TCRAP_Public/090915.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, September 15, 2009, Vol. 12, No. 182

                            Headlines

A U S T R A L I A

ALBIDON LTD: Inks Equipment Financing Deal with Barclays Zambia
BABCOCK & BROWN INFRA: Brookfield May Buy 50% of Dalrymple Bay
BABCOCK & BROWN POWER: Fined $40,000 for Breaches on Safety Rules
BENDIGO AND ADELAIDE: Raises AU$121 Million from Retail Investors
CITADEL RESOURCE: To Initiate Shareholder Sale Facility

MOBIUS NCM-03: S&P Raises Ratings on Four Tranches of Notes
MONARCH GOLD: Shareholders Approve Stirling Recapitalization Plan
SINO GOLD: Eldorado Gold Completes Due Diligence
WESTPOINT GROUP: ASIC Settles Class Action Suit Against PIS


C H I N A

GALAXY CASINO: Moody's Does Not Expect Actions on 'B3' Rating
SPANSION INC: Unit Closes Sale of Suzhou Facility to Powertech


H O N G  K O N G

BRILLIANT HARVEST: Creditors' Proofs of Debt Due on October 11
CRESVALE FAR: Oswin and Blaauw Step Down as Liquidators
CRESVALE FAR: Oswin and Blaauw Step Down as Liquidators
EVER COLD: Appoints Hang as Liquidator
FLEMING FAMILY: Commences Wind-Up Proceedings

GUIDANT HONG KONG: Placed Under Voluntary Wind-Up
IRIS NOMINEES: Creditors' Proofs of Debt Due on October 11
LA SIERRA: Members' Final Meeting Set for October 13
LOXFORD COMPANY: Members and Creditors to Hold Meeting on Oct. 13
PENINSULA LIMITED: Creditors' Proofs of Debt Due on October 11

PHILAND ENTERPRISES: Members and Creditors to Meet on October 13
ROLLS-ROYCE: Creditors' Proofs of Debt Due on October 12
SINO PUBLISHING: Commences Wind-Up Proceedings
UNIGAIN (P & M): Commences Wind-Up Proceedings
VERTEX CHINA: Creditors' Proofs of Debt Due on October 12


I N D I A

AUGUSTAN KNITWEAR: CRISIL Places 'D/P5' Ratings to Bank Facilities
AUGUSTAN TEXTILE: Default in Loan Payments Cues CRISIL 'D' Ratings
BRIJSONS HOTEL: CRISIL Cuts Ratings on Various Bank Debts to 'D'
JET AIRWAYS: Plans Share Sale to Institutions Within 2-3 Months
MERIDIAN APPARELS: Fitch Assigns 'BB-' National Long-Term Rating

ROLEX RINGS: CRISIL Cuts Rating on Various Bank Debts to 'B+'
S RAJIV: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
SAN MEDIA: CRISIL Rates INR45 Million Proposed Term Loan at 'BB'
SATYAM COMPUTER: CBI to File Second Chargesheet Against Raju
SATYAM COMPUTER: Quits Plan to Set Up $75-Mln IT Hub in Australia

SHREE HARI: CRISIL Reaffirms Rating on INR160.2MM LT Loan at 'B+'


I N D O N E S I A

ANCORA INDONESIA: Fined US$1.09 Million for Breaching Regulations
* INDONESIA: Enterprises Ministry Plans to Wind Up 4 State Firms


J A P A N

JAPAN AIRLINES: To Cut Operations by 20%; Raise Job Cuts to 6,000
JLOC 36: Fitch Downgrades Ratings on Four Classes of Notes


M A L A Y S I A

HO HUP: High Court to Hear Wind Up Petition on November 2


N E W  Z E A L A N D

A2 CORPORATION: Posts NZ$3.5-Mln Loss in 15 Months Ended June 30
BRIDGECORP LTD: Court Orders Director to Pay Back Excessive Salary
DENARAU INVESTMENTS: Financiers Appoint KordaMentha as Receivers
* NEW ZEALAND: Manufacturing Sales Up 1.8% in June 2009 Qtr


S I N G A P O R E

AIK HOE: Creditors' Proofs of Debt Due on October 12
CENTURY BRIDGE: Court Enters Wind-Up Order
CHARTERED SEMICONDUCTOR: S&P Cuts Corp. Credit Rating to 'BB-'
CHIAP SENG: Court to Hear Wind-Up Petition on September 25
LIMITORQUE ASIA: Creditors' Proofs of Debt Due on September 25

MANZARO (S): Court to Hear Wind-Up Petition on October 2


T H A I L A N D

TRUE CORP: S&P Affirms 'B' Long-Term Corporate Credit Rating


V I E T N A M

DOT VN: Has Strategic Partnership with Elliptical Mobile
DOT VN: Has Strategic Partnership With Key-Systems


X X X X X X X X

* BOND PRICING: For the Week September 7 to September 11, 2009


                         - - - - -


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


ALBIDON LTD: Inks Equipment Financing Deal with Barclays Zambia
---------------------------------------------------------------
Sarah McDonald at Bloomberg News reports that Albidon Ltd. has
signed an equipment finance facility with Barclays Bank Zambia
Plc.

According to the report, the company also expects to arrange a
debt facility with Jinchuan Group Ltd. within days.

The "unforeseen" delay in meeting conditions of its deed of
company arrangement was caused by negotiations over the repayment
terms of the Barclays facility, Bloomberg cited Albidon in a
statement to the Australian stock exchange.

Australia-based Albidon Limited (ASX:ALB) --
http://www.albidon.com/-- is engaged in the exploration and
evaluation of mineral interests.  The Company's development
activities is focused on the Munali Nickel project in Zambia,
which comprises the Enterprise deposit and a number of other
nickel prospects in the Munali Intrusion, the most advanced of
which is the Voyager prospect along strike to the north of
Enterprise.  Its license holdings in southern and eastern Zambia
also have potential for substantial uranium deposits.  Its other
properties include Selebi-Phikwe Nickel Project, Botswana; Songea
Nickel and Luwumbu Platinum Joint Ventures, Tanzania, and Nefza
Zinc Project, Tunisia.  The Selebi-Phikwe project comprises 20
contiguous prospecting licenses covering approximately 17,466
square kilometers in the eastern part of the Central District of
Botswana.  The project covers prospective ground to the west,
south and east of the Selebi-Phikwe Nickel Mining District and
includes nickel-copper occurrences, including the Lipadi Hill
deposit.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Albidon Limited appointed administrators to keep
operating and help complete funding deal with major shareholder
Jinchuan Group Ltd.  The company appointed Mel Ashton and Damian
Templeton, chartered accountants of KPMG, as administrators.


BABCOCK & BROWN INFRA: Brookfield May Buy 50% of Dalrymple Bay
--------------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that Brookfield Asset Management Inc. may buy 50% of Babcock &
Brown Infrastructure Group's Dalrymple Bay Coal Terminal, valued
at about AU$300 million (US$259 million).

Bloomberg relates the newspaper said in its Street Talk column
that Brookfield will also invest AU$600 million into the company
by either underwriting a share sale or by buying shares through a
placement.

Based in Toronto, Canada, Brookfield Asset Management Inc. is a
global asset management company, with a primary focus on property,
power and infrastructure assets.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 10, 2009, Moody's Investors Service revised the outlook
on Babcock and Brown Infrastructure Group's B1 corporate family
rating to negative from stable.  The outlook on the B2 senior
secured rating of BBI Finance Pty. Ltd. has also been changed to
negative from stable.


BABCOCK & BROWN POWER: Fined $40,000 for Breaches on Safety Rules
-----------------------------------------------------------------
The Australian Energy Regulator has imposed a $40,000 fine on
Babcock & Brown Power for breaching safety regulations, which put
the safety and security of the power system at risk.

"In order for our power system to operate safely, generators need
to follow instructions from the power system operator on when and
how much electricity to produce," AER Chairman Steve Edwell said
in a statement on September 14.  "On two occasions this year, BBP
has failed to follow those instructions.

"The AER has previously had concerns with the operation of a BBP
generator, issuing three fines in November 2008.  There are strict
rules on how power generators must behave and breaking those rules
is a matter we take seriously.

"Failure to follow the rules can damage the power supply system
and risks the lights going out."

As a result, the AER said it has issued two $20,000 infringement
notices.  Payment of the two $20,000 infringement notices does not
entail an admission by BBP that it breached the Rules, the AER
stated.

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

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

Babcock & Brown Power posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million from a year ago.

                    About Babcock & Brown Power

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

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


BENDIGO AND ADELAIDE: Raises AU$121 Million from Retail Investors
-----------------------------------------------------------------
Bendigo and Adelaide Bank said it has completed the fully
underwitten retail component of the capital raising announced on
August 10.  The bank said the retail offering closed on
September 4 with strong demand from eligible shareholders,
resulting in AU$161 million in total applications.

Bendigo said it raised approximately AU$121 million from the
retail component of the capital raising.  This is in addition to
AU$177 million raised from institutional investors on August 12.

Eligible retail shareholders were offered approximately 17.8
million new shares under the retail component of the 1-for-12
entitlement offer at AU$6.75, raising AU$121 million.  Eligible
shareholders were also able to apply for new shares in excess of
their entitlement in the case that some eligible shareholders did
not take up their entitlement.

"In addition to receiving their share entitlements, all eligible
retail shareholders who applied for up to 1000 new shares in
excess of their entitlement will have their applications alloted
in full," Bendigo said in a statement.

Group managing director Mike Hirst said the equity raising would
strengthen Bendigo's capital base, enhances its financial
flexibility and enables the company to take advantage grow
opportunities as markets continue to improve.

The new shares will be issued on September 15 and commence trading
on the ASX on Wednesday, September 16.

                   About Bendigo and Adelaide Bank

Bendigo and Adelaide Bank Limited (ASX:BEN) --
http://www.bendigobank.com.au-- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services.  At June 30, 2008, the Company operated through more
than 400 branches across Australia.  It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support.  On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2009, Fitch Ratings affirmed Bendigo and Adelaide Bank's
Long-term foreign currency Issuer Default Rating at 'BBB+', Short-
term foreign currency IDR at 'F2', Individual at 'B/C', Support at
'3' and Support Rating Floor at 'BB'.  The Outlook is Stable.
Also, the agency notes the bank's exposure to investors in the
failed managed investment scheme company, Great Southern Limited.

Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognizant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.


CITADEL RESOURCE: To Initiate Shareholder Sale Facility
-------------------------------------------------------
Citadel Resource Group Limited has initiated a share sale facility
designed to allow shareholders with less than 1,250 shares to sell
their shares cost effectively and simply to assist the Company in
reducing administration costs.  The Company will bear all
brokerage and handling fees related to the sale of shares under
this facility.

The Company appreciates the support offered by all shareholders
and as such each shareholder has the opportunity to nominate
whether they would like to retain their shareholding.

This is one of many cost reduction initiatives currently underway.
This year along with the Notice of Annual General Meeting,
shareholders will be sent documentation to nominate to receive
communications from the Company electronically.

A full-text copy of the Company's share sale facility offer is
available for free at http://ResearchArchives.com/t/s?44ac

                      About Citadel Resource

Australia-based Citadel Resource Group Limited (ASX:CGG) --
http://www.citadelrg.com.au/-- formerly ADV Group Limited, is
engaged on the development of the Jabal Sayid Copper project and
exploration for copper, gold and other base and precious metals on
the Arabian Shield in Saudi Arabia.

                           *     *     *

Citadel Resource Group Limited reported three consecutive net
losses of AU$6.62 million, AU$4.96 million and AU$4.30 million for
the years ended June 30, 2008, 2007 and 2006, respectively.


MOBIUS NCM-03: S&P Raises Ratings on Four Tranches of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised the ratings on four
tranches of notes issued by Mobius NCM-03 Trust.  The upgrades
reflect the stabilization of the performance of the portfolio,
significant build-up in credit support to rated notes as the
portfolio amortizes, and more available excess spread to cover
losses.

The transaction's proportion of loans that are more than 30 days
in arrears has declined from its peak level of 24.10% in March
2008 to 9.86% in July 2009.  This reflects partly the efforts of
the replacement servicer to stabilize the arrears performance and
remedy delinquent loans in the early stages.  Furthermore, the
level of credit support available to rated notes as a proportion
of outstanding balance has increased due to the fast portfolio
amortization.  The class A-1 and A-2 notes were fully redeemed in
July 2009.

In addition, following the full redemption of the interest-only
class Z tranche, more excess spread has become available to cover
current and future portfolio losses.  Available excess spread has
been used to fully reinstate the class F note and build up the
balance in the reserve account.

In S&P's opinion, the improved credit enhancement position should
support the rated notes' capacity to withstand the stresses
commensurate with their current rating levels.  Nevertheless, S&P
considers that there are a number of weaknesses inherent in the
transaction, including the concentration of large loans, and high
proportions of loans with high loan-to-value ratios and self-
employed borrowers.  As these borrowers are more vulnerable to
unemployment uncertainty and potential increases in interest
rates, S&P believes the transaction faces higher tail-end risk,
particularly in the current economic environment.

                          Ratings Raised

                        Mobius NCM-03 Trust

               Class        Rating to   Rating from
               -----        ---------   -----------
               B            AA          A
               C            A           BBB
               D            B+          B
               E            CCC         CC


MONARCH GOLD: Shareholders Approve Stirling Recapitalization Plan
-----------------------------------------------------------------
Stirling Resources Limited said Monarch Gold Mining shareholders
have approved Stirling's proposal to recapitalize and recommence
its operations.

Stirling reached agreement with Administrators Pitcher Partners to
inject funds into Monarch to recommence operations at the Carnegie
and Mt Ida gold projects in the WA Goldfields.

Monarch shareholders on September 10 approved the proposal, which
is based on a total consideration of ultimately AU$55 million, and
financial Completion by September 30.

Shareholders also approved the change of name to Swan Gold Mining
Limited.

Stirling Resources Managing Director Michael Kiernan said we are
pleased Monarch shareholders have approved the proposal, which
would enable creditors and debt providers to receive full payment,
and would maintain the corporate structure for the benefit of all
existing shareholders.

Stirling Resources will hold and control 47% of Swan Gold Mining
upon completion after subscribing to AU$15 million equity.

Mr. Kiernan said Swan was now focused on commencing gold mining
operations as soon as possible before a proposed re-listing on the
ASX in December.

"The proposal we put forward in June looks even more compelling
today, given the commodity and equity market rebound and the
increased strength in gold," Mr. Kiernan said.

"We intend to recommence mining operations at Carnegie within the
next two months and have forecast a cash margin in the first year
of AU$18 million and AU$63 million for the following year once Mt
Ida comes on line."

The key assets for Swan Gold comprise:

  -- The high grade Mt Ida underground gold mine, with a resource
     base of 139,000oz at 13.8 g/t gold, including a Reserve of
     64,000oz at 17.4 g/t gold, and existing mine infrastructure.

  -- The Carnegie gold project, which includes a resource base of
     1.5moz at 2.3 g/t gold, with a 1.2 mtpa gold processing
     facility currently on care and maintenance.

  -- A large tenement holding covering 2,700km2 in the prolific
    gold mining region northwest of Kalgoorlie in WA.

Mr. Kiernan said Mt Ida was targeted to produce 50,000 ounces per
year at a projected cash cost of AU$420/oz.  Production is
expected to commence in June 2010.

At Carnegie the production target is 60,000 ounces per year at a
projected cost of AUD$800/oz, with first production scheduled for
November 2009.

"We are well placed to deliver value for shareholders from the
Swan Gold assets, with a strong gold team who have experience in
the region, and a high gold price environment," Mr. Kiernan said.

"We have also completed a mine study to refine our geological and
metallurgical understanding of the projects, and it will allow us
to hit the ground running with a focus on improved mine planning,
and management control of mine grade and costs," he said.

The creditors of the various Monarch companies approved in July
the resolutions necessary to vary the Deeds of Company Arrangement
to accept the Recapitalization proposal offered by Stirling
Resources Ltd.

                      About Stirling Resources

Stirling Resources Limited (ASX:SRE) --
http://www.stirlingresources.com.au/-- is a West Australian
resources developer focusing on investment and development of
copper, zircon, coking coal, gold and iron ore projects.

                       About Monarch Gold

Headquartered in West Perth, Australia, Monarch Gold Mining
Company Limited (ASX:MON) -- http://www.monarchgold.com.au-- is
engaged in mineral exploration and evaluation activities on its
portfolio of gold mining tenements located within Western
Australia.  The company's projects include Davyhurst gold
project, Riverina Gold project, Mt Ida Gold project, Minjar Gold
Project and Bellevue Gold Project.  In February 2007, the
company acquired, on a 70% joint venture basis, the mining
rights for the Mt Ida gold mine.  The project is located in
Western Australia and consists of the Meteor, Whinnen, Baldock
and Timoni ore bodies and associated mine and camp
infrastructure.  On Aug. 6, 2007, the company announced the
acquisition of tenements comprising the Riverina gold project.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2008, Monarch Gold appointed Bryan Kevin Hughes and
Christopher John Munday of Pitcher Partners as voluntary
administrators to the company and 12 of its subsidiaries.


SINO GOLD: Eldorado Gold Completes Due Diligence
------------------------------------------------
Sino Gold Mining Limited and Eldorado Gold Corporation disclosed
that the due diligence conditions contained in their Scheme
Implementation Deed have been satisfied and accordingly their
scheme of arrangement transaction is no longer subject to these
conditions.

"We are pleased to have satisfied our due diligence requirements
on schedule and look forward to a successful close of this
transaction in early December," Mr. Paul Wright, President and CEO
of Eldorado, said in a statement.

Mr. Jake Klein, President and CEO of Sino Gold, added "We are
pleased to report passing the first milestone for this
transaction.  The scheme booklet is now being prepared and is on-
track to be mailed by mid-October, enabling Sino Gold security
holders to vote by late-November."

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2009, Sino Gold Mining Limited and Eldorado Gold
Corporation have signed a Scheme Implementation Deed under which
Eldorado proposes to acquire all of the issued and outstanding
shares in Sino Gold that it does not currently own via a Scheme of
Arrangement under Australian law.

The companies have stated that consideration for the transaction
will be Eldorado shares, with Sino Gold shareholders offered 0.55
Eldorado shares for each Sino Gold share they own.  The
transaction values Sino Gold at approximately AU$2.2 billion
(CDN$2.0 billion).

                        About Eldorado Gold

Based in Canada, Eldorado Gold Corporation (TSE:ELD) --
http://www.eldoradogold.com/-- is a gold producer engaged in gold
mining and related activities including exploration, development,
extraction, processing and reclamation.  The Company owns and
operates the Kisladag gold mine (Kisladag) in Turkey and the
Tanjianshan gold mine (TJS) in China, and is also developing gold
projects in Turkey and Greece, as well as an iron ore project in
Brazil.

                         About Sino Gold

Sino Gold Mining Limited -- http://www.sinogold.com.au -- is an
Australia-based company.  The principal activities of the Company
are mining and processing of gold ore, and sale of recovered gold,
and exploration and development of mining properties.  The Jinfeng
Gold Mine is located in Guizhou Province in southern China.

                           *     *     *

The company incurred three consecutive annual net losses of
AU$103.8 million, AU$23.5 million and AU$20.1 million for the
years ended December 31, 2008, 2007, and 2006, respectively.


WESTPOINT GROUP: ASIC Settles Class Action Suit Against PIS
-----------------------------------------------------------
The Australian Securities and Investments Commission has agreed to
settle a class action proceeding against Queensland-based
financial services firm, Professional Investment Services Pty Ltd.
The proceeding concerns a claim for compensation relating to
financial advice given by PIS to clients (Group Members) to invest
in the failed Westpoint Group of companies.  The settlement of the
proceeding is subject to the approval of the Court.

ASIC commenced action against PIS in December 2007 alleging that
PIS, in providing such advice, was negligent and breached the
conditions of its Australian financial services licence.  The
settlement with PIS, if approved by the Court, will result in
compensation being paid by PIS details of which will be disclosed
as part of the Court approval process.  The settlement was reached
without any admission of liability by PIS.

The process for approval of the settlement will include:

   * obtaining a final determination as to the identity of
     the Group Members who will receive the benefit of the
     settlement;

   * writing to those Group Members, providing details of
     the compensation they will receive and giving them the
     opportunity to lodge with the Court any objection to
     the settlement;

   * the Court considering the submissions of ASIC (and PIS)
     and any Group Member as to why the settlement should or
     should not be approved; and

   * if the Court does approve the settlement, then (following
     a period to allow for any appeals) ASIC will, upon payment
     by PIS, distribute compensation to Group Members.

ASIC said it has filed an application with the Court in Brisbane
seeking final determination of the identity of Group Members to
whom compensation will be distributed and seeking approval for it
to communicate with those Group Members, providing details of the
compensation they will likely receive and providing them with an
opportunity to object to the settlement.  That application is due
to be heard by the Court on September 15, 2009.  ASIC will, after
Group Members have had time to consider their position, file a
further application seeking Court approval of the settlement.

According to ASIC, this settlement approval application results
from the global mediation it initiated to resolve the litigation
commenced by ASIC seeking compensation on behalf of Westpoint
investors.

                    Update on Global Mediation

The global mediation has been adjourned allowing negotiations to
continue between the parties to the mediation in respect of the
unresolved matters.

ASIC Chairman Tony D'Aloisio said the global mediation had been a
very beneficial process.

"The collapse of the Westpoint Group involved many distinct
Westpoint funds, a large number of financial planners and
advisers, different classes of investors, receivers and
liquidators in a complex network of legal claims and rights.

"Confidentiality obligations prevent further information being
released at this stage but ASIC expects to make further
announcements in the near future," Mr. D'Aloisio said.

If approved by the Court, this will be the second settlement ASIC
has reached on behalf of Westpoint investors against an Australian
financial services licensee arising from the collapse of
Westpoint.  In November 2008, ASIC settled a claim on behalf of
investors against Masu Financial Management Pty Ltd.  The terms of
that settlement remain confidential between the parties.

                     Related Westpoint Matters

ASIC said it continues to participate in the mediation of claims
against other Australian financial services licensees and a claim
against State Trustees Limited.  If these matters can be resolved
at mediation and the settlements are individually approved by the
Court, it is expected that the settlement process will, in each
case, be similar to that in the PIS matter (outlined above). These
other claims are:

   -- In December 2007 and February 2008, ASIC commenced
      proceedings against Bongiorno Financial Advisers Pty
      Ltd and Bongiorno Financial Advisers (Aust) Ltd,
      respectively, on behalf of clients of Bongiorno
      alleging negligence and breach of licence conditions.

   -- In March 2008, ASIC commenced proceedings against State
      Trustees Limited (STL) alleging that STL had breached
      its duties to the holders of Market Street Mezzanine
      notes and its obligations under the Corporations Act.

   -- Also in March 2008, ASIC commenced proceedings against
      Strategic Joint Partners Pty Ltd (SJP) on behalf of the
      firm’s clients, alleging negligence and breach of licence
      conditions by SJP in recommending Westpoint products.

   -- In August 2008, ASIC commenced proceedings against
      Glenhurst Corporation Pty Ltd on behalf of clients who
      had invested in Westpoint products on the advice of
      Glenhurst.  As Glenhurst was in liquidation, ASIC
      subsequently commenced proceedings against the company’s
      professional indemnity insurer QBE Insurance.

   -- ASIC also has claims against a further two Australian
      financial services licensees: Dukes Financial Services
      Pty Ltd (now known as Barzen Pty Ltd) and Brighton Hall
      Securities Pty Ltd (In Liquidation) on behalf of clients
     of those firms.

ASIC also has claims against directors of Westpoint companies and
the Westpoint auditors, KPMG.  These claims are also the subject
of the global mediation which has been adjourned, however the
litigation against the directors and KPMG will continue alongside
the mediation process until any settlement is reached.  As the
mediation process is confidential, ASIC cannot make any further
statement at the present time as to the progress of negotiations
with the directors and KPMG.  If a settlement of these claims or
any of them can be reached, further announcements will be made at
the appropriate time.  In the event that any settlements with the
directors and/or KPMG do occur, any compensation is likely to be
paid to the mezzanine companies to be administered by the
liquidators of the companies concerned and included in the amounts
which may form the subject of any distributions by the
liquidators.

The action against KPMG returns to court on October 23, 2009, when
it is expected the Court will make directions for further steps to
be taken in the litigation.

                           About Westpoint

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

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

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


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


GALAXY CASINO: Moody's Does Not Expect Actions on 'B3' Rating
-------------------------------------------------------------
Moody's Investors Service says it does not expect any immediate
impact on Galaxy Casino S.A.'s B3 corporate family rating and
senior unsecured debt rating, or on their negative outlook, after
the company said that it had accepted the terms of the final draft
Concession Contract to acquire a piece of land at Cotai, Macau for
a consideration of MOP2.92 billion (or HK$2.84 billion).

Galaxy is currently building the Galaxy Macau Resort -- an
integrated resort-hotel-casino development -- on top of the
acquired land and it paid the initial installment of
MOP1.16 billion on September 10, 2009.

The balance plus interest -- at a rate of 5% per annum -- will be
payable by the grantee in eight equal half-yearly installments.

"The amount of the cost of the land is largely in line with
Moody's expectations and such a level of outlay had already been
factored into Galaxy's existing ratings," says Kaven Tsang, a
Moody's AVP/Analyst.

"In addition, despite improvement in casino operations in the past
few quarters and that the company has reduced its borrowings
through a debt buyback program, Galaxy's estimated Debt/EBITDA
(including the zero-interest subordinated loan from its parent
company with no definite repayment date) remains modest and
positions the company at the low-B rating level.  Such a situation
is unlikely to significantly improve, at least until Galaxy Macau
Resort commences operations and generates EBITDA," says Tsang.

"The negative outlook reflects Moody's expectation that Galaxy
will have to raise additional funds to service its projected
capex, including the land cost, and scheduled debt repayments in
the medium term", comments Tsang.

"Though Macau's operating environment and the capital and credit
markets have somehow stabilized in the past few months, the
evolving nature of the markets and the selective approach of
financiers will introduce some uncertainties to Galaxy's funding
activities in the near-to-medium term," adds Tsang.

Moody's last rating action on Galaxy was taken on January 19,
2009, when it was downgraded to B3 from B1 with negative outlook.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Waldo
Casino, the group's first casino operation.  Since then, the
company has opened four other casinos in Macau, with the flagship
StarWorld facility opening in October 2006.  In addition, Galaxy
is constructing a large resort in Macau which is expected to open
in 2010.


SPANSION INC: Unit Closes Sale of Suzhou Facility to Powertech
--------------------------------------------------------------
Spansion LLC, a wholly owned subsidiary of Spansion Inc., on
September 8, 2009, completed the sale of its assembly, mark, test
and pack facility located in Suzhou, China, and other related
assets owned by Spansion LLC pursuant to the Asset and Share
Purchase Agreement, dated August 21, 2009, between Spansion LLC
and Powertech Technology Inc., a company organized under the laws
of the Republic of China (Taiwan).

Pursuant to the terms of the Purchase Agreement, Spansion LLC
sold:

    (i) all issued and outstanding ordinary shares of its wholly
        owned subsidiary, Spansion Holdings (Singapore) Pte.
        Ltd., a company organized under the laws of the Republic
        of Singapore, which in turn owns all registered capital
        of Spansion (China) Limited, a wholly foreign-owned
        enterprise organized under the laws of the People's
        Republic of China and the entity that owns the Suzhou
        Facility; and

   (ii) certain assembly, mark and pack equipment and tooling and
        other assets related to the Suzhou Facility that is owned
        directly by Spansion LLC.

The Bankruptcy Court for the District of Delaware entered an order
approving the sale of the Purchased Assets on September 4, 2009.

In consideration for the Purchased Assets, PTI delivered to
Spansion LLC a promissory note for roughly US$27.7 million, which
requires three scheduled installment payments of roughly
US$9.2 million to be made by PTI to Spansion LLC on each of the
60th, 120th and 180th days following the Closing Date.  In
addition, upon PTI's obtaining approval from the Investment
Commission of the Ministry of Economic Affairs of the Republic of
China (Taiwan), PTI will pay to Spansion LLC cash in the amount of
US$12.6 million, of which US$6 million will be placed into an
escrow
account for a one-year period.

PTI has informed Spansion that it expects to obtain the Investment
Commission's approval in September 2009.  At the expiration of the
one-year escrow period, cash remaining in the escrow account not
previously distributed, or reserved for distribution, to PTI
pursuant to the terms of the Purchase Agreement will be delivered
to Spansion LLC.  The Shares will be also held in escrow and one-
third of the Shares will be distributed to PTI upon Spansion LLC's
receipt of each installment payment made pursuant to the
Promissory Note.

                      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.


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


BRILLIANT HARVEST: Creditors' Proofs of Debt Due on October 11
--------------------------------------------------------------
The creditors of Brilliant Harvest Company Limited are required to
file their proofs of debt by October 11, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 7, 2009.

The company's liquidators are:

         Chan Wai Hei
         or Wai Lin Winnie
         Sun Hung Kai Centre, Room 1021
         30 Harbour Road
         Wanchai, Hong Kong


CRESVALE FAR: Oswin and Blaauw Step Down as Liquidators
-------------------------------------------------------
On September 1, 2009, Joanne Oswin and Jan G.W. Blaauw stepped
down as liquidators of Cresvale Far East Limited.


CRESVALE FAR: Oswin and Blaauw Step Down as Liquidators
-------------------------------------------------------
On September 1, 2009, Joanne Oswin and Jan G.W. Blaauw stepped
down as liquidators of Cresvale Far East Nominees Limited.


EVER COLD: Appoints Hang as Liquidator
--------------------------------------
On September 4, 2009, the creditors of Ever-Cold Refrigeration
Trading Company Limited appointed Chan Kin Hang Danvil as the
company's liquidator.

The Liquidator can be reached at:

         Chan Kin Hang Danvil
         Ginza Square
         Room 2301, 23rd Floor
         565-567 Nathan Road, Yaumatei
         Kowloon, Hong Kong


FLEMING FAMILY: Commences Wind-Up Proceedings
---------------------------------------------
On September 1, 2009, the sole shareholder of Fleming Family &
Partners (Asia) Limited passed a resolution that voluntarily winds
up the company's operations.

The company's liquidators are:

          John Robert Lees
          Mat Ng
          John Lees & Associates Limited
          1904 Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong

GUIDANT HONG KONG: Placed Under Voluntary Wind-Up
-------------------------------------------------
The members of Guidant Hong Kong Limited met on September 2, 2009,
and resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Lo Yin Hung
          W Square Building, 12th Floor
          318 Hennessy Road
          Wanchai, Hong Kong


IRIS NOMINEES: Creditors' Proofs of Debt Due on October 11
----------------------------------------------------------
The creditors of Iris Nominees Limited are required to file their
proofs of debt by October 11, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 2, 2009.

The company's liquidator is:

          Sung Mi Yin
          Ritz Plaza
          Suite No. A, 11th Floor
          122 Austin Road, Tsimshatsui
          Kowloon, Hong Kong


LA SIERRA: Members' Final Meeting Set for October 13
----------------------------------------------------
The members of La Sierra (Hong Kong) Limited will hold their final
meeting on October 13, 2009, at 10:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

At the meeting, Poon Che Hing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LOXFORD COMPANY: Members and Creditors to Hold Meeting on Oct. 13
-----------------------------------------------------------------
The members and creditors of Loxford Company Limited will hold
their final meeting on October 13, 2009, at 3:30 p.m., at the 5th
Floor of Far East Consortium Building, 121 Des Voeux Road C., in
Central, Hong Kong.

At the meeting, Fung Tze Wa, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


PENINSULA LIMITED: Creditors' Proofs of Debt Due on October 11
--------------------------------------------------------------
The creditors of Peninsula Limited are required to file their
proofs of debt by October 11, 2009, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Lai Tak Shing Jonathan
          Chan Yuen Bik Jane
          Gloucester Tower, 31st Floor
          The Landmark
          11 Pedder Street, Central
          Hong Kong


PHILAND ENTERPRISES: Members and Creditors to Meet on October 13
----------------------------------------------------------------
The members and creditors of Philand Enterprises Limited will hold
their final meeting on October 13, 2009, at 4:00 p.m., at the 5th
Floor of Far East Consortium Building, 121 Des Voeux Road C., in
Central, Hong Kong.

At the meeting, Fung Tze Wa, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


ROLLS-ROYCE: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------
The creditors of Rolls-Royce Industrial Power (Hong Kong) Limited
are required to file their proofs of debt by October 12, 2009, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 2, 2009.

The company's liquidators are:

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


SINO PUBLISHING: Commences Wind-Up Proceedings
----------------------------------------------
On September 3, 2009, the the members of Sino Publishing House
Limited passed a resolution that voluntarily winds up the
company's operations.

The company's provisional liquidators are:

         Leung Man Kay
         Kong Tak Wing Robert
         Chinachem Tower, 21st Floor
         34-37 Connaught Road
         Central, Hong Kong


UNIGAIN (P & M): Commences Wind-Up Proceedings
----------------------------------------------
Unigain (P & M) Limited commenced wind-up proceedings on Sept. 7,
2009.

The company's provisional liquidator is:

          Chan Kin Hang Danvil
          Ginza Square, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


VERTEX CHINA: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of Vertex China Investment (Hong Kong) Limited are
required to file their proofs of debt by October 12, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidators are:

          Seng Sze Ka Mee Natalia
          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


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


AUGUSTAN KNITWEAR: CRISIL Places 'D/P5' Ratings to Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Augustan Knitwear Pvt. Ltd., a part of the Augustan group.

   Facilities                         Ratings
   ----------                         -------
   INR30.70 Million Long Term Loan    D (Assigned)

   INR64.00 Million Packing Credit    P5 (Assigned)
                           Limit *

   INR88.00 Million Foreign Bills     P5 (Assigned)
               Discounting Limit ^

   INR30.00 Million Letter of Credit  P5 (Assigned)
                              Limit

   * Includes an ad-hoc limit of INR4.00 million.
   ^ Includes an ad-hoc limit of INR8.00 million.

The rating reflects delay by AKPL in servicing its term loan
obligations because of its weak liquidity.

                      About Augustan Knitwear

AKPL, established in 1995, is part of the Augustan group based in
Coimbatore, Tamil Nadu.  The group, founded in 1992 by Mr. N
Athimoolam Naidu, consists of four companies that are engaged in
cutting, sewing, embroidery, printing, bleaching, dyeing, and
knitting operations. AKPL manufactures and exports ready-made
garments.

AKPL's estimated profit after tax (PAT) is INR3 million on net
sales of INR437 million for 2008-09 (refers to financial year,
April 1 to March 31) as against a PAT of INR4 million on net sales
of INR431 million for 2007-08.


AUGUSTAN TEXTILE: Default in Loan Payments Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Augustan Textile Colours Ltd., a part of the Augustan group.

   Facilities                              Ratings
   ----------                              -------
   INR95.80 Million Long Term Loan         D (Assigned)
   INR60.00 Million Cash Credit Limit      D (Assigned)
   INR13.40 Million Bank Guarantee Limit   P5 (Assigned)

The rating reflects default by ATCL in servicing its term loan
obligations because of its weak liquidity.

                      About Augustan Textile

ATCL, established in 2005, is part of the Augustan group based in
Coimbatore, Tamil Nadu.  The group, founded in 1992 by Mr. N
Athimoolam Naidu, consists of four companies that are engaged in
cutting, sewing, embroidery, printing, bleaching, dyeing, and
knitting operations.  ATCL prints, bleaches, and dyes fabric and
yarn.  The company incurred an estimated net loss of INR16 million
on net sales of INR168 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a net loss of INR2 million
on net sales of INR229 million for 2007-08.


BRIJSONS HOTEL: CRISIL Cuts Ratings on Various Bank Debts to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Brijsons Hotel Pvt. Ltd. to 'D' from 'BB-/Negative'.

   Facilities                       Ratings
   ----------                       -------
   INR4.2 Million Cash Credit       D (Downgraded from
                                       'BB-/Negative')
   INR247 Million Term Loan         D (Downgraded from
                                       'BB-/Negative')

   INR8.8 Million Proposed Long-    D (Downgraded from
   Term Bank Loan Facility            'BB-/Negative')

The rating reflects delay by Brijsons in the payment of its debt
obligations on account of stretched liquidity because of delays in
project completion.

                       About Brijsons Hotel

Brijsons, promoted by the Rajiv group of companies, is expanding
its 30-room hotel in Puri to a 169-room, 5-star category resort.
The group currently operates electronic equipment, watch, and
furniture showrooms.  Brijsons took over the hotel, Pearl Beach
Resort, promoted by Panchdeep Constructions Ltd. in August 2007.
The hotel is expected to become operational in January 2010.
Brijsons has a franchise agreement with Wyndham Worldwide for its
brand, Ramada.


JET AIRWAYS: Plans Share Sale to Institutions Within 2-3 Months
---------------------------------------------------------------
Jet Airways (India) Ltd. plans to raise capital through the sale
of shares to institutions within the next 2-3 months, Reuters
reports.

Reuters quoted K.G. Vishwanath, vice president, commercial
strategy and investor relations, as saying that "We are planning a
domestic issuance of shares through the QIP (qualified
institutional placement) route in 2-3 months to deleverage our
balance sheet, increase working capital and also strengthen our
balance sheet."

Mr. Vishwanath said the company has not yet finalized the amount
to be raised through the share sale, Reuters relates.

                         About Jet Airways

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.


MERIDIAN APPARELS: Fitch Assigns 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Meridian Apparels Limited a
National Long-term rating of 'BB-(ind)'.  Fitch has also assigned
a rating of 'BB-(ind)' to MAL's outstanding long-term bank loans
aggregating INR177.7 million, and ratings of 'BB-
(ind)'/'F4(ind)'to the fund based working capital limits of
INR359.0 million, non fund based working capital limits of
INR20.0 million and forward contract limit of INR16.0 million.
The Outlook is Stable.

The ratings reflect MAL's operational track record of over 15
years as an apparel exporter with a focus on the European and USA
export markets, and its well established relationships with its
customer base of mid-market retailers in both regions.  The
ratings also reflect an improvement in operating profitability
margins and stable working capital cycle indicators over the past
three years, which are backed by efficient manufacturing
processes, and a judicious mix of in-house manufacturing and sub-
contracting.

Nevertheless, MAL's ratings are constrained by the net losses
incurred during FY09, and the significant foreign exchange related
losses of INR201.5 million in FY09.  The losses had to be partly
funded by availing a term loan of INR120.0 million, and as a
result, the promoters had to infuse INR50.0 million to fund the
term loan obligations and working capital requirements.  The
subsequent jump in debt levels, as well as the stiff terms of the
term loan, significantly constrains the liquidity of the company.
The ratings are also constrained by the adverse impact of the
ongoing economic recession in the U.S. and European markets.  Any
increase in pricing pressures and reduction in volumes of export
orders can impact the company negatively in the short-term.

A sustained improvement in profitability margins and reduction in
debt/EBIDTA levels would be considered as positive rating
triggers.  Conversely, a decline in EBIDTA margins from current
levels and additional foreign exchange related losses that require
further debt support would be considered as negative rating
triggers.

Meridian Apparels Limited is a Chennai-based exporter of apparels
that was promoted in 1989 by Mr. Vinod Saraogi and Mr. Prakash
Saraogi.  During FY05, various smaller textile businesses of the
promoters were merged and consolidated into MAL.  Currently, the
company has several manufacturing facilities at Tirupur with a
capacity to produce over 10 million pieces of garments per year.
As for FY09, MAL reported an export turnover of INR1.19bn, with a
net loss of INR116.9 million.


ROLEX RINGS: CRISIL Cuts Rating on Various Bank Debts to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rolex
Rings Pvt. Ltd.'s (Rolex Rings') long-term bank facilities to 'B+/
Negative' from 'BB+/Negative'; the rating on the company's short-
term facility has been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR2174.9 Million Term Loan ^      B+/Negative (Downgraded from
                                                  'BB+/Negative')

   INR476.0 Million Cash Credit       B+/Negative (Downgraded from
                                                  'BB+/Negative')

   INR1899.0 Million Foreign Usance    P4 (Reaffirmed)
     Discounted Bills of Purchase /
     Packing Credit
   INR500.1 Million Letters of Credit  P4 (Reaffirmed)

  ^ Including proposed facility of INR29.6 million.

The downgrade reflects the weakening in Rolex Rings' financial
risk profile because of decline in revenues as a result of
slowdown in demand from its end-user segment, pricing pressures
and increasing working capital requirements.  The company's
turnover has also declined because of delays in stabilization of
its ongoing Hatebur project, and is expected to improve marginally
once the project stabilizes.  The impact of the rating weaknesses
is mitigated by Rolex Rings' dominant market position in the
bearing race segment and its healthy operating margins supported
by its high operating efficiencies.

Outlook: Negative

CRISIL believes that Rolex Rings' revenues and profitability will
remain under pressure over the medium term because of the sluggish
demand from its end-user segment and its heavy dependence on
exports.  The ratings may be further downgraded if Rolex Rings'
cash accruals decline as a result of sharp decline in its
revenues.  Conversely, the outlook may be revised to 'Stable' in
case Rolex Rings' revenues improve on the back of revived demand
from its end-user segment and stabilization of operations at its
ongoing Hatebur project.

                         About Rolex Rings

Rolex Rings was incorporated in 2003 by Mr. Manesh Madeka along
with his brother.  The company manufactures forged bearing races.
In 2007-08 (refers to financial year, April 1 to March 31), the
company infused private equity of INR1.51 billion from New Silk
Route to part-fund its ongoing INR2.28 billion Hatebur project.
After the equity infusion, New Silk Route has appointed two
nominee directors on Rolex Rings' board.

For 2007-08, it reported a net loss of INR126 million (loss of
INR11 million for 2006-07) on gross sales of INR2.2 billion
(INR1.7 billion).


S RAJIV: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
S Rajiv & Co.

   Facilities                             Ratings
   ----------                             -------
   INR75 Million Post Shipment Credit     P4 (Assigned)
   INR15 Million Packing Credit           P4 (Assigned)

The rating reflects SRC's weak financial risk profile, and
expected pressure on revenues and profitability because of
economic slowdown.  However, these weaknesses are partially offset
by the benefits that the firm derives from its promoters'
experience in the diamond cutting and polishing business.

                           About S Rajiv

Set up in 1972 as a partnership firm by Mr.Ramniklal Jhaveri, SRC
manufactures and trades in polished diamonds.  The firm trades in
diamonds of size from 2 pointers to 100 pointers.  Currently, the
firm has three active partners, Mr. Shreyash Jhaveri, Mr. Rasesh
Jhaveri, and Mr. Rahul Jahveri.

SRC reported a profit after tax (PAT) of INR1.65 million on net
sales of INR249 million for 2007-08(refers to financial year,
April 1 to March 31), as against a PAT of INR0.76 million on net
sales of INR254.1 million for 2006-07.


SAN MEDIA: CRISIL Rates INR45 Million Proposed Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Negative/P4' ratings to the bank
facilities of San Media Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR20 Million Proposed Cash Credit    BB/Negative (Assigned)
   INR45 Million Proposed Term Loan      BB/Negative (Assigned)
   INR45 Million Bank Guarantee          P4 (Assigned)

The ratings reflect SML's exposure to risks relating to the
e-governance services business, such as low revenue visibility
because of tender-based contracts, and the expected deterioration
in its financial risk profile because the contracts are majorly
debt-funded.  These weaknesses are mitigated by the company's
healthy track record in television-content production.

Outlook: Negative

CRISIL expects SML's credit risk profile to be adversely affected
by its recent venture into the e-governance services business,
where projects are typically tender-based and debt-funded.  The
ratings may be downgraded if SML's revenues or operating margins
decline sharply, resulting in low accruals, or if it contracts
large debt for its projects, affecting its capital structure and
liquidity.  Conversely, the outlook may be revised to 'Stable' if
SML improves its revenues and profitability, and consequently its
liquidity, while maintaining its stable capital structure.

                         About San Media

Set up in 1996, SML is a closely held public limited company
producing television content, developing portals for e-reporting
and providing software solutions.  Its office in Chennai is
equipped with a studio for post-production activities. Recently,
the company ventured into the e-governance services business.

SML reported a profit after tax (PAT) of INR4.29 million on net
sales of INR59.47 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.57 million on net
sales of INR39.20 million for 2007-08.


SATYAM COMPUTER: CBI to File Second Chargesheet Against Raju
------------------------------------------------------------
The Press Trust of India reported that the Central Bureau of
Investigation (CBI) will soon file a second chargesheet against
former disgraced Chairman of Satyam Computer Services Limited B
Ramalinga Raju as it claimed to have unearthed more financial
frauds.

According to the PTI, sources in the CBI said that Mr. Raju's
confessional statement after the scam came to light earlier this
year was an attempt by him to divulge only what he wanted to,
while keeping other alleged financial frauds under wraps.

The report notes the sources said the investigators had found some
more clues of alleged financial frauds of siphoning off money from
Satyam and re-routing it to other front companies floated by the
accused.

The Troubled Company Reporter-Asia Pacific reported on April 9,
2009, that the CBI filed its charge sheet against Satyam Computer
former chairman Raju and eight others including his two brothers
Rama Raju and Suryanarayana Raju in the local CBI court.  The
accused have been charged with offences of criminal conspiracy,
cheating, impersonation, forgery of valuable security, forgery for
the purpose of cheating, showing forged documents as genuine,
falsification of accounts and causing disappearance of evidence.

                         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.


SATYAM COMPUTER: Quits Plan to Set Up $75-Mln IT Hub in Australia
-----------------------------------------------------------------
Mahindra Satyam, formerly known as Satyam Computers Services
Limited, has pulled out of a $75 million software development
project at Deakin University that was set to create 2,000 jobs in
Geelong, Victoria, The Australian reports.

Sujit Baksi, the company's president of corporate affairs,
formally conveyed the decision to the government of Victoria state
through a letter addressed to provincial IT Minister John Lenders,
the report said.

The Australian, citing the Geelong Advertiser, relates that
Mr. Baksi wrote, "The need to concentrate on an extensive internal
restructuring program of our business precludes Mahindra Satyam
from embarking on expansion projects of this kind.”

"While Mahindra Satyam is disappointed that it cannot proceed with
the centre, it reaffirms its commitment to future expansion in
Victoria when circumstances allow."

A Satyam Australia spokeswoman, says The Australian, confirmed
that the project had been cancelled.

The Australian notes Mr. Baksi committed to Mahindra Satyam paying
back the undisclosed cash grant to the Victorian Labor government
headed by Prime Minister John Brumby which the company was given
to set up the IT hub in Geelong.

                         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.


SHREE HARI: CRISIL Reaffirms Rating on INR160.2MM LT Loan at 'B+'
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Hari Chemicals
Export Ltd. continue to reflect concentration in SHCEL's revenue
profile, the commoditized nature of the company's product, and its
moderate financial risk profile.  These weaknesses are partially
offset by the benefits that SHCEL derives from the experience of
its promoters in the textile industry.

   Facilities                        Ratings
   ----------                        -------
   INR200.0 Million Cash Credit *    B+/Negative (Reaffirmed)
   INR28.5 Million Standby Line      B+/Negative (Reaffirmed)
                      of Credit

   INR160.2 Million Long-Term Loan   B+/Negative
  (Enhanced from INR16.5 Million)

   INR70.0 Million Letter of Credit  P4 (Reaffirmed)
   INR6.0 Million Bank Guarantee     P4 (Reaffirmed)

   * Includes packing credit sub limit up to maximum of
     INR80 million, and bills discounting sub limit up
     to maximum of INR80 million.

Outlook: Negative

CRISIL believes that SHCEL's profitability will be under pressure
over the medium term, and that the company will remain exposed to
revenue concentration risk.  The rating may be downgraded if the
company's profitability margins and debt protection measures
deteriorate further.  Conversely, the outlook may be revised to
'Stable' if there is significant improvement in SHCEL's
profitability and debt protection measures.

                         About Shree Hari

SHCEL, incorporated in 1987 by Mr. K L Ramuka and Mr. B C Agrawal,
manufactures H-acid, a dye intermediate used in the manufacture of
dyes, mainly required for the cotton textile industry.  SHCEL's
manufacturing unit at Mahad (Maharashtra) has capacity to produce
3500 tonnes of H-acid per annum.

SHCEL reported a profit after tax (PAT) of INR48 million on net
sales of INR792.6 million for 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR47.3 million on net
sales of INR668.7 million for 2006-07.


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


ANCORA INDONESIA: Fined US$1.09 Million for Breaching Regulations
-----------------------------------------------------------------
The Jakarta Post reports that the Capital Market and Financial
Institutions Supervisory Agency (Bapepam-LK) has fined PT Ancora
Indonesia Resources Tbk and its majority shareholder, Ancora
Resources (AR), IDR1.08 billion (US$1,090,000) for breaching stock
market regulations.

The report notes Bapepam's legal chief, Robinson Simbolon, said
the fines were the result of investigations by the agency into the
company's rights issue last year.

Both AIR and AR were found guilty of using proceeds from the
rights issue to acquire shares in affiliated companies, the Post
said.

PT Ancora Indonesia Resources Tbk is an Indonesia-based trading
company.  The Company's principal activity is selling and buying
electrical tools.  Its business segments are factory overhead,
trading and services.  The Company's subsidiaries are PT Multi
Nitrotama Kimia and PT Navindo Geosat.  On July 30, 2009, the
Company announced that it has already acquired 108,000 shares or a
60% stake in PT Bormindo Nusantara.


* INDONESIA: Enterprises Ministry Plans to Wind Up 4 State Firms
----------------------------------------------------------------
Indonesia's minister for state enterprises will propose to the
finance ministry the liquidation of four ailing state firms
instead of handing them over to the state asset management company
PT PPA as proposed earlier, The Jakarta Post reports.

These state companies include:

     * film producer PT Produksi Film Nasional (PFN);
     * textile producer PT Industri Sandang Nusantara;
     * state air survey firm PT Penas; and
     * publisher PT Pragja Paramitra.

"I think it will be better for the government to liquidate these
companies because of their insignificant assets," the Post quoted
Said Didu, secretary to the state minister for the state
enterprises, as saying.

Mr. Said, according to the Post, said PFN's assets currently were
only worth IDR41 billion (US$4.1 million), Penas only about
IDR7.5 billion and Pragja at about IDR4 billion.


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


JAPAN AIRLINES: To Cut Operations by 20%; Raise Job Cuts to 6,000
-----------------------------------------------------------------
Japan Airlines Corp. will cut its flight-related sales by 20% and
operating expenses by 30% from fiscal 2008 levels over the three
years through March 2012 as part of its restructuring efforts,
Kyodo News reports citing sources close to the matter.

Kyodo says the carrier also plans to increase planned personnel
cuts by about 1,000 to a total of around 6,000.

According to the report, Japan Airlines intends to terminate or
reduce the number of flights, including some on 24 international
routes such as those connecting with China, and increase code-
sharing arrangements with foreign airlines for unprofitable
international routes.

JAL, which plans to scale down its operations through such steps
as streamlining its international and domestic routes, will convey
its improvement plan today, September 15, to a panel of the Land,
Infrastructure, Transport and Tourism Ministry tasked with
monitoring its business turnaround, Kyodo relates.

                      Talks with Air France-KLM

Reuters, citing a source familiar with the matter, reports that
Air France-KLM is in talks to inject hundreds of millions of
dollars into Japan Airlines, joining a list of suitors including
Delta Airlines and American Airlines, seeking a minority stake in
the loss-making Japanese carrier to gain access to its route
network.

Reuters notes the sources said each airline is discussing an
investment of US$200 million to US$300 million, in exchange for a
minority stake and a code-sharing relationship with JAL, but talks
are fluid and the numbers could change.

                            Fund Raising

Japan Airlines is considering plans to raise around JPY250 billion
(US2.8 billion dollars) by March next year to help finance its
restructuring, the AFP reports citing the Nikkei business daily.

Under the plan, the AFP relates, JAL will request JPY100 billion
in loans from financial institutions.

The AFP notes that the newspaper said the Japanese carrier will
separately raise more than JPY100 billion by issuing new shares,
while raising a further JPY50-60 billion by selling stocks in
subsidiaries and other assets,

JAL, according to the AFP, plans to ask aircraft makers, trading
houses, investment funds and the government-run Development Bank
of Japan to take stakes.

                       About Japan Airlines

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


JLOC 36: Fitch Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded four classes of notes from JLOC 36,
LLC due February 2016, following the implementation of the
recently published criteria for Japanese CMBS surveillance.  Full
details of the rating actions are given below:

  -- JPY19,879 million* Class A1 affirmed at 'AAA'; off Rating
     Watch Negative (RWN); Outlook Stable;

  -- EUR44.68 million* Class A2 affirmed at 'AAA'; off RWN;
     Outlook Stable;

  -- USD5.47 million* Class A3 affirmed at 'AAA'; off RWN; Outlook
     Stable;

  -- JPY5,027 million* Class B downgraded to 'AA-' from 'AA'; off
     RWN; Outlook Negative;

  -- JPY2,661 million* Class C1 downgraded to 'BBB+' from 'A'; off
     RWN; Outlook Negative;

  -- EUR17.92 million* Class C2 downgraded to 'BBB+' from 'A'; off
     RWN; Outlook Negative;

  -- JPY3,179 million* Class D downgraded to 'CCC' from 'B';
     remains on RWN; assigned a Recovery Rating of 'RR3'; and

  -- Class X (interest-only) affirmed at 'AAA'; Outlook Stable.

  * as of 10 September 2009

Class D notes have been downgraded, reflecting Fitch's view over
potential recovery amounts from two of the loans backing the
transaction which have defaulted.  Fitch has maintained the RWN on
the class, in light of the possibility that further rating action
may follow, depending on the progress of the collection activity
initiated by the special servicer, Premier Asset Management
Company ('CSS2(JPN)'/RWN).  In Fitch's opinion, there is a real
possibility of principal loss in both cases due to the current
weak real estate market.  One of the loans is backed by two
residential properties in Hokkaido, and the other one is backed by
a retail building in Kyushu.

In line with the recently published criteria, most properties have
been revalued in accordance with the respective loan status and
time to loan maturity.  In two cases, where offers have been
received on properties, these values have been considered.
Overall, Fitch adopted a total value for all properties which is
25.6% lower than the initial total value.  As a result of these
revised valuations, classes B and C have been downgraded and
Negative Outlooks assigned due to the continued uncertainty about
the future of the Japanese real estate market and the real estate
finance environment.

The affirmations of classes A1, A2, and A3 with Stable Outlooks
reflect the agency's expectations that credit enhancement levels
will improve for these classes, as repayments at loan maturity or
following loan default will be allocated on a sequential basis.

At closing, the notes were backed by 34 loans ultimately secured
by 99 commercial real estate properties in Japan.  Six loans have
been fully repaid, while four loans have been partially repaid due
to collateral disposition.  This brings the total number of loans
backing the transaction to 28, secured by a total of 77 properties
and sales proceeds from one disposed property.  Currently, five
loans are in default, of which one has been resolved with full
recovery of the senior loan which backs the rated notes.

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


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


HO HUP: High Court to Hear Wind Up Petition on November 2
---------------------------------------------------------
Ho Hup Construction Company Bhd disclosed in a regulatory filing
that a winding-up petition has been served on the company,
by Time Automation & Management Services Sdn. Bhd.  The High Court
of Malaya at Kuala Lumpur will hear the petition on November 2,
2009.

Time Automation alleges the Company of non-payment of provision of
services in respect of construction works due, including:

   -- MYR96,078.49 under the judgment dated May 16, 2008;

   -- Interest on the sum of MYR96,078.49 at the rate of 8%
      per annum calculated from May 17, 2008, until Sept. 1,
      2009 and still continuing; and

   -- cost of MYR1,629.00.

The Company said it is taking steps to settle the matter before
the hearing of the winding-up petition on November 2, 2009.  The
directors of the Company do not envisage the impact of winding-up
petition on the Group, financially or operationally, to be very
significant.

                           About Ho Hup

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

                           *     *     *

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


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


A2 CORPORATION: Posts NZ$3.5-Mln Loss in 15 Months Ended June 30
----------------------------------------------------------------
A2 Corporation Limited reported an audited Group post-tax loss of
NZ$3,528,057 including abnormals for the 15 months ended June 30,
2009.  This compared to a loss of NZ$6,298,221 for the 12 months
ended March 31, 2008.

The Group abnormals (totalling NZ$788,054) include:

   ** NZ$1,149,458 loss for a share-based payment made to the
      Child Health Research Foundation (CHRF).  This was in
      return for the cancellation of a profit share entitlement
      in which CHRF would receive 5% of A2C's earnings before
      tax, interest and amortisation;

   ** NZ$452,044 gain from exchange rate gain on funds held in
      foreign currencies;

   ** NZ$334,559 loss for one-off costs associated with the
      restructuring of the New Zealand head office;

   ** NZ$272,667 loss for an impairment loss from the write off
      of investment in A2 Milk Company LLC; and

   ** NZ$516,586 gain from the utilisation of prior period tax
      losses by A2 Dairy Products Australia Pty Limited.

In the first 6 months of the year (first half), the Group
operating post-tax loss (excluding abnormals) was NZ$1,992,822,
and the loss for the second nine months (second half) was
NZ$747,181.

The Company has said financial improvements have been coming from
a two-pronged approach.  The first was the strengthening of the
balance sheet by placements of shares.  Immediately following the
placements, the company had a net cash position of NZ$8,919,302 as
at September 30, 2008.  The net cash position was NZ$7,165,108 at
June 30, 2009, showing that the business has stabilized and should
not require further capital unless an acquisition or purchase of
assets is to be considered.

The improved operational performance of the company has come from
a restructure of the management team and deliberate focus on
management procedures and accountability that has seen previous
losses reduced dramatically.  There has also been a deliberate
strategy of focusing on key markets and making them profitable
while maintaining a watching brief on other areas.

                       Australian Operations

The focus in the last 6 months has been on helping Australia
become profitable.  The joint venture, Australian Dairy Products
Australia (A2DPA) became profitable in December 2008 and has
traded profitably every month since then other than April 2009
(where a small loss was registered after a one-off cost).  It
finished the full year significantly ahead of budget EBIT of
AU$500,000 profit and ahead of the previously announced expected
AU$1,000,000 profit.  This compares with the AU$3,400,000 loss
last year.

Total milk volume reached approximately 10.8 million liters for
the year compared with 6.6 million liters for the previous year (a
64% increase).  Gross sales for the full year ending June 30,
2009, were AU$18,000,000 (compared with AU$11,500,000 in the
previous year, a 60% increase).  To date this improving trend has
led to a measurable improvement in profitability of the Australian
operation.

The Company expects this trend to continue with the approved
budget for 2010 expected to deliver an increased volume and
profitability.

                       About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


BRIDGECORP LTD: Court Orders Director to Pay Back Excessive Salary
------------------------------------------------------------------
Maria Slade at The New Zealand Herald reports that the High Court
has ordered Bridgecorp Ltd. director Rob Roest to repay NZ$313,906
in excessive salary and a bonus he received in the months leading
up to the failure of the finance company.

The Herald says Mr. Roest, however, declared himself bankrupt on
September 10.   Mr. Roest is facing criminal charges relating to
Bridgecorp's demise alongside fellow executive director Rod
Petricevic, the report notes.

According to the report, the court also ordered Mr. Roest to pay
interest of NZ$56,000 up to the date of his bankruptcy and NZ$72 a
day thereafter.

The Herald states that the action was brought by the receivers of
Bridgecorp Management Services, the part of the Bridgecorp group
responsible for employing Mr. Roest as finance director.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, the Securities Commission laid criminal charges
against the chairman of Bridgecorp Bruce Davidson and non-
executive directors Gary Urwin and Peter Steigrad.

Criminal charges were also laid by the Registrar of Companies
earlier last year against the executive directors, Rodney
Petricevic and Robert Roest.  These new charges follow further
investigations by the Commission.  The Commission has also issued
civil proceedings against all five directors.

Commission Chairman Jane Diplock said in a press release that all
the directors are responsible for Bridgecorp's offer documents.
The Commission believed that the offer documents misled investors
by misrepresenting the overall financial position of those
companies and the risk of investing in them.

                        About Bridgecorp

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


DENARAU INVESTMENTS: Financiers Appoint KordaMentha as Receivers
----------------------------------------------------------------
The New Zealand Herald reports that two companies associated with
the Fiji Beach Resort & Spa managed by Hilton, are in
receivership.

The Herald relates that Grant Graham and Brendon Gibson at
KordaMentha were appointed last week as receivers of Fiji
companies Denarau Investments and Denarau International of Nadi.
The Herald says two financiers were behind the decision to appoint
a receiver.

According to the report, the Hilton is continuing to operate the
160-villa resort on Denarau Island in Fiji but completion of the
property's expansion with an extra 90 villas is now in doubt.

The report notes developer Neville Mahon of Greenlane said last
month he had proposed a $105 million repayment plan, involving:

   -- BoS International (Australia) getting $36 million over two
      years,

   -- Strategic Finance of Auckland getting $55 million over four
      years, and

   -- him securing $14 million in new funding.

But his offer was rejected and the two companies went into
receivership, the report says.

The Villa Owners Association, representing 80% of investors at the
exclusive Denarau Island Fiji Beach Resort & Spa, said they are
keen to work with receivers of two companies involved in the
property.

Investors are owed at least $1.1 million in unpaid revenue from
Hilton guests who stay in their tropical-style villas, the Herald
discloses.


* NEW ZEALAND: Manufacturing Sales Up 1.8% in June 2009 Qtr
-----------------------------------------------------------
After adjusting for seasonal effects, New Zealand's manufacturing
activity (measured by sales volumes) rose in the June 2009
quarter, according to the country's statistics agency.  However,
as a result of lower prices, the value of sales fell.

Statistics New Zealand said the volume of manufacturing sales rose
1.8% in the June 2009 quarter.  This follows a flat March 2009
quarter and falls totalling 9.3% during 2008.  The main
contributor to the latest rise was the meat and dairy product
manufacturing industry, which rose 7.4% in sales volume.

Excluding meat and dairy product manufacturing, the total sales
volume would show a fall of 2.8%.  Eight of the 15 industries
recorded falls in sales volume for the June 2009 quarter, with the
largest falls being for machinery and equipment manufacturing, and
non-metallic mineral product manufacturing.

Although the total volume of manufacturing sales rose in the June
2009 quarter, the value fell by 4.8 %(NZ$986 million). Lower
prices for meat and dairy products, resulting in a NZ$633 million
drop in the value of meat and dairy product manufacturing, were
the main cause of this fall.

The trend for the volume of manufacturing sales is flat for the
June 2009 quarter, after five quarters of decline. The trend for
the sales value shows a decline for the latest two quarters.


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


AIK HOE: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------
The creditors of Aik Hoe Investment Pte Ltd are required to file
their proofs of debt by October 12, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tan Swee Kim
          c/o 19 Keppel Road
          #03-10 Jit Poh Building
          Singapore 089058


CENTURY BRIDGE: Court Enters Wind-Up Order
------------------------------------------
On September 4, 2009, the High Court of Singapore entered an order
to have Century Bridge Trading Pte Ltd's operations wound up.

UOB Bullion and Futures Ltd filed the petition against the
company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee’s Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


CHARTERED SEMICONDUCTOR: S&P Cuts Corp. Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
long-term corporate credit rating on Singapore-based foundry
Chartered Semiconductor Manufacturing Ltd. to 'BB-' from 'BB'.  At
the same time, S&P also lowered the issue rating on the company's
senior unsecured notes to 'BB-' from 'BB'.  S&P revised the
CreditWatch implications of both ratings to developing from
negative.  The ratings were originally placed on CreditWatch on
July 3, 2009.

"S&P's lowered the rating on Chartered to reflect S&P's view that
potential extraordinary support from the Singapore government
[AAA/Stable/--] is no longer a key consideration in the rating on
the company," said Standard & Poor's credit analyst Wee Khim Loy.

The downgrade is based on the change in S&P's analytical views
following Chartered's announcement on Sept. 7, 2009, that Advanced
Technology Investment Corp. (not rated) plans to fully acquire all
of Chartered's shares.

S&P previously viewed Chartered as a GRE with a very strong link
to the Singapore government due to the company's important role in
the government's strategy of ensuring that Singapore is at the
forefront of global high technology.  Chartered is currently 62.3%
owned by Temasek Holdings Pte. Ltd. (AAA/Stable/--), which in turn
is wholly owned by the Singapore government.  Temasek recently
signed an irrevocable undertaking to vote in support of ATIC's
proposed acquisition of Chartered.

"We therefore now believe Chartered's link with and role for the
Singapore government has materially weakened to the extent that,
in S&P's opinion, it is no longer appropriate to apply S&P's GRE
analytical approach in assessing the rating," said Ms. Loy.

In view of the proposed change in ownership, the current rating
reflects its parent-subsidiary criteria.  Under the criteria, S&P
assesses the linkage between Temasek and Chartered based on
Temasek's willingness and capacity to support its subsidiary.

S&P's 'BB-' rating factors in a degree of support, albeit
lessened, derived from Temasek.  This reflects the parent's recent
demonstration of support by fully taking up its entitlement to
Chartered's US$300 million rights issue in April 2009.  In S&P's
opinion, the likelihood remains, albeit lessened, of Temasek
continuing to support Chartered's financial viability, if the
proposed sale is unsuccessful.  Should the change in ownership
materialize, S&P will assess the linkage between Chartered and
ATIC to determine the fresh level of support that Chartered may
receive from ATIC, a technology investment company wholly owned by
the government of Abu Dhabi (AA/Stable/--).

The rating also takes into consideration the company's aggressive
debt leverage, high industry cyclicality, intense competition, and
high customer concentration risk.  These weaknesses are partially
offset by the company's dominant position as the third-largest
foundry globally and its strategic technological alliances.

"We expect to resolve the CreditWatch placement by the end of
2009.  The ratings are on CreditWatch with developing implications
indicating that they could be raised or lowered, depending on how
the change in parentage from Temasek to ATIC affects Chartered's
overall business and financial risk profiles.  In addition, S&P
plan to seek more information and review the credit profile of
ATIC to establish the linkage between Chartered and ATIC and
determine the extent of support, if any, to be factored into the
rating on Chartered," said Ms. Loy.


CHIAP SENG: Court to Hear Wind-Up Petition on September 25
----------------------------------------------------------
A petition to wind up the operations of Chiap Seng Hong Trading
Pte Ltd will be heard before the High Court of Singapore on
September 25, 2009, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
August 28, 2009.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         4 Battery Road
         #26-01 Bank of China Building
         Singapore 049908


LIMITORQUE ASIA: Creditors' Proofs of Debt Due on September 25
--------------------------------------------------------------
The creditors of Limitorque Asia Pte. Ltd. are required to file
their proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Yap Kwong Yun, Charles
          P. S. Sivaramakrishnan
          33 Changi South Avenue 2
          Singapore 486445


MANZARO (S): Court to Hear Wind-Up Petition on October 2
--------------------------------------------------------
A petition to wind up the operations of Manzaro (S) Pte Ltd will
be heard before the High Court of Singapore on October 2, 2009, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on September 3, 2009.

The Petitioner's solicitors are:

          Rodyk & Davidson LLP
          80 Raffles Place, #33-00 UOB Plaza 1
          Singapore 048624


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


TRUE CORP: S&P Affirms 'B' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Thailand-based integrated
telecommunications operator, True Corp. Public Co. Ltd., with a
negative outlook.  The rating was then withdrawn at the company's
request.

True Corp. has no rated debt outstanding.  The negative outlook
reflects continues pressure on the group's wireless profitability
margin and regulatory uncertainties, which could weaken True
Corp's cash flows measures and hamper the group's deleveraging
efforts.

In S&P's view, any improvement in True Corp's credit profile would
be accompanied by a significant improvement in the company's cash
flow measures, particularly in the wireless segment, further
clarity on the regulatory framework, as well as adequate liquidity
to fund its expansion and future obligations.


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


DOT VN: Has Strategic Partnership with Elliptical Mobile
--------------------------------------------------------
Dot VN, Inc., has entered into a strategic partnership with
Elliptical Mobile Solutions, LLC of Chandler, Arizona, a provider
of high-tech solutions for the mobilization, operation,
environmental protection and security of electronic equipment.

The centerpiece of the partnership is to bring turn-key
infrastructure solutions for data center projects in Vietnam.
EMS' approach is a revolution in Internet data center design and
management.  EMS product offerings integrate Tier III, and in some
cases Tier IV, standard redundant infrastructure into a cost
effective and energy efficient secure rack.  Dot VN has the
exclusive right to distribute these advanced Internet data center
solutions in Vietnam and the non-exclusive right to distribute in
Asia.

"Our newly formed partnership with EMS will allow us to offer a
flexible, more powerful, energy efficient and streamlined solution
to Internet data center construction and management across all
sectors in Vietnam, including business, government and education,"
said Thomas Johnson, CEO of Dot VN, Inc.  "We look forward to
commercializing this new energy efficient and scalable data center
technology as we continue our work in becoming the leading
Internet and telecommunications provider for Southeast Asia."

EMS stationary and mobile data center units are a "first to
market" product for all industries.  Because the units are small,
mobile and self-contained, they offer major cost-effectiveness
including up to a 95% savings in capital investment, up to a 60%
savings on operational costs, specifically electricity, and up to
a 75% floor space savings.  This is possible because EMS'
disruptive technology focuses on cooling, maintaining and
protecting the data center equipment itself, not the room that
houses the data center equipment.  Current data center deployments
require massive capital investments because of infrastructure,
which must be done upfront in anticipation of growth.  EMS' rack
level approach makes cost management and scalability possible
because new servers, switches and storage devices can be added
immediately on an "as needed" basis to an operating data center
without disruption or up front investment by deploying an EMS
rack.

Vietnam is the second fastest growing economy in the world, with a
population of over 86 million people and a literacy rate over 90%.
The U.S.-based International Data Group (IDG) forecasts that the
Vietnamese IT market's spending will reach nearly US$2.2 billion
this year and over US$3.5 billion in 2013 to become the IT market
with the highest growth rate in Southeast Asia.

"I am very excited with our partnership with Dot VN to leverage
their experience in introducing 'Best of Breed Technologies' into
the Vietnam marketplace.  I am confident that EMS products will
bring dramatic cost savings in energy and capital expenditures to
the Vietnam market.  In addition, it will allow these companies to
accelerate technology implementations on a 90-day timeframe
instead of two-year horizons to build or retrofit traditional data
centers," said Elliptical Mobile Solutions CEO Bill Stockwell.

Elliptical Mobile Solutions, LLC, is a research and development
focused company that identifies deficiencies in the current state
of technology and then offers realistic and commercially viable
solutions to remedy those deficiencies.  Engineering models are
designed, built and tested within EMS facilities so that new
concepts and system designs may be proven and perfected.  EMS then
forms partnerships and alliances with key individuals/business
entities to convert the proven designs from engineering models
into commercial offerings.

                           About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.

Dot VN's balance sheet at April 30, 2009, showed total assets of
US$2,280,709 and total liabilities of US$11,732,186, resulting in
a stockholders' deficit of US$9,451,477.

                        Going Concern Doubt

Chang G. Park, CPA, from San Diego, California, expressed on
July 24, 2009, substantial doubt about Dot VN's ability to
continue as a going concern after auditing the company's financial
results for the years ended April 30, 2009 and 2008.  The auditing
firm reported that the company experienced losses from operations.


DOT VN: Has Strategic Partnership With Key-Systems
--------------------------------------------------
Dot VN, Inc., has entered into a strategic partnership with Key-
Systems GmbH, an Internet services provider based in Zweibrucken,
Germany, providing Top Level Domain registration, management and
reselling services.

In the agreement, Dot VN will now be able to offer customers
access to 178 unique domains worldwide in the Key-Systems network
as an official domain reseller. Dot VN resellers and individual
customers will now be able to purchase not only  ".vn" domain
names, but also other ccTLDs such as ".de", ".jp", ".cn", ".asia"
and ".eu" and generic TLDs (gTLDs) including .com, .net, .edu,
.gov and .org.

"Our partnership with Key-Systems will allow our continuously
expanding network of customers access to 178 unique TLDs worldwide
available for purchase," said Thomas Johnson, CEO of Dot VN, Inc.
"By offering a wider variety of TLDs, our network will now have a
convenient way to purchase international and generic domains in
addition to ".vn" domains.  This access adds further value to the
Dot VN brand as we seek to offer our customers a world-class
resource for technology development at the individual, corporate
and organizational levels."

Key-Systems currently manages more than 2.5 million domains names
for customers around the world.  As one of the few official
members of DENIC e.G, the central register for the Top Level
Domain ".de" for Germany, Key-Systems has direct access to the
registration system and is able to provide applications in real
time to the central register.

"As with all ccTLDs we offer, we always try to provide our
customers with a direct registry access. By offering our services,
we are looking forward to helping Dot VN explore the Vietnamese
domain market," said Key-Systems CEO Alexander Siffrin.

Vietnam is the second fastest growing economy in the world, with a
population of over 86 million people and a literacy rate over 90%.
The U.S.-based International Data Group (IDG) forecasts that the
Vietnamese IT market's spending will reach nearly US$2.2 billion
this year and over US$3.5 billion in 2013 to become the IT market
with the highest growth rate in Southeast Asia.

                           About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.

Dot VN's balance sheet at April 30, 2009, showed total assets of
US$2,280,709 and total liabilities of US$11,732,186, resulting in
a stockholders' deficit of US$9,451,477.

                        Going Concern Doubt

Chang G. Park, CPA, from San Diego, California, expressed on
July 24, 2009, substantial doubt about Dot VN's ability to
continue as a going concern after auditing the company's financial
results for the years ended April 30, 2009 and 2008.  The auditing
firm reported that the company experienced losses from operations.


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


* BOND PRICING: For the Week September 7 to September 11, 2009
--------------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.75
AMP Group Financ              9.803%   04/01/19   NZD       0.93
Antares Energy               10.000%   10/31/13   AUD       1.90
Aurox Resources               7.000%   06/30/10   AUD       0.77
Babcock & Brown Pty           8.500%   11/17/09   NZD      20.72
Becton Property Group         9.500%   06/30/10   AUD       0.42
Bemax Resources               9.375%   07/15/14   USD      70.50
Bemax Resources               9.375%   07/15/14   USD      70.50
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      52.01
CBD Energy Ltd               12.500%   01/29/11   AUD       0.11
China Century                12.000%   09/30/10   AUD       0.70
CIT Group Au Ltd              6.000%   03/03/11   AUD      73.64
Djerriwarrh Inv               6.500%   09/30/09   AUD       4.00
First Australian             15.000%   01/31/12   AUD       0.35
Griffin Coal Min              9.500%   12/01/16   USD      53.62
Griffin Coal Min              9.500%   12/01/16   USD      53.62
Heemskirk Consol              8.000%   04/29/11   AUD       2.35
Insurance Austra              5.625%   12/21/26   GBP      71.27
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       3.50
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      48.65
Macquarie Bank                6.500%   05/31/17   AUD      50.96
Minerals Corp                10.500%   09/30/09   AUD       0.80
National Cap II               5.486%   12/29/49   USD      71.53
New S Wales Trea              1.000%   09/02/19   AUD      62.38
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       0.62
Sun Resources NL             12.000%   06/30/11   AUD       0.40
Suncorp-Metway                6.500%   06/22/16   AUD      68.27
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.34


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      71.10
Sichuan Changhon              0.800%   07/31/15   CNY      71.89
Weifang Invest                5.880%   04/15/19   CNY      65.60

   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      20.80


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      62.50
Flex Industries               4.000%   03/09/12   USD      70.00
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      71.50
ICICI Bank Ltd                7.250%   08/29/49   USD      73.65
Kei Industries                1.000%   11/30/11   USD      66.50
Pyramid Saimira               1.750%   07/04/12   USD       9.25
Sterling Biotech              0.500%   09/30/10   USD      71.11
Subex Azure                   2.000%   03/09/12   USD      37.75
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    5.000%   08/10/10   USD      52.37
Aiful Corp                    5.000%   08/10/10   USD      52.37
Aiful Corp                    6.000%   12/12/11   USD      38.00
Aiful Corp                    6.000%   12/12/11   USD      38.00
CSK Corporation               0.250%   09/30/13   JPY      59.50
Fukoku Mutual                 4.500%   09/28/25   EUR      65.50
Japan Airlines                3.100%   01/22/18   JPY      74.44
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      58.70
Nippon Residentl              1.900%   09/13/12   JPY      68.12
Nis Group                     8.060%   06/20/12   USD      42.37
Promise Co Ltd                2.740%   10/11/13   JPY      73.82
Shinsei Bank                  3.750%   02/23/16   JPY      74.25
Shinsei Bank                  5.625%   12/29/49   GBP      58.50
Takefuji Corp                 9.200%   04/15/11   JPY      47.87
Takefuji Corp                 9.200%   04/15/11   USD      47.87
Takefuji Corp                 8.000%   11/01/17   USD      13.00
Takefuji Corp                 4.500%   10/22/32   JPY      58.90


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.02
Berjaya Land Bhd              5.000%   12/30/09   MYR       3.48
Crescendo Corp B              3.750%   01/11/16   MYR       0.90
Dutaland Bhd                  4.000%   04/11/13   MYR       0.77
Dutaland Bhd                  4.000%   04/11/13   MYR       0.40
Eastern & Orient              8.000%   07/25/11   MYR       1.38
EG Industries                 5.000%   06/06/10   MYR       0.38
Huat Lai Resources            5.000%   03/28/10   MYR       0.41
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.25
Kretam Holdings               1.000%   08/10/10   MYR       1.06
Kumpulan Jetson               5.000%   11/27/12   MYR       1.29
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.58
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20
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%   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
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       0.30
YTL Cement Bhd                4.000%   11/10/15   MYR       1.89


   NEW ZEALAND
   -----------
Allied Farmers                9.600%   11/15/11   NZD      42.68
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.46
Blue Star Print               9.100%   09/15/12   NZD       3.15
Capital Prop NZ               8.000%   04/15/10   NZD      13.00
Contact Energy                8.000%   05/15/14   NZD       1.03
Fidelity Capital              9.250%   07/15/13   NZD      74.24
Fletcher Buildin              7.550%   03/15/11   NZD       7.70
Fletch Build Fin              8.850%   03/15/10   NZD       8.50
Fletcher Bui                  8.500%   03/15/15   NZD       9.00
Infrastr & Util               8.500%   09/15/13   NZD       9.70
Infratil Ltd                  8.500%   11/15/15   NZD      12.00
Infratil Ltd                 10.180%   12/29/49   NZD      59.00
Marac Finance                10.500%   07/15/13   NZD       0.80
Provencocadmus                2.000%   04/15/10   NZD       0.71
South Canterbury             10.500%   06/15/11   NZD       0.88
South Canterbury             10.430%   12/15/12   NZD       0.60
St Laurence Prop              9.250%   07/15/10   NZD      74.58
St Laurence Prop              9.250%   05/15/11   NZD      56.36
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.40
Trustpower Ltd                8.500%   03/15/14   NZD       7.90
Vector Ltd                    7.800%   10/15/14   NZD       1.01
Vector Ltd                    8.000%   12/29/49   NZD       8.00


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      32.93
Sengkang Mall                 8.000%   11/20/12   SGD       0.20
WBL Corporation               2.500%   06/10/14   SGD       1.90


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.30
Woori Bank                    6.208%   05/02/37   USD      75.00


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%   08/15/18   LKR      73.26
Sri Lanka Govt                7.000%   10/01/23   LKR      63.63


                         *********

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.


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

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

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

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

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





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