TCRAP_Public/090812.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

           Wednesday, August 12, 2009, Vol. 12, No. 158

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Sells Kallista Energies & Kallista France to AXA
CHARTWELL ENTERPRISES: Former Officers Face Criminal Charges
FINCHLEY CENTRAL: ASIC Starts Civil Suit; Seeks to Wind Up Firm
GENERAL MOTORS: Holden Gets AU$200 Million Credit Line from EFIC
PREMIER PARKING: St. George Bank Calls in Administrators

SUNCORP METWAY: Inks Agreement with IAG on Joint Venture


C H I N A

ARVINMERITOR INC: Swings to US$162 Mil. Net Loss for June 30 Qtr
CHEMTURA CORP: U.S. Court Approves Contributions to Foreign Units
CHINA DIGITAL: Earns US$1.8MM But Discloses Going Concern Doubt
SYNUTRA INT'L: In Default Under ABN AMRO Loan Covenants


H O N G  K O N G

AGFAPHOTO HONG KONG: Member to Receive Wind-Up Report on Aug. 14
BHK SHA: Derek and Haughey Step Down as Liquidators
CARNEBY LIMITED: Members Opt to Wind Up Operations
DRAGON WATCH: Commences Wind-Up Proceedings
EEI-X LIMITED: Members to Receive Wind-Up Report on September 9

EVER-COLD: Commences Wind-Up Proceedings
FANUC HONG KONG: Placed Under Voluntary Wind-Up
FINESTYLE MARITIME: Morris Steps Down as Liquidator
GOLD-FACE ENTERPRISES: Appoints Keung as Liquidator
GOME ELECTRICAL: High Court Freezes Former Chairman's Assets

IDS LIMITED: Lau and Yan Step Down as Liquidators
MAVER HONG KONG: Appoints Ho Chiu Lung Michael as Liquidator
ORVIETO LIMITED: Arboit and Blade Step Down as Liquidators
VERITAS SOFTWARE: Placed Under Voluntary Wind-Up
WEMBLEY: Jamieson & Middleton Step Down as Liquidators

WORLD ASSOCIATION: Placed Under Members' Voluntary Wind-Up


I N D I A

AMBICA AGRICO: CRISIL Reaffirms 'BB-' Rating on INR90MM Term Loan
FIREPRO SYSTEMS: CRISIL Cuts Ratings on Various Facilities to 'P5'
GLOBION INDIA: CRISIL Assigns 'BB' Rating on INR60MM Cash Credit
MAYTAS INFRA: Andhra Pradesh Gov't. to Review Port Project
RBA TEXTILES: CRISIL Rates INR284.3 Million Long Term Loan at 'BB'

SATYAM COMPUTER: L&T Plans to Sell More Than 8% Stake in Firm
TATA MOTORS: Secures GBP75 Million Debt Facility for Jaguar
TATA POWER: Plans INR29,300cr Capex in Three Years


J A P A N

NATIXIS STRUCTURED: Moody's Withdraws Ratings on JPY3 Bil. Notes
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
* JAPAN: Extends JPY25 Billion Emergency Loans to Thailand


K O R E A

JEJU EUTTEUM: Operations Suspended by FSC for Six Months
SSANGYONG MOTOR: Gov't. May Offer Help if a Buyer is Found


M A L A Y S I A

NIKKO ELECTRONICS: SC Considers Proposed Exemption


N E W  Z E A L A N D

STORMCAT LODGE: Receivers Put Property Up for Sale


P H I L I P P I N E S

ALLIED BANK: In Talks with Investment Banks Over Stake Sale


S I N G A P O R E

ACA CAPITAL: Creditors' Proofs of Debt Due on September 7
ESCO PROCESS: Court Enters Wind-Up Order
METROPOLITAN COSMETICS: Creditors' Proofs of Debt Due on Sept. 7
NEW ECON: Court to Hear Wind-Up Petition on August 21
SPORTS NETWORK: Court to Hear Wind-Up Petition on August 21


T A I W A N

AU OPTRONICS: Reports NT$32.55 Bil. Consolidated Revenue in July


T H A I L A N D

PATKOL PUBLIC: Files for Business Reorganization


U N I T E D  A R A B  E M I R A T E S

DUBAI ISLAMIC: Moody's Reviews D+ BFSR for Possible Downgrade


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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BABCOCK & BROWN: Sells Kallista Energies & Kallista France to AXA
-----------------------------------------------------------------
Babcock & Brown Limited has agreed to sell 100% of Kallista
Energies Renouvelables (formerly Enersis Energies Renouvelables)
and Kallista France (formerly Enersis France) to an infrastructure
fund of AXA Private Equity, according to a report posted at
tradingmarkets.com.

Following the transaction, Kallista Energies Renouvelables and
Kallista France will be held through Holding Energies
Renouvelables, a holding company dedicated to renewable energy
investments in France, the report says.

Bank of America Corp. is acting as financial advisor to AXA
Private Equity.

Kallista Energies and Kallista France are operators of wind farms
in France.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


CHARTWELL ENTERPRISES: Former Officers Face Criminal Charges
------------------------------------------------------------
The Australian Securities and Investments Commission has brought
criminal charges against two former officers of Chartwell
Enterprises Pty Ltd.

ASIC said on Tuesday that Ian Rau, a former company secretary of
Chartwell Enterprises, was arrested in Brisbane on August 11 and
criminally charged with 19 offenses brought by ASIC.

Mr. Rau was arrested by Queensland Police and conveyed to the
Brisbane Local Court where he was bailed to appear in the Geelong
Magistrates Court on September 11.

Graeme Hoy, a former director of Chartwell, was also criminally
charged on Tuesday with 22 offenses and summoned to appear in the
Geelong Magistrates Court on September 11.

ASIC said Chartwell allegedly traded investor funds on local and
global financial markets.

The company entered voluntary administration in April 2008 and was
placed into liquidation by creditors on April 22, 2008, allegedly
owing investors in excess of AU$60 million.

                    About Chartwell Enterprises

Based in Geelong, Australia, Chartwell Enterprises Pty Ltd was
founded by Ian Rau and Graeme Hoy.  Mr. Hoy also owns a
hospitality company which has recently been placed in
receivership.

The Troubled Company Reporter-Asia Pacific reported on April 30,
2008, that administrators have been appointed to look into the
collapse of Chartwell Enterprises.  Bruno Secatore from Cor Cordis
Chartered Accountants was appointed as one of the administrators.
Mr. Secatore was later appointed as the company's liquidator.


FINCHLEY CENTRAL: ASIC Starts Civil Suit; Seeks to Wind Up Firm
---------------------------------------------------------------
The Australian Securities and Investments Commission has commenced
civil proceedings in the Federal Court of Australia against
Finchley Central Funds Management Limited.

ASIC said it is seeking orders from the Court to have Finchley
wound up and a liquidator appointed to the company.

Finchley is the responsible entity of a registered managed
investment scheme known as Finchley Development Capital Funds
(FDCF).  Within FDCF there are two active trusts, which have
raised funds from retail investors:

   ** FDCF No. 2: 'The Gilead Trust', which presently has more
      than 600 members who have together invested in excess of
      AU$25 million, which has been on-lent as mezzanine finance
      to the developer of the Gilead Retirement Resort in
      New South Wales; and

   ** FDCF No. 3: 'The Riverside Trust', which presently has
      more than 300 members who have together invested in excess
      of AU$15 million, which has been on-lent as mezzanine
      finance to the developer of the Riverside Pier Hotel in
      Western Australia.

ASIC alleges that it is just and equitable that Finchley be wound
up by the Court because:

   ** Finchley and its officers have failed and continue to
      fail to comply with their obligations under the law; and

   ** a winding up order will allow FDCF, the Riverside Trust
      and the Gilead Trust to be overseen and supervised by an
      independent party which will assist in the protection of
      investors' interests.

ASIC said the commencement of proceedings has arisen from its
ongoing investigation into the conduct of Finchley and its
officers.

Australian-based Finchley Central Funds Management Limited --
http://www.finchley.com.au/-- formerly Kebbel Funds Management
Limited, is an unlisted public company and has an Australian
Financial Services Licence authorizing it to act as a Responsible
Entity for a number of registered Managed Investment Schemes
issued by Finchley Central, the funds management arm of the
Finchley Group.


GENERAL MOTORS: Holden Gets AU$200 Million Credit Line from EFIC
----------------------------------------------------------------
General Motors Corp.'s Australian unit Holden received a credit
line of as much as AU$200 million (US$167 million) from Export
Finance & Insurance Corp. to bolster its export business,
Bloomberg News reports.

Citing Sydney-based EFIC, a lender to Australian exporters, in an
e-mailed statement, Bloomberg relates that the credit was extended
to provide support for GM Holden exports of vehicles, parts and
engineering services to Europe, the Middle East, Africa and Asia.

According to the report, EFIC Chief Executive Officer Angus Armour
said GM Holden "is an iconic Australian company and EFIC is
delighted to support GMH's ongoing export activities."

Bloomberg relates EFIC said the Australian government has approved
the credit.  The facility has been agreed but not drawn and is
subject to commercial terms and conditions, EFIC added.

                       About General Motors

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

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

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

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

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

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

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


PREMIER PARKING: St. George Bank Calls in Administrators
--------------------------------------------------------
James Thomson at SmartCompany.com.au reports that Premier Parking,
Australia's third largest parking operator, has been placed in
administration by secured lender St. George Bank.

Steve Parbery and Andrew Smith from insolvency firm PPB were
appointed on Monday as administrators to Premier Parking in New
South Wales and Premier Parking in Victoria, the report says.

The report relates that Premier's managing director Scott Thomas
told the Australian Financial Review he will work with St George
and the administrators in order to keep the business running.

Premier, which lost several key car park management contracts in
recent months, aims to sell off non-core assets to pay down debt
and recapitalize the company, according to SmartCompany.com.au.

Premier Parking -- http://www.premierparking.com.au/--manages and
develops commercial car parks.  It manages around 25 car parks in
New South Wales and 12 in and around Melbourne's CBD.


SUNCORP METWAY: Inks Agreement with IAG on Joint Venture
--------------------------------------------------------
Suncorp-Metway Limited said that its intermediated business, Vero,
had reached agreement with Insurance Australia Group Limited's
Australian intermediated business, CGU, regarding the ongoing
structure of the 50:50 joint venture, NTI.

"The terms of the agreement, which are confidential, strengthen
the existing joint venture arrangement, enabling the longstanding
partnership between Vero and CGU to continue in a manner that
makes commercial sense to both parties," Suncorp-Metway said in a
statement Tuesday.

"As a result of this agreement, legal proceedings on this matter
have ceased."

Suncorp-Metway said both Vero and CGU remain committed to
supporting NTI to strengthen its market leading position as
Australia's largest specialist truck insurer.

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

                         *     *     *

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

These rating actions have been taken:

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

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

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


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C H I N A
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ARVINMERITOR INC: Swings to US$162 Mil. Net Loss for June 30 Qtr
----------------------------------------------------------------
ArvinMeritor, Inc., reported financial results for its third
quarter ended June 30, 2009.

In the third quarter of fiscal year 2009, ArvinMeritor posted
sales of US$993 million, down from US$1.9 billion, or 47%, from
the same period last year (42% excluding effects of foreign
currency). This decrease in sales is due to significantly lower
production volumes in most original equipment markets globally.

Net loss for the three months ended June 30, 2009, was
US$162 million, or US$2.23 per diluted share, compared to net
income of US$44 million or US$0.60 per diluted share, in the third
quarter of fiscal year 2008.  Net loss includes losses from
discontinued operations of US$134 million or US$1.84 per diluted
share, primarily related to non-cash, after-tax charges of
approximately US$90 million associated with the divestiture of
several of the company's chassis businesses.

For the nine months ended June 30, 2009, the Company posted a net
loss of US$1.02 billion compared to a net income of US$79 million
a year ago.

At June 30, 2009, the Company had US$2.62 billion in total assets,
including US$76 million in cash and cash equivalents.  At June 30,
the Company had these obligations:

     Short-term debt                   US$109,000,000
     Accounts payable                  US$671,000,000
     Other current liabilities         US$453,000,000
     Liabilities of discontinued
       operations                       US$87,000,000
     Long-term debt                  US$1,235,000,000
     Retirement benefits               US$617,000,000
     Other liabilities                 US$301,000,000
     Minority interests                 US$26,000,000

The Company swung to an US$872 million in Shareowners' deficit
from US$462 million Shareowners' equity at September 30, 2008.

Free cash flow was US$73 million in the third quarter, an increase
of US$211 million from the second fiscal quarter of this year.
This increase is due to continued reductions in working capital
levels, primarily in accounts receivable and inventory.

                  Divestiture of Wheels Business

On August 4, 2009, ArvinMeritor entered into a purchase and sale
agreement to divest the entirety of its Wheels business --
previously a division of the company's LVS segment -- to Iochpe-
Maxion, S. A. (Buyer), a Brazilian producer of wheels and frames
for commercial vehicles, railway freight cars and castings.  The
base purchase price is US$180 million; actual closing proceeds may
vary depending on taxes and the net cash or debt position of the
business at closing.

The closing and funding of the entire adjusted purchase price is
expected to be on or before September 23, 2009, prior to the end
of ArvinMeritor's fourth fiscal quarter.  The agreement also
requires certain true-up payments for working capital and other
miscellaneous adjustments, on a post-closing basis.

The completion of the transaction is subject to several
conditions, including the clearance or waiver of applicable
competition law waiting periods in the United States and Mexico,
and the fulfillment of Buyer's committed financing. The Buyer will
be pursuing corporate approvals, which are required under
Brazilian law.

                 Divestiture of Chassis Businesses

In the third quarter of fiscal year 2009, ArvinMeritor completed
the sale of its 51-percent stake in Gabriel de Venezuela,
substantially completed the sale of its Gabriel Ride Control
Products North America business and entered into a binding letter
of intent to sell its stake in Meritor Suspension Systems Company.
All of these businesses are included in the company's discontinued
operations for the third quarter.

The transactions largely complete the divestiture of Chassis
Systems, representing 72% of total Chassis revenue based on 2008
sales, including US$117 million of pass-through sales, and 87% of
value-added sales.

The remaining Chassis businesses operate near breakeven and
primarily support the company's suspension module assembly
business which is expected to run-off over the next two years as
various vehicle programs come to a conclusion.

                         New Business Wins

During the third quarter, ArvinMeritor announced a long-term
supply agreement with Navistar.  Effective July 13, Meritor axles
are now in standard position on International(R) medium-duty
trucks and IC Bus(TM) brand school and commercial buses.  In
addition, ArvinMeritor gains additional standard axle positions on
International's heavy-duty trucks.

The company also completed a multi-year agreement with Daimler
Trucks North America this quarter for the supply of axles, brakes
and drivelines.

In Asia Pacific, ArvinMeritor signed a supply agreement with
Yutong Group Co., Ltd., the largest producer of high-end buses and
coaches in the China market, to supply drivetrain components for
buses and coaches in China.  Production under this agreement is
expected to begin at the end of calendar year 2009.

                              Outlook

While market conditions remain depressed in North America and
Europe, South America and Asia Pacific continue to show signs of
improvement.

For the fourth quarter of fiscal year 2009 (compared to the third
fiscal quarter of 2009), the company anticipates:

     -- Revenue to be slightly lower, due largely to seasonal
        Patterns;

     -- Loss per share, before special items, to be greater;

     -- Free cash flow, before factoring and restructuring, to be
        slightly negative;

     -- Total free cash flow to be negative

"While we anticipate market conditions will remain tough through
our fourth fiscal quarter, we are taking appropriate actions that
should help offset the impact and allow us to remain in compliance
with our year-end credit line financial covenant," said Chairman,
CEO and President Chip McClure.  "We will continue to proactively
manage working capital levels, execute key initiatives and reduce
costs, while at the same time positioning the company for a
recovery in our key markets."

                        About ArvinMeritor

ArvinMeritor, Inc. -- http://www.arvinmeritor.com/-- is a global
supplier of a broad range of integrated systems, modules and
components to the motor vehicle industry.  ArvinMeritor serves
commercial truck, trailer and specialty original equipment
manufacturers and certain aftermarkets, and light vehicle
manufacturers.  ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.


CHEMTURA CORP: U.S. Court Approves Contributions to Foreign Units
-----------------------------------------------------------------
Chemtura Corp. obtained approval from the Bankruptcy Court to make
intercompany loans or capital contributions to their non-Debtor
foreign subsidiaries up to the limitations set under Amendment No.
2 to the DIP Credit Facility.  The Debtors also ask the Court to
determine whether the DIP Lenders will derive a benefit from the
capital contribution sought to be made by the Debtors.

The Debtors relate that as of the end of June 2009, they have
made intercompany loans, totaling US$450,000, to the Foreign
Subsidiaries.

According to Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in
New York, the Foreign Subsidiaries represent a significant
element of the Debtors' enterprise value and the success of the
Debtors' restructuring efforts is closely tied to the fate of the
Foreign Subsidiaries.  He notes that of the Debtors' US$3.5
billion
in net sales in 2008, approximately 52% are attributable to
customers located outside of the United States; 32% to customers
in Europe and Africa; 15% to customers in Asia Pacific; and 5% to
customers in Latin America.

Mr. Cieri notes that the Debtors are currently seeking approval
of an Amendment No. 2 to their DIP Credit Facility, which among
other things provide greater flexibility to the Debtors' ability
to provide critical funding to the Foreign Subsidiaries by
allowing US$10 million of the US$40 million foreign investment
basket
to be made as equity advances, rather than loans.

The Debtors thus seek Court authorization to utilize the further
modified Foreign Investment Basket to the extent necessary to
access intercompany loans to meet immediate and urgent liquidity
needs of the Foreign Subsidiaries or to make capital
contributions to ensure that the Foreign Subsidiaries are
adequately capitalized to be permitted to operate under
applicable non-U.S. law.

According to Mr. Cieri, the Foreign Subsidiaries continue to
experience liquidity needs and therefore, the modifications to
the Foreign Investment Basket provide a valuable benefit to the
Debtors.  He adds that not only do some Foreign Subsidiaries
continue to require access to liquidity, but in some instances a
Foreign Subsidiary's needs must be met in the form of contributed
capital rather than debt in order to comply with applicable non-
U.S. law.

In order to balance the Debtors' need to access the Foreign
Investment Basket and the interest of the Official Committee of
Unsecured Creditors in monitoring its use, the Debtors propose
these uniform procedures and limitations to govern capital
contributions to be made to the Foreign Subsidiaries:

  a. The Debtors will be authorized to make a capital
     contribution to a Foreign Subsidiary without further order
     of the Court up to an amount aggregating US$2 million.

  b. For each Foreign Subsidiary in which the Debtors' Capital
     Contribution will exceed US$2 million, the Debtors will
     provide the Committee with:

        (i) the identity of the Foreign Subsidiary;

       (ii) a brief description of the Debtors' business
            justification for making the Capital Contribution;

      (iii) the most recent unaudited balance sheet for the
            Foreign Subsidiary in which the Debtors seek to make
            the Capital Contribution; and

       (iv) any other information reasonably requested by the
            Committee.

  c. The Committee will provide the Debtors with the names of at
     least two and no more than three persons who will receive
     the Foreign Investment Information.  The Foreign Investment
     Information may be sent by electronic mail.

  d. The Committee will have through 5:00 p.m. prevailing
     Eastern Time on the second business day after receipt of
     the Foreign Investment Information to review the
     information and notify the Debtors of any issue it may have
     with respect to the proposed Capital Contribution.

  e. If the Committee does not notify the Debtors of an Issue by
     the expiration of the Review Period, the Debtors will be
     permitted to make the Capital Contribution.

  f. If, however, the Committee raises an issue with respect to
     the proposed Capital Contribution before the expiration of
     the Review Period, the Debtors will use their best efforts
     to provide promptly the Committee with supplemental
     information with respect the Capital Contribution.

  g. The Committee will have through 5:00 p.m. prevailing
     Eastern Time on the second business day after receipt of
     the Supporting Documents to conduct a supplemental review
     and notify the Debtors as to whether it consents to the
     proposed Capital Contribution.

  h. If the Committee has not consented to the payment of a
     Capital Contribution by the expiration of the Supplemental
     Review Period, the Debtors will not make the requested
     Capital Contribution without further order of the Court.
     The Debtors will be permitted to seek expedited review by
     the Court with respect to any disputed Capital
     Contribution.

                        About Chemtura Corp

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


CHINA DIGITAL: Earns US$1.8MM But Discloses Going Concern Doubt
---------------------------------------------------------------
China Digital Communication Group reported a net income of
US$1,842,938 for six months ended June 30, 2009, compared with a
net loss of US$177,984 for the same period in 2008.

For three months ended June 30, 2009, the Company posted a net
loss of US$1,338,656 compared with a net loss of US$587 for the
same period in 2008.

At June 30, 2009, the Company's balance sheet showed total assets
of US$16,829,967, total liabilities of US$4,335,194 and
stockholders' equity of US$12,494,773.

The Company related that its cash and cash equivalents were
US$9,964,948 as of June 30, 2009.  Working capital at June 30,
2009, was US$10,914,273.

The Company also said that there is substantial doubt about the
Company's ability to continue as a going concern.  The Company
said that it has sufficient cash to continue its current business
through June 30, 2010, due to expected increased sales revenue and
net income from operations.  However, the Company has suffered
recurring losses in the past and have a large accumulated deficit.
The Company took certain restructuring steps to provide the
necessary capital to continue its operations.  These steps
included: (1) acquisition of profitable operations through
issuance of equity instruments; and (2) seeking of additional
funding and restructuring the acquired subsidiaries to increase
profits and minimize the liabilities.

A full-text copy of the Company's FORM 10-Q is available for free
at http://ResearchArchives.com/t/s?4100

                      About China Digital

China Digital Communication Group (OTC: CHID) --
http://www.chinadigitalgroup.com/-- changed its name and
business in 2004, when it bought Billion Electronics and its
wholly owned principal operating subsidiary, Shenzhen E'Jinie
Technology Development, one of China's largest battery shell
manufacturers.  China Digital Communication Group now makes
aluminum shells and battery caps for lithium ion batteries that
are used in digital mobile devices, such as digital still cameras,
cell phones, MP3 players, laptop computers, and PDAs.  In 2006 the
company acquired Galaxy View International for nearly US$7 million
in cash and stock; the following year, it sold Galaxy View for
US$3 million.  The Company is headquartered in Shenzhen,
Guangdong, Republic of China.


SYNUTRA INT'L: In Default Under ABN AMRO Loan Covenants
-------------------------------------------------------
Synutra International, Inc., said as of June 30, 2009, the Company
was not in compliance with certain covenants of its loan agreement
with one of its lenders, ABN AMRO Bank, N.V., Hong Kong branch,
which was acquired by Royal Bank of Scotland.  The Company is
currently in discussions with the lenders on a waiver and is
unable to predict when, or if the waiver will be granted.

To maintain sufficient funds for its operations, the Company has
postponed the payment of certain accounts payables and has
negotiated with certain suppliers to extend payment terms beyond
the customary terms.

In light of these issues, Synutra is in discussions with local
domestic banks to obtain short term financing to support its
operational needs.  As of June 30, 2009, it had short-term
borrowings from local banks of US$241.40 million with a weighted
average interest rate of 3.51%.  The loans were secured by the
pledge of certain fixed assets held by the Company's subsidiaries,
the pledge of land use rights in Qingdao, China and the pledge of
necessary cash deposits which were recorded as restricted cash.
The maturity dates of the short-term loans from local banks
outstanding at June 30, 2009 range from July 2009 to June 2010.
To date, all outstanding short-term loans that have become due
have been repaid.

As of June 30, 2009, Synutra also had unsecured long-term
borrowings from domestic banks of US$16.1 million maturing from
November 2011 to June 2012 with a weighted average interest rate
of 5.4%.  In addition to the loans from domestic banks, it has
short-term loans from related parties totaling US$6.60 million
with a weighted average interest rate of 8.1% to finance its
acquisition of the Helanruniu trademarks and to support its normal
operating needs.  The maturity dates of the short-term loans
outstanding from related parties at June 30, 2009, are from
October 2009 to January 2010.

As a result of the Company's operating losses and negative cash
flows and its failure to meet its debt covenants, the Company's
Annual Report on Form 10-K included an unqualified audit opinion
in which Synutra's independent registered public accounting firm,
Deloitte Touche Tohmatsu CPA Ltd. included an explanatory
paragraph expressing substantial doubt regarding Synutra's ability
to continue as a "going concern" in its report on Synutra's
financial statements for the fiscal year ended March 31, 2009.

Liang Zhang, Chairman and CEO of Synutra, said, "The Company has
assets -- including approximately US$145 million in property,
plant and equipment -- that could play a role in possible
solutions to its current liquidity issues.  I would also like to
stress that Synutra's management believes in placing shareholder
interests first and is considering strategic financing options to
both support the Company while enhancing shareholder value.  This
was a challenging first quarter following an extraordinarily
difficult fiscal year, but we remain confident in our belief in
Synutra's core business, which still produces nearly US$190
million in annualized sales, despite the events of 2008."

On Tuesday, the Company reported revenues for the first fiscal
quarter ended June 30, 2009 totaled US$47.35 million, down 62.8%
from US$127.38 million in the prior first quarter.  The drop
reflected in part the lingering impact of the product recall the
Company carried out following the September 2008 discovery of
melamine in products of 22 Chinese formula producers, including
some lots of Synutra's U-Smart products.  In addition, the
distribution of free replacements for recalled products created an
inventory glut in the sales channels that is shrinking but still
present and this contributed to the depressed sales during the
June 2009 quarter.  The Company conducted the recall last fall to
demonstrate its resolve to protect the safety and wellbeing of
customers.  The absence of its products from shelves (for the
duration before product replacement completed) had resulted in the
loss of customers, especially for the U-Smart product line.

The operating loss for the June 2009 quarter was US$10.57 million,
compared to operating profit of US$19.45 million a year earlier.
Net loss for the June 2009 quarter was US$9.95 million, or US$0.18
per fully diluted share, compared to net income of US$15.64
million, or US$0.29 per fully diluted share for the same quarter a
year earlier.

Synutra reported cash and cash equivalents of US$29.58 million on
June 30, 2009, compared to US$37.74 million on March 31, 2009.
Working capital was negative at US$83.74 million, compared to
negative working capital of US$80.43 million three months earlier.
Long-term debt at the end of June 2009 was US$16.10 million,
compared to US$8.78 million at the end of March. The working
capital deficit was caused primarily by the product recall
expenses, including product replacement cost; shipping charges and
inventory write-down and write-off, as well as the subsequent loss
of sales.

                    About Synutra International

Synutra International Inc. -- http://www.synutra.com/-- is an
infant formula company in China.  It principally produces, markets
and sells its products under the "Shengyuan," or "Synutra," name,
together with other complementary brands.  It focuses on selling
premium infant formula products, which are supplemented by more
affordable infant formulas targeting the mass market as well as
other nutritional products and ingredients.  It sells its products
through extensive, nationwide sales and distribution network
covering 29 provinces and provincial-level municipalities in
China.  As of June 30, 2009, this network comprised over 480
distributors and over 800 sub-distributors who sell Synutra
products in more than 65,000 retail outlets.


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


AGFAPHOTO HONG KONG: Member to Receive Wind-Up Report on Aug. 14
----------------------------------------------------------------
The member of Agfaphoto Hong Kong Limited will receive on Aug. 14,
2009, at 11:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The meeting will be held at Level 17, Tower 1 of Admiralty Centre,
in 18 Harcourt Road, Hong Kong.


BHK SHA: Derek and Haughey Step Down as Liquidators
---------------------------------------------------
On August 3, 2009, Lai Kar Yan (Derek) and Darach E. Haughey
stepped down as liquidators of BHK Sha Tin Limited.


CARNEBY LIMITED: Members Opt to Wind Up Operations
--------------------------------------------------
On August 3, 2009, the members of Carneby Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


DRAGON WATCH: Commences Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on July 31, 2009, the
members of Dragon Watch (HK) Limited resolved to voluntarily wind
up the company's operations.

Yeung Ying Yu was appointed as the company's liquidator.


EEI-X LIMITED: Members to Receive Wind-Up Report on September 9
---------------------------------------------------------------
The members of EEI-X Limited will hold their final general meeting
on September 9, 2009, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property disposal.

The company's liquidators are:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's  Road East
          Hong Kong


EVER-COLD: Commences Wind-Up Proceedings
----------------------------------------
On August 3, 209, a resolution was passed that voluntarily winds
up Ever-Cold Refrigeration Trading Company Limited's operations.

The company's provisional liquidator is:

          Chan Kin Hang Danvil
          Ginza Square, 17th Floor
          565-567 Nathan Road, Yaumatei
          Kowloon, Hong Kong


FANUC HONG KONG: Placed Under Voluntary Wind-Up
-----------------------------------------------
On July 30, 2009, a special resolution was passed that voluntarily
winds up Fanuc Hong Kong Limited's operations.

The company's liquidators are:

          Rainier Hok Chung Lam
          Anthony Boswell
          Prince's Building, 22nd Floor
          Central, Hong Kong


FINESTYLE MARITIME: Morris Steps Down as Liquidator
---------------------------------------------------
On July 24, 2009, Robert Armor Morris stepped down as liquidator
of Finestyle Maritime Services Limited.


GOLD-FACE ENTERPRISES: Appoints Keung as Liquidator
---------------------------------------------------
On July 24, 2009, Stephen Liu Yiu Keung was appointed as
liquidator of Gold-Face Enterprises Limited.

Robert Armor Morris cease to act as the company's liquidator on
the same day.

Mr. Keung can be reached at:

          Stephen Liu Yiu Keung
          One Island East, 62nd Floor
          18 Westlands Road
          Island East, Hong Kong


GOME ELECTRICAL: High Court Freezes Former Chairman's Assets
------------------------------------------------------------
The Financial Times reports that Hong Kong's High Court has
ordered an interim injunction to freeze HK$1.66 billion (US$214.2
million) of assets held by Huang Guangyu, the former chairman of
Gome Electrical Appliances.

The Securities and Futures Commission alleges Mr. Huang and his
wife Du Juan, organized a share repurchase by Gome in early 2008
to buy shares originally held by Mr. Huang, the report says.
According to the FT, the SFC said the scheme, which raised HK$2.2
billion, helped Mr. Huang repay a HK$2.4 billion personal loan.
The share buy-back had a negative impact on Gome's financial
position and was not in the best interests of the company,
according to the SFC.

"[We allege] this transaction was a fraud or deception in a
transaction involving securities and caused a loss of about HK$1.6
billion to Gome and its shareholders," the report quoted the SFC
as saying.

The FT recalls that Hong Kong's High Court last week ordered
Mr. Huang and Ms. Du, who together own 34% of Gome, not to dispose
of or trade in their shares in the company worth up to HK$1.66
billion, pending the conclusion of an SFC investigation and to
ensure there are sufficient assets to satisfy any restoration or
compensation orders.

Mr. Huang, the founder of Gome and at one point listed as China's
richest man, has been detained by mainland authorities since
November 2008 as part of a probe into alleged share manipulation
and illegal trading, the FT discloses.

Gome said on Friday it was not a defendant to the court order and
the assets of the company were not subject to it, the report
notes.

The SFC is seeking an order to require the couple to pay damages
to Gome, the FT adds.  The court will hear the case on Sept. 8.

                            About GOME

Hong Kong-based GOME Electrical Appliances Holding Ltd (HKG:0493)
-- http://www.gome.com.hk/eng/-- is principally engaged in the
retailing of electrical appliances and consumer electronic
products in People's Republic of China.  During the year ended
December 31, 2007, the company had 726 traditional stores, which
included 61 flagship stores, 624 standard stores (including
supermarkets) and 41 specialized stores.  The product category
operated by the company includes audiovisual products, air-
conditioner, refrigerators and washing machines, small electrical
appliances, telecommunication products, digital products and
information technology.  The company acquired remaining 50%
interest in Shaanxi Yongle, Dazhong Electronics Retail Co., Ltd.,
from Beijing Dazhong Electrical Appliances Co., Ltd. on December
31, 2007.  The group disposed of its 50% interest in Qingdao
Dazhong Yongle Electronics Retail Co. Ltd. to Beijing Dazhong
Electrical Appliances Co., Ltd. on December 31, 2007.


IDS LIMITED: Lau and Yan Step Down as Liquidators
-------------------------------------------------
On July 22, 2009, Lau PO Ming Peter and Yan Sze wai Gary stepped
down as liquidators of IDS Limited.


MAVER HONG KONG: Appoints Ho Chiu Lung Michael as Liquidator
------------------------------------------------------------
On July 27, 2009, a special resolution was passed appointing Ho
Chiu Lung Michael as the liquidator of Maver Hong Kong Limited.

The Liquidator can be reached at:

          Ho Chiu Lung Michael
          Alliance Building
          Room 603, 6th Floor
          130-36 Connaught Road Central
          Hong Kong


ORVIETO LIMITED: Arboit and Blade Step Down as Liquidators
----------------------------------------------------------
On August 7, 2009, Bruno Arboit and Simon Richard Blade stepped
down as liquidators of Orvieto Limited.


VERITAS SOFTWARE: Placed Under Voluntary Wind-Up
------------------------------------------------
On August 3, 2009, the shareholders of Veritas Software Hong Kong
Limited resolved to voluntarily wind up the company's operations.

The company's liquidators are:

          Bruno Arboit
          Simon Richard Blade
          Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre
          168-200 Connaught Road Central
          Hong Kong


WEMBLEY: Jamieson & Middleton Step Down as Liquidators
------------------------------------------------------
On July 28, 2009, Grant Andrew Jamieson and Edward Simon Middleton
stepped down as liquidators of Wembley International (HK) Limited.


WORLD ASSOCIATION: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------------
At an extraordinary general meeting held on August 2, 2009, the
members of World Association of Children's Go Art Advancement
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Poon Ngan Oi
          18-20 Lyndhurst Terrace, Room 903
          Central, Hong Kong


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


AMBICA AGRICO: CRISIL Reaffirms 'BB-' Rating on INR90MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4' to the bank
facilities of Ambica Agrico Exports Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR40 Million Cash Credit Facility*    BB-/Stable (Reaffirmed)
   INR90 Million Term Loan                BB-/Stable (Reaffirmed)
   INR70 Million Export Packing Credit    P4 (Reaffirmed)
   INR50 Million Foreign Bill Purchase    P4 (Reaffirmed)

   *Including a proposed limit of INR20 Million.

The rating reflects Ambica Agrico's weak financial risk profile,
small scale of operations in the rice industry, and exposure to
risks relating to unfavourable changes in government policies,
fluctuations in the prices of raw materials, and vagaries in the
monsoons.  These weaknesses are, however, partially offset by the
benefits that the company derives from the promoter's experience
in the rice business, and the healthy growth prospects for the
rice industry.

Outlook: Stable

CRISIL expects Ambica Agrico's financial risk profile to remain
stretched over the medium term, owing to the working capital-
intensive nature of its operations, and its scale of operations to
remain small over the near term.  The outlook may be revised to
'Positive' if the company enhances its capital structure and scale
of operations considerably.  Conversely, the outlook may be
revised to 'Negative' if the company faces pressure on
profitability, or further deterioration in its capital structure.

                        About Ambica Agrico

Set up in 1983 as a proprietorship firm, by Mr. Ishwar Chand Goel,
Ambica Agrico was converted to a private limited company in
November, 2006.  The company mills, processes, and sells basmati
rice.  Its plant at Taraori, Karnal (Haryana) currently has an
installed milling capacity, and grading and sorting capacity of 2
tonnes per hour (tph), and 4 tph, respectively.  The company also
purchases semi-processed rice from smaller mills in the area, and
sorts it before exporting the same.  The company is setting up an
8-tph fully-integrated paddy milling, processing, grading and
sorting plant, after dismantling its old plant.

Ambica Agrico reported a profit after tax (PAT) of INR7.7 million
on net sales of INR693 million for the year ended March 31, 2009,
as against a PAT of INR1.5 million on net sales of INR303 million
for the year ended March 31, 2008.


FIREPRO SYSTEMS: CRISIL Cuts Ratings on Various Facilities to 'P5'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Firepro Systems Pvt Ltd. to 'D/P5' from 'BBB/Stable/P3+'.

   Facilities                         Ratings
   ----------                         -------
   INR2517 Million Cash Credit        D (Downgraded from
                                         BBB/Stable)
   INR725 Million Bank Guarantee      P5 (Downgraded from P3+)
   INR75 Million Buyer Credit Limits  P5 (Downgraded from P3+)
   INR1540 Million Letter of Credit   P5 (Downgraded from P3+)

The downgrade reflects devolvements of letters of credit, and
overdues beyond 30 days, because of weak liquidity; the company's
liquidity is constrained on account of mismatches in its cash
flows, caused by continuing delays in realization of receivables.

Incorporated in 1992, FSPL initially sourced and supplied fire
safety and protection equipment, before moving into supply of
intelligent solutions for larger environments.  FSPL now sources
and supplies safety management, access control, and automated
response systems.  Its end-user sectors include technology parks,
residential estates, malls, and multiplexes.  FSPL operates
through 14 offices across India, and in the international markets
through offices in Dubai, Melbourne, and Singapore.


GLOBION INDIA: CRISIL Assigns 'BB' Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Globion India Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR430.70 Million Long Term Loan    BB/Stable (Assigned)
   INR60.00 Million Cash Credit        BB/Stable (Assigned)
   INR25.00 Million Bank Guarantee     P4 (Assigned)
   INR60.00 Million Letter of Credit   P4 (Assigned)

The ratings are constrained by the company's exposure to project
implementation risks, and its below-average financial risk
profile.  These weaknesses are partially offset by the strong
support that Globion receives from its parent, Suguna Poultry Farm
Ltd (SPFL; rated 'BBB/Negative/P3+' by CRISIL).

Outlook: Stable

CRISIL believes that Globion will complete its ongoing project
without considerable time and cost overruns.  The outlook may be
revised to 'Positive' if Globion completes the project
successfully, thereby enhancing its capacity utilization levels
and improving the cash accruals, or if SPFL's credit risk profile
improves significantly.  Conversely, the outlook may be revised to
'Negative' if Globion faces time or cost overruns in the execution
of its project, reports low profitability, or if SPFL's credit
risk profile deteriorates materially.

                       About Globion India

Incorporated in October 2006, Globion is a wholly-owned subsidiary
of SPFL, and plans to manufacture live and inactivated veterinary
vaccines, mainly catering to the poultry segment in India.  Its
manufacturing facility, being set up at Biotech Park in Medak
District, Andhra Pradesh, is expected to begin commercial
operations by October 2009.


MAYTAS INFRA: Andhra Pradesh Gov't. to Review Port Project
----------------------------------------------------------
The Economic Times reports that the Andhra Pradesh government will
review the INR1,590-crore Machilipatnam port project which is
being executed by Maytas Infra, the company promoted by the
defamed founder of Satyam Computer Services B Ramalinga Raju and
his family.

The report says the company's failure to achieve financial closure
has triggered the review of the concession agreement, signalling
more trouble for Maytas Infra that is struggling to stay afloat.

Going by the concession agreement, says the Times, financial
closure was to be achieved by April, 2009.

As reported in the TCR-AP on Feb. 20, 2009, the Financial Express
said the government called on the Company Law Board to supercede
the present boards of Maytas Infra Ltd and Maytas Properties Ltd.
"In order to prevent further acts of fraud against the said
companies (two Maytas companies) and to safeguard operations of
these companies in public interest, the government has moved the
CLB to remove the existing directors of these companies," the
Financial Express quoted Corporate Affairs Minister Prem Chand
Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office, which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  According to the Hindu
Business Line, the board of Maytas Infra comprises Dr. R. P. Raju
(Independent director), Mr. B. Teja Raju (Vice- Chairman and son
of Mr B. Ramalinga Raju), and Mr. B. Narasimha Rao (who was
inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/-- is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


RBA TEXTILES: CRISIL Rates INR284.3 Million Long Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of RBA Textiles Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR284.3 Million Long Term Loan    BB/Stable (Assigned)
   INR147.8 Million Cash Credit       BB/Stable (Assigned)
   INR12.5 Million Bank Guarantee     P4 (Assigned)

The ratings reflect RTPL's commodity nature of business and
vulnerability of margins to volatility in cotton prices coupled
with limited track record of the promoters in cotton yarn
business.  The weaknesses are mitigated by the benefits that RTPL
derives from strong business background of the promoter and
support from group companies.

Outlook: Stable

CRISIL believes that RTPL will maintain a stable credit profile on
the back of strong business background of the promoter.  The
outlook may be revised to 'Positive' in case the company is able
to demonstrate significantly higher than expected volumes
alongwith improvement in operating margins and debt protection
measures.  Conversely, the outlook may be revised to 'Negative' if
RTPL undertakes significant debt funded capital expenditure
resulting in deterioration in debt protection measures or
significantly lower than expected cash accruals.

                         About RBA Textiles

RTPL, incorporated in 2006 by Mr. Narendra Kumar Agarwal, is
engaged in the manufacture of cotton yarn.  The company commenced
its commercial production in November 2008.  RTPL's manufacturing
facility of 25200 spindles is located at Kuppam, District Chittoor
(Andhra Pradesh).  RTPL reported a net loss of INR60 million on
net sales of INR37.9 million for the year ended March 31, 2009.


SATYAM COMPUTER: L&T Plans to Sell More Than 8% Stake in Firm
-------------------------------------------------------------
Larsen & Toubro said it is yet to take any decision on selling its
over 8% stake in Mahindra Satyam, formerly known as Satyam
Computer Services Ltd,  but had sought market regulator SEBI's
approval for offloading the holding in the IT company, the Press
Trust of India reports.

According to the news agency, market regulator SEBI has prevented
bidders for Satyam from selling their stake in the firm for six
months from the date of signing of the final sale agreement to
avoid volatility in the scrip movement.

"We have approached SEBI to give us a waiver under the standstill
agreement, but not taken any decision to sell the stake," an L&T
spokesperson told PTI.

The spokesperson, as cited by the PTI, said L&T would need to hold
the stake in Mahindra Satyam at least till mid-October as per the
standstill pact.

Larsen & Toubro Limited is a technology, engineering, construction
and manufacturing company based in Mumbai, India.

                          Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T.  Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                       About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired approximately
31.04% of the Company's outstanding shares of common stock.


TATA MOTORS: Secures GBP75 Million Debt Facility for Jaguar
-----------------------------------------------------------
Pankaj Doval at Times of India reports that Tata Motors Ltd. has
secured a debt facility of GBP75 million for its Jaguar and Land
Rover (JLR) operations.

Citing officials at JLR, the report discloses the three-year loan
has been extended by Burdale Financial, a member of the Bank of
Ireland Group.  According to the report, the loan has been secured
against inventories of Land Rover's parts and accessories and
receivables in UK and US.

The report notes Don Hume, director, corporate and government
affairs for the brands, clarified that the financing facility with
Burdale does not form part of JLR's applications to the UK
Government's Automotive Assistance program, for which negotiations
are still on.

                          About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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

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


TATA POWER: Plans INR29,300cr Capex in Three Years
--------------------------------------------------
The Hindu Business Line reports that Tata Power Company Ltd. has
planned a capital expenditure of INR29,300 crore for the next
three years.

Tata Chairman Ratan Tata told shareholders that the company would
raise about INR18,000 crore debt and would get INR9,800 crore from
internal accruals for this plan, the report relates.

According to the report, Mr. Tata said the company was targeting a
generating capacity of 25,000 MW by 2017 and was keen to get into
the nuclear power business as and when the sector opens up for
private participation.  The company would also make moderate
investments in solar, wind and geothermal power projects, Mr. Tata
added.

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

                          *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


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


NATIXIS STRUCTURED: Moody's Withdraws Ratings on JPY3 Bil. Notes
----------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Natixis Structured Products Ltd.

The rating action follows the repurchase in full of the notes.

The rating action is:

Natixis Structured Products Limited:

(1) Champommi JPY3,000,000,0000 Class A2 Fixed Rate Credit-Linked
    Notes due 2010

  -- Current Rating: WR

  -- Prior Rating: Ba2

  -- Prior Rating Date: 23 February 2009, downgraded to Ba2 from
     Ba1


ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C to H trust certificates issued under the ORIX-NRL Trust 14
transaction and removed the ratings from CreditWatch with negative
implications.  The rating on the class C trust certificates was
initially placed on CreditWatch on July 6, 2009; the ratings on
classes D and E were initially placed on CreditWatch on Feb. 5,
2009, while the ratings on classes F to H were initially placed on
CreditWatch on November 19, 2008.  Meanwhile, Standard & Poor's
also affirmed its ratings on classes A, B, and X issued under the
same transaction.

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 class C of ORIX-NRL Trust 14, on CreditWatch with
negative implications.

Two of the transaction's underlying loans (representing a combined
19.6% or so of the initial issuance amount of the trust
certificates) have defaulted.  The servicer has formulated a
collection plan relating to the collateral properties that back
the two defaulted loans, and recovery procedures are in progress.
In addition, one of the specified bonds relating to this
transaction (representing about 8.9% of the initial issuance
amount of the trust certificates) is a "loan considered to be in
default", as stated in the aforementioned report, and the loan is
due to mature by the end of August 2010.  Accordingly, Standard &
Poor's has reviewed the property management report for the
property backing the specified bond and interviewed the asset
manager about the specified bond.

S&P downgraded classes C to H because: (1) S&P lowered its
assumption with respect to the recovery amount from the collateral
properties relating to the two defaulted loans after examining the
servicer's collection plan; (2) S&P see a risk that the specified
bond may not be redeemed on the maturity date, in light of the
level of leverage in relation to this bond.  Accordingly, S&P
lowered its estimate regarding the recovery prospects of the
property backing the specified bond, in light of its location,
type, and specifications in the context of current real estate
market circumstances, based on the possibility that the specified
bond may not be redeemed and the property may need to be
liquidated.

Standard & Poor's intends to continue to monitor progress in the
implementation of the servicer's collection plan and the repayment
of the aforementioned loans and specified bond, as well as the
performance and recovery prospects of the related collateral
properties.

S&P is considering amending the rating methodology for interest-
only 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
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to eight obligors, which were originally
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

            Ratings Lowered, Off Creditwatch Negative

                         ORIX-NRL Trust 14
       JPY20.7 billion trust certificates due December 2014

    Class        To      From               Initial Issue Amount
    -----        --      ----               --------------------
    C            BBB     A/Watch Neg        JPY1.2 bil.
    D            B       BBB-/Watch Neg     JPY0.7 bil.
    E            B-      BB+/Watch Neg      JPY0.3 bil.
    F            CCC     B/Watch Neg        JPY0.5 bil.
    G            CCC     B-/Watch Neg       JPY0.1 bil.
    H            CCC     B-/Watch Neg       JPY0.2 bil.

                         Ratings Affirmed

    Class       Rating           Initial Issue Amount
    -----       ------           --------------------
    A           AAA              JPY15.7 bil.
    B           AA               JPY2.0 bil.
    X*          AAA              JPY20.7 bil.
                                 (Initial notional principal)

                        * Interest only


* JAPAN: Extends JPY25 Billion Emergency Loans to Thailand
----------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that Japan
will provide JPY25 billion (US$257 million) in emergency loans to
Thailand as part of a JPY300 billion program to help Asian
economies hit by the financial crisis.

Bloomberg relates that the newspaper said the loans will be made
following approval by Cabinet.


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


JEJU EUTTEUM: Operations Suspended by FSC for Six Months
--------------------------------------------------------
The Financial Services Commission suspended operation of Jeju
Eutteum Savings Bank, a privately owned savings bank on Jeju
island, in South Korea, for six months as the money lender failed
to meet capital adequacy requirements, Sangim Han at Bloomberg
News reports.

According to the report, the financial regulator said Jeju
Eutteum's shareholders should invest more capital in the bank
within two months to improve finances and continue operations.

The bank has KRW528.5 billion (US$428 million) of assets as of
March 31, 0.7% of South Korea's mutual savings industry, Bloomberg
notes.


SSANGYONG MOTOR: Gov't. May Offer Help if a Buyer is Found
----------------------------------------------------------
The South Korean government has decided to help Ssangyong Motor
Co. only if there is a new buyer willing to make a meaningful
investment, Yonyap News Agency reports, citing an official source.

According to the report, the source at the Ministry of Knowledge
Economy said the stance reflects predictions by experts that even
if the carmaker begins production this week after a 77-day strike,
it may not be able to survive on its own in the face of weak
demand.

"If there is a new buyer and if it outlines far reaching
investment plans to get Ssangyong back on its feet, the government
could consider devising ways to offer support," Yonhap News quoted
the official, who declined to be identified, as saying.

The news agency, citing industry insiders, meanwhile says that
during the protracted strike, three to four foreign carmakers in
Russia and India expressed interest in buying the company although
none have outlined plans for investment.

The Troubled Company Reporter-Asia Pacific said Jan. 12, 2009,
that Ssangyong filed for receivership with the Seoul Central
District Court 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


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


NIKKO ELECTRONICS: SC Considers Proposed Exemption
--------------------------------------------------
Nikko Electronics Berhad disclosed in a regulatory filing that it
has made an application to the Securities Commission to exempt the
obligations of Ch'ng Chiap Kang and Ng Ai Choo to undertake a
mandatory general offer for all the remaining ordinary shares in
IMG Incorporated Sdn Bhd not already owned by the Impian Vendors
under Practice Note 2.9.1 of the Malaysian Code on Take-Overs and
Mergers 1998.

The Securities Commission said on July 29 that it would consider
the Company's proposed exemption upon the fulfillment of these
conditions:

   (i) Approval from the independent holders of voting
       shares of NIKKO/IMG, on a poll in a general meeting
       in which the interested parties are to abstain from
       voting.  The result of the poll has to be confirmed
       by an independent auditor;

  (ii) Provision of competent independent advice to the
       shareholders of NIKKO/IMG regarding the Proposed
       Exemption.  The appointment of the independent
       adviser and the independent adviser's circular
       to the shareholders are to be first approved
       and consented by the SC;

(iii) The Impian Vendors are to submit declarations (to be
       furnished after the general meeting) addressed to
       the SC, attesting that they have not purchased shares
       in NIKKO/IMG subsequent to the discussion in relation
       to the Proposed Restructuring Scheme until the date
       of the said declarations and further undertake not to
       acquire any shares in NIKKO/IMG until the granting of
       the Proposed Exemption by the SC; and

   iv) The Impian Vendors/MIMB are required to provide
       reasons for the substantial percentage of votes
       that are against and have abstain (excluding the
       abstinence by the interested parties) on the
       Proposed Exemption.

                     About Nikko Electronics

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                          *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


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


STORMCAT LODGE: Receivers Put Property Up for Sale
--------------------------------------------------
Liz McDonald at The Press reported that the Stormcat Lodge is on
the market after the business was placed in receivership in May.

Receivers WHK Cook Adam Ward Wilson have appointed commercial
realtor Colliers International in Queenstown to sell the property,
the report said.

The Press, citing Alastair Wood, of Colliers, said interest was
expected from both Australia and New Zealand, especially from
tourism operators, hotels, education providers, and large
employers.

According to the Press, Stormcat Lodge is a 98-room accommodation
complex, which is located at the base of Coronet Peak in
Queenstown.  The complex was developed by Stormcat Property
Development Trustees Ltd at a cost of NZ$13 million.


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


ALLIED BANK: In Talks with Investment Banks Over Stake Sale
-----------------------------------------------------------
Allied Banking Corp. will sell its 28% stake in Oceanic Bank
Holdings to a third party to clear the way for its merger with
Philippine National Bank, Manila Standard Today reports citing PNB
president Omar Mier.

The Standard Today relates that Mr. Mier told reporters that
Allied Bank was in talks with three investment banks to arrange
the sale of the Oceanic Bank stake to a strategic third party.

As reported in the Troubled Company Reporter-Asia Pacific Jan. 2,
2009, The Daily Tribune said the merger between Allied Banking and
PNB was expected to be completed by the middle of this year.

The Standard Today says the timetable, however, has since been
reset to another six to nine months.

Citing a PNB press statement, the Tribune said there is a need to
comply with US banking regulations requiring ABC to divest its 28%
equity share in Oceanic Bank prior to the merger.

Mr. Mier remains confident that the merger will be completed
expeditiously once the approval of the US banking regulators is
obtained, the Tribune related.

Oceanic Bank is a US-based bank with US$168 million in assets and
branches in Guam and San Francisco.

                       About Allied Banking

Headquartered in Makati, Philippines, Allied Banking Corporation
(PSE:ABC) -- http://www.alliedbank.com.ph/-- is a universal bank.
The company and its subsidiaries are engaged in all aspects of
banking, financing and leasing to personal, commercial, corporate
and institutional clients through a network of 312 local and
international branches and offices.  The company's products and
services include deposit taking, lending and related services,
domestic and foreign fund transfers, treasury, foreign exchange
and trust services.  Its major subsidiaries and affiliates include
Allied Savings Bank, which is engaged in lending to the
countryside development projects in the Cavite, Laguna, Batangas,
Rizal area and neighboring provinces; Allied Bank Philippines (UK)
Plc, which services the banking requirements of the United
Kingdom-Filipino population and promotes foreign investment to the
Philippines, and Allied Commercial Bank, which engages in foreign
currency transaction involving foreign business organizations in
China, and offices of foreign organizations.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 30, 2009, Moody's Investors Service lowered Allied Banking
Corporation's local currency subordinated debt rating to B1 from
Ba3 and upgraded foreign currency subordinated debt rating to Ba3
from B1.

These ratings of ABC were unaffected:

   * BFSR of E+
   * Foreign currency deposit ratings of B1/Not-prime


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


ACA CAPITAL: Creditors' Proofs of Debt Due on September 7
---------------------------------------------------------
The creditors of ACA Capital (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 liquidators are:

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


ESCO PROCESS: Court Enters Wind-Up Order
----------------------------------------
On July 31, 2009, the High Court of Singapore entered an order to
wind up the operations of Esco Process (Asia Pacific) Pte Ltd.

Aztech Heat Exchangers Pte Ltd filed the petition against the
company.

The company's liquidators are:

          M/s Don Ho & Associates
          20 Cecil Street
          #12-02 Equity Plaza
          Singapore 049705


METROPOLITAN COSMETICS: Creditors' Proofs of Debt Due on Sept. 7
----------------------------------------------------------------
The creditors of Metropolitan Cosmetics 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 liquidators are:

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


NEW ECON: Court to Hear Wind-Up Petition on August 21
-----------------------------------------------------
A petition to wind up the operations of New Econ Line Pte Ltd will
be heard before the High Court of Singapore on August 21, 2009, at
10:00 a.m.

Pacific Sun Pte Ltd filed the petition against the company on
July 27, 2009.

The Petitioner's solicitors are:

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


SPORTS NETWORK: Court to Hear Wind-Up Petition on August 21
-----------------------------------------------------------
A petition to wind up the operations of Sports Network Pte Ltd
will be heard before the High Court of Singapore on August 21,
2009, at 10:00 a.m.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company on July 30, 2009.

The Petitioner's solicitors are:

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


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


AU OPTRONICS: Reports NT$32.55 Bil. Consolidated Revenue in July
----------------------------------------------------------------
AU Optronics Corp. reported preliminary consolidated and
unconsolidated July 2009 revenue of NT$32.551 billion and
NT$31.843 billion, up 7.1% and 6.3% respectively from June 2009.
In terms of Y-o-Y comparison, they were slightly down by 0.3% and
1.9% respectively.

Large-sized panel shipments for July 2009, with applications on
desktop monitors, notebook PCs, LCD TVs and other applications,
exceeded 8.26 million units, up 6.2% from previous month.  As for
small- and medium-sized panels, the shipments topped 21.51 million
units, up 12.5% sequentially.

Large-sized refers to panels that are 10 inches and above in
diagonal measurement while small-and-medium-sized refers to those
below 10 inches.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


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


PATKOL PUBLIC: Files for Business Reorganization
------------------------------------------------
Patkol Public Company Limited filed for business reorganization
with the Central Bankruptcy Court in Thailand, according to
Thailand news agency The Nation.  The company has high debts and
is short of cash but remains capable of finding business and
turning a profit in the future, the report said.

Based in Thailand, Patkol Public Company Limited (BAK:PATKL) --
http://www.patkol.com/-- is engaged in the production of
refrigeration and food processing machinery.  The Company provides
one-stop services, starting from the consulting and planning
through blueprint to design, installation and operation of
projects for numerable customers in the ice making machines,
beverage, cold storage, dairy, and food processing industries. Its
products and services include ice making machines, food processing
engineering, turnkey projects, refrigeration, as well as
electrical and automation services.  It is also involved in the
operations of an ethanol plant.  It distributes its products in
both domestic and overseas markets.  The Company has investments
in six companies: Patkol (1984) Company Limited; PKB Enterprise
Company Limited; Siam Patkol Company Limited; Kasetpet Company
Limited; Patkol Manufacturing Company Limited and Patkol R and D
Company Limited.


=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================


DUBAI ISLAMIC: Moody's Reviews D+ BFSR for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of four banks in the
United Arab Emirates on review for possible downgrade reflecting
the rising challenges facing the sector, chiefly triggered by the
stressed domestic property market (especially in Dubai), as well
as the economic slowdown forecast for 2009 with a modest recovery
in 2010.

The four banks affected are Emirates Bank International and
National Bank of Dubai (currently merging into Emirated NBD),
MashreqBank and Dubai Islamic Bank.  In all cases, their bank
financial strength ratings and long-term debt and deposit ratings
were placed on review for possible downgrade and short-term
ratings affirmed.  See details of ratings affected below.

Moody's anticipates that the pressures facing the UAE banking
system will result in rising corporate defaults as well as an
increase in delinquencies from retail lending -- especially among
unsecured credits.  However, the rating agency acknowledges that
the rated banks have responded to the expected deterioration in
asset quality by increasing their provisioning levels and
improving their Tier 1 capital ratios during the first two
quarters of 2009.

The UAE banking system is largely government-owned or controlled
and much of the capital improvement has been through the provision
of external support (i.e. government injections of Tier 1 capital
notes) aimed at ensuring the banks are better prepared for both
expected and unexpected levels of loan losses.

"Moody's stress tests of the rated UAE banks' portfolios -- under
both a base-case and a more adverse (or stressed) scenario -- have
indicated that the Abu Dhabi-based banks are more resilient.  This
primarily reflects two factors: (i) their high Tier 1 capital
ratios and (ii) lower concentrations of loans and deposits to the
more volatile economic conditions prevailing in the Emirate of
Dubai," explains John Tofarides, lead analyst at Moody's for the
UAE banks.

More details of the stress-testing exercise -- including Moody's
assumptions for estimated losses for each asset class -- will be
presented in a Special Comment to be published shortly.

For all the banks, the review is expected to be completed in the
next few months.  Based on its stress-test results, Moody's does
not, at this stage, anticipate that a multi-notch downgrade will
be warranted for any of the rated entities.

Moody's notes that the rating actions reflect a forward-looking
approach based on anticipated loss estimates and that it will
continue to monitor the ratings, in particular for any significant
changes from the currently anticipated scenarios over the next 12
to 18 months.

These ratings were placed on review for possible downgrade:

Emirates Bank International PJSC:

  -- C- BFSR (which maps to a Baseline Credit Assessment of Baa2)

  -- A1 long-term local and foreign currency deposit ratings

  -- A1 senior debt ratings

  -- A2 subordinated debt rating

  -- Emirates Islamic Bank Sukuk Certificates of A1, guaranteed by
     EBI

National Bank of Dubai:

  -- C- BFSR (mapping to a BCA of Baa2)
  -- A1 long-term local and foreign currency deposit ratings
  -- A1 senior debt ratings
  -- A2 subordinated debt ratings

MashreqBank psc:

  -- C- BFSR (mapping to a BCA of Baa1)
  -- A2 long-term local and foreign currency deposit ratings
  -- A2 senior unsecured debt rating
  -- A3 subordinated debt rating

Dubai Islamic Bank:

  -- D+ BFSR (mapping to a BCA of Baa3)
  -- A1 long-term local and foreign currency issuer ratings
  -- A1 senior foreign currency debt rating

Moody's last rating action on Emirates Bank International was on
24 December 2004, when it upgraded the foreign currency deposit
ratings to A1/Prime-1 from A2/Prime-2 and its Euro Medium-Term
Programme ratings for senior debt and subordinated debt upgraded
to A1/A2 from A2/A3, respectively.

Moody's last rating action on National Bank of Dubai was on 24
April 2007, when its BFSR was changed to C- from D+ following the
implementation of the new BFSR methodology.

Moody's last rating action on Mashreqbank was on 24 December 2004,
when it upgraded the foreign currency deposit ratings to A2/Prime-
1 from A3/Prime-2 and its Euro Medium-Term Programme ratings for
senior debt and subordinated debt to A2/A3 from A3/Baa1,
respectively.

Moody's last rating action on Dubai Islamic Bank was on 15
December 2008, when it changed the outlook on its foreign and
local currency issuer ratings to negative.

Emirates NBD PJSC (holding company of EBI and NBD) is
headquartered in Dubai and reported AED281.9 billion
(US$76.6 billion) total assets as of 30 June 2009.

Masreqbank is headquartered in Dubai and reported AED96.7 billion
(US$26.3 billion) total assets as of 30 June 2009.

Dubai Islamic Bank is headquartered in Dubai and reported
AED87.8 billion (US$23.9 billion) total assets as of 30 June 2009.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





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