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        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

           Friday, July 10, 2009, Vol. 12, No. 135

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Rejects Lumar's Request to Convene Meeting
CENTRO PROPERTIES: Sells Four U.S. Assets for US$28.6 Million
ELDERSLIE MTN: S&P Downgrades Rating on Class C Notes to 'CCC-'


C H I N A

AMERICAN AXLE: May Seek Bankruptcy Protection in U.S.
CHINA EASTERN: To Invest US$2.2 Billion to Boost Beijing Presence
GENERAL MOTORS: Beijing Auto Makes US$924-Mil. Bid for Opel Unit
GLOBAL SAFETY: Receives US$55MM Investment Bid From WL Ross


H O N G  K O N G

BOMEITI LIMITED: Court to Hear Wind-Up Petition on July 15
BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on August 12
CARTOON FACTORY: Court to Hear Wind-Up Petition on July 29
CREATIVE INFINITE: Court to Hear Wind-Up Petition on August 12
DUNCAN INTERIOR: Court to Hear Wind-Up Petition on July 29

EXCELLENCE 08: Court to Hear Wind-Up Petition on August 12
GOSPA ENTERPRISES: Court to Hear Wind-Up Petition on July 29
HONG KONG DIGITAL: Appoints Lui and Kwok as Liquidators
ILAFLON (ASIA): Court to Hear Wind-Up Petition on August 5
LEHMAN BROTHERS: Related Cases Reach 667 in Hong Kong

NEWWAY FIBRE: Court to Hear Wind-Up Petition on August 26
PLANET TOYS: Court to Hear Wind-Up Petition on July 22
RV TECHNOLOGY: Court to Hear Wind-Up Petition on August 12
SHENG HSI: Court to Hear Wind-Up Petition on August 19
SUPA TECHNOLOGY: Court to Hear Wind-Up Petition on July 29


I N D I A

AIR INDIA: NACIL to Prepare Business Plan by End of July
LAMBODHARA TEXTILES: Fitch Assigns 'BB' National Long-Term Rating
LAXMI POWER: Low Profitability Margins Cue CARE's 'BB' Ratings
MARCO CABLES: CARE Assigns 'BB+' Rating on LT Bank Facilities
MAYTAS INFRA: Hyderabad Metro Rail Project Contract Cancelled

SUNDARAM EXPORTS: CARE Rates INR20-Crore LT Bank Loans at 'BB'


I N D O N E S I A

MEDCO ENERGI: Shelves 3 Energy Projects Due to Price Disagreements
* INDONESIA: JCR Raises Foreign Currency Long-Term Rating to 'BB+'


J A P A N

CSC SERIES: Moody's Changes Ratings on Various Classes of Bonds
CSFS GODO: Moody's Changes Ratings on Various Classes of Bonds
GENERAL MOTORS: Pulls Out of 25-Year Nummi Venture With Toyota
GENERAL MOTORS: Hitachi to Supply Hybrid Cars With Li-Ion Battery
J-CREM 3: Moody's Changes Ratings on Various Classes of Certs.

JAPAN AIRLINES: To End Flights Between Chubu and Paris in October
L-JAC 5: Moody's Changes Ratings on Various Classes of Certs.
METALDYNE CORP: U.S. Court Sets Aug. 14 as Claims Bar Date
METALDYNE CORP: Files Schedules of Assets & Debts with U.S. Court
MLOX4 TRUST: Moody's Changes Ratings on Various Certificates

SAPPORO HOLDINGS: Morgan Stanley May Sell Stake in Sapporo
TITAN JAPAN: Moody's Changes Ratings on Various Classes of Notes
WMT GLOBAL: S&P Downgrades Ratings on Class A Fixed-Rate Notes


K O R E A

MAGNACHIP SEMICONDUCTOR: Plan Offers 71% for First-Lien Creditors
METALDYNE CORP: Committee Taps Reed Smith as Counsel
METALDYNE CORP: Proposes Donnelly Penman as Investment Banker


S I N G A P O R E

DUET RESEARCH: Creditors' Proofs of Debt Due on August 7
FLOMERICS SE: Creditors' Proofs of Debt Due on August 7
HON KHENG: Court Enters Wind-Up Order
KUSHIRO SHIPPING: Creditors' Proofs of Debt Due on August 6
LEHMAN BROTHERS: 10 Brokers Banned from Selling Structured Notes

LIBER SHIPPING: Creditors' Proofs of Debt Due on August 6


T A I W A N

SHIN KONG: Fitch Affirms 'B+' Long-Term Issuer Default Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


CENTRO PROPERTIES: Rejects Lumar's Request to Convene Meeting
-------------------------------------------------------------
Centro Properties Group has rejected a call by a group of
securityholders that it convene a meeting to consider the election
of three directors to its board, the Australian Associated Press
reports.  The company also demanded the meeting requisitioners to
substantiate claims that there had been a breakthrough with a
major Chinese bank regarding a potential financing deal for
Centro, the report said.

According to the AAP, the requisition notice calling for the
meeting was filed on July 7 by Sydney-based Lumar Investments Pty
Ltd and its director Margaret Lou, representing related entities
claiming to be entitled to at least five percent of Centro's
securities.  The requisition notice proposed stapled security
holders consider three resolutions to elect investors Mr. Li
Zhang, Mr. Kieron Strahan and Ms. Yik Fan Ngai as non-executive
directors to the Centro board, the AAP said.  According to the
report, Lumar said the proposed directors would address "flaws in
its business model, weakness in its investment strategy and
shortcomings in its risk control".

Lumar also said its work to investigate potential sources of
financing in China for Centro had "led to a major breakthrough"
and the proposed directors would ensure any deal was "properly
considered".  "One of China's top banks has shown significant
interest and willingness to refinance (Centro)," Lumar added.

In a statement on July 8, Centro said it has reviewed Lumar's
requisition notice.  The company said that the review has
determined and the requisitioners have been advised that the
requisition is deficient and does not meet the legal requirements
for a valid notice.

Centro Chairman Paul Cooper said "As is widely known, we have
engaged international director and executive recruitment firm Egon
Zehnder to conduct a search for appropriately qualified non-
executive Directors to serve on the Centro Board.  Significant
progress has been made with our recent announcement that three
deeply experienced, highly-qualified and well-regarded candidates,
Anna Buduls, Susan Oliver and Robert Tsenin, will be appointed to
the Centro Board in September."

"Centro's Board and management have been in dialogue with Ms. Lou
and Mr. Zhang of Smartec Capital (one of the meeting
requisitioners) over the past several months, and we have asked
them to submit any candidates for consideration within the Egon
Zehnder process. I have today reiterated that invitation to Mr.
Zhang, Mr. Strahan and Ms. Ngai and have asked them to meet with
the Centro Board in the very near future," Mr. Cooper said.

Centro CEO Glenn Rufrano said "We have been actively engaged with
Ms. Lou and her associates since the beginning of the year.  We
encouraged Ms. Lou and Mr. Zhang to work with the Company in
investigating potential sources of finance from China.  In doing
so, we agreed to provide the necessary information on Centro's
complex structure which would enable a capital source to properly
understand Centro ahead of any proposal to refinance our debt."

Mr. Rufrano said that the process with Ms. Lou ended because:

   -- Ms. Lou refused to sign a confidentiality agreement which
      would have allowed access to detailed company information
      needed for a recapitalization; and

   -- Ms. Lou proposed that the Company sign an Agency Agreement
      which, among other points, requested representation of the
      Company in mainland China, Hong Kong, Macau and Taiwan and
      required expense reimbursement of up to $1 million and a
      commission of 1% of capital raised (less expense
      reimbursement).   A commission calculated on this basis
      could reach $50 million.  Ms. Lou has stated that she will
      establish a not-for-profit organization to receive the
      commission and that she will use the commission to cover
      her direct expenses and pay her adviser's fees and legal
      costs related to a refinancing.

"We are always open to discussions with parties who are interested
in refinancing the Company.  We are not, however, aware of any
'major breakthrough' with a Chinese bank as referenced in the
correspondence.  On behalf of all of Centro's securityholders, we
insist that substantiation of this claim, which has been made by
Ms. Lou and Mr. Zhang, be provided to enable all of Centro's
securityholders to be fully informed on a timely basis," Mr.
Rufrano said.

                      About Centro Properties

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

                           *     *     *

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

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


CENTRO PROPERTIES: Sells Four U.S. Assets for US$28.6 Million
-------------------------------------------------------------
Centro Retail Trust has completed the sale of four assets in the
United States:

   Property Name                  Location
   -------------                  --------
   Greenport Towne Center         Hudson, New York
   Garden City Plaza              Garden City, Kansas
   Chestnut Hills                 Murray, Kentucky
   Ladera                         Albuquerque, New Mexico

CER said the aggregate sale amount for these assets was US$28.6
million with CER's share being US$27.2 million.  After payment of
transaction costs, net proceeds will be utilized for debt
reduction.

Centro Retail Trust is an Australian Securities Exchange Listed
Property Trust managed by Centro Properties Group.

                    About Centro Properties

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

                           *     *     *

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

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


ELDERSLIE MTN: S&P Downgrades Rating on Class C Notes to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the Class
C notes issued by Elderslie MTN Trust Series 2006-1 to 'CCC-' from
'CCC', and removed the rating from CreditWatch with negative
implications, where it was initially placed on Nov. 18, 2008.  At
the same time, the ratings on the Class A and Class B notes were
affirmed.

The rating downgrade on the Class C notes reflects S&P's view that
the Class C notes are vulnerable to nonpayment of principal on or
prior to final legal maturity date.  S&P expects the sum of
cumulative losses to be incurred from the underlying receivables
and the non-remittance amount to exceed the Class D balance and
potentially result in nonpayment of Class C notes.

S&P's observation suggests that the prospect of recovering the
non-remittance amount prior to the legal final maturity date of
the notes is low, and the final repayment of Class C notes is
highly sensitive to the improvement of this prospect.

On the July 2, 2009, payment date, there was a draw of funds from
the liquidity reserve due to there being insufficient income
collections to meet senior expenses and coupon payments to the
Class A-to-Class C noteholders.  As the portfolio diminishes, S&P
expects to see further drawing on the liquidity reserve to meet
timely payment of interests and expenses.

The ratings of the Class A and Class B notes are affirmed, as S&P
believes credit support together with the liquidity reserve are
sufficient to withstand S&P's stress-test analysis under the
respective ratings.

Standard & Poor's continues to monitor the ongoing performance and
management of the transaction.

                 Elderslie MTN Trust Series 2006-1

                   Class    To     From
                   -----    --     ----
                   C        CCC-   CCC/Watch Neg

                         Ratings Affirmed

                         Class     Rating
                         -----     ------
                         A         A
                         B         B


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


AMERICAN AXLE: May Seek Bankruptcy Protection in U.S.
-----------------------------------------------------
J.P. Morgan said that American Axle & Manufacturing Holdings,
Inc., might be the next auto supplier to file for bankruptcy
protection, Geoffrey Rogow at The Wall Street Journal reports.

J.P. Morgan, says WSJ, sees these possibilities for American Axle:

     -- covenant extensions,

     -- aid from General Motors Corp., and

     -- CEO Dick Dauch fighting to avoid Chapter 11.

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a world
leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and
modules, chassis systems and metal-formed products for trucks,
sport utility vehicles, passenger cars and crossover utility
vehicles.  In addition to locations in the United States
(Michigan, New York, Ohio and Indiana), the Company also has
offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, South Korea, Thailand and the United
Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter on June 11, 2009,
Fitch Ratings said its 'CCC' issuer default ratings on American
Axle & remain on Watch Negative.

According to the TCR on May 14, 2009, Moody's Investors Service
lowered American Axle's Probability of Default Rating to Caa3 from
Caa1, and its Corporate Family Rating to Ca from Caa1.  In a
related action Moody's also lowered the rating on the company's
secured bank credit facilities to Caa2 from B2, lowered the rating
on the unsecured guaranteed notes to Ca from Caa2, and lowered the
rating on the unsecured convertible notes to Ca from Caa2.  The
Speculative Grade Liquidity Rating was affirmed at SGL-4.  The
outlook is negative.

Deloitte & Touche LLP, American Axle's auditor, has raised
substantial doubt about the ability of the Company to continue as
a going concern.  Deloitte noted the significant downturn in the
domestic automotive industry which has an adverse impact on
American Axle's two largest customers.


CHINA EASTERN: To Invest US$2.2 Billion to Boost Beijing Presence
-----------------------------------------------------------------
Shanghai Daily reported that China Eastern Airlines plans to
invest CNY15 billion (US$2.2 billion) by adding about 20 planes to
the Beijing market within three years to enhance its presence in
its biggest market outside Shanghai.

The Beijing unit of the Shanghai-based carrier will run a total of
50 aircraft within three years, with nine introduced this year,
the report said.

"We are aiming to boost our market share in Beijing to 20 percent
within five years from the current 13 percent," the Daily quoted
CEA Chairman Liu Shaoyong as saying.  "We are applying for more
flights in Beijing now."

According to the report, Mr. Liu said CEA's merger with Shanghai
Airlines, which currently holds 5 percent of the Beijing market,
is expected to bring both airlines bigger market share in the
capital.

"Details of the merger plan are expected to be published next week
as we still need go through some procedures, and we have passed
all items of the plan," Mr. Liu said.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated approximately 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


GENERAL MOTORS: Beijing Auto Makes US$924-Mil. Bid for Opel Unit
----------------------------------------------------------------
Beijing Automotive Industry Holding made a concrete offer, valued
at US$924 million, for General Motors Corp.'s Adam Opel GmbH unit.

The Wall Street Journal, citing a person familiar with the
situation, reported that BAIC delivered a nonbinding offer valued
at EUR660 million, equivalent to approximately US$924 million, for
an equity stake in GM's Opel and Vauxhall businesses.

Under the plan, BAIC would own 51% and GM would keep 49%, the
person said.  No plants would be closed in Germany, but jobs would
be cut, including staff at Opel's headquarters, the Journal said.

                    About General Motors

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

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

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

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

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


GLOBAL SAFETY: Receives US$55MM Investment Bid From WL Ross
-----------------------------------------------------------
Global Safety Textiles LLC received a proposal from funds managed
by WL Ross & Co. LLC to invest US$55 million in a newly formed
entity that would acquire the assets of GST and its subsidiaries.
The new GST would have one of the strongest, well capitalized
balance sheets in the automotive industry with a limited amount of
long-term debt.  After the transaction, the new GST will be well
positioned to continue to expand its geographic footprint which
spans Europe, the Americas and China.

Georg Saint-Denis, President of GST Europe and Asia, commented on
the transaction, saying, "This new equity investment will enable
GST to continue to support its strategic international customers
who have benefited from GST's technological innovation and will
continue to enjoy GST's commitment to price competitiveness and
customer service.  GST's management and board believe that the WLR
transaction is the best alternative for GST at this time and that
we need to act quickly to preserve the value of our business.  Our
next step is to obtain our lenders' consent and we plan to
recommend that our lenders provide that consent as soon as
possible."

Wilbur L. Ross, Chairman and Chief Executive Officer of WL Ross &
Co. LLC, said, "We are excited to make a proposal that we believe
would put GST on a stable footing and ensure that it can continue
to support its key strategic customers in all the major car
producing regions globally. We expect that the proposed
transaction with our sponsorship will be key to continuing
relationships between GST and those customers." WL Ross & Co. LLC
and its funds have been involved in the automotive industry as an
investor in both Tier One and Tier Two suppliers.

WLR also delivered a DIP loan commitment for US$25 million, which,
if accepted, will help provide GST with liquidity until the
proposed sale is consummated.

GST is a wholly owned subsidiary of International Textile Group,
Inc. Mr. Ross is the chairman of the board of ITG and certain
entities affiliated with WLR own a substantial majority of the
outstanding equity securities of ITG.  GST and certain of its
subsidiaries filed for protection under chapter 11 of the
Bankruptcy Code on June 30, 2009.  The proposed transaction would
also be subject to higher and better offers, definitive
documentation and bankruptcy court and priority lender approval.


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


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

DFR Asia Management Ltd filed the petition against the company on
May 5, 2009.

The Petitioner's solicitors are:

          Messrs. X. J. Wang & Co.
          Suite 2208, 22nd Floor
          1 Connaught Place, Central, Hong Kong
          Telephone: 2467 8888
          Facsimile: 2167 8866


BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on August 12
------------------------------------------------------------------
A petition to have Business & Industrial Trade Fairs Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 12, 2009, at 9:30 a.m.

Mandatory Provident Fund Schemes Authority filed the petition
against the company on June 2, 2009.

The Petitioner's solicitor is:

          Mandatory Provident Fund Schemes Authority
          International Commerce Centre, Level 16
          1 Austin Road West
          Kowloon, Hong Kong
          Telephone 2992 1388
          Facsimile: 2259 8215


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

Peachtree Playthings (HK) Limited filed the petition against the
company on May 20, 2009.

The Petitioner's solicitors are:

          Laracy & Co.
          Lippo Centre, Tower One, 3701
          89 Queensway, Admiralty
          Hong Kong


CREATIVE INFINITE: Court to Hear Wind-Up Petition on August 12
--------------------------------------------------------------
A petition to have Creative Infinite Enterprise Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 12, 2009, at 9:30 a.m.

Gullivers Travel Associates (Hong Kong) Limited filed the petition
against the company on May 27, 2009.

The Petitioner's solicitor is:

          Richards Butler
          Alexandra House, 20th Floor
          16-20 Chater Road
          Central, Hong Kong


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

Leung So Mui filed the petition against the company.

The Petitioner's solicitors are:

          Yam and Company
          Golden Centre, Units 402-3, 4th Floor
          188 Des Voeux Road Central
          Hong Kong
          Telephone: 2525 4488
          Facsimile: 2846 1605


EXCELLENCE 08: Court to Hear Wind-Up Petition on August 12
----------------------------------------------------------
A petition to have Excellence 08 Limited's operations wound up
will be heard before the High Court of Hong Kong on August 12,
2009, at 9:30 a.m.

Woo Ka Cheung filed the petition against the company on May 27,
2009.


GOSPA ENTERPRISES: Court to Hear Wind-Up Petition on July 29
------------------------------------------------------------
A petition to have Gospa Enterprises Limited's operations wound up
will be heard before the High Court of Hong Kong on August 5,
2009, at 9:30 a.m.

Pang Chun Tung filed the petition against the company on May 25,
2009.


HONG KONG DIGITAL: Appoints Lui and Kwok as Liquidators
-------------------------------------------------------
Lui Po San Anthony and Kwok Tai Wai were appointed as liquidators
of Hong Kong Digital Technology Company Limited.

The Liquidators can be reached at:

          Lui Po San Anthony
          Kwok Tai Wai
          Integrity Corporate Reconstruction Limited
          Bel Trade Commercial Limited, 18th Floor
          3 Burrows Street
          Wanchai, Hong Kong


ILAFLON (ASIA): Court to Hear Wind-Up Petition on August 5
----------------------------------------------------------
A petition to have Ilaflon (Asia) Limited's operations wound up
will be heard before the High Court of Hong Kong on August 5,
2009, at 9:30 a.m.

Industrielack AG filed the petition against the company on May 25,
2009.

The Petitioner's solicitors are:

          J. Chan, Yip, So & Partners
          Henley Building, Suite 2306, 23rd Floor
          5 Queen's Road Central, Hong Kong
          Telephone: 2877 8166
          Facsimile: 2869 8895


LEHMAN BROTHERS: Related Cases Reach 667 in Hong Kong
-----------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that there are
currently 667 Lehman-Brothers-related cases under disciplinary
consideration.  These are cases which have gone through detailed
investigation by the HKMA.

"A number of cases are at a very advanced stage of the
enforcement process.  Before making a final determination in
these cases, we have to go through due process to ensure
fairness, including giving the subjects of investigation an
opportunity to be heard," said by an HKMA spokesperson.

Since 17 October 2008 the HKMA has referred a total of 482
Lehman-Brothers-related cases (unchanged from last week),
involving 16 banks, to the SFC for further action.  These cases
have been reviewed by the HKMA, which has determined that there
are sufficient grounds for referring them to the SFC to
facilitate its investigations into banks.

The HKMA has, up to 3 July 2009, received 21,421 complaints
concerning Lehman-Brothers-related products, of which 21,169
complaints have gone through the preliminary assessment process.
As a result of the assessment, the HKMA is currently
investigating 6,271 cases and seeking further information on
12,770 cases.  A total of 1,461 complaints have been closed as
there was no sufficient prima facie evidence found after the
preliminary assessment process or no sufficient grounds and
evidence found after the detailed investigation.  "The closure of
these cases will not affect the top-down investigations being
undertaken by the SFC at the bank level," the HKMA spokesman
said.

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).  Several other affiliates
followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on September 22 reached an
agreement to purchased Lehman Brothers Holdings, Inc.'s operations
in Europe and the Middle East less than 24 hours after it reached
a deal to buy Lehman's operations in the Asia Pacific for
US$225 million.  Nomura paid only $2 dollars for Lehman's
investment banking and equities businesses in Europe, but agreed
to retain most of Lehman's employees.

             International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., <http://bankrupt.com/newsstand/>or 215/945-7000).


NEWWAY FIBRE: Court to Hear Wind-Up Petition on August 26
---------------------------------------------------------
A petition to have Newwway Fibre Glass Products Limited's
operations wound up will be heard before the High Court of
Hong Kong on August 26, 2009, at 9:30 a.m.

Kwok Yung Mui Joan filed the petition against the company on
June 18, 2009.

The Petitioner's solicitors are:

         Kitty So & Tong
         China Insurance Group Building
         Room 1908, 19th Floor
         141 Des Voeux Road Central
         Hong Kong


PLANET TOYS: Court to Hear Wind-Up Petition on July 22
------------------------------------------------------
A petition to have Planet Toys (HK) Limited's operations wound up
will be heard before the High Court of Hong Kong on July 22, 2009,
at 9:30 a.m.

Bold Well Industrial Limited filed the petition against the
company on April 29, 2009.

The Petitioner's solicitors are:

          Li, Wong, Lam & W.I. Cheung
          Suites 908-910, 9th Floor
          One Pacific Place, 88 Queensway
          Hong Kong


RV TECHNOLOGY: Court to Hear Wind-Up Petition on August 12
----------------------------------------------------------
A petition to have RV Technology Limited's operations wound up
will be heard before the High Court of Hong Kong on August 12,
2009, at 9:30 a.m.

Chan So Shan filed the petition against the company on June 3,
2009.


SHENG HSI: Court to Hear Wind-Up Petition on August 19
------------------------------------------------------
A petition to have Sheng HSI Foo Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
August 19, 2009, at 9:30 a.m.

King Honor Investment Limited filed the petition against the
company on June 9, 2009.

The Petitioner's solicitors are:

          Ford, Kwan and Company
          Chinachem Golden Plaza
          Suites 1505-1508, 15th Floor
          No. 77 Mody Road, Tsimshatsui East
          Kowloon, Hong Kong
          Telephone: 2366 0688
          Facsimile: 2722 0736


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

Nav N Go Kft. filed the petition against the company on May 20,
2009.

The Petitioner's solicitor is:

          Deacons
          Alexandra House, 5th Floor
          18 Chater Road
          Central, Hong Kong


=========
I N D I A
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AIR INDIA: NACIL to Prepare Business Plan by End of July
--------------------------------------------------------
The National Aviation Company of India Limited, the holding
company of Air India, is working overtime to prepare by the month-
end a business plan and a financial restructuring plan, The Hindu
reports.  According to the report, NACIL is also expected to come
up with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

The Hindu discloses that some of the measures will include:

   -- rationalization of manpower and productivity-linked
      incentives;

   -- integration of the erstwhile Indian Airlines and
      Air India;

   -- review of all agreements on technical and operational
      matters;

   -- return of the leased aircraft at the earliest;

   -- large-scale redeployment to curb infructuous
      expenditure; and

   -- closure of all overseas offices where the NACIL does
      not operate.

The Hindu reports that experts in finance, law, hospitality,
information technology and other relevant fields will be hired to
strengthen the NACIL Board of Directors.  According to The Times
of India, top government sources said Ratan Tata has already been
approached to head this board.  A committee of Secretaries,
chaired by the Cabinet Secretary and including the Finance
Secretary and the Civil Aviation Secretary, will closely monitor
the turnaround plan of NACIL, according to The Hindu.

Citing an informed source, The Hindu reports that Air India
employees, according to their categories, will be paid their June
salaries by July 10 and July 14.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The Financial Express said that the National
Aviation Company of India Ltd. was seeking INR14,000 crore in
equity infusion, soft loans and grants.  The TCR-AP reported on
June 19, 2009, that Air India has been bleeding due to excess
capacity, lower yield, a drop in passenger numbers, an increase in
fuel prices and the effects of the global slowdown.  Air India's
losses have almost doubled to over INR4,000 crore in 2008-09
(INR2,226 crore in 2007-08) and it does not have the money to foot
the INR350-crore monthly salary bill of its 31,500 employees,
according to the Hindustan Times.

                         About Air India

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


LAMBODHARA TEXTILES: Fitch Assigns 'BB' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Lambodhara Textiles Limited a
'BB(ind)' National Long-term rating.  Fitch has also assigned a
rating of 'BB(ind)' to LTL's outstanding long-term bank loans
aggregating INR126 million and 'BB(ind)'/'F4(ind)' ratings to the
working capital limits of INR107 million.  The Outlook is Stable.

The ratings reflect LTL's over 15 year established track record in
the viscose yarn and polyester viscose yarn domestic markets.  The
ratings also reflect the strength of the company's relationships
with customers, and its niche position in the market with focus on
value-added products.  The ratings also draw comfort from an
improvement in PBDIT (Profit before interest, depreciation and
taxation) margins to 12.0% during H2FY09 from 11.1% in FY08, The
increase is attributable to the contribution from higher value-
added yarn varieties, which LTL has been introducing, since 2005,
through new product development efforts and which have started
yielding results over the past 18 months.  For FY09 however, the
overall PBDIT margins have been at 11.0% on account of higher cost
of back-up power due to the power shortage situation in the state
of Tamil Nadu.

The ratings are constrained by the relatively smaller scale of
operations, low EBITDA margins at around 11% and low levels of
interest cover (around 2.2x).  Debt/EBIDTA improved to 3.92x in
FY09 from 5.01x in FY08, however, leverage metric is expected to
increase in FY10 on account of capital expenditure and an
anticipated increase in working capital requirements.  The company
expects to grow by 10% over the next two years by investing in
additional machinery; maintaining profitability in light of the
power shortages is expected to be a challenge.

A sustained improvement in profitability margins resulting in
debt/EBIDTA falling below 3x times would be considered as a
positive rating trigger.  A decline in EBIDTA margins from current
levels resulting in deterioration in interest cover below 2.0x and
an increase in debt/EBIDTA above 4.2x times would be considered
negative rating triggers.

Coimbatore-based Lambodhara Textiles Limited commenced operations
in 1994 after taking over a sick industrial unit with capacity of
2160 spindles; current capacity is 20,264 spindles.  Lambodhara
has reported revenues of INR472.2 million for FY09 (FY08:
INR347.2 million) and EBIDTA of INR51.8 million (FY08:
INR38.4 million).  Debt/EBIDTA and interest cover as at FY09 were
3.92x and 2.2x, respectively.


LAXMI POWER: Low Profitability Margins Cue CARE's 'BB' Ratings
--------------------------------------------------------------
CARE assigned a 'CARE BB+' rating to the Long-term Bank Facilities
of Laxmi Power Cables Pvt. Ltd.  This rating is applicable for
facilities having tenure of over one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  CARE assigns '+' or '-' signs to be shown after the
assigned rating to indicate the relative position within the band
covered by the rating symbol.  Also, CARE assigned a 'PR4' rating
to the Short-term Bank Facilities of LPCPL.  This rating is
applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.  These
ratings are assigned to the long-term and short-term bank
facilities of the company (including outstanding and proposed term
loans) aggregating INR8.51 crore.

The ratings are constrained by the small size of operation leading
to low bargaining power, absence in High Tension and Extra High
Voltage segment, working-capital intensive nature of the business
resulting in high overall gearing ratio, low profitability
margins, high bank guarantees compared to net worth and
competition from the unorganized sector.  However, the ratings
factor in the promoter's experience in the cable manufacturing,
location of the plant in the fiscal benefit zone and low attrition
of the employees leading to stability in the operations.  The
company's ability to protect its profitability margins in view of
the highly volatile raw material scenario is the key rating
sensitivity.

                         About Laxmi Power

LPCPL, established in 1996 by Mr. Budhrani, was taken over by the
Kukreja family in CY2000 since the erstwhile promoter could not
implement the cable manufacturing project. LPCPL is a closely-held
private limited company with promoters personally involved in the
day-to-day operations of the company.

The company is engaged in the manufacturing of Low Tension power
cables and wires, with the plant located at Daman, where it enjoys
income tax benefit till 2015.  LPCPL mainly caters to the power
industry with a wide range of clients from the public sector
utilities, industrial customers, railways etc.  The company
operates in the unorganized sector and due to its small size of
operations with low net worth, it lacks the ability to compete
with the industry leaders in the power cable industry. The company
procures its raw material which forms about 90% of the total cost,
from local market on spot basis. Also, the company does not enjoy
price escalation clause in most of its orders. As a result, the
variation in the raw material prices exposes the company to
volatilities in the profitability margins due to its inability to
pass on the price rise in the raw material to the clients.

During FY08, the total income of the company increased marginally
by about 6% to INR24.36 crore as compared to INR22.98 crore in
FY07. However, the PBILDT increased by 24% resulting in increase
in the PBILDT margin to 5.94% as compared to 5.06% in FY07. This
was mainly due to less-than-proportionate increase in the
raw material cost compared to sales.  As a result of improved
PBILDT margin, the PAT margin also increased by 20 basis points in
FY08 as compared to FY07, despite increase in the interest
expenses which resulted in decline in the interest coverage to
1.33x as on March 31, 2008 as compared to 1.42x as on March 31,
2007.  During FY08, the company issued 3.5 lakh equity shares of
INR10/- each to the promoters which improved the debt-equity and
the overall gearing ratios to 0.38x and 2.52x as on March 31, 2008
as compared to 0.57x and 3.06x as on March 31, 2007, respectively.
However, the overall gearing was still high compared to the low
level of cash accruals which is reflected from higher total debt
to net cash accruals ratio of 16.03x for FY08. The current ratio
of the company has been comfortable at above unity for the period
under consideration.  As a result of significant increase in the
collection period, the operating cycle increased to 83 days as on
March 31, 2008 as compared to 65 days as on March 31, 2007.  As
per the nature of the business, the company has to provide bank
guarantees to the State Utilities.  As on March 31, 2008, the bank
guarantees outstanding were INR3.22 crore vis-a-vis its net worth
of INR2.39 crore, which was quite high.

During H1FY09, the company posted a total income of INR12.28 crore
(about 50% of the total income recorded in FY08) with PBILDT and
PAT margins of 5.23% and 1.17%, respectively.


MARCO CABLES: CARE Assigns 'BB+' Rating on LT Bank Facilities
-------------------------------------------------------------
CARE assigned a 'CARE BB+' rating to the Long-term Bank Facilities
of Marco Cables Pvt. Ltd.  This rating is applicable for
facilities having tenure of over one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.  CARE assigns '+' or '-' signs to be shown after the
assigned rating to indicate the relative position within the band
covered by the rating symbol.  Also, CARE assigned 'PR4' rating to
the Short-term Bank Facilities of MCPL.  This rating is applicable
for facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.  These ratings are assigned
to the long-term and short-term bank facilities of MCPL (including
outstanding and proposed term loans) aggregating INR17.09 crore.

The ratings are constrained by the small size of operation leading
to low bargaining power, absence in High Tension and Extra High
Voltage segment, working-capital intensive nature of the business
resulting in high overall gearing ratio, low profitability
margins, high bank guarantees compared to net worth and
competition from the unorganized sector.  However, the ratings
factor in the promoter's experience in the cable manufacturing,
location of the plant in the fiscal benefit zone and low attrition
of the employees leading to stability in the operations.  The
company's ability to protect its profitability margins in view of
the highly volatile raw material scenario is the key rating
sensitivity.

                        About Marco Cables

MCPL, incorporated in 1989, was promoted by Shri Narain Kukreja
and started its commercial production in 1990 by setting up a
manufacturing plant with the financial support from Maharashtra
State Financial Corporation.  The company is registered as Small
Scale Industries unit.  MCPL is a closely-held private limited
company with promoters personally involved in the operations of
the company.  The company is engaged in the manufacturing of Low
Tension (LT) power cables and wires and caters to the power
industry with a wide range of clients from the public sector
utilities, industrial customers, railways etc, with its
manufacturing plant located at Sinnar, near Nasik where it enjoys
sales tax deferment.  The company operates in the unorganized
sector and due to its small size of operations with low net worth,
is not in a position to compete with the industry leaders.  The
company procures the raw material (mainly aluminium) which forms
about 85% of the total cost, from local market on spot basis.
Hence, the variation in the aluminium prices (which have
historically been highly volatile) exposes the company to the
volatilities in the profitability margins, since it does not enjoy
price escalation clause in most of its orders.

During FY08, the total income of the company increased by 55%
compared to FY07 mainly due to the modernisation of the plant and
machinery undertaken in FY07 coupled with increased demand from
the power sector.  However, the PBILDT increased only by 35% in
FY08 with a dip in the margin to 5.82% as compared to 6.68% in
FY07 mainly due to its inability to pass on to the raw material
price rise to the customers.  During FY08, the PAT margin
increased to 0.71% as compared to 0.62% for FY07 mainly due to
less-than-proportionate rise in interest expenses and other
income. This has also resulted in higher interest coverage ratio
to 1.21x for FY08 compared to 1.16x for FY07.  During FY08, the
company raised additional working-capital borrowing of INR2.20
crore resulting in the increase in the debtequity and the overall
gearing ratios to 1.20x and 3.52x, respectively, as on March 31,
2008.  However, considering the promoter's unsecured loan as quasi
equity, on the basis of the letter submitted by the company to the
bank wherein it is stated that such loans should be treated as
subordinate loan to bank borrowings, the debtequity and the
overall gearing ratio were reworked and stood at 0.45x and 1.98x,
respectively, as on March 31, 2008.  The current ratio of the
company has been comfortable at above unity for the period under
consideration.

As a result of reduction in the receivables coupled with stable
inventory levels, the operating cycle of the company declined from
139 days as on March 31, 2007 to 104 days as on March 31, 2008,
despite decrease in the creditor period by 45 days. As per the
nature of the business, the company has to provide bank guarantees
to the State Utilities.  As on March 31, 2008, the bank guarantees
outstanding were INR4.72 crore vis-a-vis its net worth of INR3.88
crore, which was quite high.

During H1FY09, the company posted a total income of INR11.52 crore
(about 27% of the total income recorded in FY08) with PBILDT and
PAT margins of 8.20% and 0.80%, respectively.


MAYTAS INFRA: Hyderabad Metro Rail Project Contract Cancelled
-------------------------------------------------------------
The Economic Times reports that the Andhra Pradesh government has
cancelled the Hyderabad Metro rail project contract awarded to
Maytas Infrastructures Ltd, a firm run by the family of former
Satyam Chairman B. Ramalinga Raju.

According to the report, Andhra Urban Development Minister Anam
Ramnarayana Reddy said the state government decided to cancel the
project as the company failed to achieve financial closure by the
March deadline.  Mr. Reddy said the INR71 crore that Maytas had
paid would not be returned and that a detailed plan for the
project would be announced on July 13, the report relates.

Maytas bagged the INR12,000-crore project by offering to give
about INR30,000 crore to the government over 30 years, the Times
notes.

In a separate development, The Economic Times reports that the
Karnataka government has retained Maytas Infra as the developer
for two greenfield airport projects at Gulbarga and Shimoga.
The state decided to continue with Maytas Infra after the
corporate affairs ministry recommended the continuation of the
contracts, the report said.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office, which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


SUNDARAM EXPORTS: CARE Rates INR20-Crore LT Bank Loans at 'BB'
--------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of M/s Sundaram Exports aggregating INR20 crore.  This
rating is applicable for facilities having tenure of more than one
year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.

The rating assigned by CARE is based on the capital deployed by
the partners and the current financial strength the firm.  The
rating may undergo change in case of withdrawal of capital or of
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale:

The rating is constrained by the small-size partnership nature of
the business, single product and geographical concentration of
sales.  The rating is further constrained by high proportion of
debtors to sales with majority of them being uninsured, long
working capital cycle, tight liquidity position, lack of backward
integration, low PAT margin and strong competition from large
number of players in organized and unorganized sectors.

The rating considers the experience of promoters in the diamond
business, absence of long-term debt and the Government support to
the industry.

Further, ability to recover the receivables in time and honor its
payment obligations in the external environment characterized by
economic slowdown in the major exports markets are the key rating
sensitivities.

M/s Sundaram Exports was incorporated in 1996 as a closely-held
partnership firm by three partners -- Mr. Vaghjibhai Tilchand
Desai, Mr. Vinodbhai Tilchand Desai and Mr. Vijaybhai Gunvantrai
Doshi.  The firm is engaged in processing and exporting of
polished diamonds.  The firm is engaged in processing of very
small-sized diamonds ranging from 1 to 15 cents in round shape.
The firm outsources all its manufacturing activities to various
units located in and around Surat on job-work basis. Majority of
the firm's exports (around 68% in FY08) are concentrated towards
two destinations namely USA and Hong Kong. The proportion of
debtors to total sales is high at 38% as on March 31, 2008, and
they in turn are not insured, which exposes the firm to
recoverability risk.

Net sales of the company have witnessed a declining trend in FY07
and FY08 mainly on account of the lower demand for the firm's
product i.e. small-value products.  Majority of the firm's sales
come from the existing customers.  PAT margin has shown a
declining trend and is low at 1% in FY08 mainly on account of
interest expense.  Further, the lower margins are the result of
the lack of backward integration as the firm does not have the
manufacturing facilities and undertakes trading business. The
overall gearing of the firm has improved to 1.23x as on March 31,
2008 from 1.38x as on March 31, 2007.  The working capital cycle
has increased on the back of increased inventory days from 43 days
in FY07 to 63 days in FY08.


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


MEDCO ENERGI: Shelves 3 Energy Projects Due to Price Disagreements
------------------------------------------------------------------
PT Medco Energi Internasional Tbk has been forced to shelve three
big energy projects worth US$3 billion due to disagreement on
energy prices and approval not forthcoming from the government,
Antara News reports citing Asia Pulse.

The report relates that Medco planned to build a 330-megawatt
geothermal power plant in Sarulla, North Sumatra to generate power
to be sold to state electricity company PLN.

According to the news agency, Medco President Budi Basuki said
implementation of the project to be financed with a loan from
Japan Bank for International Cooperation had to be postponed over
a price disagreement with PLN.

                           About Medco

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 27, 2009, Moody's Investors Service put on review for
possible downgrade PT Medco Energi Internasional Tbk's B2
corporate family rating and B3 senior unsecured rating (Senior
8.75% bonds due 2010 issued by MEI Euro Finance Ltd).

The TCR-AP also reported on May 11, 2009, that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
PT Medco Energi Internasional Tbk., an Indonesia-based oil and gas
exploration and production company, to 'B' from 'B+'.  The outlook
is stable.  At the same time, S&P also lowered the issue ratings
on the US$176.9 million (US$124.7 million outstanding, net of
treasury notes) convertible bonds due May 12, 2011 issued by Medco
CB Finance B.V. and the US$325.4 million (US$89.2 million
outstanding, net of treasury notes) guaranteed notes due May 22,
2010, issued by MEI Euro Finance Ltd., which are both guaranteed
by Medco.


* INDONESIA: JCR Raises Foreign Currency Long-Term Rating to 'BB+'
------------------------------------------------------------------
Japan Credit Rating Agency has upgraded its ratings on the foreign
currency long-term senior debts of the Republic of Indonesia to
BB+ from BB and those on its local currency long-term senior debts
to BBB- from BB+. Outlook of both ratings is stable.

The upgrading reflects that Indonesia, having weathered the impact
of the global financial crisis fairly well and keeping a positive,
albeit slower, economic growth amid the global economic crisis,
has, in recent years, substantially reduced the government debt
burden and enhanced its resilience to external shocks thanks to
its prudent economic policies.

The "Stable" outlook is based on JCR's view that, while Indonesia
is expected to pursue prudent economic policies and maintain
macro-economic stability and fiscal soundness amid the
strengthened political stability backed by its democratic
political regime, there still exists a possibility that
increasingly volatile portfolio investment flows may have a
significant impact on its balance of payments and foreign exchange
rates as the global economic prospects remain uncertain.  For
further upgrading, JCR considers it important for the Indonesian
authorities to further enhance the country's growth capacity by
removing the bottlenecks in economic activities and improving the
business environment such as infrastructure development, and to
continue its efforts to improve the fiscal structure and
strengthen the resilience to external shocks, while maintaining
the macro-economic stability.

                   Democratic Political System
                 and Enhanced Political Stability

More than 11 years have passed since President Suharto stepped
down in May 1998.  During this period, the democratic political
system has taken root and the general and presidential elections
are being conducted impeccably in 2009.  In the presidential
election scheduled for July, incumbent President Susilo Bambang
Yudhoyono, a candidate from the Democratic Party that will have
the largest number of seats in parliament from October 2009, is
expected to be re-elected, which would make his administration
more solid.

                     Sustained Economic Growth

Indonesia posted sustained economic growth rates ranging 5-6 % per
year in the last five years. With its population reaching nearly
230 million, the fourth largest in the world, and GDP per capita
exceeding US$2,000 in 2008, the country's domestic demand,
particularly private consumption, has been growing steadily. Even
in the fourth quarter of 2008 and the first quarter of 2009 when
the global economic crisis deepened, its real GDP grew 5.2% and
4.4% (year-on-year), respectively. In 2009, it is expected to
register a positive growth although the pace of growth may slow
down amid the lingering global recession.

            Prudent Fiscal Management and Substantially
                  Reduced Government Debt Burden

The Indonesian government maintains a fiscal disciplinary
framework, based on the State Finance Act (Law No. 17, 2003), that
requires it to keep the annual budget deficit of and the each
year's debt outstanding of the combined central and local
governments below 3% and 60% of GDP, respectively.  As the
government has continuously pursued a prudent fiscal policy to
keep its primary balance surplus, the ratio of the central
government debt to GDP has steadily and significantly fallen from
88% at the end of fiscal 2000 to 56% at the end of fiscal 2004 and
33% at the end of fiscal 2008.  Likewise, the ratio of interest
payments to total fiscal expenditures has declined from 23% in
fiscal 2000 to 15% in fiscal 2004 and 9% in fiscal 2008.  As such,
fiscal burdens from the government debt have been substantially
reduced. While the budget deficit is projected to expand to 2.5%
of GDP in fiscal 2009 amid the economic slowdown, any resultant
increase in the debt burden will be kept marginal.

            Enhanced Resilience to Short-Term External
            Shocks Witnessed by Global Financial Crisis

Prompted by the contagion of the global financial crisis, the
government and the central bank have implemented since October
2008 a series of countermeasures such as a hike of the bank
deposit guarantee ceiling, foreign currency liquidity support for
commercial banks, precautionary actions for budget financing, an
expansion of currency swap arrangements and economic stimuli under
monetary and fiscal policies.  Furthermore, the ratio of the
external debt to GDP fell from 86% at the end of 2000 to 29% at
the end of 2008, with the corresponding ratio to exports down from
217% to 107%.  At the end of 2008, a majority of private-sector
external debtors were either foreign companies or joint ventures
with foreign companies.  The foreign exchange reserves grew from
US$ 29.4 billion at the end of 2000 to US$ 58.4 billion by the end
of August 2008. At the time of the external shock in the fourth
quarter of 2008, such structural improvement, together with the
measures taken by the authorities, helped Indonesia avert a
recurrence of the vicious cycle it experienced during the Asian
currency crisis, when a fall in the exchange rates undermined the
balance sheet of companies owing external debt, which in turn
caused a financial crisis through swollen nonperforming loans
(NPLs) and triggered an economic crisis through the dysfunction of
the banking system.  In fact, the increase of gross NPLs in the
banking sector remained rather limited (i.e., from 3.9% at the end
of August 2008 to 4.6% at the end of April 2009).  The foreign
exchange rate (IDR/USD), CDS spread and stock market index, which
had come under heavy downward pressure, as well as the reduced
foreign exchange reserves, have now almost recovered their pre-
Lehman shock levels.  These seem to indicate that Indonesia
displayed its strengthened resilience to short-term external
shocks throughout the process of the latest global financial
crisis.

                Increasingly Volatile Non-Residents'
                     Portfolio Inflow/Outflow

Indonesia's foreign exchange reserves stood at US$ 57.9 billion as
of the end of May 2009, equivalent to 5.5 months of its imports
and public external debt payments in 2008 and 2.5 times as much as
its short-term external debt (on a maturity basis, as of the end
of March 2009).  Also, through the ASEAN+3 Chiang Mai Initiative
(CMI) currency swap arrangements (a supplementary facility to IMF
program), Indonesia can now draw up to US$3.2 billion even without
an IMF program.  With these foreign currency liquidities, the
country has certain resilience to short-term external shocks.
Nevertheless, Indonesia's relatively high nominal interest rates
had drawn a large volume of nonresidents' inward portfolio
investment in recent years.  As a result, the outstanding balance
of such investment stood at US$71.8 billion at the end of 2007,
equivalent to 17% of GDP and 126% of foreign exchange reserves.
Such portfolio investments recorded a net outflow of US$3.9
billion in the fourth quarter of 2008 after net inflows of US$2.8
and US$4.1 billion in the first and the second quarters,
respectively. It regained a net inflow of US$1.7 billion in the
first quarter of 2009 amid improvement of the global financial
situation.  However, as the central bank intermittently cut its
policy interest rate, a large outflow may recur should the global
financial situation take a turn for the worse again. Thus, the
flows of portfolio investment and the level of foreign exchange
reserves will need to be continuously monitored.


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


CSC SERIES: Moody's Changes Ratings on Various Classes of Bonds
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A-
2 through G-3 and X Bonds issued by CSC Series 1 GK.  The Bonds
will mature in November 2012.

The individual rating actions are listed below.

  -- Class A-2 and Class A-3 bonds, Downgraded to Aa1 from Aaa and
     also placed under review for possible downgrade; previously,
     Aaa Placed Under Review for Possible Downgrade on March 24,
     2009

  -- Class B-2 and Class B-3 bonds, Downgraded to A2 from Aa2 and
     also placed under review for possible downgrade; previously,
     Aa2 Placed Under Review for Possible Downgrade on March 24,
     2009

  -- Class C-2 bond, Downgraded to Baa3 from A2 and also placed
     under review for possible downgrade; previously, A2 Placed
     Under Review for Possible Downgrade on March 24, 2009

  -- Class D-2 bond, Downgraded to Ba3 from Baa2 and also placed
     under review for possible downgrade; previously, Baa2 Placed
     Under Review for Possible Downgrade on March 24, 2009

  -- Class E-2 and Class E-3 bonds, Downgraded to B1 from Baa3 and
     also placed under review for possible downgrade; previously,
     Baa3 Placed Under Review for Possible Downgrade on March 24,
     2009

  -- Class F-3 bond, Downgraded to B3 from Ba2 and also placed
     under review for possible downgrade; previously, Ba2 Placed
     Under Review for Possible Downgrade on March 24, 2009

  -- Class G-3 bond, Downgraded to Caa3 from B2 and also placed
     under review for possible downgrade; previously, B2 Placed
     Under Review for Possible Downgrade on March 24, 2009

  -- Class X bond, Downgraded to Aa1 from Aaa and also placed
     under review for possible downgrade; previously, Aaa Placed
     Under Review for Possible Downgrade on March 24, 2009

CSC Series 1 GK, effected in December 2006 and March 2007,
represents the securitization of 11 non-recourse loans.

Moody's had originally placed the ratings under review for
possible downgrade on March 24.  The rating action was prompted by
an important notice dated March 12, 2009 that Moody's received
from the Servicer, and reflected Moody's strong concerns about the
transaction's collateral recovery, which may depend on the
resolution of issues raised in the notice.

Additionally, 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 for possible
downgrade because of the update.

Moody's had continued the review for possible downgrade of the
ratings of the subject transaction, reflecting update of the key
surveillance assumptions.

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
under stress.

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,
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

                       34% 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

                       66% of the loan pool

Recovery stress is estimated 23%, reflecting these factors.
Moody's received relevant information such as PM reports and rent
rolls, etc.

1) Two loans are now classified as "Specially Serviced Loans".
   Given the location and type of properties, recovery of these
   loans will likely be hampered by the stressed environment for
   the commercial real estate market.

2) All loans backing this deal will mature by the end of 2009 and
   will have to be refinanced in what Moody's believes will be a
   stressed market.

Moody's continues its review for possible further downgrade, based
on the fact that resolution of the issues raised in the notice
dated March 12, 2009 that Moody's received from the Servicer, have
yet to be concluded.

Moody's will monitor the resolution of the issues raised in the
notice to decide whether to confirm or downgrade the ratings.


CSFS GODO: Moody's Changes Ratings on Various Classes of Bonds
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through F and Class X bonds issued by CSFS Godo Kaisha.  The final
maturity of bonds will take place in November 2013.

The individual rating actions are listed below.

  -- Class A-2-a, Confirmed at Aaa; previously, Aaa Placed Under '
     Review for Possible Downgrade on April 14, 2009

  -- Class A-2-b, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class A-3, Confirmed at Aaa; previously, Aaa Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class B-2, Confirmed at Aa2; previously, Aa2 Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class B-3, Confirmed at Aa2; previously, Aa2 Placed Under
     Review for Possible Downgrade on April 14, 2009

  -- Class C-2-a, Downgraded to A3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class C-2-b, Downgraded to A3 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class D-2-a, Downgraded to Ba1 from Baa2; previously, Baa2
     Placed Under Review for Possible Downgrade on April 14, 2009

  -- Class D-2-b, Downgraded to Ba1 from Baa2; previously, Baa2
     Placed Under Review for Possible Downgrade on April 14, 2009

  -- Class D-3, Downgraded to Ba1 from Baa2; previously, Baa2
     Placed Under Review for Possible Downgrade on April 14, 2009

  -- Class E-1, Downgraded to B1 from Ba2; previously, Ba2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class E-3, Downgraded to B1 from Ba2; previously, Ba2 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class F-1, Downgraded to B3 from B1; previously, B1 Placed
     Under Review for Possible Downgrade on April 14, 2009

  -- Class F-3, Downgraded to B3 from B1; previously, B1 Placed
     Under Review for Possible Downgrade on April 14, 2009

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

CSFS Godo Kaisha, effected in December 2006, represents the
securitization of two 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 come 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 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 in its CMBS ratings,
Moody's has classified all CMBS loans, according to the likelihood
of refinancing, into three categories plus special servicing
loans.

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.

                        

                       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 .

                        

                        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.

                        

                       100% of the loan pool

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

                    

                       0% of the loan pool

Recovery stress is estimated 18%, reflecting these factors.
Moody's received the relevant information such as PM report, rent
roll, etc.

Given stressed environment for the commercial real estate market,
volatility in the future cash flow levels is likely to make some
of the properties less attractive to potential buyers.


GENERAL MOTORS: Pulls Out of 25-Year Nummi Venture With Toyota
--------------------------------------------------------------
General Motors Corporation confirmed on June 29, 2009, that it is
terminating its joint venture with Toyota Motor Corp., at the New
United Motor Manufacturing Inc., in Fremont, California, amid
disagreements on the future product to be manufactured at the
facility.

NUMMI has been run by GM and Toyota since 1984, where Toyota
manufactures the Corolla sedan and the Tacoma pickup and GM makes
the Pontiac Vibe hatchback.

GM has stated that that its stake in NUMMI will become part of the
"Old GM" that will be sold off during its Chapter 11 proceedings.
As part of its long-term viability plan, GM has decided that its
ownership stake in the NUMMI joint venture with Toyota will not be
a part of the "New GM," GM North America President Troy Clarke
said in a press release.

Mr. Clarke related that after extensive analysis, GM and Toyota
could not reach an agreement on a future product plan that made
sense for all parties.  Accordingly, NUMMI will end production of
vehicles for GM in August, and there are no future GM vehicles
planned for the joint venture at this time, he said.  Given that,
GM believes it is in the best interest of the "New GM" and its
stakeholders that we place our ownership interest in NUMMI in 'Old
GM,' Mr. Clarke stated.

"We have enjoyed a very positive and beneficial partnership with
Toyota for the past 25 years, and we remain open to future
opportunities of mutual interest," Mr. Clarke said.

In an e-mail to Bloomberg News, Mike Goss, a U.S.-based spokesman
for Toyota, said that the Toyota "[hoped] for the 50/50 joint
venture to continue."

"While we respect this decision by GM, the economic and business
environment surrounding Toyota is also extremely severe, and so
this decision by GM makes the situation even more difficult for
Toyota," Mr. Goss told Bloomberg.

NUMMI, for its part, said in a statement to The Los Angeles Times
that "it may take some time before the future [of the facility] is
determined."

NUMMI is able to produce 420,000 cars and trucks annually.  It
employs 5,400 employees, majority of whom are United Auto Workers
members, making it the only unionized facility among all Toyota's
plants in the U.S. and Canada and "the most expensive plant to
operate in North America," says The LA Times.

Toyota, according to Bloomberg, may soon begin talks to buy out
the NUMMI joint venture.  Toyota is also negotiating with the
United Auto Workers on personnel costs reduction at NUMMI,
Bloomberg added.

                    About General Motors

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

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

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

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

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


GENERAL MOTORS: Hitachi to Supply Hybrid Cars With Li-Ion Battery
-----------------------------------------------------------------
Hitachi Ltd., Japan's biggest industrial electronics group, will
supply General Motors Corporation with lithium-ion batteries in
2010, to power GM's 100,000 hybrid cars, according to BBC News.

Seeking to boost orders from domestic and overseas automakers,
Hitachi aims to increase capacity to meet the needs of 700,000
hybrids a year, the report said.  In 2015, Hitachi is eyeing a 70-
fold increase, with production costs that are expected to reach
between JPY 20 billion and JPY 30 billion, according to Reuters.

Hitachi will also mass produce two new types of lithium-ion
batteries to be used in "next-generation hybrid vehicles," Reuters
said.

                    About General Motors

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

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

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

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

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


J-CREM 3: Moody's Changes Ratings on Various Classes of Certs.
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through F Trust Certificates issued by J-CREM 3 Trust.  The final
maturity of the trust certificates will take place in November
2012.

The individual rating actions are:

  -- Class B, downgraded to Aa3 from 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 Baa2 from Baa1; previously, Baa1
     placed under review for possible downgrade on April 14, 2009

  -- Class E, downgraded to Ba1 from Baa2; previously, Baa2 placed
     under review for possible downgrade on April 14, 2009

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

J-CREM 3 Trust, effected in July 2008, represents the
securitization of non-recourse loans and specified bonds to four
borrowers.  The transaction is currently secured by non-recourse
loans and specified bonds to three 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 sharply, 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 11% to 14% and 13% for the weighted average, in light of
these factors.

- 49% of the loan portfolio will mature in 2009 (having one year
extension period); the remaining 51% will be mature in 2010.
Loans that will need to be refinanced in a stressed market account
for a higher percentage of the loan pool.


JAPAN AIRLINES: To End Flights Between Chubu and Paris in October
-----------------------------------------------------------------
Japan Airlines plans to cut all flights between Central Japan
International Airport, also known as Chubu Airport, and Paris from
the end of October as part of its restructuring, Kyodo News
reports citing sources.

According to the news agency, JAL currently operates seven regular
flights per week between the airport in Aichi Prefecture and the
French capital, but demand for travel has dropped sharply due to
the economic downturn and fears about the spread of the new
influenza strain.  JAL said that for the April-June period, the
routes have been operating at around 60 percent capacity, Kyodo
News relates.

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

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

                      About Japan Airlines

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

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

                          *     *     *

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

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


L-JAC 5: Moody's Changes Ratings on Various Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through J-1 and X-1 and X-2 trust certificates issued by L-JAC 5
Trust.  The final maturity of the trust certificates will take
place in August 2015.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa2 from Aaa; previously, Aaa had been
     placed under review for possible downgrade on September 17,
     2008

  -- Class B, downgraded to A2 from Aa2; previously, Aa2 had been
     placed under review for possible downgrade on September 17,
     2008

  -- Class C, downgraded to Baa3 from A2; previously, A2 had been
     placed under review for possible downgrade on September 17,
     2008

  -- Class D-1, downgraded to Ba2 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class D-2, downgraded to Ba3 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on April 14,
     2009

  -- Class D-3, downgraded to Ba3 from Baa2; previously, Baa2 had
     been placed under review for possible downgrade on April 14,
     2009

  -- Class E-1, downgraded to Ba3 from Baa3; previously, Baa3 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class E-2, downgraded to B1 from Baa3; previously, Baa3 had
     been placed under review for possible downgrade on April 14,
     2009

  -- Class F-1, downgraded to B1 from Ba1; previously, Ba1 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class F-2, downgraded to B2 from Ba1; previously, Ba1 had
     been placed under review for possible downgrade on April 14,
     2009

  -- Class G-1, downgraded to B2 from Ba2; previously, Ba2 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class G-2, downgraded to B3 from Ba2; previously, Ba2 had
     been placed under review for possible downgrade on April 14,
     2009

  -- Class H-1, downgraded to B3 from Ba3; previously, Ba3 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class I-1, downgraded to Caa1 from B1; previously, B1 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class J-1, downgraded to Caa3 from B2; previously, B2 had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class X-1, downgraded to Aa2 from Aaa; previously, Aaa had
     been placed under review for possible downgrade on September
     17, 2008

  -- Class X-2, downgraded to Aa2 from Aaa; previously, Aaa had
     been placed under review for possible downgrade on September
     17, 2008

L-JAC 5 Trust, effected in September 2007, represents the
securitization of loans to ten borrowers.  The transaction is
currently backed by 13 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

                       82% 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

                       5% of the loan pool

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

                     Special Servicing Loans

                      13% 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 14% to 29% and 16% for the weighted average (excluding the
specially serviced loans), in light of these factors.

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

2) Eighty-two percent of the loan portfolio will mature in 2009
   and 2010, and will need to be refinanced in a severely stressed
   market.


METALDYNE CORP: U.S. Court Sets Aug. 14 as Claims Bar Date
----------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of Delaware set August 14, 2009, as deadline for
creditors of Metaldyne Corporation and its debtor-affiliates to
file proofs of claim.

Governmental units have until Nov. 23, 2009, to file a proof of
claim.

All proofs of claim must be filed either:

   i) by mailing the original proof of claim to:

      Metaldyne Corporation
      c/o BMC Group, Claims Processing
      P.O. Box 3020
      Chanhassen, MN 55317-3020

  ii) by delivering the original proof of claim by hand or
      overnight courier to:

      Metaldyne Corporation
      c/o BMC Group, Claims Processing
      18750 Lake Drive East
      Chanhassen, MN 55317

                  About Metaldyne Corporation

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

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

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

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


METALDYNE CORP: Files Schedules of Assets & Debts with U.S. Court
-----------------------------------------------------------------
Metaldyne Corporation and its debtor-affiliates delivered their
schedules of assets and liabilities to the Hon. Martin Glenn of
the U.S. Bankruptcy Court for the Southern District of Delaware,
disclosing:

     Name of Schedule               Assets        Liabilities
     ----------------           ------------     ------------
  A. Real Property
  B. Personal Property           $19,695,145
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                        --
  E. Creditors Holding
     Unsecured Priority
     Claims                                                --
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      $103,528,949
                                ------------     ------------
TOTAL                            $19,695,145     $103,528,949

A full-text copy of the Debtors' schedules of assets and
liabilities is available at:

             http://ResearchArchives.com/t/s?3ec9

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

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

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

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


MLOX4 TRUST: Moody's Changes Ratings on Various Certificates
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D and X trust certificates issued by MLOX4 Trust.  The
final maturity of the trust certificates will take place in May
2014.

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 A2 from Aa2; previously, Aa2 placed
     under review for possible downgrade on January 20, 2009

  -- Class C, downgraded to Baa3 from A2; previously, A2 placed
     under review for possible downgrade on January 20, 2009

  -- Class D, downgraded to B3 from Baa2; previously, Baa2 placed
     under review for possible downgrade on January 20, 2009

  -- Class X, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on January 20, 2009

MLOX4, effected in December 2007, represents the securitization of
4 non-recourse loans.  None of the non-recourse loans has been
paid in full.

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

                       100% 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.
Accordingly, recovery stress ranges from 14% to 18% and is
estimated at 16% for the weighted average, reflecting these
factors.

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

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


SAPPORO HOLDINGS: Morgan Stanley May Sell Stake in Sapporo
----------------------------------------------------------
Sapporo Holdings Ltd said that Morgan Stanley Japan Securities Co
may sell its stake in the firm due to sour market and economic
conditions, Japan Today reports.

But Sapporo said it will maintain its business alliance with
Morgan Stanley Japan to jointly manage property agreed in October
2007, the report relates.  Under the 2007 deal, a special purpose
company created by a Morgan Stanley Japan real estate fund
acquired a stake of around 1.8% of voting shares in Sapporo, as of
December 2008.

Morgan Stanley Japan also bought a 15% stake in Yebisu Garden
Place from Sapporo for joint management of the office and shopping
complex in central Tokyo, Japan Today notes.

                      About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of July 9, 2009, the company carries Mikuni Credit Ratings 'B'
mortgage debt and 'CCC' senior debt ratings.


TITAN JAPAN: Moody's Changes Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D and Class X Notes issued by Titan Japan, Series 1 GK.
The final maturity of the Notes will take place in November 2012.

The individual rating actions are listed below.

  -- Class A, Downgraded to Aa1 from Aaa; previously, Aaa Placed ]
     Under Review for Possible Downgrade on April 14, 2009

  -- Class B, Downgraded to A1 from Aa2; previously, Aa2 Placed
     Under Review for Possible Downgrade on April 14, 2009

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

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

  -- Class X, Downgraded to Aa1 from Aaa; previously, Aaa Placed
     Under Review for Possible Downgrade on April 14, 2009

Titan Japan, Series 1 GK, effected in December 2007, represents
the securitization of six 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

                       71% 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

                       29% 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 5% to 19% and 16% for the weighted average (excluding the
specially serviced loans), in light of these factors.

1. Given stressed environment for the commercial real estate
   market, volatility in future cash flow levels is likely to make
   some of the properties less attractive to potential buyers.

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

3. 100% of the loan portfolio will mature in 2010. Loans that will
   need to be refinanced in a stressed market account for a higher
   percentage of the loan pool.


WMT GLOBAL: S&P Downgrades Ratings on Class A Fixed-Rate Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'AA' from 'AAA' its
rating on the class A fixed-rate notes issued under the WMT Global
Funding I Inc. transaction.  At the same time, Standard & Poor's
kept the ratings on the class A to E notes on CreditWatch with
negative implications, where they had been placed on April 9,
2009.

S&P downgraded class A and kept the ratings on class A and B on
CreditWatch with negative implications because S&P holds the view
that uncertainty is mounting over the recovery prospects of the
transaction's underlying loan after it defaulted in October 2008.
Specifically, in view of the procedures described in the notes'
agreement, it may take considerable time to reach decisions with
respect to the recovery of claims relating to the defaulted loan.
Standard & Poor's believes that any delay may hamper recovery by
the transaction's legal final maturity date in November 2010,
given the limited remaining period of time (one year and four
months).

The rating actions on class A and B are based on what S&P views as
uncertainty over principal and interest payments on the notes by
the legal final maturity date in November 2010.  Nevertheless,
even if principal and interest payments on the notes are not made
by the legal final maturity date, S&P still believes that there is
a significant likelihood that the principal and interest payments
on the notes will ultimately be made.  Yet, S&P may need to
consider further rating actions on classes A and B if the
prospects of note repayment remain uncertain and the legal final
maturity date draws closer.

Meanwhile, S&P kept the ratings on the class C to E notes on
CreditWatch with negative implications because S&P believes that
there is also uncertainty over the recovery prospects of the
collateral properties that ultimately secure the aforementioned
defaulted loan.  This view is based on S&P's assessment of the
collateral properties' characteristics.

Standard & Poor's intends to review its ratings on WMTGF I's notes
after examining the reports submitted by the servicer, and
assessing a number of factors, including recovery prospects and
the collateral properties' performance.

This is a single-borrower multi-asset CMBS (commercial mortgage-
backed securities) transaction.  The notes issued under this
transaction are backed by a loan extended to a single borrower.
The loan was originally secured by eight extended-stay limited-
service apartment properties.  The transaction was arranged by
Lehman Brothers Japan Inc. Capital Servicing Co. Ltd. acts as the
servicer for this transaction.

         Rating Lowered And Kept On Creditwatch Negative

                     WMT Global Funding I Inc.
     JPY10.7 billion commercial mortgage backed notes due 2010

   Class   To             From            Initial Issue Amount
   -----   --             ----            --------------------
   A       AA/Watch Neg   AAA/Watch Neg   JPY5.9 bil.

               Ratings Kept On Creditwatch Negative

           Class   Rating          Initial Issue Amount
           -----   ------          --------------------
           B       AA/Watch Neg    JPY1.4 bil.
           C       A/Watch Neg     JPY1.2 bil.
           D       BBB/Watch Neg   JPY1.0 bil.
           E       BB/Watch Neg    JPY1.2 bil.


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


MAGNACHIP SEMICONDUCTOR: Plan Offers 71% for First-Lien Creditors
-----------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that MagnaChip
Semiconductor B.V. and its affiliates filed a liquidating Chapter
11 plan that provides most of the proceeds from its assets sale to
first-lien lenders owed US$95 million.  According to the
disclosure statement explaining the Plan, second-lien noteholders
owed
US$500 million will receive US$1 million.  The first-lien lenders
will recover 70.6% while second lien noteholders would recover
0.2%.  According to the report, subordinated debt holders with
US$250 million in claims will receive nothing because the money
they otherwise would see from the US$1 million will be directed to
the second-lien creditors.

MagnaChip prepared the Plan prior to its Chapter 11 filing.  The
sale to a Korean limited partnership named KTB 207 Private Equity
Fund was also worked out in advance, Mr. Rochelle relates.

              About MagnaChip Semiconductor Inc.

Headquartered in South Korea, MagnaChip Semiconductor LLC --
http://www.magnachip.com/-- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications.  The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise. Citigroup Venture
Capital Equity Partners LP was part of the investor group that
acquired MagnaChip in 2004 from Hynix Semiconductor Inc.

MagnaChip Semiconductor S.A. and five other entities filed for
Chapter 11 on June 12, 2009, in the U.S. Bankruptcy Court for the
District of Delaware.  The Chapter 11 cases are jointly
administered under Case No. 09-12008, MagnaChip Semiconductor
Finance Company.  Judge Peter J. Walsh handles the case.  James E.
O'Neill, Esq., and Laura Davis Jones, Esq., and Mark M. Billion,
Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtors
as counsel.  Omni Management Group LLC is the Debtors' claims
agent.  In its petition, Magnachip Semiconductor Finance Company
listed assets below US$50,000 and debts of more than US$1 billion.

In their formal schedules, MagnaChip Semiconductor S.A. disclosed
US$951,917,782 in assets against US$845,903,186 in debts while
MagnaChip Semiconductor B.V. disclosed assets of US$762,465,739
against debts of US$1,800,612,084.


METALDYNE CORP: Committee Taps Reed Smith as Counsel
----------------------------------------------------
The Official Committee of Unsecured Creditors of Metaldyne
Corporation and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York for permission to
retain Reed Smith LLP as its counsel.

The firm will:

  a) consult with the trustee or Debtors concerning the
     administration of these cases;

  b) investigating the acts, conduct, assets, liabilities, and
     financial condition of the Debtors, the operation of the
     Debtors' businesses and the desirability or the continuance
     of such businesses, and any other matter relevant to the
     cases or to the formulation of one or more plans ;

  c) evaluate, with the Debtors, the purchase of the assets or
     businesses of the Debtors and participating in the sale
     process;

  d) if appropriate, request the appointment of one or more
     trustees or examiners under Section 1104 of the Bankruptcy
     Code;

  e) assert claims and causes of action on behalf of the Committee
     and the Debtors, if the Debtors fail to assert such claims;
     and

  f) perform other services as are in the interest of the Debtors'
     creditors.

The regular rates for Reed Smith's paralegals, associates, and
partners are as follows: US$100 to US$315 for paralegals; US$275
to US$545 for associates and for partners.

  Professional                      Designation    Hourly Rate
  ------------                      -----------    -----------
  Mark D. Silverschotz, Esq.        Partner        US$710
  Kurt F. Gwynne, Esq.              Partner        US$590
  Mark W. Eckard, Esq.              Associate      US$360
  J. Cory Falgowski, Esq.           Associate      US$360
  Kathleen A. Murphy, Esq.          Associate      US$305
  John B. Lord                      paralegal      US$250
  Lisa Lankford                     paralegal      US$145
  Evan F. Jaffe                     Paralegal      US$105

  Designation                                      Hourly Rate
  -----------                                      -----------
  Partners                                         US$375-US$945
  Associates                                       US$275-US$545
  Paralegals                                       US$100- US$315

The Debtors assure the Court that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                  About Metaldyne Corporation

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

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

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

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


METALDYNE CORP: Proposes Donnelly Penman as Investment Banker
-------------------------------------------------------------
Metaldyne Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to employ Donnelly Penman & Partners as their
investment banker for certain assets.

The firm will:

  a) identify prospective purchasers of the Debtor's businesses;

  b) prepare information describing the businesses, their
     operations and financial performance;

  c) disseminate information regarding the businesses to the
     Prospects;

  d) conduct sell-side due diligence on the businesses;

  e) organize a data room(s) with information relevant to
     the prospective purchasers;

  f) coordinate due diligence with the prospective purchasers;

  g) negotiate a stalking horse bid with the prospective
     purchasers;

  h) negotiate the structure and terms of a potential transaction
     with the prospective purchasers;

  i) assist the Debtors and their counsel in conducting auctions
     of the Businesses under the auspices of the Court;

  j) assist the Debtors and their counsel with the preparation and
     negotiation of closing documentation relating to a
     transaction;

  k) assist the Debtors and their counsel in preparing necessary
     documentation and information in connection with obtaining
     approval by the Court of proposed Transactions; and

  1) provide relevant testimony at hearings before the Court or
     other courts as the Debtors may request with respect to the
     foregoing.

The firm will be paid US$35,000 per month for this engagement.

The Debtors assure the Court that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

                  About Metaldyne Corporation

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

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

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

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


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


DUET RESEARCH: Creditors' Proofs of Debt Due on August 7
--------------------------------------------------------
The creditors of Duet Research and Trading Pte. Ltd. are required
to file their proofs of debt by August 7, 2009, to be included in
the company's dividend distribution.

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

The comapny's liquidator is:

          Mitani Masatoshi
          c/o 89 Short Street
          #08-11 Golden Wall Centre
          Singapore 188216


FLOMERICS SE: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------
Flomerics S.E. Asia Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 7, 2009, to be included in the company's dividend
distibution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO Raffles
          19 Keppel Road
          #02-01 Jit Poh Building
          Singapore 089058


HON KHENG: Court Enters Wind-Up Order
-------------------------------------
On June 26, 2009, the High Court of Singapore entered an order to
have Hon Kheng Hardware Pte Ltd's operations wound up.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee; and
          Ee Meng Yen, Angela
          c/o Ernst & Young Solutions LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


KUSHIRO SHIPPING: Creditors' Proofs of Debt Due on August 6
-----------------------------------------------------------
Kushiro Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 6, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


LEHMAN BROTHERS: 10 Brokers Banned from Selling Structured Notes
----------------------------------------------------------------
The Monetary Authority of Singapore banned 10 financial
institutions from selling structured notes for improperly
marketing US$655 million of the bonds that were linked to Lehman
Brothers Holdings Inc., The Associated Press reports.

Citing Singapore's central bank in a statement, the AP relates
that the banks and brokerages can't sell structured notes between
six months and two years.  According to the report, the central
bank said some of the financial institutions assigned risk ratings
that were inconsistent with warnings stated in the notes'
prospectus, and salespeople were ill-trained to sell the notes.

The structured notes, the AP relates, were linked to the risk of a
bankruptcy occurring with one of the reference entities, such as
Lehman.  According to the AP, the Lehman collapse in September
2008 led to a default on the dividend payment of some of the
bonds, most of which had a maturity of five to seven years and a
yield of about 5 percent.

The 10 financial institutions banned by the central bank are DBS
Group, UOB Kay Hian, OCBC Securities, ABN AMRO's Singapore branch,
Maybank Singapore, CIMB-GK Securities, Hong Leong Finance, DMG &
Partners, Phillip Securities and Kim Eng Securities.

The central bank, as cited by the AP, said that about 10,000
investors bought the notes, and financial institutions have
compensated about 4,000 of them.  Similar structured notes were
sold in Hong Kong, Taiwan and Indonesia.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for Chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
September 16 (Case No. 08-13600).  Several other affiliates
followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
United States District Court for the Southern District of New
York, entered an order commencing liquidation of Lehman Brothers,
Inc., pursuant to the provisions of the Securities Investor
Protection Act in the case captioned Securities Investor
Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV-
8119 (GEL).  James W. Giddens has been appointed as trustee for
the SIPA liquidation of the business of LBI

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only $2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

                International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  These are currently the only UK incorporated
companies in administration.  Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, have been appointed as joint administrators to Lehman
Brothers International (Europe) on September 15, 2008.  The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

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


LIBER SHIPPING: Creditors' Proofs of Debt Due on August 6
---------------------------------------------------------
Liber Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 6, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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


SHIN KONG: Fitch Affirms 'B+' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of Shin Kong
Financial Holding Co. Ltd. and its banking subsidiary Taiwan Shin
Kong Commercial Bank:

SKFH:

  -- Long-term Issuer Default Rating 'B+'; Outlook Negative
  -- Short-term IDR 'B'
  -- National Long-term rating 'BBB-(twn)'; Outlook Negative
  -- National Short-term rating 'F3(twn)'

SKB:

  -- Long-term IDR 'BB'; Outlook Negative
  -- Short-term IDR 'B'
  -- National Long-term rating 'BBB+(twn)'; Outlook Negative
  -- National Short-term rating 'F2(twn)'
  -- Individual Rating 'D'
  -- Support Rating '4'

Fitch will no longer provide ratings or analytical coverage on
these companies.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                                            Total
                                            Total    Shareholders
                                            Assets         Equity
  Company                     Ticker         (MM)            (MM)
  -------                     ------        ------    ------------

AUSTRALIA

ADVANCE HEALTHCARE GROUP LTD     AHG          16.93        -8.23
ADVANCE HEALTHCARE GROUP-NEW     AHGN         16.93        -8.23
ALLOMAK LTD                      AMA          40.69        -5.91
ALLSTATE EXPLORATIONS NL         ALX          16.17       -50.62
ALLSTATE EXPLORATIONS NL-PP      ALXCC        16.17       -50.62
ARC EXPLORATION LTD              ARX          58.54       -15.96
AUSMELT LTD                      AET          10.42        -1.56
AUSTAR UNITED COMMUNICATIONS     AUN          448.6      -261.91
AUSTRAILIAN ZIRCON NL-PP         AZCCA        77.74        -2.57
AUSTRALIAN ZIRCON NL             AZC          77.74        -2.57
BIRON APPAREL LTD                BIC          19.71        -2.22
BISALLOY STEEL GROUP LTD         BIS          54.56        -7.47
CHEMEQ LIMITED                   CMQ          25.19       -24.25
CITY PACIFIC LIMITED             CIY          171.5        -6.38
EIRCOM HOLDINGS LTD              ERC         7921.9      -381.29
ELLECT HOLDINGS LTD              EHG          18.25       -15.49
ETW CORP LTD                     ETW          83.71       -58.67
FORTESCUE METALS GROUP LTD       FMG        4293.52      -378.46
FULCRUM EQUITY LTD               FUL          19.21        -3.66
HYRO LTD                         HYO          19.69       -15.77
JAMES HARDIE INDUSTRIES-CDI      JHX           1827        -37.5
JAMES HARDIE INDUSTRIES NV       JHXCC         1827        -37.5
LAFAYETTE MINING LIMITED         LAF         105.24      -190.86
MACQUARIE COMMUNICAT-CUM DVD     MCGCD      8104.42      -103.34
MACQUARIE COMMUNICATIONS INF     MCG        8104.42      -103.34
RESIDUAL ASSCO GROUP-EX ENT      RAGXF       597.33      -126.96
RUBICON AMERICA TRUST            RAT         649.53      -100.61
RUBICON EUROPE TRUST GROUP       REU          553.1      -252.49
TOOTH & COMPANY LIMITED          TTH         108.86        -69.4
VERTICON GROUP LTD               VGP          21.73       -11.59

CHINA

ALONG TIBET CO LTD PLC-A         600773       10.33        -0.91
AMOI ELECTRONICS CO LTD-A        600057      232.71      -154.49
ANHUI KOYO GROUP CO LTD-A        979           60.3       -47.69
CHANG LING GROUP CO LTD-A        561          43.08       -10.49
CHENGDE DIXIAN TEXTILE CO-B      200160       87.71       -34.76
CHINA EASTERN AIRLINES - H       670       10702.79     -1851.81
CHINA EASTERN AIRLINES CO-A      600115    10702.79     -1851.81
CHINA KEJIAN CO LTD-A            35           78.57      -180.33
CHINESE.COM LOGISTICS CO-A       805          13.88        -8.95
CITIC GUOAN VINE CO LTD-A        600084      355.38      -100.01
DANDONG CHEMICAL FIBRE CO-A      498         108.58       -96.58
DONGXIN ELECTRICAL CARBON -A     600691        20.5        -3.04
FUJIAN SANNONG GROUP CO LTD      732          65.24          -55
GAOXIN ZHANGTONG LTD -A          2075        132.63        -9.87
GUANGDONG HUALONG GROUPS -A      600242       22.47        -2.74
GUANGDONG KELON ELEC HLD-A       921         553.67      -123.38
GUANGMING GRP FURNITURE CO-A     587          49.48       -38.24
GUANGXI BEISHENG PHARM-A         600556      127.73      -151.97
GUANGXIA YINCHUAN-A              557          50.94      -104.99
GUANGZHOU ORIENTAL BAOLONG A     600988       15.47        -1.56
HEBEI BAOSHUO CO-A               600155      142.97      -343.29
HEBEI JINNIU CHEMICAL INDU-A     600722      223.47      -222.75
HISENSE KELON ELEC HLD-H         921         553.67      -123.38
HUATONG TIANXIANG GRP CO -A      600225       71.97       -34.59
HUDA TECHNOLOGY & EDUCAT-A       600892       20.12        -1.49
HUNAN ANPLAS CO LTD              156          51.66       -84.06
HUNAN AVA HOLDINGS - A           918         194.23       -69.81
JIAOZUO XIN'AN SCIENCE & TEC     719          16.47        -2.59
QINGHAI SUNSHINY INDUSTRY-A      600381       52.48       -33.82
SHANGHAI HONGSHENG TECH-A        600817       20.57      -395.92
SHANGHAI LIANHUA FIBRE-A         600617       17.39        -1.33
SHANGHAI LIANHUA FIBRE-B         900913       17.39        -1.33
SHANGHAI WORLDBEST IND DEV A     600757       228.1      -102.35
SHENZHEN CHINA BICYCLE CO-A      17           27.97      -264.11
SHENZHEN CHINA BICYCLE CO-B      200017       27.97      -264.11
SHENZHEN DAWNCOM BUSINESS-A      863          29.01      -151.96
SHENZHEN KONDARL GROUP CO-A      48          184.04       -19.82
SHENZHEN SEG DASHENG CO-A        7            89.47       -10.97
SHENZHEN SHENXIN TAIFENG GRP     34           27.02      -165.99
SICHUAN DIRECTION PHOTOELE-A     757         121.58      -107.53
SUNTEK TECHNOLOGY CO LTD-A       600728       36.56       -22.15
TAIYUAN TIANLONG GROUP CO-A      600234       13.53       -59.85
TIANJIN MARINE SHIPPING CO-B     900938        82.4       -30.39
TIANJIN MARINE SHIPPING-A        600751        82.4       -30.39
TIBET SUMMIT INDUSTRIAL CO-A     600338       63.61       -10.43
TOPSUN SCIENCE-A                 600771       200.3      -121.75
WINOWNER GROUP CO LTD            600681       15.77       -71.01
WUHAN BOILER CO-B                200770      420.17       -31.43
WUHAN GUOYAO TECHNOLOGY CO-A     600421       11.57       -36.64
XIAMEN OVERSEAS CHINESE EL-A     600870      203.75      -161.73
YUEYANG HENGLI AIR-COOLING-A     622          39.55       -14.75
ZHANGJIAJIE TOURISM DVLP-A       430          46.48        -4.41

HONG KONG

ASIA TELEMEDIA LTD               376          16.62        -5.37
BINHAI INVESTMENT COMPANY LT     8035         73.71      -114.39
CHINA GOLDEN DEVELOPMENT HOL     162         249.86        -1.46
CHINA HEALTHCARE HOLDINGS LT     673          29.51        -7.82
EGANAGOLDPFEIL HLDGS LTD         48          557.89      -132.86
FULBOND HOLDINGS LTD             1041         66.06       -11.68
HUTCHISON TELECOMM HONG KONG     215         2400.1      -366.06
NEW CITY CHINA DEVELOPMENT       456         113.18        -9.93
PALADIN LIMITED                  495         160.93        -1.63
PALADIN LIMITED - PREFERENCE     642         160.93        -1.63
SANYUAN GROUP LTD                140          15.15        -1.59

INDONESIA

BUKAKA TEKNIK UTAMA TBK PT       BUKK         73.76       -88.38
DAYA SAKTI UNGGUL TBK PT         DSUC         20.18       -14.06
ERATEX DJAJA TBK PT              ERTX         14.09       -13.64
JAKARTA KYOEI STEEL WORKS PT     JKSW         23.86       -36.52
KARWELL INDONESIA PT             KARW         13.46        -7.21
MULIA INDUSTRINDO TBK PT         MLIA        329.63      -438.15
PANCA WIRATAMA SAKTI TBK PT      PWSI         24.44       -28.49
POLYSINDO EKA PERKASA TBK PT     POLY        413.59      -843.85
SEKAR BUMI TBK PT                SKBM         16.37        -2.62
STEADY SAFE TBK PT               SAFE         10.84        -4.03
SURABAYA AGUNG INDUS PULP        SAIP        211.01      -113.61
TEIJIN INDONESIA FIBER TBK       TFCO        199.18       -55.41
UNITEX TBK PT                    UNTX         13.65        -14.4

INDIA

ALCOBEX METALS LIMITED           AML          35.67       -22.44
APPLE FINANCE LTD                APL          70.83       -29.25
ASHIMA LIMITED                   ASHM         59.92       -47.15
BAKELITE HYLAM LIMITED           BKLT         13.91       -12.87
BALAJI DISTILLERIES LTD          BLD          59.97       -50.89
BELLARY STEELS & ALLOYS          BSAL        512.42      -101.44
BHAGHEERATHA ENGINEERING         BGEL         22.65        -28.2
CFL CAPITAL FINANCIAL SVS LT     CEATF        20.64       -48.88
COMPUTERSKILL LIMITED            CPS           14.9        -7.56
CORE HEALTHCARE LIMITED          CPAR        185.36      -241.91
DCM FINANCIAL SERVICES           DCMFS        16.54       -10.99
DIGJAM LTD                       DGJM         98.77       -14.62
DISH TV INDIA LTD                DITV        310.35      -117.44
DUNCANS INDUSTRIES LTD           DAI         164.65      -220.92
EMTEX INDUSTRIES (INDIA)         EMTX         11.81       -44.41
GALADA POWER & TELECOMMUNICA     GCC           10.9       -27.85
GANESH BENZOPLAST LTD            GBP          77.84       -41.87
GLOBAL BOARDS LIMITED            GLB          25.15        -0.79
GSL INDIA LIMITED                GSL          37.04       -42.34
GUJARAT SIDHEE CEMENT LTD        GSCL         59.44        -0.66
GUJARAT STATE FINANCIAL CORP     GSF          30.16      -234.92
HANJER FIBRES LIMITED            HJF          10.72        -0.31
HARYANA STEEL & ALLOYS LTD       HYSA         10.83        -5.91
HFCL INFOTEL LTD                 HFCL        233.14       -59.73
HIMACHAL FUTURISTIC COMMUN       HMFC        633.33      -104.79
HINDUSTAN PHOTO FILMS MFG        HPHT         93.73     -1229.35
HMT LIMITED                      HMT         206.93      -263.57
ICDS SECURITIES LIMITED          ICDS          13.3        -6.17
IFB INDUSTRIES LIMITED           IFBI         50.67       -65.49
INDIA FOILS LIMITED              IF           48.46       -38.01
INTEGRATED FINANCE CO LTD        IFC          57.73        -52.3
J.K. SYNTHETICS LIMITED          JKS          20.21        -2.17
JCT ELECTRONICS LIMITED          JCTE        122.54          -50
JD ORGOCHEM LTD                  JDO          14.54       -69.75
JENSON & NICHOLSON (INDIA)       JN           15.73       -92.09
JIK INDUSTRIES LTD               KFS          20.63        -5.62
JOG ENGINEERING LIMITED          VMJ          50.08       -10.08
KALYANPUR CEMENTS LIMITED        KCEM         37.54       -41.77
LLOYDS FINANCE LIMITED           LYDF         36.82       -10.29
LLOYDS STEEL INDUSTRIES LTD      LYDS        358.94       -83.14
MILLENNIUM BEER IND LTD          MLB          39.73        -0.73
MILTON PLASTICS LIMITED          MILT         26.11       -42.39
NATH PULP & PAPER MILLS LTD      NPPM         13.59       -39.13
NICCO UCO ALLIANCE CREDIT        NICU         38.79       -61.66
ORIENT PRESS LIMITED             OP            16.7        -0.09
PANCHMAHAL STEELS LIMITED        PMS          51.02        -0.33
PANYAM CEMENTS & MINERALS        PYC          30.24         -9.4
PARASRAMPURIA SYNTHETICS         PPS         111.97      -317.11
PAREKH PLATINUM LIMITED          PKPL         61.08       -88.85
PEACOCK INDUSTRIES LIMITED       PCOK         14.68       -18.14
PIRAMAL LIFE SCIENCES LTD        PLSL         32.05        -3.73
POLAR INDUSTRIES LIMITED         PLI          17.54       -24.69
PRECISION CONTAINEURS LIMITE     PCLL         10.01        -3.67
RAMA PHOSPHATES LIMITED          RMPH         34.07        -1.19
RATHI ISPAT LIMITED              RTIS         44.56        -3.93
REMI METALS GUJARAT LTD          RMM          82.27        -1.65
ROLLATAINERS LIMITED             RLT          22.97       -22.24
ROYAL CUSHION VINYL PRODUCTS     RCVP         29.19       -73.12
RPG CABLES LIMITED               RPG          51.43       -20.19
SEN PET INDIA LTD                SPEN         13.28       -25.43
SHALIMAR WIRES INDUSTRIES LT     SWRI         30.59       -63.77
SHAMKEN COTSYN LIMITED           SHC          23.13        -6.17
SHAMKEN MULTIFAB LIMITED         SHM          60.55       -13.26
SHAMKEN SPINNERS LIMITED         SSP          42.18       -16.76
SHARDA ISPAT LIMITED             SHIL         16.18        -5.04
SHREE RAMA MULTI-TECH LTD        SRMT         81.41       -64.13
SIDDHARTHA TUBES LIMITED         SDT          92.93       -10.72
SIL BUSINESS ENTERPRISES LTD     SILB         12.46       -19.96
SPICE COMMUNICATIONS LIMITED     SPCM        263.69       -19.68
STI INDIA LIMITED                STIB         44.11         -0.3
TAMILNADU TELECOMMUN LTD         TNT          11.68        -3.37
TRIVENI GLASS LIMITED            TRSG         34.54        -6.21
UNIWORTH LIMITED                 WW          178.23      -131.62
USHA (INDIA) LIMITED             USHA         12.06       -54.51
WINDSOR MACHINES LIMITED         WML          14.95       -29.01
WIRE AND WIRELESS INDIA LTD      WNW         106.98       -23.62

JAPAN

ARUCOUNION CORP                  4798         20.86       -22.89
ATRIUM CO LTD                    8993       3004.53      -555.33
AVIX INC                         7836         19.01        -2.13
COSMOS INITIA CO LTD             8844       2333.43       -454.8
FDK CORP                         6955        465.07        -85.9
G-TRADING CO LTD                 3348         53.44       -19.82
GONZO KK                         3755         23.93       -27.48
GREEN FOODS CO LTD               3367            87       -48.04
L CREATE CO LTD                  3247         42.34        -9.15
MORISHITA CO LTD                 3594        168.22        -2.42
NESTAGE CO LTD                   7633         15.75        -7.05
NEXTECH CORP                     3767         23.79        -2.97
OPEN INTERFACE INC               4302         10.82       -25.57
PION CO LTD                      2799         50.29        -4.69
PLACO CO LTD                     6347         19.73        -1.66
PLACO CO LTD-WI                  63471        19.73        -1.66
REMIXPOINT CO LTD                3825         13.03        -1.16
SOWA JISHO CO LTD                3239         54.01       -15.64
SPC ELECTRONICS CORP             6818        124.71        -13.1
TERRANETZ CO LTD                 2140         11.63        -4.29
ZENTEK TECHNOLOGY JAPAN INC      4296         61.69       -30.73

SOUTH KOREA

CL LCD CO LTD                    35710        55.59       -14.79
DAHUI CO LTD                     55250          186         -1.5
DAISHIN INFO & COMM CO LTD       20180        740.5      -158.45
ELIM EDU CO LTD                  46240        34.03        -3.75
FIRST FIRE & MARINE INSURANC     610        2044.03        -1.78
KYSYS CO LTD                     15390        10.67        -6.27
MOBILINK TELECOM CO LTD          41310        52.67       -11.47
MOBO CO LTD                      51810       196.64       -11.98
ORICOM INC                       10470        82.65       -40.04
PRIME ENTERTAINMENT CO LTD       17170        31.47       -19.37
ROCKET ELECTRIC CO LTD           420          68.58        -2.14
ROCKET ELECTRIC-PFD              425          68.58        -2.14
SAMT CO LTD                      31330       303.86       -77.57
SIMM TECH CO LTD                 36710       314.18       -34.49
SOLAR & TECH CO LTD              30390        11.47        -0.59
STARMAX CO LTD                   17050        50.13       -25.44
SUNNY TRENDS CO LTD              35500        32.76        -7.32
TAESAN LCD CO LTD                36210       187.94      -546.26
TONG YANG MAGIC CO LTD           23020       355.15       -25.77
YOUILENSYS CORP                  38720        166.7       -12.34
                                                  0            0

MALAYSIA

BSA INTERNATIONAL BHD            BSAI         60.42       -45.43
ENERGREEN CORPORATION BHD        ECB          24.17       -33.19
HARVEST COURT INDUSTRIES BHD     HAR          10.63         -6.6
LITYAN HOLDINGS BERHAD           LIT          15.78       -28.37
MALAYSIAN AIRLINE SYSTEM BHD     MAS        2505.04      -122.54
NEPLINE BERHAD                   NL           20.46       -25.11
NIKKO ELECTRONICS BHD            NIKKO        10.89        -8.15
PECD BHD                         PECD        247.77      -363.97
WONDERFUL WIRE & CABLE BHD       WW           11.78       -14.08
WWE HOLDINGS BHD                 WWE          67.99         -3.4

NEW ZEALAND

DOMINION FINANCE HOLDINGS LT     DFH          258.9       -55.31

PHILIPPINES

APEX MINING CO INC-'B'(REGD)     APXB         51.26        -8.97
APEX MINING CO INC-A             APX          51.26        -8.97
BENGUET CORP-A                   BC           75.71       -35.19
BENGUET CORPORATION 'B' COM      BCB          75.71       -35.19
CENTRAL AZUCARERA DE TARLAC      CAT          37.81        -2.59
CYBER BAY CORP                   CYBR         12.93       -79.23
EAST ASIA POWER RESOURCES        PWR           50.8      -139.42
FIL-ESTATE CORP                  FC           37.29       -11.36
FILSYN CORPORATION A             FYN             22       -10.28
FILSYN CORPORATION B             FYNB            22       -10.28
GOTESCO LAND INC-A               GO           18.68       -10.86
GOTESCO LAND INC-B               GOB          18.68       -10.86
MRC ALLIED INDUSTRIES            MRC          13.04        -3.68
PICOP RESOURCES                  PCP         105.66       -23.33
STENIEL MANUFACTURING CORP       STN          28.67        -1.48
UNIVERSAL RIGHTFIELD PROPERT     UP           45.12       -13.48
UNIWIDE HOLDINGS INC             UW            52.8       -56.18
VICTORIAS MILLING CO INC         VMC         178.06       -36.66

SINGAPORE

ADVANCE SCT LTD                  ASCT         69.49       -11.96
ADVANCED SYSTEMS AUTOMATION      ASA          13.59        -8.73
CHUAN SOON HUAT INDUS GROUP      CSH          33.39       -11.49
FALMAC LTD                       FAL          10.29        -6.46
HL GLOBAL ENTERPRISES LTD        HLGE         92.92        -8.39
INFORMATICS EDUCATION LTD        INFO         21.97        -0.41
LINDETEVES-JACOBERG LTD          LJ           149.1       -82.58
OCEAN INTERNATIONAL HOLDINGS     OCEAN        61.66       -13.72
PACIFIC CENTURY REGION DEVEL     PAC          84.33         -2.7
SUNMOON FOOD COMPANY LTD         SMOON        37.24       -13.73
TT INTERNATIONAL LTD             TTI         279.64       -32.76
WESTECH ELECTRONICS LTD          WTE           28.1        -12.6

THAILAND

ABICO HOLDINGS PUB-FOR REG       ABICO/F      12.07        -9.54
ABICO HOLDINGS PUBLIC CO LTD     ABICO        12.07        -9.54
ABICO HOLDINGS PUBLIC-NVDR       ABICO-R      12.07        -9.54
BANGKOK RUBBER PUB CO-FOR        BRC/F        81.03       -63.62
BANGKOK RUBBER PUBLIC CO LTD     BRC          81.03       -63.62
BANGKOK RUBBER PUBLIC-NVDR       BRC-R        81.03       -63.62
BLISS-TEL PCL                    BLISS        12.55        -1.55
BLISS-TEL PCL-FOREIGN            BLISS/F      12.55        -1.55
BLISS-TEL PCL-NVDR               BLISS-R      12.55        -1.55
CENTRAL PAPER INDUSTRY PCL       CPICO        10.22      -216.07
CENTRAL PAPER INDUSTRY-FRGN      CPICO/F      10.22      -216.07
CENTRAL PAPER INDUSTRY-NVDR      CPICO-R      10.22      -216.07
CIRCUIT ELECTRONIC IND-FORGN     CIRKIT/F      61.3       -25.89
CIRCUIT ELECTRONIC INDU-NVDR     CIRKIT-R      61.3       -25.89
CIRCUIT ELECTRONIC INDUS PCL     CIRKIT        61.3       -25.89
DATAMAT PUBLIC CO LTD            DTM          12.69        -6.13
DATAMAT PUBLIC CO LTD-FORGN      DTM/F        12.69        -6.13
DATAMAT PUBLIC CO LTD-NVDR       DTM-R        12.69        -6.13
ITV PCL                          ITV          31.56       -76.62
ITV PCL-FOREIGN                  ITV/F        31.56       -76.62
ITV PCL-NVDR                     ITV-R        31.56       -76.62
K-TECH CONSTRUCTION PCL          KTECH         83.2        -5.69
K-TECH CONSTRUCTION PCL-FOR      KTECH/F       83.2        -5.69
K-TECH CONSTRUCTION PCL-NVDR     KTECH-R       83.2        -5.69
KUANG PEI SAN FOODS PRO-NVDR     POMPUI-R     17.15       -12.12
KUANG PEI SAN FOODS PRODUCTS     POMPUI       17.15       -12.12
KUANG PEI SAN FOODS-FOREIGN      POMPUI/F     17.15       -12.12
MALEE SAMPRAN PCL - FOREIGN      MALEE/F      52.66         -6.7
MALEE SAMPRAN PUBLIC CO LTD      MALEE        52.66         -6.7
MALEE SAMPRAN PUBLIC CO-NVDR     MALEE-R      52.66         -6.7
NATURAL PARK PCL-FOR REG         NPARK/F      99.41         -0.8
NATURAL PARK PUB CO LTD          NPARK        99.41         -0.8
NATURAL PARK PUB CO-NVDR         NPARK-R      99.41         -0.8
NFC FERTILIZER PCL               NFC          41.39        -0.33
NFC FERTILIZER PCL-FOREIGN       NFC/F        41.39        -0.33
NFC FERTILIZER PCL-NVDR          NFC-R        41.39        -0.33
PATKOL PCL                       PATKL        56.24       -21.51
PATKOL PCL-NVDR                  PATKL-R      56.24       -21.51
PATKOL PUBLIC CO LTD-FOREIGN     PATKL/F      56.24       -21.51
PONGSAAP PCL                     PSAAP        26.78        -2.03
PONGSAAP PCL                     PSAAP/F      26.78        -2.03
PONGSAAP PCL-NVDR                PSAAP-R      26.78        -2.03
SAFARI WORLD PUBLIC CO LTD       SAFARI       98.37       -18.05
SAFARI WORLD PUBLIC CO-FOREI     SAFARI/F     98.37       -18.05
SAFARI WORLD PUBLIC CO-NVDR      SAFARI-R     98.37       -18.05
SAHAMITR PRESSURE CONTA-NVDR     SMPC-R       31.18       -14.94
SAHAMITR PRESSURE CONTAI-FOR     SMPC/F       31.18       -14.94
SAHAMITR PRESSURE CONTAINER      SMPC         31.18       -14.94
SUNWOOD INDUSTRIES CPL-NVDR      SUN-R        29.43         -6.7
SUNWOOD INDUSTRIES PCL-FOR       SUN/F        29.43         -6.7
SUNWOOD INDUSTRIES PUB CO        SUN          29.43         -6.7
THAI-DENMARK SWINE BREEDER       DMARK        15.72        -10.1
THAI-DENMARK SWINE BREEDER-N     DMARK-R      15.72        -10.1
THAI-DENMARK SWINE-FOREIGN       DMARK/F      15.72        -10.1
UNIVERSAL STARCH PCL             USC           77.6       -55.44
UNIVERSAL STARCH PCL-FOR REG     USC/F         77.6       -55.44
UNIVERSAL STARCH PCL-NVDR        USC-R         77.6       -55.44

TAIWAN

CHIEN TAI CEMENT CO LTD          1107        202.45       -22.41
HELIX TECHNOLOGY INC-EC          2479T        24.49       -23.01
HELIX TECHNOLOGY INC-EC          2479S        24.49       -23.01
HELIX TECHNOLOGY INC-EC ISSU     2479U        24.49       -23.01
TAIWAN KOLIN CO LTD-ENT CERT     1606U       507.21      -147.14
TAIWAN KOLIN CO LTD-ENTL CER     1606W       507.21      -147.14
TAIWAN KOLIN CO LTD-ENTL CER     1606V       507.21      -147.14
VERTEX PRECISION ELEC INC        5318         43.04        -2.31
VERTEX PRECISION ELEC-ENTL       5318T        43.04        -2.31
YEU TYAN MACHINERY MFG CO        8702         39.57      -271.07



                         *********

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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