TCRAP_Public/090806.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, August 6, 2009, Vol. 12, No. 154

                            Headlines

A U S T R A L I A

INTERNET SHERIFF: In Receivership; Business Up For Sale
STORM FINANCIAL: CBA Admits Inflating Loans to Storm Clients
SUNCORP METWAY: J.C. Flowers Eyes Bank's Assets


B A H R A I N

INTERNATIONAL BANKING: S&P Cuts Counterparty Ratings to 'D/D'
INVESTCORP BANK: Moody's Comments on Preference Shares' Raise


C H I N A

ADALTIS INC: Commences Liquidation of Assets; Directors Step Down
CHINA GLASS: S&P Downgrades Corporate Credit Rating to 'SD'
GENERAL MOTORS: Appointments at Shanghai-Based Operations
TITAN PETROCHEMICALS: Moody's Cuts Corp. Family Rating to 'Caa3'


H O N G  K O N G

ADDICT LIMITED: Creditors' Proofs of Debt Due on August 31
ADVANCE PROGRESS: Placed Under Voluntary Wind-Up
ASAHI SHIMBUN: Lam and Toohey Step Down as Liquidators
ASHLEY 33: Members' Final Meeting Set for September 18
DADE BEHRING: Creditors' Proofs of Debt Due on August 31

KAR SHING: Members' Final Meeting Set for August 31
LAKEWOOD GOLF: Lim Hock San Steps Down as Liquidator
LONGWIND INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
MAGNOLIA FINANCE: S&P Withdraws 'CCC' Ratings on $2.31 Mil. Notes
QUALITY (2000): Seng and Lo Step Down as Liquidators

QUALITY LITIGATION: Seng and Lo Step Down as Liquidators
ROBOTOOLZ LIMITED: Creditors' Proofs of Debt Due on August 28
SECURITIES (JAPAN): Appoints Harris and Zelinda as Liquidators
SIMON LEE: Appoints Lee Philip Kar Fai as Liquidator
SOFT-TREK MEDIA: Creditors' Meeting Set for August 7

SPARK ACE: Placed Under Voluntary Wind-Up
* HONG KONG: Total Retail Sales Fall 4.8% in June 2009


I N D I A

JINDAL INDIA: Fitch Assigns 'BB+' Rating on Senior Bank Loans
OPG METALS: ICRA Assigns 'LBB+' Rating on INR28.4 Mln Term Loan
OPG INDUSTRIES: ICRA Rates INR50MM Fund Based Limits at 'LBB+'
TATA MOTORS: Nears Deal with British Gov't on Jaguar Aid
TATA MOTORS: S&P Downgrades Corporate Credit Rating to 'B'

VEEKAYEM TEXTILE: CRISIL Assigns 'B+' Rating on INR102.9MM LT Loan


I N D O N E S I A

EXCELCOMINDO PRATAMA: To Raise US$300 Million Via Rights Issue


J A P A N

BEARINGPOINT INC: In Talks to Divest Latin America, Asia-Pac Units
ELPIDA MEMORY: Quarterly Loss Widens to JPY44.4 Billion
METALDYNE CORP: Receives Bids for "Substantially All Assets"
WMTGF II: S&P Downgrades Ratings on Various Classes of Notes


K O R E A

HYNIX SEMICONDUCTOR: Names J.B. Kim as New Chief Marketing Officer
KUMHO ASIANA: Fired Petrochem Unit Chief Mulls Legal Action
SSANGYONG MOTOR: Suppliers File Petition for Early Liquidation


M A L A Y S I A

TALAM CORPORATION: Updates Bursa on Default Status as of June 30
WONDERFUL WIRE: Total Default Reaches MYR78.93MM as of July 31


N E W  Z E A L A N D

INVESTMENT RESEARCH: Breaches Bank Covenants


S I N G A P O R E

BALI BEACH: Creditors' Proofs of Debt Due on August 31
CHENGDU CENTRE: Court to Hear Wind-Up Petition on August 14
ENZER ELECTRONICS: To Pay First and Final Dividend on August 21
PSD GROUP: Creditors' Proofs of Debt Due on August 31
SCAN TECHNOLOGY: Creditors' Proofs of Debt Due on August 31

SEAGATE TECHNOLOGY: To Close Singapore Plant; 2,000 Jobs at Risk


T A I W A N

HORIZON SECURITIES: Fitch Affirms Individual Rating at 'D'
KUO HUA: Financial Supervisory Commission Takes Over Firm
TACHAN SECURITIES: Fitch Affirms Issuer Default Rating at 'BB'
TAISHIN FINANCIAL: Moody's Withdraws 'Ba1' Issuer Rating


                         - - - - -


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A U S T R A L I A
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INTERNET SHERIFF: In Receivership; Business Up For Sale
-------------------------------------------------------
Sydney-based security software provider Internet Sheriff
Technology Ltd., also known as iSheriff, is on the sale block
after being placed in receivership last month, a report posted at
SmartCompany.com.au says.

According to the report, the company was placed in the hands of
insolvency firm SV Partners on July 6 by the company's secured
creditor, O'Leary Investments.

The report, citing ZDNet, says SV Partners launched its campaign
to sell the business as a going concern earlier this week.  Offers
for the business close on August 17, the report relates.

Founded in 1999, Internet Sheriff Technology Ltd --
http://www.isheriff.com/-- provides enterprise security
solutions, including content, bandwidth and email security
products.


STORM FINANCIAL: CBA Admits Inflating Loans to Storm Clients
------------------------------------------------------------
Sara Rich at the Australian reports that the Commonwealth Bank of
Australia has admitted its system for valuing properties was
misused by staff to give bigger loans to clients of the Storm
Financial Group.

Citing CBA in its submission to the parliamentary inquiry into
financial products and services, the report says the bank had
failed at times to follow its own policies and lending practices
when providing loans, mostly secured by property, to Storm
clients.

"Additionally, a property valuation assessment system known as VAS
was misused on occasion by some staff with the effect that loans
against some properties were larger than would otherwise have
been," CBA said.

The bank, however, has shifted blame back on to Storm by claiming
the group constantly pressured CBA staff, the Australian relates.

According to the report, several CBA staff members were assigned
to work exclusively with Storm and some joined the company, giving
its advisers insider knowledge of the bank's systems, policies and
processes.

The bank, as cited by the report, said although the intent was to
assist customers, the local relationship with Storm was sometimes
too close "and on occasion we lost objectivity".

"In approving customer loans, staff in the Townsville area office
at times relied too heavily on information provided to them by
Storm advisers about customers and their loan requirements," the
report cited CBA in its submission.  "We acknowledge, with the
benefit of hindsight, that we should have focused more on
providing service directly to the customer and not to Storm."

According to the report, the bank said it had reviewed its
processes so that no such structures could develop in its retail
network again.  CBA said it had also amended certain
functionalities of VAS to reduce the instances where external
valuations were not required.

                             About CBA

Commonwealth Bank of Australia is a provider of integrated
financial services, including retail, business and institutional
banking, superannuation, life insurance, general insurance, funds
management, broking services and finance company activities. It
provides retail banking services within Australia, including
housing loans, credit cards, personal loans, savings and check
accounts, and demand and term deposits.  The Bank offers
commercial products within Australia, including business loans,
equipment and trade finance, and rural and agribusiness products,
and provides private banking services to high net worth
individuals, and direct trading and margin lending. It also
conducts Australian funds management business comprising wholesale
and retail investment, superannuation and retirement funds.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


SUNCORP METWAY: J.C. Flowers Eyes Bank's Assets
-----------------------------------------------
Private equity firm J.C. Flowers is eyeing the assets of Suncorp-
Metway Ltd., various reports say.

J.C. Flowers, which has former Westpac chief executive David
Morgan as an operating partner and Australian chairman, has had a
"serious look" at Suncorp ahead of new chief executive
Patrick Snowball's starting date of September 1, The Australian
says citing senior banking sources.

It is unclear whether J.C. Flowers' interest is ongoing, the
Australian relates.

Analysts have valued Suncorp's banking and wealth management
business at between AU$3 billion and AU$5 billion, according to
the Australian.

J.C. Flowers & Co. LLC is a New York-based private equity firm
specializing in buyouts.

                       About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in the business of
banking, insurance, investment and superannuation, focusing on
retail customers and small to medium businesses.  The Company's
banking division provides a range of banking services including
loans, savings and investment accounts, credit cards, foreign
currency services for retail and small- to medium-business
customers.  It includes general insurance group, which offers a
range of covers across Personal, Commercial, Workers Compensation
and CTP insurance.  Wealth Management covers life, super and
managed investments.  It also includes the funds management
activities of the Company.  Suncorp Metway Investment Management
Limited (SMIML) is a wholly owned subsidiary of Suncorp-Metway
Ltd.  It is responsible for wholesale investment management of the
Suncorp Group.  On April 15, 2008, the Company acquired Prophet
Financial Advice Pty Ltd.  On March 20, 2007, it acquired Promina
Group Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Fitch Ratings affirmed and removed from Rating
Watch Evolving Suncorp-Metway Limited's and Suncorp Metway
Insurance Limited's ratings.

These rating actions have been taken:

     -- Individual rating: affirmed at 'B', removed from RWE

     -- Support Rating Floor affirmed at 'BB+'; removed from RWE

At the same time, Fitch placed Suncorp's 'A+' Long- term Issuer
Default Rating on Negative Outlook, and SMIL's Insurer Financial
Strength Rating on Stable Outlook.  The actions follow Suncorp's
announcement that there has been a significant increase in bad
debts, which will affect H109 profits.  With signs that the
Queensland and Australian economies are facing significant
challenges, risks to asset quality are clearly on the downside.


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B A H R A I N
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INTERNATIONAL BANKING: S&P Cuts Counterparty Ratings to 'D/D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
counterparty credit ratings on Bahrain-based The International
Banking Corp. to 'D/D' (default) from 'SD/SD' (selective default).

The rating action follows the July 30, 2009 announcement by the
Central Bank of Bahrain (A/Stable/A-1), that with immediate effect
it has exercised its powers to appoint an administrator to TIBC.
CBB has determined that TIBC has a substantial shortfall of assets
compared to its liabilities.  S&P downgraded TIBC to 'SD/SD' on
May 12, 2009, following the bank's default on some of its debt.

According to S&P's rating definitions, S&P assigns a 'D' rating
when S&P believe that any default will be a general default and
that the obligor will fail to pay all or substantially all of its
obligations as they come due.  S&P's default definition includes
payment defaults on both rated and unrated financial obligations.
S&P assign an 'SD' rating when S&P believes that the obligor has
selectively defaulted on a specific issue or class of obligations
but will continue to meet its payment obligations on other issues
or classes of obligations in a timely manner.

TIBC is a small wholesale bank registered in Bahrain with total
assets of $3.8 billion on December 31, 2008.  It is wholly owned
by Ahmad Hamad Algosaibi & Brothers Company (the Algosaibi Group,
not rated).  The Algosaibi Group, based in Saudi Arabia's Eastern
Province, is active in financial services, bottling and
distribution, can manufacturing, real estate investment, hotels,
shipping, and contracting.  S&P understands that the Algosaibi
Group, including TIBC, has entered into debt restructuring
discussions with its creditors.


INVESTCORP BANK: Moody's Comments on Preference Shares' Raise
-------------------------------------------------------------
Moody's Investors Service said that the announcement by Investcorp
Bank BSC that it had raised more than US$500.0 million in new
preference shares is a positive development for the bank.

According to Moody's, this represents the successful completion of
Investcorp's capital-raising efforts which were initiated in Q4
2008. "Despite the cost, the issue of new preference shares eases
pressure on the bank's solvency and liquidity positions and
provides it with additional resources to cope with a sustained
period of low investment origination, placement activity and
valuation pressures," says George Chrysaphinis, Vice President --
Senior Analyst in Moody's Limassol-based Financial Institutions
Group.

Moody's adds that it will conclude its ongoing review of
Investcorp's Ba1 long-term deposit rating and D+ bank financial
strength rating shortly after the release of the bank's full-year
results later this month.

The rating agency had previously downgraded the bank's ratings on
November 12, 2008 and again on May 18, 2009, bringing Investcorp's
deposit ratings to Ba1/Not-Prime and its bank financial strength
rating (BFSR) to D+.  The downgrades reflected pressure on the
bank's financial strength as a result of heavy investment losses
on proprietary investments in September and October 2008 and also
because of the deteriorating operating environment for alternative
investment providers.  As part of its rating action on Investcorp
in May 2009, Moody's had kept the bank's Ba1 long-term deposit
rating and D+ BFSR on review for further possible downgrade.

Headquartered in Manama, Bahrain, Investcorp reported total
balance sheet assets of US$3.67 billion at the end of December
2008.


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C H I N A
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ADALTIS INC: Commences Liquidation of Assets; Directors Step Down
-----------------------------------------------------------------
Adaltis Inc. has filed a voluntary assignment in bankruptcy under
the Bankruptcy and Insolvency Act to effect an orderly liquidation
of its assets, property and operations.  The filing of the
assignment in bankruptcy terminates the protection of the Court
granted under the Companies' Creditors Arrangement Act (Canada) on
July 3, 2009.

The directors of the Corporation have resigned.

The implications for creditors and other stakeholders of the
Corporation are not known at this time and will not be known until
the liquidation process is complete.  Operations outside of Canada
are not included in this voluntary assignment in bankruptcy.

RSM Richter Inc. has been appointed as trustee in bankruptcy.

                       About Adaltis Inc.

Adaltis Inc. is an international in vitro diagnostic company with
a mission to become a leading provider of in vitro diagnostic
products in emerging markets, with a particular focus on China.
Adaltis is headquartered in Montreal, with offices in China,
Italy, Mexico and other parts of the world.


CHINA GLASS: S&P Downgrades Corporate Credit Rating to 'SD'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Glass Holdings Ltd. to
'SD' (selective default) from 'CC'.  At the same time, S&P lowered
the issue rating on the company's US$100 million 9.625% senior
unsecured notes due 2012 to 'D' from 'CC'.

The rating actions follow China Glass' announcement that it has
completed the buyback of US$39.11 million of its US$100 million
9.625% senior unsecured notes due 2012.

"We view this buyback offer as a continuation of China Glass'
tender offer, and therefore a "distressed exchange" tantamount to
a default, based on S&P's criteria," said Standard & Poor's credit
analyst Lawrence Lu.

The company bought back the notes from bondholders for US$480 for
every US$1,000 par value of the US$100 million bonds, a
substantial discount to par (or face value).  The price was
identical to China Glass' tender offer announced on June 4, 2009.
The company announced on July 13, 2009, that it would buy back the
notes from bondholders that wanted to sell after failing to gain
sufficient support for its tender offer or consent to amend
restrictive covenants.

China Glass' operating performance remains weak, with low
visibility over the likely recovery, in its view.  S&P expects
China Glass to make further losses and generate negative free
operating cash flow in 2009 due to continued weak demand and
margins.  Despite signs of a pickup in construction activities,
S&P believes the company's highly leveraged capital structure and
weak liquidity are unlikely to improve materially in the near
term.  China Glass' debt could increase to support its operations,
and the total debt levels should remain the same after the bond
buyback.

Following the completion of the bond buyback, S&P will reassess
China Glass' capital structure and liquidity position, and expect
to assign a new rating in the coming weeks.  S&P's preliminary
expectation is that the corporate credit rating S&P assign is not
likely to be higher that the previous 'B' category.


GENERAL MOTORS: Appointments at Shanghai-Based Operations
---------------------------------------------------------
General Motors Company on July 23 announced a series of key
executive appointments at the new Shanghai-based GM International
Operations (GMIO).  As part of the announcement, GM also
introduced new senior executives at GM Holden in Australia and GM
Daewoo Auto & Technology Co. (GM Daewoo) in Korea.

                              GMIO

A new leaner organization was created to replace the former
General Motors Corporation's regional operating structure.
Together with the managing directors of GMIO countries, the
following individuals will represent the different functional
roles and serve as GMIO vice presidents:

       * Jim Bovenzi -- Global Purchasing and Supply Chain;

       * Jim DeLuca -- Quality;

       * Don Johnson -- Vehicle Sales, Service and Marketing;

        * Diane Jurgens -- Information Systems and Services;

        * Nancy Owens -- Human Resources;

        * Joe Peter -- Chief Financial Officer;

        * Therese Ryan -- General Counsel, followed by Ken Wong
          in June 2010;

        * Dan Sovran -- Alliances and New Business Development;

        * John Stadwick -- Aftersales;

        * Eric Stevens -- Manufacturing;

        * Johan Willems -- Communications;

        * Steve Clarke -- Vehicle Engineering;

        * Lowell Paddock -- Program Management and Planning;

        * Ken Parkinson -- Design.

All of the leadership changes are effective by or before
September 1.

"The appointment of our executive team represents chapter one
for GMIO and a demonstration of our commitment to getting the
organization up and running quickly," said Nick Reilly, GM
executive vice president and president of GMIO.  "All of our new
leaders are seasoned industry veterans with experience around the
globe.

"GMIO's management philosophy will be based on GM's corporate
strategy to win globally and on GM's culture of product and
customer focus, speed, risk-taking and accountability," Mr. Reilly
added.  "Our success will be determined by developing great
products for the customer, leveraging global functions and moving
faster than the competition."

                           GM Daewoo

At GM Daewoo, Mike Arcamone will take over as president and
CEO, replacing Michael Grimaldi, who is retiring, effective
October 1.

Mr. Arcamone joined GM in 1980.  He has held several important
positions in manufacturing and global purchasing in North America
and Europe.  In his current position as vice president of GM
Powertrain Europe, he is responsible for 10 manufacturing plants
and five engineering locations.

                            GM Holden

At GM Holden, Alan Batey will replace Mark Reuss as managing
director of GM Holden, effective September 1.

A 30-year GM veteran, Mr. Batey has held important roles in sales
and marketing and management at GM's Middle East operations, GM's
European operations, and GM Daewoo in Korea.  He has served as
executive director of Sales, Marketing and Aftersales for GM
Holden since 2006.

Mr. Reuss, who joined GM Holden in 2008, will return to the U.S.
to assume a senior leadership role in Global Product Development
with GM.

Ray Bierzynski, who has served since 2007 as vice president,
Engineering, for GM Asia Pacific and executive director, China
Engineering will also return to the U.S. to assume a senior role
in Global Product Development.  Bob Moran, who has served since
2003 as vice president, Manufacturing Operations, for GM Asia
Pacific will retire later this year.

"GM Holden and GM Daewoo will be in good hands with Alan Batey and
Mike Arcamone.  Both bring a wealth of experience to their new
roles," said Reilly.  "They will be in charge of leading two
important members of the GM family as both take on even more
important global roles."  Mr. Reilly added, "Mark Reuss, Ray
Bierzynski, Michael Grimaldi and Bob Moran have distinguished
themselves in their respective positions at a time of great
changes and challenges for the automotive industry and GM itself.
We wish Mark and Ray well in their new positions and Michael and
Bob all the best in retirement."

These managing directors will also play a key role in the GMIO
structure:

       * Jaime Ardilla -- GM Mercosur

       * Wayne Brannon -- Chevrolet-Europe

       * Rick Brown -- GM Japan

       * Jeffrey Cadena -- GM Ecuador

       * Steve Carlisle -- GM South East Asia Operations

       * Rajeev Chaba -- GM Egypt

       * Santiago Chamorro -- GM Columbia

       * Michael J. Devereux -- GM Middle East

       * Steve J. Koch -- GM South Africa

       * Karl Slym -- GM India

       * Kevin Wale -- GM China

       * Ronaldo Znidarsis -- GM Venezuela

                       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)


TITAN PETROCHEMICALS: Moody's Cuts Corp. Family Rating to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemicals Group Limited to Caa3 from Caa1 and
its senior unsecured bond rating to Ca from Caa2.  The ratings
outlook is negative.

This action follows Titan's announcement that it has appointed
Goldman Sachs (Asia) Ltd as its advisor in connection with a
strategic review of its capital structure.

"Titan's announcement -- which indicates the option to explore
debt forbearance -- highlights the seriousness of its financial
difficulties and the tightness of its liquidity position," says
Peter Choy, a Moody's Vice President and Senior Credit Officer.

"The downgrade reflects the concern that such adverse developments
could increase the probability of it defaulting on its bond
obligations, leading in turn to a low level of recovery under
distress," adds Choy.

Titan's appointment of an advisor has been accelerated by a call
for equity to support its onshore oil storage business and a
coupon payment due in September 2009.

This latest initiative -- the appointment of an advisor -- will
also inevitably slow down its search for new debt and equity and
will add to the uncertainty surrounding the viability of its two
core businesses. The latter both need more capital to develop as
well as to survive current challenging market conditions.

The ratings outlook remains negative, reflecting the uncertainty
surrounding the viability of Titan and the prevalence of a high
level of near-term liquidity risk, as it faces the challenge of
raising adequate funding to support its businesses.

Given the current negative outlook and the company's tight
liquidity profile, upward rating pressure is limited.

On the other hand, the ratings could be subject to further
downward pressure if it fails to meet its debt-repayment
obligations.

The last rating action on Titan was September 1, 2008 when Moody's
concluded a rating review which was commenced on June 27, 2008.
Titan's corporate family rating was downgraded to Caa1 from B3 and
the rating for its senior unsecured bond was downgraded to Caa2
from Caa1.  The outlook for the ratings was changed to negative.

Titan's ratings have been assigned based on factors that Moody's
believe are relevant to the risk profile of Titan, such as the
company's (i) business risk and competitive position compared with
other firms within the industry; (iii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside Titan's core industry; Titan's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Titan Petrochemicals Group Ltd. is an operator of oil & chemical
storage and shipyard businesses in China, together with bunkering
operations in Singapore, and floating oil storage in Malaysia.  It
was listed on the Hong Kong Stock Exchange in May 2002.


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H O N G  K O N G
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ADDICT LIMITED: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------------
The creditors of Addict Limited are required to file their proofs
of debt by August 31, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 16, 2009.

The company's liquidator is:

          Yiu Cho Yan CPA
          Asian House, Room 1702, 17th Floor
          1 Hennessy Road
          Hong Kong


ADVANCE PROGRESS: Placed Under Voluntary Wind-Up
------------------------------------------------
At an extrardinary general meeting held on July 24, 2009, the
members of Advance Progress Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


ASAHI SHIMBUN: Lam and Toohey Step Down as Liquidators
------------------------------------------------------
On July 20, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of Asahi Shimbun Asia Limited.


ASHLEY 33: Members' Final Meeting Set for September 18
------------------------------------------------------
The members of Ashley 33 F&B Limited will hold their meeting on
September 18, 2009, at 4:30 p.m., at Unit C, 12th Floor of Nathan
Commercial Building, 430-436 Nathan Road, Kowloon.

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


DADE BEHRING: Creditors' Proofs of Debt Due on August 31
--------------------------------------------------------
The creditors of Dade Behring Hong Kong Limited are required to
file their proofs of debt by August 31, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 17, 2009.

The company's liquidators are:

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


KAR SHING: Members' Final Meeting Set for August 31
---------------------------------------------------
The members of Kar Shing Restaurant Limited will hold their
meeting on August 31, 2009, at 11:00 a.m., at 1301 Eton Tower, 8
Hysan Avenue, in Causeway Bay, Hong Kong.

At the meeting, Lin Lai Har Wendy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LAKEWOOD GOLF: Lim Hock San Steps Down as Liquidator
----------------------------------------------------
On July 24, 2009, Lim Hock Sam stepped down as liquidator of
Lakewood Golf Club (HK) Limited.


LONGWIND INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------------
At an extrardinary general meeting held on July 20, 2009, the
members of Longwind International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Shek Kwok Choi
          Kingsford Industrial Centre
          Unit 2, 8th Floor
          No. 13 Wang Hoi Road
          Kowloon Bay
          Kowloon, Hong Kong


MAGNOLIA FINANCE: S&P Withdraws 'CCC' Ratings on $2.31 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'CCC' credit ratings on the US$2.31 million Series 2006-21 and
HK$48.28 million Series 2006-22 notes issued by Magnolia Finance I
PLC.

The withdrawal of the ratings on the two transactions follows the
withdrawal of the ratings on the respective underlying collateral
by Standard & Poor's.  In both transactions, the ratings on the
notes are dependent on the credit quality of the underlying
collateral as the principal repayment and interest payments of the
notes are ultimately derived from the collateral.  Consequently,
the withdrawal of the ratings on the underlying collateral has
limited S&P's ability to continue to analyze the creditworthiness
of these transactions.

The rating actions on the affected transactions are:

Ratings withdrawn:

                      Magnolia Finance I PLC

       Name                        Rating To   Rating From
       ----                        ---------   -----------
       Series 2006-21              NR          CCC
       Series 2006-22              NR          CCC


QUALITY (2000): Seng and Lo Step Down as Liquidators
----------------------------------------------------
On July 25, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Quality (2000) Limited.


QUALITY LITIGATION: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
On July 25, 2009, Natalia K M Seng and Susan Y H Lo stepped down
as liquidators of Quality Litigation Support Services Limited.


ROBOTOOLZ LIMITED: Creditors' Proofs of Debt Due on August 28
-------------------------------------------------------------
The creditors of Robotoolz Limited are required to file their
proofs of debt by August 28, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 17, 2009.

The company's liquidators are:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two, 28 Yun Ping Road
          Hong Kong


SECURITIES (JAPAN): Appoints Harris and Zelinda as Liquidators
--------------------------------------------------------------
On July 22, 2009, Robin Harris and Ng Kit Ying Zelinda were
appointed as liquidators of Securities (Japan) Holding Limited.

The Liquidators can be reached at:

          Robin Harris
          Ng Kit Ying Zelinda
          The Center, 31st Floor
          99 Queen's Road
          Central, Hong Kong


SIMON LEE: Appoints Lee Philip Kar Fai as Liquidator
----------------------------------------------------
On July 21, 2009, a special resolution was passed appointing Lee
Philip Kar Fai as the liquidator of Simon Lee Investment Company
Limited.

The Liquidator can be reached at:

          Lee Philip Kar Fai
          Traflagar Court
          Flat A, 23rd Floor
          70 Tai Hang Road, H.K.


SOFT-TREK MEDIA: Creditors' Meeting Set for August 7
----------------------------------------------------
The creditors of Soft-Trek Media (HK) Limited will hold their
meeting on August 7, 2009, at 2:30 p.m., for the purposes set out
in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the
Companies Ordinance.

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


SPARK ACE: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extrardinary general meeting held on July 24, 2009, the
members of Spark Ace Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


* HONG KONG: Total Retail Sales Fall 4.8% in June 2009
------------------------------------------------------
The value of total retail sales in Hong Kong, provisionally
estimated at HK$21.1 billion, decreased by 4.8% in June 2009 when
compared with a year earlier, according to Hong Kong's Census and
Statistics Department.

After netting out the effect of price changes over the same
period, the volume of total retail sales decreased by 4.2% in
June 2009 when compared with a year earlier.  The relevant
components of the Consumer Price Index are used as deflators.

The revised estimate of the value of total retail sales in
May 2009, at HK$21.6 billion, decreased by 6.2% when compared with
May 2008, while the volume of total retail sales decreased by
6.4%.

Taking the first half of 2009 together, total retail sales
decreased by 4.5% in value or 5.4% in volume when compared with
the same period a year earlier.

Analyzed by broad type of retail outlet and comparing June 2009
with June 2008, the volume of sales of motor vehicles and parts
decreased the most, by 15.2%.  This was followed by sales of
wearing apparel (-10.6% in volume); jewellery, watches and clocks,
and valuable gifts (-8.2%); furniture and fixtures (-6.9%);
commodities in department stores (-6.4%); footwear, allied
products and other clothing accessories (-5.0%); miscellaneous
consumer goods (-2.0%); miscellaneous consumer durable goods (-
1.8%); and food, alcoholic drinks and tobacco (-1.4%).

On the other hand, the volume of sales of fuels and that of
commodities in supermarkets increased by 2.7% and 1.2%
respectively in June 2009 when compared with a year earlier, while
the volume of sales of electrical goods and photographic equipment
increased by 0.8%.

Based on the seasonally adjusted series, the volume of total
retail sales increased by 0.4% in the second quarter of 2009 when
compared with the preceding quarter.


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


JINDAL INDIA: Fitch Assigns 'BB+' Rating on Senior Bank Loans
-------------------------------------------------------------
Fitch Ratings has assigned Jindal India Thermal Power Ltd's long-
term senior rupee denominated bank loans aggregating
INR21.49 billion a 'BB+(ind)' rating.  Simultaneously, the agency
has assigned a 'BB(ind)' rating to its subordinated bank loans of
INR1.43 billion.  The Outlook is Stable.

JITPL's ratings are constrained by the high degree of construction
and project completion risk for its green field project, which
includes the absence of a single Engineering, Procurement and
Construction contractor.  Other negative factors include the
merchant power plant's exposure to spot market prices for
electricity, its high degree of debt leverage (4:1 debt equity
ratio), and the sponsor's lack of experience in building and
operating a power plant.  The project is in an early stage of
construction, with many project contracts either being finalised
or in various stages of negotiation.  For instance, the Boiler-
Turbine-Generator supply agreement is yet to be signed with Bharat
Heavy Electricals Limited (BHEL, 'AAA(ind)'/Stable), which has an
overflowing order book that could lead to delays in commissioning
due to capacity constraints.  However, Fitch notes that JITPL has
paid an initial advance of INR1200 million to BHEL and issued a
Notice To Proceed for the supply of equipment.  Meanwhile, base
case debt service coverage is low for a merchant power plant, but
higher than most rated Indian power projects, which primarily rely
on long-term contract sales.  The Government of Orissa (Orissa)
has contracted to buy 13% of generated power, but at a discounted
rate.

Positive credit considerations include the completion of land
acquisition for the project by Orissa, the expectation for
continued power deficits within the state and region over the
medium-term, a 12-year power sale arrangement with Tata Power
Trading Company Limited ('BBB+(ind)'/Stable) for spot sales, and
the appointment of Tata Consulting Engineers as project
consultant.  The ratings also benefit from the cost advantage that
the project will derive from the captive coal mines in close
proximity to the generating station.  The sponsors, along with
Monnet Ispat Ltd and Tata Power Company Ltd, have secured coal
mining rights on coal blocks with proven reserves that are
adequate to meet the fuel requirements for the project's lifespan.
Pursuant to a Joint Venture agreement among these three companies,
a separate company has already been formed for this purpose.
Nevertheless, the formal fuel supply agreement has yet to be
executed.

JITPL, promoted by the BC Jindal group, is implementing the 600MW
(I phase) coal-based thermal power project in Derang village in
the state of Orissa at a cost of INR28650 million.  While the
sponsor group has a multi-decade track record in other businesses,
this project will by far, be its largest venture.  About 99.22% of
JITPL's paid up capital is held by Jindal India Powertech Ltd, the
holding company, promoted by Jindal Photo Limited ('AA-
(ind)'/Negative), Jindal Poly Films Ltd and other group companies.


OPG METALS: ICRA Assigns 'LBB+' Rating on INR28.4 Mln Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR28.4 million term
loan and INR160.0 million fund based bank limits of OPG Metals
Private Limited, indicating inadequate-credit-quality.  ICRA has
also assigned an A4+ rating, indicating risk prone-credit-quality
in the short term, to the INR50.0 million fund based and
INR500.0 million non-fund based bank limits of OMPL.

The ratings reflect the experience of the promoters in the steel
business, proximity to the major market in south India, an
established client base and the demonstrated ability of the
promoters to bring in equity leading to a conservative capital
structure.  The ratings however are constrained by the cyclicality
inherent in steel business, low value addition in the current
business, absence of sanctioned load from state grid therefore
complete dependence on single private producer OPG Energy Private
Limited for meeting its power requirements, a weak financial
profile characterized by low profit margins and lean coverage
indicators.  ICRA notes that capacity utilization of the operating
unit was impacted in the recent past as the company on mutual
agreement with OEPL had reduced production levels so that OEPL
could benefit through better realizations from the sale of power
to third parties.  ICRA also notes of the significant sales
concentration risk with top three customers accounting for more
than 60% of the total billet sales in 2007-08.

Incorporated in the year 1996 with the name Sai Kripa Vyapar
Private Limited, the company started its operations with steel
trading.  The name was subsequently changed to OPG Metals Private
Limited in 2005 and it commenced manufacturing operations with a
15 MT induction furnace, which the company had increased over the
period to the current levels.  OMPL is currently the largest
supplier of billets to KSIL accounting of close to 90% of KSIL's
total billet purchase.  During 2007-08, OMPL reported a profit of
INR5.96 million on a turnover of INR3.66 billion.


OPG INDUSTRIES: ICRA Rates INR50MM Fund Based Limits at 'LBB+'
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR50 million fund based
bank limits of OPG Industries Limited, indicating inadequate-
credit-quality.  ICRA has also assigned an A4+ rating, indicating
risk prone-credit-quality in the short term, to the INR100 million
non-fund based bank limits of OIL.

The ratings reflect the experience of the promoters in the steel
and related business, demonstrated ability of the promoters to
bring in equity leading to a low gearing and availability of land
with the company to start the envisaged warehousing business.  The
ratings, however, are constrained by the cyclicality inherent in
steel prices and OIL's weak profitability, reflecting its trading
business.  ICRA notes that the in the past, the company's
operating profitability was volatile, and net profits were largely
supported by non operating and extraordinary income.  ICRA also
notes of the significant sales concentration risk faced by OIL
with the top three customers accounting for more than 90% of the
total sales

Incorporated in 1993, OIL started with trading in steel and wheat
products.  The company operates majorly as a trader in steel
products and in future is expected to take up coal trading and
also venture into warehousing business.  During 2007-08, OIL
reported a profit of INR14.56 million on a turnover of
INR933.3 million.  In the nine months of 2008-09, the company
posted a net profit of INR0.42 million on a turnover of INR617.08
million.


TATA MOTORS: Nears Deal with British Gov't on Jaguar Aid
--------------------------------------------------------
The Economic Times, citing The Observer, reports that Tata Motors
Ltd. is close to signing a financial aid package with the British
government for its UK subsidiary Jaguar Land Rover.

The report relates executives from Tata and Jaguar Land Rover met
officials from Lord Peter Mandelson's business department on
Friday to discuss the agreement.

According to the report, The Observer said the agreement could now
be reached as early as this week.

As reported in the Troubled Company Reporter-Europe on July 22,
2009, The Financial Times said Lord Mandelson, the business
secretary, urged Tata to respond to a revised government funding
offer for Jaguar Land Rover to end standoff in talks over aid for
the two lossmaking luxury car brands.  The FT disclosed Tata is
seeking a government guarantee for a GBP340 million, a three-year
European Investment Bank loan to cut its fleet's emissions, plus
guarantees for private bank loans worth nearly GBP500 million.
Tata has balked at conditions ministers were attaching to aid,
including board representation at Jaguar Land Rover and
operational control, the FT said.  According to the FT,
the government has, however, abandoned most of these.

On July, 28, 2009, the  Troubled Company Reporter-Europe, citing
the FT, reported that Jaguar and Land Rover's core UK operations
posted a combined net loss of GBP673.4 million (US$1.1 billion)
last year, compared with a combined net profit of GBP641.5 million
in 2007.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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

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


TATA MOTORS: S&P Downgrades Corporate Credit Rating to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long term corporate credit rating on India-based Tata Motors Ltd.
to 'B' from 'B+'.  The outlook is negative.  At the same time,
Standard & Poor's lowered the issue rating on the company's senior
unsecured notes to 'B' from 'B+'.  Both ratings were removed from
CreditWatch, where they were placed with negative implications on
December 18, 2009, and refreshed in March 2009.

"We lowered the rating on Tata Motors to reflect the challenging
operating performance at Jaguar and Land Rover for the year ended
March 31, 2009, and S&P's expectations of a similar operating
performance in fiscal 2010.  This, along with a high debt level,
has placed significant pressure on Tata Motors' consolidated
financial metrics," said Standard & Poor's credit analyst Suzanne
Smith.

The company had an adjusted ratio of debt to EBITDA of more than
10x and a ratio of funds from operation to total debt of 3% in
fiscal 2009.

The rating on Tata Motors also reflects the company's exposure to
cyclical demand for commercial vehicles, intense competition in
the passenger vehicle business, and changing consumer preferences
for automobiles in developed countries.  These challenges are
partly offset by the company's dominant market position in the
Indian commercial vehicle market and its relatively good financial
flexibility.

S&P expects JLR's weak operating performance to continue in fiscal
2010, due to tough market conditions.  JLR derives more than 75%
of its sales from developed markets and contributes more than 50%
of Tata Motors' consolidated revenue.  Tata Motors' overall
operating performance was weak in fiscal 2009 (ended March 2009),
due to a 13.5% year-on-year decline in volumes for India
operations and 32% for JLR (June 2008 to March 2009), resulting in
an adjusted EBITDA margin of about 3%.  The operating margin in
India declined to 6.1% in fiscal 2009 from 9.6% a year earlier.

"The recovery in the Indian auto market that started in
January 2009 offers some support for the rating on Tata Motors,
given its strong market position.  In fiscal 2010, S&P expects the
operating performance of Indian operations to improve, driven by
higher sales, improved product mix, and lower commodity prices,"
said Ms. Smith.

The company increased its market share of commercial vehicles in
India to 67% in the first quarter of fiscal 2010.

Tata Motors' financial profile is highly leveraged with weak cash
flows and higher debt levels post the acquisition of JLR.  S&P
expects the company's debt levels to gradually reduce, given its
commitment to deleveraging through divestments, raising capital,
and cutting capital expenditure and working capital requirements.
However, S&P believes that Tata Motors has limited scope to reduce
capital expenditure, even though partly uncommitted, because of
its need to invest in new and existing products to maintain its
market position in the highly competitive auto industry.  Also,
the company faces execution risk for its divestments and capital-
raising plans.

The negative outlook reflects S&P's view on the uncertainty over
when JLR's operating performance will improve, given the weak
global auto market conditions.  It also factors in Tata Motors'
highly leveraged financial risk profile, given extremely high debt
levels, including a high level of short-term debt, even after it
refinanced a bridge loan.


VEEKAYEM TEXTILE: CRISIL Assigns 'B+' Rating on INR102.9MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Veekayem Textile Mills Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR102.9 Million Long Term Loan   B+/Stable (Assigned)
   INR90.0 Million Cash Credit       B+/Stable (Assigned)
   INR13.0 Million Proposed Long     B+/Stable (Assigned)
           Term Bank Loan Facility
   INR90.0 Million Export Packing    P4 (Assigned)
                   Credit
   INR20.0 Million Letter Of Credit  P4 (Assigned)

The ratings reflect VTMPL's weak financial risk profile, exposure
to risks relating to large working capital requirements, and lack
of integrated facilities.  These weaknesses are, however,
partially offset by the benefits it derives from the experience of
VTMPL's promoters in the textile industry.

Outlook: Stable

CRISIL believes VTMPL will maintain its business risk profile
supported by long standing experience of promoters in the textile
industry.  The outlook may be revised to 'Positive' if there is
considerable improvement in the company's financial risk profile,
marked by significant improvements in the capital structure.
Conversely, the rating may have a 'Negative' outlook if the
company undertakes large debt-funded capital expenditure or if the
liquidity profile of the company deteriorates in the medium term.

                       About Veekayem Textile

Incorporated in 1987, by Mr. Krishnakant Gupta, VTMPL manufactures
suitings and readymade garments.  The company manufactures nearly
20 varieties of fabric, including cotton, polyviscose, polycot and
nylon.  The company has a manufacturing facility at Umbargaon
(Gujarat).  VTMPL reported a profit after tax (PAT) of INR0.6
million on net sales of INR516 million for the year ended
March 31, 2008, as against a PAT of INR3.5 million on net sales of
INR385 million for the year ended March 31, 2007.


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


EXCELCOMINDO PRATAMA: To Raise US$300 Million Via Rights Issue
--------------------------------------------------------------
PT Excelcomindo Pratama Tbk, a unit of Axiata Group Berhad,
disclosed plans to embark on a rights issue to raise gross
proceeds of approximately US$300 million.

The primary objective of the capital raising is to deliver XL's
balance sheet to maintain financial flexibility and maintain a
strong balance sheet and credit profile, Axiata said in a
statement.

Axiata said the amount being raised is consistent with the amount
required for XL to sufficiently deliver and to ensure that the
company is fully equipped for long term growth.

"As the largest shareholder, we are obviously committed to the
long term growth of XL and definitely believe in its potential.
This financing process demonstrates Axiata’s full support and
backing to XL, and will provide XL the financial ability to
continue investing in its business and to continue strengthening
its market position," Dato' Sri Jamaludin Ibrahim, President and
Group Chief Executive Officer of Axiata said.

Hasnul Suhaimi, the President Director of XL said: "With the
financing, XL will be able to reduce debt and improve our capital
structure, thus preserving our flexibility to continue investing
in the business. Our operating performance has been strong - in
2008 we grew both revenues and EBITDA by almost 50%.  We are
pleased that our major shareholders share our positive view of the
business and its potential, and as such, they have committed to
this USD 300 million rights issue. With our strengthened balance
sheet and investment ability, XL will be able to further improve
our competitive strengths going forward and continue driving such
stellar growth and allow us to distribute dividends to our
shareholders in the future".

                           Rights Issue

The rights issue size will be US$300 million which will consist of
equity and mandatory convertible notes (MCNs).  The size of equity
and MCN, final issue price of the common shares and conversion
price of MCN will be determined later and released at a later
date.

XL’s major shareholders, including Axiata and Emirates
Telecommunications Corp International Indonesia Ltd, have both
agreed to fully subscribe to their rights entitlement under the
rights issue.

                  Use of Proceeds and Rationale

The proceeds from the rights issue will be used principally to
repay debt.  This will allow XL to reduce its financing costs,
improve its capital structure and therefore provide XL the balance
sheet strength to continue investing for growth.

Subject to approval at the extraordinary general meeting of
shareholders of XL to be held this year, the rights issue is
planned to be completed in the fourth quarter of 2009.

                     About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2009, that Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit rating on the company and its 'BB-' rating on the
US$250 million (US$127.7 million currently outstanding) 7.125%
notes due 2013 issued by Excelcomindo Finance Co. B.V., a fully
owned company incorporated in The Netherlands, and which are
unconditionally and irrevocably guaranteed by XL.  S&P also
revised its down its outlook on the company's long-term corporate
credit rating to negative from stable.

The TCR-AP also reported on Feb. 27, 2009, that Moody's Investors
Service has changed the outlook on PT Excelcomindo Pratama Tbk's
Ba2 local currency issuer rating and senior unsecured foreign
currency rating to negative from stable.

On September 2, 2008, the TCR-AP reported that Fitch Ratings
affirmed PT Excelcomindo Pratama Tbk's Long-term foreign currency
and local currency Issuer Default Ratings at 'BB-'.  The Outlook
on the ratings is Stable.  At the same time, Fitch has affirmed
the rating on XL's outstanding senior unsecured notes programme at
'BB-'.


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


BEARINGPOINT INC: In Talks to Divest Latin America, Asia-Pac Units
------------------------------------------------------------------
BearingPoint Inc. reports it is in negotiations with other
interested parties and local management to sell its Latin America
practices and various Asia Pacific practices -- other than
BearingPoint Brazil, BearingPoint Japan and BearingPoint China GDC
-- and is in the process of selling certain remaining assets that
were not or will not be sold pursuant to other transactions.
There can be no assurance that any of these transactions will be
completed.

BearingPoint is pursuing the sale of all or substantially all of
its businesses and assets to a number of parties.  BearingPoint
expects that the sale transactions will result in modification of
the plan of reorganization filed with the Bankruptcy Court on
February 18, 2009.  If BearingPoint is successful in selling all
or substantially all of its assets, in the liquidation of
BearingPoint's business and BearingPoint ceasing to operate as a
going concern.

On March 23, 2009, BearingPoint and certain of its subsidiaries
entered into an Asset Purchase Agreement to sell a significant
portion of their assets related to BearingPoint's North American
Public Services business to Deloitte LLP.  On April 17, the
Bankruptcy Court approved this sale.  The closing of this
transaction occurred on May 8.  In connection with the closing,
BearingPoint received net proceeds of roughly $329.3 million.

On April 2, BearingPoint International Bermuda Holdings Limited,
BearingPoint's indirect subsidiary, entered into a Share Sale
Agreement with PwC Advisory Co., Ltd., the Japanese member firm of
the PricewaterhouseCoopers global network of firms, for the sale
of BearingPoint's consulting business in Japan to PwC Japan for
roughly US$45 million.  In addition, PwC Japan assumed the
intercompany debt owed by certain non-debtor subsidiaries of
BearingPoint to BearingPoint Co., Ltd. (Chiyoda-ku).  The closing
of the PwC Japan Transaction occurred on May 11.

On April 17, BearingPoint and certain of its subsidiaries entered
into an Asset Purchase Agreement with PricewaterhouseCoopers LLP
pursuant to which BearingPoint agreed to sell a substantial
portion of its assets related to its North American Commercial
Services business unit, including Financial Services, to PwC and
PwC agreed to assume certain liabilities associated with the
assets.  In addition, affiliates of PwC also entered into
definitive agreements to purchase the equity interests of
BearingPoint Information Technologies (Shanghai) Limited, a
subsidiary of BearingPoint that operates a global development
center in China, and certain assets of a separate global
development center in India.

On April 27, the Bankruptcy Court approved bidding procedures in
connection with an auction of all or substantially all of the
assets of the CS Business and BearingPoint China GDC.  The Auction
was held on May 27 and concluded on May 28.  At a hearing May 28,
the Bankruptcy Court approved PwC as the winning bidder at the
Auction.  The aggregate purchase price for the PwC Commercial
Services Transaction was US$44 million (subject to certain
contractual adjustments).  The closing of the PwC U.S. Transaction
occurred on June 15, and, as a result, PwC acquired the CS
Business.  The purchase price for the PwC U.S. Transaction was
US$39 million.  BearingPoint anticipates that the PwC China
Transaction and the PwC India Transaction will close within the
next several months; however, there can be no assurance that the
transactions will be completed.

On July 9, BearingPoint and certain of its subsidiaries entered
into a Stock Purchase Agreement with CSC Brazil Holdings LLC and
Computer Sciences Corporation for the sale of BearingPoint's
consulting business in Brazil.  Pursuant to the Brazil Stock
Purchase Agreement, CSC agreed to purchase BearingPoint, S.A., a
wholly owned subsidiary of BearingPoint, through the purchase of
all issued and outstanding shares of common stock of BearingPoint
Brazil, for a purchase price of US$7.9 million.  The Bankruptcy
Court approved the Brazil Transaction on July 23.  The
consummation of the Brazil Transaction is expected to occur on or
prior to August 7 and is subject to customary closing conditions.
There can be no assurance that the Brazil Transaction will be
completed.

On April 20, BearingPoint's Board of Directors authorized
BearingPoint to enter into a non-binding term sheet for the sale
of its Europe, Middle East and Africa business to local
management.  On July 17, BearingPoint, BE Holdings I CV, a
subsidiary of BearingPoint, certain other affiliates of
BearingPoint and BE Partners B.V., a newly formed company
established by a significant majority of the managing directors of
BearingPoint's EMEA practice for the purpose of acquiring the EMEA
practice from BearingPoint, entered into an Agreement for the Sale
and Purchase of the Share Capital of BearingPoint Europe Holdings
B.V., BearingPoint's European holding company.  Under the terms of
the EMEA Share Sale Agreement, the Purchaser will acquire all of
BearingPoint's EMEA practice for an aggregate purchase price of
roughly US$69 million in total consideration.  The EMEA practice
will continue to operate under the BearingPoint name following the
completion of the EMEA Share Sale Agreement.  The parties have
agreed to work towards a completion date of August 31 for the EMEA
Transaction.  The EMEA Transaction is subject to (i) the approval
of the Bankruptcy Court, (ii) the formation of a trust to which
certain intellectual property rights will be transferred for the
benefit of the Purchaser and (iii) BearingPoint being released
from certain outstanding letters of credit issued in respect of
the EMEA practice.  There can be no assurance that the EMEA
Transaction will be approved by the Bankruptcy Court or that the
EMEA Transaction will be completed.

                         About BearingPoint

BearingPoint, Inc. -- http://www.BearingPoint.com/-- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
The Company's service offerings are designed to help clients
generate revenue, increase cost-effectiveness, manage regulatory
compliance, integrate information and transition to "next-
generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D.N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, in Houston; Marcia J. Goldstein, Esq.,
Ronit J. Berkovich, Esq., and Jose R. Alcantar, Esq., at Weil
Gotshal & Manges LLP, in New York, represent the Debtors as
restructuring counsel.  AlixPartners, LLP, is the Debtors'
restructuring advisors.  Greenhill & Co., LLC, is the Debtor's
financial advisor & investment banker.  Jeffrey S. Sabin, Esq., at
Bingham McCutchen LLP represents the Creditors' Committee as
counsel.

BearingPoint disclosed total assets of US$1,762,689,000, and debts
of US$2,231,839,000 as of September 30, 2008.


ELPIDA MEMORY: Quarterly Loss Widens to JPY44.4 Billion
-------------------------------------------------------
Elpida Memory Inc. disclosed its consolidated financial report for
the first quarter ended June 30, 2009.

Elpida posted a net loss of JPY44.4 billion in the three months to
June 30, compared with a net loss of JPY13.8 billion in the same
period a year earlier.  Elpida's first quarter net sales were
JPY72.6 billion, down 33.6% from a year earlier.

The Company reported an operating loss of JPY42.3 billion, JPY7.1
billion less QoQ, as larger sales of Premier DRAMs and higher
prices for PC DRAM products helped offset an increase in cost of
goods sold and SG&A attributable to the consolidation of Rexchip
and Tera Probe, Inc.

Elpida also reported an ordinary loss of JPY46.6 billion (a loss
reduction of JPY10.4 billion QoQ) due in part to a JPY2.6 billion
interest expense.

                         Rating Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


METALDYNE CORP: Receives Bids for "Substantially All Assets"
------------------------------------------------------------
Metaldyne Corp. was scheduled to hold an auction for its
businesses, including its powertrain and chassis assets July 5.
Metaldyne will present to the Bankruptcy Court the results of the
auction on July 7.

Metaldyne was scheduled to hold an auction for its chassis
business on August 3 but asked the Court to reschedule the auction
so that it could be held the same time as its powertrain business.

The move came after the Company received a bid for "substantially
all" of its assets including its power-train business, Carla Main
at Bloomberg said, citing court filings.

Metaldyne has already selected as Hephaetus Holdings, Inc. as
stalking horse bidder for its powertrain operations.  HHI, a
portfolio company of KPS Capital Partners LP with other automotive
holdings, has offered US$78 million cash.

Metaldyne has selected Revstone Industries LLC as the stalking
horse bidder for most of its chassis operations.

                  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.


WMTGF II: S&P Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C to E fixed-rate notes issued under the WMTGF II
transaction, and removed the ratings on these classes from
CreditWatch with negative implications, where they had been placed
on July 6, 2009.  At the same time, Standard & Poor's affirmed its
ratings on classes A-1, A-2, and B.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes C to E of WMTGF II, on CreditWatch with negative
implications.

The underlying loan of this transaction, which is due to mature by
the end of August 2010, is a "loan considered to be in default" as
stated in the aforementioned report.  Accordingly, as part of the
loan surveillance process, Standard & Poor's reviewed the property
management report and interviewed the servicer and the asset
manager about the loan.

Although the net cash flow of the collateral properties backing
the aforementioned loan is very close to S&P's initial assumption,
S&P sees a risk that the loan might not be repaid on the maturity
date in light of the level of leverage in relation to this loan.
S&P downgraded classes C to E because S&P lowered its assumption
in respect to the recovery amount from the collateral properties.

Standard & Poor's intends to continue to monitor progress in the
repayment of the underlying loan of this transaction, as well as
the performance and recovery prospects of the related collateral
properties.

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

           Rating Lowered And Off Creditwatch Negative

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

      Class      To    From            Initial Issue Amount
      -----      --    ----            --------------------
      C          A-    A/Watch Neg     JPY1.1 bil.
      D          BB+   BBB/Watch Neg   JPY0.9 bil.
      E          B-    BB/Watch Neg    JPY1.1 bil.

                         Ratings Affirmed

      Class      To    From            Initial Issue Amount
      -----      --    ----            --------------------
      A-1        AAA                   JPY4.0 bil.
      A-2        AAA                   JPY1.0 bil.
      B          AA                    JPY1.2 bil.


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


HYNIX SEMICONDUCTOR: Names J.B. Kim as New Chief Marketing Officer
------------------------------------------------------------------
Hynix Semiconductor Inc. has appointed Ji Bum Kim as its new Chief
Marketing Officer.  Mr. Kim replaces Dae Su Kim, who has currently
resigned.

Mr. Kim will be responsible for all Sales and Marketing functions
at Hynix, covering DRAM, NAND Flash, and CMOS Image Sensors.

Mr. Kim has spent 25 years in the semiconductor industry holding
management positions in both engineering and marketing.  His most
recent position was Senior VP of Technical Marketing and Product
Planning at Hynix where he has worked since 1999.  Prior to this,
Mr. Kim was VP of Technical Marketing at Hynix Semiconductor
America, a position he held for 4 years.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


KUMHO ASIANA: Fired Petrochem Unit Chief Mulls Legal Action
-----------------------------------------------------------
The Korea Herald reports that the former chairman of Kumho Asiana
Group's chemical unit has vowed to take legal action against his
dismissal last week, fueling another ugly family feud over the
control of South Korea's conglomerate.

According to the report, Park Chan-koo was dismissed as chief
executive officer and chairman of Korea Kumho Petrochemical Corp.
at a board meeting on July 28.  After announcing the dismissal,
the report relates, Park Sam-koo, his elder brother, stepped down
as head of Asiana Group.  The two executives are the third and
fourth sons of the group's founder, Park In-chun.

The Herald relates that the younger Park claimed that his elder
brother forced board members to kick him out through an "illegal
meeting."

"The (former) chairman Park Sam-koo illegally called a board
meeting and forced board members to remove me from my post," the
report quoted Park Chan-koo as saying in a statement.  "I will
take appropriate legal action against my dismissal."

The elder Park last week accused his brother of seeking his
personal interests and violating the group's agreement on "joint
management by brothers," the Herald recounts.

According to the report, the brothers of Kumho Asiana Group made
it a rule to jointly manage the group by owning stakes in the
group's subsidiaries.  However, Park Chan-koo sold his entire
stake in Kumho Industrial Co., a construction unit of Kumho
Asiana, and raised his stake in Korea Kumho Petrochemical Corp.,
the de facto holding company of the group.

The younger brother claimed that he was trying to save the
chemical unit of the group from the liquidity crisis that was
spreading through Kumho Asiana, the report relates.

Kumho Asiana has been suffering from a liquidity crisis, which
observers describe as a typical case of acquisition indigestion,
according to the Herald.  In a bid to ease a cash shortage, the
conglomerate decided last month to re-sell the controlling stakes
and management rights of Daewoo Engineering & Construction, three
years after acquiring it for KRW6.4 trillion, the Herald states.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


SSANGYONG MOTOR: Suppliers File Petition for Early Liquidation
--------------------------------------------------------------
A group of 600 Ssangyong Motor suppliers filed for early
liquidation of the carmaker Wednesday with the Seoul Central
District Court, The Donga-a Ilbo reports.

"Due to the illegal occupation by unionized workers, around
200,000 employees of Ssangyong's suppliers have remained idle. We
suggest a written application of early liquidation to let the
troubled carmaker fall into bankruptcy and come up with effective
measures," Choi Byeong-hun, general director of the group, was
quoted by the report as saying.

"It will take more than six months to normalize the carmaker. If
the workout program is also not implemented as quickly as
possible, a number of suppliers will go under. If the standoff is
resolved within a few days and the carmaker asks us to withdraw
our application, we'll carefully consider whether to do so."

The court, however, is highly likely to wait until Sept. 15, the
deadline for Ssangyong management to submit a self-rescue plan,
the report said.  The court, says the Ilbo, could even cancel the
workout procedure even before the deadline if the company's going-
concern value falls far below liquidation value.

The Troubled Company Reporter-Asia Pacific reported on Jan. 12,
2009, that Ssangyong filed for receivership with a Seoul district
court in a bid to stave off a complete collapse.  On Feb. 6, 2009,
the TCR-AP reported the Seoul Central District Court accepted
Ssangyong's application to rehabilitate under court protection.
The court named former Hyundai Motor Co. executive Lee Yoo-il and
Ssangyong executive Park Young-tae to run the automaker.

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

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

                       About Ssangyong Motor

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


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


TALAM CORPORATION: Updates Bursa on Default Status as of June 30
----------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of June 30, 2009.

                      Default Status

A. Europlus Corporation Sdn Bhd has been notified that the
   Noteholders have approved and passed the resolution in
   writing on the proposed restructuring scheme on September 25,
   2006.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.


                                               Amt. Outstanding
   Subsidiary            Lender                  of 06/30/2009
   ----------            ------                ----------------
   Europlus Corp         Abrar Discounts Bhd     MYR190,000,000
   Sdn Bhd

B. These loans with the companies are part of the overall
   Financial Restructuring scheme submitted to the respective
   financial institutions.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 06/30/2009
   ----------            ------                ----------------
   Abra Development      EON Bank Bhd             MYR13,451,282
   Sdn Bhd

   Talam Corp Bhd        EON Bank Berhad          MYR3,242,549
                                                  MYR3,220,148

   Europlus Bhd          RHB Investment Bank      MYR3,297,382
                         Bhd

   Talam Industries Bhd  RHB Investment Bank     MYR11,221,142
                         Bhd                     MYR16,816,990
                                                  MYR5,710,867
                                                  MYR5,657,099

   Talam Industries Bhd  RHB Investment Bank     MYR13,216,520
                         Bhd

C. These companies are in the midst of finalizing the sales and
   Purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 06/30/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR26,655,864
   Sdn Bhd               Sdn Bhd                 MYR68,822,533
                                                 MYR73,688,105

D. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 06/30/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,451,653
                         Leasing Sdn Bhd          MYR22,568,591


   Ukay Land Sdn Bhd     Insas Credit &           MYR14,725,281
                         Leasing Sdn Bhd

E. This company is currently under Section 176 of the Companies
   Act, 1965.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 06/30/2009
   ----------            ------                ----------------
   Maxisegar Sdn Bhd     Abrar Discounts Bhd     MYR130,000,000

F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 06/30/2009
   ----------              ------             ----------------

   Talam Corporation Bhd   Pengurusan          MYR3,240,584
                           Danaharta Nasional

With the completion of the proposals under the Regularization Plan
as approved by the Securities Commission on April 29, 2008 and
upon listing and quotation of the RCPS, RCSLS-B, RCSLS-C and
RCSLS-D on the Main Board of Bursa Malaysia Securities Berhad on
July 1, 2009, Talam said it will seek Bursa Securities' approval
to uplift the Company from the PN17 status.

The Company's proposed divestment programme, which did not require
the approval of the Securities Commission, is still on-going and
the outstanding defaulted credit facilities will be settled in due
course.
                         About Talam

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


WONDERFUL WIRE: Total Default Reaches MYR78.93MM as of July 31
--------------------------------------------------------------
Wonderful Wire Berhad disclosed with the Bursa Stock Exchange
that the company's total default reached MYR78,927,486.36 as of
July 31, 2009, which comprises of:

Wonderful Wire's loans:
                                            Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
CIMB Bank Berhad          Short Term Advance      10,799,814.75
                           Overdraft               2,416,127.97

CIMB Factor Lease Berhad  Leasing                  4,063,006.49

Malayan Banking Berhad    Term Loan               33,559,528.19
                            Overdraft              5,462,177.24

RHB Islamic Bank Berhad   Term Financing          19,999,534.74
                           Revolving Credit        2,284,124.40

Bank Muamalat Malaysia    Hire Purchase Car Loan      20,386.00

Orix Rentec (M)           Rental of office
Sdn. Bhd.                 equipment                  71,144.00
                                                  -------------
                                         Total:   78,675,843.78

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
  CIMB Factor Lease Bhd.      Leasing                251,642.58

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


INVESTMENT RESEARCH: Breaches Bank Covenants
--------------------------------------------
Investment Research Group, which is already under threat of NZX
suspension due to non-filing of annual accounts, has revealed a
breach of banking covenants and needs NZ$500,000 of additional
capital, The National Business Review reports.

According to the report, IRG managing director Brent King said its
bank had asked the company to submit proposals to it by Monday
"and the company intends having further discussions with the bank
with a view to making proposals to it by August 10".

The Business Review relates that Mr. King said the breach in
shareholders funds covenant and interest cover ratios had come
about because of write-downs in the March financial year.

"Accounts have been prepared and their audit has been
substantially completed.  However, a few outstanding matters
remain to be clarified.  The audit of the accounts is expected to
be completed and the accounts filed with NZX by the end of this
week, or early next week," the report quoted Mr. King as saying.

"The company requires approximately NZ$500,000 of additional
capital to remedy the breach of its shareholders funds covenant,
and is trading profitably and is not in breach of its interest
cover ratio in respect of the current financial year. The company
is actively reviewing options for raising the additional capital
that is required," Mr. King said.

The company had been advised by its bankers that they "do not
propose to take action at this time", the report says.

Based in New Zealand, Investment Research Group Limited (NZE:IRG)
-- http://www.irg.co.nz/-- formerly known as Viking Capital
Limited, is engaged in investing in and providing professional
services to organizations in New Zealand and overseas.  The
Company’s subsidiary businesses are IRG Media, IRG Portfolio and
IRG Investment Advisers.  IRG Media includes all the media
publications of the Company, including New Zealand Investor
Monthly an investment magazine; Equity weekly, an e-mail
Newsletter; MoneyOnline newsletter; McEwen Investment Report, a
weekly subscription newsletter; IRG Investment year Book, an
yearbook giving five-year data on listed New Zealand and
Australian shares.  IRG Portfolio focuses on portfolio service
using Aegis, the custodial platform.  The service gives clients a
full-service investment advisory product.  IRG Investment Advisers
business offers advisory and sharebroking services to clients. On
May 13, 2008, the Company announced the purchase of the businesses
of Equity Investment Advisers and MoneyOnline.


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


BALI BEACH: Creditors' Proofs of Debt Due on August 31
-----------------------------------------------------
Bali Beach Charter Pte. Ltd., which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 31, 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


CHENGDU CENTRE: Court to Hear Wind-Up Petition on August 14
-----------------------------------------------------------
A petition to wind up the operations of Chengdu Centre (Singapore)
Pte Ltd will be heard before the High Court of Singapore on
August 14, 2009, at 10:00 a.m.

Gateway Land Limited filed the petition against the company on
July 23, 2009.

The Petitioner's solicitor is:

          Messrs. De Souza Lim & Goh LLP
          No. 5 Shenton Way #12-05 UIC Building
          Singapore 068808


ENZER ELECTRONICS: To Pay First and Final Dividend on August 21
---------------------------------------------------------------
Enzer Electronics Pte Ltd, which is in compulsory liquidation,
will pay the first and final dividend to its creditors on Aug. 21,
2009.

The company will pay 100% to all admitted preferential claims.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          10 Anson Road
          #19-01, International Plaza
          Singapore 079903


PSD GROUP: Creditors' Proofs of Debt Due on August 31
-----------------------------------------------------
PSD Group (Singapore) Pte. Ltd., which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 31, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


SCAN TECHNOLOGY: Creditors' Proofs of Debt Due on August 31
-----------------------------------------------------------
Scan Technology (S) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by August 31, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          19 Kim Keat Road
          #01-03 Fu Tsu Building
          Singapore 328804


SEAGATE TECHNOLOGY: To Close Singapore Plant; 2,000 Jobs at Risk
----------------------------------------------------------------
Seagate Technology said Tuesday it would close its plant in
Singapore by the end of 2010 and move its hard disk drive
manufacturing operations out of the city-state to existing company
sites in other countries, The China Post reports.

According to the report, a company spokeswoman said the closing
would affect about 2,000 employees.

              Appointment of VP and Managing Director
                    for Asia Pacific and Japan

Seagate Technology has appointed BanSeng Teh as the Vice President
and Managing Director of Nippon Seagate.  Mr. Teh will assume
responsibility for Seagate’s Japan operations in addition to his
existing responsibilities as Vice President and Managing Director
for the Asia Pacific Sales and Marketing Organization.  As a
combined region, Asia Pacific and Japan currently generate over
40% of Seagate’s total revenue.

Mr. Teh will be responsible for driving the financial performance
as well as the successful promotion of the Seagate brand in Asia
Pacific and Japan.  This involves profitably growing revenue and
market share across Seagate’s enterprise, desktop, notebook,
consumer electronics and branded solutions markets.

In addition to developing existing markets and new revenue
streams, Mr. Teh will oversee all functions relating to pre-sales
and technical support, customer logistics and warranties to ensure
best-in-class customer service.

Kurt Richarz, Seagate Executive Vice President of Sales, said,
"Teh is a great fit to take over the Japanese market as he has
excelled in a similar role in the Asia Pacific market.  Under his
leadership, Seagate has garnered greater market share and brand
loyalty in the Asia Pacific region by growing new streams of
revenue and developing new markets.  His understanding of
Seagate’s customers and his experience in growing the company’s
business will be invaluable in further developing Seagate’s
presence in Japan."

Based in Singapore, Mr. Teh joined Seagate in 1992 as the
company’s sales manager for ASEAN and the Indian subcontinent.

                     About Seagate Technology

Headquartered in California, USA, Seagate Technology, Inc.
(NASDAQ:STX) -- http://www.seagate.com-- designs, manufactures,
and markets products for storage, retrieval and management of data
on computer and data communications systems.  These products
include rigid disc drives, tape drives and software.  Seagate's
rigid disc drive products currently include rigid disc drive
models in the 3.5-inch form factor with capacities ranging from
4.3 gigabytes (GB) to 73 GB.  Seagate sells its products to
original equipment manufacturers for inclusion in their computer
systems or subsystems, and to or through distributors, resellers,
dealers, system integrators and retailers.

                         *     *     *

As reported in the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services assigned its 'BB+' issue level
rating to the proposed US$430 million of senior secured, second
priority notes to be issued by Seagate Technology International,
two notches above the corporate credit rating (BB-/Negative/--) of
its parent, Seagate Technology.  The notes will be guaranteed by
Seagate Technology and Seagate Technology HDD Holdings.

Moody's Investors Service confirmed Seagate Technology HDD
Holdings' corporate family rating of Ba2 and downgraded the senior
unsecured notes and convertible senior notes ratings to Ba3 from
Ba2.  Moody's also assigned a first-time rating of Ba1 to the
company's $430 senior secured notes offering announced.
Concurrently, Seagate's speculative grade liquidity rating was
upgraded to an SGL-2 from an SGL-3.  The rating outlook is
negative. The rating actions conclude the review for further
possible downgrade initiated on January 15, 2009.


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


HORIZON SECURITIES: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Horizon Securities Co., Ltd's
National Long-term rating at 'BBB+(twn)', National Short-term
rating at 'F2(twn)', Individual rating at 'D' and Support rating
at '5'.  The Outlook is Stable.

HSC's ratings reflect its small franchise and less diversified
revenue sources.  The ratings also factor its acceptable
capitalization and its improved, albeit still relatively weak,
liquidity level.  The company aims to expand its fee-related
income through its alliance with French Edmond De Rothschild Asset
Management to exclusively sell mutual funds through HSC's newly-
formed wealth management business in 2009.  To extend its branch
network, HSC announced the acquisition of a small broker (2% of
HSC's assets) in September 2008.  The acquisition is to take place
at end-2009 and will increase HSC's branch network by two, to a
total of 11 branches.

HSC reduced its appetite for risk and scaled back its riskier
investments in late-2008 to weather the market downturn.  Its
total investments declined notably at end-March 2009, from their
peak in March 2008.  The majority of its investments are
government bonds and good quality corporate bonds at end-March
2009.  Market risk from its bond investments -- which are of short
duration -- is considered manageable.  Meanwhile, the dollar value
change for a 100 bp shift across the yield curve suggests a
limited 2.6% impact to its equity base.

HSC incurred losses in 2008 due to marked losses in proprietary
trading amid the sharp market correction.  However, the company
made modest pre-tax profits in January to May 2009 (5M09) as the
stock market recovered.  Nevertheless, fees from brokerage
declined on a yoy basis in 5M09, due to increased brokerage
rebates but decreased retail trading flow.  In Fitch's view, HSC's
profit outlook remains challenging in 2009, given its concentrated
revenue from trading.

That said, HSC's capital ratio was an acceptable 251% at end-2008.
The results of Fitch's stress test indicate that Taiwanese
securities firms can generally hold up their capital positions
well in the face of more challenging market conditions (for more
information please refer to the comment, "Taiwanese Securities
Firms: Capital Buffer Remains Satisfactory under Stress Scenario",
dated March 19, 2009).  Although a heavy reliance on short-term
repos remains a weakness in its funding stability, HSC has
gradually reduced its repo funding in 2008 and Q109, as it
downsized its investment portfolio.  In addition, the risk from
repo funding has been partially mitigated by the company's good-
quality underlying securities.


KUO HUA: Financial Supervisory Commission Takes Over Firm
---------------------------------------------------------
Taiwan's Financial Supervisory Commission has taken over Kuo Hua
Life Insurance Co. due to its weak finances, The China Post
reports.

According to the report, Mr. Chen said the Insurance Stabilization
Fund will take over the management and business operations of Kuo
Hua Life with the assistance from Taiwan Insurance Institute
(TII).  The takeover period is tentatively set for nine months
which can be either cut short or extended, the report says.

The Post, citing the Cabinet-level commission in a statement,
relates that Kuo Hua has failed several times to raise its capital
as requested.

Kuo Hua's total assets amount to about NT$246 billion but had run
into a net deficit of NT$57.9 billion as of the end of June.

Kuo Hua's non-life insurance affiliate was already taken over by
the government earlier for financial woes.  In January, the FSC
asked the Taiwan Insurance Institute to take over the operation of
financially troubled Walsun Insurance Limited, a non-life insurer,
to help deal with its liabilities and assets and safeguard
customers' interests.

Kuo Hua Insurance Co. Ltd is a Taiwan-based life insurer.


TACHAN SECURITIES: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Tachan Securities Co., Ltd's
Long-term foreign currency Issuer Default Rating at 'BB', Short-
term foreign currency IDR at 'B', National Long-term Rating at
'BBB+(twn)', National Short-term Rating at 'F2(twn)', Individual
rating at 'D', Support rating at '5' and Support Rating Floor at
'NF'.  The Outlook is Stable.

Tachan's ratings reflect its small franchise and less diversified
revenue sources, as compared to its peers, but also takes into
account its reasonably good liquidity and strong capitalization.
Tachan is a small player in Taiwan's securities brokerage market.
Constrained by its limited brokerage scale, its earnings are
reliant on its proprietary trading performance, which is
susceptible to the volatility of the equity market.  Nevertheless,
Fitch acknowledges Tachan's efforts to improve the diversity of
its earnings, which includes promoting its online trading services
and expanding its customer base through community sponsorships.

Tachan recorded an ROE of -8.2% in 2008, its first annual loss
since inception, as stock trading losses more than offset
brokerage profits in the inclement market conditions.  However,
the securities company managed to establish a path back to
profitability and registered a net profit of NT$76.8 million in
H109 (annualized ROE of 4.8%).  Although heightened market
volatility will increase the variability of Tachan's bottom-line
results in 2009, Fitch expects its large capital base to be
sufficient to buffer against unexpected large trading losses.

That said, the agency notes that Tachan has greatly trimmed its
risk appetite amid the ongoing economic downturn, which has led to
much-reduced equity investments (2.7% of net worth at end-Q109
from 25.0% at end-2007) and a shift in debt securities investments
toward government bonds.  Tachan also has good liquidity with a
current ratio of 206.1% at end-Q109, and is strongly capitalized.
Its CAR stood at 1,245% at end-Q109, up from 715% at end-2007, due
to its sharp reduction in riskier assets.

Established in 1988, Tachan is one of the smaller securities firms
in Taiwan.  It operates through two branches, with a national
brokerage market share of 0.14% in June 2009.  Marlon Chu, the
founder, and his investment vehicles, own about 80% of the
company.


TAISHIN FINANCIAL: Moody's Withdraws 'Ba1' Issuer Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn its ratings on Taishin
Financial Holding Company and Taishin International Bank for
business reasons.

These ratings have been withdrawn:

* Taishin FHC -- local currency long-term issuer rating of Ba1;
  national-scale long-term issuer rating of A3.tw; national-scale
  subordinate debt rate of Baa2.tw. The outlook for all ratings
  was stable.

* Taishin Bank -- bank financial strength rating of D+; global
  local currency and foreign currency long-term/short-term deposit
  ratings of Baa2/P-2; foreign currency long-term issuer ratings
  of Baa2; national-scale long-term/short-term deposit ratings of
  A1.tw/TW-1.  The outlook for all ratings was stable.

Moody's last rating action on Taishin FHC was taken on January 14,
2009, when its issuer rating was lowered from Baa3 to Ba1 with a
stable outlook.

Moody's last rating action on Taishin Bank was taken on
January 14, 2009, when its global local currency and foreign
currency long-term bank deposit ratings were lowered to Baa2 from
Baa1.  Its BFSR of D+ was confirmed, but its baseline credit
assessment was lowered to Ba1 from Baa3.  The outlook for all
ratings was stable.

Taishin FHC, headquartered in Taipei, Taiwan, had assets of
NT$2.36 trillion as of end-March 2009 on a consolidated basis.

Taishin Bank, headquartered in Taipei, Taiwan, had assets of
NT$839 billion as of end-March 2009 on an unconsolidated basis.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

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

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

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





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