TCRAP_Public/090707.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

                Tuesday, July 7, 2009, Vol. 12, No. 132

                                 Headlines

A U S T R A L I A

SUNCORP-METWAY: ANZ, NAB May Acquire Suncorp's Banking Assets
TIMBERCORP FINANCE: Liquidators Begin Court Action to Recoup Loans


C H I N A

ADALTIS INC: Obtains CCAA Creditor Protection in Quebec
LAS VEGAS SANDS: Bank Debt Trades at 29% Off in Secondary Market
ZTE CORPORATION: Fitch Puts Positive Outlook on 'BB+' Rating


H O N G  K O N G

BLUE ANGELS: Members' Final Meeting Set for August 6
HONG KONG & FAR: Placed Under Voluntary Wind-Up
HONG KONG PROFESSIONAL: Members' Final Meeting Set for August 6
KELLETT ESTATES: Chow and Ngan Step Down as Liquidators
PANNEX INVESTMENT: Placed Under Voluntary Wind-Up

ROAD KING: Fitch Downgrades Issuer Default Rating to 'BB-'
ROBOTOOLZ LIMITED: Commences Wind-Up Proceedings
SUMIDA CORPORATE: Members' Final Meeting Set for August 6
VICTANI (HONG KONG): Members' Final Meeting Set for August 6
WELL FIT: Commences Wind-Up Proceedings

YUE HING: Robert Garfield Watt Step Down as Liquidator


I N D I A

AIR INDIA: Debts Doubled After New Plane Delivery
AIR INDIA: Workers Stage Two-Hour Strike Againts Delayed Paychecks
BIOLOGICAL E: ICRA Revises Rating on INR1.19 Billion Term Loans
FIREPRO SYSTEMS: Delays in Interest Payments Cue ICRA 'LB+' Rating
KEYA INTERNATIONAL: ICRA Rates INR19.2 Mln Term Loans at 'LBB-'

LOKMANGAL AGRO: Liquidity Stresses Prompt ICRA 'LBB-' Rating
LOKMANGAL SUGAR: ICRA Assigns 'LB' Rating on INR880 Mln Term Loan
NAVIN MEHTA: ICRA Places 'LBB' Rating on INR3MM Long-Term Loan
RADHESHYAM GINNING: Negative Cash Flow Prompts CRISIL 'BB' Ratings


J A P A N

HOKURIKU BANK: Fitch Affirms Individual Rating at 'C/D'
JAPAN AIRLINES: May Soon Submit Cost-Cutting Plan to the Gov't.
METALDYNE CORP: RHJ Extends Due Diligence Deadline to July 16
QVC INC: Moody's Withdraws 'Ba2' Rating on $500 Mil. Senior Loan
TOSHIBA CORP: New President Aims to Boost Capital Adequacy Ratio


K O R E A

SSANGYONG MOTOR: Sues 190 Unionized Workers on Strike


M A L A Y S I A

HO HUP: Settles Arbitration Suit; to Pay All Debts in Madagascar
NEPLINE BHD: Still Unable to Repay Bank Debts


N I G E R I A

REPUBLIC OF NIGERIA: Fitch Keeps 'BB-' Long-Term Foreign IDR


S I N G A P O R E

2M CAPITAL: Court to Hear Wind-Up Petition on July 10
EDEVICES TECHNOLOGY: Court to Hear Wind-Up Petition on July 17
INTELLEGO PTE: Creditors' Proofs of Debt Due on August 3
PACIFIC SOURCE: Creditors' First Meeting Set for July 13
YONG SHUN: Creditors' Proofs of Debt Due on August 3


T A I W A N

TAIWAN HIGH: Looks to Refinance NT$390 Billion in Debt


X X X X X X X X

* BOND PRICING: For the Week June 29 to July 3, 2009


                         - - - - -


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A U S T R A L I A
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SUNCORP-METWAY: ANZ, NAB May Acquire Suncorp's Banking Assets
-------------------------------------------------------------
Australia & New Zealand Banking Group Ltd. and National Australia
Bank Ltd. are thought to be the front-runners to purchase
Suncorp's banking assets, which hold an enterprise value of
AU$7.7 billion, The Australian reports.

The Australian relates that the Australian Competition & Consumer
Commission chairman Graeme Samuel has warned he will hesitate to
approve a transaction involving one of the big four banks buying a
more junior rival, on competition grounds.

With concerns the competition regulator will not allow a top four
bank to increase its market position, Suncorp may be forced to
mark down the price of its banking assets to find a buyer among
its regional rivals, the Australian notes.

According to the report, Morgan Stanley analyst Scott Russell said
it would be difficult for Suncorp to negotiate a deal with one of
the main four given the uncertain regulatory environment.

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.


TIMBERCORP FINANCE: Liquidators Begin Court Action to Recoup Loans
------------------------------------------------------------------
Lawyers acting for the liquidators of Timbercorp Finance have
started court proceedings to recover around AU$15 million from
investor growers who have defaulted on their loans from the
company, InvestorDaily reports.

According to the report, Mills Oakley Lawyers, who were engaged by
KordaMentha to recover the loan book of Timbercorp Finance, lodged
writs in the Supreme Court of Victoria on Friday.

The report, citing Mills Oakley partner Joanne McCauley, relates
that the writs were lodged against 20 individuals who owed a total
of approximately AU$15 million, plus interest and legal costs.

The debt ranges from AU$219,000 to AU$2.49 million, the report
says.

"Grower investors who borrowed from Timbercorp Finance have the
same obligations to make loan repayments as they would if they had
borrowed directly from a bank or other financial institution,
irrespective of the performance of the underlying investment," the
report quoted KordaMentha partner and Timbercorp Finance
liquidator Craig Shepard as saying.

Ms. McCauley said further writs were being prepared on other
borrowers who were in default, InvestorDaily relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2009, the Sydney Morning Herald said that the creditors
of Timbercorp Ltd voted to wound up 40 companies within the group
at a meeting held on June 29 in Melbourne.

The Herald said that administrator Mark Korda had recommended that
the 40 companies, excluding the managing entity Timbercorp
Securities Ltd, be placed in liquidation because they had no money
and could not trade.

Mr. Korda, according to the Herald, told the meeting that
Timbercorp had debts of at least AU$980 million.  That include
AU$661 million owed to secured creditors, AU$14 million to
unsecured creditors, AU$5 million to employees and AU$300 million
in other loans and debt notes.

Mr. Korda said liquidation was the best option, given that no
other parties were interested in running the Timbercorp companies,
the report related.

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

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

                        About Timbercorp

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


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C H I N A
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ADALTIS INC: Obtains CCAA Creditor Protection in Quebec
-------------------------------------------------------
Adaltis Inc. has obtained an Order for creditor protection under
the Companies' Creditors Arrangement Act (Canada) from the Quebec
Superior Court.

The Quebec Superior Court also approved the Company's Debtor-in-
Possession financing arrangement with Victoria Square Ventures
Inc. for new financing in an amount of up to $3 million.  The
proceeds of the financing will be used to fund the Company's
operations as it reorganizes under the protection of the Court in
Canada.

Under the terms of the Order, RSM Richter Inc. --
http://www.rsmrichter.com/-- will serve as the Court-appointed
Monitor under the restructuring process.

                           About Adaltis

Adaltis Inc. is an international in vitro diagnostic company,
providing in vitro diagnostic products in emerging markets, with a
particular focus on China.  Adaltis has a reagent manufacturing
facility located in Shanghai, China, a complete IVD product
offering targeting emerging markets, and a strong international
sales and distribution platform.  Adaltis is headquartered in
Montreal, with offices in China, Italy, Mexico and other parts of
the world.


LAS VEGAS SANDS: Bank Debt Trades at 29% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Las Vegas Sands
Corp. is a borrower traded in the secondary market at 70.25 cents-
on-the-dollar during the week ended July 3, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents a drop of 0.93 percentage points
from the previous week, The Journal relates.  The loan matures
May 1, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B3
rating and Standard & Poor's B- rating.  The bank debt is one of
the biggest gainers and losers among widely-quoted syndicated
loans in secondary trading in the week ended July 3, 2009, among
the 157 loans with five or more bids.

Las Vegas Sands Corp.  -- http://www.lasvegassands.com/-- and its
subsidiaries develop multi use integrated resorts worldwide.  It
owns the Venetian resort-hotel-casino and the Sands Expo and
Convention Center in Las Vegas, Nevada; and The Sands Macao Casino
in Macao, the People's Republic of China. Venetian Macao is a
wholly-owned subsidiary of Las Vegas Sands Corp. VML owns the
Sands Macao in the People's Republic of China Special
Administrative Region of Macao and is also developing additional
casino hotel resort properties in Macao.


ZTE CORPORATION: Fitch Puts Positive Outlook on 'BB+' Rating
------------------------------------------------------------
Fitch Ratings has assigned a Positive Outlook to ZTE Corporation's
Long-term foreign and local currency Issuer Default Ratings, and
affirmed them at 'BB+'.  The Positive Outlook reflects the
company's increased revenue scale driven by strong growth,
positive free cash flow generation in 2008 and lower financial
leverage.

Fitch says that an upgrade of ZTE's ratings to investment grade
will depend on its ability to continue to generate positive free
cash flow in 2009 and maintain stable margins.

"ZTE's sector exposure to the global telecom equipment market, and
particularly its favorable position in China, has enabled the
company to record continuous strong revenue growth and maintain
stable EBITDA margins, notwithstanding the negative impact of the
global economic crisis," says Jinqing Li, Associate Director in
Fitch's Corporates team.

Backed by ZTE's strong performance in the Chinese 3G sector to
date, Mr. Li also says that Fitch expects the company to register
revenue growth of above 20% in 2009, despite the possibility of it
facing more pressure in overseas markets.

Although intense competition in the telecom equipment market has
caused most of its competitors' margins to decline significantly
in recent years, ZTE has successfully been able to maintain a
stable EBITDA margin of 7.6% to 7.7% over the past three years.
Moreover, despite the fact that its margins remain lower than that
of its major peers, Fitch believes the company will be able to
sustain the same at current levels in light of its substantially
lower R&D and production costs relative to its international
competitors.  In the long run, Fitch believes ZTE should be able
to improve its margins as the company gains more upgrade/expansion
contracts.

ZTE generated positive free cash flow generation in 2008, for the
first time since 2005.  The strong cash generation was partially
driven by ZTE's significantly lower investment in working capital,
which declined to CNY480 million in 2008 from CNY3.2 billion in
2007.  One explanation for ZTE's better management of working
capital is related to the strong financing support it receives
from the Chinese banks.  Although Fitch expects such support to
continue in the future, Fitch will monitor closely whether this
lower working capital requirement is sustainable over a longer
period time, given the current economic turmoil and continuous
intense competition in the telecom equipment market.

Financial leverage, as measured by total adjusted debt net of cash
to operating EBITDAR, fell significantly to 0.5x in 2008 from 1.1x
in 2007, driven by ZTE's strong cash generation.  Although
outstanding debt increased by 61.4% to around CNY10.5 billion in
2008, ZTE regained a net cash position of CNY873 million with
unrestricted CNY11.3 billion cash on hand.

Listed on the stock exchanges of Shenzhen and Hong Kong, ZTE is a
leading telecommunications equipment vendor with annual sales of
above US$6 billion.


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H O N G  K O N G
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BLUE ANGELS: Members' Final Meeting Set for August 6
----------------------------------------------------
The members of Blue Angels Foundation Limited will hold their
final general meeting on August 6, 2009, at 10:00 a.m., at Room
2109 of China Resources Building, 26 Harbour Road, in Wanchai,
Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HONG KONG & FAR: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 19, 2009, the sole member of Hong Kong & Far Investment
Company Limited resolved to voluntarily wind up the company's
operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Tong Kwok, David
          Citicorp Centre, 26th Floor
          18 Whitfield Road
          Causeway Bay, Hong Kong


HONG KONG PROFESSIONAL: Members' Final Meeting Set for August 6
---------------------------------------------------------------
The members of Hong Kong Professional Entrepreneurs Association
Limited will hold their final meeting on August 6, 2009, at
10:30 a.m., at Room 2109 of China Resources Building, 26 Harbour
Road, in Wanchai, Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KELLETT ESTATES: Chow and Ngan Step Down as Liquidators
-------------------------------------------------------
On June 26, 2009, Chow Chan Lum Charles and Ngan Lin Chun Esther
stepped down as liquidators of Kellett Estates Limited.


PANNEX INVESTMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On June 15, 2009, the sole member of Pannex Investment Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Chim Fun Lung
          Tai Yau Building, Room 1301
          181 Johnston Road
          Wanchai, Hong Kong


ROAD KING: Fitch Downgrades Issuer Default Rating to 'BB-'
----------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based Road King
Infrastructure Limited's Long-term foreign currency Issuer Default
Rating to 'BB-' from 'BB' and its foreign currency senior
unsecured rating to 'B+' from 'BB.'  At the same time, Fitch has
assigned a 'B+' rating to the US$150 million floating rate notes
due 2012 and the US$200m 7.625% senior notes due 2014 guaranteed
by Road King. The Outlook is Negative.

"The downgrade reflects the heightened business risk of Road
King's toll road operations due to a significant decrease in cash
distributions from the two expressways in the Hebei Province in
2009.  It also considers the potential loss in cash flows
generated by the Jihe Expressway (Eastern Section), which Road
King announced to divest in June 2009," says Ying Wang, Director
in Fitch's Asia-Pacific Corporates team.  "Additionally, Fitch
remains concerned over the execution risk in the company's
property development division," adds Ms. Wang.  Fitch expects Road
King's credit metrics to deteriorate in 2009 due to its
significantly reduced Operating EBITDAR and Funds Flow from
Operations.  As of December 31, 2008, Road King had an Adjusted
Net Debt/Operating EBITDAR ratio of 6.1x and an Operating EBITDAR-
to-Interest-plus-Rent ratio of 2.3x.

The agency notes that Road King's IDR is constrained by the
company's significant exposure to China's residential property
market.  The standalone business profile of Road King's property
development division is more in line with a low-to-mid 'B' rated
entity, given the small size and average quality of its land bank
as well as the low gross margins.  In addition, Road King's
capability to successfully execute and manage a residential
property portfolio has yet to be proven given a lack of track
record and the ongoing integration of legacy Sunco issues.

Road King has an adequate liquidity position over the next 12 to
18 months, primarily supported by recurring cash flows from the
toll road operations, the absence of committed land premiums
payable, and potential monetization of the toll road portfolio.
At end-2008, Road King had total liquidity of HKD971 million,
consisting of HKD796 million in cash and bank balances and
HKD175 million in available unutilized bank credit facilities.
The company also had approximately HKD2.0 billion in debt
maturities over 2009 and 2010, all of which were bank borrowings.
Fitch expects Road King to have adequate liquidity through end-
2010, while refinancing risk could emerge in 2011 when the next
bond maturity comes.

The senior unsecured rating of 'B+' reflects potential structural
subordination risk at the offshore issuer level.  As at Dec. 31,
2008, Road King had approximately HKD3.0 billion in structurally
senior debt, which represented 40% of total debt and 3.0x of
Operating EBITDAR.

The Negative Outlook reflects Fitch's concern that Road King's
credit metrics have deteriorated over the recent years and will
remain weak in the near- to medium-term, as cash flows generated
from the toll road business decline and cash flows from the
property division remain volatile.  An increase of the Adjusted
Net Debt/Operating EBITDAR ratio to greater than 6.25x, or a
decrease of the Operating EBITDAR-to-Interest-plus-Rent ratio to
less than 2.5x on a sustained basis, could lead to negative rating
actions.  In addition, negative rating actions could result from a
significant reduction of cash flows generated from the toll road
business to less than HKD650 million at any given year, or
significant shifts of management's business strategy and/or
financial policy toward a more aggressive risk profile.


ROBOTOOLZ LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Robotoolz Limited commenced wind-up proceedings on June 19, 2009.

The company's provisional liquidators are:

          Messrs. Chen Yung Nagi Kenneth
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


SUMIDA CORPORATE: Members' Final Meeting Set for August 6
---------------------------------------------------------
The members of Sumida Corporate Service Limited will hold their
final meeting on August 6, 2009, at 11:00 a.m., at Room 2109 of
China Resources Building, 26 Harbour Road, in Wanchai, Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


VICTANI (HONG KONG): Members' Final Meeting Set for August 6
------------------------------------------------------------
The members of Victani (Hong Kong) Limited will hold their final
meeting on August 6, 2009, at 11:30 a.m., at Room 2109 of China
Resources Building, 26 Harbour Road, in Wanchai, Hong Kong.

At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WELL FIT: Commences Wind-Up Proceedings
---------------------------------------
On June 24, 2009, Well Fit Intimate Design and Manufacture Limited
commenced wind-up proceedings.

The company's provisional liquidators are:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


YUE HING: Robert Garfield Watt Step Down as Liquidator
------------------------------------------------------
On June 24, 2009, Robert Garfield Watt stepped down as liquidator
of Yue Hing Land Investment Company Limited.


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AIR INDIA: Debts Doubled After New Plane Delivery
-------------------------------------------------
Air India more than doubled its debt after paying for new planes
from Boeing Co. and Airbus SAS, Bloomberg News reports.

The report, citing Aviation Minister Praful Patel, says the
state-owned carrier's borrowings totaled INR152.41 billion as of
June compared with INR65.5 billion in November 2007.

Mr. Patel said Air India has taken out more loans to pay for 49 of
the 111 aircraft it has taken delivery of from Airbus and Boeing,
Bloomberg News relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2009, The Financial Express said Air India planned to
defer the payment of salaries for the month of June to about
30,000 employees by 15 days.  The Financial Express related that
an AI spokesperson said "the salaries of June will be paid on July
15 due to the resource crunch that the company is facing."

In response, Air Corporation Employees' Union, one of the union
representing AI employees, decided to go on an indefinite strike
from July 1 if Air India management refuses to pay salaries on
time, according to a TCR-AP report on June 18, 2009, citing The
Economic Times.

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

The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.

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

                         About Air India

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


AIR INDIA: Workers Stage Two-Hour Strike Againts Delayed Paychecks
------------------------------------------------------------------
The Times of India reports that more than 70 percent of Air India
employees went on a nationwide two-hour strike on Friday to
protest against the management's failure to pay the salaries of
lower grade staffers.

"The management has backtracked on its commitment made on June 29
which is why we are staging this walkout," the Wall Street Journal
quoted Dinkar K. Shetty, president of Air Corporation Employees
Union, as saying.  ACEU is the single largest employee union
within Air India, WSJ says.

WJS relates that Air India said all its flights are operating
normally despite a two-hour protest by nearly 20,000 workers,

"All Air India flights in the entire network operated normally as
per schedule today," WSJ cited Air India in a statement. "As
stated earlier, Air India had taken requisite steps at all
airports to ensure normalcy of flight operations so that
passengers were not inconvenienced by the agitation."

The Times of India cited a release issued by the airline as saying
"The Air India management had, in a staff notice issued yesterday
[July 3], made it clear to the unions that participation by
employees in the illegal strike on July 3 would be viewed
seriously and appropriate action would be taken, including
deduction of wages and withdrawal of productivity linked incentive
payment until further orders."

The Troubled Company Reporter-Asia Pacific, citing a previous The
Times of India report, said on July 1 that Air India decided to
pay June salaries to its employees on July 3.  The Company first
decided to make the payments July 15.

As reported in the TCR-AP on June 16, 2009, Air India planned to
defer the payment of salaries for the month of June of about
30,000 employees by 15 days.  The Financial Express related that
an AI spokesperson said "the salaries of June will be paid on July
15 due to the resource crunch that the company is facing."

The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  Air India's losses have almost doubled to over
INR4,000 crore in 2008-09 (INR2,226 crore in 2007-08) and it does
not have the money to foot the INR350-crore monthly salary bill of
its 31,500 employees, according to the Hindustan Times.

As reported in the TCR-A P on June 26, 2009, the Hindu Business
Line said that Indian government offered to bail out Air India but
has set certain conditions for providing the financial assistance.

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

                         About Air India

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


BIOLOGICAL E: ICRA Revises Rating on INR1.19 Billion Term Loans
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR1.19 billion
term loans and INR280 million Fund based limits of Biological E
Limited (BEL) from LBBB- to LBB+.  The rating indicates
inadequate-credit-quality rating assigned by ICRA.  ICRA has also
revised the short term rating assigned to INR145 million Fund
based limits, INR254 million Non-Fund based limits and
INR200 million short-term loans from A3 to A4.  This is a risk-
prone-credit-quality rating assigned by ICRA.  The Fund based
limits under long-term and short-term tenure are interchangeable
and as such the combined utilization should not exceed
INR425 million.

The rating revision takes into account the weak operating
performance in FY2008-09 reflected in a sharp decline in operating
profitability, impact of delays in securing WHO approval at its
Shamirpet plant for vaccines business and higher than expected
increase in capital expenditure.  BEL's performance during the
last fiscal was impacted by higher than expected increase in costs
in its contract manufacturing business, lower capacity utilization
in the newly developed vaccine plant in addition to considerable
increase in manpower cost. ICRA views the recent inspection done
by WHO authorities for prequalification of Shamirpet plant and the
contract manufacturing contract with a global pharmaceutical
company positively. However, financial risk profile is constrained
by high debt repayments scheduled for next two years. The future
prospects are vulnerable to competition from big vaccine players
in the industry, dependence on a few mature brands in the
formulation business and could be impacted by further delays in
product approvals and securing WHO approvals for the vaccine
plant.

Incorporated as Biological Products Limited in 1953, Biological E
Limited is among the first private sector companies in India to
manufacture biological products1. BEL started its operations with
a small unit in Vijayawada, Andhra Pradesh and soon moved to
Hyderabad to accommodate growing operations. The company was
founded by late Dr. D.V.K. Raju along with Dr. G.A.N. Raju. BEL is
a privately held company with promoters and their associate
companies holding over 98% stake in the company. In 1962, the
company extended its operations by setting up a manufacturing
location at Agra, followed by another unit in 1963, dedicated for
vaccines production at Hyderabad. In 1964, Evans Medicals, a U.K
based Pharmaceutical Company, which later got merged with Glaxo
SmithKline acquired 40% stake in the company, which was
subsequently bought back by the promoters.

Over 55 years of operations, the company has earned several
credentials to itself with prominent ones being the first company
in India to manufacture certain critical vaccines such as Anti-TB
drugs, heparin etc. The company derives revenues from three
business segments -- vaccines, branded generic formulations and
bulk drugs. The company manufactures and supplies various vaccines
to Government Institutions and health organizations. The company
has five manufacturing facilities all located in the outskirts of
Hyderabad and is in the process of commissioning a formulations
manufacturing unit at Dehradun (Uttaranchal). As the company's
plants at Azamabad and Patancheru are very old and cannot be
upgraded, BEL has set up formulations manufacturing unit at
Uttaranchal and a vaccine unit at Shamirpet near Hyderabad to
support growth.


FIREPRO SYSTEMS: Delays in Interest Payments Cue ICRA 'LB+' Rating
------------------------------------------------------------------
ICRA has revised the rating assigned to the INR2,715.80 million
fund-based and non-fund based limits of Firepro Systems Private
Limited from LBBB to LB+.  LB indicates risk-prone-credit-quality
rating assigned by ICRA in long term.

The downward revision in the rating takes into account the
significant deterioration in the working capital intensity of the
company (which has traditionally been on the higher side) in FY
2009 because of the current economic conditions which led to
delays in payments by most of the company's clients (particularly
real estate clients).  As a result, the company is currently
facing a liquidity crunch situation which has also resulted in
instances of delays in interest payments and one instance of LC
devolvement in the recent past.  While assigning the rating ICRA
has also taken note of the company's exposure to the volatile real
estate industry, its current high gearing level (2.13 times as
March 31, 2009) due to increased borrowings to fund its working
capital needs and deteriorating net margins due to higher interest
cost.  The ratings however favorably factor in the strong market
position of the company in fire-protection and security services,
its strong execution skills and healthy operating profit margins.

                     About Firepro Systems

Incorporated in 1992, Firepro was founded by Mr. N S Narendra, a
first generation entrepreneur who had prior experience in the fire
safety industry.  The company started with a focus on installation
of fire protection systems in buildings and subsequently
diversified into installation of security automation and
surveillance systems and Network Integration services.  Firepro
has completed more than 1200 projects till date and has 21 offices
spread across the country.  However the domestic operation is
mainly concentrated in South with the region contributing close to
60% of the company domestic (standalone) turnover. Firepro has
also established a global footprint by setting up subsidiaries in
Dubai-UAE, Melbourne-Australia and Singapore during FY2007.
During FY2009, the company posted a Profit after Tax (PAT) of
INR144.3 million on a turnover of INR3346.7 million on a
standalone basis. The consolidated turnover and profit of the
company during same period was INR4794.8 million and INR338.9
million, respectively.


KEYA INTERNATIONAL: ICRA Rates INR19.2 Mln Term Loans at 'LBB-'
---------------------------------------------------------------
ICRA has assigned LBB- rating, indicating inadequate-credit-
quality, to the INR19.2 million proposed and sanctioned term loans
and cash credit facilities of M/s Keya International in the long
term.  ICRA has also assigned A4 rating, indicating risk-prone-
credit-quality in the short term, to the INR43 million proposed &
sanctioned fund based limits and 3 million proposed & sanctioned
non-fund based limits of KI.

The rating takes into account the promoters' long experience in
the knitwear business developed over a period of two decades. The
rating also takes into account KI's past capital expenditures
which gives it enough capacity buffer to take advantage of
opportunities as and when they arise. However, the rating is
constrained by the small scale of operations leading to low
pricing flexibility and smaller economies of scale. Further,
volatile topline numbers and low operating margins over the past
five years due to fierce competition from peers and unstable
exchange rates have impacted the ratings for KI significantly. In
the long term, a merger of KI with its group companies - BLR Knits
Pvt. Ltd., and Samarth Garments Pvt. Ltd. would streamline the
operations of the group and help achieve better economies of
scale.

                    About Keya International

KI is a partnership firm engaged in the manufacture of readymade
knitted garments.  KI started its operations in 1994 and is
primarily involved in the export of readymade garments (RMG).  The
present partners of KI are Mr. Govind Agarwal, Dr. (Mrs.) Ranna
Agarwal and Govind Agarwal (HUF).  KI has its manufacturing
facilities in Bangalore with estimated garmenting capacity of
1500-2000 pieces per day.  Other activities in the RMG value chain
like fabric manufacture, dyeing printing, embroidery, etc. are
outsourced to group companies or third party vendors.

KI reported a PAT of INR5.8 million on an operating income of
INR152 million in 2007-08 as against a PAT of INR8.6 million on an
operating income of INR195 million in 2006-07.


LOKMANGAL AGRO: Liquidity Stresses Prompt ICRA 'LBB-' Rating
------------------------------------------------------------
ICRA has assigned an LBB- rating to the Term Loan of Lokmangal
Agro Industries Limited aggregating to INR400 million.  LBB is the
inadequate-credit-quality rating assigned by ICRA.

The rating takes into account the relatively small size of
operations, high level of leveraging with gearing at 3.1 times as
on March 31, 2009, (provisional estimates) on account of high
working capital intensity and on-going debt funded capex on
distillery operation and stretched liquidity position on account
of high loans and advances extended to other group companies.  The
rating also factors in the financial risks arising out of
corporate guarantees given to a group company, which is already
facing liquidity stresses.  The rating also factors in the risks
inherent in the sugar business such as inherent cyclicality,
variations in agro-climatic conditions and changes in government
policies on cane pricing and sugar release mechanism.  While the
improved sugar realizations are likely to improve the
profitability of the company, the impact of the same would be
tempered by increase in cane prices arising out of lower cane
availability in sugar year (SY) 2009-10 and intense competition
from surrounding sugar mills.  The ratings are however supported
by the fact that the company's forward integration into distillery
operations of 80 KLPD capacity from November 2009 onwards would
partially insulate it from the effect of sugar cyclicality.  ICRA
further notes that overall financial risk profile for the company
is expected to remain high with substantially debt funded ongoing
capital expenditure, high working capital intensity in the sugar
operations and substantial exposures to group companies.

                       About Lokmangal Agro

The Lokmangal Agro Industries Ltd. (LAIL) was incorporated in the
year 1998 by families of farmers with Mr. Subhash Deshmukh and his
family members being the largest shareholders.  Initially, a 1250
TCD plant was commissioned but the crushing capacity was doubled
to 2500 TCD in the year 2007.  In addition to its own sugar
facility during FY 2008 the company took two 1250 TCD capacity
sugar facility from Shethkari Sahakari Shakar Karkhana Ltd. and
Tuljabhavani SSK Ltd. situated in Latur and Osmanabad districts at
a distance of 100-150 km., on five years lease basis (i.e. SY
2007-08 to SY 2011-12).  The existing sugar plant also has co-
generation facility of 1.5 MW capacity which is used entirely for
captive purpose by the sugar plant.

In FY 2009, LAIL reported profit after tax (PAT) of
INR28.6 million on an operating income of INR1100.4 million.


LOKMANGAL SUGAR: ICRA Assigns 'LB' Rating on INR880 Mln Term Loan
-----------------------------------------------------------------
ICRA has assigned an LB rating to the INR880 million term loan of
Lokmangal Sugar Ethanol and Co-generation Industries Limited.  LB
is the risk-prone-credit-quality rating assigned by ICRA.

The ratings are constrained by the relatively short track record
of the operations of the company, currently high level of
leveraging and pressures on liquidity resulting in irregularities
in debt servicing in the recent past.  The rating also factors in
the risks inherent in the sugar business such as the inherent
cyclicality, variations in agro-climatic conditions and changes in
government policies on cane pricing and sugar release mechanism.
While the improved sugar realizations are likely to improve the
profitability of the company, the impact of the same would be
tempered by substantial increase in cane prices arising out of
lower cane availability in SY 2009-10.  The ratings are however
supported by the fact that the company's forward integration into
co-generation will partially insulate it from the cyclicality
risks inherent in the sugar operations.

                        About Lokmangal Sugar

Lokmangal Sugar Ethanol & Co-generation Industries Ltd. was
incorporated in CY 2003 by Mr. Subhash Deshmukh and his family
member,s who are the largest shareholders. The sugar plant,
ethanol plant and co-generation facility are located in Solapur.
LSECIL had setup a 30 KLPD ethanol plant in CY 2003 but it has not
been selling ethanol to oil PSUs because of capped price at INR
21.5 / litre for fuel ethanol.  However, the sugar plant with
installed capacity of 3200 TCD became operational from May 2008
onwards while co-generation facility with installed capacity is 15
MW became operational from April 2009 onwards for the budgeted
cost of INR 1320 million. which was financed in debt-equity ratio
of 2:1. There was a cost-overrun by INR 100 million which was
financed by taking long term loan from group companies (Lokmangal
Agro Industries Ltd. and Subhash Deshmukh & Co.).

In FY 2009, GSL reported net loss of INR -191.9 million on an
operating income of INR 78.3 million.


NAVIN MEHTA: ICRA Places 'LBB' Rating on INR3MM Long-Term Loan
--------------------------------------------------------------
ICRA has assigned LBB rating to the INR30 million long-term fund
based (Cash Credit) bank limits of Navin Mehta & Company.  ICRA
has also assigned A4 to INR231.5 million short term fund based
bank limits of NMC.  LBB is the inadequate-credit quality rating
assigned by ICRA to long term debt instruments.  A4 is the risk-
prone-credit-quality rating assigned by ICRA for the short term
debt instruments.

The rating is constrained by the overall negative outlook for the
industry as a result of which the company has suffered a drop both
in revenues and profits during 2008-09.  NMC has also incurred net
loss during 2007-08.  The rating is also constrained by NMC's
small scale of operations, modest profitability and high working
capital intensity.  The rating also factors in the current
slowdown in the international market resulting in a decline in the
demand for diamonds along with intense competition from a large
number of unorganized and organized players in export segment.
The rating however, favorably factors in NMC's diverse customer
base, moderate gearing and the experience of the promoters in CPD
business.

                        About Navin Mehta

Established as a partnership firm, in the year 1977 Navin Mehta &
Co. (NMC) is engaged in the business of importing, manufacturing
and exporting of CPDs. A major portion of NMC's export revenue
originates from Belgium, Hong Kong, and UAE.  The firm has its
marketing and sales office at Opera House, Mumbai and a state of
the art manufacturing facility at Surat, Gujarat.

NMC recorded a net loss of INR54 thousands on an operating income
of INR 849.80 million for the year ending March 31, 2008.


RADHESHYAM GINNING: Negative Cash Flow Prompts CRISIL 'BB' Ratings
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Radheshyam Ginning Pressing Pvt. Ltd. This rating is
applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  The facilities
carry high credit risk.

                                      Amount
    Facility                       (INR crore)     Rating
    --------                       -----------     ------
   Cash Credit                        8.00           BB
   Overdraft for Book Debt (ODBD)     2.00           BB

Rating Rationale

The rating factors in RGPPL's low margin business profile, working
capital intensive operations, small scale of operations, negative
cash flow from operations for last three years, low bargaining
power, highly fragmented industry and regulatory risk.  This far
outweighs the vast experience of promoters in the industry.

Radheshyam Ginning Pressing Pvt. Ltd. was incorporated as a
private limited company in July, 1999 in Amreli district of
Gujarat.  The operations of RGPPL are managed by Daslaniya and
Gangani family under the leadership of Shri Anilbhai
Daslaniya, Managing Director.  RGPPL is present in the lowest
level of value chain in the textile sector.  It is engaged in the
cotton ginning and pressing process to produce cotton bales and
cotton seeds from raw cotton.

As per the provisional results, RGPPL reported total operating
income of INR53.00 crore during FY09, lower than INR64.64 crore
reported for FY08.  The PAT margin, however, remained stable at
0.22% in FY09 as against 0.23% during FY08.


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HOKURIKU BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Hokuriku Bank's and Hokkaido Bank's
ratings.  The rating action follows the announcement by their
parent, Hokuhoku Financial Group, that it will on July 7, 2009,
buy back and immediately cancel JPY40 billion (at issued price) of
Hokuhoku FG's preferred stocks issued to the government.

In the financial year ended March 31, 2009, investment-related
losses eroded bottom-line profitability at both Hokuriku and
Hokkaido.  Hokkaido, in particular, also suffered from higher
provisioning of loan-loss reserves.  As a result, pre-tax profit
dropped 77% yoy at Hokuriku and 48% at Hokkaido.

While the repurchase will fully repay the public funds that were
originally injected into Hokuriku, it will reduce the same
injected into Hokkaido to about JPY20 billion from JPY35 billion.
Owing to this, the government's ownership of Hokuhoku FG will drop
to 2.3% from 6.9% as of end-March 2009, based on total shares
issued.  Although the repayment will improve the capital quality
of both Hokuriku and Hokkaido to a certain extent, their capital
position remains relatively modest with a tier 1 ratio of 7.14%
and 7.27% respectively at end-March 2009.  Fitch notes, however,
that the ratio has already been cushioned somewhat by the relaxed
capital adequacy rule introduced in December 2008, without which
the banks' tier 1 ratio could have been 6.90% and 7.07%
respectively.

Hokuhoku FG also plans to transfer preferred stocks of about
JPY30 billion to Hokuriku and JPY18 billion to Hokkaido on July 7,
2009.  According to Hokuhoku FG, the buy back/cancellation of
preferred stocks will reduce the total capital ratio by about 0.9%
at Hokuhoku FG (on a consolidated basis), 0.9% at Hokuriku and
0.8% at Hokkaido from levels at end-March 2009.

In the meantime, Fitch will continue to pay close attention to
potential developments in the regional economy and will take
proactive action should such developments be considered likely to
impact the banks' financial profile going forward.

Hokuriku:

  -- Long-term foreign and local currency IDRs: affirmed at 'BBB';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs: affirmed at 'F2';

  -- Individual rating affirmed at 'C/D';

  -- Support rating: affirmed at '2' and

  -- Support Rating Floor: affirmed at 'BBB-'.

Hokkaido:

  -- Long-term foreign and local currency IDRs: affirmed at 'BBB';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs: affirmed at 'F2';

  -- Individual rating affirmed at 'C/D';

  -- Support rating: affirmed at '2' and

  -- Support Rating Floor: affirmed at 'BBB-'.


JAPAN AIRLINES: May Soon Submit Cost-Cutting Plan to the Gov't.
---------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. President Haruka
Nishimatsu promised the government that the company will soon
present an aggressive cost-cutting plan to turn around its money-
losing businesses.

"We hope to announce a plan that will pursue efficiency with no
exceptions," the report quoted Mr. Nishimatsu as saying in a
meeting with Land, Infrastructure, Transport and Tourism Minister
Kazuyoshi Kaneko.

The Troubled Company Reporter-Asia Pacific, citing the Financial
Times, reported on June 24, 2009, that Japan Airlines secured
JPY100 billion (US$1 billion) in emergency funding after the
Japanese government agreed to guarantee new loans to the group.

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

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

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

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

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

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

                      About Japan Airlines

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

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

                          *     *     *

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

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


METALDYNE CORP: RHJ Extends Due Diligence Deadline to July 16
-------------------------------------------------------------
RHJ International has amended the Purchase Agreement that it
entered into with Metaldyne Corporation on June 15, 2009.  RHJI
has agreed, subject to certain conditions, to buy certain
powertrain and other Metaldyne operating assets and the stock of
certain foreign subsidiaries of Metaldyne as going concerns under
a court-supervised sale process pursuant to Section 363 of the
U.S. Bankruptcy Code.

The Purchase Agreement was amended to extend to July 16, 2009, the
deadline by which RHJI must notify Metaldyne whether RHJI has
completed due diligence to its satisfaction, one of the conditions
to the sale.  There were no other material changes to the terms of
the Purchase Agreement.  The amendment to the Purchase Agreement
is subject to approval of the U.S. Bankruptcy Court for the
Southern District of New York.

As reported by the Troubled Company Reporter, a newly formed
subsidiary of RHJI will purchase certain North American and all of
the European assets of Metaldyne's Sintered Products, Vibration
Control Products and Powertrain Products business units, as well
the European Forging Products business unit and certain Asian
operations.  The transaction is valued at approximately
$100 million including up to $25 million in cash, a new
$50 million secured note and the exchange of an existing
EUR15 million demand note issued by Metaldyne GmbH for a term loan
to RHJI's newly formed acquisition subsidiary.  In addition, RHJI
has agreed to inject additional cash into the newly formed entity
to fund future working capital needs.

The TCR said July 3, 2009, that the Bankruptcy Court has approved
auction and sale procedures for the sale of Metaldyne's powertrain
business.  The Bankruptcy Court has scheduled an auction of the
powertrain assets for July 24, 2009, at 10:00 a.m. (Prevailing
Eastern Time) at the offices of Jones Day, 222 East 41st Street,
New York, New York 10017.

A hearing to approve the agreement and the sale of the powertrain
assets to the stalking horse bidder or another bidder at the
auction is scheduled to be conducted on July 27, 2009, at
10:00 a.m. (Prevailing Eastern Time).  Objections to the proposed
sale must be filed with the Court so as to be actually received no
later than 4:00 p.m. (Prevailing Eastern Time) on July 23, 2009.

                      About RHJ International

RHJ International (Euronext: RHJI) -- http://www.rhji.com/-- is a
limited liability company incorporated under the laws of Belgium,
having its registered office at Avenue Louise 326, 1050 Brussels,
Belgium.  It is a diversified holding company focused on creating
long-term value for its shareholders by acquiring and operating
businesses.

                  About Metaldyne Corporation

Headquartered in Plymouth, Michigan, Metaldyne Corporation --
http://www.metaldyne.com/-- is a wholly owned subsidiary of Asahi
Tec, a Shizuoka, Japan-based chassis and powertrain component
supplier in the passenger car/light truck and medium/heavy truck
segments.  Asahi Tec is listed on the Tokyo Stock Exchange.
Metaldyne is a global designer and supplier of metal based
components, assemblies and modules for transportation related
powertrain and chassis applications including engine,
transmission/transfer case, wheel end, and suspension, axle and
driveline, and noise and vibration control products to the motor
vehicle industry.

On January 11, 2007, in connection with a plan of merger, Asahi
Tee Corporation in Japan acquired the shares of Metaldyne.  On the
same date, Asahi Tee contributed those shares to Metaldyne
Holdings, and Asahi Tee thereby became the indirect parent of
Metaldyne and its other units.  RHJ International S.A. of Belgium
now holds approximately 60.1% of the outstanding capital stock of
Asahi Tec.

The Company owns 23 different properties, including 14 domestic
manufacturing facilities in six states, and more than 10
manufacturing facilities North America, Europe, South America and
Asia.

Metaldyne Corporation aka MascoTech, Inc., aka MascoTech Harbor,
Inc., Riverside Acquisition Corporation and Metaldyne Subsidiary
Inc. and its affiliates filed for Chapter 11 on May 27, 2009
(Bankr. S.D.N.Y. Lead Case No. 09-13412).  The filing did not
include the company's non-U.S. entities or operations.  Richard H.
Engman, Esq., at Jones Day represents the Debtors in their
restructuring efforts.  Judy A. O'Neill, Esq., at Foley & Lardner
LLP serves as conflicts counsel; Lazard Freres & Co. LLC and
AlixPartners LLP as financial advisors; and BMC Group Inc. as
claims agent.  For the fiscal year ended March 29, 2009, the
company recorded annual revenues of approximately US$1.32 billion.
As of March 29, 2009, utilizing book values, the company had
assets of approximately US$977 million and liabilities of
US$927 million.


QVC INC: Moody's Withdraws 'Ba2' Rating on $500 Mil. Senior Loan
----------------------------------------------------------------
Moody's Investors Service withdrew the Ba2 rating on QVC, Inc.'s
proposed $500 million senior secured term loan B due to the
cancellation of the offering.  QVC's Ba2 Corporate Family Rating,
Ba3 Probability of Default Rating, Ba2 ratings on the existing
$3 billion senior secured March 2006 credit facility, and stable
rating outlook are not affected.  Moody's does not believe the
termination of the offering materially affects the company's
liquidity position as QVC had intended to use the proceeds to
retire a portion of the tranche 6-J and 6-W term loans that do not
mature until 2014.

Withdrawals:

Issuer: QVC, Inc.

-- Senior Secured $500 Million Term Loan B Credit Facility,
    Withdrawn, previously rated Ba2, LGD3 - 35%

Moody's last rating action on QVC was on June 19, 2009 when it
assigned these first-time ratings: Ba2 CFR, Ba3 PDR, and Ba2
senior secured bank credit facility.

QVC, headquartered in West Chester, Pennsylvania, is one of the
largest multimedia retailers in the world primarily targeting
female shoppers with a mix of beauty, fashion, jewelry and home
products.  QVC was founded in 1986 and has operations in the U.S.,
United Kingdom, Germany and Japan with plans to expand into Italy
in 2010.  The company is a wholly owned subsidiary of Liberty
Media Corp. and attributed to the Liberty Interactive tracking
stock.  Annual revenue is approximately $7.1 billion.


TOSHIBA CORP: New President Aims to Boost Capital Adequacy Ratio
----------------------------------------------------------------
Japan Today reports that the new president of Toshiba Corp.,
Norio Sasaki, is aiming to boost the company's capital adequacy
ratio to 30 percent during his tenure as he embarks on the
challenge of bringing the electronics company back into
profitability.

Toshiba's capital adequacy ratio, including minority equity,
plunged to 13.9 percent at the end of March, but now stands at
around 19 percent after the company raised around JPY500 billion
(US$5.3 billion) in capital through public stock and subordinated
bond offerings, Japan Today said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2009, Kyodo News said that the shareholders approved
the appointment of Corporate Senior Executive Vice President
Norio Sasaki as the new chief executive, replacing  Atsutoshi
Nishida.  Mr. Nishida will become chairman after serving four
years as president.

Toshiba Corp.'s departing president, Atsutoshi Nishida, said that
cost-cutting efforts are on track as it aims to return to
profitability in the current business year, Kyodo News reported.

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

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

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

                          *     *     *

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


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SSANGYONG MOTOR: Sues 190 Unionized Workers on Strike
-----------------------------------------------------
Ssangyong Motor has filed a damage suit against strikers who are
waging a weeks-long sit-in protest at the company's plant in
Pyeongtaek, KBS WORLD Radio reports.

According to the report, an official from Ssangyong said the
company asked for KRW5 billion -- about US$4 million -- for
damages in the suit against some 190 unionized workers who
actively participated in the strike.

Ssangyong Motor claimed it has suffered serious damages since
workers began striking on May 22, including over KRW172 billion in
sales losses that could increase if the strike continues,
according to the KBS WORLD Radio.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, Yonhap News Agency said that unionized workers at
Ssangyong Motor launched a full strike against the company's
massive job-cut plan.

Ssangyong Motor is planning to cut some 2,800 employees or 40
percent of its entire workforce in a bid to revive the company.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, Chosun Ilbo said that even if the company produces
200,000 cars a year, it would be better off dissolving the company
rather than saving it.  In order for it to stay alive, a massive
lay-off plan is inevitable, Chosun Ilbo added.

As reported in the TCR-AP on Jan. 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 Feb. 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
===============


HO HUP: Settles Arbitration Suit; to Pay All Debts in Madagascar
----------------------------------------------------------------
Ho Hup Construction Company Berhad has executed a Settlement
Agreement with the State of Madagascar to amicably and mutually
agree to withdraw the Arbitration Suit, subject to the terms and
conditions contained in the SA.

The salient terms of the SA are:

   (a) Both parties mutually agree to withdraw the Arbitration
       Suit and renounce of debts towards each other as well
       as agree not to enforce the judgment order of the
       Arbitration Suit regardless of the outcome;

   (b) Ho Hup agrees to settle all the creditors' debts in
       Madagascar;

   (c) The State of Madagascar agrees to release all the
       machineries to Ho Hup which was seized by the State
       of Madagascar since 2006;

   (d) Ho Hup agrees to donate six trucks to the State of
       Madagascar;

   (e) Both parties further agree to future venture and co-
       operation; and

   (f) The State of Madagascar will pay USD4 million to Ho
       Hup's bank account in Madagascar.

With the Proposed Settlement, the Board of Directors of Ho Hup
said that:

   (i) Both parties on June 20, 2009, entered into a Memorandum
       of Understanding to assist KRAOMA S.A in the re-enforcement
       and optimization of its mine activities; and

  (ii) the Company shall utilize the US$4 million to settle
       creditors' debt, legal professional fees and related
       defray charges in Madagascar.

                         About Ho Hup

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

                          *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.


NEPLINE BHD: Still Unable to Repay Bank Debts
---------------------------------------------
Nepline Berhad disclosed in a regulatory filing that it is still
not able to service and repay its debts with the relevant banks
and is still unable to come-up with an amicable solution with the
Banks for the time-being.

The details of the outstanding due payments as had been defaulted
are:


  Lender                     Borrower            Amount Due
  ------                     --------         ----------------
  Alliance Investment Bank   Nepline Berhad   As at May 30,2008
  Berhad & Malaysian                          MYR1,635,506.85
  Trustees Berhad                               (interest)

                                              As stated in the
                                              Statement of Claims
                                              MYR44,857,380.19

  EXIM Bank                  Nepline Berhad   Amount due as at
                                              June 23, 2009
                                              US$17,336,803.88

  Bank Pembangunan Malaysia  Nepline Berhad   As at June 23, 2009
  Berhad                                      MYR12,551,274.21

  Bank Pembangunan Malaysia  Nepline Berhad   As at June 23, 2009
  Berhad                                      MYR62,957,984.97

Nepline Berhad also said that Exim Bank has enforced its rights as
an assignee/mortgagee on the Company's vessel MT Nepline 1.

Separately, Bank Pembangunan Malaysia Berhad, who has appointed
receiver over the Charged Vessels of the Company, is waiting for
the judicial sale of the vessel MT Nepline Mas.  BPMB had also
taken over the vessel MT Nepline II, in exercising their rights as
stipulated in the Shipbuilding Agreement.

The Company is still in the process of preparing a Business Plan
as part of the Regularization Plan that it needs to submit to the
authorities for approval.

                      About Nepline Berhad

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


=============
N I G E R I A
=============


REPUBLIC OF NIGERIA: Fitch Keeps 'BB-' Long-Term Foreign IDR
------------------------------------------------------------
Fitch Ratings has affirmed the Federal Republic of Nigeria's Long
term foreign and local currency Issuer Default Ratings at 'BB-'
and BB' respectively.  The Outlook is Stable.  At the same time,
Fitch has affirmed the Short-term foreign currency IDR at 'B' and
the Country Ceiling at 'BB-'.

"Nigeria's strong sovereign balance sheet is the main support to
its ratings.  Although weakened by a major reserve loss since
September 2008, its balance sheet still stands out amongst its
rating peers," says Veronica Kalema, a Director in Fitch's
Sovereign Department.

"Earlier banking sector consolidation also resulted in a well-
capitalised banking system, which together with Nigeria's strong
overall and public net external creditor position and low
government debt, have helped cushion the economy against the
collapse in oil prices, the global recession, a reversal of
capital flows and the banking sector's exposure to a sharp fall in
equity prices.  With some signs of global stabilization now
apparent and a recovery in oil prices, Nigeria looks likely to
weather the shocks," adds Kalema.

The government moved swiftly to base the 2009 budget on a lower
benchmark oil price of US$45/barrel (Fitch has a forecast of
US$55/barrel for 2009 and the oil price is currently around US$70/
barrel).  Nevertheless, oil production shortfalls below the
budgeted 2.3 million b/d continue to present a serious revenue
challenge.  However, this will be offset by the higher- than-
budgeted oil price, reduced disbursements from the Excess Crude
Account and likely under-execution of the Federal Government
budget.  The domestic debt market provides financing flexibility
for the FG and a few sub-nationals that have started to tap it to
fund development spending.  Nevertheless, sub-nationals face a
serious revenue squeeze, and there is a risk that this will result
in further disbursements from the ECA.  Fitch forecasts small
budget deficits at the FG and consolidated government levels and
continuing low public debt of 12% of GDP in 2009, well below the
'BB' median.

The Central Bank of Nigeria at first used reserves to support the
naira in the face of lower oil revenues and capital outflows in
the second half of 2008.  Amid some confusion as to its policy
goals, which heightened speculative pressure, CBN starting in late
November eventually engineered a roughly 20% depreciation and
stabilized the market, albeit by resorting to a temporary reversal
of foreign exchange liberalization.  The naira is now at a more
realistic rate consistent with lower oil prices and restrictions
have begun to be eased.  Despite a significant depletion of
reserves by 28% to US$44.8 billion in May 2009 since the peak of
US$62.1 billion in September 2008, low foreign liabilities of both
the public and private sectors mean that Nigeria's external
balance sheet remains robust and is still one of the strongest in
the 'BB' category.  The recent increase in oil prices, if
sustained, should slow the pace of reserves depletion.  However,
the reserves cushion has been eroded and any renewed bout of lower
oil prices would likely trigger further downward pressure on the
exchange rate, accelerate reserves depletion and is likely to
bring negative rating action.

Unlike other countries in the region, Nigeria's banking system has
been under strain due to margin loan exposures to the sharp fall
in equity prices.  The loss of confidence together with lower oil
revenues has also resulted in a liquidity squeeze on the money
markets which, despite measures to inject liquidity, is still not
fully alleviated.  Although the system's high capitalization means
that it can absorb the bulk of the losses without any support from
the sovereign, the problems have exposed severe weaknesses in
banking regulation and risk management.  These will be the key
focus of the new central bank governor, Lamido Sanusi, who as a
former banker is well-qualified to address them so as to restore
confidence in the financial system so that it can better support
real sector development.

Nigeria's ratings are hampered by data weaknesses and lack of
transparency in several key areas including public finances, the
balance of payments, international reserves and the banking
system.  Improvements are essential to enhancing creditworthiness.

Following an average of 6%+ growth in 2004-2008, in 2009 growth
will slow to around 3%, reflecting much lower fiscal spending,
private credit growth, remittances and oil prices/production.
However, this will be in line with regional growth and much higher
than the 'BB' median. Reforms and investment in infrastructure
have slowed under the current administration, although there are
now signs of revival.  Niger Delta insecurity has further reduced
oil production this year and is an ongoing rating constraint.
More broadly, it has adverse implications for the government's
power and gas sector strategies necessary for further
diversification and raising Nigeria's growth potential.
Improvements in the ratings will also depend on sustaining non-oil
growth and raising per-capita income by addressing infrastructure
through investment and reforms.


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


2M CAPITAL: Court to Hear Wind-Up Petition on July 10
-----------------------------------------------------
A petition to have 2M Capital Pte Ltd's operations wound up will
be heard before the High Court of Singapore on July 10, 2009, at
10:00 a.m.

Sentinel Developments Limited filed the petition against the
company on June 17s, 2009.

The Petitioner's solicitor is:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


EDEVICES TECHNOLOGY: Court to Hear Wind-Up Petition on July 17
--------------------------------------------------------------
A petition to have Edevices Technology Pte Ltd's operations wound
up will be heard before the High Court of Singapore on July 17,
2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
June 25, 2009.

The Petitioner's solicitors are:

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


INTELLEGO PTE: Creditors' Proofs of Debt Due on August 3
--------------------------------------------------------
The creditors of Intellego Pte Ltd are required to file their
proofs of debt by August 3, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


PACIFIC SOURCE: Creditors' First Meeting Set for July 13
--------------------------------------------------------
Pacific Source Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on July 13, 2009, at 11:30 a.m., at 101
Upper Cross Street, in #08-15 People’s Park Centre, Singapore
058357.

At the meeting, the creditors will be asked to:

   -- receive a status update from the liquidator;
   -- appoint a Committee of Inspection (COI) pursuant to Section
      277(1) of the Companies Act (Cap. 50);
   -- nominate and authorize a member of the COI and the
      liquidator to open and/or close and operate one or more bank
      accounts and/or close any existing bank accounts;
   -- give authority to the liquidators to compromise debts; and
   -- consider any other matter which may properly be brought
      before the meeting.

The company's liquidator is:

          Victor Goh
          c/o Phoenix Corporate Advisory Pte Ltd
          101 Upper Cross Street
          #08-15 People’s Park Centre
          Singapore 058357


YONG SHUN: Creditors' Proofs of Debt Due on August 3
----------------------------------------------------
The creditors of Yong Shun Shipping Pte Ltd are required to file
their proofs of debt by August 3, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


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


TAIWAN HIGH: Looks to Refinance NT$390 Billion in Debt
------------------------------------------------------
Taiwan High Speed Rail Corporation is urgently looking to
refinance NT$390 billion (US$11.9 billion) in debt, as it grapples
with consecutive quarters of losses, Basis Point, a unit of
Thomson Reuters, reports citing sources.  According to the report,
two banking sources said the financing will replace two existing
syndicated loans and a convertible bond, with the unlisted
government-backed Bank of Taiwan.

Taiwan's Ministry of Transport, the rail operator's largest
shareholder, declined to confirm the details, but said the
operator was in talks with banks and that the transaction would be
completed by the end of the year, Reuters relates.

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service,tourism service, communication service and other
uses.  During the year ended December 31,2008, the Company carried
approximately 30.581 million of passengers by train.


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


* BOND PRICING: For the Week June 29 to July 3, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      70.30
Ainsworth Game                8.000%   12/31/09   AUD       0.62
AMP Group Financ              9.803%   04/01/19   NZD       0.91
AMP Group Financ              6.875%   08/23/22   GBP      66.03
Antares Energy               10.000%   10/31/13   AUD       1.10
Babcock & Brown Pty           8.500%   11/17/09   NZD      48.18
Becton Property Group         9.500%   06/30/10   AUD       0.39
Bemax Resources               9.375%   07/15/14   USD      61.25
Bemax Resources               9.375%   07/15/14   USD      61.25
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      58.80
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.32
CIT Group Au Ltd              6.000%   03/03/11   AUD      71.55
Com BK Australia              4.875%   12/19/23   GBP      72.76
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.94
First Australian             15.000%   01/31/12   AUD       0.55
GE Cap Australia              6.000%   03/15/19   AUD      71.49
Griffin Coal Min              9.500%   12/01/16   USD      49.37
Griffin Coal Min              9.500%   12/01/16   USD      49.37
Hanson Australia              5.250%   03/15/13   USD      72.50
Heemskirk Consol              8.000%   04/29/11   AUD       2.21
Insurance Austra              5.625%   12/21/26   GBP      64.69
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.68
Macquarie Bank                5.500%   09/09/16   GBP      74.06
Macquarie Bank                6.500%   09/15/14   GBP      53.24
Macquarie Bank                6.500%   05/31/17   AUD      44.76
Minerals Corp                10.500%   09/30/09   AUD       0.48
Metal Storm                  10.000%   09/01/09   AUD       0.07
National Wealth               6.750%   06/16/26   AUD      45.84
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.67
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp-Metway                6.500%   06/22/16   AUD      69.09
Suncorp-Metway                6.625%   10/23/17   GBP      72.50
Suncorp Insuran               6.250%   06/13/27   GBP      62.92
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
Beijing Energy                  4.950%  07/06/12     CNY    68.03
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    69.00
Jiangxi Copper                  1.000%  09/22/16     CNY    73.08


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.14
Wing Hang Bk Ltd               6.000%  04/29/49     USD    70.20


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Gemini Commnica                6.000%  07/18/12     EUR    60.00
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    72.30
ICICI Bank Ltd                 7.250%  08/29/49     USD    73.72
Kei Industries                 1.000%  11/30/11     USD    65.00
Subex Azure                    2.000%  03/09/12     USD    24.68
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


   INDONESIA
   ---------
Bank Pan Indo                  9.750%  06/19/10     IDR    65.11
Ciliandra                     11.500%  11/27/12     IDR    73.10


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     JPY    72.50
Aiful Corp                     4.450%  02/16/10     JPY    72.25
Aiful Corp                     5.000%  08/10/10     USD    60.25
Aiful Corp                     5.000%  08/10/10     USD    60.25
Aiful Corp                     1.500%  10/20/11     JPY    69.27
Aiful Corp                     6.000%  12/12/11     USD    46.00
Aiful Corp                     6.000%  12/12/11     USD    46.00
Aiful Corp                     1.200%  01/26/12     JPY    65.40
Aiful Corp                     1.630%  11/22/12     JPY    58.66
Aiful Corp                     1.900%  10/19/15     JPY    50.18
Belluna Co Ltd                 1.100%  03/21/12     JPY    69.20
CSK Corporation                0.250%  09/30/13     JPY    34.00
Daikyo Inc.                    1.880%  03/12/12     JPY    73.82
Japan Airlines                 3.100%  01/22/18     JPY    74.51
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    58.43
Nis Group                      2.730%  02/26/10     USD    73.69
Orix Corp                      2.190%  04/18/17     JPY    73.04
Resona Bank                    5.986%  08/29/49     GBP    67.64
Resona Bank                    4.125%  09/29/49     GBP    69.50
Resona Bank                    4.125%  09/29/49     USD    70.25
Shinsei Bank                   1.960%  03/25/15     JPY    73.24
Shinsei Bank                   2.010%  10/30/15     JPY    71.20
Shinsei Bank                   3.750%  02/23/16     EUR    70.50
Shinsei Bank                   5.625%  12/29/49     GBP    51.71
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.00
Takefuji Corp                  9.200%  04/15/11     JPY    66.43
Takefuji Corp                  9.200%  04/15/11     JPY    64.50
Takefuji Corp                  8.000%  11/01/17     USD    27.37


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.99
AMBB Capital                   6.770%  01/29/49     USD    63.70
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.50
Crescendo Corp B               3.750%  01/11/16     MYR     0.76
Dutaland Bhd                   4.000%  04/11/13     MYR     0.43
Dutaland Bhd                   4.000%  04/11/13     MYR     0.75
Eastern & Orient               8.000%  07/25/11     MYR     0.96
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.22
Kretam Holdings                1.000%  08/10/10     MYR     1.05
Kumpulan Jetson                5.000%  11/27/12     MYR     0.42
Lion Diversified               4.000%  12/17/13     MYR     0.93
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.22
Olympia Industri               2.800%  04/11/13     MYR     0.21
Olympia Industri               4.000%  04/11/13     MYR     0.25
Plus SPV Bhd                   2.000%  06/27/18     MYR    74.55
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.71
Rubberex Corp                  4.000%  08/14/12     MYR     0.88
Tradewinds Corp                2.000%  02/08/12     MYR     0.70
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     3.20
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.35
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.83


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    50.10
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.36
Blue Star Print                9.100%  09/15/12     NZD    26.55
Capital Prop NZ                8.000%  04/15/10     NZD    11.74
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    65.12
Fletcher Buildin               7.550%  03/15/11     NZD     8.75
Fletcher Buildin               8.500%  03/15/15     NZD     9.50
Generator Bonds                8.200%  09/07/11     NZD    71.17
Infrastr & Util                8.500%  09/15/13     NZD    10.50
Infratil Ltd                   8.500%  11/15/15     NZD    10.50
Infratil Ltd                  10.180%  12/29/49     NZD    55.00
Marac Finance                 10.500%  07/15/13     NZD     0.93
NZ Finance Hldgs               9.750%  03/15/11     NZD    73.91
Rabobank Ned NZ                7.449%  01/29/49     NZD    72.00
Sky Network TV                 9.370%  10/16/16     NZD    74.00
South Canterbury              10.500%  06/15/11     NZD     0.88
South Canterbury              10.430%  12/15/12     NZD     0.82
St Laurence Prop               9.250%  07/15/10     NZD    71.94
St Laurence Prop               9.250%  05/15/11     NZD    56.49
Tower Capital                  8.500%  04/15/14     NZD     0.92
Trustpower Ltd                 8.500%  09/15/12     NZD     7.70
Trustpower Ltd                 8.500%  03/15/14     NZD     8.25
Vector Ltd                     7.800%  10/15/14     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.20


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    72.44
Giti Tire                     12.250%  01/26/12     USD    54.87
Sengkang Mall                  4.880%  11/20/12     SGD     0.50
Sengkang Mall                  8.000%  11/20/12     SGD     0.70
WBL Corporation                2.500%  06/10/14     SGD     1.66


SOUTH KOREA
-----------
Hynix Semi Inc                 7.875%  06/27/17     USD    70.13
Hynix Semi Inc                 7.875%  06/27/17     USD    70.41
Korea Elec Pwr                 6.000%  12/01/26     USD    72.18
Shinhan Bank                   6.819%  09/20/36     USD    69.00
United Eng                     1.000%  03/03/14     SGD     1.20
Woori Bank                     6.208%  05/02/37     USD    67.62


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    77.77
Sri Lanka Govt                 7.000%  10/01/23     LKR    64.66


  TAIWAN
  ------
Taiwan GB-A98104               2.000%  07/20/14     TWD     1.03


  THAILAND
  --------
Italian-Thai Dev               4.500%  06/10/13     USD    69.50
True Move                     10.750%  12/16/13     USD    74.87


                         *********

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.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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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