TCRAP_Public/090811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, August 11, 2009, Vol. 12, No. 157

                            Headlines

A U S T R A L I A

ALC GROUP: Police, ASIC to Probe Investment Scheme Collapse
CENTRO PROPERTIES: Searches for New Global CEO
CENTRO PROPERTIES: CER Names Peter Day as Chairman
INTERSTAR TITANIUM: Fitch Upgrades Ratings on Four 2006-1 Notes
SUNCORP METWAY: Expects to Post Lower Earnings in FY2009


B A H R A I N

AWAL BANK: Central Bank Taps Charles Russell LLP as Administrator
INT'L. BANKING: Bahrain Names Trowers & Hamlins as Administrator


C H I N A

LAS VEGAS SANDS: Venetian Macau Bank Debt Trades at 11% Off
VISTEON CORP: Records US$112 Mil. Net Loss for Second Quarter
WYNN RESORTS: Fitch Assigns Issuer Default Rating at 'B+'


H O N G  K O N G

ALLIANCE WEALTH: Creditors' Proofs of Debt Due on September 4
BLUE LIGHT: Court to Hear Wind-Up Petition on September 9
CHINA GALAXY: Court to Hear Wind-Up Petition on August 12
CHUEN WO: Court to Hear Wind-Up Petition on August 19
FABULOUS WAY: Court to Hear Wind-Up Petition on August 26

FUJITRANS (HK): Creditors' Proofs of Debt Due on September 7
FULL BRIGHT: Court to Hear Wind-Up Petition on August 12
GARTLETT INVESTMENTS: Appoints Chiong and Sutton as Liquidators
KEENMAX DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 2
PHENIX JING: Creditors' Proofs of Debt Due on September 9

PHENIX OPTICS: Placed Under Voluntary Wind-Up
RICHCOME INDUSTRIAL: Creditors' Meeting Set for August 21
UNIROSS BATTERIES: Creditors' Proofs of Debt Due on August 28
VENTURE CAPITAL: Creditors' Proofs of Debt Due on September 8
WICKSON HOLDINGS: Creditors' Proofs of Debt Due on August 14


I N D I A

ASSAM GINNING: CARE Assigns 'CARE BB+' Rating on INR80cr LT Loans
BALARAMA KRISHNA: Stressed Cashflow Prompts ICRA 'LBB' Rating
DEEM ROLL: ICRA Places 'LBB+' Rating on INR42.70MM Term Loans
DIVINE INFRACOM: ICRA Puts 'LBB-' Rating on INR2.85BB Term Loans
GUNTUR SPINNING: Weak Financial Profile Cues ICRA 'LBB' Rating

ICICI BANK: Moody's Assigns Rating on US$160 Mil. Commercial Paper
M.P. KHAITAN: ICRA Places 'LBB' Rating on INR35MM Fund Based Limit
SHREE NAMAN: ICRA Rates INR7.50 Billion Term Loan Limit at 'LBB+'


I N D O N E S I A

PT CENTRAL: Liquidity Concerns Cue Fitch to Junk Issuer Rating
PT CSM: Fitch Maintains National Long-Term Rating at 'CC'
PT GAJAH: S&P Raises Corporate Credit Rating to 'B-' From 'SD'


J A P A N

AIFUL CORPORATION: JCR Downgrades Ratings on Senior Debts to 'BB+'
CLAIRE'S STORES: Bank Debt Trades at 34% Off in Secondary Market
J-CORE FL1: S&P Downgrades Rating on Class D Certificates to 'B-'
NEW CITY RESIDENCE: Daiwa Plan Gains More Support from Creditors
SANYO ELECTRIC: To Boost Solar Panel Output by 30%

* JAPAN: Nearly 40% Private Universities Report Losses in March
* JAPAN: Non-Performing Loans Rises Most in 7 Years


K O R E A

DAEWOO ENGINEERING: 12 Firms Keen on Buying Daewoo
SSANGYONG MOTOR: Seeks Up to KRW150 Billion Aid from KDB
VISTEON CORP: Sale of Hyundai Parts Facility to Korean Unit Done


M A L A Y S I A

LUSTER INDUSTRIES: Bursa Extends Plan Filing Deadline to Oct. 1
WWE HOLDINGS: Court Grants Erinford Injunction Against Ibsul Bid


N E W  Z E A L A N D

ORANGE FINANCE: Investors Vote for Moratorium; To Get Initial Pay
SENSATION YACHTS: Owner Appoints Peter Jollands as Receiver
SH LIMITED: Becton Investment Places Two Firms Into Liquidation


S I N G A P O R E

ADCOMAT (SINGAPORE): Creditors' Proofs of Debt Due on September 7
BEXCOM PTE: Contributories' First Meeting Set for August 26
BINTAI ENGINEERING: Creditors' Proofs of Debt Due on August 21
NEO INVESTMENT: Faces Judicial Management Petition
UNIFONE PTE: Pays First and Final Dividend


T A I W A N

NANYA TECHNOLOGY: Second Qtr Loss Narrows to NT$6.5 Billion


X X X X X X X X

* BOND PRICING: For the Week August 3 to August 7, 2009


                         - - - - -



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


ALC GROUP: Police, ASIC to Probe Investment Scheme Collapse
-----------------------------------------------------------
More than AU$60 million in investors' money is feared lost
following the collapse of an investment scheme operated by ALC
Group Pty Ltd, the Sunday Mail reports.

According to the report, police and the Australian Securities and
Investment Commission are poised to launch investigations into the
activities of the company, operated by well-known businessman
Michael Samra.

The report, citing sources, says a large number of those caught in
the scheme were "mum and dad" investors - some of whom had lost
amounts of up to AU$3 million each.

The report relates sources also said another investor was an
Adelaide criminal identity who had a "substantial" amount of money
in the scheme.  Police are known to be scrutinizing the list of
creditors to determine if any other known criminals had been using
the scheme to launder money, Sunday Mail says.

Major Fraud Investigation Section detectives and ASIC officers
raided the company's Norwood offices on Thursday, the Mail
relates.  A large quantity of financial records was then seized by
official liquidators.  Detectives also executed a search warrant
on Mr. Samra's luxury AU$2.7 million Burnside home.

While police have not yet launched a full investigation, Major
Fraud detectives are monitoring the situation closely, Sunday Mail
states.

ALC Group Pty Ltd is a Norwood-based finance company.


CENTRO PROPERTIES: Searches for New Global CEO
----------------------------------------------
Centro Properties Group said it has commenced a search for a new
global Chief Executive Officer after current CEO Glenn Rufrano
advised the Board he does not wish to renew his contract when it
expires in February 2010.

Mr. Rufrano will remain CEO until a suitable replacement is
appointed, Centro said in a statement.

Tony Clarke, Chief Executive Officer of Centro Australia, also
told the Board that he is not a candidate for the global CEO role
and does not wish to continue beyond his current contract term
which also expires in February 2010.  His duties will be assumed
by the new global CEO.

Centro Chairman Paul Cooper said, "The stabilization of Centro
achieved under Glenn's leadership will serve as a strong
foundation for Centro going forward.  With this in mind, the Board
has commenced the search for an Australia-based global CEO with a
minimum contract term of three years."

"Glenn accepted the role of CEO when Centro was in crisis, and we
are grateful to have had the benefit of Glenn's focus, experience
and deft leadership during this challenging period for Centro,"
Mr. Cooper added.

Glenn Rufrano said, "This is the natural progression of Centro
moving forward.  The Board and I believe that an Australia-based
global CEO will provide the leadership to achieve our longer term
goals.

"In keeping with the terms of each of our contracts, both Tony and
I have given the Board six months notice of our intentions so we
would have ample time to assist the Board in its search for and
transition to a new global CEO," Mr. Rufrano added.

Leading international director and executive search firm Egon
Zehnder will be engaged to identify well-qualified candidates.

                      About Centro Properties

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

                         *     *     *

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

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


CENTRO PROPERTIES: CER Names Peter Day as Chairman
--------------------------------------------------
Centro Retail Trust has appointed Peter Day as Chairman of Centro
Retail Limited and Centro MCS Manager Limited, responsible entity
of Centro Retail Trust.

"The appointment will be effective immediately following the
finalization of the company's 2009 statutory accounts in
September.  At that time, current Chairman Paul Cooper will step
down as Chairman and remain on the Board as a nonexecutive
Director," CER said in a statement Monday.

Centro Chairman Paul Cooper said, "Peter's appointment as Chairman
of CER is a further step in the Board renewal and separation
process that we initiated last year.  Peter's breadth of
experience as an executive as well as a Chairman and non-executive
Director positions him well to Chair Centro Retail Trust.  The
Board is pleased that the Egon Zehnder process identified and
attracted such a high-calibre person for this role."

Peter Day said, "I am looking forward to the challenges and
opportunities that CER presents.  My first step will be to lead
the process to appoint three appropriately qualified, non-
executive Directors to the CER Board to replace those who are
retiring.  This process is well-progressed, and I expect that we
will announce these appointments in the very near future".

"CER's portfolio of high quality shopping centres in both
Australia and the US will serve as the foundation for moving
Centro Retail forward.  Beyond the appointment of the new
Directors, our immediate focus will be to achieve the refinancing
of debt maturing between now and the end of the calendar year,"
Mr. Day added.

Mr Day has also held various finance, strategic roles and audit
positions at Comalco, Myer Finance and Spicer & Oppenheim UK.  Mr
Day is currently Chairman of Orbital Corporation Limited and a non
executive Director of Ansell Limited and SAI Global Limited.

                        About Centro Retail

Centro Retail Trust is a pure property trust specializing in the
ownership of shopping centers.  CER owns retail property
investments in Australia and the U.S.

                      About Centro Properties

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

                         *     *     *

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

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


INTERSTAR TITANIUM: Fitch Upgrades Ratings on Four 2006-1 Notes
---------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed four classes of notes
from Interstar Titanium Series 2006-1 Trust, and simultaneously
assigned Loss Severity Ratings to all classes.  The transaction is
backed by a pool of non-conforming Australian residential
mortgages originated by Challenger Non Conforming.  The ratings
are:

Interstar Titanium Series 2006-1 Trust:

  -- AU$28.29 million Class A1 (ISIN AU3FN0002747) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating assigned at
     'LS-2';

  -- AU$5.89 million Class A2 (ISIN AU3FN0002754) affirmed at
     'AAA';
     Outlook Stable; Loss Severity Rating assigned at 'LS-2';

  -- AU$21.95 million Class B (ISIN AU3FN0002838) upgraded to 'AA'
     from 'A+'; Outlook Stable; Loss Severity Rating assigned at
     'LS-2';

  -- AU$14.55 million Class C (ISIN AU3FN0002853) affirmed at
     'BBB';
     Outlook Stable; Loss Severity Rating assigned at 'LS-3'; and

  -- AU$6.15 million Class D (ISIN AUSFN0002788) affirmed at 'BB';
     Outlook Stable; Loss Severity Rating assigned at 'LS-3'.

The rating upgrade, affirmations and Stable Outlooks reflect the
significant level of pay-down of the most senior notes since the
transaction closed, resulting in the building of additional credit
support for all rated notes.  Delinquencies have been consistently
high during most of the life of this transaction, with
delinquencies of over 90 days past due at the end of June 2009
being 12.0%.  Multiple foreclosures have occurred to date and are
expected to continue to occur within this transaction.  The
significant level of excess income has allowed all realized losses
primarily accrued interest and costs, to be fully reimbursed.  To
date, no notes have been charged off.  There have been no drawings
on the loss reserve fund to date.

The class A1 and class A2 notes have paid down to an outstanding
bond factor of 13.5% at the end of June 2009.  "The ratings are
supported at higher levels by a significant build-up in
subordination as the transaction has paid down with lower-rated
tranches supported by a significant level of excess income that
has been available to meet losses as and when they are realized,"
says David Carroll, Director in Fitch's Structured Finance team.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


SUNCORP METWAY: Expects to Post Lower Earnings in FY2009
--------------------------------------------------------
Suncorp-Metway Ltd. said it expects Group net profit after tax for
the year to June 2009 will be lower than the prior financial year.

Suncorp expects the Group's full year profit before tax and
Promina acquisition items will be in the range of AU$790 million
to AU$810 million.

Cash profit is expected to be in the range of AU$510 million to
AU$530 million.  Net profit after tax, Promina acquisition items
and minority interests is expected to be in the range of AU$340
million to AU$360 million.

The Bank's profit before tax, bad debts and one off items is
expected to be in the range of AU$770 million to AU$785 million,
an increase of between 15.3% and 17.5% compared to the previous
financial year.

The increase was largely attributable to higher asset balances as
well as a focus on expense management offset by significantly
higher funding charges and the Government Guarantee levy.  While
conditions in credit markets have improved since December 2008,
the increase in funding costs combined with higher levels of
liquidity resulted in a significant reduction in margins in the
second half.

The Bank said it will report AU$46 million in one-off non-
recurring gains for the full-year.  This comprises a AU$53 million
gain on the buyback of subordinated debt and a AU$4 million gain
on the sale of VISA shares offset by an AU$11 million write-off of
software systems no longer required after the Bank updated its
strategy.

The Bank continued to be impacted by ongoing deterioration in the
global and domestic economy resulting in increases in impaired
assets and reduced property valuations.

It is expected the full year impairment charge will be AU$690
million to AU$730 million (or between 125 to 135 basis points of
gross loans, advances and other receivables).  The Bank's
contribution before tax for the full year is expected to be in the
range of AU$100 million to AU$130 million.

Acting chief executive Chris Skilton said the 2009 financial year
had been particularly challenging for the Group with the combined
effects of volatile investment and credit markets, subdued
domestic economic growth and major insurance claims events across
Australia and New Zealand impacting its businesses.

                       Dividend and Capital

Based on an interim analysis of the Group result, and subject to
finalizing the accounts, external audit and obtaining the
necessary regulatory approvals, Suncorp's Board anticipates a
final dividend in accordance with its previously advised target of
20 cents per share fully franked.

The Group will present its full year result on August 25.

                       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.


=============
B A H R A I N
=============


AWAL BANK: Central Bank Taps Charles Russell LLP as Administrator
-----------------------------------------------------------------
Bloomberg News reported that Bahrain’s central bank on Sunday
appointed two law firms as administrators for Awal Bank BSC and
The International Banking Corp. BSC as the Bahrain-based lenders
face lawsuits after defaulting on loans.

Charles Russell LLP will act as administrator of Awal Bank, owned
by Saudi Arabia’s Saad Group, and Trowers & Hamlins will be the
administrator for TIBC, Bloomberg relates citing the Manama-based
central bank in an e-mailed statement.

Bloomberg says Awal Bank and TIBC were placed under administration
on July 30 after defaulting on loans.  According to Bloomberg, a
central bank report showed the lenders had substantial shortfall
in assets compared with their liabilities.

Bloomberg, citing the lenders, says Saad and Algosaibi groups, the
owners of Awal Bank and TIBC, borrowed at least US$15.7 billion
from more than 80 regional and international banks and are
struggling to repay debt after the credit crisis.

Awal Bank had liabilities of US$4.9 billion at the end of
2008 while TIBC had liabilities of US$2.47 billion at the end of
December, Bloomberg notes.


INT'L. BANKING: Bahrain Names Trowers & Hamlins as Administrator
----------------------------------------------------------------
Bloomberg News reported that Bahrain’s central bank on Sunday
appointed two law firms as administrators for Awal Bank BSC and
The International Banking Corp. BSC as the Bahrain-based lenders
face lawsuits after defaulting on loans.

Charles Russell LLP will act as administrator of Awal Bank, owned
by Saudi Arabia’s Saad Group, and Trowers & Hamlins will be the
administrator for TIBC, Bloomberg relates citing the Manama-based
central bank in an e-mailed statement.

Bloomberg says Awal Bank and TIBC were placed under administration
on July 30 after defaulting on loans.  According to Bloomberg, a
central bank report showed the lenders had substantial shortfall
in assets compared with their liabilities.

Bloomberg, citing the lenders, says Saad and Algosaibi groups, the
owners of Awal Bank and TIBC, borrowed at least US$15.7 billion
from more than 80 regional and international banks and are
struggling to repay debt after the credit crisis.

Awal Bank had liabilities of US$4.9 billion at the end of
2008 while TIBC had liabilities of US$2.47 billion at the end of
December, Bloomberg notes.


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


LAS VEGAS SANDS: Venetian Macau Bank Debt Trades at 11% Off
-----------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co LLC is a borrower traded in the secondary market at
88.42 cents-on-the-dollar during the week ended Friday, Aug. 7,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
3.00 percentage points from the previous week, The Journal
relates.  The loan matures on May 25, 2013.  The Company pays 225
basis points above LIBOR to borrow under the facility.  The bank
debt carries Moody's B3 rating and Standard & Poor's B- rating.
The debt is one of the biggest gainers and losers among widely
quoted syndicated loans in secondary trading in the week ended
Aug. 7, among the 137 loans with five or more bids.

Venetian Macau is a wholly owned subsidiary of Las Vegas Sands.
VML owns the Sands Macau in the People's Republic of China Special
Administrative Region of Macau and is also developing additional
casino hotel resort properties in Macau.

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

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
has placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.


VISTEON CORP: Records US$112 Mil. Net Loss for Second Quarter
-----------------------------------------------------------
Visteon Corporation (OTC: VSTN) announced its second-quarter 2009
results, reporting a net loss of US$112 million, or 87 cents per
share, on sales of US$1.57 billion.  For the second quarter of
2008, Visteon reported a net loss of US$42 million, or 32 cents
per share, on sales of US$2.91 billion.  Adjusted EBITDA, as
defined below, for second quarter 2009 was US$73 million, compared
with US$188 million in second quarter 2008.

Compared with first quarter 2009, Visteon's second quarter
2009 sales, gross margin and adjusted EBITDA improved, reflecting
continued benefits from restructuring and cost-saving efforts
along with modest increases in vehicle production.

"While we have seen signs of sequential improvement in vehicle
production, the industry remains extremely challenged in the near-
term," said Donald J. Stebbins, chairman and chief executive
officer.  "Despite the difficult operating environment, our
second-quarter results demonstrate that we have been able to
take the necessary actions to serve our customers, preserve
capital and position our global business for future success."

Approximately 29 percent of second quarter product sales were to
Ford Motor Co., while Hyundai-Kia accounted for 28 percent.
Renault-Nissan and PSA/Peugeot-Citroen accounted for about 9
percent and 7 percent of sales, respectively.  On a regional
basis, Europe accounted for about 39 percent of total product
sales, with Asia representing 35 percent, North America
representing 20 percent and the balance in South America.

                  Second Quarter 2009 Results

For second quarter 2009, total sales were US$1.57 billion,
including product sales of US$1.48 billion and services revenue of
US$87 million.  Product sales decreased by about US$1.30 billion,
or 47 percent, year-over-year as lower production, net of new
business, reduced sales by about US$840 million.  Divestitures and
facility closures, as well as foreign currency, further reduced
sales by about US$240 million and US$180 million, respectively.
The company experienced lower sales in each of the major regions
in which it operates, reflecting decreased customer production
volumes as vehicle sales declined in response to weak global
economic conditions.

Gross margin for second quarter 2009 was US$80 million, compared
with US$231 million for the same period a year ago.  The impact of
lower production levels, along with divestitures and facility
closures, more than offset savings from favorable net cost
performance and restructuring activities.

Selling, general and administrative expense for second quarter
2009 totaled US$97 million, a decrease of US$59 million, or
38 percent, compared with the same period a year ago, reflecting
significant ongoing cost-reduction actions.

For second quarter 2009, the company reported a net loss of
US$112 million, or 87 cents per share.  This compares with a net
loss of US$42 million, or 32 cents per share, in the same quarter
a year ago.  Restructuring and reorganization costs of US$18
million and US$7 million, respectively, were incurred during the
quarter.  Additionally, there were no reimbursable costs from the
escrow account during the quarter as all available funds in this
account had been allocated as of March 31, 2009.  Second-quarter
2008 results included US$11 million of asset impairments and loss
on divestiture, along with US$36 million of restructuring and
other reimbursable expenses, of which US$18 million qualified for
reimbursement from the escrow account.  Income tax expense for
second quarter 2009 was US$31 million, compared with US$49 million
in the same period a year earlier.  Adjusted EBITDA for second
quarter 2009 was US$73 million, compared with US$188 million for
second quarter 2008.

                        First Half 2009

For the first half of 2009, total sales of US$2.92 billion were
lower by US$2.85 billion, or 49 percent, compared with the same
period a year earlier.  For the first half of 2009, Visteon
reported a net loss of US$110 million, or 85 cents per share,
compared with a net loss of US$147 million, or US$1.14 per share
during the first half of 2008.  Adjusted EBITDA for the first half
of 2009 was US$95 million, compared with US$354 million reported
in the first half of 2008.

First-half 2009 results include the UK deconsolidation gain of
US$95 million recorded in the first quarter in connection with the
placement of Visteon UK Ltd. into administration on March 31,
2009.

                    Cash Flow and Liquidity

As of June 30, 2009, Visteon had cash balances totaling
US$742 million, down US$25 million from the level reported as of
March 31, 2009.

Cash generated by operating activities totaled US$40 million for
second quarter 2009, compared with US$133 million during the same
period a year earlier.  The decrease was attributable to higher
net losses, as adjusted for non-cash items, and lower trade
working capital inflows.  Trade working capital inflows in second
quarter 2009 reflect, among other items, the impact of pre-
petition payables that have not been settled.  Capital
expenditures were US$33 million for second quarter 2009, compared
with US$80 million in second quarter 2008, reflecting aggressive
actions to preserve capital.  Free cash flow was US$7 million for
second quarter 2009, compared with US$53 million for the same
period in 2008.

                       New Business Wins

Visteon continues to win new business despite the difficult
economic environment.  During the first half of 2009, Visteon won
more than US$300 million in new business.  On a regional basis,
Asia accounted for 44 percent of the total while North America
and Europe accounted for 38 percent and 18 percent, respectively.

A full-text copy of Visteon's 2nd Quarter 2009 Results is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?40fb

              Visteon Corporation and Subsidiaries
              Consolidated Condensed Balance Sheets
                      As of June 30, 2009

ASSETS
Cash and cash equivalents                        US$647,000,000
Restricted cash                                      95,000,000
Accounts receivable, net                            998,000,000
Inventories, net                                    329,000,000
Other current assets                                208,000,000
                                                  -------------
  Total current assets                            2,277,000,000

Property and equipment, net                       2,053,000,000
Equity in assets of non-consolidated affiliates     237,000,000
Other non-current assets                             80,000,000
                                                  -------------
  Total Assets                                 US$4,647,000,000
                                                  =============

LIABILITIES & STOCKHOLDERS' EQUITY
Short-term debt                                  US$136,000,000
Accounts payable                                    780,000,000
Accrued employee liabilities                        161,000,000
Other current liabilities                           200,000,000
                                                  -------------
  Total current liabilities                       1,277,000,000

Long-term debt                                       62,000,000
Employee Benefits                                   409,000,000
Deferred income taxes                               136,000,000
Other non-current liabilities                       343,000,000
Liabilities subject to compromise                 3,142,000,000

Stockholders' deficit:
  Common stock                                      131,000,000
  Stock warrants                                    127,000,000
  Additional paid-in capital                      3,407,000,000
  Accumulated deficit                            (4,814,000,000)
  Accumulated other comprehensive income            165,000,000
  Other                                              (5,000,000)
                                                  -------------
Total Visteon shareholders' deficit                (989,000,000)

Noncontrolling interests                            267,000,000
                                                  -------------
  Total shareholders' deficit                      (722,000,000)
                                                  -------------
  Total liabilities & stockholders' equity     US$4,647,000,000
                                                  =============

              Visteon Corporation and Subsidiaries
             Consolidated Statements of Operations
               Three Months Ended June 30, 2009

Net sales
  Products                                     US$1,482,000,000
  Services                                           87,000,000
                                                  -------------
                                                  1,569,000,000
Cost of sales
  Products                                        1,403,000,000
  Services                                           86,000,000
                                                  -------------
                                                  1,489,000,000
                                                  -------------
  Gross margin                                       80,000,000

Selling, general and administrative expenses         97,000,000
Restructuring expenses                               18,000,000
Reimbursement from escrow account                             0
Reorganization items                                  7,000,000
                                                  -------------
  Operating (loss) income                           (42,000,000)

Interest expense                                     47,000,000
Interest income                                       2,000,000
Equity in net income of non-consolidated             19,000,000
                                                  -------------
  (Loss) income before income taxes                 (68,000,000)

Provision for income taxes                           31,000,000
                                                  -------------
  Net loss                                       (US$99,000,000)

  Net income attributable
  to non-controlling interests                       13,000,000
                                                  -------------
  Net loss attributable to Visteon Corporation  (US$112,000,000)
                                                  =============

              Visteon Corporation and Subsidiaries
              Consolidated Statements of Cash Flows
                 Six Months Ended June 30, 2009

Operating activities:
Net loss                                         (US$90,000,000)
Adjustments to reconcile net loss to net
cash (used by) provided from operating activities:
Depreciation and amortization                      162,000,000
Deconsolidation gain                               (95,000,000)
Gains on asset sales                                (2,000,000)
Equity in net income of non-consolidated
  net of dividends remitted                         (20,000,000)
Other non-cash items                                (6,000,000)
Changes in assets and liabilities:
Accounts receivable                                (39,000,000)
Inventories                                         24,000,000
Accounts payable                                   (64,000,000)
Other assets and liabilities                      (105,000,000)
                                                  -------------
Net cash (used by) provided from
operating activities                               (235,000,000)

Investing activities:
Capital expenditures                                (58,000,000)
Cash associated with deconsolidation                (11,000,000)
Proceeds from divestitures and asset sales            4,000,000
Other                                                         0
                                                  -------------
Net cash used by investing activities               (65,000,000)

Financing activities:
Short-term debt, net                                (19,000,000)
Cash restriction                                    (95,000,000)
Proceeds from issuance of debt                       56,000,000
Principal payments on debt                         (119,000,000)
Repurchase of unsecured debt securities                       0
Other, including book overdrafts                    (58,000,000)
                                                  -------------
Net cash used by financing activities              (235,000,000)

Effect of exchange rate changes on cash               2,000,000
                                                  -------------
Net decrease in cash equivalents                   (533,000,000)
                                                  -------------
Cash and equivalents at beginning of year         1,180,000,000
                                                  -------------
Cash and equivalents at end of period            US$647,000,000
                                                  =============

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The Company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


WYNN RESORTS: Fitch Assigns Issuer Default Rating at 'B+'
---------------------------------------------------------
Fitch Ratings has assigned these ratings to Wynn Resorts, Ltd.,
and its subsidiaries Wynn Las Vegas, LLC, and Wynn Resorts
(Macau), SA:

Wynn Resorts

  -- Issuer Default Rating 'B+'.

Wynn LV LLC

  -- IDR 'B+';
  -- US$697 million senior secured bank credit facility 'BB/RR2';
  -- US$1.6 billion senior secured first mortgage notes 'BB/RR2'.

Wynn Macau SA

  -- IDR 'B+';
  -- US$1.5 billion senior secured bank credit facility 'BB+/RR1'.

The Rating Outlook is Stable.

In accordance with Fitch's Parent and Subsidiary Rating Linkage
Criteria, Fitch is currently linking the IDRs of Wynn Resorts,
Wynn LV LLC, and Wynn Macau SA.  The parent company and
subsidiaries are distinct issuers, the subsidiary debt is non-
recourse to the parent, and there are no cross guarantees or
cross-default provisions (other than if Chairman and CEO Steve
Wynn leaves the company under certain circumstances).  However,
the strategic linkage between the parent and subsidiaries is very
high primarily due to the use of the Wynn brand in the overall
corporate strategy, the cross-marketing for high-end customers,
and the common management team.  In addition, the company has
demonstrated inter-company support through a number of
transactions.  Additional detail regarding potential future
changes to the rating linkage is provided below.

The 'B+' IDRs reflect the company's high consolidated gross
leverage driven by its Las Vegas subsidiary, a lack of
diversification, weak Las Vegas trends that Fitch expects to
continue for the next 12-15 months, event/development risk, and
key management risk.  The IDRs and Stable Rating Outlook are
supported by the company's strong liquidity position including a
solid free cash flow profile, minimal near-term maturities,
consistently demonstrated capital market access, and little near-
term covenant/refinance risk.  Additional credit support is
provided by the more reasonably leveraged Macau subsidiary, Wynn's
strong brand value and high asset quality, and management's focus
on balance sheet strengthening since the recession deepened last
fall.

              Operating Trends Likely to Remain Weak

Although declines in demand have moderated, Fitch believes
fundamental trends in Las Vegas are likely to remain weak for at
least the next 12-15 months, which could constrain the performance
of Wynn's Las Vegas properties.  Fitch believes the rebound in
consumer spending related to an economic recovery over that time
frame is likely to proceed slowly.  As a result, any positive
operating leverage to Las Vegas Strip casinos from a potential
upcoming economic recovery is unlikely to mirror the significant
negative operating leverage experienced during the recession over
the past two years, despite impressive recent cost cutting efforts
by casino operators.

Although CityCenter may help to grow Las Vegas visitation in 2010,
Fitch maintains a circumspect view regarding CityCenter's ability
to drive profitable incremental demand relative to the supply
increase in Las Vegas over the next couple of years.  The 'B+'
IDRs incorporate concern regarding the cannibalization impact of
the late 2009 CityCenter opening on the market amid the weak
economic environment, coupled with a soft group and convention
segment.  Las Vegas room inventory grew 5.7% in 2008 and 2.8%
year-to-date through May 2009 to nearly 141,000 rooms.
CityCenter, which is 50%-owned by MGM MIRAGE (IDR 'CCC'), will add
nearly 6,000 rooms, or another 4.2% to the market by itself, while
the recent Hard Rock expansion, the Planet Hollywood Towers
opening later this year, and the Cosmopolitan opening in fall
2010, could provide another roughly 4,000 rooms of supply that
places further pressure on the market.  The continued pressure on
profitability in Las Vegas is likely to result in some capacity
coming out of the market over the next few years, which could
serve to somewhat mitigate the supply-side pressure, but Fitch
believes the supply-demand balance in Las Vegas is likely to
remain unfavorable until late 2010-2011.

Las Vegas visitor volume was down nearly 7% year-to-date through
May 2009 (following a 4.4% decline in 2008), with convention
attendance down nearly 29% (an acceleration from the 5% decline in
2008), which has forced Strip operators to heavily discount mid-
week room rates and fill them with the less profitable
leisure/transient segment.  Meeting and convention supply is also
increasing outside of CityCenter, as Harrah's recently opened a
significant amount of additional space to its Caesars Palace
property.  Fitch believes that MGM has been aggressively pursuing
group and convention business for the next few years, particularly
at its Mandalay Bay property, likely to reduce available inventory
in advance of its upcoming CityCenter supply increase.  Given MGM
management's recent expectation that CityCenter will help drive
Las Vegas visitation growth of 10% next year, and the importance
of CityCenter's success to MGM and Las Vegas, Fitch believes the
highly competitive environment is poised to become even more
intense.  Profitability will remain under pressure as operators
will be aggressive on pricing and marketing in the second half of
2009 (2H'09) and 2010 as new capacity needs to be filled,
corporate travel budgets remain under pressure, and consumer
spending patterns improve only modestly.

Fitch also believes that the US$2.3 billion Encore at Wynn Las
Vegas (Encore LV) property has been and will continue to struggle
with walk-in traffic.  During its development phase, it was
expected that three major developments -- Fontainebleau, Echelon,
and the Plaza -- would be opening close to and shortly after
Encore LV, which would create a newer cluster of resorts at the
north end of the Strip.  Now only Fontainebleau has a chance to
open in the next two years, and even that is highly questionable
given its financial struggles.  As the recession deepened late
last year while approaching the Encore LV opening in December
2008, Wynn aggressively cut room rates in order to fill the
additional 2,034 rooms of capacity amid a very weak demand period,
indicating that even the newest and best room product in the
market will be heavily discounted in order to maximize traffic,
even if it is at the expense of a less attractive customer mix.
However, the company rationalized Las Vegas expenses and
promotional activity much more effectively in the second quarter
of 2009 (2Q'09).  In addition, Fitch believes the room product and
service levels at Encore LV are among the best, if not the best on
the Las Vegas Strip, which will somewhat mitigate the weak walk-in
traffic since it will attract high-end business, allow it to
import customers to the property, and realize its fair share of
the high-end market.

About 37% of total debt is at Wynn Macau SA, but roughly two-
thirds of the company's property EBITDA is generated in Macau, and
some headwinds impacting operating performance in that market may
be moderating in upcoming quarters.  Macau will begin to
anniversary the onset of the government's visa policy changes,
which became more restrictive in mid-2008 due largely to a surge
in inflation and strains on the regional infrastructure after
several years of extremely high economic growth driven by the
gaming liberalization earlier in the decade.  The restrictive
policy combined with the global recession appears to have
successfully curtailed Macau's inflation rate in 2009, which could
result in an easing of the visa policy, or at least less pressure
to be as restrictive.  In addition, the cap on junket commissions
should help profitability if it is finalized and implemented.  The
US$650 million Encore at Wynn Macau (Encore Macau) is currently
under construction, fully funded, and will open in 1H'10,
bolstering the company's free cash flow profile.  However, Fitch
remains cautious on the overall Macau outlook, as the recent City
of Dreams opening was disappointing, although July trends in Macau
appear better than June.  Longer-term, if financing options become
more accommodating, there is potential for significant increased
supply in Macau.

          High Gross Leverage Offset by Solid Liquidity,
      Minimal Near-term Maturities, Free Cash Flow Profile

Fitch calculates consolidated gross leverage and coverage of 6.6
times (x) and 2.5x, respectively, as of June 30, 2009.  Driven by
the opening of Encore Macau and Fitch's view of the continued
difficult Las Vegas operating environment for Wynn, Fitch
estimates that in the absence of any additional opportunistic debt
paydown or equity issuance, consolidated gross leverage would
remain in the 6x range through the end of 2010, while net leverage
could be in the 4.5x-5x range due to the company's solid excess
cash position.  At the subsidiary level, Fitch estimates gross
leverage at Wynn Macau SA would be in the 4x range through 2010,
while Wynn LV LLC would remain in the 10x-11x range into 2011 when
the leverage covenant resets to 6.5x after being waived in an
April 2009 amendment.  As it relates to covenant compliance, both
of Wynn's bank facility leverage covenants are based on net
leverage, which is particularly meaningful in Macau since the
sizable excess cash balance there results in net leverage of 2.0x-
2.5x in 2010, based on Fitch estimates.  An unlimited equity cure
provision in Wynn LV LLC's bank facility, further mitigates
covenant compliance concern at the Las Vegas subsidiary in 2011.

The 'B+' IDRs and Stable Outlook are supported by a strong
liquidity profile.  As the global recession deepened following the
Lehman bankruptcy in September 2008, the company aggressively
strengthened its balance sheet, bolstered its liquidity position,
and pushed out debt maturities.  After stopping its share
repurchase program in July 2008, Wynn Resorts completed two
separate secondary equity offerings in the U.S., paid off its
US$1 billion parent company term loan facility, and repurchased
nearly US$66 million of Wynn LV LLC's first mortgage notes so far
this year.  In addition, Wynn LV LLC amended the terms of its
credit facility, which essentially removed covenant violation risk
until 2011 and pushed the bulk of the revolver maturity out to
2013.  Following the 1H'10 completion of Encore Macau, which is
the only development project under construction, the company's
free cash flow profile improves significantly.  The company has
virtually no debt maturities until 2011-2012 when US$203 million
of commitments on the Las Vegas revolver mature in both years, the
US$1 billion Macau revolver expires in June 2012, and a
US$112.5 million Las Vegas term loan matures in September 2012.

            Collateral Supports Issue-Specific Ratings

In accordance with Fitch's Recovery Rating (RR) methodology, Fitch
has assigned RRs based on the company's 'B+' IDR.  While concepts
of Fitch's RR methodology are considered for all companies,
explicit recovery ratings are assigned only to those companies
with an IDR of 'B+' or below.  At the lower IDR levels, Fitch
believes there is greater probability of default so the impact of
potential recovery prospects on issue-specific ratings becomes
more meaningful and is more explicitly reflected in the ratings
dispersion relative to the IDR.  The base for the recovery
analysis for each subsidiary is the linked IDR of 'B+', which
could change if Fitch determines to view the credits on a
standalone rather than linked basis at some point.  This could
occur in the event the credit becomes distressed and intercompany
or parent-level support appears unlikely, insufficient, or not
possible.  The credit would probably have to deteriorate to a 'B-'
IDR level for this to occur.  Conversely, as credit quality
improves, the IDRs are likely to remain linked.

For Wynn LV LLC, Fitch has assigned a 'BB/RR2' rating to both the
Las Vegas credit facility and first mortgage notes, which rank
pari passu.  The RR2 rating reflects a 2-notch positive
differential from the 'B+' linked IDR and indicates that Fitch
estimates superior recovery of 71-90%, which is supported by a
first lien security interest on the assets and equity of Wynn LV,
Encore LV, and the golf course.  The security interest in the golf
course can be released if leverage is less than 6.5x, but Fitch
does not expect that to occur in the near-term and will revise
recovery assumptions when that becomes imminent.  If the IDRs were
viewed on a standalone basis, there would be downside for the
ratings of Wynn LV LLC.

Fitch has assigned a 'BB+/RR1' rating to Wynn Macau SA's credit
facility, which indicates an expectation of outstanding recovery
in the 91-100% range resulting in the maximum three-notch positive
differential from the 'B+' IDR.  Security for the Macau credit
facility includes substantially all of the assets of Wynn Macau SA
including Wynn Encore, but not Cotai land.  Certain affiliates
have also pledged their interests and executed guarantees as
additional security for the Macau loans.  If the IDRs were viewed
on a standalone basis, there would be upside for the ratings of
Wynn Macau SA.

               Potential Rating and Outlook Drivers

The Stable Outlook incorporates a cautious view of Wynn's
operating performance over the next 12-18 months, supported by the
solid liquidity profile noted above that should enable it to
weather the rest of the downturn.  As operating pressure
continues, Wynn's relative competitive position should improve as
its primary competitors-MGM, Las Vegas Sands, and Harrah's-are all
in a much weaker financial position, which is likely to result in
stronger relative asset quality for Wynn since competitors are
currently under-investing in their properties.

Positive or negative rating actions in the near-term will likely
be driven by the potential for additional equity issuance and
subsequent capital allocation, how the Las Vegas market responds
to CityCenter's opening, how the Macau market absorbs the Encore
Macau opening, and the speed of an economic recovery relative to
Fitch expectations.

Wynn recently filed an application with the Hong Kong Stock
Exchange in connection with a possible listing on the exchange,
and Las Vegas Sands is also currently exploring an IPO in Hong
Kong.  While LVS needs additional financing to restart its Cotai
Strip development in Macau, Wynn does not currently need any
additional capital, so the capital raise would be more
opportunistic for Wynn.  If proceeds supported debt reduction, a
Positive Outlook could be supported.  Otherwise, Fitch believes it
could hold the proceeds for future development in Asia, including
on the Cotai Strip.

Current ratings incorporate an expectation that any significant
spending on additional development within the company's current
pipeline in Las Vegas (golf course) or Macau (Cotai Strip) is
unlikely to commence until the economy and credit markets are much
sturdier, and operating trends are significantly improved.  As
arguably the world's premier casino-resort developer, Fitch also
believes that Wynn would consider most major casino development
opportunities in large markets around the world, and would be an
attractive candidate to governments.  Although historically a
developer rather than an acquirer, Fitch believes the company's
relatively stronger credit profile and continued challenging
industry environment positions the company to take advantage of
potential distressed opportunities, in addition to potential new
developments.  For example, Wynn is currently one of a number of
bidders that are vying to develop a gaming property at Aqueduct in
New York.

Management has shown a willingness to be prudent with its
investment decision-making, more conservative than peers with
respect to development and balance sheet management, and careful
with respect to the potential impact any investment may have on
how its customers perceive the Wynn brand and its properties.  For
example, Wynn withdrew from bidding on the Singapore licenses in
part because it felt its efforts and management focus would be
diluted since it was developing Macau at the time.  Still, Fitch
remains cautious regarding the prospect of significant
deleveraging in 2011-2012, while recognizing that credit metrics
in those years may be consistent with a 'BB' category rating based
on Fitch's outlook and projections.

Fitch is looking for a slow economic recovery to begin this year,
with a minimal rebound in consumer spending over the next 12-24
months.  Specifically, Fitch's current forecast calls for growth
in real U.S. gross domestic product of 1.3% in 2010 and 1.7% in
2011, with personal consumption increasing only 0.3% in 2010 and
0.9% in 2011, as unemployment is expected to peak at 10.6% in mid-
2010.  Any revision to Fitch's macro-economic and consumer
spending forecasts can influence ratings.


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


ALLIANCE WEALTH: Creditors' Proofs of Debt Due on September 4
-------------------------------------------------------------
The creditors of Alliance Wealth (Hong Kong) Limited are required
to file their proofs of debt by September 4, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

          William Nicholas Giles
          Horvath & Giles
          On Hing Building
          Flat D, 16th Floor
          1 On Hing Terrace
          Hong Kong


BLUE LIGHT: Court to Hear Wind-Up Petition on September 9
---------------------------------------------------------
A petition to wind up the operations of Blue Light Trading Co.,
Limited will be heard before the High Court of Hong Kong on
September 9, 2009, at 9:30 a.m.

Coca Investment Company Limited filed the petition against the
company on July 7, 2009.

The Petitioner's solicitors are:

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


CHINA GALAXY: Court to Hear Wind-Up Petition on August 12
---------------------------------------------------------
A petition to wind up the operations of China Galaxy Holdings
Limited will be heard before the High Court of Hong Kong on
August 12, 2009, at 9:30 a.m.

Peregrine Greater China Capital Appreciation Fund L.P. filed the
petition against the company on June 4, 2009.

The Petitioner's solicitor is:

          Clifford Chance
          Jardine House, 28th Floor
          One Connaught Place
          Central, Hong Kong


CHUEN WO: Court to Hear Wind-Up Petition on August 19
-----------------------------------------------------
A petition to wind up the operations of Chuen Wo Transportation
Limited will be heard before the High Court of Hong Kong on
August 19, 2009, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
acting through the Secretary for Justice filed the petition
against the company on June 12, 2009.

The Counsel for the Petitioner is:

          Sally Ng
          Department of Justice
          High Block, 2nd Floor
          Queensway Government Offices
          66 Queensway, Hong Kong


FABULOUS WAY: Court to Hear Wind-Up Petition on August 26
---------------------------------------------------------
A petition to wind up the operations of Fabulous Way Limited will
be heard before the High Court of Hong Kong on August 26, 2009, at
9:30 a.m.

Mallesons Stephen Jaques filed the petition against the company on
June 9, 2009.

The Petitioner can be reached at:

          Mallesons Stephen Jaques
          Two International Finance Centre
          37th Floor
          8 Finance Stret
          Central, Hong Kong


FUJITRANS (HK): Creditors' Proofs of Debt Due on September 7
------------------------------------------------------------
The creditors of Fujitrans (HK) Limited are required to file their
proofs of debt by September 7, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 1, 2009.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


FULL BRIGHT: Court to Hear Wind-Up Petition on August 12
--------------------------------------------------------
A petition to wind up the operations of Full Bright Management
Limited will be heard before the High Court of Hong Kong on
August 12, 2009, at 9:30 a.m.

Clifford Chance filed the petition against the company on July 20,
2009.

The Petitioner's solicitor is:

          Clifford Chance
          Jardine House, 28th Floor
          One Connaught Place
          Central, Hong Kong


GARTLETT INVESTMENTS: Appoints Chiong and Sutton as Liquidators
---------------------------------------------------------------
On July 9, 2009, Desmond Chung Seng Chiong and Roderick John
Sutton were appointed as liquidators of Gartlett Investments
Limited.

The Liquidators can be reached at:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


KEENMAX DEVELOPMENT: Court to Hear Wind-Up Petition on Sept. 2
--------------------------------------------------------------
A petition to wind up the operations of Keenmax Development
Limited will be heard before the High Court of Hong Kong on
September 2, 2009, at 9:30 a.m.

American Lumber Company filed the petition against the company on
June 25, 2009.

The Petitioner's solicitor is:

          JSM
          Prince's Building, 18th Floor
          10 Chater Road Central
          Hong Kong


PHENIX JING: Creditors' Proofs of Debt Due on September 9
---------------------------------------------------------
The creditors of Phenix Jing Wei (HK) Limited are required to file
their proofs of debt by September 9, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Chan Chi Kei Ronald
          Flat A, 16th Floor United Centre
          95 Queensway, Hong Kong


PHENIX OPTICS: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 30, 2009, the members of Phenix Optics (HK) Co., Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

          Chan Chi Kei Ronald
          Flat A, 16th Floor United Centre
          95 Queensway, Hong Kong


RICHCOME INDUSTRIAL: Creditors' Meeting Set for August 21
---------------------------------------------------------
The creditors of Richcome Industrial (Hongkong) Co., Limited will
hold their meeting on August 21, 2009, 11:00 a.m., for the
purposes of Sections 241, 242, 243, 244 and 255A of the Ordinance.

The meeting will be held at Room 1103 of Hang Seng Mongkok
Building, 677 Nathan Road, in Mongkok, Kowloon.


UNIROSS BATTERIES: Creditors' Proofs of Debt Due on August 28
-------------------------------------------------------------
The creditors of Uniross Batteries (HK) Limited are required to
file their proofs of debt by August 28, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Kennic Lai Hang Lui
          Yuen Tsz Chun, Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


VENTURE CAPITAL: Creditors' Proofs of Debt Due on September 8
-------------------------------------------------------------
The creditors of Venture Capital Limited are required to file
their proofs of debt by September 8, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2009.

The company's liquidator is:

          Liu Sing Piu Chris
          Bank Centre, Room 1806
          636 Nathan Road, Kowloon


WICKSON HOLDINGS: Creditors' Proofs of Debt Due on August 14
------------------------------------------------------------
The creditors of Wickson Holdings Limited are required to file
their proofs of debt by August 14, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Messrs. Bruno Arboit
          Simon Blade
          1203-1213 China Merchants Tower
          Shun Tak Centre, 168-200 Connaught Road
          Central, Hong Kong


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


ASSAM GINNING: CARE Assigns 'CARE BB+' Rating on INR80cr LT Loans
-----------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the Long-term Bank
Facilities (including Packing Credit) of Assam Ginning &
Industries Private Ltd.  This rating is applicable for facilities
having tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  CARE
assigns ‘+’ or ‘-’ signs to be shown after the assigned rating to
indicate the relative position within the band covered by the
rating symbol.

Also, CARE has assigned ‘PR4’ rating to the Short-term Bank
Facilities (interchangeable Bank Guarantee/Letter of Credit) of
AGI.  This rating is applicable for facilities having tenure up to
one year.  Facilities with this rating would have inadequate
capacity for timely payment of short-term debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.

   Instrument                      Amount          Rating
   ----------                      ------          ------
   Long-term Bank Facilities     INR80 crore       'BB+'
   Short-term Bank Facilities    INR3  crore       'PR4'

Rating Rationale

The ratings are constrained by elevated risk profile underpinned
by relatively thin profitability margins, high overall gearing due
to working capital intensity of operations and business
concentration risk.  The ratings also factor in the inherent
commodity and currency risks associated with trading business and
susceptibility of international trade to changes in Government
policies.  However, the ratings derive strength from experienced
promoters and management and the fact that majority of the
company’s orders are backed by Letter of Credits (LCs). Going
forward, the ability of the company to sustain profitable
operations during economic slowdown and generate sufficient
cash accruals will be the key rating sensitivities.

                        About Assam Ginning

India Trading Company (ITC) was promoted by Mr. Sanjay Bhura as a
proprietorship firm in 1993 with the objective of trading in agro
commodities.  In April 2000, ITC promoters’ associate concern,
Assam Ginning & Industries (AGI), acquired 100% business interest
in ITC.  Currently, AGI operates ITC as a separate unit focused on
the export of agro commodities and trades in cotton, sesame seeds,
chick peas and other grains and cereals.  The operational income
of AGI exhibited high growth rate albeit on a small base, during
the period FY06 to FY08 due to the inclusion of new commodities
for trading such as sugar, castor deoil, sunhemp seeds, mustard
seeds etc.  However, the profitability margins have remained thin
on account of an increase in the interest expense of the company
attributable to the increase in the working capital debt.
Further, in the wake of subdued overall economic scenario and
volatility in the commodity and forex markets, the ability of agri
exporters to sustain profitable operations would depend on the
pace of recovery in international markets as well as an
improvement in macro-economic indicators for the domestic market.


BALARAMA KRISHNA: Stressed Cashflow Prompts ICRA 'LBB' Rating
-------------------------------------------------------------
ICRA has assigned an LBB rating indicating inadequate-credit
quality to the INR235.1 million term loans and INR115.0 million
fund-based bank limits of Balarama Krishna Spinning Mills Private
Limited.  ICRA has also assigned an A4 rating to INR15.0 million
fund based bank limits and INR32.4 million non-fund based bank
limits of BKS, the rating indicating risk-prone credit quality in
the short term.

The ratings factor in the company’s small scale of operations,
which restricts economies of scale.  BKS’s operating margin
remains susceptible to high volatility in cotton costs and
sluggish demand for cotton yarn over the short-to-medium term.
The ratings are also tempered by high gearing, weak coverage
indicators and stressed cashflow position of the company.  The
ratings are however underpinned by the significant experience of
promoters and the competitive advantage over mills in Tamil Nadu
and other parts of Andhra Pradesh arising from the location
advantage of being situated in Guntur, the major cotton growing
belt of India.  ICRA notes that the Company has recently
restructured its term loans with its bankers.

                   About Balarama Krishna

Balarama Krishna Spinning Mills Private Limited, was incorporated
as a private limited company in May 2004.  The Company operates as
a cotton spinning unit in Chowdavaram, Guntur, Andhra Pradesh with
an installed capacity of 28,800 spindles.  The Company was
promoted by Mr. Balarama Krishnaiah, who has over 30 years of
experience in cotton ginning and spinning activities.  The
promoter started cotton ginning and trading activities in 1974 and
later established Balarama Krishna Spinning Mills Private Limited.
The promoters and their relatives hold the entire share capital.

The Company reported a profit after tax of INR13.9 million on
operating income of INR391.0 million for the fiscal 2009, against
profit after tax of INR9.2 million on operating income of INR286.6
million for the year ended March 31, 2008.


DEEM ROLL: ICRA Places 'LBB+' Rating on INR42.70MM Term Loans
-------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR42.70 million term
loans and the INR80 million, cash credit facility of Deem Roll
Tech Limited, indicating inadequate credit quality.  ICRA has also
assigned an A4+ rating to the INR10.80 million, short-term, fund-
based limits and the INR22.50 million, non-fund based limits,
indicating risk-prone credit quality in the short term.

The ratings are constrained by the limited track record of the
company; its relatively small size of operations; vulnerability of
margins to raw material price fluctuations; high gearing levels
and high working capital intensity.  The ratings also reflect the
vulnerability of profitability and cash flows to the cyclicality
inherent in the steel industry and the company's moderate scale
proposed capital expenditure plans, which would be primarily debt-
funded, thereby straining its financial profile.  However, the
rating favorably considers the healthy ramp-up of operations by
the company since commencement; its healthy profitability margins
and return indicators and the prior experience of the promoters in
this business.

Deem Roll Tech Limited is engaged in the manufacture of iron and
steel rolls, which are consumed by the steel industry, rolling
mills and re-rollers, for making finished products.  The company
started its operations in May 2003 by doing jobwork for machining
of steel rolls for other companies.  In 2005, the company set up
its own plant at Chattral, GIDC in Gujarat, for steel roll
manufacturing and currently provides a wide range of cast iron and
steel rolls that are tailor-made to the specific requirements of
the customers.  The installed capacity of the company is 3600 tpa.
DRTL has been promoted by Mr. Jyoti Bhattacharya, a technocrat
having prior experience in this business, at companies like Bharat
Rolls Ltd. and Shaifali Rolls Ltd.  During 2008-09, the company
achieved an Operating Income (OI) of INR261 million and Net Profit
of INR18.6 million compared to an OI of INR141 million and Net
Profit of INR8.1 million in 2007-08.


DIVINE INFRACOM: ICRA Puts 'LBB-' Rating on INR2.85BB Term Loans
----------------------------------------------------------------
ICRA has assigned LBB- rating to the INR2.85 billion term loans of
Divine Infracom Private Limited.  LBB is the inadequate-credit-
quality rating assigned by ICRA to long-term debt instruments.

The rating takes into account promoters’ limited experience in the
hospitality industry; the dependence of the project’s viability on
the timely leasing out of retail space and the possibility of time
and cost overruns. Moreover, the rating factors in relatively high
project cost and the significant planned addition to the hotel
room supply in national capital region which can affect DIPL’s
profitability and its return indicators.  While assigning the
rating, ICRA has also noted the fact that DIPL is planning to
enter into a management contract with a reputed international
hotel group in order to reduce its operational risk, however, the
same has not still not been finalized.  The rating, however, draws
comfort from the fact that the project has achieved financial
closure and the promoters’ have brought in a considerable portion
of their planned equity contribution.

DIPL is developing a commercial project comprising of a hotel and
a shopping mall in New Delhi.  DIPL is co-promoted by Mr. S.K.
Pawa and Mr S.L. Aggarwal – having an experience of about three
decades in rice trading; Mr. Subhash Dabbas who has been engaged
in the development of various residential projects in Dwarka; and
Mr. Jag Mohan Gupta who is the promoter of Mera Baba Realty
Associates, which has developed commercial complexes like D-Mall
in Rohini and Pitampura.  However, the promoters have limited
experience in the hospitality industry, which exposes the project
to operational risk. In order to reduce risks, DIPL is planning to
enter into a management contract with a reputed international
hotel group.  Besides reducing operational risks, it would also
provide the company brand recognition and access to global
reservation systems.

The project comprises of a 4-Star hotel cum shopping mall. DIPL
has already acquired the land required for the project and has
secured all the requisite approvals.  Though, the company has
incurred around 70% of the planned capital expenditure (including
land cost), the project is running behind schedule which exposes
it to cost and time over-run risks.  The project is located in
Dwarka, which is largely a residential area.  Moreover, this
region does not have a well-developed business center like Gurgaon
or Noida, which can affect demand from corporate sector. However,
it benefits from proximity to international and domestic airports
and to Gurgaon which mitigates these risks to an extent.

The total project cost is INR5.09 billion which includes land cost
of INR2.91 billion. The project is to be funded by means of term
loan of INR2.75 billion and promoter’s contribution of INR2.34
billion.  ICRA draws comfort from the fact that the DIPL has tied
up debt for the project and the promoters’ have brought in a
considerable portion of their planned equity contribution.
However, the project cost is relatively high which along with the
fact that significant addition to hotel room supply is planned in
the NCR region, in the short to medium term, can affect its
profitability and return indicators.  Further, timely leasing of
retail space is crucial for its viability.

                       About Divine Infracom

Set up in 2006, Divine Infracom Private Limited is currently
developing a Hotel-cum-Retail project.  DIPL is a closely held
company co-promoted by Mr. S.K. Pawa and Mr. S.L. Aggarwal –
having an experience of about three decades in trading; Mr.
Subhash Dabbas who has been engaged in development of various
residential projects in Dwarka; and Mr. Jag Mohan Gupta who is the
promoter of Mera Baba Realty Associates, which has developed
commercial complexes like D-Mall in Rohini and Pitampura.

The project comprises of a 4 Star hotel along with a shopping mall
in Dwarka, New Delhi.  The total cost of the project is estimated
at INR5.09 billion which is proposed to be funded through term-
loans of INR2.75 billion and promoter’s contribution of INR2.34
billion.


GUNTUR SPINNING: Weak Financial Profile Cues ICRA 'LBB' Rating
--------------------------------------------------------------
ICRA has assigned an LBB rating to the INR159 million term loans
and 55 million cash credit facilities of Guntur Spinning Mills
Private Limited indicating inadequate-credit-quality.  ICRA has
also assigned an A4 rating to the 5.4million non-fund based
facilities of GSMPL indicating risk-prone-credit-quality in the
short term.

The ratings are constrained by the small scale of operations of
the company, weak financial profile characterized by high gearing,
sluggish demand for yarn compounded by economic slowdown,
volatility in raw material costs affecting operating margins and
surplus capacities in a fragmented industry structure restricting
pricing flexibility.  The ratings favorably factor in the
experience of promoters in cotton ginning businesses, proximity to
cotton growing areas and advantage of low power and labor costs.

                      About Guntur Spinning

Guntur Spinning Mills Private Limited, incorporated on August 25,
2005, is primarily engaged in production of cotton yarn. GSMPL has
spinning facilities located in Guntur District with an aggregate
installed capacity of 14,400 spindles.  The company produces
cotton yarn in counts ranging from 36s to 64s with production for
average 40s counts.  The company commenced commercial production
from April, 2007 after its manufacturing facilities at Guntur
became operational, and at full capacity of 14,400 spindles from
November 07 onwards.  The project was set up with support from
Technology Upgradation Fund Scheme under the Central Government.

As per unaudited results for FY 2009, company had sales of
INR225.1 million and a Profit After Tax (PAT) of INR12.8 million.


ICICI BANK: Moody's Assigns Rating on US$160 Mil. Commercial Paper
------------------------------------------------------------------
Moody's Investors Service has assigned a Prime-1 rating to the
commercial paper issued by ICICI Bank Limited (rated Ba2/NP/C-)
through its US$160 million fully supported commercial paper
program.  ICICI Bank, acting through its Bahrain Branch, its Hong
Kong Branch, and its New York Branch, will issue commercial paper
notes and will use the proceeds for general corporate purposes.
Each issuing entity will issue its own series of commercial paper.
Bank of America, N.A. (Aa3/Prime-1/D) has issued an irrevocable,
direct-pay letter of credit that provides full and timely support
for the repayment of each series of commercial paper notes upon
maturity.  Moody's rating on the CP notes is based primarily on
Bank of America's Prime-1 rating.

Deutsche Bank National Trust Company (Aa3/Prime-1/C), acting as
depositary, will draw on the letter of credit to pay maturing
series of commercial paper notes.

ICICI Bank Limited is the largest retail bank in India.  The bank,
headquartered in Mumbai, had assets of INR3,793 billion
(US$72.7 billion) as of end-March 2009.  ICICI Bank has a bank
financial strength rating of C-, which translates into a Baseline
Credit Assessment of Baa2.  The rating reflects the bank's solid
franchise as the second-largest commercial bank in India, as well
as its sound financial position.  ICICI Bank's has foreign
currency deposit ratings of Ba2/NP and foreign currency debt
ratings of Baa2.

This program is ICICI Bank's third letter of credit-backed USCP
program.  Similar to the other programs, this program issues three
series of CP and all three series are fully supported by a single
letter of credit issued by Prime-1-rated Bank of America.  Each
series of CP is issued by a different banking unit of ICICI Bank:
Series A is issued through the Bahrain Branch, Series B is issued
through the Hong Kong Branch, and Series C is issued through the
New York Branch.  ICICI Bank's other existing USCP program is also
fully supported through letter of credit provided by Prime-1-rated
bank.  The program, established in 2007, has a US$375 million
authorized limit and is supported by a LOC provided by Bank of
America, N.A.  The program issues three series of commercial
paper: Series D is issued through ICICI Bank's New York Branch,
Series E is issued through its Hong Kong Branch, and Series F is
issued by the Bahrain Branch.  Deutsche Bank National Trust
Company is the depositary and issuing and paying agent for the
existing program.


M.P. KHAITAN: ICRA Places 'LBB' Rating on INR35MM Fund Based Limit
------------------------------------------------------------------
ICRA has assigned an LBB rating to the INR35 million fund based
working capital limits and INR130 million non-fund based limits of
M/s M.P. Khaitan.  LBB indicates the inadequate-credit-quality
rating assigned by ICRA in the long term.

The rating reflects the long track record of the firm in the
construction business and steady flow of orders from its
established clientele including the Government and public sector
undertakings.  The ratings also consider the positive outlook for
the construction business, given a large number of projects
expected going forward, and a healthy order book position of MPK
currently.  The ratings however are constrained by the highly
competitive nature of the industry wherein the business is
procured on an L1 based contract awarding system, which results in
low profitability.  Additionally, MPK’s profitability is also
sensitive to changes in material prices since most of its orders
are for more than one year duration, while typically they do not
have any price variation clauses.  The ratings also take into
consideration the moderately adverse capital structure of the
entity and consequent weak coverage indicators.  ICRA notes that
the partners have withdrawn capital in the past, which have
limited a build-up of net worth of the entity, which in turn has
limited MPK’s ability to win big size contracts.  MPK is also
exposed to the risks of geographical and high sectoral
concentration, with a presence primarily in the building
construction segment in North East.  Also, delayed payments at
times from a number of clients at the time of settling the final
bill leads to a tight liquidity position for the firm.  MPK has
been scaling up its operations, which is expected to continue in
future.  However, the information system in the company is rather
weak, which could make managing this targeted growth a challenging
task.

                         Abou M.P. Khaitan

Incorporated in 1964, MPK is in the business of construction and
engineering works.  MPK originally started its business as a
proprietorship firm, which was converted into a Partnership firm
in the year 1988.  The firm has been promoted by Mr. Mahabir
Prasad Khaitan and his family.  As per the audited and provisional
accounts of 2007-08 and 2008-09, MPK reported a profit of INR6.56
million and INR15.03 million on a turnover of INR181.44 million
and INR428.75 million respectively.


SHREE NAMAN: ICRA Rates INR7.50 Billion Term Loan Limit at 'LBB+'
-----------------------------------------------------------------
ICRA has assigned LBB+ rating, indicating inadequate-credit-
quality in the long term, to the INR7.50 billion term loan limit
and INR1.50 billion of non-convertible debenture of Shree Naman
Developers Limited.  ICRA has also assigned A4+ rating, indicating
risk-prone-credit-quality in the short term to the INR1.50 billion
commercial paper program of SNDL.

The ratings reflect the pressure on SNDL’s cash flow and liquidity
position resulting from a marked slowdown in leasing of the
commercial spaces being developed by SNDL and its high debt level.
SNDL’s total debt increased significantly from INR2.82 billion as
on March 31, 2008 to INR4.29 billion as on March 31, 2009
resulting in a gearing of 1.14 times as of March 31, 2009.  In
addition, the company’s projects have witnessed lower sales
realization, lease rates and occupancy levels on account of
slowdown in the real estate demand in the recent past.  Going
forward, the ability of SNDL to improve its cash flows critically
depends on its ability to successfully execute and market its
properties to achieve higher occupancy levels and lease rentals
than before.  This could prove to be a challenging task for SNDL
given the current slowdown in demand and the difficulties faced in
raising funds through both debt and equity routes.

The ratings however favorably factor in the company’s established
track record in the domestic real estate sector with presence in
commercial and residential sector coupled with its track record of
successful project execution.  The ratings are also supported by
recent infusion of equity funds of INR1.08 billion by a private
equity player namely ‘FIR Holdings’ in one of the commercial
project being executed by its subsidiary namely Shree Naman
Builders Private Limited .  This in turn has reduced commitment of
the company towards funding its subsidiaries, group companies and
special purpose vehicles to some extent.

                         About Shree Naman

Shree Naman Developers Limited is the flagship company of the
Shree Naman Group, promoted by Mr. Jayesh Shah and his family
members, who have been in the field of real estate development in
Mumbai since 1993.  Since inception, the group has undertaken
development of residential and commercial properties in various
parts of Mumbai.  The company has recently completed three
commercial projects viz.  ‘Naman Corporate Link’, ‘Naman Chambers’
and ‘Naman Centre’, having a total saleable area of approximately
0.42 million sq. ft., at Bandra-Kurla Complex in Mumbai.
Presently, the company is primarily focused on developing
commercial and residential projects at BKC, a notable financial &
commercial hub of the city and in Lower Parel, Mumbai.  SNDL
through its subsidiaries and SPVs is executing a hotel project and
is developing commercial real estate.  Through its subsidiary
‘Shree Naman Hotels Private Limited’, the Naman group is executing
a hotel project in a joint venture with ‘Accor’ group of France in
BKC in Mumbai. and through ‘Shree Naman Builders Limited’, it is
executing construction of commercial building in Lower Parel,
Mumbai under the Slum Rehabilitation Scheme.  In addition, the
Naman group is constructing few moderate sized residential spaces
in BKC and Santacruz in Mumbai.  The projects are slated for
delivery in a phased manner over the next two to three years.

As per the provisional figures for FY09, SNDL reported an
operating income of INR6.02 billion and a profit after tax (PAT)
of INR1.07 billion.


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


PT CENTRAL: Liquidity Concerns Cue Fitch to Junk Issuer Rating
--------------------------------------------------------------
Fitch Ratings has downgraded PT Central Proteinaprima Tbk's Long-
term Issuer Default Rating to 'CCC' from 'B'.  Fitch also has
downgraded the rating of CPP's US$325 million senior unsecured
notes due 2012, issued by Blue Ocean Resources Pte Ltd and
guaranteed by CPP and its subsidiaries, to 'CCC' from 'B'.  The
ratings remain on Rating Watch Negative.  The recovery rating of
the US$ Notes is 'RR4'.

The downgrades reflect Fitch's expectation that CPP's liquidity
may deteriorate further as the company faces difficulty renewing
short-term bank loans, on which it is reliant for working capital
needs.  This is due to the fact that the company is no longer able
to meet the financial covenants on the loans, which require
interest coverage of at least 2x, as a result of a virus
contamination in its shrimp ponds.

The contamination caused CPP's EBITDA to fall significantly to
IDR27.8 billion in Q209 from IDR255.1 billion in Q109, leading to
a very low interest coverage, as measured by EBITDA/gross interest
expense, of 1.1x in H109.  Fitch expects shrimp production to
remain weak in Q309 as the company needs about 120 days to harvest
new production from the ponds that had previously been
contaminated by the virus.  Two of its banks have already
terminated facilities given to CPP and there is an increased
potential for unfavorable action from other lenders due to the
covenant breach.

Moreover, risks related to the notice of acceleration served on
Red Dragon Pte Ltd (Red Dragon, a shareholder of CPP) by the
holders of its exchangeable bonds to enforce security over the 39%
shareholding in CPP which is pledged as collateral for these
bonds, have not been resolved.  These shares are directly and
indirectly owned by CPP's controlling shareholder, the Jiaravanon
family.  The above development can lead to the dilution of the
Jiaravanon family's effective ownership of CPP to below 50%, and
take away the family's ability to appoint the majority of the
Board of Directors of CPP, thereby triggering the "change of
control" covenant in the US$ Notes' indenture.  CPP's management
maintains that the Jiaravanon family would remain in control of
the company despite the acceleration of the 39% shares pledged for
the exchangeable bonds.

The ratings remain on Watch Negative as the company may have to
review its debt sources, including the US$ Notes, to improve its
liquidity, especially if earnings do not improve.  Further
negative rating action may be taken if the company's liquidity
position deteriorates.

Founded in 1980 by the Charoen Pokphand Group, a conglomerate
engaged in agro-industrial and aquaculture businesses in Thailand,
CPP is one of the world's largest shrimp producers and processors.
The Jiaravanon family, which is the controlling shareholder of
CPG, has a majority beneficial interest in the company.  In the
six months ending June 2009, CPP booked revenue of
IDR3,562.5 billion and EBITDA of IDR282.9 billion.


PT CSM: Fitch Maintains National Long-Term Rating at 'CC'
---------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on PT CSM
Corporatama's (Indorent) 'CC(idn)' National Long-term rating.  The
agency also has a 'CC(idn)' rating on Indorent's existing Rupiah
bonds - the Series B Bond I (outstanding IDR81 billion) and
Islamic Bond I (outstanding IDR81 billion) due on Nov. 11, 2009.

The ratings reflect Fitch's concerns over Indorent's lack of back-
up liquidity in servicing its Rupiah bonds amortization of
IDR30 billion on September 11, 2009, and the remaining
IDR132 billion on November 11, 2009.  Although Indorent's cash
balance has increased to IDR16.1 billion at end-June 2009 from
IDR6.7 billion at end-March 2009, Indorent's capability to repay
the maturing bonds is highly dependent on its ability to secure
external financing.  Indorent plans to repay the rupiah bonds with
a combination of its internal cash flow from its auto rental
business, sales of its fixed assets and financing from bank loans
or related party borrowing.

The ratings remain on RWN as the company is unable to create
sufficient liquidity reserves to cover its short-term debt
maturities.  A downgrade of the ratings could be triggered by
either Indorent's failure to repay its debt maturities or by
evidence of an imminent default.

Established in 1987, Indorent is engaged in businesses providing
auto-rental, repair services and petrol station services.  It is
99.86%-owned by Hamfred Pte Ltd with the remaining shares owned by
Indomobil Group.  Indorent recorded revenues of IDR150.7 billion
and EBITDA of IDR86.6 billion in the six months to end-June 2009.


PT GAJAH: S&P Raises Corporate Credit Rating to 'B-' From 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Indonesia-based tire manufacturer PT Gajah Tunggal Tbk.
to 'B-' from 'SD'.  The outlook is stable.

At the same time, S&P assigned a 'B-' rating to the senior secured
US$435 million bonds due July 2014 and withdrew the rating on the
US$420 million bonds due in 2010, following the completion of the
exchange offer.  The 2014 bonds are issued by GT2005 Bonds B.V.
and are guaranteed by Gajah Tunggal.

The rating reflects Gajah Tunggal's high leverage, weak cash flow
measures, and inherent industry risks.  These risks are partially
offset by Gajah Tunggal's favorable position in the domestic
market, with more than 60% share for motorcycle tires based on
sales volume, and its low-cost position, attributed largely to its
integrated business model and low labor cost.

In S&P's opinion, Gajah Tunggal's liquidity pressure has eased
with the completion of the exchange offer, which lengthened its
debt maturity profile and lowered interest expense.  Coupon rate
of the 2014 bonds has been reduced by half to 5% per annum (10.25%
for 2010 bonds), gradually stepping up to 10.25% by 2014.  The
company's total debt rose to US$435 million, from US$420 million,
because of the capitalization of US$15 million of interest.

"Gajah Tunggal is expected to remain highly leveraged and its weak
cash flow measures are susceptible to economic downturn," said
Standard & Poor's credit analyst Wee Khim Loy.

This is the second debt restructuring that the company has
undergone.  Gajah Tunggal had its debt restructured after
defaulting on its foreign currency loans in 2001, as a result of
the rupiah depreciation.

The rating also factors in weak industry fundamentals, given the
uncertain global economic condition, especially in the export
markets, which accounts for about 40% of Gajah Tunggal's yearly
revenue.  However, S&P does not expect further deterioration in
export sales as most of Gajah Tunggal's overseas customers are
gradually building inventories following improving consumer
sentiment, especially from second-quarter 2009, Ms. Loy said.

While domestic sales have been muted in fourth-quarter 2008 and
first-quarter 2009, S&P expects tire demand in Indonesia to
increase, on the back of improved economic sentiments and a fairly
low interest rate financing environment in the country.
Nevertheless, Gajah Tunggal remains exposed to underlying industry
risks pertinent to the highly fragmented and competitive tire
manufacturing sector.

The stable rating outlook reflects S&P's expectation that Gajah
Tunggal will maintain adequate liquidity by prudently managing its
working capital needs and capital expenditure outlays amid the
challenging operating environment.  The outlook also factors in
Gajah Tunggal generating adequate cash flows to cover its
obligations in the short term.


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


AIFUL CORPORATION: JCR Downgrades Ratings on Senior Debts to 'BB+'
-----------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
senior debts and each of the outstanding bonds of Aiful
Corporation from BBB to BB+, respectively.  The rating outlook
remains Negative.

Senior debts: BB+/Negative

                 Amount                            Coupon
   Issues      (JPY Mil.)  Issue Date   Due Date     (%)   Ratings
   --------    ----------  ----------   --------   ------  -------
   bonds no.43   10,000    2004.10.20   2009.10.20  1.01     BB+
   bonds no.31   10,000    2002.10.28   2009.10.28  2.18     BB+
   bonds no.46   10,000    2005.4.20    2010.4.20   0.82     BB+
   bonds no.36   10,000    2003.5.28    2010.5.28   1.25     BB+
   bonds no.12   10,000    2000.6.28    2010.6.28   2.93     BB+
   bonds no.49   10,000    2005.7.20    2010.7.20   0.8      BB+
   bonds no.50   10,000    2005.10.19   2010.10.19  1.14     BB+
   bonds no.42   10,000    2004.5.26    2011.5.26   1.58     BB+
   bonds no.44   10,000    2004.10.20   2011.10.20  1.5      BB+
   bonds no.45   10,000    2005.1.26    2012.1.26   1.2      BB+
   bonds no.47   10,000    2005.4.20    2012.4.20   1.22     BB+
   bonds no.52   10,000    2005.11.24   2012.11.22  1.63     BB+
   bonds no.37   10,000    2003.5.28    2013.5.28   1.74     BB+
   bonds no.51   10,000    2005.10.19   2015.10.19  1.99     BB+

Rationale

JCR considers that the factors which influence Aiful Corporation's
earnings, financial structure and cash management include whether
or not the number of interest payment refund claims will decline
in and after FY 2009 ending March 31, 2010, as expected by the
Company, its cost control while it is in the process of reducing
business operations and its management of net interest income.
JCR considers that it is likely that a current high level of
interest payment refund claims will continue for several fiscal
years, as it is difficult to consider that the number of such
refund claims will decrease significantly over the short term
against a background of activities of attorneys and judicial
scriveners, TV commercials, newspaper advertisements and reporting
by the mass media.  The Company needs to prepare for it.  JCR
considers it necessary for the Company to modify its cost
structure according as its loan balance, when it reduces the loan
balance through loan collection activities.

However, in JCR's view, it is tough for the Company to cut costs
considerably, as consumer finance companies in general have to
allocate more staff to the collection and credit management.
Although the consumer finance companies appropriate funds from its
operations and liquidity on hand, both of which are being
generated from decreasing loans as a result of curbing new loans
and loan renewals, for the repayment of debts in many cases under
the situation where Banks' stance on loans to those companies is
unchanged, JCR considers it necessary for the Company to maintain
the balance between new loans and the collection of existing loans
in order to generate its operating cash flow, given the
enforcement of Article 3 of the Act on Controls, etc on Money
Lending (June in 2009) and Article 4 (June in 2010).

The downgrade of the ratings on the Company by two notches
reflects the above issues and its lower ROA.  Also JCR's
"Negative" outlook reflects its tough business environment
surrounding the consumer finance companies.


CLAIRE'S STORES: Bank Debt Trades at 34% Off in Secondary Market
----------------------------------------------------------------
Participations in a syndicated loan under which Claire's Stores,
Inc., is a borrower traded in the secondary market at 66.21 cents-
on-the-dollar during the week ended Friday, Aug. 7, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 2.71
percentage points from the previous week, The Journal relates.
The loan matures on May 29, 2014.  The Company pays 275 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's Caa2 rating while it carries Standard & Poor's B-
rating.  The debt is one of the biggest gainers and losers among
widely quoted syndicated loans in secondary trading in the week
ended Aug. 7, among the 137 loans with five or more bids.

Claire's Stores, Inc. -- http://www.clairestores.com/-- operates
as a specialty retailer of fashion accessories and jewelry for
preteens and teenagers, as well as for young adults in North
America and internationally. It offers jewelry products that
comprise costume jewelry, earrings, and ear piercing services; and
accessories, including fashion accessories, hair ornaments,
handbags, and novelty items.

Based in Pembroke Pines, Florida, Claire's Stores operates under
two brands: Claire's(R), which operates worldwide and Icing(R),
which operates only in North America.  As of January 31, 2009,
Claire's Stores, Inc. operated 2,969 stores in North America and
Europe.  Claire's Stores, Inc., also operates through its
subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a
50:50 joint venture with AEON, Co., Ltd.  The Company also
franchises 198 stores in the Middle East, Turkey, Russia, South
Africa, Poland and Guatemala.

At May 2, 2009, Claire's Stores has US$2,877,264,000 in assets,
US$212,884,000 in current liabilities and US$2,743,540,000 in
long-term liabilities (for US$2,956,424,000 in total liabilities).


J-CORE FL1: S&P Downgrades Rating on Class D Certificates to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' from 'BBB+'
its rating on J-CORE FL1 Trust Certificate's (J-CORE FL1) class D
trust certificates and its rating on the class E trust
certificates to 'B-' from 'BB+'.  At the same time, Standard &
Poor's removed the ratings on both classes from CreditWatch with
negative implications, where they had been placed on July 6, 2009.
Standard & Poor's also affirmed its 'AAA' ratings on the class C
and X trust certificates issued under the same transaction (also
listed below).  The class A and B trust certificates were redeemed
on the trust distribution date in April 2008.  Under the J-CORE
FL1 transaction, a total of JPY16.6 billion trust certificates
were issued in December 2006.

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 D and E of J-CORE FL1, on CreditWatch with
negative implications.

The remaining 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,
Standard & Poor's has reviewed the property management report for
the property backing the loan and met with the asset manager about
the loan.

Standard & Poor's holds the view that, although steps are being
taken to ensure that the aforementioned loan is redeemed by the
maturity date, there appears to be uncertainty over loan
repayment.  S&P downgraded classes D and E because S&P lowered its
assumption regarding the recovery prospects of the property
backing the loan from S&P's initial assumption, based on the
possibility that the loan may not be repaid and the property may
need to be liquidated.  The property that ultimately backs the
remaining underlying loan of this transaction is master leased.
Although S&P does not regard cash flow as a major potential source
of risk at this point, S&P is of the opinion that S&P need to
apply a cap rate higher than S&P's initial assumption of the
current value of the property, in light of its type and location
in the context of current real estate market circumstances.  S&P
intend to monitor progress in the repayment of the underlying
loan, as well as the performance and recovery prospects of the
related underlying property.

S&P is considering amending the rating methodology for interest-
only (IO) certificates, which include class X of this transaction.
If the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.

This is a multi-borrower CMBS transaction.  The trust certificates
are backed by three Tokkin trust beneficial interests and three
loans extended to Tokkin trustees that each own one specified bond
backed by real estate trust beneficial interests, and by one
additional nonrecourse loan, which is backed by real estate trust
beneficial interests.  Deutsche Securities Inc. serves as the
arranger of this transaction, and ORIX Asset Management & Loan
Services Corp. is the servicer.

             Ratings Lowered, Off Creditwatch Negative

                   J-CORE FL1 Trust Certificate
JPY16.6 billion floating-rate trust certificates due April 2012

       Class    To    From             Initial Issue Amount
       -----    --    ----             --------------------
       D        BB+   BBB+/Watch Neg   JPY1.0 bil.
       E        B-    BB+/Watch Neg    JPY0.2 bil.

                         Ratings Affirmed

    Class   Rating   Initial  Issue Amount
    -----   ------   ---------------------
    C       AAA      JPY1.6 bil.
    X       AAA      JPY16.6 bil.  (Initial notional principal)


NEW CITY RESIDENCE: Daiwa Plan Gains More Support from Creditors
----------------------------------------------------------------
Daiwa House Industry Co. said it is gaining creditor support for a
rehabilitation plan for New City Residence Investment Corp. over a
rival bid from U.S. Buyout firm Lone Star Funds, Bloomberg News
reports.

"We are continuously gaining more support," Bloomberg quoted
Takeshi Fujita, president of Daiwa House's asset management unit,
as saying in an interview in Tokyo.  "Some creditors feel
unsatisfied with what Lone Star is offering."

According to Bloomberg, creditors are scheduled to consider a
revised offer from Lone Star, which is the court-appointed
receiver, by Sept. 9 after an initial plan was rejected last
month.  Daiwa House will seek receivership of New City if the Lone
Star offer is rejected, the report says.

Mr. Fujita, as cited by Bloomberg, said Daiwa House wants to merge
the failed REIT with its own listed trust, BLife Investment Corp.,
as soon as next year.  Lone Star's plan would take New City
private and aim to re-list the trust within five years.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2009,  Lone Star Funds beat Daiwa House Industry Co.,
Oaktree Capital Management LP and other investors in a bid to
acquire New City Residence Investment Corp.  Bloomberg News,
citing three people with knowledge of the transaction, said the
deal would total about US$1.2 billion including debt.

New City has submitted a rehabilitation plan to the Tokyo district
court, under which it will sell shares in a private-placement to
Lone Star in November 2008.

                     About New City Residence

Japan-based New City Residence Investment Corporation is a real
estate investment trust.  The company owns more than 6,700
apartments in Japan.

                            *     *     *

New City Residence Investment Corp. filed for bankruptcy on Oct. 9
with JPY112.4 billion of debt attributing its failure to
difficulties in raising funds and selling properties because of
the global financial crisis.


SANYO ELECTRIC: To Boost Solar Panel Output by 30%
--------------------------------------------------
Sanyo Electric Co. said Friday that it would boost its solar panel
production capacity by 30% within the next two years to meet
growing demand fuelled by government subsidies, AFP reports.

The report, citing Sanyo spokeswoman Kumiko Makino, says the
company will invest about JPY4.2 billion in a domestic plant in
Shiga prefecture to double the facility's annual production
capacity to 200,000 kilowatts.  In total, Sanyo's solar panel
production capacity will rise to 450,000 kilowatts, she said.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


* JAPAN: Nearly 40% Private Universities Report Losses in March
---------------------------------------------------------------
Japan Today reports that nearly 40% of privately run colleges and
universities across Japan operated in the red in the academic year
to last March, a more than fourfold increase from around a decade
ago.

Citing data from a survey conducted by the Promotion and Mutual
Aid Corporation for Private Schools of Japan, the report relates
that 222 schools reported losses for the year, compared with 48 in
a similar survey for 1997 and 194 for 2007.

The latest survey by the organization covered 589 schools, of
which 569 responded, the report says.


* JAPAN: Non-Performing Loans Rises Most in 7 Years
---------------------------------------------------
Kyodo News reported that the outstanding balance of non-performing
loans at 120 banks in Japan rose for the time in seven years to
JPY11.95 trillion at the end of fiscal 2008 to March 31, up JPY553
billion from a year earlier.

Citing the Financial Services Agency, Kyodo News said the increase
was due to the deterioration in earnings at corporate borrowers
amid the economic slowdown.

According to the news agency, the FSA said bad loans outstanding
at 577 financial institutions, 120 banks and other lenders totaled
JPY17.12 trillion, an increase of JPY54 billion.


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


DAEWOO ENGINEERING: 12 Firms Keen on Buying Daewoo
--------------------------------------------------
The Korea Times, citing industry sources, reported that at least
12 companies are keeping an eye on Daewoo Engineering &
Construction.

The 12 firms include LG Group, POSCO, Lotte Group and an American
construction arm, the report said.

Korea Development Bank, one of Daewoo's main creditors, together
with Nomura Securities are scheduled to complete their due
diligence on the construction firm that will be put up for sale by
this week, the Korea Times relates citing KDB officials.  The
report says invitations for bids will then be sent to interested
parties.

According to the Times, the KDB is currently trying to auction off
a controlling stake in the Daewoo Construction, which was taken
over by Kumho Asiana Group.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2009, Kumho Asiana Group decided to put Daewoo Engineering
and Construction up for sale.

Kumho Asiana, which bought Daewoo Engineering for US$5 billion
three years ago, said it has not yet determined the exact size of
stake to be sold, the Financial Times said.  The size of the sale
would be designed to "minimize the group's losses and to reduce a
buyer's burden."

The announcement, according to the FT, follows pressure on Kumho
to raise money by finding fresh investors in Daewoo by the end of
July to ease a liquidity crunch.

Kumho has a 33% stake in Daewoo with management control while
financial investors hold a further 39 per cent.

                     About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


SSANGYONG MOTOR: Seeks Up to KRW150 Billion Aid from KDB
--------------------------------------------------------
The Financial Times reports that creditors of Ssangyong Motor Co.
are expected to provide fresh funding to the carmaker after the
militant labor union agreed to end its violent two-month strike.

According to the FT, state-run Korea Development Bank, Ssangyong's
main creditor to whom the carmaker owes about KRW240 billion, met
Ssangyong officials on Friday to discuss possible financial
support for the carmaker's restructuring.

Ssangyong asked for KRW100 billion to KRW150 billion in financial
aid from KDB to cover restructuring costs, including payment to
voluntary retirees, the FT relates.

Yonhap News Agency meanwhile reports that the main creditor of
Ssangyong Motor has rejected a request to fund the development of
a new model that the carmaker claims is critical for its survival.

The news agency, citing financial sources, relates that the
carmaker requested KRW150 billion (US$122.5 million) to develop
and build a new compact sport utility vehicle called the C200.

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.

A TCR-AP report on Aug. 7 said that Ssangyong Motor reached an
agreement with its union on job cuts, ending displaced workers'
takeover of the company's main factory.  Court-ordered trustee Lee
Yoo-il said the two sides agreed to slash 52% of the 976 striking
workers while the rest will be put on unpaid leave.

                       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.


VISTEON CORP: Sale of Hyundai Parts Facility to Korean Unit Done
----------------------------------------------------------------
Visteon Corp. submitted to the Bankruptcy Court a notice that (i)
all conditions to the closing of the sale of Visteon Domestic
Holding, LLC's equity interest in Halla Climate Systems Alabama
Corp., have been met, (ii) the closing of sale has occurred; and
(iii) payment for the U.S. Trustee has been made.

The Debtors earlier obtained the Court's permission to sell the
80% equity interest in Debtor Halla Climate Systems Alabama Corp.,
to Halla Climate Control Corporation, free and clear of all liens,
claims, encumbrances and other interest, pursuant to a sale and
purchase agreement, dated June 26, 2009.

Halla Climate Control Corporation or "Halla Korea" is a non-
debtor affiliate of Visteon Corporation organized under the laws
of the Republic of Korea.  Halla Korea's majority shareholder is
Visteon Corp., which owns a 70% equity interest in the company.
Visteon Corp. and Halla Korea design and manufacture fully
integrated heating, ventilation, and air conditioning systems for
original manufacturers like Hyundai Motor Company and Kia Motors
Corporation.

Halla Alabama, on the other hand, was originally formed as a
wholly owned subsidiary of Visteon Domestic.  Halla Alabama
operates a 135,000 sq. ft. manufacturing facility located in
Shorter, Alabama, 30 miles east of Montgomery, the home of
Hyundai Motor Manufacturing Alabama, LLC, Hyundai's only
manufacturing facility in the United States.

The Hyundai business accounts for nearly 100% of all Halla
Alabama sales, and nearly 60% of Halla Korea's global climate
control business, which generates about US$1.7 billion in annual
gross revenue, making Hyundai Visteon Corp.'s second largest
customer on a consolidated basis.

"Given Halla Alabama's and Halla Korea's close affiliation
with Hyundai, it is necessary to the Debtors' long-term
profitability and growth to continue to foster and develop this
customer relationship," says Mark M. Billion, Esq., at Pachulski
Stang Ziehl & Jones LLP, in Wilmington, Delaware.

Hyundai, however, has expressed numerous concerns regarding Halla
Alabama's debtor status and Halla Alabama's ability to maintain
an uninterrupted supply of goods, according to Mr. Billion.  He
notes that Hyundai may seek to reduce its exposure with respect
to Halla Alabama by resourcing its supply of climate control
products to Halla Alabama's competitors if it continues to have
concerns regarding Halla Alabama's prolonged involvement in these
Chapter 11 cases.

Accordingly, Visteon Domestic sought to enter into the Purchase
Agreement with Halla Korea whereby:

  -- Halla Korea will pay Visteon Domestic US$37,000,000 for 80%
     of Visteon Domestic's stake in Halla Alabama; and

  -- Halla Korea will make a cash payment to Visteon Corp. for
     roughly US$26,000,000 in full satisfaction of Visteon Corp.'s
     intercompany loan to Halla Alabama in the same amount.

A full-text copy of the Halla Korea Purchase and Sale Agreement
is available for free at:

          http://bankrupt.com/misc/Visteon_HallaSale.pdf

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


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


LUSTER INDUSTRIES: Bursa Extends Plan Filing Deadline to Oct. 1
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd has extended the deadline for
Luster Industries Berhad to submit its regularization plan to the
Securities Commission and other relevant authorities to October 1,
2009.

Luster Industries Berhad is a Malaysia-based investment holding,
provision of management services to its subsidiaries and
manufacturing of precision plastic parts and components, printed
circuit board assembly, sub-assembly and full assembly of plastic
parts and products.  The Company operates in five segments:
manufacturing, which includes manufactured, assembly and sale of
printed circuit boards, plastic components parts and electronic
parts for the semiconductor and electronics industries; waster
management, which is engaged in the supply of specialized vehicles
for waste facilities; trading, which is engaged in the trading in
plastic resins and materials for the production of plastic
products; bulk packaging, which is engaged in manufacturing and
sale of bulk packaging products, and other, which includes
investment holding.  During the year ended December 31, 2008, the
Company ceased its manufacturing and assembling of plastic parts
and products activities.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


WWE HOLDINGS: Court Grants Erinford Injunction Against Ibsul Bid
----------------------------------------------------------------
The High Court on August 3, 2009, dismissed WWE Holding Bhd’s
Originating Summons and Summons in Chambers, which was filed by
WWE against Ibsul Holdings Sdn Bhd to restrain Ibsul from filing a
winding up petition against the Company.

WWE said the High Court also set aside the ex-parte injunction
that was granted in WWE’s favor on November 3, 2008.

On August 4, WWE filed an appeal to the High Court of Appeal in
relation to this decision together with an application to the High
Court for an Erinford Injunction, which would restrain Ibsul
Holdings presenting or proceeding with any winding up petition
against WWE until the disposal of WWE's appeal to the Court of
Appeal.

The High Court subsequently granted the Erinford Injunction on
August 7, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 16, 2008, WWE Holdings Bhd was served with a Notice on
October 14, 2008, by Messrs Jamaluddin Ibrahim & Associates, for
Ibsul Holdings Sdn Bhd (IBSUL), which claims for MYR21,303,023.43
-- alleged to be the total outstanding amount, which the company
denies and disputes.

Ibsul is a sub-contractor engaged by WWE to carry out the
construction and completion of the Civil and Structural, Building
Services and Infrastructure works for the Jelutong Sewage Project.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


ORANGE FINANCE: Investors Vote for Moratorium; To Get Initial Pay
-----------------------------------------------------------------
Investors in Orange Finance voted Friday for a proposed moratorium
plan at a meeting on Auckland's North Shore, according to The
National Business Review.  The plan will save the troubled company
from the receivers but whether it will actually benefit its
investors remains unclear, the report says.

The report relates that investors will this week receive an
initial payment of 15c in the dollar, but Orange Finance could not
definitely say when or whether there would be another payment.

According to NBR, Auckland receivers KordaMentha have been called
in to review the moratorium process and Orange Finance director
Doug Somers-Edgar's other company Matrix Funding Group will manage
Orange Finance during the moratorium.

Matrix Funding Group will be paid around NZ$27,000 every month for
a two-year period to manage Orange Finance, the report notes.

The Troubled Company Reporter-Asia Pacific reported on Aug. 20,
2008, that Orange Finance Limited, which is owned by Money
Managers founder Doug Somers-Edgar, ceased to offer debentures.

Orange Finance was sold exclusively through Money Managers and
had around NZ$60 million in debentures as at September 2007.

                       About Orange Finance

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.


SENSATION YACHTS: Owner Appoints Peter Jollands as Receiver
-----------------------------------------------------------
Sensation Yachts owner Ivan Erceg has appointed Peter Jollands as
the receiver for the company after Public Trust placed the company
into liquidation late last month, Kelly Gregor at The National
Business Review reports.

The full debt of the company would not be known until creditors
started filing claims, Mr. Erceg told NBR.

According to the report, Mr. Erceg said he had paid various bill
this year and was committed to ensuring his creditors received
"their full value."

Mr. Erceg, NBR relates, claims to have paid off around NZ$9
million worth of debt over the past year, of which, a NZ$31
million bill for not completing three super yachts he was
contracted to build for a company in the Cayman Islands who had
three Russian clients lined up to buy them, was one.

Mr. Erceg also claims he has paid his creditors around NZ$730,000
over the past eight months, the report says.

The reports relates Mr. Erceg said he hoped there was still time
to save his luxury boat building company and blamed the credit
crunch rather than bad management for its demise.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.


SH LIMITED: Becton Investment Places Two Firms Into Liquidation
---------------------------------------------------------------
The National Business Review reported that SH Limited, a company
owned by property developer Jamie Peters, was placed into
liquidation late last week.

Australian-based company Becton Investment Management has sought
to liquidation the company due to unpaid bills for rental of
office space, the report said.

According to the report, SH Limited was the second Jamie Peters
company to be liquidated this year from an application by Becton
Investment Management.  Mars S (formerly Starline Ltd) went into
liquidation in March owing NZ$112,832 to Becton Investment.

NBR discloses that Cook Nelson St Leasehold, another Jamie Peters
company, was also wound up on July 31, 2009, owing funds to
Auckland City Council.


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


ADCOMAT (SINGAPORE): Creditors' Proofs of Debt Due on September 7
-----------------------------------------------------------------
The creditors of Adcomat (Singapore) Pte Ltd are required to file
their proofs of debt by September 7, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

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


BEXCOM PTE: Contributories' First Meeting Set for August 26
-----------------------------------------------------------
The contributories of Bexcom Pte Ltd will hold their first meeting
on August 26, 2009, at 2:00 p.m., to receive an update on the
progress of the company's liquidation.

The company's liquidator is:

          Aaron Loh Cheng Lee
          c/o Ernst & Young Solutions LLP
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


BINTAI ENGINEERING: Creditors' Proofs of Debt Due on August 21
--------------------------------------------------------------
The creditors of Bintai Engineering Systems & Technologies Limited
are required to file their proofs of debt by August 21, 2009, to
be included in the company's dividend distribution.

The company's liquidators are:

          Sajjad A. Akhtar
          Chin Sek Peng Michael
          c/o PKF — CAP Advisory Partners Pte Ltd
          146 Robinson Road #08-01
          Singapore 068909


NEO INVESTMENT: Faces Judicial Management Petition
--------------------------------------------------
On July 31, 2009, the judicial managers of Neo Investment Pte Ltd
filed a petition to place the company under judicial management .

The petition will be heard before the High Court of Singapore on
August 28, 2009, at 10:00 a.m.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place #17-00 Ocean Towers
          Singapore 048620


UNIFONE PTE: Pays First and Final Dividend
------------------------------------------
Unifone Pte Ltd paid the first and final dividend to its creditors
on August 11, 2009.

The company paid 100 percent to all admitted preferential claims
while 3.9629 percent to all admitted ordinary claims.

The company's liquidators are:

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


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


NANYA TECHNOLOGY: Second Qtr Loss Narrows to NT$6.5 Billion
-----------------------------------------------------------
Nanya Technology Corporation disclosed its unaudited financial
results for the second quarter ended June 30, 2009.

Nanya's revenue is NT$8.08 billion, an increase of 31% compared to
the first quarter in 2009.  Net loss in the second quarter is
NT$6.5 billion, compared with a net loss of NT$7.29 billion in the
period in 2008.  ASP increased 31% quarter-over-quarter, leading
to the improvement in Nanya's results.

The 2009 annual shareholder's meeting held on June 1, 2009,
had approved Nanya's Capital Reduction Plan, a decrease of
3,117,823,976 common shares (capital of NT$31,178,239,760).  The
Company had further filed the related documentation to the
Financial Supervisory Commission and received the approval with
the documentation number 0980028781 on June 17, 2009.  The capital
change (66.43% capital reduction) brought up the net value per
share to NT$11.3 from NT$3.79 according to the finance statement
in the first quarter 2009 and the net value was NT$9.09 ended on
June 30.  After capital reduction, outstanding shares were
1,575,573,549 (Capital of NT$15,755,735,490).  The scheduled
suspension period of shares trading will start from August 13 to
25, and the relisting date on the Taiwan Stock Exchange (TSE) will
be on August 26, 2009.  Nanya said it expects to be back to normal
stock transaction in the beginning of November.

Nanya Technology received a total amount of NT$12.22 billion for
1 billion new shares at NT$ 12.22 per share in private placement.
The fund is mainly for the upgrade of its own 12 inch fab to 50nm
stack technology conversion, the purchase of new equipments, and
the increase of working capital.

Nanya said it has started migrating to 68nm stack technology for
DDR3 DRAM products in the second quarter of 2009, and has
scheduled to start pilot run for 50nm stack technology DRAM in the
third quarter.  The conversion to 50nm is scheduled to complete in
the second half of 2010, achieving 50 percent cost down compared
to 70nm trench technology.  The full capacity is expected to reach
36 thousands wafer starts per month.

The increasing PC demand drove up DRAM ASP, leading to DRAM market
recovering from the bottom in the first quarter.  Demand for DDR3
has increased dramatically as systems makers of NB, DT, and
Servers using DDR3 for its great performance in high speed and low
voltage.  Currently, DDR3 accounts for 20% (15,000 wafers starts
per month) of the combined production at Nanya and Inotera
Memories and is expected to exceed 30% (20,000 wafer starts per
month) in the fourth quarter of 2009 and to surpass 50% in the
first half of 2010.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


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


* BOND PRICING: For the Week August 3 to August 7, 2009
-------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.66
AMP Group Financ              9.803%   04/01/19   NZD       0.91
Antares Energy               10.000%   10/31/13   AUD       1.86
Babcock & Brown Pty           8.500%   11/17/09   NZD      58.42
Becton Property Group         9.500%   06/30/10   AUD       0.42
Bemax Resources               9.375%   07/15/14   USD      64.25
Bemax Resources               9.375%   07/15/14   USD      64.25
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      58.80
CBD Energy Ltd               12.500%   01/29/11   AUD       0.10
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.60
Djerriwarrh Inv               6.500%   09/30/09   AUD       4.13
First Australian             15.000%   01/31/12   AUD       0.70
GE Cap Australia              6.000%   03/15/19   AUD      74.77
Griffin Coal Min              9.500%   12/01/16   USD      52.12
Griffin Coal Min              9.500%   12/01/16   USD      52.12
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.68
Minerals Corp                10.500%   09/30/09   AUD       0.53
Metal Storm                  10.000%   09/01/09   AUD       0.09
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.68
Sun Resources NL             12.000%   06/30/11   AUD       0.30
Suncorp-Metway                6.500%   06/22/16   AUD      67.33
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Chinatrust Comm               5.625%   03/29/49   CNY      73.12
Jiangxi Copper                1.000%   09/22/16   CNY      71.69


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      62.50
AKSH Optifibre                1.000%   01/29/10   USD      58.00
Flex Industries               4.000%   03/09/12   USD      59.33
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      55.25
Hindustan Cons               10.000%   10/25/09   INR      20.00
ICICI Bank Ltd                7.250%   08/29/49   USD      72.05
JCT Ltd                       2.500%   04/08/11   USD      32.00
Kei Industries                1.000%   11/30/11   USD      66.25
Sterling Biotech              0.500%   09/30/10   USD      65.02
Subex Azure                   2.000%   03/09/12   USD      25.75
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   INDONESIA
   ---------
Mobile-8 Telecom             12.375%   06/15/17   IDR      48.10
Truba Jaya                   11.750%   07/08/10   IDR      72.90

   JAPAN
   -----
Aiful Corp                    4.450%   02/16/10   USD      70.87
Aiful Corp                    4.450%   02/16/10   USD      70.87
Aiful Corp                    0.800%   07/20/10   JPY      74.67
Aiful Corp                    5.000%   08/10/10   USD      57.75
Aiful Corp                    5.000%   08/10/10   USD      57.75
Aiful Corp                    1.140%   10/19/10   JPY      71.57
Aiful Corp                    1.580%   05/26/11   USD      72.87
Aiful Corp                    6.000%   12/12/11   JPY      44.37
Aiful Corp                    6.000%   12/12/11   USD      44.37
Aiful Corp                    1.200%   01/26/12   JPY      53.85
Aiful Corp                    1.220%   04/20/12   JPY      63.57
Aiful Corp                    1.630%   11/22/12   JPY      60.01
Belluna Co. Ltd.              1.100%   03/31/21   JPY      74.18
CSK Corporation               0.250%   09/30/13   JPY      42.75
Daikyo Inc.                   1.880%   03/12/12   JPY      70.30
Japan Airlines                3.100%   01/22/18   JPY      73.88
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      56.64
Nippon Residentl              1.840%   02/09/12   JPY      72.89
Nippon Residentl              0.840%   09/24/10   JPY      73.52
Nippon Residentl              1.900%   09/13/12   JPY      72.80
Nis Group                     8.060%   06/20/12   USD      46.75
Orix Corp                     2.190%   04/18/17   JPY      72.75
Osaka Prefecture              0.900%   08/28/14   JPY       0.94
Promise Co Ltd                2.060%   03/20/14   JPY      71.95
Shinsei Bank                  3.750%   02/23/16   JPY      69.21
Shinsei Bank                  5.625%   12/29/49   GBP      55.00
Takefuji Corp                 9.200%   04/15/11   JPY      54.50
Takefuji Corp                 9.200%   04/15/11   USD      54.50
Takefuji Corp                 8.000%   11/01/17   USD      29.87
Takefuji Corp                 4.000%   06/05/22   JPY      64.71
Takefuji Corp                 4.500%   10/22/32   JPY      61.30


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.00
Berjaya Land Bhd              5.000%   12/30/09   MYR       3.60
Crescendo Corp B              3.750%   01/11/16   MYR       0.75
Dutaland Bhd                  4.000%   04/11/13   MYR       0.47
Dutaland Bhd                  4.000%   04/11/13   MYR       0.65
Eastern & Orient              8.000%   07/25/11   MYR       1.15
Huat Lai Resources            5.000%   03/28/10   MYR       0.20
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.24
Kretam Holdings               1.000%   08/10/10   MYR       1.05
Kumpulan Jetson               5.000%   11/27/12   MYR       0.44
LBS Bina Group                4.000%   12/31/09   MYR       0.45
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.55
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20
Olympia Industri              2.800%   04/11/13   MYR       0.22
Olympia Industri              4.000%   04/11/13   MYR       0.23
Plus SPV Bhd                  2.000%   06/27/18   MYR      74.55
Plus SPV Bhd                  2.000%   03/11/19   MYR      72.94
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.70
Rubberex Corp                 4.000%   08/14/12   MYR       0.97
Talam Corp Bhd                2.000%   06/28/19   MYR      23.39
Tradewinds Corp               2.000%   02/08/12   MYR       0.72
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.21
Wah Seong Corp                3.000%   05/21/12   MYR       2.30
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.38
YTL Cement Bhd                4.000%   11/10/15   MYR       2.20


   NEW ZEALAND
   -----------
Allied Farmers                9.600%   11/15/11   NZD      74.00
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.42
Blue Star Print               9.100%   09/15/12   NZD      52.17
Capital Prop NZ               8.000%   04/15/10   NZD      14.50
Contact Energy                8.000%   05/15/14   NZD       1.00
Fidelity Capital              9.250%   07/15/13   NZD      68.35
Fletcher Buildin              7.550%   03/15/11   NZD       8.50
Fletcher Buildin              8.500%   03/15/15   NZD       9.25
Fonterra                      8.740%   11/29/49   NZD      69.00
Infrastr & Util               8.500%   09/15/13   NZD       9.70
Infratil Ltd                  8.500%   11/15/15   NZD      10.00
Infratil Ltd                 10.180%   12/29/49   NZD      60.00
Marac Finance                10.500%   07/15/13   NZD       0.80
Provencocadmus                2.000%   04/15/10   NZD       0.67
Sky Network TV                9.370%   10/16/16   NZD      75.00
South Canterbury             10.500%   06/15/11   NZD       0.73
South Canterbury             10.430%   12/15/12   NZD       0.67
St Laurence Prop              9.250%   05/15/11   NZD      67.28
Tower Capital                 8.500%   04/15/14   NZD       1.01
Trustpower Ltd                8.500%   09/15/12   NZD       7.60
Trustpower Ltd                8.500%   03/15/14   NZD       8.00
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.80


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      40.90
Capitaland Ltd                2.950%   05/20/22   SGD      74.61
Sengkang Mall                 8.000%   11/20/12   SGD       1.49
WBL Corporation               2.500%   06/10/14   SGD       1.80


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.28
Woori Bank                    6.208%   05/02/37   USD      74.51


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%   08/15/18   LKR      71.64
Sri Lanka Govt                7.000%   10/01/23   LKR      62.13


   THAILAND
   --------
Thailand Kingdom              1.450%   05/20/15   JPY      73.94


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***