reflects deterioration in the company's
liquidity because of delays in payments by clients and the funding
requirements of the ongoing capital expenditure.  The company's
profitability has also weakened over the past few months, leading
to significantly lower accruals than anticipated.  The liquidity
constraint has also led to high utilisation of bank lines,
affecting the company's overall financial flexibility.

The ratings reflect Eastern Silk's high exposure to group
companies, its geographical concentration risk, and the
vulnerability of its margins to volatility in prices of key raw
materials and to economic cycles.  These weaknesses are mitigated
by the company's established position as a silk exporter with
integrated processing capabilities.

Outlook: Negative

The 'Negative' outlook factors in the profitability and receivable
pressures expected due to the current weak market conditions.  The
rating could be downgraded in case continued delays in receivables
lead to over utilisation of bank limits or delays in maturing debt
obligations.  Conversely, the outlook may be revised to 'Stable'
if the company's profitability, together with its associates,
improves significantly or if the company starts receiving customer
payments in a timely manner leading to easing of the liquidity
position.

                         About Eastern Silk

Set up in 1946, Eastern Silk manufactures silk yarn, fabrics and
made-ups, home furnishings, fashion fabrics, handloom fabrics,
double-width fabrics, and embroidered fabrics.  Over the years,
the company has bagged various awards from export promotion
councils and is also recognised as a Golden Star Trading House by
the Government of India.

For 2008-09 (refers to financial year, April 1 to March 31),
Eastern silk reported a profit after tax of INR212 million on
net sales of INR5355 million, against INR526 million and
INR4762 million, respectively, in the preceding year.


HOMEMAKER ENTERPRISES: CRISIL Rates Cash Credit Limit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Homemaker Enterprises Pvt Ltd (HEPL).

   INR50.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR20.0 Million Letter of Credit      P4 (Assigned)


The ratings reflect HEPL's extremely limited track record of
operations, and exposure to competition from established players
in the domestic house ware/table ware segment, its low
profitability on account of trading business, and high inventory
levels resulting in weak debt protection measures.  These
weaknesses are partially offset by HEPL's established
relationships with its overseas suppliers having renowned brands.

Outlook: Stable

CRISIL believes that HEPL will maintain its credit risk profile
over the medium term, backed by its established relationships with
key suppliers.  The outlook may be revised to 'Positive' if the
company improves its cash accruals, or if fresh equity infusion
leads to an improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's
profitability declines or if it incurs larger-than-expected debt-
funded capital expenditure, leading to deterioration in its debt
protection measures.

                       About Homemaker Enterprises

Incorporated in 2006 by Mr Jatin Sahani, HEPL is engaged in the
business of trading of products in the house ware/tables ware
segment like dinner ware and glass ware.  Mr Jatin Sahani is also
associated with M/s Al-Othman & Al-Bishir Trading Company, which
is based in Kuwait and is also engaged in trading of house
ware/table ware products.  HEPL, through its association with the
company in Kuwait, has entered into exclusive arrangements with
leading international brands, Bormioli Rocco E Figlio Spa
(glassware and opalware) and RCR Cristalleria Italiana Spa
(crystal glass), to cater to the domestic market.  HEPL reported
a profit after tax (PAT) of INR 2 million on net sales of
INR62 million for 2007-08 (refers to financial year, April 1 to
March 31).


MK ENGINEERING: CRISIL Places 'BB' Rating on INR30 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of  'BB/Stable/P4' to the bank
facilities of MK Engineering (MK).

   INR30 Million Cash Credit       BB/Stable (Assigned)
   INR80 Million Bank Guarantee    P4 (Assigned)

The ratings reflect MK's small size of operations marked by low
net worth, and exposure to risks relating to geographical and
customer concentration in its revenue profile.  These weaknesses
are partially offset by MK's moderate revenue growth, coupled with
a healthy order book position.

Outlook: Stable

CRISIL believes that MK will maintain a stable business risk
profile on the back of its moderate order book position.  The
outlook may be revised to 'Positive' if the firm diversifies its
customer base. Conversely, the outlook may be revised to
'Negative' if the firm faces time or cost overruns in its
projects, or undertakes any large debt-funded capital expenditure.

                        About MK Engineering

MK undertakes contracts for the construction of bridges, tunnels,
bore pile bridges, and station buildings, and the supply of
boulders and ballasts, in North-East India for large clients such
as Indian Railways, Public Works Department and Hindustan
Petroleum Corporation Ltd.

MK reported a profit after tax (PAT) of INR9 million on net sales
of INR 187 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR8million on net sales of
INR155 million for 2006-07.


NODAI SEEDS: Small Net Worth Prompts CRISIL to Assign 'B' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the cash credit
facility of Nodai Seeds India Pvt Ltd (NSIPL).

   INR62.5 Million Cash Credit Limit     B/Stable (Assigned)

The rating reflects NSIPL's weak financial risk profile marked by
high gearing, weak debt protection measures and small net worth;
large working capital requirements; and small scale of operations.
The rating weaknesses are mitigated by the benefits that NSIPL
derives from the healthy growth prospects of the agriculture
industry.

Outlook: Stable

CRISIL believes that NSIPL will maintain a stable business risk
profile on the back of its continuous research activities and
established marketing network.  The outlook may be revised to
'Positive' if the company's financial risk profile improves due to
improvement in operating profitability.  Conversely, the outlook
may be revised to 'Negative' if there is deterioration in NSIPL's
financial risk profile on account of lower-than-expected
profitability.

                        About Nodai Seeds

Incorporated in 2005, NSIPL is into production of hybrid seeds for
paddy, vegetables and cereals.  The company's research centres
based at Hyderabad and Faridaad are engaged in the production of
paddy and vegetable seeds respectively.  So far, the company has
developed 13 varieties of paddy seeds and is in the process of
developing vegetables seeds.

NSIPL reported a profit after tax (PAT) of INR2 million on net
sales of INR114 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR60 million for 2006-07.


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


PERUSAHAAN GAS: Gov't. Asks 100% Dividend from 2008 Net Profit
--------------------------------------------------------------
Jakarta Globe reported that PT Perusahaan Gas Negara could be made
to pay out as much as 100 percent of its 2008 net profit of
IDR634 billion (US$60.8 million) in dividends, as part of the
government's efforts to fill in the state budget deficit.

"The government, as PGN's majority shareholder, will ask that as
much as 100 percent of its 2008 profit be paid in dividends this
year," an official at the State Enterprises Ministry told the
Jakarta Globe.

PGN's audited financial statement for last year showed that the
company's net profit dropped by 45 percent to IDR634 billion,
compared with IDR1.1 trillion in 2007, Jakarta Globe disclosed.

According to the report, the company blamed the decline on the
weakening of the rupiah, especially in the fourth quarter of 2008,
which forced PGN to book IDR2.5 trillion in foreign exchange
losses.

                        About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.


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


ELPIDA MEMORY: Applies for Gov't. Capital Injection
---------------------------------------------------
Elpida Memory Inc. may this month receive JPY30 billion capital
injection from the government, Bloomberg News reports citing
public broadcaster NHK.  NHK said the company on Monday applied
for public funding to bolster its capital, Bloomberg News relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2009, Reuters said Elpida Memory plans to apply for
several tens of billions of yen in government funds this month to
shore up its depleted capital.

Bloomberg News, citing a Nikkei English News report, related that
the company may seek as much as JPY40 billion (US$416 million) by
selling up to JPY30 billion in preferred shares and borrowing a
maximum of JPY10 billion yen.

Elpida, Reuters said, is likely to be the first company to receive
aid under a new scheme that makes public funds available to firms
hit by the global financial crisis.

Under the scheme, which started in April, the government-backed
Development Bank of Japan (DBJ) would inject money into Elpida
through the purchase of preferred shares with limited, if any,
voting rights, Reuters noted.

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


JAPAN AIRLINES: Secures JPY100-Bln Emergency Funding
----------------------------------------------------
Jonathan Soble at the Financial Times reports that Japan Airlines
on Monday secured JPY100 billion (US$1 billion) in emergency
funding after the Japanese government agreed to guarantee new
loans to the deeply indebted group.

FT relates that under a deal agreed by cabinet ministers, JAL is
to receive half of the requested funds as early as next week.

The report, citing people close to the matter, says that the
largest portion, likely to total at least JPY60 billion, is to be
provided by the the state-backed Development Bank of Japan and
will carry a state guarantee covering up to 80 per cent of any
losses.  The remainder, according to FT's sources, could be made
available later - subject to a review of JAL's restructuring
efforts.

According to the report, Financi Minister Kaoru Yosano said
guaranteeing the DBJ's portion of the JAL financing would allow
the carrier's main private sector banks - Mizuho Financial,
Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group
- to contribute a larger share of the targeted financing.

Mr. Yosano said the government would tighten oversight of JAL's
restructuring in exchange for the loan guarantee and signalled
political support for further personnel and service cuts, the FT
relates.

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2009, Bloomberg News said Japan Airlines has applied for
a JPY200 billion (US$2 billion) loan from the Development Bank of
Japan amid weak travel demand.

Japan Airlines reported a net loss of JPY63.1 billion for the
year ended March 31, 2009, compared with a net profit of
JPY16.9 billion in 2007.  The company also booked an operating
loss of JPY50.8 billion.

JAL projects a JPY63 billion net loss on sales of JPY1.75 trillion
for the current business year through next March.  The company
said it expected international passenger revenue to decline even
more than it did in FY2008 in view of the unremitting sluggishness
in demand plus the foreseeable decrease in yield as the fuel
surcharge component of international fares falls along with the
fuel price.

                      About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


NISSAN MOTOR: S&P Puts Corporate Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BBB' long-term corporate credit and
senior unsecured debt ratings on Nissan Motor Co. Ltd. and related
entities, including Nissan Motor Acceptance Corp.  S&P also placed
S&P's 'A-2' short-term ratings on these companies and various
related debt issues on CreditWatch with negative implications.

The CreditWatch placements follow Standard & Poor's downgrade on
Renault S.A., Nissan's 44% shareholder, to 'BB' from 'BBB-' on
June 19, 2009, reflecting Standard & Poor's view that auto demand
is likely to remain very low in Europe in 2010 (see "French
Carmaker Renault Downgraded To 'BB/B' On Bleak Auto Demand In
2010; Outlook Stable" published on June 19, 2009).  While S&P
believes Nissan's stand-alone credit profile has not materially
changed since S&P's previous rating action on the company, the
downgrade on Renault prompted S&P to examine any potential
associated risk relating to Nissan's credit quality, given its
close strategic ties with Renault.

Standard & Poor's believes that the ratings on Nissan remain
linked to the ratings on Renault, which is 15%-owned by Nissan.
In S&P's opinion, Renault's influence on Nissan and the two
companies' strategic and operational coordination limit the degree
to which Nissan could be viewed by Standard & Poor's as having
better credit quality than Renault.  At the same time, however,
S&P also believes that the absolute equalization of the ratings on
the two companies is not automatically warranted given factors
such as the cross-border nature of the ownership.

S&P also believes that Nissan's decision to cut interim dividends
and terminate year-end dividends in fiscal 2008 (ended March 31,
2009) indicated the flexibility of Nissan's management in
prioritizing its financial policy to preserve cash over dividend
payments to Renault and other major shareholders when necessary.
For these reasons, S&P has tolerated a one-notch rating gap
between the two entities to date.

S&P aims to resolve the CreditWatch status within the next 90
days, after S&P has conducted a stress scenario that will examine
any potential Renault-related risks that may adversely affect
Nissan's credit quality.  The ratings on Nissan may be lowered by
up to two notches.

                         Ratings List

                      CreditWatch Action

                     Nissan Motor Co. Ltd.
                   Nissan North America Inc
                 Nissan Motor Acceptance Corp.
         Nissan International Finance (Netherlands) B.V.

                                To                 From
                                --                 ----
Corporate Credit Rating        BBB/Watch Neg/A-2  BBB/Stable/A-2

                     Nissan Motor Co. Ltd.

                                        To                 From
                                        --                 ----
Senior Unsecured                       BBB/Watch Neg      BBB

          Nissan International Finance (Netherlands) B.V.

                                        To                 From
                                        --                 ----
Commercial Paper                       A-2/Watch Neg      A-2

                   Nissan Motor Acceptance Corp.

                                        To                 From
                                        --                 ----
Senior Unsecured                       BBB/Watch Neg      BBB
Commercial Paper                       A-2/Watch Neg      A-2


SPANSION INC: Samsung Wants Stay Lifted for Suit to Continue
------------------------------------------------------------
Samsung Electronics, Ltd., asks the U.S. Bankruptcy Court for the
District of Delaware to lift the automatic stay so it could
proceed with its claims and counterclaims against Spansion, LLC,
in a patent litigations commenced by Spansion against it.

In November 2008, the Debtors commenced patent litigation
infringement against Samsung in the U.S. District Court for the
District of Delaware and with the Intellectual Trade Commission
for alleged patent violations relating to Flash memory.  The
complaint in the ITC Action sought exclusion from the United
States market of Samsung's flash memory alleging that this memory
infringes four of the Debtors' flash-memory related patents.  The
complaint in the ITC Action also seeks exclusion from the United
States market of mp3 players, cell phones, digital cameras, and
other consumer electronic devices containing the allegedly
infringing Samsung flash memory.  In the Delaware Action, the
Debtors sought both an injunction and damages for alleged patent
violations relating to Samsung flash memory.  Spansion asserted
six patents in the Delaware Action, all of which are different
from the ITC Action.

In January 2009, Samsung commenced patent infringement actions
against the Debtors' Japanese subsidiary, Spansion Japan Limited,
in Tokyo District Court seeking an injunction against Spansion
Japan from manufacturing and selling certain products that
allegedly infringe Samsung's intellectual property, as well as
the destruction of all those products.

Samsung also filed an answer and counterclaims against the
Debtors in the Delaware Action.  The Delaware Action
counterclaims alleged that the Debtors are infringing five
Samsung patents, and sought an injunction and damages for those
alleged violations.  However, the Delaware Action has not
progressed beyond the answer stage and has been stayed by
agreement of the parties since March 31, 2009.

To recall, the Debtors had asked the U.S. Bankruptcy Court for
the District of Delaware to approve their settlement with
Samsung, which provides, among other things, for Samsung to pay
the Debtors $70,000,000.

On June 2, 2009, Judge Carey denied the Settlement.  In light of
the denial of the Settlement, the Debtors have indicated that
they wish to resume their pending litigation.

Samsung clarifies that it does not oppose resuming the pending
litigation but for the sake of efficiency, it seeks relief from
the stay to proceed with its related prepetition counterclaims
against the Debtors.

"Given the specialized nature of the patent disputes and the
strong policy considerations favoring complete resolution of the
issues, cause exist to grant Samsung relief from the automatic
stay with respect to the Prepetition Counterclaims," asserts
Sally E. Veghte, Esq., at Klehr, Harrison, Harvey, Branzburg &
Ellers LLP, in Wilmington, Delaware, counsel for Samsung
Electronics Co., Ltd.  She adds that proceeding with the
Prepetition Counterclaims would not prejudice the Debtors because
the Prepetition Counterclaims would not interfere with the
administration of the Debtors' estates.

In an e-mailed statement sent to EE Times, Spansion spokesperson
said the Company does not anticipate that the Samsung patent
litigation will affect its restructuring progress.  The
spokesperson added that Spansion has always excluded any
potential proceeds from the settlement in its current cash
balance statements.

                     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.


SPANSION INC: U.S. Court OKs Chapter 15 Petition of Japan Unit
--------------------------------------------------------------
Judge Kevin Carey of the U.S. Bankruptcy Court for the District of
Delaware has recognized the Chapter 15 petition of Spansion Japan
Limited as a foreign main proceeding pursuant to Section 1517 of
the Bankruptcy Code.  Judge Carey has enjoined all entities, other
than Masao Taguchi, the duly authorized foreign representative to
carry out the administration of Spansion Japan, from:

  (1) executing against Spansion Japan's assets;

  (2) taking or continuing any act to obtain possession of, or
      exercise control over Spansion Japan or any of its
      property;

  (3) taking or continuing any act to create, perfect or enforce
      a lien or other security interest, set-off or other claim
      against Spansion Japan or any of its property;

  (4) transferring, relinquishing, or disposing of any property
      of Spansion Japan to any entity other than Mr. Taguchi;

  (5) commencing or continuing of an individual action or
      proceeding concerning Spansion Japan's assets, rights,
      obligations or liabilities to the extent they have not
      been stayed under Section 1520(a) of the Bankruptcy Code;
      and

  (6) declaring or considering the filing of Spansion Japan or
      the Chapter 11 cases a default or event of default under
      any agreement, contract or arrangement.

On February 10, 2009, Spansion Japan Limited, a Japanese
corporation, entered into a proceeding under the Corporate
Reorganization Law (Kaisha Kosei Ho) of Japan.   Spansion Japan
voluntarily petitioned the Tokyo District Court to enter the
proceeding to obtain protection from its creditors while it
continues its restructuring efforts.

The Tokyo District Court entered an order on March 3, 2009,
commencing a proceeding for the corporate reorganization of the
Spansion Japan and appointed Masao Taguchi as the duly authorized
foreign representative to carry out the administration of
Spansion Japan.

On April 15, 2009, the Tokyo District Court certified the Foreign
Representative's request for authority to file a petition for
recognition of a foreign main proceeding under Chapter 15 of the
Bankruptcy Code.   Accordingly, Mr. Taguchi sought and obtained an
order from the U.S. Bankruptcy Court for the District of Delaware
enjoining all entities from:

  * executing against Spansion Japan' assets;

  * commencing or continuing action against Spansion Japan to
    recover a claim;

  * enforcing of a judgment against Spansion Japan or against
    property of Spansion Japan's estate;

  * any act to obtain possession of property of Spansion Japan
    or to exercise control over property of Spansion Japan's
    estate;

  * creating, perfecting or enforcing any lien against property
    of the Foreign Debtor's estate;

  * collecting, assessing, or recovering a claim against
    Spansion Japan;

  * transferring, relinquishing or disposing of any property of
    Spansion Japan to any person or entity other than Mr.
    Taguchi; and

  * the set off of any debt owing to Spansion Japan against any
    claim against it;

provided that the injunction is to be effective solely within the
territorial jurisdiction of the United States.

                      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.


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


HYUNDAI MOTOR: Cumulative Sales in Africa Top 1 Million Units
-------------------------------------------------------------
Yonhap News Agency reports that Hyundai Motor Co. said Tuesday its
accumulated sales in Africa have topped 1 million units, 33 years
after entering the market on the continent.

The news agency relates that Hyundai's market share in Africa
stood at 11.6 per cent last year, the second-highest after Toyota
Motor Corp. of Japan.

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

                          *     *     *

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


=========
N E P A L
=========


NEPAL DEVELOPMENT: NRB Finally Moves to Liquidate Bank
------------------------------------------------------
Nepal Rastra Bank (NRB) has finally decided to initiate the
liquidation process of Nepal Development Bank (NDB), Kantipur
Online reports.

At a board meeting held Monday, the report relates, the central
bank's board members decided to submit an application to Patan
Appellate Court.

Kantipur Online, citing NRB officials, says the central bank
decided to initiate the liquidation process after finding NDB's
reply to the NRB letter seeking clarification unsatisfactory.


According to the report, NRB findings stated that at least INR690
million is needed to reduce NDB's capital adequacy ratio to zero.
The central bank, the report says, also revealed that NDB's
capital adequacy ratio is negative by 41 percent, far below than
11 percent provisioned by NRB.

The central bank also revealed that NDB's losses have reached
INR690 million, the report adds.

The Association of Nepali Development Banks has asked Nepal Rastra
Bank (NRB) to take control of Nepal Development Bank (NDB)
management instead of liquidating it, the Troubled Company
Reporter-Asia Pacific reported on June 17, 2009, citing a previous
Kantipur Online.

Established in 1998, Nepal Development Bank is the first national
level development bank established by the private sector in Nepal.
It has commenced its operation since January 31, 1999, as per
Development Bank Act, 2052 (1996).  Since May 4, 2006, it has been
imparting its services in accordance with Bank and Financial
Institution Act, 2063.  The bank caters the demand of medium and
long term finance for the industrial, commercial, agricultural,
tourism, infrastructure sectors and other services by offering
various banking facilities.  It mobilizes its sources in the form
of fixed, saving and other short-term deposits with competitive
interest rates.

Nepal Rastra Bank (NRB) has decided to send the Nepal Development
Bank into liquidation after concluding that all its five-year long
efforts to revive the bank failed owing to incompetent and defiant
management, according to a report posted at myrepublica.com.

The NDB, myrepublica.com stated, has a paid-up capital worth
INR320 million.  Of the total capital, 70 percent is owned by the
promoters while remaining 30 percent shares were subscribed by
general public.


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


GATEWAY TO QUEENSLAND: Calls In Receivers
-----------------------------------------
Property development and investment firm Gateway to Queensland
Homes has been placed in receivership, The National Business
Review reports.  Korda Mentha was appointed receivers to the
company.

The report says the company had already been forced in to
liquidation following an application made by Auckland chiropractor
Dr. Amit Kalyan through his company A&K Property Holdings to the
high court.

The liquidation application was supported by two other unsecured
creditors companies JPK Properties and Rainbow Productions, the
Business Review adds.

The four Gateway companies that remain in operation are:

    -- Gateway Group;
    -- Gateway Property Management Services;
    -- GHD Gateway; and
    --  Gateway Trustee.

Gateway to Queensland Homes -- http://www.gatewaygroup.com.au/--
is privately owned company.  The company is engaged in direct
selling of Queensland property to New Zealanders.  It has been in
New Zealand since 1995.


LAKES RESORT: Liquidators Repossess Assets To Raise Funds
---------------------------------------------------------
Lucy Craymer at The National Business Review reports that the
liquidators of Pauanui Lakes Resort repossessed everything from
the furniture to the plates at the courses conference centre.

Liquidator Dennis Parsons, from Indepth Forensics, according to
the report, confirmed that representatives had gone to the
conference centre and restaurant and taken office equipment
including computers, chairs, plates, vehicles and numerous other
things.

Mr. Parsons, as cited by the report, said the assets primarily
belonged to Lakes Resort, Lakes Resort Villas and Lakes Resort
Golf and Country Club although there was some dispute over one of
the cars.

Mr. Parsons added that the computers would be examined and the
rest of the equipment would be auctioned off to raise funds for
the creditors, the Business Review relates.

As previously reported in the Troubled Company Reporter-Asia
Pacific on May 5, 2009, The National Business Review said that
Lakes Resort Golf and Country Club and related company Pauanui
Lakes Properties were put into liquidation at the High Court at
Auckland on May 1 following applications from Inland Revenue.

Three other companies related to the company have already been
liquidated this year and three properties including the golf
course are to be sold in a mortgagee sale.

The liquidation of the company is being blamed on the bad winter
last year, which decreased revenue, the Business Review noted.

Located in Pauanui, New Zealand, Lakes Resort Pauanui properties
and companies are all owned by Investment Holdings (Pauanui),
which in turn is co-owned by Trevor Toohill, Richard Herbert and
Grant McDougall.


PROPERTYFINANCE GROUP: Shares Suspended from Trading
----------------------------------------------------
Propertyfinance Group has been suspended from the NZX after the
company failed to file its annual accounts on time, The National
Business Review reports.

The full year results were due to be filed on June 12, and
Propertyfinance Group shares will be suspended from trading until
they are received.

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2009, stuff.co.nz said that Propertyfinance Group will
hold a special meeting of secured debenture stockholders on
June 29 to choose between continuing with a wind-down or
receivership of one of the company's units.

Propertyfinance Securities is currently in breach of a December
2007 plan, supported by debenture stockholders to reschedule
stock, because it only paid NZ$8.8 million of the NZ$15 million
that had been due to be paid by last December, according to
stuff.co.nz.

The New Zealand Herald related that investors in Property Finance
Securities, have until June 27 to submit proxy votes on the new
proposal.  The new proposal, according to the Herald, asks
investors to write off interest they are owed under the previous
arrangement, accept a lower interest in the future and extend the
moratorium for a further two years.

                    About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                        *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


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


CONSULAR INDUSTRIES: Creditors' Proofs of Debt Due on July 21
-------------------------------------------------------------
Consular Industries Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by July 21,
2009, to be included in the company's dividend distribution.
The company's liquidator is:

          Cheam Heng Teng
          c/o 114 Lavender Street #03-01
          Hock Seng Building
          Singapore 338729


FIRST DURANGO: Creditors' Proofs of Debt Due on July 19
-------------------------------------------------------
First Durango Singapore Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by July 19, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Jay Geoffrey Wacher
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


GOLDEN MANDIRI: Court Enters Wind-Up Order
------------------------------------------
On June 5, 2009, the High Court of Singapore entered an order to
have Golden Mandiri Pte Ltd's operations wound up.

The company's liquidator is:

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


JURONG HI-TECH: Creditors' Proofs of Debt Due on July 3
-------------------------------------------------------
Jurong Hi-Tech Industries Pte Ltd, which is under judicial
management, requires its creditors to file their proofs of debt by
July 3, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Tam Chee Chong
          Keoy Soo Earn
          c/o Deloitte & Touche LLP
          6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


JURONG TECHNOLOGIES: Creditors' Proofs of Debt Due on July 3
------------------------------------------------------------
Jurong Technologies Industrial Corpn. Ltd., which is under
judicial management, requires its creditors to file their proofs
of debt by July 3, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Tam Chee Chong
          Keoy Soo Earn
          c/o Deloitte & Touche LLP
          6 Shenton Way
          #32-00 DBS Building Tower Two
          Singapore 068809


================
S R I  L A N K A
================


SINHAPUTHRA FINANCE: Fitch Keeps National Long-Term Rating at BB-
-----------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sinhaputhra Finance Limited's
National Long-term rating at 'BB-(lka)'.  The rating reflects its
improved yet still weak asset quality and net NPL/equity ratio and
somewhat low levels of profitability.  The Outlook remains
Negative, to indicate that although SFL's overall financial
profile has improved, as there remain some challenges in building
up liquidity given the negative perceptions surrounding the
registered finance company sector as a whole.

The loan portfolio contracted at end-March 2008 (FYE08), as focus
since Q308 has been on restructuring credit and recoveries
functions.  Subsequently loan growth increased marginally to 11.3%
at FYE09 with the bulk of growth generated through hire purchase
agreements (HP); this shifted the mix of the portfolio of HP,
leases and loans (primarily working capital loans) to 21%, 35% and
44%, respectively, at FYE09 (FYE08: 8%, 44% and 48%,
respectively). Fitch notes that a bulk of working capital loans
are pledged against property mortgages, while a substantial share
of vehicles finance also has additional security in the form of
property mortgages.  Fitch expects growth to remain low in FY10 as
SFL's primary focus would be on containing credit quality.

Focused recoveries has enabled SFL to reduce absolute NPLs since
H108, improving the gross NPL ratio at the three-month level to
20.3% at FYE09 (H108: 30.3%), although still weak compared to the
sector's 12.8% in H109.  Fitch expects credit quality to remain
around current levels due to tighter disbursements and
strengthened recoveries.

As is the case of the RFC sector, the bulk of SFL's assets are
funded via customer deposits (FYE09: 63% of funding) with the
majority having maturities of a year or under.  Fitch notes the
contraction in SFL's deposit base, and other RFCs, subsequent to
the collapse of a Ceylinco Group "deposit" taking institution in
December 2008.  As such, liquidity has come under strain, although
the trend in outflows has slowed and an improvement in the
statutory liquidity ratio has been recorded since mid-May 2009.

SFL's NIM was below that of the sector due to low growth and
relatively weak credit quality, and ROA at 1.1% was lower than the
sector average of 1.8%.  However, Fitch notes that SFL's
restructured credit policies and recoveries which have resulted in
significant reduction in both provisioning and loss incurred on
the disposal of repossessed vehicles, enabling a marked
improvement in profitability from an ROA of 0.3% at H108.

Profit retention since H108 has boosted Tier 1 and Total capital
adequacy ratios to 10.3% and 12.8%, respectively (Q108: 8.6% and
10.0%, respectively), above statutory requirements of 5% and 10%,
respectively.  Fitch notes that net NPL/equity ratio of 100.1% at
FYE09 (H108: 180.4%) is still weak compared to the sector average
of 48.3% at H109.  Fitch also notes that internal capital
generation in FY10 would be relatively low on account of low
growth; any significant improvement to the net NPL/equity ratio
would require an equity infusion.

SFL is a medium-sized RFC, with the majority of its client base
limited to the Central Province.  The Chairman Mr. Ravana
Wijeyeratne held 52% of the company's voting equity at FYE09.


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


AU OPTRONICS: To Form Joint Venture LCD Plant in China
------------------------------------------------------
AU Optronics Corp. will form a joint venture with its China unit
Sichuan Changhong Electric Co., to set up a CNY100 million
(US$14.6 million) liquid-crystal-display plant in China, The China
Post reports.

Citing the two companies in separate statements, the Post relates
that BriView Electronics Corp., a wholly owned unit of AU, and
Sichuan Changhong will locate production in Sichuan, southwestern
China.

According to the report, the plant will make LCD TVs, LCD monitors
and other components.  AU will own 51 percent stake in the joint
venture company and Sichuan Changhong the balance, the Post notes.

AU Optronics Corp. (AUO) -- http://auo.com/-- manufactures thin
film transistor liquid crystal display panels (TFT-LCD).  AUO
provides customers a full range of panel sizes and comprehensive
applications, offering TFT-LCD panels in sizes ranging from 1.5
inches to greater than 65 inches.  AUO generated NT$480.2 billion
(US$14.8 billion) in sales revenue in 2007 and now houses the
staff of more than 42,000 employees throughout its global
operations spreading across Taiwan, Mainland China, Japan,
Singapore, South Korea, the U.S., and Europe.  Additionally, AUO
is the first pure TFT-LCD manufacturer to successfully list at the
New York Stock Exchange (NYSE).

                          *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.


NANYA TECHNOLOGY: Plans to Raise NT$12.2-Bln Via Private Placement
------------------------------------------------------------------
Nanya Technology Corp plans to raise NT$12.2 billion (US$371
million) in a private placement of 1 billion shares to units of
the Formosa Plastic Group, the Taipei Times reports.

The report, citing Nanya an exchange filing Monday, says the
company will sell the shares to Nan Ya Plastics Corp, Formosa
Chemicals & Fiber Corp, Formosa Plastics, Formosa Petrochemical
Corp, Mai-liao Power Corp and Chang Gung Medical Foundation.

According to the report, Nanya joins rival Powerchip Semiconductor
Corp in plans to sell new shares to raise funds to pay off debt
and boost working capital. Nanya, whose largest shareholder is Nan
Ya Plastics, also plans to use the funds to buy equipment, the
report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 4, 2009, Dow Jones Newswires said that Nanya Technology
reported its eighth straight quarterly loss on sharp falls in chip
prices but expects market conditions to improve from the second
quarter.

In the first quarter of 2009, Nanya reported a net loss of NT$10.5
billion, compared with a net loss of NT$8.78 billion in the same
period last year.  Revenue in the first quarter fell 32.5% to
NT$6.17 billion from NT$9.14 billion a year earlier, according to
the company's monthly filings obtained by Dow Jones.

In the fourth quarter of 2008, Nanya posted a net loss of NT$10.39
billion, compared with a net loss of NT$11.27 billion in the same
period in 2007.  Nanya reported net sales of NT$6.13 billion in
the fourth quarter of 2008, a decrease of 41 percent compared to
2007 fourth quarter.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


=============
V I E T N A M
=============


* Fitch Affirms 'D' Individual Ratings on Two Vietnamese Banks
--------------------------------------------------------------
Fitch has affirmed Vietnam's Asia Commercial Bank's and Saigon
Thuong Tin Commercial Joint Stock Bank's Individual and Support
Ratings at 'D' and '5'.

The Individual ratings for both banks are under pressure and
reflect the agency's concern that higher credit costs will
continue to weigh on Vietnamese banks' profits given the
challenges the trade/export oriented economy faces due to
potentially prolonged weak demand from the US and Europe.  This
concern is compounded by very strong loans growth at both
institutions during 2005-2008.  Furthermore, the agency has
considered the interventionist regulatory and volatile economic
environment the banks operate in.  Fitch views Sacombank and ACB's
capital as just adequate.

To date profitability at both banks has held up well; however, net
interest margins are under pressure as the regulatory lending rate
cap of 10.5% limits banks' pricing power.  This is a concern in
the current environment where competition for deposits -- to meet
strong loan demand under the government's interest subsidy
programs (under which customers pay 4 percentage points less
interest on loans) -- drives up funding costs.

Loans quality remains reasonable but has begun to deteriorate;
NPLs plus special mention loans stood at a moderate 2.3% of total
loans at end-March (2007: 0.3%) for ACB, and a somewhat lower 1.3%
(2007: 0.4%) for Sacombank.  Given ongoing strong loans growth,
Fitch is concerned that higher lending rates (for example to
address excessive credit demand and/or higher inflation) could
elevate credit costs, particularly as the government's interest
subsidy programs end at end-2009 and end-2011.

Fitch considers the likelihood of sovereign support for ACB and
Sacombank in the event of need as limited; despite the state's
likely willingness, its ability to support banks may be
constrained.

ACB and Sacombank are amongst Vietnam's largest privately-owned
banks with about 5% and 3% of system assets at end-2008,
respectively.  ACB's largest shareholder is Standard Chartered
Bank ('A+'/Stable) with a 15% stake, while Sacombank's largest
shareholder is Australian and New Zealand Banking Corporation
('AA-'/Stable) with a 10% stake.


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


* S&P Downgrades Ratings on Five Asia-Pacific Synthetic CDOs
------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on five
Asia-Pacific (excluding Japan) synthetic collateralized debt
obligations; one of which remains on CreditWatch with negative
implications.  In addition, the rating on Thunderbird Investments
PLC Series 20 CDO was raised, while Athenee CDO PLC Series 2007-10
was affirmed and taken off CreditWatch positive.

The downgrades listed in Table 1 below reflect the increased
credit risk of underlying portfolios in the respective
transactions.  The synthetic rated overcollateralization levels
for tranches that have been downgraded fell below 100% at their
current rating levels during the SROC analysis for the month of
June.  This indicates that the available credit enhancement for
each of the tranches is lower than the level that should maintain
its current rating.  Where the SROC is less than 100%, scenarios
that project the current portfolio 90 days into the future are
run, assuming no asset rating migration.  Where this projection
indicates that the SROC would return to a level above 100%, the
rating is maintained, but placed on CreditWatch negative.  If the
projection indicates that the SROC would remain below 100%, the
rating is immediately lowered.  If the rating on the tranche is
lowered to 'CCC-' and the SROC at 'CCC-' continues to be less than
100%, the rating is not placed on CreditWatch negative if S&P's
assessment of aggregate loss is lower than the available
subordination in the respective portfolios.  The SROC being lower
than 100% reflects the implicit negative bias within the 'CCC-'
rating.  The rating on Athenee CDO PLC Series 2007-10 was taken
off CreditWatch positive and affirmed as the SROC level suggests
that there is insufficient credit enhancement to support a higher
rating.

                             Table 1

  Deal Name                     Rating To      Rating From     SROC
  ---------                     ---------      -----------     ----
Athenee CDO PLC Series 2007-10  AA             AA/Watch Pos    100.1916%
Beech Trust Series 1            AA             AAA/Watch Neg   101.7865%
Echo Funding Pty Ltd.
Series 18                      CCC            CCC+/Watch Neg  100.1308%
Echo Funding Pty Ltd.
Series 19                      CCC-           CCC/Watch Neg   100.2347%
Morgan Stanley ACES SPC 2007-9
Class III (Principal)          CCCp           CCC+p/Watch Neg 100.7001%
United Investment Grade
ABS CDO Fund
2005-1A                        BBB-/Watch Neg BBB+/Watch Neg   98.1214%

Thunderbird Investments PLC Series 20 (table 2) was upgraded as
its SROC exceeds 100% at a higher rating level. This indicates a
reduction in the credit risk of the underlying portfolio as the
transaction approaches its scheduled maturity date.

                               Table 2

  Deal Name                           Rating To  Rating From    SROC
  ---------                           ---------  -----------    ----
Thunderbird Investments PLC Series 20  BBB+      BBB-/Watch Pos 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.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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