TCRAP_Public/090917.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

           Thursday, September 17, 2009, Vol. 12, No. 184

                            Headlines

A U S T R A L I A

AUSTAR UNITED: Extends AU$176-Mln Debt Repayment to August 2014
CITY PACIFIC: Investors Unlikely to Get Payments, Liquidators Say


C H I N A

COUNTRY GARDEN: To Issue Further US$75 Mln of 11.75% Senior Notes


H O N G  K O N G

AKAI HOLDINGS: Trial for Ernst & Young's Role in Collapse Starts
BEAUTIWAY HOLDINGS: Members' Meeting Set for October 13
BECKEY LIMITED: Members' Final Meeting Set for October 13
BEP MANAGEMENT: Creditors' Meeting Set for September 22
EGANA FAR EAST: Creditors' Meeting Set for October 14

FOXCONN EDUCATION: Members' Meeting Set for October 16
GITI TIRE: Moody's Reviews 'B2' Corporate Family Rating
GITI TIRE: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
GOLD CHANNEL: Members' Final Meeting Set for October 16
GREENTOWN CHINA: First Half Net Income Drops to CNY323.2 Million

HANDSOME INTERNATIONAL: Creditors' Meeting Set for October 22
HOPEFUL PROPERTIES: Members' Final Meeting Set for October 16
IDEAL UNION: Members' Final Meeting Set for October 13
JUNE AGENTS: Members and Creditors to Hold Meeting on October 9
MIDTOWN HOLDINGS: Members and Creditors to Hold Meeting on Oct. 9

MILLENNIUM WEARING: Members' Final Meeting Set for October 13
MULTILINE INTERNATIONAL: Members' Final Meeting Set for October 16
PARTNER ASIA: Simone Steps Down as Liquidator
QUELLOS (ASIA): Members' Final Meeting Set for October 12
SKY KING: Members' Final Meeting Set for October 16

UNIGAIN (P & M): Creditors' Meeting Set for September 18


I N D I A

AGARWAL METALS: Low Net Worth Prompts CRISIL 'B-' Rating
AIR INDIA: Union Strike Looms Amid Plans to Impose Wage Cut
D.S. KULKARNI: ICRA Assigns 'LBB+' Rating on LT Sanctioned Debts
LAWN TEXTILE: CRISIL Assigns 'D/P5' Ratings to Bank Facilities
MEERUT ROLLER: CRISIL Puts 'BB-' Ratings on Various Bank Debts

SRI VENKATA: ICRA Places 'LBB' Rating on INR276.6MM Term Loans
SRI VENKATA LAKSHMI: ICRA Rates Various Bank Debts at 'LBB-'
TIRUPUR VIJAYALAKSHMI: CRISIL Rates INR39MM LT Term Loan at 'D'


I N D O N E S I A

BANK CENTURY: BPK to Submit Final Audit Report Next Month
BANK MANDIRI: Wants to Ensure Full Recovery of Loans to Garuda
BANK NEGARA: To Create a Separate Islamic Banking Unit


J A P A N

RENESAS TECHNOLOGY: Inks Definitive Agreement to Merge with NEC


K O R E A

DAEWOO LOGISTICS: Files for Bankruptcy in the U.S.
DAEWOO LOGISTICS: Voluntary Chapter 15 Case Summary


M A L A Y S I A

NIKKO ELECTRONICS: To Submit Amended Restructuring Plan in 2 Weeks


N E W  Z E A L A N D

HOTEL DU VIN: Could be Sold This Month
SILVER FERN: Intends to Sell 10 Million PGW Shares
SOUTH CANTERBURY: In Talks with Investors on Credit Rating Cut


P H I L I P P I N E S

COLLEGE ASSURANCE: Rehabilitation OK'd; To Suspend Claims Payment


S I N G A P O R E

ASAHI TECHNO: Creditors' Proofs of Debt Due on October 12
DAIFUKU-WIS: Creditors' Proofs of Debt Due on October 12
INTERSTATES MARKET: Creditors' Proofs of Debt Due on October 12
JAKATA HOLDINGS: Creditors' Proofs of Debt Due on September 28
JURONG TECHNOLOGIES: Has $100 Million in Doubtful Assets

MICRONAS SINGAPORE: Creditors' Proofs of Debt Due on October 12


V I E T N A M

DOT VN: Posts US$2.59MM Net Loss for July 31 Quarter


X X X X X X X X

* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009


                         - - - - -


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AUSTAR UNITED: Extends AU$176-Mln Debt Repayment to August 2014
---------------------------------------------------------------
Austar United Communications Limited said it has extended the term
of the majority of Tranche A of its Senior Debt Facility,
initially due August 2011.  By way of a 'forward start' structure,
lenders responsible for AU$176 million of the AU$225 million
existing Tranche A have agreed to extend repayment by a further
three years, creating Tranche A2, to be repaid in August 2014.
The average interest rate of Tranche A2 from August 2011 will be
BBSY plus 3.5%.

"Despite the difficult financial climate, the refinancing of close
to 80 percent of this upcoming tranche demonstrates AUSTAR's solid
reputation within the marketplace.  AUSTAR has a strong financial
and operational outlook, and we are very pleased to see this
reflected in the market's approach to us," Mr. John Porter,
AUSTAR's Chief Executive Officer, said in a statement.

Mr. Philip Knox, AUSTAR's Chief Financial Officer, said, "This
refinancing demonstrates that AUSTAR continues to have ready
access to capital markets.  We've taken the action that we believe
is appropriate for the macro-environment, and with the support of
our lenders we will continue to take advantage of opportunities
like this which allow us to extend our debt maturity schedule."

              Debt Maturity Profile Post Refinancing

                         Maturity Date          Amount
                         -------------          ------
   Tranche A                 Aug-11         AU$49,000,000
   Revolvers                 Aug-12           125,000,000
   Tranche B                 Aug-13           500,000,000
   Tranche A2                Aug-14           176,000,000
                                           --------------
                                           AU$850,000,000

As part of the agreement the company's leverage covenant will
reduce from 5 times EBITDA to a maximum of 4.5 times EBITDA from
August 2011.

                        About Austar United

New South Wales, Australia-based Austar United Communications
Limited -- http://www.austarunited.com.au/-- is a subscription
television provider, offering primarily digital satellite
services to customers in regional and rural areas in Australia.
AUSTAR also offers dial-up Internet and mobile phone services.
The company has two business segments: Subscription services and
Radio spectrum licenses.  Subscription services represent
subscription television distribution operations, Internet,
interactive television and mobile telephony operations and
license fee income.  Radio spectrum licenses represent income
and gains earned from the leasing of radio spectrum licenses.

The Troubled Company Reporter-Asia Pacific, on Sept. 11, 2009,
included in its "Large Companies With Insolvent Balance Sheets"
Column, Austar United Communications Ltd., with US$508.84
million in assets and US$310.05 million in stockholders' equity
deficit.


CITY PACIFIC: Investors Unlikely to Get Payments, Liquidators Say
-----------------------------------------------------------------
Anthony Klan at The Australian reports that City Pacific Ltd's
investors are unlikely to recover a cent from the group.

The Australian notes City Pacific liquidators ArmstrongWily said
it was "highly unlikely" investors would be paid a distribution
following the winding up of the company.

"Given the appointment of receivers over the assets, and the
initial estimates of unsecured creditors outstanding, it is highly
unlikely there will be a distribution," the report quoted
ArmstrongWily as saying.

According to the report, ArmstrongWily said they would conduct
investigations into the group.  The Australian states that those
investigations would need to be completed before the liquidators
could officially declare that no distributions would be paid, a
requisite for investors seeking to book a loss for tax purposes on
their holdings in the group.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


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COUNTRY GARDEN: To Issue Further US$75 Mln of 11.75% Senior Notes
-----------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co. said it
will issue a further US$75 million of 11.75% senior notes due
2014.

The Troubled Company Reporter-Asia Pacific has said Country Garden
Holdings plans to raise approximately US$294.7 million through the
issue of US$300 million of 11.75% senior notes due 2014.

Country Garden said it intends to use the proceeds:

  -- to finance existing and new property project, including
     payment of land premium and construction costs;

  -- to repay a US$35 million from CITIC Ka Wah Bank Limited;
     and

  -- for general corporate purposes.

J.P. Morgan Securities Ltd. will act as sole bookrunner for the
issue.

Country Garden Holdings Company Limited (HKG:2007) is an
integrated property developer in the People's Republic of China.
The Company's business comprises construction, fitting, project
development, property management, as well as hotel development and
management.  Country Garden offers various products include large-
scale residential projects, such as townhouses, apartment
buildings, as well as car-parks and retail shops.  The Company
also develops and manages hotels.  It also develops hotels, which
are independent of property developments. As of December 31, 2008,
Country Garden had operations in selected locations beyond
Guangdong Province, including Hunan Province, Jiangsu Province,
Hubei Province, Liaoning Province, Anhui Province, Heilongjiang
Province, Inner Mongolia Autonomous Region and Chongqing
Municipality.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 7, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Chinese property developer
Country Garden Holdings Co. Ltd. to 'BB' from 'BB+'.  At the same
time, Standard & Poor's lowered its long-term issue rating on the
company's US$600 million 2.5% convertible bonds and US$300 million
11.75% senior unsecured notes to 'BB-' from 'BB'.  All of the
ratings were removed from CreditWatch, where they had been placed
with negative implications on Aug. 26, 2009 (the corporate credit
rating and the issue rating on the convertible bonds), and
Sept. 1, 2009 (the issue rating on the unsecured notes).  The
outlook is stable.

TCR-AP reported on September 4, 2009, that Moody's Investors
Service assigned a senior unsecured rating of Ba3 to Country
Garden Holdings Limited's proposed 5-year senior unsecured
144A/Regulation S bonds.  The outlook on the rating is negative.
At the same time, Moody's affirmed Country Garden's Ba2 corporate
family rating with a negative outlook.


================
H O N G  K O N G
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AKAI HOLDINGS: Trial for Ernst & Young's Role in Collapse Starts
----------------------------------------------------------------
Bloomberg News reports that accounting firm Ernst & Young
Hong Kong's trial for alleged negligent auditing of Akai Holdings
Ltd. started Wednesday, September 16.

Citing court documents, Bloomberg discloses that the affiliate of
Ernst & Young LLP denies breaches of its obligations and duties
from 1997 to 1999, for which Akai liquidator Borrelli Walsh is
claiming "hundreds of millions of dollars," in damages.

Akai Holdings declared bankruptcy in 2000 owing creditors about
$1.11 billion.  According to Bloomberg, the consumer electronics
maker at its peak employed 100,000 and had annual sales of HK$40
billion ($5.2 billion) of brands including Singer Sewing Machine
Co. of the U.S.  Its Shanghai-born, Canadian-educated owner James
Ting, jailed for six years for false accounting in 2005, was freed
the following year because of errors in the prosecution's case,
Bloomberg states.

Akai Holdings' principal activities were investment holding,
manufacturing, distribution and retailing of consumer durables,
consumer electronics, sewing machines and property development.


BEAUTIWAY HOLDINGS: Members' Meeting Set for October 13
-------------------------------------------------------
The members of Beautiway Holdings Limited will hold their final
meeting on October 13, 2009, at 11:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road, in Kowloon,
Hong Kong.

At the meeting, Ng Wai Man Agnes, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BECKEY LIMITED: Members' Final Meeting Set for October 13
---------------------------------------------------------
The members of Beckey Limited will hold their final meeting on
October 13, 2009, at 10:00 a.m., at 13A, Tak Lee Commercial
Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


BEP MANAGEMENT: Creditors' Meeting Set for September 22
-------------------------------------------------------
The creditors of BEP Management Services Limited will hold their
meeting on September 22, 2009, at 10:30 a.m., for the purposes
pursuant to Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 1302, 13th Floor of Wing On
Centre, 111 Connaught Road, in Central, Hong Kong.


EGANA FAR EAST: Creditors' Meeting Set for October 14
-----------------------------------------------------
The creditors of Egana Far East Procurement Services Limited will
hold their meeting on October 14, 2009, at 11:30 a.m., for the
purposes pursuant to Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.


FOXCONN EDUCATION: Members' Meeting Set for October 16
------------------------------------------------------
The members of Foxconn Education & Cultural Foundation Limited
will hold their final meeting on October 16, 2009, at 10:00 a.m.,
at Suites 2205-06 of Island Place Tower, 510 King's Road, in North
Point, Hong Kong.

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


GITI TIRE: Moody's Reviews 'B2' Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has placed GITI Tire Pte Ltd's B2
corporate family and B3 senior bond ratings on review for possible
downgrade.

"The rating action reflects Moody's concerns over GITI's weak
operating performance in view of the challenging global automotive
market, where export sales accounted for 35% of its total sales in
FY2008.  It also reflects the company's high financial leverage,"
says Wonnie Chu, a Moody's Analyst.

"In addition, the recent decision by the US government to impose
tariffs on certain passenger vehicle and light truck tires
manufactured in China could add further pressure to GITI's already
weak financial profile," says Mr. Chu, also Moody's lead analyst
for the company.

The scheme, which will be effective from September 26, 2009, will
amount to a 35% tariff for the first year, 30% for the second year
and 25% for the third year.  It will affect GITI's passenger car
radial tires imported to the United States, which accounted for
13% of the company's total sales in FY2008.

While lower raw material prices as compared to last year and
strong domestic auto market could provide some relief, Moody's
must take into account how effectively GITI can adjust its pricing
on the back of weak market demand and excess supply.  The review
will also focus on the company's business plan and ability to
deleverage its balance sheet.

The last rating action with regard to GITI was taken on May 8,
2009, when its rating outlook was changed to negative.

GITI Tire Pte Ltd is the largest motor vehicle tire manufacturer
in China.  It is a private company ultimately owned by the Liem
family, which has a Singaporean-Indonesian background.  GITI also
has a minority interest in PT Gajah Tunggal TBK (Caa1/stable), an
Indonesian tire producer.


GITI TIRE: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on tire manufacturer GITI Tire Pte. Ltd.
and the 'B-' rating on the company's US$200 million 12.25% senior
secured debt due 2012 on CreditWatch with negative implications.

"We believe the U.S. government decision to impose additional
tariffs on tire imports from China for three years will put
further pressure on GITI's already weakening sales trend," said
Standard & Poor's credit analyst Bei Fu.  As a result of a
softening in the global economy since late 2008, GITI's sales have
declined with falling demand.

The newly introduced tariffs will make things worse for GITI and
its Chinese peers.  The tariffs apply to tires for certain
passenger vehicles and light trucks imported from China to the
U.S. They start at an additional 35% for the first year, 30% in
the second and 25% in the third, effective Sept. 26, 2009.

GITI's tire exports for the U.S. passenger car and light truck
segments accounted for about 13% of the company's total sales in
the first six months of 2009.

"With the new tariffs, S&P expects GITI to either bear the burden
of significant financial cost to continue to export to the U.S. or
to find new customers amid a challenging market," Ms. Fu said.  In
any case, it is likely to further weaken GITI's already highly
leveraged financial risk profile.

S&P believes GITI may negotiate with U.S. customers to partially
pass on the additional cost associated with the new tariffs.
However, that could be a lengthy process and the outcome is
uncertain.

Low raw material cost since the beginning of 2009 may help to
partially compensate the negative impact of the increased tariff.
However, raw material cost is subject to the commodity cycle and
is beyond management's control.

S&P plans to resolve the CreditWatch status within the next three
months, after the financial and strategic impact on GITI Tire from
the new U.S. tire tariffs and softening sales become clearer.  The
CreditWatch may result in a one-notch downgrade, depending on the
outcome of S&P's review.


GOLD CHANNEL: Members' Final Meeting Set for October 16
-------------------------------------------------------
The members of Gold Channel Investment Limited will hold their
final meeting on October 16, 2009, at 11:30 a.m., at the 20th
Floor of Far East Consortium Building, 121 Des Voeux Road, in
Central, Hong Kong.

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


GREENTOWN CHINA: First Half Net Income Drops to CNY323.2 Million
----------------------------------------------------------------
Greentown China Holdings Ltd. said first-half net income fell to
CNY323.2 million from CNY341 million a year earlier, Bloomberg
News reports citing a statement to the Hong Kong stock exchange.

Separately, China Ping An Trust & investment Co., Ltd. recently
inked a contract to invest at most CNY15 billion in real estate
projects developed by Greentown Real Estate Group Co., parent of
Greentown China Holdings Ltd., during 2009 and 2011, a report
posted at tradingmarkets.com said.

Ping An Insurance (Group) Company of China, Ltd., parent of Ping
An Trust, said on September 10 that it will launch different
equity trust plans through third-party asset management platform,
tradingmarkets.com related.  The injection for this year will be
CNY3 billion to CNY5 billion, tradingmarkets.com said.

                      About Greentown China

Hong-Kong based Greentown China Holdings Limited (HKG:3900) --
http://www.chinagreentown.com/-- is an investment holding
company.  The Company primarily engages in residential property
development.  Greentown's subsidiaries include Richwise Holdings
Limited, Green Sea International Limited, Best Smart Enterprises
Limited, Hua Yick Investments Limited, Greentown Real Estate Group
Co., Ltd., Shanghai Lvyu Real Estate Development Co., Ltd., Anhui
Greentown Real Estate Development Co., Ltd., Anhui Greentown
Lianhua Real Estate Development Co., Ltd., Beijing Greentown
Investment Co., Ltd., Hangzhou Taohuayuan Real Estate Development
Co., Ltd., Shangyu Greentown Real Estate Development Co., Ltd.,
Shanghai Greentown Woods Golf Villas Development Co., Ltd, Beijing
Sunshine Greentown Real Estate Development Co., Ltd. and Shanghai
Green View Real Estate Co., Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Standard & Poor's Ratings Services affirmed the
'B+' long-term corporate credit rating on Greentown China Holdings
Ltd.  The outlook is negative.  At the same time, S&P affirmed the
'B' issue rating on the company's outstanding bonds.  Both ratings
have been removed from CreditWatch, where they were placed with
negative implications on April 23, 2009.

S&P affirmed the ratings and removed them from CreditWatch as
Greentown completed a cash tender offer to buy back its
US$400 million senior unsecured notes on May 26, 2009.  In
addition, bondholders removed or waived restrictive bond
covenants, a number of which Greentown had breached.

A TCR-AP report on May 8, 2009 said Moody's Investors Service
will maintain Greentown China Holdings Limited's Caa1 corporate
family rating and Caa2 senior unsecured bond rating.  The ratings
outlook remains negative.


HANDSOME INTERNATIONAL: Creditors' Meeting Set for October 22
-------------------------------------------------------------
The creditors of Handsome International Investment Limited will
hold their meeting on October 22, 2009, at 10:30 a.m., for the
purposes pursuant to Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Suites 908-912, 9th Floor of One
Pacific Place, in 88 Queensway, Hong Kong.


HOPEFUL PROPERTIES: Members' Final Meeting Set for October 16
-------------------------------------------------------------
The members of Hopeful Properties Limited will hold their final
meeting on October 16, 2009, at 10:30 a.m., at the 20th Floor of
Far East Consortium Building, 121 Des Voeux Road, in Central, Hong
Kong.

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


IDEAL UNION: Members' Final Meeting Set for October 13
------------------------------------------------------
The members of Ideal Union Limited will hold their final meeting
on October 13, 2009, at 10:00 a.m., at 13A, Tak Lee Commercial
Building, 113-117 Wanchai Road, in Wanchai, Hong Kong.

At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


JUNE AGENTS: Members and Creditors to Hold Meeting on October 9
---------------------------------------------------------------
The members and creditors of June Agents Limited will hold their
meeting on October 9, 2009, at 4:00 p.m. and 4:30 p.m.,
respectively, at Room 1601-02, 16th Floor of One Hysan Avenue, in
Causeway Bay, Hong Kong.

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


MIDTOWN HOLDINGS: Members and Creditors to Hold Meeting on Oct. 9
-----------------------------------------------------------------
The members and creditors of Midtown Holdings Limited will hold
their meeting on October 9, 2009, at 5:00 p.m. and 5:30 p.m.,
respectively, at Room 1601-02, 16th Floor of One Hysan Avenue, in
Causeway Bay, Hong Kong.

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


MILLENNIUM WEARING: Members' Final Meeting Set for October 13
-------------------------------------------------------------
The members of Millennium Wearing Apparel (Asia) Limited will hold
their final meeting on October 13, 2009, at 10:00 a.m., at 13A,
Tak Lee Commercial Building, 113-117 Wanchai Road, in Wanchai,
Hong Kong.

At the meeting, Ng Kam Chiu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


MULTILINE INTERNATIONAL: Members' Final Meeting Set for October 16
------------------------------------------------------------------
The members of Multiline International Limited will hold their
final meeting on October 16, 2009, at 10:00 a.m., at the 20th
Floor of Far East Consortium Building, 121 Des Voeux Road, in
Central, Hong Kong.

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


PARTNER ASIA: Simone Steps Down as Liquidator
---------------------------------------------
On September 11, 2009, Kong Sze Man Simone stepped down as
liquidator of Partner Asia Co., Limited.


QUELLOS (ASIA): Members' Final Meeting Set for October 12
---------------------------------------------------------
The members of Quellos (Asia) Limited will hold their final
meeting on October 12, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Yeung Betty Yuen, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SKY KING: Members' Final Meeting Set for October 16
---------------------------------------------------
The members of Sky King International Investment Limited will hold
their final meeting on October 16, 2009, at 11:00 a.m., at the
20th Floor of Far East Consortium Building, 121 Des Voeux Road, in
Central, Hong Kong.

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


UNIGAIN (P & M): Creditors' Meeting Set for September 18
--------------------------------------------------------
The creditors of Unigain (P & M) Limited will hold their meeting
on September 18, 2009, at 3:00 p.m., for the purposes pursuant to
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Founder's Room, 3rd Floor of South
Tower, 41 Salisbury Road, YMCA of Hong Kong, Tsimshatsui, in
Kowloon, Hong Kong.


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AGARWAL METALS: Low Net Worth Prompts CRISIL 'B-' Rating
--------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative/P4' to the bank
facilities of Agarwal Metals & Alloys.

   Facilities                               Ratings
   ----------                               -------
   INR125.0 Million Cash Credit Limit *     B-/Negative (Assigned)
   INR125.0 Million Letter of Credit ^      P4 (Assigned)

   * includes a sub-limit for Bill discounting facility to
     the extent of INR20.0 Million.
   ^ includes a sub-limit for Bank Guarantee to the extent
     of INR15.0 Million.

The ratings factor in Agarwal Metals' weak financial risk profile,
and exposure to risks relating to volatility in the prices of
aluminium, its main raw material, and pressure on operating
margins.  These weaknesses are, however, partially offset by the
benefits that the firm derives from its healthy relationships with
customers having strong credit profiles.

Outlook: Negative

CRISIL expects Agarwal Metals' financial risk profile to remain
weak due to low net worth, and high gearing, led by large working
capital requirements.  The rating may be downgraded if the firm's
operating margins remain weak, leading to continued pressure on
cash accruals and liquidity.  Conversely, the outlook may be
revised to 'Stable' if the firm's financial risk profile improves
significantly, owing to sustained improvement in operating
margins, and fresh equity infusion.

                       About Agarwal Metals

Agarwal Metals was formed in 1996 as a partnership firm and was
then known as Agarwal Transcore.  The firm, promoted by Mr. Sital
Kumar Agarwal and his brother, Mr. Vinod Kumar Agarwal, today
manufactures non-ferrous metal alloys, primarily aluminium ingot.
It was earlier also engaged in the manufacture of cold rolled
grain oriented (CRGO) steel laminations.  The firm started
aluminium ingots manufacturing in one of its units in 2001.  The
other units ceased production over the years, and the aluminium
ingots manufacturing unit today is the flagship division of
Agarwal Metals.

Agarwal Metals reported a profit after tax (PAT) of INR15.7
million on net sales of INR1110.6 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of INR44.0
million on net sales of INR1115.4 million for 2006-07.


AIR INDIA: Union Strike Looms Amid Plans to Impose Wage Cut
-----------------------------------------------------------
The Times of India reports that eight trade unions in national
carrier Air India Ltd have issued what looks like a veiled threat
of strike if the airline goes ahead with its plans and
unilaterally decides to impose a wage cut.

The Times says a letter was sent by the unions on Tuesday evening
to the PM's Office, the civil aviation minister's office and the
airline's directors and top officials, including chairman and MD
Arvind Jadhav.

The Economic Times reports that Air India may review its plans to
cut 50% performance-linked incentives of its 32,000 staff across
the board, and instead consider a graded cut in the range of 20-
50% based on employee salaries.

A wage restructuring committee, set up by the airline's CMD Arvind
Jadhav, presented a wage cost reduction plan last week to the
company board, the ET relates citing an official in the civil
aviation ministry.

"The committee has proposed to cut PLIs in the range of 20-50%
depending upon employees' total salary.  A final decision is yet
to be taken," the official, who requested anonymity, was quoted
by the ET as saying.

As reported in the TCR-AP on June 10, 2009, the National Aviation
Company of India Ltd., the holding company for the carrier, was
seeking INR14,000 crore in equity infusion, soft loans and grants.
The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  Air India's losses have almost doubled to over INR4,000
crore in 2008-09 (INR2,226 crore in 2007-08), according to the
Hindustan Times.

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

                          About Air India

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


D.S. KULKARNI: ICRA Assigns 'LBB+' Rating on LT Sanctioned Debts
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the long term sanctioned bank
limits of D. S. Kulkarni Developers Limited.  ICRA has also
assigned a rating of A4+ to the short term bank limits of DSKDL.

The ratings take into account the established track record of the
D. S. Kulkarni group of companies and DSKDL in particular in the
real estate construction and development space in Pune, the
availability of large inventory of ready-for-possession flats,
large land bank acquired by the company at lower than current
market prices, and the moderate gearing levels of the company.

The ratings were assigned after taking into consideration the
pending debt tie-up for the development of the proposed SEZ
project in Fursungi which will be crucial for the company in order
to meet its debt repayment obligations due in the second half of
FY 10.  ICRA will review the ratings if there is any further
development in this regard.  DSKDL also holds a sizeable inventory
of finished residential projects whose liquidation will be
important in generating cash flows going forward.  The ratings are
constrained by concentration of DSKDLs real estate projects in
Pune region and the uncertain industry outlook in the near to
medium term.

Other factors which were considered for the ratings include the
limited specialization of DSKDL outside the residential real
estate space, the planned focus of the company in developing
affordable housing for the middle and low income groups the
segment which is expected to generate demand going forward in its
Fursungi SEZ, and the significant sales achieved by the company in
the period between May to August 2009.

                        About D. S. Kulkarni

Pune-based D. S. Kulkarni Developers Ltd. is the flagship company
of D. S. Kulkarni group of companies and has been in the business
of real estate development for the last 26 years.  The company was
set up in 1991, and raised equity through an initial public offer
(IPO) in 1993.  The company made a second public offering and a
rights issue of 5.5 million shares each in June 2006 and mobilized
INR 2.11 billion.  To date, DSKDL has handed over more than 18,000
apartments adding-up to more than 15 million Sq. ft. in area.
Despite having significant presence in real estate space, the
company's operations are restricted mainly to Pune, Maharashtra
with a presence in Mumbai, Nashik, Chennai and Bangalore in India
and New Jersey in the United States.

In June 2007, the company applied for in-principal approval to
develop a multipurpose SEZ in Fursungi, near Pune.  The company
has completed acquiring 250 acres of land and obtained a full
formal approval from the Board of Approvals (BoA) for development
of the SEZ.


LAWN TEXTILE: CRISIL Assigns 'D/P5' Ratings to Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to the bank facilities of
Lawn Textile Mills Pvt Ltd, a part of the Lawn group, as the
company has defaulted on its debt; the default has been caused by
weak liquidity.

   Facilities                                 Ratings
   ----------                                 -------
   INR34.90 Million Long Term Loan            D (Assigned)
   INR20.00 Million Cash Credit Limit         D (Assigned)
   INR10.00 Million Letter of Credit Limit    P5 (Assigned)
   INR4.50 Million Bank Guarantee Limit       P5 (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Lawn and Tirupur Vijayalakshmi Spinning
Mills (India) Pvt Ltd.  This is because both companies, together
referred to as the Lawn group, are under a common management and
in the same line of business, and have close intra-group
operational and financial linkages, including fungible cash flows.

                          About the Group

Set up in 1997 by Mr. K Duraiswamy, the Tirupur-based Lawn group
consists of two companies Lawn and TV Spinning.  The group
manufactures cotton yarn and has a capacity of 15,168 spindles.
The Lawn group's estimated profit after tax was INR9 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR20 million on net
sales of INR53 million for 2007-08.


MEERUT ROLLER: CRISIL Puts 'BB-' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Meerut Roller Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR65.0 Million Cash Credit      BB-/Stable(Assigned)

   INR5.0 Million Stand by Line     BB-/Stable(Assigned)
                   of Credit

   INR13.5 Million Term Loan        BB-/Stable(Assigned)

The rating reflects Meerut Flour's weak financial risk profile,
limited financial flexibility owing to low net worth, and exposure
to risks relating to small scale of operations and intense
competition in the agricultural commodities industry, and
dependence on wheat as raw material.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its established customer base, and the promoters' experience
in the agricultural commodities industry.

Outlook: Stable

CRISIL believes that Meerut Flour will maintain a stable business
risk profile, supported by established customer base, and the
promoters' experience in the agricultural commodities industry.
The financial risk profile may, however, remain constrained by low
net worth, and large debt.  The outlook may be revised to
'Positive' if the promoters' infuse equity into Meerut Flour,
thereby improving its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, thereby weakening its
financial risk profile.

                        About Meerut Roller

Set up in 1991, Meerut Flour operates flour mills for production
of wheat products like maida, atta, rava, and suji.  It has two
flour mills at Hapur (Uttar Pradesh) with a total capacity of 240
tonnes per day (tpd).  Meerut Flour is expected to report a profit
after tax (PAT) of INR3 million on net sales of INR751 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR1 million on net sales of INR594 million for
2007-08.


SRI VENKATA: ICRA Places 'LBB' Rating on INR276.6MM Term Loans
--------------------------------------------------------------
ICRA has assigned an LBB rating to INR276.6 million term loans and
INR127.5 million fund based limits of Sri Venkata Siva Parvathi
Spinning Mills Private Limited, indicating inadequate credit
quality in the long term.  ICRA has also assigned an A4 rating to
INR38.2 million non fund based limits and INR22.5 million fund
based limits, indicating risk-prone credit quality in the short-
term.

The ratings factor in the company's financial risk profile
characterized by high gearing, stressed working capital indicators
and tight liquidity position.  The company remains vulnerable to
high degree of competition given its small scale of operations and
commoditized nature of the cotton yarn.  The ratings however,
favorably factor in promoters' experience in cotton ginning and
spinning activities, location advantage on account of close
proximity to a major cotton growing area.  ICRA notes that the
company has restructured major portion of its term loans with its
bankers.

As per the provisional numbers, the operating income of VSP for
fiscal 2009 stood at INR404.8 million indicating a 48.1% increase
over the operating income for fiscal 2008.  Profit before taxes
for fiscal 2009 was INR20.1 million as compared to the previous
fiscal's profit before taxes of INR28.4 million indicating a de-
growth of 29%.

Sri Venkata Siva Parvathi Spinning Mills Private Limited (VSP),
incorporated in 2003 in Guntur, is engaged in the production of
cotton yarn catering to demands of merchant exporters and domestic
markets.  VSP commenced its operations in October 2004 with 9216
spindles and has increased its capacity to the current levels of
31584 spindles.


SRI VENKATA LAKSHMI: ICRA Rates Various Bank Debts at 'LBB-'
------------------------------------------------------------
ICRA has assigned an "LBB-" rating indicating inadequate-credit
quality to the INR108.4 million term loans and INR60.0 million
fund-based bank limits of Sri Venkata Lakshmi Narasimha Spinning
Mills Private Limited.  ICRA has also assigned an A4 rating to
INR14.7 million non-fund based bank limits of VLNS, the rating
indicates risk-prone credit quality in the short term.

The ratings factor in the Company's small scale of operations
restricting economies of scale and financial flexibility.  VLNS's
operating margins remain susceptible to high volatility in cotton
costs and sluggish demand for cotton yarn prevailing over the
short term.  Cotton spinning industry is highly fragmented and is
characterized by high competitive intensity.  The ratings are also
constrained by the weak financial profile characterized by high
gearing and low debt service indicators.  The ratings however take
note of the significant experience of promoters and the location
advantage of being situated in Guntur, a major cotton growing belt
of India. ICRA notes that the Company has recently restructured
its term loans with its bankers.

                       About Sri Venkata Lakshmi

Sri Venkata Lakshmi Narasimha Spinning Mills Private Limited is
primarily engaged in the production of cotton yarn.  Incorporated
in 2005, the Company has an installed capacity of 13200 spindles
and it started commercial operations in December, 2006.  The
Company started operating at full capacity from July, 2007.
VLNS's manufacturing facility is located in Chebrolu, near Guntur
(Andhra Pradesh).  The promoters and their relatives hold 100 per
cent stake in the Company.

The Company reported a profit before tax of INR4.5 million on
operating income of INR169.3 million for the year ending March 31,
2009, against profit before tax of INR 9.6 million on operating
income of INR141.6 million for the year ended March 31, 2008.


TIRUPUR VIJAYALAKSHMI: CRISIL Rates INR39MM LT Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to the bank facilities of
Tirupur Vijayalakshmi Spinning Mills (India) Pvt Ltd, as the
company has defaulted on its debt; the default has been caused by
weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR39.00 Million Long Term Loan        D (Assigned)
   INR28.00 Million Cash Credit Limit     D (Assigned)
   INR1.90 Million Bank Guarantee Limit   P5 (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of TV Spinning and Lawn Textile Mills Pvt
Ltd (Lawn).  This is because both companies, together referred to
as the Lawn group, are under a common management and in the same
line of business, and have close intra-group operational and
financial linkages, including fungible cash flows.

                          About the Group

Set up in 1997 by Mr. K Duraiswamy, the Tirupur-based Lawn group
consists of two companies Lawn and TV Spinning.  The group
manufactures cotton yarn and has a capacity of 15,168 spindles.
The Lawn group's estimated profit after tax was INR9 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR20 million on net
sales of INR53 million for 2007-08.


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


BANK CENTURY: BPK to Submit Final Audit Report Next Month
---------------------------------------------------------
The Supreme Audit Agency aims to conclude the final report in the
audit of Bank Century's bailout that has swollen to IDR6.76
trillion (US$676 million) before Oct. 19, when BPK chairman Anwar
Nasution will end his term, The Jakarta Post reports.

According to the report, Mr. Anwar said he would focus on
examining Century since its establishment in 2004 from the merger
of three banks -- Bank Danpac, Bank Pikko and Bank CIC -- until
the bank received an injection of IDR6.76 trillion from the
Deposit Insurance Corporation (LPS).

Mr. Anwar said BPK has cooperated with the Corruption Eradication
Commission (KPK) and the Financial Transactions Analysis and
Report Center (PPATK) to probe more deeply into the Century case,
the Post relates.

The report says BPK expects the interim report to be finished at
the latest by Sept. 30.

As reported in the Troubled Company Reporter-Asia Pacific on
November 25, 2008, the government-sanctioned Deposit Insurance
Corporation (LPS) was injecting INR1 trillion into PT Bank Century
Tbk to keep it afloat.  LPS injected a total of IDR6.76 trillion
as of July 21, according to The Jakarta Post.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The Post said the government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector.

                         About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


BANK MANDIRI: Wants to Ensure Full Recovery of Loans to Garuda
--------------------------------------------------------------
PT Bank Mandiri is asking the government's help to ensure the
recovery of about IDR1 trillion (US$100 million) in troubled loans
owed by Garuda Indonesia, plus an 18% return, The Jakarta Post.

The report, citing Mandiri president director Agus Martowardojo,
says the government's support was needed to ensure that the loan
settlement, which is currently under discussion, include the
return on the loan, as agreed to under an earlier restructuring
agreement.

The Post recalls Bank Mandiri in 2001 agreed to restructure
Garuda's debt with a government guarantee from the Financial
Sector Policy Committee, with an 18% interest rate.

Under the restructuring agreement, the report relate, the debt was
changed into convertible bonds that could be converted into shares
which would later be sold when Garuda carried out an initial
public offering (IPO), then scheduled for 2003.

However, the 2001 agreement faltered after Garuda failed to hold
the IPO and the debt then fell into the category of a bad loan,
following the airline's inability to repay the loan as its
performance had weakened, the Post discloses.

According to the Post, now that Garuda's financial performance is
starting to recover and its plan for a public offering is on the
horizon -- while it has also restructured loans to other large
creditors, Mandiri has requested that a similar deal would be
struck with them.

As reported in the Troubled Company Reporter-Asia Pacific on
September 1, 2009, The Jakarta Globe said Bank Mandiri will take
an 11% stake in PT Garuda Indonesia under a debt-to-equity
conversion agreed to by all parties involved, including the
central bank.  Bank Mandiri will convert US$100 million of the
state-owned carrier's bond debt into equity.  The deal could be
concluded before Garuda's planned initial public offering,
scheduled for the middle of next year.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 2,
2009, that Fitch Ratings affirmed PT Bank Mandiri (Persero) Tbk's
Long-term foreign and local currency Issuer Default Ratings at
'BB' with a Stable Outlook, Short-term rating at 'B', National
Long-term rating at 'AA+(idn)', Individual at 'C/D', Support
rating at '3' and Support Rating Floor at 'BB-'.


BANK NEGARA: To Create a Separate Islamic Banking Unit
------------------------------------------------------
PT Bank Negara Indonesia, the country's fourth largest financial-
services company by assets, will separate its Islamic-banking unit
and seek investors to boost the new entity's capital, Bloomberg
News reports citing BNI President Director Gatot Suwondo.

Bloomberg relates Mr. Suwondo said Bank Negara will seek
shareholder approval Oct. 5 to create a separate business.  The
unit, which currently has total assets of $354 million, will have
an initial paid-up capital of between IDR700 billion to IDR1
trillion ($70 million to $100 million), he said.

"We are going to make this Shariah banking big," Mr. Suwondo was
quoted by Bloomberg as saying.  "Once we establish this, we will
invite foreign investors to strengthen the capital."  Mr. Suwondo
added that Bank Negara wants to keep at least a 40% stake in the
unit, Bloomberg notes.

Bloomberg discloses that Indonesia, with the world's largest
Muslim population, aims to broaden its Islamic banking industry to
attract more investment from the Middle East and overtake Malaysia
as the Asia-Pacific region's Islamic finance hub.  According to
Bloomberg, Shariah law bans the payment and receipt of interest,
prohibits investment in businesses such as gambling and alcohol,
and stresses profit-sharing.

                        About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Fitch Ratings affirmed PT Bank Negara Indonesia
Tbk's Long- term foreign and local currency Issuer Default Ratings
at 'BB' with a Stable Outlook, Short-term foreign currency IDR at
'B', National Long-term Rating at 'AA-(idn)' (AA minus(idn)) with
a Stable Outlook, Individual rating at 'D', Support rating at '3',
and Support rating floor at 'BB-' (BB minus).


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


RENESAS TECHNOLOGY: Inks Definitive Agreement to Merge with NEC
---------------------------------------------------------------
NEC Electronics Corporation and Renesas Technology Corp. have
signed a definitive agreement to integrate business operations.
The business integration will become effective following the
adoption of the resolutions at the extraordinary general meeting
of shareholders of NEC Electronics and Renesas and approval by
authorities concerned.

As a condition to the business integration, Renesas will issue
shares of Renesas common stock to Hitachi and Mitsubishi Electric,
the sole shareholders of Renesas, in exchange for a total of
JPY78 billion before the effective date of the merger.  In
addition, on the effective date of the merger (scheduled to be
April 1, 2010), the integrated company after the business
integration will issue shares of its common stock to NEC, Hitachi,
and Mitsubishi Electric in exchange for a total of approximately
JPY122 billion.

                   Goals of Business Integration

Both as leading semiconductor companies, NEC Electronics and
Renesas provide a wide variety of semiconductor solutions,
primarily specializing in microcontroller units (MCUs).  In light
of fierce global competition and structural changes triggered by
the rapid expansion of emerging markets in the semiconductor
market, NEC Electronics and Renesas have been exploring the
possibility of the Business Integration after signing a basic
agreement on April 27, 2009, in order to further strengthen their
business foundations and technological assets, while increasing
corporate value through enhanced customer satisfaction.

The Integrated Company, tentatively named as Renesas Electronics
Corporation, will provide globally competitive products in its
three major product groups, MCUs, SoCs, and discrete products, by
concentrating its development resources to further strengthen the
companies' respective advantages.  The Integrated Company aims to
expand its business by offering complete solutions that extend the
three major groups to best fit the requirement of customers of all
kinds of industries.

To address the ongoing challenges of the current economic
downturn, NEC Electronics and Renesas will each continue to
execute structural reform plans in order to strengthen their
business frameworks.  The two companies will integrate their
operations and generate synergies to establish a powerful new
semiconductor company that is capable of consistently achieving
high earnings in order to withstand changing semiconductor market
conditions.

The merger will be effective with NEC Electronics being the
surviving entity.

                       About NEC Electronics

NEC Electronics Corporation (TYO:6723) -- http://www.necel.com--
is a Japan-based manufacturer.  The Company is engaged in the
research, development, manufacture and sale of large-scale
integrated (LSI) circuits, memories, microcomputers, logic
integrated circuits (ICs) and analog ICs for various industries
including communications equipment, computer and peripheral
equipment, consumer electric appliance, automobile, and industrial
machinery. It also offers general-purpose semiconductors,
individual semiconductors, optical semiconductors and microwave
semiconductors.  Additionally, the Company sells liquid crystal
display panels and others.  The Company has 21 subsidiaries.

                     About Renesas Technology

Japan-based Renesas Technology Corp --- http://www.renesas.com/
--- a Hitachi Ltd and Mitsubishi Electric Corp joint venture, is a
microchip manufacturer.  The company makes many kinds of
semiconductors, including discrete devices, application-specific
integrated circuits (ASICs), microprocessors, memories, and analog
chips; it is also the world's top maker of microcontroller chips.

On April 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Renesas's president, Yasushi Akao,
said the company aims to return to profit next fiscal year by
cutting labor, research and productions costs.  The company is
consolidating production lines, cutting wages and reducing
research spending to slash costs by about JPY80 billion or
US$813 million in the 12 months started April 1, Mr. Akao told
Bloomberg News in an interview in Tokyo.  Renesas already trimmed
its expenditure by as much as JPY40 billion last year, he said.

Bloomberg News said that according to Mr. Akao, after selling
JPY54 billion of its shares to Hitachi Ltd. and Mitsubishi
Electric Corp., Renesas may ask the firms for additional funding.
The company may also consider accepting financial support from
Japanese government if available, Mr. Akao said as cited by
Bloomberg News.

Renesas posted a JPY203.25 billion net loss in the year ended
March 31, 2009, compared with a profit of JPY9.46 billion a year
earlier.


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


DAEWOO LOGISTICS: Files for Bankruptcy in the U.S.
--------------------------------------------------
Bloomberg News reports that Daewoo Logistics Corp. asked a U.S.
Bankruptcy court for protection from creditors and lawsuits while
it reorganizes in South Korea.

Daewoo Logistics' Chapter 15 petition, filed on September 15 in
U.S. Bankruptcy Court in Manhattan, listed as much as US$500
million in debt and assets, Bloomberg said.

The Troubled Company Reporter-Asia Pacific, citing the Financial
Times, reported on July 8, 2009, that Daewoo Logistics filed for
court receivership before the Seoul District Court after
struggling to pay back maturing debts.  The filing came after the
Company's rescue talks with steelmaker Posco fell through.

Daewoo was also hit hard by the failure of its deal to lease a
huge tract of farmland in Madagascar, which fell through because
of a military coup in the African nation, according to the FT.

Established in June 1999, Daewoo Logistics Corp.  --
http://www.dwlogistics.co.kr/-- is a mid-sized South Korean
shipping and logistics company.  The company was spun off from the
bankrupt Daewoo conglomerate and bought by former Daewoo
executives in 1999.


DAEWOO LOGISTICS: Voluntary Chapter 15 Case Summary
---------------------------------------------------
Chapter 15 Petitioner: Daewoo Logistics Corporation

Chapter 15 Debtor: Daewoo Logistics Corporation
                   526 Daewoo Foundation Building
                   Namdaemunno, Chung-Gu
                   Seoul, Korea 100-740

Chapter 15 Case No.: 09-15558

Type of Business: The Debtor provides customers with TSR Service
                  by establishing a Joint Venture (FETCOM) in
                  Vladivostok with a Russian local company and TCR
                  Service through strategic partnership with a
                  Chinese logistics company to established full-
                  fledged Multimodal Transport System.  In
                  addition, the Debtor is further supporting Sea &
                  Rail Service utilizing Japan Rail (JR) in Japan
                  and Sea & Air Service in China.

                  See http://www.dwlogistics.co.kr/

Chapter 15 Petition Date: September 15, 2009

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Chapter 15 Petitioner's Counsel: Jeremy O. Harwood, Esq.
                                 Blank Rome, LLP
                                 405 Lexington Avenue
                                 New York, NY 10174
                                 Tel: (212) 885-5000
                                 Fax: (212) 885-5001
                                 Email: jharwood@blankrome.com

Estimated Assets: $100 million and $500 million

Estimated Debts: $100 million and $500 million


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


NIKKO ELECTRONICS: To Submit Amended Restructuring Plan in 2 Weeks
------------------------------------------------------------------
Nikko Electronics Bhd, currently in provisional liquidation, will
submit its amended restructuring plan to the Securities Commission
(SC) within the next two weeks, The Malaysian National News Agency
(BERNAMA) reports.

The report notes Datuk Robert Teo, the appointed provisional
liquidator, said Nikko Electronics hopes to secure the greenlight
from the SC by the end of November.

Mr. Teo said there are no major changes in the amended
restructuring plan and the newly revived company would principally
engage in the construction business, Bernama relates.

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

                           *     *     *

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

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


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


HOTEL DU VIN: Could be Sold This Month
--------------------------------------
The New Zealand Herald reports that luxury hotel and wedding venue
Hotel du Vin could have new owners by the end of this month.

According to the report, the hotel is being marketed for sale by
tender by Bayleys and is being touted as a development
opportunity.

The Herald notes Bayleys agent Michael Pleciak said he had
received a good level of inquiries and was working with a number
of parties.

The report notes that Quotable Value valued the property at $8.25
million in July.

Tenders close on September 24, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2009, Hotel du Vin was placed into receivership in July.
Receivers Kordamentha were called in to manage the business and
all of its assets.

Hotel du Vin is directly owned by Leeward Holdings, the holding
company for Aster Investment Company, which was also put into
receivership in July.

Located south of Auckland, New Zealand, Hotel du Vin features 48
chalets, a vineyard and full spa complex.  The hotel caters to the
wealthy, offering activities from archery and claybird shooting to
a team-building arena.


SILVER FERN: Intends to Sell 10 Million PGW Shares
--------------------------------------------------
Silver Fern Farms Limited may sell 10 million shares it received
from PGG Wrightson after the failed merger between the two
companies, The National Business Review reports.

NBR says the shares were issued to Silver Fern Farms as part of an
April agreement between the two over the settlement of the merger,
along with NZ$25 million in cash.

According to the report, Silver Fern said it intends to sell some
or all of its shares, although a clause in the settlement
agreement means Silver Fern needs to consult with PGW over a 10
day period prior to making any sale.

The report relates Silver Fern said that after the 10 days, the
shares may be offered for sale through the NZX and brokers if PGW
"does not facilitate any sale on terms acceptable to Silver Fern
Farms".

The Troubled Company Reporter-Asia Pacific reported on Dec. 11,
2008, that Silver Fern Farms, formerly PPCS, said it has breached
its banking covenant due to the recent rapid decline of the New
Zealand dollar against the US dollar.

In a disclosure to the New Zealand Stock Exchange, Silver Fern
said "In accordance with Silver Fern Farms accounting policies
foreign currency derivative instruments are taken directly to
profit or loss for the year.  As a result of this, and due to the
recent rapid decline of the New Zealand dollar against the US
dollar, Silver Fern Farms has advised its banks, subsequent to
balance date that it is not currently in compliance with its
minimum shareholders funds covenant."

Silver Fern added that it has accordingly requested a waiver from
its banks and its banks are considering revising the covenant to
accommodate such volatility.

This non-compliance, the company said, relates only to Silver Fern
Farms' banking facilities and not to either of its SFF020 or
SFF030 Bonds.

Based in Dunedin, New Zealand, Silver Fern Farms Limited --
http://www.silverfernfarms.co.nz/-- is a meat-marketing and
processing company, exporting sheep meat, beef, venison and
associated products to about 60 countries.  The company employs
more than 6,000 staff.


SOUTH CANTERBURY: In Talks with Investors on Credit Rating Cut
--------------------------------------------------------------
South Canterbury Finance Limited said it has held constructive
discussions with investors holding notes issued pursuant to the US
private placement in 2008 regarding their intentions following the
Company's credit rating downgrade in August.

"The rating downgrade entitled those investors to require
repayment after the expiry of three months following the
downgrade.  These discussions are continuing," the Company said
September 16.

South Canterbury also said it was in advanced discussions with two
potential new independent directors regarding their appointment to
the board, and would make an announcement once confirmed.

"Work related to the Company's restructuring and capital raising
initiatives continues and the Company intends making a further
announcement on these matters in coming weeks," it said.

South Canterbury ceased allotting securities under a prospectus on
August 21, 2009, pending registration of a memorandum of
amendments to the prospectus or registration of a new prospectus
in its place.  Accordingly, all funds received by the Company
after August 20, 2009, have been placed in trust on behalf of
subscribers.

The Company now plans to register a new debenture stock prospectus
following the release of the Company's audited accounts expected
on or before September 30, 2009.

South Canterbury Finance Group said August 28 that talks were
underway with the five subscribers to the US$100 million private
placement facility who are entitled to seek repayment within three
months following the resetting of the group's credit rating by
Standard & Poor's at BB+.

                      Credit Ratings Downgrade

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2009, Standard & Poor's Ratings Services said that it had
lowered its long-term rating on South Canterbury Finance Ltd. to
'BB+' from 'BBB-'.  The rating outlook is negative.  At the same
time, the short-term rating was also lowered to 'B' from 'A-3'.
The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 7, 2009.  The
negative outlook implies a one-in-three likelihood of a rating
downgrade within the next 12 months.

"The downgrade reflects S&P's view that SCF's credit profile has
weakened because of asset quality pressures within the New Zealand
property development sector," Standard & Poor's credit analyst
Derryl D'silva said.  In S&P's view, this deterioration is outside
its tolerances of the 'BBB-' rating and has occurred amid a weak
industry environment, where the potential for lending losses is
exacerbated by the softening trends in the New Zealand economy.
The property development sector is currently experiencing very low
business confidence and faces reduced investor demand and limited
refinancing options.  With this downgrade, a rating trigger on
SCF's US$100 million private-placement facility may be invoked.
Private placement investors have an option to review their funding
support for SCF after the downgrade, which if it resulted in a
requirement to repay the facility, has the potential to
exacerbate SCF's already modest liquidity position.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.


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


COLLEGE ASSURANCE: Rehabilitation OK'd; To Suspend Claims Payment
-----------------------------------------------------------------
BusinessWorld Online reports that the Supreme Court has given
College Assurance Plan Philippines, Inc., the go-signal to proceed
with rehabilitation, allowing it to suspend payments to plan
holders.

According to the report, the high court dismissed the position of
a group representing 780,603 policy holders that payments for
tuition should not be included in rehabilitation proceedings.

"Petitioners contend that the relationship between a plan holder
and a pre-need corporation is one of trust and not a debtor-
creditor relationship.  However, such a relationship has not been
properly established by petitioners," the high court said.

BusinessWorld notes PEP Coalition President Philip H. Piccio said
the decision would set a bad precedent for similar cases. "Other
pre-need companies will see that the coast is clear and include in
their rehabilitation proceedings the suspension of claim
payments," the report quoted Mr. Piccio as saying.

Rehabilitation would be a good venue to process claims "only if
it's an honest-to-goodness proceeding," Mr. Piccio said.

                   About College Assurance Plans

College Assurance Plans Philippines, Incorporated
-- http://www.cap.com.ph/-- began in 1980 with the birth of its
parent firm -- College Assurance Plan.  CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to
PHP17.2 billion.  According to the Securities and Exchange
Commission, the Company's trust fund assets, which were managed
by trustee banks, had not grown sufficiently to match its total
actuarial reserve liabilities, or its net liability to plan
holders worth PHP25.6 billion.  CAP recorded a PHP2.8 billion
loss in 2003, up from PHP403.3 million in 2002.

As reported in the Troubled Company Reporter-Asia Pacific, CAP
blamed its financial difficulties on the SEC's imposition of the
Pre-need Uniform Chart of Accounts in 2002, claiming that it
resulted in CAP's "bloated yet theoretical" trust fund deficiency.
The SEC suspended the Company's license in 2004 due to its alleged
trust fund deficiency from the application of the PNUCA.  CAP
filed a rehabilitation petition with the Makati Regional Trial
Court in 2005.


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


ASAHI TECHNO: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------
The creditors of Asahi Techno Vision (Singapore) 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:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


DAIFUKU-WIS: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------
The creditors of Daifuku-Wis Technologies 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:

          Timothy James Reid
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


INTERSTATES MARKET: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------------
The creditors of Interstates Market 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 liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


JAKATA HOLDINGS: Creditors' Proofs of Debt Due on September 28
--------------------------------------------------------------
The creditors of Jakata Holdings Pte Ltd are required to file
their proofs of debt by September 28, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


JURONG TECHNOLOGIES: Has $100 Million in Doubtful Assets
--------------------------------------------------------
The Business Times reported that Jurong Technologies Industrial
Corp was carrying more than $100 million in doubtful or non-
existing assets on its balance sheet months before it went into
judicial management.

Citing an affidavit filed earlier this month by Tam Chee Chong of
Deloitte and Touche, the Business Times said the irregularities
include $50.6 million in consigned inventory with 'no physical
inventory to support such a value', plus some $60 million in
unrecoverable related party balances.

According to the report, that allowed the company to report a
respectable financial position for the quarter to Sept. 30, 2008,
but it is now known that the company was by then technically
insolvent.

The report said the affidavits by Mr. Tam were filed in support of
a pending High Court case.  According to the Business Times, the
judicial managers of the company are suing DBS and Rabobank in
separate suits for 'unfair preference' -- a situation where a
company transfers assets to a creditor shortly before insolvency.

A special audit by Ernst & Young commissioned by the company last
December to probe irregularities in the administration of its
receivable financing facilities is still ongoing, the report
added.

The High Court of Singapore entered a judicial management order
for Jurong Technologies in July 2009.  Tam Chee Chong and Keoy Soo
Earn, of Deloitte and Touche, were appointed judicial managers of
the company after six banks demanded repayment of over $200
million in loans, according to the Business Times.

                     About Jurong Technologies

Based in Singapore, Jurong Technologies Industrial Corpn. Ltd --
http://www.jurtech.com-- is an investment holding company.
Through its subsidiaries, it provides assembling of electronic
products, assembling printed circuit boards, electronics contract
manufacturing and acting as electronics supplier, provision of
surface mount technology manufacturing services, marketing of
telecommunication products, manufacture of uninsulated wire
(electronic component wire and bonding wire), original development
manufacturing and research and development services of various
electronic and designing and sale of multimedia products.


MICRONAS SINGAPORE: Creditors' Proofs of Debt Due on October 12
---------------------------------------------------------------
The creditors of Micronas Singapore 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 liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


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


DOT VN: Posts US$2.59MM Net Loss for July 31 Quarter
----------------------------------------------------
Dot VN, Inc., reported a net loss for the three months ended
July 31, 2009, of US$2,597,942 compared with a net loss for the
three months ended July 31, 2008 of US$2,332,028.

The Company posted US$363,112 in revenues for the three months
ended July 31, 2009, from US$376,680 for the same period a year
ago.

At July 31, 2009, the Company had total assets of US$2,269,335 and
total liabilities of US$11,791,040.  At July 31, 2009, the Company
had total shareholders' deficit of US$9,521,705.

The Company acknowledges it has had limited revenues from the
marketing and registration of '.vn' domain names as it operates in
this single industry segment.  Consequently, the Company has
incurred recurring losses from operations.  In addition, the
Company has defaulted on US$612,500 of convertible debentures that
were due January 31, 2009 and currently has not negotiated new
terms or an extension of the due date on the Defaulted Debentures.
These factors, as well as the risks associated with raising
capital through the issuance of equity or debt securities creates
uncertainty as to the Company's ability to continue as a going
concern.

The Company's plans to address its going concern issues include:

     -- Increasing revenues of its services, specifically within
        its domain name registration business segment through:

        * the development and deployment of an Application
          Programming Interface which the Company anticipates will
          increase its reseller network and international
          distribution channels and through direct marketing to
          existing customers both online, via e-mail and direct
          mailings, and

        * the commercialize of pay-per-click parking page program
          for '.vn' domain registrations;

     -- Completion and operation of the IDCs and revenue derived
        from the IDC services;

     -- Commercialization and Deployment of certain new wireless
        point-to-point layer one solutions; and

     -- Raising capital through the sale of debt or equity
        securities.

There can be no assurance that the Company will be successful in
its efforts to increase revenues, issue debt or equity securities
for cash or as payment for outstanding obligations.  Capital
raising efforts may be influenced by factors outside of the
control of the Company, including, but not limited to, capital
market conditions.

The Company is in various stages of finalizing implementation
strategies on a number of services and is actively attempting to
market its services nationally in Vietnam.  As a result of capital
constraints it is uncertain when it will be able to deploy the
Application Programming Interface or construction of the IDCs.

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.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://ResearchArchives.com/t/s?44d6

                           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.


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


* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009
-----------------------------------------------------------------
The International Air Transport Association said September 15 a
revised global financial forecast predicting airline losses
totaling US$11 billion in 2009.  This is US$2 billion worse than
the previously projected US$9 billion loss due to rising fuel
prices and exceptionally weak yields. Industry revenues for the
year are expected to fall by US$80 billion (15%) to US$455 billion
compared with 2008 levels.

IATA also revised its loss estimates for 2008 from a loss of
US$10.4 billion to a loss of US$16.8 billion. This revision
reflects restatements and clarification of the accounting
treatment of very large revaluations to goodwill and fuel hedges.
IATA industry profit figures strip-out such extra-ordinary items
which are not realized in cash terms.

"The bottom line of this crisis -- with combined 2008-9 losses at
US$27.8 billion -- is larger than the impact of 9/11," said
Giovanni Bisignani, IATA's Director General and CEO.  Industry
losses for 2001-2002 were US$24.3 billion.  "This is not a short-
term shock.  US$80 billion will disappear from the industry's top
line.  That 15% of lost revenue will take years to recover.
Conserving cash, careful capacity management and cutting costs are
the keys to survival.  The global economic storm may be abating,
but airlines have not yet found safe harbor. The crisis
continues," said Mr. Bisignani.

Three main factors are driving the expected losses:

    * Demand: Passenger traffic is expected to decline by 4.0% and
      cargo by 14% for 2009 (compared to declines of 8.0% and 17%
      respectively in the June forecast).  By July, cargo demand
      was -11.3% and passenger demand was -2.9%. While both are
      improvements over the lows of -23.2% for cargo (January) and
      -11.1% for passenger (March), both markets remain weak.

    * Yield: Yields are expected to fall 12% for passenger and 15%
      for cargo, compared to declines of 7% and 11% respectively
      in the June forecast. The fall in passenger yield is led by
      the 20% drop in demand for premium travel. Cargo utilization
      remains at less than 50% despite the removal of 227
      freighters from the global fleet. There is little hope for
      an early recovery in yields in either the passenger or cargo
      markets.

    * Fuel: Spot oil prices have been driven up sharply in
      anticipation of improved economic conditions. Oil is now
      expected to average US$61 per barrel (Brent) for the year
      (up from US$56 per barrel in the June forecast). This will
      add US$9 billion in cost for a total expected fuel bill of
      US$115 billion.

"The optimism in the global economy has seen passenger and freight
volumes rise, but that is the only bright spot.  Rising costs and
falling yields have squeezed airline cash flows.  The sharp
decline in yields will leave a lasting mark on the industry's
structure.  And revenues are not likely to return to 2008 levels
until 2012 at the earliest," said Mr. Bisignani.

"With cash flows substantially down over the first half of the
year, the situation is critical.  Larger carriers have built-up
cash reserves of US$15 billion - a war chest that is warding off a
major cash crisis.  But the outlook for small and medium sized
carriers - with limited options to raise cash - is much more
severe," said Mr. Bisignani.

The regional picture is varied:

    * North American carriers are expected to post losses of
      US$2.6 billion, more than double the previously forecast
      loss of US$1.0 billion.  Early resizing of capacity matched
      the slump in demand.  But yields remain weak and recovery in
      travel demand is being held back by high levels of debt and
      unemployment.

    * European carriers are expected to post the largest losses,
      US$3.8 billion.  This is also more than double the
      previously forecast US$1.8 billion loss.  Key long-haul
      markets were hit by the world trade collapse and delays in
      relaxing slot regulations prevented a timely reduction in
      capacity.

    * Asia-Pacific carriers will post losses of US$3.6 billion,
      similar to the US$3.3 billion previously forecast. Worst hit
      by the recession and fuel hedging losses at the end of 2008,
      the region's carriers are the first to benefit from reviving
      Asian economic growth and the modest restocking of
      inventories in the West.

    * Latin American carriers are expected to break even, an
      improvement from the previously forecast loss of
      US$0.9 billion and the best performance among the regions.
      Airlines in this region are benefiting from more robust
      economies and less of the consumer debt headwind seen in
      North America.

    * Middle East carriers will also see an improved outlook, from
      a loss of US$1.5 billion to a loss of US$0.5 billion.
      Airlines continue to gain long-haul market share with
      expanded capacity and hub connectivity. The weakness of
      economic recovery, however, could mean continued excess
      capacity and further losses.

    * The outlook for Africa's carriers is unchanged with an
      expected loss of US$0.5 billion.  In spite of many economies
      on the continent continuing to grow during the global
      recession, African airlines were not able to benefit and
      lost market share.  Further losses are expected in this
      region next year.

"This is not an airline-only crisis.  There is less cash coming
into the industry and the entire value chain must be prepared for
change.  All our business partners - including airports, air
navigation service providers, global distribution systems - must
be prepared to cut costs and improve efficiencies.  Some airports
have delivered cost reductions, but not in line with the magnitude
of the changes to the industry cash flow," said Mr. Bisignani.

"Governments need a wake-up call to create a policy framework that
supports a competitive air transport sector capable of driving
economic expansion.  But European governments are fixated on using
environment as an excuse to squeeze more taxes out of the
industry.  And the US is not moving fast enough to deliver the
critical advantages to competitiveness that NextGen air traffic
management will bring," said Mr. Bisignani.  "We don't want
bailouts. But we need governments to look more seriously at this
sector by (1) investing in efficient infrastructure, (2) replacing
the proliferation of environmental taxes with a global solution
for the environment and (3) giving airlines normal commercial
freedoms to merge where it makes sense and to access markets and
global capital like any other business," said Mr. Bisignani.

                              2010

IATA expects losses to continue into 2010 with the industry
expected to report a US$3.8 billion net loss.  This is based on a
limited revival of growth in traffic volumes of 3.2% for passenger
and 5% for cargo; very little increase in yields of 1.1% for
passenger and 0.9% for cargo and oil at US$72 per barrel.

IATA (International Air Transport Association) represents some 230
airlines comprising 93% of scheduled international air traffic.


                         *********

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

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

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


                            *********


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

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

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

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

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





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