TCRAP_Public/090825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, August 25, 2009, Vol. 12, No. 167

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Creditors Vote to Wind Up Firm
BRADKEN INC: Moody's Downgrades Corporate Family Rating to 'B3'
CARLOVERS CARWASH: Court Bans Ariff as Liquidator, Administrator
ENVIRONINVEST: Prescott's Daughter Asked on AU$7.6MM Property Sale
FAIRFAX MEDIA: Posts AU$380 Million Net Loss in Year Ended June 30

SUNCORP METWAY: Full-Year Profit Falls 40%
* AUSTRALIA: Government Gives ASIC Power to Supervise Markets


C H I N A

CHINA HEALTH: June 30 Balance Sheet Upside-Down by US$6 Million
CHINA MINSHENG: H1 Net Profit Up 22.07% to CNY7.37 Billion
GENERAL MOTORS: Close to Signing Deal to Sell Hummer to Chinese
SHANGHAI PUDONG: Wins Approval for CNY30-Bln Shares, Bonds Sale


H O N G  K O N G

ASIA PACIFIC: Creditors' Proofs of Debt Due on September 21
ASIA PACIFIC FINANCIAL: Creditors' Proofs of Debt Due on Sept. 22
BLOOM TIME: Shareholders' Final Meeting Set for September 21
B.T. SHIPPING: Members' Final Meeting Set for September 25
CITYVISION LIMITED: Creditors' Proofs of Debt Due on Sept. 21

FEDERATION OF ASIAN: Creditors' Proofs of Debt Due on Sept. 21
GOLDEN HILL: Members' Final Meeting Set for September 25
GTH (HK): Robert Osborne Lee Steps Down as Liquidator
PEOPLE'S DEMOCRACY: Creditors' Proofs of Debt Due on Sept. 21
REVELL-MONOGRAM: Simon Chi Ying Steps Down as Liquidator

SMART MEDIA: Creditors' Proofs of Debt Due on Sept. 21
SMARTER DRAGON: Members' Final Meeting Set for September 30
UNICITY INVESTMENT: Members and Creditors to Meet on September 22
WASHINGTON MUTUAL: Placed Under Voluntary Wind-Up
WEBMETHODS HONG KONG: Members' Final Meeting Set for September 22

* HONG KONG: Bankruptcy Petitions Rise 36% Yoy in July 2009


I N D I A

JET AIRWAYS: HSBC Cuts Rating to Underweight on Rising Fuel Cost
JET AIRWAYS: Pilots to Stage Indefinite Strike from September 7
JET AIRWAYS: To Shift 45 Flights to Jet Airways Konnect
SATYAM COMPUTER: CBI May File New Chargesheet Against Stock Broker
SHIV PUJA: CRISIL Assigns 'BB-' Rating on INR800 Million Term Loan

SHIV SAI: CRISIL Reaffirms 'BB' Rating on INR88 Mln Term Loan
SHREE SANYEEJI: CRISIL Reaffirms Rating on INR382.5MM Loan at 'D'
SHREE SANYEEJI ISPAT: CRISIL Reaffirms 'BB' Rating on Cash Credit
SHRI PARIYUR: Fitch Assigns National Long-Term Rating at 'B-'
VISHESH INFRASTRUCTURE: CRISIL Rates INR130 Mln Term Loan at 'BB'

YAMUNA ROLLER: Low Net Worth Cues CRISIL to Assign 'BB-' Rating
WOCKHARDT LTD: Fortis to Buy 10 Wockhard Hospitals for INR1,200cr


J A P A N

CUBIC ONE: S&P Affirms Ratings on Two Secured Securities
JAPAN AIRLINES: Mulls Slashing 10% of Workforce in Three Years
SPANSION INC: Delays Quarter Results Filing


K O R E A

HYUNDAI MOTOR: Mulls Shifting I20 Production Base to Turkey
HYUNDAI MOTOR: Son of Hyundai Chairman Appointed as Vice Chairman


M A L A Y S I A

JPK HOLDINGS: Auditors' Disclaimer Opinion Prompts PN17 Listing


N E W  Z E A L A N D

ST LAURENCE: Receivership Threat Won't Spill Over to SLPF Unit


P H I L I P P I N E S

BAYAN TELECOM: CA Dismisses 3G Phone License Suit Against NTC


S I N G A P O R E

CHENGDU CENTRE: Court Enters Wind-Up Order
CROSBY ASSET: Creditors' Proofs of Debt Due on September 22
DONNA FOOD: Court to Hear Wind-Up Petition on August 28
ENG HUAT: Creditors' Proofs of Debt Due on September 23
TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on Sept. 4


X X X X X X X X

* BOND PRICING: For the Week August 17 to August 21, 2009


                         - - - - -


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A U S T R A L I A
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BABCOCK & BROWN: Creditors Vote to Wind Up Firm
-----------------------------------------------
Babcock & Brown Ltd creditors have voted to liquidate the assets
of the company, Alex Wilson at Dow Jones Newswires reports citing
liquidator Deloitte.

According to the report, Deloitte said the vote empowers it to
investigate matters surrounding the collapse of the group,
including potential conflicts of interest between the boards of
Babcock & Brown and affiliated company Babcock & Brown
International Pty. Ltd. which held most of the group's assets.

Dow Jones relates that other issues the liquidator is seeking to
examine are:

   -- the possibility of inadequate disclosure regarding public
      offer documents;

   -- a review of the company's risk management processes;

   -- a review of the solvency of the group at various
      points; and

   -- the timing of the impairment of assets.

"In particular, we are interested to further investigate a key
question: At what stage did the BBL directors have regard to the
interests of the noteholders and creditors in making their
decisions about the conduct of the group's business?" Deloitte
liquidator David Lombe was quoted by Dow Jones as saying in a
statement.

The Troubled Company Reporter-Asia Pacific reported on Aug. 19,
2009, that Deloitte asked creditors and noteholders to tip in
AU$400 each of their own money to fund public examinations and
further investigations into the affairs of Babcock & Brown.

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

                       About Babcock & Brown

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

                          *     *     *

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

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


BRADKEN INC: Moody's Downgrades Corporate Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service lowered Atchison, Kansas based Bradken,
Inc. (formerly known as AmeriCast Technologies, Inc.)'s Corporate
Family Rating to B3 from B2, and rating on the senior unsecured
notes due 2014 to Caa1 from B3.  The rating outlook is negative.

The downgrade reflects Moody's expectation that Bradken's
operating and credit metrics will deteriorate significantly in the
next 6-12 months, driven by substantially weakened demand from
most of its end markets.  Bradken reported a 16% revenue decline
during its third quarter (March 2009), compared to the prior year
period, and thinning order backlog.  Moody's notes that the
decline in demand for Bradken's heavy steel casting products
accelerated in the recent past and expects the demand to sustain
at a depressed level throughout the intermediate term despite some
early signs of stabilization in the global economy.

"The recovery in demand of its products generally lags a full
recovery of general economy by 6-9 months based on historical
experience," commented Moody's analyst John Zhao.  In particular,
Moody's expects some end markets, such as locomotive, construction
and mining, would likely be the most challenged.  Its energy
segment which mainly serves the oil and gas industry, would also
face significant downward topline pressure due to anticipated low
activity in exploration and production.  While the company has
taken significant steps to reduce operating expenses such as
headcount reduction, Moody's believe that Bradken's small size and
potential sudden disruption of revenue steam due to its
significant customer concentration (most pronounced in the
construction & mining, and locomotive end markets) may constrain
its ability to adapt to deteriorating market conditions.
Consequently, Moody's expects that credit metrics, such as
operating income and cash flow, will deteriorate significantly.

The B3 rating positively considers Bradken's leading position in
the niche large steel casting market, high barrier to entry due to
size and complexity of main products and high start-up cost, and
its long-term, sole-source based relationship with its major
customers.  The rating also recognizes the company's relatively
modest leverage and adequate interest coverage in part due to
voluntary debt reduction completed in the past year.  The B3
rating however, is constrained by its small scale, heavy exposure
to cyclical end market, acquisitive nature and significant
customer concentration.

The negative outlook reflects the pace and magnitude of the recent
deteriorating trend in revenues and Moody's concern on the timing
of the potential recovery in demand.  The outlook also depicts the
company's weakening (though still adequate) liquidity position,
reflective of the lower free cash flow generation as well as the
eroding cushion above the US$8 million excess borrowing
availability threshold under its asset-based revolving credit
facility (not rated by Moody's) in the next twelve months.
Moody's cautions that the company's ability to remain in
compliance with the covenant will become uncertain if a fixed
charge springing covenant would be triggered when the revolver
availability fell below the threshold.  The rating could be
further downgraded if the combined liquidity (cash + available
revolver) drops below US$20 million on a sustained basis.

The rating action is:

   * Corporate Family Rating -- downgraded to B3 from B2

   * Probability of Default rating -- downgraded to B3 from B2

   * US$105 million (US$69 million outstanding) of senior
     unsecured notes due 2014 -- downgraded to Caa1 (LGD5, 78%)
     from B3 (LGD4, 62%)

   * Rating outlook -- revised to negative from stable

The last rating action on Bradken occurred on November 8, 2006
when the first time rating was assigned at B2 CFR.

Bradken, Inc., headquartered in Atchison, Kansas, is a designer
and manufacturer of large, highly engineered steel and iron
castings.  Products include locomotive and transit trucks, mining
truck frames, axle housings, valve bodies, compressor housings,
pumps, Navy ship cast components, power generation turbine steel
castings, and offshore platform structural parts.  The company is
wholly owned by Bradken Limited, an Australia based engineering
company.


CARLOVERS CARWASH: Court Bans Ariff as Liquidator, Administrator
----------------------------------------------------------------
A Supreme Court judge has banned liquidator and administrator
Stuart Ariff from practicing in the profession for
misappropriation of AU$5 million of funds, including charging
creditors of the CarLovers Carwash group for his personal holiday
expenses, according to The Sydney Morning Herald.

The report says Mr. Ariff admitted he deserved to be banned
from the profession for life after he improperly charged or
misappropriated AU$5 million from 16 of his clients.

The Herald relates that Mr. Ariff, who operated in Sydney and
Newcastle, admitted he had unreasonably charged the creditors of
the CarLovers Carwash group AU$180,000 in overseas travel expenses
between 2003 and 2007, including a stay in a luxury resort in
Malaysia.

Mr. Ariff also charged CarLovers for AU$208,000 in consultancy
fees, paid to his father, whose only professional skill is his
career as a former Malaysian diplomat, the report says.

NSW Supreme Court Justice Patricia Bergin, says the Herald,
described Mr. Ariff's behaviour as "quite appalling"  The report
relates Ms. Bergin said Mr. Ariff had only "partially" seen "the
error of his ways" and had still not fully recognized the
seriousness of his misappropriation of funds and his actions in
charging creditors for his personal holiday expenses.

The administration of CarLovers was one of Mr. Ariff's first
appointments as a sole practitioner in 2003, the Herald notes.

CarLovers Carwash operates a chain of 25 self-serve and automatic
carwashes in Australia.


ENVIRONINVEST: Prescott's Daughter Asked on AU$7.6MM Property Sale
------------------------------------------------------------------
Lawyers for the liquidator of Environinvest Ltd have examined the
daughter of a former director of the company, Roger Pescott, about
her purchase of a multimillion-dollar property that held blue gum
plantations linked to Environinvest's MIS schemes, The Age
reports.

The report relates that Miffany Blythe appeared in the Supreme
Court under oath on Friday, August 21.  Her father, a former
Kennett government minister and long-serving Environinvest
director, was due to give evidence on Thursday, August 20 but was
granted an adjournment until October, the Age says.

According to The Age, last week's examination focused on the 2007
sale of Eurambeen, a property west of Ballarat, who was partly
leased to companies linked to Environinvest at that time.

The Age relates Ms. Blythe told the court that she and her husband
bought Eurambeen from Blackburne, a company of which Mr. Prescott
was the sole director, in October 2007.  The Blythes, according to
the report, bought the property through a trust company called
Arnac, paying AU$7.6 million and taking on capital gains tax
liability for the property.

When asked if she was aware that Blackburne had sold Eurambeen to
Environinvest in 2000, Ms. Blythe told Jonathan Evans, counsel for
Environinvest's liquidator Jim Downey, she wasn't aware.

The report says the court was told that by July 2008,
Environinvest's subsidiaries had stopped paying rent on Eurambeen
and Mr. and Ms. Blythe terminated the leases in late August.
Environinvest, the Age notes, entered administration less than a
month later.

The examination was adjourned until October, the report notes.

                      About Environinvest Ltd

Headquartered in Melbourne, Victoria in Australia, Environinvest
Limited -- http://www.environinvest.com.au/-- which trades as
Primary Yield, holds a financial services licence to run several
forestry and agricultural investment schemes.  Since its
inception in 1997, the company is currently responsible under
ownership, lease, and agistment for 370,000 acres (148,857
hectares) of agricultural land in Victoria, Tasmania, South
Australia, New South Wales, and Queensland.  The company also
offers Eucalyptus industry investment opportunities, cattle
industry investment opportunities and blue gum investment
information for Australian national markets and international
clients.  As at June 30, 2004,  Environinvest and its
subsidiaries had net assets of approximately AU$36 million.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2008, the directors of Environinvest Ltd appointed
James Downey as administrator of the company.  On Sept. 22, 2008,
Commonwealth Bank of Australia appointed Craig Shepard and Mark
Mentha of KordaMentha as joint and several receivers and managers
of Environinvest.

The creditors of Environinvest Ltd met on October 24, 2008, and
resolved that the company be wound up voluntarily, the TCR-AP
reported on Feb. 18, 2009.


FAIRFAX MEDIA: Posts AU$380 Million Net Loss in Year Ended June 30
------------------------------------------------------------------
Sarah McDonald at Bloomberg News reports that Fairfax Media Ltd.,
posted a second-half loss after a decline in advertising revenue
forced it to write down the value of its mastheads.

Citing Fairfax spokesman Frank Sufferini, Bloomberg says the
company posted a net loss after impairments, significant items and
tax of AU$14.7 million (US$12.3 million) in the six months ended
in June, compared with a profit of AU$190.9 million a year
earlier.  For the full year, Bloomberg notes, the publisher of the
Sydney Morning Herald and the Australian Financial Review reported
a loss of AU$380 million on AU$2.6 billion sales.

"Trading results for the first seven weeks of the new financial
year indicate that the decline in advertising revenues appears to
have bottomed but a material recovery in advertising demand has
not yet commenced," Bloomberg cited Fairfax in a statement.

According to Bloomberg, Fairfax said its full-year result included
AU$664.3 million of one-- off impairments and significant items.
Of that figure, AU$513 million related to a reduction in the
carrying value of mastheads and goodwill.

Underlying earnings before interest, tax, depreciation and
amortization of AU$605 million for the full year were slightly
above market consensus, Bloomberg relates.

Bloomberg says the company won't pay a final dividend.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

                       About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


SUNCORP METWAY: Full-Year Profit Falls 40%
------------------------------------------
Suncorp-Metway Ltd. reported a net profit after tax of AU$348
million for the full year to June 30, 2009, down 40% from AU$583
million in the previous year.  The Group's full year profit before
tax and Promina acquisition items was AU$799 million.

"The group expects economic conditions to remain volatile for some
time as investment markets look for signs of economic recovery,"
Suncorp said in a statement.

Suncorp Chairman John Story said it had been a challenging year
for Suncorp.

"The 2009 financial year coincided with the most volatile period
in Australian financial services history and, although underlying
performance remained solid, each of our businesses was impacted by
unfavorable operating environments," Mr. Story said in a statement
today.

Mr. Story also confirmed that, in line with previous guidance,
Suncorp would pay a final ordinary dividend of 20 cents per share
fully franked, taking the full year ordinary dividend to 40 cents
per share fully franked.

Acting chief executive Chris Skilton said Suncorp had
significantly adapted its business model over the course of the
financial year in response to market challenges and to ensure the
Group's long-term viability.

"The Bank and Suncorp Life both completed comprehensive strategic
reviews designed to achieve sustainable, low risk business models.
The general insurer drove cost efficiencies through integration
and de-risked its investment portfolios and significant
enhancements were made to the Group's risk frameworks and capital
position," Mr. Skilton said.

"These were necessary, though difficult decisions, which have had
some short-term impact on the full year result.  They were,
however, decisions that were made with the longer term interests
of the Group and shareholders in mind."

Mr. Story said that, irrespective of the effect of external
factors, the Board and management were conscious the result would
be disappointing for shareholders.

                       About Suncorp-Metway

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

                         *     *     *

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

These rating actions have been taken:

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

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

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


* AUSTRALIA: Government Gives ASIC Power to Supervise Markets
-------------------------------------------------------------
The Treasurer, Wayne Swan MP and the Minister for Financial
Services, Superannuation and Corporate Law, Chris Bowen MP,
announced Monday changes to the supervision of Australia's
financial markets that will enhance the integrity of Australia's
financial markets and take another step towards establishing
Australia as a financial services hub in the region.

The Government said it has decided to provide for the Australian
Securities and Investments Commission (ASIC) to perform
supervision of real-time trading on all of Australia's domestic
licensed markets.  This change will mean that ASIC will now be
responsible for both supervision and enforcement of the laws
against misconduct on Australia's financial markets.

"Australia's financial system has performed better than any other
during the global recession and these reforms will ensure that
Australia's regulatory arrangements remain among the best in the
world," Mr. Swan said in a statement.

"As part of the Government's drive to improve regulation of the
financial industry, the Government has decided to transfer
supervisory responsibility for Australia's financial markets
to ASIC as it is more appropriate for an agency of the Government
to perform this important function," Mr. Bowen said.

The present arrangements require individual financial markets to
self-supervise trading on their individual markets.  This reform
is in line with the move towards centralized or independent
regulation in other leading jurisdictions.

"Having one whole-of-market supervisor will consolidate the
current individual supervisory responsibilities into one entity,
streamlining supervision and enforcement, and providing complete
supervision of trading on the market," Mr. Bowen said.

"Moving to whole-of-market supervision is also the first step in
the process towards considering competition between market
operators."

The changes will mean that ASIC will become responsible for
supervising trading activities by broker participants which take
place on a licensed financial market, while individual markets --
such as the Australian Securities Exchange (ASX) -- will retain
responsibility for supervising the entities listed on them.

"The supervision of listed entities raises a different set of
issues. The Government is comfortable that there is no need for
the Government to supervise listed entities.  ASIC and the ASX are
working well together in performing this role," Mr. Bowen said.

It is intended that legislation will be introduced into Parliament
next year to give effect to this change, with ASIC to begin
performing these functions in the third quarter of 2010.


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C H I N A
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CHINA HEALTH: June 30 Balance Sheet Upside-Down by US$6 Million
---------------------------------------------------------------
China Health Care Corp.'s balance sheet at June 30, 2009, showed
total assets of US$1.47 million and total liabilities of
US$7.06 million, resulting in a stockholders' deficit of about
US$5.59 million.

For three months ended June 30, 2009, the Company reported a net
income of US$280,996 compared with a net loss of US$93,152 for the
same period in 2008.

For nine months ended June 30, 2009, posted a net loss of
US$776,674 compared with a net loss of US$2.09 million for the
same period in 2008.

A full-text copy of the Company's Form 10-Q is available for
free at http://ResearchArchives.com/t/s?42b7

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.

                       Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

The Company has a negative cash flow from operations of
US$1,457,854 for the year ended September 30, 2008, and a working
capital deficiency of US$4,812,117.  The Company continues to make
efforts to procure outside financing to strengthen its financial
position.


CHINA MINSHENG: H1 Net Profit Up 22.07% to CNY7.37 Billion
----------------------------------------------------------
China Minsheng Bank Banking Corp Ltd said on Wednesday that its
net profit in the first half of the year surged 22.07% from a year
earlier to CNY7.37 billion (US$1.08 billion), Reuters reports.
For the six months ended June 30, the bank reported revenue of
CNY21.25, up 20.24% from a year ago.

Reuters, citing Minsheng in a statement to Shanghai Stock
Exchange, says the sale of the bank's entire holdings in Haitong
Securities Co., as well as successful investment in bonds, helped
contribute to the fast growth in profit.

Minsheng's non-performing loans at the end of June fell 1.51%
from the end of 2008 to CNY7.80 billion, Reuters notes.  Its non-
performing loan ratio stood at 0.86%, compared with 1.2% at the
end of 2008.

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                           *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "3".


GENERAL MOTORS: Close to Signing Deal to Sell Hummer to Chinese
---------------------------------------------------------------
General Motors Co. may sign an agreement for the sale of the
Hummer sport-utility vehicle business to a Chinese machinery maker
this week, Bloomberg News reported, citing two people familiar
with negotiations.  Executives from prospective buyer Sichuan
Tengzhong Heavy Industrial Machinery Co. based in Chengdu, China,
are expected to arrive in Detroit early this week for more
negotiations with GM, said the people, who asked not to be named
because the talks aren't public.  An agreement could be signed and
announced during the trip, one of the people said.  The sale
requires U.S. and Chinese regulatory approval.

According to Bloomberg, GM Chief Executive Officer Fritz Henderson
is working to dispose of half of the automaker's U.S. brands so
the carmaker can focus on the four that remain.  The Company is
eliminating the Pontiac brand, and deals are pending to sell its
Saab brand to Swedish sports car maker Koenigsegg Automotive AB
and Saturn to Penske Automotive Group Inc.

                       About General Motors

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

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

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

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

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


SHANGHAI PUDONG: Wins Approval for CNY30-Bln Shares, Bonds Sale
---------------------------------------------------------------
Bloomberg News reports that Shanghai Pudong Development Bank Co.
said in a filing to Shanghai's stock exchange that it won
conditional approval for its planned share sale from the China
Securities Regulatory Commission.

Bloomberg relates the bank said in May it won approval from
shareholders to raise as much as CNY30 billion selling shares and
bonds.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                           *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


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


ASIA PACIFIC: Creditors' Proofs of Debt Due on September 21
-----------------------------------------------------------
The creditors of Asia Pacific Association of Paediatric Urologists
Limited are required to file their proofs of debt by September 21,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 8, 2009.

The company's liquidator is:

         Lam Tin Faat
         Miramar Tower, Unit 702, 7th Floor
         132-134 Nathan Road, Tsim Sha Tsui
         Kowloon, Hong Kong


ASIA PACIFIC FINANCIAL: Creditors' Proofs of Debt Due on Sept. 22
-----------------------------------------------------------------
The creditors of Asia Pacific Financial Investments Limited are
required to file their proofs of debt by September 22, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 14, 2009.

The company's liquidators are:

          Chan Kim Chee
          Chiu Fan Wa
          1001 Admiralty Centre, Tower 1
          18 Harcourt Road
          Hong Kong


BLOOM TIME: Shareholders' Final Meeting Set for September 21
------------------------------------------------------------
The shareholders of Bloom Time Industries Limited will hold their
final general meeting on September 21, 2009, at 10:00 a.m., at
Block C, 11th Floor of Wah Hing Industrial Mansions, 36 Tai Yau
Street, San Po Kong, in Kowloon, Hong Kong.

At the meeting, Ma Yiu Cho Hoosen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


B.T. SHIPPING: Members' Final Meeting Set for September 25
----------------------------------------------------------
The members of B.T. Shipping & Enterprises Limited will hold their
final general meeting on September 25, 2009, at Room 2308, 23rd
Floor of Fortis Bank, 77-79 Gloucester Road, in Wanchai,
Hong Kong.

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


CITYVISION LIMITED: Creditors' Proofs of Debt Due on Sept. 21
-------------------------------------------------------------
The creditors of Cityvision Limited are required to file their
proofs of debt by September 21, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 12, 2009.

The company's liquidator is:

         Lo Wa Kei Roy
         United Centre
         Flat A, 16th Floor
         95 Queensway, Hong Kong


FEDERATION OF ASIAN: Creditors' Proofs of Debt Due on Sept. 21
--------------------------------------------------------------
The creditors of Federation of Asian Bishops' Conferences
(Hong Kong) Limited are required to file their proofs of debt by
September 21, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Teo Geok Tien, Maurice
         Rhine Garden
         10B, Tower 3
         Sham Tseng, New Territories


GOLDEN HILL: Members' Final Meeting Set for September 25
--------------------------------------------------------
The members of Golden Hill Morning Walkers Limited will hold their
final general meeting on September 25, 2009, at 10:00 a.m., at
Flat G, 7th Floor of New Lucky House, in 300-306 Nathan Road,
Kowloon.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GTH (HK): Robert Osborne Lee Steps Down as Liquidator
-----------------------------------------------------
On August 10, 2009, Robert Osborne Lee stepped down as liquidator
of GTH (HK) Holding Limited.


PEOPLE'S DEMOCRACY: Creditors' Proofs of Debt Due on Sept. 21
-------------------------------------------------------------
The creditors of People's Democracy Foundation Limited are
required to file their proofs of debt by September 21, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 10, 2009.

The company's liquidator is:

          Szeto May Mirana
          7A, Tower 2, Senior Staff quarters
          Hong Kong University of Science and Tech.
          Clear Water Bay
          Hong Kong


REVELL-MONOGRAM: Simon Chi Ying Steps Down as Liquidator
--------------------------------------------------------
On August 21, 2009, Simon Chi Ying Fung stepped down as liquidator
of Revell-Monogram (Asia Pacific) Limited.


SMART MEDIA: Creditors' Proofs of Debt Due on Sept. 21
------------------------------------------------------
The creditors of Smart Media Limited are required to file their
proofs of debt by September 21, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 12, 2009.

The company's liquidator is:

         Lo Wa Kei Roy
         United Centre
         Flat A, 16th Floor
         95 Queensway, Hong Kong


SMARTER DRAGON: Members' Final Meeting Set for September 30
-----------------------------------------------------------
The members of Smarter Dragon Limited will hold their final
general meeting on September 30, 2009, at 10:00 a.m., at the 5th
Floor of Ho Lee Commercial Building, 38-44 D'Aguilar Street, in
Central, Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNICITY INVESTMENT: Members and Creditors to Meet on September 22
-----------------------------------------------------------------
The members and creditors of Unicity Investment Limited will hold
their final meetings on September 22, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at Room C, 2nd Floor of Wing Tat
Commercial Building, 121-125 Wing Lok Street, in Central,
Hong Kong.

At the meeting, Choi Wai Lung Edward, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WASHINGTON MUTUAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
On August 17, 2009, the sole member of Washington Mutual Trade
Service Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidators are:

         Paul David Stuart Moyes
         Betty Yuen Yeung
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


WEBMETHODS HONG KONG: Members' Final Meeting Set for September 22
-----------------------------------------------------------------
The members of Webmethods Hong Kong Limited will hold their final
general meeting on September 22, 2009, at 10:00 a.m., at Level 28
of Three Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Paul David Stuart Moyes and Betty Yuen Yeung, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


* HONG KONG: Bankruptcy Petitions Rise 36% Yoy in July 2009
-----------------------------------------------------------
Reuters reports that government data showed bankruptcy petitions
in Hong Kong surged 36% in July from the same month a year ago,
but the jump was lower than an 89% year-on-year rise in June as
the economy picked up.

Reuters discloses that the territory recorded 1,475 bankruptcy
petitions last month, down 9% from 1,619 in June and compared to
1,081 in July 2008.


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


JET AIRWAYS: HSBC Cuts Rating to Underweight on Rising Fuel Cost
----------------------------------------------------------------
HSBC has downgraded the rating of Jet Airways (India) Ltd to
'Underweight' from 'Neutral', The Economic Times reports.

The ET relates that the GDP-based forecasting model suggests
domestic passenger decline has bottomed out and recovery from
H2FY10, in line with the economic recovery.

However, the report notes, price elasticity of demand and
downtrading are likely to continue, resulting in premium traffic
and yields rebounding with a lag, not before FY11.  Rising fuel
cost, a key cost component -- up 50% since Q4FY09 -- is a real
threat to profitability and could reverse the operational
improvement seen in the last few quarters, the ET notes.
According to the ET, HSBC also expects its debt overhang to
continue, with net debt to equity at 7x in FY09.

The report says HSBC downgrades the sales estimates for FY10E and
FY11E by 32% each to INR12,500 crore and INR14,600 crore
respectively.  The target price of INR218 is derived using a 1.5x
2010E EV/Sales.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


JET AIRWAYS: Pilots to Stage Indefinite Strike from September 7
---------------------------------------------------------------
Jet Airways (India) Ltd's pilots have sent a strike notice to the
management saying they would go on an indefinite strike from
September 7, the Business Standard reports.

The pilots are demanding the reinstatement of two colleagues --
Sam Thomas and G Balaraman -- who had been terminated, the report
said.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2009, Jet Airways sacked two of its senior pilots for
joining a newly formed union.  Capts. Balaraman and Thomas were
sacked for joining the National Aviators Guild which was
registered with the labor commissioner in Mumbai last month.

Union officials said the two sacked pilots enjoy the backing of
over 600 union members, who were considering going on strike if
the two were not reinstated.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


JET AIRWAYS: To Shift 45 Flights to Jet Airways Konnect
-------------------------------------------------------
The Economic Times reports that Jet Airways (India) Ltd will shift
45 flights to its no-frill service brand Jet Airways Konnect by
October as it continues to focus on low cost model of operations.

Jet Airways Konnect will launch new flights all through September
up to October 1 to enhance its connectivity from metros like
Mumbai, Delhi, Chennai, Bengaluru and Kolkata to several smaller
cities, the report said.

The report notes that Jet Airways Konnect currently operates 135
flights per day with nine Boeing and 11 ATR aircraft.  This will
raise to 180 flights per day by October 1 with the addition of six
more Boeing 737 jets, the report relates.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


SATYAM COMPUTER: CBI May File New Chargesheet Against Stock Broker
------------------------------------------------------------------
The Central Bureau of Investigation may soon file another
chargesheet in the case involving Satyam Computer Services
accounting scam, The Times of India reports.

According to the report, sources in the agency said the role of a
leading stock broker in management of funds of the firm has
surfaced during the probe, which necessitates further
investigation.

The sources, however, refused to reveal the name of the stock
broker, but said that several CBI cases are being persuaded
against him, the Times relates.

The agency has also sought permission to investigate the overseas
fundings of the company, the report says.

The Times of India, meanwhile, reports that a team of the US
capital market regulator, the Securities and Exchange Commission,
which came to India to collect documents for carrying out
investigations into the Satyam fraud case in America has completed
its exercise.

                         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.


SHIV PUJA: CRISIL Assigns 'BB-' Rating on INR800 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Shiv Puja Construction Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR800 Million Term Loan       BB-/Stable (Assigned)
   INR70 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the company's exposure to risks associated
with the pre-construction phase of the Sirohi-Mandar-Deesa road
project, which is the first project of such large size to be
executed by the partner companies; and exposure to revenue risks
associated with toll collections.  These rating weaknesses are
partially offset by the experience of the partner companies in
relatively smaller size road construction, build-operate-transfer
(BOT) projects, and tolling operations.

Outlook: Stable

CRISIL expects SPCPL to complete work on the Sirohi-Mandar-Deesa
stretch of Rajasthan State Highway (SH)-27 within the budgeted
time, given the low technical complexity of the project work.  The
outlook may be revised to 'Positive' if SPCPL completes the
project ahead of schedule, and demonstrates proportionate
collections from tolling operations.   The outlook may also have a
positive bias if the company repays the term loan raised to fund
the project before schedule because of higher-than-expected toll
collections.  Conversely, the outlook may be revised to 'Negative'
if the company faces time and cost overruns on the project,
leading to stressed financial capacity of the project to meet its
term debt obligations, and/or withdrawal of support extended by
the promoters in the form of unsecured loans.

                           About Shiv Puja

Shiv Puja Construction Pvt Ltd. was promoted in 2007 by PRL
Projects & Infrastructure Ltd and Shiva Corporation India Ltd as a
50:50-joint-venture for bidding for BOT projects.  It was selected
by the Public Works Department (PWD) of Rajasthan for
strengthening, widening, and improving the 71.4-kilometre Sirohi-
to-Deesa stretch on SH-27 on a BOT basis.  The project was awarded
to SPCPL in July 2008, after the company submitted a suo moto
proposal to PWD, Rajasthan.  The construction of the project
started in December 2008.  The total cost of the project is
estimated at INR1338 million, to be funded through debt of INR800
million and promoters' contribution for the balance amount.  The
road, after completion, will have three tolling points at Km-24,
Km-4 7, and Km-71.4.


SHIV SAI: CRISIL Reaffirms 'BB' Rating on INR88 Mln Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiv Sai Steel
Industries , part of the Sanyeeji group, continue to be
constrained by the inherent cyclicality in the steel business, the
group's stretched liquidity leading to delay in the repayment of
debt obligations in group company and its unstable operations
because of recently expanded capacities.  These weaknesses are
mitigated by the increasing integration in the group's operations,
leading to a moderate market position.

   Facilities                      Ratings
   ----------                      -------
   INR80 Million Cash Credit       BB/Stable (Reaffirmed)
   INR88 Million Term Loan         BB/Stable (Reaffirmed)
   INR20 Million Letter of Credit  P4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shree Sanyeeji Ispat Ltd, M/s Shiv Sai
Steel Industries, and Shree Sanyeeji Steel & Power Ltd, together
referred to, herein, as the Sanyeeji group.  This is because the
billets produced by Shiv Sai are used by Sanyeeji Ispat for making
thermo mechanically-treated (TMT) bars, and Sanyeeji Ispat has
guaranteed the loans of Sanyeeji Steel.

Outlook: Stable

CRISIL expects the Sanyeeji group's revenue to increase over the
medium term, backed by stabilisation of capacities.  The outlook
may be revised to 'Positive' if the group's profitability improves
substantially, and if it establishes a track record of timely debt
repayment.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes substantial debt-funded capital
expenditure, or if its profitability reduces further.

                          About the Group

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Guwahati, Assam-based Sanyeeji group, founded by Mr. Jai Prakash
Jaiswal.  In 1991, he established Sanyeeji Ispat, a 3000-tonnes
per annum (tpa) scrap-based rolling mill, in Guwahati . A second
ingot-based rolling mill with a capacity of 18,000 tpa was
established in 1996, which was converted into a TMT bar-cum-coil
rolling mill in 1998.  In 2000, a third rolling mill with a
72,000-tpa capacity was set up for TMT rods.  For backward
integration, a billet manufacturing unit with a capacity of 70,000
tpa was set up in 2006 in the name of Shiv Sai, a partnership
firm. A third integrated steel project was started under the name
of Sanyeeji Steel in 2007 in Bankura, West Bengal.  This unit
currently has three induction furnaces with concast mills for
producing billets (present installed capacity of 148,500 tpa).
The group has a combined capacity to manufacture 72,000 tpa of TMT
rods, and 218,000 tpa of billets.

For the year ended March 31, 2009, the Sanyeeji group posted
provisional net sales of INR2185 million and profit after tax of
INR143 million, as against INR1486 million and INR112 million,
respectively, in 2007-08.


SHREE SANYEEJI: CRISIL Reaffirms Rating on INR382.5MM Loan at 'D'
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the various bank facilities
of Shree Sanyeeji Steel and Power Ltd, part of the Sanyeeji group.
The company is in default on its debt repayments.

   Facilities                      Ratings
   ----------                      -------
   INR167 Million Cash Credit      D (Reaffirmed)
   INR382.5 Million Term Loan      D (Reaffirmed)
   INR33 Million Bank Guarantee    P5 (Reaffirmed)
   INR75 Million Letter of Credit  P5 (Reaffirmed)

                          About the Group

Shree Sanyeeji Ispat Ltd, M/s Shiv Sai Steel Industries and Shree
Sanyeeji Steel & Power Ltd are part of the Guwahati, Assam-based
Sanyeeji Group founded by Mr Jai Prakash Jaiswal. In 1991, he
established Sanyeeji Ispat, a 3000-tonnes per annum (tpa) scrap-
based rolling mill, in Guwahati.  A second ingot-based rolling
mill with a capacity of 18,000 tpa was established in 1996, which
was converted into a TMT bar-cum-coil rolling mill in 1998.  In
2000, a third rolling mill with a 72,000-tpa capacity was set up
for TMT rods.  For backward integration, a billet manufacturing
unit with a capacity of 70,000 tpa was set up in 2006 in the name
of Shiv Sai, a partnership firm.  A third integrated steel project
was started under the name of Sanyeeji Steel in 2007 in Bankura,
West Bengal.  This unit currently has three induction furnaces
with concast mills for producing billets (present installed
capacity of 148,500 tpa).  The group has a combined capacity to
manufacture 72,000 tpa of TMT rods, and 218,000 tpa of billets.

For the year ended March 31, 2009, the Sanyeeji group posted
provisional net sales of INR2185 million and profit after tax of
INR143 million, as against INR1486 million and INR112 million,
respectively, in 2007-08.


SHREE SANYEEJI ISPAT: CRISIL Reaffirms 'BB' Rating on Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sanyeeji Ispat
Ltd, part of the Sanyeeji group, continue to be constrained by the
inherent cyclicality in the steel business, the group's stretched
liquidity leading to delay in the repayment of debt obligations in
group company and its unstable operations because of recently
expanded capacities.  These weaknesses are mitigated by the
increasing integration in the group's operations, leading to a
moderate market position.

   Facilities                        Ratings
   ----------                        -------
   INR140 Million Cash Credit        BB/Stable (Reaffirmed)
   INR20 Million Letter of Credit    P4 (Reaffirmed)
               and Bank Guarantee

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sanyeeji Ispat, M/s Shiv Sai Steel
Industries, and Shree Sanyeeji Steel & Power Ltd, together
referred to, herein, as the Sanyeeji group. This is because the
billets produced by Shiv Sai are used by Sanyeeji Ispat for making
thermo mechanically-treated (TMT) bars, and Sanyeeji Ispat has
guaranteed the loans of Sanyeeji Steel.

Outlook: Stable

CRISIL expects the Sanyeeji group's revenue to increase over the
medium term, backed by stabilisation of capacities.  The outlook
may be revised to 'Positive' if the group's profitability improves
substantially, and if it establishes a track record of timely debt
repayment.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes substantial debt-funded capital
expenditure, or if its profitability reduces further.

                           About the Group

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Guwahati, Assam-based Sanyeeji group, founded by Mr. Jai Prakash
Jaiswal.  In 1991, he established Sanyeeji Ispat, a 3000-tonnes
per annum (tpa) scrap-based rolling mill, in Guwahati.  A second
ingot-based rolling mill with a capacity of 18,000 tpa was
established in 1996, which was converted into a TMT bar-cum-coil
rolling mill in 1998.  In 2000, a third rolling mill with a
72,000-tpa capacity was set up for TMT rods.  For backward
integration, a billet manufacturing unit with a capacity of 70,000
tpa was set up in 2006 in the name of Shiv Sai, a partnership
firm.  A third integrated steel project was started under the name
of Sanyeeji Steel in 2007 in Bankura, West Bengal.  This unit
currently has three induction furnaces with concast mills for
producing billets (present installed capacity of 148,500 tpa).
The group has a combined capacity to manufacture 72,000 tpa of TMT
rods, and 218,000 tpa of billets.

For the year ended March 31, 2009, the Sanyeeji group posted
provisional net sales of INR2185 million and profit after tax of
INR143 million, as against INR1486 million and INR112 million,
respectively, in 2007-08.


SHRI PARIYUR: Fitch Assigns National Long-Term Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has assigned India's Shri Pariyur Amman Kraft Papers
Private Limited a National Long-term rating of 'B-(ind)' with a
Stable Outlook.  The agency has also assigned these ratings to
SPAK's proposed bank loans:

  -- term loan amounting to INR47.5 million: 'B-(ind)'

SPAK's ratings incorporate the relatively larger scale of its
proposed venture of setting up a kraft paper manufacturing unit,
compared to that of its promoters' current business in corrugated
packaging and paper cones manufacturing.  The ratings also
consider the significant project execution risk that exists, and
the management's new challenge of managing the commodity nature of
this business.

Fitch notes that the project is a backward integration of the
existing related businesses of the promoters which, along with the
promoters' existing relations with other corrugators and dealers
in the industry, could potentially mitigate some of the demand
risks associated with the project.  Moreover, the project is
located in SIPCOT Industrial Complex, Perundurai, Tamil Nadu with
easy access to Erode, Tirupur and Coimbatore, which are potential
markets.  In addition, all the machinery proposed for the project
is new, and water arrangements are in place.  Power is to be
supplied by TNEB, and the company expects to source its raw
material requirements from local and imported suppliers in Tamil
Nadu.  The promoters have already contributed their proposed share
of the project cost and the bank sanction for the term loan is to
be obtained.  Fitch estimates the DSCR post completion of the
project to be above 1.0x.

The ratings could move upwards if there is successful financial
closure for the project.  Conversely, negative triggers to the
ratings could come from considerable cost overruns incurred and/or
time overruns while executing the project, which in turn would
impact the debt service coverage.

SPAK is a private limited company incorporated on 12 Oct 2007 by
nine directors.  Most of the directors are already involved in
running corrugated packaging and paper cones manufacturing firms
in and around Gobichettipalayam, Tamil Nadu.  SPAK is setting up a
kraft paper manufacturing unit of initial planned production
capacity of 40 TPD in SIPCOT (State Industries Promotion
Corporation of Tamil Nadu Limited) Industrial Complex, Perundurai
at a total cost of INR100.5 million, funded by around 41% through
promoter funds and rest by bank finance.


VISHESH INFRASTRUCTURE: CRISIL Rates INR130 Mln Term Loan at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Vishesh Infrastructure Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR130 Million Term Loan         BB/Stable (Assigned)
   INR54.1 Million Bank Guarantee   P4 (Assigned)

The ratings reflect VIPL's weak financial risk profile, marked by
low net worth and moderate debt coverage indicators, and limited
project diversity.  These weaknesses are, however, partially
offset by VIPL's reasonably strong business risk profile,
supported by successful completion of Delhi-Ramgarh-Alwar Road
project.

Outlook: Stable

CRISIL expects Vishesh Infrastructure Private Limited (VIPL) to
maintain its credit profile over the medium term on account of
established track record of toll collection on Delhi-Ramgarh-Alwar
road stretch.  The outlook may be revised to 'Positive' if toll
collections on the road stretch exceed the estimates leading to
better than expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' if there is a drop in toll collection on
the road stretch or the company takes up any another debt funded
project resulting in deterioration of capital structure.

                   About Vishesh Infrastructure

Vishesh Infrastructure Pvt Ltd. was formed in 2006 by Mr. Vijay
Garg to undertake a build-operate-transfer (BOT) road project to
widen and strengthen the Delhi-Ramgarh-Alwar Road. The toll road
has been constructed successfully, and toll collection began on
20th April, 2008 (Ahead of the scheduled date of 19th August,
2008). VIPL had toll revenues of INR38 million in 2008-09.


YAMUNA ROLLER: Low Net Worth Cues CRISIL to Assign 'BB-' Rating
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Yamuna Roller Mills Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR150 Million Cash Credit *   BB-/Stable (Assigned)

   * Includes interchangeable non-fund Letter of Credit limit
     of INR75.00 Million.

The ratings reflect Yamuna's weak financial risk profile marked by
low net worth and weak debt protection measures, its small scale
of operations, and exposure to risks relating to fluctuations in
the prices of raw materials. These weaknesses are partially offset
by the benefits that Yamuna derives from its promoters' experience
and its established distribution network.

Outlook: Stable

CRISIL believes that Yamuna's financial risk profile will remain
weak over the medium term.  The outlook may be revised to
'Positive' in case of substantial improvement in the company's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case the company undertakes large, debt-funded
capital expenditure.

                        About Yamuna Roller

Set up in 1990, Yamuna is engaged in the manufacture of grinded
wheat products such as atta, maida, and suji.  The company has a
manufacturing plant at Thrissur, Kerala, with a processing
capacity of 60,000 tonnes per annum.  The company is also involved
in trading of agricultural commodities such as wheat and white
oats.  Yamuna reported a profit after tax (PAT) of INR11.0 million
on net sales of INR1070.4 million for the year ended March 31,
2009, as against a PAT of INR5.3 million on net sales of INR1065.7
million for 2007-08.


WOCKHARDT LTD: Fortis to Buy 10 Wockhard Hospitals for INR1,200cr
-----------------------------------------------------------------
The Economic Times reports that Fortis Healthcare Ltd is
finalizing a pact for buying 10 hospitals from Wockhard Hospitals,
the unlisted unit of Wockhardt Ltd, for up to INR1,200 crore.

The deal will be in the INR1,000 to INR1,200 crore range and is
for Wokhardt's hospitals -- three in Kolkata, two in Mumbai and
five in Bangalore, the report relates citing unnamed sources.

The report quoted Wockhardt Chairman Habil Khorakiwala as saying
that "We are still talking to two parties and we have not
finalized anything yet."

Fortis Healthcare Limited -- http://www.fortishealthcare.com/--
is a healthcare chain in India.  As of December 31, 2008, it had a
network of 27 healthcare delivery facilities, including 15
hospitals, of which 14 are in India and one is in Mauritius, and
12 satellite and heart command centers, of which 11 centers are in
hospitals across India and one satellite center is in Afghanistan.
Most of its hospitals are multi-specialty hospitals, which provide
secondary and tertiary healthcare to patients.  Some of its multi-
specialty hospitals also include super-specialty providing
quaternary healthcare to patients in key specialty areas, such as
cardiac care, orthopedics, neuro-sciences, oncology, renal care,
metabolic diseases and mother and child care.  In addition, two of
its hospitals, Escorts Heart Institute & Research Centre in and
Escorts Heart Centre in Raipur, focus primarily on cardiac
patients, with Escorts Hospital-Delhi serving as a super-specialty
for cardiac care.  FHL also operates Fortis La Femme at New Delhi.

                     About Wockhardt Limited

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.  In
November 2007, the Company completed the acquisition of Morton
Grove Pharmaceuticals Inc.  In May 2007, the Company completed the
acquisition of Megma Lerads, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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


CUBIC ONE: S&P Affirms Ratings on Two Secured Securities
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class B and C limited recourse secured floating-rate credit-linked
securities issued under CuBic One Ltd.'s global corporate
synthetic CLO notes series 2007-1 transaction and removed the
ratings from CreditWatch with negative implications, where they
had been placed on April 21, 2009.  At the same time, Standard &
Poor's affirmed its ratings on the class A and D notes issued
under the same transaction.  CuBic One is a special-purpose
company incorporated in the Cayman Islands.

On April 21, 2009, Standard & Poor's placed on CreditWatch with
negative implications its ratings on the class A to D notes.
Following the CreditWatch placements, on May 22, 2009, Standard &
Poor's lowered its rating on class B by one notch and kept the
ratings on the class B and C notes on CreditWatch with negative
implications.  The rating actions on classes B and C were based
on S&P's view that the creditworthiness of some of the entities in
the reference pool had deteriorated.  At the same time, Standard &
Poor's affirmed its ratings on classes A and D and removed the
ratings from CreditWatch with negative implications.

Since May 22, 2009, some of the reference obligations have
matured, and the credit quality of some reference obligations in
the pool has changed.  Given these factors, in S&P's opinion,
there is sufficient credit support to maintain the ratings on
classes A to D, and therefore, S&P affirmed the ratings on the
four classes and resolved the CreditWatch listings on the ratings
on classes B and C.

S&P assigned its ratings to CuBic One's corporate synthetic CLO
notes based on S&P's current criteria for rating corporate
synthetic CLOs.  As previously announced, however, the criteria
are under review.  As highlighted in the aforementioned article,
S&P solicited feedback from market participants regarding proposed
changes to S&P's CLO criteria.  S&P continues to evaluate the
feedback S&P received during the period of S&P's request for
comment and S&P will establish final criteria revisions when the
evaluation is completed.  As a result of this review, it is
possible that S&P's future CLO criteria may impact the ratings on
CuBic One's CLO notes.

            Ratings Affirmed, Off Creditwatch Negative

                          CuBic One Ltd.
        Global corporate synthetic CLO notes series 2007-1:
      JPY25.3 billion limited recourse secured floating-rate
              credit-linked securities due Nov. 2011

            Class   To    From            Issue Amount
            -----   --    ----            ------------
            B       AA-   AA-/Watch Neg   JPY5.5 bil.
            C       BBB   BBB/Watch Neg   JPY3.7 bil.

                         Ratings Affirmed

                  Class   Rating   Issue Amount
                  -----   ------   ------------
                  A       AAA      JPY14.1 bil.
                  D       BB       JPY2.0 bil.


JAPAN AIRLINES: Mulls Slashing 10% of Workforce in Three Years
--------------------------------------------------------------
Japan Airlines Corp. may cut 5,000 jobs, or about 10% of its total
workforce in three years through attrition and early retirement,
Bloomberg News reports citing Kyodo News agency.

According to Bloomberg, Kyodo said the carrier aims to save more
than JPY150 billion (US$1.59 billion) by job cuts and other
measures.  Japan Airlines, the Kyodo said, will include the
proposal in its business improvement plan to be released by the
end of September.

Japan Airlines had about 48,900 employees as of April, according
to Kyodo, as cited by Bloomberg.

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.


SPANSION INC: Delays Quarter Results Filing
-------------------------------------------
Randy W. Furr, executive vice president and chief financial
officer of Spansion Inc., notifies the U.S. Securities and
Exchange Commission that as of August 7, 2009, the Company has
not completed its financial reporting process for the fiscal
quarter ended June 28, 2009, so it is not able to quantify any
other differences between the comparable periods.

Mr. Furr says Spansion expects that there will be significant
changes in the results of operations -- in particular, net sales,
operating income and net income -- from the corresponding period
for the last fiscal year as a result of the impact of the
Bankruptcy Cases and the Spansion Japan Proceeding.  Net sales
for the quarter ended June 28, 2009, were $376 million as
compared to $613 million for the quarter ended June 29, 2008, Mr.
Furr tells the Commission.

According to Mr. Furr, as a result of the Spansion Japan
Proceeding and the Bankruptcy Cases, Spansion Inc., and Spansion
Japan are in the process of negotiating new manufacturing and
distribution agreements for the wafer supply, foundry and
distribution services between Spansion Inc., and Spansion Japan,
which agreements will include transfer pricing and other terms
applicable to business conducted between the parties during the
fiscal quarters ended March 29, 2009, and June 28, 2009, and may
affect future transfer pricing.  These agreements, Mr. Furr
notes, will be subject to approval by various parties, including
the creditors of each company.

Mr. Furr adds that until negotiations between the Company and
Spansion Japan are completed, the agreements are executed and
necessary approvals are obtained, the Company will not be in a
position to complete its financial reporting processes for the
quarters ended March 29, 2009, and June 28, 2009.

                    About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.


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


HYUNDAI MOTOR: Mulls Shifting I20 Production Base to Turkey
-----------------------------------------------------------
Hyundai Motor Co. is planning to shift its i20 manufacturing to
one of European plants and Turkey has the biggest chance to become
the European manufacturing base of i20 model cars, Antara News
reports citing the company's top executive in Turkey.

The report, citing Kwang-Heum Um, CEO of Hyundai Assan in Turkey,
says Hyundai was very close to announcing its final decision on
the matter.  According to the news agency, Kwang-Heum Um said he
hopes to herald good news for the Turkey plant in a couple of
weeks.

The report relates that Mr. Kwang-Heum also said Hyundai leads the
Turkish auto market, according to figures in the first seven
months of 2009, and has a target to sell over 50,000 cars in
Turkey.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


HYUNDAI MOTOR: Son of Hyundai Chairman Appointed as Vice Chairman
-----------------------------------------------------------------
Yonhap News Agency reported that Chung Eui-sun, the only son of
Hyundai Motor Co. Chairman Chung Mong-koo, was appointed Friday as
the company's vice chairman.

According to the new agency, Hyundai officials said the
appointment came as the junior Chung was credited with his role as
a president of Kia Motors Corp., an affiliate of Hyundai, by
improving Kia's image with chic design.

Bloomberg News relates that Chung Eui-sun's new role at Hyundai
paves the way for him to succeed his father as the third
generation of his family to run the carmaker as it wrests market
share from Toyota Motor Corp. and Honda Motor Co.

Hyundai Motor, according to Bloomberg, was founded by Chung Ju
Yung, Chung Eui-sun's grandfather.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


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


JPK HOLDINGS: Auditors' Disclaimer Opinion Prompts PN17 Listing
---------------------------------------------------------------
JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.

As a listed company under the PN17 of the Bursa Securities, JPK
Holdings is required to:

   (a) submit a plan to regularize the Company's condition
       to the Securities Commission and other relevant
       authorities for approval within 12 months;

   (b) implement the Regularization Plan within the timeframe
       stipulated by the approving authorities; and

   (c) announce within three (3) months from this First
       Announcement, on whether the regularization plan
       will result in a significant change in the business
       direction or policy of the Company;

   (d) announce the status of its regularization plan on
       a monthly basis until further notice from Bursa
       Securities;

   (e) announce the Company's compliance or non-compliance
       with a particular obligation imposed pursuant to PN17
       on an immediate basis; and

   (e) provide details of the regularization plan ("Reguisite
       Announcement"), which shall include the timeline for
       the complete implementation of the regularization plan.
       This Requisite Announcement must be made by a merchant
       banker or a participating organization that may act as
       a principal adviser under the Securities Commission's
       Guidelines on the Offering of Equity and Equity-Linked
       Securities.

In the event that the Company fails to comply with its
obligations to regularize conditions, it will have all its listed
securities suspended from trading and delisting procedures will be
commenced against it.

                       About JPK Holdings

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.


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


ST LAURENCE: Receivership Threat Won't Spill Over to SLPF Unit
--------------------------------------------------------------
The New Zealand Herald reports that St Laurence Ltd director Kevin
Podmore said that the threat of receivership hanging over the
company probably won't spill over to St Laurence Property &
Finance Ltd.

The report says Mr. Podmore is in talks with the trustee for St
Laurence Ltd., Perpetual Trust, to try to stave off receivership
amid concern the company won't be able to meet the terms of its
moratorium.

"We're very hopeful St Laurence (Ltd) won't be put in receivership
and are having discussions with the trustee," Mr. Podmore told a
meeting of St Laurence property & Finance investors in Wellington
last week.

According to the report, St Laurence Ltd, which owns about 35% of
St. Laurence Property & Finance and manages its property portfolio
through another entity, St Laurence Funds Management Ltd., is
stoking concern that St. Laurence Property & Finance could be
"tainted" by the financial woes of its associates.

Mr. Podmore, as cited by the Herald, said even if St Laurence Ltd
fell into receivership, it wouldn't be in the receiver's best
interests to drag St. Laurence Property & Finance down with it.

The Herald states that the property developer will be re-branded
to reduce confusion about the various related St Laurence entities
and ensure St Laurence Property & Finance wasn't unfairly tarred
with the same brush.

Mr. Podmore said St Laurence Property & Finance will take a more
aggressive approach in selling non-performing buildings.  The
management was identifying development opportunities to add value
to the portfolio to lift rental income, Mr. Podmore added.

                       About St Laurence Ltd

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.


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


BAYAN TELECOM: CA Dismisses 3G Phone License Suit Against NTC
-------------------------------------------------------------
The Court of Appeals has dismissed a petition challenging a
decision of the National Telecommunications Commission to strip
Bayan Telecommunications Inc. of its license to engage in third
generation (3G) mobile phone technology services, The Daily
Tribune reports.

Citing Associate Justice Normandie Pizarro in a decision issued
this week, the Tribue relates that the CA ruled that Bayantel's
petition has been dismissed on both procedural and substantive
grounds.

The report recalls that Bayantel, in its suit against the NTC, had
opposed the selection process, including the points-scoring system
for applicants, in the awarding of 3G frequencies, arguing that
the NTC had denied Bayantel due process and such denial led to its
loss in the selection process.

The NTC had awarded 3G licenses to Smart Communications Inc.,
Globe Telecom Inc. Digital Telecommunications Inc. and
Connectivity Unlimited Resources Enterprise, the Tribune relates.

With the decision, the report notes, the NTC is now free to
consider the awarding of the last 3G license to another company.

                          About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


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


CHENGDU CENTRE: Court Enters Wind-Up Order
------------------------------------------
On August 14, 2009, the High Court of Singapore entered an order
that winds up the operations of Chengdu Centre (Singapore) Pte
Ltd.

Gateway Land Limited filed the petition against the company.

The company's liquidator is:

          Goh Boon Kok
          M/s Goh Boon Kok & Co
          1 Claymore Drive #08-11
          Orchard Tower Rear Block
          Singapore 229594


CROSBY ASSET: Creditors' Proofs of Debt Due on September 22
-----------------------------------------------------------
Crosby Asset Management (Singapore) Pte Ltd, which is members'
voluntary wind-up, requires its creditors to file their proofs of
debt by Sept. 22, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          c/o 47 Hill Street #05-01
          Singapore Chinese Chamber of
          Commerce & Industry Building
          Singapore 179365


DONNA FOOD: Court to Hear Wind-Up Petition on August 28
-------------------------------------------------------
A petition to wind up the operations of Donna Food Holdings Pte.
Ltd. will be heard before the High Court of Singapore on Aug. 28,
2009, at 10:00 a.m.

Singapore Food Industries Limited filed the petition against the
company on August 6, 2009.

The Petitioner's solicitors are:

          Messrs. P. Tan & Company
          133 New Bridge Road
          #15-07 Chinatown Point
          Singapore 059413


ENG HUAT: Creditors' Proofs of Debt Due on September 23
-------------------------------------------------------
Eng Huat Private Limited, which is in members' voluntary wind-up,
requires its creditors to file their proofs of debt by Sept. 23,
2009, to be included in the company's dividend distribution.

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

The company's liquidator is:

          Steven Tan Chee Chuan
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


TRANSBILT ENGINEERING: Creditors' Proofs of Debt Due on Sept. 4
---------------------------------------------------------------
Transbilt Engineering Pte Ltd, which is liquidation, requires its
creditors to file their proofs of debt by Sept. 4, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


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


* BOND PRICING: For the Week August 17 to August 21, 2009
---------------------------------------------------------


   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.65
AMP Group Financ              9.803%   04/01/19   NZD       0.89
Antares Energy               10.000%   10/31/13   AUD       1.82
Babcock & Brown Pty           8.500%   11/17/09   NZD      47.78
Becton Property Group         9.500%   06/30/10   AUD       0.42
Bemax Resources               9.375%   07/15/14   USD      67.50
Bemax Resources               9.375%   07/15/14   USD      67.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      19.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.09
China Century                12.000%   09/30/10   AUD       0.65
China Tietong                 4.600%   08/18/15   CNY      72.20
CIT Group Au Ltd              6.000%   03/03/11   AUD      72.86
Djerriwarrh Inv               6.500%   09/30/09   AUD       4.04
First Australian             15.000%   01/31/12   AUD       0.70
Griffin Coal Min              9.500%   12/01/16   USD      51.25
Griffin Coal Min              9.500%   12/01/16   USD      51.25
Heemskirk Consol              8.000%   04/29/11   AUD       2.25
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       2.68
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      30.28
Macquarie Bank                6.500%   05/31/17   AUD      50.64
Minerals Corp                10.500%   09/30/09   AUD       0.63
Metal Storm                  10.000%   09/01/09   AUD       0.09
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.60
Sun Resources NL             12.000%   06/30/11   AUD       0.35
Suncorp-Metway                6.500%   06/22/16   AUD      67.63
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Chinatrust Comm               5.625%   03/29/49   CNY      72.50
Jiangxi Copper                1.000%   09/22/16   CNY      70.72
Sichuan Changhon              0.800%   07/31/15   CNY      72.00


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      61.50
AKSH Optifibre                1.000%   01/29/10   USD      58.00
Gemini Commnica               6.000%   07/18/12   EUR      52.50
ICICI Bank Ltd                7.250%   08/29/49   USD      72.12
Kei Industries                1.000%   11/30/11   USD      66.50
Sterling Biotech              0.500%   09/30/10   USD      63.64
Subex Azure                   2.000%   03/09/12   USD      32.25
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    4.450%   02/16/10   USD      68.50
Aiful Corp                    4.450%   02/16/10   USD      68.50
Aiful Corp                    2.930%   06/28/10   JPY      71.98
Aiful Corp                    5.000%   08/10/10   USD      48.62
Aiful Corp                    5.000%   08/10/10   USD      48.62
Aiful Corp                    1.580%   05/26/11   USD      73.29
Aiful Corp                    1.500%   10/20/11   JPY      56.14
Aiful Corp                    6.000%   12/12/11   USD      38.50
Aiful Corp                    6.000%   12/12/11   USD      38.50
Aiful Corp                    1.990%   03/23/12   JPY      51.25
Aiful Corp                    1.220%   04/20/12   JPY      63.88
Aiful Corp                    1.630%   11/22/12   JPY      60.27
CSK Corporation               0.250%   09/30/13   JPY      41.60
Daikyo Inc.                   1.880%   03/12/12   JPY      70.06
Japan Airlines                3.100%   01/22/18   JPY      74.37
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      57.28
Nippon Residentl              0.840%   09/24/10   JPY      74.93
Nippon Residentl              1.900%   09/13/12   JPY      73.07
Nis Group                     8.060%   06/20/12   USD      34.12
Orix Corp                     2.190%   04/18/17   JPY      74.50
Promise Co Ltd                1.370%   06/04/13   JPY      74.28
Promise Co Ltd                2.060%   03/20/14   JPY      73.25
Promise Co Ltd                2.100%   04/21/14   JPY      73.52
Shinsei Bank                  3.750%   02/23/16   JPY      69.00
Shinsei Bank                  5.625%   12/29/49   GBP      55.00
Takefuji Corp                 9.200%   04/15/11   JPY      50.46
Takefuji Corp                 9.200%   04/15/11   USD      48.12
Takefuji Corp                 8.000%   11/01/17   USD      12.75
Takefuji Corp                 4.000%   06/05/22   JPY      64.65
Takefuji Corp                 4.500%   10/22/32   JPY      58.33


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.02
AMBB Capital                  6.770%   01/29/49   USD      73.87
Berjaya Land Bhd              5.000%   12/30/09   MYR       3.48
Crescendo Corp B              3.750%   01/11/16   MYR       0.77
Dutaland Bhd                  4.000%   04/11/13   MYR       0.40
Dutaland Bhd                  4.000%   04/11/13   MYR       0.77
Eastern & Orient              8.000%   07/25/11   MYR       1.17
EG Industries                 5.000%   06/06/10   MYR       0.38
Huat Lai Resources            5.000%   03/28/10   MYR       0.21
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.25
Kretam Holdings               1.000%   08/10/10   MYR       1.08
Kumpulan Jetson               5.000%   11/27/12   MYR       1.09
LBS Bina Group                4.000%   12/31/09   MYR       0.40
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.55
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.21
Olympia Industri              2.800%   04/11/13   MYR       0.21
Olympia Industri              4.000%   04/11/13   MYR       0.23
Plus SPV Bhd                  2.000%   06/27/18   MYR      74.55
Plus SPV Bhd                  2.000%   03/11/19   MYR      72.94
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.70
Rubberex Corp                 4.000%   08/14/12   MYR       0.97
Talam Corp Bhd                2.000%   06/28/19   MYR      23.39
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.10
Wah Seong Corp                3.000%   05/21/12   MYR       2.30
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.36
YTL Cement Bhd                4.000%   11/10/15   MYR       1.83


   NEW ZEALAND
   -----------
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.43
Blue Star Print               9.100%   09/15/12   NZD      52.51
Capital Prop NZ               8.000%   04/15/10   NZD      14.00
Contact Energy                8.000%   05/15/14   NZD       1.02
Fidelity Capital              9.250%   07/15/13   NZD      73.99
Fletcher Buildin              7.550%   03/15/11   NZD       8.15
Fletch Build Fin              8.850%   03/15/10   NZD       8.70
Fletcher Bui                  8.500%   03/15/15   NZD       9.25
Fonterra                      8.740%   11/29/49   NZD      71.00
Infrastr & Util               8.500%   09/15/13   NZD       9.70
Infratil Ltd                  8.500%   11/15/15   NZD      10.10
Infratil Ltd                 10.180%   12/29/49   NZD      66.00
Marac Finance                10.500%   07/15/13   NZD       0.64
Provencocadmus                2.000%   04/15/10   NZD       0.69
South Canterbury             10.500%   06/15/11   NZD       0.73
South Canterbury             10.430%   12/15/12   NZD       0.59
St Laurence Prop              9.250%   07/15/10   NZD      73.15
St Laurence Prop              9.250%   05/15/11   NZD      64.76
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       8.00
Trustpower Ltd                8.500%   03/15/14   NZD       8.00
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.65


   SINGAPORE
   ---------
Sengkang Mall                 8.000%   11/20/12   SGD       1.49
WBL Corporation               2.500%   06/10/14   SGD       1.80


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.21
Woori Bank                    6.208%   05/02/37   USD      73.90


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%   08/15/18   LKR      71.46
Sri Lanka Govt                7.000%   10/01/23   LKR      62.10


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***