TCRAP_Public/090821.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

           Friday, August 21, 2009, Vol. 12, No. 165

                            Headlines

A U S T R A L I A

ANNOUNCER GROUP: Co-founder Denies Getting AU$1.2MM Takeover Offer
BABCOCK & BROWN POWER: Faces Probe Over Share Price Collapse
CMC CAIRNS: Unlikely to Avoid Liquidation, Administrators Say
ELDERSLIE FINANCE: Auditors Doubted AU$67MM Related-Party Loan
TIMBERCORP LTD: Olive Investors Vote to Sell, Recapitalize Scheme

ZYLOTECH LIMITED: Calls In Voluntary Administrators


C H I N A

AMDL INC.: To Raise Capital to Address Going Concern Qualification
SINOENERGY CORP: Not In Compliance With Covenants Under 2007 Notes


H O N G  K O N G

CHATHAY I-COMMERCE: Court to Hear Wind-Up Petition on October 14
CITIC PACIFIC: Sells Stake in Cathay to Air China for HK$6.34 Bln
DICKSON (CHINA): Pays Preferential and Ordinary Dividend
DICKSON CONSTRUCTION: Pays Preferential and Ordinary Dividend
DICKSON PROPERTIES: Pays Preferential and Ordinary Dividend

H3C HOLDINGS: S&P Changes Outlook to Positive; Keeps 'BB-' Rating
KASON (HONG KONG): Court to Hear Wind-Up Petition on September 16
LET-WIN: Creditors and Contributories to Meet on August 25
NALZ & CO: Court to Hear Wind-Up Petition on September 16
ROLEX SHIPPING: Court to Hear Wind-Up Petition on September 16

SUPERIOR PRECISION: Court to Hear Wind-Up Petition on August 26
TAI LIN: Creditors' Proofs of Debt Due on August 28
YAT FUNG: Court to Hear Wind-Up Petition on September 23


I N D I A

BINDAL SPONGE: Delays in Term Loan Repayment Cues 'CARE BB' Rating
FARIDA SHOES: ICRA Rates INR302.1 Million Term Loan at LBB+'
INDIA SHOES: ICRA Assigns 'LBB+' Rating on INR18 Million Term Loan
SAL STEEL: ICRA Assigns 'LBB' Rating on INR1.55 Billion Term Loan
SATYAM COMPUTER: Indian Government Directs New Investigation

SHANTI GOPAL: CRISIL Places 'BB' Rating on INR105.5 Mln Term Loan
SHAMANUR SUGARS: ICRA Cuts Rating on INR500 Mln Limits to 'LB-'


I N D O N E S I A

PT INDOSAT: H1 Net Profit Drops 4.6% on High Costs, Low Sales
PT INDOSAT: Secures US$315 Mil. Loan to Fund Equipment Purchases


J A P A N

GK L-JAC: Fitch Withdraws Ratings on 12 Classes of Bonds
JAPAN AIRLINES: May Merge Air Cargo Business with Nippon Yusen
JAPAN AIRLINES: To Resume International Passenger Fuel Surcharge
PEGASUS FUNDING: S&P Keeps Ratings on Three Classes of Loans


K O R E A

SSANGYONG MOTOR: Expects to Incur KRW88 Billion 2nd-Half Loss
SSANGYONG MOTOR: Gov't. Mulls Offering Aid to Partner Companies
* SOUTH KOREA: Six Banks Ink Deal to Sep Up US$1.2BB 'Bad Bank'


N E W  Z E A L A N D

GUARDIAN TRUST: Investors to Recoup Another 15% of Investment
INVESTMENT RESEARCH: Resolves Bank Covenant Breach Issues
ST LAURENCE: NZ$103MM Bad Debt Writedowns Trigger Event of Review
* NEW ZEALAND: Gov't. to Hold Inquiry Into Finance Firms' Failure


S I N G A P O R E

AGRI INTERNATIONAL: Moody's Junks Corporate Family Rating


V I E T N A M

ALCATEL-LUCENT: Appoints Olivier Lauras as Head of Vietnam Unit


X X X X X X X X

LEHMAN BROTHERS: Foreign Subsidiaries' Bar Date Extended to Nov. 2
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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ANNOUNCER GROUP: Co-founder Denies Getting AU$1.2MM Takeover Offer
------------------------------------------------------------------
Kate Kachor at InvestorDaily reports that the co-founder of
Announcer Group has denied he has been offered AU$1.2 million for
the business.

"There has been no offer of substance and the window for
expressions of interest has closed," Announcer Group co-founder
Andrew Rocks was quoted by the report as saying.  "We're moving
towards a deed of company arrangement (DOCA) with retention of all
staff and the control in the directorship of me."

Mr. Rock said he expected to sign the DOCA next week at the
group's second creditors' meeting, InvestorDaily relates.

Announcer Group went into administration in July due to money owed
to former business co-owner following his departure from the
company, the Troubled Company Reporter-Asia Pacific reported on
Aug. 4, 2009.  Sule Arnautovic at the Jirsch Sutherland was
appointed by Lindsay Yelland on July 14 to handle the estate's
affairs.

SmartCompany.com.au said Announcer Group co-founder and director
Andrew Rocks insisted the company is in no danger of collapse and
the business is trading as usual.  Mr. Rocks, who started the
business in 1996, said he is in the process of splitting his
business interests from Mr. Yelland, his former business partner.

Mr. Rocks said the administrators will act as an independent third
party to oversee the separation of the former business partners
and allow the company to "start with a clean slate".

"We are pretty confident that the business will be restructured
through a deed of company arrangement or sold as going concern,"
the report quoted Mr. Arnautovic as saying.

Mr. Arnautovic expects a restructuring could be completed and the
business handed back to Mr. Rocks in the first week of September,
according to SmartCompany.com.au.

Headquartered in Sydney, Australia, Announcer Group --
http://www.announcergroup.com/-- is a financial planning firm.


BABCOCK & BROWN POWER: Faces Probe Over Share Price Collapse
------------------------------------------------------------
Law firm Slater & Gordon is set to investigate Babcock & Brown
Power Ltd over its alleged failure to disclose information
regarding its debt and earnings position to shareholders,
according to the Business Spectator.

Slater & Gordon will start the proceedings after receiving support
from interests associated with Californian law firm Wasserman,
Comden & Casselman LLP and US-based Australian barrister Julian
Hammond, the report said.

According to the report, Slater & Gordon said the investigation
will focus on disclosures sent by BBP, between December 2007 and
August 2008, which sent its shares into a tailspin.

"What we saw during this period was the collapse in both share
price and trust among shareholders concerning BBP's public
statements," the law firm's Victorian head of commercial and
project litigation James Higgins was quoted by the report as
saying.

Mr. Higgins, according to the report, also alleged that BBP has
been responsible for a number of erroneous statements with regards
to its debt refinancing capabilities and ability to pay
distribution since its acquisition of Alinta.

Mr. Hammond, who represents a US funding group interested in the
local litigation funding market, said BBP shareholders deserved
answers for their loss of value, the report relates.

Mr. Hammond, as cited by the report, also said the US funder was
keen to forge a relationship with Slater &Gordon and also develop
a litigation funding business in Australia.

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.


CMC CAIRNS: Unlikely to Avoid Liquidation, Administrators Say
-------------------------------------------------------------
Administrators of CMC Cairns Pty Ltd said it may not be possible
to keep the company out of liquidation, ABC News reports.

A proposed deed of company arrangement will provide better returns
to creditors than liquidation, but it hinges on several unlikely
outcomes, ABC News cited administrators SV Partners as saying in
their report.

According to ABC News, the report has concluded CMC collapsed
because associated company Benchmark Developments - which is now
in liquidation - could not repay more than AU$8 million owed to
CMC.

It is unclear if there will be money left for unsecured creditors
after projects are sold, the report, as cited by ABC News, said.

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


ELDERSLIE FINANCE: Auditors Doubted AU$67MM Related-Party Loan
--------------------------------------------------------------
The Sydney Morning Herald reports that the auditors of Elderslie
Finance Corporation were concerned about its ability to recover a
AU$67 million loan but decided against impairing the asset in the
group's 2007 accounts.

A partner at Trood Pratt & Co, Elderslie's auditor between 2005
and 2007, on Tuesday faced questioning over the firm's role in
checking the value of the loan to Elderslie's parent company,
Hotel Nominees, the Herald said.

According to the Herald, the related-party loan was one the
biggest assets held by Elderslie, chaired by the former Liberal
leader John Hewson until shortly before its collapse in July 2008.

The Herald relates that Trood Pratt & Co's partner in charge of
audits, Peter Lockyer, confirmed he had written a note about the
loan in September 2007 saying: "Raised our concerns about
recoverability."

However, the Herald notes, Mr. Lockyer said his concerns were
satisfied after he spoke with Elderslie's management and referred
to a previous valuation of the company.

Mr. Lockyer, according to the Herald, said he was reassured after
reading a 2006 independent valuation of Elderslie by Deloitte,
which valued the group at between AU$120 million and AU$130
million.

Mr. Lockyer said he also also formed his opinion after hearing of
potential offers for the group, the Herald relates.

Meanwhile, The Australian reports that money from Elderslie
Finance had been used to pay American Express credit card bills
racked up by the wife of the company's owner.

The Australian relates that during the second day of a public
examination of Elderslie's collapse, the NSW Supreme Court heard
the group's auditor, Trood Pratt & Co, had allowed the payments
because Elderslie owner Peter George "didn't take a salary".

Elderslie, according to The Australian, is still owed about AU$97
million by private companies controlled by Mr. George.

The Australian relates that PricewaterhouseCoopers told the
group's investors they were expected to recover as little as 10c
in the dollar in a wind-up that could take up to five years.

As reported in Troubled Company Reporter-Asia Pacific on July 31,
2009, the Australian Securities & Investments Commission approved
a public examination into Elderslie Finance's auditor Trood Pratt
& Co, chartered accountants, to be conducted by receivers
PricewaterhouseCoopers.

                      About Elderslie Finance

Elderslie Finance Corporation is an independent, Australian-owned
structured finance and investment management group.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, Elderslie Finance Corporation has been placed into
receivership following a Federal Court order allowing its trustee,
Perpetual Trustees WA Ltd, to appoint a receiver, after several
rescue plans for the ailing company fell through.  Perpetual
Trustees appointed Gregory Hall and Philip Carter of
PricewaterhouseCoopers as the receivers for Elderslie Finance.

On September 22, 2008, the Supreme Court of New South Wales
entered an order to have Elderslie Finance Corporation Limited's
operations wound up.


TIMBERCORP LTD: Olive Investors Vote to Sell, Recapitalize Scheme
-----------------------------------------------------------------
Timbercorp Ltd.'s olive grower investors have overwhelmingly voted
to sell or recapitalize the projects, rather than wind them up,
Alice Uribe at InvestorDaily reports.

InvestorDaily relates that the voting covered investors in the
2001 to 2008 olives schemes and began at a meeting of grower
representatives, industry experts, parties interested in
purchasing or recapitalizing the assets and liquidator Mark Korda
in Melbourne earlier this week.  The votes, InvestorDaily notes,
have now been finalized.

The report, citing Timbercorp administrator KordaMentha, discloses
that a total of 7,060 votes were received in support of the
resolution that the schemes continue and not be wound up, while
286 votes were received against the resolution.

Growers also voted that a decision over a possible new responsible
entity to replace the insolvent Timbercorp Securities Limited
(TSL) be deferred until a later date, according to InvestorDaily.

InvestorDaily further relates that at the meeting, administrator
Mark Korda said AU$3.7 million was needed to fund the olive groves
to September 2009 and AU$26.8 million was required to fund the
2010 crop. Capital expenditure of AU$11.1 million was also
required, the report notes.

"As the responsible entity is insolvent and the groves require
urgent expenditure, it is critical that a decision about their
future is made shortly," Mr. Korda was quoted by InvestorDaily as
saying.

The report relates Mr. Korda said liquidators had started an
expression of interest process in the olives and interested
parties had until September 11 to submit their offers.

According to InvestorDaily, Timbercorp spokesperson Matt Trewin
said KordaMentha was considering its next steps and indicated
there could be further action in the courts in order to reach a
resolution.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd., be
placed in liquidation because they had no money and could not
trade.  Creditors of Timbercorp Ltd. voted to wind up the
Timbercorp entities.


ZYLOTECH LIMITED: Calls In Voluntary Administrators
---------------------------------------------------
The directors of Zylotech Ltd have appointed Andrew Needham and
Barry Taylor of HLB Mann Judd as voluntary administrators to the
company.

"The Board of ZYL has for several months been endeavoring to
resolve a business strategy for the future of the company and to
identify funding in this regard.  Negotiations in respect of
funding have failed and accordingly ongoing funding for the
Company has not been secured," Zylotech said in a statement to the
Australian Securities Exchange.

"The Corporations Act prohibits a company from trading without the
reasonable expectation that it will be able to meet its debt as
and when they fall due," the statement said.

"The alternatives for new funding being exhausted and with the
Board mindful of its obligations, voluntary administration has
become inevitable," it said.

Headquartered in Sydney, Australia, Zylotech Limited (ASX:ZYL) --
http://www.zylotech.com.au-- is a developer, purchaser and
reseller of digital video surveillance and communication products,
which include remote terrestrial and acoustic surveillance.
Zylotech's product range specializes in the provision of
enterprise surveillance solutions for critical infrastructure.
This includes fourth generation Internet protocol-based
surveillance hardware and software solutions.


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C H I N A
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AMDL INC.: To Raise Capital to Address Going Concern Qualification
------------------------------------------------------------------
AMDL Inc. reported on August 19 unaudited results and the filing
of its Form 10-Q with the Securities and Exchange Commission for
fiscal second quarter 2009.  A copy of the Form 10-Q is available
at http://researcharchives.com/t/s?424d

For the three-month period ending June 30, 2009, AMDL reported
revenues of approximately US$3.2 million, a 35% decrease compared
with revenues of US$4.9 million in the second quarter of 2008.
AMDL reported a comprehensive loss of approximately US$8.0 million
(US$0.51 per share) in the second quarter of 2009, that included a
one-time loss of approximately US$4.2 million associated with the
sale of YYB -- a wholly-owned foreign subsidiary of AMDL's China-
based subsidiary Jade Pharmaceuticals Inc., and a US$1.9 million
provision for doubtful accounts receivable from fourth quarter
FY2008 sales of its newly launched Nalefen human placenta extract
(HPE) based skin care product.

Sales for the second quarter were affected by commercial
production delays for the Company's strongest selling Goodnak(TM)
anti-aging injectable.  Lack of commercial production was the
result of a non-operational small-injectable production line,
which was off-line while awaiting a mandatory 5-year GMP re-
certification from the SFDA in China.  As previously announced
AMDL received initial re-certification in March 2009 and resumed
full product production in July 2009. On a comparable basis before
one-time charges, AMDL reported a loss of US$0.51 per share during
the second quarter of 2009, as compared to a US$0.03 per share
loss in the second quarter of 2008.

Gross profits for the second quarter FY2009 decreased to
approximately US$1.0 million compared to approximately US$2.4
million for the same period in FY2008. Selling, general and
administrative expenses for continuing operations of the Company
were approximately US$3.8 million for the quarter as compared to
approximately US$2.7 million for the same period in FY2008.

"The results we announced today are a clear indication we've
encountered challenges with our China operations.  With two
consecutive down quarters, my top priority is to re-evaluate the
business and take whatever necessary steps to position AMDL for
the future," said AMDL Chairman and CEO Douglas MacLellan. "I am
working closely with our US and China-based management teams and
Board of Directors to scrutinize all aspects of AMDL's business -
both in the US and China - with the goal of structuring operations
in a manner that best suits the long-term growth and profitability
of AMDL.  We are well down the path in outlining a plan to focus
AMDL's US operations solely on the In-Vitro Cancer Diagnostic and
high-end skin care product markets with JPI organized and operated
as a separate asset to AMDL. Based on the diversity of our China
and US-based businesses, independent strengths of executive
management and market potential of each of AMDL's operating
divisions we are confident this path offers the greatest upside
potential for AMDL and its shareholders."

                 AMDL Planned Spin-Off of JPI/JJB

AMDL believes the most prudent path to raising additional capital
for its China-based operations is for JJB to complete one or more
equity private placements during the third and fourth quarters of
FY2009.  Specifically, AMDL's China-based management team believes
the strongest path for AMDL to monetize its investments in JPI/JJB
is for JJB to then seek a public listing on the Growth Enterprise
Market ("GEM") located in Shenzhen, China during the first half of
2010. AMDL's executive management team and Board of Directors are
in agreement with JPI/JJB's management recommendations of a "spin-
off" strategy and anticipate working with JPI/JJB to complete
development plans with the goal of delivering potential returns
for AMDL and its shareholders.  It is anticipated during the third
quarter of FY2009 AMDL and JPI/JJB will complete the agreements
that will allow the Company to commence the spin-off process.
Beginning in the third quarter of FY2009 AMDL expects to de-
consolidate JPI/JJB in its financial statements and will account
for this asset as an investment on its balance sheet.  The de-
consolidation accounting treatment is anticipated to create a
significant one-time restructuring impairment charge.

With the planned monetization of JPI/JJB, AMDL continues to
believe JPI/JJB has a promising future.  The Company anticipates
it may be able to sell off a portion or all of its ownership in
JPI/JJB during the next 30 months; exit from its investment at or
after any public listing; retain an equity stake in JPI/JJB if
ownership is compelling; or position the subsidiary as a potential
buyout target based on JPI/JJB's business and brand recognition.
The goal of AMDL's executive management team and Board of
Directors is to gain the best valuation possible for our JPI/JJB
strategic asset.

                           AMDL Products

AMDL began commercializing its regulatory approved Onko-Sure(TM)
IVD cancer test this year and expects to initiate sales of its
Elleuxe(TM) high-end skin care product line. The Company continues
to make strong traction with its IVD division which has included
the signing of a collaborative agreement with Mayo Clinic and
securing its first customer and distributor partnerships with
Precision Diagnostics Laboratories Inc. and GenWay Biotech Inc.
AMDL anticipates generating approximately US$1.5 million in
revenue during 2009 from IVD and skin care product sales.  Sales
of Onko-Sure(TM) and Elleuxe(TM) are anticipated to expand in
FY2010 based on the completion of additional international
distribution agreements we are currently pursuing.  Successful
completion of new distribution agreements is dependent on securing
additional financing for AMDL during the third quarter of FY2009.

                      Revised FY2009 Outlook

The spin-off process is anticipated to significantly affect AMDL's
2009 earnings and sales guidance, and as a result of restructuring
efforts currently underway, AMDL has revised its FY2009
projections.  AMDL now anticipates de-consolidating JPI and
accounting for its operations as an investment in the 3rd quarter
and JPI's management have indicated that they now anticipate that
JPI will achieve gross revenues for FY2009 of between US$32 -- $36
million and net income between US$4 -- $6 million after taxes and
before foreign currency translation gains or losses.  This is on
par with FY2008 financial results and represents revenues for the
Company's China-based operations only.

                          New Brand Launch

On August 22, 2009, AMDL Inc. anticipates receiving shareholder
approval in order to change its name to Radient Pharmaceuticals
Corporation, with the goal of establishing a new corporate brand
identity and its innovative and promising line of IVD & skin care
products. The Company also anticipates launching a new corporate
website which is expected to go live by the end of the third
quarter of FY2009. The long-term success of Radient Pharma is
based on significantly growing the sales of its IVD & skin care
products and monetizing its investment in JJB. The Company intends
to achieve this by securing adequate financing, broadening its
distribution network and continuing to research, develop, and
commercialize current and future products.

Mr. MacLellan continued, "We have made - and continue to make--
strong traction with our in vitro diagnostics division and the
commercialization of AMDL's DR-70 cancer test. As previously
mentioned, this includes the signing of a collaborative agreement
with Mayo Clinic and securing various distributor partnerships in
the US and Canada. We are also making marked progress with the
development and commercialization of the Elleuxe(TM) brand of
high-end skin care products scheduled for launch late in Q309 or
early Q409. Most importantly, we remain diligent in our on-going
cost containment efforts, especially in the wake of organizational
changes underway."

                           Cost Controls

AMDL continues to take proactive measures and is on track in
reducing over US$1.5 million of general & administrative expenses
in FY2009 with the goal of increasing operational efficiencies and
managing the business in an increasingly prudent manner. These
cost containment activities include increased monitoring of
discretionary spending and an anticipated 30% reduction in overall
3rd party service provider fees for accounting, legal, investor
relations, and financial advisory and independent director
services.

                        Financing Initiatives

AMDL continues to work diligently to secure financing for
corporate operations, JPI and AMDL Diagnostics, Inc. (ADI). On
August 21, 2009, AMDL anticipates receiving approval from its
shareholders for this issuance of up to 6.5 million shares of
common stock, that can be used in a yet to be negotiated
financing.  Additionally JPI and ADI are in discussions with
various investors interested in investing in these specific
operations.

                    Going Concern Qualification

On April 15, 2009, AMDL filed with the SEC an Annual Report on
Form 10-K in which included an audit opinion with a "going
concern" explanatory paragraph which expresses doubt, based upon
current financial resources, as to whether AMDL can meet its
continuing obligations without access to additional working
capital.  The Company intends to raise additional capital and
pursue expense reductions to ensure its ongoing financial
viability.  This disclosure is in compliance with the NYSE
Alternext US Company Guide Rule 610(b) requiring a public
announcement of the receipt of an audit opinion that contains a
going concern qualification and does not reflect any change or
amendment to the consolidated financial statements as filed.
Further information regarding the going concern qualification is
contained in AMDL's Annual Report on Form 10-K for the year ended
December 31, 2008.

                          Conference Call

The Company will hold a conference call at 1:30 p.m. PDT/4:30 p.m.
EDT on Friday, August 21, 2009, following its 10:30 a.m. Annual
Meeting, to discuss second quarter 2009 results and results of the
Annual Meeting.  Listeners may access the call by dialing
1.877.360.1705 or 1.706.902.3245 for international callers, access
code 26342319.  A webcast will also be available through AMDL's
Web site at http://www.amdl.com/ A replay of the call will be
available through September 1, 2009. For additional information on
AMDL and its portfolio of products visit the Company's corporate
website at www.amdl.com.  For Investor Relations information
contact Kristine Szarkowitz at kszarkowitz@amdl.com or
1.206.310.5323.

                          About AMDL

Headquartered in Tustin, CA with operations in China, AMDL Inc.,
(NYSE Alternext US: ADL) along with its subsidiary, JPI, is a
pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, pharmaceutical,
nutritional supplement, and cosmetic products. The Company employs
over 510 people in the U.S. and China.

The Company had assets of US$35,240,702 against debts of
US$7,727,742 as of June 30, 2009.


SINOENERGY CORP: Not In Compliance With Covenants Under 2007 Notes
------------------------------------------------------------------
Sinoenergy Corporation said it is not in compliance with the
covenants relating to a US$30 million convertible and fixed rate
notes which were issued in September 2007.

Sinoenergy said its operations continue to face the problems
arising out of the global economic downturn.  Although the
government of China has announced a stimulus program that
continues to advocate the use of fuels other than gasoline, the
Company said sales declined significantly during the three and
nine months ended June 30, 2009 compared with the comparable
periods in 2008.

According to the Company, although the noteholders granted as
waiver, because of (i) the failure of the Company to be in
compliance at June 30, 2009 with covenants that were amended in
May 2009, (ii) the limited nature of the waiver, (iii) the
likelihood that the Company will not be in compliance at September
30, 2009 and (iv) the uncertainty that the noteholders will grant
a further waiver, notes in the aggregate principal amount of
US$25.2 million have been classified as current liabilities at
June 30, 2009.  As a result, at June 30, 2009, the Company had a
working capital deficiency of US$11.9 million.

Sinoenergy said its principal current asset is its accounts
receivable, which were US$29.1 million at September 30, 2009, and
the accounts receivable, along with other receivables, totaled
approximately US$40.0 million.  At September 30, 2008, the
Company's accounts receivable were outstanding for an average of
124 days, and at June 30, 2009, the Company's accounts receivable
were outstanding for an average of 229 days.  A significant amount
of receivables that were outstanding at September 30, 2008
remained outstanding on June 30, 2009.  In addition, at June 30,
2009, the Company had a note receivable of US$2.6 million
resulting from the termination of a sublease for which no payments
had been made by the tenant.  No payments have been made on
account of that note.

Sinoenergy said its failure to restructure or refinance its
obligations under its notes or obtain a long-term waiver or to
collect its receivables in the normal course of business could
impair its ability to continue in business.

The Company added its June 30, 2009 financial statements include
an explanatory paragraph stating the financial statements were
prepared on the assumption that the Company will continue as a
going concern.

Sinoenergy booked net sales of US$7.7 million in the quarter ended
June 30, 2009, a decrease of 24% from US$10.2 million from the
comparable quarter of 2008.  It posted a net loss of US$2.5
million, or US$0.15 per share (basic and diluted), compared to net
income of US$4.0 million, or US$0.26 per share (basic) and US$0.20
per share (diluted) in the three months ended June 30, 2008.

Sinoenergy booked net sales of US$30.6 million in the nine months
ended June 30, 2009, an increase of 14.4% from US$26.7 million
from the nine months ended June 30, 2008.  It posted a net loss of
US$3.6 million, or US$0.22 per share (basic and diluted), compared
to net income of US$9.1 million, or US$0.58 per share (basic) and
US$0.54 per share (diluted) in the nine months ended June 30,
2008.

As of June 30, 2009, the Company had US$154.4 million in total
assets and US$82.5 million in total liabilities.

Sinoenergy Corporation develops and operates retail compressed
natural gas filling stations in the Peoples' Republic of China,
and manufactures CNG transport truck trailer, CNG filling station
equipment and CNG fuel conversion kits for automobiles.


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


CHATHAY I-COMMERCE: Court to Hear Wind-Up Petition on October 14
----------------------------------------------------------------
A petition to wind up the operations of ChatHay i-Commerce Limited
will be heard before the High Court of Hong Kong on October 14,
2009, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on August 3, 2009.

The Petitioner's solicitors are:

         Siao, Wen and Leung
         Wing On Central Building, 7th Floor
         26 Des Voeux Road Central
         Hong Kong


CITIC PACIFIC: Sells Stake in Cathay to Air China for HK$6.34 Bln
-----------------------------------------------------------------
CITIC Pacific Ltd said that it entered into agreement with Air
China on August 17, 2009, pursuant to which Air China has agreed
to purchase, and CITIC Pacific has agreed to sell, 491,864,724
Cathay Pacific Shares owned by CITIC Pacific for an aggregate
consideration of approximately HK$6.34 billion, representing a
price of HK$12.88 per Cathay Pacific Share.

Assuming completion of such sale and purchase, Air China will
increase its shareholding in Cathay Pacific to 1,179,759,987
shares, representing approximately 29.99% of the issued share
capital of Cathay Pacific.

                         Swire Transaction

CITIC Pacific also entered into agreement with Swire Pacific,
pursuant to which Swire Pacific has agreed to purchase, and CITIC
Pacific has agreed to sell, 78,676,891 Cathay Pacific Shares owned
by CITIC Pacific for an aggregate consideration of approximately
HK$1.01 billion, representing a price of HK$12.88 per Cathay
Pacific Share.

Assuming completion of such sale and purchase, Swire Pacific will
increase its shareholding in Cathay Pacific to 1,651,008,919
Cathay Pacific Shares, representing approximately 41.97% of the
issued share capital of Cathay Pacific.

              Decreased Shareholding in Cathay Pacific

Assuming completion of the Air China Transaction, CITIC Pacific's
shareholding in Cathay Pacific will decrease by 491,864,724 Cathay
Pacific Shares, representing approximately 12.5% of the issued
share capital of Cathay Pacific and Cathay Pacific will cease to
be accounted for as an associated company of CITIC Pacific.

Assuming completion of the Swire Transaction, CITIC Pacific's
shareholding in Cathay Pacific will decrease by 78,676,891 Cathay
Pacific Shares, representing approximately 2% of the issued share
capital of Cathay Pacific.

Assuming completion of both the Air China Transaction and the
Swire Transaction, CITIC Pacific's shareholding in Cathay Pacific
will decrease to 117,353,648 Cathay Pacific Shares, representing
2.98% of the issued share capital of Cathay Pacific.

Air China Limited,  together with its subsidiaries, is engaged in
the provision of airline, airline-related services, including
aircraft engineering services, air catering services and airport
ground handling services, mainly in Mainland China, Hong Kong and
Macau.

Based in Hong Kong, Swire Pacific Limited is an investment holding
company.  It operates through five business divisions: Property,
Aviation, Beverages, Marine Services, and Trading and Industrial.
Swire Properties Limited's (Swire Properties) investment portfolio
in Hong Kong principally comprises office and retail premises, as
well as serviced apartments, hotel interests and other residential
accommodation.  The Beverages division manufactures, markets and
distributes the products of The Coca-Cola Company. T he marine
services division operates a fleet of specialist vessels,
supporting the offshore oil industry.

                        About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 20, 2009, Moody's Investors Service sees no immediate
impact on the Ba1 corporate family rating of CITIC Pacific Ltd.
and the Ba1 bond rating of CITIC Pacific Finance (2001) Ltd after
the announced sale of CITIC Pacific's 14.5% stake in Cathay
Pacific Airways Ltd for about HK$7.3 billion.  The outlook on
these ratings remains negative.

Standard & Poor's Ratings Services also said that its rating on
CITIC Pacific Ltd. (BB+/Stable/--) was not immediately affected by
the company's plan to sell 12.5% and 2% of its stake in Cathay
Pacific Airways Ltd. (not rated) to Air China Ltd. (not rated) and
Swire Pacific Ltd. (A-/Stable/--), respectively, for a total
consideration of about Hong Kong dollar HK$7.3 billion.  In
S&P's view, although the proceeds from the disposal will improve
CITIC Pacific's liquidity position, its credit profile is unlikely
to change materially as the company's core businesses--iron ore,
special steel and real estate in China--still require high capital
expenditure in the coming year.  S&P expects the company's debt
leverage, as measured by a ratio of total debt to total capital,
to remain at about 50%.  CITIC Pacific also continues to generate
negative free operating cash flow after capex.

On Feb. 17, 2009, the TCR-AP reported that Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
CITIC Pacific Ltd. to 'BB+' from 'BB'.  The outlook is stable.  At
the same time, Standard & Poor's also raised its issue rating on
the senior unsecured notes issued by CITIC Pacific Finance (2001)
Ltd. to 'BB+' from 'BB'; the notes are guaranteed by CITIC
Pacific.  Both ratings were removed from CreditWatch, where they
were placed with developing implications on Nov. 14, 2008.  They
were originally placed on CreditWatch with negative implications
on Oct. 21, 2008.


DICKSON (CHINA): Pays Preferential and Ordinary Dividend
--------------------------------------------------------
On August 14, 2009, Dickson (China) Enterprises Limited paid the
preferential and ordinary dividend to its creditors.

The company paid 100% and 10.88% to all received claims.

The company's liquidator is:

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


DICKSON CONSTRUCTION: Pays Preferential and Ordinary Dividend
-------------------------------------------------------------
On August 14, 2009, Dickson Construction (Housing) Limited paid
the preferential and ordinary dividend to its creditors.

The company paid 100% and 8.52% to all received claims.

The company's liquidator is:

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


DICKSON PROPERTIES: Pays Preferential and Ordinary Dividend
-----------------------------------------------------------
On August 14, 2009, Dickson Properties Limited paid the
preferential and ordinary dividend to its creditors.

The company paid 100% and 2.04% to all received claims.

The company's liquidator is:

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


H3C HOLDINGS: S&P Changes Outlook to Positive; Keeps 'BB-' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on H3C Holdings Ltd. to positive from stable and affirmed
the 'BB-' long-term corporate credit rating on the company.  At
the same time, S&P also raised the recovery rating to '1' from '2'
and raised the bank loan rating on H3C's US$430 million senior
secured credit facility to 'BB+' from 'BB'.

"We revised the outlook to reflect H3C's improving credit metrics.
The company's performance in 2008 was satisfactory despite the
currently weak global market conditions that began in the second
half of that year, and it has continued to reduce its debt at a
fast pace," said credit analyst Raymond Hsu.

The recovery rating of '1' indicates S&P's expectation of very
high recovery (90%-100%) of the principal amount of the leveraged
loans in the event of a payment default.  S&P revised the bank
loan rating to reflect S&P's higher recovery expectations, based
on S&P's criteria.

H3C's financial performance in 2008 helped to improve the overall
financial metrics of its parent, 3Com Corp. Although H3C and 3Com
are separate legal entities, S&P regard them as a single
enterprise for S&P's fundamental credit analysis.  H3C represents
more than half of 3Com's total revenue.

Despite volatile market conditions, S&P expects H3C to maintain
its strong profitability due to a material reduction in costs,
higher margins for products that it sells to 3Com, a better
channel mix, and growth in new products.  This will, in S&P's
opinion, enable the company to generate satisfactory free cash
flow and maintain a solid balance sheet over the next few
quarters.  In 2008, H3C's gross margin increased to 59.2% from
50.6% in 2007.  Its gross margin was still solid at 60.3% in the
first quarter of 2009, despite an 11% quarter-on-quarter decline
in sales.

The currently weak macroeconomic environment is causing a large
decline in demand for network equipment globally.  However, the
company has demonstrated its ability to maintain its market share
and competitive position in China.  The decline in sales to its
largest customer, Huawei Technologies Co. Ltd., following the end
of non-compete agreement should be offset, however, by a reduction
in customer concentration risk.

The rating on H3C reflects the weak business risk profile of 3Com,
intense competition, and customer and geographic concentration.
These weaknesses are partly offset by the company's good
profitability, and good market position and good growth potential
in China.  Its router and switch businesses and low-cost
production base are additional supports.


KASON (HONG KONG): Court to Hear Wind-Up Petition on September 16
-----------------------------------------------------------------
A petition to wind up the operations of Kason (Hong Kong) Limited
will be heard before the High Court of Hong Kong on September 16,
2009, at 9:30 a.m.

Lam Yee Wa filed the petition against the company on July 13,
2009.


LET-WIN: Creditors and Contributories to Meet on August 25
----------------------------------------------------------
The creditors and contributories of Let-Win Plastic Products
Factory Limited will hold a meeting on August 25, 2009, at
3:00 a.m. and 3:30 a.m., respectively.

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

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

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

The company's provisional liquidators are:

         Tso Hei Sing
         Lai Chi Kwong
         Union Park Tower, Room 602
         168 Electric Road
         North Point, Hong Kong


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

Chan Koon Hung Tony filed the petition against the company on
July 6, 2009.

The Petitioner's solicitors are:

         Simon Ho & Co.
         Nan Fung Tower
         Room 1407, 14th Floor
         173 Des Voeux Road Central
         Hong Kong


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

Rolex (Hong Kong) Limited filed the petition against the company
on July 9, 2009.

The Petitioner's solicitors are:

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


SUPERIOR PRECISION: Court to Hear Wind-Up Petition on August 26
---------------------------------------------------------------
A petition to wind up the operations of Superior Precision
Engineering Company Limited will be heard before the High Court of
Hong Kong on August 26, 2009, at 10:00 a.m.

Inabata Sangyo (HK) Limited filed the petition against the company
on June 15, 2009.

The Petitioner's solicitor is:

         Richards Butler
         Alexandra House, 20th Floor
         16-20 Chater Road
         Central, Hong Kong


TAI LIN: Creditors' Proofs of Debt Due on August 28
---------------------------------------------------
The creditors of Tai Lin Radio Service 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:

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


YAT FUNG: Court to Hear Wind-Up Petition on September 23
--------------------------------------------------------
A petition to wind up the operations of Yat Fung Garment Factory
Limited will be heard before the High Court of Hong Kong on
September 23, 2009, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on July 21, 2009.

The Petitioner's solicitors are:

         Chu & Lau
         The Chinese General Chamber of Commerce Building
         2nd Floor, No. 24-25 Connaught Road Central
         Hong Kong


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


BINDAL SPONGE: Delays in Term Loan Repayment Cues 'CARE BB' Rating
------------------------------------------------------------------
CARE assigned a 'CARE BB' rating to the Long-term Bank Facilities
of Bindal Sponge Limited aggregating INR52.54 crore.  This rating
is applicable for facilities having tenure of over one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.

Also, CARE assigned 'PR4' rating to the Short-term Bank Facilities
of BSL aggregating INR15.00 crore.  This rating is applicable for
facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

Rating Rationale

The ratings are constrained due to, tight liquidity position
reflected by high utilization and over withdrawal of working
capital limits, delays in term loan repayment.  The ratings also
factor in working capital intensive operations, customer
concentration risk and subdued industry outlook in the medium
term.

However, the ratings derive strength from experienced management.
Going forward, the ability of the company to sustain profitable
operations in the light of economic slowdown will be the key
rating sensitivity.

                        About Bindal Sponge

Bindal Sponge Limited was incorporated on February 20, 2003, as a
Public Limited Company by Mr. Neeraj Goel.  The company started
commercial operations in FY06. Mr. Neeraj Goel , Managing Director
looks after the day-to-day affairs of the company.  The company is
engaged in the manufacturing of Sponge Iron and M.S. Ingots.  The
company has manufacturing facility, located at Talchar, (Orissa).
BSL has production facility of 90,000 MTPA each for Sponge Iron
and M.S. Ingots as on March 31, 2008.

BSL posted total income of INR85 crore during FY08.  It recorded
PBILDT and PAT of INR17.34 crore and INR1.77 crore, respectively,
during FY08.  However, during 9MFY09, the company posted total
income of INR69.04 crore and PAT of INR1.73 crore.

CARE Research estimates that during FY 09-11, demand for steel in
the domestic market would grow at a Compounded Annual Growth Rate
(CAGR) of 8.0%.  Steel demand from the construction sector is
expected grow at a lower CAGR of 9.5%, from 17.7 mn MT in FY08 to
23.3 mn MT in FY11.  Steel demand from engineering and machine
manufacturing sector is also expected to grow at a lower CAGR of
7.7% in the next three years i.e. from 5.9 mn MT in FY08 to 7.3 mn
MT in FY11.  Poor performance of the automobiles sector in FY09 is
expected to result in a fall in steel demand from the sector in
FY09 and remain more or less in the narrow range of 2.1-
2.3 mn MT for the next couple of years.


FARIDA SHOES: ICRA Rates INR302.1 Million Term Loan at LBB+'
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR302.1 million rupee
term loan facilities of Farida Shoes Private Limited.  The rating
indicates inadequate credit quality.  The sign of plus (+)
appended to the rating symbol indicates its relatively stronger
position within the rating category concerned.  ICRA has also
assigned an A4+ rating to the INR 455 million fund based short-
term limits, the INR 205 million non-fund based limits and the
INR 90 million standby limits of FSPL, indicating risk prone
credit quality rating to the short term debt instrument.  The sign
of plus (+) appended to the rating symbol indicates its relatively
stronger position within the rating category concerned.

The ratings assigned are constrained by the current financial risk
profile of the company characterized by high gearing levels, weak
coverage indicators, low profit margins, weak free cash flows and
high working capital intensity due to a long cash conversion
cycle; and, exposure to forex risk by virtue of being a major
exporter.  However, the ratings also factor in the long track
record of FSPL in leather footwear export business; association
with strong brands such as Deichmann, Debenheim, Heinrich and
Marks & Spencer through outsourcing; and adequate systems in place
to control and optimize its operations.

                        About Farida Shoes

Farida Shoes Private Limited, the flagship company of the Farida
Group, was incorporated on September 24, 1976 to manufacture full
shoes.  FSPL has manufacturing facilities with a current
production capacity of 12,000 pairs/day at Ambur, Vellore
District, Tamil Nadu.  Promoted by Mr. Rafeeque Ahmed and his
family, M/s Farida Holdings Private Limited is the single largest
stakeholder of FSPL.  The Farida group has over 35 years of
experience in the leather footwear export business.  The closely
held Group concerns achieved sales revenues of around INR 6700
million in FY 2008.  The group companies are closely managed by
the Chairman, Mr. Rafeeque Ahmed and his sons.  The company has
achieved sales revenues of INR1505.8 million and net profit of
INR28.2 million for the period ending December 2008.


INDIA SHOES: ICRA Assigns 'LBB+' Rating on INR18 Million Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR18 million rupee term
loan facilities of India Shoes Exports Private Limited.  The
rating indicates inadequate credit quality.  The sign of plus (+)
appended to the rating symbol indicates its relatively stronger
position within the rating category concerned.  ICRA has also
assigned an A4+ rating to the INR245 million fund based short-term
limits, the INR61.5 million non-fund based limits and the INR55
million standby limits of ISPL., indicating risk prone credit
quality rating to the short term debt instrument.

The ratings assigned are constrained by the current financial risk
profile of ISPL, characterized by high gearing levels and weak
coverage indicators; low profit margins; weak free cash flows,
high working capital intensity due to long cash conversion cycle;
and exposure to forex risk by virtue of being a major exporter.
However, the ratings also factor in the long track record of ISPL
in leather footwear export business; association with strong
brands such as Timberland, Wal-Mart and Marks & Spencer through
outsourcing; and adequate systems in place to control and optimize
its operations.

                         About India Shoes

India Shoes Exports Private Limited was established in the year
1979 to manufacture leather shoes.  M/s Farida Holdings Private
Limited, promoted by the family members of Mr. Rafeeque Ahmed, is
the single largest stakeholder of ISPL.  The Farida group has over
35 years of presence in the leather footwear export business.  The
closely held Group concerns achieved sales revenues of around
INR6700 million in FY 2008.  The group companies are closely
managed by the Chairman Mr. Rafeeque Ahmed and his sons.  The
company has achieved sales revenues of INR1165.31 million and net
profit of INR6.99 million for the period ending December 2008.


SAL STEEL: ICRA Assigns 'LBB' Rating on INR1.55 Billion Term Loan
-----------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR1.55 billion term loan
and INR324 million fund based limits of SAL Steel Limited.  This
is the inadequate-credit-quality rating assigned by ICRA.  ICRA
has also assigned an A4 rating to the INR256 million fund based
limits and the INR495 million non-fund based limits of SSL,
indicating risk-prone-credit-quality in the short term.

The ratings reflect the locational advantages enjoyed by SSL's
plant, being close to the ports at Kandla and Mundra which reduces
freight costs, availability of captive power and various tax
incentives enjoyed by the company both of which supported its
profitability.  The ratings also take into consideration the
group's integrated nature of steel operations where a significant
proportion of SSL's output is sold to a group company, which
reduces off-take risks.  The ratings are however constrained by
the lower capacity utilization levels in SSL's sponge iron and
ferro alloy facilities, an adverse capital structure and moderate
level of coverage indicators.  ICRA notes that there have been
delays in servicing debt in the past.

                         About SAL Steel

SSL was incorporated in the year 2003, and commenced commercial
operations in 2005-06. The company presently has a sponge iron,
ferroalloys and power generating capacities of 0.18 million
tonnes, 0.06 million tonnes and 40 MW respectively in Bhuj,
Gujarat.  During 2007-08, SSL reported a net profit of INR109
million on an operating income of INR3.74 billion, while the
company reported a net profit of INR 40.5 million on a total
income of INR 2.08 billion in the first half of 2008-09.


SATYAM COMPUTER: Indian Government Directs New Investigation
------------------------------------------------------------
The Times of India reports that the government has asked SFIO, the
investigative arm of the Corporate Affairs Ministry, to inquire
into siphoning of funds by Satyam Computer Services Limited.

The report, citing unnamed sources, says the Serious Fraud
Investigation Office (SFIO), which submitted a detailed report on
the Rs 10,000-crore Satyam fraud to the government in April, will
soon begin probe into diversion of funds by the promoters of the
company.

SFIO's 14,000-page report, according to the Times, has not been
able to track the chain of events leading to diversion of funds in
the Satyam case.

The investigation body, however, did discover violation of various
provisions of the Companies Act and Indian Penal Code and
recommended prosecution of promoters of Satyam, including its
founder B Ramalinga Raju, the report says.

                         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.


SHANTI GOPAL: CRISIL Places 'BB' Rating on INR105.5 Mln Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Shanti Gopal Concast Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit Limit  BB/Stable (Assigned)
   INR105.5 Million Term Loan         BB/Stable (Assigned)
   INR13.2 Million Proposed Long      BB/Stable (Assigned)
         Term Bank Loan Facility
   INR19.1 Million Bank Guarantee     P4 (Assigned)

The ratings factor in Shanti Gopal's exposure to volatility in the
prices of iron ore, coal and sponge iron, owing to lack of
integration in operations, susceptibility to cyclicality in the
sponge iron industry and project implementation risks arising out
of the company's capital expenditure plans over the medium term.
These weaknesses are mitigated by the benefits that Shanti Gopal
derives from promoter support, reflected in its capital structure
and liquidity.

Outlook: Stable

CRISIL expects Shanti Gopal to maintain its stable business risk
profile, on the back of the strong support it receives from its
promoters. The outlook may be revised to 'Positive' if Shanti
Gopal attains stability in operations of new capacities, and
reports substantial improvement in profitability. Conversely, the
outlook may be revised to 'Negative' if the company faces
significant cost or time overrun in implementing its future capex
plans.

                        About Shanti Gopal

Incorporated in 2005, Shanti Gopal produces sponge iron, and is
planning to set up rolling and melting units over the medium term.
The company has installed capacity to manufacture up to 90,000
tonnes of sponge iron per annum.  The company reported a profit
after tax (PAT) of INR5.4 million on net sales of INR194 million
for the year ended March 31, 2008, against a PAT of INR0.4 million
on net sales of INR59 million in the prior year.


SHAMANUR SUGARS: ICRA Cuts Rating on INR500 Mln Limits to 'LB-'
---------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR500 million
fund-based limits of Shamanur Sugars Limited to LB- from LBBB-
earlier.  LB indicates risk-prone-credit-quality rating assigned
by ICRA in long term.  Further, the rating has been suspended
because of the lack of co-operation from the company in terms of
providing the required information for carrying out the periodic
review of the company's credit quality.  The downgrade in rating
reflects the company's stretched liquidity position as reflected
in instances of overutilization of limits by the company in the
recent past.

                      About Shamanur Sugars

Shamanur Sugars Limited is owned by the Shamanur Group.  SSL has a
2500 TCD sugar plant along with a 22 MW cogeneration unit and is
located at Dugavathi village in the Davangere District of
Karnataka.


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


PT INDOSAT: H1 Net Profit Drops 4.6% on High Costs, Low Sales
-------------------------------------------------------------
PT Indosat Tbk said its unaudited net profit in the first half of
2009 fell 4.6% from last year to IDR1.007 trillion (US$99.7
million), Jakarta Globe reports.  The company attributed lower net
profit to higher operating costs and a loss of cellular
subscribers, the report says.

Indosat said operating expenses during the period rose 3.9% to
IDR7 trillion, while operating revenue increased only 1% to
IDR8.92 trillion, the Globe relates.

The company, according to the report, said its cellphone
subscribers also fell 10.8% to 28.9 million in the first half,
while sales during the period fell 3.1% from last year to IDR4.42
trillion.

Indosat's net income more than doubled in the second quarter
compared to last year from IDR441.9 billion to INR887.5 billion
due mainly to foreign exchange gains, the Globe adds.

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on March 23, 2009, that Indosat's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on the company's Ba1
local currency corporate family and Ba2 senior unsecured ratings
rated by Moody's.


PT INDOSAT: Secures US$315 Mil. Loan to Fund Equipment Purchases
----------------------------------------------------------------
PT Indosat Tbk has signed a US$315 million EKN Buyer Credit
Facility for the procurement of Ericsson equipment from Sweden and
Indonesia.

The Facility has been arranged by Hongkong and Shanghai Banking
Corporation and the Royal Bank of Scotland.  The Facility is
structured in three tranches and will be used to partially
refinance recent payments already made to Ericsson, and also to
partially finance Indosat's capital expenditures until 2011.

"The EKN facility demonstrates the strength of Indosat's
creditworthiness in spite of challenging economic conditions and
serves to diversify the company's source of funds," Harry
Sasongko, President Director & CEO of Indosat, said.

The company said Ericsson is one of its primary vendors and will
be supplying key equipment and services.

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on March 23, 2009, that Indosat's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on the company's Ba1
local currency corporate family and Ba2 senior unsecured ratings
rated by Moody's.


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


GK L-JAC: Fitch Withdraws Ratings on 12 Classes of Bonds
--------------------------------------------------------
Fitch Ratings has withdrawn all outstanding ratings on 12 classes
of G.K. L-JAC Four Funding's bonds and two classes of trust
beneficiary interests, as the agency no longer receives sufficient
information from the issuer and the trustee to monitor the ratings
adequately.  The rating actions are listed below:

  -- JPY18.71 billion* Class A-2 Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY4.28 billion*, Class B-2 Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY4.00 billion*, Class C-2 Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY1.10 billion*, Class D-2 Bonds due August 2012: 'BBB';
     remain on RWN; withdrawn;

  -- JPY1.0 billion*, Class D-3A Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY2.3 billion*, Class D-3B Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY0.46 billion*, Class E-2 Bonds due August 2012: 'BBB-';
     remain on RWN; withdrawn;

  -- JPY1.2 billion*, Class E-3 Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY0.29 billion*, Class F-2 Bonds due August 2012: 'BB+';
     remain on RWN; withdrawn;

  -- JPY1.1 billion*, Class F-3 Bonds due May 2015: 'BB';
     remain on RWN; withdrawn;

  -- JPY0.29 billion*, Class G-2 Bonds due August 2012: 'BB';
     remain on RWN; withdrawn;

  -- JPY0.4 billion*, Class G-3 Bonds due May 2015: 'BB'; remain
     on RWN;  withdrawn; and

  -- Class X-1** and X-2*** TBIs affirmed at 'AAA'; Outlook
     Stable; withdrawn.

    * As of August 18, 2009

    ** X-1 TBIs: interest only

    *** X-2 TBIs: in addition to interest, trust principal
        payments on the fractional principal amount on the
        underlying loans and cash reserves

L-JAC Four Funding is a multi-borrower CMBS transaction, in which
the bonds and TBIs were issued in May 2007.  As part of the
transaction, Lehman Brothers Holdings Inc. and its subsidiaries
(Lehman) had fulfilled roles including interest rate swap
counterparty and advancing agent.  Following the declaration of
bankruptcy by Lehman, Fitch reviewed the transaction and
downgraded several classes of bonds on 4 March 2009 assuming there
would be no advance provider in the transaction.  Since then, the
advance provider has been replaced but by an entity that Fitch
does not rate.

Fitch placed all bonds on RWN on July 13, 2009, together with all
large loan type CMBS transactions in Japan, pending underlying
asset level reviews.

While Fitch lacks the information to assess the current credit
quality of the portfolio, it is the agency's opinion that market
conditions, past performance and the current credit enhancement
levels of classes D, E, F and G are commensurate with ratings
around one category below the current ratings.


JAPAN AIRLINES: May Merge Air Cargo Business with Nippon Yusen
--------------------------------------------------------------
Japan Airlines Corp. and Nippon Yusen KK plan to integrate their
air cargo businesses in April, Reuters reports citing the Nikkei
business daily.

Reuters relates the paper said the most likely plan would be for
Japan Airlines to spin off its air cargo business and merge it
with Nippon Yusen unit, Nippon Cargo Airlines Co, in an effort to
turn around their unprofitable operations.

The paper, according to Reuters, said Japan Airlines and Nippon
Yusen will each take a stake of slightly more than 45% in the new
firm, with the rest to be held by Nippon Cargo shareholders such
as Nippon Express Co and Yamato Holdings Co.

Nippon Yusen KK is a Japan-based shipping and transportation
company.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


JAPAN AIRLINES: To Resume International Passenger Fuel Surcharge
----------------------------------------------------------------
Japan Airlines Corp. said it has requested for approval from the
Japanese Ministry of Land, Infrastructure, Transport and Tourism
to reinstate the placement of fuel surcharge on all international
passenger tickets issued from October 1, 2009.

JAL said that the fuel surcharge for international tickets issued
between July 1, 2009 and September 30, 2009 was removed when the
average price of Singapore kerosene from February to April, 2009
fell below the US$60.00 per barrel benchmark at US$55.08 per
barrel.  Based on the average US$71.41 per barrel of Singapore
kerosene in the 3-month period of May to July, 2009, JAL decided
to resume charging fuel surcharge for international tickets issued
within the 3 months starting October 1 to December 31, 2009.

With reference to the fuel surcharge benchmark list for FY2009,
the average price of US$71.41 per barrel of Singapore kerosene
corresponds to level B fuel surcharges which range from 300 yen on
a Japan - Korea ticket to 10,000 yen on a Japan- Brazil ticket per
person per sector flown, on tickets purchased in Japan.

The fuel surcharge to be placed on tickets issued from January to
March 2010 will be reviewed based on the average price of fuel for
August through to October 2009.

The company said it is continuously conducting a wide range of
counter-measures to limit the full impact of the price increase
including fuel hedging, fuel consumption reductions, and the
introduction of more fuel-efficient small and medium-sized
aircraft to its fleet.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit.  The outlook is
positive.


PEGASUS FUNDING: S&P Keeps Ratings on Three Classes of Loans
------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on Pegasus
Funding's class A1, A2, and class B asset-backed loans, issued in
September 2006, on CreditWatch with negative implications.  The
major factor for keeping the ratings on CreditWatch is that
Standard & Poor's has not yet received sufficient information to
analyze the potential collection amount from underlying assets
through the sale of collateral real estate.

On Feb. 24, 2009, Standard & Poor's placed its ratings on the
class A1, A2, and class B ABLs on CreditWatch with negative
implications, reflecting the increased risks of negative impact on
servicing activities from the legal insolvency proceedings
commenced by the servicer, thus delaying collection from
collateral assets or recovery from the sale of collateral real
estate.  (In February 2009, the servicer filed for commencement of
civil rehabilitation proceedings, which were eventually ordered by
the court to commence as bankruptcy proceedings.)

On May 21, 2009, S&P kept the ratings on CreditWatch with negative
implications due to the need to consider: 1) the sale plan's
content, including the timing and the amount of recoveries from
the collateral real estate sale, as well as whether the sale plan
would soon be approved by the transaction's relevant parties; 2)
the execution of servicing activities under the new servicing
structure; and 3) the amount of liquidity reserves.

The transaction's relevant parties have appointed a new servicer
and the new servicer has begun servicing activities.  However,
Standard & Poor's has not yet received from the new servicer the
information necessary to assess the potential recovery amount from
the collateral real estate sale.  S&P expects to receive such
information soon and to start S&P's analysis on the potential
collection amount from collateral assets through recovery from the
sale of the collateral real estate.

In addition, S&P will continue to monitor the amount of the
liquidity reserves that cover the interest payment of the rated
ABLs for a certain period even if there is any delay or stalling
in the recovery from the sale of collateral real estate.

Standard & Poor's will resolve the CreditWatch listings after
considering the impact of the collections from the underlying
assets and the amount of liquidity reserves on the ratings on the
ABLs.  A greater than one-notch downgrade may be possible,
depending on the degree of impact that these factors have on the
transaction.

The ratings address the full and timely payment of interest and
the ultimate full repayment of principal of the ABLs by December
2014.

               Ratings Kept On Creditwatch Negative

                          Pegasus Funding
     JPY120 billion total extendable amount due December 2014

     Class          Rating               Initial Issue Amount
     -----          ------               --------------------
     Class A1       BBB-/Watch Neg       JPY40.0 bil.
     A2             BBB-/Watch Neg       JPY51.9 bil.
     Class B        B/Watch Neg          JPY28.1 bil.

                    Issue date Sept. 29, 2006.


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


SSANGYONG MOTOR: Expects to Incur KRW88 Billion 2nd-Half Loss
-------------------------------------------------------------
Bloomberg News, citing Edaily, reports that Ssangyong Motor Co.
expects to post a net loss of KRW88 billion (US$70 million) and
operating loss of KRW80 billion in the six months ending December.

According to Bloomberg, the Korean-language online newspaper
said Ssangyong aims to sell 19,000 vehicles in the second half of
this year, from 13,000 in the previous six months.

Ssangyong posted a seventh consecutive quarterly loss in the
second quarter due mainly to a plunge in sales and months-long
strike, the Troubled Company Reporter-Asia Pacific reported on
Aug. 17, 2009.  The automaker reported a net loss of KRW177
billion in the three months ended June 30, 2009.  Sales plunged
66% on-year to KRW222 billion, and operating loss increased 15% to
KRW27.4 billion won.

In the first half of the year, net loss reached KRW443 billion.
Sales also plunged 66% to KRW455 billion with operating loss
totaling KRW153 billion won.

                      About Ssangyong Motor

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that 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.


SSANGYONG MOTOR: Gov't. Mulls Offering Aid to Partner Companies
---------------------------------------------------------------
The South Korean government is considering offering financial aid
to partner companies of Ssangyong Motors Co., The Korea Herald
reports citing officials.

The government is reviewing a plan to offer financial assistance
through the state-run Small & Medium Business Corporation, the
report relates citing Knowledge Economy Minister Lee Youn-ho in a
meeting in Pyeongtaek with heads of partner firms of Ssangyong
Motors and the carmaker's two court receivership managers.

The Herald notes that SBC offers financial support for competitive
small- and medium-sized companies that temporarily suffer from
liquidity shortages and management errors.

According to the report, the fund for SMEs that the government now
considers is likely to support:

   * partner companies that manufacture parts of the new C200
     model that Ssangyong has been developing so far; and

   * partner companies if they submit plans for a joint R&D
     project to complete the development of the C200 model.

The government will also secure a budget for buying Ssangyong cars
for its official use, the Herald adds.

                    Labor-Management Relations

The Herald, meanwhile, says that co-court receivership manager
Park Young-tae said Ssangyong Motors will ask its union to secede
from the Korea Confederation of Trade Unions, a nationwide labor
umbrella group.

Mr. Park also said that he is considering revising the act that
allows labor's intervention on the company's management, the
report relates.

                      About Ssangyong Motor

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that 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.


* SOUTH KOREA: Six Banks Ink Deal to Sep Up US$1.2BB 'Bad Bank'
---------------------------------------------------------------
Six major South Korean banks including Kookmin and Shinhan signed
a preliminary deal to set up a private "bad bank” at the end of
next month to dispose of their bad loans, JoongAng Daily reports.

Citing the Korea Federation of Banks in a statement Thursday,
JoongAng Daily says the lenders, also including Woori Bank, Hana
Bank, the Industrial Bank of Korea and the National Agricultural
Cooperative Federation, also known as Nonghyup, signed a
memorandum of understanding to set up the entity with KRW1.5
trillion (US$1.2 billion) in capital.

According to the report, the association of lenders said the bad
bank will operate for the next five years, purchasing and
disposing of bad debt worth around KRW5 trillion in total.  Shin
Dong-kyu, chairman of the association, will head the new entity as
chief executive officer, the report notes.

JoongAng Daily relates that the KFB said it would actively invite
"outside investors,” transferring part of the six lenders' stakes
in the bad bank.  The report notes that Kookmin, Shinhan, Hana and
IBK will initially have 17.5% stakes, while Nonghyup and Woori
will own 15% each.

The new entity is part of local banks' efforts to lower their bad
debt ratios, JoongAng Daily says.


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


GUARDIAN TRUST: Investors to Recoup Another 15% of Investment
-------------------------------------------------------------
Kris Hall at The Dominion Post reports that investors with savings
frozen in Guardian Trust's NZ$249 million mortgage fund are set to
receive another 15% of their investment in two further repayments.

According to the report, Guardian Trust said there was sufficient
cash in the fund to return a further 10% to investors in
September, followed by at least another 5% by the end of the year.

The report says it takes the amount returned to investors to 40c
for every dollar invested in the fund, which unit-holders voted
overwhelmingly to wind up in February.

Investors received a 15% repayment in March and 10% in June, the
Post says.  Guardian Trust has advised that the third repayment
will be transferred to investors on September 14.

As reported in the Troubled Company Reporter-Asia Pacific on
July 31, 2008, Guardian Trust said that it is moving to protect
investors in one of its funds, the Guardian Mortgage Fund, by
suspending new investments and withdrawals.  It is expected
however that income distributions from the Fund will continue.

Guardian Trust said that due to current liquidity difficulties
in the market, the Fund is currently operating below its target
liquidity rate of 5%.

The Guardian Mortgage Fund was established in May 1986 and
currently holds NZ$249 million among 3,700 investors.  The Fund
invests only in first mortgages, where advances are restricted
to a maximum of 60% of valuations across the commercial, retail,
industrial, farming and residential sectors.

                      About Guardian Trust

The New Zealand Guardian Trust Company Limited --
http://www.guardiantrust.co.nz/-- is a wholly owned subsidiary
of Suncorp-Metway, a leading banking, insurance and financial
services company.


INVESTMENT RESEARCH: Resolves Bank Covenant Breach Issues
---------------------------------------------------------
Investment Research Group Ltd said it has reached agreement with
its bankers after breaching banking covenants that prevented the
company from filing annual accounts.

IRG managing director Brent King said, "We have . . . signed a
letter of offer with our Bank confirming the ongoing funding of
the business.  The issue arose due to differing interpretations on
the ratio definitions.”

"This matter has been resolved and the bank has agreed to a
proposal that we presented to them.  As part of the agreement, the
bank has provided a Waiver of Breach and hence we are now in a
position to finalize the annual accounts," Mr. King said.

Mr. King further noted, "We were not able to complete the Annual
Report until the Bank matter was finalized.  The company shares
are currently suspended from trading pending the filing of the
Annual Report.  We are working with our Auditors and will file
this as soon as practical.  As previously stated, IRG intends to
raise approximately NZ$500,000.”

The company earlier said it requires approximately NZ$500,000 of
additional capital to remedy the breach of its shareholders funds
covenant.

                             About IRG

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


ST LAURENCE: NZ$103MM Bad Debt Writedowns Trigger Event of Review
-----------------------------------------------------------------
St Laurence Limited appears to be teetering on the brink of
receivership after taking a NZ$103 million bad debt hit in its
latest financial year, David Hargreaves at The Independent
reports.

Citing St Laurence's financial statements for the year to March,
the report says the company made an operating loss of NZ$100.6
million after taking provisions for bad debts.  St Laurence took a
further hit of NZ$30.5 million as its share of losses from
associated companies, the report notes.

However, an accounting gain of NZ$105 million, due to writing down
the "fair value" of the debenture and capital notes stock after
the November restructuring, helped reduce the all-up loss for the
year to NZ$41.8 million, compared with a profit of NZ$12 million a
year ago, the report relates.

The Independent, citing St Laurence's annual accounts for the year
to March, states that St Laurence directors cast doubt on a key
28-cents-in-the-dollar payment that was, conditionally, to have
been made to debenture holders by November 30, 2011.  According to
the report, St Laurence directors now say this "best endeavours"
payment is unlikely after further worsening in economic
conditions.

The directors indicate the payment has now been deferred until the
proposed final payment is made in November 2011, the report says.

According to the report, Louise Edwards, chief executive of St
Laurence trustee Perpetual Trust, said the size of the bad debt
writedowns had triggered an "event of review", the outcome of
which could be Perpetual placing St Laurence in receivership.

Ms. Edwards, as cited by the Independent, said the final decision
will be based on what is best for investors.  Mr. Edwards
indicates there are three realistic courses of action.

"I suppose we could continue to let the plan operate if we are
satisfied that's in the best interest of investors; we could take
a reviewed plan back to investors for voting on; or we could
appoint receivers," the report quoted Ms. Edwards as saying.

A decision is likely to be made by Perpetual in about two weeks,
the report notes.

                     About St Laurence Limited

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment.  The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.

The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.


* NEW ZEALAND: Gov't. to Hold Inquiry Into Finance Firms' Failure
-----------------------------------------------------------------
BusinessDay reports that New Zealand Parliament's commerce select
committee chairwoman Lianne Dalziel said the committee will hold
an inquiry into finance company failures.

Ms. Dalziel, according to BusinessDay, said that over the past
three years about 30 finance companies had gone into receivership
or liquidation, entered into moratoria, or frozen repayments to
investors.

"These events have raised a number of significant issues with
regard to practices in the finance company sector and the legal
frameworks that govern the sector," Ms. Dalziel was quoted by
BusinessDay as saying.

The report says the issues that had been identified were:

   -- Ensuring investors are well-informed about investment
      proposals;

   -- Ensuring investors understand the implications of a
      moratorium proposal before voting;

   -- Ensuring advance actions can be taken to reduce the
      chances of failure; and

   -- Ensuring adequate measures or redress exist when failure
      occurs.


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


AGRI INTERNATIONAL: Moody's Junks Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family and secured bond ratings of Agri International
Resources Pte Ltd.  The outlook for the ratings is stable.

"Despite the recent recovery in CPO prices, the downgrade reflects
Moody's concerns over AIRPL's capability to cope with its sizeable
debt obligations, given its small operating scale, high financial
leverage, and limited financial flexibility," says Wonnie Chu, an
Analyst at Moody's.

"The company's high financial leverage stems mainly from its
sizable bond obligation of US$150 million, which is substantially
larger than its revenue size and level of operating cash flow
generation.  AIRPL generated a mere US$5 million of EBITDA per
quarter in 1H09, compared to annual interest payments of
US$19 million," says Mr. Chu, adding, "Even with the expectation
of improving cash flow in the wake of the recovery in CPO prices,
Moody's believes the company has a limited capability for
generating meaningful cash flow to meet the debt obligations of
its US$150 million bond maturing in July 2012."

The ratings also consider its private ownership status and
exposure to volatile CPO price movements.  AIRPL's low yields and
small production scale, and thus higher fixed costs, imply that
its cash flow generation is more vulnerable to the volatility in
CPO prices.

The stable outlook reflects the expectation that AIRPL should
record gradual improvements in its operations and cash flow
generation following the recovery in CPO prices.

The rating is unlikely to be upgraded over the medium term, given
Moody's concerns over AIRPL's capability to meet the debt
obligations associated with its US$150 million bonds.

The ratings may experience downward pressure if CPO prices fall
beyond Moody's expectations, such that the company's ability to
service its interest payments is impaired.

The last rating action with respect to AIRPL was taken on Apr 16,
2009, when its corporate family and secured bond ratings were
downgraded to B3 with negative outlook.

AIRPL's ratings have been assigned by evaluating factors Moody's
believes are relevant to the company's credit profile, including
its i) business risk and competitive position compared with other
companies within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of AIRPL's core industry; its ratings are believed to
be comparable to those of other issuers of similar credit risk.

Agri International Resources Pte Ltd is a private company which
was incorporated in Singapore in May, 2007, with the objective of
acquiring and developing oil palm plantations in Indonesia.  Its
operating subsidiary (Agri Resources BV) owns two oil palm
plantations in Sumatra with a total land utilization right
covering 56,618 ha, of which of 30,195 hectares were planted and
25,217 ha were mature as at 31 December, 2008.

BSP, an Indonesian crude palm oil and rubber company, has an
effective 52% shareholding in AIRPL.


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


ALCATEL-LUCENT: Appoints Olivier Lauras as Head of Vietnam Unit
---------------------------------------------------------------
Alcatel-Lucent SA has appointed Olivier Lauras as head of the
company's business in Vietnam, effective August 1, 2009.
Mr. Lauras will report to Nicolas Van Den Abeele, head of Alcatel-
Lucent's activities in South and South East Asia.

The company said Mr. Lauras assumes overall responsibility for
managing day-to-day operations, as well as taking the lead on
strategic business directions for Alcatel-Lucent in Vietnam.

"I am very pleased to have Olivier on board in Vietnam to support
the ever-increasing potential in this market” said Sean Dolan,
president of Alcatel-Lucent Asia Pacific.  "Olivier's
international experience in sales and operations will reinforce
the company's business and presence in the country, and extend the
growth path that Alcatel-Lucent has developed in this market.”

Prior to his appointment in Vietnam, Mr. Lauras was Chief
Executing Officer (CEO) for Alcatel-Lucent Pakistan Ltd and
Country Senior Officer (CSO) for Pakistan and Afghanistan.
Mr. Lauras has been working at Alcatel-Lucent since 1996, holding
various management positions in Europe, America and Asia.

Alcatel-Lucent has been active and present in Vietnam for 20
years, hosting 250 employees and serving a customer base of major
fixed and mobile operators in the country.

                      About Alcatel-Lucent SA

France-based Alcatel-Lucent SA (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2009, Standard & Poor's Ratings Services lowered to 'B+' from
'BB-' its long-term corporate credit ratings and senior unsecured
ratings on France-based telecom equipment and services supplier
Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc.
(formerly Lucent Technologies Inc.).  The 'B' short-term rating on
Alcatel Lucent was affirmed.  S&P said the outlook is negative.


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


LEHMAN BROTHERS: Foreign Subsidiaries' Bar Date Extended to Nov. 2
------------------------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors and the
other parties to the Cross-Border Insolvency Protocol for the
Lehman Brothers Group of Companies dated May 12, 2009, ask the
U.S. Bankruptcy Court for the Southern District to approve a
stipulation they entered into, which provides that:

(a) The Bar Date and Questionnaire Deadline for the Foreign
     Protocol Signatories with respect to the entities they
     represent will be November 2, 2009, at 5:00 p.m.
     (prevailing Eastern Time).

(b) The Foreign Protocol Signatories will be obligated to
     comply with all other provisions of the Bar Date Order,
     including, but not limited to, the procedures for filing a
     proof of claim against the Debtors.

The signatories are:

Representatives                  Lehman Foreign Units
---------------                  --------------------
Rutger Schimmelpenninck,         Lehman Brothers Treasury Co.
in his capacity as bankruptcy    B.V.
trustee

Edward Simon Middleton as        Lehman Hong Kong Group,
one of the Joint and Several     Lehman Brothers Asia Holdings
Liquidators                      Limited, Lehman Brothers Asia
                                 Limited, Lehman Brothers
                                 Futures Asia Limited, Lehman
                                 Brothers Securities Asia
                                 Limited, LBQ Hong Kong Funding
                                 Limited, Lehman Brothers
                                 Nominees (H.K.) Limited,
                                 Lehman Brothers Asia Capital
                                 Company, and Lehman Brothers
                                 Commercial Corporation Asia
                                 Limited

Chay Fook Yuen for himself,     Lehman Singapore Group,
Yap Cheng Ghee and Tay Puay     Lehman Brothers Investments
Cheng, as Joint and Several     Pte. Ltd., Lehman Brothers
Liquidators                     Finance Asia Pte. Ltd., Lehman
                                 Brothers Commodities Pte.
                                 Ltd., Lehman Brothers Pacific
                                 Holdings Pte. Ltd., Sail
                                 Investors Pte. Ltd., Lehman
                                 Brothers Asia Pacific Holdings
                                 Pte. Ltd.

Dr. Michael C. Frege in his     Lehman Brothers Bankhaus AG
capacity as insolvency          and Lehman Brothers Bankhaus
                                 AG

Neil Singleton, as one of the   Lehman Australia Group,
joint and several               Lehman Brothers Australia
administrators                  Granica Pty Limited, Lehman
                                 Brothers Real Estate Australia
                                 Commercial Pty Limited, Lehman
                                 Brothers Australia Real Estate
                                 Holdings Pty Limited, Lehman
                                 Brothers Australia Finance Pty
                                 Limited, Lehman Brothers
                                 Australia Holdings Pty
                                 Limited, Lehman Brothers
                                 Australia Limited, LBHV 1 Pty
                                 Limited, HV 1 Pty Limited, HV
                                 2 Pty Limited

James W. Giddens, as Trustee    Lehman Brothers Inc.
for the Liquidation under
the Securities Investor
Protection Act

Mr. Michiel R.B. Gorsira in     Lehman Brothers Securities
his capacity of Court-          N.V.
appointed receiver

PricewaterhouseCoopers Ltd.,    Lehman Brothers Finance
Zurich, Christiana Suhr-        AG, in liquidation, a/k/a
Brunner and Pascal Portmann,    Lehman Brothers Finance SA
appointed bankruptcy
administrators

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

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

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

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

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker              (US$)            (US$)
  -------            ------            ------      ------------

AUSTRALIA


ADVANCE HEAL-NEW     AHGN          16933460.19     -8226075.95
ADVANCE HEALTHCA     AHG           16933460.19     -8226075.95
ALLOMAK LTD          AMA           40685785.47     -5913422.67
ALLSTATE EXPL-PP     ALXCC         16169603.20    -50619940.96
ALLSTATE EXPLORA     ALX           16169603.20    -50619940.96
ARC EXPLORATION      ARX           58544299.40    -15958771.93
AUSMELT LTD          AET           10421943.80     -1558622.35
AUSTAR UNITED        AUN          508844538.84   -310055789.75
AUSTRAILIAN Z-PP     AZCCA         77741918.88     -2566335.24
AUSTRALIAN ZIRC      AZC           77741918.88     -2566335.24
BIRON APPAREL LT     BIC           19706736.59     -2220069.65
BISALLOY STEEL G     BIS           54556820.43     -7472108.44
CHEMEQ LIMITED       CMQ           25194855.59    -24254413.72
CITY PACIFIC LTD     CIY          171501648.08     -6383353.75
EIRCOM HOLDINGS      ERC         7921901248.89   -381294562.59
ELLECT HOLDINGS      EHG           18245003.37    -15487781.92
ETW CORP LTD         ETW           83708786.34    -58673955.65
HYRO LTD             HYO           19685101.98    -15769362.01
MAC COMM INFR-CD     MCGCD       8104415200.76   -103343256.49
RESIDUAL ASSC-EE     RAGXF        597329874.01   -126963316.48
RUBICON AMERICA      RAT          649532285.57   -100605696.94
RUBICON EUROPE T     REU          553099503.30   -252490904.13
TOOTH & CO LTD       TTH          108860665.87    -69404500.26
VERTICON GROUP       VGP           14221690.08    -24604525.15
VOYAGER RESOURCE     VOR          105239382.56   -190859513.39

CHINA


ALONG TIBET CO-A     600773        10645458.33     -1260472.65
AMOI ELECTRONI-A     600057       208865199.77   -161881131.09
ANHUI KOYO GROUP     979           60010204.49    -52445757.65
BAO LONG ORIENTA     600988        16279600.58     -1854369.56
CHANG LING GROUP     561           37577889.93     -9465740.92
CHENGDU UNION-A      693           53505027.19     -5241722.53
CHINA EAST AIR-A     600115     10663617937.55   -669018244.31
CHINA EAST AIR-H     670        10663617937.55   -669018244.31
CHINA KEJIAN-A       35            75056861.57   -184097248.80
CHINESE.COM LOGI     805           12869661.54    -10094949.57
CITIC GUOAN VI-A     600084       362240219.99   -110093269.44
DANDONG CHEM F-A     498          102526072.10   -107860839.27
DONGXIN ELECTR-A     600691        20560051.24     -3771204.00
FUJIAN SANNONG-A     732           61811813.75    -53114169.28
GAOXIN ZHANGTO-A     2075         124776592.95    -19821585.47
GUANGDONG HUAL-A     600242        19373034.05     -2325690.04
GUANGDONG KEL-A      921          540254350.35   -125797076.10
GUANGMING GRP -A     587           45859984.22    -44684252.23
GUANGXI BEISHE-A     600556       126091499.15   -153594444.24
GUANGXIA YINCH-A     557           19526916.97    -37073670.15
HEBEI BAOSHUO -A     600155       131548104.09   -354980505.73
HEBEI JINNIU C-A     600722       227141182.32   -223794072.17
HISENSE ELEC-H       921          540254350.35   -125797076.10
HUATONG TIANXI-A     600225        70268587.22    -35844635.44
HUDA TECHNOLOG-A     600892        20055498.84     -2392277.80
HUNAN ANPLAS CO      156           53136755.69    -81141655.20
HUNAN AVA HOLDIN     918          219048363.26    -78476613.98
JIANGXI CHANGH-A     600372       316925380.97     -3387818.97
JIAOZUO XIN'AN-A     719           16263330.39     -3681456.28
QINGHAI SUNSHI-A     600381        53430938.15    -26418232.17
SHANG HONGSHENG      600817        18084539.68   -396285379.92
SHANG LIANHUA-A      600617        16795640.14     -1743299.26
SHANG LIANHUA-B      900913        16795640.14     -1743299.26
SHANGHAI WORLDBE     600757       221563153.24   -116684849.78
SHENZ CHINA BI-A     17            27968310.96   -264106065.10
SHENZ CHINA BI-B     200017        27968310.96   -264106065.10
SHENZ SEG DASH-A     7             87929092.73    -12564255.28
SHENZHEN DAWNC-A     863           28956539.07   -151601215.51
SHENZHEN KONDA-A     48           202326403.32    -13552596.40
SHENZHEN SHENXIN     34            25649329.38   -166918478.37
SICHUAN DIRECT-A     757          130066883.28   -118258912.10
SUNTEK TECHNOL-A     600728        35176457.04    -23191875.13
TAIYUAN TIANLO-A     600234        12265615.62    -60715447.57
TIANJIN MARINE       600751        82399198.24    -30394356.74
TIANJIN MARINE-B     900938        82399198.24    -30394356.74
TIBET SUMMIT I-A     600338        72677899.02    -13527522.12
TOPSUN SCIENCE-A     600771       200059655.52   -121606797.74
WINOWNER GROUP C     600681        15621614.17    -72193630.51
WUHAN BOILER-B       200770       413277147.43    -44507992.86
WUHAN GUOYAO-A       600421        11224148.10    -38404939.94
XIAMEN OVERSEA-A     600870       316697544.56   -153952891.08
YUEYANG HENGLI-A     622           37038161.53    -15556588.42
YUNNAN MALONG-A      600792       157520417.89     -3274324.93
ZHANGJIAJIE TO-A     430           47476905.56     -6608204.52

HONG KONG


ASIA TELEMEDIA L     376           16618871.08     -5369335.42
CHINA GOLDEN DEV     162          249858442.34     -1458174.64
EGANAGOLDPFEIL       48           557892423.39   -132858951.98
FULBOND HLDGS        1041          66063004.00    -11679000.00
HUTCHISON TELE H     215         2400098040.83   -366059762.21
JIAN EPAYMENT        8165          12943183.73     -1516828.52
NEW CITY CHINA       456          113178595.41     -9932226.54
PALADIN LTD          495          160927722.22     -1629398.23
PALADIN LTD -PRE     642          160927722.22     -1629398.23
SANYUAN GROUP LT     140           15148448.77     -1587205.23

INDONESIA


BANK CENTURY TBK     BCIC         493235338.87   -135578273.49
BUKAKA TEKNIK UT     BUKK          73759284.09    -88378100.23
DAYA SAKTI UNGGU     DSUC          18968940.39    -16565907.15
ERATEX DJAJA         ERTX          14094093.62    -13644427.04
JAKARTA KYOEI ST     JKSW          23855890.79    -36519229.92
KARWELL INDONESI     KARW          13459944.34     -7208303.23
MULIA INDUSTRIND     MLIA         329626279.29   -438147831.29
PANCA WIRATAMA       PWSI          24440350.75    -28494642.10
POLYSINDO EKA PE     POLY         413587722.04   -843849953.26
SEKAR BUMI TBK       SKBM          16366816.27     -2619135.89
STEADY SAFE TBK      SAFE          10838828.11     -4030148.54
SURABAYA AGUNG       SAIP         211007388.88   -113611192.14
TEIJIN INDONESIA     TFCO         199177024.00    -55412900.00
UNITEX TBK           UNTX          13649308.63    -14400120.13

INDIA


ALCOBEX METALS       AML           35670319.03    -22443296.68
APPLE FINANCE        APL           70832103.73    -29253849.19
ASHIMA LTD           ASHM          59922403.11    -47153581.06
BAKELITE HYLAM       BKLT          13911138.88    -12867352.60
BALAJI DISTILLER     BLD           59974008.41    -50890026.26
BELLARY STEELS       BSAL         512415670.40   -101442229.54
BHAGHEERATHA ENG     BGEL          22646453.72    -28195273.09
CFL CAPITAL FIN      CEATF         20637497.85    -48884440.84
COMPUTERSKILL        CPS           14896780.89     -7560054.57
CORE HEALTHCARE      CPAR         185364966.99   -241912027.81
DCM FINANCIAL SE     DCMFS         16540889.84    -10988851.47
DIGJAM LTD           DGJM          98769193.78    -14623833.58
DISH TV INDIA        DITV         422081403.33   -127614551.41
DUNCANS INDUS        DAI          164653351.85   -220922929.88
EMTEX INDS INDIA     EMTX          11807105.53    -44405235.51
GALADA POWER & T     GCC           10899606.76    -27849464.86
GANESH BENZOPLST     GBP           77840261.61    -41865917.86
GLOBAL BOARDS        GLB           25154303.78      -793024.17
GSL INDIA LTD        GSL           37040429.61    -42340564.58
GUJARAT SIDHEE       GSCL          59440728.18      -660003.43
GUJARAT STATE FI     GSF           30159595.18   -234918081.46
HANJER FIBRES        HJF           10720699.56      -310044.87
HARYANA STEEL        HYSA          10831176.59     -5909008.81
HFCL INFOTEL LTD     HFCL         233136050.86    -59728545.83
HIMACHAL FUTURIS     HMFC         633329926.05   -104792044.71
HINDUSTAN PHOTO      HPHT          93725753.93  -1229352757.43
HMT LTD              HMT          206932743.85   -263572925.12
ICDS                 ICDS          13300348.69     -6171079.46
INDIA FOILS LTD      IF            48457142.32    -38013960.39
INTEGRAT FINANCE     IFC           57729537.53    -52297155.04
JCT ELECTRONICS      JCTE         122542558.60    -49996834.55
JD ORGOCHEM LTD      JDO           14537402.78    -69753846.55
JENSON & NIC LTD     JN            15734678.26    -92089109.12
JIK INDUS LTD        KFS           20633171.50     -5623616.49
JK SYNTHETICS        JKS           20208078.76     -2171303.89
JOG ENGINEERING      VMJ           50080964.36    -10076436.07
KALYANPUR CEMENT     KCEM          37538318.01    -41771703.35
LLOYDS FINANCE       LYDF          36822038.19    -10290725.19
LLOYDS STEEL IND     LYDS         358940191.85    -83135016.16
MILLENNIUM BEER      MLB           39726352.09      -732186.48
MILTON PLASTICS      MILT          26114050.07    -42391324.19
NATH PULP & PAP      NPPM          13588844.93    -39126079.65
NICCO UCO ALLIAN     NICU          38788084.34    -61659313.00
ORIENT PRESS LTD     OP            16699814.52       -94789.33
PANCHMAHAL STEEL     PMS           51024827.03      -325116.26
PANYAM CEMENTS       PYC           30241162.87     -9403739.61
PARASRAMPUR SYN      PPS          111971290.89   -317111727.95
PAREKH PLATINUM      PKPL          61081050.43    -88849040.15
PEACOCK INDS LTD     PCOK          14682895.47    -18138660.88
PIRAMAL LIFE SC      PLSL          32054795.68     -3725239.05
POLAR INDS LTD       PLI           17540987.69    -24687678.21
PRECISION CONTAI     PCLL          10013065.56     -3669728.21
RAMA PHOSPHATES      RMPH          34066789.55     -1192495.62
RATHI ISPAT LTD      RTIS          44555929.56     -3933592.50
REMI METALS GUJA     RMM           82273746.28     -1650461.11
ROLLATAINERS LTD     RLT           22965755.05    -22244556.92
ROYAL CUSHION        RCVP          29192373.45    -73115309.68
RPG CABLES LTD       RPG           51431409.37    -20192930.18
SEN PET INDIA LT     SPEN          13283611.52    -25431862.10
SHALIMAR WIRES       SWRI          30588221.25    -63772177.80
SHAMKEN COTSYN       SHC           23127927.75     -6172791.93
SHAMKEN MULTIFAB     SHM           60546590.60    -13260108.95
SHAMKEN SPINNERS     SSP           42180451.29    -16764934.64
SHARDA ISPAT LTD     SHIL          16179943.38     -5040578.35
SHREE RAMA MULTI     SRMT          81405835.45    -64134056.23
SIDDHARTHA TUBES     SDT           92929926.47    -10719543.54
SIL BUSINESS ENT     SILB          12461159.02    -19961202.41
SPICE COMMUNICAT     SPCM         263692459.52    -19679192.67
STI INDIA LTD        STIB          44107456.00      -300149.59
TAMILNADU TELE       TNT           11680819.22     -3373123.87
TATA TELESERVICE     TTLS         793627684.28    -74636840.33
TRIVENI GLASS        TRSG          34542881.89     -6209872.78
UNIWORTH LTD         WW           178225972.59   -131624807.91
USHA INDIA LTD       USHA          12064900.61    -54512967.31
WINDSOR MACHINES     WML           14500894.45    -28144999.02
WIRE AND WIRELES     WNW          102422193.22    -37057061.49

JAPAN


AVIX INC             7836          19009420.72     -2125138.36
COSMOS INITIA CO     8844        2333430615.87   -454804416.82
DDS INC              3782          10683845.35     -5696657.23
FDK CORP             6955         465071545.70    -85901797.18
G-TRADING            3348          53439073.69    -19823380.51
GREEN FOODS CO       3367          87003396.49    -48040344.74
L CREATE CO LTD      3247          42344509.56     -9146496.90
MORISHITA CO LTD     3594         168223801.88     -2415401.06
NESTAGE CO LTD       7633          15752022.32     -7045459.62
OPEN INTERFACE I     4302          10824431.23    -25566252.98
PLACO CO LTD         6347          19727184.96     -1662140.28
PLACO CO LTD-WI      63471         19727184.96     -1662140.28
PROPERST CO LTD      3236         854806960.92    -17847055.11
REMIXPOINT CO LT     3825          13032512.99     -1159815.17
SPC ELECTRONICS      6818         124705573.68    -13095644.59
TERRANETZ CO LTD     2140          11633353.37     -4293462.63
ZENTEC TECHNOLOG     4296          61693138.35    -30725846.21

MALAYSIA


BSA INTERNATIONA     BSAI          60415146.27    -45433037.17
HARVEST COURT        HAR           10626827.67     -6604210.03
LITYAN HLDGS BHD     LIT           15777258.11    -28374431.50
NEPLINE BHD          NL            20464406.20    -25108761.81
NIKKO ELECTRONIC     NIKKO         10890137.48     -8147304.11
PECD BHD             PECD         247769002.01   -363970343.69
WONDERFUL WIRE       WW            11189410.52    -13834863.57

NEW  ZEALAND


DOMINION FINANCE     DFH          258902749.12    -55312405.88

PHILIPPINES


APEX MINING 'B'      APXB          51256351.82     -8972145.85
APEX MINING-A        APX           51256351.82     -8972145.85
BENGUET CORP 'B'     BCB           75710043.41    -35193170.69
BENGUET CORP-A       BC            75710043.41    -35193170.69
CENTRAL AZUC TAR     CAT           37806902.52     -2588843.76
CYBER BAY CORP       CYBR          12926776.59    -79228223.36
EAST ASIA POWER      PWR           50796443.41   -139420756.07
FIL ESTATE CORP      FC            37286935.14    -11355841.65
FILSYN CORP A        FYN           22000423.40    -10278638.86
FILSYN CORP. B       FYNB          22000423.40    -10278638.86
GOTESCO LAND-A       GO            18684576.24    -10863822.41
GOTESCO LAND-B       GOB           18684576.24    -10863822.41
MRC ALLIED           MRC           13040098.81     -3682026.54
PICOP RESOURCES      PCP          105659068.50    -23332404.14
STENIEL MFG          STN           28673457.47     -1478015.89
UNIVERSAL RIGHTF     UP            45118524.67    -13478675.99
UNIWIDE HOLDINGS     UW            52802040.71    -56176026.28
VICTORIAS MILL       VMC          178060236.02    -36659989.09

SINGAPORE


ADV SYSTEMS AUTO     ASA           11992958.61    -11223940.95
ADVANCE SCT LTD      ASCT          69486218.18    -11959064.78
CHUAN SOON HUAT      CSH           33386752.42    -11485337.08
FALMAC LTD           FAL           10288220.94     -6460596.18
HL GLOBAL ENTERP     HLGE          93947954.45    -12514151.49
INFORMATICS EDU      INFO          23073311.96      -831837.63
LINDETEVES-JACOB     LJ           149102492.24    -82583823.03
OCEAN INTERNATIO     OCEAN         61659790.45    -13720371.73
PACIFIC CENTURY      PAC           21863868.37     -2767499.46
SUNMOON FOOD COM     SMOON         18725666.00    -10079386.91
TT INTERNATIONAL     TTI          274506594.33    -42323078.96
WESTECH ELECTRON     WTE           28290170.94    -12855750.98

SOUTH KOREA


CL LCD CO LTD        35710         55585277.13    -14793655.63
DAHUI CO LTD         55250        186003859.24     -1504246.54
DAISHIN INFO         20180        740500919.30   -158453978.78
ELIM EDU CO LTD      46240         34029159.88     -3747735.09
FIRST FIRE & MAR     610         2044031310.36     -1780221.91
KYSYS CO LTD         15390         10671544.09     -6267111.24
MOBILINK TELECOM     41310         52665694.67    -11474605.44
MOBO CO LTD          51810        196643340.38    -11979182.85
ORICOM INC           10470         82645454.13    -40039161.33
PRIME ENTMT          17170         31473002.90    -19371600.20
ROCKET ELEC-PFD      425           68584186.91     -2140474.00
ROCKET ELECTRIC      420           68584186.91     -2140474.00
SAMT CO LTD          31330        303858255.56    -77572655.65
SIMM TECH CO LTD     36710        314177541.38    -34486443.29
SOLAR & TECH CO      30390         11466591.81      -588035.38
STARMAX CO LTD       17050         50131660.74    -25436154.88
SUNNY TRENDS CO      35500         32757713.75     -7323573.46
TAESAN LCD CO        36210        187935112.10   -546263614.46
TONG YANG MAGIC      23020        355147750.92    -25767007.75
YOUILENSYS CORP      38720        166697877.68    -12337148.33


TAIWAN


CHIEN TAI CEMENT     1107         202446919.23    -22407739.40
HELIX TECH-EC        2479T         23385923.43    -24115022.26
HELIX TECH-EC IS     2479U         23385923.43    -24115022.26
HELIX TECHNOL-EC     2479S         23385923.43    -24115022.26
TAIWAN KOL-E CRT     1606U        507206787.88   -147139297.70
TAIWAN KOLIN-EN      1606V        507206787.88   -147139297.70
TAIWAN KOLIN-ENT     1606W        507206787.88   -147139297.70
VERTEX PREC-ENTL     5318T         43037265.55     -2305484.43
VERTEX PRECISION     5318          43037265.55     -2305484.43
YEU TYAN MACHINE     8702          39574168.04   -271070409.72

THAILAND


ABICO HLDGS-F        ABICO/F       12066621.69     -9544714.91
ABICO HOLD-NVDR      ABICO-R       12066621.69     -9544714.91
ABICO HOLDINGS       ABICO         12066621.69     -9544714.91
BANGKOK RUB-NVDR     BRC-R         81029895.85    -63623979.94
BANGKOK RUBBER       BRC           81029895.85    -63623979.94
BANGKOK RUBBER-F     BRC/F         81029895.85    -63623979.94
BLISS-TEL PCL        BLISS         12552268.65     -1546013.01
BLISS-TEL PCL-F      BLISS/F       12552268.65     -1546013.01
BLISS-TEL PCL-NV     BLISS-R       12552268.65     -1546013.01
CENTRAL PAPER IN     CPICO         10220356.04   -216074904.26
CENTRAL PAPER-F      CPICO/F       10220356.04   -216074904.26
CENTRAL PAPER-NV     CPICO-R       10220356.04   -216074904.26
CIRCUIT ELE-NVDR     CIRKIT-R      61295807.28    -25886476.66
CIRCUIT ELEC PCL     CIRKIT        61295807.28    -25886476.66
CIRCUIT ELEC-FRN     CIRKIT/F      61295807.28    -25886476.66
DATAMAT PCL          DTM           12690638.93     -6132014.29
DATAMAT PCL-NVDR     DTM-R         12690638.93     -6132014.29
DATAMAT PLC-F        DTM/F         12690638.93     -6132014.29
ITV PCL              ITV           31557425.41    -76616907.26
ITV PCL-FOREIGN      ITV/F         31557425.41    -76616907.26
ITV PCL-NVDR         ITV-R         31557425.41    -76616907.26
K-TECH CONSTRUCT     KTECH         83204235.85     -5693045.29
K-TECH CONSTRUCT     KTECH/F       83204235.85     -5693045.29
K-TECH CONTRU-R      KTECH-R       83204235.85     -5693045.29
KUANG PEI SAN        POMPUI        17146363.89    -12117287.24
KUANG PEI SAN-F      POMPUI/F      17146363.89    -12117287.24
KUANG PEI-NVDR       POMPUI-R      17146363.89    -12117287.24
MALEE SAMPR-NVDR     MALEE-R       52662866.04     -6699070.37
MALEE SAMPRAN        MALEE         52662866.04     -6699070.37
MALEE SAMPRAN-F      MALEE/F       52662866.04     -6699070.37
NATURAL PAR-NVDR     NPARK-R       99405582.21      -795660.77
NATURAL PARK PCL     NPARK         99405582.21      -795660.77
NATURAL PARK-F       NPARK/F       99405582.21      -795660.77
NFC FERTILI-NVDR     NFC-R         41394761.31      -328937.74
NFC FERTILIZER P     NFC           41394761.31      -328937.74
NFC FERTILIZER-F     NFC/F         41394761.31      -328937.74
PATKOL PCL           PATKL         56238621.35    -21509387.22
PATKOL PCL-FORGN     PATKL/F       56238621.35    -21509387.22
PATKOL PCL-NVDR      PATKL-R       56238621.35    -21509387.22
PONGSAAP PCL         PSAAP         26782248.02     -2033209.65
PONGSAAP PCL         PSAAP/F       26782248.02     -2033209.65
PONGSAAP PCL-NVD     PSAAP-R       26782248.02     -2033209.65
SAFARI WORL-NVDR     SAFARI-R      98372248.17    -18046379.39
SAFARI WORLD PUB     SAFARI        98372248.17    -18046379.39
SAFARI WORLD-FOR     SAFARI/F      98372248.17    -18046379.39
SAHAMITR PR-NVDR     SMPC-R        31177710.43    -14940579.60
SAHAMITR PRESS-F     SMPC/F        31177710.43    -14940579.60
SAHAMITR PRESSUR     SMPC          31177710.43    -14940579.60
SUNWOOD INDS PCL     SUN           19863687.56    -13033623.14
SUNWOOD INDS-F       SUN/F         19863687.56    -13033623.14
SUNWOOD INDS-NVD     SUN-R         19863687.56    -13033623.14
THAI-DENMARK PCL     DMARK         15715462.27    -10102519.69
THAI-DENMARK-F       DMARK/F       15715462.27    -10102519.69
THAI-DENMARK-NVD     DMARK-R       15715462.27    -10102519.69
UNIVERSAL S-NVDR     USC-R         77602986.98    -55435027.30
UNIVERSAL STAR-F     USC/F         77602986.98    -55435027.30
UNIVERSAL STARCH     USC           77602986.98    -55435027.30


                         *********

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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