TCRAP_Public/090629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

               Monday, June 29, 2009, Vol. 12, No. 126

                            Headlines

A U S T R A L I A

KLEENMAID: ASIC to Decide Over Insolvent Trading Claims
OZ MINERALS: CST Shareholders Approves Martabe Project Acquisition
STORM FIN'L: Bank of Queensland Confirms ASIC Investigation
SUNCORP-METWAY: Mgt. More Open to Offers Amid Funding Pressures
TIMBERCORP: Investors in 3 Schemes Appoint New Manager

VENTRACOR LIMITED: Goes Into Liquidation After Buyer Pulls Out


C H I N A

CHINA LOGISTICS: Restates 2007 Annual, 2008 Quarterly Reports


H O N G  K O N G

ALAN BAGS: Creditors' Proofs of Debt Due on July 25
ATHABASCA COMPANY: Members' Final Meeting Set for July 27
CARGO LINK: Appoints Arboit and Blade as Liquidators
HBK HONG KONG: Creditors' Proofs of Debt Due on July 17
LA TACHE: Creditors' Proofs of Debt Due on July 15

LEAD DELUX: Placed Under Voluntary Wind-Up
METEOR (HONG KONG): Ying Hing Chiu Steps Down as Liquidator
MOL HOLDINGS: Ying Hing Chiu Steps Down as Liquidator
SEA ASCENT: Middleton and Cowley Step Down as Liquidators
SINO MEDIA: Lai and Haughey Step Down as Liquidators


I N D I A

EXULT HOLDINGS: RBI Cancels Certificate of Registration
FLARE FINANCE: RBI Cancels Certificate of Registration
HST STEELS: CRISIL Rates INR1000 Million Cash Credit at 'BB+'
IMPERIAL FINANCIAL: RBI Cancels Certificate of Registration
IHSEDU SPECIALITY: CRISIL Puts 'BB-' Rating on LT Bank Facilities

JOHAR INTEGRATED: RBI Cancels Certificate of Registration
KLARK REALTORS: RBI Cancels Certificate of Registration
MUKAND LTD: CARE Revises Rating on INR75cr Short Term Debt
NEWWAYS FINANCE: RBI Cancels Certificate of Registration
PRAGATI GLASS: CRISIL Rates INR109.0 Million Cash Credit at 'D'

SORABJI GROUP: Fitch Affirms National Long-Term Rating at 'B'
TATA POWER: Inks Deal to Build Power Plant for Corus
TATA STEEL: Corus Unit to Cut Further 2,045 Jobs
VHB MEDISCIENCES: Fitch Assigns National Long-Term Rating at 'BB+'
ZENITH BIRLA: CARE Places 'BB+' Rating on INR62.40cr LT Facilities


I N D O N E S I A

BANK NEGARA: Gov't. Taps Bank as Overseas Tax Payment Collector


J A P A N

JLOC XXXIII: Moody's Changes Ratings on Three Certificates
ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
ORSO FUNDING: Moody's Changes Ratings on Various 2005-3 Certs.
PIONEER CORP: Rises After JPMorgan Lifts Rating on Outlook
TOSHIBA CORP: Aims to Slash JPY330-Bln Fixed Cost in Fiscal 2009


M A R S H A L L  I S L A N D S

GLOBAL SHIP: Lenders Extend Waiver Period Until July 31


N E W  Z E A L A N D

AIR NEW ZEALAND: Analysts Urge Tie-Up With Virgin Blue
BRIDGECORP: Momi Bay Project to be Auction on July 22
EASTERN HI FI: To Get NZ$800,00 Loan from Major Shareholder
FLETCHER BUILDING: To Close MDF Plant in Australia Next Month
KENSINGTON PARK: Sells Property Development Park to Southpark

SARVEE GROUP: Receivers Wound Up Unit


T A I W A N

AMERICAN INTERNATIONAL: Chinatrust Mulls Buying Taiwan Life Unit


                         - - - - -


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


KLEENMAID: ASIC to Decide Over Insolvent Trading Claims
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) will
decide if Kleenmaid Group's directors will face prosecution for
insolvent trading after liquidators lodged submissions on Friday,
June 26, the Australian Associated Press reports.

According to the report, the corporate watchdog will investigate
the possibility of insolvent trading after the Queensland-based
group went into liquidation on May 25.

"The forms are in and the reality is that we've been in
consultation with ASIC for some time over this, so it should help
to speed up the process," a Deloitte spokesperson told AAP.

The report, citing Deloitte in its submission to ASIC, says the
liquidator will also seek extra funding to continue its
investigations into Kleenmaid's business activities.

AAP meanwhile reports that Deloitte has also revealed the
company's spare parts business, EDIS Service Logistics Pty Ltd,
could be sold as soon as Friday.

Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid Group has been placed
into administration.  The company appointed Deloitte partners
John Greig, Richard Hughes and David Lombe as voluntary
administrators.

As reported in the TCR-AP on May 26, 2009, ABC News said the
creditors of Kleenmaid Group voted to wind up the company at a
meeting in Brisbane on May 25.

The TCR-AP, citing a previous news.com.au report, said that
Deloitte partner John Greig said the administrators had
recommended Kleenmaid be put into liquidation, saying the company
may have been insolvent as early as June 2007.  The administrators
said Kleenmaid creditors are now owed AU$102 million, which
included AU$3 million owed to Kleenmaid employees.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
--  sells kitchen and laundry appliances.


OZ MINERALS: CST Shareholders Approves Martabe Project Acquisition
------------------------------------------------------------------
OZ Minerals Ltd said that China Sci-Tech Holdings Limited have
received approval from its shareholders to acquire Martabe project
in Indonesia from the company.

China Sci-Tech will fund the purchase from cash on hand and
completion of the transaction and transfer of the cash
consideration is expected early next week.

"These proceeds will add to OZ Minerals strong balance sheet,
which, following the recent completion of the transaction with
China Minmetals Non-Ferrous Metals Co., Ltd stood in excess of
US$575 million," OZ said in a statement.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, OZ Minerals said it had sold its Martabe gold and
silver project in North Sumatra, Indonesia, to China Sci-Tech
Holdings Limited for US$211 million in cash.

CST has agreed to pay a deposit of US$10 million upon signing and
the balance of US$201 million upon completion of the transaction,
which is expected by early June 2009, OZ said in a statement.

OZ Minerals will also be reimbursed by CST for an estimated
expenditure of US$7.5 million on the project since April 1 through
to the completion date.

OZ Minerals' financial and legal advisors for this transaction
were Gryphon Partners and Freehills, respectively.

                           About CST

Hong Kong Stock Exchange-listed China Sci-Tech Holdings Limited is
an investment holding company.  The Company is organized into two
operating divisions: investments in financial instruments, which
includes investment and trading of securities and commodity
contracts, and property investment, which includes rental income
from the properties letting under operating lease.  Its
subsidiaries include China Sci-Tech Secretaries Limited, Cyber
Range Limited, Harbour Fair Overseas Limited, Millennium Riders
Limited, Perfect Touch Technology Inc. and Smart Ease Limited.

                        About OZ Minerals

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

                          *     *     *

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


STORM FIN'L: Bank of Queensland Confirms ASIC Investigation
-----------------------------------------------------------
The Sydney Morning Herald reports that the Bank of Queensland has
confirmed that the corporate regulator was investigating its role
in the failure of Storm Financial Limited.

The confirmation, which was released on Friday, June 26, came a
day after the bank denied to investors that such an inquiry was
under way, the report says.

The Herald relates that the reversal was a result of pressure
applied by ASIC when it discovered the bank had made a statement
to the ASX that it was not under investigation.

As reported in the Troubled Company Reporter-Asia Pacific on
June 26, 2009, the Bank of Queensland Ltd clarified its position
on its dealings with Storm Financial and Storm customer accounts.

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.

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 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
1,300 former clients of Storm Financial, as saying.

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.


SUNCORP-METWAY: Mgt. More Open to Offers Amid Funding Pressures
---------------------------------------------------------------
The Herald Sun reports that funding pressures continue to weigh on
Suncorp-Metway Ltd, with analysts suggesting directors are more
open than ever to offers to buy out all or parts of the group.

Suncorp's share price surged 34 or 5.6 per cent to AU$6.42 after
the company said on June 24 its low profile wealth management unit
was worth AU$2.175 billion, the Herald Sun says.

According to the Herald Sun, some investors interpret the
announcement as a sign the Suncorp board is now more open to
buyout moves from bigger financial services players in Australia
and overseas.

In the past 12 months, according to the Herald Sun, ANZ, NAB and
Commonwealth Bank have eyed Suncorp's banking operations, while
QBE is believed to have examined options to acquire most of the
general insurance division.

The Herald Sun, citing broking analysts, says Suncorp was still
feeling the strain of higher funding costs and would probably be
forced to consider a fire sale of its banking business were it not
for the government's wholesale guarantee.

Meanwhile, Reuters reports that Suncorp has sold JPY13 billion
(US$137 million) in two-year floating rate Samurai bonds, Reuters
reports citing Nomura Securities.  The bonds come with an
Australian government guarantee, Reuters says.

Samurai bonds are yen bonds issued in Japan by non-Japanese
entities, Reuter notes.

Nomura Securities and Nikko Citigroup are acting as lead managers.

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation and focuses on
retail customers and small to medium businesses.  The Company’s
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.


TIMBERCORP: Investors in 3 Schemes Appoint New Manager
------------------------------------------------------
Andrew Main at The Australian reported that investors in three of
defunct group Timbercorp's smaller schemes successfully voted to
install a new Responsible Entity (RE).

According to the report, more than 50 per cent of voters and
proxies in Timbercorp's 2005 Mango, 2006 Mango and 2007 Mango-
Avocado schemes voted to replace Timbercorp Securities Ltd --
which is in administration and a near certainty to be wound up --
with Huntley Management Ltd, a Melbourne-based rural management
group.

The Australian stated that the vote was called for and driven by a
group of "grower investors" who had invested in the three schemes
in those years and whose schemes are believed to be some of the
most solvent and least complex in the wide spread of Timbercorp
Management Investment Schemes.

According to the report, the move was not opposed by administrator
KordaMentha, which has admitted having an inherent conflict
between looking after the rights of Timbercorp group creditors and
also the rights of the "grower investors" in Timbercorp's 40-odd
Managed Investment Schemes.

A KordaMentha spokesman, as cited by the report, said the
administrator welcomed the replacement of the RE "with open arms."

John Knox, who built the Huntley group out of the Australian Rural
Group, said his organisation provided Responsible Entity services
to a number of Managed Investment Schemes and employed about 35
people in a number of locations, The Australian related.

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

The administrators would implement this three-point plan:

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

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

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

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

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

                        About Timbercorp

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


VENTRACOR LIMITED: Goes Into Liquidation After Buyer Pulls Out
--------------------------------------------------------------
The administrators of Ventracor Limited have placed the company
into liquidation after a prospective buyer pulled out from the
AU$10-million sale deal, The Australian reports.

According to the report, Ferrier Hodgson's Steve Sherman decision
came after representatives of US-based Siqor advised the
administrators that its financial backers had developed cold feet.
Siqro's parent company, Orqis Medical Corporation, was apparently
filing for bankruptcy in the US, the report says.

The Australian notes that the move opens the door for Ventracor
Shareholders Group to relaunch its campaign to recapitalise the
company, install a new board and management team, and ensure the
business remains in Australia.

Last week, Mr. Sherman was asking representatives for the
shareholders whether they could come up with bridging finance by
the close of business, the report relates.

Citing previous report from The Australian, the Troubled Company
Reporter-Asia Pacific on May 27 said that Ventracor'
administrators were recommending creditors vote in favour of
selling the company offshore for US$8 million (AU$10.2 million)
rather than placing it in deed of company administration.

The administrators confirmed it had entered into a non-binding and
non-exclusive heads of agreement with US-based Siqro Inc, which
offered to buy the assets of the company, including intellectual
property, plant and equipment, its heart pump inventory and
supplier and distributor contracts, The Australian cited Ferrier
Hodgson in a report released on May 25.

As reported by the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Ventracor said the company has been placed into
voluntary administration as it has not been able to attract
sufficient capital to fund its operations through to June 30,
2009.

Ventracor said "the company has approached over 130 potential
investors in Australia, US and Europe over a period of more than
a year.  In addition, a share purchase plan offer was made to
shareholders, but did not attract sufficient capital."

The company has appointed Steven Sherman and John Gothard of
Ferrier Hodgson as administrators.

Meanwhile, The Australian recalled that in February, Ventracor
defended its decision to keep quiet about the deaths of three
patients who have since been linked to its failed heart pumps.

The Australian related that Ventracor, whose VentrAssist device is
subject to a safety investigation by the Therapeutics Goods
Administration, issued a statement at the time that advised it had
been "in full compliance with its obligation to make continuous
disclosure" under the Australian Securities Exchange listing
rules.

The company's shares have been suspended from trading since early
February, when it reported to the TGA that there had been 11
adverse events associated with its device, according to the
Australian.

Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a
global medical device company that has developed an implantable
blood pump, the VentrAssist left ventricular assist device (LVAD),
designed as therapy for patients in end-stage heart failure.  The
principal activities of the Company are the research, development,
manufacture, clinical trials and commercialization of the
VentrAssist LVAD and related technologies.  The VentrAssist
product segment utilizes specialist medical companies in Australia
and internationally to assist in the production of VentrAssist
pumps for the clinical trials.  Final testing and assembly of the
VentrAssist is carried out in Australia.  The Company's divisions
are managed in Australia, with operations in Australia, the United
States and Europe.


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


CHINA LOGISTICS: Restates 2007 Annual, 2008 Quarterly Reports
-------------------------------------------------------------
China Logistics Group, Inc. filed with the Securities and Exchange
Commission restated annual report for the year ended December 2007
and restated quarterly reports for the 2008 quarters.

On June 9, 2009, the Company filed Amendment No. 3 to its Annual
Report on Form 10-K for the period ended December 31, 2007

        See http://ResearchArchives.com/t/s?3e48

On June 16, 2009, the Company filed:

  -- Amendment No. 1 to its Quarterly Report on Form 10-Q for
     the period ended September 30, 2008

        See http://ResearchArchives.com/t/s?3e45

  -- Amendment No. 2 to its Quarterly Report on Form 10-Q for
     the period ended June 30, 2008

        See http://ResearchArchives.com/t/s?3e46

  -- Amendment No. 2 to its Quarterly Report on Form 10-Q for
     the period ended March 31, 2008

        See http://ResearchArchives.com/t/s?3e47

As of September 30, 2008, the Company had US$8,928,721 in total
assets; US$6,070,262 in total liabilities, all current;
US$1,269,338 in minority interest, and US$1,589,121 in
stockholders' equity.  The Company recognized a net loss for the
nine months ended September 30, 2008, of US$1,479,326.

At September 30, 2008, the Company had working capital of
US$2,808,532 including cash of US$3,871,973 as compared to a
working capital deficit of US$2,775,652 and cash of US$1,121,605,
as restated, at December 31, 2007.  This significant increase in
working capital was attributable primarily to the settlement, in
stock, of approximately US$2,820,000 in convertible notes due a
related party and accrued compensation due the Company's former
president and CEO and the completion of the Company's 2008 Unit
Offering completed in April 2008 with net proceeds of roughly
US$3.3 million, offset by the recognition of a current liability
of US$1,597,000 attributable to an accrued registration agreement
penalty.

While in April 2008, the Company raised roughly US$3,360,000 in
net proceeds from its 2008 Unit Offering, approximately
US$2,500,000 was utilized to satisfy the Company's commitments to
Shandong Jiajia and roughly US$140,000 was used to reduce certain
payables.

The Company believes its current level of working capital and cash
generated from operations may not be sufficient to meet cash
requirements for the 2009 year without the ability to attain
profitable operations or obtain additional financing.

Sherb & Co., LLP in Boca Raton, Florida, the Company's independent
public accountant, noted in its report on the Company's financial
statements included in the Annual Report on Form 10-K/A for the
year ended December 31, 2007, that the Company's net working
capital deficiency, stockholders' deficiency and an accumulated
deficit raise substantial doubt about the Company's ability to
continue as a going concern.

                     About China Logistics

China Logistics Group Inc. (OTC BB: CHLO) through its subsidiary,
Shandong Jiajia International Freight & Forwarding Co. Ltd.,
operates as a non-asset based international freight forwarder and
logistics management company in the People's Republic of China.
The company was founded in 1997 and is based in Fort Lauderdale,
Florida.


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


ALAN BAGS: Creditors' Proofs of Debt Due on July 25
---------------------------------------------------
The creditors of Alan Bags Company Limited are required to file
their proofs of debt by July 25, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Cheng Kam Por
          Shui On Centre
          Room 2702, 27th Floor
          6-8 Harbour Road
          Wanchai, Hong Kong


ATHABASCA COMPANY: Members' Final Meeting Set for July 27
---------------------------------------------------------
The members of Athabasca Company Limited will hold their final
general meeting on July 27, 2009, at 10:00 a.m., at Level 28 of
Three Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CARGO LINK: Appoints Arboit and Blade as Liquidators
----------------------------------------------------
At an extraordinary general meeting held on June 16, 2009, the
members of Cargo Link (Hong Kong) Limited appointed Bruno Arboit
and Simon Richard Blade as the company's liquidators.

The Liquidators can be reached at:


          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


HBK HONG KONG: Creditors' Proofs of Debt Due on July 17
-------------------------------------------------------
The creditors of HBK Hong Kong Limited are required to file their
proofs of debt by July 17, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 12, 2009.

The company's liquidators are:

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


LA TACHE: Creditors' Proofs of Debt Due on July 15
--------------------------------------------------
The creditors of La Tache International Limited are required to
file their proofs of debt by July 15, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tai Liang Chuan
          Dina House, Suite 301
          11 Duddell Street
          Central, Hong Kong


LEAD DELUX: Placed Under Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
members of Lead Delux Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Yeung Kam Hoi
          Lai Sun Commercial Centre, 11th Floor
          680 Cheung Sha Wan Road
          Kowloon, Hong Kong


METEOR (HONG KONG): Ying Hing Chiu Steps Down as Liquidator
-----------------------------------------------------------
On June 22, 2009, Ying Hing Chiu stepped down as liquidator of
Meteor (Hong Kong) Limited.


MOL HOLDINGS: Ying Hing Chiu Steps Down as Liquidator
-----------------------------------------------------
On June 22, 2009, Ying Hing Chiu stepped down as liquidator of Mol
Holdings Limited.


SEA ASCENT: Middleton and Cowley Step Down as Liquidators
---------------------------------------------------------
On June 12, 2009, Edward Simon Midddleton and Patrick Cowley
stepped down as liquidators of Sea Ascent Limited.


SINO MEDIA: Lai and Haughey Step Down as Liquidators
----------------------------------------------------
On June 18, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators of Sino Media Group (SMG) Limited.


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


EXULT HOLDINGS: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Exult Holdings Private Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Exult Holdings Private Limited's registered office is at 20/0,
Krishna Nagar P.O. Safdarjung Enclave, in New Delhi.


FLARE FINANCE: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Flare Finance (India) Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Flare Finance (India) Limited's registered office is at
4346/4C, Ansari Road, Darya Ganj, in New Delhi.


HST STEELS: CRISIL Rates INR1000 Million Cash Credit at 'BB+'
-------------------------------------------------------------
CRISIL's rating on the bank facilities of HST Steels Pvt Ltd (HST)
continue to reflect HST's established market position and wide
product range in the iron and steel trading business, and its
management's extensive industry experience.  These rating
strengths are partially offset by the company's weak financial
risk profile with weak debt protection measures, and the
fragmented nature of the industry, resulting in stiff competition
and marked by low operating margins.

   INR1000 Million Cash Credit*     BB+/Stable (Reaffirmed)

   * Includes standby line of credit of INR50 million and
     the proposed facility of INR350 million.

Outlook: Stable

CRISIL expects HST to maintain its credit risk profile on the back
of its ability to sustain margins and its promoters' ability and
willingness to infuse equity into the business.  The outlook may
be revised to 'Positive' in case of a significant and sustainable
improvement in the company's financial risk profile, through
better profitability or regular equity infusions.  Conversely, any
alteration in the financial policy towards a higher reliance on
debt could result in the outlook being revised to 'Negative'.

                         About HST Steels

Incorporated in 1995 by the Gaggar family, HST trades in iron and
steel material, such as hot-rolled (HR) coils/sheets, cold-rolled
(CR) coils/sheets, angles, channels, and flats.  The company
procures the material from Jindal Vijayanagar Steels Ltd (Jindal),
Steel Authority of India Ltd (SAIL), Essar Steels, and Ispat
Industries Ltd. HST is the authorised distributor for Jindal for
entire Andhra Pradesh.  Further, the company is an authorised
agent of Lloyds Steels Ltd, and the exclusive distributor for
Essar Steels and Prakash Steel Industries in Andhra Pradesh; it
also trades in rolling mill products.  The Gaggar family has been
in the business for over four decades.

For 2007-08 (refers to financial year, April 1 to March 31), HST
reported a profit after tax of INR21 million on operating income
of INR5694 million, against INR11 million and INR4074 million,
respectively, for 2006-07.


IMPERIAL FINANCIAL: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Imperial Financial Services Private
Limited for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Imperial Financial Services Private Limited's registered
office is at C-26, 3rd Floor,Panchsheel Vihar, Khirki Extension,
Near Apeejay School, in New Delhi.


IHSEDU SPECIALITY: CRISIL Puts 'BB-' Rating on LT Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the long term
loan facility of Ihsedu Specialty Chemicals Pvt Ltd (ISCPL).

   INR350.0 Million Long Term     BB-/Stable (Assigned)
            Loan Facility

The rating reflects ISCPL's exposure to implementation risks of
the sebacic acid project and the risks associated with off-take
and pricing of the product.  These weaknesses are, however,
partially offset by ISCPL's strong linkages with parent, Jayant
Agro Organics Ltd (Jayant Agro) and limited funding risks.

Outlook: Stable

CRISIL believes that ISCPL's credit risk profile will remain
constrained until production commences at its sebacic acid plant,
and the company begins to generate cash accruals.  The outlook may
be revised to 'Positive' if the company generates sustainable cash
accruals, resulting in improvement in its financial risk profile.
Conversely, the rating may be revised downwards if there are
significant delays in commissioning of project impacting the cash
accruals.

                           About ISCPL

Incorporated in September 2006, ISCPL is a 76:24 joint venture
between Jayant Agro and Mitsui, Japan.  ISCPL is setting up a
facility to manufacture sebacic acid, a high value-added
derivative product made by processing castor oil.  The plant, near
Vadodara (Gujarat) will have capacity to manufacture 8000 tonnes
per annum of sebacic acid.  The project is estimated to cost
INR710 million.  The project has had time overrun, and is the
commercial production is expected to commence by October 2009; the
company had approached its bankers for reschedulement of its term
debts, which has been approved.


JOHAR INTEGRATED: RBI Cancels Certificate of Registration
---------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Johar Integrated Finance Company
Limited for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Johar Integrated Finance Company Limited's registered office
is at A-36 Naraina Industrial Area Phase II, in New Delhi.


KLARK REALTORS: RBI Cancels Certificate of Registration
-------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Klark Realtors and Financiers Private
Limited for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Klark Realtors and Financiers Private Limited's registered
office is at T-43, D.C.M. School Marg, New Rohtalk Road, in
New Delhi.


MUKAND LTD: CARE Revises Rating on INR75cr Short Term Debt
----------------------------------------------------------
CARE has revised the rating assigned to the Short-Term Debt (STD)
issue of Mukand Limited (Mukand) aggregating INR75 crore, for a
maturity not exceeding one year, to 'PR4 [PR Four] from 'PR3' [PR
Three].

Additionally, CARE has revised the rating assigned to the Long-
term Bank Facilities of Mukand, aggregating INR855.51 crore, to
'CARE BB+' [Double B Plus] from 'CARE BBB-' [Triple B Minus].
This rating is applicable to facilities having tenure of more than
one year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  Further, CARE has revised the
rating assigned to the Shortterm Bank Facilities of Mukand,
aggregating INR395 crore, to 'PR4' [PR Four] from 'PR3' [PR
Three].  This rating is applicable to facilities having a tenure
up to one year.  Instruments/facilities with 'PR4' rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

Rating rationale

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

                        About Mukand Ltd

Incorporated in 1937, Mukand is part of the Bajaj group.  Mukand
manufactures specially-engineered long steel products in the alloy
and stainless steel categories.  It also manufactures industrial
machinery and has a road construction business which it is phasing
out.  Mukand is headed by Mr. Niraj Bajaj, Chairman and Managing
Director, who is ably supported by a team of experienced and
qualified personnel.

The company underwent a Corporate Debt Restructuring (CDR)
programme in FY03, necessitated by the steel downturn in 2001.
The company approached bankers for further debt restructuring
during Q1FY10, details of same are not yet known.

The net sales of the company declined by 9% to INR1,919 crore
during FY09 visa-vis FY08 due to the global recession and
depressed demand for the products of the company.


NEWWAYS FINANCE: RBI Cancels Certificate of Registration
--------------------------------------------------------
The Reserve Bank of India has canceled the certificate of
registration granted to M/s Newways Finance Private Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s Newways Finance  Private Limited's registered office is at
36/7 Gali No.1, Arya Nagar, in Kadkad Dooma, Delhi.


PRAGATI GLASS: CRISIL Rates INR109.0 Million Cash Credit at 'D'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Pragati Glass Private Limited (Pragati).

   INR109.0 Million Cash Credit       D (Assigned)
   INR102.6 Million Long-Term Bank    D (Assigned)
                     Loan Facility  
   INR14.0 Million Letter of Credit   P5 (Assigned)

The rating reflects the delay in Pragati's repayment on term loan
obligations, owing to stressed liquidity.  The company's has
severe pressure on liquidity position as reflected in high bank
line utilisation and irregularity in loan servicing.

                        About Pragati Glass

Pragati, promoted by Parekh family in the year 1982 as a private
limited entity is engaged in manufacturing of glass bottles and
tumblers for the cosmetic industry.  The company currently is
managed by Mr. Dinesh Kumar Gupta.  Currently the manufacturing
capacity is about 130 TPD and export account for 60% of the total
revenues.  For 2007-08 (refers to financial year, April 1 to
March 31), Pragati reported a profit after tax (PAT) of
INR65.4 million on net sales of INR731.2 million, as against a
PAT of INR35.2 million on net sales of INR578.4 million for the
previous year.


SORABJI GROUP: Fitch Affirms National Long-Term Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed B Sorabji Group's National Long-term
rating and its sanctioned fund-based packing credit facility of
INR35m at 'B(ind)'.  In addition, the agency has assigned a
'B(ind)' rating to B Sorabji's sanctioned fund-based
FDBP/FUDP/AFDBC facility of INR65m.  The Outlook is Stable.  This
RAC further extends the version issued on 4 June 09.

The ratings factor in the firm's long operating track record in
the garment exports industry, its established relationships with
customers and its financial risk profile, which is expected to be
moderate on account of conservative capex plans.

However, the ratings are constrained by the year-on-year decrease
in sales over two consecutive years and increased demand risk
arising from the firm's key export destinations, the U.S. and the
EU, given the prevalent economic recession.  The number of
customers has also fallen on account of tight market conditions in
the U.S. and Europe, coupled with B Sorabji's strategy of working
with limited customers with lower receivable risk.  The firm also
follows the policy of keeping its receivables position unhedged.
Customer concentration risk, along with foreign exchange
volatility risk can negatively impact the firm's order book and
operating margins.

Fitch also notes that a weaker domestic economic outlook and the
impact of domestic and international competition can place
pressure on B Sorabji's profitability.  However, this downside is
partly offset by the firm's high margin product profile such as
children and ladies apparel.  Nevertheless, the firm's leverage is
expected to increase due to pressure on earnings, coupled with
working capital stresses in the current environment.  Any material
deterioration beyond 1.2x on an EBITDA/Interest basis could
potentially act as a negative ratings trigger.

For the year to end-March 2008, the firm had a net revenue of
INR207.7m (FY07: INR263.3m), an EBITDA margin of 8.8% (FY07: 5.2%)
and a net income of INR8.9m (FY07: INR20.8m).  For the 12 months
to end-March 2009, B Sorabji had estimated net revenue of
INR198.6m with an EBITDAR margin of 13.3%.

Established as a partnership firm in 1978, B Sorabji manufactures
and exports apparel to the U.S. and the EU. Its product profile
includes men's wear, women's wear and children's wear.  The firm
operates out of one manufacturing unit in Bangalore and is
headquartered in Mumbai, with excess orders being sub-contracted
in Mumbai.  B Sorabji caters mostly to distributors of renowned
brands such as Inditex, Sears Canada and Neck Child. S.A.


TATA POWER: Inks Deal to Build Power Plant for Corus
----------------------------------------------------
Tata Power Company Ltd signed last week an agreement with Tata
Steel and Corus Steel BV to build a 525 mw plant for Corus at the
world's second-largest steelmaker's IJmuiden facility in the
Netherlands, The Times of India reported.

The report, citing Tata Power in a statement, says the company and
Tata Steel will set up a joint venture company to build, own and
operate the power plant.

The power plant will use most of the excess production gases of
the steel plant to produce steam and power for the steelmaker, the
report says.  The new plant will be ready in 2013 and will partly
replace the existing power supply arrangement with another
utility, according to the Times.

The report relates that as the power plant will be based on
production gases, it will be a low carbon emitting plant.

                   About Tata Power Company Ltd

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds have been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.


TATA STEEL: Corus Unit to Cut Further 2,045 Jobs
------------------------------------------------
Peter Stiff at The Times reports that Corus, a unit of India's
Tata Steel Ltd, is to cut a further 2,045 jobs as it struggles to
cope with falling demand for steel.

Reuters relates Tata Steel on Thursday said in a statement its
Corus unit was opening consultations on the jobs, which are at its
facilities in the UK, Netherlands and Scotland.   The Times
discloses Corus, which has already shed about 2,500 jobs this
year, said that 12 sites in the UK would be affected, with heavy
job losses for engineering and office staff in Scunthorpe,
Stocksbridge and Rotherham and on Teesside.

According to Joe Leahy and Varun Sood of the Financial Times, Tata
Steel's standalone Indian operations are among the most profitable
in the world with operating margins of more than 40 per cent, but
these margins have been depressed on a consolidated basis by the
acquisition of Corus.  Tata Steel on Thursday reported a
consolidated margin based on earnings before interest, taxation,
depreciation and amortisation of 12.6 per cent in the year to the
end of March compared with 13.9 per cent a year earlier, the FT
notes.

                    About Tata Steel Limited

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


VHB MEDISCIENCES: Fitch Assigns National Long-Term Rating at 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned India's VHB Medisciences Ltd a National
Long-term rating of 'BB+(ind)', with a Stable Outlook.  The agency
has also assigned these ratings to VMSL's bank loan:

-- INR766.8 million long-term loans: 'BB+(ind)';
-- INR400 million fund-based cash credit limit: 'BB+(ind)' and
-- INR100 million non fund-based working limit: 'F4(ind)'

The rating reflects VMSL's strong operating, legal and strategic
linkages with its group company, VHB Lifesciences Ltd (VLSL, rated
at 'BBB-(ind)'/'F3(ind)'/Stable Outlook).  However, in Fitch's
opinion, the sponsor's plan to maintain this entity as a separate
legal entity could result in a delay in terms of support, which
has been factored into the rating.

Concerns to the rating emanate from the lack of performance track
record, together with the completion risk of setting up Phase II
of its operations.  Thus, the completion of Phase II, together
with a demonstration of sound performance, could act as a positive
rating trigger.

VMSL is a formulation manufacturing company which undertakes work
for both VLSL as well as external customers.  The company is
currently in the process of setting up Phase II of its operations
and has seen a full year of operation for Phase I in FY09.  During
FY09, estimated revenues were INR1.1 billion with a net profit of
INR241 million.  The total estimated debt as of FY09 stood at
INR858 million, consisting of Phase I debt as well as working
capital debt.


ZENITH BIRLA: CARE Places 'BB+' Rating on INR62.40cr LT Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' (Double B Plus) rating to the Long-
term Bank Facilities aggregating INR62.40 crore of Zenith Birla
(India) Ltd (ZBIL).  This rating is applicable for facilities
having tenure of more than one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.

Further, CARE has assigned a 'PR4' [PR Four] rating to the Short-
term Bank Facilities aggregating INR140.00 crore of ZBIL. This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.  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 ratings are constrained by operating losses in FY07 and FY08,
inadequate interest coverage and negative cash flows from
operations for past two years, significant time over-run in
expansion project, concentration of supplier risk, relatively
smaller size of operations, foreign exchange movement risk and
uncertainty about implications of proposed amalgamation. The
ratings also consider the auditors' qualifications on valuation of
inventory and certain instances of delay in payment of statutory
dues.

However, the ratings take into account proven track record of the
company in steel pipes and cutting tools industry and low gearing
levels.  The ability of the company to manage volatile foreign
exchange movements in a scenario of approaching foreign currency
debt repayment and ability to pass on rising raw material prices
are the key rating sensitivities

                        About Zenith Birla

Zenith Birla (India) Limited (ZBIL) was incorporated on August 5,
1960 as Zenith Steel Pipes Limited with the main object to
manufacture ERW welded steel pipes at Khopoli, Maharashtra.  The
company consolidated steel pipe business till 1974 and afterwards
diversified the operations and ventured into steel, chemical,
paper, cutting tools and textiles.  Subsequently, it divested its
textile and chemical businesses and has mainly focused on pipes
and cutting tool business.

In FY08, ZBIL derived 86% of its gross sales from steel pipes
division and the balance 14% from cutting tools division. Total
exports constituted 30% of total gross turnover during FY08.  In
FY08, sales grew 23% over FY07, mainly driven by growth in exports
in FY08 as compared to FY07.  Interest coverage ratio of
the company remained below unity for FY07 and FY08. ZBIL continued
to record an operating loss in FY08, due to increase in interest
expense in FY08 vis-a-vis FY07.  Further cash flow from operations
remained in negative territory for FY07 and FY08. Due to the funds
infused via IPO, gearing ratios improved as at end of FY07 and
continued to remain below unity as end of FY08.  ZBIL has raised
funds amounting to INR131 crore in FY07 through follow on public
offer.  The amount raised was supposed to be used partly to start
a new facility manufacturing facility.  However, the management
has deferred the proposal for a period of two years.  In the
annual report for FY08, auditors have mentioned certain instances
of delay in payment of statutory dues.

ZBIL has informed that its Board has approved the composite scheme
of arrangement for de-merger and scheme of amalgamation on Oct 22,
2008.  The uncertainty about implications of the transaction and
structure is one of the rating constraints.  ZBIL's pipe division
faces increasing competition from plastic pipes and in case of
cutting tool division any further decline of demand from major end
user industries viz. capital goods and auto ancillary may put
pressure on sales of the industry as a whole.


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


BANK NEGARA: Gov't. Taps Bank as Overseas Tax Payment Collector
---------------------------------------------------------------
PT Bank Negara Indonesia has been appointed by the government as
the sole collector of payments from overseas taxpayers, Jakarta
Globe reports.

The report, citing BNI President Gatot Suwondo, says the bank
would earn additional revenue from the tax payments because under
the incentive agreement with the government the funds could be
deposited in overnight instruments for two days before being
transferred to the state accounts at Bank Indonesia.

Mr. Gatot said that BNI was also negotiating other fees that might
be collected from the service, the report relates.

"We were the only bank appointed by the Ministry of Finance to
collect tax payments from overseas Indonesians because we have
more international branches than other local lenders," Mr. Gatot
said was quoted by the report as saying.

The Globe notes that aside from BNI's overseas tax collection
duties, the bank is also one of 85 lenders appointed to receive
domestic tax payments.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).


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


JLOC XXXIII: Moody's Changes Ratings on Three Certificates
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D trust certificates issued by JLOC XXXIII Trust.  The
final maturity of the trust certificates will take place in July
2013.

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, downgraded to Ba2 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on April 14, 2009

JLOC XXXIII, effected in November 2006, is a securitization of
five specified bonds, four non-recourse loans, and one senior
trust certificate backed by one non-recourse loan.  The two
specified bonds, three non-recourse loans and one senior trust
certificate have been paid down in full, and the transaction is
currently secured by three specified bonds, one 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

                       63% 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

                       37% of the loan pool

Moody's received relevant information such as PM reports.
Accordingly, recovery stress ranges from 16% to 19% and is
estimated at 18% for the weighted average (excluding the specially
serviced loans), reflecting these factors.

Moody's received asset performance data, and has interviewed the
asset manager regarding its disposition plan policies.
Accordingly, Moody's estimated recovery stress in light of these
factors.

1) One specified bond, 37% of the loan portfolio, is now
   classified as "Specially-serviced Loans."  Given the location
   and type of properties, recovery of the loan will likely be
   hampered by the stressed environment for the commercial real
   estate market.

2) 63% of the loan portfolio will mature in 2009, and will need to
   be refinanced in a stressed market.

3) Moody's initial assumptions about collateral recovery need to
   be reconsidered, as does its scenario, since actual disposition
   is slower than originally assumed.

4) Cash flows and occupancy rates, among others, for some of
   properties are less than originally assumed.


ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through I Trust Certificates issued by ORIX-NRL Trust 15.  The
final maturity of the trust certificates will take place in June
2014.

The individual rating actions are listed below.

  -- Class B, downgraded to Aa3 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa1 from A2; previously, A2 placed
     under review for possible downgrade on January 19, 2009

  -- Class D, downgraded to Ba1 from Baa2; previously, Baa2 placed
     under review for possible downgrade on January 19, 2009

  -- Class E, downgraded to Ba2 from Baa3; previously, Baa3 placed
     under review for possible downgrade on January 19, 2009

  -- Class F, downgraded to B1 from Ba1; previously, Ba1 placed
     under review for possible downgrade on January 19, 2009

  -- Class G, downgraded to B2 from Ba2; previously, Ba2 placed
     under review for possible downgrade on January 19, 2009

  -- Class H, downgraded to B3 from Ba3; previously, Ba3 placed
     under review for possible downgrade on January 19, 2009

  -- Class I, downgraded to B3 from B1; previously, B1 placed
     under review for possible downgrade on January 19, 2009

ORIX-NRL Trust 15, effected in September 2007, represents the
securitization of non-recourse loans and specified bonds to nine
borrowers, and remains secured by the same.

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

                       30% 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

                      30% of the loan pool

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

                    Special Servicing Loans

                      40% 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 11% to 17% and 14% for the weighted average (excluding
the specially serviced loan), in light of these factors.

1) One loan is now classified as "Specially Serviced Loan."
   Recovery of these loans will likely be hampered by the stressed
   environment for the commercial real estate market.

2) 30% of the loan portfolio will mature in 2010, and will need to
   be refinanced in a stressed market.


ORSO FUNDING: Moody's Changes Ratings on Various 2005-3 Certs.
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through M and X Trust Certificates issued by Orso Funding CMBS
2005-3 Trust.  The final maturity of the trust certificates will
take place in October 2010.

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 E, downgraded to Caa1 from Ba3; previously, Ba3 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to Caa2 from B1; previously, B1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on April 14, 2009

  -- Class M, downgraded to Caa3 from Caa2; previously, Caa2
     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

Orso Funding CMBS 2005-3 Trust, effected in December 2005,
represents the securitization of one non-recourse loan backed by
real estate trust certificates.

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 its recovery assumptions for other
loans that are not characterized as having a high likelihood of
default, based on collateral performance such as rents and
occupancy rates.

                        Category 1 Loans

                       0% of the loan pool

Moody's 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

                       0% 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

                      100% of the loan pool

Moody's received relevant information such as Special Servicer's
Business Plan and Asset Disposal.  Moody's also interviewed the
Special Servicer regarding its business plan policies.
Accordingly, Moody's estimated recovery stress in light of these
factors.

Recovery of a specially serviced loan will likely be hampered by
the stressed environment for the commercial real estate market.


PIONEER CORP: Rises After JPMorgan Lifts Rating on Outlook
----------------------------------------------------------
Mariko Yasu at Bloomberg News reports that Pioneer Corp. rose the
most in more than two weeks in Tokyo trading after JPMorgan Chase
& Co. lifted its rating on the maker of car-navigation systems and
audio equipment on optimism the company's finances will recover.

Bloomberg News relates that Yoshiharu Izumi, an analyst at
JPMorgan, lifted his rating on Pioneer to "neutral" from
"underweight," citing progress in the company's plan to
reorganize, cut jobs and bolster capital.

According to the report, Pioneer said June 19 it delayed a plan to
sell Honda Motor Co. about JPY2.5 billion (US$26 million) in new
stock at JPY170 a share by the end of this month, as it pursues
talks with other investors.

Bloomberg News says Pioneer climbed 10 percent to JPY297 at the
close on the Tokyo Stock Exchange, the biggest increase since
June 9.

The Troubled Company Reporter-Asia Pacific, citing The Japan
Times, reported on April 30, 2009, that Pioneer said it would
receive JPY2.5 billion from Honda Motor Co. to shore up its
worsening capital base and help rebuild its car electronics
business.

According to the Times, Pioneer will raise the funds through a
third-party allocation of new shares to the automaker by the end
of this month.  This will give Honda a 6.54 percent stake, making
it Pioneer's second-largest shareholder after Sharp Corp., the
Times said.

The Times related that Pioneer President Susumu Kotani had warned
the company still needs to raise another JPY40 billion in the next
three years and that it is mulling new partnerships to that end,
without elaborating.

Pioneer's reform plans for the three fiscal years ending March
2012 include closing nine of 30 group companies undertaking
production in Japan and overseas and shrinking capacity at six
others, according to The Wall Street Journal.

The company, WSJ related, is also laying off 5,800 full-time
employees and 4,000 contract-based workers from this year.  It
will also reduce the total number of directors and executive
officers this year to 19 from 25, WSJ added.

                          About Pioneer

Headquartered in Tokyo, Japan, Pioneer Corporation (TYO:6773) --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The company has a
global network.  The company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Pioneer Corp., due to the increased likelihood of
deterioration in its financial profile and heightened uncertainty
regarding its funding plans over the next 12 to 24 months.
Moreover, the company is likely to post another large loss for
fiscal 2009 (ending March 31, 2010), which would represent the
sixth consecutive year it has done so.  The outlook on the long-
term corporate credit rating is negative.

Moreover, the TCR-AP also reported on April 22, 2009, that Moody's
Investors Service downgraded to B1 from Ba3 the local currency
issuer rating for Pioneer Corporation.  The ratings outlook is
negative.


TOSHIBA CORP: Aims to Slash JPY330-Bln Fixed Cost in Fiscal 2009
----------------------------------------------------------------
Toshiba Corp.'s departing president, Atsutoshi Nishida, said that
cost-cutting efforts are on track as it aims to return to
profitability in the current business year, Kyodo News reports.

The company is aiming to slash JPY330 billion in fixed costs for
fiscal 2009, which ends next March, up JPY30 billion from its
previous target, the news agency cited Mr. Nishida as saying at an
annual meeting of shareholders in Tokyo.

Mr. Nishida's better-than-expected progress on restructuring was
made in April and May, the report notes.

Meanwhile, Kyodo News reports that the shareholders also approved
the appointment of Corporate Senior Executive Vice President Norio
Sasaki as the new chief executive, while Mr. Nishida will become
chairman after serving four years as president.

Mr. Sasaki, 60, joined Toshiba in 1972 and spent most of his
career in the nuclear energy and industrial system divisions.

"In view of the lessons from the economic crisis from last year,
we'll aim to build a company that's more resistant to economic and
market volatilities," the report quoted Mr. Sasaki as saying.

Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal.  For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.


==============================
M A R S H A L L  I S L A N D S
==============================


GLOBAL SHIP: Lenders Extend Waiver Period Until July 31
-------------------------------------------------------
Global Ship Lease, Inc. has agreed with the lenders to extend its
waiver for loan-to-value tests until July 31, 2009, during which
time it expects to finalize an amendment to the $800 million
credit facility.

The Company was initially required to submit vessel valuations on
April 30, 2009 and previously received a waiver until June 30,
2009 due to the challenges in the ship valuation environment.

In connection with the agreement, Global Ship Lease will not pay
dividends to common shareholders through July 31, 2009 and intends
to review its dividend policy at the end of the waiver period.
The facility will bear an interest margin of 2.75% through
July 31, 2009.

                     About Global Ship Lease

Global Ship Lease is a containership charter owner.  Incorporated
in the Marshall Islands, Global Ship Lease commenced operations in
December 2007 with a business of owning and chartering out
containerships under long-term, fixed-rate charters to world class
container liner companies.

Global Ship Lease currently owns 16 vessels and has contracted to
purchase an additional three vessels.  The Company has a contract
in place to acquire an additional vessel for $82 million from CMA
CGM, which is scheduled to be purchased in July of 2009 and also
has contracts in place to purchase two newbuildings from German
interests for approximately $77 million each which are scheduled
to be delivered in the fourth quarter of 2010.

Once all of the contracted vessels have been delivered by the end
of 2010, Global Ship Lease will have a 19 vessel fleet with total
capacity of 74,797 TEU and a weighted average age at that time of
6.1 years and an average remaining charter term of approximately
eight years.  All of the vessels including those contracted for
future delivery are fixed on long-term charters.


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


AIR NEW ZEALAND: Analysts Urge Tie-Up With Virgin Blue
------------------------------------------------------
Air New Zealand Ltd should consider an alliance with Virgin Blue
Holdings Ltd. to cut costs and create a stronger competitor to
Qantas Airways Ltd., Robert Fenner at Bloomberg News reports
citing analysts at Macquarie Group Ltd.

Bloomberg News relates that analysts led by Russell Shaw told
clients in a note that a tie-up, through a takeover or
"significant" investment by Air New Zealand in Virgin Blue, would
improve profitability on routes and save money by eliminating
duplicated engineering and maintenance functions.

"With both airlines struggling in the current environment, we
believe a merged entity or even some level of corporate investment
by Air New Zealand in Virgin Blue would give these carriers
improved longer-term prospects," the report quoted Mr. Shaw as
saying.  A combined company "would stand a far greater chance of
remaining competitive against regional powerhouse Qantas longer
term," Mr. Shaw said.

Macquarie, as cited by Bloomberg News, said selling new shares to
fund the deal may also dilute the government’s 75 percent stake in
Air New Zealand, making it more attractive to domestic and foreign
investors.

                        About Virgin Blue

Virgin Blue Holdings Limited -- http://www.virginblue.com.au-- is
an Australia-based company.  During the fiscal year ended June 30,
2008 (fiscal 2008), the principal activity of the Company were the
development and operation of Virgin Blue group of companies.  In
addition, the Company continued the development of V Australia.
The Company includes New World Carrier Virgin Blue and
international subsidiaries Pacific Blue and Polynesian Blue.
Together, Virgin Blue, Pacific Blue and Polynesian Blue provide
domestic air services throughout Australia and New Zealand and
international services to New Zealand, Vanuatu, the Cook Islands,
Fiji, Tonga, Samoa, Papua New Guinea and Bali.  The subsidiaries
of the Company are Virgin Australia Holdings Pty Limited, Virgin
Blue Airlines Pty Limited, Virgin Tech Pty Ltd, VB Investco Pty
Ltd, Pacific Blue Holdings Pty Ltd, Pacific Blue Airlines (NZ)
Ltd, Pacific Blue Airlines (Aust) Pty Ltd and V Australia Airlines
Pty Ltd.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                        *     *     *

As of May 11, 2009, Air New Zealand Ltd continues to carry Moody's
Investor's Service "Ba1" Senior Unsecured Issuer rating with
stable outlook.


BRIDGECORP: Momi Bay Project to be Auction on July 22
-----------------------------------------------------
Gareth Vaughan at the BusinessDay reported that Fiji's Momi
Resort, into which Bridgecorp Ltd sank NZ$106 million, will be
auctioned on July 22.

Bayleys Real Estate executive chairman John Bayley, special
projects manager Russell Adams and the firm's Fiji managing
director Philip Toogood will manage the mortgagee auction, The
report says.

The BusinessDay relates that the auction will be held in Fiji at
the Intercontinental Fiji Golf Resort and Spa on Natadola Beach at
1:30 p.m. on July 22.

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

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

The Fund, according to a previous BusinessDay report, said it took
possession of Momi as it was entitled to do under the loan
securities as mortgagee in possession. Bridgecorp was a
subordinated lender to the development so it won't get any money
back until the primary lenders have been paid, the Business Review
related.

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

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

                           About Bridgecorp

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


EASTERN HI FI: To Get NZ$800,00 Loan from Major Shareholder
-----------------------------------------------------------
Eastern Hi Fi Group Ltd has been granted a waiver by NZ Regulation
to allow major shareholder James Urquhart to lend the company
NZ$800,000, The National Business Review reports.

According to the report, the company did not raise all the money
it was seeking in a rights offer.

The loan by Mr. Urquhart, the Review notes, needed a waiver
because he is a related party and it is a material transaction.

The company said the money was urgently required as the company's
bank had indicated it is unwilling to increase its advances.

Based in New Zealand, Eastern Hi Fi Group Limited -
http://www.easternhifigroup.com-- is engaged in importation,
wholesaling and retailing of audio visual equipment.  It operates
retail outlets in New Zealand, in Greater Auckland area and in
Tauranga, Napier and Wellington.  The company operates through its
subsidiaries Pacific Audio Limited, Eastern Hi Fi Ltd, Avalon
Pacific Marketing Ltd and Avalon Audio Corporation Limited. Avalon
Pacific Marketing Ltd has sole New Zealand distribution rights for
a select portfolio of brands.  This portfolio includes KEF, Polk
Audio, Audioquest, Dynaudio, Goldring and Hitachi.  These brands
are marketed throughout the country.  Approximately 60% of the
product imported by Avalon Pacific Marketing Ltd is sold at retail
by the Company. Eastern HiFi Ltd operates six stores with outlets
in Auckland (North Shore, Mt Eden, Newmarket and Howick), Tauranga
and Napier. Eastern HiFi Ltd markets brands, such as Denon, Loewe,
Bose, Rotel, Perreaux and Image.

                          *     *     *

Eastern Hi Fi Group Limited reported two consecutive net losses of
NZ$4.89 million and NZ$971,283 for the year ended December 30,
2008, and 2009, respectively.


FLETCHER BUILDING: To Close MDF Plant in Australia Next Month
-------------------------------------------------------------
Fletcher Building Limited said that its Laminex business will
close its medium density fibreboard ("MDF") plant in Welshpool in
Perth, Western Australia.

The Welshpool plant, which employs 114 people, manufactures MDF
for both the domestic Australian market and export market in Asia.
The Welshpool plant also produces Veneers, Low Pressure Laminate
(LPL), and Process Panels and bearers.

"Due to reduced demand and over-capacity in the industry, it is
proposed to consolidate MDF manufacturing at the larger and more
modern plant in Gympien," the company said in a statement.

The site closure will be phased over a period of time, with MDF
manufacturing operations closing on July 24, 2009.

                       About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Finance
Limited -- http://www.fletcherbuilding.com/-- is the holding
company of the Fletcher Building group.  The company’s segments
include Building Products, Steel, Distribution, Infrastructure,
and Laminates & Panels.  On July 2, 2007, the company acquired
Formica Corporation.  On August 3, 2007, the company acquired Fair
Dinkum Homes and Sheds.  On October 5, 2007, the company acquired
Cameron Quarries.  On February 1, 2008, the company acquired DVS
Limited.  On May 1, 2008, the company acquired Morinda Australia
Pty Limited (trading as Garage World and Shed Boss).

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, on June 23, 2009,
listed these Fletcher Building bonds as distressed:

          Coupon          Maturity              Price
          ------          --------              -----
          7.550%          03/15/11             NZ$8.75
          8.500%          03/15/15             NZ$9.75


KENSINGTON PARK: Sells Property Development Park to Southpark
-------------------------------------------------------------
John Sax of Southpark Corporation has entered into an
unconditional agreement to purchase the 50-house Kensington Park
development at Orewa, The National Business Review reports.

The Review quoted Mr. Sax as saying "as the unconditional
agreement is to settle in mid October we are still working through
many of the details."

According to the report, Mr. Sax would not disclose a purchase
price due to a confidentiality agreement.

Mr. Sax said his plans for the park were "very similar" to the
original concept but for a few minor modifications, the report
relates.

The Troubled Company Reporter-Asia Pacific, citing The
National Business Review, reported on Sept. 16, 2008, that
Kensington Park Properties has been placed into receivership.
Kordamentha was appointed receivers to the company, which owed
NZ$41 million from the Bank of New Zealand.

The Business Review related that Kensington Park Properties, the
company behind a NZ$560 million Orewa property development and
headed by developer Patrick Fontein, was developing the 800 house
Kensington Park subdivision.  Kensington Park was financed by Bank
of New Zealand, Fidelity Finance and NZ Funds Management's Super
Yield Fund, the Business Review said.

The Business Review noted that Kensington Park Properties is owned
by Titmotu Investments (29%), a company associated with South
Island businessman Ken Cummings; Tesla Securities (27%); Mr.
Fontein's Kensington Properties (26%); and Allee Holdings (18%),
which is part-owned and directed by Allan Clarke.


SARVEE GROUP: Receivers Wound Up Unit
-------------------------------------
The National Business Review reports that Custodian Electrical, a
Sarvee Group owned company, has been wound up.

McGrath Nicol receivers Kerryn Downey and Andrew Grenfell were
appointed to Custodian Electrical in November, the report says.

The Review, citing the receivers in their first report, says the
appointment was due to weak corporate governance, loss of
confidence in the directors of the company and Custodian’s failure
to remedy one or more events of default.

Custodian Electrical owed Inland Revenue over NZ$13,000 for PAYE
and NZ$38,000 to employees for unpaid holiday pay, the report
notes.  The company also owed Custom Fleet an undisclosed amount.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Waikato Times said Kerryn Downey of McGrath
Nicol and Partners  was appointed as the receiver of the Sarvee
Group on behalf of Bank of Scotland International, which is owed
more than NZ$50 million by Hamilton property developers Kenyon and
Jenepher Clarke.

The receivers, Waikato Times said, had not rehired any of the
Clarke family and had kept on three senior level staff on short-
term contracts.  However, a property manager was currently being
recruited to oversee the running of the Sarvee Group of
properties.

Sarvee Group operates the Knox St, Vine St and Peachgrove Rd
studios and apartments under the Studio Homes brand.  The company
also owns a commercial building rented by Quality Education at the
Peachgrove Rd site.


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


AMERICAN INTERNATIONAL: Chinatrust Mulls Buying Taiwan Life Unit
----------------------------------------------------------------
Chinatrust Financial Holding Co. is considering a bid for American
International Group Inc.'s life unit in Taiwan, Janet Ong at
Bloomberg News reports citing Chinatrust Chief Investment Officer
Daniel Wu.

Citing Mr. Wu in an interview on June 26, Bloomberg News relates
that the Taipei-based financial services company will decide by
July 3 if it will submit an expression of interest for Nan Shan
Life Insurance Co.

Bloomberg News recalls that Mr. Wu said in May that Chinatrust is
considering raising as much as NT$50 billion (US$1.5 billion) in
new capital to be used for acquisitions.

Nan Shan, 97.5 percent owned by AIG, had total assets of NT$1.5
trillion as of end April, with 4 million policy holders, and a
network of 24 branches and 427 agency offices, the report
discloses.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an $85
billion credit facility to enable AIG to meet increased collateral
obligations consequent to the ratings downgrade, in exchange for
the issuance of a stock warrant to the Fed for 79.9% of the equity
of AIG.  The credit facility was eventually increased to as much
as $182.5 billion.  AIG has sold a number of its subsidiaries and
other assets to pay down loans received, and continues to seek
buyers of its assets.

At March 31, 2009, AIG had $819.75 billion in total assets and
$765.53 billion in total liabilities.  At September 30, 2008, AIG
had $1.022 trillion in total assets and $950.9 billion in total
debts.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group, Inc.  AIG's subordinated debt rating has been downgraded to
Ba2 from Baa1.  The rating outlook for AIG is negative.  This
rating action follows AIG's announcement of net losses of
$62 billion for the fourth quarter and $99 billion for the full
year of 2008, along with a revised restructuring plan supported by
the U.S. Treasury and the Federal Reserve.  This concludes a
review for possible downgrade that was initiated on September 15,
2008.


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***