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                            A S I A   P A C I F I C

               Friday, June 26, 2009, Vol. 12, No. 125

                            Headlines

A U S T R A L I A

ABC LEARNING: Founder to Fight in Court Over Asset Freeze
CENTRO PROPERTIES: Appoints Three New Directors
GREAT SOUTHERN: Investors May Launch Legal Action Against Adbank
LANDMARK LEISURE: Banker Placed Four Pubs Under Receivership
OPES PRIME: Judge Okays Creditor Vote for AU$253-Mln Settlement

RAPTIS GROUP: Lodges DOCA With ASX; Director Quits
STORM FINANCIAL: BoQ Clarifies Relationship With Storm Customers


C H I N A

CHINA CONSTRUCTION: To Setup Joint Venture With Banco Santander
CHINA MINSHENG: Raises US799 Million from Selling Haitong Stocks


H O N G  K O N G

ASIA ALUMINUM: Norsk Hydro Drops Bid to Acquire Firm
CORUS SPECIAL: Chiu Quits as Liquidator
HILLWAY INVESTMENT: Court to Hear Wind-Up Petition on July 29
INSURANCE FINANCIAL: Members' Final Meeting Set for July 24
KING H.K.: Creditors' Proofs of Debt Due on July 3

KONLEX INVESTMENTS: Members' Final Meeting Set for July 20
OCEANYIELD INVESTMENTS: Seng and Lo Step Down as Liquidators
ORIENTAL COUNTRY: Members' Final Meeting Set for July 20
SCRIPT SECURITISATION: S&P Withdraws Ratings on Two Note Series
SKY BLOOM: Court to Hear Wind-Up Petition on July 15

THE GREENWICH: Ying Quits as Liquidator


I N D I A

AKOT URBAN: RBI Cancels License Due to Insolvency
AIR INDIA: Gov't. Offers Aid, Asks for Restructuring Plan
SIDHIVINAYAK FILAMENTS: ICRA Rates INR70MM Cash Credit at "LBB"
SONA ALLOYS: CARE Assigns 'BB-' Rating on INR225.80cr LT Bank Loan
UNISTAR GALVANISER: Fitch Assigns 'B+' National Long-Term Rating

VISHNU CHEMICALS: Delay in Loan Repayment Cues CRISIL 'D' Rating


J A P A N

CAFES 4: Moody's Changes Ratings on Various Trust Certificates
CITIGROUP INC: Three Firms Remain in Bidding for Nikko Asset
JLOC XI: Moody's Changes Ratings on Various Classes of Notes
SANYO ELECTRIC: Panasonic May Acquire Firm by September
SHINSEI BANK: Names Rahul Gupta as Director


M A L A Y S I A

HO HUP CONSTRUCTION: Extraordinary General Meeting Set for July 8
TENGGARA OIL: Faces Labour Suit from Former Employee


N E W  Z E A L A N D

SOUTHERN CLEANING: Placed in Liquidation
* NEW ZEALAND: Annual Gross Domestic Product Declines 1% in March
* NEW ZEALAND: Falling Imports Narrow Current Account Deficit


S I N G A P O R E

BESTEM INDUSTRIES: Pays First and Final Dividend
CONTIPAC SHIPPING: Creditors' Proofs of Debt Due on July 3
GAO JIA: Court to Hear Wind-Up Petition on July 3
KHAMNEE ENGINEERING: Pays Second and Final Dividend


U N I T E D  A R A B  E M I R A T E S

GULF GENERAL: Fitch Withdraws Issuer Default Rating at 'BB'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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ABC LEARNING: Founder to Fight in Court Over Asset Freeze
---------------------------------------------------------
ABC Learning Centre founder Eddy Groves intends to fight in the
Federal Court in Sydney to prevent the Australian Securities &
Investments Commission from confiscating his passport and freezing
his assets, The Sydney Morning Herald reports.

An ASIC spokeswoman confirmed on Thursday that ASIC has now begun
legal action in the Federal Court to seize Mr. Grove's passport
and freeze his assets, the Herald says.

The Herald relates that ASIC is also seeking to freeze some of the
assets of Mr. Grove's wife of five months, Viryan Collins-Rubie.

Citing news reports, the Herald says Mr. Groves wants to appear in
the Federal Court in Sydney on Tuesday, June 30, to prevent the
move.

                    About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/ -- provides childcare services and
education in more than 1,200 centres in Australia, New Zealand,
the United States and the United Kingdom.  The company's
subsidiaries include ABC Developmental Learning Centres Pty Ltd,
ABC Early Childhood Training College Pty Ltd, Premier Early
Learning Centres Pty Ltd, ABC  Developmental Learning Centres (NZ)
Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


CENTRO PROPERTIES: Appoints Three New Directors
-----------------------------------------------
Centro Properties Group has appointed three new non-executive
directors to each of Centro Properties Limited and CPT Manager
Limited board.

The group said that Anna Buduls, Susan Oliver and Robert Tsenin
will be appointed after the company's 2009 statutory accounts are
finalised in September.  At that time, Graham Goldie, Sam
Kavourakis and Peter Wilkinson will retire from the board.

Chairman Paul Cooper said "Centro's Board and management are very
pleased to announce this significant achievement in the Board
renewal process with the appointment of candidates with such
breadth and strength of experience.  This is an important step
forward in our efforts to simplify our group structure and restore
value for our investors.  The process was rigorous and exhaustive,
and we believe these candidates will serve the company well as it
moves forward."

Ms. Buduls has held a number of non-executive directorships
including AWB Limited, Freedom Group Limited, Dairy Australia
Limited, Hamilton James and Bruce Group, Mirvac Group Limited and
The Smith Family.

Ms. Oliver has held a number of executive roles including senior
roles with Andersen Consulting, Invetech P/L, the Australian
Commission for the Future Limited and the Government of Victoria
in the Ministry of Housing and the Department of Industry,
Technology and Resources, where she was General Manager.

Mr. Tsenin has held a number of executive roles including Managing
Director of Goldman Sachs (Australia) Limited, Finance Director of
Lend Lease Corporation Limited and Senior Adviser on real estate
related matters with the Lazard Group in London.

The candidates will be appointed only to the Boards of Centro
Properties Limited and CPT Manager Limited, not to the Boards of
Centro Retail Trust (CER).

                    About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings on
Centro Properties Group to 'CCC+' with negative implications
reflecting the potential of the group's assets to be sold in
softening market conditions, particularly in the U.S.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


GREAT SOUTHERN: Investors May Launch Legal Action Against Adbank
----------------------------------------------------------------
More than 30 investors in Great Southern Ltd are seeking legal
advice, including possible legal action against Bendigo and
Adelaide Bank, The Advertiser reports.

Melbourne firm MW Law told The Advertiser that the investors claim
they were the target of "opportunistic'' and "highly pressured''
lending practices.

The report, citing MW Law executive director Grant Darling, says
any future legal action would be against the bank which sold
loans, on behalf of Great Southern from 2003, initially through
Adelaide Bank.

According to the Adverstiser, Bendigo and Adelaide Bank has
exposure to the collapsed Great Southern group through its AU$615
million in loans to 8,500 investors.

The report relates that those investors are still bound by loan
agreements to make repayments on average loans worth about
AU$75,000 attracting interest of between 11 per cent and 15 per
cent, for those in arrears.

MW Law is now working towards the loans being declared
unenforceable because they hadn't been property structured, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2009, the directors of Great Southern Limited and Great
Southern Managers Australia Limited have appointed Martin Jones,
Andrew Saker, Darren Weaver and James Stewart of Ferrier Hodgson
as joint and several administrators of the two companies and the
majority of their subsidiaries.

On May 20, 2009, the TCR-AP, citing the Sydney Morning Herald,
reported that McGrathNicol had been appointed receivers to the
company and certain of its subsidiaries by a security trustee on
behalf of a group of secured creditors.

Citing figures released by the administrators, the Sydney Morning
Herald discloses that as of April 30, 2009, Great Southern had
total liabilities of AU$996.4 million, including loans and
borrowings of AU$833.9 million.  The loans and borrowings included
AU$375 million from the group banks.  The secured creditors
include ANZ, Commonwealth Bank and BankWest.

Great Southern manages about 43,000 investors through 45 managed
investment schemes.  The group owns and leases approximately
240,000 hectares of land.  It also owns more than 150,000 cattle
across approximately 1.5 million hectares of owned and leased
land.

                     About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.


LANDMARK LEISURE: Banker Placed Four Pubs Under Receivership
------------------------------------------------------------
The Landmark Leisure Group, which owns the legendary gay Sydney
pub, the Oxford Hotel in Darlinghurst, has been placed into
receivership, a report posted at sxnews.e-p.net says.

The report, citing The Australian Financial Review, says that the
company - which also controls the Vegas and Mansions hotels in
Kings Cross, and the Peakhurst Inn - was placed into receivership
on Tuesday, June 23.

BankWest, which is owed AU$90 million, has taken charge of the
hotels and appointed a receiver, Peter Walker, from the insolvency
firm Ferrier Hodgson, The Brisbane Times reports.

The Times says that Tony Woodward, the part-owner of the hotels,
claimed revenues had fallen by "up to half" since the 2:00 a.m.
lockout was introduced in December.

According to the Times, some industry figures questioned
Mr. Woodward's claim that the lockout was to blame for the pubs'
financial woes, suggesting a fiercely competitive market and high
debt were to blame.


OPES PRIME: Judge Okays Creditor Vote for AU$253-Mln Settlement
---------------------------------------------------------------
A Federal Court judge has cleared the way for Opes Prime creditors
to vote on a AU$253 million settlement offer proposed by ANZ
Banking Group and Merrill Lynch under a scheme of arrangement
despite the fact parts of it appeared to be unfair to some
creditors, Susannah Moran at The Australian reports.

The Australian relates that after several hours of legal argument
that involved lawyers in three states appearing via a special
video hook-up in the Federal Court, judge Ray Finkelstein said the
scheme, with some small amendments, should be put to creditors,
who could then take further court action.

"There is no part of the scheme which is so unfair that I would
not approve the scheme, regardless of what the creditors resolve,"
Justice Finkelstein said was quoted by the report as saying.
"That is not to say there may be serious problems with the scheme
on the fairness question."

Judge Finkelstein said court action could still be taken but that
creditors needed to meet first to discuss the scheme.

As reported in the Troubled Company Reporter-Asia Pacific on
March 9, 2009, the Australian Securities and Investments
Commission (ASIC) unveiled proposed settlement for Opes Prime
investors.  In a statement released March 6, ASIC said that it
would provide the necessary releases to allow a settlement offer
to be put to Opes Prime investors, which is expected to deliver a
sum of AU$253 million and a return of around 40 cents in the
dollar to creditors of Opes Prime, which includes investors.  The
return is based on the value of potential creditors claims as
at March 27, 2008, when Opes Prime went into administration, ASIC
said in a statement.  The settlement offer is subject to both the
approval by Opes Prime creditors and court approval of a creditors
scheme of arrangement giving effect to the offer.  The proposed
settlement follows mediation between ASIC, the ANZ Banking Group
Ltd, Merrill Lynch (International) Australia Pty Ltd and the
liquidator of Opes Prime Stockbroking Limited.  ASIC said major
objective in encouraging the mediation was to recover compensation
for investors without the need for costly litigation and multiple
actions.  Under the terms of the mediated settlement, ASIC has
agreed, if the offer is approved by Opes Prime creditors and the
Court, not to pursue these actions against ANZ and Merrill Lynch,
who are parties to the settlement offer.

For the scheme to succeed, The Australian relates, more than 50
per cent of creditors by number, and at least 75 per cent by
value, must vote in favor of the proposal at the meeting in July.

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.

The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate the company.

According to the Australian Associated Press, the decision of the
creditors will allow the liquidator to pursue claims against Opes
Prime's secured creditors -- ANZ Bank and Merrill Lynch -- that
were not available to the administrator.

The AAP related that about 1,200 Opes clients lost shares they had
placed with Opes in return for margin loans, when the major
secured creditors of Opes -- ANZ, Merrill Lynch, Dresdner
Kleinwort -- began selling a pool of nearly AU$1.6 billion in
shares soon after the Opes collapse, in a bid to recover money
owed to them by Opes.

Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.


RAPTIS GROUP: Lodges DOCA With ASX; Director Quits
--------------------------------------------------
Raptis Group has lodged a deed of company arrangement with the
Australian Securities Exchange, a move that would make creditors
closer to seeing some return, The Australian reports.

The company also disclosed that founder Jim Raptis's wife Helen
had become a director, while long-time director Ian Morrison had
resigned from the board, according to The Australian.

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

According to The Age, the administrators were assessing the books
of the group of companies founded by Jim Raptis.

"Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million," the Age quoted Mr. Silvia as saying.

Raptis Group, according to the Australian, has more than
AU$1 billion in total liabilities.

As reported in the TCR-AP on Apr. 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.

The Australian related the DOCA involves a debt-for-equity swap
that will result in creditors owning 40 million shares in the
publicly listed group.  It also paves the way for the group's
relisting on the Australian Stock Exchange, after being suspended
since September 12 last year.

                        About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended June
30, 2007 (fiscal 2007), it acquired a 100% interest in a number of
companies, including Alexia Investments Pty Limited, Baronvale Pty
Limited, Building Services (QLD) Pty Limited, Civic Glass &
Aluminum Pty Limited and Civic Manufacturing Pty Limited.  During
fiscal 2007, the company's 100% owned subsidiaries, Amaristine Pty
Limited, Korelli Pty Limited, Waters Edge Management Pty Limited
and Solero Pty Limited were de-registered.


STORM FINANCIAL: BoQ Clarifies Relationship With Storm Customers
----------------------------------------------------------------
The Bank of Queensland Ltd (BoQ) has clarified its position on its
dealings with Storm Financial and Storm customer accounts.

Based on the bank's knowledge and enquiries to date, BoQ said that
there is no evidence of improper or dishonest practices or conduct
by the bank in connection with Storm clients.

BoQ also said there also was no evidence that it has engaged in
any misleading and deceptive conduct or unconscionable conduct in
relation to its lending to Storm clients.

The bank had around 319 customers associated with Storm, with
aggregate loans of around $105 million.  All loan files are
secured by residential property, BoQ said in statement.

BoQ said it provided Storm customers with home equity loans, not
margin loans.

BOQ said it has not received legal proceedings from Slater &
Gordon nor under formal investigation by the Australian Securities
and Investments Commission.

BoQ also said it was not a corporate banker of Storm Financial.
The bank denies it did had any commission or bonus relationship
with Storm Financial, and had provided financial or investment
advice to Storm Financial customers.

The bank said it appreciated that a number of Storm Financial
customers had been negatively impacted by the downturn in the
sharemarket and are suffering financial stress as a result.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2009, The Australian said that clients of Storm Financial
Ltd who took out margin loans with the Bank of Queensland are
unlikely to avoid a court battle, unlike those who dealt with the
Commonwealth Bank.

According to the Australian, the CBA's spectacular decision last
week to admit there were "shortcomings" in the way it had lent
money to Storm clients is expected to lead to an out-of-court
resolution of issues later this year.

The Australian said lawyers representing Storm clients who
took out loans with the BoQ, however, feel the courts are their
only option because the bank refuses to enter into discussions
with them.

CBA's approach was "in complete contrast to the attitude of the
Bank of Queensland, which is thumping their chest and pretending
it is nothing to do with them," the Australian cited Damian
Scattini, a lawyer with Slater & Gordon, the law firm representing
1300 former clients of Storm Financial, as saying.  "They will
have to tell that to the judge, I guess, if they are not going to
follow the lead of a responsible bank," he said.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2009, that the Commonwealth Bank of Australia admitted
shortcomings in the way it lent money to about 2,500 clients of
Storm Financial Limited.

In a statement released on June 17, CBA acknowledged the position
in which some Storm Financial clients find themselves, while not
caused directly by the Bank, involves the Bank to some degree.

CBA said it will immediately suspend repayment obligations until
August 31, 2009, for all loans made to customers in relation to
Storm Financial.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
(ASIC) won its bid to liquidate Storm Financial Group after the
Federal Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.


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CHINA CONSTRUCTION: To Setup Joint Venture With Banco Santander
---------------------------------------------------------------
China Construction Bank Corp. plans to set up a venture with Banco
Santander SA to provide banking services in China's rural areas,
Bloomberg News reports citing people with knowledge of the matter.

According to Bloomberg News, the three people said Construction
Bank aims to set up as many as 100 separate units together with
Santander that specialize in financing farmers and rural
businesses.

Construction Bank, with over 13,000 outlets in cities nationwide,
set up its first rural banking unit in December in central Hunan
province, investing CNY25.5 million for a 51 percent stake,
Bloomberg News relates.  It opened another one in southeast
Zhejiang province last month, with a 35 percent stake.

Bloomberg News states that Santander would join HSBC Holdings Plc
and Citigroup Inc. in tapping China's countryside, where the
central bank estimates two-thirds of the 700 million inhabitants
lack access to banking.  Santander's tie-up with Construction Bank
would enable its Chairman Emilio Botin to gain immediate access to
the world's fastest-growing major economy, the report notes.

Headquartered in Madrid, Spain, Banco Santander, S.A. (NYSE:STD)
-- http://www.santander.com/-- is a banking company.  At the
primary level, its operating units are segmented by geographical
areas, such as Continental Europe, United Kingdom and Latin
America.  The primary level of segmentation also includes the
Financial Management and Equity Stakes segment.  At the secondary
level, the Bank's operating units are segmented by various types
of business: Retail Banking, Global Wholesale Banking, and Asset
Management and Insurance.  The Company continues to maintain the
area of Financial Management and Equity Stakes.  In January 2009,
the Company transferred its interest in Alliance & Leicester plc
to Abbey.  On October 14, 2008, the Company bought the remaining
75.65% it did not own in Sovereign Bancorp.  In May 2008, it
completed the sale of Antonveneta to Banca Monte dei Paschi di
Siena.  In August 2008, it acquired RoadLoans from Triad Financial
Corp.  On October 10, 2008, it acquired Alliance & Leicester, and
on September 29, 2008, it acquired Bradford & Bingley.

              About China Construction Bank

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

                         *     *     *

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


CHINA MINSHENG: Raises US799 Million from Selling Haitong Stocks
----------------------------------------------------------------
China Minsheng Banking Corp. raised CNY5.46 billion (US$799
million) selling Haitong Securities Co. stock, Bloomberg News
reports.

The report, citing China Minsheng in a Shanghai Stock Exchange
statement, says the the lender sold 381 million Haitong shares at
an average price of CNY14.33 up to June 22.

Bloomberg News recounts that China Minsheng was urged by the
regulator to sell its entire Haitong stake before June 29 as
China's banking laws require lenders to sell any foreclosed loan
collateral within two years of taking possession.

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

                          *     *     *

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


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H O N G  K O N G
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ASIA ALUMINUM: Norsk Hydro Drops Bid to Acquire Firm
----------------------------------------------------
Norsk Hydro ASA scrapped a plan to bid for Asia Aluminum Holdings
Ltd., Tom Kohn and Brett Foley at Bloomberg News report citing
Asia Aluminum's liquidator.

Bloomberg News, citing Rod Sutton, joint provisional liquidator at
Ferrier Hodgson Ltd., says no new offers are currently on the
table.

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

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

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

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

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

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

                   Discounted Debt Buyback

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

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

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

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

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

                           Tender Offer

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

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

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

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

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

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

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

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

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

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

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

               About Asia Aluminum Holdings Limited

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

                          *     *     *

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

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


CORUS SPECIAL: Chiu Quits as Liquidator
---------------------------------------
On June 15, 2009, Ying Hing Chiu stepped down as liquidator of
Corus Special Strip Asia Limited.


HILLWAY INVESTMENT: Court to Hear Wind-Up Petition on July 29
-------------------------------------------------------------
A petition to have Hillway Investment Limited's operations wound
up will be heard before the High Court of Hong Kong on July 29,
2009, at 9:30 a.m.

Wong Wai Ping filed the petition against the company on May 13,
2009.


INSURANCE FINANCIAL: Members' Final Meeting Set for July 24
-----------------------------------------------------------
The members of Insurance Financial Planning (HK) Limited will hold
their final meeting on July 24, 2009, at 11:00 a.m., at Unit 1005,
10th Floor of Tower B, Hunghom Commercial Centre, 37 Ma Tau Wai
Road, in Kowloon, Hong Kong.

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


KING H.K.: Creditors' Proofs of Debt Due on July 3
--------------------------------------------------
The creditors of King H.K. Investments Limited are required to
file their proofs of debt by July 3, 2009, to be included in the
company's dividend distribution.

Fenn Kar Bak Lily and Tse To Chuen are the company's liquidators.


KONLEX INVESTMENTS: Members' Final Meeting Set for July 20
----------------------------------------------------------
The members of Konlex Investments Limited will hold  their final
meeting on July 20, 2009, at 11:00 a.m., at Room 903, 9th Floor of
Po Yip Building, 23 Hing Yip Street, Kwun Tong in Kowloon, Hong
Kong.

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


OCEANYIELD INVESTMENTS: Seng and Lo Step Down as Liquidators
------------------------------------------------------------
On June 19, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Oceanyield Investments Limited.


ORIENTAL COUNTRY: Members' Final Meeting Set for July 20
--------------------------------------------------------
The members of Oriental Country Development Limited will hold
their final meeting on July 20, 2009, at 11:00 a.m., at the 15th
Floor of Luk Hop Industrial Building, 8 Luk Hop Street, San Po
Kong, in Kowloon, Hong Kong.

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


SCRIPT SECURITISATION: S&P Withdraws Ratings on Two Note Series
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Series
2005-1 and Series 2005-2 notes issued by Script Securitization Pty
Ltd. Southern Cross.  The ratings withdrawals follow redemptions
of the notes on their respective scheduled maturity dates after
payments of the transactions' full principal and interest amounts.

The rating actions on the affected classes of notes are:

Deal Name                           Rating To   Rating From
Script Securitisation Pty Ltd.
Southern Cross 2005-1 - Class A1   NR          AAA
Script Securitisation Pty Ltd.
Southern Cross 2005-1 - Class A2   NR          AAA
Script Securitisation Pty Ltd.
Southern Cross 2005-1 - Class B    NR          AA
Script Securitisation Pty Ltd.
Southern Cross 2005-1 - Class C    NR          BBB/Watch Neg
Script Securitisation Pty Ltd.
Southern Cross 2005-2              NR          BB/Watch Neg


SKY BLOOM: Court to Hear Wind-Up Petition on July 15
----------------------------------------------------
A petition to have Sky Bloom Logistics Limited's operations wound
up will be heard before the High Court of Hong Kong on July 15,
2009, at 9:30 a.m.

Lau Tsz To filed the petition against the company on May 4, 2009.


THE GREENWICH: Ying Quits as Liquidator
---------------------------------------
On June 15, 2009, Ying Hing Chiu stepped down as liquidator of The
Greenwich Group Asia (2001) Limited.


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


AKOT URBAN: RBI Cancels License Due to Insolvency
-------------------------------------------------
The Reserve Bank of India on June 20, 2009 ordered the
cancellation of The Akot Urban Co-operative Bank Ltd's license
after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Maharashtra to wind up the
Bank and appoint a liquidator.

RBI's decision came after determining that The Akot Urban Co-
operative Bank Ltd has ceased to be solvent and has already caused
inconvenience to its depositors.

According to RBI, the Bank's financial accounts as of March 31,
2008, revealed that the bank was not complying with several
provisions of the Banking Regulation Act 1949 (As applicable to
Cooperative Societies) and had also violated several RBI
guidelines / instructions.  The realizable value of capital and
reserves (Net Worth) of the bank had become negative.  The bank
was placed under directions under Section 35A of the Banking
Regulation Act 1949 (As Applicable to Cooperative Societies) vide
order dated January 1, 2009, precluding it from incurring any
liability.

RBI had issued a show cause notice to the bank on Jan. 13, 2009,
asking it as to why its license to conduct banking business should
not be canceled.  As the Bank did not have a viable plan of action
for its revival or any proposal for its merger, RBI cancelled the
Bank's license in the interest of its depositors.

As the realizable value of bank's paid-up capital and reserves was
negative and the chances of its revival were remote in the absence
of a viable action plan, the Reserve Bank of India took the
extreme measure of cancelling license of the bank after examining
all options for its revival, in the interest of the bank's
depositors.

Consequent to the cancellation of its licence, The Akot Urban Co-
operative Bank Ltd., Akot , (Maharashtra) is prohibited from
carrying on 'banking business' as defined in Section 5(b) of the
Banking Regulation Act, 1949(As Applicable to Cooperative
Societies) including acceptance and repayment of deposits.


AIR INDIA: Gov't. Offers Aid, Asks for Restructuring Plan
---------------------------------------------------------
The Hindu Business Line reported that Indian government has
offered to bail out Air India but has set certain conditions for
providing the financial assistance.

Air India, according to the report, has been asked to submit
within a month a comprehensive restructuring proposal to turn
around the airline to the newly set up Committee of Secretaries
(CoS) headed by the Cabinet Secretary.

The Business Line said that the decision to set up the committee
was taken at a 90-minute meeting the Prime Minister, Dr. Manmohan
Singh, had with the Minister for Civil Aviation, Mr. Praful Patel,
on June 24.

The committee, which includes the Secretary Finance, Civil
Aviation Ministry, and the Principal Secretary to the Prime
Minister, will meet every month to review the steps taken and the
milestones achieved by the airline, the report cited Mr. Patel as
saying in media briefing.

According to the report, Mr. Patel said the proposed financial
assistance will be in the form of equity and loans and will come
with conditions attached.

"Air India will have to go in for a massive cost reduction and
increase revenue in the short and long term," Mr. Patel was quoted
by the Business Line as saying.  "The airline will have to shape
up and become leaner and thinner," Mr. Patel said.

"The airline has not yet told us what quantum of funds it
requires.  The management will now go back to the drawing board to
work on a restructuring proposal.  This will be vetted by an
external financial advisor before it is submitted to the
Government.  The funds will be made available only after the
report is received, but in the interim, we will try and support
Air India.  This will be the first and last time the Government
will support AI," the Minister said.

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.


SIDHIVINAYAK FILAMENTS: ICRA Rates INR70MM Cash Credit at "LBB"
---------------------------------------------------------------
ICRA has assigned LBB (pronounced L double B) rating to the
INR70.0 million Fund based (Cash Credit) and INR59.2 million term
loan bank limits and INR5.0 million Non-fund based (Inland
Guarantee) limits of Sidhivinayak Filaments Private Limited
(SFPL).  This is the inadequate-credit-quality rating assigned by
ICRA to long term debt instruments.

The ratings are constrained by the company's stretched financial
position characterized by low margins and return indicators owing
to low value addition in the business, high gearing of 2.53 times
as of March 31, 2009 and modest cash accruals.  The business risk
profile is also adverse with modest size of operations in a highly
competitive industry with the presence of large organized as well
unorganised players, high susceptibility of the margins to the raw
material prices primarily POY which are impacted by the volatility
in the crude oil prices and stagnant realizations owing to the
commoditized nature of the products.  The assigned ratings however
favourably factors in the promoters established experience in the
textile industry, diversified clientele comprising of traders as
well as textile mills and the interest reimbursement of 5% per
annum under the Technology Up-gradation Scheme (TUFS).

                     About Sidhivinayak Filaments

Sidhivinayak Filaments Private Limited (SFPL) was established in
1998 by Mr. Bhagwani Ram Bajari. The company is engaged in the
production of texturised yarn as well as knit fabric. SFPL has its
registered office in Mumbai and the manufacturing facility at
Silvassa, Dadra & Nagar Haveli. The promoter group also owns
Bajari Filaments Private Limited, which is also engaged in the
production of texturised yarn and knit fabrics, having the
manufacturing facility at Silvassa.

For the year ending FY08, SFPL reported an operating income of
INR724.6 million and a profit after tax of INR3.1 million.


SONA ALLOYS: CARE Assigns 'BB-' Rating on INR225.80cr LT Bank Loan
------------------------------------------------------------------
CARE has assigned a 'CARE BB-' (Double B minus) rating to the
INR225.80 crore long-term bank facilities of Sona Alloys Pvt. Ltd.
(SAPL).  This rating is applicable for facilities having tenure of
over one year.  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 within the band covered by the
rating symbol.

Rating Rationale

The rating takes into account high implementation risk associated
with its greenfield project in the steel industry and lack of
promoters' experience in execution and operation of such large
sized projects.  High project gearing and delay in project
execution further constrain the rating.  These risks are partly
mitigated by financial closure of the project, state duty
exemptions granted by Govt. of Maharasthra due to its 'Mega
Project Status' and grant of prospecting license of an area of 50
hectares in favour of Surajgarh Steel & Mines Pvt. Ltd. which has
off-take agreements with the company.  However, the quantity of
iron ore reserves is yet to be ascertained.  Extent of time and
cost overrun in commissioning the project are key rating
sensitivities.

                        About Sona Alloys

SAPL is promoted by Ahmedabad based Jain Group having business
interests in ship breaking, industrial gases, cold storage and
health care.  The company was incorporated in Jan. 2007 for
setting-up an integrated mini steel plant at a cost of INR338.72
crore.  The project is structured with a debt - equity ratio of
2:1.  The debt portion of INR225.80 crore has been sanctioned by a
consortium of banks led by State Bank of India.  The company has
appointed M/s. M. N. Dastur & Co. as project advisor and employed
experienced professionals for implementing the project.  The
project would house a mini blast furnace with a capacity of 2.2
lakh metric tonne (mt) for manufacturing various grades of alloy
and mild steel products to cater to industries like construction,
foundries, automobiles and forging units.

The project has been granted 'Mega Project Status' by Govt. of
Maharashtra making it eligible for state duty exemptions for a
period of seven years from the date of commencement of commercial
production.  Major machinery including sintering plant and blast
furnace are being sourced from a Chinese company viz. Sino-Steel
Industry & Trade Group Corporation.  The power requirement for the
project has been tied-up with Wardha Power Co. Pvt. Ltd. and
Maharashtra State Electricity Distribution Co. Ltd. 'Mahavitran'.
For supply of iron ore, the company has made an agreement with
Surjagarh Steel & Mines Pvt. Ltd. (SSMP).  In Dec. 2008, SSMP was
granted prospecting licence for an area of 50 hectares in
Gadchilori District of Maharashtra.  Though, the quantity of iron
ore reserves from the same is yet to be ascertained.

SAPL had incurred INR150.30 crore on the project till Dec. 2008
with INR50.36 crore of equity (including share application money
and unsecured loans) and INR99.94 crore of term loans from the
consortium banks.  The project is delayed by a few months and is
now expected to commission in Sept. 2009.  The repayment of the
term loans shall be due from April 2010.


UNISTAR GALVANISER: Fitch Assigns 'B+' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Unistar Galvaniser &
Fabricators Pvt Ltd a National Long-term rating of 'B+(ind)'.
Also, the agency has assigned 'B+(ind)' National Long-term ratings
to the company's INR140 million long-term fund-based limits, as
well as to its long term loans aggregating INR87.5 million, and a
'F4(ind)' National Short-term rating to its INR100 million short-
term non fund-based limits.  The Outlook is Stable.

UGFPL's ratings reflect the small scale of its operation in the
fabrication industry with a limited track record, its inability to
pass on fluctuation in raw material prices since most orders being
on a fixed-cost basis.  However, this is partly mitigated by
management's raw material procurement policy based on firm orders
in hand; this is reflected in high level of inventory days of 195
days in FY08 (FY07:199 days).  The ratings are further constrained
by the company's small order book of INR295.0 million at
December 15, 2008, which is 1.1x of FY08 revenues; out of the
orders in hand, INR90.8 million are from various group companies.

The ratings benefit from UGFPL's improved performance over the
last two years post-acquisition by Adhunik Metaliks Limited (AML;
'A-(ind)/F1(ind)') in 2006 which is reflected by an increase in
revenue to INR266.4 million in FY08 (FY06: INR12.8 million) with
EBIDTA margin improving to 17.5% in FY08 (FY06: 12.5%) and net
leverage to 5.4x in FY08 (FY06: 6.0x).

Fitch notes UGFPL's diversified and strong clientele base as it
has approvals from Power Grid Corporation of India Limited,
National Thermal Power Corporation, Bharat Heavy Engineering
Limited, Bangladesh Power Development board, Grid Corporation of
India and several State Electricity Boards for power transmission
and from the Department of Telecommunication for telecommunication
towers.

A consistent improvement in the order book coupled with the
maintenance of EBIDTA margins could act as a positive ratings
trigger.  Pressure on EBIDTA margins, resulting in net debt/EBITDA
beyond 6.0x and interest coverage below 1.5x on a sustained basis,
could act as a negative ratings trigger.

UGFPL has seen a 112% CAGR in revenues to INR266.4 million in FY08
(FY04: INR6.2 million).  EBIDTA margin has shown consistent
improvement to 17.5% in 2008 (FY07: 9.5%), and UGFPL had total
debt of INR258.5 million at FY08.  The company had negative free
cash flow over the last two years on account of capital
expenditure and increasing working capital requirement.  Fitch
does not expect this trend to continue as the company has no major
expansion plans.  Although working capital and term loans have
resulted in an increase in absolute debt levels, the impact on
financial leverage was more than offset in FY08 by the substantial
improvement in its EBITDA.  As a result, net debt/EBITDA improved
to 5.4x in FY08 (FY07: 9.4x).

AML acquired UGFPL's Kolkata unit in June 2006 and merged it with
a group company, Neepaz Tubes Pvt Ltd (Jamshedpur unit).  In
November 2008, UGFPL hived off the Kolkata unit and transferred
most of the plants and machineries to the Jamshedpur unit in a bid
to consolidate activities and lower overhead costs.


VISHNU CHEMICALS: Delay in Loan Repayment Cues CRISIL 'D' Rating
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Vishnu Chemicals Ltd (VCL).

   INR773.9 Million Long Term Loan     D (Assigned)
   INR400.0 Million Cash Credit        D (Assigned)
   INR26.1 Million Proposed Long Term  D (Assigned)
                 Bank Loan Facility
   INR50.0 Million Line of Credit      P5 (Assigned)
   INR700.0 Million Letter of Credit   P5 (Assigned)
   INR100.0 Million Bank Guarantee     P5 (Assigned)

The ratings reflect the continuous delay by VCL in its repayment
of term loan obligations, owing to weak liquidity.

                      About Vishnu Chemicals

VCL, promoted by Mr. Ch. Krishna Murthy, manufactures sodium bi-
chromate and its downstream chemicals.  It has an established
presence in this business with a market share of about 60 per cent
as on March 31, 2009 in the domestic market.  The company has
manufacturing units at Kazipalli (near Hyderabad), Bhilai, and
Vishakapatnam. For 2007-08 (refers to financial year, April 1 to
March 31), VCL reported a profit after tax (PAT) of INR 96.9
million on net sales of INR1210.4 million, as against a PAT of
INR108.1 million on net sales of INR 1136.17 million for 2006-07.


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


CAFES 4: Moody's Changes Ratings on Various Trust Certificates
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D and X trust certificates issued by Cafes 4.  The final
maturity of the trust certificates will take place in November
2011.

The individual rating actions are listed below.

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

  -- Class B, Downgraded to A3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class C, Downgraded to Baa3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D, Downgraded to B1 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

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

Cafes 4, effected in July 2008, represents the securitization of a
non-recourse loan and cash.

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

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

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

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

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

                        Category 1 Loans

                       0% of the loan pool

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

                         Category 2 Loans

                      100% of the loan pool

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

                        Category 3 Loans

                       0% of the loan pool

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

                    Special Servicing Loans

                      0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress at 25% in
light of these factors.

1) Given the stressed environment for the commercial real estate
   market, the property is likely to be less attractive to
   potential buyers in terms of type and location.

2) The loan will mature in October 2009, and will need to be
   refinanced in a severely stressed market.


CITIGROUP INC: Three Firms Remain in Bidding for Nikko Asset
------------------------------------------------------------
Citigroup Inc. has slimmed down its number of bidders for its
Japanese unit, Nikko Asset Management, to three firms from five,
Atsuko Fukase and Alison Tudor at The Wall Street Journal report,
citing people familiar with the matter.

According to WSJ, the sources said that the bidders are:

     -- T&D Holdings Inc.,
     -- Sumitomo Trust & Banking Co., and
     -- Bank of New York Mellon Corp.

Citing people familiar with the matter, WSJ relates that Citigroup
hopes that the sale will raise more than $1 billion.  The sources,
according to the report, said that the bids already surpassed that
amount.  The sources said that the bidding is in the third round,
and selection of a preferred bidder would be made in the coming
weeks, the report states.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  Citigroup had $2.0 trillion in
total assets on $1.9 trillion in total liabilities as of
September 30, 2008.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet.  As a fee for this
arrangement, Citigroup issued preferred shares to the Treasury and
FDIC.  The Federal Reserve agreed to backstop residual risk in the
asset pool through a non-recourse loan.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


JLOC XI: Moody's Changes Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D-2 Bonds issued by JLOC XI Limited.  The final maturity
of the bonds will take place in December 2012.

The individual rating actions are listed below.

  -- Class B, Confirmed at Aa2; previously, Aa2 Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class C, Confirmed at A2; previously, A2 Placed Under Review
     for Possible Downgrade on April 14, 2009

  -- Class D-1, Downgraded to Ba2 from Baa2; previously, Baa2
     Placed Under Review for Possible Downgrade on April 14, 2009

  -- Class D-2, Downgraded to Ba2 from Baa2; previously, Baa2
     Placed Under Review for Possible Downgrade on April 14, 2009

JLOC XI Limited, effected in February 2004, represents the
securitization of 14 non-recourse loans.  The transaction is
currently secured by seven non-recourse loans.

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

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

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

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

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

                        Category 1 Loans

                       0% of the loan pool

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

                        Category 2 Loans

                      100% of the loan pool

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

                        Category 3 Loans

                       0% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 7% to 22% and 10% for the weighted average (excluding the
specially serviced loans), in light of these factors.

1) Given the stressed environment for the commercial real estate
   market, some of the properties are likely to be less attractive
   to potential buyers in terms of type and location.

2) The entire loans will mature by 2010, and will need to be
   refinanced in a stressed market.


SANYO ELECTRIC: Panasonic May Acquire Firm by September
-------------------------------------------------------
Panasonic Corp. seeks to complete its planned acquisition of Sanyo
Electric Co. by the end of September, Bloomberg News reports
citing the Mainichi newspaper.

The newspaper said Panasonic will start bidding for Sanyo shares
by the end of August, Bloomberg News relates.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, Japan Today said that Panasonic was postponing its
US$9 billion public tender offer to buy Sanyo Electric due to
legal process in the U.S. And other countries.

"Pursuant to domestic and foreign competition laws and
regulations, all procedures in Japan, the U.S., Europe, China and
other countries required for the launch of the tender offer are in
progress," a joint company statement obtained by the news agency
said.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHINSEI BANK: Names Rahul Gupta as Director
-------------------------------------------
Shinsei Bank said it has appointed Senior Managing Executive
Officer and Chief Financial Officer Rahul Gupta as a director of
the company.

Shinsei Bank announced the appointment at its ninth annual general
meeting of shareholders held on Tuesday, June 23, 2009.

Prior to joining Shinsei Bank, Mr. Gupta was Managing Director and
Group Financial Controller of DBS Bank Limited (Singapore).  He
also served as Director and Chief Constroller-Asia at Deutsche
Bank AG's Asia Pacific Head Office, Singapore.  Mr. Gupta also
held senior financial positions at HSBC and Societe Generale in
India.

Shinsei Bank has also appointed nine others Directors on its board
including J. Christopher Flowers, Yukinori Ito, Shingeru Kani,
Minoru Makihara, among others.

                      About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Fitch Ratings affirmed Shinsei Bank Ltd's Individual
Rating at 'C/D', Support Rating Floor at 'BB+' and Subordinated
GBP400 million perpetual notes rating at 'BB'.

As reported in the Troubled Company Reporter-Asia Pacific on
March 12, 2009, Moody's Investors Service revised its outlook to
negative from stable for the D+ bank financial strength rating,
the Baa3 baseline credit assessment, the A3/P-2 long- and short-
term deposit ratings and A3 senior unsecured debt rating, the Baa1
senior and junior subordinated debt ratings, and the Baa3
preferred securities rating for Shinsei Bank, Limited.


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


HO HUP CONSTRUCTION: Extraordinary General Meeting Set for July 8
-----------------------------------------------------------------
Ho Hup Construction Company Berhad will hold an extra ordinary
meeting on July 8, 2009, at 9:.30 a.m.  The meeting will  be held
at Seminar Room No. 1, Kelab Golf Negara Subang, Jalan SS7/2,
Kelana Jaya, 47301 Petaling Jaya, in Selangor.

At the meeting, the members will be asked to passed these ordinary
resolutions:

   -- proposed disposal by Bukit Jalil Development Sdn Bhd,
      a 70% owned subsidiary of the company, of a parcel of
      freehold land measuring approximately 5.503 acres held
      under Geran 55267, Lot 38474 in the Mukim of Petaling,
      District of Kuala Lumpur, State of Wilayah Persekutuan
      Kuala Lumpur to Santari Sdn Bhd (formerly known as
      Ehsan Hardware Sdn bhd) for a cash consideration of
      MYR9,829,044.80; and

   -- proposed disposal by Bukit Jalil Development Sdn Bhd,
      a 70% ownedsubsidiary of the company, of a parcel of
      freehold land measuring approximately 10.865 acres
      held under Geran 55268, Lot 38476 in the Mukim of
      Petaling, District of Kuala Lumpur, State of Wilayah
      Persekutuan Kuala Lumpur to Permata Juang (m) Sdn Bhd
      for a cash consideration of MYR19,408,370.57.

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.


TENGGARA OIL: Faces Labour Suit from Former Employee
----------------------------------------------------
Tenggara Oil Bhd disclosed that Yap Moi @ Yap Mei Lin
("Plaintiff") has commenced a suit against the company in the uala
Lumpur Human Resource Office vide Labour Case No. KBKL/755/2009
claiming for a sum of MYR23,527.42.  The amount being claimed is
in respect of outstanding retrenchment benefits owed to the
Plaintiff.

Due to the adverse financial condition of the company, the
management had decided to terminate the employment contract of the
Plaintiffs and in return, the company agreed to compensate their
losses through a retrenchment benefit that is ranked as Essential
Creditors pursuant to the Scheme of Arrangement of the company.
The Labour Court has fixed July 1, 2009, for mention.

The Board of Directors is of the opinion that there will be no
financial or operational impact of the notice on TOB Group.  The
expected losses to TOB Group, if any, arising from the summons is
minimal.

The Board of TOB will seek legal advice on the next course of
action to be taken.

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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


SOUTHERN CLEANING: Placed in Liquidation
----------------------------------------
The High Court at Dunedin has placed Southern Cleaning Services in
liquidation, the Otago Daily Times reports.

The report says that the application was made by Compass Group New
Zealand, of Auckland, which claimed it was owed NZ$60,514.56.

The Official Assignee will now determine how any remaining company
assets are distributed, the Otago Daily Times relates.

Southern Cleaning Services was bought in 2006 by Broadbat Ltd, a
Wellington company owned by Greg Thomas.  At the time it had 175
employees.


* NEW ZEALAND: Annual Gross Domestic Product Declines 1% in March
-----------------------------------------------------------------
New Zealand's economic activity, as measured by Gross Domestic
Product (GDP), was down 1.0 percent in the March 2009 quarter, the
country's statistics agency said.  On an annual basis, GDP
decreased 1.0 percent for the year ended March 2009, the first
annual decline in economic activity since the year ended June
1992, according to Statistics New Zealand.

The largest contributors to the annual decline in GDP were
construction (down 8.9 percent) and manufacturing (down 5.4
percent). The annual GDP movement compares total activity in the
year ended March 2009 with total activity in the year ended March
2008.

The 1.0 percent decrease in economic activity in the March 2009
quarter was the fifth consecutive fall in GDP.  The main
contributor to the decline this quarter was manufacturing
activity, which fell 7.2 percent.  Nearly all manufacturing sub-
industries decreased this quarter, with the food, beverage, and
tobacco; machinery and equipment; and metal product sub-industries
recording the largest falls.  Construction activity was up 0.4
percent this quarter, following four quarters of contraction. Non-
residential building activity fell, but this was offset by a rise
in other construction activity. Other construction includes work
on projects that are not buildings, such as roads, bridges,
railway track maintenance, and power plants. Partly offsetting the
decreases in GDP in the latest quarter was an increase in real
estate and business services, which rose 3.2 percent.

The expenditure measure of GDP, released concurrently with the
production measure, decreased 0.7 percent in the March 2009
quarter.  Household consumption expenditure, which measures the
volume of spending by New Zealand households, was down 1.4
percent, the largest quarterly decline in household spending since
the June 1991 quarter. The main driver of this was durable goods,
which includes spending on motor vehicles, furniture, and major
appliances.

Gross fixed capital formation, which measures investment in fixed
assets, was down 6.1 percent in the March 2009 quarter. Decreases
in investment in non-residential buildings, transport equipment,
and plant machinery and equipment all contributed to the decline.
The decreases in transport equipment, and plant machinery and
equipment are consistent with a decrease in the imports of these
types of goods this quarter.


* NEW ZEALAND: Falling Imports Narrow Current Account Deficit
-------------------------------------------------------------
The seasonally adjusted current account deficit in New Zealand was
NZ$2,682 million in the March 2009 quarter, NZ$1,042 million
smaller than the December 2008 quarter deficit of NZ$3,724
million, the country's statistics agency said.  The smaller
deficit came mainly from a fall in imports of goods, which was
partly offset by a decrease in exports of goods, according to
Statistics New Zealand.

The seasonally adjusted goods balance surplus of NZ$863 million in
the March 2009 quarter was a NZ$967 million turnaround from the
December 2008 quarter deficit.  Seasonally adjusted goods imports
fell by NZ$1,349 million, mainly caused by a decrease in the value
of imports of petroleum and petroleum products, transport
equipment and passenger motor cars.  Exports of goods fell by
NZ$383 million due to lower export prices, which more than offset
an increase in the volumes of exported goods.

The seasonally adjusted services deficit narrowed by NZ$201
million from the December 2008 quarter to the March 2009 quarter.
Exports of travel services increased, while imports of
transportation services fell, mainly due to lower expenditure on
freight, which is linked to the drop in volumes of imported goods.

The investment income deficit of NZ$3,272 million in the March
2009 quarter was NZ$35 million larger than the December 2008
quarter deficit. Foreign investors' earnings in New Zealand fell
for the third consecutive quarter, but this was more than offset
by a decrease in New Zealand investors' earnings from abroad.

The current account deficit for the year ended March 2009 was
NZ$15,246 million (8.5 percent of GDP), compared with NZ$16,108
million (9.0 percent of GDP) for the year ended December 2008, and
NZ$14,211 million (8.0 percent of GDP) for the year ended March
2008.

New Zealand's current account deficit was financed by a NZ$2.0
billion net inflow of capital in the March 2009 quarter.  This net
inflow of capital combined with valuation changes of financial
assets and liabilities of NZ$7.2 billion, resulting in a NZ$9.2
billion rise in New Zealand's net international debtor position
from December 31, 2008.  Valuation changes arise from changes in
exchange rates and market prices of assets and liabilities (eg
shares).  At March 31, 2009, New Zealand's net international
debtor position was NZ$176.6 billion (98.2 percent of GDP),
compared with NZ$167.4 billion (93.2 percent of GDP) at
December 31, 2008.


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


BESTEM INDUSTRIES: Pays First and Final Dividend
------------------------------------------------
Bestem Industries Pte Ltd paid the first and final dividend on
June 5, 2009.

The company paid 91.30% to all received claims.

The company's liquidator is:

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


CONTIPAC SHIPPING: Creditors' Proofs of Debt Due on July 3
----------------------------------------------------------
Contipac Shipping Lines Pte Ltd, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 3, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Chen Yeow Sin
          c/o ELTICI Financial Advisory Services Pte Ltd
          1 Raffles Place #20-02 OUB Centre
          Singapore 048616


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

Singapura Finance Ltd filed the petition against the company on
June 5, 2009.

The Petitioner's solicitors are:

          Hin Tat Augustine & Partners
          No. 20 Upper Circular Road
          #02-10/12 The Riverwalk
          Singapore 058416


KHAMNEE ENGINEERING: Pays Second and Final Dividend
---------------------------------------------------
Khamnee Engineering and Construction Pte Ltd paid the second and
final dividend on June 5, 2009.

The company paid 10.38% to all received claims.

The company's liquidator is:

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


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


GULF GENERAL: Fitch Withdraws Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has withdrawn Dubai-based Gulf General Investment
Company's (GGICO) Long-term Issuer Default Rating and senior
unsecured rating at 'BB' on Rating Watch Negative.  Fitch will no
longer provide ratings or analytical coverage of GGICO.

The RWN reflects exposure to an increasingly difficult Dubai real
estate market, which could weaken GGICO's operational performance,
leading to reduced liquidity, lower interest cover, increased
leverage and a risk of covenant breach as early as December 2009,
given the already tight headroom.

If Fitch were to maintain the ratings instead of withdrawing them
at this time, the agency would seek to resolve the RWN based on
GGICO successfully obtaining a planned USD200m banking facility
and evidence emerging of adequate performance in Q209 to Q409
confirming GGICO's ability to generate cash flow, retain liquidity
and avoid a potential covenant breach at the December 2009 test
date.


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


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHINA GOLDEN DEV            162     249858442.34     -1458174.64
CHINA HEALTHCARE            673      29513119.73     -7815705.47
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
FULBOND HLDGS              1041      66063004.00    -11679000.00
HUTCHISON TELE              215    2386395819.88   -363969917.68
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      160927722.22     -1629398.23
PALADIN LTD -PRE           642      160927722.22     -1629398.23
SANYUAN GROUP LT           140       17768260.98     -2131329.68


INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      59922403.11    -47153581.06
BAKELITE HYLAM             BKLT      13911138.88    -12867352.60
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   310351828.22   -117439484.91
DISH TV INDIA              DITV     310351828.22   -117439484.91
DUNCANS INDUS               DAI     164653351.85   -220922929.88
EMTEX INDS INDIA           EMTX      11807105.53    -44405235.51
GALADA POWER & T            GCC      10899606.76    -27849464.86
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GSL INDIA LTD               GSL      37040429.61    -42340564.58
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HANJER FIBRES               HJF      10720699.56      -310044.87
HARYANA STEEL              HYSA      10831176.59     -5909008.81
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INTEGRAT FINANCE            IFC      57729537.53    -52297155.04
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JD ORGOCHEM LTD             JDO      14537402.78    -69753846.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JIK INDUS LTD               KFS      20633171.50     -5623616.49
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS FINANCE             LYDF      36822038.19    -10290725.19
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
MILTON PLASTICS            MILT      26114050.07    -42391324.19
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
NICCO UCO ALLIAN           NICU      38783460.25    -61661278.80
ORIENT PRESS LTD             OP      16699814.52       -94789.33
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PEACOCK INDS LTD           PCOK      14682895.47    -18138660.88
PRECISION CONTAI           PCLL      10013065.56     -3669728.21
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RAMA PHOSPHATES            RMPH      34066789.55     -1192495.62
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN      13283611.52    -25431862.10
SHALIMAR WIRES             SWRI      30588221.25    -63772177.80
SHAMKEN COTSYN              SHC      23127927.75     -6172791.93
SHAMKEN MULTIFAB            SHM      60546590.60    -13260108.95
SHAMKEN SPINNERS            SSP      42180451.29    -16764934.64
SHARDA ISPAT LTD           SHIL      16179943.38     -5040578.35
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIDDHARTHA TUBES            SDT      92929926.47    -10719543.54
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TAMILNADU TELE              TNT      11680819.22     -3373123.87
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WINDSOR MACHINES            WML      14500894.45    -28144999.02
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20182967.71    -14063966.67
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      23855890.79    -36519229.92
KARWELL INDONESI           KARW      13459944.34     -7208303.23
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     413587722.04   -843849953.26
SEKAR BUMI TBK             SKBM      16366816.27     -2619135.89
STEADY SAFE TBK            SAFE      10838828.11     -4030148.54
SURABAYA AGUNG             SAIP     211007388.88   -113611192.14
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13649308.63    -14400120.13


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE       92915826.56    -8391185.82
INFORMATICS EDU            INFO       21968409.53     -405898.00
LINDETEVES-JACOB             LJ      149102492.24   -82583823.03
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
PACIFIC CENTURY             PAC       84332200.42    -2695477.98
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58


TAIWAN

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


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
MINOR CORP PCL            MINOR       59098875.03     -908143.17
MINOR CORP PCL-F        MINOR/F       59098875.03     -908143.17
MINOR CORP-NVDR         MINOR-R       59098875.03     -908143.17
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82


                         *********

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

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

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


                            *********


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

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

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

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

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





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