TCRAP_Public/090723.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 23, 2009, Vol. 12, No. 144

                                   Headlines

A U S T R A L I A

CENTRO SHOPPING: Moody's Concludes Review on Various 2006-1 Notes
CITY PACIFIC: Unlikely to Appeal Court Decision Over Fund Control
CMC CAIRNS: Administrator to Present DOCA Terms Soon
OCEANAGOLD CORPORATION: Raises AU$24.2 Million in CDI Sale
PISCES GROUP: Creditors Oks DOCA; Out of Voluntary Administration

TRANSPACIFIC INDUSTRIES: Gets $560MM from Institutional Investors
* AUSTRALIA: Agribusiness Scheme Inflows Drop to Record Low


C H I N A

FORD MOTOR: China First-Half Sales Up 14% to 197,212 Units


H O N G  K O N G

AIR RIDER: Court to Hear Wind-Up Petition on September 2
CHINA EXCEL: Releases Liquidators
DUPONT TEIJIN: Members' Final Meeting Set for August 18
FULL CREATION: Court to Hear Wind-Up Petition on August 12
GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on August 7

HAWK YAO: Creditors' and Contributories' Meeting Set for July 28
KRISTLE TRADING: Court to Hear Wind-Up Petition on September 9
LEHMAN BROTHERS: HK Investors May Soon Get Payback Terms
PEARLHOST LIMITED: Court to Hear Wind-Up Petition on September 9
UNITY KING: Court to Hear Wind-Up Petition on September 9

YUN CHOY: Appoints Hung and Keng as Liquidators


I N D I A

KUMAR COTTON: Low Net Worth Prompts CRISIL 'B+' Ratings
RAINBOW PAPERS: CRISIL Cuts Ratings on Various Bank Loans to 'BB+'
RELIABLE PAPER: CRISIL Cuts Ratings on INR480MM Term Loan to 'D'
SUPREME HEATREATERS: CRISIL Rates INR50 Million Cash Credit at 'B'
TATA POWER: Raises US$335 Million Through GDRs

TATA STEEL: Equity Offering Won't Affect Moody's 'Ba3' Rating


J A P A N

MIZUHO CORPORATE: Moody's Assigns Rating on Senior Unsecured Debt


K O R E A

GENERAL MOTORS: Korean Gov't. to Boost Aid for GM Daewoo Suppliers


M A L A Y S I A

TIME ENGINEERING: To Sell 726.18 Million Shares in TIME DotCom


N E W  Z E A L A N D

BRIDGECORP: Momi Resort Auction Delayed Until August 25
LANE WALKER: NDU Calls for New Zealand Receivership Law Overhaul


S I N G A P O R E

ARQ INTERNATIONAL: Creditors' Proofs of Debt Due on August 20
DJ HERCULES: Court Enters Wind-Up Order
DURACO INDUSTRIES: Creditors' Proofs of Debt Due on August 3
EACHAIRN HOLDINGS: Creditors' Proofs of Debt Due on August 20
JURONG TECHNOLOGIES: Creditors' Meeting Set for July 31


S R I  L A N K A

* SRI LANKA: To Receive US$2.5 Billion Stand-by Loan from IMF


T A I W A N

ASUSTEK COMPUTER: Acquires 4.27% Stake in D-Link Corp.


                         - - - - -


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A U S T R A L I A
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CENTRO SHOPPING: Moody's Concludes Review on Various 2006-1 Notes
-----------------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of notes issued by Centro Shopping Centre Securities
Limited -- CMBS Series 2006-1.

As part of the review, Moody's has taken these rating
actions:

-- AU$250 million Class A-1 Notes

   -- Current Rating: Aaa rating confirmed
   -- Prior Rating: Aaa, on review for possible downgrade
   -- Prior Rating Action Date: January 29, 2008

-- AU$300 million Class A-2 Notes

   -- Current Rating: Aaa rating confirmed
   -- Prior Rating: Aaa, on review for possible downgrade
   -- Prior Rating Action Date: January 29, 2008

-- EUR 100 million Class A-3 Notes

   -- Current Rating: Aaa rating confirmed
   -- Prior Rating: Aaa, on review for possible downgrade
   -- Prior Rating Action Date: January 29, 2008

-- AU$37 million Class B Notes

   -- Current Rating: A1 rating confirmed
   -- Prior Rating: A1, on review for possible downgrade
   -- Prior Rating Action Date: December 19, 2008

-- AU$62 million Class C Notes

   -- Current Rating: Downgraded to Baa2
   -- Prior Rating: Baa1, on review for possible downgrade
   -- Prior Rating Action Date: December 19, 2008

-- AU$52.8 million Class D Notes

   -- Current Rating: Downgraded to Ba3
   -- Prior Rating: Ba2, on review for possible downgrade
   -- Prior Rating Action Date: December 19, 2008

-- AU$28 million Class E Notes

   -- Current Rating: Downgraded to B3
   -- Prior Rating: B1, on review for possible downgrade
   -- Prior Rating Action Date: December 19, 2008

The rating actions reflect the fact that the likelihood of
refinancing for five loans (41% of the total debt) -- which have
soft maturity dates in December 2009 -- has diminished greatly
because of the scarcity and cost of debt financing.  In addition
to this refinancing risk, Moody's -- in its review -- focused on
value declines for properties in the pool.

In Moody's view, due to the general lack of demand currently
evident for commercial real estate, should the underlying
properties be sold to repay outstanding debt, it is likely that
the prices obtained would be significantly less than the
valuations recorded in December 2008.

Additionally, although the December 2008 figures were higher than
the valuations at the inception of the transaction, these last
valuations were approximately 9% below the figures for June 2008.
This downward trend in real estate prices is expected to continue.

Moody's analysis assumed peak to soft refinancing date declines of
40%, 35%, and 30% for loans with soft maturities in 2009, 2010,
and 2011, respectively.  Additionally for the two largest loans,
CER 1 and CER 2 (36% of the total debt), Moody's assumed a peak to
soft refinancing date decline of 45%.  These declines encompass
both general real estate market decreases and the possible further
yield widening that purchasers may apply due to the perceived
financial weakness of Centro, which partially indirectly owns and
manages each obligor and manages the underlying real estate.

In addition the CER 1 and CER 2 loans, which have Centro Retail
Trust as the obligor, entered into new swaps with significantly
higher strike prices.  At the time of the deal's inception, these
two loans had, and continue to have, the lowest Moody's DSCR of
the pool at approximately 1.3x.  Any deterioration in income, due
to an increase in vacancies or decrease in rents, would put
downward pressure on the DSCR.

Moody's notes that while the credit risk in the transaction has
increased -- due to the points above -- the occupancy and rental
cash flows of the underlying real estate collateral has been
stable and in line with Moody's expectations.

This transaction is backed by 13 commercial mortgage loans granted
to 12 borrowers in the Centro Group, including various property
syndicates and CER, the largest borrower in the portfolio.  The
underlying collateral consists of 50 properties in 5 States and in
the Northern Territory of Australia and is supported by over 1,100
tenancies.

The majority of the properties -- by number -- are supermarket-
based shopping centres, a substantial portion of which are
anchored by Woolworths Ltd (an Australian entity rated A3), or
Coles Group Ltd, Australia's two leading supermarket retailers.
The portfolio's weighted average occupancy level is approximately
99%.


CITY PACIFIC: Unlikely to Appeal Court Decision Over Fund Control
-----------------------------------------------------------------
Anthony Klan at The Australian reports that City Pacific Ltd has
indicated it is unlikely to take an appeal from a court decision
this week which handed control of its AU$630 million City Pacific
First Mortgage Fund to rival Balmain Trilogy.

"The court has made its decision and we are looking at being as
co-operative as possible and will be handing over certain
documents tomorrow [July 22]," the Australian quoted City  Pacific
chief executive John Ellis as saying.  "We haven't made a final
determination yet as to an appeal, but handing over those
documents is a fairly big move."

Mr. Ellis said City Pacific had been in close negotiations with
its major lender, Commonwealth Bank, over outstanding loans worth
AU$100 million, with City Pacific considering new "proposals" to
help repay the debt, the report relates.

                        Restructure Proposal

In a statement to the stock exchange, City Pacific said it held
preliminary talks with its financier in relation to a proposal
which addresses a restructure of the Company's finances.  The
submission of proposal will provide detail to a proposed
downsizing of the organization and focusing of resources towards
the Company's assets.

City Pacific said it has given notice of termination to its
employees.  The Company will require and contract the assistance
of certain employees to facilitate the implementation of the
restructure proposal.

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2009, City Pacific Limited lost control of its AU$630
million First Mortgage Fund to Balmain Trilogy after a court judge
threw out an attempt by City Pacific to have a recent unitholder
vote ruled invalid.

At the June 25 unitholder meeting, holders of 55% of the units
voted in favor of the resolution sacking City Pacific and
installing Balmain Trilogy as the new responsible entity of the
Fund.  City Pacific pursued a legal challenge and sought an
injunction against the meeting.

The decision could prove the death-knell for City Pacific, which
is struggling under mountains of debt and had derived much of its
income from managing the mortgage fund, a previous report from The
Australian said.

According to that report, City Pacific delivered a half-year
loss of AU$74.3 million at December 31 at which time auditor KPMG
warned the group might be in danger of collapse.

The TCR-AP reported 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.


CMC CAIRNS: Administrator to Present DOCA Terms Soon
----------------------------------------------------
ABC News reports that the administrator of CMC Cairns Pty Ltd
hopes creditors will accept the terms of a proposed deed of
company arrangement at a creditors' meeting in the coming weeks.

According to the report, administrator David Stimpson from SV
Partners said the proposal sets out how and when the company will
repay its debts.

"I'm obviously hoping that the creditors accept the terms of the
proposal and similarly that the BSA [Building Services Authority]
and other stakeholders agree to the terms as well," ABC News
quoted Mr. Stimpson as saying.

CMC Cairns Pty Ltd is a Queensland-based construction company.
The company went into voluntary administration in May, owing
between AU$17 million and AU$18 million to 400 creditors.


OCEANAGOLD CORPORATION: Raises AU$24.2 Million in CDI Sale
----------------------------------------------------------
OceanaGold Corporation has raised about AU$24.2 million through a
non-underwritten placement of approximately 24.2 million new ASX-
listed Chess Depositary Interests at an issue price of AU$1 each.
The offer price represents an 11.1 percent discount to the volume
weighted average price of the company's CDIs over the five trading
days immediately before the placement was announced.

Interim Chief Executive Officer and Chief Financial Officer
Marcus Engelbrecht said the funds raised in the placement would
provide the opportunity to immediately move on a brownfields
exploration programme near the company's existing mines in
New Zealand.

The brownfields exploration programme has the potential to
materially extend the mine life at both Macraes and Reefton,
particularly as the ability to bring unhedged gold production to
the market adds value to the company, Mr. Engelbrecht said.

In addition, the Company said it would also be able to complete
necessary studies on its Didipio gold-copper project in the
Philippines, which will unlock further untapped upside, and
provide strategic options for the future of the asset.

Settlement of the placement proceeds is expected to occur on
July 27, 2009, with the allotment of placement CDIs expected on
July 28, 2009.

Based in Melbourne, Australia, OceanaGold Corporation (ASX:OGC)
-- http://www.oceanagold.com.au/-- is engaged in exploration and
the development and operation of gold and other mineral mining
activities.  OceanaGold is a gold producer and is operating two
open cut mines and an underground mine at Macraes and Reefton in
New Zealand.  The Company also has the Didipio Gold- Copper
Project in the Philippines as part of its portfolio.  The
Company's projects are Macraes Gold Project, Reefton Gold Project
and Didipio Gold Copper Project.

                          *     *     *

OceanaGold Corporation reported three consecutive annual net
losses of US$23.43 million, US$69.04 million, and US$54.74 million
for the financial years ended 2006, 2007 and 2008, respectively.


PISCES GROUP: Creditors Oks DOCA; Out of Voluntary Administration
-----------------------------------------------------------------
Pisces Group Ltd, a North Sydney technology firm chaired by former
federal Liberal Party leader and businessman John Hewson, has been
released from voluntary administration, The Australian IT reports.

The Troubled Company Reporter-Asia Pacific reported on June 5,
2009, that Pisces Group Ltd went into voluntary administration.
The company appointed insolvency and reconstruction specialist
Robert Moodie of Rodgers Reidy Chartered Accountants as its
voluntary administrator.

The Australian IT relates that the company was struggling to
contain debts inherited after it acquired three smaller companies.

The report, citing Pisces Group’s original founder and business
manager, Vincent Turner, said that the company had been placed
back into the hands of management under a deed of company
arrangement which will be in place for the next two years.
According to the report, Mr. Turner said the company’s voluntary
administrator Robert Moodie of Rodgers Reidy Chartered
Accountants, had been able to clean up the company’s balance sheet
to a point considered acceptable for creditors to vote to accept
the DOCA last week.  The company’s creditors had also agreed to
allow Pisces Group to repay debt at a reduced rate, Mr. Turner
said.

The company is also taking the opportunity to make other
structural changes to the business, the Australian IT says.

Pisces Group Limited -- http://www.piscesgroup.com.au/-- is
Australian owned company providing IT, messaging services and
electronic support of mortgage sales and distribution solutions
for mortgage brokers and aggregators.  The business is operated
through four subsidiaries, Pisces Communication Pty Ltd, Mortgage
Data Solutions Pty Ltd, Newsnet Pty Ltd and Starcom Group Pty Ltd.


TRANSPACIFIC INDUSTRIES: Gets $560MM from Institutional Investors
-----------------------------------------------------------------
Transpacific Industries Group has raised about $560 million from
the institutional component of its share entitlement offer, Dow
Jones Newswires reports.

Citing Transpacific in a statement, the report says that the
Company sold about 467 million new shares at $1.20 each in a fully
underwritten 1.77-for-1 offer with eligible investors outside the
Peabody family taking up more than 86 per cent of their
entitlements.  The family of executive chairman Terry Peabody
bought $70 million in new shares, Transpacific said.

Its retail share offer is expected to raise $175.6 million, Dow
Jones relates.

According to the report, Transpacific hopes to raise $800 million
through the entitlement offer and an initial placement to Warburg
Pincus affiliate WP X Holdings to pay down a portion of its
existing $2.1 billion syndicated debt facility and to close out
interest-rate swap contracts at a cost of about $40 million.

The refinancing, says Dow Jones, will significantly improve TPI's
credit profile, cutting its pro-forma balance sheet gearing to 43
per cent from 60 per cent at December 31, and will provide it with
the flexibility to pursue planned growth projects.

Dow Jones relates that Transpacific shares have been suspended
since February, when it triggered a series of debt covenants with
mark-to-market losses of $69.3 million on interest rate hedges,
which in turn triggered cross-default provisions on its corporate
debt facilities.

In March, Transpacific was in talks with its lenders and potential
investors as it sought a waiver of a debt-covenant breach.  The
company was also seeking at that time a cornerstone investor to
help it reduce and refinance around $2.18 billion debt.

Transpacific Industries Group Ltd (ASX:TPI)
-- http://www.transpacific.com.au/-- is Australia-based company.
Its principal activities include solid waste, including its
collection, transportation, recycling, disposal at, and management
of landfills; management of liquid waste, including its
collection, transportation, treatment and disposal; the
collection, re-refining, processing and sale of hydrocarbon and
cooking oils; site remediation, contaminated site clean-up,
dredging, composting and bio-solids management; industrial
solutions including industrial cleaning, high pressure water
blasting, total waste management business solutions and lease out
of parts washers; commercial vehicles and parts importing and
sales and manufacturing of parts for washer machines, waste
compaction systems and bins.


* AUSTRALIA: Agribusiness Scheme Inflows Drop to Record Low
-----------------------------------------------------------
Inflows into agribusiness managed investment schemes have
plummeted 77 per cent and are unlikely to fully recover following
the collapse of the sector's two biggest players, Timbercorp and
Great Southern, The Australian reports citing the Australian
Agribusiness Group.

According to the report, the AAG found that agribusiness managed
investment scheme providers raised a combined AU$250 million in
2008-09, a reduction of AU$829 million on the previous year's
result.  It was the lowest level ever recorded by the research
house since data collection began in 2001-02.

The Australian relates that the number of new investors has also
plunged, down 69 per cent from 24,300 investors in 2007-08 to just
7560 investors last financial year.

AAG director Tim Lee, according to the report, attributed the
decline to the impact on investor confidence of the collapse of
Timbercorp and Great Southern -- in liquidation and receivership
respectively -- and to tightening economic and market conditions.

The report says that Mr. Lee predicted inflows would remain
"static" next year and doubted they would ever return to the high
levels achieved before the global financial crisis.  Climate
change is also a threat to agribusiness, the report notes.

There are about 75,000 investors in Australia's managed investment
scheme sector, 61,000 of whom have money tied up in Timbercorp and
Great Southern, The Australian discloses.


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C H I N A
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FORD MOTOR: China First-Half Sales Up 14% to 197,212 Units
----------------------------------------------------------
Ford Motor Co. said its first-half vehicle sales in China rose 14%
from a year earlier to 197,212 units, Xinhua News reported.

In the first six months to June, Changan Ford Mazda, a tie-up with
Chongqing Changan Auto Co. and Mazda Motor, sold 140,386 cars, up
20 percent from a year earlier.

The news agency says that sales of the company's all new Fiesta
compact car reaches 18,224 units during the period while its mid-
range Focus sedan hits about 10,000 units per month.

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.


================
H O N G  K O N G
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AIR RIDER: Court to Hear Wind-Up Petition on September 2
--------------------------------------------------------
A petition to have Air Rider International Logistics Limited's
operations wound up will be heard before the High Court of
Hong Kong on September 2, 2009, at 9:30 a.m.

Ng Sze Yeung Denni filed the petition against the company on
June 29, 2009.


CHINA EXCEL: Releases Liquidators
---------------------------------
On June 10, 2009, Kenny King Ching Tam and Shum Lap Chi were
released as liquidators of China Excel Finance (Holdings) Limited.


DUPONT TEIJIN: Members' Final Meeting Set for August 18
-------------------------------------------------------
The members of Dupont Teijin Advanced Fibers (HK) Limited will
hold their final meeting on August 18, 2009, at 10:00 a.m., at
Level 28, Three Pacific Place, in 1 Queen's Road East, Hong Kong.

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


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

Chan Wai Choi filed the petition against the company on June 8,
2009.

The Petitioner's solicitors are:

         Ho & Ip
         C.M.A. Building, 24th Floor
         64-66 Connaught Road Central
         Hong Kong


GOLDCO DEVELOPMENT: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------------
The creditors of Goldco Development Limited are required to file
their proofs of debt by August 7, 2009, to be included in the
company's dividend distribuiton.

The company's liquidators are:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         Two International Finance Centre, 18th Floor
         8 Finance Street
         Central, Hong Kong


HAWK YAO: Creditors' and Contributories' Meeting Set for July 28
----------------------------------------------------------------
The creditors and contributories of Hawk Yao Company Limited will
hold their meeting on July 28, 2009, at 3:00 p.m. and 3:30 p.m.,
respectively, at Room 602 of Union Park Tower, 168 Electric Road,
in North Point, Hong Kong.

At the meeting, the creditors and contributories will be asked to:

   –- determine whether or not an application shall be made to the
      Court to appoint a liquidator in place of the provisional
      liquidator; and

   -- determine whether or not an application shall be made to the
      Court for the appointment of a committee of inspection to
      act with the liquidator, and who are to be the members of
      the committee if appointed.


KRISTLE TRADING: Court to Hear Wind-Up Petition on September 9
--------------------------------------------------------------
A petition to have Kristle Trading Limited's operations wound up
will be heard before the High Court of Hong Kong on September 9,
2009, at 9:30 a.m.

Donald Cameron filed the petition against the company on July 3,
2009.

The Petitioner's solicitors are:

          Barlow Lyde & Gilbert
          Cheung Kong Center
          Suite 1901, 19th Floor
          2 Queen's Road Central
          Hong Kong


LEHMAN BROTHERS: HK Investors May Soon Get Payback Terms
--------------------------------------------------------
Hong Kong investors in Lehman Brothers Holdings Inc. minibonds
will soon know how much they can get back, the Standard reported
citing unnamed sources.

According to the report, the Securities and Futures Commission has
briefed the government on proposals from banks to settle with
customers and is expected to report the final version of the plan
shortly.

As of July 21, banks would stick to the Bank of China (Hong Kong)
proposal that investors aged under 65 receive 60 percent of the
original principal invested, and aged above 65 receive 70 percent,
the Standard said.  The Standard stated that investors would then
receive an extra 10 percent of the principal invested when
collaterals sold exceed that amount, making it a minimum 70
percent in total.

Distributor banks would give back investors any remaining value
above the 70 percent level, the report added.

                       About Lehman Brothers

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

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

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

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

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

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

               International Operations Collapse

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

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

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


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

Bank of China (Hong Kong) Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

         Chow, Griffiths & Chan
         South China Building, 6th Floor
         No. 1 Wyndham Street
         Central, Hong Kong


UNITY KING: Court to Hear Wind-Up Petition on September 9
---------------------------------------------------------
A petition to have Unity King Enterprises Limited's operations
wound up will be heard before the High Court of Hong Kong on
September 9, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 6, 2009.

The Petitioner's solicitors are:

         Chow, Griffiths & Chan
         South China Building, 6th Floor
         No. 1 Wyndham Street
         Central, Hong Kong


YUN CHOY: Appoints Hung and Keng as Liquidators
-----------------------------------------------
On July 2, 2009, Lau Siu Hung and Liang Yang Keng were appointed
as liquidators of Yun Choy Limited.

The Liquidators can be reached at:

         Lau Siu Hung
         Liang Yang Keng
         Wing Yee Commercial Building, 2nd Floor
         5 Wing Kut Street
         Central, Hong Kong


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


KUMAR COTTON: Low Net Worth Prompts CRISIL 'B+' Ratings
-------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Kumar Cotton Mills Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        B+/Stable (Assigned)
   INR38.0 Million Long Term Loan     B+/Stable (Assigned)
   INR3.0 Million Proposed Long Term  B+/Stable (Assigned)
                  Bank Loan Facility

The rating reflects Kumar Cotton's weak financial risk profile,
marked by high gearing, low net worth, and weak debt protection
measures.  The rating also factors in the company's small scale of
operations, and exposure to risks relating to intense competition
in the grey fabric dyeing industry.  These weaknesses are,
however, partially offset by the benefits that Kumar Cotton
derives from its promoters' experience in the dyeing and printing
industry.

Outlook: Stable

CRISIL believes that Kumar Cotton will continue to have a weak
financial and business risk profile in the medium term.  The
outlook may be revised to 'Positive' if the company's revenues,
operating profitability, and net worth grow considerably.
Conversely, the outlook may be revised to 'Negative' if Kumar
Cotton's capacity utilization declines or its working capital
requirements increase further.

                        About Kumar Cotton

Set up in 1990 as a private limited company, Kumar Cotton is in
the business of dyeing of grey fabrics.  The company also
undertakes job work of dyeing fabrics from local textile
companies.  The company is managed by Mr. Rajendraprasad Agarwal,
who has experience in the textile industry.

Kumar Cotton reported a net loss of INR1.9 million on net sales of
INR345.1 million for the year ended March 31, 2008, as against a
PAT of INR6.8 million on net sales of INR346.5 million in the
prior year.


RAINBOW PAPERS: CRISIL Cuts Ratings on Various Bank Loans to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rainbow Papers Ltd to 'BB+/Negative/P4' from 'A-Stable/P2+'.

   Facilities                            Ratings
   ----------                            -------
   INR215.00 Million Cash Credit Limit   BB+/Negative (Downgraded
                                         from A-/Stable)

   INR1690.50 Million Term Loan          BB+/Negative (Downgraded
                                         from A-/Stable)

   INR220.00 Million Foreign Currency    BB+/Negative (Downgraded
                     Term Loan           from A-/Stable)

   INR83.50 Million Letter of Credit     P4 (Downgraded from P2+)
            and Bank Guarantee

The rating action reflects deterioration in RPL's financial risk
profile due to significant increase in company's debt levels; this
debt has been contracted to fund higher-than-expected capital
expenditure, without a corresponding equity infusion as earlier
informed by the company.

Further, due to delay in commissioning of the company's writing
and printing paper and newsprint capacity, RPL's cash accruals
have also been below expectations.  With high debt levels and
large repayment requirements, CRISIL estimates that, company's
debt protection measures would remain constrained over the medium
term.

The ratings continue to be constrained by company's large debt
funded capex plans and its moderate market position with
concentration risks.  These rating weaknesses are partly offset by
company's improving operating efficiencies and adequate working
capital management.

Outlook: Negative

CRISIL expects RPL's credit risk profile to weaken further, given
the delays in setting up and stabilizing the company's new
capacities and its large debt funded capex plans.  The rating
could be downgraded if RPL's capital structure deteriorates
further or if the commissioning and stabilization of its new
facilities take longer than is currently expected.  Conversely,
the outlook may be revised to 'Stable' if the operations at the
expanded capacities stabilize faster than expected, and there is
more than expected improvement in company's gearing levels.

                       About Rainbow Papers

Set up in 1986 by Mr. Radheshyam Goenka, RPL makes paper boards
and other paper products, such as crepe paper and coated paper.
RPL has manufacturing facilities at Ahmedabad, with a capacity of
96,000 tonnes per annum.  The company has two captive power
plants, generating its entire power requirement.

For first nine months of FY 2008-09, RPL reported a net profit of
INR118 million on a net sales of INR1835.8 million, against a net
profit of INR106.6 million on net sales of INR1308.2 million in
the first nine months of FY 2007-08.


RELIABLE PAPER: CRISIL Cuts Ratings on INR480MM Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Reliable Paper (India) Pvt Ltd to 'D/P5' from 'BB+/Stable/P4', as
the company delayed the repayment of its term loan obligations
because of weak liquidity.

  Facilities                        Ratings
  ----------                        -------
  INR120.00 Million Cash Credit     D (Downgraded from BB+/Stable)
  INR480.00 Million Term Loan       D (Downgraded from BB+/Stable)
  INR30.00 Million Letter of Credit P5 (Downgraded from P4)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Reliable Paper and its group entities.

                       About Reliable Paper

Set up in 1974 by Mr. Mekan J Gala, Reliable Paper trades in paper
and paper products. The company is an authorized distributor of
paper manufactured by Ballarpur Industries Ltd.  Reliable Paper
has a tissue-grade paper plant at Bardoli (Gujarat), and is
setting up a duplex-board plant at a cost of around INR700
million.  The plant is expected to commence operations by
December 2009.  Reliable Paper reported a profit after tax (PAT)
of INR33.3 million on net sales of INR1814.1million for the year
ended March 31, 2008, against INR32.4 million and INR1518.0
million, respectively, for the year ended March 31, 2007.


SUPREME HEATREATERS: CRISIL Rates INR50 Million Cash Credit at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to the bank
facilities of Supreme Heatreaters Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        B/Negative (Assigned)
   INR15.0 Million Long Term Loan     B/Negative (Assigned)
   INR43.4 Million Proposed Long      B/Negative (Assigned)
         Term Bank Loan Facility
   INR320.0 Million Letter of Credit  P4 (Assigned)

The ratings reflect SHPL's moderate financial risk profile marked
by low net worth and high gearing, small scale of operations,
large working capital requirements, and exposure to risks relating
to revenue off-take for its special steels division.  These
weaknesses are, however, partially offset by SHPL's established
track record, and strong customer relationships in the ball-
bearing steel division.

Outlook: Negative

CRISIL expects Supreme Heatreaters Pvt Ltd risk profile to remain
moderate led by low net worth and weak debt protection measures.
The rating may be revised downwards if lower than expected off-
take from the new special steels division leads to material
deterioration in the company's liquidity or debt protection
measures.  The outlook may be revised to 'Stable' if there is
substantial improvement in SHPL's financial risk profile led by
fresh equity infusion or higher than expected cash accruals.

                     About Supreme Heatreaters

Incorporated in 1987, by Mr. Sanjay Chowdhri, SHPL manufactures
ball bearing and stainless steel wires and bars, and high-speed
steel.  The company has processing facilities for annealing,
pickling, peeling and drawing at its unit located at Rabale in
Navi Mumbai.  The company has a processing capacity of about 400
tonnes per month.  The company has also set up a new facility,
with a capacity of 250 tonnes per annum at Khopoli (Maharashtra)
to manufacture electro slag refined (ESR) high-speed bars.  SHPL
reported a profit after tax (PAT) of INR11.1 million on net sales
of INR320.3 million for the year ended March 31, 2009, as against
a PAT of INR9.3 million on net sales of INR325.8 million for the
year ended March 31, 2008.


TATA POWER: Raises US$335 Million Through GDRs
----------------------------------------------
The Tata Power Company Limited said that it has priced an equity
offering in the form of Global Depository Receipts for a gross
amount of US$335 million. Out of this, each GDR will represent 1
equity share, of a nominal value INR10 per equity share of the
Company.  The Company will be issuing 14,838,110 GDRs and each GDR
has been priced at US$22.577 (INR48.27 is the reference exchange
rate) as per relevant pricing guidelines for GDRs.  The issue was
priced on July 21, 2009, and listing is expected to take place on
or about July 27, 2009.

The SEBI floor price for the issue as on date is INR1089.78 as per
the SEBI pricing formula.  Application has been made to the
Luxembourg Stock Exchange to list the GDRs.  In principle
approvals have been obtained from Bombay Stock Exchange and
National Stock Exchange to list the underlying shares.

The Company said it intends to use the net proceeds of the
Offering to fund capital expenditures of its existing power
plants, projects under implementation and other project plans of
the Company (including projects undertaken through its
subsidiaries) and any other purpose permitted by applicable laws
and regulations from time to time.

Mr. Prasad R. Menon, Managing Director said, “The equity raising
exercise and the listing on the Luxembourg Stock Exchange marks a
significant milestone in the Company’s capital raising journey and
will help in capitalizing the balance sheet and enable deployment
in our expansion projects.”

Mr. S. Ramakrishnan, Executive Director-Finance said “The GDR
offering has attracted quality investors which have enabled the
Company to increase the offering size from US$ 250 million to US$
335 million.  This deployment strategy would create value for the
Company’s Shareholders in the future.”

Goldman Sachs International and J.P Morgan Securities Ltd. acted
as Joint Global Coordinators, Book runners and Lead Managers on
this transaction.  SBICAP (UK) LIMITED was the Co-Lead Manager for
the issue.

                         About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.

All ratings still hold to date.


TATA STEEL: Equity Offering Won't Affect Moody's 'Ba3' Rating
-------------------------------------------------------------
Moody's Investors Service says that Tata Steel Ltd's proposed
equity offering has no impact on the company's ratings.  This
follows Tata Steel's announcement of an equity offering in the
form of Global Depository Receipts for a gross amount of
US$500 million.

The proceeds of the GDR issuance will be used for the group's
planned capital expenditures, including the expansion of
production capacity at Jamshedpur and overseas mining projects.

"Moody's rating and outlook on Tata Steel has factored in the
potential rights offering to support its capex plan in FY2009-10,"
says Ivan Palacios, a Moody's AVP/Analyst.

"With projected consolidated operating cash flow not fully able to
cover its capex plan, Moody's expects the group to generate
negative free cash flow in FY2009-10.  In this context, the
proceeds from the equity issue will provide additional support to
cover the free cash flow deficit and help alleviate some pressure
on the company's liquidity for debt maturities of US$600 million
in FY2009-10," says Palacios, also Moody's lead analyst for the
company.

"However, this equity offering has only had a limited impact on
Tata Steel's credit metrics and thus has not affected its rating
or rating outlook," he adds.

Moody's last rating action on Tata Steel was taken on June 8,
2009, when it downgraded the company's corporate family rating to
Ba3 from Ba2 with a stable outlook.

Tata Steel Ltd is an integrated steel company headquartered in
Mumbai.  After the acquisition of Corus, Tata Steel became the
world's sixth largest steelmaker with an annual production
capacity of around 29.9 million tons of crude steel.


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


MIZUHO CORPORATE: Moody's Assigns Rating on Senior Unsecured Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned Aa3 rating to Yen
denominated senior unsecured debt issued by Mizuho Corporate Bank,
Ltd.  This takedown is issued under the bank's Japan domestic
shelf registration program. The rating outlook is stable.

This debt was rated Aa3:

  -- Series 17 Japanese Yen 110 billion senior unsecured debt, due
     on 7/25/2014.

The last rating action on MHCB was taken on April 8, 2009, when
its bank financial strength rating was lowered to D+ from C, and
its deposit and senior debt ratings to Aa3 from Aa2.

Mizuho Corporate Bank, Ltd., is one of major banks in Japan, and
is a major operating bank of Mizuho Financial Group, Inc.


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


GENERAL MOTORS: Korean Gov't. to Boost Aid for GM Daewoo Suppliers
------------------------------------------------------------------
The South Korean government will boost credit guarantees for
partner companies of GM Daewoo Auto and Technology Co., which are
struggling from a cash squeeze, The Korea Herald reports citing a
top government official.

"To support liquidity-squeezed GM Daewoo partner firms, (the
government) plans to help them get credit guarantees by the Korea
Export Insurance Corp.," Knowledge Economy Minister Lee Youn-ho
was quoted by the Herald as saying in a meeting with heads of
small and medium-sized firms.

The report relates that GM Daewoo partner firms will also get loan
guaranties from the insurer under the government's plan.

Mr. Lee, as cited by the Herald, said that the government will
also expand credit funds previously launched by provincial offices
and local banks to support liquidity for GM Daewoo's small partner
companies.

According to the report, the KRW20 billion fund (US$16 million)
has been offering liquidity for their small- and medium-sized
companies which have manufacturing base in Incheon and Gyeonggi
Province.  But the government plans to expand the support for part
makers which have production line also in other regions, the
report notes.

                        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)


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


TIME ENGINEERING: To Sell 726.18 Million Shares in TIME DotCom
--------------------------------------------------------------
Time Engineering Berhad is seeking to dispose of up to 726,181,720
ordinary shares of MYR1.00 each in TIME dotCom Berhad,
representing up to 28.69% of TdC's issued and paid-up share
capital.

The company said that the 726,181,72 TdC shares were subject to
the consent of Bank Pembangunan Malaysia Berhad, to whom the TdC
Shares were charged pursuant to the terms and conditions of the
712,500,000 nominal value redeemable secured loan stocks of
MYR0.48 each totaling MYR342,000,000.

Time Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.

                         *     *     *

Time Engineering Berhad has been considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the auditors have expressed a modified
opinion on the company's going concern status and on its
shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.


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


BRIDGECORP: Momi Resort Auction Delayed Until August 25
-------------------------------------------------------
The auction of Fiji's Momi resort, into which Bridgecorp Ltd sank
NZ$106 million, has been delayed for a month to allow potential
bidders more time to do due diligence, BusinessDay reports.

Bayleys Real Estate special projects manager Russell Adams told
BusinessDay that the auction, which had been scheduled on July 22,
will be moved on August 25.

Baileys is managing the mortgagee auction on behalf of the Fiji
National Provident Fund, mortgagee in possession.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, The National Business Review said Bridgecorp Ltd
investors' hopes of a return from the NZ$106.6 million placed into
Fiji's Momi Bay resort development are fading as the unfinished
project is set to be sold.

Citing the Fiji Times, the Business Review related that the Fiji
National Provident Fund, a government pension fund, wants to sell
Momi Bay development in an auction to recover the more than FJD$80
million it invested in the development.

The Fund, according to a previous BusinessDay report, said it took
possession of Momi as it was entitled to do under the loan
securities as mortgagee in possession.  Bridgecorp was a
subordinated lender to the development so it won't get any money
back until the primary lenders have been paid, the Business Review
related.

The Momi development, the BusinessDay disclosed, has been dogged
by funding difficulties, construction delays and latterly problems
with the volatile political situation in Fiji.

The project was to have been the largest resort development in
Fiji and the South Pacific, The New Zealand Herald said.

                         About Bridgecorp

New Zealand-based Bridgecorp Ltd was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


LANE WALKER: NDU Calls for New Zealand Receivership Law Overhaul
----------------------------------------------------------------
The National Distribution Union is calling for an overhaul of
New Zealand's receivership law after some redundant Lane Walker
Rudkin staff are unlikely to see their full entitlements, Tina Law
at The Press reports.

According to the report, more than two months after being made
redundant, most of the 186 LWR workers have received 55 cents in
the dollar after money was put into bank accounts in the past few
days.  However, the 55 cents was based on the total employee
preferential entitlements, which is limited to NZ$16,420 under
law, the Press notes.

The report relates that any entitlements in excess of that limit
were deemed unsecured and receivers Stephen Tubbs and Brian Mayo-
Smith of BDO Spicers have indicated there would be no money
available for unsecured creditors.

National Distribution Union (NDU) southern secretary Paul Watson
said it was wrong that the legislation restricted payouts of
wages, redundancy and holiday pay to $16,420, the Press relates.

Mr. Watson, as cited by the report, said the restriction was
locking out legitimate entitlements hard-earned by the company's
workers.

"There's a palpable and urgent need to reform our receivership
laws that allow, as in Australia and the UK, government
underwriting of legitimate redundancy and leave entitlements in
receiverships and liquidation scenarios," Mr. Watson was quoted by
the Press as saying.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.

Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR.  The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved.  The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.


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


ARQ INTERNATIONAL: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------------
ARQ International Pte. Ltd., which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 20, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

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


DJ HERCULES: Court Enters Wind-Up Order
---------------------------------------
On July 10, 2009, the High Court of Singapore entered an order to
have DJ Hercules (D) Pte. Ltd.'s operations wound up.

DJ Builders & Contractors (1980) Pte. Ltd. filed the petition
against the company.

The company's liquidator is:

          Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


DURACO INDUSTRIES: Creditors' Proofs of Debt Due on August 3
------------------------------------------------------------
Duraco Industries (Pte) Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by August 3, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         c/o 1 Raffles Quay, North Tower Level 18
         Singapore 048583


EACHAIRN HOLDINGS: Creditors' Proofs of Debt Due on August 20
-------------------------------------------------------------
Eachairn Holdings (Singapore) Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 20, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

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


JURONG TECHNOLOGIES: Creditors' Meeting Set for July 31
-------------------------------------------------------
Jurong Technologies Industrial Corpn. Ltd., which is under
judicial management, will hold a meeting for its creditors of
July 31, 2009, at 2:30 p.m..

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the judicial management;
      and
   -- consider any other matter(s) properly brought before the
      meeting.

The company's judicial managers are:

         Tam Chee Chong
         Keoy Soo Earn
         c/o Deloitte & Touche LLP
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


================
S R I  L A N K A
================


* SRI LANKA: To Receive US$2.5 Billion Stand-by Loan from IMF
-------------------------------------------------------------
The International Monetary Fund mission staff has reached
agreement with the Sri Lankan authorities on an economic program
that could be supported by a 20-month Stand-By Arrangement for an
amount equivalent to SDR1.65 billion (about US$2.5 billion),
according to a statement issued Monday by Dominique Strauss-Kahn,
Managing Director of the International Monetary Fund (IMF).

"The program is expected to be considered by the Executive Board
on July 24.  The approval by the Executive Board would enable Sri
Lanka to draw an amount equivalent to SDR 206.7 million (about
US$313 million) immediately," Mr. Strauss-Kahn said.

"Persistently high budget deficits have forced the government to
rely on short-term financing from international markets. The
global financial shock resulted in a sudden stop to this
financing, capital outflows, and a significant loss of Sri Lanka's
international reserves. Despite recent capital inflows,
international reserves remain at low levels.

"The end of the conflict provides Sri Lanka with a unique
opportunity to undertake economic reform and reconstruction, which
would be key to laying the basis for higher economic growth in the
years ahead.  To this end, the government has formulated an
ambitious program aimed at restoring fiscal and external viability
and addressing the significant reconstruction needs of the
conflict-affected areas.  The IMF staff supports this program,
specifically the government's goals of rebuilding reserves,
reducing the fiscal deficit to a sustainable level, and
strengthening the financial sector.  It is also essential that the
program cushion the most vulnerable from the needed adjustment.

"The reconstruction effort will be a large undertaking, with
significant spending needs.  The government's program aims to meet
these needs while safeguarding debt sustainability by boosting
revenue and reducing spending in other areas.  This program will
also provide a framework for international donors to assist the
government in financing its reconstruction effort.

"The strong measures that the authorities are taking under the
program justify the exceptional level of access to Fund resources—
equivalent to 400 percent of Sri Lanka' quota in the IMF.  I would
like to call upon the Sri Lankan authorities to work with the
donor community to ensure an adequate level of financing for the
reconstruction effort to lay the foundation for future growth,"
Mr. Strauss-Kahn said.


===========
T A I W A N
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ASUSTEK COMPUTER: Acquires 4.27% Stake in D-Link Corp.
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Asustek Computer Inc. and its venture-capital arm have together
bought a 4.27% stake in D-Link Corp, making it the second largest
shareholder in D-Link, the Taiwan Economic News reports.

The report, citing Asustek chief financial officer David Chang,
says the stock-buying is an investment.  According to the report,
Mr. Chang said the company would not increase its shareholding in
D-Link temporarily to strive to win seats in the investment
target's board, but maintain the possibility of future
cooperation.

Based in Taipei, Taiwan, D-Link Corporation is principally engaged
in the research, development, production and sale of computer
network systems and equipment, as well as wireless communication
products and related parts.  The Company provides wireless local
area network (WLAN) products, such as WLAN cards and routers;
broadband network products, including x digital subscriber line
(xDSL) equipment and Internet protocol (IP) telephony products;
switches, which are categorized under unmanaged, smart, managed,
stackable and chassis type; digital home appliances, such as IP
cameras, network storages and digital media adapters; network
interface cards, including Ethernet cards, fast Ethernet cards and
gigabit Ethernet cards, as well as other network products,
including network security products.

                          About ASUSTeK

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.

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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.


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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.
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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
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Information contained herein is obtained from sources believed
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