TCRAP_Public/090716.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           A S I A   P A C I F I C

              Thursday, July 16, 2009, Vol. 12, No. 139

                                 Headlines

A U S T R A L I A

BENDIGO AND ADELAIDE: Fitch Affirms 'BB' Support Rating Floor
BOILER ROOM: Receivers Likely to Sell Business
CITY PACIFIC: Shares Halted Pending Decision Over Fund Control
RYAN HOTEL: Receivers to Put Two Hotels Up for Sale
ZOE'S PLACE: Creditors Opt to Liquidate Hospice


C H I N A

CHINA HEALTH: Net Loss Widens to US$2.7-Mil. for Fiscal Year 2008
GENERAL MOTORS: Beijing Sees Opel as Global Stepping Stone
GENERAL MOTORS: New Int'l Operation Settles in Shanghai


H O N G  K O N G

CAPITAL W: Members' Final Meeting Set for August 11
GOLDWAY INTERNATIONAL: Members and Creditors to Meet on July 22
HOWELL INDUSTRIAL: Members' and Creditors' Meeting Set for Aug. 13
KIU KOON: Members and Creditors to Meet on August 14
LINSHAN DEVELOPMENT: Members and Creditors to Meet on August 13

LUCKY CITY: Members' and Creditors' Meeting Set for August 13
MEST HOST: Members' and Creditors' Meeting Set for August 13
PARAWELL INDUSTRIAL: Members and Creditors to Meet on August 13
TOTAL PROFIT: Members and Creditors to Meet on August 13
TOTAL PROFIT: Members and Creditors to Meet on August 14

VUANCE LTD: Fahn Kanne Raises Going Concern Doubt
W EQUITY: Members' Final Meeting Set for August 11
W INVESTMENTS: Members' Final Meeting Set for August 11
WINJOB INVESTMENT: Members and Creditors to Meet on August 13
WINMACK INTERNATIONAL: Members and Creditors to Meet on August 13

YORK PROSPER: Members and Creditors to Meet on August 14


I N D I A

BELL TOWER: Weak Liquidity Cues CRISIL to Assign 'D' Ratings
BOMMIDALA PURNAIAH: Low Net Worth Prompts CRISIL 'P4' Ratings
SRI GOPIKRISHNA: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit
VARDHMAN STAMPINGS: ICRA Rates Fund Based Limits at 'LBB+'
* INDIA: Gov't. Prosecutes More than 100 Listed Firms
* INDIA: 75% of QIPs in 2009 Return Negative Values, CRISIL Says


J A P A N

CITIBANK JAPAN: Unit to Halt Sales Activities for One Month
FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report
GK MLOX3: Moody's Changes Ratings on Various Classes of Notes
HUIS TEN: Nomura Seeks Investors for Resort
JAPAN AIRLINES: Retirees Oppose Proposed Pension Reduction

JAPAN COMMERCIAL: Moody's Changes Ratings on Various Classes
METALDYNE CORP: U.S. Court OKs Aug. 3 Auction for Chassis Business
ORIX-NRL TRUST: Moody's Changes Ratings on Various Classes
SYMPHONY JAPAN: Moody's Changes Ratings on Various Certificates


K O R E A

GENERAL MOTORS: In Talks for GM Daewoo Financing
MAGNACHIP SEMICONDUCTOR: U.S. Court Establishes July 29 Bar Date
MAGNACHIP SEMICONDUCTOR: U.S. Court to Hear Plan Outline July 30
MAGNACHIP SEMICONDUCTOR: May Access Cash Collateral Until Sept 30
MAGNACHIP SEMICONDUCTOR: Section 341(a) Meeting Set for July 29


N I G E R I A

OCEANIC BANK: Fitch Affirms Issuer Default Rating at 'B'


N E W  Z E A L A N D

OLIVADO HOLDINGS: In Receivership; Fails to Secure Funding


P H I L I P P I N E S

* Fitch Assigns 'BB' Rating on the Philippine's US$750 Mil. Bond


S I N G A P O R E

BNP PARIBAS: Creditors' Proofs of Debt Due on August 11
EXECUTIVE BUSINESS: Creditors' Proofs of Debt Due on August 10
JONG WAH: Contributories' and Creditors' Meeting Set for July 24
PARDISAN CARPETS: Court to Hear Wind-Up Petition on July 24
PERIMEX INDUSTRIES: Court to Hear Wind-Up Petition on July 24


T A I W A N

ASUSTEK COMPUTER: ITC Denies IBM Bid to Ban Asustek's Imports


T H A I L A N D

BANK OF AYUDHYA: To Acquire GE Money Thailand for THB13.75 Billion
MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact
* THAILAND: Chinese Investors Eye at Least 15 Troubled Hotels


X X X X X X X X

AMERICAN AXLE: Mulling Restructuring Options in U.S.
CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
LEAR CORP: U.S. Parent to Continue Loans to Foreign Units
* Int'l Airplane Industry Deflating, Fairtheworld Says


                         - - - - -


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


BENDIGO AND ADELAIDE: Fitch Affirms 'BB' Support Rating Floor
-------------------------------------------------------------
Fitch Ratings has affirmed Bendigo and Adelaide Bank's Long-term
foreign currency Issuer Default Rating at 'BBB+', Short-term
foreign currency IDR at 'F2', Individual at 'B/C', Support at '3'
and Support Rating Floor at 'BB'.  The Outlook is Stable. Also,
the agency notes the bank's exposure to investors in the failed
managed investment scheme company, Great Southern Limited.

BEN has a portfolio of approximately AU$580 million loans to more
than 8,000 individual investors in the GSL schemes; however all
loans are full recourse and borrowers were generally high net
worth individuals at the time the loans were made.  About half of
the loans were originated by third parties, and were subsequently
sold or assigned to BEN via a long-standing origination
arrangement between BEN and GSL's finance arm, GSL Finance P/L,
with funding provided by a BEN subsidiary, ABL Nominees.

Although the majority of loans in the portfolio are performing,
Fitch is aware that a relatively small number of customers, who
borrowed to invest in agricultural schemes promoted by the
collapsed GSL, may be considering mounting a legal challenge to
their loan repayment obligations.  The quantum of borrowers and
their respective debts are modest relative to the overall exposure
at this time, and BEN has clarified its legal right to seek full
recourse against any delinquent borrowers.

Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognisant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.

An MIS is a scheme (often in the form of a unit trust) into which
people contribute money to acquire an 'interest' in the benefits
produced by the scheme, for example timber forests, olive
plantations or livestock.  The 'interest' purchased is a financial
product and, in many cases, the investment is promoted by a third
party (such as a financial planner/adviser) on the basis of the
legitimate tax deductible nature of loan interest, where an
investment in an income producing asset is undertaken.  Many
agricultural schemes also arrange finance for borrowers on a non-
recourse basis, meaning that if the farm's income is insufficient
in covering an investor's loan interest, the lender has no
recourse to their personal assets.


BOILER ROOM: Receivers Likely to Sell Business
----------------------------------------------
Mark Hotton at The Southland Times reports that two Queenstown
bars are likely to be sold by its receivers.

The report says that the Boiler Room and Minus Five bars were
among five bars belonging to Christchurch-based hospitality
magnate Jonathan Botherway that were placed into receivership
earlier this month.

According to the Southland Times, receiver Malcolm Hollis, of
PricewaterhouseCoopers, said the bars were continuing to trade as
normal.  Mr. Hollis said that selling the bars was a "pretty
likely" outcome but how and when had not been determined.

Continuing financial problems caused by a cost overrun on a
redevelopment of one of Mr. Botherway's Auckland bars led to the
other bars being placed into receivership, the Southland Times
relates.


CITY PACIFIC: Shares Halted Pending Decision Over Fund Control
--------------------------------------------------------------
Trading of City Pacific Limited's shares has been suspended
pending a Federal Court decision over its management control of
the AU$630-million First Mortgage Fund.  The unit holders have
replaced City Pacific with rival Balmain Trilogy as fund manager.

City Pacific said that the Federal Court decision will have a
material adverse impact on the Company should it decide to remove
City Pacific as the responsible entity of the fund.

The decision is expected to be released on July 18, 2009 or early
the following week.

The Sydney Morning Herald reported that the loss of the fund could
prove to be a death blow to City Pacific, which until this year
siphoned AU$30 million in annual fees from the fund.  It also used
to reap an additional AU$20 million a year in loan-origination
fees from developers borrowing from the fund.  The fund was, in
effect, City Pacific's key cash cow, the Herald notes.

According to the Herald, the last straw for some unitholders came
early this year when City Pacific was forced to write down the
fund's assets by 35 per cent.  The report said that another sore
point was the AU$264 million the fund has loaned to property
developments run by City Pacific.  Of the AU$920 million in total
loans made out to developers by the fund, 91 per cent are in
default, the Sydney Morning Herald said.

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

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

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

                         About City Pacific

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

                           *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.


RYAN HOTEL: Receivers to Put Two Hotels Up for Sale
---------------------------------------------------
Two Ryan Hotel Group-owned hotels in Maryborough, southeast
Queensland, will be sold after being placed into receivership, ABC
News reports.

According to the report, receiver James Harris from McGrathNicol
said Granville and Central hotels will continue trading for the
time being and will be sold at a later date.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2009, McGrathNicol and Ernest and Young were appointed as
receiver-managers to the hotel.

RHG, founded by Denis Ryan in October 2006, was placed in
receivership on July 8 after two of its lenders, Suncorp and
Bankwest, responded to its mounting debts and moved in.  Several
of Ryan Group's assets are now controlled by receiver
McGrathNicol.

Ryan Hotel Group -- http://www.ryanhotelgroup.com.au/-- is a
Queensland-based hotel.  The company owns the Woombye Pub and five
other hotels across Queensland, along with the Grinning Dog and
Duporth Tavern pubs.


ZOE'S PLACE: Creditors Opt to Liquidate Hospice
-----------------------------------------------
The creditors of Zoe's Place Limited have decided to put the
Brisbane-based children's hospice into liquidation, ABC News
reports.

The hospice closed its doors at Mount Ommaney in Brisbane's west
on Monday, the report said.

The Troubled Company Reporter-Asia Pacific reported on July 6,
2009, that Zoe's Place was expected to be placed into liquidation
following advice from its administrators

The hospice was placed in voluntary administration last month
after alleged breaches of patient care and safety.  Staff and
parents of patients lodged complaints through the Health Quality
and Complaints Commission in early May about patient care at the
hospice.

Zoe's Place Limited provides palliative, end of life care and
respite for children from Queensland and northern NSW.


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


CHINA HEALTH: Net Loss Widens to US$2.7-Mil. for Fiscal Year 2008
---------------------------------------------------------------
China Health Care Corporation said in a an amended Form 10-K filed
with the Securities and Exchange Commission that at September 30,
2008, its balance sheet showed total assets of US$1,499,720
against total liabilities of US$6,173,173, resulting to a
stockholders' deficit of US$4,673,454.

For the year ended September 30, 2008, the Company posted a net
loss of US$2,701,352 compared with a net loss of US$1,218,980 for
the same period in the previous year.

For the year ended September 30, 2008, its financing activities
generated cash of US$1,129,323 compared with US$432,871 in 2007.
The increase in cash generated in financing activities of
US$696,452 for the year ended September 30, 2008, was due to the
increase of proceeds from issuance of common stock and short-term
loans.  The Company does not expect any more cash payment or
accrued payment for dividends in near term as the majority of the
CPS has been converted.  Innotech (a shareholder of UPMG) loaned
US$384,615 (equivalent to HK$3,000,000) and US$512,820 (equivalent
to HK$4,000,000) to UPMG on January 10, 2008, and January 25,
2008, as the working capital of UPMG.

                        Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

The Company has a negative cash flow from operations of
US$1,457,854 for the year ended September 30, 2008, and a working
capital deficiency of US$4,812,117.  The Company continues to make
efforts to procure outside financing to strengthen its financial
position.

A full-text copy of the Company's Form 10-K/A is available for
free at http://ResearchArchives.com/t/s?3f1e

                        About China Health

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.


GENERAL MOTORS: Beijing Sees Opel as Global Stepping Stone
----------------------------------------------------------
Beijing Automotive Industry Holding Co. sees its acquisition of
General Motors Corporation's German unit, Adam Opel GmbH unit, as
a stepping stone towards expanding the Chinese automaker's global
presence.

A top executive of Beijing Automotive told the Wall Street Journal
that the Chinese automaker would aim to build Opel's brands in
China if it wins in the bidding for Opel.  The German government
has expressed support for Canadian autoparts maker, Magna
International Inc., as the winning bidder for Opel.  Magna's
financing for Opel is backed by a Russian bank, Sberbank Rossia,
and automaker OAO GAZ Group.  Reports said GM is in dispute with
Magna over the use of Opel's technology and the extent of the
Russian companies' access to GM's technology in Opel.

Beijing Automotive made a bid for Opel valued at EUR660 million.
Magna, according to the Journal, offered to invest EUR500 million.
A third bidder, Belgian RHJ International, also made a bid for
Opel.

The Journal, citing analysts, stated that a major obstacle in the
sale of Opel to Beijing Automotive is the fact that the Chinese
automaker could turn Opel into GM's competitor in China, the only
major car market still growing and one of the "few bright points"
in GM's global business in recent years.  The Beijing Auto
executive refuted the opinion arguing that its strategy would
benefit GM, which would continue to own 49% of Opel, the Journal
said.

                      About General Motors

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

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

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

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

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


GENERAL MOTORS: New Int'l Operation Settles in Shanghai
-------------------------------------------------------
General Motors has gone through the bankruptcy and reconstitution
process within 40 days -- a "lightening" speed, emerging as the
new GM on July 10 formally.  The reconstituted new GM has given up
all its previous regional operation systems and withdrawn the
establishment of operational areas in Latin America, Europe, North
America and Asia Pacific.  It has settled its global operational
base in Shanghai instead, coordinating its operations in various
areas around the world, demonstrating the profound emphasis GM has
placed on Chinese market.

According to figures, China's auto sales surpassed 6 million units
in the first half of the year, becoming the largest auto market in
the world followed by U.S. and Japan.  Meanwhile, during the same
period, GM (China) Investment Corp. and its subsidiary joint
ventures have collectively posted an auto sale of 814,442 units,
up 38.0% from the same period in the previous year, registering a
new high in GM's half-year auto sales in China.

The new GM set up an international operation base in Shanghai
immediately after its reconstitution, appointing Nick Reilly, the
former President of GM Asia Pacific, as the Executive Vice
President of GM international operations.  This demonstrably shows
that the commendable performance on the China-led Asia Pacific
market is recognized by the headquarters.

Fairtheworld.com points out that, China has become the delicious
cheese which much coveted by auto makers around the world.  Huge
automobile demand, robust market growth rate, strong desire for
auto technologies and a relatively stable economic environment
emerging from the financial crisis have all contributed to its
appeal to global auto makers.  Especially the North America auto
industry, affected by the bankruptcy cases of giants such as
Chrysler and GM, is having a hard time as whole vehicle makers on
the entire industrial chain struggles, dragging down various car
parts makers into bankruptcy along with them.

Fairtheworld.com has been closely watching the development of the
global auto market, and opened an Automobile Hall accordingly, in
the "Fair N Fair" 3D Virtual Expo platform developed on its own.
It is stepping up efforts to invite high-end auto-related
enterprises around the globe to enter the exposition.
Differentiated strategies can be put forth through "the use of 3D
virtual reality technology" and "a tight access standard favoring
high-end enterprises"; making itself shine out from scores of
mediocre e-commerce platforms around the world.  The high-end
access system has set apart the global industrial Top 500
enterprises from thousands of SMEs, building up a VIP Club that
gathers together global high-end enterprises.

                      About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


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


CAPITAL W: Members' Final Meeting Set for August 11
---------------------------------------------------
The members of Capital W Fund Investments Limited will hold their
final meeting on Aug. 11, 2009, at 10:00 a.m., at the 23rd Floor
of Wheelock House, in 20 Pedder Street, Hong Kong.

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


GOLDWAY INTERNATIONAL: Members and Creditors to Meet on July 22
---------------------------------------------------------------
The members and creditors of Goldway International Limited will
hold their meeting on July 22, 2009, at 3:00 p.m. and 3:30 p.m.
respectively, at Room 3503, 35th Floor of One Pacific Place, in
88 Queensway, Hong Kong.

At the meeting, Edmond Ching Wah Bon and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HOWELL INDUSTRIAL: Members' and Creditors' Meeting Set for Aug. 13
------------------------------------------------------------------
The members and creditors of Howell Industrial Limited will hold
their meeting on August 13, 2009, at 9:00 a.m. and 9:30 a.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


KIU KOON: Members and Creditors to Meet on August 14
----------------------------------------------------
The members and creditors of Kiu Koon Development Limited will
hold their meeting on August 14, 2009, at 10:00 a.m. and
10:30 a.m. respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

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


LINSHAN DEVELOPMENT: Members and Creditors to Meet on August 13
---------------------------------------------------------------
The members and creditors of Linshan Development Limited will hold
their meeting on August 13, 2009, at 10:00 a.m. and 10:30 a.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


LUCKY CITY: Members' and Creditors' Meeting Set for August 13
-------------------------------------------------------------
The members and creditors of Lucky City Development Limited will
hold their meeting on August 13, 2009, at 11:00 a.m. and
11:30 a.m. respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

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


MEST HOST: Members' and Creditors' Meeting Set for August 13
------------------------------------------------------------
The members and creditors of Mest Host Investment Limited will
hold their meeting on August 13, 2009, at 12:00 noon and
12:30 p.m. respectively, at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

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


PARAWELL INDUSTRIAL: Members and Creditors to Meet on August 13
---------------------------------------------------------------
The members and creditors of Parawell Industrial Limited will hold
their meeting on August 13, 2009, at 2:00 p.m. and 2:30 p.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


TOTAL PROFIT: Members and Creditors to Meet on August 13
--------------------------------------------------------
The members and creditors of Total Profit Holdings Limited will
hold their meeting on August 13, 2009, at 3:00 p.m. and 3:30 p.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


TOTAL PROFIT: Members and Creditors to Meet on August 14
--------------------------------------------------------
The members and creditors of Total Profit International Limited
will hold their meeting on August 14, 2009, at 11:00 a.m. and
11:30 a.m. respectively, at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.

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


VUANCE LTD: Fahn Kanne Raises Going Concern Doubt
-------------------------------------------------
Fahn Kanne & Co. in Tel-Aviv, Israel raised substantial doubt
about Vuance Ltd.'s ability to continue as a going concern after
auditing the Company's financial results for the years ended
December 31, 2008, and 2007.  The auditor noted that the Company
had an accumulated deficit of US$42,294,000 and total
shareholders' deficit of US$1,867,000.

At December 31, the Company's balance sheet showed total assets of
US$8,935,000, total liabilities if US$10,802,000 and shareholders'
deficit of US$1,867,000.

For the year ended December 31, 2008, the Company posted net loss
of US$12,358,000 compared with net loss of US$11,311,000 for the
same period in the previous year.

As of December 31, 2008, the Company's cash and cash equivalents
totaled US$812,000, compared to US$2,114,000 as of December 31,
2007.  Restricted cash totaled US$2,150,000 as of December 31,
2008, compared to US$3,172,000 as of December 31, 2007.  The main
decrease in restricted cash deposit is related to a bank deposit
to secure a guarantee to a supplier, related to a certain project
of the Company with a European country which was paid to the
supplier according to the agreement, offset by cash which is
pledged to its major Convertible Bond holder in 2008.  Part of the
restricted cash is invested in deposits, which mature within up to
one year, and is used to secure agreements with a customer or a
bank, and the other part is cash which is pledged to its major
convertible bond holder.  Marketable securities totalled US$0 as
of December 31, 2008, compared to US$4,054,000 as of December 31,
2007.  The decrease in the marketable securities compared to
December 31, 2007, was due to the sale of its remaining OTI
shares.

A full-text copy of the Form 20-F is available for free at:

               http://ResearchArchives.com/t/s?3f26

Vuance Ltd. (USA) (NASDAQ:VUNC) develops and markets end-to-end
security solutions in a range of applications for improved
credentialing, accountability, electronic access control, and
tracking of assets and personnel.  The Company's solutions
encompass access control, urban security, and critical situation
management systems, well as long-range active radio frequency
identification in the public safety, education, commercial, and
government sectors.  It operates in the United States, through its
wholly owned subsidiary, Vuance, Inc.  Vuance operates in Asia
Pacific through its wholly owned subsidiary, Hong Kong-based
Supercom Asia Pacific Limited.  The Company offers three principal
products suites to its customers: Active RFID, Passive RFID, and
Credentialing and Incident Management Suite.


W EQUITY: Members' Final Meeting Set for August 11
--------------------------------------------------
The members of W Equity Limited will hold their final meeting on
Aug. 11, 2009, at 9:00 a.m., at the 23rd Floor of Wheelock House,
in 20 Pedder Street, Hong Kong.

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


W INVESTMENTS: Members' Final Meeting Set for August 11
-------------------------------------------------------
The members of W Investments Limited will hold their final meeting
on Aug. 11, 2009, at 9:30 a.m., at the 23rd Floor of Wheelock
House, in 20 Pedder Street, Hong Kong.

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


WINJOB INVESTMENT: Members and Creditors to Meet on August 13
-------------------------------------------------------------
The members and creditors of Winjob Investment Limited will hold
their meeting on August 13, 2009, at 4:00 p.m. and 4:30 p.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


WINMACK INTERNATIONAL: Members and Creditors to Meet on August 13
-----------------------------------------------------------------
The members and creditors of Winmack International Investment
Limited will hold their meeting on August 13, 2009, at 5:00 p.m.
and 5:30 p.m. respectively, at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.

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


YORK PROSPER: Members and Creditors to Meet on August 14
--------------------------------------------------------
The members and creditors of York Prosper Limited will hold their
meeting on August 14, 2009, at 9:00 a.m. and 9:30 a.m.
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.

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


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


BELL TOWER: Weak Liquidity Cues CRISIL to Assign 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the various bank
facilities of Bell Tower Hotels & Resorts Pvt. Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR1070.0 Million Term Loan               D (Assigned)
   INR40.0 Million Bank Overdraft Facility   D (Assigned)
   INR40.0 Million Bank Guarantee            P5 (Assigned)

The rating reflects the delays by Bell Tower in its servicing of
term loan obligations, owing to weak liquidity on account of delay
in commencement of its commercial operations and lower than
expected occupancy levels due to the slowdown in the global
economy, which was further aggravated by recent terrorist attacks.

                         About Bell Tower

Bell Tower was incorporated in 1995 as a private limited company
by the Kamani group.  The Kamani group is engaged in the hotel and
resort business, and has four five-star hotels under the brand
'The Zuri', with two hotels in Goa, and one hotel each in Kerala
and Bangalore.  Bell Tower owns the Bangalore property, which
commenced commercial operations in March 2009 with 162 rooms.
Prior to launch of their own brand 'The Zuri', all hotels of the
group were operating under a franchise agreement with the Radisson
Group.

Kamani Group comprises of Mr. Chamanlal Kamani and his two sons
Mr. Rashmi Kamani and Mr. Deepak Kamani who are based in Kenya;
they have interests in hospitality and horticulture businesses in
Kenya.  The Indian operations of the group are looked after by
Mr. Abhishek Kamani and Mr. Aditya Kamani son of Mr. Rashmi Kamani
and Mr. Deepak Kamani respectively.


BOMMIDALA PURNAIAH: Low Net Worth Prompts CRISIL 'P4' Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Bommidala Purnaiah Holdings Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR232.70 Million Packing Credit    P4 (Assigned)
   INR5.00 Million Bank Guarantee      P4 (Assigned)

The ratings also reflect BPHPL's weak financial risk profile,
constrained by low net worth, weak debt protection indicators and
instances of default in the subsidiary company i.e Bommidala
Filaments.  These weaknesses are, however, partially offset by the
benefits that BPHPL derives from the expected increase in demand
for Indian tobacco in the international markets, and on account of
association with the erstwhile Bommidala group.

                     About Bommidala Purnaiah

BPHPL, set up in 1996, is engaged in the trading of tobacco.
BPHPL reported a profit after tax (PAT) of INR2.25 million on net
sales of INR526 million for the year ended March 31, 2009,, as
against a PAT of INR0.72 million on net sales of INR423 million
for the year ended March 31, 2008.


SRI GOPIKRISHNA: CRISIL Puts 'BB+' Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Sri Gopikrishna Infrastructure Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR200.0 Million Cash Credit*        BB+/Stable (Assigned)
   INR160.0 Million Letter of Credit^   P4 (Assigned)
   INR140.0 Million Bank Guarantee@     P4 (Assigned)

   * Includes proposed amount of INR110.0 Million
   ^ Includes proposed amount of INR80.0 Million
   @ Includes proposed amount of INR60.0 Million

The ratings reflect SGIPL's small scale of operations, and
exposure to risks relating to customer concentration in its
revenue profile.  The rating weaknesses are partially offset by
SGIPL's strong order book position, and moderate financial risk
profile marked by above-average debt protection measures.

Outlook: Stable

CRISIL believes that SGIPL will maintain a stable credit risk
profile backed by robust growth in revenues and healthy debt
protection measures.  The outlook may be revised to 'Positive' in
case the company is able to improve its operating margins; or a
significant equity infusion takes place, thereby enhancing the
liquidity of the company.  Conversely, the outlook may be revised
to 'Negative' in case SGIPL's capital structure is adversely
affected by debt-funded capital expenditure.

                      About Sri Gopikrishna

Sri Gopikrishna Infrastructure Pvt. Ltd. started operations as a
partnership firm under the name of Sri Gopikrishna Constructions
in 2005.  During 2007-08 the firm was converted to a private
limited company.  The company is mainly in the power distribution
infrastructure segment through the erection and commissioning of
33/11KV substations, laying of 33 & 11 KV, HT & LT distribution
lines under rural electrification program, under ground power
cabling, upgrading of existing infrastructure, conversion of LT to
HT lines, separation of existing supply/distribution system, etc.,
for agricultural residential purposes. Since inception, SGIPL has
mainly undertaken execution of erection and commissioning of power
sector infrastructure works as sub-contractors to Nagarjuna
Construction Company Ltd. (NCCL). They have started participating
in direct bidding to State Electricity Boards (SEBs) after having
attained eligibility to participate in bidding on their own.  They
are registered as approved bidders and are considered as Class-I
contractors in SEBs of Assam, A.P, Chattisgarh and Karnataka.  The
company also owns two Pre-Stressed Cement Concrete (PSCC) pole
manufacturing facilities, each with an installed capacity of 240
poles/day at Chattisgarh and Assam.  SGIPL reported a profit after
tax (PAT) of INR39 million on net sales of INR807 million for the
year ended March 31, 2009, as against a PAT of INR14.6 million on
net sales of INR245 million in the prior year.


VARDHMAN STAMPINGS: ICRA Rates Fund Based Limits at 'LBB+'
----------------------------------------------------------
ICRA has assigned an LBB+ rating to the Fund Based Limits of
Vardhman Stampings Private Limited aggregating to INR225 million.
The rating indicates inadequate-credit-quality.

ICRA has also assigned an A4+ rating to the INR455 million Non
Fund based limits and INR 75 million fund based limits of VSPL.
The rating indicates risk prone credit quality rating in the short
term.

The fund based limit of INR225 million is a sublimit of the INR455
million non-fund based limit and the combined utilization should
not exceed INR455 million.

The ratings are constrained by the company's modest scale of
operations, low value added nature of business, high proportion of
traded goods in the revenue mix and low profitability margins.

However, the ratings favorably factor in the promoters' long
experience in the transformer lamination business, the company's
established business relationship with major domestic clients,
moderate client concentration and low utilization of sanctioned
fund based limits.

                     About Vardhman Stampings

Incorporated in 1986 by Mr. Vinod Chinubhai Shah and Mr. Deepak
Chinubhai Shah, VSPL is an ISO 9001 certified company involved in
the manufacturing of transformer laminations.  Its client base
consists of more than 50 domestic customers and includes reputed
players such as BHEL, Suzlon Infrastructure and Voltamp
Transformers.  The company has an installed capacity to process
12,000 MT of CRGO steel per annum.

The promoters have three other group companies namely SPI
Containers Pvt. Ltd., Navkar Transcore Pvt. Ltd. and Veer Steel
Processors.  While SPI containers is involved in manufacturing of
transformer radiators, M.S. drums and CRGO wound cores, Navkar
Transcore and Veer Steel Processors are involved in transformer
laminations.  Veer Steel is located in Diu and is a partnership
firm.

The company reported a profit before tax (PBT) of INR25.6 million
on a turnover of INR1,131.2 million in FY09 recording a growth of
-44% and 26% respectively over corresponding figures of the
previous year.  Mark to market losses of INR35.6 million on
account of hedging of imports through forward covers resulted in
lower PBT margin in FY09.


* INDIA: Gov't. Prosecutes More than 100 Listed Firms
-----------------------------------------------------
The Indian government has launched prosecution against more than
100 "vanishing companies" that listed on the country's stock
exchanges in the 1990s and then disappeared after failing to meet
regulatory filing requirements, the Financial Times reports.

The report, citing the ministry of corporate affairs, says that
investigations have resulted in the identification of 121 such
companies.

Some of the listed companies that melted away are:

   * Baron Infotech
   * Imap Technologies
   * Sibar Media & Entertainment
   * Deccan Petroleum; and
   * Swal Computers.

The ministry also said that the Securities and Exchange Board of
India, the stock market regulator, had barred 100 companies and
378 directors from using the capital markets for five years.

According to the FT, lax regulatory standards allowed serious
market abuses in the 1990s, punishing investors who had put money
into initial public offerings.

The latest prosecutions against vanishing companies, the report
says, similarly highlight the need for better corporate
governance, tougher supervision and the roles of independent
directors, banks and auditors.

The ministry, as cited by the report, said it had introduced
procedures to identify directors and check company balance sheets
to monitor the use of funds raised from offerings.  SEBI has also
strengthened disclosure requirements surrounding "promoters",
dominant family shareholders, the report adds.


* INDIA: 75% of QIPs in 2009 Return Negative Values, CRISIL Says
----------------------------------------------------------------
India's most Qualified Institutional Placements made in 2009 have
returned negative value, with 10 out of 13 QIP's trading below
their offer price, a study by CRISIL Equities shows.  As of
July 10, 2009, total return on investments, by all QIPs is
marginally negative despite significant gains registered from the
first QIP of Unitech, which has delivered positive return of
around 75 percent.  However, excluding the first QIP offer of
Unitech, the overall returns of QIP is negative 12 percent.

QIPs provide an easy investment alternative for the institutional
investors.  The QIP route enables an institutional investor to
garner shares of the company at a discount to the market price,
and also helps them save on transaction cost. Further, since there
is no lock in period for the shares allotted through QIP route,
institutional investors' return through this route can be high if
timed appropriately.

Further analysis of the QIPs indicates that around one-fourth of
the QIPs are trading 20 per cent below their offer price.  In
percentage terms, the Bajaj Hindustan QIP declined the highest
with its current market price around 28 per cent below the offer
price.  In absolute terms, Unitech (second tranche of
QIP at INR81) and HDIL have lost maximum value for QIPs, by more
than INR4.5 and 3.5 billion respectively.  On the positive side,
Unitech first QIP of INR16.2 billion in April 2009 at an offer
price of INR38.5 is the largest wealth creator for QIPs with total
gains of INR12.2 billion.


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


CITIBANK JAPAN: Unit to Halt Sales Activities for One Month
-----------------------------------------------------------
Kyodo News reports that Citibank Japan Ltd. will suspend sales
activities at its retail banking division for one month starting
Wednesday in line with an order from the Financial Services Agency
over its slack money-laundering controls.

                       Administrative Action

Citibank Japan received an administrative action from the
Financial Services Agency on June 26, 2009, based on Article 26 of
the Banking Act.  The action relates to the compliance framework
and governance framework of Citibank Japan.

In accordance with this action, Citibank Japan said it will
suspend sales activities (including advertising, sales campaigns
and solicitation) of all products that are handled by its Retail
Banking Division from July 15 to August 14.  This suspension does
not restrict any activities with customers who wish to enter into
a transaction with Citibank Japan.

The FSA cited problems relating to Citibank Japan's insufficient
governance, compliance and internal control framework to fulfill
its filing obligations for suspicious transactions.  Since an
initial incident was first identified and reported voluntarily to
the FSA, Citibank Japan has subsequently been cooperating with the
FSA and has already begun to take actions to address issues
raised.

In response to the administrative action, Citibank Japan will
submit a business improvement plan to enhance its governance and
compliance framework to the FSA by July 31, 2009.  In addition,
Citibank Japan will clarify responsibility for this matter and
take appropriate disciplinary action.  Citibank Japan will
announce the summary of the business improvement plan and
disciplinary action promptly after submission to the FSA.

The improvement plan will cover:

    * Enhancement of the governance and internal control
      framework;

    * enhancement of the compliance environment and re-
      training of all employees on applicable laws and
      regulations;

    * enhancement of the framework to file suspicious
      transaction reports adequately, including the
      management, monitoring and cancellation of such
      transactions, and specifically as related to
      handling of anti-social forces; and

    * enhancement of internal audit review function.

Headquartered in Tokyo, Citibank Japan Ltd., is a wholly owned
subsidiary bank of Citibank N.A.


FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report
------------------------------------------------------------
Brent Snavely at Free Press Business reports that Ford Motor
Company's increasing debt load could pull the Company down, even
if it reaches all of its targets by 2011.

Ford has about US$25.8 billion in automotive debt, much of which
was accumulated to raise cash so that the Company could survive
the economic downturn.

Citing Citibank analyst Itay Michaeli, Free Press states that
Ford's debt level could reach US$36 billion -- about four times
more than Ford's expected earnings -- by 2011.  Free Press notes
that with that high level of debt to earnings, Ford's debt could
strain its finances as payments on it become due.  Ford's high
level of debt compared with competitors is a concern, and "that
creates somewhat of a disadvantage with respect of cost of capital
and financial flexibility," the report states, citing Mood's
Investors Service senior vice president Bruce Clark.

According to Free Press, Ford must find a way to maintain investor
confidence between now and 2011, a period in which it expects to
burn through more cash than it is taking in before making a profit
in that year.

Ford President and Chief Executive Officer Alan Mulally, Free
Press relates, said that the Company hopes to maintain investor
confidence by showing improvement every quarter between now and
2011.  "We gave guidance that our cash burn was US$3.7 billion in
the first quarter, which was substantially less than the fourth
quarter, and we gave guidance that every quarter this year, it
will get lower and lower and lower.  That gives everybody
confidence that we are on a positive track," the report quoted Mr.
Mulally as saying.

Analysts, accoridng Free Press, said that Ford will lose 57 cents
per share for the three months ended June 30, which according to
Free Press equates to a loss of about  US$1.5 billion, excluding
onetime charges.

Ford's positive relationship with the UAW is also a factor in
adding confidence in the Company, Free Press states.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.


                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


GK MLOX3: Moody's Changes Ratings on Various Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through D and TK Notes issued by GK MLOX3.  The final maturity of
the notes will take place in June 2015.

The individual rating actions are listed below.

  -- Class A, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on January 20, 2009

  -- Class B, downgraded to A1 from Aa2; previously, Aa2 placed
     under review for possible downgrade on January 20, 2009

  -- Class C, downgraded to Baa1 from A2; previously, A2 placed
     under review for possible downgrade on January 20, 2009

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

  -- Class TK, downgraded to Aa1 from Aaa; previously, Aaa placed
     under review for possible downgrade on January 20, 2009

GK MLOX3, effected in September 2007, represents the
securitization of 5 non-recourse loans.  None of the non-recourse
loans has been paid in full.

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

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

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

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

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

                         Category 1 Loans

                        0% of the loan pool

Moody's conseiders 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

                       81% of the loan pool

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

                     Special Servicing Loans

                       19% of the loan pool

Moody's received relevant information such as PM reports.
Accordingly, recovery stress ranges from 9% to 18% and is
estimated at 13% for the weighted average (excluding the specially
serviced loans), reflecting these factors.

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

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


HUIS TEN: Nomura Seeks Investors for Resort
-------------------------------------------
Nomura Holdings Inc. may ask local companies to invest in its
ailing Huis Ten Bosch Co. holiday resort on the southern island of
Kyushu, Bloomberg News reports citing two people familiar with the
matter.

Citing Kyodo News, Bloomberg relates that Nomura Principal Finance
Co., the firm's investment unit, have asked Kyushu Electric Power
Co., Kyushu Railway Co. and other companies to invest in Huis Ten
Bosch.

According to the report, Huis Ten spokesman Kotaro Takada said
that attendance at the resort, which opened in 1992, fell to a
record low of 1.87 million people in the 12 months ended
March 31.  Revenue slipped 16 percent to JPY15.4 billion.

                        About Huis Ten Bosh

Headquartered in Nagasaki Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages.  It's located in
Kyushu.  It is a fun place for travelers to experience the
exotic culture and atmosphere of Europe.

The Troubled Company Reporter - Asia Pacific reported on July 5,
2004, that The Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


JAPAN AIRLINES: Retirees Oppose Proposed Pension Reduction
----------------------------------------------------------
About 2,900 retirees out of the roughly 9,000 ex-employees of
Japan Airlines Limited have opposed the airline's proposed pension
reduction, Bloomberg News says citing a Web site run by the
carrier's pensioners.

Bloomberg News relates that the carrier in May sought permission
from former cabin attendants to cut their pension benefits by more
than 50 percent.

The Tokyo-based airline has already factored in a one-time gain of
JPY88 billion from reducing the pensions into its annual forecast
and failure to cut the payouts may more than double its loss this
year, according to Bloomberg News.

Bloomberg News quoted Yasuhiro Matsumoto, an analyst at Shinsei
Securities Co. in Tokyo, as saying that without the gain from a
revision of the pension fund JAL will have a loss of more than
JPY150 billion.

JAL spokeswoman Sze Hunn Yap said the airline is focused on
getting the necessary two-thirds support.  She declined to comment
on the impact of a failure to gain approval for the pension cuts
on the company's earnings, the report says.  According to the
report, the objections of 3,000 pensioners would be enough to
scuttle the plan.

Bloomberg News says that according to JAL's financial results, the
carrier had JPY95 billion in accrued pension and severance cost
liabilities outstanding at the end of March.

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

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

                      About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN COMMERCIAL: Moody's Changes Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through E Notes and Class X Distribution issued by Japan
Commercial Real Estate Funding CMBS 2007-1 GK.  The final maturity
of the Notes will take place in December 2015.

The individual rating actions are listed below.

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

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

  -- Class C, Downgraded to Baa1 from A2; previously, A2 Placed
     Under Review for Possible Downgrade on April 14, 2009

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

  -- Class E, Downgraded to B3 from Baa3; previously, Baa3 Placed
     Under Review for Possible Downgrade on April 14, 2009

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

Japan Commercial Real Estate Funding CMBS 2007-1, effected in
November 2007, represents the securitization of five non-recourse
loans and four specified bonds.

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

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

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

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

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

                         Category 1 Loans

                       0% of the loan pool

Moody's conseiders 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

                       63% of the loan pool

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

                        Category 3 Loans

                      37% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Moody's also interviewed the asset manager regarding its
refinancing and disposition plan policies, as well as its leasing.
Accordingly, Moody's estimated recovery stress in the range of 15%
to 30% and 20% for the weighted average, in light of these
factors.

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

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

3. 63% of the loan portfolio will mature in 2010.  Loans that will
   need to be refinanced in a stressed market account for a higher
   percentage of the loan pool.


METALDYNE CORP: U.S. Court OKs Aug. 3 Auction for Chassis Business
------------------------------------------------------------------
According to Bill Rochelle at Bloomberg News, the U.S. Bankruptcy
Court for the Southern District of New York has approved an
auction process for Metaldyne Corp.'s chassis business even though
the autoparts supplier has not reached an agreement with a buyer.
Having a party signed to a contract to be the stalking horse
bidder would allow Metaldyne to sell its assets to that bidder,
absent any bids, or higher or better bids, at an auction.  If
another party emerges as the winning bidder, the stalking horse
bidder would receive a break-up fee.

Metaldyne said that 16 potential buyers signed a confidentiality
agreement; three interested buyers for the business merged; and a
non-binding letter of intent was reached with Washington-based
Carlyle Group.  The Debtor, however, was unable to reach to terms
of a purchase agreement with Carlyle.

Under the Court-approved procedures, bids are due by July 31, and
an auction will be held August 3.  The Court will consider the
results of the auction on August 4.  Metaldyne has the right to
designate a potential buyer as stalking horse that would qualify
for a breakup fee, according to Bloomberg's Bill Rochelle.

Metaldyne is already scheduled to conduct an auction on July 24
for its power-train business.  Brussels-based RHJ International
already signed a contract to pay US$100 million, including
US$25 million in cash, a US$50 million note, the rollover of a
US$20 million note owed by a German subsidiary and debt
assumption.  Competing bids are due July 23.  The sale approval
hearing is on July 27.

                  About Metaldyne Corporation

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

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

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

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


ORIX-NRL TRUST: Moody's Changes Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through E Trust Certificates issued by ORIX-NRL Trust 18.  The
final maturity of the trust certificates will take place in
September 2014.

The individual rating actions are:

  -- Class B, downgraded to Aa3 from Aa2; previously, Aa2 placed
     under review for possible downgrade on April 14, 2009

  -- Class C, downgraded to Baa1 from A2; previously, A2 placed
     under review for possible downgrade on April 14, 2009

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

  -- Class E, downgraded to Ba2 from Baa3; previously, Baa3 placed
     under review for possible downgrade on April 14, 2009

ORIX-NRL Trust 18, effected in March 2008, represents the
securitization of two non-recourse loans and two specified bonds,
and remains secured by the same.

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

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

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

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

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

                         Category 1 Loans

                        0% of the loan pool

Moody's conseiders 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

                       57% of the loan pool

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

                         Category 3 Loans

                       43% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 13% to 16% and 15% for the weighted average, in light of
these factors.

1) Cash flows from facility operations for one of the properties
   are less than originally assumed, and given stressed
   environment for the commercial real estate market, volatility
   in future cash flow levels is likely to make the property less
   attractive to potential buyers.

2) 57% of the loan portfolio will mature in 2010, and will need to
   be refinanced in a stressed market.


SYMPHONY JAPAN: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class B
through D Trust Certificates issued by Symphony Japan Trust.  The
final maturity of the trust certificates will take place in
February 2013.

The individual rating actions are:

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

  -- Class C-1, confirmed at A2; previously, A2 placed under
     review for possible downgrade on April 14, 2009

  -- Class C-2, confirmed at A2; previously, A2 placed under
     review for possible downgrade on April 14, 2009

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

Symphony Japan Trust, effected in March 2006, represents the
securitization of non-recourse mezzanine loans to 16 borrowers.
The transaction is currently secured by non-recourse mezzanine
loans to six borrowers.

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

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

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

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

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

                         Category 1 Loans

                        0% of the loan pool

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

                         Category 2 Loans

                      39% of the loan pool

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

                        Category 3 Loans

                      61% of the loan pool

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

                     Special Servicing Loans

                       0% of the loan pool

Moody's received relevant information such as PM reports and rent
rolls.  Accordingly, Moody's estimated recovery stress in the
range of 13% to 23% and 17% for the weighted average, in light of
this factor:

  -- 39% of the loan portfolio will mature in 2009 and in 2010,
     and will need to be refinanced in a stressed market.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


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


GENERAL MOTORS: In Talks for GM Daewoo Financing
------------------------------------------------
General Motors Company is in "constructive" negotiations with the
Korea Development Bank on providing new financing for GM Daewoo,
as confirmed by GM Chief Financial Officer Ray Young over Reuters
Television.

GM develops and produces fuel-efficient small cars through the
Daewoo brand, which accounts for about a quarter of GM's total
auto production.  KDB assisted GM's takeover of Daewoo Motor,
which ran bankrupt in 2002.  The Bank still holds a 22% stake in
the Daewoo, "making it the second-largest shareholder behind GM,"
according to the report.

South Korean officials have said that they are waiting see
resolution of New GM's restructuring before completing talks on
new financing support for GM Daewoo, Reuters noted.

Mr. Young told Reuters that GM Daewoo is "a critical element of
the new General Motors," offering strategic importance to the
Company.

                      About General Motors

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

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

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

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

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


MAGNACHIP SEMICONDUCTOR: U.S. Court Establishes July 29 Bar Date
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
established July 29, 2009, at 4:00 p.m. as the general bar date
for the filing of proofs of claim in MagnaChip Semiconductor
Finance Company, et. al.'s bankruptcy cases, and December 9, 2009,
at 4:00 p.m. with respect to all governmental units.

Proofs of claim must be filed, together with supporting
documentation, so as to be received on or before the applicable
bar dates, at:

     MagnaChip Semiconductor
     c/o Omni Management Group, LLC
     16161 Ventura Boulevard, Suite C
     PMB 448
     Encino, CA 91436.

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

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

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


MAGNACHIP SEMICONDUCTOR: U.S. Court to Hear Plan Outline July 30
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has set a
hearing for 3:00 p.m. on July 30, 2009, to consider approval of
the disclosure statement with respect to MagnaChip Semiconductor
Finance Company, et. al.'s Joint Chapter 11 Plan.

Objections or other responses to the approval of the disclosure
statement, if any, must be filed with the Court no later than
4:00 p.m. on July 24, 2009.

As reported in the Troubled Company Reporter on July 7, 2009,
MagnaChip Semiconductor B.V. and its affiliates filed a
liquidating Chapter 11 plan that provides most of the proceeds
from its assets sale to first-lien lenders owed US$95 million.
According to the disclosure statement explaining the Plan, which
was filed with the Court on June 29, second-lien noteholders owed
US$500 million will receive US$1 million.  The first-lien lenders
will recover 70.6% while second lien noteholders would recover
0.2%.  Subordinated debt holders with US$250 million in claims
will receive nothing because the money they otherwise would see
from the
US$1 million will be directed to the second-lien creditors.

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

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

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

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


MAGNACHIP SEMICONDUCTOR: May Access Cash Collateral Until Sept 30
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has granted
MagnaChip Semiconductor Finance Company, et. al., authorization to
access, on a final basis, the First Lien Lenders and the Seond
Lien Noteholders' cash collateral until September 30, 2009, in
accordance with a budget.

MagnaChip owes US$95 million to the first lien lenders and
US$500 million to the second lien noteholders.

As adequate protection for the Debtors' use of cash collateral,
the First Lien Lenders, in addition to their continuing first
priority liens in all prepetition collateral, are granted first
priority liens in all of the replacement collateral.  This
replacement collateral consists of all the Debtors' real and
personal property and proceeds thereof, whether now owned or
subsequently acquired, including prepetition collateral, but
excluding any proceeds of avoidance actions recovered or avoided
under Chapter 5 of the Bankruptcy Code.

As further adequate protection, the First Lien Lenders are also
granted a super-priority administrative expense claim under
Sections 503(b), 507(a)(1) and 507(b) of the Bankruptcy Code to
the extent of any diminution in the value of their interest in the
prepetition collateral, including cash collateral.

Second Lien Noteholders, in addition to their continuing second
priority liens in all prepetition collateral, are granted second
priority liens in all of the replacement collateral, as well as a
super-priority administrative claim under Sections 503(b), 507(a)
(1) and 507(b) to the extent that the decline in value of their
interest in the prepetition collateral exceeds the value of their
junior liens in the replacement collateral.  This junior claim,
however will not extend to any proceeds of avoidance actions.

The Debtors' authorization to use cash collateral will terminate
immediately on September 30, 2009, unless earlier terminated due
to the occurrence of a termination event, including, inter alia,
the consummation of any sale or other disposition of all, or
substantially all, of the assets of the Debtors, entry of an order
converting any of the cases to Chapter 7, or the dismissal of any
of the Debtors' cases.

A full-text copy of the supplemental budget modifying the intial
approved budget is available at:

    http://bankrupt.com/misc/magnachip.supplementalbudget.pdf

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

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

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


MAGNACHIP SEMICONDUCTOR: Section 341(a) Meeting Set for July 29
---------------------------------------------------------------The
first meeting of creditors in MagnaChip Semiconductor S.A. and its
debtor-affiliates' bankruptcy cases will be held on July 29, 2009,
at 4:00 p.m., J. Caleb Boggs Federal Courthouse, 844 King Street,
2nd Floor, Room 2112, Wilmington, Delaware 19801.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of the
Debtors under oath about the Debtors' financial affairs and
operations that would be of interest to the general body of
creditors.

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

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

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


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


OCEANIC BANK: Fitch Affirms Issuer Default Rating at 'B'
--------------------------------------------------------
Fitch Ratings has affirmed Nigeria-based Oceanic Bank
International Plc's Long-term Issuer Default rating 'B' with
Stable Outlook.  The Individual rating has been downgraded to
'D/E' from 'D'.  Oceanic's other ratings are affirmed at Short-
term foreign currency IDR 'B', Support '4', National Long-term
'BBB+(nga)' and National Short-term 'F2(nga)'.  The Support Rating
Floor 'B' has also been affirmed.

Oceanic's IDRs, Support rating, Support Rating Floor and National
ratings are based solely on the limited probability of support
that it would receive from the Central Bank of Nigeria if
required.  This support could be constrained given Nigeria's 'BB-'
sovereign rating.

The downgrade of the Individual Rating reflects Fitch's concerns
about Oceanic's risk management and the perception that this may
have not kept pace with the bank's strong loan book growth over
the last four years and the quality of risks taken on during this
period.  At H109, Oceanic's exposure to margin lending of
NGN20.6bn and balances due from stockbrokers' settlement accounts
of NGN62bn represented more than 35% of capital.  At the same
time, the domestic operating environment has recently become
increasingly challenging, characterized by tightening liquidity
and deteriorating asset quality which combined with the share
lending exposures is expected to negatively impact the bank's
financial position and performance.

Oceanic is one of the larger banks in Nigeria by total assets and
is one of the country's 11 clearing banks.  Oceanic provides
universal banking services to its corporate, commercial and
individual customers from its headquarters in Abuja, corporate
office in Lagos and other branches and ATMs across the country.
At December 2008, Oceanic had 435 branches across Nigeria (FYE07:
320).


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


OLIVADO HOLDINGS: In Receivership; Fails to Secure Funding
----------------------------------------------------------
Anthony John McCullagh, Chartered Accountant, and Stephen Marc
Lawrence, Insolvency Practitioner, of PKF Corporate Recovery &
Insolvency (Auckland) Limited have been appointed receivers of
Olivado Holdings Limited.

Olivado Holdings'operating companies -- Olivado New Zealand
Limited, Olivado Kenya (EPZ) Limited and Olivado USA Inc -- will
continue trading and are not in receivership.

The receivership is a result of a breakdown in the relations
between its primary lender, Hopetoun Holdings GmbH of Switzerland,
and the company shareholders.  Hopetoun granted a request by
shareholders and directors for a three month period in which to
seek alternative company funding.  The shareholders were
unsuccessful in securing new finance.

Hopetoun Holdings is managed by Gary Hannam, who is also Olivado
New Zealand Limited's CEO.  Mr. Hannam will continue his work as
CEO and under new streamlined ownership and strategic direction,
he remains committed to ensuring the growth of Olivado in
New Zealand, and globally.

The international growth of the Olivado trading companies is
progressing in spite of the economic downturn, with turnover in
2008 reaching a high point as a result of vigorous marketing and
increased distribution of its cold pressed avocado oil.  Olivado's
New Zealand sales have increased by 30 percent in the first
quarter of 2009, and up 40 percent in annual global sales at
March 31, 2009.

Based in Kerikeri, New Zealand, Olivado Holdings Limited --
http://www.olivado.com/-- makes and distributes cold-pressed
extra virgin avocado oil.  The company has two production bases,
one at Kerikeri, New Zealand and the other in Nairobi, Kenya.


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


* Fitch Assigns 'BB' Rating on the Philippine's US$750 Mil. Bond
----------------------------------------------------------------
Fitch Ratings has assigned the Republic of the Philippines' US$750
million bond maturing in 2020 a rating of 'BB'.  The rating is in
line with the Philippines' Long-term foreign currency Issuer
Default Rating of 'BB', which has a Stable Outlook.

The sovereign ratings of the Philippines are supported by a modest
gross external financing requirement (current account balance plus
external debt amortization payments), and a good track record of
fiscal consolidation beginning in 2003, although the current
global recession is eroding both of these credit strengths.  Fitch
forecasts the Philippine economy will grow by only 0.1% in 2009,
marking the weakest annual economic performance since 1998.

The agency forecasts an increase in the merchandise trade deficit
to nearly 8% of GDP in 2009, up from 7.5% in 2008, and remittances
are projected to decline by 4%, resulting in a current account
surplus of 1.6% of GDP, versus 2.5% last year.  Fitch expects the
effects of both the Philippine economic slowdown and the
government's sizeable counter-cyclical fiscal policy response to
result in a 2009 national government deficit of PHP271 billion
(excluding PHP5 billion in privatization receipts), equivalent to
3.5% of GDP.  This would be the largest deficit (as a share of
GDP) since 2004.

Of greater concern from a sovereign credit perspective is the
continued weak revenue performance of the Philippine government,
implying an underlying structural fiscal weakness which needs to
be addressed in addition to the cyclical deterioration and in
spite of the improvement in the overall fiscal balance in recent
years.


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


BNP PARIBAS: Creditors' Proofs of Debt Due on August 11
-------------------------------------------------------
The creditors of BNP Paribas Futures Singapore 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


EXECUTIVE BUSINESS: Creditors' Proofs of Debt Due on August 10
--------------------------------------------------------------
The creditors of Executive Business Solutions Pte Ltd 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:

         Teh Kwang Hwee
         c/o 7 Maxwell Road
         MND Complex Annexe B #05-07
         Singapore 069111


JONG WAH: Contributories' and Creditors' Meeting Set for July 24
----------------------------------------------------------------
The contributories and creditors of Jong Wah Radio & T.V. Pte Ltd
will hold their meeting on July 24, 2009, at 2:00 p.m. and
3:00 p.m., respectively, to consider and if thought fit to appoint
a committee of inspection and to consider other business.

The company's liquidators are:

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


PARDISAN CARPETS: Court to Hear Wind-Up Petition on July 24
-----------------------------------------------------------
A petition to have Pardisan Carpets (Pte) Ltd's operations wound
up will be heard before the High Court of Singapore on July 24,
2009, at 10:00 a.m.

Ebrahim Bagheri Aghdam filed the petition against the company on
July 1, 2009.

The Petitioner's solicitors are:

          Messrs. Tan Rajah & Cheah
          80 Raffles Place
          #58-01 UOB Plaza 1
          Singapore 048624


PERIMEX INDUSTRIES: Court to Hear Wind-Up Petition on July 24
-------------------------------------------------------------
A petition to have Perimex Industries Pte Ltd's operations wound
up will be heard before the High Court of Singapore on July 24,
2009, at 10:00 a.m.

Ebrahim Bagheri Aghdam filed the petition against the company on
July 1, 2009.

The Petitioner's solicitors are:

          Messrs. Tan Rajah & Cheah
          80 Raffles Place
          #58-01 UOB Plaza 1
          Singapore 048624


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


ASUSTEK COMPUTER: ITC Denies IBM Bid to Ban Asustek's Imports
-------------------------------------------------------------
Susan Decker at Bloomberg News reports that International Business
Machines Corp. lost its bid to ban U.S. imports of computer
motherboards and graphics cards made by Asustek Computer Inc.

Bloomberg relates that the U.S. International Trade Commission in
Washington said it wouldn't review a March finding that Asustek
didn't infringe three IBM patents.

According to the report, IBM claimed that Asustek is using its
patented technology for improved power supplies to computers, a
cooling system and a way of clustering computers together so they
operate as a single unit.  In addition to the motherboards and
graphics cards, IBM was seeking to bar the imports of computers
that contain the Asustek products, Bloomberg relates.

In March, Bloomberg recalls, ITC Judge Theodore Essex found there
was no violation of IBM's patent rights, and IBM asked the six-
member commission to review his findings.

Based in Taipei, Taiwan, ASUSTeK Computer Inc. --
http://www.asus.com.tw-- is principally engaged in the provision
of computers, communications and consumer electronics (3C)
solutions.  The Company offers desktop motherboards, server
motherboards, three-dimension graphics display cards, audio cards,
laptops, servers, smart personal digital assistant (PDA) mobile
phones, liquid crystal displays (LCDs), LCD televisions, broadband
communication products, compact disc read-only memory (CD ROM)
drives, digital versatile disc (DVD) drives, disc carving machines
and Eee personal computers (PCs), among others.  The Company
distributes its products in domestic market and to overseas
markets, including the United States, Canada, Asia Pacific, Europe
and Africa.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 11, 2009, Fitch Ratings downgraded ASUSTeK Computer Inc.'s
long-term foreign currency issuer default ratings to 'BB+' from
'BBB-' (BBB minus); placed on Rating Watch Negative.


===============
T H A I L A N D
===============


BANK OF AYUDHYA: To Acquire GE Money Thailand for THB13.75 Billion
------------------------------------------------------------------
Bank of Ayudhya PCL and GE Capital have reached an in-principle
agreement on the sale of GE Money's businesses in Thailand to BAY.
The preliminary agreement follows approval of indicative terms of
the prospective acquisition at BAY's Extra-ordinary Board of
Directors meeting (No 5/2009) held on July 9.  The proposed
transaction is subject to various regulatory, corporate and
shareholder approvals, as well as the completion of a definitive
agreement.  If closed, the transaction would represent an
investment of approximately THB13.75 billion (or approximately
US$391 million) subject to closing adjustment.

Mr.Veraphan Teepsuwan, BAY's Chairman said, "The prospective
purchase of GE Money, one of the largest consumer finance
businesses in Thailand, is an innovative move forward.  It will
leverage the BAY-GE synergies and at the same time, enhance BAY's
competitiveness and economies of scale.  This will be another key
milestone indicating the strength of our partnership and further
reflects GE Capital's commitment in BAY."

Mr. Dmitri Stockton, President and CEO of GE Capital Global
Banking said, "We have enjoyed a strong and productive
relationship with our colleagues at BAY, and this transaction
meets our corporate objectives of building scale and leveraging
the strength of our partnerships in key emerging markets.
Bringing these two successful organizations together will allow us
to maximize value for our shareholders and strengthen our ability
to serve customers"

GE Money Thailand is the country's largest card issuer, with over
2.2 million cards in circulation through its Central and Robinson
credit cards and joint ventures with Tesco and Bank of Ayudhya
("Krungsri Credit Card").  GE Capital also has a strategic
investment in BAY and holds a 33 percent stake in the bank. The
move would further enhance GE Capital's participation in the bank
and enable BAY to build on its strong platform and execute its
growth plans.

BAY and GE Money Thailand will continue to operate "business as
usual" and further details will be announced upon the conclusion
of these discussions.

                       About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  It is Thailand's fifth largest
bank by assets and deposits.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.

During the year ended December 31, 2007, Bank of Ayudhya operated
660 branches throughout the country and three branch offices in
Hong Kong, Viangchan and Cayman Islands.  It has 10 subsidiaries.
On February 14, 2008, the Company announced that it has completed
the acquisition of GE Capital Auto Lease Public Company Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2008, Moody's Investors Service upgraded the Bank of
Ayudhya Public Co. Ltd.'s bank financial strength rating to D
from D-.  At the same time, the bank's deposit and debt ratings
have been upgraded to Baa2/Prime-2 from Baa3/Prime-3.  The
outlook for all ratings is stable.  This rating action concludes
Moody's review of BAY's BFSR for possible upgrade as announced
Dec. 11, 2007.


MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact
---------------------------------------------------------------
Heartland Sweeteners LLC asks the U.S. Bankruptcy for the District
of Delaware to lift the automatic stay to allow it to serve
notices of potential violations by Merisant U.S., Inc., of their
tolling agreement.

Like Merisant, Heartland is engaged in the business of
manufacturing and distributing artificial sweeteners.  However,
Heartland's products include sucralose as the key ingredient.  The
Heartland sweeteners are marketed and sold using either private
label packaging or packaging that bears the Nevella(R) trademark
owned by Heartland.

Pursuant to a toll agreement scheduled to expire Dec. 31, 2009,
Merisant has agreed to provide certain manufacturing services for
Heartland in the production of some Heartland products.  Under a
distribution agreement, the parties agreed to a  joint marketing
and distribution of the Heartland and Merisant sweeteners.

According to Heartland, both agreements provide for non compete
covenants, under which Merisant may not solicit or sell tabletop
sweetener products containing sucralose in the United States.
Heartland is concerned that Merisant is actively attempting to and
is selling tabletop sweeteners containing sucralose in the United
States. Heartland is further concerned that Merisant's strategy
and plan to exit bankruptcy relies upon selling tabletop sucralose
products in violation of its agreements with Heartland.

Merisant is also obligated to keep certain information from and
about Heartland confidential. Heartland has received reports that
Merisant representatives have disclosed information about
Heartland which Heartland believes is covered by the
confidentiality agreements in place.

According to  Raymond H. Lemisch, Esq., at Benesch, Friedlander,
Coplan & Aronoff, LLP, "cause" exists for lifting the automatic
stay because Heartland merely seeks authority to deliver notices
consistent with the terms of the Toll Agreement and Distribution
Agreement, and it is well settled that a bankruptcy filing does
not enlarge the debtor's contract rights.

                        Merisant's Response

Merisant says that the Distribution Agreement was rescinded on
July 29, 2008, and thus there exists no agremeent pursuant to
which Heartland could properly sent notice.  Merisant also says
that the Toll Agreement was properly terminated on April 29, 2009.

Merisant has commenced an adversary proceeding with the Bankruptcy
Court, seeking a judgment that it has not violated any of the
agreements with Heartland.  Merisant says that Heartland's lift
stay request should be denied since the adversary proceeding will
determine all the issues raised by Heartland.

In the adversary proceeding, Merisant contends that  after
Heartland failed to perform its obligations under the Distribution
Agreement for nearly ayear and then expressly repudiated the
agreement in July 2008, Merisant exercised its legal right to
rescind the Distribution Agreement. Merisant's rescission
extinguished that agreement, and it was excused form performing
under the contract, says Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP.

                     About Merisant Worldwide

Headquartered in Chicago, Illinois, Merisant Worldwide Inc. --
http://www.merisant.com/-- sells low-calorie tabletop sweetener.
The Debtor's brands are Equal(R) and Canderel(R).  The Debtor has
principal regional offices in Mexico City, Mexico; Neuchatel,
Switzerland; Paris, France; and Singapore.  In addition, the
Debtor owns and operates manufacturing facilities in Manteno,
Illinois, and Zarate, Argentina, and own processing lines that are
operated exclusively for the Debtor at plants located in Bergisch
and Stendal, Germany and Bangkrason, Thailand.

As of March 28, 2008, the Debtor has 20 active direct and indirect
subsidiaries, including five subsidiaries in the United States,
six subsidiaries in Europe, five subsidiaries in Mexico, Central
America and South America, and three subsidiaries in the Asia
Pacific region, including Australia and India.  Furthermore, the
Debtor's Swiss subsidiary holds a 50% interest in a joint
venture in the Philippines.  Merisant Worldwide holds 100%
interest in Merisant Company.

Merisant Worldwide and five of its units filed for Chapter 11
protection on January 9, 2009 (Bankr. D. Del. Lead Case No.
09-10059).  Sidley Austin LLP represents the Debtors in their
restructuring efforts.  Young, Conaway, Stargatt & Taylor LLP
represents the Debtors' as co-counsel.  Blackstone Advisory
Services LLP is the Debtors' financial advisor.  Epiq Bankruptcy
Solutions, LLC, is the Debtors' Claims and Noticing Agent.
Winston & Strawn LLP represents the official committee of
unsecured creditors as counsel.  Ashby & Geddes, P.A., is the
Committee's Delaware counsel.  The Debtors had US$331,077,041 in
total assets and US$560,742,486 in total debts as of November 30,
2008.


* THAILAND: Chinese Investors Eye at Least 15 Troubled Hotels
-------------------------------------------------------------
Owners of at least 15 four- or five-star hotels in Thailand are
looking to sell their business to Chinese investors after being
hard hit by the global economic crisis and the A(H1N1) flu
pandemic, the Bangkok Post reports citing Industry Minister
Charnchai Chairungruang.

"Chinese investors are preparing to buy 15 to 16 four- or five-
star hotels in Thailand for 1,200-1,500 million baht (US$35-44
million) each, when the economic crisis and A/H1N1 flu have caused
a sharp drop in the hotels' revenue," the report quoted
Mr. Charnchai as saying.  "The owners of those hotels face cash
flow problems.  Many of them are not able to repay their due
debts."

Mr. Charnchai said that most of the tourist hotels in financial
trouble were in Pattaya, Bangkok and Khon Kaen, the Post relates.


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


AMERICAN AXLE: Mulling Restructuring Options in U.S.
----------------------------------------------------
American Axle & Manufacturing Holdings, Inc., is working with law
firm Shearman & Sterling as it considers restructuring options
including filing for bankruptcy, Jui Chakravorty Das and Soyoung
Kim at Reuters reported, citing people familiar with the matter.

According to Reuters, American Axle said that its long-term
relationship with Shearman & Sterling, which has included work on
securities law and litigation, was broadened to include advice on
restructuring.  The report quoted American Axle spokesperson Chris
Son as saying, "Shearman & Sterling is our outside legal counsel
and one of the advisers and consultants advising on a
comprehensive restructuring of our company."

As reported by the Troubled Company Reporter on July 10, 2009,
J.P. Morgan said that American Axle might be the next auto
supplier to file for bankruptcy protection.  J.P. Morgan sees
these possibilities for American Axle:

     -- covenant extensions,
     -- aid from General Motors Corp., and
     -- CEO Dick Dauch fighting to avoid Chapter 11.

Reuters also reported that two sources said that American Axle has
also reached out to GM for assistance.

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

                          *     *     *

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

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

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

American Axle had assets of US$2.073 billion against debts of
US$2.525 billion as of March 31, 2009.


CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
------------------------------------------------------------
Standard & Poor's Ratings Services stated July 14 that 1,881 rated
synthetic collateralized debt obligation transactions have
exposure to CIT Group Inc.  S&P prepared a table that outlines, by
region, the number of synthetic transactions and tranches with
exposure to CIT.  S&P downgraded CIT to CCC+/Watch Neg/C on
July 13, 2009.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                Synthetic CDO Exposure to CIT

                                             Asia-Pacific
                            U.S.    Europe  (excl. Japan)   Japan
                            ---     -----   ------------    -----
  No. of transactions       701     977      99             104
  No. of tranches           1,003   1,182    129            156

CIT Group reported US$75.7 billion in assets and US$68.2 billion
in liabilities, including US$3 billion in deposits, at the end of
the first quarter of 2009.

                          About CIT Group

CIT Group Inc. is a bank holding company, which provides
commercial financing and leasing products, and management advisory
services to clients in a variety of industries.  CIT bank is its
primary bank subsidiary.  It serves clients in a variety of
industries, including transportation, aerospace and rail,
manufacturing, wholesaling, retailing, healthcare, communications,
media and entertainment, and various service-related industries.
The Company's products include asset-based loans, secured lines of
credit, leases (operating, finance and leveraged), vendor finance
programs, import and export financing, debtor-in-possession/
turnaround financing, acquisition and expansion financing, letters
of credit/trade acceptances structuring and small business loans.

CIT's Asian offices are located in China (including Shanghai,
Beijing, Guangzhou and Hong Kong), Malaysia, Singapore,
South Korea and Taiwan.

                           *     *     *

As reported by the TCR on July 13, 2009, CIT Group Inc. has hired
bankruptcy specialist Skadden, Arps, Slate, Meagher & Flom, LLP,
as an adviser.  According to Bloomberg News and The Wall Street
Journal, CIT Group hired Skadden after it was unable to persuade
the Federal Deposit Insurance Corp. to guarantee its debt sales.
The Journal said the engagement comes as CIT prepares for a
possible bankruptcy filing.

CIT Group reported US$75.7 billion in assets and US$68.2 billion
in liabilities, including US$3 billion in deposits, at the end of
the first quarter of 2009.


LEAR CORP: U.S. Parent to Continue Loans to Foreign Units
---------------------------------------------------------
Lear Corp. and its non-debtor foreign affiliates engage in
certain usual and customary business practices in the ordinary
course of their businesses that govern the various intercompany
relationships among them, including, among other practices:

  * participating in certain intercompany trading relationships,
    like certain Non-Debtor Foreign Affiliates' manufacturing
    component parts for assembly by certain Debtors;

  * utilizing certain Debtors' intellectual property and
    corporate resources; and

  * making capital or equity contributions, dividend
    distributions and intercompany loans.

Intercompany Loans are made by and among both the Debtors and
Non-Debtor Foreign Affiliates in the ordinary course of business
to fund operations and to fund capital expenditures.  The Debtors
and Non-Debtor Foreign Affiliates are also in the process of
undertaking certain closures and transfers as part of their
ongoing operational restructuring program, which require
additional funding.

While the Debtors expect that other Non-Debtor Foreign Affiliates
will attempt to assist in providing required short-term financing
to the Non-Debtor Foreign Affiliates who require assistance,
those amounts may not be sufficient to meet all needs, and the
Debtors must be able to provide short-term financing themselves.

Furthermore, under applicable foreign law governing their
jurisdictions, some of the Non-Debtor Foreign Affiliates could be
restricted from providing that financing.

The Debtors forecast that the peak funding requirements of
certain Non-Debtor Foreign Affiliates in 2009 will include, among
others:

  (a) approximately US$126 million for Lear Corporation GmbH, a
      German subsidiary;

  (b) approximately US$16 million for Lear Corporation Holdings
      Spain S.L., a Spanish subsidiary; and

  (c) approximately US$33 million for Lear Corporation (Shanghai)
      Limited, a Chinese subsidiary.

In addition to the Intercompany Loans, the Debtors relate that
they owe net prepetition payables to the Non-Debtor Foreign
Affiliates of approximately US$19.2 million.  The Prepetition
Payables are the result of intercompany transactions made in the
ordinary course of business between the Debtors and the Non-
Debtor Foreign Affiliates, including, among others, minimal
receipts from customers accepted by the Debtors on behalf of Non-
Debtor Foreign Affiliates and payments for services rendered or
products supplied by the Non-Debtor Foreign Affiliates to the
Debtors.  The Debtors relate that payment of the Prepetition
Payables will preserve the Non-Debtor Foreign Affiliates' EBITDAR
and the equity interests of the Debtors in the Non-Debtor Foreign
Affiliates.

According to Marc Kieselstein, Esq., at Kirkland & Ellis LLP, in
New York, without the ability to timely continue the Debtors'
current intercompany practices or pay the Prepetition Payables,
the Debtors may be forced to shut down certain Non-Debtor
Foreign Affiliates because those Non-Debtor Foreign Affiliates
may be unable to procure goods and services from their vendors.
Those foreign vendors may also commence involuntary insolvency
proceedings against the Non-Debtor Foreign Affiliates upon
default of payment obligations, Mr. Kieselstein adds.  The
shutdown of any of the Non-Debtor Foreign Affiliates could
profoundly impact the Debtors' relationships with various
significant customers and impede their reorganization efforts,
Mr. Kieselstein asserts.

Additionally, the inability to provide short-term financing may
cause a number of services currently provided to the Debtors at
reasonable or nominal costs to be disrupted.  Finally, should one
Non-Debtor Foreign Affiliate, due to the commencement of an
insolvency filing or in an attempt to prevent that insolvency
filing, seek the payment of intercompany receivables from a Non-
Debtor Foreign Affiliate in another jurisdiction, that action
could trigger a domino effect throughout the Non-Debtor Foreign
Affiliates.

Accordingly, the Debtors sought and obtained the Court's
authority to continue their Intercompany Practices, on an interim
basis.

A final hearing on the request will be held on July 30, 2009.
Objection deadline is on July 23.

                         About Lear Corp.

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

Lear Corporation and its affiliates filed for Chapter 11 on
July 7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part
of the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tappes as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restrcturing advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of US$1,270,800,000 against
debts of US$4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp. (http://bankrupt.com/newsstand/or 215/945-7000)


* Int'l Airplane Industry Deflating, Fairtheworld Says
------------------------------------------------------
Just as the bankruptcy of U.S. auto giants set off a chain of
reactions, in the civil aviation manufacturing area, the shrinking
orders of Boeing and Airbus will probably pose a risk to the whole
supply chain.

Fairtheworld.com points out that the financial crisis has cut
international transactions and tourism activities sharply, worse
still, there's the impact of H1N1 flu pandemic and recent air
crash incidents.  Combined, these factors have dragged down the
number of travelers and the business of airline companies.  Also,
the continued hike of aviation oil products is stressing the
operational cost of airline companies.  Sharp business shrinkage
and rising cost have jointly deal a blow to airline companies,
most of which are now losing money.  This has forced them to
reduce, delay or cancel plane purchasing plans, throwing the evil
to airplane manufactures.

The International Air Transport Association said early in June
that, the passenger traffic of international airlines this year
will be down 8% and the freight volume down 17%.  About a
US$9 billion loss is forecasted for the international airline
transportation industry in the year.  In addition, figures show
that Boeing and Airbus got a lean order amount in the first half
of the year.  Bar those cancelled orders, the newly-acquired order
was 66 units for Airbus and, pitifully, 1 unit for Boeing.

Fairtheworld.com predicts that the global aero manufacturing
industry will be affected; the aero parts makers will produce less
as customers order less.  It bodes ill for the aero parts
manufacturing industry.  Meanwhile the Chinese are lavishing their
strong interest and hiked enthusiasm on big planes.  It is
estimated that at least 50% of the planned airplanes by Chinese
manufactures will need global sourcing.  China is yet to develop
capacities to produce large plane engines and avionic devices.
This presents good opportunity to the global aero manufacturing
industry.  Making early entry into the Chinese market and seizing
cooperative opportunities will help buffer the impact of financial
crisis on these enterprises and will provide a gateway into the
supply chain of a country which is set to become the third largest
airplane manufacturer.

China's Big Plane Plan and its huge helicopter shortfall offer
wide market space for global aircraft manufacturers.  The "Fair N
Fair" 3D Virtual Expo platform, developed by Fairtheworld.com, is
providing a connecting platform for these manufactures, linking
airplane manufactures, aero parts makers, airline companies and
other airplane purchasers together.  Fairtheworld, with its brand-
new concept of "e-commerce matrix" and its strength to integrate
industrial chains, will invite global aero manufacturers to share
the Chinese cake.

On the Net: http://fairtheworld.com/


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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.


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

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

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

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

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





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