TCRAP_Public/090922.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 22, 2009, Vol. 12, No. 187

                            Headlines

A U S T R A L I A

APN NEWS: Share Dilution May Cause Chairman to Step Down
ATOS WELLNESS: Placed Under Voluntary Liquidation
AUSTRALIAN MUTUAL: S&P Puts Note Ratings on CreditWatch Negative
BABCOCK & BROWN: Creditors Give AU$300,000 to Fund D&O Lawsuit
PACIFIC BLUE: ASIC Obtains Freezing Order in Federal Court

RG MUNRO: ASIC Executes Search Warrants to Support Liquidators
TIMBERCORP LTD: Gunns Submits Conditional Bid for Forestry Assets
TIMBERCORP LTD: Investors Oppose Sale of Almond Assets to Olam


C H I N A

CHINA POWER: Fitch Downgrades Issuer Default Ratings to 'BB'
PROTOSTAR LTD: Agrees to Return Erroneous Wire Transfer
PROTOSTAR LTD: PLDT Looking for US$27.5MM Deposit, Wants Probe


H O N G  K O N G

AMP HOLDINGS: Court to Hear Wind-Up Petition on October 28
APEX MIGHT: Creditors and Contributories to Meet on September 25
CANTON PROPERTY: Court to Hear Wind-Up Petition on October 21
CITIGROUP INC: Names Tsang as Co-Head of China Investment Banking
EMPIRE TOYS: Pays First Dividend

EXECUTIVE RESOURCES: Court to Hear Wind-Up Petition on October 21
FULL CREATION: Court Enters Wind-Up Order
GALLERIA (HONG KONG): Court to Hear Wind-Up Petition on Sept. 30
GOLDEN CHOICE: Court to Hear Wind-Up Petition on October 21
NOBLE GROUP: China Investment Buys US$850-Mln Stake in Firm

NOBLE GROUP: S&P Raises Corporate Credit Rating From 'BB+'
NON-NO FASHION: Appoints Wai Dune Charles as Liquidator
REGENT SUMMIT: Court to Hear Wind-Up Petition on October 21
SKYLINK GROUP: Court to Hear Wind-Up Petition on October 21
THREE STARS: Creditors and Contributories to Meet on September 25

VICTORIOUS RUN: Court to Hear Wind-Up Petition on October 7
WYNN RESORTS: To Raise Up to HK$12.6 Bil. in a HongKong IPO
WING WO: Court Enters Wind-Up Order
WISE ELITE: Contributories and Creditors Hold Meeting
* HONGKONG: Bankruptcy Filings Up 33% Yoy to 1,099 in August


I N D I A

AXIS BANK: Raises US$720 Million in Share Sale to Investors
HALDYN GLASS: CRISIL Lifts Ratings on Various Bank Loans to 'BB'
JET AIRWAYS: Incurs $80 Million Loss From Pilots' Five-day Strike
PMC PROJECTS: CARE Rates INR52.50cr Long-term Loans at 'CARE BB'
RINDIAM EXPORT: CARE Assigns 'CARE BB' Rating on INR19.20cr Loan

RS CONCAST: CRISIL Assigns 'BB-/Stable/P4+' to Bank Debts
SANJAY CHEMICALS: CARE Puts 'CARE BB+' Rating on INR0.35cr LT Loan
TANIA INDUSTRIES: Low Net Worth Prompts CRISIL 'BB' Ratings
V3 ENGINEERS: Default in Debt Repayment Cues CRISIL 'D' Ratings


I N D O N E S I A

AGRI INTERNATIONAL: Liquidity Concerns Cue S&P to Junk Rating
GARUDA INDONESIA: Gov't to Pay Part of IDR3.36TT Debt to Mandiri
PT BAKRIE: S&P Downgrades Corporate Credit Rating to 'B-'
* INDONESIA: IDR1-Tril. Needed to Restructure 10 Firms in 2010


J A P A N

AIFUL CORPORATION: JCR Downgrades Ratings on Senior Debts to "CCC"
AIFUL CORPORATION: Moody's Downgrades Senior Debt Rating to 'B3'
AIFUL CORP: S&P Downgrades Counterparty Credit Rating to 'CC'
CSC SERIES: S&P Retains CreditWatch Negative on Various Bonds
JAPAN AIRLINES: May Receive More Aids from Japanese Government

JAPAN AIRLINES: Hires Merrill Lynch as Adviser
JAPAN AIRLINES: S&P Puts 'B+' Rating on CreditWatch Negative
JAPAN AIRLINES: Transport Minister to Hear Recovery Plan This Week
JLOC 41: S&P Keeps CreditWatch Negative on Various Note Ratings
JLOC XXXIII: S&P Downgrades Ratings on Various Classes of Notes

MLOX4 CERTIFICATES: S&P Downgrades Ratings on Various Classes
SANYO ELECTRIC: Goldman to Sell US$1.4BB Stake to Panasonic
* S&P Puts Ratings on 60 Corporate CDOs on CreditWatch Negative


N E W  Z E A L A N D

BLUE CHIP: Court Orders Financial Advisor to Pay Widow NZ$250,000
* NEW ZEALAND: Current Account Deficit Shrinks to NZ$612MM in June


P H I L I P P I N E S

POWER SECTOR: Moody's Assigns 'Ba3' Corporate Family Rating


S I N G A P O R E

ENG CHEONG: Contributories to Hold Meeting on September 30
ENRON INTERNATIONAL: Creditors' Proofs of Debt Due on October 2
GRANDSAGE PTE: Creditors' Proofs of Debt Due on October 30
K SOLUTIONS: Court Enters Wind-Up Order
PETRORIG: To Auction Oil Rig Contract September 25

UNIVERSAL RELIANCE: Court to Hear Wind-Up Petition on Sept. 25


X X X X X X X X

* BOND PRICING: For the Week September 14 to September 18, 2009


                         - - - - -


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


APN NEWS: Share Dilution May Cause Chairman to Step Down
--------------------------------------------------------
APN News & Media Ltd. Chairman Gavin O'Reilly may have to step
down if a proposed refinancing plan is implemented that would cut
his family's stake in Independent News & Media Plc, APN's largest
shareholder, Bloomberg News reports citing the Australian
Financial Review.

According to the report, the newspaper said Independent News,
which owns 32% of APN, has been talking to banks and bondholders
for four months about ways to reduce its EUR1.38 billion (US$2
billion) of debt and repay a EUR200 million bond that was due in
May.

The Review, as cited by Bloomberg, said the latest plans include a
rights offer that would cut the stake in Independent News held by
former chief executive officer Anthony O'Reilly and his family to
15% or less, from 28%.

For the year ended December 31, 2008, APN News reported a net loss
of AU$23.97 million, compared with a net profit of AU$167.43
million in the prior year.

As at December 31, 2008, the company had total assets of
AU$2.32 billion, total liabilities of AU$1.27 billion and total
stockholders' equity of AU$1.04 billion.

APN News' balance sheet as of December 31, 2008, showed strained
liquidity with AU$308.05 million in total current assets available
to pay AU$338.81 million in total current liabilities.

As at December 31, 2008, the company's accumulated losses stood at
AU$76.37 million.

                          About APN News

Based in Sydney, Australia APN News & Media Ltd (ASX:APN) --
http://www.apn.com.au/-- is engaged in publishing of newspapers,
magazines and directories in printed and online formats, radio
broadcasting and outdoor advertising.  The company's segments
include Publishing, Broadcasting, and Outdoor.  Publishing
includes newspapers, magazines, directories, printing and online
publishing.  Broadcasting includes radio transmissions.  Outdoor
includes specialist transit and static outdoor advertising.  On
January 8, 2008, the company acquired the remaining 50% of Esky
Limited (formerly Finda Group Limited).  On March 14, 2008, it
acquired the remaining 50% of Sell Me Free Limited.  On Dec. 1,
2008, it acquired Northern Rivers Echo and on December 31, 2008,
it acquired Northland Age.


ATOS WELLNESS: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Atos Sol Wellness Pty Ltd decided on August 31,
2009, to put the company into voluntary liquidation.  Atol Sol has
not been trading since January 1, 2009.  Atos Wellness Ltd (ATW)
is a 50% joint partner in Atos Sol which was formed on April 14,
2008, to establish and operate Wellness Centers throughout
Australia.

In a regulatory filing to the Australian Securities Exchange, Atos
Sol said that the then existing ATOS Inspired Life Centre in
Bentley, WA (Inspired Life) was to be the model for the new joint
venture company.  Atos Sol managed and operated Inspired Life from
its formation date through until December 31, 2008, when the joint
venture partners mutually decided to hand over management of
Inspired Life to Letchworth House Pty Ltd, a wholly owned
subsidiary of ATW.

On July 3, 2009, ATW, in an effort to preserve and build its cash
position, withdrew financial support for Letchworth House Pty Ltd
and subsequently on July 4, 2009, the directors of Letchworth
House decided to place the company into Administration.

Atos Sol said this move allows Atos Wellness Ltd to focus on its
core business in Singapore, which has 11 wellness centers, as it
endeavors to improve its return to its shareholders.

Based in Australia, Atos Wellness Limited (ASX:ATW) --
http://www.atoswellness.com.au/--formerly Medec Limited, is
engaged in the manufacture, distribution and marketing of health
care products; operation of a franchise distribution system, and
operation of health care and wellness centers.  The Company
operates in three business segments: manufacturing and
distribution division based in Germany that manufactures the Medec
range of products; manufacturing and distribution division based
in Victoria, Australia that manufactures the Athlegen range of
products, and health and wellness division based in Singapore,
that provides a range of health and beauty treatments.  Its
subsidiaries include Swandale Holdings Pty Ltd, Learange Holdings
Pty Ltd, Medec International Pty Ltd and Medec Systems GmbH, among
others. On December 21, 2007, Atos Wellness Limited sold Medec
Australia Pty Ltd.


AUSTRALIAN MUTUAL: S&P Puts Note Ratings on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on all
classes of notes issued by Australian Mutual Capital Funding
(No. 1) on CreditWatch with negative implications.

The review of the transaction which led to the CreditWatch action
was prompted by S&P's update of the criteria and assumptions
applied in CDO evaluator.  The rating action reflects a change in
S&P's assessment of the ability of these notes to withstand stress
scenarios commensurate with its rating definitions.

The AU$50 million floating rate notes issued by Australian Mutual
Capital Funding (No. 1) is secured by a portfolio of Lower Tier 2
instruments issued by 20 participating Australian credit unions,
the credit performance of which has direct impact on the timely
payment of interest and ultimate repayment of principal to
noteholders.  The portfolio composition and its credit quality
have been relatively stable since the closing of the transaction.

Standard & Poor's expects an imminent resolution of the
CreditWatch negative placement.   S&P expects its review could
result in a minimum of a one rating category downgrade in each
class of notes.

                   Ratings Placed On Creditwatch

              Australian Mutual Capital Funding No. 1

            Class      Rating to            Rating from
            -----      ---------            -----------
            Senior     AAA/Watch Neg        AAA
            Mezzanine  BBB/Watch Neg        BBB
            Junior     BB/Watch Neg         BB


BABCOCK & BROWN: Creditors Give AU$300,000 to Fund D&O Lawsuit
--------------------------------------------------------------
The creditors and noteholders of Babcock & Brown Ltd have
contributed more than AU$300,000 to create a fighting fund to
pursue the company's former directors and senior managers, The Age
reports.

The Age says the liquidators of B&B have been taken aback by the
response to their call for financial support in establishing the
fund, the purpose of which will be to cover the costs of a more
detailed investigation into the causes of the group's failure.

"In my 20 years of experience as a liquidator, I have not
experienced this level of support by creditors, particularly as
they are contributing money out of their own pockets after having
already suffered significant financial losses," The Age quoted
David Lombe of Deloitte as saying.

The report notes that public examinations in court of the former
directors could now start as early as November.  According to the
report, the list of key witnesses includes B&B's founder James
Babcock, his successor as chairman Elizabeth Nosworthy, ex-chief
executive Phil Green and his replacement Michael Larkin.

As reported in the Troubled Company Reporter-Asia Pacific on
August 19, 2009, The Australian said the administrator of Babcock
& Brown Ltd has asked creditors and noteholders to tip in AU$400
each of their own money to fund public examinations and further
investigations into the affairs of Babcock & Brown.

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

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

                       About Babcock & Brown

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

                          *     *     *

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

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


PACIFIC BLUE: ASIC Obtains Freezing Order in Federal Court
----------------------------------------------------------
The Australian Securities and Investments Commission on Sept. 17,
2009, obtained ex-parte interim orders in the Federal Court of
Australia restraining Pacific Blue Securities Pty Ltd and its sole
director Mr. Sean Fogarty from disposing of assets and prohibiting
Mr. Fogarty from leaving Australia without the consent of the
Court.  This is further to ex-parte interim orders obtained by
ASIC on September 10, 2009.

The orders follow the commencement of an ASIC investigation into
Pacific Blue Securities' affairs.  ASIC informed the Court that it
suspects that Pacific Blue Securities is advising on and dealing
in interests in financial products without holding an Australian
financial services license.

ASIC is also concerned about a number of claims made on the
Pacific Blue Securities Web site and in literature distributed to
the public.

ASIC said it commenced proceedings following a number of
complaints alleging that returns on investments were not honored.
At this stage, ASIC believes that in excess of AU$400,000 has been
invested with Pacific Blue Securities by around 40 investors.

The matter returns to the Federal Court in Melbourne on October 8,
2009.  ASIC's investigation is continuing.


RG MUNRO: ASIC Executes Search Warrants to Support Liquidators
--------------------------------------------------------------
The Australian Securities and Investments Commission has executed
two search warrants to seize property, books and records of RG
Munro Futures Pty Ltd and US-registered company Starport Futures
Trading Corporation, both in liquidation.

ASIC alleged that Roger Gareth Munro, the operator of both
companies, failed to deliver all of the books and records of the
two companies to the liquidators appointed, as required by law.

ASIC said the action also follows an ASIC investigation into RG
Munro and Starport which concerned the location of approximately
$100 million of funds lent to both companies for the purpose of
futures investments.

ASIC said that following the liquidator's appointment to RG Munro
in October 2008, ASIC received a number of complaints from both
the liquidator and investors, alleging a lack of co-operation by
Mr. Munro in the liquidation process.  Both parties also voiced
concerns about the location of approximately $88 million in
investor funds.  Starport was placed into liquidation in
April 2009.

ASIC also obtained orders from the Supreme Court on September 9,
2009, which required Mr. Munro to surrender all passports issued
to him to the Court, prohibiting him from leaving Australia.


TIMBERCORP LTD: Gunns Submits Conditional Bid for Forestry Assets
-----------------------------------------------------------------
Gunns Limited has submitted a conditional proposal to the
liquidator of Timbercorp Limited to acquire certain forestry
assets from the company.  The assets include land, trees and a
forestry operations business

"The proposal is conditional and there is no guarantee that the
conditions will be satisfied nor that its proposal will form a
basis for completion of a transaction," Gunns said in a statement
to the Australian Securities Exchange on September 21.

Gunns said it has held discussions with potential providers of
debt and a joint venture partner in relation to the potential
acquisition.

"These discussions have not been concluded prior to the
liquidator's date for offers of September 18, 2009, and as a
result Gunns' proposal has a number of conditions within its
control."

"It is anticipated that the proposal would encompass Gunns,
together with a joint venture partner, acquiring the land, trees
and forestry operations businesses from Timbercorp," Gunns said.

Gunns said it is uncertain how its proposal may develop.  Gunns
will advise the market of any developments and understands the
liquidators' intention is to reach agreement prior to Sept. 30,
2009.

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

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

On June 29, 2009, the creditors voted unanimously to wind up the
41 companies in the Timbercorp Group and put them into
liquidation.


TIMBERCORP LTD: Investors Oppose Sale of Almond Assets to Olam
--------------------------------------------------------------
Sara Rich at The Australian reports a group of Timbercorp Limited
investors will oppose the liquidator's decision to sell part of
the almond assets, which includes water rights, to an overseas
company.

The report, citing Kerree Bezencon, of the Timbercorp Growers
Group, says that not only had liquidator KordaMentha made it very
difficult for the group to be part of the bidding process, it had
sold the almond assets "for a song".

As reported in the Troubled Company Reporter-Asia Pacific
yesterday, The Sydney Morning Herald said Timbercorp Limited's
almond plantations have been sold to Singapore-based multinational
food giant Olam International for $128 million.

The sale involves 8,096 hectares of almond groves near the Murray
River around Robinvale in north-west Victoria, and represents
about 30% of the Australian almond crop.  It also includes 40,825
megalitres of water rights.

The Age relates that Ms. Bezencon said this was too cheap,
considering the assets were valued previously at $275 million
without the water rights.  Ms. Bezencon, The Age notes, questioned
why Australian water rights were being sold to an offshore company
when the nation was "crying for water".

"We will be opposing this, that's for sure, because it is just an
unjust situation and I don't think KordaMentha even did the right
thing by any of the creditors, let alone the growers, because I
think they have sold it for a song," The Age quoted Ms. Bezencon
as saying.

The Age says the Timbercorp Growers Group claims its fight to stay
in the bidding race for Timbercorp's almond assets had been
"thwarted on a myriad of levels".

KordaMentha partner Andrew Malarkey, however, rejected the group's
claims, The Age notes.

                         About Timbercorp

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

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

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.


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


CHINA POWER: Fitch Downgrades Issuer Default Ratings to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded China Power International Development
Limited's Long-term foreign and local currency Issuer Default
Ratings to 'BB' from 'BBB-' and its Short-term foreign and local
currency IDRs to 'B' from 'F3'.  The ratings have been removed
from Rating Watch Negative where they were placed on 11 August
2008, reflecting the potential acquisition of Wu Ling Power from
its parent, CPI Group, which was expected to further increase
CPI's leverage post completion.  The Outlook is Stable.

"The downgrades reflect Fitch's reassessment of CPI's linkages
with its controlling shareholder China Power Investment
Corporation and the pending acquisition of Wu Ling Power; the
latter is expected to delay CPI's ability to de-leverage," says
Simon Wong, Director in Fitch's Asia-Pacific energy and utilities
team.  CPI's stand-alone credit profile has weakened following the
incurrence of heavy operating losses in FY08 and reflecting the
company's plans for a substantial debt-funded capital investment
programme.  The pending acquisition of a 63% stake in the highly-
leveraged WLP will place further pressure on its credit metrics,
leading to Fitch's assessment that CPI's stand-alone rating has
weakened by one notch to 'BB'.

Fitch applied its Parent and Subsidiary rating Linkage methodology
to assess the linkages between CPI and its parent CPI Group.  The
parent's consolidated credit profile is weaker than CPI's stand-
alone 'BB' rating by one notch and given the lack of ring-fencing
of CPI from its parent, CPI's rating -- before any consideration
of State support -- is therefore constrained at 'BB-'.  In
addition, Fitch has applied a "bottom-up" approach as set out in
the same methodology to notch up the final rating to 'BB' by one
notch from the constrained 'BB-' to reflect CPI's and CPI Group's
strategic importance to the country and the expectation of
continuing tangible support being extended by the Chinese
government.

WLP is principally engaged in hydropower generation in Hunan and
Guizhou, with controlling interests in 10 hydro power stations and
a total equity capacity of 3.56GW at end 2008; a further 2.4GW is
under construction and development.  Fitch notes WLP's
concentration and volume risk as the majority of its hydro assets
are located along the Yuan Jiang River.  On completion of the WLP
acquisition, CPI's equity capacity will increase by approximately
25% to 11.3GW based on its equity capacity of 9GW at end 2008.
Fitch notes WLP's high leverage (9.4x at 30 September 2008) and
the largely debt-funded capex program will delay CPI's ability to
de-leverage, especially during a period of weaker electricity
demand.

The ratings reflect CPI's well-situated coal-fired generating
assets (which are in close proximity to coal mines), its highest
average utilisation hours amongst Fitch-rated Chinese IPPs, lower-
than-average unit fuel cost, and the fuel-mix diversification
benefits expected from the Wu Ling acquisition.  CPI also benefits
from good access to bank funding, which is expected largely to
mitigate the increased liquidity risk generated by its aggressive
capital expenditure plans to expand its capacity to 15GW by 2010.

The Stable Outlook reflects Fitch's expectation that the Chinese
government will continue to provide support to the Chinese IPPs
and that coal prices are likely to remain largely stable.  Fitch
expects CPI's total adjusted debt/EBITDAR to fall to 8.5x by 2011.
A prolonged suspension of the tariff mechanism during periods of
substantial coal price increase and/or significant debt-funded
capex and acquisition would be likely to lead to a negative rating
action.


PROTOSTAR LTD: Agrees to Return Erroneous Wire Transfer
-------------------------------------------------------
ProtoStar Ltd. has agreed to return an erroneous transfer made by
a former customer just days after ProtoStar's bankruptcy filing.

On July 28, ProtoStar notified Antrix Corporation Ltd. that it was
terminating an agreement effective July 31, 2009, and consequently
it would not be providing any services for July.  On Aug. 4,
Antrix wire transferred US$262,500 to ProtoStar under the contract
for services ProtoStar would have provided in August.  Saying that
it is not entitled to the payment, ProtoStar has submitted to the
Court a stipulation providing for its return of the money to
Antrix.  The stipulation is scheduled for hearing on October 22.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.


PROTOSTAR LTD: PLDT Looking for US$27.5MM Deposit, Wants Probe
--------------------------------------------------------------
ProtoStar Ltd. is contesting a motion by Philippine Long Distance
Telephone Company to conduct a probe under F.R.B.P. Rule 2004.

The Debtor says that PLDT's proposal would only delay its ongoing
sale process.  ProtoStar will hold an Oct. 14 auction for the sale
of its two satellites and other assets.

On August 28, 2009, PLDT filed a motion, seeking discovery
relating to "facts and circumstances" relating to PLDT's deals
with ProtoStar and the transfer of US$27.5 million from PLDT to
the Debtors on Sept. 17, 2008.  PLDT says it requires information
to determine whether it possesses certain causes of action or
claims against the Debtors and third parties, including the
Debtors' officers and directors as well as alleged secured
lenders.

The Debtors operate satellites that provide direct-to-home
satellite television and broadband Internet access across the
Asia-Pacific region.  PLDT is a leading telecommunications
provider in the Philippines.  In September 2008, the parties
entered into an agreement where ProtoStar was to provide PLDT with
access to certain transponders on the ProtoStar I Satellite,
thereby providing satellite coverage in specific areas, for a
seven-year term beginning in 2011.  As part of the deal, PLDT gave
a US$27.5 million deposit in September 2008.

ProtoStar in response said that that the PLDT's request for
expedited discovery is overbroad and abusive.  It did not say
whether the Priority Deposit is intact.  It said PLDT is an
unsecured creditor.  Unsecured creditors would have to wait in
line with other equally ranked creditors before receiving pro rata
distributions of their claims pursuant to a Chapter 11 plan.
Secured creditors would have to be paid first before unsecured
creditors are paid.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.

                       About ProtoStar Ltd.

Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite
operator formed in 2005 to acquire, modify, launch and operate
high-power geostationary communication satellites for direct-to-
home satellite television and broadband internet access across the
Asia-Pacific region.

The Company and its affiliates filed for Chapter 11 on July 29,
2009 (Bankr. D. Del. Lead Case No. 09-12659.)  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of
Appleby as their Bermuda counsel; UBS Securities LLC as financial
advisor & investment banker and Kurtzman Carson Consultants LLC as
claims and noticing agent.  In their petition, the Debtors listed
between US$100 million and US$500 million each in assets and
debts.  As of December 31, 2008, ProtoStar's consolidated
financial statements, which include non-debtor affiliates, showed
total assets of US$463,000,000 against debts of US$528,000,000.

ProtoStar is contesting a motion by Philippine Long Distance
Telephone Company for a probe under FRBP Rule 2004.  The Debtor
says that PLDT's claims are merely unsecured claims and any probe
would delay its ongoing sale process.  On August 28, 2009, PLDT
filed a motion, seeking discovery relating solely to money it is
owed, including "facts and circumstances" relating to PLDT's deals
with ProtoStar and the transfer of $27.5 million from PLDT to the
Debtors on Sept. 17, 2009.

The Bankruptcy Court has set October 14, 2010, as the general
claims bar date.  Proofs of claim by governmental units are due
January 25, 2010.

Meanwhile the Bankruptcy Court entered an order authorizing the
debtors to hire UBS Securities LLC as investment banker and
financial advisor.


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


AMP HOLDINGS: Court to Hear Wind-Up Petition on October 28
----------------------------------------------------------
A petition to wind up the operations of AMP Holdings Limited will
be heard before the High Court of Hong Kong on October 21, 2009,
at 9:30 a.m.

Shiu Yu Wah filed the petition against the company on August 19,
2009.


APEX MIGHT: Creditors and Contributories to Meet on September 25
----------------------------------------------------------------
The creditors and contributories of Apex Might Enterprises Limited
will hold their meeting on September 25, 2009, at 2:30 p.m. and
3:30 p.m., respectively.

The meeting will be held at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


CANTON PROPERTY: Court to Hear Wind-Up Petition on October 21
-------------------------------------------------------------
A petition to wind up the operations of Canton Property Investment
(Hong Kong) Limited will be heard before the High Court of Hong
Kong on October 21, 2009, at 9:30 a.m.

The Petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


CITIGROUP INC: Names Tsang as Co-Head of China Investment Banking
-----------------------------------------------------------------
The Wall Street Journal reports that Citigroup Inc. has hired
former Merrill Lynch & Co. banker Rodney Tsang as co-head of its
China investment-banking team.

Citing an internal Citigroup memo, the Journal discloses that
Mr. Tsang will be based in Hong Kong and report to Farhan Faruqui,
head of Citigroup's Asia Pacific Global Banking.

The Journal says Mr. Tsang will join Citigroup after spending two
and a half years at Merrill, now part of Bank of America Corp., as
a managing director.  Before that, the Journal relates, Mr. Tsang
worked for Credit Suisse for about six years.

Based in New York, Citigroup Inc. (NYSE: C) --
http://www.citigroup.com/-- is organized into four major segments
-- Consumer Banking, Global Cards, Institutional Clients Group,
and Global Wealth Management.  At June 30, 2009, Citigroup had
total assets of $1.84 trillion and total liabilities of
$1.69 trillion.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $52 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


EMPIRE TOYS: Pays First Dividend
--------------------------------
Empire Toys (Hong Kong) Limited paid the first dividend on
September 18, 2009.

The company paid 3.00% to all received claims.

The company's liquidators are:

          John Robert Lees
          Colum Sebastian Joseph Bancroft
          Henley Building, 20th Floor
          5 Queen's Road Central
          Hong Kong


EXECUTIVE RESOURCES: Court to Hear Wind-Up Petition on October 21
-----------------------------------------------------------------
A petition to wind up the operations of Executive Resources
Limited will be heard before the High Court of Hong Kong on
October 21, 2009, at 9:30 a.m.

Holita Company Limited filed the petition against the company on
August 18, 2009.

The Petitioner's solicitors are:

          Kam & Fan
          Two Chinachem Plaza
          Unit A, 22nd Floor
          68 Connaught Road, Central
          Hong Kong


FULL CREATION: Court Enters Wind-Up Order
-----------------------------------------
On August 31, 2009, the High Court of Hong Kong entered an order
to have Full Creation Development Limited's operations wound up.


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

Bank of America N.A. filed the petition against the company on
July 22, 2009.

The Petitioner's solicitor is:

          Clifford Chance
          Jardine House, 28th Floor
          One Connaught Place
          Central, Hong Kong


GOLDEN CHOICE: Court to Hear Wind-Up Petition on October 21
-----------------------------------------------------------
A petition to wind up the operations of Golden Choice Investment
(Group) Limited will be heard before the High Court of Hong Kong
on October 21, 2009, at 9:30 a.m.

The petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


NOBLE GROUP: China Investment Buys US$850-Mln Stake in Firm
-----------------------------------------------------------
Noble Group Ltd disclosed that China Investment Corporation bought
573,000,000 shares in the Company for a total consideration of
approximately US$850 million at a price of SGD2.1137 per share.
The placement comprised of 438,000,000 newly issued shares by the
Company and 135,000,000 shares from trusts associated with the
interests of Noble founder and CEO Richard Elman.  The placement
is subject to approval of the respective boards of directors of
Noble Group and CIC and final legal documentation.

The placement was the result of extensive discussions between the
two parties and underscores the expertise the Noble Group has
developed in supply chain management and the distribution of
commodities, particularly agricultural products. Noble's diverse
agricultural activities include farm production in Argentina,
Uruguay, and Brazil which is linked to an internal logistic and
storage capability.  Access to export markets is further supported
by 5 owned port facilities throughout South America. Noble's other
agricultural assets include crushing plants and sugar refineries.

The newly issued shares will provide the Noble Group with
additional capital to pursue strategic investments in key
agricultural markets globally.

The shares sold by interests associated with Mr. Elman represent a
small fraction of his holdings in the Noble Group and are only the
second such sale by Mr. Elman since he founded the Group.  It is
the intention of Mr. Elman to use some of the proceeds associated
with the sale of his interests in Noble to fund a charitable
foundation with a focus on fostering international relations
amongst Asian nations.  The sale by Mr. Elman in no way reduces
Mr. Elman's commitment to Noble Group, the company which he
founded and continues to be involved in day to day management.

CIC and Noble have agreed to enter into this partnership for the
purpose of jointly investing in infrastructure assets and supply
chain management related to agricultural commodities.  It is the
intention of both companies to bring to bear their respective
strengths to achieve results which are satisfactory to their
respective shareholders and bring benefits to consumers of
agricultural products worldwide.

Mr. Elman commented “We are all extremely pleased with the
investment by CIC in Noble and heartened that they, like us,
evaluate the evolution and success of a company over decades as
opposed to merely fiscal quarters. We think the opportunities to
work together over the coming decades will be tremendous and we
look forward to working together.”

Merrill Lynch (Singapore) Pte. Limited acted as the sole placement
agent for Noble Group. J.P. Morgan Securities (Asia Pacific)
Limited acted as financial advisor to CIC.

                         About Noble Group

Noble Group Limited (SIN:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based investment holding company.  The Company, along
with its subsidiaries, is engaged in managing the global supply
chain of agricultural, industrial and energy products; ship
ownership, chartering and the provision of technical ship
management services; trade finance; coal mining, soybean and sugar
cane crushing activities, and ethanol production.  The Company
operates in two segments: supply of agricultural, industrial and
energy products segment, which comprises the businesses of
supplying these commodities and the corporate investments, and
logistics segment, which comprises the Company's ship ownership,
vessel chartering and related operations and the provision of
technical ship management services.  In September 2008, Noble and
H.E.S. Beheer N.V. acquired Maas Silo B.V. In November 2008, it
announced the sale of its interest in Portman Limited.  As of
May 27, 2009, Noble held a 58.36% interest in Gloucester Coal
Limited.

                           *     *     *

Noble Group Limited continues to carry Moody's Investors Service's
"Ba1" corporate family and senior unsecured bond ratings with a
stable outlook.


NOBLE GROUP: S&P Raises Corporate Credit Rating From 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term corporate credit rating on Noble Group Ltd. to 'BBB-'
from 'BB+'.  The outlook is stable.  At the same time, S&P also
raised the issue rating on the company's debt to 'BBB-' from
'BB+'.  All the ratings were removed from CreditWatch, where they
had been placed with positive implications on Aug. 17, 2009, after
the company announced satisfactory interim results despite
challenging operating conditions.

"The upgrade reflects Noble's satisfactory credit profile,
strengthening risk management, and satisfactory capitalization
that is supportive of the company's business expansion," said
Standard & Poor's credit analyst Ryan Tsang.

"In S&P's view, the management team has demonstrated its
competency in managing the volatile commodity supply chain
business and maintaining a satisfactory gross margin in the past
21 months, particularly in the fourth quarter, 2008 and first half
of 2009.  The company's improved risk management system provided
adequate control over its growing exposure to commodity trading
and an expanding asset base.  S&P believes this exposure is
unlikely to threaten Noble's overall financial strengthen," said
Mr. Tsang.

Noble's approach to taking measured and reasonable risks is a
positive aspect of its risk management.  The company's commitment
to boost its risk management capability is evidenced by its
significant investment in risk management resources, including
human resources and IT systems, in the past few years.

The rating also reflects Noble's ability to integrate acquired
operations and assets, in addition to its satisfactory risk
management function, reasonably good equity capital strength, and
satisfactory financial risk profile.  These strengths are
counterbalanced by the company's moderate business scale in a low-
margin, high-volume business, execution risk from its expanding
business scope and fixed asset bases, and increasing structural
exposure to noncurrent assets, including mine properties, which
have a high market risk that cannot be easily hedged.  In
addition, a weak global economy and volatility in the commodity
markets are likely to continue to challenge Noble's ability to
manage its risks.

Noble has evolved from a transactional commodity business into
increasingly integrated supply chain operation by acquiring and
turning around underperforming assets.  The company invests
significant management resources to these newly acquired assets,
including managed mines, agriculture assets, ports and terminals,
and processing plants.  Noble so far has been able to manage these
risks and assets, but continuous expansion will put more pressure
on the company's management resources.  Growing complexity is also
likely to heighten the operational risks.

The stable outlook reflects S&P's expectation that Noble is likely
to continue its satisfactory financial performance and maintain
leverage at a reasonable level while pursuing its expansion
strategy.  S&P believes the company will be able to keep the
volatility in its financial performance to a manageable level, due
to its risk management function, and that its satisfactory
financial strength will remain intact.


NON-NO FASHION: Appoints Wai Dune Charles as Liquidator
-------------------------------------------------------
On August 28, 2009, Chan Wai Dune Charles was appointed as
liquidator of Non-No Fashion Wholesale Limited.

The Liquidator can be reached at:

          Chan Wai Dune Charles
          Sunning Plaza, 20th Floor
          10 Hysan Avenue
          Causeway Bay
          Hong Kong


REGENT SUMMIT: Court to Hear Wind-Up Petition on October 21
-----------------------------------------------------------
A petition to wind up the operations of Regent Summit Holdings
Limited will be heard before the High Court of Hong Kong on
October 21, 2009, at 9:30 a.m.

The petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


SKYLINK GROUP: Court to Hear Wind-Up Petition on October 21
-----------------------------------------------------------
A petition to wind up the operations of Skylink Group Holdings
Limited will be heard before the High Court of Hong Kong on
October 21, 2009, at 9:30 a.m.

The petitioner's solicitor is:

          Lovells
          One Pacific Place, 11th Floor
          88 Queensway
          Hong Kong


THREE STARS: Creditors and Contributories to Meet on September 25
-----------------------------------------------------------------
The creditors and contributories of Three Stars Knitting Factory
Limited will hold their meeting on September 25, 2009, at
2:30 p.m. and 3:30 p.m., respectively.

The meeting will be held at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.


VICTORIOUS RUN: Court to Hear Wind-Up Petition on October 7
-----------------------------------------------------------
A petition to wind up the operations of Victorious Run Limited
will be heard before the High Court of Hong Kong on October 7,
2009, at 9:30 a.m.

Shui On Centre Company Limited filed the petition against the
company on July 24, 2009.

The Petitioner's solicitors are:

          Robin Bridge & John Liu
          Wincome Centre, 5th & 6th Floor
          No. 39 Des Voeux Road Central
          Hong Kong


WYNN RESORTS: To Raise Up to HK$12.6 Bil. in a HongKong IPO
-----------------------------------------------------------
Wynn Resorts Ltd. plans to raise as much as HK$12.6 billion
(US$1.63 billion) in a Hong Kong initial public offering of its
Macau casino assets, Bloomberg News reports citing two people
familiar with the matter.

According to the report, the two people said Wynn plans to sell
1.25 billion shares for between HK$8.52 and HK$10.08 apiece.  The
sale represents about 25% of the Macau business, Bloomberg notes.

JPMorgan Chase & Co., Morgan Stanley and UBS AG were hired to
manage the sale, and began offering the stock to investors on
September 21, Bloomberg relates.

Wynn Resorts, Limited (NASDAQ:WYNN) -- http://www.wynnresorts.com/
-- is a developer, owner and operator of destination casino
resorts.  It owns and operates three destination casino resorts:
Wynn Las Vegas, on the Strip in Las Vegas, Nevada, Encore at Wynn
Las Vegas located adjacent to Wynn Las Vegas, and Wynn Macau,
located in the Macau Special Administrative Region of the People's
Republic of China (Macau).  The Company is also constructing
Encore Wynn Macau, an expansion of its Wynn Macau resort.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2009, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Wynn Resorts Ltd. and its wholly
owned subsidiary Wynn Las Vegas LCC.  The rating outlook is
negative.

At the same time, S&P revised its recovery rating on Wynn Las
Vegas' first mortgage notes to '2' from '1'.  The '2' recovery
rating indicates S&P's expectation of substantial (70%-90%)
recovery for lenders in the event of a payment default.  S&P also
lowered its issue-level rating on this debt to 'BB+' (one notch
higher than the 'BB' corporate credit rating) from 'BBB-', in
accordance with S&P's notching criteria for a '2' recovery rating.


WING WO: Court Enters Wind-Up Order
-----------------------------------
On September 2, 2009, the High Court of Hong Kong entered an order
to have Wing Wo Frozen Food Company Limited's operations wound up.


WISE ELITE: Contributories and Creditors Hold Meeting
-----------------------------------------------------
The contributories and creditors of Wise Elite Holdings Limited
held a separate meetings on September 18, 2009.


* HONGKONG: Bankruptcy Filings Up 33% Yoy to 1,099 in August
-------------------------------------------------------------
Bankruptcy petitions in Hong Kong jumped 33% in August from a year
earlier, Reuters reports citing government data.

Reuters relates bankruptcy petitions totalled 1,099 in August
month, up from 824 a year earlier but down 25% from 1,475
petitions in July.

The annual pace of increase was slightly slower than in July when
petitions rose 36% from a year earlier, Reuters says.

According to Reuters, analysts said Hong Kong in the second
quarter pulled out of its worst recession since the Asian
financial crisis a decade ago but recovery is likely to be slow as
global demand remains weak.


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


AXIS BANK: Raises US$720 Million in Share Sale to Investors
-----------------------------------------------------------
Axis Bank Ltd. raised US$720 million in a share sale to
institutional investors, Bloomberg News reports.

The report, citing a person with direct knowledge of the sale,
says the shares were sold for INR906.70 apiece.

The bank hired J.P. Morgan India Pvt., Deutsche Equities India
Pvt. and Goldman Sachs (India) Securities Pvt to arrange the sale,
Bloomberg relates citing offer document.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- provides a suite
of corporate and retail banking products.  The Company operates in
four segments: Treasury, Corporate/Wholesale Banking, Retail
Banking and Other Banking Business.  The Treasury segment includes
investments in sovereign and corporate debt, equity and mutual
funds, trading operations, derivative trading and foreign exchange
operations on the account and for customers and central funding.
The Retail Banking segment constitutes lending to individual/small
business subject to the orientation, product and granularity
criterion. Retail Banking activities also include liability
products, card services, Internet banking and depository. The
Corporate/Wholesale Banking includes corporate relationships not
included under Retail Banking, corporate advisory services,
placements and syndication, management of public issue, project
appraisals, capital market related services and cash management
services.

                           *     *     *

AXIS Bank Ltd currently holds Moody's Investors Service's Ba2
Foreign LT Bank Deposits rating that was placed on July 1, 2005.


HALDYN GLASS: CRISIL Lifts Ratings on Various Bank Loans to 'BB'
---------------------------------------------------------------
CRISIL has upgraded its ratings on Haldyn Glass Gujarat Ltd's bank
loan facilities to 'BB/Positive/P4+' from 'D/P5'.

   Facilities                         Ratings
   ----------                         -------
   INR160.0 Million Cash Credit       BB/Positive (Upgraded from
                                                  'D')

   INR256.3 Million Long Term Loan    BB/Positive (Upgraded from
                                                   'D')

   INR198.7 Million Proposed Long     BB/Positive (Upgraded from
          Term Bank Loan Facility                'D')

   INR10.0 Million Letter of Credit/  P4+ (Upgraded from 'P5')
           Bank Guarantee

   INR10.0 Million Letter of Credit   P4+ (Upgraded from 'P5')

   INR15.0 Million Bank Guarantee     P4+ (Upgraded from 'P5')

The upgrade reflects timely repayment by Haldyn on its term loan
installments over the past six months, with no overdrawing on its
fund-based facilities.  In addition, sanctions obtained for fresh
term loans and for enhancement in working-capital limits have
strengthened Haldyn's liquidity considerably.  The upgrade also
takes into account expected growth in Haldyn's operating income
and profitability over the medium term, following commissioning of
its expanded capacities.

The ratings continue to reflect Haldyn's exposure to risks
relating to customer concentration in its revenue profile, and
impact on operating margins due to fluctuations in prices of
natural gas.  These weaknesses are, however, partially offset by
the company's comfortable financial risk profile, and healthy
operating efficiencies.

Outlook: Positive

CRISIL believes that Haldyn's net cash accruals will improve,
driven by healthy revenue growth and increasing demand from the
liquor industry.  The ratings may be upgraded if the company's
financial risk profile improves substantially, led by
demonstration of timely debt repayments.  Conversely, the outlook
may be revised to 'Stable' if Haldyn takes on large, debt-funded
capital expenditure, or if its liquidity deteriorates
significantly.

                        About Haldyn Glass

Set up in 1994 by Haldyn Glass Limited in joint venture with
Gujarat Industrial Investment Corporation (GIIC), Haldyn
manufactures clear glass bottles.  It has capacity to manufacture
300 tonnes per day (tpd).  In March 2008, the company set up
additional capacity of around 100 tpd, and the earlier existing
capacity was increased to 200 tpd in 2009.  Haldyn reported a
profit after tax (PAT) of INR68.4 million on net sales of INR1.16
billion for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR 81 million on net sales of
INR0.77 billion for 2007-08.  The reduction in PAT in 2008-09 was
due to increase in interest and depreciation costs on expansion
and closure of one furnace for 85 days.


JET AIRWAYS: Incurs $80 Million Loss From Pilots' Five-day Strike
-----------------------------------------------------------------
Dow Jones Newswires reported that Jet Airways (India) Ltd. said it
has incurred an estimated revenue loss of at least $80 million
during a five-day standoff with its pilots.

Dow Jones says Jet Airways Executive Director Saroj Dutta told
CNBC TV18 television channel that "Full details (of the revenue
loss) are still being worked out."

Mr. Dutta also said talks are on with investment bankers to raise
up to $400 million through an institutional share placement, Dow
Jones adds.

As reported in Troubled Company Reporter-Asia Pacific on Sept. 9,
2009, Jet Airways on September 8 canceled at least 130 flights
after a large chunk of pilots failed to report for work as a
protest against the termination of two pilots.  Jet Airways said
in a press statement that a section of the pilots have resorted to
a "simulated strike by reporting sick".  The pilots are demanding
the reinstatement of two colleagues -- Sam Thomas and G. Balaraman
-- who had been terminated for joining a new formed union, the
National Aviators Guild.

The TCR-AP, citing Dow Jones Newswires, reported on September 14,
that Jet Airways' pilots agreed to resume work beginning Sunday,
September 13, ending a five-day deadlock with the management,
which agreed to take back four sacked pilots.

Jet Airways canceled more than 1,000 flights and lost 100,000
passengers due to the standoff that last for five days.

                         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.


PMC PROJECTS: CARE Rates INR52.50cr Long-term Loans at 'CARE BB'
----------------------------------------------------------------
CARE assigned a 'CARE BB' rating to the INR52.50 crore long-term
bank loans of PMC Projects (India) Private Limited.  Facilities
with this rating are considered to offer inadequate safety for
timely servicing of debt obligations.  Such facilities carry high
credit risk.  This rating is applicable to facilities having
tenure of more than one year.

The rating is primarily constrained by delay in servicing of debt
obligation in the past.  It also factors in PMC's low net worth
base & high gearing levels, sole dependency on Adani group
companies for its revenue which is charged mainly on ad hoc basis
and relatively short track record of operations. The rating, on
the other hand, take comfort from future business potential
arising out of continuous expansion plan of various companies from
Adani group, team of experienced professionals for monitoring
projects pertains to high end infrastructure value chain and
moderate financial risk profile.

Improvement in debt servicing track record and change in expected
revenue are key rating sensitivities.

PMC Projects (India) Private Limited is Ahmedabad based project
Consultancy Company, which commenced operations during FY06 with
focus on port related services viz. dredging and project planning
& control services mainly to various companies of Adani group.

As per provisional results for 11M FY09, PMC reported a Profit
After Tax (PAT) of INR2.83 crore on total income of INR80.23 crore
as against a PAT of INR6.39 crore on total income of INR79.04
crore for FY08.


RINDIAM EXPORT: CARE Assigns 'CARE BB' Rating on INR19.20cr Loan
----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of M/s. Rindiam Export.  This rating is applicable for
facilities having tenure of over one year.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.  These ratings are assigned to the Long-term Bank Facilities
aggregating INR19.20 crore.

The rating assigned by CARE is based on the capital deployed by
the partners and the current financial strength the firm.  The
rating may undergo change in case of withdrawal of capital or of
the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating is constrained by closely-held partnership firm, small
size of business and uninsured debtors.  The rating is further
constrained by declining sales, operational loss in FY08, high
overall gearing, high debtors and collection period, high
inventory days and long working capital cycle.

The rating considers the track record of promoters and generation
of export revenues.

Further, strong competition from large number of players in
organized and unorganized sectors and economic slowdown in key
consumer markets are the key rating sensitivities.

                       About Rindiam Export

M/s. Rindiam Export was established in 1989 as a partnership firm
and is engaged in the business of importing rough diamonds and
exporting polished diamonds for the last 20 years.  The firm is
run by four partners having considerable experience in the
business and the business segments are segregated between the
partners.  The firm mainly deals in “Sieve”, which are small-sized
diamonds in the range of 0.05 cents to 4 cents and focuses mainly
on round white-colored diamonds.  Majority of exports of RE
(around 85% in FY08) are concentrated towards four destinations
namely USA, Belgium, Hong Kong and Japan. With the slowdown in
demand in the above destinations, and limited diversification in
other countries, the turnover and profitability parameters of the
company witnessed a declining trend during FY08.  The proportion
of debtors to total sales is on the higher side at around 47-52%
for the last three years.  Further, the entire debtors of the firm
are uninsured.  The partner's capital and the net worth show a
declining trend over the last couple of years (FY07 and FY08) on
account of withdrawal of capital by the partners.  Decline in net
worth, coupled with an increase in working capital borrowings
resulted in an increase in the overall gearing ratio over the
years.


RS CONCAST: CRISIL Assigns 'BB-/Stable/P4+' to Bank Debts
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of RS Concast Ltd.  The ratings reflect RSCL's weak
financial risk profile, and exposure to risks relating to the
working-capital-intensive nature of its operations.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        BB-/Stable (Assigned)
   INR38 Million Term Loan          BB-/Stable (Assigned)
   INR12 Million Letter of Credit   P4+ (Assigned)

The ratings also reflect company's marginal presence and exposure
to cyclicality in the steel industry.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its promoters' experience in the steel industry.

Outlook: Stable

CRISIL believes that RSCL will maintain a stable credit risk
profile backed by the benefits it derive from its promoters'
experience in the steel industry.  However, CRISIL also believes
that company's credit risk profile will continue to be constrained
by its weak financial risk profile.  The outlook may be revised to
'Positive' if the company's revenues and profitability increase,
or if it achieves enhanced integration of operations.  Conversely,
the outlook may be revised to 'Negative' if the company's
operating profits decline sharply, owing to low capacity
utilisation, or if it undertakes large, debt-funded capital
expenditure.

                         About RS Concast

Incorporated in 2004, by the Agarwal family, RSCL manufactures
steel ingots. Its production facility at Durgapur (West Bengal)
has capacity to manufacture 23,500 tonnes of ingots per annum.
The company, being managed by Mr. Rakesh Agarwal, is setting up an
induction furnace, with capacity to manufacture of 23,500 tonnes
of steel billets per annum.  The company also proposes to convert
its ingot plant into a billet plant.  The new facility is expected
to commence commercial operation from December 2009.  RSCL is
estimated to report a profit after tax (PAT) of INR 1 million on
estimated operating income of INR422 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of INR2
million reported on operating income of INR262 million for
2007-08.


SANJAY CHEMICALS: CARE Puts 'CARE BB+' Rating on INR0.35cr LT Loan
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the INR0.35 crore long-
term bank facilities of Sanjay Chemicals (India) Pvt. Ltd.  This
rating is applicable to facilities having tenure of more than one
year. Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
instruments carry high credit risk.  Also, CARE has assigned a
'PR4' rating to the INR42.25 crore short term bank facilities of
the company.  This rating is applicable to facilities having
tenure up to one year.  Facilities with this rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry high credit risk.  Such loans are
susceptible to default.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

Rating Rationale

The ratings are constrained by low profit margins due to trading
nature of business, volatile nature of prices of chemicals,
susceptibility of profit margins to the fluctuation in exchange
rates and increasing competition.  The ratings also consider the
tight liquidity position as evidenced by high utilization of
working capital limits and frequent use of ad-hoc limits.

The ratings also factors in the experience of promoters in the
chemical trading business, considerable proportion of revenue
contributed by the chemicals supplied to relatively stable
pharmaceutical industry and long relation with major customers.

SCIPL's ability to improve its profit margin and manage its
operations in the current external environment of declining demand
and volatile prices and promoters' ability to infuse capital to
meet the margin money and other bank's covenant requirements are
the key rating sensitivities.

                       About Sanjay Chemicals

Sanjay Chemicals (India) Pvt. Ltd., started in 1977 by Vijayraj M.
Parmar, is involved in trading of various chemicals used in
pharmaceuticals, paints, dyes etc.  The company procures chemicals
domestically and also imports them, to be sold in the domestic
market.  The company derives 60-70% of its revenue from chemicals
sold to the pharmaceutical industry.

The company's total income grew from INR172 crore in FY07 to
INR209 crore in FY08 due to increase in trading volumes.  Due to
trading nature of business, SCIPL's profit margins are low. PBILDT
margin was 1.12% and PAT margin was 0.32% in FY08.  Further,
interest cost is high due to working capital-intensive nature of
operations.  This has led to moderate interest coverage of 1.41x
in FY08.


TANIA INDUSTRIES: Low Net Worth Prompts CRISIL 'BB' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Tania Industries Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      BB/Stable (Assigned)
   INR6.5 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the intense competition in the soybean solvent
oil and soya de-oiled cakes (DOC) market, Tania's limited presence
in the value chain, its low net worth, and its exposure to
unfavorable government regulations and to fluctuations in raw
material prices.  These weaknesses are partially offset by the
strong growth in the company's operating income, its easy access
to raw materials, comfortable debt protection measures, and low
working capital requirements.

Outlook: Stable

CRISIL believes that Tania's business risk profile will continue
to be constrained by its lack of presence in the value-added
products segment.  Its net worth is also expected to remain low.
The outlook may be revised to 'Positive' in case of a substantial
improvement in the company's operating margins and cash accruals,
coupled with adequate capacity utilization and off-take.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected debt-funded capital expenditure (capex), or
deterioration in operating margins.

                      About Tania Industries

Incorporated in 1980 by Mrs. Kamladevi Mansinghka as an investment
company, Tania switched over to trading in soya in 1998.  Since
2002, the company has been manufacturing soybean solvent oil and
soya DOC.  Tania's production facility at Saoner (Nagpur), has a
seed-crushing capacity of 500 tonnes per day (tpd).  The company
sells crude soy oil to refineries, and soya DOC in Orissa, West
Bengal, Karnataka, Tamil Nadu, and Andhra Pradesh. Currently, the
company is managed by Mr. K C Dawda, who has been with the company
since its inception.

Tania reported a profit after tax (PAT) of INR22 million on net
sales of INR1619 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a net loss of INR4.4 million on
net sales of INR400 million for 2006-07.


V3 ENGINEERS: Default in Debt Repayment Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of V3 Engineers Pvt Ltd as the company has defaulted on its debt
obligations because of weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR17.80 Million Long Term Loan          D (Assigned)
   INR115.00 Million Cash Credit Limit      D (Assigned)
   INR30.00 Million Letter of Credit Limit  P5 (Assigned)
   INR40.00 Million Bank Guarantee Limit    P5 (Assigned)

V3 Engineers Pvt Ltd was set up as a partnership firm in 1990 by
Mr. R Guruprasad, Mr. N Vasu, and Mr. S Sampath Raghavan.  It was
converted to a private limited company in 2000.  Based in
Bengaluru, V3 is engaged in the manufacture and installation of
modular furniture for corporate use; it diversified into the home
segment and complete interior solutions in 2006-07 (refers to
financial year, April 1 to March 31).  For 2008-09, V3 is
estimated to have incurred a net loss of INR53 million on net
sales of INR461 million; it reported a profit after tax of INR11
million on net sales of INR447 million for 2007-08.


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


AGRI INTERNATIONAL: Liquidity Concerns Cue S&P to Junk Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based plantation
company Agri International Resources Pte. Ltd. to 'CCC+' from
'B-'.  The outlook is negative.  Standard & Poor's also lowered
the issue rating on senior secured notes due 2012 to 'CCC+' from
'B-'.  These notes were issued by AI Finance B.V., and are
guaranteed by Agri International.

"The downgrades reflect S&P's expectation that Agri
International's liquidity will become further strained, as S&P
project that the company's funds from operations will be low in
the next year due to a low production volume and yield
performance," said Standard & Poor's credit analyst Yasmin
Wirjawan.

The rating on Agri International reflects the company's highly
leveraged financial risk profile, low yield performance, and risks
of earnings volatility.  These weaknesses are partly offset by
parental support, steady demand, and moderate capital expenditure
requirements.

"The company's credit protection measures are weak in S&P's view,
with an adjusted ratio of debt to annualized EBITDA of about 7x
and adjusted EBITDA interest coverage of 1.2x as at March 31,
2009.  S&P believes the likelihood of significant improvement is
limited, given its high debt burden," said Ms. Wirjawan.

Agri International's existing palm oil assets are of low quality.
They generate a yield of 10 ton/hectare, half the industry
average.  As of March 31, 2009, the company's production volume
was 13% lower compared than in the previous year, while average
selling prices dropped 37% year on year.

Production volume could remain low in the near term due to weather
conditions.  Although crude palm oil prices have steadily
improved, they remain low compared with the previous year's.  In
addition, CPO prices remain cyclical and subject to volatility,
resulting in some unpredictability in earnings and cash flows for
Agri International.

Nevertheless, the company is likely to benefit from continued
steady demand for CPO over the medium term.  In addition, it has a
long-term offtake commitment and management agreement with its
parent PT Bakrie Sumatera Plantations Tbk. (B-/Negative/--), which
has an effective stake of 51% (direct and indirect) in the
company.  The offtake agreement is stipulated under Agri
International's bond covenants.  Although this agreement reduces
some of the operating charges, Agri International is still subject
to market risk.  There is no cross default between BSP and Agri
International's existing secured notes.

Unless Agri International's operating performance improves
significantly, liquidity is likely to become constrained in the
next year, in S&P's view, with low FFO in 2009.

The negative rating outlook reflects S&P's expectation that Agri
International's liquidity will erode due to limited internal cash
generation over the next year.  S&P may lower the rating if cash
flow measures deteriorate further, including EBITDA interest
coverage falling to less than 1x as a result of a margin squeeze
due to weakening CPO prices, or if plantation yields and output
fail to improve and pressure the company's ability to pay its
interest obligations.  The outlook could be revised to stable if
EBITDA improves moderately on a sustained basis, which would
better position the company to increase its cash balance and
continue to cover interest expenses with cash flow.


GARUDA INDONESIA: Gov't to Pay Part of IDR3.36TT Debt to Mandiri
----------------------------------------------------------------
The Jakarta Post reports that the government may have to cover a
significant part of the IDR3.36 trillion (US$338 million) PT
Garuda Indonesia has to pay PT Bank Mandiri under a debt
restructuring deal between the two state enterprises.

According to the Post, Bank Mandiri has announced that under the
restructuring deal between the two state firms facilitated by the
government, Garuda's debts will  have swollen to IDR3.36 trillion
by the time the national carrier has to settle in mid 2010
following a planned initial public offering (IPO), hugely up from
the original principal debt of only IDR1.02 trillion.

The total debt of IDR3.36 trillion will incorporate an 18% annual
interest rate since the debt first went bad in 2001, the Post
says.

However, the report notes, Garuda president director Emirsyah
Satar said the carrier will only have to pay its original debt of
IDR1.02 trillion as the government will cover the rest.

“The rest of that [outside the IDR1.02 trillion] is between
Mandiri and the government.  “It has nothing to do with Garuda,”
Mr. Emirsyah was quoted by the Post as saying.

According to the Post, Garuda finance director Eddy Porwanto added
it was the government that promised the 18% rate of return to the
nation's largest lender in the first place, not Garuda.

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.

A TCR-AP report on Aug. 13, 2009, said Garuda Indonesia expects to
raise as much as US$400 million from its much-awaited Initial
Public Offering in June, next year.  The expected launch, however,
is based on a positive outlook of the market condition, vis-a-vis
investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of last December
reached US$670 million — US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


PT BAKRIE: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based plantation company PT Bakrie
Sumatera Plantations Tbk. to 'B-' from 'B'.  The outlook is
negative.  At the same time, Standard & Poor's lowered the rating
on the senior secured bonds due in 2011 to 'B-' from 'B'.  These
bonds were issued by BSP Finance B.V. and are guaranteed by BSP.

The downgrade reflects S&P's expectation that the liquidity
position of BSP's subsidiary, Agri International (CCC+/Negative/
--), will become further strained and it is likely to weaken BSP
group's credit profile.

"We anticipate that Agri International's funds from operation
(FFO) will be low in the next one year due to lower production
volume and yield performance.  This will pressure its liquidity on
the back of its limited cash and heavy debt burden," said Standard
& Poor's credit analyst Yasmin Wirjawan.

BSP does not consolidate Agri International in its financial
statement accounts because its holding of 51% is through direct
and indirect ownership.  However, Standard & Poor's takes a
consolidated view to include Agri International when analyzing the
credit profile of BSP, given its significant asset size, high debt
level as well as BSP's offtake commitment and management control.

The rating on BSP reflects the company's aggressive expansion
program, weak cash flow measures, and exposure to crude palm oil
(CPO) and rubber prices.  CPO and rubber prices are cyclical and
subject to volatility, resulting in some unpredictability in
earnings and cash flows.

These risks are offset by steady demand for CPO, which is likely
to continue in the near to medium term and BSP's established track
record and management experience in the plantation business.

"The negative rating outlook on BSP reflects S&P's expectation
that Agri International's liquidity could erode further due to
limited internal cash generation over the next year," Ms.
Wirjawan said.

The rating may be lowered if Agri International's cash flow
measures deteriorate further, including EBITDA to interest falling
below 1x as a result of margin squeeze, or if Agri International's
plantation yields and output fail to improve, thus pressuring the
BSP's ability to pay its interest obligation and weakening BSP
group's liquidity.  With the absence of cross default between Agri
International and BSP, a default on Agri International may not
necessarily lead to a default on BSP, but would likely add
pressure to the rating.  A material increase in BSP's debt or
deterioration in cash flow generation could also pressure the
ratings, Ms. Wirjawan noted.

"The outlook may be revised to stable if the group's EBITDA
improves materially on a sustained basis, which S&P believes would
better position the group to increase its cash balance and improve
its liquidity to cover future capital expenditures and financial
obligations," she added.


* INDONESIA: IDR1-Tril. Needed to Restructure 10 Firms in 2010
--------------------------------------------------------------
PT Perusahaan Pengelola Aset (PPA), the state-sanctioned agency
tasked to restructure ailing state firms, has requested
IDR1 trillion (about US$102 million) to improve the condition of
10 state-owned companies in 2010, The Jakarta Post reports.

The report says the PPA received IDR1 trillion for 2009 and IDR1.5
trillion in 2008 to support its operations.

According to the Post, PPA president director Boyke Mukijat said
that so far this year, the PPA had spent IDR450 billion on
restructuring three companies:

   -- national carrier PT Merpati Nusantara Airlines, which
      received IDR300 billion;

   -- paper producer PT Kertas Kraft Aceh, which received
      IDR125 billion;  and

   -- textile producer PT Sandang Nasional, which also got
      IDR25 billion.

The Post notes that the rest of the 2009 budget will be spent on
restructuring two more firms:

   -- ship manufacturer PT PAL; and
   -- construction company PT Waskita Karya.

The Post discloses that the PPA has 14 ailing state enterprises on
its restructuring list, including:

   -- shipping company PT Djakarta Lloyd; and
   -- glass maker PT Industri Gelas.

PT Perusahaan Pengelola Aset was set up in 2004 to replace the
now-defunct Indonesian Bank Restructuring Agency (IBRA), which was
tasked to restructure bad assets taken over from troubled banks
following the aftermath of the economic crisis in the late 1990s,
according to the Post.


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


AIFUL CORPORATION: JCR Downgrades Ratings on Senior Debts to "CCC"
------------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has downgraded the ratings on
senior debts and each of the outstanding bonds of Aiful
Corporation from BB+ to CCC, placing them under Credit Monitor
with Negative direction (#CCC/Negative).

Senior debts: #CCC/Negative

Issues       Amount     Issue Date Due Date   Coupon (%)   Rating
------       ------     ---------- --------   ----------   ------
bonds no.43 JPY10 Bil.  10/20/2004 10/20/2009  1.01  #CCC/Negative
bonds no.31 JPY10 Bil.  10/28/2002 10/28/2009  2.18  #CCC/Negative
bonds no.46 JPY10 Bil.  04/20/2005 04/20/2010  0.82  #CCC/Negative
bonds no.36 JPY10 Bil.  05/28/2003 05/28/2010  1.25  #CCC/Negative
bonds no.12 JPY10 Bil.  06/28/2000 06/28/2010  2.93  #CCC/Negative
bonds no.49 JPY10 Bil.  07/20/2005 07/20/2010  0.8   #CCC/Negative
bonds no.50 JPY10 Bil.  10/19/2005 10/19/2010  1.14  #CCC/Negative
bonds no.42 JPY10 Bil.  05/26/2004 05/26/2011  1.58  #CCC/Negative
bonds no.44 JPY10 Bil.  10/20/2004 10/20/2011  1.5   #CCC/Negative
bonds no.45 JPY10 Bil.  01/26/2005 01/26/2012  1.2   #CCC/Negative
bonds no.47 JPY10 Bil.  04/20/2005 04/20/2012  1.22  #CCC/Negative
bonds no.52 JPY10 Bil.  11/24/2005 11/22/2012  1.63  #CCC/Negative
bonds no.37 JPY10 Bil.  05/28/2003 05/28/2013  1.74  #CCC/Negative
bonds no.51 JPY10 Bil.  10/19/2005 10/19/2015  1.99  #CCC/Negative

Rationale

Aiful announced on September 18 that it and its affiliated
companies have begun preliminary consultations with the Japanese
Association of Turnaround Professionals to apply for commencement
of consensual business revitalization alternative dispute
resolution procedures and that the JATP has provisionally accepted
the company's preliminary application to utilize the business
revitalization procedures.  It says that it plans to ask its
financial institutions for the maintenance of its debt balance for
a certain period and then the debt rescheduling.  At present, it
does not plan debt forgiveness or debt-equity swap.

Following this announcement, JCR downgraded the ratings on senior
debs and on each series of the bonds as well to "CCC," placing
them under Credit Monitor with Negative direction.  JCR considers
that if the business revitalization procedure and its drastic
structural reform progress in line with its plans, its tough
financing conditions will be mitigated.  It should be noted that
the ADR procedure will be applied to the borrowings from its
financial institutions and is currently not applied to the bonds.
On the other hand, given deterioration in its business
environments such as its lowered financing capacity, shrinkage of
its business base, full enforcement of the revised Money Lending
Business Control and Regulation Law scheduled for next fiscal
year, JCR considers that it is likely that the downward pressure
on the earnings and financial structures of the Company will
persist.  JCR said it will hereafter ascertain progress in the ADR
procedure, financial assistance and implementation of further
drastic structural reform and will factor in the results of these
determinations in the ratings on the senior debts and the bonds of
it, removing them from Credit Monitor.


AIFUL CORPORATION: Moody's Downgrades Senior Debt Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from Ba2 the long-
term senior unsecured debt rating and unsecured medium term note
rating of Aiful Corporation and kept the rating under review for
possible further downgrade.  In addition, Aiful's issuer rating
was downgraded to Caa1 from Ba2, and kept on review for possible
further downgrade.

This rating action is in response to the announcement made by
Aiful that it is preparing to apply for commencement of consensual
business revitalization alternative dispute resolution procedures
as prescribed in the Act on Special Measures for Industrial
Revitalization (the "Business Revitalization Procedures") with
certain creditors.

According to the company announcement, Aiful may request financial
support from certain of its financial institution creditors with
respect to modifying certain maturity and principal repayment
schedules of its existing borrowings from certain of their
relevant financial institution creditors.  Also, according to the
company announcement, among those creditors, senior unsecured bond
holders of the bonds issued by Aiful inside and outside Japan are
not likely to be included.  Also, currently, Aiful's business
revitalization plan reportedly do not include request of debt
forgiveness or debt for equity swaps.

The downgrade of the issuer rating to Caa1 reflects the severe
pressure on Aiful's liquidity, and the difficulty the company will
face in maintaining its franchise over the short term.  The review
for a possible further downgrade reflects the uncertainty inherent
in arbitration procedures, as well as the uncertainty regarding
the response of its numerous financial institution creditors.

The downgrade of the senior unsecured debt rating to B3 reflects
the fact that (1) Aiful's senior unsecured bonds are not included
in the proposed plan; (2) the request is limited to the
rescheduling of bank debt; and (3) the financial institutions
involved may consent to the proposed procedures.  Furthermore,
even though their consent, if given, would alleviate the pressure
on liquidity for the immediate period, in Moody's view, the
persistently negative operating environment would continue to
pressure Aiful's franchise.

Moody's last rating action with respect to Aiful was taken on
May 28, 2009, when the long-term senior unsecured debt, issuer
ratings, and unsecured MTN rating were downgraded to Ba2 from Baa3
with negative outlook.

Aiful's rating was assigned by evaluating factors Moody's believes
are relevant to its credit profile, such as franchise value, risk
positioning, operating and regulatory environment, and financial
fundamentals versus its competitors, as well as the company's
projected performance in the near to medium term.  These
attributes were compared to those of other issuers both inside and
outside its core industry.  Thus, Moody's believes Aiful's rating
to be comparable to those of other issuers with similar credit
risk.

Aiful Corporation, headquartered in Kyoto, was established in
1967.  It is a major, specialized consumer finance company in
Japan, with consolidated assets of about JPY1.5 trillion as of
June 31, 2009.


AIFUL CORP: S&P Downgrades Counterparty Credit Rating to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Aiful Corp. to 'CC' from 'BB'.  At
the same time, Standard & Poor's removed the rating from
CreditWatch, where it had been placed with negative implications
on Sept. 14, 2009, to reflect the risks over cash flow
deterioration.  The outlook is negative.  Standard & Poor's also
lowered its senior unsecured rating on the company's debt to 'CCC'
from 'BB', and revised the CreditWatch status to developing from
negative.  The short-term counterparty rating, which was not
placed on CreditWatch, was lowered to 'C' from 'B'.  The rating
action is based on an announcement by Aiful that the company is
preparing to ask for a delay in the repayment of its bank
borrowings through ADR procedures.

Aiful has been facing a difficult financing environment because
the company has a large amount of debt maturing within one year
and is further constrained by refunds of overcharged interest.
Uncertainties over the impact of the amended money lending
business law, which is scheduled to be implemented by mid-2010,
are adding to the difficulties that Aiful is facing.  Under the
revitalization plan, the company is expected to ask lender banks
to extend maturities of debts once the Japanese Association of
Turnaround Professionals, the third party institution that will
act as a mediator, officially accepts an application from Aiful to
start ADR procedures.  A revision of the company's repayment
schedule will constitute a default according to Standard & Poor's
rating criteria.  At the same time, however, the possibility of
Aiful filing for bankruptcy cannot be ruled out if creditor
institutions do not agree to Aiful's revitalization plans.

Although Aiful's current plan does not include revisions of terms
or conditions of any other debts, including bonds, Standard &
Poor's lowered its rating on the company's senior unsecured bonds
because of Aiful's current financial difficulties.  A repayment
extension of bank borrowings is likely to underpin the probability
of Aiful honoring other debts, but the feasibility of the
revitalization plan amid the current difficult business
environment is a key issue.

The negative outlook on the long-term counterparty rating is based
on Standard & Poor's expectation that the rating will be lowered
to 'SD' or 'D'.  The long-term counterparty rating on Aiful may be
lowered to 'SD' (Selective Default) if the terms and conditions of
bank borrowings are revised as planned by the company.  If the
company enters into any bankruptcy procedure, the rating will be
lowered to 'D'.  The rating on senior unsecured debt will be
removed from CreditWatch after Standard & Poor's scrutinizes any
changes in the terms and conditions of bank borrowings, and their
impact on other debts.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

                            Aiful Corp.

                                To                 From
                                --                 ----
Counterparty Credit Rating     CC/Negative/C      BB/Watch Neg/B
Senior Unsecured (19 issues)   CCC/Watch Dev      BB/Watch Neg


CSC SERIES: S&P Retains CreditWatch Negative on Various Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on the
class A-2 to class G-3 yen-denominated bonds issued under the CSC,
Series 1 GK transaction would remain on CreditWatch with negative
implications, where they were initially placed on March 26, 2009.
The aforementioned ratings were kept on CreditWatch negative on
June 23, 2009.  At the same time, Standard & Poor's affirmed its
rating on the class X bonds issued under the same transaction.

On March 26, 2009, Standard & Poor's placed its ratings on the
class A-2 to class G-3 bonds on CreditWatch with negative
implications, citing potential uncertainty over proposed changes
to the terms of one of the transaction's underlying loans
(representing approximately 38% of the total initial issuance
amount of the bonds).  Standard & Poor's believed that there might
be risks associated with the proposed changes, which were detailed
in an important notice issued by the servicer.

S&P has learned that the proposed changes have been rejected.
Yet, since there is a possibility that the loan may default due to
breach of covenant, S&P hold the view that there appears to be
uncertainty over the recovery prospects of the properties that
back the aforementioned loan.  In addition, another underlying
loan (representing about 19% of the total issuance amount of the
bonds) had defaulted in May 2009, and collection procedures
relating to the sale of the collateral properties backing the
defaulted loan are underway, in accordance with rules specified in
the servicing agreement.  Standard & Poor's therefore intends to
continue to monitor the progress of collection from the collateral
properties.  Accordingly, S&P is keeping its ratings on the class
A-2 to class G-3 bonds on CreditWatch with negative implications.

Standard & Poor's plans to review the ratings on the class A-2 to
class G-3 bonds after considering the recovery prospects of the
collateral properties relating to the aforementioned two loans.

S&P is considering amending the rating methodology for interest-
only certificates, which include class X of this transaction.  If
the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.

CSC, Series 1 GK is a multi-borrower CMBS transaction.  The bonds
were initially secured by 11 nonrecourse loans extended to six
obligors, which were originally backed by 72 real estate trust
certificates and real estate properties.  The transaction was
arranged by Credit Suisse Securities, and ORIX Asset Management &
Loan Services Corp. is the transaction servicer.

               Ratings Kept On Creditwatch Negative

                         CSC, Series 1 GK
      JPY36.2 billion yen-dominated bonds due November 2012

           Class   Rating          Initial Issue Amount
           -----   ------          --------------------
           A-2     AAA/Watch Neg   JPY18.1 bil.
           A-3     AAA/Watch Neg   JPY3.9 bil.
           B-2     AA/Watch Neg    JPY1.7 bil.
           B-3     AA/Watch Neg    JPY1.5 bil.
           C-2     A/Watch Neg     JPY3.2 bil.
           D-2     BBB/Watch Neg   JPY3.2 bil.
           E-2     BBB-/Watch Neg  JPY0.9 bil.
           E-3     BBB-/Watch Neg  JPY0.6 bil.
           F-3     BB/Watch Neg    JPY1.9 bil.
           G-3     B/Watch Neg     JPY1.2 bil.

                         Rating Affirmed

     Class   Rating   Initial Issue Amount
     -----   ------   --------------------
     X*      AAA      JPY36.2 bil. (Initial notional principal)

                          * Interest only


JAPAN AIRLINES: May Receive More Aids from Japanese Government
--------------------------------------------------------------
Japan Airlines Corp. may receive more government-backed loans as
it seeks alliance partners, Bloomberg News reports citing Shizuka
Kamei, the nation's newly appointed financial services minister.

"It's a big national project to rehabilitate the airline
properly," Mr. Kamei told Bloomberg News in an interview.  "We
will back up JAL if the company makes all efforts for its
survival."

According to the report, Mr. Kamei said the state-owned
Development Bank of Japan, which has already made JPY235 billion
(US$2.6 billion) in loans to the Tokyo-based carrier, could
provide more funds.

The government support may encourage carriers American Airlines,
Delta Air Lines Inc. and Air France-KLM to pursue investments in
Japan Air, the report states.

As reported by the TCR on Sept. 15, 2009, AMR Corp. and Delta Air
are reportedly in separate talks with Japan Airlines to forge an
expansive joint venture with the carrier.  The Wall Street Journal
said that American Airlines would also consider taking a minority
stake in JAL, although any such investment would likely be capped
at hundreds of millions of dollars.  Delta is also negotiating to
acquire a minority stake of around $300 million in JAL.  The
Journal relates that Delta wants JAL to join its rival SkyTeam
alliance.

                       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.


JAPAN AIRLINES: Hires Merrill Lynch as Adviser
----------------------------------------------
Japan Airlines Corp. hired Merrill Lynch Japan Securities Co. to
advise on its search for partners and investments, Bloomberg News
reports citing two people familiar with the situation.

Japan Airlines appointed Bank of America Corp.'s Merrill Lynch to
evaluate the carrier's value and select a partner who can help
replenish its capital, Bloomberg relates citing the people, who
asked not to be identified because they aren't authorized to
discuss the deal publicly.

As reported by the TCR on Sept. 15, 2009, AMR Corp. and Delta Air
are reportedly in separate talks with Japan Airlines to forge an
expansive joint venture with the carrier.  The Wall Street Journal
said that American Airlines would also consider taking a minority
stake in JAL, although any such investment would likely be capped
at hundreds of millions of dollars.  Delta is also negotiating to
acquire a minority stake of around $300 million in JAL.  The
Journal relates that Delta wants JAL to join its rival SkyTeam
alliance.

                       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.


JAPAN AIRLINES: S&P Puts 'B+' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit and senior unsecured debt ratings on Japan
Airlines Corp. and its fully owned subsidiary, Japan Airlines
International Co. Ltd., on CreditWatch with negative implications.
The CreditWatch placement reflects the prevailing uncertainty over
the company's short-term financing amid the continuingly
challenging business environment, as well as its recent poor
business performance.  In addition, the degree of support the
company can expect to receive from the new Democratic Party of
Japan's administration needs to be carefully examined.  As such,
Standard & Poor's will closely monitor developments in this
regard.

The global economic downturn, coupled with the emergence of swine
flu, has negatively affected passenger demand and led to
deterioration in the business environment and downward pressure on
the company's business performance.  Under such circumstances, JAL
has decided to implement significant structural reforms, including
a reduction in the number of routes it offers and the reform of
the current company pension system.  Furthermore, JAL is
considering strengthening its ties with overseas carriers.
However, the company is currently not in a position to easily
accomplish an early recovery in its business performance.  Also,
concerns over short-term financing have not yet been eliminated.
As such, Standard & Poor's will reflect the impact of any change
in stance towards JAL from its financial institutions over the
coming months in the ratings on the company.  In addition, as the
DPJ intends to reexamine the policy and approach taken by the
former Liberal Democratic Party's administration in relation to
government support of companies, Standard & Poor's believes that
the future framework and direction of such support, which has in
the past underpinned the ratings on JAL, requires careful
examination.

Standard & Poor's will resolve the CreditWatch placement upon
scrutinizing the:

  -- Feasibility of structural reforms and prospects for a
     recovery in the company's business performance;

  -- Supportive stance of financial institutions; and

  -- Future direction of government support.

S&P will also examine JAL's medium-term management plan and the
impact on the company of the prevailing business and political
environment.  The ratings on JAL will likely be placed under
increasing downward pressure if prospects for an early recovery in
its business performance grow dim and concerns increase over
weakening support from the government and financial institutions.
While a potential downgrade may not be restricted to one notch,
the rating may be affirmed if prospects for a recovery in
performance improve or if JAL can expect continued support from
the government.

                           Ratings List

           Ratings Affirmed; CreditWatch/Outlook Action

                       Japan Airlines Corp.

                                To                 From
                                --                 ----
Corporate Credit Rating        B+/Watch Neg/--    B+/Negative/--
Senior Unsecured               B+/Watch Neg       B+

               Japan Airlines International Co. Ltd.

                                To                 From
                                --                 ----
Corporate Credit Rating        B+/Watch Neg/NR    B+/Negative/NR
Senior Unsecured               B+/Watch Neg       B+


JAPAN AIRLINES: Transport Minister to Hear Recovery Plan This Week
------------------------------------------------------------------
Kyodo News, citing sources familiar with the matter, reports that
Japan's Transport Minister Seiji Maehara will summon Japan
Airlines Corp. President Haruka Nishimatsu to his ministry on
September 24 to hear about the business recovery plan being mapped
out by the struggling airline.

Kyodo said Mr. Maehara earlier declared that he will scrap an
expert panel in the ministry created by the previous
administration led by the Liberal Democratic Party to check the
company's business improvement plan so that he can get involved
with the reconstruction of the loss-making airline.

As reported in the Troubled Company Reporter-Asia Pacific on
September 15, 2009, Kyodo News said 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.  The carrier also plans to increase
planned personnel cuts by about 1,000 to a total of around 6,000.

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, on
September 15 conveyed its improvement plan today to a panel of the
Land, Infrastructure, Transport and Tourism Ministry tasked with
monitoring its business turnaround, according to Kyodo.

                       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 41: S&P Keeps CreditWatch Negative on Various Note Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch with
negative implications its ratings on the class A to D-1 and class
D-3 floating-rate notes issued under the JLOC 41 LLC transaction.
The ratings on the seven classes had been placed
on CreditWatch negative on June 23, 2009.  At the same time,
Standard & Poor's affirmed its 'B' rating on the class D-2 notes
issued under the same transaction.

The class A, B, C-1, C-3, D-1, and D-3 notes are backed by two
loans (property sales-type loans) whose sponsor is under corporate
reorganization proceedings.  On June 23, 2009, S&P placed the
ratings on the aforementioned six classes on CreditWatch negative
to reflect what S&P believed to be uncertainty over the sale of
the collateral properties backing the two loans.  S&P kept the
ratings on the same six classes on CreditWatch negative because
S&P has yet to finalize its assessment of the sales prospects of
the properties that ultimately back the aforementioned two loans.

Meanwhile, the underlying loan that backed the class C-2 notes
(property sales-type loan representing about 22% of the initial
issuance amount of the notes) had defaulted, and collection
procedures relating to the defaulted loan are in progress, in
accordance with the transaction's servicing agreement.
Accordingly, on June 23, 2009, S&P had also placed the rating on
class C-2 on CreditWatch negative, based on S&P's view of growing
uncertainty over the recovery prospects of the collateral
properties that ultimately backed the defaulted loan.  S&P intends
to review its rating on the class C-2 notes after assessing
progress in the collection process, as well as the recovery
prospects, of the related collateral properties.

The notes issued under this transaction were originally secured by
three loans extended to three obligors.  The loans were initially
backed by 31 real estate trust certificates or real estate
properties.  The transaction was arranged by Morgan Stanley Japan
Securities Co. Ltd, and ORIX Asset Management & Loan Services
Corp. is the transaction servicer.

               Ratings Kept On Creditwatch Negative

                            JLOC 41 LLC.
      JPY23.36 billion floating-rate notes due February 2015

  Class   Rating          Initial Issue Amount      Coupon Type
  -----   ------          --------------------      -----------
  A       AAA/Watch Neg   JPY15.40 bil.             Floating rate
  B       AA/Watch Neg    JPY2.70 bil.              Floating rate
  C-1     A/Watch Neg     JPY1.07 bil.              Floating rate
  C-2     A/Watch Neg     JPY0.86 bil.              Floating rate
  C-3     A/Watch Neg     JPY0.99 bil.              Floating rate
  D-1     BBB/Watch Neg   JPY0.78 bil.              Floating rate
  D-3     BBB/Watch Neg   JPY0.87 bil.              Floating rate

                         Rating Affirmed

     Class   Rating   Initial Issue Amount      Coupon Type
     -----   ------   --------------------      -----------
     D-2     B        JPY0.69 bil.              Floating rate


JLOC XXXIII: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
C and D of the JLOC XXXIII Trust Certificate transaction and
removed the ratings from CreditWatch with negative implications,
where they had been placed on July 6, 2009.  At the same time,
Standard & Poor's affirmed its ratings on the class A, B, and X
trust certificates issued under the same transaction.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes C and D of JLOC XXXIII, on CreditWatch with
negative implications.

In the transaction, there remain one loan and three specified
bonds; the single remaining loan and one of the three remaining
specified bonds (representing a combined 21% or so of the total
initial issuance amount of the trust certificates) are due to
mature by the end of August 2010 and are "loans considered to be
in default," as stated in the aforementioned report.  Accordingly,
Standard & Poor's has reviewed the property management reports for
the related collateral properties and met with the asset manager.

Meanwhile, the other two remaining underlying specified bonds
(representing a combined 20% or so of the total initial issuance
amount of the trust certificates) had defaulted in December 2008
and August 2009.

The downgrades are based on these factors:

With respect to the "loans considered to be in default" (one loan
and one specified bond), 1) principal repayments have not met
Standard & Poor's expectations due to a delay in the sale of
collateral properties; 2) uncertainty appears to be growing over
repayment by their respective maturity dates; and 3) there appears
to be mounting uncertainty over the likelihood of collections from
the properties that back those "loans considered to be in
default."  With respect to the other remaining two specified bonds
that had defaulted, it is S&P's view that uncertainty is mounting
over the recovery prospects of the properties.

At this point, the affirmations of the ratings on the class A and
B trust certificates reflect S&P's view on the prospects of
collections from the underlying properties, as well as credit
support provided by the subordinate tranches for the upper-level
tranches through the transaction's senior/subordinate structure.

Standard & Poor's intends to continue to monitor progress in the
repayment of the aforementioned "loans considered to be in
default" and the performance as well as recovery prospects of the
related collateral properties, based on the possibility that the
loans may indeed not be repaid.  In addition, with regard to the
two abovementioned specified bonds that had defaulted, S&P will
monitor the collection progress, as well as the recovery
prospects, of the related collateral properties.

S&P is considering amending the rating methodology for interest-
only certificates, which include class X of this transaction.  If
the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.

The certificates were originally secured by five nonrecourse loans
and five TMK (specified) bonds.  The loans and specified bonds
were initially backed by a total of 110 real estate properties and
real estate beneficial interests owned by nine obligors.  This
commercial mortgage-backed securities transaction was arranged by
Morgan Stanley Japan Securities Co. Ltd., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.

            Ratings Lowered, Off Creditwatch Negative

                           JLOC XXXIII

     JPY67.8 billion trust certificates due July 2013 issued
                         on Nov. 16, 2006

Class   To    From           Initial Issue Amount   Coupon Type
-----   --    ----           --------------------   -----------
C       BB+   A/Watch Neg    JPY8.0 bil.            Floating rate
D       CCC   B-/Watch Neg   JPY7.5 bil.            Floating rate

                         Ratings Affirmed

     Class   Rating   Initial Issue Amount      Coupon Type
     -----   ------   --------------------      -----------
     A       AAA      JPY43.7 bil.              Floating rate
     B       AA       JPY8.6 bil.               Floating rate
     X       AAA      JPY67.8 bil.*

                   * Initial notional principal


MLOX4 CERTIFICATES: S&P Downgrades Ratings on Various Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C and D trust certificates issued under the MLOX4
transaction and kept its ratings on both classes on CreditWatch
with negative implications, where they had been placed on June 30,
2009.  At the same time, Standard & Poor's placed on CreditWatch
negative its ratings on classes A and B, and affirmed its 'AAA'
rating on class X.

On June 30, 2009, S&P placed the ratings on classes C and D on
CreditWatch with negative implications to reflect what S&P
believed to be uncertainty over the sale of the collateral
properties backing one of the transaction's underlying loans
(property sales-type loan) whose sponsor is under corporate
reorganization proceedings.

Although sales of the properties that back the aforementioned
underlying loan (representing about 29.5% of the initial issuance
amount of the trust certificates) are underway, the sales have
fallen behind schedule.  In addition, S&P holds the view that
uncertainty continues to mount over the sale prices of the
collateral properties.  Accordingly, S&P is lowering its
assumptions with respect to the recovery amounts from the
collateral properties.  The downgrades of classes C and D reflect
lower recovery assumptions for the properties.

Meanwhile, regarding the residential-cum-commercial properties
(high-quality, limited-stay apartments) that ultimately back
another two of the transaction's underlying loans (representing a
combined 65.8% or so of the total issuance amount of the trust
certificates), S&P sees a risk that the properties' cash flows may
not be maintained at current levels, which in turn, would cause
property values to decline.

S&P intends to review its ratings on classes A to D after
considering progress in the repayment of the aforementioned two
loans, the asset manager's management policy, as well as the cash
flows from the collateral properties and the property values.

S&P is considering amending the rating methodology for interest-
only certificates, which include class X of this transaction.  If
the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its rating
on class X.

MLOX4 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by four loans extended to four
obligors.  The loans were originally backed by 22 real estate
trust certificates held by the four borrowers.  The transaction
was arranged by Merrill Lynch Japan Securities Co.  Ltd., and ORIX
Asset Management & Loan Services is the transaction servicer.

          Ratings Lowered, Kept On Creditwatch Negative

                               MLOX4
          JPY42.6 billion Trust certificates due May 2014

Class  To              From           Initial issue amount  Coupon type
-----  --              ----           --------------------  -----------
C      BBB-/Watch Neg  A/Watch Neg    JPY6.7 bil.           Floating Rate
D      BB-/Watch Neg   BBB/Watch Neg  JPY4.2 bil.           Floating rate

              Ratings Placed On Creditwatch Negative

Class  To             From  Initial issue amount     Coupon type
-----  --             ----  --------------------     -----------
A      AAA/Watch Neg  AAA   JPY25.0 bil.             Floating rate
B      AA/Watch Neg   AA    JPY6.7 bil.              Floating rate

                         Rating Affirmed

    Class   Rating   Initial issue amount
    -----   ------   --------------------
    X*      AAA      JPY42.6 bil. (Initial notional principal)

                         * Interest only


SANYO ELECTRIC: Goldman to Sell US$1.4BB Stake to Panasonic
-----------------------------------------------------------
Bloomberg News reports that Goldman Sachs Group Inc. has agreed to
sell a JPY126.7 billion (US$1.4 billion) stake in Sanyo Electric
Co. to Panasonic Corp, reaping JPY59 billion in investment gains.

AFP relates Goldman said its Oceans Holdings Co. investment fund
had signed an agreement to sell slightly more than half of its
shares in Sanyo for JPY131 each as part of Panasonic's takeover of
the struggling electronics maker.

Citing Goldman in a September 18 statement, Bloomberg discloses
that the New York-based company will sell 96,681,355 preferred
shares convertible into common stock, representing 54% of the
bank's holdings in Sanyo.

According to Bloomberg, Goldman last December agreed to sell the
preferred stock at JPY1,310 each, or JPY131 per common stock, or
87% higher than the purchase price.

Goldman, which converted the remaining stake into 818.9 million
common shares, may sell its remaining holdings after evaluating
investments, market conditions and other factors, Bloomberg notes
citing the statement.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2008, Sanyo Electric Co.'s three major shareholders
agreed to sell their stakes in the company to Panasonic Corp.

Panasonic will buy 70% stake in Sanyo from Goldman Sachs Group
Inc., Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC Co.
for JPY131 (US$1.48) a share.  The deal values Sanyo at about
JPY800 billion (US$9.01 billion).

The Wall Street Journal reported on August 31 that Panasonic said
it is still awaiting approval from antitrust regulators in four
countries on its tender offer to acquire Sanyo Electric and will
report by late October on the progress of the deal.

                            About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


* S&P Puts Ratings on 60 Corporate CDOs on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed 60 ratings from 40
corporate collateralized debt obligation transactions on
CreditWatch with negative implications.  The aggregate issuance
amount of the affected tranches is US$4.57 billion.  S&P took
these CreditWatch actions in connection with its update of the
criteria and assumptions S&P uses to rate corporate CDO
transactions.  S&P expects this update to result in downgrades of
many rated CDOs that are backed by, or reference, corporate debt.
The CreditWatch placements affect nearly all of S&P's ratings on
Asia-Pacific (ex-Japan) corporate CDO transactions, including
synthetic collateralized loan obligations, synthetic CDOs of
corporate CDOs, synthetic corporate CDOs, and other CDO
transactions collateralized by or referencing corporate credits.

Additionally, S&P has not placed on CreditWatch negative ratings
from CDO tranches that S&P expects will be paid in full on or
before Dec. 31, 2009.

The CreditWatch placements affect CDO transactions monitored in
Asia-Pacific (ex-Japan).

S&P will publish separate releases and rating action lists for
transactions monitored in Europe, North America, and Japan.  The
tables at the end of this article provide a summary breakdown of
the Asia-Pacific (ex-Japan) CDO ratings placed on CreditWatch by
year of transaction, origination, and current rating.

S&P's process for reviewing cash flow and hybrid CDOs, which rely
on excess spread for credit support and require cash flow analysis
when assessing the ratings assigned, will differ from that for
synthetic CDO transactions, which S&P monitor through its monthly
synthetic rated overcollateralization ratio review.

               Reviews Of Synthetic CDO Transactions
                     Through S&P's SROC Process

For synthetic CDO transactions that S&P monitors as part of S&P's
monthly SROC review, S&P does not anticipate extensive cash flow
analysis to resolve the CreditWatch placements.  Instead, S&P will
focus on the revised SROC ratios incorporating the updated
criteria.  A rating committee will determine the final rating
decisions.

Once S&P has completed its review of synthetic CDO transactions,
S&P will publish a consolidated press release for the affected
transactions.  S&P expects to complete its reviews within the next
90 days.  Until that time, S&P will not include corporate CDO
transactions in its monthly SROC report, although S&P does intend
to continue publishing the SROC report for other (non-corporate)
synthetic CDO transactions, including synthetic CDOs of asset-
backed securities.

S&P's reviews of the affected synthetic CDOs will consider both
the updated criteria and also any credit deterioration the
transactions have experienced since their last review.  After S&P
completes its reviews, the agency expects to resume publishing the
monthly Global SROC Report including SROC ratios for synthetic
corporate CDO transactions under the updated criteria.

     Summary of Asia Pacific (ex-Japan) Corporate CDO Ratings
                  Placed On CreditWatch Negative

  Number Of Tranches With Ratings Placed On CreditWatch Negative

       Public     AAA   AA   A   BBB   BB   B   CCC   Total
       ------     ---   --   -   ---   --   -   ---   -----
       Vintage
       2003         2                                     2
       2004                            1    1             2
       2005         3    4             1          2      10
       2006         4    2   1     3   4          3      17
       2007         3    3   3     9   6    2            26
       2008         1              1   1                  3
       Total       13    9   4    13  13    3     5      60

             Issuance Amount Of Tranches With Ratings
                  Placed On CreditWatch Negative

                                                         Total
Public    AAA    AA     A     BBB   BB     B      CCC    (Mil. US$)
------    ---    --     -     ---   --     -      ---    ----------
Vintage

2003
         130.00                                            130.00
2004
                                    27.96  10.78            38.74
2005
         80.29   128.71             40.00         230.62    479.63
2006
         1270.57 61.25  22.50 73.07 106.47        96.91    1630.78
2007
         1496.59 174.27 48.20 162.41 185.98 67.88          2135.33
2008
         109.88               20.00   25.00                 154.88
Total
         3087.34 364.23 70.70 255.48 385.41 78.67 327.5    4569.35


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


BLUE CHIP: Court Orders Financial Advisor to Pay Widow NZ$250,000
-----------------------------------------------------------------
The High Court at Napier has ordered a financial adviser to pay
NZ$250,000 to an elderly widow who put her money into failed Blue
Chip property investment company.

Beryl Joyce Breeze, 75, was awarded NZ$204,465 damages plus
NZ$54,361 costs and disbursements after Justice Simon France found
VPFS Financial Planner Ltd "failed to meet the standards of a
reasonable financial adviser" in placing the money, according to
The New Zealand Herald.

According to the Herald, Justice Simon France said VPFS had
recommended Mrs. Breeze to invest in a Blue Chip-related scheme
and had been negligent or alternatively had not used reasonable
care and skill in advising Mrs. Breeze.

VPFS did not defend the action.

The report notes Justice France said other parties, including
legal advisers, were originally also involved, but they had
settled.

The Herald says the court's decision could become a "benchmark"
for other claims related to the NZ$80 million failure of the Blue
Chip property investment company last year.

According the Herald, Myles Wealth Management director Craig Myles
suggested that the 3,000 investors who lost money through Blue
Chip could compare the detail of their case with that of the
Napier case.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip owes its creditors NZ$84.3 million.


* NEW ZEALAND: Current Account Deficit Shrinks to NZ$612MM in June
------------------------------------------------------------------
New Zealand's seasonally adjusted current account deficit shrunks
to NZ$612 million in the June 2009 quarter, NZ$1,508 million
smaller than the March 2009 quarter deficit of NZ$2,120 million,
the country's statistics agency said.  The smaller deficit was due
to a fall in income from foreign investment in New Zealand.
Imports of services also fell, while the surplus on goods remained
unchanged.

Income from foreign investment in New Zealand, which is not
seasonally adjusted, fell by NZ$1,186 million in the June 2009
quarter, to NZ$2,068 million.  This is its lowest level since the
March 2001 quarter, according to Statistics New Zealand.

"The fall was driven by lower profits earned this quarter by
foreign-owned New Zealand enterprises, particularly in the banking
sector," said Government and International Accounts Manager John
Morris.  The fall was influenced by a large company tax
transaction during the quarter.

In addition to the fall in profits, interest paid to foreign
investors on New Zealand's overseas debt fell by NZ$214 million.
Meanwhile, New Zealand investors' earnings from abroad remained
stable.  Imports of services were driven down by lower freight
costs and less spending by New Zealanders on overseas trips.

The seasonally adjusted goods balance was a surplus of NZ$822
million in the June 2009 quarter, unchanged from the March 2009
quarter. Exports of goods fell NZ$771 million, mainly due to
falling prices (especially for dairy products), which more than
offset an increase in export volumes.  Goods imports fell NZ$772
million as both prices and volumes of imported goods decreased.

In actual dollar terms, the current account balance was a surplus
of NZ$124 million in the June 2009 quarter.  The most recent
surplus was in the March 2003 quarter – June quarter surpluses are
unusual. If the effect of the company tax transaction affecting
investment income were removed, there would be a deficit of NZ$537
million.

For the year ended June 2009, the current account deficit was
NZ$10,614 million (5.9 percent of GDP), compared with NZ$14,569
million (8.1 percent of GDP) for the year ended March 2009.  This
is the smallest year ended deficit as a percentage of GDP since
September 2004.

The main causes of the NZ$3,955 million smaller deficit from the
March 2009 year were a NZ$2,008 million reduction in the
investment income deficit, and a NZ$1,864 million turnaround in
the goods balance from a deficit to a surplus.  The lower income
deficit was mainly caused by lower profits earned by foreign
investors from their New Zealand subsidiaries.  The main cause of
the goods turnaround was a NZ$2,260 million fall in imports of
goods, driven by lower import volumes.

At June 30, 2009, New Zealand's liabilities exceeded its assets by
NZ$171.6 billion.  This net debtor position is 95.2 percent of
GDP, down 1.1 percent from NZ$173.5 billion (96.4 percent of GDP)
at 31 March 2009.  In dollar terms, this is the first decrease
since the March 2006 quarter.

Net changes in the valuation of New Zealand's assets and
liabilities reduced the net debtor position by NZ$2.5 billion, but
were partly offset by a NZ$0.6 billion net inflow of investment
abroad, which increased liabilities. The main valuation effects
were caused by the appreciation of the New Zealand dollar and
rising sharemarkets abroad.


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


POWER SECTOR: Moody's Assigns 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Services has assigned a Ba3 corporate family
rating to Power Sector Assets & Liabilities Management
Corporation.  Moody's has also affirmed PSALM's Ba3 senior
unsecured bond rating.  The outlook for the ratings is stable.

"As a Government Related Issuer, PSALM's Ba3 corporate family
rating reflects its baseline credit assessment of 13, which maps
to Moody's global scale of Ba3, and strong support from the
Philippine Government (Ba3/Stable) under the Joint Default
Analysis approach," says Jennifer Wong, a Moody's AVP/Analyst.

"Moody's considers PSALM's standalone credit profile to be closely
linked to the government's credit quality in light of its distinct
policy role -- as mandated by law to restructure and reform the
Philippine power sector into a competitive and market-driven
sector -- its 100% ownership by the Philippine Government, as well
as the government's intention to assume any remaining assets and
liabilities at the end of its 25-year corporate life," says Ms.
Wong.

"Furthermore, the government views PSALM as an extension of itself
as the majority of debts issued by PSALM are unconditionally and
irrevocably guaranteed by the government.  As such, a debt default
by PSALM would trigger a cross-default on government debt as
stated in the government's debt covenants," adds Ms. Wong.

"At the same time, its standalone credit profile incorporates
uncertainties surrounding power sector reform as well as cash flow
volatility, as driven by the privatization process," says Ms.
Wong.

The Ba3 bond rating also reflects the unconditional and
irrevocable guarantee provided by the Philippine Government.

The rating outlook is stable, in line with the sovereign outlook.

Any rating upgrade or downgrade will be closely linked to any
changes in the rating of the Philippine Government.

The last rating action on PSALM was on 23 July 2009 when Moody's
upgraded its senior unsecured bond rating to Ba3 from B1, in line
with the sovereign upgrade.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine Government, was established in 2001
to take ownership, manage, privatize and dispose of all generation
related assets, liabilities, contracts with Independent Power
Producers, real estate and other disposable assets of the National
Power Corporation, including National Transmission Corporation.
PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.


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


ENG CHEONG: Contributories to Hold Meeting on September 30
----------------------------------------------------------
The contributories of Eng Cheong Peng Kee Pte Ltd will hold their
meeting on September 30, 2009, at 3:00 p.m.

At the meeting, the contributories will be asked to:

   -- receive the meeting the financial status of the company;
   -- approve the remuneration of the liquidators; and
   -- discuss other matters.

The company's liquidator is:

          Deborah Tan Yang Sock
          c/o PricewaterhouseCoopers LLP
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


ENRON INTERNATIONAL: Creditors' Proofs of Debt Due on October 2
---------------------------------------------------------------
Enron International Energy (Asia) Pte. Ltd., which is in
creditors' voluntary liquidation, requires its creditors to file
their proofs of debt by October 2, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Goh Thien Phong
          c/o PricewaterhouseCoopers LLP
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


GRANDSAGE PTE: Creditors' Proofs of Debt Due on October 30
----------------------------------------------------------
Grandsage Pte Ltd, which is in liquidation, requires its creditors
to file their proofs of debt by October 30, 2009, to be included
in the company's dividend distribution.

The company's liquidator is:

         Heng Lee Seng
         15 Hoe Chiang Road #12-02 Tower Fifteen
         Singapore 089316


K SOLUTIONS: Court Enters Wind-Up Order
---------------------------------------
On September 4, 2009, the High Court of Singapore entered an order
to have K Solutions Pte Ltd's operations wound up.

National University of Singapore filed the petition against the
company.

The company's liquidators are:

          Wong Kian Kok
          Kon Yin Tong, and
          Aw Eng Hai
          c/o Foo Kon Tan Grant Thornton
          47 Hill Street
          #05-01 SCCCI Building
          Singapore 179365


PETRORIG: To Auction Oil Rig Contract September 25
--------------------------------------------------
PetroRig II Pte Ltd.'s rights and interests in an oil rig
construction contract will be auctioned off September 25, 2009, at
10:00 a.m. EDT.  Parties who wish to participate in the auction
must submit bids by September 24, 2009, at 10:00 a.m.

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York will convene a hearing on September 29, 2009,
at 10:00 a.m. to consider approval of the sale to the highest
bidder.

Headquartered in Singapore, PetroRig I Pte Ltd, PetroRig II Pte
Ltd, and PetroRig III Pte Ltd are rig-owning Singapore
subsidiaries of Norwegian oilfield driller PetroMENA ASA.
PetroRig I Pte. Ltd. and its affiliates filed for Chapter 11 on
May 17, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-13083).  Ira S.
Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents
the Debtors in their restructuring efforts.  PetroRig I listed
between $100 million and $500 million each in assets and debts.


UNIVERSAL RELIANCE: Court to Hear Wind-Up Petition on Sept. 25
--------------------------------------------------------------
A petition to wind up the operations of Universal Reliance
(Holdings) Pte. Ltd. will be heard before the High Court of
Singapore on September 25, 2009, at 10:00 a.m.

Jonathan Chow Hong Pei filed the petition against the company on
July 31, 2009.

The Petitioner's solicitors are:

          Ong & Lau
          30 Robinson Road #06-01 Robinson Towers
          Singapore 048546


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


* BOND PRICING: For the Week September 14 to September 18, 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       0.79
Babcock & Brown Pty           8.500%   11/17/09   NZD      22.65
Becton Property Group         9.500%   06/30/10   AUD       0.46
Bemax Resources               9.375%   07/15/14   USD      70.75
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      62.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.11
China Century                12.000%   09/30/10   AUD       0.68
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.86
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      54.00
Griffin Coal Min              9.500%   12/01/16   USD      54.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.20
Insurance Austra              5.625%   12/21/26   GBP      71.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       3.50
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      59.85
Jpm Au Enf Nom 2              7.125%   06/30/12   AUD      58.62
Macquarie Bank                6.500%   05/31/17   AUD      60.77
Minerals Corp                10.500%   09/30/09   AUD       0.84
National Cap II               5.486%   12/29/49   USD      73.03
New S Wales Trea              1.000%   09/02/19   AUD      62.75
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
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.22


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangsu Com Hold              4.950%   11/18/13   CNY
62.23vero
Jiangxi Copper                1.000%   09/22/16   CNY      71.14
Sichuan Changhon              0.800%   07/31/15   CNY      72.08


   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      20.75


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      62.50
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      72.66
ICICI Bank Ltd                7.250%   08/29/49   USD      74.90
JCT Ltd                       2.500%   04/08/11   USD      34.50
Kei Industries                1.000%   11/30/11   USD      66.50
Pyramid Saimira               1.750%   07/04/12   USD       9.00
Sterling Biotech              0.500%   09/30/10   USD      72.51
Subex Azure                   2.000%   03/09/12   USD      41.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    5.000%   08/10/10   USD      30.50
Aiful Corp                    5.000%   08/10/10   USD      30.50
Aiful Corp                    6.000%   12/12/11   USD      29.96
Aiful Corp                    6.000%   12/12/11   USD      32.00
CSK Corporation               0.250%   09/30/13   JPY      58.50
Fukoku Mutual                 4.500%   09/28/25   EUR      64.59
Japan Airlines                3.100%   01/22/18   JPY      74.31
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      58.87
Nippon Residentl              1.900%   09/13/12   JPY      68.34
Nis Group                     8.060%   06/20/12   USD      45.50
Promise Co Ltd                2.060%   03/20/14   JPY      71.74
Promise Co Ltd                2.100%   04/21/14   JPY      71.25
Shinsei Bank                  3.750%   02/23/16   JPY      74.25
Shinsei Bank                  5.625%   12/29/49   GBP      68.00
Takefuji Corp                 9.200%   04/15/11   JPY      46.62
Takefuji Corp                 9.200%   04/15/11   USD      46.62
Takefuji Corp                 8.000%   11/01/17   USD      13.50
Takefuji Corp                 4.500%   10/22/32   JPY      58.89


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.03
Berjaya Land Bhd              5.000%   12/30/09   MYR       3.46
Crescendo Corp B              3.750%   01/11/16   MYR       0.73
Dutaland Bhd                  4.000%   04/11/13   MYR       0.78
Dutaland Bhd                  4.000%   04/11/13   MYR       0.46
Eastern & Orient              8.000%   07/25/11   MYR       1.42
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       1.05
Kumpulan Jetson               5.000%   11/27/12   MYR       1.79
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.57
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
Ranhill Labuan               12.500%   10/26/11   USD      71.63
Ranhill Labuan               12.500%   10/26/11   USD      71.63
Rubberex Corp                 4.000%   08/14/12   MYR       1.00
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.11
TRC Synergy                   5.000%   01/20/12   MYR       1.40
Wah Seong Corp                3.000%   05/21/12   MYR       2.62
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.35
YTL Cement Bhd                4.000%   11/10/15   MYR       1.94


   NEW ZEALAND
   -----------
Allied Farmers                9.600%   11/15/11   NZD      42.94
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.43
Blue Star Print               9.100%   09/15/12   NZD       3.11
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      74.32
Fletcher Buildin              7.550%   03/15/11   NZD       7.55
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      11.25
Infratil Ltd                 10.180%   12/29/49   NZD      53.01
Marac Finance                10.500%   07/15/13   NZD       0.80
NZ Finance Hldgs              9.750%   03/15/11   NZD      56.80
Provencocadmus                2.000%   04/15/10   NZD       0.72
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      72.48
St Laurence Prop              9.250%   05/15/11   NZD      50.31
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.15
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      31.93
Blue Ocean                   11.000%   06/28/12   USD      32.55
Housing & Dev                 5.070%   09/21/09   SGD       1.00
Sengkang Mall                 8.000%   11/20/12   SGD       0.20
WBL Corporation               2.500%   06/10/14   SGD       1.93


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.31
Wellmade Star M               9.000%   09/03/12   KRW      37.87
Woori Bank                    6.208%   05/02/37   USD      73.12


   SRI LANKA
   ---------
Sri Lanka Govt                7.500%   08/15/18   LKR      73.26
Sri Lanka Govt                7.000%   10/01/23   LKR      65.98


   THAILAND
   --------
G Steel                      10.500%   10/04/10   USD      27.54


                         *********

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.

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