TCRAP_Public/090702.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

               Thursday, July 2, 2009, Vol. 12, No. 129

                            Headlines

A U S T R A L I A

CITY PACIFIC: Trilogy Lodges Application as New Fund Manager
GENERAL MOTORS: Australian Unit to Cut More Costs
PACIFIC BRANDS: To Close NZ Factory; 50 Jobs at Risk
SUNCORP-METWAY: Appoints Patrick Snowball as CEO


C H I N A

CHINA LOGISTICS: Restates 2007 Annual, 2008 Quarterly Reports
VIASPACE INC: Amends Securities Purchase Agreement with Chang


H O N G  K O N G

GIANT CORPORATION: Members' Final Meeting Set for July 30
GRAND LOYAL: Court to Hear Wind-Up Petition on August 19
KARTEK ENTERPRISES: Members' Final Meeting Set for July 28
LEE TUNG: Members to Receive Wind-Up Report on July 31
LUEN SHING: Appoints Wai and Fun as Liquidators

MASTER CHAMP: Members' Final Meeting Set for July 30
RISE FINE: Members' Final Meeting Set for July 27
SINO-FOREST CORPORATION: Exchange Offer Won't Move Fitch's Rating
SMART GOOD: Creditors' Meeting Move to July 10
TAI MING: Contributories' and Creditors' Meeting Set for July 7


I N D I A

MUKUND GEMS: Weak Liquidity Prompts CRISIL 'P5' Ratings
QUALITY FOILS: Weak Debt Protection Measures Cue CRISIL 'BB'
QUALITY STAINLESS: CRISIL Rates INR30.00 Million Term Loan at 'BB'
RAMKRISHNA ELECTRICALS: CRISIL Rates INR105MM Cash Credit at 'BB'
SANGAMNER-LONI: CRISIL Assigns 'BB' Rating on INR140MM Term Loan

STAR PAPER: CRISIL Places 'BB+' Rating on INR190.0 Mln Cash Credit
VISHWANATH PAPER: CRISIL Puts 'B' Rating on INR105.0 Mln Term Loan
YASHASVI YARNS: Low Operating Margins Prompt CRISIL 'B+' Ratings


I N D O N E S I A

PT CENTRAL: Moody's Withdraws 'Ba1' National Scale Issuer Rating
PT HUMPUSS: Moody's Withdraws 'Ba2' National Scale Bond Rating
PT INFOASIA: Moody's Withdraws 'Ca' Corporate Family Rating
PT MEDCO: Moody's Confirms 'B2' Corporate Family Rating
PT PAL: Must Downsize Workforce to Survive, Gov't Says

* INDONESIA: Moody's Withdraws Ratings on 14 Financial Firms
* INDONESIA: Gov't to Restructure 5 Ailing State Firms


J A P A N

CITIGROUP INC: Nomura Holdings in Final Talks to Buy NikkoCiti


K O R E A

GENERAL MOTORS: GM Daewoo June Sales Drop 17.6%
HYUNDAI MOTOR: June Sales Up 9.6% On Growing Demand
SSANGYONG MOTOR: Auto Sales Drop 97.1% in June


M A L A Y S I A

GOLD BRIDGE: Called Off Plan to Submit Restructuring Scheme
TALAM CORP: 84th Annual General Meeting Set for July 23


N E W  Z E A L A N D

OCEAN PACIFIC: Faces Liquidation Application from a Body Corporate
PUMPKIN PATCH: Plans to Close 20 Stores in the U.S.


S I N G A P O R E

GIMWAH PTE: Creditors' Proofs of Debt Due on July 10
HONG NGIAP: Court to Hear Wind-Up Petition on July 10
SWINDON PTE: Creditors' Proofs of Debt Due on July 10
TRANSBILT: Pays Dividend to Preferential and Unsecured Creditors
YANG CONSTRUCTION: Pays Second and Final Dividend


T A I W A N

CHINFON COMMERCIAL: Sale Deal with Bank of Taiwan Fails
LONG WAY: Shuts Down Business Amid Operating Difficulties
POWERCHIP: Elpida Exit from PSC Board Won't Affect Business Ties


U N I T E D  A R A B  E M I R A T E S

DUBAI MULTI: S&P Cuts Issuer Credit Rating to 'BB/Stable/B'
GOLD SUKUK: S&P Cuts Senior Unsecured Debt Rating to 'BB'


X X X X X X X X

BERNARD MADOFF: Sentenced to 150 Years in Prison
BERNARD MADOFF: SIPC, Trustee Unveil $231MM in Funds for Customers
LEAR CORP: North American Operations Reach Bankruptcy Deal
* S&P Puts Ratings on Various Asia-Pacific entities on CreditWatch


                         - - - - -


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


CITY PACIFIC: Trilogy Lodges Application as New Fund Manager
------------------------------------------------------------
Maurice Dunlevy at The Australian reports that Balmain Trilogy
lodged an application with the corporate regulator, ASIC, for
registration as the new fund manager of the First Mortgage Fund,
replacing City Pacific Ltd.

The move, according to The Australian, causes another setback for
City Pacific after it had earlier sought an injunction preventing
Trilogy from applying for registration as the new responsible
entity.

The Australian says the Federal Court allowed the application
ahead of a directions hearing scheduled for July 6.

"Balmain Trilogy CEO Andrew Griffin yesterday said that as well as
City Pacific seeking an injunction preventing Trilogy from lodging
a change of responsible entity with ASIC, it had also sought a
hearing in August," Mr. Dunlevy says.

As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2009, The Australian said City Pacific was planning a
legal challenge to overturn its sacking as manager of the First
Mortgage Fund.  Grounds of the legal action are thought to involve
the resolution used to sack City Pacific.  City Pacific is also
believed to object to the use of Computershare to co-ordinate
proxies, The Australian said.

Balmain Trilogy has been installed as the new responsible entity
of the City Pacific First Mortgage Fund after its resolution to
sack City Pacific secured 55 per cent of total units on issue at a
unitholder meeting in Brisbane on June 25, according to The
Australian.

As reported in the TCR-AP on August 18, 2008, City Pacific said it
took the necessary steps to preserve the value of the Fund's
assets and protect unitholders investments in light of the rapidly
changing market conditions.  As a result of the significant market
changes, City Pacific made the decision in March 2008 to defer the
payment of redemptions from the Fund while continuing the payment
of distributions to unitholders.

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of
AU$55.5 million down 58.4% from the previous year's operating
profit of AU$133.42 million.


GENERAL MOTORS: Australian Unit to Cut More Costs
-------------------------------------------------
General Motors Corp.'s Australian unit, GM Holden Ltd., is
considering further cost cuts to return the business to
profitability, Bloomberg News reported citing the Australian
Financial Review.

GM Holden, Bloomberg said, will cut the running costs of vehicles,
develop alternative fuels and fuel-saving technologies and
concentrate on the production of a new four-cylinder car from
2010.  GM Holden posted a $56 million loss in the 2008 calendar
year after closing a plant in Melbourne.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PACIFIC BRANDS: To Close NZ Factory; 50 Jobs at Risk
----------------------------------------------------
The Sydney Morning Herald reports that Pacific Brands Ltd. will
close its Palmerston North factory in New Zealand next month with
the loss of 50 jobs, after efforts to sell the factory failed.

The company confirmed Tuesday that no formal offers has been
received for the Palmerston North plant, which would now close on
July 31, the Herald says.

According to the report, the announcement came two weeks after the
company confirmed it was closing its Christchurch plant with the
loss of 38 jobs.

The report, citing Pacific Brands general manager Ross Taylor,
discloses that the Christchurch sock business had been sold to
local management but the factory would close in late July or
August.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2009, The Press said that Pacific Brands was proposing to
sell its Palmerston North factory and close its Christchurch sock
factory.  The Press said the company's two factories are due to
close between July and September.

The TCR-AP, citing Bloomberg News, reported on Feb. 26, 2009, that
Pacific Brands obtained a six-month extension to repay AU$330
million (US$215 million) of debt.  The extended debt is part of
the company's AU$550 million debt due in February 2010, Bloomberg
News related.

Bloomberg News said with the extension, the company aims to save
AU$150 million by cutting a total of 1,850 jobs, with 1,200
positions to go from its Australian factories.  The company had
8,126 employees at June 30, according to data compiled by
Bloomberg.

The company also plans to either shut down or sell as going
concerns some of its seven plants subject for elimination.

In addition, Pacific Brands will cull more than 200 brands that
contribute less than 2 percent of revenue, Bloomberg News
disclosed.

In the six months ended December 2008, Pacific Brands incurred a
loss of AU$149.8 million after writing down the value of its
assets by AU$206 million.

                      About Pacific Brands

Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/--  is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding, foams,
corporate uniforms, workwear, streetwear, lifestyle apparel and
sporting goods markets.  All products are sold predominantly
throughout the Asia-Pacific region.  The company also markets and
distributes underwear, intimates, footwear and bed linen in the
United Kingdom and Europe.  The company's segments comprise
Underwear & Hosiery, Outerwear & Sport, Home Comfort, Footwear and
Other.  In June 2008, the company sold its New Zealand foams,
flooring and bedding business.


SUNCORP-METWAY: Appoints Patrick Snowball as CEO
------------------------------------------------
Suncorp-Metway Ltd. has appointed Patrick Snowball as the Group's
Chief Executive Officer effective September 1, 2009.

Mr. Snowball is a highly experienced financial services executive,
with a strong background in insurance that includes an extensive
career at Aviva plc, the world's fifth largest insurance group and
the largest insurance services provider in the United Kingdom.

"I am delighted to announce the appointment of an outstanding
leader with extensive financial services experience and who has
overseen businesses with operations in the United Kingdom,
Ireland, Canada, India and Asia," Suncorp Chairman John Story
said in a statement.

"Patrick Snowball is uniquely qualified to lead Suncorp through a
period of fundamental change and renewed growth as the Group
reshapes itself to respond to the challenges of the external
market.  "Importantly, we have appointed a CEO who meets the
criteria set by the Suncorp Board and who, we believe, will meet
the expectations of all our stakeholders."

Mr. Snowball said he looked forward to the challenges of his new
role.  "I am excited about the prospect of leading one of
Australia and New Zealand"s largest financial services companies
through a critical stage of its corporate development and in one
of the toughest global operating environments seen in many years,"

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation, focusing 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.


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


CHINA LOGISTICS: Restates 2007 Annual, 2008 Quarterly Reports
-------------------------------------------------------------
China Logistics Group, Inc., filed with the Securities and
Exchange Commission a restated annual report for the year ended
December 31, 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.


VIASPACE INC: Amends Securities Purchase Agreement with Chang
-------------------------------------------------------------
VIASPACE Inc. and its majority-owned subsidiary, VIASPACE Green
Energy Inc., a British Virgin Islands international business
company, on June 22, 2009, entered into an Amendment to a
Securities Purchase Agreement that was originally entered into on
October 21, 2008 with Sung Hsien Chang, an individual, and China
Gate Technology Co., Ltd., a Brunei Darussalam company.

A full-text copy of the Amendment to Securities Purchase Agreement
is available at no charge at http://ResearchArchives.com/t/s?3e69

Under the Purchase Agreement, VGE would acquire 100% of Inter-
Pacific Arts Corp., a British Virgin Islands international
business company, and the entire equity interest of Guangzhou
Inter-Pacific Arts Corp., a Chinese wholly owned foreign
enterprise registered in Guangdong province from Chang, the sole
shareholder of IPA BVI and IPA China.  In exchange, VIASPACE
agreed to pay a combination of cash, and newly issued shares of
VIASPACE and VGE stock.

IPA BVI and IPA China specialize in the manufacturing of high
quality, copyrighted, framed artwork sold in U.S. retail chain
stores.  IPA China also has a license to grow and sell a new fast-
growing hybrid grass to be used for production of biofuels and as
feed for livestock.

The acquisition of IPA BVI and IPA China was to be completed
through two closings.  At the first closing which took place on
October 21, 2008, VGE issued newly-issued shares to Chang and his
designees and VIASPACE issued shares of its common stock to Chang
and Licensor.  Chang delivered 70% of the outstanding common stock
of IPA BVI.

The second closing was scheduled to be held within 240 days after
the first closing or June 21, 2009.  The Amendment extends the
Second Closing to August 21, 2009.  At the Second Closing, the
Registrant is to pay US$4.8 million plus Interest since the First
Closing, in cash to Chang.  Interest on the Cash Consideration
shall accrue at 6% for the first six months after the First
Closing, and then 18% until June 10, 2009, and then an annual rate
of 6%. As of the Second Closing, VIASPACE will also issue 1.8% of
its then outstanding shares of common stock to Licensor and Chang
shall deliver the remaining 30% of the outstanding shares of IPA
BVI to VGE.

In the event that the Second Closing does not occur by August 21,
2009, the Purchase Agreement shall automatically terminate and all
stock certificates delivered at First Closing shall be returned.

If the Second Closing does not occur although most of the
Registrants' closing conditions have been satisfied, then Chang
may receive additional VGE shares or retain VIASPACE shares as
follows: if the VGE stock is listed on a trading market, then
VIASPACE shall transfer to Chang all the VGE shares.  If the VGE
stock is not listed on a trading market, then Chang shall retain
VIASPACE Shares instead of returning them to VIASPACE.

As required by the Purchase Agreement, VGE filed a Form S-1
Registration Statement with the Securities and Exchange Commission
on June 3, 2009 covering the resale of all or such maximum portion
of VGE common stock issued pursuant to the Purchase Agreement as
permitted by SEC regulations.  The Amendment extends until
August 21, 2009, the date that VGE shall use its best efforts to
qualify its Common Stock for quotation on a trading market.

Provided that the Second Closing has occurred, if VGE common stock
is not listed on a trading market by August 21, 2009, then
VIASPACE will issue to Chang the number of shares of its common
stock equivalent to US$5,600,000.  In exchange, Chang shall return
all shares of VGE common stock it received pursuant to the
Purchase Agreement to VIASPACE.

VIASPACE Inc. is a renewable and alternative energy company with a
global reach and a framed artwork manufacturing company.  VIASPACE
grows a proprietary, fast-growing grass (initially in China) for
low carbon liquid biofuels for transportation; as a green
substitute for all or a portion of the coal in electricity
generating power plants, and as animal feed.  VIASPACE also
produces disposable fuel cartridges that provide the energy source
for notebook computers and cell phones powered by fuel cells.
VIASPACE also has a subsidiary that manufactures quality framed
artwork sold to retailers in the U.S.  VIASPACE is based in
California with business activities in China, Korea and Japan.

The Company's auditors has issued a going concern audit opinion
which raised doubt about the Company's ability to continue as a
going concern and fund cash requirements for operations through
March 31, 2010.  Beginning in the fourth quarter of 2008, the
Company has made major changes to address this issue including
laying off certain of its staff to reduce operating expenses and
selling non-core and as yet non-profitable business units.  The
Company is now focused primarily on three main business units
including the fuel cell business, grass business and framed-
artwork business.  During 2009, management of the Company is
focused on completing the second closing of an IPA transaction
which requires a US$4.8 million payment to Sung Chang.  If the
second closing is accomplished, management believes the Company
will be able to continue as a going concern with no immediate need
for additional outside financing.

At March 31, 2009, the Company had US$18,630,000 in total assets,
US$5,983,000 in total liabilities, and US$30,655,000 in
accumulated deficit.


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


GIANT CORPORATION: Members' Final Meeting Set for July 30
---------------------------------------------------------
The members of Giant Corporation Limited will hold their final
general meeting on July 30, 2009, at 5:00 p.m., at Flat B,
4th Floor of Haven Commercial Building, Nos. 6-8 Tsing Fung
Street, in North Point, Hong Kong.

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


GRAND LOYAL: Court to Hear Wind-Up Petition on August 19
--------------------------------------------------------
A petition to Grand Loyal Enterprises Limited's operations wound
up will be heard before the High Court of Hong Kong on August 19,
2009, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
June 10, 2009.

The Petitioner's solicitors are:

          Messrs. Li, Kwok & Law
          Man Yee Building, Units 1204-06
          68 Des Voeux Road Central
          Hong Kong


KARTEK ENTERPRISES: Members' Final Meeting Set for July 28
----------------------------------------------------------
The members of Kartek Enterprises Corp. Limited will hold their
final general meeting on July 28, 2009, at 4:00 p.m., at the 6th
Floor of Kwan Chart Tower, 6 Tonnochy Road, in Wanchai, Hong Kong.

At the meeting, Puen Wing Fai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LEE TUNG: Members to Receive Wind-Up Report on July 31
------------------------------------------------------
The members of Lee Tung Development Shipping Limited will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on July 31, 2009, at 10:00 a.m.

The company's liquidator is:

          Tam Chun Wan
          Wing On House, Room 403, 4th Floor
          71 Des Voeux Road, Central
          Hong Kong


LUEN SHING: Appoints Wai and Fun as Liquidators
-----------------------------------------------
On September 16, 2008, the High Court of Hong Kong entered an
order to appoint Li Man Wai and Tsang Lai Fun were as the
liquidators of Luen Shing Electronics Limited.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building
          Room 1001, 10th Floor
          Wanchai, Hong Kong
          Telephone: (852) 2889 8833
          Facsimile: (852) 2889 8433


MASTER CHAMP: Members' Final Meeting Set for July 30
----------------------------------------------------
The members of Master Champ Development Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on July 30, 2009, at 4:00 p.m.

The meeting will be held at Flat B, 4th Floor of Haven Commercial
Building, Nos. 6-8 Tsing Sung Street, in North Point, Kong Kong.


RISE FINE: Members' Final Meeting Set for July 27
-------------------------------------------------
The members of Rise Fine Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on July 27, 2009, at 10:00 a.m.

The meeting will be held at Unit 402, 4th Floor in Malaysia
Building, No. 50 Gloucester Road, in Wanchai, Kong Kong.


SINO-FOREST CORPORATION: Exchange Offer Won't Move Fitch's Rating
-----------------------------------------------------------------
Fitch Ratings has said it expects no impact from the recent bond
exchange offer announced by Sino-Forest Corporation, on its 'BB'
Long-term Issuer Default Rating and Senior Unsecured rating.  The
Outlook is Stable.

"Through the Exchange Offer, the company seeks to lengthen its
debt maturity profile and increase its financial flexibility, as
well as its ability to incur more debt (likely to be onshore) as
the company pursues its business plan.  Fitch expects Sino-
Forest's credit ratios to remain appropriate for its rating level,
notwithstanding the expected increase in debt and interest
expense," says Siew Huey Loong, Director with Fitch's Asia Pacific
Corporates team.  "Nonetheless, we would like to highlight that
any significant increase of onshore debt relative to offshore debt
could potentially lead to structural subordination risk for the
offshore creditors."

The proposed amendment in the incurrence of indebtedness clause
allows Sino-Forest to continue to incur capex debt calculated at
10% of total assets (as defined in the Exchange Notes indenture)
subject to a maximum of US$400 million.  Fitch understands that
the company's intention is to access more onshore financing which
currently have lower interest rates compared to offshore
financing.  Theoretically, this would create structural
subordination risk although at present, all of Sino-Forest's long
term debt are held at the holding company level.  Fitch will
monitor the structural subordination risk if more onshore
financing is obtained.  As a mitigant, the agency understands that
the current allowable restricted payments accumulated under the
2004 Senior Notes indenture is about USD1bn but upon the issuance
of the Exchange Notes, restricted payments are reset to USD350m as
a starting point.

The ratings continue to be underpinned by the favorable profile of
Sino-Forest's asset base and industry dynamics, i.e. the domestic
wood fibre deficit and supportive government policies.  Although
regulatory risk exists, Fitch believes the Chinese government will
continue to be supportive over the medium- to longer-term in
commercializing its forests.  The ratings are further supported by
Sino-Forest's comfortable financial flexibility and healthy
liquidity, with a funds from operations (FFO)/gross interest
coverage ratio of 11.4x and FFO net adjusted leverage of 0.7x in
FY2008.

Sino-Forest's ratings continue to be constrained by its aggressive
capex programme.  The company has spent US$2.2 billion since 2004
in building its asset base to 347,000 ha as of end-2008, and plans
to spend US$730 million in 2009.  Although the expansion has
resulted in improved operating cash flow, Sino-Forest has
persistently generated negative free cash flow due to the scale of
its capex and this trend is unlikely to change in the near term.
Fitch notes, however, that the recent equity issuance of CAD380m
to part finance the new Jiangxi master agreement reflects the
company's prudent financial policy of financing acquisitions with
debt and equity in almost equal portions.  In addition, Fitch
draws comfort from the fact that the company retains flexibility
over its capex under the master agreements.

Meanwhile, the ratings remain constrained by the long-term nature
of Sino-Forest's timber inventories, although Fitch notes that the
shift towards the integrated model and capex flexibility mitigate
this risk.  Other constraining factors include the inherent risks
of weather and natural disasters, the industry's sensitivity to
construction and property development cycles, and vulnerability to
price risk.

Sino-Forest enjoys strong liquidity, as is evident from its cash
position of US$413 million versus a short-term debt of
US$88 million as at 31 March 2009.  In addition, the company
raised CAD380m through an equity issuance in June 2009.  The
company also benefits from a back-ended maturity profile, with
most debt due in 2011 and 2013.

A significant expansion of Sino-Forest's asset base, or a
sustainable replanting programme in place to support positive FCF
generation, could result in positive rating actions.  Any
sustained downturn in China's construction/property development
activity, prolonged delays in harvesting/replanting trees, or FFO/
net adjusted leverage exceeding 2.5x on a sustained basis, could
result in negative rating actions.

Sino-Forest is a leading foreign-owned commercial forestry
plantation operator in China.  In the year ended December 2008,
Sino-Forest achieved revenue of US$901 million and FFO of
US$542 million.  In the quarter ended March 2009, the company
reported revenue of US$177 million and FFO of US$99 million in
Q109, a year-on-year increase of 30% and 57%, respectively.


SMART GOOD: Creditors' Meeting Move to July 10
----------------------------------------------
The creditors of Smart Good Enterprises Limited have adjourned
their meeting from June 26, 2009, to July 10, 2009, at 10:30 a.m.,
at Unit D, 6th Floor of Fu Cheong Centre, 5-7 Wong Chuk Yeung
Street, Fotan, in New Territories, Hong Kong.

The meeting was moved to a later date because the provisional
liquidator needs more time to prepare the statement of affairs
that will be presented in the creditors' meeting.


TAI MING: Contributories' and Creditors' Meeting Set for July 7
---------------------------------------------------------------
The contributories and creditors of Tai Ming Rubber Manufactory
Limited will hold their meeting on July 7, 2009, at 2:00 p.m. and
3:00 p.m., respectively, at Rooms 1214-1215, 12th Floor, Tower A
of New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East,
in Kowloon, Hong Kong.


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


MUKUND GEMS: Weak Liquidity Prompts CRISIL 'P5' Ratings
-------------------------------------------------------
CRISIL has assigned its ratings of 'P5' to the bank facilities of
Mukund Gems.

   INR910.5 Million Post Shipment Credit  P5 (Assigned)
   INR9.5 Million Proposed Short Term     P5 (Assigned)
                   Bank Loan Facility

The ratings reflect prolonged over-utilization of bank limits by
Mukund Gems, owing to weak liquidity.

                        About Mukund Gems

Set up in 1988 as a partnership firm, Mukund Gems manufactures and
trades in polished, single-cut diamonds.  It has an office in
Mumbai and a manufacturing facility at Bhavnagar (Gujarat).
Mukund Gems reported a net loss of INR95 million on net sales of
INR2350 million for April 1, 2008, to March 31, 2009, as against a
PAT of INR40 million on net sales of INR2506 million for 2007-08.


QUALITY FOILS: Weak Debt Protection Measures Cue CRISIL 'BB'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Quality Foils (India) Pvt Ltd (QFIPL), which is
part of the Quality group.

   INR100.00 Million Cash Credit      BB/Stable (Assigned)
   INR50.00 Million Letter of Credit  P4 (Assigned)

The ratings reflect QFIPL's small scale of operations in the cold-
rolled (CR) stainless steel (SS) strips industry, weak financial
risk profile, which is marked by low net worth, possible increase
in gearing, and weak debt protection measures, and exposure to
risks relating to volatility in raw material prices.  These
weaknesses are, however, partially offset by the benefits that
QFIPL derives from its promoters' experience in the CRSS strips
industry.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of QFIPL and Quality Stainless Pvt Ltd
(QSPL).  This is because QFIPL and QSPL, together referred to as
the Quality group, share a common management, are in the same line
of business, and have strong business linkages; QSPL sources
almost its entire raw material requirement from QFIPL.

Outlook: Stable

CRISIL expects the Quality group's scale of operations to remain
small over the medium term, and the group's financial risk profile
to weaken because of proposed capital expenditure.  The outlook
may be revised to 'Positive' if the Quality group's scale of
operations improves significantly, and if further equity infusions
help fund its capex plans.  Conversely, the outlook may be revised
to 'Negative' if the Quality group undertakes additional debt-
funded capex, or faces substantial pressure on revenues and cash
accruals owing to slowdown in demand from end-user industries.

                     About Quality Foils

Established in 1991, QFIPL manufactures CRSS strips, and has three
rolling mills in Hisar (Haryana) with an aggregate installed
capacity of 10,000 tonnes per annum. The CRSS strips are used in
the manufacture of tubes and pipes.

QFIPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR805 million for financial year April 1, 2007, to
March 31, 2008, as against a PAT of INR9.5 million on net sales of
INR949 million for 2006-07.


QUALITY STAINLESS: CRISIL Rates INR30.00 Million Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Quality Stainless Pvt Ltd (QSPL), which is part
of the Quality group.

   INR70.00 Million Cash Credit     BB/Stable (Assigned)
   INR30.00 Million Term Loan       BB/Stable (Assigned)
   INR20.00 Million Bank Guarantee  P4 (Assigned)
   INR20.00 Million Foreign Letter  P4 (Assigned)
                     of Credit

The ratings reflect QSPL's small scale of operations in the cold-
rolled (CR) stainless steel (SS) tubes and pipes industry, weak
financial risk profile, which is marked by low net worth, possible
increase in gearing, and weak debt protection measures, and
exposure to risks relating to volatility in raw material prices.
These weaknesses are, however, partially offset by the benefits
that QSPL derives from its promoters' experience in the CRSS tubes
and pipes industry.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of QSPL and Quality Foils (India) Pvt
Ltd (QFIPL).  This is because QFIPL and QSPL, together referred to
as the Quality group, share a common management, are in the same
line of business, and have strong business linkages; QSPL sources
almost its entire raw material requirement from QFIPL.

Outlook: Stable

CRISIL expects the Quality group's scale of operations to remain
small over the medium term, and the group's financial risk profile
to weaken because of proposed capital expenditure (capex).  The
outlook may be revised to 'Positive' if the Quality group's scale
of operations improves significantly, and if further equity
infusions help fund its capex plans.  Conversely, the outlook may
be revised to 'Negative' if the Quality group undertakes
additional debt-funded capex, or faces substantial pressure on
revenues and cash accruals owing to slowdown in demand from end-
user industries.

                      About Quality Stainless

Established in 2000, QSPL manufactures CRSS tubes and pipes, and
has one manufacturing unit in Hisar (Haryana) with an aggregate
installed capacity of 2500 tonnes per annum.  The CRSS tubes and
pipes are used in the sugar industry, primarily through
engineering, procurement and construction players (EPCs).

QSPL reported a profit after tax (PAT) of INR5.7 million on net
sales of INR399 million for financial year April 1, 2007, to
March 31, 2008, as against a PAT of INR7.3 million on net sales of
INR371 million for 2006-07.


RAMKRISHNA ELECTRICALS: CRISIL Rates INR105MM Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Ramkrishna Electricals Ltd (REL).

   INR105.0 Million Cash Credit        BB/Stable (Assigned)
   INR30.0 Million Letter of Credit    P4 (Assigned)
   INR48.7 Million Bank Guarantee*     P4 (Assigned)

   * includes one time Bank Guarantee to the extent of
     INR 18.7 million

The ratings reflect REL's stretched financial risk profile, marked
by weak debt protection measures, and the working capital
intensive nature, and small scale, of its operations in the power
transformer business.  These weaknesses are, however, partially
offset by the benefits that REL derives from its established
presence and healthy order book in, and the strong growth
prospects for, the transformer industry.

Outlook: Stable

CRISIL believes that REL will continue to maintain its stable
credit risk profile with buoyant growth prospects on the back of
increased investments in the power sector over the medium term.
The outlook may be revised to 'Negative' if the company takes on
large debt to fund expansions, thus weakening its capital
structure and debt protection measures.  Conversely, the outlook
may be revised to 'Positive' if REL scales up its operations
materially, and strengthens its debt-servicing ability.

                     About Ramkrishna Electricals

Set up in 1979 by Mr. S Ramlingam, REL (formerly, Arkays
Electricals), manufactures and distributes power transformers.
The company has a manufacturing capacity of around 480,000
kilovolt-ampere (KVA) per annum at Nagpur. In 2007-08, the company
amalgamated two of the other group entities, M/s Ramco Power
Equipments and M/s Maharashtra Electricals, with itself.

REL reported a profit after tax (PAT) of INR 8.6 million on net
sales of INR 276.1 million for financial year April 1, 2007, to
March 31, 2008, as against a PAT of INR 8.7 million on net sales
of INR 254.7 million for 2006-07.


SANGAMNER-LONI: CRISIL Assigns 'BB' Rating on INR140MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Sangamner-Loni Infrastructure Pvt Ltd (Sangamner
Loni).

   INR140.0 Million Term Loan   BB/Stable (Assigned)
   INR10.0 Million Proposed     BB/Stable (Assigned)
          Term Loan Facility  

The rating reflects Sangamner Loni's weak debt-protection
measures.  These weaknesses are, however, partially offset by the
benefits that the SPV derives from stable traffic driven by
diverse traffic base.

Outlook: Stable

CRISIL believes that Sangamner Loni will generate stable revenues
on the back of continued and increasing traffic inflow.  The
outlook may be revised to 'Positive' in case the company's
revenues are larger-than-expected because of significant increase
in traffic volumes.  Conversely, the outlook may be revised to
'Negative' in case Sangamner Loni's revenues take a hit because of
lower-than-expected traffic volumes.

                        About the SPV

Sangamner Loni was set up in May 2002, as an SPV by Rudranee
Construction Company (RCC), to improve the Sangamner-Loni-Kolhar
Road (Maharashtra) on a build-operate-transfer (BOT) basis. The
project involved widening the road from 7.5 meters to 10 meters,
and applying a layer of bitumen on the road on a BOT basis for a
concession period of up to December 2016. The total length of the
project road is 36 kilometers (km) long and starts at Sangamner
and ends at Kolhar. The cost of the project was INR200 million and
the toll road was operational in March 2006. Mr. Mohammed Israil
Sheikh bought the toll road in 2006 from the promoters of RCC, and
infused additional INR10 million in financial year April 1, 2007,
to March 31, 2008, in the SPV.

Sangamner Loni reported a net loss of INR 8.8 million on net sales
of INR 38.1 million for 2007-08, as against a net loss of INR 18.1
million on net sales of INR 26.1 million for 2006-07.


STAR PAPER: CRISIL Places 'BB+' Rating on INR190.0 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the cash credit
facility of Star Paper Mills Ltd (SPML).

   INR190.0 Million Cash Credit     BB+/Stable (Assigned)

The rating reflects SPML's weak operating efficiencies, and
exposure to risks relating to intense competition and cyclicality
in the paper industry.  These weaknesses are, however, partly
mitigated by SPML's established presence in the wood-based paper
segment, and above average financial risk profile, marked by low
gearing.

Outlook: Stable

CRISIL believes that SPML will maintain its established market
position in the wood-based paper industry, and healthy capital
structure.  The outlook may be revised to 'Positive' if SPML's
operating margins improve considerably; or to 'Negative' if the
company undertakes large, debt-funded capital expenditure.

                      About Star Paper

SPML, established in 1936, is an integrated pulp and paper
manufacturer.  SPML is part of the Duncan Goenka group headed by
Mr. G P Goenka.  The company's mill at Saharanpur (Uttar Pradesh)
has four paper machines producing a wide range of products.  SPML
reported a profit after tax (PAT) of INR204 million on net
sales of INR2254 million for financial year, April 1, 2007, to
March 31, 2008, as against a Net loss of INR45 million on net
sales of INR2109 million for 2006-07.


VISHWANATH PAPER: CRISIL Puts 'B' Rating on INR105.0 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Vishwanath Paper & Boards Ltd (VPBL).

   INR50.0 Million Cash Credit   B/Stable (Assigned)
   INR105.0 Million Term Loan    B/Stable (Assigned)

The rating reflects VBPL's weak financial risk profile, small
scale of operations in the paper industry, and exposure to risks
relating to limited product diversity.  These weaknesses are,
however, partially offset by the benefits that VPBL derives from
the experience of its promoters in the paper industry.

Outlook: Stable

CRISIL believes that VPBL will maintain a stable credit risk
profile backed by the successful commissioning of its kraft paper
plant at Kashipur (Uttrakhand) in April 2009.  The outlook may be
revised to 'Positive' if the company's topline growth and
profitability exceed current expectations; or to 'Negative' if it
faces increased pressure on margins, or delays in stabilisation of
operations at its plant.

                       About Vishwanath Paper

VPBL, incorporated in 2007 by Mr. Pankaj Gupta and his family,
manufactures kraft paper, which is used in manufacturing
corrugated boxes and packaging.  VPBL was carrying out project of
establishing kraft paper unit having annual capacity of around
33,000 tonnes per annum (TPA) and was in project phase till FY
2009.  The total project cost was INR 225 million financed through
term loans of INR 105 million and promoter's contribution of INR
120 million.


YASHASVI YARNS: Low Operating Margins Prompt CRISIL 'B+' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Yashasvi Yarns Ltd (YYL).

   INR210 Million Cash Credit      B+/Stable (Assigned)
   INR166 Million Term Loans       B+/Stable (Assigned)
   INR35 Million Letter of Credit  P4 (Assigned)
   INR15 Million Bank Guarantee    P4 (Assigned)

The ratings reflect YYL's small scale of operations and weak
financial risk profile.  The impact of these weaknesses is
mitigated by YYL's long presence and experience in the texturizing
business.

Outlook: Stable

CRISIL expects YYL's financial risk profile to remain weak over
the medium term, given the low operating margins in the
texturizing business.  The outlook may be revised to 'Positive' in
case of sizeable equity infusion into the company or improvement
in its operating margins, primarily through backward integration.
Conversely, large fresh capital expenditure, involving significant
debt funding and resulting in deterioration in the financial risk
profile, could result in an outlook revision to 'Negative'.

                    About Yashasvi Yarns

YYL was promoted by Mr. Sushilkumar Kanodia and Mr. Santkumar
Kanodia as a private limited company in 1993. It was converted
into a public limited company in 1994.  The company manufactures
polyester texturised yarn from polyester partially-oriented yarn
at its three manufacturing units at Silvassa.  For financial year
April 1, 2007, to March 31, 2008, YYL reported a profit after tax
(PAT) of INR12 million on net sales of INR1084 million, against a
PAT of INR10 million on net sales of INR871 million in the
preceding year.


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


PT CENTRAL: Moody's Withdraws 'Ba1' National Scale Issuer Rating
----------------------------------------------------------------
PT Moody's Indonesia has withdrawn the Ba1.id national scale
issuer rating of PT Central Proteina Prima Tbk. for business
reasons.

This action does not reflect a change in CPP's creditworthiness.

The last rating action for CPP was taken on 4 March 2009, when its
national scale rating was downgraded to Ba1.id from Baa2.id with a
negative outlook.

Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found in the
Research & Ratings directory.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production. Its products also include poultry feed, day-
old chicks and probiotics.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Indonesia are designated by the ".id"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


PT HUMPUSS: Moody's Withdraws 'Ba2' National Scale Bond Rating
--------------------------------------------------------------
PT Moody's Indonesia has withdrawn the Ba2.id national scale bond
rating of PT Humpuss intermoda Transportasi Tbk. for business
reasons.

This action does not reflect a change in HIT's creditworthiness.
Refer to www.moodys.com for details on Moody's withdrawal policy.

Moody's last rating action for HIT was taken on 5 June 2009, when
its rating was downgraded to Ba2.id from Baa3.id with a negative
outlook.

Established on 21 December 1992, HIT is Indonesia's national
shipping company for Liquefied Natural Gas ("LNG"), crude oil,
coal, chemicals and other cargos. The company also provides vessel
crews and management services to vessel owners.

Its parent the Humpuss Group -- through PT Humpuss and Humpuss Inc
-- owns 75.26% of the company's shares.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Indonesia are designated by the ".id"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


PT INFOASIA: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
PT Moody's Indonesia has withdrawn the Ca.id national scale
corporate family and bond ratings of PT Infoasia Teknologi Global
Tbk. for business reasons.

The last rating action for Infoasia was taken on January 7, 2009,
when its ratings were downgraded to Ca.id from Caa1.id with a
negative outlook.

Infoasia started life as a distributor for IBM Computer Hardware
in 1996 under the name of PT Sejahtera Mandiri.  It is now a
telecommunications company, providing network services and system
integration, network provider/internet services, as well as
telecommunications services and voice/data traffic wholesaling
from one country to another.

As at September 30, 2008, Infoasia was owned by PT Infoasia Inti
(51.39%), Eurochina Capital Pte Ltd (15%), Soony Widjaja Wong
(0.28%) and the public (33.3%).

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Indonesia are designated by the ".id"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


PT MEDCO: Moody's Confirms 'B2' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has confirmed PT Medco Energi
Internasional Tbk's B2 corporate family rating and the B3 senior
unsecured rating for its senior 8.75% bonds due 2010, as issued by
MEI EURFinance Ltd.  The outlook for the ratings is negative.

These actions complete the ratings review for possible downgrade
initiated on April 23, 2009.

"The ratings confirmation reflects Medco's successful recent
issuance of new IDR1.5 trillion in local currency bonds to meet
its funding requirements," says Renee Lam, a Moody's Vice
President and Senior Analyst.

"While its near-term liquidity risk has been alleviated, Moody's
continues to have credit concerns over the ongoing reduction in
Medco's reserves and production base as well as the high level of
capital expenditure it needs to spend to sustain production and
reserves replacement," adds Lam.

Moody's notes that Medco is undergoing an active portfolio
rebalancing program with near-term divestments and acquisitions
planned. In addition, the company has also planned substantial
development capital expenditures of around US$300-400 million
annually for 2009-2010.

The company is thus likely to generate negative free cash flow
over the medium term, and which would be substantially funded by
debt, though successful asset divestments may reduce the company's
future debt requirements.

The negative ratings outlook reflects uncertainties over Medco's
ability to successfully stem the declining trend in its reserve
base and production level.  It also reflects expectations of
increased leverage for Medco as the company pursues a
significantly debt-funded growth program.

Medco's ratings could be lowered if 1) its reserves and production
trends continue to decline; 2) it is unable to secure funding for
its ongoing operations and expansion capex; 3) its financial
profile weakens (as evidenced by Adjusted Debt/Proved Developed
Reserves above $11/boe); 4) there are revisions to profit-sharing
schemes in its existing contracts.

Given the negative outlook, an upgrade in Medco's ratings is
unlikely over the next 12 to 18 months.  However, the outlook
could revert to stable if the company sustains a record of reserve
accumulation, while maintaining its production levels, and with a
reasonable use of debt, such that its Adjusted Debt/Proved
Developed Reserves is maintained below $10/boe.

The previous rating action with regard to Medco was taken on
April 23, 2009, when the company's corporate family and unsecured
debt ratings were placed on review for possible downgrade.

Headquartered in Jakarta, Medco is a predominantly oil & gas E&P
company with additional operations in downstream oil & gas
activities and power generation.

Through the acquisition of Novus Petroleum of Australia in 2004,
Medco gained a platform to expand overseas to the US.
Subsequently Medco acquired assets in North Africa (including
Libya, Tunisia, Oman and Yemen) and Cambodia.


PT PAL: Must Downsize Workforce to Survive, Gov't Says
------------------------------------------------------
The Indonesian government and state asset management company
PT Perusahaan Pengelola Aset have said that layoffs would be
required at the nearly bankrupt PT Pal Indonesia, The Jakarta
Globe reports.

The Globe relates that the secretary to the State Ministry for
State Enterprises, Muhammad Said Didu, said "The government and
PPA are currently studying how PAL can be rescued, including
downsizing its workforce."

"The company's situation is similar to that of Merpati last year.
If we continue with the same staffing levels, the company will
continue bleeding red ink," the report quoted Mr. Said as saying.

The Globe recalls that the government last year laid off more than
1,300 Merpati employees and injected IDR300 billion (US$29.5
million) in fresh capital to save the company.  A similar move
appears to be on the cards for PAL, the report adds.

PT Pal Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

Pal Indonesia's factory is located at Ujung, Surabaya.  The
company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.


* INDONESIA: Moody's Withdraws Ratings on 14 Financial Firms
------------------------------------------------------------
PT Moody's Indonesia has withdrawn the ratings of 14 Indonesian
financial institutions for business reasons.  The withdrawals
follow Moody's decision to reorganize certain aspects of its
business in Asia, including the closure of its offices in
Indonesia and Taiwan.

These ratings are affected:

Asuransi Bangun Askrida (P.T.):

  -- National scale insurance financial strength rating: Rating
     withdrawn; previously upgraded to A3.id from Baa2.id on
     February 20, 2008

Bank Central Asia Tbk (P.T.):

  -- National scale long-term deposit and issuer ratings: Ratings
     withdrawn; previously assigned at Aaa.id on August 17, 2007

PT Bank CIMB Niaga Tbk:

  -- National scale long-term deposit and issuer ratings: Ratings
     withdrawn; previously assigned at Aaa.id on August 10, 2007

Bank Danamon Indonesia Tbk (P.T.):

  -- National scale long-term deposit rating: Rating withdrawn;
     previously assigned at Aaa.id on August 1, 2007

Bank Mayapada Internasional Tbk. (P.T.):

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously assigned at A2.id on
     June 12, 2007

  -- National scale subordinate bond rating -- domestic currency:
     Rating withdrawn; previously assigned at Baa1.id on June 12,
     2007

  -- Above-mentioned withdrawals pertain to these issues
     currently still outstanding: (1) Senior bond of Obligasi Bank
     Mayapada II Tahun 2007 Series-A and Series-B, with total
     amount of IDR350 billion.  The Series-A bond will be due in
     May 2010, while the Series-B will be due in May 2012; and (2)
     Subordinate bond of Obligasi Subordinasi Bank Mayapada I
     2005, amounting to IDR45.5 billion, due in February 2015,
     and Obligasi Subordinasi Bank Mayapada II 2007, amounting to
     IDR150 billion, due in May 2017.

Bank Pembangunan Daerah Nusa Tenggara Barat (P.T) (Bank NTB):

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously assigned at Aa3.id on
     June 12, 2007

  -- Above-mentioned withdrawal pertains to Bank NTB's current
     outstanding senior bond, Obligasi Bank NTB I Tahun 2005
     Series-B amounting to IDR 140 billion, due in April 2010.

Bank Rakyat Indonesia (P.T.):

  -- National scale long-term deposit rating: Rating withdrawn;
     previously assigned at Aaa.id on August 3, 2007

Bank Resona Perdania (P.T.):

  -- National scale senior unsecured debt rating -- domestic
     currency: Rating withdrawn; previously assigned at Aa1.id on
     April 23, 2008

  -- Above-mentioned withdrawal pertains to these issues
     currently still outstanding: (1) Medium Term Note I of
     IDR135 billion due in December 2010; (2) Medium Term Note
     II of IDR100 billion due in April 2011.

Bank Victoria International Tbk. (P.T)

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously assigned at A1.id on
     June 12, 2007

  -- National scale subordinate bond rating -- domestic currency:
     Rating withdrawn; previously assigned at A3.id on June 12,
     2007

  -- Above-mentioned withdrawals pertain to these issues
     currently still outstanding: (1) Senior bond of Obligasi II
     Bank Victoria Tahun 2007 amounting to IDR200 billion, due in
     March 2012; and (2) Subordinate bond of Obligasi Subordinasi
     I Bank Victoria Tahun 2007, amounting to IDR200 billion, due
     in March 2017.

BCA Finance (P.T)

  -- National scale senior unsecured debt rating -- domestic
     currency: Rating withdrawn; previously assigned at Aa3.id on
     March 14, 2008

  -- National scale long-term issuer rating -- domestic currency:
     Rating withdrawn; previously assigned at Aa3.id on
     December 19, 2008

  -- Above-mentioned withdrawal pertains to BCA Finance's current
     outstanding senior bond, Obligasi BCA Finance II Tahun 2007,
     amounting to IDR500 billion.

Bhakti Finance (P.T)

  -- National scale senior unsecured rating -- domestic currency:
     Rating withdrawn; previously downgraded to Baa3.id from
     Baa2.id on January 21, 2009

  -- Above-mentioned withdrawal pertains to Bhakti Finance's
     current outstanding bond, Obligasi Bhakti Finance II Tahun
     2007 of IDR150 billion, due in December 2010.

Bhakti Securities (P.T):

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously downgraded to Baa2.id
     from Baa1.id on January 6, 2009

  -- Above-mentioned withdrawal pertains to Bhakti Securities'
     current outstanding bond, Obligasi Bhakti Securities I Tahun
     2008, amounting of IDR 150 billion, issued in May 2008 and
     due in 2011.

Kresna Graha Sekurindo (P.T):

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously downgraded to Baa1.id
     from A3.id on January 6, 2009

  -- Above-mentioned withdrawal pertains to Kresna Graha
     Sekurindo's current outstanding bond, Obligasi Kresna Graha
     Sekurindo I 2007 Series-C in the amount of IDR 75 billion,
     due in May 2010.

Panin Sekuritas Tbk (P.T):

  -- National scale senior unsecured bond rating -- domestic
     currency: Rating withdrawn; previously confirmed at A1.id on
     January 6, 2009

  -- Above-mentioned withdrawal pertains to Kresna Graha
     Sekurindo's current outstanding bond, Obligasi Panin
     Sekuritas III 2007 with total amount of IDR 200 billion, due
     in June 2012

These Global Scale Ratings were unaffected:

Bank Central Asia: global local currency deposit of Baa3 which was
placed on review for possible downgrade on May 20, 2009; foreign
currency issuer of Ba2; foreign currency long-term/short-term
deposit of B1/Not Prime and bank financial strength rating of D+;

Bank CIMB-Niaga: GLC deposit of Baa3 and foreign currency
subordinated debt of Ba2 which were placed on review for possible
downgrade on May 20, 2009; issuer of Ba2; foreign currency long-
term/short-term deposit of B1/Not Prime and BFSR of D;

Bank Danamon Indonesia: GLC deposit of Baa3 which was placed on
review for possible downgrade on May 20, 2009; foreign currency
long-term/short-term deposit rating of B1/Not Prime; and BFSR of
D; and

Bank Rakyat Indonesia: GLC deposit of Baa2 which was placed on
review for possible downgrade on May 20, 2009; foreign currency
long-term/short-term deposit of B1/Not Prime; and BFSR of D+.

The principal methodologies used in rating Bank Central Asia, Bank
CIMB-Niaga, Bank Danamon, Bank Mayapada, Bank NTB, Bank Rakyat
Indonesia, Bank Resona Perdania and Bank Victoria International
were "Bank Financial Strength Ratings: Global Methodology",
"Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology", and "National Scale Ratings in
Indonesia", which can be found at www.moodys.com in the Credit
Policy & Methodologies directory, the Ratings Methodologies
subdirectory.

Asuransi Bangun Askrida, headquartered in Jakarta, had assets of
IDR333.9 billion at December 2007.

Bank Central Asia, headquartered in Jakarta, had assets of
IDR247.8 trillion at March 2009.

Bank CIMB-Niaga, headquartered in Jakarta, had assets of IDR102.9
trillion at March 2009.

Bank Danamon Indonesia, headquartered in Jakarta, had assets of
IDR104.8 trillion at March 2009.

Bank Mayapada International, headquartered in Jakarta, had assets
of IDR4.9 trillion at September 2008.

Bank Pembangunan Daerah Nusa Tenggara Barat, headquartered in
Jakarta, had assets of IDR1.9 trillion at December 2007.

Bank Rakyat Indonesia, headquartered in Jakarta, had assets of
IDR250.8 trillion at March 2009.

Bank Resona Perdania, headquartered in Jakarta, had assets of
IDR6.5 trillion at September 2008.

Bank Victoria International, headquartered in Jakarta, had assets
of IDR5.5 trillion at September 2008.

BCA Finance, headquartered in Jakarta, had managed assets of
IDR7.5 trillion at June 2008.

Bhakti Finance, headquartered in Jakarta, had managed assets of
IDR508.5 billion at September 2008.

Bhakti Securities, headquartered in Jakarta, had assets of
IDR921.9 billion at December 2008.

Kresna Graha Sekurindo, headquartered in Jakarta, had assets of
IDR425.0 billion at March 2009.

Panin Sekuritas, headquartered in Jakarta, Indonesia. had assets
of IDR824.6 billion at March 2009.

Moody's National Scale Ratings are intended for use primarily by
domestic investors in those countries where Moody's National Scale
Ratings exist -- such as Indonesia -- and serve to rank debt
issuers in a particular country relative to each other.
Specifically, a rating of Aaa.id on Moody's Indonesia National
Scale indicates an issuer or issue with the strongest domestic
creditworthiness and the lowest likelihood of credit loss on local
currency obligations relative to other local issuers or issues.


* INDONESIA: Gov't to Restructure 5 Ailing State Firms
------------------------------------------------------
The Jakarta Globe reported that the Indonesian State Ministry for
State Enterprises has vowed to finalize the restructuring of five
state firms this year, down from its original target of 10.

"We expect that this will allow us to focus on finalizing the
restructuring of the SOEs [state-owned enterprises]," the Globe
quoted Sofyan Djalil, the state minister for state enterprises, as
saying on the sidelines of a House of Representatives Commission
VI hearing.  "We will finalize the other five SOEs next year."

"Restructuring is a process designed to nurse SOEs that are
considered ill back to health," Mr. Sofyan said.

Three of the five SOEs to be restructured this year are:

   -- shipbuilder PT PAL Indonesia;
   -- airline PT Merpati Nusantara; and
   -- shipping firm PT Jakarta Lloyd.

The government is currently injecting capital into the three
companies through state asset management company PT Perusahaan
Pengelola Aset, the Globe notes.

The Globe says that the other two companies covered by the 2009
plan are glass manufacturer PT Industri Gelas Indonesa and textile
firm PT Industri Sandang, both of which will be liquidated as the
government sees no hope of restoring them to viability.

PPA will also take over the management of five underperforming
noncore subsidiaries of state oil and gas company PT Pertamina, in
an attempt to boost their value, according to The Jakarta Globe.


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


CITIGROUP INC: Nomura Holdings in Final Talks to Buy NikkoCiti
--------------------------------------------------------------
Nomura Holdings Inc. is in final talks to buy Citigroup Inc.'s
Japanese trust banking unit for about JPY20 billion (US$208
million), Takahiko Hyuga at Bloomberg News reports, citing three
people with knowledge of the transaction.

Bloomberg News relates that Citigroup had planned to sell
NikkoCiti Trust and Banking Corp. to Mitsubishi UFJ Financial
Group Inc. for JPY25 billion, before Mitsubishi UFJ canceled the
agreement in May.  Citigroup, says Bloomberg News, agreed in May
to sell its Japanese retail brokerage to Sumitomo Mitsui Financial
Group Inc.

Bloomberg News, citing the Nikkei newspaper, says Nomura and
Citigroup may reach to an agreement as early as this week.

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

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

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


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


GENERAL MOTORS: GM Daewoo June Sales Drop 17.6%
-----------------------------------------------
Yonhap News Agency reports that GM Daewoo Auto & Technology Co.,
the South Korean unit of General Motors Corp., said that its sales
plunged 17.6 percent to 38,243 units last month from a year
earlier.

According to the news agency, GM Daewoo said it sold 261,009 units
in the first six months of this year, down 48 percent from a year
ago, as the bankruptcy of GM hampered its overseas sales.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP. Attorneys Kramer
Levin Naftalis & Frankel LLP, in New York, represent the official
committee of unsecured creditors appointed in the case.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYUNDAI MOTOR: June Sales Up 9.6% On Growing Demand
---------------------------------------------------
Hyundai Motor Co.'s June domestic sales rose 9.6 percent from a
year ago to 278,485 units, Yonhan News Agency reports.  Hyundai
attributed the increase in domestic sales to the growing demand at
home and overseas, the report says.

The news agency, citing a statement by Hyundai, says the car maker
sold 1.38 million units during the first six months of this year,
down 6.2 percent from a year earlier.

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

                          *     *     *

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


SSANGYONG MOTOR: Auto Sales Drop 97.1% in June
----------------------------------------------
Ssangyong Motor Co.'s vehicle sales in June plunged 97.1 percent
from a year ago, Yonhap News Agency reports

Citing a statement Wednesday by Ssangyong, the news agency relates
that the company sold only 217 cars last month, with domestic
sales plummeting 91.3 percent to 197 units and exports plunging
96.7 percent to 20 units.

As reported in the Troubled Company Reporter-Asia Pacific on
January 12, 2009, the International Herald Tribune said Ssangyong
filed for receivership with a Seoul district court in a bid to
stave off a complete collapse.  The Tribune related that the
decision to file for receivership, which is similar to bankruptcy
protection in the United States, came a day after the Ssangyong
board met in Shanghai.  "After our talks with the banks failed to
produce an agreement, it became inevitable to file for court
receivership to ease the critical cash flow problem," the company
said in a statement obtained by the Tribune.

On February 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                     About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


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


GOLD BRIDGE: Called Off Plan to Submit Restructuring Scheme
-----------------------------------------------------------
Gold Bridge Engineering & Construction Berhad disclosed in a
regulatory filing that it will not be proceeding to submit its
regularization plan to the relevant regulatory authorities due to:

   -- delays in the disposal of the D'Aseania Mall, as a
      consequence of the delay by Hektar Klasik in obtaining
      the appropriate financing for the purchase of the
      stake in DAM and finalising the terms and conditions
      of the sale and purchase agreement; and

   -- continued economic slowdown, which is impeding the
      Group's efforts to raise financing and from launching
      as well as securing new projects.

The Company's board said that it would not be in the best
interests of the Company and its shareholders to proceed with the
Proposed Restructuring Scheme due to the circumstances listed
above, along with the time constraint faced by the Group to submit
the regularization plan.

The Board is presently deliberating its next course of action,
including the possibility of implementing a capital repayment
exercise, amongst other options.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                         *     *     *

For the fiscal year ended June 30, 2008, Gold Bridge Engineering
Berhad reported a MYR1.65 million loss after tax, which is
substantially lower than the preceding year's loss of MYR49.73
million.  The reduction was mainly due to the substantial
reduction in impairment losses, provision for doubtful debts and
other operating expenses.

Gold Bridge Engineering Berhad is currently listed as an affected
listed issuer under the an Amended Practice Note No. 17/2005 List
of Companies of the Bursa Malaysia Securities Bhd, and is
therefore required to submit a regularization plan.


TALAM CORP: 84th Annual General Meeting Set for July 23
-------------------------------------------------------
Talam Corporation Berhad will hold its 84th Annual General
Meeting on July 23, 2009, at 11:30 a.m., at the Perdana
Ballroom of the Pandan Lake Club, Lot 28, Jalan Perdana 3/8 in
Pandan Perdana, Kuala Lumpur.

At the meeting, the company's members will be asked:

   -- to receive and adopt the company's Audited Financial
      Statements for the year ended January 31, 2009, and
      the reports of the Directors and Auditors;

   -- to approve the payment of Directors' fees for the year
      ended January 31, 2009;

   -- to re-elect Directors Y.A.M. Tengku Sulaiman Shah Al-Haj
      Ibni Al-Marhum Sultan Salahuddin Abdul Aziz Shah Al-Haj
      and Tsen Keng Yam who retire in accordance with Article 97
      of the Articles of Association of the Company;

   -- to re-elect Director Director, Winston Mah Yat Kong who
      retire in accordance with Article 81 of the Articles of
      Association of the Company;

   -- to appoint Messrs Baker Tilly Monteiro Heng as auditors
      and to authorize the Directors to fix their remuneration;

   -- to authorize the Directors to allot and issue shares
      pursuant to Section 132D of the Companies Act, 1965;

   -- to authorize the Company and each of its subsidiaries
      to enter into any arrangement or transaction with any
      Director of the Company or any person connected with
      such Director to acquire from or dispose to such
      Director or person connected with such Director any
      non-cash assets of requisite value that is less than
      5% of the total net assets of the Group at the time
      of such acquisition or disposal; and

   -- to approve the proposed shareholders' mandate for Talam
      and its subsidiaries to enter into recurrent transactions
      of a revenue or trading nature.

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

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


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


OCEAN PACIFIC: Faces Liquidation Application from a Body Corporate
------------------------------------------------------------------
Ocean Pacific Investments, which is partly owned by the developer
of the exclusive Langham Place hotel on Waiheke Island, is facing
a liquidation bid, The National Business Review reports.

Ocean Pacific Investments will appear in the High Court at
Auckland next month after an application for liquidation from a
body corporate, the Review relates.

The liquidation, the report says, is believed to be over unpaid
body corporate fees for an Auckland apartment complex.

Ocean Pacific Investments is owned by Brent Gibson, who is
developing the Isola Estate vineyard on Waiheke Island into a
five-star hotel complex, and Kevin Storey, according to the
Review.


PUMPKIN PATCH: Plans to Close 20 Stores in the U.S.
---------------------------------------------------
Pumpkin Patch Limited said Tuesday it will close approximately 20
of the company's 35 stores in the United States over the next two
months.

Pumpkin said that the stores to close are generally the more
recently opened stores that have struggle to gain traction in the
very difficult retail environment that has prevailed in the market
since late 2007.  The remaining stores will be based primarily
along the West Coast.

The Company has renegotiated lease terms for 11 of the remaining
15 at rent levels that better reflect current market conditions.
Discussions on the remaining four stores were continuing.

Assuming no further deterioration in trading levels the company
expects U.S. store network to generate a close to break even
earnings result at store level.  Combined with a reduction in
United States Head Office costs, the segment is expected to
generate a loss in the 2010 financial year  in the region of NZ$3
million, as against analysts' average forecasts of a NZ$13 million
loss, the company said in a statement.

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom, the
United States, South Africa and the Middle East.  Pumpkin Patch
predominantly sells through its own store network in New Zealand,
Australia, the United Kingdom and the United States.  The
Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.


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


GIMWAH PTE: Creditors' Proofs of Debt Due on July 10
----------------------------------------------------
Gimwah Pte Ltd, which is in creditors' voluntary liquidation,
requires its creditors to file their proofs of debt by July 10,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Bob Yap Cheng Ghee
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


HONG NGIAP: Court to Hear Wind-Up Petition on July 10
-----------------------------------------------------
A petition to have Hong Ngiap Trading Pte Ltd's operations wound
up will be heard before the High Court of Singapore on July 10,
2009, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
June 18, 2009.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00, AIA Tower
          Singapore 048542


SWINDON PTE: Creditors' Proofs of Debt Due on July 10
-----------------------------------------------------
Swindon Pte Ltd, which is in creditors' voluntary liquidation,
requires its creditors to file their proofs of debt by July 10,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


TRANSBILT: Pays Dividend to Preferential and Unsecured Creditors
----------------------------------------------------------------
On June 26, 2009, Transbilt Engineering Pte Ltd, which is in
liquidation, paid the first and final dividend of 100% to its
preferential creditors.

On the other hand, the company paid 25% of dividend to its
unsecured creditors.

The company's liquidator is:

          Goh Ngiap Suan
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


YANG CONSTRUCTION: Pays Second and Final Dividend
-------------------------------------------------
Yang Construction Pte Ltd. paid the second and final dividend on
May 21, 2009.

The company paid 2.8700% to all received claims.

The company's official receiver can be reached at:

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


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


CHINFON COMMERCIAL: Sale Deal with Bank of Taiwan Fails
-------------------------------------------------------
The Central Deposit Insurance Corp., Taiwan's deposit insurer,
said that the sale of Chinfon Commercial Bank's assets,
liabilities and operations failed Tuesday due to the differences
over their value.

The Times relates that CDIC refused to provide details about the
failed transaction, except to say that it could not cut a deal
with state-run Bank of Taiwan over the amount of the subsidy Bank
of Taiwan was requesting from the state-run financial
restructuring fund.

Dow Jones Newswires reports that Bank of Taiwan Chairwoman
Susan Chang said Monday that Bank of Taiwan estimated Chinfon has
a negative net worth of NT$27 billion, and the lender would use
this figure to calculate its request for a government subsidy to
take over the lender.

The Financial Supervisory Commission asked Bank Of Taiwan to take
over Chinfon Commercial Bank, which has been under state
supervision since September, because it has more liabilities than
assets on its books, according to Dow Jones Newswires.

Chinfon Commercial Bank is a Taiwan-based commercial bank.


LONG WAY: Shuts Down Business Amid Operating Difficulties
---------------------------------------------------------
Taipei-based Long Way Travel Service Co. said Friday it was
shutting down due to operating difficulties and accumulated debts
of more than NT$10 million (US$300,000), The China Post reports.

According to the report, Long Way became the second industry
casualty in the past month after Skylark Travel Service Co., a
travel agent known for organizing high-end group tours to Japan,
also ended operations recently because of similar cash flow
problems after a potential buyout by Tsann Kuen Trans-Nation Group
fell through.

The Post relates that according to the Travel Quality Assurance
Association of the Republic of China, a bad economy is the prime
reason behind the difficulties facing many travel agents.

Long Way specializes in tours to Southeast Asian countries, which
normally attract large numbers of Taiwanese tourists, The China
Post says.


POWERCHIP: Elpida Exit from PSC Board Won't Affect Business Ties
----------------------------------------------------------------
Kevin Chen at Taipei Times reports Powerchip Semiconductor Corp.
said its partnership with Elpida Memory Inc. remains unchanged
after the Japanese firm quit its seat on the board of Taiwan's
largest computer memory chipmaker.

"There's no change in research and development collaboration or in
capacity-sharing between Powerchip and Elpida," Powerchip vice
president and spokesman Eric Tang was quoted by the Times as
saying.  "We also see no change in cross-border commercial
agreements."

According to the report, Mr. Tang confirmed that Elpida had given
up its seat on Powerchip's board as the Japanese chipmaker
intensifies its relationship with state-sponsored Taiwan Memory
Co.

"Powerchip has good and regular communications with Elpida on the
board of Rexchip Electronics Inc.," the report quoted Mr. Tang as
saying.

Rexchip Electronics is a joint venture between Powerchip and
Elpida established in Taichung in 2006, the Times discloses.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on May 4, 2009, that Powerchip Semiconductor
posted a net loss of NT$6.29 billion in the first quarter, its
eighth straight quarterly loss, compared with a net loss of
NT$9.74 billion a year earlier.

Powerchip's first-quarter revenue fell 74% to NT$3.92 billion from
NT$14.84 billion a year earlier, according to monthly company
statements obtained by Dow Jones.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The Company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The Company's products are
applied in work stations, personal computers, notebook computers,
printers, televisions, personal digital assistants (PDAs), mobile
phones, digital cameras and digital televisions.  During the year
ended December 31, 2008, the Company obtained approximately 84%
and 16% of its total revenue from its packaging components and
wafers, respectively.  The Company primarily distributes its
products mainly in Asia.


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


DUBAI MULTI: S&P Cuts Issuer Credit Rating to 'BB/Stable/B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Dubai-based government-related entities that
had been on CreditWatch with negative implications since April 30,
2009.

S&P has downgraded DP World Ltd., Jebel Ali Free Zone, and Dubai
Multi Commodities Centre Authority, and affirmed the ratings on
DIFC Investments LLC and Thor Asset Purchase (Cayman) Ltd. Please
see "Ratings List" below for full details of the rating actions.

The rating actions reflect Standard & Poor's reappraisal of the
likelihood of extraordinary financial support by the Government of
Dubai to its GREs to ensure the timely repayment of their
financial obligations.  This reappraisal is the result of
increased uncertainty regarding the government's willingness to
provide such support to Nakheel (unrated), a key GRE with sizable
repayments coming due at the end of this year.

The rating actions also reflect S&P's view of the stand-alone
credit profiles of the entities, which in certain instances, S&P
considers to have deteriorated.

In addition, the rating actions reflect the revision of Standard &
Poor's methodology and assumptions for rating GREs.  Standard &
Poor's updated criteria are detailed in the article "Enhanced
Methodology And Assumptions For Rating Government-Related
Entities," published June 29, 2009.  The changes to S&P's criteria
are designed to achieve a more granular analysis of the range of
GREs across sectors and regions.  S&P believes these changes will
provide more transparency in S&P's rating approach.

Updated reports on each of the affected entities will be published
shortly.

The ratings on Dubai Holding Commercial Operations Group LLC
remain on CreditWatch with negative implications, while the
CreditWatch implications for the ratings on Emaar Properties PJSC
were revised to developing, following announcements on June 26 of
a possible merger between the DHCOG's three property development
companies and Emaar.

                          Ratings List

                    Affirmed; CreditWatch Action
                        DIFC Investments LLC

                      Issuer credit rating

             To                        From
             --                        ----
             A/Negative/A-1            A/Watch Neg/A-1

                 Thor Asset Purchase (Cayman) Ltd.
                    Senior secured debt rating

             To                        From
             --                        ----
             A                         A/Watch Neg

                        Gold Sukuk dmcc
                   Senior unsecured debt rating

             To                        From
             --                        ----
             BB                        A-/Watch Neg

                  Downgraded; CreditWatch Action

                           DP World Ltd.
                     Jebel Ali Free Zone (FZE)
                          JAFZ Sukuk Ltd.
                       Issuer credit rating

             To                        From
             --                        ----
             BBB+/Negative/A-2         A/Watch Neg/A-1

              Dubai Multi Commodities Centre Authority
                       Issuer credit rating

             To                        From
             --                        ----
             BB/Stable/B               A-/Watch Neg/A-2

         N.B.--This does not include all ratings affected.


GOLD SUKUK: S&P Cuts Senior Unsecured Debt Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
ratings on several Dubai-based government-related entities that
had been on CreditWatch with negative implications since April 30,
2009.

S&P has downgraded DP World Ltd., Jebel Ali Free Zone, and Dubai
Multi Commodities Centre Authority, and affirmed the ratings on
DIFC Investments LLC and Thor Asset Purchase (Cayman) Ltd. Please
see "Ratings List" below for full details of the rating actions.

The rating actions reflect Standard & Poor's reappraisal of the
likelihood of extraordinary financial support by the Government of
Dubai to its GREs to ensure the timely repayment of their
financial obligations.  This reappraisal is the result of
increased uncertainty regarding the government's willingness to
provide such support to Nakheel (unrated), a key GRE with sizable
repayments coming due at the end of this year.

The rating actions also reflect S&P's view of the stand-alone
credit profiles of the entities, which in certain instances, S&P
considers to have deteriorated.

In addition, the rating actions reflect the revision of Standard &
Poor's methodology and assumptions for rating GREs.  Standard &
Poor's updated criteria are detailed in the article "Enhanced
Methodology And Assumptions For Rating Government-Related
Entities," published June 29, 2009.  The changes to S&P's criteria
are designed to achieve a more granular analysis of the range of
GREs across sectors and regions.  S&P believes these changes will
provide more transparency in S&P's rating approach.

Updated reports on each of the affected entities will be published
shortly.

The ratings on Dubai Holding Commercial Operations Group LLC
remain on CreditWatch with negative implications, while the
CreditWatch implications for the ratings on Emaar Properties PJSC
were revised to developing, following announcements on June 26 of
a possible merger between the DHCOG's three property development
companies and Emaar.

                          Ratings List

                    Affirmed; CreditWatch Action
                        DIFC Investments LLC

                      Issuer credit rating

             To                        From
             --                        ----
             A/Negative/A-1            A/Watch Neg/A-1

                 Thor Asset Purchase (Cayman) Ltd.
                    Senior secured debt rating

             To                        From
             --                        ----
             A                         A/Watch Neg

                        Gold Sukuk dmcc
                   Senior unsecured debt rating

             To                        From
             --                        ----
             BB                        A-/Watch Neg

                  Downgraded; CreditWatch Action

                           DP World Ltd.
                     Jebel Ali Free Zone (FZE)
                          JAFZ Sukuk Ltd.
                       Issuer credit rating

             To                        From
             --                        ----
             BBB+/Negative/A-2         A/Watch Neg/A-1

              Dubai Multi Commodities Centre Authority
                       Issuer credit rating

             To                        From
             --                        ----
             BB/Stable/B               A-/Watch Neg/A-2

         N.B.--This does not include all ratings affected.


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


BERNARD MADOFF: Sentenced to 150 Years in Prison
------------------------------------------------
Judge Denny Chin of the U.S. District Court for the Southern
District of New York has sentenced Bernard Madoff to 150 years
of life imprisonment for defrauding investors of at least
US$13 billion.  Judge Chin rejected a Madoff lawyer's claim that
victims of his Ponzi scheme wanted mob justice.  "This was not
merely a bloodless financial crime that occurred on paper, but one
that takes a staggering toll," the judge said.  The courtroom,
which had an audience of 250, erupted into applause following the
sentence.  Mr. Madoff, already 71, pleaded guilty in March for
defrauding investors.

Ira Sorkin, defense attorney, says that the US$13.3 billion in
losses by clients alleged by the U.S. government was overstated.
He said that the amount should be offset by US$1.3 billion held by
the trustee for Bernard L. Madoff Investment Securities LLC; by
US$1.3 billion already recovered by the trustee; and by letters
sent by the trustee seeking to "claw back" US$735 million from
Madoff investors.

          About Bernard L. Madoff Investment Securities

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
US$50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.


BERNARD MADOFF: SIPC, Trustee Unveil $231MM in Funds for Customers
------------------------------------------------------------------
A total of $231 million in Securities Investor Protection
Corporation funds has been committed in the determination of 543
claims submitted by Bernard L. Madoff Investment Securities LLC
investors, according to Irving H. Picard, the court-appointed
trustee for the liquidation of BLMIS under the Securities Investor
Protection Act, and SIPC President Stephen Harbeck.

As such, the amount of SIPC funds committed in the Madoff
liquidation exceeds the total amount paid in the previous 11
largest SIPA liquidations.  The amount reflects major progress
since May 14, 2009, when Messrs. Picard and Harbeck announced a
total of $61.4 million in SIPC funds committed in determination
letters sent to 125 BLMIS claimants.

These 543 determined customer claims have been allowed in the
total amount of $2.972 billion, including $2.741 billion in
allowed customer claims that exceed the statutory limit of SIPA
protection.  Under SIPA, customers with allowed claims share on a
pro-rata basis in customer property recovered by the Trustee.
SIPC-funded protection is only used to supplement the distribution
up to the statutory limit of $500,000 per customer on allowed
claims.  For that purpose, SIPC maintains a special reserve fund
authorized by Congress to help investors at failed brokerage
firms.

The only source of payment for the portion of these and other
allowed claims in excess of the $500,000 from SIPC is the recovery
of BLMIS property by the Trustee through the various actions he
has and will undertake, including avoidance actions and other
recoveries of BLMIS property.

It is the Trustee's intent, pursuant to SIPA, to submit a motion
at an appropriate time in the future for an order of the
Bankruptcy Court to allocate to the fund of customer property the
funds and other property he has recovered and will recover and to
distribute customer property pro rata among BLMIS customers with
allowed claims.

Messrs. Picard and Harbeck once again sought to dispel incorrect
information surrounding the BLMIS liquidation proceeding: They
stressed that trustee expenses are not paid out of customer
property.  Mr. Harbeck said: "Contrary to what has been suggested
by some entirely ill-informed parties, all of the expenses of this
work have been paid for by SIPC. Customer funds are never used to
pay for administrative expenses in a liquidation proceeding."

                       Last Minute Claims

Claims must be received on or before Thursday, July 2, 2009 by the
Trustee's claims agent, AlixPartners LLP.

To assure timely receipt, last-minute filers can deliver their
claims by hand to AlixPartners LLP c/o the Trustee's law firm,
Baker & Hostetler LLP, 45 Rockefeller Plaza, New York, NY 10111
until midnight, Thursday, July 2, 2009.

                            About SIPC

The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event a brokerage firm
fails, owing customer cash and securities that are missing from
customer accounts. SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency case
to recover funds.

The statute that created SIPC provides that customers of a failed
brokerage firm receive all non-negotiable securities - such as
stocks or bonds -- that are already registered in their names or
in the process of being registered. At the same time, funds from
the SIPC reserve are available to satisfy the remaining claims of
each customer up to a maximum of $500,000. This figure includes a
maximum of $100,000 on claims for cash. From the time Congress
created it in 1970 through December 2008, SIPC has advanced $520
million in order to make possible the recovery of $160 billion in
assets for an estimated 761,000 investors.

           About Bernard L. Madoff Investment Securities

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least $50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.


LEAR CORP: North American Operations Reach Bankruptcy Deal
----------------------------------------------------------
Lear Corporation has reached an agreement in principle regarding a
consensual debt restructuring with steering committees
representing its secured lenders and its bondholders.  The Company
plans to commence shortly the proposed restructuring under court
supervision pursuant to a voluntary bankruptcy filing under
Chapter 11 of the United States Bankruptcy Code by the Company and
certain of its U.S. and Canadian subsidiaries.  The agreement in
principle provides that, subject to certain limited exceptions,
Lear's trade creditors will be paid in full.

The Company anticipates being in default under its 8.50% Senior
Notes due in 2013 and 8.75% Senior Notes due in 2016, as the
30-day grace period applicable to the semi-annual interest payment
due on such notes will expire on July 2, 2009.  In addition, in
light of the pending reorganization plan, the Company has not made
principal and interest payments due under its senior credit
facility on June 30.

            Operations Outside North American Excluded

Lear's subsidiaries outside the U.S. and Canada would not be part
of the bankruptcy filing.  The Company's operations outside the
United States and Canada are well-capitalized, well-positioned and
have a strong backlog of new business.

Given the unprecedented economic downturn and corresponding
decline in global automobile production volumes, as well as
continued difficult conditions in credit markets generally, Lear's
Board of Directors concluded that to protect the long-term
business interests of the Company, this protective action was the
fastest and most effective way to delever its capital structure.
During the reorganization process, Lear is committed to continuing
to deliver to its customers the superior quality, service and
innovation they expect.

The Company's restructuring plan has the support of a majority of
the members of a steering committee of the Company's secured
lenders and a steering committee of bondholders acting on behalf
of an ad hoc group of bondholders.  The Company is seeking support
for its restructuring plan from additional lenders and
bondholders.  However, no assurance can be given as to the level
of additional support for the restructuring the Company ultimately
will be able to obtain from its lenders and bondholders.

              $500-Mil. DIP Loan from JPMorgan, Citi

The Company has received commitments from a syndicate of secured
lenders, led by J.P. Morgan and Citigroup, for $500 million in new
money debtor-in-possession financing.  The proposed DIP financing,
subject to customary conditions, provides additional financial
flexibility that supplements Lear's significant existing cash
balances.  Additionally, the DIP agreement provides that, subject
to certain conditions, the DIP financing will convert into exit
financing with a three-year term upon Lear's emergence from
Chapter 11.

Simpson Thacher & Bartlett LLP is representing JP Morgan as
administrative agent for Lear's senior secured lenders, including
pre-petition credit agreement lenders, DIP lenders and
exit/emergence lenders.  The Simpson Thacher team includes
bankruptcy partner Ken Ziman and financial services partner JT
Knight.

Bob Rossiter, Lear's Chairman, Chief Executive Officer and
President, said, "This restructuring is being undertaken to
maximize the long-term value of the Company.  Lear is a leading
global Tier 1 automotive supplier with excellent technical
capabilities in critical product lines -- seating systems, power
distribution and electronics, as well as a competitive, low-cost
footprint, a diverse customer base, a solid backlog of new
business and a strong cash position. With these strengths and the
additional flexibility we will have as a result of the proposed
DIP facility, we intend to complete the restructuring as quickly
as possible, and emerge as an even stronger and more competitive
partner to our customers."

Bob Rossiter continued, "We want to assure everyone -- customers,
suppliers, employees, and the communities of which we are a part
-- that Lear is committed to positioning our business for
sustainable success. We believe that the agreement in principle
with the steering committees of our secured lenders and
bondholders to support our plan of reorganization will enable us
to emerge expeditiously."

                         About Lear Corp.

Lear Corporation -- http://www.Lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products. The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].

Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.


* S&P Puts Ratings on Various Asia-Pacific entities on CreditWatch
------------------------------------------------------------------
On June 30, 2009, Standard & Poor's Ratings Services placed its
ratings on several Asia-Pacific entities on CreditWatch following
the revision of its methodology and assumptions for rating
government-related entities.  S&P has placed seven issuer credit
ratings on CreditWatch with negative implications and four issuer
credit ratings on CreditWatch with positive implications.  S&P
also refreshed the CreditWatch with negative implications on
two issuer credit ratings.

Standard & Poor's updated criteria are detailed in the article
"Enhanced Methodology And Assumptions For Rating Government-
Related Entities," published June 29, 2009.  The changes to S&P's
criteria are designed to achieve a more granular analysis of the
range of GREs across sectors and regions.  S&P believes these
changes will provide more transparency in S&P's ratings approach.

S&P expects to resolve the CreditWatches within three months.

Updated summaries on each of the affected entities will be
published shortly.

S&P intends to complete its review of all other Asia-Pacific
issuers affected by this updated criteria within the next three-
to-six months.

                    CreditWatch/Outlook Action

                                   To                   From
                                   --                   ----
Airport Authority Hong Kong        AA+/Watch Neg/-   AA+/Stable/-
Australian Postal Corp.            AAA/Watch Neg/A-1+   AAA/Stable/A-1+
Chartered Semiconductor
Manufacturing Ltd.                 BB/Watch Neg/-       BB/Negative/-
China Life Insurance Co. Ltd.      A+/Watch Neg/-       A+/Stable/-
China Petroleum & Chemical Corp.   A-/Watch Pos/-       A-/Stable/-
CITIC Group                        BBB-/Watch Pos/A-3   BBB-/Stable/A-3
MTR Corp. Ltd.                     AA+/Watch Neg/A-1+   AA+/Stable/A-1+
NHPC Ltd.                          BBB-/Watch Neg       BBB-/Negative
Synergy                            AA-/Watch Neg/A-1+   AA-/Stable/A-1+
Transpower New Zealand Ltd.        AA-/Watch Pos/A-1+   AA-/Negative/A-1+
Transpower Finance Ltd.            AA-/Watch Pos/A-1+  AA-/Negative/A-1+

                         CreditWatch Update

       Aluminum Corp. of China Ltd.         BBB+/Watch Neg
       NTUC Income Insurance
        Co-operative Ltd.                   AA-/Watch Neg


                         *********

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

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

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


                            *********


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

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

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

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

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





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