TCRAP_Public/090714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

                Tuesday, July 14, 2009, Vol. 12, No. 137

                                  Headlines

A U S T R A L I A

BBP FINANCE: Fitch Withdraws 'B' Long-Term Issuer Default Rating
BT PROJECTS: Director Tzvetkoff Faces AU$90 Million Lawsuit
FIREPOWER HOLDINGS: ASIC Bans Financial Adviser for Eight Years
LEHMAN BROTHERS: May Join Creditors to Overturn DOCA in Australia
TRUSCOTT CASUAL: Calls In Receivers


C H I N A

CHINA EASTERN: Unveils Merger Plans with Shanghai Airlines
CHINA MINSHENG: Fitch Affirms Individual Rating at 'D'
LAS VEGAS SANDS: To Restart Macau Projects Before the Year Ends


G H A N A

GHANA: Faces Challenges As It Seeks External Financing, Fitch Says


H O N G  K O N G

BECHTEL ENTERPRISES: Roehl Step Down as Liquidator
BIRHK LIMITED: Creditors' Proofs of Debt Due on August 10
CHANG YI: Inability to Pay Debts Prompts Wind-Up
CHINA GLOBAL: Appoints Sutton and Yu as Liquidators
EASTERN GLORY: Creditors' Proofs of Debt Due on August 15

EXCEL GAINER: Appoints Sutton and Yu as Liquidators
HELPFUL OFFSET: Commences Wind-Up Proceedings
HONOUR CENTRAL: Placed Under Voluntary Wind-Up
KAIROS RESEARCH: Placed Under Voluntary Wind-Up
OTTO CONTAINER: Seng and Lo Step Down as Liquidators

ROBINSON INVESTMENT: Creditors' Proofs of Debt Due on August 12
SENATOR LINES: Ming and Esther Step Down as Liquidators
TALENT WAY: Creditors' Proofs of Debt Due on August 11
TECHGLORY INTERNATIONAL: Placed Under Voluntary Wind-Up
YEE SANG: Creditors' Proofs of Debt Due on August 10


I N D I A

AIR INDIA: Ex-Im Bank Approves US$2 Billion Loan Guarantee
BHAGWATI FERRO: CRISIL Puts 'BB+' Rating on INR100 Mln Cash Credit
BHAGWATI STEEL: CRISIL Rates INR135.0 Million Cash Credit at 'BB+'
IBC LIMITED: ICRA Assigns 'LBB' Rating on INR100MM Long Term Loan
KATKOL CO-OPERATIVE: RBI Cancels License Due to Insolvency

KUNJ BEHARILAL: CRISIL Assigns 'B+' Rating on INR136.4MM Term Loan
NBZ PHARMA: Low Profitability Levels Cue CRISIL 'BB+' Ratings
STCL LIMITED: ICRA Downgrades Rating on Fund-based Limits to 'LC'
TATA MOTORS: JLR May Extend Closure of Three UK Plants
TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant

TATA VISTEON: CRISIL Reaffirms 'BB+' Rating on LT Bank Facilities


I N D O N E S I A

BANK DANAMON: Faces Lawsuits on Chearavanont Rift With Bondholders
PERUSAHAAN GAS: Will Again Pay Government Debts with Equity


J A P A N

AIFUL CORPORATION: Fitch Downgrades Issuer Default Rating to 'BB'
CBO ALL: S&P Downgrades Ratings on Three Classes of Notes to 'D'
J-CORE 12TRUST: Moody's Changes Ratings on Various Classes
* JAPAN: 38 Firms Delisted From TSE in Six Months to June 2009
* S&P Puts Ratings on Three Tranches on Negative CreditWatch


K O R E A

SSANGYONG MOTOR: Suppliers May Seek to Wind-up Firm Amid Strike


M A L A Y S I A

SOUTHERN ACIDS: Court Suspends Ex-Parte Order to Appoint Receivers


N E W  Z E A L A N D

POLICE AND FAMILIES: S&P Assigns 'BB+' Long-Term Ratings
* NEW ZEALAND: Commercial Defaults Rise 64.56% in First Half 2009
* NEW ZEALAND: Retail Sales Rise 0.8% in May 2009


S I N G A P O R E

DRAPER FISHER: Creditors' Proofs of Debt Due on August 11
JETSIS INTERNATIONAL: Creditors' Proofs of Debt Due on August 11
S. UCHIDA ELECTRONICS: Creditors' Proofs of Debt Due on August 8
SENG SIT: Court Enters Wind-Up Order
STRONGFIELD TECHNOLOGIES: Court Enters Wind-Up Order


T A I W A N

QUANTA COMPUTER: To Appeal Court Ruling on US$52MM Patent Suit


X X X X X X X X

* BOND PRICING: For the Week July 6 to July 10, 2009


                         - - - - -


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A U S T R A L I A
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BBP FINANCE: Fitch Withdraws 'B' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings of BBP Finance Australia
Pty Limited and Flinders Power Partnership as listed below.  At
the time of withdrawal all ratings are on Rating Watch Negative.
Fitch does not have sufficient information to resolve the RWN
prior to withdrawing the ratings.

BBP Finance Australia Pty Ltd:

* Long-term foreign currency Issuer Default Rating: 'B'/RWN; and
  Secured multi-currency term and revolving and syndicated
  facility: 'B'/RWN; Recovery rating RR4.

Flinders Power Partnership:

* Long-term foreign currency IDR: 'B'/RWN.

BBPF is a wholly-owned subsidiary of Babcock & Brown Power
Limited, an Australian Stock Exchange-listed energy generator and
retailer.

BBP is in ongoing negotiations with BBPF's banking syndicate to
ensure funding remains in place.  The RWN at the time of the
rating withdrawal reflects that under the current negotiations the
liquidity of BBPF is dependent on the ongoing support of the
banking syndicate.  Fitch notes that should negotiations not be
successful, there are acceleration provisions in the facility
which, if triggered, would be likely to lead to a rating close to,
or at Default.

The agency will no longer provide analytical coverage on these
issuers.


BT PROJECTS: Director Tzvetkoff Faces AU$90 Million Lawsuit
-----------------------------------------------------------
BT Projects Pty Ltd director Daniel Tzvetkoff is facing a lawsuit
by his former business partner Salvatore Sciacca for AU$90 million
in damages, SmartCompany reports.

Mr. Sciacca, who is also a director of BT Projects, has launched
legal action against Mr. Tvetkoff and his company BT Projects
before the Queensland Supreme Court, the report said.

SmartCompany obtained a copy of Mr. Sciacca's statement of claim
against Mr. Tvetkoff and BT Projects.  According to SmartCompany,
Mr. Sciacca alleges Mr. Tvetkoff failed to keep accurate financial
records and inferred creditors had been paid when they had not.

Mr. Sciacca, according to the report, also alleges funds from BT
Projects were diverted "without authorization" and also claims
Mr. Tvetkoff paid profit distributions while "knowing that the
financial records of the company were inaccurate and that the
monies distributed were not in fact profits".

According to SmartCompany, Mr. Tvetkoff's lawyer Shaun Rose said
his client strenuously denied Mr. Sciacca's allegations and will
fight them.

Intabill, the pair's online payments business, was last week
placed in liquidation with debts believed to be around AU$61
million. Intabill owes more than AU$50 million to online poker
companies based in the United States.

SmartCompany says liquidator John Park of KordaMentha is
continuing to investigate the collapse of BT Projects.

A creditors meeting will be held on July 21, the report adds.

Based in Brisbane, Australia, BT Projects Pty Ltd owns and
operates online payment processor business known as Intabill.


FIREPOWER HOLDINGS: ASIC Bans Financial Adviser for Eight Years
---------------------------------------------------------------
The Australian Securities and Investment Commission has banned
Quentin Ward of Nedlands Western Australia from providing
financial services for eight years.

ASIC said that the decision follows its investigation into
Mr. Wards dealings in the sale of shares in Firepower Holdings Ltd
(registered in the Cayman Islands) and Firepower Holdings Group
Ltd (registered in the British Virgin Islands).  Firepower BVI was
wound up on October 1, 2008.

Mr. Ward was the sole director of Axis International Management
Pty Ltd and an authorized representative of Sagecorp Securities
Pty Ltd (now in liquidation).

The Sydney Morning Herald reports that ASIC's move against
Mr. Ward coincides with widespread civil actions in the Federal
Court against those associated with Firepower.  They include the
company's chairman, Tim Johnston, and entities associated with the
prominent property developer Warren Anderson, the former West
Australian police minister Gordon Hill, and the barrister Les
Stein.

ASIC alleges that the individuals and companies named were
involved in selling shares in Firepower to members of the public
in breach of the Corporations Act.

The Herald says that ASIC also alleges that the proper disclosure
documents were not provided to investors who pumped more than
$60 million into the company, and that this did not allow the
investors to make a proper assessment of the risks involved.

                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to Watoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the Watoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                         *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its director, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AU$80 and AU$100 million.


LEHMAN BROTHERS: May Join Creditors to Overturn DOCA in Australia
-----------------------------------------------------------------
Lehman Brothers Holdings Inc. is set to join the escalating court
case brought by creditors trying to overturn a deal entered into
by Lehman Brothers' Australian administrators, Susannah Moran at
The Australian reports.

The Australian relates that the Federal Court was told that Lehman
Brothers would be joined as a defendant in the case brought by
three local councils that want to overturn the deed of company
arrangement that was approved by creditors in June.

The councils believe they will be better off if the company is
placed into liquidation, and have gone to the Federal Court to ask
that the DOCA be overturned, the report says.

According to the Australian, one of the key legal questions to be
determined by the court is whether a DOCA can include clauses that
prevent a creditor from suing third parties -- in this case the
overseas Lehman entities.

Lehman Brothers' barrister, Tom Bathurst QC, told the Federal
Court that if the court decided that the creditors should be
entitled to sue the third parties, then Lehman Brothers would seek
that the deed be overturned.

As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2009,  the Melbourne Herald Sun said that creditors of
Lehman Brothers Australia voted in favor of a proposal by Lehman
Brothers Asia Holdings that will repay the creditors more and
avoids costly and time delays of litigation.

The vote was controversial, with four proxy votes rejected during
the meeting, The Australian Business related.  If the votes had
been allowed, it would have tipped the vote to 62 creditors
against the Lehman Brothers Asia proposal and 61 in favor, the
newspaper said.

"The benefit of that is it enables us to pay the employees and
general creditors in full, early, and it provides a very
reasonable return to the contingent creditors.  It should bring
litigation to an end," the Herald Sun quoted Neil Singleton of
PPB as saying.  Mr. Singleton is one of the administrators of
Lehman Brothers Australia who recommended the deed of company
arrangement.

The administrators estimate $142.2 million to $247.6 million will
be distributed to all the creditors including other Lehman units,
the Herald Sun reported.  As part of the deal, $43.5 million is
set aside for councils and other "contingent" creditors, which
are owed $626.5 million, Australian Business related.  Executives
of Lehman Brothers Asia will receive as much as $11 million,
Brisbane Times said.

Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business
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
$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)


TRUSCOTT CASUAL: Calls In Receivers
-----------------------------------
Family-owned retailer Truscott Casual Living has been placed in
receivership, ABC News reports.

According to the report, Chris Munday from Ernst and Young said
the stores are continuing to trade as normal for now.

"It is too early to comment on whether we will be able to keep all
the stores open in the longer term, obviously that is a preference
but we do need to assess the viability of each of those stores,"
the report quoted Mr. Munday as saying.

The receivers for Truscott Casual said they will know more about
the company's viability by the the end of the week, ABC News
relates.

Based in Adelaide, Australia, Truscott Casual Living --
http://www.truscott.com.au/-- retails furniture, electrical and
kitchen and laundry appliances.  The company operates 10 stores
across South Australia.  It employs about 100 workers.


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C H I N A
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CHINA EASTERN: Unveils Merger Plans with Shanghai Airlines
----------------------------------------------------------
China Eastern Airlines said Sunday that it will merge with
Shanghai Airlines Co. Limited through a shares swap, Xinhua News
Agency reports.

The news agency, citing China Eastern in a statement filed with
the Shanghai Stock Exchange, says Shanghai Airlines will exchange
one of its A shares for 1.3 shares of China Eastern after its
shareholders are given a 25 percent risk premium.

According to the report, Liu Jiangbo, spokesman of the working
team overseeing tie-up affairs, said Shanghai Airlines will become
a wholly owned subsidiary of China Eastern and retain its brand
and independent operation.

Mr. Liu told Xinhua that the merger has entered a concrete stage
after the announcement of the detailed merger plan.  This is a
major step to promote the consolidation of regional airlines and
to facilitate building Shanghai into an international air and
shipping hub, Mr. Liu said.

The merger will give China Eastern, one of China's three state-
owned airlines, about 50 percent market share in Shanghai, the
report notes.

                      About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com/
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2008, the company
had 66 airplanes, 14 major subsidiaries and one associate.

                        About China Eastern

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.


CHINA MINSHENG: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has upgraded China Minsheng Banking Corporation's
and Hua Xia Bank's Support ratings.  The Individual ratings of
both banks have been affirmed.  The ratings are:

CMBC:

  -- Support rating upgraded to '3' from '4'; and
  -- Individual affirmed at 'D'.

HXB:

  -- Support rating upgraded to '3' from '4'; and
  -- Individual affirmed at 'D/E'.

CMBC and HXB form part of a core group of mid-tier, nationwide
commercial banks in China.  The banks were assigned Support
ratings of '4' in 2001 and since then, the financial standing of
the Chinese government has improved dramatically.  Foreign
reserves have risen to close to US$2tln at end-Q109, the central
government's debt/GDP remains relatively modest at close to 25%,
and the sovereign's own credit rating has been upgraded to 'A+'
from 'A-'.  The upgrade of CMBC's and HXB's Support ratings
reflects the improved ability of the Chinese government to provide
support to domestic banks, as well as a perceived greater
willingness to do so in the wake of the financial crisis.

CMBC's 'D' Individual rating reflects its historically low stock
of impaired loans, though the bank's large loan book is
increasingly a concern in this environment.  At end-Q109, loans
comprised 64% of assets and 80% of deposits, versus 51% and 63%,
respectively, for listed banks.  Loan quality has begun to
deteriorate recently due to CMBC's higher exposure to export-
oriented companies.  Adjusted for charge-offs, the combined amount
of NPLs and SM loans grew 77.5% in 2008 compared to a listed bank
average of 15%.  CMBC's profitability remains modest, owing to
rising credit costs from worsening asset quality, higher funding
costs from its smaller share of demand deposits, and elevated
staff expense.  Earnings pressures have escalated in 2009 -- net
income grew just 1.6% yoy in Q1 compared to 12.6% growth in loans
-- due to declining loan yields associated with intensifying
competition, as well as higher provisioning charges.  The
combination of rapid growth and modest earnings is taking a toll
on capital, with the ratios of tangible equity/assets and Total
CAR falling to 5.2% and 9.2% at end-2008, respectively.  To raise
capital, CMBC has issued hybrid bonds, sold its stake in Haitong
Securities, and is preparing to raise CNY25 billion in an H-share
listing later this year.  After these measures, Fitch estimates
that tangible equity/assets will rise to 6%-6.5%.

HXB's 'D/E' Individual rating reflects its historically low
profitability, thin capital, and below-average asset quality.
Recent brisk credit expansion of 15%, annualized, in Q109 and
weakened earnings growth are concerns, and are expected to weigh
further on capital in 2009.  HXB's profitability is consistently
among the lowest of China's listed banks, with RoAA averaging a
modest 0.4% from 2005-2008.  This is an outgrowth of higher loan
loss charges stemming from weaker asset quality, elevated funding
costs from its smaller deposit base, and minimal non-interest
income.  Despite a CNY11.4 billion equity private placement in
Q408, HXB's capital adequacy remains quite thin, with a tangible
equity/assets ratio of just 3.8%, and Tier 1 CAR of 7.5% at end-
2008.  The bank has not announced any plans to raise core capital
over the near-term.


LAS VEGAS SANDS: To Restart Macau Projects Before the Year Ends
---------------------------------------------------------------
Las Vegas Sands Corp. is aiming to restart its stalled projects in
Macau before the end of the year, China Post reports citing
company chairman and gaming tycoon Sheldon Adelson.

According to the report, Mr. Adelson said various options are
being explored to raise about US$3.5 billion, including US$2.0
billion needed to complete the projects in the Chinese territory.
These options include an initial public offering or sale of some
of the company's Macau assets, including condominiums and shopping
malls, the Post relates.

Mr. Adelson, as cited by the report, said the fund-raising
exercise is expected to be completed in September.

In November 2008, the company said it has chosen to temporarily or
indefinitely suspend portions of its development projects and will
focus its development efforts on those projects with the highest
rates of expected return on invested capital given the liquidity
and capital resources available to the company.  The company
temporarily suspended development of sites five and six on the
Cotai Strip in Macao until conditions in the capital markets
improve.

                       About Las Vegas Sands

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.


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G H A N A
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GHANA: Faces Challenges As It Seeks External Financing, Fitch Says
------------------------------------------------------------------
In a new sovereign credit report Fitch Ratings says that Ghana
faces challenging times as it seeks to equate a dearth of private
external capital inflows with high fiscal and external financing
needs.

"While the recent discovery of oil points to a brighter medium
term outlook, there is a compelling case for a new IMF agreement
to help bridge Ghana's external financing needs in 2009-10 and
stabilize sovereign creditworthiness" says Paul Rawkins, Senior
Director in Fitch's London-based sovereign rating team.  Fitch
revised the Outlooks on Ghana's Long-term foreign and local
currency Issuer Default Ratings of B+ to Negative from Stable in
March 2009.

Fitch says the peaceful transition of power from the narrowly
defeated New Patriotic Party to the victorious National Democratic
Congress following elections in December 2008 marked a further
milestone along the road to political maturity for Ghana.
However, this outcome was marred by a recurrence of election-
induced policy indiscipline which put sovereign creditworthiness
at risk.  Poor fiscal outturns have been a feature of Ghana's
public finances since its last IMF programme expired in 2006.
Ghana enjoyed strong growth of 7.3% in 2008, but rapid credit
growth and lax fiscal policy contributed to unsustainable fiscal
and current account deficits of 14.5% and 21.5% of GDP,
accompanied by double digit inflation that remains close to 20%.

The new government has sent a strong message of fiscal intent with
an ambitious budget aimed at reining in the deficit to 9.4% of GDP
in 2009, while the Bank of Ghana raised interest rates to 18.5% in
February.  Even so, Fitch believes that Ghana will face tight
fiscal and external financing constraints in 2009-2010,
intensified by a near stop in private external capital inflows
which has already led to a sharp fall in international reserves.
Continuing high fiscal deficits point to a public debt/GDP ratio
of 60% by end-2009, up from a low of 37% in 2006 and more than
twice the 'B' median of 28%.  Likewise, projected gross external
financing needs of 124% of international reserves in 2009 will be
more than double the 'B' median of 58% and the third highest in
the 'B' range after Sri Lanka and Jamaica.

Ghana continues to enjoy a high level of donor support (9% of GDP
in 2008), while the 2008 elections cemented the country's
reputation as one of the few genuinely functioning democracies in
Africa.  These factors, coupled with the NDC's realistic appraisal
of the near-term economic outlook, have smoothed Ghana's path to
the IMF and the two sides are reportedly close to agreement on a
new programme.  Fitch says an IMF agreement would not provide
direct support to the budget, but it would help close the external
financing gap and instil greater macroeconomic stability in the
current uncertain global economic environment.  An IMF agreement
could also provide the government with the necessary breathing
space to tackle unpopular structural reforms and put public
finances on a more sustainable footing before Ghana starts to reap
the fruits of its new found oil wealth.

The recent discovery of oil, with an expected start-up date of
late 2010, holds out the prospect of Ghana becoming a modest
hydrocarbons producer and exporter towards 2013.  Fitch
acknowledges that the ensuing accelerated growth and development
and higher government revenues would have the potential to enhance
Ghana's sovereign creditworthiness over time.  However, the agency
says that much will depend upon the authorities' capacity to
manage this new revenue stream and the manner in which it
navigates the more difficult intervening years of 2009-2010.


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H O N G  K O N G
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BECHTEL ENTERPRISES: Roehl Step Down as Liquidator
--------------------------------------------------
On June 29, 2009, Jeffrey Stewart Roehl stepped down as liquidator
of Bechtel Enterprises (Hong Kong) Limited.


BIRHK LIMITED: Creditors' Proofs of Debt Due on August 10
---------------------------------------------------------
The creditors of BIRHK Limited are required to file their proofs
of debt by August 10, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road, Central
         Hong Kong


CHANG YI: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
On June 26, 2009, the members of Chang Yi Int'l Freight (H.K.)
Limited resolved to voluntarily wind up the company's operations
due to its inability to pay debts when it fall due.

The company's liquidator is:

          Wong Shun Loy
          Teng Fuh Commercial Building, 2nd Floor
          333 Queen's Road Central
          Sheung Wan, Hong Kong


CHINA GLOBAL: Appoints Sutton and Yu as Liquidators
---------------------------------------------------
On June 24, 2009, the members and creditors of China Global (HK)
Limited appointed Roderick John Sutton and Fok Hei Yu as the
company's liquidators.

The Liquidators can be reached at:

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


EASTERN GLORY: Creditors' Proofs of Debt Due on August 15
---------------------------------------------------------
The creditors of Eastern Glory Apparel (HK) Limited are required
to file their proofs of debt by August 15, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Wong Kit Sang
          Tern Centre
          8th Floor, Tower I
          237 Queen's Road Central
          Hong Kong


EXCEL GAINER: Appoints Sutton and Yu as Liquidators
---------------------------------------------------
On June 24, 2009, the members and creditors of Excel Gainer
Limited appointed Roderick John Sutton and Fok Hei Yu as the
company's liquidators.

The Liquidators can be reached at:

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


HELPFUL OFFSET: Commences Wind-Up Proceedings
---------------------------------------------
On July 6, 2009, Helpful Offset Printing Company Limited commenced
wind-up proceedings.

The company's provisional liquidator is:

          Chan Kin Hang Danvil
          Ginza Square, Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


HONOUR CENTRAL: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on June 30, 2009, the
shareholders of Honour Central Consultants Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Leung Chi Wing
          Yue Xiu Building
          Room 3, 8th Floor
          160 Lockhart Road
          Wan Chai, Hong Kong


KAIROS RESEARCH: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 30, 2009, the sole shareholder of Kairos Research (HK)
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidators are:

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


OTTO CONTAINER: Seng and Lo Step Down as Liquidators
----------------------------------------------------
On June 27, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Otto Container Line Limited.


ROBINSON INVESTMENT: Creditors' Proofs of Debt Due on August 12
---------------------------------------------------------------
The creditors of Robinson Investment Company Limited are required
to file their proofs of debt by August 12, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Li Wai Chi Franky
          Champion Building, Room 1213
          301-309 Nathan Road
          Jordan, Kowloon


SENATOR LINES: Ming and Esther Step Down as Liquidators
-------------------------------------------------------
On June 30, 2009, Kan Shun Ming and Ngan Lin Chun Esther stepped
down as liquidators of Senator Lines (Asia) Limited.


TALENT WAY: Creditors' Proofs of Debt Due on August 11
------------------------------------------------------
The creditors of Talent Way Technology Limited are required to
file their proofs of debt by August 11, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Ling Siu Wing
          Chinachem Golden Plaza
          Suite 708, 7th Floor
          77 Mody Road, Tsimshatsui East
          Kowloon, Hong Kong


TECHGLORY INTERNATIONAL: Placed Under Voluntary Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on June 30, 2009, the
members of Techglory International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

          John Robert Lees
          Mat Ng
          John Lees & Associates Limited
          Hong Kong Club Building, 1904
          3A Chater Road
          Central, Hong Kong


YEE SANG: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------
The creditors of Yee Sang Tai Holdings Limited are required to
file their proofs of debt by August 10, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Leung Kowk On
          Highgrade Building
          Room 402, 4th Floor
          117 Chatham Road, TST, KLN


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


AIR INDIA: Ex-Im Bank Approves US$2 Billion Loan Guarantee
----------------------------------------------------------
The Economic Times reported that Export-Import Bank of US has
approved a US$2 billion loan guarantee for Air India in its
purchase of Boeing aircraft.

"We have approved loan guarantee last month," the report quoted
EX-IM Bank of US Member Dianee G. Farrell as saying.  The loan is
being given by JP Morgan Chase.

Ms. Farrell said that the bank is charging 2 per cent interest
rate for the loan guarantee, the Times related.

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.


BHAGWATI FERRO: CRISIL Puts 'BB+' Rating on INR100 Mln Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the bank
facilities of the Bhagwati Ferro Metal Private Limited.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit          BB+/Negative (Assigned)
   INR26.0 Million Rupee Term Loan     BB+/Negative (Assigned)
   INR4.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect the group's vulnerability to slowdown in the
end-user real estate and construction industries, and its proposed
large, debt-funded capital expenditure.  These weaknesses are
partially offset by Bhagwati group's established presence in the
Maharashtra and Gujarat markets, efficient working capital
management, and the benefits it derives from the experience of its
promoters.

For arriving at the ratings, CRISIL has combined the financials of
Bhagwati Steel Cast Ltd and Bhagwati Ferro Metal Pvt Ltd, together
referred to as the Bhagwati group; this is because the entities
are under a common management and engaged in similar businesses.

Outlook: Negative

CRISIL expects Bhagwati Group's credit profile to be constrained
over the medium term due to the large debt funded capital
expenditure being undertaken by the group.  The outlook may be
revised to stable if the company is able to commission the project
as per schedule and within the projected cost parameters.
Conversely, the rating may be downgraded if there are significant
cost overruns backed by significant deterioration in the debt
protection measures.

                          About the Group

The Bhagwati group is promoted and managed by Mr. Mahendra Agrawal
and his son, Mr. Amit Burakhia.  The group specializes in the
manufacturing of TMT bars.  The group has its headquarters in
Mumbai, Maharashtra, while its manufacturing units are located at
Silvassa in the Union Territory of Dadra and Nagar Haveli, and at
Nashik, Maharashtra.  The Bhagwati group reported a profit after
tax (PAT) of INR32.7 million on net sales of INR3141.8 million for
the year ended March 31, 2008, as against a PAT of INR17.7 million
on net sales of INR2650.6 million the year ended March 31, 2007.


BHAGWATI STEEL: CRISIL Rates INR135.0 Million Cash Credit at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the bank
facilities of the Bhagwati Steel Cast Limited.

   Facilities                        Ratings
   ----------                        -------
   INR135.0 Million Cash Credit      BB+/Negative (Assigned)
   INR17.0 Million Standby Line      BB+/Negative  (Assigned)
                    of Credit
   INR12.2 Million Rupee Term Loan   BB+/Negative (Assigned)
   INR30.0 Million Letter of Credit  P4 (Assigned)
                   & Bank Guarantee

The ratings reflect the group's vulnerability to slowdown in the
end-user real estate and construction industries, and its proposed
large, debt-funded capital expenditure.  These weaknesses are
partially offset by Bhagwati group's established presence in the
Maharashtra and Gujarat markets, efficient working capital
management, and the benefits it derives from the experience of its
promoters.

For arriving at the ratings, CRISIL has combined the financials of
Bhagwati Steel Cast Ltd and Bhagwati Ferro Metal Pvt Ltd, together
referred to as the Bhagwati group; this is because the entities
are under a common management and engaged in similar businesses.

Outlook: Negative

CRISIL expects Bhagwati Group's credit profile to be constrained
over the medium term due to the large debt funded capital
expenditure being undertaken by the group.  The outlook may be
revised to stable if the company is able to commission the project
as per schedule and within the projected cost parameters.
Conversely, the rating may be downgraded if there are significant
cost overruns backed by significant deterioration in the debt
protection measures.

                          About the Group

The Bhagwati group is promoted and managed by Mr. Mahendra Agrawal
and his son, Mr. Amit Burakhia.  The group specializes in the
manufacturing of TMT bars.  The group has its headquarters in
Mumbai, Maharashtra, while its manufacturing units are located at
Silvassa in the Union Territory of Dadra and Nagar Haveli, and at
Nashik, Maharashtra.  The Bhagwati group reported a profit after
tax (PAT) of INR32.7 million on net sales of INR3141.8 million for
the year ended March 31, 2008, as against a PAT of INR17.7 million
on net sales of INR2650.6 million  for the year ended March 31,
2007.


IBC LIMITED: ICRA Assigns 'LBB' Rating on INR100MM Long Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of LBB to the Fund based
limits of INR 100.0 million and short term rating of A4 to the
Non-Fund based limits of INR 117.5 million of IBC Limited.  LBB
indicates inadequate-credit-quality in the long-term, while A4
indicates risk-prone-credit-quality in the short-term.

The ratings are constrained by the moderate scale of operations of
IBCL and significant dependence of its revenue on mining and
trading of Barytes the demand of which is significantly influenced
by the capex of exploration & production industry, which is the
major consumer of the mineral.  Further, ICRA takes note of
relatively high financial risk profile of the company on account
of its low operating margin and high level of gearing resulting in
moderate debt coverage indicators.  Nevertheless, the ratings are
supported by the established track record of IBCL in trading of
Baryte and iron-ore coupled with the strength derived from its
experienced management team.  ICRA expects that sourcing minerals
from captive mines is likely to rationalize the company's cost
structure and in turn improve its profitability going forward.

                            About IBC

IBC Limited (formerly known as Indian Barytes and Chemicals
Limited) was incorporated as a partnership firm in 1972 and is
presently promoted by Mr. Rajamohan Reddy and his family members.
Subsequently, it was converted to a limited company in 1985.  IBCL
is into trading of Barytes and iron-ore both in domestic and
overseas markets.  The Company owns Baryte mines at Managampet in
Andhra Pradesh with a total reserves of 3.5 million Tonnes in
which the mining activities have recently commenced.  Alongwith,
it has captive mines of iron-ore and quartz in Kaddappa and
Mangalgunta respectively in Andhra Pradesh.  Presently, the
company procures Barytes through auctioning process of Andhra
Pradesh Mineral Development Corporation Limited (APMDC) which it
sells to Oil exploration companies.  In FY2008, IBCL sold
approximately 196.7 Million Tonnes of Barytes lumps/powder which
includes export of around 78% of the total quantity.  Going
forward, IBC plans to venture into mining and trading of other
minerals such as Quartz, Feldspar, Clay, Limestone, Mica and
Dolomite.


KATKOL CO-OPERATIVE: RBI Cancels License Due to Insolvency
----------------------------------------------------------
The Reserve Bank of India on July 3, 2009, ordered the
cancellation of the Katkol Co-operative Bank Ltd.'s license
after examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Karnataka to wind up the
Bank and appoint a liquidator.

RBI's decision came after determining that the Katkol Co-operative
Bank Ltd. has ceased to be solvent and has already caused
inconvenience to its depositors.

RBI granted Katkol Co-operative Bank a license to commence banking
business on November 9, 1987.  According to RBI,  the statutory
inspection conducted with reference to the financial position as
on March 31, 2005, revealed that the bank was facing severe
liquidity problem. In view of the critical liquidity position and
various other deficiencies observed during the inspection,  in
order to protect the interest of the depositors,  the bank was
placed under directions under Section 35A of the Banking
Regulation Act 1949(AACS) vide order dated August 03, 2006.

The subsequent inspections of the bank conducted with reference to
position as on March 31, 2006 and March 31, 2007 revealed further
deterioration in the financials of the bank.  Since it was
reported that a proposal for merger with a sound bank was under
way, it was decided to wait for a specific merger proposal.

The statutory inspection of the bank carried out under Section 35
of the Act, with reference to its financial position as on
March 31, 2008 revealed that the financial position of the bank
had further deteriorated and was precarious.  A notice was issued
to the bank on February 11, 2009 asking it to show cause as to why
the licence granted to it to conduct banking business should not
be cancelled.

After taking into consideration the reply submitted by the bank
and after examining all options for its revival, the Reserve Bank
of India took the extreme measure of canceling the licence of the
bank in the interest of the bank's depositors.  With the
cancellation of its licence and commencement of liquidation
proceedings, the process of paying the depositors of the Katkol
Co-operative Bank Ltd., the amount insured as per the DICGC Act
will be set in motion.

Consequent to the cancellation of its licence, the Katkol
Co-operative Bank Ltd. is prohibited from carrying on 'banking
business' as defined in Section 5(b) of the Banking Regulation
Act, 1949(AACS) including acceptance and repayment of deposits.


KUNJ BEHARILAL: CRISIL Assigns 'B+' Rating on INR136.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Kunj Beharilal Charitable Trust.

   Facilities                       Ratings
   ----------                       -------
   INR136.4 Million Term Loan       B+/Negative (Assigned)
   INR37.5 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the limited track record of KBCT's dental
college, and the trust's strained financial flexibility following
the capital expenditure incurred for setting up the general
hospital.  The impact of these rating weaknesses is mitigated by
KBCT's low gearing and moderate return on capital employed.

Outlook: Negative

CRISIL expects KBCT's liquidity to remain stretched during a major
part of the year, as the trust receives its entire revenues in
September, when the fee collection takes place; the trust's
ongoing capex requirements in 2009-10 will also constrain its
liquidity. The capex planned in 2009-10 is more than 1.5 times the
trust's corpus as on March 31, 2009.  The gearing is expected to
remain moderate. The rating may be downgraded in case of further
liquidity stress, or deterioration in the trust's financial risk
profile, owing to more-than-expected spending on the project.
Conversely, the outlook may be revised to 'Stable' in case of
improvement in financial flexibility, mainly through strengthening
of the trust's corpus fund, and/or moderation in capex plans.

                          About the Trust

KBCT was formed in 1999 by Mr. Sudhir Agarwal (managing trustee
and chairman), Mr. Nimish Agarwal (secretary), and Mrs. Meena
Agarwal, in Ghaziabad, Uttar Pradesh.  The trust owns and runs
Indraprastha Dental College and Hospital (IDCH), which offers
full-time 5-year Bachelor in Dental Science course.  The first
batch was started in 2006, with 50 students.  The seats and
courses are regulated by Chaudhary Charan Singh (CCS) University
(affiliated university) and the Ministry of Health and Family
Welfare.  The fee structure is regulated by the Uttar Pradesh fee
committee.  IDCH also runs a 100-chair dental hospital on the six-
acre campus that houses the college.  The trust plans to open a
100-bed general hospital, constructed on the same campus, by mid
2009-10.

For 2007-08, KBCT reported a profit after tax of INR24.4 million
on net sales of INR56 million, against INR4.4 million and
INR19 million, respectively, the previous year.


NBZ PHARMA: Low Profitability Levels Cue CRISIL 'BB+' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of NBZ Pharma Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        BB+/Stable (Assigned)
   INR50.0 Million Long Term Loan     BB+/Stable (Assigned)
   INR50.0 Million Non fund Based     P4 (Assigned)
                   Facility

The ratings reflect NBZ's exposure to risks relating to
concentration of revenues and its low profitability levels.  These
weaknesses are partially offset by NBZ's established relationships
with large pharmaceutical companies and financial flexibility
arising from 45 per cent equity stake held in its group company
Kilitch Drugs India Ltd (Kilitch)

Outlook: Stable

CRISIL believes that NBZ Pharma Ltd (NBZ) will maintain a stable
business risk profile on the back of its established presence in
the multi-vitamin injectables, nasal drops and parenterals
segments.  The outlook may be revised to 'Positive' if the company
achieves steady revenue growth through new and existing clients,
coupled with improvement in the profit margins.  The outlook may
be revised to 'Negative' if the capital structure deteriorates on
account of large, debt-funded capital expenditure.

                          About NBZ Pharma

Set up in 1997 by Mr. Pratap K Mehta and Mr. Mukund Mehta, NBZ
undertakes contract manufacturing of MVIs, nasal drops and
parenterals; NBZ holds a 45 per cent stake in Kilitch Drugs India
Ltd, which is into contract manufacturing of injectables. NBZ
reported a profit after tax (PAT) of INR14 million on net sales of
INR461 million for the year ended March 31, 2009, as against a PAT
of INR12 million on net sales of INR377 million for the year ended
March 31, 2008.


STCL LIMITED: ICRA Downgrades Rating on Fund-based Limits to 'LC'
----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR5.15
billion fund-based limits of STCL Limited from LBB to LC.  The
revised rating indicates poor credit quality in the long term.
ICRA has also downgraded the short-term rating of STCL's
INR12.35 billion non-fund based limits from A4 to A5.  The revised
rating indicates the lowest credit-quality in the short term.

The downgrade reflects the declining possibility of restructuring
the company's devolved Letters of Credit (LC), and the significant
erosion in the value of its inventory.  In the absence of a
guarantee from STCL's holding company, State Trading Corporation
of India Limited, the ongoing debt restructuring is likely to
remain stalled, as a result of which STCL would need to meet its
obligations over the next few months as against a much longer
period envisaged earlier.  Also, the prospects of debt repayment
through disposing inventory are extremely weak, as not only has
the value of stock eroded steeply, but the ownership of the same
remains doubtful.  Moreover, the proceeds would largely be
apportioned towards payment of port dues.

                            About STCL

STCL Limited, established in 1982, is a 100% subsidiary of State
Trading Corporation Ltd.  Initially set up for the promotion of
cardamom trade, the company has moved to a diversified set of
commodities in the last decade.  Currently, the key commodities
traded by STCL are metal scrap, iron ore, Blast Furnace Granulated
Slag, spices and agricultural products.  Exports, comprising about
73% of revenues in FY08, mainly relate to metal scrap, iron ore
Blast Furnace Granulated Slag, while domestic revenues are chiefly
made up of sales of spices, agricultural commodities, Blast
Furnace Granulated Slag, agri inputs and supply of pulses, yarn
and textiles etc., to government organizations.


TATA MOTORS: JLR May Extend Closure of Three UK Plants
------------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Tata Motors
Ltd.'s Jaguar Land Rover may extend the closure of its three UK
plants over the summer and implement another round of jobs cuts as
it struggles to cope with the slump in the world car market.

According to the report, the company, which employs roughly 15,000
people in the UK, however explained that there was no concrete
plan.  "We have always said there may be a need in the future to
take further action, but there are no plans at present," the
report quoted a spokesman as saying.

The report recalls the company extended its Christmas break to two
weeks, moving to a four-day week and laid off around 2,000
temporary staff.

                        Loan Guarantee

Jaguar Land Rover, the report discloses, is still trying to
convince the government to provide a loan guarantee that would
unlock a GBP340 million advance from the European Investment Bank.
The report notes the EIB gave the green light two months ago, but
cannot dispense the cash until Britain agrees to repay it if
Jaguar Land Rover goes under.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


TATA STEEL: Corus to Slash Another 366 Jobs at Scunthorpe Plant
---------------------------------------------------------------
BBC News reports that Corus, a unit of India's Tata Steel Ltd.,
has confirmed plans to cut a further 366 jobs at its plant
in Scunthorpe, North Lincolnshire.

According to BBC, the proposed job cuts are expected to affect
staff in the company's manufacturing department.  BBC relates
Corus said consultations had begun with workers and it would seek
voluntary redundancies wherever possible.

"The business still needs to make significant savings to secure a
viable future for the site so we have had to take this urgent
action to align our employment costs to current and forecast
demand for our products," BBC quoted Corus site director Sean
Lyons as saying.

                   About Tata Steel Limited

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

                          *     *     *

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


TATA VISTEON: CRISIL Reaffirms 'BB+' Rating on LT Bank Facilities
-----------------------------------------------------------------
CRISIL has removed its rating on the long-term bank facilities of
Tata Visteon Automotive Pvt Ltd from 'Rating Watch with Negative
Implications', and reaffirmed the rating at 'BB+'.  The rating
outlook is now 'Stable'.  The rating on the company's short-term
facilities has been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR425 Million Long-Term           BB+/Stable (Reaffirmed,
          Loan Facilities             Removed from 'Rating Watch
                                      with Negative Implications')

   INR40 Million Cash Credit Limit    BB+/Stable (Reaffirmed,
                                      Removed from 'Rating Watch
                                      with Negative Implications')

   INR20 Million Letter of Credit     P4 (Reaffirmed)
   INR120 Million Bank Guarantee      P4 (Reaffirmed)

The rating action reflects CRISIL's belief that TVAPL will
continue to receive strong technological and financial support
from its ultimate parent, the US-based Visteon Corp (rated 'D/NR'
by Standard & Poor's), as well as Tata AutoComp Systems Ltd (TACO,
rated 'AA-/Stable/P1+' by CRISIL).  TVAPL is an equal joint
venture between Visteon Corp's subsidiary — Visteon Holdings
International Inc, and TACO.  The long term ratings of TVAPL had
earlier been placed on 'Rating Watch with Negative Implications'
on June 9, 2009, following the bankruptcy filing of Visteon Corp
for its operations in the US and the limited visibility on the
commitment of Visteon Corp to continue technical and financial
support to TVAPL.

The ratings continue to reflect TVAPL's weak financial risk
profile and revenue concentration.  The impact of these weaknesses
is mitigated by TVAPL's strong linkages with its customer, Tata
Motors Ltd (Tata Motors; rated 'A/Stable/P1' by CRISIL), and with
TACO and Visteon Corp.

Outlook: Stable

CRISIL expects TVAPL's credit risk profile to remain under stress
over the medium term.  This is because CRISIL believes that TVAPL
is likely to require more time than was earlier expected to attain
break-even, given the moderate demand outlook for passenger cars.
CRISIL, nonetheless, believes that both TACO and Visteon Corp will
extend adequate support to TVAPL in the event of distress.  The
outlook could be revised to 'Positive' in case TVAPL's business
performance exceeds expectations. Conversely, the outlook may be
revised to 'Negative' if the company's business performance is
much below expectations, thus affecting its overall credit risk
profile.

                        About Tata Visteon

TVAPL was incorporated in 2005 for manufacturing automotive-
lighting and engine-induction systems.  The company's plant in
Maan, near Hinjewadi, Pune, has the capacity to manufacture around
600,000 units per annum of automotive-lighting and plastic-air-
induction systems.  For the year ended March 31, 2009, TVAPL is
estimated to have reported a net loss of INR200 million on net
revenues of INR210 million, compared with a net loss of
INR149 million on net revenues of INR95 million in the previous
year.


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


BANK DANAMON: Faces Lawsuits on Chearavanont Rift With Bondholders
------------------------------------------------------------------
PT Bank Danamon Indonesia Tbk and the Bank of New York Mellon are
facing suits for US$4 billion in Indonesia, and for an unspecified
amount in London, for their actions in a US$125 million dispute
between Thailand's prominent Chearavanont family and international
bondholders, The Financial Times reports.

The case highlights the perils international investors face
protecting their legal rights in Indonesia, the report said.

Four companies controlled by the Chearavanont family are each
suing the banks, and thus effectively the bondholders, for US$1bn
for “causing very large losses to the claimants” for seizing their
assets after allegedly deciding without proof that the companies
were in default of their obligations to the bondholders, according
to four Jakarta court filings obtained by the Financial Times.
The companies are also each seeking US$1 million per day for late
payment of any damages, the report notes.

The four companies are:

   -- Red Dragon;
   -- Regent Central International;
   -- Charm Easy and;
   -- Surya Hidup Satwa.

Red Dragon and Pertiwi Indonesia, another Chearavanont-owned
company, are suing in London, the report says.

The FT relates that the case began in July 2007 when the four
companies pledged about US$1 billion worth of shares in Central
Proteina Prima, a Jakarta-listed company that owns one of the
world's largest shrimp farms, to guarantee US$200 million in
secured exchangeable bonds.

According to the FT, their troubles began last year when CP
Prima's share price plunged.

Efforts to restructure the deal failed and bondholders ordered
Bank of New York Mellon, the trustee, and Danamon, the security
agent, to seize the collateral because they believed the companies
had defaulted, the Financial Times discloses.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 28, 2008, Fitch Ratings affirmed the ratings of PT Bank
Danamon Indonesia Tbk as: Long-term foreign currency Issuer
Default Rating at 'BB' with a Stable Outlook, Short-term foreign
currency IDR at 'B', National Long-term Rating at 'AA(idn)' with
a Stable Outlook, Individual Rating at 'C/D', Support Rating at
'3', Support Rating Floor at 'BB-'.


PERUSAHAAN GAS: Will Again Pay Government Debts with Equity
-----------------------------------------------------------
PT Perusahaan Gas Negara Tbk will again pay its debt to the
government through shareholder equity, The Jakarta Post reports
citing a top government official.

The Post relates that the conversion of debt-to-equity, agreed
upon in a loan agreement made before the company went public in
December 2003, could cause a dilution in the equity of existing
shareholders.

"PGN has agreed to convert the debt into equity," the Post quoted
Said Didu, the Secretary to the State Ministry for State
Enterprises, as saying.  "We expect to carry out the conversion
soon enough pending approval from the Finance Ministry."

Mr. Said, as cited by the Post, said that as a majority
shareholder in the company, the government preferred a debt-to-
equity conversion to maximize profit.

In April, the Post recalls, the shareholders converted 3 percent
of shares in PGN to pay for IDR100 billion of debt owed to the
government.  The remaining debt in now IDR27.7 billion, the report
notes.

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

The TCR-AP also reported on Dec. 26, 2007, that Standard & Poor's
Ratings Services raised its corporate credit ratings on PT
Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'.  The
outlook on the rating is stable.  At the same time, Standard &
Poor's raised the rating on the senior unsecured debt issued by
PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.


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


AIFUL CORPORATION: Fitch Downgrades Issuer Default Rating to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded Aiful Corporation's Long-Term foreign
and local currency Issuer Default Ratings to 'BB' from 'BBB-', and
its Short-term foreign and local currency IDRs to 'B' from 'F3'.
The Outlooks remain Negative.  The ratings on Aiful's senior
unsecured notes have also been downgraded to 'BB' from 'BBB-'.

These rating actions are part of Fitch's annual review of the
consumer finance companies in Japan.  Fitch last week published
its special annual report on the CFC sector, which highlighted the
mounting pressures facing the CFCs, and harsh operating
environment for the industry.  The operating environment is
worsening beyond the agency's previous expectations, partly from
industry-wide high levels of reimbursement claims for excess
interest charges, which are likely to persist longer-than-
previously expected.  Also, the CFCs' funding ability, in
particular the independent ones, could get more constrained
against the backdrop of most major Japanese banks and half the
regional banks reporting net losses in FYE09, and the likely
pressures on their capital and risk appetite in the current weak
economic environment.

The downgrade of Aiful's ratings also reflects the agency's
assessment of its performance and medium-term prospects, following
a sharp 85% yoy decline in its net profit in FYE09, including a
net loss of effectively JPY5 billion in Q4FYE09 (mainly due to an
increase in reserves reflecting high level of demand for interest
repayments).  For FYE10, Fitch views its projection for a 93% yoy
increase in net profit as premised on a substantial drop in
expenses related to the refund of interest repayments.  As the
CFCs have tightened their credit underwriting, the unemployment
rates continue to worsen and the full implementation of the
revised money lending business control law draws closer, the
claims for the refunds of excess interest will remain high
industry-wide or even increase, in Fitch's opinion.

Under Fitch's various scenario analysis for determining the
adequacy of reserves for future excess interest reimbursement
claims (Kabarai), Aiful's interest repayment reserves for future
excess-interest-refund claims is lower than its three major peers,
although its capital level is high.  Aiful needs to maintain
adequate earning assets amid falling interest rates and should
also counter the additional burden of Kabarai, but its projections
for a significant drop of its earning assets, including core
unsecured loans in FYE10 leaves its performance vulnerable.

Meanwhile the increased stakes by some of the major banks in
several of its key competitors in recent months is gradually
transforming the industry landscape, and Fitch notes that unless
Aiful can successfully offer new differentiated products and
secure stable long-term funding, its competitive position and
franchise can weaken in the medium-term.

Fitch considers Aiful's current capitalization as adequate, which
is also supported by falling asset balances, while its short-term
debt due in the next year (based on end-March 2009) can be fully
covered by the repayments by its borrowers, with the cash and
unused available commitment lines providing additional back-up
support.


CBO ALL: S&P Downgrades Ratings on Three Classes of Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
ratings on the class B, C, and D notes issued under the CBO All
Japan Tokutei Mokuteki Kaisha series one transaction and
subsequently withdrew its 'D' ratings on the notes.  The rating
actions were taken as a result of the issuer not making full
repayments on the class B, C, and D notes on the final maturity
date of July 10, 2009.

                         Ratings Lowered

              CBO All Japan Tokutei Mokuteki Kaisha
           JPY88.1 billion fixed-rate series one notes

      Class   To   From   Issue Amount   Final maturity date
      -----   --   ----   ------------   -------------------
      B       D    CC     JPY83.1 bil.     July 2009
      C       D    CC     JPY0.7 bil.      July 2009
      D       D    CC     JPY0.3 bil.      July 2009

                        Ratings Withdrawn

              CBO All Japan Tokutei Mokuteki Kaisha
           JPY88.1 billion fixed-rate series one notes

      Class   To   From   Issue Amount   Final maturity date
      -----   --   ----   ------------   -------------------
      B       NR   D      JPY83.1 bil.     July 2009
      C       NR   D      JPY0.7 bil.      July 2009
      D       NR   D      JPY0.3 bil.      July 2009


J-CORE 12TRUST: Moody's Changes Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through E and X Trust Certificates issued by J-CORE 12Trust.  The
final maturity of the trust certificates will take place in
February 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 A3 from Aa2; previously, Aa2 placed
     under review for possible downgrade on January 20, 2009

  -- Class C, downgraded to Ba1 from A2; previously, A2 placed
     under review for possible downgrade on January 20, 2009

  -- Class D, downgraded to B1 from Baa2; previously, Baa2 placed
     under review for possible downgrade on January 20, 2009

  -- Class E, downgraded to B3 from Baa3; previously, Baa3 placed
     under review for possible downgrade on December 4, 2008

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

J-CORE 12 Trust, effected in May 2007, represents the
securitization of a loan and other securities backed by a
portfolio of four assets, comprising specified bonds and 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 its recovery assumptions for other
loans that are not characterized as having a high likelihood of
default, based on collateral performance such as rents and
occupancy rates.

                         Category 1 Loans

                        0% of the loan pool

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

                         Category 2 Loans

                       0% of the loan pool

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

                         Category 3 Loans

                       21% of the loan pool

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

                     Special Servicing Loans

                       79% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Moody's also interviewed the Special Servicer regarding
its asset business plan policies.  Accordingly, Moody's estimated
recovery stress at 17% in light of these factors.

Three 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.


* JAPAN: 38 Firms Delisted From TSE in Six Months to June 2009
--------------------------------------------------------------
The Tokyo Stock Exchange delisted a record-high 38 companies in
the first half of 2009 due to an increase in bankruptcies as well
as mergers and acquisitions, Kyodo News Service reports citing
data from the bourse.  The number marked the highest for a six-
month period through June since 1955 when comparable data became
available, the report said.

Of the 38 companies, 11 were delisted due to bankruptcies, while
20 were removed from the TSE for M&As, the news agency notes.

Kyodo News relates that according to the data, there were 13
companies went public in the first half of 2009, bringing the
total number of listed firms on the TSE to 2,364 as of June 30,
falling to roughly the same level with the end of 2005.


* S&P Puts Ratings on Three Tranches on Negative CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
tranches relating to two Japanese synthetic CDO transactions on
CreditWatch with negative implications.

At the same time, S&P placed its ratings on 11 tranches relating
to 11 Japanese synthetic CDO transactions on CreditWatch with
positive implications; among the 11 tranches, the CreditWatch
placements on three of them were changed from negative to
positive.  These three tranches had previously been downgraded on
June 23, 2009, with the ratings kept on CreditWatch negative.  In
addition, Standard & Poor's affirmed its ratings on six tranches
relating to four Japanese synthetic CDO transactions and removed
them from CreditWatch with negative implications.

The three tranches placed on CreditWatch with negative
implications had SROC (synthetic rated overcollateralization)
levels that fell below 100% during S&P's monthly run on June 30,
2009.  The SROC levels of the six tranches whose ratings were
affirmed and removed from CreditWatch with negative implications,
meanwhile, recovered to 100% or above during S&P's monthly run on
June 30, 2009.  Also, the 11 tranches placed on CreditWatch with
positive implications had SROC levels that had risen above 100% at
higher ratings than the current ratings during June's month-end
run.  The CreditWatch placements, with positive implications, of
Silk Road Plus PLC series 2, 5, 6, 7, 10, 13, 14, 15, and 16
follow a substitution to the underlying reference portfolio.

The tranches listed below that have been placed on CreditWatch,
along with any other tranches with ratings that are currently on
CreditWatch with negative or positive implications, are intended
to be reviewed by the end of this month.

The ratings assigned here are based on S&P's criteria for rating
synthetic CDOs.  As recently announced, however, this criteria is
under review.  S&P solicited feedback from market participants
with regard to proposed changes to S&P's collateralized loan
obligation and synthetic CDO criteria.  S&P will evaluate the
market feedback, which may result in changes to the criteria.  Any
such criteria changes may affect the rating(s) on the notes
affected by the rating actions.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 45

                To    From            Issue Amount
                --    ----            ------------
                BB+   BB+/Watch Neg   JPY3.0 bil.

                 Hummingbird Securitisation Ltd.
                          Series 2 loan

           Class     To            From   Issue Amount
           -----     --            ----   ------------
           #2 Loan   B/Watch Neg   B      JPY3.0 bil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes (Louvre CDO) series 2005-1

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            AF      CCC   CCC/Watch Neg   JPY1.0 bil.
            AX      CCC   CCC/Watch Neg   JPY1.5 bil.

      Secured credit-linked notes Louvre II CDO series 2005-2

             Class   To   From          Issue Amount
             -----   --   ----          ------------
             BF      B    B/Watch Neg   JPY1.5 bil.
             BX      B    B/Watch Neg   JPY2.2 bil.

       Secured credit-linked loan Louvre CDO II series 2005-3

                To    From            Issue Amount
                --    ----            ------------
                BB+   BB+/Watch Neg   JPY3.0 bil.

              SONATA fixed-rate notes series 2006-10

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AX      CCC-/Watch Pos   CCC-   EUR20.0 mil.

            SONATA floating rate notes series 2006-11

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      CCC/Watch Pos   CCC    $6.0 mil.

                         Orpheus II Ltd.
                   Secured credit link notes

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           BF      CCC+/Watch Neg   CCC+   JPY2.3 bil.
           BX      CCC+/Watch Neg   CCC+   JPY400.0 mil.

                        Silk Road Plus PLC
    Limited-recourse secured floating-rate credit-linked notes
                        series 2 class B1-U

               To              From   Issue Amount
               --              ----   ------------
               BB-/Watch Pos   BB-    $70.0 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 5 class C1-J

            To             From           Issue Amount
            --             ----           ------------
            B+/Watch Pos   B+/Watch Neg   JPY1.0 bil.

       Limited-recourse secured variable return combination
              credit-linked notes series 6 class B3-U

            To                  From      Issue Amount
            --                  ----      ------------
            BB-pNRi/Watch Pos   BB-pNRi   $14.0 mil.

    Limited recourse secured floating rate credit-linked notes
                       series 7 class A1-U

          To               From             Issue Amount
          --               ----             ------------
          BBB-/Watch Pos   BBB-/Watch Neg   $0.1 mil.

    Limited recourse secured floating-rate credit-linked notes
                       series 10 class A1-E

          To               From             Issue Amount
          --               ----             ------------
          BBB-/Watch Pos   BBB-/Watch Neg   EUR10.0 mil.

Series 13 limited recourse secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   S$9.0 mil.


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


SSANGYONG MOTOR: Suppliers May Seek to Wind-up Firm Amid Strike
---------------------------------------------------------------
A group of parts suppliers for Ssangyong Motor Co. said Monday
they will ask a bankruptcy court to liquidate the automaker unless
striking workers end their action by the end of July, Yonhap News
Agency reports.

"Unless operations return to normal by the end of this month, we
will call for a bankruptcy judge to deem the company insolvent,"
Choi Byung-hoon, head of the group that comprises some 600
suppliers for Ssangyong, said, according to the new agency.

According to the report, Mr. Choi said most of the suppliers are
put at risk of collapse due to the prolonged strike.

Yonhap News Agency also reports that the prospects for Ssangyong's
survival darkened further last week as the bankruptcy court
ordered an accounting firm to reassess the company's viability.

The report, citing Lee Yoo-il, one of two court-appointed managers
at Ssangyong, relates accounting firm Samil PricewaterhouseCoopers
will reassess how much the strike has harmed the carmaker's value
as an ongoing entity.

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

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

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

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

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

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

                       About Ssangyong Motor

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


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


SOUTHERN ACIDS: Court Suspends Ex-Parte Order to Appoint Receivers
------------------------------------------------------------------
Southern Acids (M) Bhd said the Shah Alam High Court has ordered
that the ex-parte order dated June 30 appointing interim receivers
and managers over the company be suspended pending its July 14
decision on the preliminary objections to the application to set
aside the ex-parte order.

On July 6, the Company disclosed that it has been served with an
ex-parte order dated June 30 appointing Mr. Lim Tian Huat and
Mr. Duar Tuan Kiat both at Ernst & Young as Interim Receivers and
Managers of the company, pursuant to a petition under Section 181
of the Companies Act, 1965.

In a separate disclosure with Bursa Malaysia on July 8, Southern
Acids said trading in its shares would be suspended from 9:00 a.m.
on July 14 until further notice.

Southern Acids (M) Berhad is a Malaysia-based company.  The
Company is involved in the marketing of oleochemical products for
commercial use and investment holding.  The operating divisions of
the Company include manufacturing and marketing; development,
managing and operating of private hospital, plantation, and other
operating divisions.  The other operating divisions include
property development and investment holding, warehousing and bulk
conveyor operations, and administrative services.  The
geographical segments of the Company include Asia, Malaysia,
Europe, America and other countries.  The subsidiaries of the
Company include Pembinaan Gejati Sdn Bhd, Pofachem (M) Sdn Bhd,
Noble Interest Sdn Bhd, PKE (M) Sdn Bhd, SAB Properties
Development Co. Sdn Bhd and P.T. Wanasari Nusantara.


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


POLICE AND FAMILIES: S&P Assigns 'BB+' Long-Term Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' long-term and 'B' short-term ratings to New Zealand's Police
and Families Credit Union.  The outlook is stable.  Established 35
years ago, PFCU provides personal lending and deposit services to
members of the New Zealand Police and their families.

"PFCU is the first credit union in New Zealand to be rated by
Standard & Poor's. S&P view the credit union's sustainable
business model, very good asset quality, and overall sound
financial profile as strengths that underpin the ratings,"
Standard & Poor's credit analyst Gavin Gunning said.  "Further,
S&P considers PFCU's competitive position to be sound as it is not
in direct competition with banks, unlike many community-based and
regional credit unions."

Moderating the strengths are PCFU's very small capital base, key
person risk due to its small staff strength, and basic operational
risk management.  In S&P's opinion, PFCU's very small
capitalization provides only modest protection against a major
operational risk event, even if such an event is of a low
probability or difficult to predict.

The stable outlook reflects S&P's expectation that PFCU's business
and financial profile will remain sound during the current
economic downturn in New Zealand and the impending period of
regulatory change affecting the New Zealand credit union sector.
S&P expects PFCU's good asset quality would continue to be
supported by more favorable employment trends affecting New
Zealand Police compared to the general community.

Negative ratings momentum is mostly likely to eventuate should a
major operational risk or other negative event impact PFCU's
financial profile, given its very small capital base.
Deterioration in its business profile and customer franchise, or a
material weakening in its asset quality, liquidity or other
financial parameters could also contribute to negative ratings
momentum.  Positive ratings momentum is not expected in the short-
to-medium term.


* NEW ZEALAND: Commercial Defaults Rise 64.56% in First Half 2009
-----------------------------------------------------------------
New Zealand's commercial defaults rose 64.56 percent in the first
six months of 2009 compared to last year, according to
New Zealand's largest credit bureau, Veda Advantage New Zealand.
Commercial inquiries for credit are down 16.43 percent.

Veda Advantage New Zealand Managing Director John Roberts said "in
the first six months of the year we have really seen the recession
hit business hard and sadly, our prediction is that it is only
going to get tougher for the business community."

"We are already seeing businesses fail in this economic climate
and we predict that more will follow -- we urge all businesses to
keep a close check on their debtors."

However, Veda's data does offer some optimism -- a small lift in
demand for consumer credit suggests the country may have hit the
bottom of the economic downturn.

Mr. Roberts said "after two consecutive years of decline in
consumer demand for credit, the decline has fallen off - which
indicates the downward cycle is starting to plateau."

Since 2006 Veda's statistics show consumer demand for credit has
been falling.  First six months year-on-year comparisons show
demand fell by more than ten percent in 2007 and 2008.

Demand for credit is still down but in the first six months of
2009 it fell by 8.19 percent compared with the first six months of
2008.

"We are not bouncing out of the downturn - we all knew that
wouldn't happen, but the positive news is that consumers have
likely seen the worst."

In Veda's experience the commercial sector lags behind the
consumer sector by up to 18 months.

"This means that business is still on the downward trajectory of
the economic cycle and it could be 2011 before conditions
improve," Mr. Roberts said.


* NEW ZEALAND: Retail Sales Rise 0.8% in May 2009
-------------------------------------------------
Seasonally adjusted total retail sales rose 0.8 percent
(NZ$41 million) in May 2009, the country's statistics agency
said Monday.  This is the largest monthly increase since
November 2007 and is due to a 1.6 percent (NZ$65 million) rise in
core retailing, more than offsetting a 1.8 percent (NZ$25 million)
drop in the vehicle-related industries, according to Statistics
New Zealand.

The increase in core retailing was dominated by two industries:
supermarket and grocery stores (up 2.2 percent or NZ$27 million)
and clothing and softgoods retailing (up 12.6 percent or NZ$25
million).  These rises contributed to the largest increase in core
retailing since February 2007.

Thirteen of the 20 core industries had increased sales in
May 2009, while seven had decreases.  Only four of the 20
industries had sales movements up or down exceeding NZ$5 million.

The core retail sales trend has been rising since September 1995.
Between April 2007 and January 2009, the average rate of increase
slowed to 0.1 percent per month, but latest figures suggest that
since January 2009 there has been a slight pick-up – to 0.2
percent per month.  The trend in total retail sales has been in
general decline since January 2008 but has currently flattened.
Initial trend estimates may be revised and should be used with
caution until more data points are available.

Sales by region were mixed in May 2009, with half up and half down
from April.  In total, sales were slightly up in the South Island
and slightly down in the North Island.  Sales trends for the two
islands indicate that sales are flat in the South (up just 0.7
percent since January 2008) and have flattened (after a year of
declines) in the North Island.


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


DRAPER FISHER: Creditors' Proofs of Debt Due on August 11
---------------------------------------------------------
The creditors of Draper Fisher Jurvetson Eplanet International
(Singapore) Advisors Pte Ltd are required to file their proofs of
debt by August 11, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Puay Cheng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


JETSIS INTERNATIONAL: Creditors' Proofs of Debt Due on August 11
----------------------------------------------------------------
The creditors of Jetsis International Pte Ltd are required to file
their proofs of debt by August 11, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


S. UCHIDA ELECTRONICS: Creditors' Proofs of Debt Due on August 8
----------------------------------------------------------------
The creditors of S. Uchida Electronics (Singapore) Pte Ltd are
required to file their proofs of debt by August 8, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

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


SENG SIT: Court Enters Wind-Up Order
------------------------------------
On July 3, 2009, the High Court of Singapore entered an order to
have Seng Sit Building Materials Pte Ltd's operations wound up.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


STRONGFIELD TECHNOLOGIES: Court Enters Wind-Up Order
----------------------------------------------------
On July 3, 2009, the High Court of Singapore entered an order to
have Strongfield Technologies (South East Asia) Pte Ltd's
operations wound up.

Tricor Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

          Loke Poh Keun
          M/s P.K. Loke & Partners
          7 Shenton Way
          #01-02 Singapore Conference Hall
          Singapore 068810


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


QUANTA COMPUTER: To Appeal Court Ruling on US$52MM Patent Suit
--------------------------------------------------------------
Quanta Computer Inc. plans to appeal a Texas court ruling that
imposes a US$52 million fine on the company in a patent-violation
lawsuit filed by a Japanese firm, Dow Jones Newswires reports
citing Carol Hsu, a Quanta investor-relations official.

According to Datamonitor, LaserDynamics obtained US$52 million in
damages from Quanta Computer after winning a patent infringement
suit filed in a U.S. district court in Texas regarding a patent
covering computer technology to recognize a CD or DVD, Datamonitor
reports.

The jury ruled that Quanta contributed to or induced infringement
of LaserDynamics' patent, Datamonitor said.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                           *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


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


* BOND PRICING: For the Week July 6 to July 10, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.62
AMP Group Financ              9.803%   04/01/19   NZD       0.91
Antares Energy               10.000%   10/31/13   AUD       1.40
Babcock & Brown Pty           8.500%   11/17/09   NZD      50.05
Becton Property Group         9.500%   06/30/10   AUD       0.50
Bemax Resources               9.375%   07/15/14   USD      60.25
Bemax Resources               9.375%   07/15/14   USD      60.25
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD       1.00
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.30
CIT Group Au Ltd              6.000%   03/03/11   AUD      71.81
Com BK Australia              4.875%   12/19/23   GBP      74.25
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.98
First Australian             15.000%   01/31/12   AUD       0.55
GE Cap Australia              6.000%   03/15/19   AUD      72.49
Goodman Aust Fin              9.750%   07/16/18   GBP      65.92
Griffin Coal Min              9.500%   12/01/16   USD      50.00
Griffin Coal Min              9.500%   12/01/16   USD      50.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.21
Insurance Austra              5.625%   12/21/26   GBP      65.99
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.68
Macquarie Bank                5.500%   09/09/16   GBP      71.78
Macquarie Bank                6.500%   09/15/14   GBP      53.34
Macquarie Bank                6.500%   05/31/17   AUD      45.84
Minerals Corp                10.500%   09/30/09   AUD       0.53
Metal Storm                  10.000%   09/01/09   AUD       0.07
National Wealth               6.750%   06/16/26   AUD      46.04
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.60
Sun Resources NL             12.000%   06/30/11   AUD       0.50
Suncorp-Metway                6.500%   06/22/16   AUD      69.64
Suncorp Insuran               6.250%   06/13/27   GBP      75.00
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY     0.00
Chinatrust Comm                 5.625%  03/29/49     CNY    69.08
Jiangxi Copper                  1.000%  09/22/16     CNY    72.64


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.80
Wing Hang Bk Ltd               6.000%  04/29/49     USD    69.87


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Flex Industries                4.000%  03/09/12     USD    56.25
Gemini Commnica                6.000%  07/18/12     EUR    58.50
GHCL Ltd                       1.000%  03/21/11     USD    49.00
Gitanjali Gems                 1.000%  11/25/11     USD    71.25
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    72.42
ICICI Bank Ltd                 7.250%  08/29/49     USD    74.32
JCT Ltd                        2.500%  04/08/11     USD    30.75
Kei Industries                 1.000%  11/30/11     USD    65.50
Radico Khaitan L               3.500%  07/27/11     USD    74.33
Sterling Biotech               0.500%  09/30/10     USD    61.88
Subex Azure                    2.000%  03/09/12     USD    25.03
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


   INDONESIA
   ---------
Bank Pan Indo                  9.750%  06/19/10     IDR    65.11


   JAPAN
   -----
Aiful Corp                     4.450%  02/16/10     JPY    71.75
Aiful Corp                     4.450%  02/16/10     JPY    71.75
Aiful Corp                     5.000%  08/10/10     USD    60.75
Aiful Corp                     5.000%  08/10/10     USD    60.75
Aiful Corp                     1.500%  10/20/11     JPY    69.60
Aiful Corp                     6.000%  12/12/11     USD    46.12
Aiful Corp                     6.000%  12/12/11     USD    46.12
Aiful Corp                     1.200%  01/26/12     JPY    65.42
Aiful Corp                     1.220%  04/20/12     JPY    62.67
Aiful Corp                     1.630%  11/22/12     JPY    56.12
Aiful Corp                     1.740%  05/28/13     JPY    57.70
Aiful Corp                     1.990%  10/19/15     JPY    50.35
CSK Corporation                0.250%  09/30/13     JPY    33.20
Daikyo Inc.                    1.880%  03/12/12     JPY    74.07
Japan Airlines                 3.100%  01/22/18     JPY    74.74
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    58.77
Nippon Residentl               0.740%  07/20/10     JPY    72.82
Nis Group                      2.730%  02/26/10     USD    74.59
Nis Group                      8.060%  06/20/12     USD    66.62
Orix Corp                      2.190%  04/18/17     JPY    72.93
Resona Bank                    5.986%  08/29/49     GBP    67.75
Resona Bank                    4.125%  09/29/49     GBP    71.20
Resona Bank                    4.125%  09/29/49     USD    70.25
Resona Bank                    5.850%  09/29/49     USD    70.57
Shinsei Bank                   1.960%  03/25/15     JPY    73.44
Shinsei Bank                   2.010%  10/30/15     JPY    71.44
Shinsei Bank                   3.750%  02/23/16     EUR    66.50
Shinsei Bank                   5.625%  12/29/49     GBP    51.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.25
Takefuji Corp                  9.200%  04/15/11     JPY    63.37
Takefuji Corp                  9.200%  04/15/11     JPY    63.37
Takefuji Corp                  8.000%  11/01/17     USD    35.25


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.99
AMBB Capital                   6.770%  01/29/49     USD    63.70
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.40
Crescendo Corp B               3.750%  01/11/16     MYR     0.75
Dutaland Bhd                   4.000%  04/11/13     MYR     0.41
Dutaland Bhd                   4.000%  04/11/13     MYR     0.72
Eastern & Orient               8.000%  07/25/11     MYR     0.96
Huat Lai Resources             5.000%  03/28/10     MYR     0.25
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.22
Kretam Holdings                1.000%  08/10/10     MYR     1.05
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
Lion Diversified               4.000%  12/17/13     MYR     0.90
Mithril Bhd                    3.000%  04/05/12     MYR     0.55
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.22
Olympia Industri               2.800%  04/11/13     MYR     0.20
Olympia Industri               4.000%  04/11/13     MYR     0.22
Plus SPV Bhd                   2.000%  06/27/18     MYR    74.55
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.69
Rubberex Corp                  4.000%  08/14/12     MYR     0.89
Talam Corp Bhd                 2.000%  06/28/19     MYR    23.39
Tradewinds Corp                2.000%  02/08/12     MYR     0.89
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.30
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.35
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.83


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    50.34
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.36
Blue Star Print                9.100%  09/15/12     NZD    20.10
Capital Prop NZ                8.000%  04/15/10     NZD    10.90
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    65.24
Fletcher Buildin               7.550%  03/15/11     NZD     8.40
Fletcher Buildin               8.500%  03/15/15     NZD     9.25
Generator Bonds                8.200%  09/07/11     NZD    71.36
Infrastr & Util                8.500%  09/15/13     NZD    10.50
Infratil Ltd                   8.500%  11/15/15     NZD    15.00
Infratil Ltd                  10.180%  12/29/49     NZD    56.00
Marac Finance                 10.500%  07/15/13     NZD     0.93
NZ Finance Hldgs               9.750%  03/15/11     NZD    74.13
Provencocadmus                 2.000%  04/15/10     NZD     0.64
Rabobank Ned NZ                7.449%  01/29/49     NZD    74.00
Sky Network TV                 9.370%  10/16/16     NZD    74.00
South Canterbury              10.500%  06/15/11     NZD     0.88
South Canterbury              10.430%  12/15/12     NZD     0.82
St Laurence Prop               9.250%  07/15/10     NZD    72.36
St Laurence Prop               9.250%  05/15/11     NZD    56.79
Tower Capital                  8.500%  04/15/14     NZD     0.92
Trustpower Ltd                 8.500%  09/15/12     NZD     7.70
Trustpower Ltd                 8.500%  03/15/14     NZD     8.25
Vector Ltd                     7.800%  10/15/14     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.20


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    72.10
Sengkang Mall                  4.880%  11/20/12     SGD     0.30
WBL Corporation                2.500%  06/10/14     SGD     1.60


SOUTH KOREA
-----------
Hynix Semi Inc                 7.875%  06/27/17     USD    69.13
Shinhan Bank                   5.663%  03/02/35     USD    69.53
Shinhan Bank                   6.819%  09/20/36     USD    74.08
United Eng                     1.000%  03/03/14     SGD     1.14
Woori Bank                     6.208%  05/02/37     USD    67.41


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    71.52
Sri Lanka Govt                 7.000%  10/01/23     LKR    62.60


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


                         *********

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.





                 *** End of Transmission ***