TCRAP_Public/090625.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

              Thursday, June 25, 2009, Vol. 12, No. 124

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Infigen Acquires Firm's Wind Assets for $23.5MM
BABCOCK & BROWN: May Have Lost AU$5.4BB in Final Year of Operation
FORTESCUE METALS: Has Over Priced Stocks, Analysts Say
PMP LIMITED: Unveils Plan to Address Declining Earnings


B A N G L A D E S H

RUPALI BANK: Fitch Affirms Individual Rating at 'E'


H O N G  K O N G

BESTWAY TRANSPORTATION: Seng and Yeung Step Down as Liquidators
CHANG YI: Creditors' Meeting Set for June 27
CHINA KIOSK: Creditors' Proofs of Debt Due on July 20
GC HONG KONG: Creditors' Proofs of Debt Due on July 10
LONG FAITH: Creditors' Proofs of Debt Due on July 21

SHANGHAI METROADS: Creditors' Proofs of Debt Due on July 20
SIEBEL SYSTEMS: Lam and Toohey Step Down as Liquidators
UNICITY INVESTMENT: Creditors' Meeting Set for June 26


I N D I A

AIR INDIA: Asks for US$2 Billion Government Bailout
AIR INDIA: Faces Multi-million Lawsuit for Violating Aviation Laws
GUJARAT EMBROIDERIES: CARE Puts 'CARE BB+' Rating on LT Bank Loans
IND SYNERGY: CARE Revises Rating on LT Bank Loans to 'CARE BB'
KANACHUR SEASONING: CRISIL Rates INR2.5MM Overdraft Limit at 'B+'

MAYTAS INFRA: Seeks INR700-cr Additional Loan; Debt Restructuring
NANDAN EXIM: CARE Assigns 'CARE B' Rating on LT Bank Facilities
S RASIKLAL: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
SHREE HARI: CRISIL Places 'B+' Rating on INR16.5MM Long Term Loan
U K MONU: CRISIL Places 'B+' Rating on INR1.2 Mln Overdraft Limit


I N D O N E S I A

MEDCO ENERGI: To Pay US$50MM in Dividend; Expects Revenue to Drop
PERUSAHAAN GAS: To Pay US$97 Million Dividend for 2008


J A P A N

AOZORA BANK: In Merger Talks With Shinshei Bank
CHIQUITA BRANDS: Says Eastwind Bankruptcy Won't Impact Operations
CSC SERIES: S&P Retains Negative CreditWatch on Various Bonds
JLOC 41: S&P Downgrades Rating on Class D-2 Notes to 'B'
ORIX-NRL TRU: Moody's Changes Ratings on Various Classes of Notes

RADIA HOLDINGS: Applies for Out-of-Court ADR
* S&P Downgrades Ratings on 35 Tranches From 27 Japanese CDO Deals


M A L A Y S I A

HO HUP CONSTRUCTION: Unit Subject to Wind-Up Petition
PRIME UTILITIES: Receives Originating Summons from Lembaga Tabung
TALAM CORP: Court Extends Unit's Restraining Order to Dec. 26


N E W  Z E A L A N D

BRIDGECORP LTD: Momi Bay Project Sale in Progress
TRIBRO: Nothing Left for Unsecured Creditors, Liquidator Says


P H I L I P P I N E S

NATIONAL POWER: Set to File Cases Against Delinquent Firms


S A U D I  A R A B I A

BANK ALJAZIRA: Fitch Downgrades Individual Rating to 'C/D'


S I N G A P O R E

CJ GLS: Creditors' Proofs of Debt Due on July 20
GLORY WEALTH: Court to Hear Wind-Up Petition on July 10
GOLDEN ORIENTAL: Court to Hear Wind-Up Petition on July 3
JAVA FUSION: Court to Hear Wind-Up Petition on July 3
SENG SIT: Court to Hear Wind-Up Petition on July 3


T A I W A N

HUA NAN BANK: To Buyback NT$6.3 Billion PEM Group Products


U N I T E D  A R A B  E M I R A T E S

SHUAA CAPITAL: Moody's Downgrades Long-Term Issuer Ratings to 'B1'


                         - - - - -


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


BABCOCK & BROWN: Infigen Acquires Firm's Wind Assets for $23.5MM
----------------------------------------------------------------
Infigen Energy disclosed that it has reached commercial agreement
with Babcock & Brown International Pty Ltd (BBIPL) on the terms of
the acquisition of its Australian and New Zealand wind energy
project development assets, its US wind asset management business,
and its minority interests in IFN's existing wind farms in the US
and Germany.

The total consideration for these acquisitions is $23.5 million.
Additional separation costs are still expected to be approximately
$8 million, Infigen said in a statement.

Miles George, Managing Director said, "The acquisitions represent
high quality assets and significantly add to the growth prospects
and value of our operations in Australia and the US over
the medium term."

"In addition, the acquisition of the remaining minority interests
in IFN’s wind farms previously held by B&B will contribute
approximately 20 MW of installed capacity and further consolidate
the portfolio," he said.

Babcock & Brown Limited was delisted from the official list of the
Australian stock exchange, at the request of the company, from the
close of the trading on June 18, 2009, the Troubled Company
Reporter-Asia Pacific reported.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


BABCOCK & BROWN: May Have Lost AU$5.4BB in Final Year of Operation
------------------------------------------------------------------
Ian Verrender at the Sydney Morning Herald reports that Babcock &
Brown Ltd is believed to have destroyed AU$5.4 billion in its
final frantic year of operation, the second biggest loss in
Australian history.

The Herald says that Babcock's have been completed, but they have
yet to be lodged with the Australian Securities and Investment
Commission as Deloittes, receivers to the group, continues to
trawl through the wreckage.

Babcock & Brown Limited was delisted from the official list of the
Australian stock exchange, at the request of the company, from the
close of the trading on June 18, 2009, the Troubled Company
Reporter-Asia Pacific reported.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


FORTESCUE METALS: Has Over Priced Stocks, Analysts Say
------------------------------------------------------
Shares of Fortescue Metals Group Ltd. are "over priced" and
reflect assumptions for demand, prices and production that are too
optimistic, Jesse Riseborough at Bloomberg News reports citing
Morgan Stanley.

"The price scenario back to a bull market in iron ore is
unrealistic given the outlook for steel markets in Asia,"
Bloomberg News cited analysts led by Melbourne-based Craig
Campbell and Cameron Judd in a report dated June 24.  "Iron ore is
heading into a period of excess supply, placing downside risk on
revenues in the near to medium term."

Bloomberg News says that Fortescue, which has almost doubled this
year, rose 2.4 percent to AU$3.78 at 10:22 a.m. Sydney time on the
Australian stock exchange.  Morgan Stanley reaffirmed an
"underweight" rating and a price target of AU$1.08, 71 percent
lower than the current price, the report notes.

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.


PMP LIMITED: Unveils Plan to Address Declining Earnings
-------------------------------------------------------
PMP Limited said it has launched transformation plans to address
the earnings decline in its Australian and New Zealand business
portfolio created by the current economic climate.

PMP said that Phase 1 has already delivered annualised savings of
AU$26 million, largely due to redundancies.

Phase 2, which will be implemented in the first half of fiscal
2010, will create a low-cost, customer-centric operating model to
re-energise the business and position it strongly when market
conditions improve.

Newly appointed Chief Executive Officer, Mr. Richard Allely, said
the comprehensive plan is a swift and decisive response to the
changing shape of the market, which has seen a significant
reduction in volumes and price levels, particularly in the final
quarter of fiscal 2009.

"Despite these challenging market conditions, which are likely to
continue until the economy recovers, all our businesses have
remained financially strong, displaying their resilience and
solid fundamentals.  However, prospering in this new market
requires a reduced cost base and a more flexible and agile
business that can respond to changing customer needs," Mr. Allely
said in a statement.

Key elements of the overall plan include:

   -- aligning specialist print production facilities
      to customer product markets;

   -- reducing complexity by streamlining processes; and

   -- creating a customer-focused culture.

"The restructuring involves overhauling our planning, scheduling,
supervision, logistics and administration processes. These
changes, together with a much stronger customer relationship
model, will eventually deliver significant operational benefits."

Mr. Allely said the transformation plan has the full support of
the company’s banks and that the debt facilities will not require
refinancing until 2012.

The Sydney Morning Herald reports that PMP has forecast earnings
before interest and tax before significant items of about AU$54
million for 2008-09.  The expects to report total significant
items of AU$66 million for the current financial year, including
AU$36 million in cash and AU$30 million non-cash, the Herald says.

PMP, according to the Herald, has forecast year end net debt of
about AU$220 million.

PMP reported EBIT of AU$33.5 million and a loss of AU$11 million
for the six months to December 31, 2008, the Herald notes.

                      About PMP Limited

Australian-based PMP Limited (ASX:PMP) --
http://www.pmplimited.com.au/-- is engaged in commercial
printing, digital premedia and letterbox and magazine distribution
services.  It operates in the areas of data-driven market and
customer analytics, creative advertising solutions, premedia,
creative and photographic services, printing, letterbox and
magazine distribution through its Pacifi c MicroMarketing,
Pinpoint (NZ), PMP Maxum (NZ), PMP Digital, PMP Print, PMP
Distribution, Gordon & Gotch and Griffin Press businesses.  During
the fiscal year ended June 30, 2008, PMP launched PMP Edge, which
is a sales and marketing initiative for the letterbox distribution
business combining a technology-based value proposition with a
significant investment in training of sales staff.
On September 21, 2007, PMP Limited acquired Times Printers
(Australia) Pty Limited.  On November 29, 2007, Times Printers
(Australia) Pty Limited changed its name to Argyle Print Pty Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Standard & Poor's Ratings Services said that it
had affirmed its 'BB+' long-term corporate credit rating on PMP
Ltd. and revised the outlook on the rating to negative from
stable.  The outlook revision reflects S&P's view of the
increasingly challenging market conditions for the company and the
Australian printing sector.  At the same time, the 'BB+' rating on
PMP's senior unsecured bank facilities were affirmed.


===================
B A N G L A D E S H
===================


RUPALI BANK: Fitch Affirms Individual Rating at 'E'
---------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Rupali Bank Limited's
(RBL) Individual rating at 'E' and Support rating at '5'.

RBL's Individual rating reflects its insolvent position, very poor
asset quality and weak standards of governance, as well as the
significant political and economic risks in its operating
environment.  The '5' Support rating is the lowest on the agency's
scale and reflects the non-reliability of timely support in a
crisis, given the fiscal weakness of the sovereign; although the
propensity of the state to support RBL would likely be high, given
its majority ownership of the bank.

The weak financial profile of RBL and other state-owned commercial
banks is a result of years of excessive government interference
(primarily through directed lending), ineffective management and
the weak state of the Bangladeshi economy.  Consequently, RBL's
reported financial performance remains very weak.  The bank's
reported equity position has been negative (equity/assets of
negative 9.7% at end-2008) for more than a decade, with the
exception of 2006 when it was barely positive, due to under-
provisioning of NPLs.  However, despite RBL's insolvency, it has
been able to operate due to the implicit comfort its depositors
derive from the government's majority-ownership of the bank.
Asset quality remains a problematic area, with a reported gross
NPL ratio of 32.5% at end-2008, much higher than the SOCB sector
average of 25.4%, and the banking sector average of 10.8%.

A meaningful resolution for RBL's problems - as with other SOCBs -
has not been easily forthcoming and includes an aborted
privatisation attempt in 2006.  Although it has been reported that
authorities are contemplating a five-year recapitalisation plan,
its execution remains uncertain, considering the government's
severe fiscal limitations.

The Government of Bangladesh has a 93.3% stake in RBL.  The bank
operates 492 branches across the country.


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


BESTWAY TRANSPORTATION: Seng and Yeung Step Down as Liquidators
---------------------------------------------------------------
On June 11, 2009, Cheng Seng Chong Edward and Yeung Stephen Yat
Hong stepped down as liquidators of Bestway Transportation
Limited.


CHANG YI: Creditors' Meeting Set for June 27
--------------------------------------------
The creditors of Chang Yi Int'l Freight (H.K.) Limited will hold
their meeting on June 27, 2009, for the purposes mentioned in
Sections 241, 242, 243, 244, 251 and 283 of the Companies
Ordinance.

The meeting will be held at Room 1002A, 10th Floor of Duke of
Windsor Social Service Bldg., 15 Hennessy Road, in Wanchai,
Hong Kong.


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

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


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

The company commenced wind-up proceedings on June 9, 2009.

The company's liquidators are:

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


LONG FAITH: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------
The creditors of Long Faith Investments Limited are required to
file their proofs of debt by July 21, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Leung Kwok Kai
          22nd Floor, 102 Austin Road
          Kowloon, Hong Kong


SHANGHAI METROADS: Creditors' Proofs of Debt Due on July 20
-----------------------------------------------------------
The creditors of Shanghai Metroads Advertising Company Limited are
required to file their proofs of debt by July 20, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Philip Brendan Gilligan
          Alexandra House, 7th Floor
          18 Chater Road
          Central, Hong Kong


SIEBEL SYSTEMS: Lam and Toohey Step Down as Liquidators
-------------------------------------------------------
On June 16, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Siebel Systems Hong Kong Limited.


UNICITY INVESTMENT: Creditors' Meeting Set for June 26
------------------------------------------------------
The creditors of Unicity Investment Limited will hold their
meeting on June 26, 2009, at 10:00 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244, 251 and 283 of the
Companies Ordinance.

The meeting will be held at Room C, 2nd Floor of Wing Tat
Commercial Building, 121-125 Wing Lok Street, in Central,
Hong Kong.


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


AIR INDIA: Asks for US$2 Billion Government Bailout
---------------------------------------------------
Air India Ltd will ask for a INR10,000-crore (about US$2 billion)
bailout package from the central government, The Economic Times
reports citing a senior Air India official.

"We are looking for at least INR10,000 crore bailout package.  I
am not sure if the government would agree on this," the report
quoted the official, who did not want to be named, as saying.

Airline officials, who discussed the airline's financial problems
with Civil Aviation Minister Praful Patel Tuesday night [June 23],
will meet top government officials again seeking help, the report
says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The Financial Express said that the National
Aviation Company of India Ltd (Nacil), the company that operates
Air India, was also seeking INR14,000 crore in equity infusion,
soft loans and grants.

The TCR-AP, citing The Hindustan Times, reported on June 19, 2009,
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.

                         About Air India

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


AIR INDIA: Faces Multi-million Lawsuit for Violating Aviation Laws
------------------------------------------------------------------
The Times of India reported that a former manager and senior
instructor pilot of the Boeing Company has filed a multi-million
dollar lawsuit against Air India Ltd in a U.S. district court in
Washington State.

The report relates that former manager and senior instructor pilot
of the Boeing Company, Anthony P. Keyter has sought restitution
and amends from Air India for allegedly violating aviation laws,
adversely affecting flight safety.

In his capacity as a senior instructor pilot, The Times recounts,
Mr. Keyter was posted in India for two and a half months in 2005
as part of the Boeing team's programme to train Air India pilots
after it placed a business deal of more than US$11 billion.

The lawsuit charges that during his stay of two and a half months
in India, Mr. Keyter "observed habitual violations of the aviation
laws by Air India", having an adverse impact upon flight safety,
endangering the lives of passengers.

"These violations occurred at the behest of Air India's
operational management and many of them with the full knowledge
and sanction of V Thulasidas, Chairman and Managing Director of
Air India at that time," Mr. Keyter said in his lawsuit filed
before the court.

According to the Times, Mr. Keyter alleges that he was subject to
harassment, and the Boeing company instituted unwarranted
disciplinary action against him for submitting the safety report
to Air India which brought to light such violations.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The Financial Express said that the National
Aviation Company of India Ltd (Nacil), the company that operates
Air India, was also seeking INR14,000 crore in equity infusion,
soft loans and grants.

The TCR-AP, citing The Hindustan Times, reported on June 19, 2009,
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.

                         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.


GUJARAT EMBROIDERIES: CARE Puts 'CARE BB+' Rating on LT Bank Loans
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' [Double B plus] rating to the long-
term facilities of Gujarat Embroideries Ltd. (GEL) aggregating
INR11.08 crore.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.  CARE assigns '+' or '-'
signs to be shown after the assigned rating (wherever necessary)
to indicate the relative position of the company within the band
covered by the rating symbol.

Further, CARE has assigned a 'PR 4' [PR four] rating to the Short-
term Bank Facilities of GEL aggregating INR1.75 crore.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely repayment of short term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are constrained by GEL's relatively small size of
operations and its weak financial risk profile marked by small net
worth and stressed liquidity position. GEL's operation in a highly
fragmented textile job work industry, which is marked by low entry
barriers, also constrained ratings. The ratings however, take into
account GEL's established operations as a part of 'Pratibha group'
which has strong presence in dominant textile cluster of Surat.
Company's ability to improve its financial risk profile while
controlling its debt level and better working capital management,
are the key rating sensitivities.

                     About Gujarat Embroideries

Established in 1990, GEL is a part of Pratibha Group of Surat
which is engaged in processing of synthetic fabrics for more than
25 years.  GEL is engaged in doing job-work (embroidery work) on
fabrics with processing capacity of 48 lakh mpa (meters per
annum).  The company has, over the years, increased the capacity
through continuous expansion and up-gradation of machines in a
labor intensive industry.  GEL is a closely held company with
promoters having 67.64% equity stake in the company with the
balance being owned by other corporate bodies belonging to the
same group.

During 2007-08, PFL reported total operating income of INR17.18
crore with PBILDT and PAT margins at 29.23% and 4.67%
respectively.  During 9 months FY09 ended Dec.31, 2008, PFL
reported a PBILDT margin of 32.59% on a total income of INR13.90
crore. Low income level and high PBILDT margins are due to
the job work nature of operations.


IND SYNERGY: CARE Revises Rating on LT Bank Loans to 'CARE BB'
--------------------------------------------------------------
CARE has revised the rating assigned to the Long-term Bank
Facilities aggregating INR411.11 crore of Ind Synergy Ltd. (ISL)
to 'CARE BB' [Double B] from the rating of 'CARE BBB' [Triple B].
This rating is applicable to facilities having tenure of more than
one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

Further, CARE's Rating Committee has revised the rating assigned
to the Short-term Bank Facilities aggregating INR79.32 crore of
ISL to 'PR4' [PR Four] from the rating of 'PR3' [PR Three].  This
rating is applicable to facilities having a tenure upto one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations at the time of
rating and carry very high credit risk.  Such facilities are
susceptible to default.

Rating Rationale

The rating revision takes into account the restructuring of the
term debt by the company.  The company had to resort to
restructuring due to the overall deterioration in the financial
position of the company in the light of the slowdown in the steel
industry.

                       About Ind Synergy

ISL was incorporated as Goel Agro Forestry & Finance Pvt. Ltd. in
March 1985 to carry out eucalyptus plantation activity. Later, the
company shifted its major business activity to solvent extraction
in early nineties.  In 2003, the company forayed into steel,
power, mining and infrastructure development.  In September 2005,
the name of the company was changed to Ind Synergy Ltd.
Subsequently in March 2008, in order to focus only on steel, power
and mining activities; the company hived off its Real Estate
division to Satish Goel Enterpises Pvt. Ltd (Group Company) and in
June 2008 it hived off its Soya extraction business to M/s Adani
Wilmer Ltd.

Net sales for FY09 (provisional) declined by 37% as compared to
FY08.  The company manufactures sponge iron and steel billets
which are more affected in the current downturn in the steel
industry due to cheaper availability of scraps.  During the same
period, there has been substantial rise in inventory indicating
sluggish demand scenario for its products.  The company reported a
provisional positive PAT only due to non-operating income of
INR16.69 crore in FY09.  It mainly included profit from sale of
soya business. PBILDT margins had increased to 9.56% in FY09 as
against 6.99% in FY08.  However, PAT margin for FY09 (provisional)
declined substantially to 1.10% as against 5.85% in FY08. The
company is presently undergoing debt restructuring owing to its
stretched liquidity position.

The general economic slowdown has posed challenges for the company
to maintain its operational and financial performance. The risk is
elevated in the light of the ongoing capex and debt profile of the
company.  Going forward, the ability of the company to generate
sufficient cash accruals to sustain the operations and meet its
financial commitments in an effective manner shall be the key
rating sensitivities.


KANACHUR SEASONING: CRISIL Rates INR2.5MM Overdraft Limit at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Kanachur Seasoning Industries (Kanachur), a UK Monu
group entity.

   INR2.5 Million Overdraft Limit           B+/Stable (Assigned)
   INR154.0 Million Letter of Credit Limit  P4 (Assigned)
   INR1.0 Million Bank Guarantee Limit      P4 (Assigned)

The ratings reflect the group's below-average financial risk
profile, large working capital requirements, small scale of
operations, and exposure to intense competition in the timber-
trading industry.  These weaknesses are mitigated by the benefits
that the group derives from its promoters' experience in the
timber-trading business.

For arriving at the ratings, CRISIL has combined the financials of
Kanachur and UK Monu Timbers, together referred to as the UK Monu
group; this is because both the companies have common promoters,
are in the same line of business, and have inter-firm
transactions.

Outlook: Stable

CRISIL believes that the UK Monu group will maintain its credit
risk profile over the medium term, on the back of its established
presence in the timber-trading business.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves substantially, supported by a sustainable improvement in
operations.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes large, debt-funded capital expenditure, or
if the group's financial risk profile deteriorates due to decline
in margins or major withdrawals by promoters.

                       About Kanachur Seasoning

Established in 1984 at Mangalore, Karnataka, the UK Monu group is
primarily engaged in trading of timber, which contributes 90 per
cent to its total revenues; manufacture of plywood contributes the
balance.  The group imports most of its raw materials from Burma
and Malaysia and sells its products to saw mills in the domestic
market

The UK Monu group reported a profit after tax (PAT) of INR3.4
million on a turnover of INR232.0 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.4
million on a turnover of INR497.9 million for 2006-07.


MAYTAS INFRA: Seeks INR700-cr Additional Loan; Debt Restructuring
-----------------------------------------------------------------
Maytas Infrastructures Ltd, a firm promoted by the kin of Satyam
Computer B. Ramalinga Raju, has sought for INR700 crore additional
loan from bankers to revive the company, The Economic Times
reports.

The Economic Times says that the newly-appointed board of Maytas
has also asked lenders to extend the tenure of its loan up to 2018
and  urged banks to lower the interest rate to 7%.

"Without government support, restructuring the loan would be
difficult as cash flows of the company are very weak," a Mumbai-
based lender was quoted by the Times as saying.  "Without cash
flow, banks are unwilling to extend further loans.

The Times also cited one the of lenders as saying "This will not
be acceptable to us.  We will not reschedule the loan at anything
less than 11%.

According to the report, many clients of Maytas Infra cancelled
contracts midway, creating a liquidity crisis.  The cancellations
have hit banks, as every contract is backed by a bank guarantee,
the report notes.

The bankers, which are part of the consortium that lent to the
Hyderabad-based company, will meet later this week to decide on a
loan restructuring package, according to the Economic Times.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court has rejected an application
made by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has INR40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy.  Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


NANDAN EXIM: CARE Assigns 'CARE B' Rating on LT Bank Facilities
---------------------------------------------------------------
CARE has assigned a 'CARE B' (Single B) rating to the Long-term
Bank Facilities of Nandan Exim Ltd. (NEL).  Facilities with 'CARE
B' rating are considered to offer low safety for timely servicing
of debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.

Also, CARE assigned, a 'PR 4' [PR Four] rating to the Short-term
Bank Facilities of NEL. Facilities with 'PR 4' rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

   Facility                        Amount          Rating
   --------                        ------          ------
   Long-term Bank Facilities    INR80.00 crore     'CARE B'
   Short-term Bank Facilities   INR9.35 crore   'PR 4'

Rating Rationale

The ratings are constrained by some instances of delay in
depositing statutory dues with the appropriate authorities as well
as recent instances of delay in payment of term loan instalment to
banks and NEL approaching its bankers with a proposal for re-
phasement/deferment of its term loan.  The ratings would be
further constrained by the stressed financial risk profile of the
company as reflected in its high gearing levels (as a result of
predominantly debt-funded capex in the last few years), steady
decline in its profit margins and operating efficiency parameters
resulting in stressed liquidity position with consequent
adverse impact on its debt protection parameters. Finally, the
impact of high raw material prices, intense competition and
prevailing over-supply situation in the denim industry leading to
a downward pressure on profit margins continue to be
a dampener on the ratings.  These constraints far outweigh the
experience of its promoters in the textile industry and the
company's integrated denim manufacturing facilities.

                      About Nandan Exim

Promoted by Shri Vedprakash D. Chiripal and Shri Brijmohan
Chiripal in August 1994 as a Private Limited Company, NEL started
off with the trading of fabrics in the domestic and international
markets.  It was subsequently converted into a limited company in
January 2004.  NEL is engaged in the business of manufacturing of
denim and weaving of grey fabric and is a listed arm of the
Ahmedabad-based Chiripal Group.


S RASIKLAL: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
S Rasiklal and Company (Rasiklal).

   INR179.9 Million Post Shipment Credit   P4 (Assigned)
   INR64.6 Million Packing Credit          P4 (Assigned)
   INR34.5 Million Line of Credit          P4 (Assigned)
   INR1.0 Million Proposed Short Term      P4 (Assigned)
                   Bank Loan Facility

The rating reflects Rasiklal's exposure to risks relating to
customer concentration, modest scale of operations in the diamond
industry, and moderate financial flexibility.  These weaknesses
are, however, partially offset by the benefits that Rasiklal
derives from the experience of its promoters in the diamond
business.

                        About S Rasiklal

Set up in 1972, Rasiklal is promoted and managed by members of the
Shah family.  Its current partners are Mr. Pravin Shah, Mr. Dinesh
Shah, Mr. Ramesh Shah, Mr Saurabh Shah, Mr Kamlesh Shah and Mr.
Chetan Shah.  The firm operates from its office at Opera House,
Mumbai, and manufactures and exports cut and polished
diamonds.diamonds.

Rasiklal reported a profit after tax (PAT) of INR 7.5 million on
net sales of INR642.3 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of INR 6.6million on
net sales of INR617.5 million for 2006-07.


SHREE HARI: CRISIL Places 'B+' Rating on INR16.5MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Shree Hari Chemicals Export Ltd (SHCEL).

   INR200.0 Million Cash Credit *      B+/Negative (Assigned)
   INR28.5 Million Standby Line of     B+/Negative (Assigned)
                       Credit
   INR16.5 Million Long Term Loan      B+/Negative (Assigned)
   INR70.0 Million Letter of Credit    P4 (Assigned)
   INR6.0 Million Bank Guarantee       P4 (Assigned)

   * Includes Packing Credit sub limit up to maximum of INR80.0
     Million and Bills Discounting sub Limit up to maximum of
     INR 80.0 Million


The ratings reflect concentration in SHCEL's revenue profile, the
commoditised nature of the product, and SHCEL's moderate financial
risk profile.  These weaknesses are, however, partially offset by
the benefits that SHCEL derives from the experience of its
promoters in the textile industry.

Outlook: Negative

CRISIL believes that SHCEL's profitability will be under pressure
over the medium term, and that the company will remain exposed to
revenue concentration risk.  The outlook may be revised to
'Stable' if there is significant improvement in SHCEL's
profitability and debt protection measures.  Conversely, the
rating may be downgraded if the company's profitability margins
and debt protection metrics deteriorate further.

                      About Shree Hari

SHCEL, incorporated in 1987 by Mr. K L Ramuka and Mr. B C Agrawal,
manufactures H-acid, a dye intermediate used in the manufacture of
dyes, mainly required for the cotton textile industry.  Its
manufacturing unit at Mahad (Maharashtra) has capacity to produce
3500 tonnes of H-acid per annum.

SHCEL reported a profit after tax (PAT) of INR48.0 million on net
sales of INR792.6 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR47.3 million on net
sales of INR668.7 million for 2006-07.


U K MONU: CRISIL Places 'B+' Rating on INR1.2 Mln Overdraft Limit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of U K Monu Timbers (U K Monu), a UK Monu group entity.

   INR1.2 Million Overdraft Limit     B+/Stable (Assigned)
   INR100.0 Million Letter of Credit  P4 (Assigned)
                     Limit *  
   * Includes sublimit of INR50.0 million for Foreign
     Currency Demand Loan.

The ratings reflect the group's below-average financial risk
profile, large working capital requirements, small scale of
operations, and exposure to intense competition in the timber-
trading industry.  These weaknesses are mitigated by the benefits
that the group derives from its promoters' experience in the
timber-trading business.

For arriving at the ratings, CRISIL has combined the financials of
UK Monu and Kanachur Seasoning industries, together referred to as
the UK Monu group; this is because both the companies have common
promoters, are in the same line of business, and have inter-firm
transactions.

Outlook: Stable

CRISIL believes that the UK Monu group will maintain its credit
risk profile over the medium term, on the back of its established
presence in the timber-trading business.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves substantially, supported by a sustainable improvement in
operations.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes large, debt-funded capital expenditure, or
if the group's financial risk profile deteriorates due to decline
in margins or major withdrawals by promoters.

                         AboutUK Monu

Established in 1984 at Mangalore, Karnataka, the UK Monu group is
primarily engaged in trading of timber, which contributes 90 per
cent to its total revenues; manufacture of plywood contributes the
balance.  The group imports most of its raw materials from Burma
and Malaysia and sells its products to saw mills in the domestic
market.

The UK Monu group reported a profit after tax (PAT) of INR3.4
million on a turnover of INR232.0 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR4.4
million on a turnover of INR497.9 million for 2006-07.


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


MEDCO ENERGI: To Pay US$50MM in Dividend; Expects Revenue to Drop
-----------------------------------------------------------------
PT Medco Energi Internasional (Medco) said it will pay
shareholders dividends of US$50 million in total or 1.5 cents per
share from the company's 2008 net profits, The Jakarta Post
reports.

Antara News, citing Medco president director Darmoyo Doyoatmodjo,
relates the dividends accounted for 17.8 percent of 2008 net
profit worth US$280.2 million.

Mr. Doyoatmojo told reporters on  Tuesday that the dividends will
be paid on Aug. 21, 2009, the Post says.

Meanwhile, Jakarta Globe reports that Medco is expecting revenue
to fall this year after oil prices dropped from historic highs in
2008.

"Our revenue will be down as the average oil price will be below
last year, and some of our assets have and will be sold this year,
such as Apexindo, and seven oil blocks," Mr. Doyoatmojo was quoted
by the Globe as saying.

According to the Globe, the company is also still in talks with
the government over how much fuel from the Donggi-Senoro gas field
in Southwest Sulawesi would be reserved for domestic use.

Medco posted a US$280.2 million net profit in 2008, a 421 percent
increase from US$6.5 million in the year prior.  The company
booked US$1.286 billion in net revenue last year, an 19 percent
increase over 2007, the Globe says.

                           About Medco

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

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

                          *     *     *

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

The TCR-AP also reported on May 11, 2009, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
PT Medco Energi Internasional Tbk., an Indonesia-based oil and gas
exploration and production company, to 'B' from 'B+'.  The outlook
is stable.  At the same time, S&P also lowered the issue ratings
on the US$176.9 million (US$124.7 million outstanding, net of
treasury notes) convertible bonds due May 12, 2011 issued by Medco
CB Finance B.V. and the US$325.4 million (US$89.2 million
outstanding, net of treasury notes) guaranteed notes due May 22,
2010, issued by MEI Euro Finance Ltd., which are both guaranteed
by Medco.


PERUSAHAAN GAS: To Pay US$97 Million Dividend for 2008
------------------------------------------------------
PT Perusahaan Gas Negara (PGN) said it would pay out dividends to
shareholders worth a total of IDR1 trillion (US$97 million), or
equal to IDR41.74 a share, 58 percent more than 2008's profit of
IDR633.85 billion, Jakarta Globe reported.

"The major shareholder, [the government], views the company as
being in good financial condition, with PGN funds currently
reaching US$537 million, so it won’t be a problem for the
company," Hendi Prio Santoso, PGN’s president director, was quoted
by the Globe as saying.

The company would use the balance of retained earnings from
previous years of IDR2.7 trillion to meet the dividend payout this
year, the report said.

According to the report, PGN capital expenditure for this year is
set to reach US$250 million, with 40 percent coming from the World
Bank and the Japan Bank for International Cooperation, and the
rest from internal funds.

                     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.

The TCR-AP also reported on Dec. 26, 2007, that Standard & Poor's
Ratings Services raised its corporate credit ratings on PT
Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'.  The
outlook on the rating is stable.  At the same time, Standard &
Poor's raised the rating on the senior unsecured debt issued by
PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.


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


AOZORA BANK: In Merger Talks With Shinshei Bank
-----------------------------------------------
Aozora Bank Ltd. today confirmed that it is in merger talks with
Shinsei Bank Ltd. but said that it hasn't yet reached any
decisions on next steps "that need to be disclosed," Dow Jones
Newswires reports.

Dow Jones Newswires, citing an NHK report, says the pair have
reached a basic agreement to merge next year, and that the two
banks will make a formal announcement on the move next month.

People familiar with the situation previously told Dow Jones
Newswires that Aozora, with a market capitalization of JPY229
billion, and Shinsei, valued at JPY229 billion according to its
latest share price, have reached broad agreements that would lead
to a merger by the middle of 2010.

                       About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.


CHIQUITA BRANDS: Says Eastwind Bankruptcy Won't Impact Operations
-----------------------------------------------------------------
Eastwind Maritime Inc. filed a voluntary Chapter 7 petition for
liquidation of the company and most of its subsidiaries in the
U.S. Bankruptcy Court of the Southern District of New York.  An
estate administrator is expected to be appointed by the Court
shortly.  The Company did not provide a reason for the filing.

More than 50 affiliates, including Kura Shipping Ltd. and Probulk
Inc., also filed for Chapter 7.

Eastwind Maritime is a Marshall Islands domiciled shipping
company, operating refrigerated ships.  The Debtors listed assets
and liabilities between $500 million and $1 billion.  Judge Allan
Gropper handles the cases.

Chiquita Brands International, Inc., meanwhile, said it does not
expect Eastwind Maritime's bankruptcy filing to adversely affect
service to Chiquita customers and the delivery of its bananas and
other fresh fruit products.  All of the 12 oceangoing ships that
the company sold in 2007 remain under long-term charter to
Chiquita, including the four ships sold to Eastwind.

"We are taking appropriate steps to protect Chiquita's interests
under these long-term charters," said Waheed Zaman, senior vice
president, product supply organization.  "While Chiquita's
shipping operations represent only a comparatively small part of
Eastwind's business, we have been monitoring developments closely
and are working with the other parties involved in the chartering
relationships to help assure ongoing and timely service to our
customers."

                        About Chiquita Brands

Chiquita Brands International, Inc. -- http://www.chiquita.com/--
is markets and distributes fresh and value-added food products --
from bananas and other fruits to nutritious blends of green
salads.  The company markets its products under the Chiquita(R)
and Fresh Express(R) premium brands and other related trademarks.
The company has annual revenues of nearly US$4 billion, and
employs roughly 23,000 people.

The company's pricipal subsidiaries are: Chiquita Brands, Inc.;
Chiquita Brands Company, North America; Chiquita Citrus Packers,
Inc. (80%); Chiquita Frupac Inc.; Solar Aquafarms, Inc.; Compania
Mundimar, S.A. (Costa Rica); Dunand et Compagnie des Bananas, S.A.
(France; 94%); United Brands Japan, Ltd. (95%); Chiquita Banana
Company B.V. (Netherlands).

                          *     *     *

As reported by the Troubled Company Reporter on April 1, 2009,
Moody's Investors Service changed the rating outlook of Chiquita
Brands International to stable from negative, based on improved
credit metrics in fiscal 2008 due to better pricing in both of its
major segments and higher volumes in North American bananas.  The
company's ratings, including its B3 corporate family and
probability of default ratings, were affirmed.


CSC SERIES: S&P Retains Negative CreditWatch on Various Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on the
class A-2 to class G-3 yen-denominated bonds issued under the CSC,
Series 1 GK transaction would remain on CreditWatch with negative
implications, where they were placed on March 26, 2009.  At the
same time, Standard & Poor's affirmed its rating on the class X
bonds issued under the same transaction.

On March 26, 2009, Standard & Poor's placed its ratings on the
class A-2 to class G-3 bonds on CreditWatch with negative
implications, citing potential uncertainty over the collection of
one of the transaction's underlying loans (representing
approximately 38% of the total initial issue amount of the
commercial mortgage-backed securities.  Specifically, the
potential loan recovery amount may vary depending on the result of
proposed changes to the loan term, contained in an important
notice issued by the servicer.  The proposed changes include
extending the date of the loan's maturity.  Standard & Poor's is
of the opinion that there might be risks associated with the
proposed change to the term of the loan, including the possibility
that the period following a loan default may not in fact be
sufficient to liquidate the property before the final maturity
date of this transaction.

Decisions with respect to the proposed changes have yet to be
taken.  Moreover, another of the underlying loans (representing
about 19% of the total issue amount of the CMBS transaction)
defaulted in May 2009.  Based on the servicing agreement of this
transaction, collection procedures relating to the sale of the
collateral properties backing the defaulted loan are in progress.

Standard & Poor's plans to review the ratings on the class A-2 to
class G-3 bonds after reviewing information contained in the
aforementioned important notice from the servicer, and considering
the current recovery prospects of the collateral properties.

At this point, Standard & Poor's has affirmed its rating on the
class X bonds.  Notwithstanding this, S&P is now requesting
comments on S&P's proposal to amend the rating methodology for
interest-only certificates, which include the class X notes of
this transaction.  If the proposal is adopted, it could affect the
rating on the class X notes.

This is a multi-borrower CMBS transaction. The bonds were
initially secured by 11 nonrecourse loans extended to six
obligors, which were originally backed by 72 real estate trust
certificates and real estate properties.  The transaction was
arranged by Credit Suisse Securities (Japan) Ltd., while ORIX
Asset Management & Loan Services Corp. is the transaction
servicer.

                Ratings Kept On Creditwatch Negative

                         CSC, Series 1 GK
       JPY36.2 billion yen-dominated bonds due November 2012

        Class       Rating                  Initial Balance
        -----       ------                  ---------------
        A-2         AAA/Watch Neg           JPY18.1 bil.
        A-3         AAA/Watch Neg           JPY3.9 bil.
        B-2         AA/Watch Neg            JPY1.7 bil.
        B-3         AA/Watch Neg            JPY1.5 bil.
        C-2         A/Watch Neg             JPY3.2 bil.
        D-2         BBB/Watch Neg           JPY3.2 bil.
        E-2         BBB-/Watch Neg          JPY0.9 bil.
        E-3         BBB-/Watch Neg          JPY0.6 bil.
        F-3         BB/Watch Neg            JPY1.9 bil.
        G-3         B/Watch Neg             JPY1.2 bil.

                         Rating Affirmed

    Class   Rating   Initial Balance
    -----   ------   ---------------
    X*      AAA      JPY36.2 bil. (Initial notional principal)

                        * Interest only


JLOC 41: S&P Downgrades Rating on Class D-2 Notes to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'BBB' its
rating on JLOC 41 LLC.'s class D-2 floating-rate notes and removed
the rating from CreditWatch with negative implications, where it
had been placed on March 25, 2009.  At the same time, Standard &
Poor's placed its ratings on classes A, B, C-1, C-2, C-3, D-1, and
D-3 on CreditWatch with negative implications.

The underlying loan that backed the class D-2 and class C-2 notes
(property sales-type loan representing about 22% of the initial
issue amount of the notes) had defaulted, and according to the
transaction's servicing agreement, collection procedures relating
to the defaulted loan are in progress.  The rating actions on
classes D-2 and C-2 are based on what S&P views as mounting
uncertainty over the recovery prospects of the collateral
properties that ultimately back the defaulted loan.

Meanwhile, there are two other two underlying loans (property
sales-type loans) in the transaction, and the class A, B, C-1, C-
3, D-1, and C-3 notes are backed by these two loans whose sponsor
has filed for corporate reorganization.  To reflect what S&P
believes to be growing uncertainty relating to the sale of the
collateral properties backing the two loans, Standard & Poor's has
placed the ratings on the six aforementioned classes on
CreditWatch with negative implications.

Standard & Poor's intends to review its ratings on the notes
issued under the JLOC 41 LLC's transaction after assessing a
number of factors, including the recovery prospects of the
collateral properties and progress of collection by the servicer
from the sale of the collateral properties relating to the
aforementioned defaulted loan.  S&P also intends to scrutinize the
asset manager's liquidation plan and the sales prospects of the
underlying properties that back the other two loans.

The notes issued under this transaction are backed by three loans
extended to three corporate obligors.  The loans, which were
originated by Morgan Stanley Japan Securities Co. Ltd, were
secured by first-lien mortgage rights to an initial number of 31
real estate trust certificates and real estate properties.  ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.

      Rating Lowered And Withdrawn From Creditwatch Negative

                           JLOC 41 LLC
       JPY23.36 billion floating-rate bonds due February 2015

             Class   To   From            Issue Amount
             -----   --   ----            ------------
             D-2     B    BBB/Watch Neg   JPY0.69 bil.

              Ratings Placed On Creditwatch Negative

                   Class   Rating   Issue Amount
                   -----   ------   ------------
                   A       AAA      JPY15.40 bil.
                   B       AA       JPY2.70 bil.
                   C-1     A        JPY1.07 bil.
                   C-2     A        JPY0.86 bil.
                   C-3     A        JPY0.99 bil.
                   D-1     BBB      JPY0.78 bil.
                   D-3     BBB      JPY0.87 bil.


ORIX-NRL TRU: Moody's Changes Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class C
through H Trust Certificates issued by ORIX-NRL Trust 13.  The
final maturity of the trust certificates will take place in
September 2013.

The individual rating actions are listed below.

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

  -- Class D, downgraded to Baa1 from A3; previously, A3 placed
     under review for possible downgrade on April 14, 2009

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

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

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

  -- Class H, downgraded to Caa1 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

ORIX-NRL Trust 13, effected in January 2007, represents the
securitization of non-recourse loans and specified bonds to eleven
borrowers. The transaction is currently secured by non-recourse
loans and specified bonds to six borrowers.

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

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

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

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

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

                         Category 1 Loans

                       22% of the loan pool

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

                         Category 2 Loans

                       66% of the loan pool

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

                         Category 3 Loans

                       12% of the loan pool

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

                     Special Servicing Loans

                        0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 7% to 23% and 18% for the weighted average, in light of
these factors.

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

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

3) 32% of the loan portfolio will mature in 2010.  Loans that will
   need to be refinanced in a stressed market account for a higher
   percentage of the loan pool.


RADIA HOLDINGS: Applies for Out-of-Court ADR
--------------------------------------------
Radia Holdings Inc. has filed for debt relief under a government-
sponsored program designed to help financially troubled companies,
Bloomberg News reports.

Japan Today relates that the company said the Japanese Association
of Turnaround Professionals accepted its application for out-of-
court alternative dispute resolution proceedings, or ADR.

Under the proceedings stipulated under the industrial
revitalization law, Japan Today says, the association will convene
the first of a string of meetings between Radia Holdings and its
creditors in early July.

Bloomberg News meanwhile reports that the company widened its
full-year net loss outlook to JPY58 billion from JPY14 billion,
citing goodwill devaluations and impairment losses.

                      About Radia Holdings

Radia Holdings Inc., formerly The Goodwill Group Inc., is a Japan-
based company mainly engaged in manpower dispatching and
contracting business.  The company operates in three business
segments.  The Manpower Dispatching and Contracting segment
provides manpower dispatching services and contracting services
that address customer needs.  The Nursing-care and Medical Support
segment is engaged in the provision of home-care services, care
services in facilities and dental examination services at home, as
well as the sale of nursing-care goods and equipment, among
others.  The Others segment is engaged in the restaurant business
and recruitment support business.  The company has 75
subsidiaries.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 24, 2008, JCR downgraded its rating on senior debts of
Goodwill Group Inc. from BB-/Negative to B+/Negative, continuing
placing it under Credit Monitor with Negative direction.

JCR downgraded its rating on the company to BB- and decided to
continue the Negative direction to the Credit Monitor on June 2,
2008 in order to grasp the impact of the lowered trustworthiness
on the performance of the engineer-dispatch operation in
addition to the more-than-expected deterioration in earnings of
the subsidiary, Goodwill Inc.


* S&P Downgrades Ratings on 35 Tranches From 27 Japanese CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 35
tranches relating to 27 Japanese synthetic CDO transactions.  At
the same time, Standard & Poor's removed its ratings on 17 of the
35 tranches from CreditWatch, while keeping the ratings on the
other 18 on CreditWatch with negative implications.  In addition,
Standard & Poor's affirmed its ratings on two tranches and removed
the ratings from CreditWatch with negative implications.

The rating actions are part of its regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.

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

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
            Floating-rate credit-linked notes series 56

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

            Floating rate credit-linked notes series 63

            To               From          Issue Amount
            --               ----          ------------
            CCC-             CCC/Watch Neg JPY3.1 bil.

                          Eirles Two Ltd.
               L1 credit linked secured loan 2004-4

            To               From          Issue Amount
            --               ----          ------------
            A/Watch Neg      AA-/Watch Neg JPY4.0 bil.

                            ELM B.V.
           Global portfolio CDO secured notes series 43

            To               From          Issue Amount
            --               ----          ------------
            CCC-             CCC/Watch Neg $20.0 mil.

       Elysium class B secured credit linked notes series 95

           To               From            Issue Amount
           --               ----            ------------
           CCC-             CCC-/Watch Neg  $40.0 mil.

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


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

                        J-Bear Funding Ltd.
        Limited recourse secured floating rate portfolio
                  credit-linked notes (Series 31)


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

         Limited recourse secured floating rate portfolio
                   credit-linked notes series 36

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

                   Momentum CDO (Europe) Ltd.
       Secured credit-linked notes (Louvre CDO) series 2005-1

       Class  To               From             Issue Amount
       -----  --               ----             ------------
       AF     CCC/Watch Neg    BB-/Watch Neg    JPY1.0 bil.
       AX     CCC/Watch Neg    BB-/Watch Neg    JPY1.5 bil.
       BF     CCC-             B-/Watch Neg     JPY1.0 bil.
       BX     CCC-             B-/Watch Neg     JPY200.0 mil.

      Secured credit-linked notes Louvre II CDO series 2005-2

       Class  To               From             Issue Amount
       -----  --               ----             ------------
       BF     B/Watch Neg      BB+/Watch Neg   JPY1.5 bil.
       BX     B/Watch Neg      BB+/Watch Neg   JPY2.2 bil.

             SONATA floating rate notes series 2006-5

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

                   Omega Capital Investments PLC
                    Floating rate note series 7


       Class  To               From             Issue Amount
       -----  --               ----             ------------
       B      AA+/Watch Neg    AAA/Watch Neg    JPY2.0 bil.
       C1     AA/Watch Neg     AAA/Watch Neg    JPY1.0 bil.
       C2     AA/Watch Neg     AAA/Watch Neg    JPY2.0 bil.
       C3     AA/Watch Neg     AAA/Watch Neg    A$20.0 mil.

               Series 10 secured floating rate notes

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

                          Orpheus II Ltd.
                     Secured credit link notes


       Class  To               From             Issue Amount
       -----  --               ----             ------------
       AF     B                BB/Watch Neg     JPY1.1 bil.
       AX     B                BB/Watch Neg     JPY1.2 bil.

                    Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

        To                From              Issue Amount
        --                ----              ------------
        AA+/Watch Neg     AAA/Watch Neg     JPY4.0 bil.

Class A secured floating rate credit-linked notes series 2005-06

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

     Secured floating rate credit-linked notes series 2006-02

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

     Series 2006-05 secured floating rate credit-linked notes

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

     Series secured floating rate credit-linked 2006-09 notes

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

     Secured floating rate credit-linked notes series 2006-10

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

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

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

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


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

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

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

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

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

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


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

Series 13 limited recourse secured fixed rate credit-linked notes

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

Series 14 limited recourse secured fixed rate credit-linked notes

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

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

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

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

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


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


HO HUP CONSTRUCTION: Unit Subject to Wind-Up Petition
-----------------------------------------------------
Ho Hup Construction Company Bhd disclosed in a regulatory filing
that a winding-up petition has been served on Bukit Jalil
Development Sdn. Bhd. ("BJD"), a major subsidiary of the company,
by Yew Kok Foo, Siew Kim Moey  and Yew Seik Wai ("Petitioners").
The High Court of Malaya at Kuala Lumpur will hear the petition on
August 13, 2009.

Bukit Lalil is indebted to the petitioners for MYR94,153.97 based
on the notice pursuant to Section 218 of the Companies Act 1965,
dated Jan. 22, 2009.

The winding-up petition was filed arising from liquidated
ascertained damages in connection with the delayed completion and
handover of one unit of the two-storey shop house to the
Petitioners as Purchaser.

The company is taking steps to settle the matter before the
hearing of the petition.

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

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


PRIME UTILITIES: Receives Originating Summons from Lembaga Tabung
-----------------------------------------------------------------
Prime Utilities Berhad has been served with Originating Summons
from Lembaga Tabung Angkatan Tentera ("Plaintiff") issued by the
High Court of Kuala Lumpur pursuant to Sections 181A, 181B and
181E of the Companies Act 1965.

The originating summons was served on the ground, among others,
that the officers of the company have not taken any legal action
against Boston Asset Management Pte Ltd for the recovery of PUB
investment sum of MYR108,000,000.00.

The High Court of Kuala Lumpur ordered that:

   (1) leave be granted to the Plaintiff to commence and/or
       bring action against Boston and such other parties
       for recovery of the abovesaid PUB Investment sum;

   (2) leave be granted including any interlocutory
       applications, appointment of officers nominated
       by the Plaintiff to control the conduct of
       proceedings, PUB and its agent and/or Solicitors
       and/or officers and/or employee to provide all
       necassary information and assistance including
       disclosure and make copy of all documents and
       to imdemnify the Plaintiff all costs and expenses
       on the above mentioned proceedings.

The Court has fixed July 3, 2009 as the hearing date.

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the company is engaged in
property development.  The company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


TALAM CORP: Court Extends Unit's Restraining Order to Dec. 26
-------------------------------------------------------------
Talam Corporation Berhad said that the restraining order granted
by the Kuala Lumpur High Court on May 30, 2006, pursuant to
Section 176 (10) of the Companies Act, 1965 to Maxisegar Sdn Bhd,
a wholly-owned subsidiary of the company has been extended for a
period of 180 days effective from June 26, 2009 to December 26,
2009.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 18, 2006, Maxisegar obtained the restraining order from the
court to facilitate the holding of creditors meeting concerning
the implementation of a proposed debt-restructuring scheme.  With
the restraining order in effect, parties are inhibited to conduct
any legal proceedings against the company.  The restraining order
has been extended several times, the TCR-AP noted.

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

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


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


BRIDGECORP LTD: Momi Bay Project Sale in Progress
-------------------------------------------------
The Unit Trust of Fiji is in talks with the Fiji National
Provident Fund to take over its FJD$13.5 million (NZ$10.14
million) interest in the Momi Bay Development project, The
National Business Review report citing the Fiji Times.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The National Business Review said Bridgecorp Ltd
investors' hopes of a return from the NZ$106.6 million poured into
Fiji's Momi Bay resort development are fading as the unfinished
project is set to be sold.

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

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

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

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

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

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


TRIBRO: Nothing Left for Unsecured Creditors, Liquidator Says
-------------------------------------------------------------
Unsecured creditors of Tribro Construction, Tribro Holdings and
many associated companies are unlikely to get their money, The New
Zealand Herald reports citing liquidator John Whittfield.

The Herald, citing Mr. Whittfield's initial report, says that
Tribro Construction and Tribro Holdings owed owed NZ$6.5 million
and NZ$4.7 million, respectively.

Mr. Whittfield, however, said this did not automatically mean a
cumulative NZ$11.2 million loss because the businesses operated
with a large number of inter-company transactions, the report
relates.

According to the report, many of the Tribro businesses run and
owned by the Casey family went into voluntary liquidation last
month.  Mr. Whittfield attributed the businesses' failure to fast
growth and speed of acquisitions, the report notes.


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


NATIONAL POWER: Set to File Cases Against Delinquent Firms
----------------------------------------------------------
The Philippine Daily Inquirer reports that the National Power
Corp. (Napocor) is set to file cases against companies and
contractors that have overdue accounts with the state-run firm.

The Inquirer, citing Napocor president Froilan A. Tampinco,
relates that the accounts are worth at least PHP1.5 billion.

Mr. Tampinco told reporters that Napocor officials have reviewed
all fuel and non-fuel contracts since October last year, the
report says.

Mr. Tampinco, as cited by the Inquirer, said delinquent payments
for non-fuel contracts during the period had already amounted to
at least PHP500 million, while fuel contracts could possibly reach
some PHP1 billion.

Tampinco said he would seek clearance from the Napocor board to go
after delinquent firms after presented his recommendations to
Energy Secretary Angelo T. Reyes, the report relates.

Separately, the Inquirer reports that Napocor plans to tap the
debt market to raise as much as PHP7 billion for the capital
requirements mainly of its Small Power Utilities Group (SPUG).

According to the report, Mr. Tampinco said the state company
needed to borrow for its SPUG operations since these were not
included in the programmed expenditures of Power Sector Assets and
Liabilities Management Corp.

Mr. Tampinco said the PHP7 billion would support SPUG operations
for the rest of the year and the early part of 2010, the report
relates.

Napocor planned to tap Development Bank of the Philippines as its
financial adviser for the planned borrowings.  It is also in talks
with several banks for possible financing arrangements

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                         *     *     *

National Power Corp. continues to carry Moody's Investors
Service 'B1' senior unsecured debt rating.  The company also
continues to carry Standard & Poor's 'BB-' LT Foreign Issuer
Credit rating and 'BB+' LT Foreign Issuer Credit rating.


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


BANK ALJAZIRA: Fitch Downgrades Individual Rating to 'C/D'
----------------------------------------------------------
Fitch Ratings has affirmed Saudi Arabia-based Bank Aljazira's
ratings at Long-term Issuer Default 'A-' with Stable Outlook,
Short-term IDR 'F2', Support '1' and Support Rating Floor 'A-'.
At the same time, its Individual Rating has been downgraded to
'C/D' from 'C'.

The IDRs and Support rating reflect the extremely high probability
of support from the Saudi Arabian authorities, if needed. Fitch's
opinion of likely support is based on the long history of support
for banks in Saudi Arabia.

The downgrade in BAJ's Individual rating reflects Fitch's concern
that previous rapid loan growth may lead to asset quality problems
as the loan book seasons and the impact that the domestic economic
slowdown will have on the bank's prospects.  It also takes into
account the bank's relatively small franchise in Saudi Arabia, and
concentrations in loans and deposits.  Although BAJ is reducing
its reliance on brokerage income, sharp falls in prices and
volumes on the local stock market have negatively impacted
profitability.

BAJ's net income for Q109 declined 33% yoy, following a
significant decline in stock market- related revenues (brokerage
from equities and losses on investments).  BAJ's cost/income ratio
deteriorated to 70% in 2008 (2007: 46%), due to significantly
lower income.  Asset quality ratios at end-2008 were good,
flattered by rapid loan growth, although Fitch expects these to
weaken due to the deteriorating operating environment.  BAJ is
well-capitalized, with a tier 1 ratio at end-Q109 of 18.2%.

BAJ is one of the smallest of the established Saudi commercial
banks, with a market share of 2.2% of system assets at end-2008.
It is active in corporate lending, trade finance and share
brokerage.  In recent years BAJ has increasingly focused on
Islamic banking, offering a number of innovative products to its
customers.  The bank's activities became fully Shari'ah-compliant
at the start of 2007.  BAJ's largest shareholders include the Al-
Rashed group (22.2%), Brothers Union for Development (6.5%) and
The National Bank of Pakistan (5.8%).


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


CJ GLS: Creditors' Proofs of Debt Due on July 20
------------------------------------------------
CJ GLS (S) Infotech Pte Ltd, which is in voluntary wind-up,
requires its creditors to file their proofs of debt by July 20,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


GLORY WEALTH: Court to Hear Wind-Up Petition on July 10
-------------------------------------------------------
A petition to have Glory Wealth Shipping Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 10, 2009, at 10:00 a.m.

Hanjin Shipping Co. Ltd filed the petition against the company on
May 15, 2009.

The Petitioner's solicitors are:

          Messrs Rajah & Tann LLP
          No. 4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


GOLDEN ORIENTAL: Court to Hear Wind-Up Petition on July 3
---------------------------------------------------------
A petition to have Golden Oriental Pte Ltd's operations wound up
will be heard before the High Court of Singapore on July 3, 2009,
at 10:00 a.m.

Golden Oriental Pte Ltd filed the petition against the company on
June 11, 2009.

The Petitioner's solicitors are:

          ComLaw LLC
          65 Chulia Street #43-03
          OCBC Centre
          Singapore 049513


JAVA FUSION: Court to Hear Wind-Up Petition on July 3
-----------------------------------------------------
A petition to have Java Fusion Pte Ltd's operations wound up will
be heard before the High Court of Singapore on July 3, 2009, at
10:00 a.m.

Wong Moi filed the petition against the company on June 9, 2009.

The Petitioner's solicitors are:

          ComLaw LLC
          65 Chulia Street #43-03
          OCBC Centre
          Singapore 049513


SENG SIT: Court to Hear Wind-Up Petition on July 3
--------------------------------------------------
A petition to have Seng Sit Building Materials Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on July 3, 2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
June 9, 2009.

The Petitioner's solicitors are:

          Messrs Rajah & Tann LLP
          4 Battery Road, #15-01
          Bank of China Building
          Singapore 049908


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


HUA NAN BANK: To Buyback NT$6.3 Billion PEM Group Products
----------------------------------------------------------
Kevin Chen at the Taipei Times reports that Hua Nan Commercial
Bank said it would repurchase NT$6.365 billion (US$193 million) in
Private Equity Management (PEM) Group products it sold earlier to
local investors.

Citing a Chinese-language newspaper, Taipei Times relates that the
lender might pay as much as NT$8.5 billion as part of any buyback
and that the company estimated it might have to book a loss of
NT$5.1 billion.

According to the report, the Commercial Times said that the figure
includes US$205.8 million in securities sold by the bank and
NT$1.68 billion in PEM Group securities sold by Hua Nan Investment
Trust Corp.

Taipei Times recounts that according to a Chinese-language
newspaper Apple Daily, Hua Nan Bank was assessing the possibility
of selling land in Taipei’s Nangang District and would use the
proceeds to compensate investors for losses involving PEM Group
securities.

The report, citing Hua Nan Bank in a stock exchange filing, says
the lender dismissed market concerns over capital availability in
the planned buyback saying it would use its own capital to conduct
the repurchase.

Hua Nan Bank said that it was evaluating potential losses from the
buyback and would announce how large the one-time write-off would
be, Taipei Times relates.

Several other local financial institutions earlier this month
began working to buy back PEM Group products that they sold to
investors after the founder of the US-based company, Danny Pang,
was accused by US federal regulators of defrauding investors out
of hundreds of millions of dollars in a ponzi scheme, according to
Taipei Times.  The company is now under investigation for fraud in
the US.

Based in Taiwan, Hua Nan Commercial Bank is a banking unit of Hua
Nan Financial Holdings Co., Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
June 11, 2009, Fitch Ratings took various rating actions on four
Taiwanese banks with exposure to the PEM group following the
agency's assessment of the likely negative impact on their
financialstanding, and after a review of their latest available
Q109 results.  The rating actions include Outlook revisions to
Negative from Stable on Bank SinoPac and Taichung Commercial
Bank's Issuer Default Ratings, as well as affirmation of all of
Standard Chartered Bank (Taiwan) Limited's and Hua Nan Commercial
Bank's ratings.

The rating actions for Hua Nan Bank are:

  -- Long-term foreign currency IDR affirmed at 'BBB+',
  -- Short-term foreign currency IDR affirmed at 'F2',
  -- National Long-term rating affirmed at 'AA-(twn)',
  -- National Short-term rating affirmed at 'F1(twn)',
  -- Individual affirmed at 'C/D',
  -- Support affirmed at '2',
  -- Support Rating Floor affirmed at 'BBB+', and
  -- Outlook is 'Stable'.


=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================


SHUAA CAPITAL: Moody's Downgrades Long-Term Issuer Ratings to 'B1'
------------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign and
local currency issuer ratings of Shuaa Capital PSC by three
notches to B1 from Ba1 and placed them on review for further
possible downgrade. Shuaa's Not Prime short-term ratings are not
affected.  The rating downgrade represents a one-notch reduction
in the standalone rating of Shuaa and the elimination of the two-
notch uplift previously given on account of potential parental
support considerations.

Moody's rating action was prompted by the growing uncertainties
surrounding the conversion by the Dubai Banking Group (DBG, a
subsidiary of Dubai Group) of senior debt into equity in Shuaa.
DBG has refused to accept the shares that Shuaa issued in relation
to a AED1.5 billon (US$408 million) convertible note and requested
to be redeemed in cash.  Although the legality of this request
appears unclear given the terms in the 'original note
certificate', Moody's believes that Shuaa's creditworthiness is
subjected to considerable threat if DBG's decision becomes
enforceable, giving rise to a significantly higher risk of
default.  In addition, Moody's is concerned that Shuaa's access to
liquidity could be negatively affected by the extended public
wrangling over the convertible note.  Cancelable bank lines make
up an important part of Shuaa's funding.

On the other hand if the dispute is settled shortly and the notes
convert into common equity, Moody's will consider the rating of
Shuaa based on the facts at that time.

According to the original note certificate, the note was supposed
to have been converted into 250 million shares in Shuaa's equity
on October 31, 2008, giving DBG a direct ownership stake of 32%.
Following disagreements as to the terms of the conversion, the two
parties signed an agreement on November 2, 2008, to extend the
maturity date for a year to October 31, 2009 (extendable to
October 31, 2010), subject to certain conditions.  Moody's
understands that, since then, the two parties have been in
negotiations regarding the conversion terms.

Moody's believes that the recent escalation in the dispute between
the two parties, as covered in the media, does not allow it to
continue to impute any support from the Dubai government for Shuaa
and thus will no longer apply the government-related issuer
methodology to the rated entity.  Shuaa's rating had previously
benefited from two notches of uplift from its 'standalone'
baseline credit assessment of Ba3, but this uplift no longer
applies.  In addition, examining the deteriorating financial
fundamentals of Shuaa and its heavy dependence on short-term
credit lines, Moody's has further downgraded the ratings to B1
from Ba3 and placed them on review for further downgrade.

Moody's previous rating action on Shuaa Capital was implemented on
April 16, 2009, when the rating was downgraded by two notches to
Ba1, reflecting the company's deteriorating fundamentals.  The
outlook on the ratings was negative.

Established in 1979, Shuaa is one of the oldest and leading
investment banking institutions in the Gulf region.  It is
actively involved in public and private capital markets in the
Arab region generally, with a special emphasis on the UAE and the
five other members of the GCC, namely Bahrain, Kuwait, Oman, Qatar
and Saudi Arabia.  Shuaa handles six core business lines:
principal investments, asset management, investment banking,
brokerage, private equity and finance.  As of December 31, 2008,
Shuaa reported total consolidated assets of US$1.191 billion under
IFRS.


                         *********

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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