TCRAP_Public/090819.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 19, 2009, Vol. 12, No. 163

                            Headlines

A U S T R A L I A

ABC LEARNING: Administrators Seek More Time to Give Report
BABCOCK & BROWN POWER: To Book AU$90 Million Impairment Charges
BABCOCK & BROWN: Creditors to Tip In AU$400 to Fund Investigation
CENTRO PROPERTIES: Sells More Than 50 Shopping Centers in US
GREAT SOUTHERN: Court Approves AU$45 Million Additional Loan

GREAT SOUTHERN: May Sell Wrotham Park Property to CPC
MACMIN SILVER: Creditors Passed Resolution on Recapitalization
PACIFICA GROUP: Bosch to Acquire Remaining Shares in Firm
READER'S DIGEST: Australian Unit Unaffected by US Restructuring
WESTPOINT GROUP: ASIC Bans 3 KPMG Auditors


C A M B O D I A

* CAMBODIA: Puts B+/Stable/B Global Scale Local Currency Rating


C H I N A

DONGLING LEAD: Operations Suspended Amid Lead Poisoning


H O N G  K O N G

AIG FINANCE: Fitch Affirms Long-Term Issuer Default Rating
APT SOLUTION: Court to Hear Wind-Up Petition on September 16
CIL HOLDINGS: Court to Hear Wind-Up Petition on September 30
GOLDMART LEATHER: Court to Hear Wind-Up Petition on September 23
HI-SPEED: Court to Hear Wind-Up Petition on September 23

NOBLE GROUP: S&P Puts 'BB+' Corp. Rating on CreditWatch Negative
TECH UNIVERSAL: Creditors' Proofs of Debt Due on August 28


I N D I A

AIR INDIA: Gets US$1.1BB Loan from Banks to Fund Aircraft Purchase
MOHTISHAM COMPLEXES: ICRA Assigns 'LBB' Rating on INR376.6MM Loan
TATA MOTORS: To Take Tighter Management Control of Jaguar Unit


I N D O N E S I A

* INDONESIA: Puts BB+/Stable/B Global Scale Local Currency Rating


J A P A N

TOSHIBA CORP: Sees Significant Drop in TV Market Share in China


K O R E A

PANTECH CO: Qualcomm to Receive Shares In Lieu of Debt


M A L A Y S I A

HO HUP CONSTRUCTION: Receives Writ of Summons from Low Chee & Sons
POLY TOWER: Two Units Default on MYR72.5 Million Loan
TALAM CORPORATION: Unit Gets TRO to Finalize Restructuring Plan


N E W  Z E A L A N D

LANE WALKER: 42 More Workers Lose Jobs at Christchurch Factory
PROVENCOCADMUS LTD: SmartPay Acquires Payment Division


P A K I S T A N

HABIB BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
MCB BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
NATIONAL BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
UNITED BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
* PAKISTAN: Moody's Changes Outlook on 'B3' Rating to Stable


P H I L I P P I N E S

PHILIPPINES: Puts BB+/Stable/B Global Scale Local Currency Rating


S I N G A P O R E

WEIXIYU PTE: Court to Hear Wind-Up Petition on August 28


V I E T N A M

* VIETNAM: Puts BB+/Negative/B Global Scale Local Currency Rating


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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ABC LEARNING: Administrators Seek More Time to Give Report
----------------------------------------------------------
A lawyer acting for ABC Learning Centres administrators has asked
the Federal Court in Sydney to further extend the period when it
reports back to its creditors, the Australian Associated Press
reports.

According to the AAP, Malcolm Oakes, SC, for the administrator,
has applied for the date to be extended from September 30 to
March 31 next year, an application supported by the receivers.

However, the AAP relates, Anthony Morris, QC, for Orchard Capital
Investments - one of the landlords of ABC childcare centres, is
opposing the application saying the length of the administration
to date was already "the longest running administration in
Australian corporate history".

Mr. Morris submitted the real agenda was to allow the banks to
maximize their return, the report says.

The AAP further says Mr. Morris contended the only recommendation
that any competent administrator could make was for the company to
be wound up.

The group's New Zealand subsidiary avoided receivership but its
127 New Zealand childcare centers and College of Early Childhood
Education are for sale, the AAP discloses.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C. Developmental Learning
Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land Holdings
(NZ) Limited and Child Care Centres Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


BABCOCK & BROWN POWER: To Book AU$90 Million Impairment Charges
---------------------------------------------------------------
Babcock & Brown Power said it expects to book a number of one-off
items in its full year accounts that will give rise to a AU$90
million reduction in FY09 EBITDA.

The one-offs have not impacted underlying performance in FY09,
management thus maintains its expectation for a normalized EBITDA
of AU$260 to AU$270 million for the full-year, the company said in
a statement.

Babcock & Brown Power said the one-offs include a number of items,
such as increased provisioning for onerous contracts held by
Alinta, intangible write downs, as well as some minor uplifts.
Further detail regarding the individual components will be
provided at the full year results due to be announced on
August 28.

As part of finalizing its annual results, BBP is undertaking a
comprehensive impairment test across all assets.  This process is
due to conclude early next week.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

The Business Review said BBP has posted two profit downgrades so
far this year and is now picking a normalized ebitda figure of
AU$260 to AU$270 million.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


BABCOCK & BROWN: Creditors to Tip In AU$400 to Fund Investigation
-----------------------------------------------------------------
The administrator of Babcock & Brown Ltd has asked creditors and
noteholders to tip in AU$400 each of their own money to fund
public examinations and further investigations into the affairs of
Babcock & Brown, Adele Ferguson at The Australian reports.

According to the report, the administrator Deloitte has sent a
funding proposal to creditors and noteholders asking them to
consider stumping up some money to enable them to continue their
investigations on Babcock & Brown after it is placed in
liquidation on August 24.

Such examinations, the report relates, would cost about AU$600,000
and would assist the liquidators of Babcock to determine how best
to proceed with various recovery actions.

Creditors have until September 15 to make a contribution, but if
the minimum level to fund the examinations is not reached, the
money will be returned, The Australian notes.

The Australian says the administrators estimate that 30% of all
noteholders, employees and other creditors will need to make a
contribution in order to proceed with examinations.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2009, the voluntary administrators of Babcock & Brown
Ltd. Have recommended the company be placed in liquidation.
David Lombe of Deloitte said liquidation was the only option
because no deed of company arrangement had been proposed.

Creditors will be asked to vote for liquidation at a second
meeting of creditors to be held in Sydney on August 24.

                       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.


CENTRO PROPERTIES: Sells More Than 50 Shopping Centers in US
------------------------------------------------------------
Centro Properties Group has sold more than 50 shopping centers
across its US operations for US$500 million (AU$610 million) in
the past financial year, The Australian reports.

The company sold more than US$300 million worth of assets in the
last six months of the year, the report said.

The Australian, citing a Centro spokesman, says most of the
property sales were under the umbrella of the separately listed
Centro Retail, and more transactions are expected in the US before
Christmas.

Centro's owned and managed shopping centers in Australia and the
US have dropped from 794 to 730, the report notes.

Meanwhile, Centro Retail Trust announced on Tuesday that it has
completed the sale of five assets in the United States.  The
aggregate sale amount for these assets was US$74.3 million with
CER's share being US$70.8 million.

After payment of transaction costs, net proceeds will be utilized
for debt reduction including the complete repayment of the
"Galileo CMBS T1 HL" loan facility which had an expiry date of
November 1, 2009, CER said in a statement.

                        About Centro Retail

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

                      About Centro Properties

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

                           *     *     *

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

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


GREAT SOUTHERN: Court Approves AU$45 Million Additional Loan
------------------------------------------------------------
A Supreme Court judge on Monday gave a preliminary green light for
receivers of Great Southern Ltd borrow yet more funds from three
of the company's four secured financiers that are already owed
about AU$380 million, Leonie Wood at The Age reports.

According to the report, the banks have agreed to pour another
AU$45 million into Great Southern to ensure that the company's
receivers have enough funds to protect and maintain Great
Southern's vast timber, almond, olive and vineyard investment
schemes until mid-2010.

The report says the court heard Great Southern's receivers had no
funds to pay rent for the land the crops are on, or to pay for
fertilizer, water, pest control, fencing, firebreaks, road
maintenance and harvesting.  The employee bill alone is expected
to top AU$6 million this year, the Age relates.

According to The Age, Norman O'Bryan, SC, for Great Southern's
receivers, told the court there was "no guarantee" the AU$45
million would be recovered and the banks knew it was "a risk".

"On the other hand you have the practical certainty that if you
did not spend this money, or some part of it, these schemes will
literally and metaphorically wither on the vine," the report
quoted Mr. O'Bryan as saying.

Justice Ross Robson of the Victorian Supreme Court also gave a
preliminary indication that the receivers could issue a lien to
the banks, allowing them to secure the new loan against the assets
of the schemes -- the harvest proceeds -- a security that would
come before payments to Great Southern's 40,000 investor-growers,
The Age states.

                       About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


GREAT SOUTHERN: May Sell Wrotham Park Property to CPC
-----------------------------------------------------
Wrotham Park, one of Great Southern Ltd's cattle properties in far
north Queensland, is expected to be sold to Consolidated Pastoral
Company, according to ABC Rural.

The report says it is expected the property will be sold for less
than the AU$53.5 million it was bought for in 2006.

ABC Rural relates that CPC managing director Ken Warriner,
however, said the sale has not yet gone through.

According to the report, Great Southern held three cattle
properties in their portfolio.  But since its collapse, ABC Rural
notes, Chudleigh Park in north Queensland has been sold for a
loss, and Moola Bulla in the Western Australia Kimberley is on the
market.

                       About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


MACMIN SILVER: Creditors Passed Resolution on Recapitalization
--------------------------------------------------------------
The creditors of Macmin Silver Limited and its wholly owned
subsidiary Texas Silver Mines Pty Ltd, which is subject to Deed of
Company Arrangement, passed a resolution approving the
Recapitalization Deed with a syndicate of investors including
Cygnet Capital Pty Ltd and Alcyone Mining Limited.

"The proposed structure and business plan encompassed by the
Recapitalization Deed provides for Macmin's key operating assets
in Queensland to be retained going forward," Bryan Hughes of
Pitcher Partners, Deed Administrator, said in a statement Monday.

The plan involves adopting a systematic approach, including a
program of metallurgical test work and a detailed economic review
of the Twin Hills Silver Mine, with the objective of recommencing
commercially viable mining and processing operations.

"Shareholder approval is a condition precedent of the
Recapitalization Deed and is therefore required in order to
complete the deal," Mr. Hughes said.

"If shareholder approval is obtained, it is anticipated that
settlement will occur and Macmin will be requoted on the
Australian Securities Exchange as soon as possible following the
meeting of shareholders."

A meeting of shareholders will be convened in late September or
early in October 2009 to consider and approved the proposed
restructure under the Recapitalization Deed.

Macmin Silver Limited (ASX:MMN) -- http://www.macmin.com.au/-- is
engaged the exploration, evaluation of gold, silver and other base
metal projects and development, start-up commissioning and
production at the Twin Hills silver mine near Texas, Queensland.
Texas Silver Mines Pty Ltd is a wholly owned subsidiary of the
Company.  Exploration during the fiscal year ended June 30, 2008,
focused mainly on Mt Gunyan Prospect in the Texas District and at
Tally Ho in the Mackay District (both in Queensland).  At Mt
Gunyan 10 rotary/percussion drill holes totaling 600 meters and 14
diamond core holes totaling 1,715 meters were completed.  A 3,000
meters reverse circulation drilling program is underway at Tally
Ho.

Macmin Silver Limited was placed in administration in November
2008.  Christopher Munday and Bryan Hughes of Pitcher Partners
were appointed as Joint and Several Administrators of the Company.


PACIFICA GROUP: Bosch to Acquire Remaining Shares in Firm
---------------------------------------------------------
Pacifica Group Ltd said its majority shareholder, Robert Bosch
GmbH (Bosch), would move to compulsorily acquire the remaining
shares in Pacifica that it does not already own, The Sydney
Morning Herald reports.

According to the report, Pacifica said that as of August 17, when
Bosch's takeover offer for the remaining shares closed, Bosch
Investment held 98.01% of Pacifica shares.

"Bosch Investment will now proceed to compulsorily acquire all the
outstanding Pacifica shares pursuant to Part 6A.1 of the
Corporations Act," the Herald cited Pacifica in a statement.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2009, Pacifica Group Ltd said it may require additional
equity funding after booking a first-half net loss.

Pacifica reported a net loss of AU$23.64 million for the first
half of the calendar year, compared with a loss of AU$37.84
million in the corresponding period last year.  Revenue for the
six months to June 30 fell 29.8% to AU$192.06 million.

Pacifica said its financial performance for the first half had
been affected by the global economic downturn, which had resulted
in falling demand for vehicles, extended plant shutdowns of
carmakers, and a structural shift to smaller, more fuel-efficient
cars.

The TCR-AP, citing the AAP, reported on July 24, 2009, that
Deloitte said the company's net asset position is likely to be
close to nil by the end of the 2009 calendar year unless it raises
more capital before the end of December 2009 and if it continues
to generate losses.

In February, Pacifica reported a bottom-line net loss of AU$242
million for calendar 2008 and said it expected to report a third
consecutive operating loss in 2009, the APP noted.

North America is Pacifica's key market, and General Motors Corp,
which recently emerged from bankruptcy protection, is its major
customer, the AAP disclosed.

                        About Pacifica Group

Pacifica Group Limited (ASX:PBB) -- http://www.pacifica.com.au/
-- is an Australia-based company.  The Company's principal
activity is the manufacture and supply of brake systems and
technologies to automotive manufacturers and aftermarket
wholesalers in Australia, North America and Asia.  The Company
operates in a single segment, namely automotive products and
services.  It operates in three geographical segments: Australia,
United States and Asia.  The Company holds interests in FMP Group
(Australia) Pty Ltd, which is engaged the manufacture and sale of
friction materials.  Its subsidiaries include Pacific BBA Building
Products Pty Ltd., Pacific BBA (Malaysia) Sdn Bhd, FMP Group
(Thailand) Ltd, FMP Group Pty Ltd, FMP Distribution Ltd and Bosch
Chassis Systems Asia-Pacific Ltd.


READER'S DIGEST: Australian Unit Unaffected by US Restructuring
---------------------------------------------------------------
According to The Sydney Morning Herald, Reader's Digest Australia
managing director Walter Beyleveldt said Reader's Digest's
restructuring in the United States has no impact on the Australian
business.

"It will remain 'business as usual' for the Australian company and
nothing will change for our employees, vendors or business
partners," the report quoted Mr. Beyleveldt as saying.  "In
Australia, Reader's Digest remains the second highest circulating
monthly magazine in the country."

As reported in the Troubled Company Reporter, The Reader's Digest
Association, Inc. said August 17 it has reached an agreement in
principle with a majority of its senior secured lenders on the
terms of a restructuring plan to significantly reduce its debt
burden and strengthen the company financially for the future.  The
restructuring agreement provides that the company's senior secured
lenders will exchange a substantial portion of the company's
US$1.6 billion in senior secured debt for equity and provides for
a transfer of ownership of the company to the lender group.

The company has elected not to make a US$27 million interest
payment due August 17 on its 9% Senior Subordinated Notes due
2017.  Instead, the company is using the 30-day grace period
available on the interest payment to continue discussions with its
lender group and other stakeholders regarding the terms of final
documentation and to gain additional support for the consensual
de-leveraging transaction.  Use of the 30-day grace period does
not constitute a default that permits acceleration of the Senior
Subordinated Notes or any other indebtedness.  In addition, RDA
continues to be in compliance with its financial covenants.  The
company's business operations remain strong, with anticipated
Fiscal 2009 revenue declines (not yet reported) in the low single
digits, currency neutral, despite the global recession.

As part of the agreement in principle, RDA anticipates
implementing the restructuring under court supervision through a
voluntary pre-arranged filing under Chapter 11 of the United
States Bankruptcy Code, which it expects to complete on an
expedited basis while operating business as usual.  During the 30-
day grace period, the Company will seek further consensus among
its lenders and other stakeholders in advance of such a filing to
facilitate the completion of RDA's restructuring objectives.

              About The Reader's Digest Association

The Reader's Digest Association, Inc. is a global multi-brand
media and marketing company that educates, entertains and connects
audiences around the world. The company builds multi-platform
communities based on branded content. With offices in 44
countries, it markets books, magazines, and music, video and
educational products reaching a customer base of 130 million in 78
countries. It publishes 94 magazines, including 50 editions of
Reader's Digest, the world's largest-circulation magazine,
operates 65 branded websites generating 22 million unique visitors
per month, and sells approximately 40 million books, music and
video products across the world each year. Its global headquarters
are in Pleasantville, N.Y.

As of March 31, 2009, Reader's Digest had total assets of
US$2,815,900,000 against debts of US$3,499,800,000 for a
stockholder's deficit of US$683,900,000.  The Company incurred a
net loss of US$462,000,000 on US$479,000,000 of revenues during
the quarter ended March 31, 2009.


WESTPOINT GROUP: ASIC Bans 3 KPMG Auditors
------------------------------------------
The Australian Securities and Investments Commission has banned
three partners of accountancy firm KPMG from acting as auditors
for periods of up to two years over their involvement in the
AU$390 million collapse of the Westpoint Group, Anthony Klan at
The Australian reports.

The Australian says ASIC found audits conducted by Brett Charles
Fullarton, Robert Charles Kelly and Jonathan Grant Robinson were
"inadequate" and failed to comply with accounting standards.

Mr. Fullarton, Mr. Kelly and Mr. Robinson signed ASIC "enforceable
undertakings" that they would not practice as registered auditors
for two years, 18 months and nine months, respectively, the report
notes.

KPMG said the three accused partners "acknowledged" ASIC's
"concerns" but that it "did not accept them".

The Australian discloses that according to ASIC, the auditors
failed to:

   * obtain sufficient evidence as to the costs of property
     developments and the revenue and profits relating to
     those developments;

   * obtain all the information they required to form a
     view as to Westpoint's ability to continue as a going
     concern; and

   * gather audit evidence relating to cashflow forecasts
     and the carrying value and classification of receivables.

The Australian, citing KPMG spokesman Peter Nash, says the
accountancy firm would not change any of its internal controls in
light of the allegations facing the three senior auditors, as it
did not agree with ASIC's allegations.  Mr. Nash, however, said
KPMG would change some of its procedures as a result of
information it had gathered following the global financial
downturn generally, the report relates.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the ASIC commenced investigations on 160
companies within the Westpoint Group.  ASIC's investigation led to
ASIC initiating action in late 2005 in the Federal Court of
Australia against a number of mezzanine companies in the Westpoint
Group, including winding up proceedings.  ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with its requirement to lodge accounts for
certain financial years.  These wind-up actions are still
continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty. Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


===============
C A M B O D I A
===============


* CAMBODIA: Puts B+/Stable/B Global Scale Local Currency Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ASEAN regional
scale ratings on seven sovereigns.

                                                ASEAN Scale
                                                -----------
                Existing global scale      Issuer Credit Ratings
   Sovereign    local currency rating      Long-term  Short-term
   ---------    ---------------------      ---------  ----------
   Singapore      AAA/Stable/A-1+          axAAA      axA-1+
   Malaysia       A+/Stable/A-1            axAAA      axA-1+
   Thailand       A-/Negative/A-2          axAA-      axA-1
   Philippines    BB+/Stable/B             axBBB+     axA-2
   Indonesia      BB+/Stable/B             axBBB+     axA-2
   Vietnam        BB+/Negative/B           axBBB      axA-2
   Cambodia       B+/Stable/B              axBB       axB


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


DONGLING LEAD: Operations Suspended Amid Lead Poisoning
-------------------------------------------------------
Dongling Lead and Zinc Smelting Co., a smelting plant in northwest
China's Shaanxi Province, has been completely shut down amid
public anger over heavy metal discharges that have left more than
600 children ill, Xinhua News Agency reports.

The report says the Baoji City-based company was ordered by
environment protection authorities to suspend lead and zinc
operations on Aug. 6, after sporadic cases of lead poisoning were
reported in children from two villages near the factory site.

But during a protest on Monday, Xinhua relates, villagers
complained the factory's coke facilities were still operational.
The plant, Xinhua notes, produces 100,000 tonnes of lead and zinc
and 700,000 tonnes of coke annually.

According to the report, Baoji Mayor Dai Zhengshe said Monday coke
production had not been halted immediately because of fears that
gas in pipelines might explode.  Mr. Dai ordered an immediate halt
to all production Monday, Xinhua says.

Mr. Dai, who arrived at the plant midday Monday amid a protest by
hundreds of villagers, apologized for the lead poisoning and its
harmful effects on residents, Xinhua relates.

At least 615 out of 731 children in two villages near the Dongling
smelter have tested positive for lead poisoning, which can damage
the nervous and reproductive systems and cause high blood
pressure, anemia and memory loss, according to The Associated
Press.

Dongling Lead and Zinc Smelting Co. operates smelting plant in
China.


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


AIG FINANCE: Fitch Affirms Long-Term Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has clarified its report that AIG Finance's Long-
term local currency IDR has been affirmed prior to being removed
from RWE and placed on Positive Outlook.  Also, the company's
Short-term local currency IDR has been removed from RWE, in
addition to being downgraded.  The updated text follows:

Fitch Ratings has affirmed AIG Finance (Hong Kong) Ltd.'s (AIG
Finance) Long-term local currency Issuer Default Rating at 'BBB',
removed the rating from Rating Watch Evolving and placed it on
Positive Outlook.  At the same time, Fitch has downgraded AIG
Finance's Short-term local currency IDR to 'F2' from 'F1', and
removed the rating from RWE.  Meanwhile, AIG Finance's Individual
rating is affirmed at 'D' and its Support rating at '2'.

The Outlook revision follows the announcement on August 12, 2009,
that AIG Finance would be sold by American International Group
Inc.  (AIG, 'BBB'/RWE) to China Construction Bank (Asia) (CCB
Asia, the wholly-owned Hong Kong subsidiary of China Construction
Bank Corporation, 'A'/Stable) at a price of roughly 0.5x book
value; as part of the deal, AIG Finance will use its cash reserves
to repay US$557m in borrowings from AIG on completion of the
transaction expected in October 2009.  Initially at least, AIG
Finance is expected to remain a stand-alone legal entity wholly
owned by CCB Asia.  Its portfolio of credit card and other
consumer loans should complement CCB Asia's existing business in
corporate banking and residential mortgages.

Since AIG fell into financial difficulties in mid-2008, AIG
Finance has relied upon liquidity support from the group (in turn
provided by the US Government) and has also been managing down its
loan portfolio to preserve liquidity.  CCB Asia's purchase of AIG
Finance should ensure the longer-term viability of its financials
and business, hence the Positive Outlook placed on its IDR.

At the same time however, Fitch has downgraded AIG Finance's
Short-term local currency IDR to 'F2' from 'F1'.  Previously, AIG
Finance's short-term IDR was predicated on its very substantial
cash holdings as provided by AIG, whose short-term liquidity needs
were in turn supported by the US government.  On its sale to CCB
Asia, AIG Finance's cash holdings will be substantially reduced
and it will no longer benefit from indirect US government support.

AIG Finance maintained a good operating performance and financial
profile in the first half of 2009.  While the economic downturn in
Hong Kong saw net charge-offs rise to 4.7% (annualized), they
still remained manageable.  Meanwhile, it maintained low leverage
as per its equity/loan ratio of 23.1% at June 30, 2008.


APT SOLUTION: Court to Hear Wind-Up Petition on September 16
------------------------------------------------------------
A petition to wind up the operations of APT Solution Limited will
be heard before the High Court of Hong Kong on September 16, 2009,
at 9:30 a.m.

Ting Yuk Lun Victor filed the petition against the company on
July 15, 2009.


CIL HOLDINGS: Court to Hear Wind-Up Petition on September 30
------------------------------------------------------------
A petition to wind up the operations of CIL Holdings Limited will
be heard before the High Court of Hong Kong on September 30, 2009,
at 9:30 a.m.

China Outdoor Media Group Limited filed the petition against the
company on July 30, 2009.

The Petitioner's solicitors are:

         Messrs. Liu, Chan and Lam
         Hutchison House
         Rooms 1710-18, 17th Floor
         10 Harcourt Road, Central
         Hong Kong
         Telephone: 2847-9333
         Facsimile: 2868-0136


GOLDMART LEATHER: Court to Hear Wind-Up Petition on September 23
----------------------------------------------------------------
A petition to wind up the operations of Goldmart Leather and Hide
Limited will be heard before the High Court of Hong Kong on
September 23, 2009, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on July 17, 2009.

The Petitioner's solicitor is:

         Deacons
         Alexandra House, 5th Floor
         18 Chater Road, Central
         Hong Kong


HI-SPEED: Court to Hear Wind-Up Petition on September 23
--------------------------------------------------------
A petition to wind up the operations of Hi-Speed Paper
Manufacturer Company Limited will be heard before the High Court
of Hong Kong on September 23, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 23, 2009.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          United Centre, Unit C1, 15th Floor
          No. 95 Queensway, Hong Kong


NOBLE GROUP: S&P Puts 'BB+' Corp. Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Noble Group Ltd. on CreditWatch with
positive implications.  At the same time, S&P also placed all
issue ratings on Noble's debt on CreditWatch with positive
implications.

"We placed the rating on CreditWatch because Noble's satisfactory
results in the first half of 2009 -- despite the difficult
economic and trading environment -- could indicate that the
company's risk management system is adequate to limit risk
exposures and supportive of an upgrade," said Standard & Poor's
credit rating analyst Ryan Tsang.

The company has managed well its liquidity, refinancing, and
working capital needs after a decline in commodity prices led to a
fall in revenue and certain debt servicing ratios at the end of
June 2009, compared with levels at the end of 2008.

Noble's operating performance and gross profit margin in the past
18 months have benefited from its diversified revenue sources.
The diversification tempered the volatility in performances, as
shown by its individual line businesses.

In addition, Noble has demonstrated its ability to manage and
integrate its acquired assets and extract synergy.  As the company
continues to increase its investment in fixed assets and its
business model evolves, its ability to manage these operations has
become an important rating factor.

S&P aim to resolve the CreditWatch within a month.  S&P will meet
the management to examine the key drivers of its financial
performance in the first half of 2009, the company's approach to
managing its risk exposures during this period, and its future
expansion and capital structure.  S&P may raise the rating by one
notch if S&P conclude that the company's strengthened risk
management function and its capital structure are adequate to
contain and absorb risks associated with its expanding and
evolving business model.


TECH UNIVERSAL: Creditors' Proofs of Debt Due on August 28
----------------------------------------------------------
The creditors of Tech Universal (HK-Macau) Development Limited are
required to file their proofs of debt by August 28, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

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


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


AIR INDIA: Gets US$1.1BB Loan from Banks to Fund Aircraft Purchase
------------------------------------------------------------------
IDBI Bank-led consortium of lenders have raised US$1.1-billion
loan for national carrier Air India to purchase aircraft, the
Press Trust of India reports citing a top IDBI Bank official.

IDBI Bank acted as the lead arranger for the syndication along
with 12 lenders from the domestic market, IDBI Bank's Corporate
Banking Group Head B K Batra told PTI.

"We have tied-up with 12 banks to arrange the US$1.1 billion loan.
This will be used by the airline to buy aircraft," the report
quoted Mr. Batra as saying.

According to the report, Mr. Batra said among the banks, who
participated in the consortium, are India's second largest state-
owned lender, Punjab National Bank, Canara Bank and Central Bank
of India.

The airline intends to use the loan amount to purchase 12 out of
the 43 aircraft it plans to acquire, including A-319, A-320 and
A-321, the PTI relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.  The TCR-AP reported on
June 19, 2009, that Air India has been bleeding due to excess
capacity, lower yield, a drop in passenger numbers, an increase in
fuel prices and the effects of the global slowdown.  Air India's
losses have almost doubled to over INR4,000 crore in 2008-09
(INR2,226 crore in 2007-08) and it does not have the money to foot
the INR350-crore monthly salary bill of its 31,500 employees,
according to the Hindustan Times.

The TCR-AP reported on July 10, 2009, that NACIL is working
overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come up
with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


MOHTISHAM COMPLEXES: ICRA Assigns 'LBB' Rating on INR376.6MM Loan
-----------------------------------------------------------------
ICRA has assigned rating of LBB to INR376.6 million fund based
limits, and INR30 million non-fund based limits of Mohtisham
Complexes Pvt. Ltd., indicating inadequate-credit-quality in the
long term.

The rating takes into account MCPL's modest scale of operation,
its high gearing level (6.5 times as on March 31, 2009), and
negative cash flow from operations.  ICRA has also taken note of
MCPL's exposure to a large integrated township project
(Celebrations) being undertaken by the company under a 50:50 joint
venture agreement with Funderburk Enterprises Limited (FEL).  The
project is considerably larger in size (INR25-30 billion) as
compared to the other projects undertaken by the company in the
past (less than INR1.60 billion projects).  Successful funding,
execution and sales of the proposed project will be challenging
particularly considering the current slowdown in real estate
sector.  In addition to this, there is a put option available with
FEL under which the private equity investor will receive 25%
Internal Rate of Return (IRR) on investment (proportional to the
uncompleted portion of the project) in case the development and
sales of the proposed project cannot be completed in a stipulated
time frame of eight years.  This increases the financial risk
profile of MCPL.  The rating however favorably factors in the
established track record and brand image of Mohtisham in the
Mangalore real estate market and low cost land bank available with
the company for the Celebrations project which will enable it to
competitively price properties in the township project. The
company's ability to successfully execute the Celebrations'
project without time or cost overruns and achieve adequate sales
at remunerative rates for the project will remain key
sensitivities.

                    About Mohtisham Complexes

MCPL, incorporated in 1991, is a leading real estate player in
Mangalore, Karnataka.  The company has successfully executed more
than 40 projects which include both residential and commercial
complexes.  Currently the company has three ongoing projects which
include City Center (commercial), Excel Mall (commercial) and
Ivory Towers (residential).  In addition to this, the company is
planning an integrated township project named Celebrations'
located at about 8 Km from Mangalore under a 50:50 JV with FEL
(subsidiary of Oman Investment Fund (OIF)).  During 2008-09, the
company recorded a Profit after Tax of INR22.5 million on a
turnover of INR450 million.


TATA MOTORS: To Take Tighter Management Control of Jaguar Unit
--------------------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Tata Motors
Ltd. is set to take tighter management control of Jaguar Land
Rover after withdrawing from talks over government support.

According to the report, Tata is understood to have brought in
senior executives to work alongside JLR's team to improve cash
management and bring down the company's break-even point.

The report relates Tata executives are understood still to be
fuming at how the government handled their request for assistance
when the credit crunch and recession triggered a collapse in
sales.  "Tata feels that it has not been well treated.  It is one
of the biggest inward investors in the UK and yet it has been made
to feel like a company that would take the money and run," the
report quoted one industry source in Mumbai as saying.

On Aug. 12, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported that Tata has secured a debt facility of
GBP75 million for its Jaguar and Land Rover operations.  Citing
officials at JLR, TOI disclosed 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.

                         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.


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


* INDONESIA: Puts BB+/Stable/B Global Scale Local Currency Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ASEAN regional
scale ratings on seven sovereigns.

                                                ASEAN Scale
                                                -----------
                Existing global scale      Issuer Credit Ratings
   Sovereign    local currency rating      Long-term  Short-term
   ---------    ---------------------      ---------  ----------
   Singapore      AAA/Stable/A-1+          axAAA      axA-1+
   Malaysia       A+/Stable/A-1            axAAA      axA-1+
   Thailand       A-/Negative/A-2          axAA-      axA-1
   Philippines    BB+/Stable/B             axBBB+     axA-2
   Indonesia      BB+/Stable/B             axBBB+     axA-2
   Vietnam        BB+/Negative/B           axBBB      axA-2
   Cambodia       B+/Stable/B              axBB       axB


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


TOSHIBA CORP: Sees Significant Drop in TV Market Share in China
---------------------------------------------------------------
Toshiba Corp saw its TV market share decline significantly in
China during the past year, China Knowledge says citing a domestic
home appliance research advisory firm A-View Consulting in its
latest report.

China Knowledge relates that statistics from the report show that
Toshiba TVs, formerly among the Top 10 TV brands in China, had a
market share of only 1% in January 2009, compared to a market
share of 8% in the first quarter of 2008.

According to China Knowledge, the fall in Toshiba's market share
was reportedly resulted from the supply shortage as the company
expanded supply to the U.S. and Europe as well as its home market.

The move showed the company's intention of withdrawing from the
ongoing price war in China and was said to be Toshiba's strategy
of maintaining its status as a high-end manufacturer, China
Knowledge relates.

Toshiba started to reduce its TV business operations in China from
the beginning of this year and halted some supply channels in
order to maintain retail prices in the country, China Knowledge
says citing Toshiba's local distributors.

Toshiba Corp. posted JPY343.6 billion net loss in the fiscal year
ended March 31, 2009, the Troubled Company Reporter-Asia Pacific
reported on May 12, 2009, citing the Wall Street Journal.  For the
fiscal year ending March 31, 2010, the company forecasts a net
loss of JPY50 billion.

Toshiba Corporation (TYO:6502) --- http://www.toshiba.co.jp/---
is a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
     Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'B'; and

  -- Senior unsecured notes affirmed at 'BB';


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


PANTECH CO: Qualcomm to Receive Shares In Lieu of Debt
------------------------------------------------------
Qualcomm Inc. agreed to receive shares in Pantech Co. and Pantech
& Curitel Communications Inc. in exchange for unpaid royalties,
Bloomberg News reports.

Bloomberg, citing the South Korean handset makers in regulatory
filings today, says Pantech and Pantech&Curitel, which owe
Qualcomm a combined US$76.3 million in royalties, will issue new
shares valued at KRW59 billion (US$47 million) at the end of this
month.  The handset makers will issue additional shares in
exchange for the remaining unpaid royalties, the report says.

Qualcomm won't hold more than a 15% stake in either company and
will not participate in the management of Pantech and Pantech &
Curitel, Bloomberg relates.

QUALCOMM Incorporated (NASDAQ:QCOM) -- http://www.qualcomm.com/--
designs, manufactures and markets digital wireless
telecommunications products and services based on its code
division multiple access (CDMA) technology and other technologies.

                           About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.


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


HO HUP CONSTRUCTION: Receives Writ of Summons from Low Chee & Sons
------------------------------------------------------------------
Ho Hup Construction Company Berhad and its major subsidiary, Bukit
Jalil Development Sdn. Bhd., have been served with a Writ of
Summons dated August 10, 2009, from Low Chee & Sons Sdn. Bhd., a
substantial shareholder of the Company.

The writ of summons was filed in relation to the Company's
proposed disposal of parcel of freehold land measuring roughly
5.503 acres held under Geran 55267, Lot 38474, Mukim of Petaling,
District of Kuala Lumpur, in the State of Wilayah Persekutuan
Kuala Lumpur, to Santari Sdn. Bhd. for a cash consideration of
MYR9.83 Million.

Ho Hup is now seeking legal advice on the matter.  Ho Hup stated
that the suit, if successfully proven in Court of Law, has
substantial financial impact on the Company.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


POLY TOWER: Two Units Default on MYR72.5 Million Loan
-----------------------------------------------------
Poly Tower Ventures Berhad disclosed that its subsidiaries, Poly
Carriers Industries (Malaysia) Sdn Bhd and Poly Asia Plastics
Industries Sdn Bhd, have defaulted in paying the principal and
interest of MYR52,090,821.63 and MYR20,497,962.58, respectively,
in the various credit facilities granted by RHB Bank Berhad.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


TALAM CORPORATION: Unit Gets TRO to Finalize Restructuring Plan
---------------------------------------------------------------
Talam Corporation Berhad disclosed that its wholly owned
subsidiary, Talam Industries Sdn Bhd, obtained a restraining order
from the Kuala Lumpur High Court to facilitate the holding of
creditors meeting concerning the implementation of a proposed
debt-restructuring scheme.

The restraining order, which is valid for 90 days and effective
from August 13, comes after Pembinaan Khas Sdn Bhd. filed a
winding up petition against Talam Industries in July.

Talam said the restraining order is not expected to have material
financial and operational impact on the Talam Group in view that:

   (i) the Restraining Order is to facilitate the finalization
       of Talam Industries's proposed debt restructuring scheme;
       and

  (ii) currently, the operations of the Talam Group is maintained
       at a level sufficient to meet the outstanding and urgent
       requirements of the Talam Group.

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

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


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


LANE WALKER: 42 More Workers Lose Jobs at Christchurch Factory
--------------------------------------------------------------
Tina Law at The Press reported that a further 42 workers at Lane
Walker Rudkin have lost their jobs.  The workers were told that
the redundancies were effective immediately, the report says.

Meanwhile, receivers Stephen Tubbs and Brian Mayo-Smith said it
has sold LWR subsidiary Southern Alps Socks in Timaru to Sock
Works for an undisclosed sum.

According to the Press, Mr. Tubbs said the sale to Sock Works, a
100% New Zealand-owned family business, would save 35 jobs.

Mr. Tubbs said LWR Manufacturing and LWR Hosiery and Underwear
would continue to operate.

There have been a total of 228 LWR workers made redundant since
the company went into receivership in April, including 144 in
Christchurch, the Press notes.

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

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

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


PROVENCOCADMUS LTD: SmartPay Acquires Payment Division
------------------------------------------------------
SmartPay Ltd has reached an agreement with the receivers of
ProvencoCadmus Ltd to purchase the Payments Division of the
company, including the New Zealand and Australian payments
operations, transactional business and all intellectual property
relating to payments.

SmartPay Managing Director Ian Bailey said the purchase by
SmartPay will add significant value to SmartPay's strategy of
increasing its customer base and consolidate its position as a
leading provider of integrated merchant services.

"The ProvencoCadmus customer base will augment SmartPay's current
clients so that the combined Company of over 25,000 terminals
installed in the market has the scale and reach to deliver ongoing
efficiencies, business opportunities and revenue both in New
Zealand and internationally. It will also increase SmartPay's
product offering that includes VoIP, Broadband, EFTPOS terminals
and secure EFTPOS internet connectivity through to audio and
video, music, messaging as well as managing one of the largest
Wi-Fi networks in New Zealand," Mr. Bailey said in a statement.

Mr. Bailey said that the purchase of ProvencoCadmus is very
exciting for the future growth of SmartPay.

"The shared history, common links and synergy between both
businesses is very strong.  Many of the staff who assisted in
establishing Cadmus are now employed by Smartpay so we understand
the ProvencoCadmus payments business very well.  Initially we will
keep the ProvencoCadmus business separated from the current
SmartPay business so that both entities remain focused on their
business plans and strategies.  In terms of ProvencoCadmus
payments we will return to the Cadmus successful growth strategy
in place prior to the merger and focus on developing and growing
the customer base."

In addition, Mr. Bailey said SmartPay intends to continue to
develop and distribute the PAX brand of EFTPOS terminals, as well
as utilise the Intellectual Property and know-how relating to the
Cadmus brand to the benefit of all customers.

Mr. Bailey said that the ProvencoCadmus acquisition also fits
neatly into SmartPay's growth strategy which has already seen the
purchase of several other companies including All Talk
Communications, Merchant IP Services, and Wi-Fi provider FIVO.

"The acquisition of ProvencoCadmus correlates to the recent
announcements where SmartPay advised the market that it would be
looking for synergistic business acquisitions that fitted the
Company‘s core business sectors," Mr. Bailey added.

It is planned to amalgamate SmartPay into the existing business
offices of Provenco Cadmus as the current SmartPay offices will
not meet the new expanded needs of the business.

                          About SmartPay

Based in Auckland, New Zealand, SmartPay Limited (NZE:SPY) --
http://www.smartpay.co.nz/-- provides an integrated package of
technology services to merchants.  The Company's product suite
includes telecommunications products and services including voice-
over Internet protocol (VoIP), broadband, electronic funds
transfer at point of sale (EFTPOS) terminals and secure EFTPOS
Internet connectivity, prepayment products and integrated merchant
services. In addition, SmartPay provides specialist products like
Internet protocol- point of sale (IP-POS) (a secure Internet-
enabled service to connect old dial-up EFTPOS terminals to the
Internet).  SmartPay is also a provider of in-store radio, music
and advertising via its retail radio products with new
developments including video services-retail radio with pictures.
Its subsidiaries include SmartPay New Zealand Limited, Software
International Limited, Card Processing Services Limited, Retail
Radio Limited, Merchant IP Services Limited, FIVO Limited and MIPS
Financial Services Limited.

                       About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2009, ANZ National Bank appointed Michael Stiassny and
Brendon Gibson at KordaMentha joint and several receivers of
ProvencoCadmus Limited.

ProvencoCadmus asked ANZ National Bank to appoint receivers to the
Company, as the Company will not have sufficient funds to meet its
working capital requirements.


===============
P A K I S T A N
===============


HABIB BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit ratings of four Pakistani banks to
stable from negative.  The banks affected by the rating action
are:

  -- National Bank of Pakistan (B3 Stable/NP/D)
  -- Habib Bank Ltd. (B3 Stable/NP/D-)
  -- United Bank Ltd. (B3 Stable/NP/D-)
  -- MCB Bank Ltd. (B3 Stable/NP/D)

This rating action follows the recent announcement by Moody's
sovereign risk group that it has changed the outlook on Pakistan's
B3 foreign currency bank deposit ceiling to stable from negative,
following the recent augmentation of Pakistan's IMF program by
US$3.2 billion to more than US$11 billion, and several ongoing
policy and structural reforms.  All four banks' foreign currency
deposit ratings remain constrained by this country ceiling.

All of the banks' other ratings -- i.e. local currency deposit
ratings and bank financial strength ratings -- remain unchanged
with their existing stable outlooks.

Moody's last rating action on Habib Bank and United Bank was
implemented on August 12, 2009, when it downgraded their global
local currency deposit ratings to Ba3/NP from Ba2/NP in light of
its global review of systemic support indicators for banking
systems.  Moody's last rating action on National Bank of Pakistan
and MCB Bank was implemented on December 15, 2008, when it
confirmed, with a negative outlook, the B3 long-term foreign
currency deposit ratings of all four Pakistani banks.

National Bank of Pakistan, headquartered in Karachi, reported
assets of PKR843.4 billion (US$10.5 billion) as of the end of
March 2009.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.
MCB Bank Ltd, headquartered in Lahore, reported assets of
PKR458.1 billion (US$5.7 billion) as of the end of March 2009.


MCB BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
----------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit ratings of four Pakistani banks to
stable from negative.  The banks affected by the rating action
are:

  -- National Bank of Pakistan (B3 Stable/NP/D)
  -- Habib Bank Ltd. (B3 Stable/NP/D-)
  -- United Bank Ltd. (B3 Stable/NP/D-)
  -- MCB Bank Ltd. (B3 Stable/NP/D)

This rating action follows the recent announcement by Moody's
sovereign risk group that it has changed the outlook on Pakistan's
B3 foreign currency bank deposit ceiling to stable from negative,
following the recent augmentation of Pakistan's IMF program by
US$3.2 billion to more than US$11 billion, and several ongoing
policy and structural reforms.  All four banks' foreign currency
deposit ratings remain constrained by this country ceiling.

All of the banks' other ratings -- i.e. local currency deposit
ratings and bank financial strength ratings -- remain unchanged
with their existing stable outlooks.

Moody's last rating action on Habib Bank and United Bank was
implemented on August 12, 2009, when it downgraded their global
local currency deposit ratings to Ba3/NP from Ba2/NP in light of
its global review of systemic support indicators for banking
systems.  Moody's last rating action on National Bank of Pakistan
and MCB Bank was implemented on December 15, 2008, when it
confirmed, with a negative outlook, the B3 long-term foreign
currency deposit ratings of all four Pakistani banks.

National Bank of Pakistan, headquartered in Karachi, reported
assets of PKR843.4 billion (US$10.5 billion) as of the end of
March 2009.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.
MCB Bank Ltd, headquartered in Lahore, reported assets of
PKR458.1 billion (US$5.7 billion) as of the end of March 2009.


NATIONAL BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
----------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit ratings of four Pakistani banks to
stable from negative.  The banks affected by the rating action
are:

  -- National Bank of Pakistan (B3 Stable/NP/D)
  -- Habib Bank Ltd. (B3 Stable/NP/D-)
  -- United Bank Ltd. (B3 Stable/NP/D-)
  -- MCB Bank Ltd. (B3 Stable/NP/D)

This rating action follows the recent announcement by Moody's
sovereign risk group that it has changed the outlook on Pakistan's
B3 foreign currency bank deposit ceiling to stable from negative,
following the recent augmentation of Pakistan's IMF program by
US$3.2 billion to more than US$11 billion, and several ongoing
policy and structural reforms.  All four banks' foreign currency
deposit ratings remain constrained by this country ceiling.

All of the banks' other ratings -- i.e. local currency deposit
ratings and bank financial strength ratings -- remain unchanged
with their existing stable outlooks.

Moody's last rating action on Habib Bank and United Bank was
implemented on August 12, 2009, when it downgraded their global
local currency deposit ratings to Ba3/NP from Ba2/NP in light of
its global review of systemic support indicators for banking
systems.  Moody's last rating action on National Bank of Pakistan
and MCB Bank was implemented on December 15, 2008, when it
confirmed, with a negative outlook, the B3 long-term foreign
currency deposit ratings of all four Pakistani banks.

National Bank of Pakistan, headquartered in Karachi, reported
assets of PKR843.4 billion (US$10.5 billion) as of the end of
March 2009.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.
MCB Bank Ltd, headquartered in Lahore, reported assets of
PKR458.1 billion (US$5.7 billion) as of the end of March 2009.


UNITED BANK: Moody's Puts Stable Outlook on B3 Deposit Rating
----------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3 long-
term foreign currency deposit ratings of four Pakistani banks to
stable from negative.  The banks affected by the rating action
are:

  -- National Bank of Pakistan (B3 Stable/NP/D)
  -- Habib Bank Ltd. (B3 Stable/NP/D-)
  -- United Bank Ltd. (B3 Stable/NP/D-)
  -- MCB Bank Ltd. (B3 Stable/NP/D)

This rating action follows the recent announcement by Moody's
sovereign risk group that it has changed the outlook on Pakistan's
B3 foreign currency bank deposit ceiling to stable from negative,
following the recent augmentation of Pakistan's IMF program by
US$3.2 billion to more than US$11 billion, and several ongoing
policy and structural reforms.  All four banks' foreign currency
deposit ratings remain constrained by this country ceiling.

All of the banks' other ratings -- i.e. local currency deposit
ratings and bank financial strength ratings -- remain unchanged
with their existing stable outlooks.

Moody's last rating action on Habib Bank and United Bank was
implemented on August 12, 2009, when it downgraded their global
local currency deposit ratings to Ba3/NP from Ba2/NP in light of
its global review of systemic support indicators for banking
systems.  Moody's last rating action on National Bank of Pakistan
and MCB Bank was implemented on December 15, 2008, when it
confirmed, with a negative outlook, the B3 long-term foreign
currency deposit ratings of all four Pakistani banks.

National Bank of Pakistan, headquartered in Karachi, reported
assets of PKR843.4 billion (US$10.5 billion) as of the end of
March 2009.

Habib Bank Ltd, headquartered in Karachi, reported assets of
PKR749.8 billion (US$9.3 billion) as of the end of March 2009.

United Bank Ltd, headquartered in Karachi, reported assets of
PKR642.0 billion (US$8.0 billion) as of the end of March 2009.
MCB Bank Ltd, headquartered in Lahore, reported assets of
PKR458.1 billion (US$5.7 billion) as of the end of March 2009.


* PAKISTAN: Moody's Changes Outlook on 'B3' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook for Pakistan's
B3 foreign and local currency sovereign bond ratings to stable
from negative.

Moody's has also changed to stable from negative the outlooks on
the B3 country ceiling for foreign currency bank deposits and the
B1 country ceiling for foreign currency debt.

"The stable outlook was prompted by the recent augmentation of
Pakistan's IMF program by US$3.2 billion to more than US$11
billion, and several ongoing policy and structural reforms" said
Aninda Mitra, a Moody's Vice President and Sovereign Analyst for
Pakistan.  Meanwhile, remittance inflows from overseas Pakistanis
have remained strong.

These developments avert the likelihood of external payment
arrears over the next 12 to 18 months, and they provide greater
re-assurance about the finance-ability of Pakistan's current
account and fiscal deficits.

Mr. Mitra added that the IMF program augmentation would help to
safeguard foreign currency reserve adequacy against the risks of
further deceleration in private capital flows or delays in
bilateral assistance while also providing bridge financing for
fiscal requirements.

"Despite a weak external environment and an ongoing insurgency in
the northwestern regions of the country, Pakistani authorities are
implementing several policy and structural reforms," said the
analyst, adding that "the reduction of subsidies, pass-through of
market prices, and better targeting of social welfare programs
would more effectively underpin future macroeconomic stability."

Mr. Mitra also noted that Pakistan's civil and state institutions
appeared to be coalescing, and that a socio-political consensus
was firming against religious extremism.  In Moody's opinion,
Pakistan's ability to stabilize its political institutions and
forge a robust response to Islamic militancy carries a substantial
humanitarian cost, but such developments are gaining international
confidence in the country's state and political institutions.

Moody's last rating action on Pakistan was on December 12, 2008,
at which time the outlook was changed to negative following a
review for possible downgrade.


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


PHILIPPINES: Puts BB+/Stable/B Global Scale Local Currency Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ASEAN regional
scale ratings on seven sovereigns.

                                                ASEAN Scale
                                                -----------
                Existing global scale      Issuer Credit Ratings
   Sovereign    local currency rating      Long-term  Short-term
   ---------    ---------------------      ---------  ----------
   Singapore      AAA/Stable/A-1+          axAAA      axA-1+
   Malaysia       A+/Stable/A-1            axAAA      axA-1+
   Thailand       A-/Negative/A-2          axAA-      axA-1
   Philippines    BB+/Stable/B             axBBB+     axA-2
   Indonesia      BB+/Stable/B             axBBB+     axA-2
   Vietnam        BB+/Negative/B           axBBB      axA-2
   Cambodia       B+/Stable/B              axBB       axB


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


WEIXIYU PTE: Court to Hear Wind-Up Petition on August 28
--------------------------------------------------------
A petition to wind up the operations of Weixiyu Pte Ltd will be
heard before the High Court of Singapore on August 28, 2009, at
10:00 a.m.

CK Building Construction Pte. Ltd. filed the petition against the
company August 5, 2009.

The Petitioner's solicitors are:

          M/s WU LLC
          14 Robinson Road #08-02
          Far East Finance Building
          Singapore 048545


=============
V I E T N A M
=============


* VIETNAM: Puts BB+/Negative/B Global Scale Local Currency Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ASEAN regional
scale ratings on seven sovereigns.

                                                ASEAN Scale
                                                -----------
                Existing global scale      Issuer Credit Ratings
   Sovereign    local currency rating      Long-term  Short-term
   ---------    ---------------------      ---------  ----------
   Singapore      AAA/Stable/A-1+          axAAA      axA-1+
   Malaysia       A+/Stable/A-1            axAAA      axA-1+
   Thailand       A-/Negative/A-2          axAA-      axA-1
   Philippines    BB+/Stable/B             axBBB+     axA-2
   Indonesia      BB+/Stable/B             axBBB+     axA-2
   Vietnam        BB+/Negative/B           axBBB      axA-2
   Cambodia       B+/Stable/B              axBB       axB


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


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

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Conference
      Hotel Hershey, Hershey, Pa.
         Contact: http://www.abiworld.org/

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.





                 *** End of Transmission ***