TCRAP_Public/090708.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

              Wednesday, July 8, 2009, Vol. 12, No. 133

                                 Headlines

A U S T R A L I A

CITY PACIFIC: Court Hearing Set on Wrongful Eviction Claims
COPPERCO LIMITED: Cape Lambert Completes Acquisition of Asset
RIVIERA: Back in Business After Restructuring


H O N G  K O N G

BHK SHA: Member to Receive Wind-Up Report on August 3
BLUEWELL HONGKONG: Members' Final Meeting Set for August 5
DIADORA ASIA: Creditors' Meeting Set for July 10
EUGENE ENTERPRISES: Members' Final Meeting Set for August 3
HONG KONG CEMENT: Members' Final Meeting Set for August 4

INSTITUTE OF SUPPLY: Members' Final Meeting Set for August 4
NEWTON COURT: Members' Final Meeting Set for August 6
NHH INTERNATIONAL: Members' Final Meeting Set for August 10
ROBOTOOLZ LIMITED: Creditors' Meeting Set for July 17
THE CHINA RETAIL: Creditors' Proofs of Debt Due on July 28


I N D I A

AMIT MEDICOS: Low Profitability Cues ICRA to Assign 'LBB' Rating
API ISPAT: CRISIL Cuts Ratings on INR734.9 Mln Term Loan to 'D'
CRESCENT SAFETYMART: Weak Liquidity Cues CRISIL 'P4' Ratings
D.D. PROPERTIES: ICRA Rates INR390MM Fund Based Limits at 'LBB'
MALWI SHIP: Low Net Worth Prompts CRISIL to Assign 'B+' Rating

PEE AAR: CRISIL Assigns 'B+' Rating on INR8.3 Million Term Loan
RELIABLE INDUSTRIES: CRISIL Rates INR15 Million Term Loan at 'BB'
ROYAL REGENCY: ICRA Assigns 'LBB' Rating on INR62.5MM Cash Credit
SHIVAM INDIA: CRISIL Upgrades Rating on INR409.5MM Loan to 'B+'
SIOMOND PHARMACEUTICALS: ICRA Rates INR70 Mln Cash Credit at 'LBB'

SM EDIBLES: CRISIL Puts 'B+' Rating on INR250MM Cash Credit Limits
SPICEJET LTD: Aims to Launch Int'l. Flights in May 2010
UGAR SUGAR: CRISIL Reaffirms Rating on INR1355MM LT Rupee Loans
UNIQUE FORGINGS: CRISIL Assigns 'BB-' Rating on Various Bank Loans


I N D O N E S I A

SARIJAYA PERMANA: Puts Off Plan to Cancel SPS License


J A P A N

GODO KAISHA: Moody's Changes Ratings on Various JLOC41 Notes
JLOC 39: Moody's Changes Ratings on Various Certificates
ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
SANYO ELECTRIC: Aims to Quadruple Car Battery Sales by 2015
UDMAC-J1 TRUST: Moody's Changes Ratings on Various Classes

* S&P Puts Ratings on 93 Tranches on CreditWatch Negative


K O R E A

DAEWOO LOGISTICS: Files for Receivership After Posco Talks Failed


M A L A Y S I A

ENERGREEN CORP: Unveils Details of Wind Up Petition on Unit
LUSTER INDUSTRIES: Bourse Suspends Trading of Securities July 8
SATANG HOLDINGS: Bourse to Suspend Trading of Shares on July 13


N E W  Z E A L A N D

AUSTRAL PACIFIC: Sells Stake in Cheal Oil Field to Tag Oil
LOMBARD GROUP: Going Concern Doubt Raised on ACIL
ORANGE FINANCE: Investors Unlikely to Recoup NZ$23-Mln Investment


P H I L I P P I N E S

LEGACY GROUP: Court Orders SEC to Stop Verifying Claims


S I N G A P O R E

ALPEN STAR: Creditors' Proofs of Debt Due on August 3
CAME ENTERPRISES: Court Hears Wind-Up Petition
GIANTWILL PTE: Court to Hear Wind-Up Petition on July 17
SENG SIT: Court to Hear Wind-Up Petition on July 17
SEHNH CHUA: Members' Annual Meeting Set for July 18


S O U T H  A F R I C A

MFP FINANCE: Moody's Takes Rating Actions on Various Classes


T A I W A N

AMERICAN INTERNATIONAL: Receives Several Bids for Taiwan Unit


X X X X X X X X

LEAR CORP: Case Summary & 50 Largest Unsecured Creditors
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


CITY PACIFIC: Court Hearing Set on Wrongful Eviction Claims
-----------------------------------------------------------
The Australian reports that the Federal Court is expected to take
all of next week to hear City Pacific claims that it was wrongly
ousted as the manager of its City Pacific Mortgage Fund.

According to the report, the matter is due to go before the court
in Brisbane next Monday, with the likelihood of a five-day
hearing.

Challenger Balmain Trilogy, which had its responsible entity
status confirmed by the Australian Securities & Investments
Commission on Friday, said Monday it remained confident of its
legal position, The Australian relates.

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

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

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

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

                          *     *     *

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


COPPERCO LIMITED: Cape Lambert Completes Acquisition of Asset
-------------------------------------------------------------
Cape Lambert Iron Ore Limited last week completed the acquisition
of the assets of CopperCo Limited.

The acquired CopperCo assets include:

   -- the Lady Annie copper project in northern Queensland;

   -- the shares in Mineral Securities Limited and its
      subsidiaries, including 20% of the shares in each of
      Buka Gold Ltd, Corvette Resources Limited and Tianshan
      Goldfields Limited;

   -- shares in various listed resources companies, including
      Platmin Limited; and

   -- a 25% stake in the Queensland based Lady Loretta copper
      project and a 100% interest in the Sappes gold project
      in Greece.

Prior to completion, a restructure was undertaken to ensure that
Cape Lambert acquired no more than 20% of any ASX-listed company.
Cape Lambert will receive the benefit of any consideration
ultimately obtained for the remaining investments in ASX-listed
companies held by the receiver of CopperCo.

Based in Australia, CopperCo Limited engages in the exploration,
evaluation and development and production of mineral deposits.
The company has developed the Lady Annie Operations located 137
kilometer north of Mount Isa in Queensland.  Its other projects
include Lady Annie Regional, Mount Kelly Project, Buckley River,
Anthill Prospect and Mount Isa Regional Projects.  Its other
Australian interests include Toby Creek Joint Venture and Laverton
Downs gold-nickel project (97%).  The main prospects identified in
the Mount Kelly Project area are the Mount Clarke oxide copper
deposit; the Flying Horse and Mount Kelly Workings oxide copper
exploration targets, and the MK475 copper-gold sulfide deposit.
As of September 1, 2008, CopperCo held approximately 94.70% of
Mineral Securities Ltd.

                            *     *     *

On November 27, 2008, CopperCo Limited appointed Shaun Fraser,
Simon Read and James Thackray of McGrath Nicol as voluntary
administrators of the Company and its subsidiaries.

Subsequent to the appointment of administrators, the Company's
bankers appointed Darren Weaver, Andrew Saker and Peter Geroff of
Ferrier Hodgson as receivers and managers to the Company and its
subsidiaries.


RIVIERA: Back in Business After Restructuring
---------------------------------------------
It has been business as usual at luxury boat builder Riviera after
the company undergoes restructuring to keep afloat and recommenced
manufacturing, WA Today reports.

According to the report, the company's restructuring efforts
affected nearly 160 full-time staff or one-third of its workforce.

WA Today relates that Riviera chief executive John Anderson said
the cutbacks had achieved positive results for the company.

"The reality is that we have had to alter the business from a
growth phase structure to a more nimble organization better able
to operate competitively in the current market," the report quoted
Mr. Anderson as saying in a statement.

After going into receivership the company relied on the Sanctuary
Cove boat show on the Gold Coast in May to increase boat orders
and it now has the Sydney International Boat Show in its sights,
according to WA Today.

The report states that from July 1 the company separated from
Princess Yachts and Grand Banks Yachts as the distributor for
Australia and New Zealand.

Mr. Anderson said although the company is back in business and had
received interest from buyers, no formal sale process had been
entered into so far, WA Today relates.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Riviera was placed into voluntary receivership.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said the company's
sales over the past 12 months had been "significantly impacted" by
the global financial crisis.  It was proposed to sell Riviera as a
going concern after a restructuring of the company, he said.  The
Brisbane Times said Riviera shed 117 of its Gold Coast staff in
January and cut more than 300 staff from its Coomera headquarters
in 2008.  The company also closed its production line for three
weeks, from April 10 to May 5, in a bid to clear stock held by
international dealers, the Brisbane Times added.

Riviera --http://www.riviera.com.au/--is a luxury boat builder
based in Australia.


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


BHK SHA: Member to Receive Wind-Up Report on August 3
-----------------------------------------------------
The member of Bhk Sha Tin Limited will hear on August 3, 2009, at
9:30 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


BLUEWELL HONGKONG: Members' Final Meeting Set for August 5
----------------------------------------------------------
The members of Bluewell Hongkong Limited will hold their final
meeting on August 5, 2009, at 10:00 a.m., at the 35th Floor of One
Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DIADORA ASIA: Creditors' Meeting Set for July 10
------------------------------------------------
The creditors of Diadora Asia Pacific Limited will hold their
meeting on July 10, 2009, at 2:30 p.m., to appoint liquidators and
to consider further matters relevant to the creditors' voluntary
wind-up.

The meeting will be held at the office of Baker Tilly Hong Kong,
12th Floor of China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road, in Central, Hong Kong.


EUGENE ENTERPRISES: Members' Final Meeting Set for August 3
-----------------------------------------------------------
The members of Eugene Enterprises Company Limited will hold their
final meeting on August 3, 2009, at 10:00 a.m., at Unit 1602, 16th
Floor of Malaysia Building, 50 Gloucester Road, in Wanchai,
Hong Kong.

At the meeting, Pang Hui Yu Irene, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HONG KONG CEMENT: Members' Final Meeting Set for August 4
---------------------------------------------------------
The members of The Hong Kong Cement Association Limited will hold
their final meeting on August 4, 2009, at 10:00 a.m., at Room 1701
of Olympia Plaza, 255 King's Road, in North Point, Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INSTITUTE OF SUPPLY: Members' Final Meeting Set for August 4
------------------------------------------------------------
The members of Institute of Supply & Demand Chain Management
Limited will hold their final meeting on August 4, 2009, at
10:00 a.m., at Room 1701 of Olympia Plaza, 255 King's Road, in
North Point, Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NEWTON COURT: Members' Final Meeting Set for August 6
-----------------------------------------------------
The members of Newton Court Seafood Restaurant Limited will hold
their final meeting on August 6, 2009, at 11:00 a.m., at Room
2810, 28th Floor, in 113 Argyle Street, Kowloon.

At the meeting, Cheuk Yee Man, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


NHH INTERNATIONAL: Members' Final Meeting Set for August 10
-----------------------------------------------------------
The members of NHH International Trading Limited will hold their
final meeting on August 10, 2009, at Unit 3, 6th Floor of Hopeful
Factory Centre, 10 Wo Shing Street, Fo Tan, in Shatin, New
Territories.

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


ROBOTOOLZ LIMITED: Creditors' Meeting Set for July 17
-----------------------------------------------------
The creditors of Robotoolz Limited will hold their meeting
July 17, 2009, for the purposes set out in Sections 241, 242, 243,
244, 251(1)(a), 225A(2) and 283 of the Companies Ordinance.

The meeting will be held at the 29th Floor of Caroline Centre, Lee
Garden Two, in 28 Yun Ping Road, Hong Kong.


THE CHINA RETAIL: Creditors' Proofs of Debt Due on July 28
----------------------------------------------------------
The creditors of The China Retail Fund, LDC are required to file
their proofs of debt by July 28, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 30, 2009.

The company's liquidators are:

          Messrs. Lai Kar Yan, Derek
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


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I N D I A
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AMIT MEDICOS: Low Profitability Cues ICRA to Assign 'LBB' Rating
----------------------------------------------------------------
ICRA has assigned LBB rating indicating inadequate credit quality
to the INR50 million cash credit facilities of Amit Medicos.  ICRA
has also assigned an A4 rating to the INR15 million non-fund based
facilities of Amit Medicos.  A4 rating category indicates risk-
prone-credit-quality in the short term.

The rating is constrained by the company’s small scale of
operations, lack of long term contracts or exclusivity for
institutional sales which contributed more than 70% of revenues in
2008-09 and low profitability.  The rating is also constrained by
Amit Medicos’ stretched capital structure as reflected in high
gearing and weak coverage indicators.  The rating however, draws
comfort from the experience of the promoters in the pharmaceutical
industry and the relatively stable business profile.

Amit Medicos is a proprietary firm established in 1984 by Mr.
Pardeep Thakur.  The firm is involved in retail and wholesale of
medicines (allopathic and ayurvedic), other clinical FMCGs like
surgical products and cosmetics.  It currently deals in 50,000-
60,000 products.  The firm operates a chemist store "Amit Medicos"
and its three extension counters at hospitals Apart from cash
sales across the counter, the firm also caters to various private
hospitals, nursing homes, private clinics and government
institutions.

The proprietor, Mr. Pradeep Thakur is a professionally qualified
pharmacist and has more than two decades of experience in pharmacy
trade business.


API ISPAT: CRISIL Cuts Ratings on INR734.9 Mln Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings of the bank facilities of API
Ispat and Powertech Pvt Ltd (API) to 'D/P5' from 'BBB-/Stable/P3'.
The downgrade reflects API's delays in servicing some of its rated
debt instruments.  In addition to the credit strengths and
weaknesses of API, CRISIL's previous rating on API's facilities
was predicated on the API management's declaration that the
company had serviced, and would continue to service, all its
financial obligations in a timely manner. CRISIL has now been
informed that API has been delaying the servicing of some of its
debt obligations for some time now.  This indicates that the
company's management had earlier provided incorrect declaration to
CRISIL regarding timely debt servicing.

   Facility                             Rating
   --------                             ------
   INR167.5 Million Cash Credit Limit   D (Downgraded from
                                           'BBB-/Stable')

   INR734.9 Million Term Loan           D (Downgraded from
                                           'BBB-/Stable')

   INR11.5 Million Letter of Credit     P5 (Downgraded from 'P3')
   INR23.5 Million Bank Guarantee       P5 (Downgraded from 'P3')

                          About API Ispat

Promoted by Mr. Anil Kumar Aggarwal in 2004, API is engaged in the
business of production of sponge iron, billets, and power.  The
company began operations in June 2006 with its first sponge-iron
kiln of 105,000 tonnes per annum (tpa) capacity.  In the following
June, it commissioned an 8-megawatt (MW) power plant based on the
waste-heat recovery technology.  API commissioned its billet-
production capacity of 43,200 tpa and a 7-MW power plant in
September 2008.  The company is planning more capacity additions
over the next few years.

API belongs to the Action group, a leading footwear manufacturer,
which also has a presence in invertors, uninterruptible power
supply systems, computer monitors and peripherals (Microtek),
batteries (Okaya), chemicals, and real estate.

API reported a profit after tax (PAT) of INR17 million on net
sales of INR1,010 million for the financial year ended March 31,
2008, as against a net loss of INR 51 million on net sales of
INR470 million for the financial year ended March 31, 2007.


CRESCENT SAFETYMART: Weak Liquidity Cues CRISIL 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Crescent Safetymart Export Pvt Ltd (Crescent).

   Facility                          Rating
   --------                          ------
   INR80 Million Packing Credit*     P4 (Assigned)
   INR80 Million Foreign Bills       P4 (Assigned)
                   Discounted*
   INR15 Million Standby Line        P4 (Assigned)
                  of Credit
   INR5 Million Proposed Short       P4 (Assigned)
            Term Bank Facility

   *100% interchangeability from EPC to FBD and 50% from
    FBD to EPC

The rating reflects Crescent's weak liquidity leading to high
utilization of bank limits and delay in payment of vehicle loan
installments, and exposure to risks relating to the working-
capital-intensive nature of its business, and to small scale of
operations and intense competition in the leather export business.
These weaknesses are partially offset by the benefits that
Crescent derives from the experience of its promoters in the
leather industry.

                      About Crescent Safetymart

Set up as a proprietorship firm in 1993, Crescent converted to a
private limited company in 2006.  It is promoted by Mr. Khalid
Ebadullah and Mr. Tanweer Ebadullah.  It manufactures and exports
leather products such as leather welding apparels and gloves, and
has manufacturing facilities at Topsia, Kolkata.

Crescent reported a profit after tax (PAT) of INR10 million on
operating income of INR808 million for the financial year ended
March 31, 2009, as against a PAT of INR6 million on operating
income of INR365 million for the financial year ended March 31,
2008.


D.D. PROPERTIES: ICRA Rates INR390MM Fund Based Limits at 'LBB'
---------------------------------------------------------------
ICRA has assigned a LBB rating to the INR390 million fund based
limits of D.D. Properties Private Limited.  LBB is the inadequate-
credit-quality rating assigned by ICRA to long-term debt
instruments.

The rating factors in the favorable location of the project, low
approval risk and the fact that the funding for the project has
been largely tied up.  The rating is however constrained by DDPL’s
limited track record in the real estate sector that increases the
execution and operational risks for the company.  The rating also
takes into consideration the current demand slowdown being faced
by the real estate sector, which coupled with the fact that no
pre-leasing activity has taken place so far in DDPL’s project,
exposes the project to significant market risks.  Moreover low
bookings can increase the funding requirements for the project as
apart from planned debt and equity infusion, a part of
construction cost was envisaged to be met from customer advances.

                      About D.D. Properties

DDPL is a part of D. D. Group and is engaged in developing a
commercial-cum-retail complex in Moti Nagar area in West Delhi
with a total saleable area of 0.25 million sq ft.  The group is
headed by Mr. Surinder Gambhir and has diversified business
interests such as manufacturing of auto components for replacement
market; the vehicle dealership of Maruti through its division DD
Motors (DDM); and retro-fitment of CNG kits in vehicles through
its division DD Fuel Solutions (DDFS).  All the above mentioned
businesses are carried out under the company D.D. Industries
Limited (DDIL), which is rated at LBB+/A4+ by ICRA.  The retail
project in Delhi being implemented under DDPL is handled by the
promoter’s son Mr. Rajiv Gambhir.

The total cost of the project is estimated at INR1.33 billion
which is proposed to be funded through promoters’ contribution of
INR390 million, term-loan of INR390 million and the rest through
customer advances.


MALWI SHIP: Low Net Worth Prompts CRISIL to Assign 'B+' Rating
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Malwi Ship Breaking Company (Malwi).

   Facility                           Rating
   --------                           ------
   INR30.0 Million Cash Credit        B+/Stable (Assigned)
   INR200.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect Malwi's small scale of operations in the ship
breaking industry, weak financial risk profile marked by low net
worth, and exposure to risks relating to cyclicality inherent in
the shipping industry, fluctuations in the prices of steel scrap,
and adverse government regulations.  These weaknesses are,
however, partially offset by the benefits that Malwi derives from
the healthy growth prospects for the ship-breaking industry.

Outlook: Stable

CRISIL believes that Malwi's business and financial risk profiles
will remain weak over the medium term.  The outlook maybe revised
to 'Positive' if the firm enhances its operating profitability,
net worth, and scale of operations. Conversely, the outlook may be
revised to 'Negative' if a significant fall in steel prices leads
to losses for Malwi.

                        About Malwi Ship

Set up as a partnership firm in 1983, Malwi is engaged in ship-
breaking activities at Alang (Gujarat), the leading centre for the
ship-breaking and recycling industry in Asia.  It purchases ships
and breaks them into steel plates and supplies the same to rolling
mills located in Gujarat.  Malwi reported a profit after tax (PAT)
of INR7.04 million on net sales of INR353.99 million for the
financial year ended March 31, 2009, as against a PAT of INR1.79
million on net sales of INR401.75 million for the financial year
ended March 31, 2008.


PEE AAR: CRISIL Assigns 'B+' Rating on INR8.3 Million Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Pee Aar International Pvt Ltd.

   Facility                             Rating
   --------                             ------
   INR10.0 Million Cash Credit Limit    B+/Stable (Assigned)
   INR8.3 Million Term Loan             B+/Stable (Assigned)
   INR60.0 Million Packing Credit       P4 (Assigned)
   INR70.0 Million Bill Purchase        P4 (Assigned)

The ratings reflect Pee Aar's weak financial risk profile marked
by low net worth and below-average debt protection measures, small
scale of operations in the read-made garments industry, and
exposure to risks relating to cyclicality in the textile industry.
These weaknesses are, however, partially offset by Pee Aar's
established presence in the readymade garments segment.

Outlook: Stable

CRISIL believes that Pee Aar will maintain a stable business risk
profile backed by diverse product lines. However, its financial
risk profile may remain leveraged due to large working capital
requirements.  The outlook may be revised to 'Positive' if the
company's capital structure, margins, and cash accruals improve
considerably.  The outlook may, on the other hand, be revised to
'Negative' if the company's capital structure deteriorates
substantially due to large debt funding of working capital
requirements or capital expenditure.

                      About Pee Aar

Pee Aar, set up in 2003, as a partnership firm, converted to a
private limited company in June 2008. It manufactures ready-made
garments, especially T-shirts and track suits for men. Its plant
at Ludhiana (Punjab) has capacity to manufacture 10,000 pieces a
day. It exports its products primarily to the Middle East.

Pee Aar reported a profit after tax (PAT) of INR3.9 million on net
sales of INR288.9 million for the financial year ended March 31,
2008, as against a PAT of INR1.4 million on net sales of INR202.5
million for the financial year ended March 31, 2007.


RELIABLE INDUSTRIES: CRISIL Rates INR15 Million Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Reliable Industries.

   Facility                               Rating
   --------                               ------
   INR145 Million Cash Credit Limits*     BB/Stable (Assigned)
   INR20 Million Standby Line of Credit@  BB/Stable (Assigned)
   INR15 Million Term Loan                BB/Stable (Assigned)

   *Includes proposed limit of INR20 Million
   @Includes proposed limit of INR1.5 Million

The ratings reflect Reliable's weak financial profile, marked by
low net worth and high gearing, and exposure to risks relating to
intense competition in the automobile dealership industry.  These
weaknesses are, however, partially offset by Reliable's favorable
business risk profile backed by established relations with
principals.

Outlook: Stable

CRISIL expects Reliable to maintain a favourable business risk
profile over the medium term backed by established relations with
principal companies.  Significant improvement in Reliable's
operating margins may drive a revision in outlook to 'Positive';
conversely, large, debt-funded, and unrelated diversifications may
result in the outlook being revised to 'Negative'.

                       About Reliable Industries

Set up in 1984 as a partnership firm by Mr. Rajiv Sabhlok and his
mother, Mrs. Janak Sabhlok, Reliable is an authorized dealer for
Hero Honda Ltd at Dhanbad (Jharkhand).  It has been dealer to
Atlas Copco India Ltd from 1987, and to Maruti Suzuki India Ltd
from 2001.  It has showrooms and service stations at Dhanbad,
Deogarh, Giridih, and Saraidhela (all in Jharkhand).

Reliable reported a profit after tax (PAT) of INR8 million on net
sales of INR1072 million for the financial year ended March 31,
2009, as against a PAT of INR4 million on net sales of
INR856 million for the financial year ended March 31, 2008.


ROYAL REGENCY: ICRA Assigns 'LBB' Rating on INR62.5MM Cash Credit
-----------------------------------------------------------------
ICRA has assigned LBB rating indicating inadequate credit quality
to the INR62.5 million cash credit and term loan facilities of
Royal Regency Fassions Private Limited.  ICRA has also assigned an
A4 rating to the INR 20 million non-fund based facilities of
RRFPL.  A4 rating category indicates risk-prone-credit-quality in
the short term.

The rating is constrained by RRFPL’s low operating margins as the
company derives around 60% of its revenues from low value-added
fabric trading business and stretched capital structure as
reflected in high gearing and weak coverage indicators.  The
rating is also constrained by the high competitive intensity with
market dominated by large number of un-organized players, limited
experience of promoters in textile industry and aggressive capital
expenditure program of the company at a time when the retail
industry is experiencing considerable demand slowdown.  The rating
however, draws comfort from the financial support from the
promoters.

                      About Royal Regency

Royal Regency Fassions Pvt. Ltd. incorporated in 2003 as a
proprietorship firm by Mr. Mohan Thakur was converted into a
private limited company in September 2007.  The company started
with fabric trading and as a single showroom franchisee for the
"Sportking" brand.  In October 2007, RRFPL acquired the rights for
all the "Sportking" Exclusive Brand Outlets in the NCR region.
Sportking offers wide range of men’s, women’s and kid’s wear under
the brand names "Sportking", and "Mentor".  RRFPL introduced its
own brand "Rudrakshi" for women’s ethnic wears i.e. ladies suit,
sarees and lehngas in 2007-08. The company currently has 9 retail
showrooms in the NCR.


SHIVAM INDIA: CRISIL Upgrades Rating on INR409.5MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has revised its rating on Shivam India Ltd.'s working
capital demand loan to 'B+/Stable' from 'C'.

   Facility                         Rating
   --------                         ------
   INR77.5 Million Term Loan        B+/Stable (Assigned)
   INR409.5 Million Working         B+/Stable (Upgraded from 'C')
        Capital Demand Loan
   (Enhanced from INR260 Million)*

   INR5 Million Bank Guarantee      P4 (Reaffirmed)

   INR128 Million Letter of Credit
   (Enhanced from INR53 Million)    P4 (Reaffirmed)

   * includes proposed limit of INR9.5 million

The rating on the short-term facilities has been reaffirmed at
'P4'.  The upward revision reflects Shivam India's better-than-
expected financial performance, backed by improved debt protection
measures, in 2008-09 (refers to financial year, April 1 to
March 31).  The company witnessed a significant improvement in its
sales volumes on the back of gradually stabilizing capacities
during the past two years.  The company's track record of timely
debt servicing helped trigger the upgrade.  The ratings continue
to factor in Shivam India's small scale of operations, marginal
market share, and weak operating efficiencies.

Outlook: Stable

CRISIL expects Shivam India's operating profitability to improve
gradually, over the medium term.  However, the profitability will
remain at less than 10 per cent, given the non-integrated nature
of the company's operations.  The company will continue to be a
small player in the steel industry.  The outlook could be revised
to 'Positive' if Shivam India improves its profitability
significantly and achieves linkages for raw material procurement.
Conversely, incremental, significantly debt-funded capital
expenditure, or increase in support to group companies, could
result in an outlook revision to 'Negative'.

                    About Shivam India

Incorporated in 1999, Shivam India began operations as a coke
manufacturer.  The company discontinued its coke business and
commenced the production of steel products in 2005-06. Shivam
India produces billets and TMT bars, rods, wires, and coils.

For 2008-09, Shivam India posted a provisional net profit of
INR31 million (INR34 million in the preceding year) on net
revenues of INR2937 million (INR2289 million).


SIOMOND PHARMACEUTICALS: ICRA Rates INR70 Mln Cash Credit at 'LBB'
------------------------------------------------------------------
ICRA has assigned LBB rating indicating inadequate credit quality
to the INR70 million cash credit facilities of Siomond
Pharmaceuticals Private Limited.  ICRA has also assigned an A4
rating to the INR30 million non-fund based facilities of SPPL.  A4
rating category indicates risk-prone-credit-quality in the short
term.

The rating is constrained by SPPL’s small scale of operations, low
operating margins resulting from lack of value addition by the
company and high DPCO coverage of its product portfolio besides
the business risk arising from high dependence on franchisees (51%
of overall revenues) and moderately high franchisee concentration.
The rating is also constrained by the high competitive intensity
in the pharmaceutical industry that would continue to put pressure
on profitability, and SPPL’s stretched capital structure as
reflected in high gearing and weak coverage indicators.  The
company is in growth phase and the incremental working capital
requirements to support growth could further impact the financial
health of the company.  The rating however, draws comfort from the
experience of the promoters in the pharmaceutical industry,
company’s established distribution network in the key markets and
comfortable brand diversification besides the positive demand
fundamentals of pharmaceutical companies which translates into
strong growth prospects for the company.

                   About Siomond Pharmaceutical

Siomond Pharmaceutical was incorporated in 1999 as a
proprietorship firm of Mr. Narendra Arora.  In the year 2004, the
company was registered as a private limited company-Siomond
Pharmaceuticals Pvt. Limited.  SPPL is a Delhi based marketing
company involved in the marketing and sales of prescription drugs.
The company has recently entered the OTC (Over-The-Counter) drugs
segment with the launch of two herbal medicines i-JAL and Easeup.
It markets 78 branded products (prescription drugs) in eleven
states across eleven therapeutic segments ---- anti-infective,
gastro-intestinal, musculo-skeletal, diabetes, cardiovascular,
urology, anti-emetic, metabolic, neurology, anti-allergic and
cough and cold preparations.  The drugs marketed are in various
dosage forms like tablets, capsules, syrups and injectables.  SPPL
does not have its own manufacturing facility and gets it products
manufactured on job work basis. While the company sells through
franchisees in eighth states- Uttar Pradesh, Bihar, Orissa, West
Bengal, Jammu & Kashmir, Tamil Nadu, Karnataka and Andhra Pradesh;
it has its own distribution set-up in the sates of Delhi, Haryana
and Punjab.  The company is headed by directors who are
professionally qualified and experienced in the pharma industry.


SM EDIBLES: CRISIL Puts 'B+' Rating on INR250MM Cash Credit Limits
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of SM Edibles Pvt Ltd.

   Facility                            Rating
   --------                            ------
   INR250 Million Cash Credit Limits   B+/Stable (Assigned)

The rating reflects SMEPL's exposure to risks relating to large
working capital requirements constraining its financial risk
profile and to unfavourable changes in the Government of India's
regulations regarding the sugar industry.  These weaknesses are
partially offset by SMEPL's moderate business risk profile.

Outlook: Stable

CRISIL believes that SMEPL will benefit from the strong growth
prospects for the sugar industry over the medium term, though its
credit profile will remain constrained by its weak financial risk
profile.  The outlook may be revised to 'Positive' if the company
improves its financial risk profile on the back of higher cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large debt-funded capital expenditure.

                       About SM Edibles

SMEPL, incorporated in 2006 in Uttar Pradesh by Mr. Rakesh Kumar,
is engaged in the business of trading in white sugar.  SMEPL
reported a profit after tax (PAT) of INR 2.6 million on operating
income of INR319 million for the financial year ended March 31,
2008, as against a PAT of INR1 million on operating income of
INR11 million for the financial year ended March 31, 2007.


SPICEJET LTD: Aims to Launch Int'l. Flights in May 2010
-------------------------------------------------------
SpiceJet Ltd. is working on fleet acquisition plans and analyzing
routes as it aims at launching international operations by May
next year, The Economic Times reports.

"We are studying in which markets bilateral rights are available,
what are the routes," the report quoted SpiceJet CEO Sanjay
Aggarwal as saying.

The company has not yet decided on whether it will purchase new
aircrafts or lease planes, the report said.

According to the Times, the airline is also planning to expand
into Tier-II and Tier-III destinations, which have a huge
potential.

To serve these routes, the report relates, Mr. Aggarwal said "we
are exploring smaller aircraft operations.  These aircraft will be
used primarily for two-tier markets."

An airline has to complete five years of domestic operations and
have a fleet of 20 or more aircraft before it is allowed to fly
abroad, according to the Economic Times.  SpiceJet would fulfill
the eligibility criteria for international operations on May 23,
2010.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


UGAR SUGAR: CRISIL Reaffirms Rating on INR1355MM LT Rupee Loans
---------------------------------------------------------------
CRISIL's rating on The Ugar Sugar Works Ltd.'s bank facilities
continues to reflect the company's weak financial risk profile and
the high level of regulatory risk in the sugar industry.  These
weaknesses are mitigated by the company's moderate operating
efficiency and integrated manufacturing facilities.

   Facility                               Rating
   --------                               ------
   INR1760 Million Cash Credit Limits     BB-/Stable
   (Enhanced from INR1680 Million)
   INR1355 Million Long-Term Rupee Loans  BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects Ugar Sugar to maintain its business risk profile
over the medium term on the back of increased sugar prices.  The
outlook may be revised to 'Positive' in case of a substantial
improvement in the company's financial risk profile, marked by an
increase in the scale of operations or improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if the company is not able to optimally utilize its
installed capacity of 3500 tonnes crushed per day (tcd) at the
Jewargi unit or if it undertakes more-than-expected debt-funded
capital expenditure, leading to deterioration in its capital
structure.

                      About Ugar Sugar

Established in 1939, Ugar Sugar is one of India's oldest sugar
mills.  The company has a fully-integrated manufacturing set-up,
with a cogeneration facility and a distillery, at Ugarkhurd,
Karnataka.  It has recently set up an export-oriented unit to
manufacture sugar ships for export to M/s. Fragies (GMBH),
Germany.  The company commissioned two 3500-tcd-capacity plants in
Karnataka in 2008-09.  The plants are located at Jewargi in
Gulbarga district and at Bagalkot district.  The Bagalkot plant is
through a 49 per cent joint venture with Sadashiva Sugars Ltd.
For 2007-08, Ugar Sugar reported a profit after tax of INR114
million on net sales of INR4.16 billion.


UNIQUE FORGINGS: CRISIL Assigns 'BB-' Rating on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Unique Forgings (India) Pvt Ltd (UFIPL).

   Facility                               Rating
   --------                               ------
   INR35.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR31.1 Million Term Loan           BB-/Stable (Assigned)
   INR6.5 Million Proposed Long        BB-/Stable (Assigned)
                   Term Loan

The ratings reflect UFIPL's small scale of operations in the
forgings and machined components business, limited financial
flexibility owing to low net worth, and exposure to risks relating
to slowdown in the end-user industry.  These weaknesses are
partially offset by the benefits that UFIPL derives from its
promoters' experience in the forgings and machined components
industry.

Outlook: Stable

CRISIL expects UFIPL to maintain its credit risk profile and sales
growth, backed by its longstanding presence in the forgings and
machined components industry, and reputed customer base.  The
outlook may be revised to 'Positive' in case of improvement in the
company's operating margins, backed by an improved economic
scenario and resulting in increased profits.  Conversely, the
outlook may be revised to 'Negative' in case of significant delays
in recovery of dues from customers, or further reduction in
operating margins.

                     About Unique Forgings

UFIPL was established in 1987 as a partnership firm, and was
converted to a private limited company in 2007.  It manufactures
forgings and machined components and has a total installed forging
capacity of 9600 tonnes per annum at its two units at Anand,
Gujarat.

UFIPL reported a profit after tax (PAT) of INR14 million on net
sales of INR221.5 million for the financial year ended March 31,
2008, as against a PAT of INR21.8 million on net sales of INR185
million for the financial year ended March 31, 2007.


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


SARIJAYA PERMANA: Puts Off Plan to Cancel SPS License
-----------------------------------------------------
The Indonesia Stock Exchange has decided to put off canceling the
trading license of PT Sarijaya Permana Sekuritas until all claims
by its clients are finalized, Jakarta Globe reports citing a
regulatory official.

The report says the IDX was scheduled to pull Sarijaya's license
on July 6 because the firm had failed to secure sufficient capital
to trade on the bourse.

"We issued a letter regarding stock-exchange membership and
licensing for Sarijaya on [Monday], because the claims of some
clients are still being processed," the Globe quoted Ito Warsito,
the president director of the IDX, as saying.

According to the report, Mr. Ito said the decision to suspend,
rather than revoke, Sarijaya’s license hinged on about 1,000
clients, whose claims are still being processed, being able to
transfer their assets out of the firm into special escrow
accounts.

Mr. Ito, as cited by the Globe, said the two agencies involved in
the transfer process — the Clearing and Guarantee Corp. (KPEI) and
the Indonesia Central Securities Depository (KSEI) — will not be
able to transfer the Sarijaya accounts if the firm's license is
revoked.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 9, 2009, PT Sarijaya Permana Sekuritas is currently under
Capital Market and Financial Supervisory Agency (Bapepam)'s
investigation after chief commissioner Herman Ramli embezzled some
IDR240 billion (US$22.32 million) in investors' funds.

The Indonesian Stock Exchange has suspended SPS from trading in
the market.  SPS chief commissioner Herman Ramli has been detained
since Dec. 24, 2008.

The Indonesian Central Securities Depository, or KSEI, had frozen
all accounts and sub-accounts belonging to Sarijaya and its
clients on January 6, as ordered by Capital Market and Financial
Institution Supervisory Agency ("Bapepam").  The Indonesian Stock
Market Clearing House, or KPEI, had also frozen all Sarijaya
assets, other than transaction settlements that had already been
completed.

Established in 1990, PT Sarijaya Permana Sekuritas boasts of
institutional clients in various sectors, including 30 pension
funds, 11 insurance firms, two financial firms and two large
foundations.  The company has about 48 branches around the
country.


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


GODO KAISHA: Moody's Changes Ratings on Various JLOC41 Notes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D3 Notes issued by Godo Kaisha JLOC41. The final maturity
of the Notes will take place in February 2015.

The individual rating actions are listed below.

  -- Class A, Downgraded to Aa2 from Aaa; previously, Aaa Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class B, Downgraded to A3 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class C1, Downgraded to Ba3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class C2, Downgraded to Ba2 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class C3, Downgraded to Ba1 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class D1, Downgraded to B3 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class D2, Downgraded to B2 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on January 20, 2009

  -- Class D3, Downgraded to B2 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on January 20, 2009

JLOC41, effected in June 2008, represents the securitization of 3
liquidating loans.

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

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

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

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

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

                         Category 1 Loans

                        0% of the loan pool

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

                         Category 2 Loans

                        0% of the loan pool

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

                        Category 3 Loans

                       78% of the loan pool

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

                     Special Servicing Loans

                       22% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Moody's also interviewed the asset manager regarding its
refinancing and disposition plan policies, as well as its leasing.
Accordingly, Moody's estimated recovery stress in the range of 15%
to 17% and 16% for the weighted average (excluding the specially
serviced loans), in light of these factors.

1. One loan is now classified as a "Specially Serviced Loan."
   Given the location and type of properties, recovery of
   specially serviced loan will likely be hampered by the stressed
   environment for the commercial real estate market.

2. The remaining loans are liquidating loans.  Moody's initial
   assumptions about collateral recovery need to be reconsidered,
   as does its scenario, since actual disposition is slower than
   originally assumed.


JLOC 39: Moody's Changes Ratings on Various Certificates
--------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class C
through D Trust Certificates issued by JLOC 39 Trust.  The final
maturity of the trust certificates will take place in April 2014.

The individual rating actions are listed below.

  -- Class C, Downgraded to Baa2 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D, Downgraded to Ba3 from Baa2; previously, Baa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan
issued by/extended to 10 issuers/borrowers.

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

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

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

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

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

                         Category 1 Loans

                       0% of the loan pool

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

                        Category 2 Loans

                      3% of the loan pool

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

                        Category 3 Loans

                      97% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Moody's also interviewed the asset manager regarding its
refinancing and disposition plan policies, as well as its leasing.
Accordingly, Moody's estimated recovery stress in the range of 12%
to 22% and 14% for the weighted average (excluding the specially
serviced loans), in light of these factors.

1. 30% of the loans are liquidating loans. Moody's initial
   assumptions about collateral recovery need to be reconsidered,
   as does its scenario, since actual disposition is slower than
   originally assumed.

2. Rents and occupancy rates, among others, for some of properties
   are less than originally assumed.


ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through G Trust Certificates issued by ORIX-NRL Trust 16.  The
final maturity of the trust certificates will take place in
September 2013.

The individual rating actions are:

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

  -- Class C, downgraded to A3 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Baa3 from Baa2; previously, Baa2
     placed under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba1 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to Ba2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to B1 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

ORIX-NRL Trust 16, effected in December 2007, represents the
securitization of non-recourse loans and specified bonds to three
borrowers, and remains secured by the same.

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

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

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

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

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

                         Category 1 Loans

                        0% of the loan pool

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

                        Category 2 Loans

                       11% of the loan pool

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

                        Category 3 Loans

                       67% of the loan pool

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

                     Special Servicing Loans

                      22% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 4% to 15% and 6% for the weighted average (excluding the
specially serviced loan), in light of these factors.

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

2) 78% of the loan portfolio will mature in 2010, and will need to
   be refinanced in a stressed market.


SANYO ELECTRIC: Aims to Quadruple Car Battery Sales by 2015
-----------------------------------------------------------
Mariko Yasu and Maki Shiraki at Bloomberg News report that Sanyo
Electric Co. aims to quadruple sales of car batteries to
automakers by 2015 as people buy more gasoline-electric cars.

Sales of car batteries will likely exceed JPY100 billion (U$1
billion) by 2015, Mitsuru Honma, head of the rechargeable battery
unit, told Bloomberg News in an interview July 3 at Sanyo’s head
office in Osaka, western Japan.

The report relates that Mr. Honma said Sanyo may reverse its
forecast for a decline in total sales at its rechargeable-battery
unit this year to an increase as demand rises more than expected
for models used in cars and portable computers.

Mr. Honma said Ford Motor Co. of the U.S. and Honda Motor Co. of
Japan are boosting orders "rapidly" for Sanyo’s nickel-hydride
batteries for hybrid gasoline-electric cars, and the company is
preparing to boost production.

Meanwhile, Bloomberg News reports that the company will start
supplying nickel-hydride cells to two European carmakers after
2010.  Sanyo is also winning contracts to supply lithium-ion
batteries for hybrid vehicles, the report adds.

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

                          *     *     *

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


UDMAC-J1 TRUST: Moody's Changes Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through G Trust Certificates issued by UDMAC-J1 Trust.  The final
maturity of the trust certificates will take place in June 2013.

The individual rating actions are listed below.

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

  -- Class B, downgraded to A2 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa3 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

  -- Class D, downgraded to Ba3 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to B1 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

  -- Class F, downgraded to B2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on April 14, 2009

  -- Class G, downgraded to B3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on April 14, 2009

UDMAC-J1 Trust, effected in September 2007, represents the
securitization of seven non-recourse loans.

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

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

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

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

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

                         Category 1 Loans

                       0% of the loan pool

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

                        Category 2 Loans

                      100% of the loan pool

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

                        Category 3 Loans

                       0% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 18% to 22% and 19% for the weighted average (excluding
the specially serviced loans), in light of these factors.

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

2. 14% of the loan portfolio will mature in 2009; the remaining
   86% will mature in 2010. Loans that will need to be
   refinanced in a stressed market account for a higher
   percentage of the loan pool.


* S&P Puts Ratings on 93 Tranches on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 93
tranches of 23 Japanese commercial mortgage-backed securities
transactions on CreditWatch with negative implications.

Including the CreditWatch placements, the ratings on a total of
135 tranches in 30 Japanese CMBS transactions are now on
CreditWatch with negative implications.

S&P will endeavor to obtain more information, and S&P may take
further rating actions, if warranted, after completing S&P's
analysis of individual transactions within one or two months.  In
the analysis of individual transactions, S&P will assess the
performance of major underlying real estate properties; examine
the recovery prospects of underlying real estate properties;
conduct interviews with servicers or initial arrangers about
prospects for loan redemption and property sales; and consider the
payment structure of each transaction.

Standard & Poor's expects the level of downgrades for senior
classes to be relatively low, but to be higher for lower-rated
classes.

At this point, Standard & Poor's has affirmed its ratings on the
interest only (IO) certificates. Notwithstanding the affirmations,
S&P may amend the rating methodology for interest-only
certificates.  If the proposal is adopted, it could affect the
rating on interest only certificates.

              Ratings Placed On Creditwatch Negative

       Japan Commercial Real Estate Funding CMBS 2007-1 G.K.
             JPY58.2 billion commercial mortgage backed
                   floating rate notes due 2015

           Class    Rating              Issue Amount
           -----    ------              ------------
           B        AA/Watch Neg        JPY6.2 billion
           C        A/Watch Neg         JPY5.3 billion
           D        BBB/Watch Neg       JPY4.7 billion
           E        BBB-/Watch Neg      JPY2.7 billion

                   J-CORE FL1 Trust Certificate
  JPY16.6 billion floating-rate trust certificates due April 2012

           Class    Rating              Issue Amount
           -----    ------              ------------
           D        BBB+/Watch Neg      JPY1.0 billion
           E        BB+/Watch Neg       JPY0.2 billion

                            JLOC XXIV
    JPY22.8 billion floating-rate trust certificates due 2014

           Class    Rating              Issue Amount
           -----    ------              ------------
           B        AA/Watch Neg        JPY2.2 billion
           C        A/Watch Neg         JPY1.8 billion

                   JLOC XXXl Trust Certificates
            JPY24.3 billion floating/fixed-rate trust
                  certificates due February 2015

           Class    Rating              Issue Amount
           -----    ------              ------------
           C        A/Watch Neg         JPY0.9 billion
           D        BBB/Watch Neg       JPY0.7 billion

                   JLOC XXXIII Trust Certificate
  JPY67.8 billion floating-rate trust certificates due July 2013

           Class    Rating             Issue Amount
           -----    ------             ------------
           C        A/Watch Neg         JPY8.0 billion
           D        B-/Watch Neg        JPY7.5 billion

                            JLOC 36 LLC
         JPY59.1 billion secured notes due February 2016

           Class    Rating             Issue Amount
           -----    ------             ------------
           C1       A/Watch Neg        JPY3.6 billion
           C2       A/Watch Neg        EUR24.25 million

                           JLOC 37 LLC
      JPY81.22 billion floating-rate bonds due January 2015

           Class    Rating             Issue Amount
           -----    ------             ------------
           B1       AA/Watch Neg       JPY7.9 billion
           B2       AA/Watch Neg       EUR4.85 million
           C1       A/Watch Neg        JPY7.0 billion
           C2       A/Watch Neg        EUR8.45 million
           D1       B/Watch Neg        JPY8.0 billion
           D2       B/Watch Neg        EUR1.95 million

                            JLOC 38 LLC.
        JPY82.91 billion floating-rate notes due April 2016

           Class    Rating             Issue Amount
           -----    ------             ------------
           A        AAA/Watch Neg      JPY67.34 billion
           B        AA/Watch Neg       JPY5.52 billion
           C        A/Watch Neg        JPY5.2 billion

                    JLOC 39 Trust Certificate
         JPY40.3 billion trust certificates due April 2014

           Class    Rating             Issue Amount
           -----    ------             ------------
           D        BBB/Watch Neg      JPY2.2 billion

              L-JAC Three Trust Beneficial Interest
JPY70.889 billion floating-rate trust certificates due April 2013

           Class    Rating             Issue Amount
           -----    ------             ------------
           B        AA/Watch Neg       JPY7.0 billion
           C        A/Watch Neg        JPY7.0 billion
           D-1      BBB/Watch Neg      JPY4.0 billion
           E-1      BBB-/Watch Neg     JPY1.4 billion
           F-1      BB+/Watch Neg      JPY1.4 billion
           G-1      BB/Watch Neg       JPY1.5 billion
           H-1      BB-/Watch Neg      JPY1.0 billion
           I        B+/Watch Neg       JPY0.583 billion

               L-JAC Five Trust Beneficial Interest
JPY63.63 billion floating-rate trust certificates due August 2015

           Class    Rating             Issue Amount
           -----    ------             ------------
           C        A/Watch Neg        JPY6.1 billion
           D-1      BBB/Watch Neg      JPY1.7 billion
           D-2      BB+/Watch Neg      JPY1.75 billion
           E-1      BBB-/Watch Neg     JPY0.5 billion
           E-2      BB-/Watch Neg      JPY0.8 billion
           F-1      BB+/Watch Neg      JPY0.5 billion
           F-2      B+/Watch Neg       JPY0.58 billion
           G-1      BB/Watch Neg       JPY0.5 billion
           G-2      B-/Watch Neg       JPY0.4 billion
           H-1      BB-/Watch Neg      JPY0.53 billion
           I-1      B+/Watch Neg       JPY0.56 billion
           J-1      B/Watch Neg        JPY0.37 billion

                L-JAC Six Trust Beneficial Interest
JPY97.5 billion floating-rate trust certificates due October 2016

           Class    Rating             Issue Amount
           -----    ------             ------------
           B-1      AA/Watch Neg       JPY8.4 billion
           C-1      A/Watch Neg        JPY8.5 billion
           D-1      BBB/Watch Neg      JPY9.5 billion
           E-1      BBB-/Watch Neg     JPY3.2 billion
           F-1      BB+/Watch Neg      JPY4.2 billion
           G-1      BB/Watch Neg       JPY4.0 billion

                         ORIX-NRL Trust 13
  JPY21.1 billion class A-X trust certificates due September 2013

           Class    Rating             Issue Amount
           -----    ------             ------------
           D        A/Watch Neg        JPY1.1 billion
           E        BBB/Watch Neg      JPY0.4 billion
           F        BB/Watch Neg       JPY0.6 billion
           G        BB-/Watch Neg      JPY0.2 billion
           H        B/Watch Neg        JPY0.3 billion

                        ORIX-NRL Trust 14
  JPY20.7 billion class A-X trust certificates due December 2014

           Class    Rating             Issue Amount
           -----    ------             ------------
           C        A/Watch Neg        JPY1.2 billion

                        ORIX-NRL Trust 15
         JPY37.8 billion trust certificates due June 2014

           Class    Rating             Issue Amount
           -----    ------             ------------
           B       AA/Watch Neg        JPY3.5 billion
           C       A/Watch Neg         JPY3.4 billion
           D       BBB-/Watch Neg      JPY3.0 billion
           E       BB+/Watch Neg       JPY1.3 billion
           F       BB/Watch Neg        JPY0.4 billion
           G       BB-/Watch Neg       JPY0.4 billion
           H       B+/Watch Neg        JPY0.2 billion
           I       B/Watch Neg         JPY0.2 billion

                         ORIX-NRL Trust 16
       JPY19.0 billion trust certificates due September 2013

           Class    Rating             Issue Amount
           -----    ------             ------------
           B       AA/Watch Neg        JPY1.9 billion
           C       A/Watch Neg         JPY1.9 billion
           D       BBB/Watch Neg       JPY1.7 billion
           E       BBB-/Watch Neg      JPY0.6 billion

                        ORIX-NRL Trust 19
      JPY23.6 billion trust certificates due September 2014

           Class    Rating             Issue Amount
           -----    ------             ------------
           C       A-/Watch Neg        JPY2.7 billion

                   Orso Funding CMBS 2005-2 Trust
           JPY20.61 billion trust certificates due 2012

           Class    Rating            Issue Amount
           -----    ------            ------------
           D       BBB/Watch Neg       JPY2.4 billion
           E       BB/Watch Neg        JPY2.7 billion
           F       BB-/Watch Neg       JPY0.2 billion
           G       B+/Watch Neg        JPY0.21 billion

                     Orso Funding CMBS 5 Trust
       JPY33.25 billion trust certificates due February 2013

           Class    Rating              Issue Amount
           -----    ------              ------------
           B       AA/Watch Neg         JPY3.9 billion
           C       A/Watch Neg          JPY3.8 billion
           D       BBB/Watch Neg        JPY3.9 billion
           E       BB-/Watch Neg        JPY3.7 billion
           F       B/Watch Neg          JPY0.25 billion

         SMBC Commercial Mortgage Backed Securities No.2
       JPY49.50 billion trust certificates due October 2012

           Class    Rating              Issue Amount
           -----    ------              ------------
           D       BBB+/Watch Neg      JPY4.7 billion

                     Titan Japan, Series 1 GK
             JPY125.8 billion bonds due November 2012

           Class    Rating              Issue Amount
           -----    ------              ------------
           A       AAA/Watch Neg        JPY90.2 billion
           B       AA/Watch Neg         JPY12.1 billion
           C       A/Watch Neg          JPY11.8 billion
           D       BBB/Watch Neg        JPY11.7 billion

                   UDMAC-J1 Trust Certificates
         JPY42.34 billion trust certificates due June 2013

           Class    Rating              Issue Amount
           -----    ------              ------------
           A       AAA/Watch Neg        JPY25.8 billion
           B       AA/Watch Neg         JPY4.4 billion
           C       A/Watch Neg          JPY4.4 billion
           D       BBB/Watch Neg        JPY4.5 billion
           E       BBB-/Watch Neg       JPY1.5 billion
           F       BB+/Watch Neg        JPY1.4 billion
           G       BB/Watch Neg         JPY0.34 billion

                    WMT Global Funding II Inc.
    JPY9.3 billion commercial mortgage backed notes due 2011

           Class    Rating              Issue Amount
           -----    ------              ------------
           C       A/Watch Neg          JPY1.1 billion
           D       BBB/Watch Neg        JPY0.9 billion
           E       BB/Watch Neg         JPY1.1 billion


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


DAEWOO LOGISTICS: Files for Receivership After Posco Talks Failed
-----------------------------------------------------------------
Daewoo Logistics has filed for court receivership before the Seoul
District Court after struggling to pay back maturing debts, the
Financial Times reports.

According to the report, the filing came after the Company's
rescue talks with steelmaker Posco fell through.

The Financial Times says that Daewoo was also hit hard by the
failure of its deal to lease a huge tract of farmland in
Madagascar, which fell through because of a military coup in the
African nation.

Established in June 1999, Daewoo Logistics Corp.  --
http://www.dwlogistics.co.kr/-- is a mid-sized South Korean
shipping and logistics company.  The company was spun off from the
bankrupt Daewoo conglomerate and bought by former Daewoo
executives in 1999.


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


ENERGREEN CORP: Unveils Details of Wind Up Petition on Unit
-----------------------------------------------------------
Energreen Corporation Berhad submitted to Bursa Malaysia
Securities Berhad details of the winding-up petition served
against Welli Edible Oil Sdn Bhd, a wholly owned subsidiary of the
company.

The winding-up petition was presented on August 12, 2008, but WEO
said it could not determine the date the petition was served
because it did not receive a copy of the petition.

The petitioner is claiming for a total amount of MYR170,969.00
with no interest.  The claim was mainly due to the inability of
WEO to make full payment of goods sold and delivered to WEO.

WEO is a major wholly owned subsidiary of Energ and Energ's total
cost of investment is the entire issued and paid-up share capital
in WEO amounting to MYR10million.

WEO's lawyer is in the process of challenging the claim.

Energreen Corporation Berhad formerly known as Welli Multi
Corporation Berhad, is Malaysia-based investment holding company
engaged in the provision of management services.  Its subsidiaries
include: Fourseason Foodstuff Industries (M) Sdn. Bhd., which is
engaged in the manufacture and distribution of all kinds of
foodstuff; Fourseason Trading Sdn. Bhd., which is involved in the
trading and distribution of foodstuff and toys; Welli Edible Oil
Sdn. Bhd., which is engaged in the processing of copra and palm
kernel, and trading of palm kernel oil, coconut oil, palm kernel
cake and copra cake; Welli Business Ventures Sdn. Bhd., which is
engaged in the importing, exporting, distribution and general
trading of flexible packaging, plastic sheet products, plastic
lighting diffuser, consumer products and health-related food, and
Welli Bio-Tech Sdn. Bhd., which is dormant.

                          *     *     *

Moore Stephens Chartered Accountants raised substantial doubt
about the ability of Welli Multi Corporation Berhad to continue as
a going concern after auditing the company's financial statements
for the year ended March 31, 2008.  The auditors cited these
factors:

   a) The plant and machinery of the group with a carrying amount
      of MYR33,001,438 was last revalued in 2004 using the "open
      market value on existing use" basis.  During the financial
      year, all of the group's oil mills discontinued their
      operations.  This is an indication that the plant and
      machinery could have been impaired ad may not realize its
      carrying amount.  In view of the tight cash flow of the
      group, no recent independent valuation of the plant and
      machinery was performed.  The auditors were unable to obtain
      sufficient appropriate  audit evidence to satisfy ourselves
      as to whether an impairment loss need to be made in the
      financial statements of the group.

   b) The group and the company incurred net losses of
      MYR51,386,733 and MYR8,322,366 respectively for the
      financial year ended March 31, 2008.  As at that date,
      the group's and the company's current liabilities
      exceeded their current assets by MYR175,640,659 and
      MYR8,575,952 respectively.  The group and the company
      had a deficit in shareholders' equity of MYR99,366,945
      and MYR7,673,479, respectively.


LUSTER INDUSTRIES: Bourse Suspends Trading of Securities July 8
---------------------------------------------------------------
The Bursa Malaysia Securities Berhad will suspend the trading of
Luster Industries Berhad's securities today, July 8, 2009, due to
the company's failure to submit its regularization plan to the
Securities Commission and other relevant authorities for approval
by July 1, 2009, the timeframe stipulated by Bursa Securities.

In addition to the imposition of suspension, Bursa Malaysia
Securities has commenced delisting procedures against Luster
Industries' securities.  The company has been served with a notice
by Bursa Malaysia Securities to make representations as to why the
company's securities should not be de-listed from the Official
List.

Luster Industries Berhad is a Malaysia-based investment holding,
provision of management services to its subsidiaries and
manufacturing of precision plastic parts and components, printed
circuit board assembly, sub-assembly and full assembly of plastic
parts and products.  The Company operates in five segments:
manufacturing, which includes manufactured, assembly and sale of
printed circuit boards, plastic components parts and electronic
parts for the semiconductor and electronics industries; waster
management, which is engaged in the supply of specialized vehicles
for waste facilities; trading, which is engaged in the trading in
plastic resins and materials for the production of plastic
products; bulk packaging, which is engaged in manufacturing and
sale of bulk packaging products, and other, which includes
investment holding.  During the year ended December 31, 2008, the
Company ceased its manufacturing and assembling of plastic parts
and products activities.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


SATANG HOLDINGS: Bourse to Suspend Trading of Shares on July 13
---------------------------------------------------------------
Satang Holdings Berhad's securities will be suspended from trading
starting July 13, 2009, after the company failed to submit its
regularization plan to the Securities Commission and other
relevant authorities.

Satang Holdings was previously required by Bursa Malaysia
Securities Berhad to submit its regularization plan by July 6,
2009.

The Company asked Bursa Malaysia Securities to further extend the
deadline to submit the company's regularization plan to the
approving authorities for six months or until October 6, 2009.

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and
Satang Environmental Sdn. Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., concluded in its Audit Investigative Reports that out
of the MYR39.27 million alleged overstated revenue of the company,
MYR35.43 million represents invalid sales which should not be
recorded in the books for the financial year ended September 30,
2007.


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


AUSTRAL PACIFIC: Sells Stake in Cheal Oil Field to Tag Oil
----------------------------------------------------------
Austral Pacific Energy is selling its stake in the Cheal oil field
to Canadian company Tag Oil, the NZPA reports.

Tag Oil, which owned 30 percent of the Taranaki oil field joint
venture, would pay $2 million for Austral Pacific's 69.5 percent
stake and an initial 25 percent royalty on oil sold under the
conditional deal, the report said.

NZPA relates that receiver Paul Sargison of Gerry Rea Partners
said most of the company's other assets were exploration licences,
which were not readily able to be sold.

Based in Wellington, New Zealand, Austral Pacific Energy Ltd.
(CA:APX) -- http://www.austral-pacific.com/-- is an oil
exploration and production company.  Austral Pacific shares are
traded in the New Zealand and Toronto stock exchanges.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific, Austral
Pacific Energy was placed in receivership on May 1, 2009.

The company said it agreed with the group's senior secured
creditor, Investec Bank (Australia) Limited, to the
appointment of receivers to Austral Pacific Energy Ltd., the
publicly traded Canadian corporation, and two of its New Zealand
subsidiaries, Austral Pacific Energy (NZ) Limited and Totara
Energy Limited.  The appointed receivers are Michael Ryan and Ian
Francis of Taylor Woodings of Perth and Paul Sargison of Gerry Rea
Partners of Auckland.

Investec is owed approximately US$16.8 million, which amount is
now due for payment due to the expiry of the previously announced
standstill arrangements.


LOMBARD GROUP: Going Concern Doubt Raised on ACIL
-------------------------------------------------
The National Business Review reveals that the auditors of
Australian Consolidated Insurance -- which hopes to reverse list
on the NZX through Lombard Group Limited’s shell -- was last year
chasing new capital to remain a going concern.

The report relates that by December, ACIL had started negotiations
over a share placement to help meet more than $4 million of
"deferred consideration commitments."  These commitments relate to
payments due for companies acquired by ACIL, which has been on a
buying spree in the past couple of years, the report says.

According to the report, ACIL’s auditor Grant Thornton noted that
there was doubt over the group’s future if it did not raise
capital or keep up support from its subsidiaries, banks and major
shareholders.

The Review, citing ACIL Executive Chairman Wayne Miller, relates
that the company had raised some capital so far this year.

The group was well advanced in plans for a two-pronged capital
raising, including the reverse listing, which it hoped to complete
by September, the Review states.

Mr. Miller said ACIL had plans to be dual listed starting in
New Zealand.

The report says that despite the auditor's tag over the company’s
status as a going concern, Mr. Miller maintained that ACIL was
backed by substantial infrastructure and that its market value
would well exceed any liabilities.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Lombard into a conditional arrangement with ACIL
which, subject to shareholder and regulatory consents, will result
in LOM acquiring all the shares in ACIL.

This "reverse takeover" will result in ACIL's businesses becoming
part of a listed group, Lombard Group said in a statement to the
stock exchange.

                          About ACIL

ACIL is an Australasian company that provides differentiated
insurance products and services to insurance purchasers.  The ACIL
group has 18 subsidiary companies in these specialized insurance
segments:

   -- Insurance Broking
   -- Underwriting Agency
   -- Risk Management
   -- Insurance Premium Funding

ACIL currently manages in excess of AU$80 million of insurance
premiums from offices in Perth, Sydney, Melbourne, Brisbane,
Auckland and Hamilton.

                      About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the provision of finance to small and medium-sized
businesses for a range of purposes.  In March 2008, the Company's
wholly owned subsidiary, Lombard Mortgages Limited, acquired the
remaining 30% interest in Tasman Mortgages Limited.  Tasman
Mortgages Limited is a mortgage arranger and mortgage broking
company.  Lombard Mortgages operates as a mortgage broker.  The
Company's principal subsidiary is Lombard Finance & Investments
Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
While the audited Group result is a loss of NZ$3.26 million, the
Board recognizes that does not reflect the full impact of the
receivership.


ORANGE FINANCE: Investors Unlikely to Recoup NZ$23-Mln Investment
-----------------------------------------------------------------
The National Business Review reports that investors in Orange
Finance Limited, which is owned by Money Managers founder
Doug Somers-Edgar, are unlikely to recoup the NZ$23 million plus
interest the firm owes them.

Citing Orange's annual results for the year to March 31, 2009, the
report discloses that the company incurred NZ$5.6 million loss and
wrote off NZ$6 million in bad debts.  Orange expects to lose money
on a further NZ$5.4 million of impaired assets and NZ$13.1 million
of loans are overdue but not impaired, the Review relates.

The Review notes that Orange now has NZ$25.2 million total assets,
while debenture investors are owed NZ$23.3 million principal and
NZ$1.6 million interest.

According to the report, the results shed a bit more light on the
company's proposed moratorium, which has yet to be put to an
investor vote despite the company halting repayments to investors.

The report, citing Covenant Trustee managing director Graham
Miller, says Orange stopped lending to new clients last May.  In
July, it stopped taking new investments and Covenant sent in
financial services firm KordaMentha to conduct a review.

Mr. Miller, according to the Review, declined to comment on why it
had taken so long for a moratorium proposal to be prepared.

                        About Orange Finance

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.


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


LEGACY GROUP: Court Orders SEC to Stop Verifying Claims
-------------------------------------------------------
The Makati Regional Trial court ordered the Securities and
Exchange Commission to stop verifying claims made by Legacy
Consolidated Plans Inc. planholders, GMANews.tv reports.

Citing a court order dated June 26, the report says that
Judge Reynaldo Laigo of Branch 56 also asked the trustee bank to
report to the court-appointed receiver the remaining funds of the
pre-need company.

According to GMANews.tv, the order said "Pursuant to the
insolvency law, the matter of the distribution among the claimant
of the asset of the said pre-need company and subject trust funds,
which it set up with different trustee banks, for and in behalf of
the planholders who have been mandated by the Insolvency Law to
file their respective claims with this court, lies with the
assignee Mr. Gener T. Mendoza, not in the SEC."

Legacy Consolidated was discovered to have PHP300 million in trust
fund but with PHP1.1 billion of liabilities to planholders, the
report notes.

GMANews.tv states that the pre-need company's trust fund is lodged
with Landbank of the Philippines, Asiatrust Development Bank Inc.,
Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp.,
and quasi-bank AB Capital and Investment Corp.

According to the report, SEC commission secretary Gerard Lukban,
however, said the assets should be used to service claims of
planholders and not to pay the company's obligations.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- was a conglomerate of
banks and pre-need companies.  The banks offered various financial
products and the pre-need firms offered pension, education and
memorial plans.  Other members of The Group provided credit cards,
micro-lending and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20 percent in annual returns.
To address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.

In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.


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


ALPEN STAR: Creditors' Proofs of Debt Due on August 3
-----------------------------------------------------
The creditors of Alpen Star Corp 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


CAME ENTERPRISES: Court Hears Wind-Up Petition
----------------------------------------------
A petition to have Came Enterprises Pte Ltd's operations wound up
was heard before the High Court of Singapore on July 3, 2009.

Tan Ah Chew and Cheng Heng Fuan filed the petition against the
company on June 11, 2009.

The Petitioner's solicitors are:

          Salem Ibrahim & Partners
          709 Robinson Road #16-06
          CPF Building
          Singapore 068897


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

Hock Hin Leong Timber Trading (Pte.) Ltd. filed the petition
against the company on June 22, 2009.

The Petitioner's solicitor is:

          M/s David Ong & Co
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


SENG SIT: Court to Hear Wind-Up Petition on July 17
---------------------------------------------------
A petition to have Seng Sit Metal Industries Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
July 17, 2009, at 10:00 a.m.

Okaya Singapore Pte Ltd filed the petition against the company on
June 23, 2009.

The Petitioner's solicitor is:

          Infinitus Law Corporation
          158 Cecil Street
          #07-00 The Spazio
          Singapore 069545


SEHNH CHUA: Members' Annual Meeting Set for July 18
---------------------------------------------------
The members of Sehnh Chua Burial will hold their annual general
meeting on July 18, 2009, at 2:00 p.m.

At the meeting, the members will be asked to:

   -- confirm minutes of the previous meeting;
   -- consider and if approved, pass the accounts for the year
      ended March 31, 2008 and 2009; and
   -- discuss and consider how to improve the activities of Sehnh
      Chua.


======================
S O U T H  A F R I C A
======================


MFP FINANCE: Moody's Takes Rating Actions on Various Classes
------------------------------------------------------------
Moody's Investors Service has taken this rating action on the
notes issued by MfP Finance (Pty) Ltd:

-- Class A Notes downgraded to Baa3.za and placed under review
    for possible downgrade; previously on October 8, 2007,
    assigned
    A2.za.

The Baa3.za national scale rating on the notes can be translated
into a Ba3 rating on the global scale.  The A2.za national scale
rating previously assigned to the notes translated into a Baa3
rating on the global scale.

Moody's rating action was prompted by the imminent risk of
liquidation of the servicer and some of the originators of the
securitized portfolio.  Indeed, MfP Holdings faced sudden
financial difficulties which triggered the suspension of its
trading operations.

As a result, the trustee of the transaction has declared a Credit
Event which automatically triggers the early amortization of the
notes and the application of the post enforcement waterfall.  The
Management Agreement between MfP Finance (Pty) Ltd and the
servicer has also been terminated.

Despite the appointment of a back-up servicer at closing of the
transaction, the trustee has replaced the back-up servicer on 02
July 2009 with Mettle Credit Services (Pty) Ltd, an administration
and collections company.  At this stage, uncertainties remain as
to the means the back-up servicer has to service the securitized
portfolio.

MfP Finance (Pty) Ltd is a securitization of trade receivables
originated by MfP Holdings and other group companies in South
Africa. The transaction benefits from a 25% credit enhancement to
cover for the risk of a loss on the class A notes.  The credit
enhancement was set-up to cover two main sources of risk of
reduced collections on the portfolio: (i) the default risk of the
debtors -- taking into account the benefit from a credit insurance
policy provided by Coface South Africa on the five largest
debtors- and (ii) the dilution risk which is peculiar to trade
receivables transactions whereby the debtors may not pay or not
pay the full amount of the receivables for business reason (error
in the invoice, expected discount, return of the goods).
Uncertainties remain on a potential increase of dilutions upon
insolvency of the originator.

In addition, the structure benefits from a cash reserve at the
level of the SPV of ZAR 10 million.  This cash reserve may be used
to pay the interest payment due on the notes at the next payment
date on 31July 2009 of ZAR 5.3 million.  However, there is
uncertainty with regards to the ability to make timely interest
payment on the second next IPD depending on the costs born by the
Issuer linked to the back-up servicer and any potential extra
costs.  As a result, Moody's decided to downgrade the rating of
the notes to Ba3/Baa3.za.  Given the on-going developments on the
transaction, Moody's is also placing the notes under review for
downgrade.  Moody's is closely monitoring the situation and will
assess the impact of the decisions to be taken by the various
parties to the transaction on the notes rating.

The rating of the MfP Finance (Pty) Ltd transaction addresses the
expected loss posed to investors by the legal final maturity
(August 2012).  Moody's ratings address only the credit risks
associated with the transaction.  Other risks have not been
addressed, but may have a significant effect on yield to
investors.


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


AMERICAN INTERNATIONAL: Receives Several Bids for Taiwan Unit
-------------------------------------------------------------
The Financial Times reports that several private equity firms and
local financial groups submitted non-binding bids for American
International Group's US$2 billion Taiwanese life assurance unit.

The report, citing people familiar with the matter, says
interested private equity firms include US fund groups, Carlyle
Group and Oaktree, and two Asia-based private equity firms, MBK
Partners and Primus Pacific Partners.

The auction has also drawn strong interest from financial groups
including Cathay Financial Holding, Fubon and Chinatrust, the FT
adds.

According to the FT, some overseas groups are expected to team up
with local bidders to form rival consortia as the sale process for
Nan Shan Life Insurance enters its decisive phase.

The FT says that AIG will assess initial bids this week.

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

                  About American International Group

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

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

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

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


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


LEAR CORP: Case Summary & 50 Largest Unsecured Creditors
--------------------------------------------------------

Debtor: Lear Corporation
        21557 Telegraph Road
        Southfield, MI 48033

Bankruptcy Case No.: 09-14326

Debtor-affiliates filing separate to Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
Lear South Africa Limited                          09-14325
Lear #50 Holdings, LLC                             09-14327
Lear Argentine Holdings Corporation #2             09-14328
Lear Automotive Dearborn, Inc.                     09-14329
Lear Automotive Manufacturing, LLC                 09-14330
Lear Canada                                        09-14331
Lear Canada Investments Ltd.                       09-14332
Lear Corporation (Germany) Ltd.                    09-14333
Lear Corporation Canada Ltd.                       09-14334
Lear Corporation EEDS and Interiors                09-14335
Lear Corporation Global Development, Inc.          09-14336
Lear EEDS Holdings, LLC                            09-14337
Lear European Operations Corporation               09-14338
Lear Holdings, LLC                                 09-14339
Lear Investments Company, LLC                      09-14340
Lear Mexican Holdings Corporation                  09-14341
Lear Mexican Holdings, LLC                         09-14342
Lear Mexican Seating Corporation                   09-14343
Lear Operations Corporation                        09-14344
Lear Seating Holdings Corp. #50                    09-14345
Lear South American Holdings Corporation           09-14346
Lear Trim L.P.                                     09-14347
Renosol Seating, LLC                               09-14348

Type of Business: Lear Corporation is one of the world's
                  leading suppliers of automotive seating systems,
                  electrical distribution systems and electronic
                  products.  The Company's products are designed,
                  engineered and manufactured by a diverse team of
                  80,000 employees at 210 facilities in 36
                  countries.  Lear's headquarters are in
                  Southfield, Michigan, and Lear is traded on the
                  New York Stock Exchange under the symbol [LEA].
                  Outside the United States, Lear has subsidiaries
                  in Germany, Luxembourg, Sweden, Singapore,
                  China, India and Mexico, among others.

Chapter 11 Petition Date: July 7, 2009

Court: Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtors' Counsel:  James H.M. Sprayregen, Esq.
                   Marc Kieselstein, Esq.
                   Ryan Blaine Bennett, Esq.
                   Paul Wierbicki, Esq.
                   Kirkland & Ellis LLP
                   Citigroup Center
                   601 Lexington Avenue
                   New York, NY 10022
                   Tel: (212) 446-4800
                   Fax: (212) 446-4900
                   http://www.kirkland.com/

Debtors' Creditors
Arrangement Act
Counsel:           Joel Scoler, Esq.
                   Kevin McElcheran, Esq.
                   McCarthy Tetrault LLP
                   Suite 5300, TD Bank Tower
                   Toronto Dominion Centre
                   Toronto, ON M5K 1E2
                   Tel: (877) 244-7711
                   Fax: (416) 868-0673
                   http://www.mccarthy.ca/

Special Counsel:   Winston & Strawn LLP
                   200 Park Avenue
                   New York, New York 10166-4193
                   Tel: (212) 294-6700
                   Fax: (212) 294-4700
                   http://www.winston.com/

Restructuring
Advisors:          Alvarez & Marsal North America LLC
                   Global HQ, 6th Floor
                   600 Lexington Avenue
                   New York, NY 10022
                   Tel: (212) 759-4433
                   Fax: (212) 759-5532
                   http://www.alvarezandmarsal.com/

Special Michigan
and Other Counsel: Bodman LLP
                   201 West Big Beaver Road, Suite 500
                   Troy, Michigan 48084
                   Tel: (248) 743-6000
                   Fax: (248) 743-6002
                   http://www.bodmanllp.com/

Special Counsel:   Brooks Kushman P.C.
                   1000 Town Center
                   Twenty-Second Floor
                   Southfield, Michigan 48075-1238
                   Tel: (248) 358-4400
                   Fax: (248) 358-3351
                   http://www.brookskushman.com/

Auditors and Tax
Advisors:          Ernst & Young LLP
                   One Kennedy Square, Suite 1000
                   777 Woodward Avenue
                   Detroit, MI 48226
                   Tel: (313) 628 7100
                   Fax: (313) 628 7013
                   http://www.ey.com/

Notice and Claims
Agent:             Kurtzman Carson Consultants LLC
                   2335 Alaska Avenue
                   El Segundo, CA 90245
                   Tel: (866) 927-7093
                   http://www.kccllc.net/

The Debtors' financial condition as of May 30, 2009:

Total Assets: $1,270,800,000

Total Debts: $4,536,000,000

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
The Bank of New York Mellon    Bond Debt         $589,250,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

The Bank of New York Mellon    Bond Debt         $399,524,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

The Bank of New York Mellon    Bond Debt         $298,000,000
Trust Company, N.A.,
Indenture Trust
Attn: Roxane J. Ellwanger
2016 Indenture
480 Washington Blvd, 27th Floor
Jersey City, NJ 07310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

Johnson Controls, Inc.         Trade Payable     $5,076,686
Attn: Larry Mathias, Vice
President
48200 Halyard Drive
Plymouth, MI 48170
United States
Tel: (616) 283-2365
Fax: (734) 254-5222

CRH-DAS, L.L.C.                Trade Payable     $4,655,165
Attn: Dean Lenane, President
24800 Warner Ave
Warren, MI 48091
United States
Tel: (586) 757-0000
Fax: (586) 620-7300

Rozmor Land Co.                Promissory Note   $4,151,741
Attn: Lowell D. Salesin
28400 Northwestern Highway
Third Floor
Southfield, MI 48034-1839
United States
Tel: (248) 827-1889
Fax: (248) 359-6189

Tyco Electronics Corp.         Trade Payable     $3,763,893
Attn: Tom Lynch, Chief
Executive Officer
1050 Westlakes Dr.
Berwyn, PA 19312
United States
Tel: (610) 893-9800
Fax: (717) 986-7575

Porter Engineered Systems Inc  Trade Payable     $3,034,901
Attn: John Ball, President
and Chief Executive Officer
28700 Cabot Drive, Suite 800
Novi, MI 48377
United States
Tel: (248) 994-8105
Fax: (248) 994-8102

Jay Industries, Inc.           Trade Payable     $2,996,559
Attn: Rick Taylor, President
150 E. Longview Avenue
Mansfield, OH 44903
United States
Tel: (734) 994-8800 x15
Fax: (419) 521-0121

TK Holdings, Inc               Trade Payable     $2,718,257
Attn: Kevin Kennedy, Vice
President Sales
2500 Takata Drive
Auburn Hills, MI 48326
United States
Tel: (248) 377-6127
Fax: (248) 475-2414

Sumitomo Mitsui Banking                          $2,500,000
Corporation
Attn: CBDA-1
277 Park Avenue, 6th Floor
New York, NY 10172
United States
Tel: (212) 224-4000
Fax: (212) 593-9514

Woodbridge Corporation         Trade Payable     $2,362,645
Attn: Richard J. Jocsak
Senior Vice President and
Chief Financial Officer
4240 Sherwoodtowne Boulevard
Mississauga, ON L4Z 2G6
Canada
Tel: (905) 896-3882 ext. 447
Fax: (905) 896-3558

Autoliv Inc.                   Trade Payable     $2,326,320
Attn: William Campbell, Chief
Financial Officer
3350 Airport road
Odgen, UT 84405
United States
Tel: (801) 620-8272
Fax: (801) 625-8236

Canadian General Tower Ltd.    Trade Payable     $2,128,658
Attn: Jan Chaplin, President
and Chief Executive Officer
52 Middelton Street
Cambridge, ON N1R5T6
Canada
Tel: (519) 623-1633
Fax: (519) 623-5803

International Automotive       Trade Payable     $2,579,212
Components Group North
America, Inc.
Attn: James Kamsickas
President & CEO
5300 Auto Club Drive
Dearborn, MI 48126
United States
Tel: (313) 240-3000
Fax: (313) 240-3100

Robert Bosch LLC               Trade Payable     $1,878,963
Attn: Danny Hyman, Regional
President
15000 Haggerty Road
Plymouth, MI 481740
United States
Tel: (734) 979-3290
Fax: (734) 979-3820

Four-Way Tool & Die Inc.       Trade Payable     $1,848,830
Attn: Larry Erickson - CEO
239 Indusco Ct
Troy, MI 48083
United States
Tel: (248) 585-8255
Fax: (248) 585-3846

The Bank of Tokyo Mitsubishi                     $1,700,000
UFJ, Ltd.
Attn: Mr. Kawabata, Japanese
Corporate Finance
227 W. Monroe Street
Suite 2300
Chicago, IL 60606
United States
Tel: (312) 696-4603
Fax: (312) 696-4534

Leoni Kabel GMBH               Trade Payable     $1,652,727
Attn: Wolfgang Losch, Chief
Executive Officer
Stieberstrasse 5
Roth, 91154
Germany
Tel: (499171) 804-2391
Fax: (499171) 804-2190

Yazaki North America Inc.      Trade Payable     $1,525,425
Attn: George Perry, President
and Chief Executive Officer
6801 Haggerty Road
Canton, MI 48187
United States
Tel: (734) 983-1000
Fax: (734) 983-2843

Grammer Industries, Inc.       Trade Payable     $1,197,712
Attn: Dimitri Moustakeas, VP
Sales and Engineering
201 Forrester Dr. Suite C6
Forrester Industrial Pk.
Greenville, SC 29607
United States
Tel: (248) 530-1245
Fax: (248) 530-1221

Delphi Corporation             Trade Payable     $1,154,122
Attn: Rodney O'Neal, President
and Chief Executive Officer
5725 Delphi Drive
Troy, MI 48098
United States
Tel: (248) 813-2557
Fax: (248) 813-2333

John Wm. Butler Jr., Partner
John K. Lyons, Partner
Ron E. Meisler, Partner
Skadden, Arps, Slate,
Meagher & Flom LLP
333 West Wacker Drive
Suite 2100
Chicago, IL 60606
Tel: (800) 718-5305
Fax: (312) 407-0411

Molex, Inc.                    Trade Payable     $1,142,421
Attn: Martin P. Slark, Vice
Chairman and Chief Executive
Officer
2222 Wellington Ct
Lisle, IL 60532
United States
Tel: (630) 969-4550
Fax: (630) 416-4918

Fisher & Company, Inc.         Trade Payable     $1,097,471
Attn: Michael Fisher
President
33180 Freeway Drive
St. Clair Shores, MI 48082
United States
Tel: (586) 746-2000
Fax: (586) 746-3301

Aunde Group                    Trade Payable     $1,061,157
Attn: Gerwald Meilen, Vice
President
3000 Town Center
Suite 1385
Southfield, MI 48075
United States
Tel: (248) 358-0810
Fax: (248) 358-0815

Faurecia                       Trade Payable     $1,055,216
Attn: Robert Scales, Vice
President
2380 Meijer Drive
Troy, MI 48084
United States
Tel: (248) 288-8482
Fax: (248) 288-1074

Draka Philippines Inc.         Trade Payable     $1,049,358
Attn: Dr. Martina Lupberger
President
Mactan Economic Zone II
Basak
Lapu Lapu, 6015
Phillipines
Tel: (01149202) 296-2517
Fax: (01149202) 296-2000

Diversified Technologies       Trade Payable     $985,082
International
Attn: Chris Wiegel, Chief
Operating Officer
32969 Glendale Ave.
Livonia, MI 48150
United States
Tel: (734) 524-1450
Fax: (734) 524-1449

Omron Automotive Electronics   Trade Payable     $881,374
Inc.
Attn: Mike Van Gendt, President
2270 Bristol Circle
Oakville, ON L6H 5S3
Canada
Tel: (905) 829-0136
Fax: (905) 829-0432

Kenwal Steel Corporation       Trade Payable     $876,527
Attn: David Bazzy, President
8223 W. Warren
Detroit, MI 48126
United States
Tel: (313) 739-1000
Fax: (313) 739-2325

Hatch Stamping Company         Trade Payable     $875,513
Attn: Daniel Craig, President
and Chief Operating Officer
635 E. Industrial Drive
Chelsea, MI 48118
United States
Tel: (734) 475-6242
Fax: (734) 475-6255

The Bank of New York Mellon    Bond Debt         $816,000
Trust Company, N.A., Indenture
Trust
480 Washington Blvd
27th Floor
Jersey City, NJ 7310
United States
Tel: (312) 827-8574
Fax: (312) 827-8542

Key Safety Systems, Inc.       Trade Payable     $785,718
Attn: David M. Smith, Sr.
Vice President and Chief
Financial Officer
World Headquarters
7000 Nineteen Mile Road
Sterling Heights, MI 48314
United States
Tel: (586) 726-4107
Fax: (586) 997-4670

W.E.T. Automotive Systems Ltd. Trade Payable     $767,682
Attn: Robert O. Klein
Managing Director
9472 Twin Oaks Drive
Windsor, ON N8N 5B8
Canada
Tel: (519) 739-4104
Fax: (519) 735-5239

Pullman De Puebla              Trade Payable     $737,986
S.A. DE C.V.
Attn: Daniel Fernandez
Operations Director
Carr.QRO-SAN LIUS POTOSI
KM.26.5 LT.25-2 MZA SANTA ROSA
Santiago, Queretaro,
Mexico
Tel: (5222) 273-7606
Fax: (5222) 273-7603

Keyang Electric Machinery Co.  Trade Payable     $732,405
Attn: Mr. Lee, Hyoung Ho
President
161 Dohari Sunghwan-eup
Cheonan Choongnam, 330-802
Korea
Tel: (8241) 580-0543
Fax: (8241) 580-0549

IEE Automotive Usa, Inc        Trade Payable     $716,896
Attn: Mr. Scott Whetter
President
1121 Centre Road
Auburn Hills, MI 48326
United States
Tel: (248) 364-0101
Fax: (248) 373-9924

Foamex International Inc.      Trade Payable     $711,971
Attn: John G Johnson, Jr.
President and Chief Executive
Officer
Rose Tree Corporate Center II
1400 N. Providence Rd.
Suite 2000
Media, PA 19063-2076
United States
Tel: (610) 744-2107
Fax: (610) 744-2190

Milliken & Co.                 Trade Payable     $711,883
Attn: Ashely Allen, President
and Chief Executive Officer
295 Broadcast DR.
Spartanburg, SC 29303
United States
Tel: (864) 503-2141
Fax: (864) 503-1304

Celestica Philippines Inc.     Trade Payable     $698,795
Attn: Andy Smith, Senior VP
and General Manager
1612 Specht Point Road
Suite 119
Fort Collins, CO 80525-4300
United States
Tel: (970) 225-0039
Fax: (970) 225-0039

Panasonic Electric Works Asia  Trade Payable     $669,803
Attn: Yojiro Yamamoto -
General Manager
629 Central Ave
New Providence, NJ 07974-1526
United States
Tel: (908) 464-3550 ext 2021
Fax: (908) 771-5658

Manufacturers Industrial       Trade Payable     $644,492
Group, LLC
Attn: Andre Gist - CEO
659 Natchez Trace Drive
Lexington, TN 38351
United States
Tel: (731) 967-0001
Fax: (731) 968-3320

Bridge Of Weir Leather Co Ltd  Trade Payable      $631,445
Attn: Karen Marshall, Director
Baltic Works
Kilbarchan Road
Renfrewshire, PA11 3RH
Scotland
Tel: (44150) 561-2132
Fax: (44150) 561-4964

C. Rob. Hammerstein GMBH & Co. Trade Payable     $619,367
KG / CRH NORTH AMERICA
Attn: Robert Houston
President
24800 Warner Ave.
Warren, MI 48091
United States
Tel: (586) 620-7273
Fax: (586) 620-7300

Dixie wire AFL                 Trade Payable     $608,660
Autom/Hondura
c/o Alcoa Electrical &
Electronic Solutions
Attn: William C. Brown, VP
Developing Markets
36555 Corporate Drive
Suite 185, MD 3W
Farmington Hills, MI 48331
United States
Tel: (248) 489-4705
Fax: (248) 489-4722

Serviacero Planos              Trade Payable     $603,717
S.A. DE C.V.
Attn: Benjamin Zermeno
Vice President
Blvd. Hermanos Aldama No. 4002
Col. Ciudad Industrial
Leon, GTO, 37490
Mexico
Tel: (477) 152-6000
Fax: (477) 152-6010

Cosma International, Inc       Trade Payable     $544,828
c/o Autoteck Mexico
S.A. DE C.V.
Attn: Eric Wilds, Exec, VP
Sales & Marketing
1807 E. Maple Rd
Troy, MI 48083
United States
Tel: (248) 524-5300
Fax: (248) 524-4674

Circuit Controls Corp          Trade Payable     $543,702
Attn: Ms. Lisa Whatley
Senior Sales Manager
6801 Haggerty Road
Canton, MI 48187
United States
Tel: (734) 502-6993
Fax: (734) 983-2843

Pension Benefit Guaranty Corp. pension liability undetermined
Attn: Jack Butler, Financial
Analyst
Corporate Finance and
Restructuring Group
1200 K Street, N.W.
Suite 270
Washington, DC 20005-4026
United States
Tel: (202) 326-4070
Fax: (202) 842-2643

The Debtors' Five Largest Secured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
JP Morgan Chase Bank, N.A.     revolving         $1,192,003,208
Loan and Agency Services Group facility
1111 Fannin, 10th Floor
Houston, Texas 77002

JP Morgan Chase Bank, N.A.     term loan         $985,000,000
Loan and Agency Services Group
1111 Fannin, 10th Floor
Houston, Texas 77002

Bank of America, N.A.                            unknown
Attn: Capital Markets
Documentation
100 N. Tryon St.
NC1-007-13-01
Charlotte, NC 28255
Fax: (704) 386-4113

Banque Paribas; BNP Paribas                      unknown
Attn: BFI/Boltit
20 Boulevard des Italiens
Paris, 75009 France

BNP Paribas
Attn: Legal and Transaction
Management Group
10 Harewood Avenue
London NW1 6AA, England
Fax: (212) 471-8078

Credit Suisse                                    unknown
Attn: Credit Suisse
International
One Cabot Square
London, E14 4QJ England
Fax: (917) 326-8603

The petition was signed by Matthew J. Simoncini.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 10, 2009
THE INTERNATIONAL COUNCIL OF SHOPPING CENTERS
    Retail Bankruptcy: What You Need To Know
       Cuba Libre, Atlantic City, N.J.
          Contact: (732) 694 1800 or
                   http://www.icsc.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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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