TCRAP_Public/090930.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

           Wednesday, September 30, 2009, Vol. 12, No. 193

                            Headlines

A U S T R A L I A

BRISCONNECTIONS MANAGEMENT: ASIC Orders ASX to Re-Open Probe
LANE COVE: Up for Sale; Backers Face AU$1-Bln in Losses
MACQUARIE GROUP: Fitch Affirms Long-Term Issuer Default Rating


C H I N A

HOKU SCIENTIFIC: Inks Financial Agreement with Tianwei


H O N G  K O N G

AWT REALTY: Members and Creditors to Hold Meeting on October 27
BENSMART LIMITED: Creditors to Hold Meeting on October 5
CHINA CREDIT: Members' Final Meeting Set for November 6
HENU INTERNATIONAL: Members and Creditors to Meet on October 9
HENU PROPERTIES: Members and Creditors to Meet on October 9

HENU REALTY: Members and Creditors to Meet on October 9
HUA NENG: Creditors' Proofs of Debt Due on October 25
I-STAR CHINA: Members and Creditors to Hold Meeting on October 27
LUNG TAK: Shareholders' Final Meeting Set for October 31
NISHIMATSU PROPERTY: Members' Final Meeting Set for October 27

TECH FORTUNE: Members Final Meeting Set for October 30
SINOCAN DEVELOPMENT: Members and Creditors to Meet on October 9


I N D I A

GAHOI BUILDWELL: ICRA Rates Various Bank Debts at 'LBB+'
GSR Movies: ICRA Assigns 'LBB' on INR10cr Long Term Loan
KINGFISHER AIRLINES: Court Orders Return of Lufthansa Parts
REAL CONERGY: ICRA Places 'LB+' Rating on INR49MM Fund Based Limit
SATYAM COMPUTER: ICAI Finds 2 Top Officials, 4 Auditors Guilty

SAYA AUTOMOBILES: ICRA Assigns 'LBB' on INR400MM Bank Facilities
TEHRI PULP: CARE Puts 'BB' & 'PR4' Rating to Various Bank Debts
TIRUPATI BUILDINGS: CRISIL Rates INR2.5 Bil. Term Loans at 'BB'
VAYUNANDANA POWER: CRISIL Assigns 'B-' Rating on INR275MM LT Loan
VINEET EXPORTS: CRISIL Rates Various Bank Debts at 'P4'

WAVE INDUSTRIES: ICRA Assigns 'LB+' on INR2.19BB Fund Based Limits


I N D O N E S I A

BAKRIE LIFE: Gets Aid from Parent; To Resolve Disputes in 30 Days
BANK MANDIRI: Indonesia Government to Cover Garuda's Major Debts
KERTAS KRAFT: Gresik Mulls Buying Firm to Expand Cement Business
LEHMAN BROTHERS: PT Bank Negara Files Suit for Return of Funds


J A P A N

CORSAIR LIMITED: Fitch Cuts Ratings on US$10 Mil. Notes to 'D'
COSMOS INITIA: Gets Creditors OK for Out-of-Court Debt Settlement
DAVINCI HOLDINGS: Creditors to Take Control of Pacific Century
JAPAN POST: Gov't. to Cancel Plan to Sell "Kampo" Resorts
PIONEER CORPORATION: Optical Disc JV with Sharp Delayed

TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Rating to 'Ba3'


K O R E A

HYUNDAI CORP: Hyundai Heavy Named as Preferred Bidder
KOREA: Tariff Cuts Won't Move Moody's Rtngs. on Wireless Operators


S I N G A P O R E

CEMENTHAI SANITARY: Creditors' Proofs of Debt Due on October 26
CEMENTHAI CERAMICS: Creditors' Proofs of Debt Due on October 26
KURIYAMA-OHJI (SINGAPORE): Creditors' Proofs of Debt Due on Oct. 9


V I E T N A M

VIETNAM BANK: Fitch Downgrades Individual Rating to 'E'


X X X X X X X X

LEHMAN BROTHERS: World's Top Banks File Billions in Claims
* S&P's 2009 Global Corporate Default Tally at 216
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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BRISCONNECTIONS MANAGEMENT: ASIC Orders ASX to Re-Open Probe
------------------------------------------------------------
Ben Butler at the Herald Sun reports that the corporate regulator
has ordered the Australian Securities Exchange to re-open its
investigation into ill-fated toll road builder BrisConnections
Management Company Limited.

Citing the Australian Securities and Investments Commission's
wide-ranging report, the Sun says the corporate regulator has
raised concerns that investors lacked sufficient information about
the level of debt they signed up for when they bought units in the
group.

According to the Sun, ASIC was not satisfied with the initial
investigation and has ordered an urgent review of ASX procedures
and listing rules, to report back by the end of November.

The report notes ASIC said the ASX should also consider doing more
to educate investors to make it clear such units carry a
liability.

As reported in the Troubled Company Reporter-Asia Pacific on
June 12, 2009, BrisConnections started its debt recovery process
by launching a flood of legal claims against 140 investors who
defaulted on the second installment payment on their partly paid
securities.  The litigation was part of the process of debt
recovery, which the company had to undertake to meet the terms of
its agreement with joint underwriters Macquarie Group and Deutsche
Bank.

                           Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must be met by the unit holders on April 20, 2009 and January 29,
2010.

According to the Core Economics, BrisConnections has promised a
payment of 5.95c to unit holders in 2009 before the first AU$1
installment is due.  However, the units fall in price to 41c on
their first day of listing on the ASX.  The issue was
undersubscribed, as evidenced by the large number of shares held
by the underwriters after the listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

                       Lifeline to Investors

As reported in the TCR-AP on April 22, 2009, Macquarie Group Ltd
offered a lifeline to small investors in BrisConnections by paying
their outstanding installments if they give up their holdings for
free.

Macquarie Group said it will pay all remaining liabilities to
about 80% of unit holders in the BrisConnections Investment Trust,
including the second installment of AU$1 per BrisConnections unit
due on April 29 and a third installment of AU$1 per security on
January 29, 2010.

On May 6, 2009, the TCR-AP reported that Macquarie Group boosted
its stake in BrisConnections as a result of its offer to bail out
small retail investors.  The investment bank said it had increased
its BrisCon holding by 6.17 million units from 8.05% to 9.63%.

Nearly 400 BrisCon unitholders, or 60% of the 640 eligible
investors, have accepted the Macquarie offer by the close of
business on May 1.

                      About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


LANE COVE: Up for Sale; Backers Face AU$1-Bln in Losses
-------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that backers of Sydney’s Lane Cove Tunnel face losses of almost
AU$1 billion (US$873 million) after the asset was put up for sale
last week.

According to Bloomberg, the newspaper said Leighton Holdings Ltd.,
Mirvac Group and Hong Kong’s Li Kashing have written off all their
equity in the motor-tunnel project, and lenders also are expected
to take large losses.

The Review, as cited by Bloomberg, said weak traffic numbers left
the owners unable to meet debt repayments on the tunnel, which
cost some AU$1.6 billion to build.

Connector Motorways owns and operates Sydney’s Lane Cove Tunnel
and Military Road E-Ramps.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2008, Standard & Poor's Ratings Services said that it had
lowered its underlying rating on the AU$1.14 billion senior
secured bonds issued by Lane Cove Tunnel Finance Co. Pty Ltd. to
'D', from 'CC'.  The 'AA/Negative/--' insured rating on LCTF was
unchanged, given bondholders continue to have the benefit of
insurance for scheduled payments provided by MBIA Insurance Corp.
(MBIA:AA/Negative/--).  The downgrade of the SPUR comes after LCTF
confirmed that MBIA would be contributing about AU$9.4 million to
the scheduled bond and swap payment of about AU$37 million,
through a drawing under the insurer's guarantee.


MACQUARIE GROUP: Fitch Affirms Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer Default
Ratings of Macquarie Group Limited and its wholly-owned operating
subsidiaries, Macquarie Bank Ltd., Macquarie Financial Holdings
Limited and Macquarie International Finance Limited.  All Long-
term IDRs have a Stable Outlook.  At the same time, Fitch has
upgraded the Support ratings of MBL and MIFL.  A full list of
rating actions is provided at the end of this release.

The ratings affirmations of MGL and its subsidiaries reflect the
group's sound balance sheet position and strong corporate
governance culture.  A robust and proven centralized risk
management function is an integral part of this culture and has
helped the group withstand the global financial crisis in
relatively good shape.  The group significantly increased its
holdings of liquid assets, and lengthened its funding profile
through the financial year ended March 31, 2009 (FY09); MGL's
liquid assets totalled AUD30.3 billion at FYE09, more than double
the level of wholesale liabilities set to mature during FY10.

Capital also strengthened in FY09, with MGL reporting a surplus
(above the required regulatory minimum) of AUD3.1 billion, or 44%;
an additional AUD1.2 billion of ordinary equity has been raised
post-FYE09 further increasing the surplus.  MBL, which is subject
to bank prudential requirements, reported a Tier 1 capital ratio
of 11.2% at 30 June 2009, while the core Tier 1 ratio equated to
9.0% at FYE09.

In the process of strengthening its balance sheet, MGL exited a
number of businesses (such as margin lending and mortgage
operations in a number of countries) that had contributed only
modest returns relative to the level of funding required to
maintain them.  This allowed MGL the opportunity to undertake a
number of acquisitions, including energy-related assets and a
sizeable asset management operation in North America, as well as
expanding a number of existing operations into areas previously
dominated by global investment banks.  While MGL is likely to
continue seeking such opportunities, Fitch expects it to maintain
a relatively conservative balance sheet position over the next 12
months.

Nonetheless, the weaker operating environment has had a
significant impact on the group's profitability -- MGL's operating
profit (as calculated by Fitch) fell by 68% in FY09 relative to
FY08.  This decline was largely driven by higher impairment
charges and a reduction in revenue, but was materially offset by
lower staff profit share payments.  While the group has only a
modest exposure to distressed structured credit products,
impairment charges increased significantly in FY09 due to loan
impairments and write-downs of equity investments in funds.  There
is considerable potential for further asset quality deterioration
in FY10 which would result in impairment charges remaining high
relative to historical numbers.

MGL's banking subsidiary, MBL, has a long-term IDR that is one
notch above MGL and MFHL (MGL's non-banking subsidiary),
reflecting the agency's view that MBL's risk profile is lower than
MFHL's.  As with the group, MBL's balance strengthened during
FY09, which allowed it to withstand a 56% reduction in operating
profit.  The upgrade of MBL's Support rating was driven by a
number of factors: MBL is now the sixth-largest Australian bank by
domestic assets following consolidation in the industry; it holds
significant positions in wholesale markets; and it has experienced
strong growth in deposits.

During FY09, MIFL repaid all external funding and is now funded
entirely by MGL (debt) and MBL (equity) and this has been
reflected in the upgrade of MIFL's Support Rating to '1' from '2'.

The ratings of MGL and its subsidiaries are listed below:

MGL:

  -- Long-term Foreign Currency IDR: affirmed at 'A'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B';

  -- Support Rating: affirmed at '5';

  -- Support Rating Floor: affirmed at 'NF';

  -- Senior unsecured debt: affirmed at 'A'; and

  -- Subordinated debt: affirmed at 'A-'.

MBL:

  -- Long-term Foreign Currency IDR: affirmed at 'A+'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B';

  -- Support Rating: upgraded to '3' from '4';

  -- Support Rating Floor: upgraded to 'BB' from 'B+';

  -- AUD-denominated government guaranteed senior debt: affirmed
     at 'AAA';

  -- Foreign currency denominated government guaranteed senior
     debt: affirmed at 'AA+';

  -- Senior unsecured debt: affirmed at 'A+';

  -- Subordinated debt: affirmed at 'A'; and

  -- Hybrid capital instruments: affirmed at 'A-'.

MFHL:

  -- Long-term Foreign Currency IDR: affirmed at 'A'; Stable
     Outlook; and

  -- Short-term Foreign Currency IDR: affirmed at 'F1'.

MIFL:

  -- Long-term Foreign Currency IDR: affirmed at 'A'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F1';

  -- Individual Rating: affirmed at 'B/C'; and

  -- Support Rating: upgraded to '1' from '2'.


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HOKU SCIENTIFIC: Inks Financial Agreement with Tianwei
------------------------------------------------------
Hoku Scientific, Inc., and Tianwei New Energy Holdings Co., Ltd.,
have signed a definitive agreement providing for a majority
investment in Hoku by Tianwei and debt financing by Tianwei and
China Construction Bank for the construction and development of
Hoku's polysilicon production facility in Pocatello, Idaho.

The transaction will involve the conversion of $50 million of an
aggregate of $79 million in secured prepayments previously paid by
Tianwei to Hoku under certain polysilicon supply agreements into
shares of Hoku's common stock and related warrants, plus the
provision of $50 million in initial debt financing for Hoku,
together with a commitment from Tianwei to assist Hoku in
obtaining additional financing that may be required by Hoku to
construct and operate the Pocatello facility.

The conversion of the $50 million in secured prepayments will be
reflected in amendments to Hoku's existing supply agreements with
Tianwei that the parties intend to sign upon the closing of the
transaction.  Over the term of the two supply agreements, the
cancellation of the $50 million in prepayments will reduce the
price at which Tianwei purchases polysilicon by approximately 11%
per year.

Hoku confirmed that the $50 million in debt, plus prepayments from
its existing customers, is expected to be sufficient to complete
construction to the point where it could commence shipments to
customers, and it intends to delay any additional financing until
such time.  On the basis of these funding sources, Hoku reported
it is preparing to issue orders to resume full scale plant
construction at an accelerated pace upon closing of the financing,
which is expected to occur in October 2009.

In exchange for the value being provided by Tianwei, Hoku will
issue to Tianwei 33,379,287 newly-issued shares of its common
stock, which will represent 60% of Hoku's fully-diluted
outstanding shares.  Hoku will also grant Tianwei warrants to
purchase an additional 10 million shares of Hoku's common stock at
a price per share equal to $2.52.

At closing, Hoku's current shareholders will continue to own 40%
of the voting shares, and Hoku will continue to be traded publicly
on Nasdaq.  Additionally, Tianwei has agreed to a one year lock-up
of 70% of its shares, further affirming its commitment to Hoku's
long-term success.

As a result of the transaction, Tianwei will become Hoku's
majority shareholder, and will have the right to nominate a
majority of the members serving on Hoku's Board of Directors.
Effective upon closing, Hoku will increase the size of its Board
from five to seven members, three of whom will be selected from
Hoku's existing Board, and four of whom will be selected by
Tianwei.  Tianwei will have the right to appoint the chairperson
of the Board.

Subject to the receipt of requisite Chinese governmental approvals
and other customary closing conditions, the transaction is
expected to close in October 2009.

The Nasdaq Listing Rules would normally require Hoku to obtain
shareholder approval with respect to the announced transaction.
Hoku has obtained an exception from Nasdaq from this requirement,
in reliance on Nasdaq Listing Rule 5365(f) which provides that an
exception may be granted when:

   (i) the delay in securing shareholder approval would seriously
       jeopardize the financial viability of the enterprise; and

   (ii) reliance on the exception has been expressly approved by
        the audit committee comprised solely of independent,
        disinterested directors.

The audit committee of Hoku has expressly approved such reliance.
Pursuant to this exception, Hoku will mail to all shareholders not
later than ten days before the closing, a letter notifying them of
its receipt of the exception from the requirement to seek
shareholder approval, and setting forth the terms of the financing
agreement with Tianwei and its reliance on the financial viability
exception.

                        Going Concern Doubt

In March 31, 2009 and June 30, 2009, the Company reported that
without new polysilicon customers making additional prepayments,
or new debt or equity financing, it would have insufficient cash
to continue as a going concern through March 31, 2010 and June 30,
2010, respectively.  Throughout 2009, Hoku has sought to secure
additional customers and related prepayments and strategic
investors or financing sources that would allow the Company to
complete construction and procurement of its polysilicon plant.
Hoku retained Deutsche Bank Securities Inc. as its financial
advisor to identify investment and financing sources, as well as a
potential acquirer of the Company.  The Company has also
considered other actions, including a restructuring, and
liquidation of assets.  Hoku's Board of Directors has concluded
that the announced transaction with Tianwei is the only viable
option to avoid a Chapter 7 bankruptcy and liquidation of the Hoku
Materials polysilicon business.

"With very limited financing choices available, the agreement with
Tianwei is a significant step forward toward our goal of becoming
a top-tier global provider of clean energy solutions," said Dustin
Shindo, chairman and chief executive officer of Hoku.  "This
transaction is expected to alleviate the financing challenges we
have experienced during these difficult macroeconomic times,
allowing us to focus on execution in all areas of our business,"
Mr. Shindo said.  "Specifically, with the polysilicon plant
financing in place, we will be able to concentrate our efforts on
meeting our contractual delivery obligations.  We look forward to
providing our current and future polysilicon customers with
stable, long-term supplies of low cost, high quality polysilicon."
Hoku confirmed it was in ongoing discussions with prospective
customers regarding potential new long-term polysilicon sales
agreements.

"This strategic investment allows both companies to draw on each
others' strengths, and creates a world-class vertically-integrated
partnership that will have exceptional cost control throughout the
entire solar value chain," said Mr. Ding Qiang, Chairman of
Tianwei Group.  "Hoku's entrepreneurial approach and clean energy
expertise nicely complement Tianwei's strategy, financial position
and experience.  We are convinced that this combination will allow
both Hoku and Tianwei to expand their respective market shares and
accelerate their growth in the renewable energy industry."

"Considering the rapidly expanding domestic solar power markets in
both China and the U.S., we are pleased by the prospect of a
closer strategic relationship with the Tianwei family of
companies.  A strong, combined presence in the U.S. and in China
will allow both Hoku and Tianwei improved, reciprocal access to
these key markets," said Mr. Shindo.  "All things considered, this
transaction with Tianwei will enable us to fulfill our commitments
to our creditors, vendors, customers, and employees, while
retaining a meaningful percentage of the company for our existing
shareholders."

The companies confirmed their intention to maintain Hoku's
headquarters in Hawaii, citing the diverse and expanding
opportunities for implementing renewable power in the state, as
well as Honolulu's inherent geographic advantage as a business hub
for both the Asian and North American clean energy markets.  Hoku
indicated that it had no plans to lay-off any of its current
employees, and instead, expects to accelerate hiring in the coming
months as it prepares for polysilicon production.

"We have been deeply impressed by Mr. Shindo's strategic vision
for Hoku, and by the team he has assembled," said Mr. Ding.  "Hoku
has a strong, positive corporate culture, evidenced plainly by the
company's many successes over the past eight years.  The current
leadership team has Tianwei's complete confidence and we look
forward to many years of innovation, collaboration and growth."

Commenting on the strategic implications of the transaction,
Mr. Shindo said, "Given the pace and scale of projected expansion
in the PV market, Hoku had concluded that organic growth alone
would not have allowed us to increase scale sufficiently fast
enough to become a significant player in the U.S. and global
markets.  In view of the current austerity in the global financial
marketplace, we also realized that the clean energy companies who
will ultimately succeed are those who can convert today's
opportunities into a foundation for strategic growth and vertical
integration.  In other words, a strong balance sheet provides
strategic advantage that simply cannot be financed under current
market conditions."

Mr. Shindo continued, "As a result, we determined that success in
achieving our long-term goals hinged on finding the right
strategic partner today.  We are very pleased by the opportunities
afforded by our partnership with the Tianwei Group and look
forward to continuing to strengthen Hoku's position within the
global clean energy industry."

                      About Tianwei New Energy

Based in Chengdu, China, Tianwei New Energy Holdings Co., Ltd. is
a subsidiary of Baoding Tianwei Group Co., Ltd, a manufacturer of
power transmission equipment and green energy products.

                       About Hoku Scientific

Headquartered in Honolulu, Hawaii, Hoku Scientific, Inc.,
(NASDAQ:HOKU) -- http://www.hokucorp.com/-- is a materials
science company focused on clean energy technologies.  The Company
has three operating business units in two industries: Fuel Cell
and Solar.  The Fuel Cell industry is comprised of the fuel cell
segment.  The Solar industry is comprised of the photovoltaic (PV)
system installation business unit (Hoku Solar) and polysilicon
production business unit (Hoku Materials).  Hoku Materials focuses
on manufacturing, marketing and selling polysilicon for the solar
market from its plant, which is under construction in Pocatello,
Idaho.  Hoku Solar is marketing and installing photovoltaic
systems in Hawaii.  Hoku Fuel Cells has developed fuel cell
membranes and membrane electrode assemblies for stationary and
automotive proton exchange membrane fuel cells.


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


AWT REALTY: Members and Creditors to Hold Meeting on October 27
---------------------------------------------------------------
The members and creditors of AWT Realty Limited will hold their
meetings on October 27, 2009, at 10:30 a.m. and 10:45 a.m.,
respectively, at Level 17, Tower 1 of Admiralty Centre, in 18
Harcourt Road, Hong Kong.

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


BENSMART LIMITED: Creditors to Hold Meeting on October 5
--------------------------------------------------------
The creditors of Bensmart Limited will hold their meeting on
October 5, 2009, at 3:00 p.m. to consider matters relevant to
creditors' voluntary wind-up and to appoint a liquidator.

The meeting will be held at Room 2301, 23rd Floor of Ginza Square,
565-567 Nathan Road, Yaumatei, in Kowloon, Hong Kong.


CHINA CREDIT: Members' Final Meeting Set for November 6
-------------------------------------------------------
The members of China Credit Co-operative Services Limited will
hold their final meeting on November 6, 2009, at 3:00 p.m., at the
21st Floor of Chinachem Tower, 34-37 Connaught Road, in Central,
Hong Kong.

At the meeting, Kong Tak Wing Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HENU INTERNATIONAL: Members and Creditors to Meet on October 9
--------------------------------------------------------------
The members and creditors of Henu International (Holdings) Limited
will hold their annual meetings on October 9, 2009, at 10:30 a.m.
and 10:45 a.m., respectively, at the 35th Floor of One Pacific
Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HENU PROPERTIES: Members and Creditors to Meet on October 9
-----------------------------------------------------------
The members and creditors of Henu Properties Investment Limited
will hold their annual meetings on October 9, 2009, at 11:30 a.m.
and 11:45 a.m., respectively, at the 35th Floor of One Pacific
Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HENU REALTY: Members and Creditors to Meet on October 9
-------------------------------------------------------
The members and creditors of Henu Realty Company Limited will hold
their annual meetings on October 9, 2009, at 11:00 a.m. and
11:15 a.m., respectively, at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HUA NENG: Creditors' Proofs of Debt Due on October 25
-----------------------------------------------------
The creditors of Hua Neng (Hong Kong) Limited are required to file
their proofs of debt by October 25, 2009, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


I-STAR CHINA: Members and Creditors to Hold Meeting on October 27
-----------------------------------------------------------------
The members and creditors of I-Star China Limited will hold their
meetings on October 27, 2009, at 10:00 a.m. and 10:15 a.m.,
respectively, at Level 17, Tower 1 of Admiralty Centre, in 18
Harcourt Road, Hong Kong.

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


LUNG TAK: Shareholders' Final Meeting Set for October 31
--------------------------------------------------------
The shareholders of Lung Tang Tak Fat Cargo Services Company
Limited will hold their final meeting on October 31, 2009, at
10:00 a.m., at the 1st Floor of Man Yiu Building, 45-47 Man Wai
Street, in Ferry Point, Kowloon.

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


NISHIMATSU PROPERTY: Members' Final Meeting Set for October 27
--------------------------------------------------------------
The members of Nishimatsu Property (H.K.) Limited will hold their
final meeting on October 27, 2009, at 11:00 a.m., at the 26th
Floor of Citicorp Centre, 18 Whitfield Road, in Causeway Bay,
Hong Kong.

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


TECH FORTUNE: Members Final Meeting Set for October 30
------------------------------------------------------
The members of Tech Fortune Development Limited will hold their
meeting on October 30, 2009, at 10:30 a.m., at Room 1601 of Wing
On Centre, 111 Connaught Road, in Central, Hong Kong.

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


SINOCAN DEVELOPMENT: Members and Creditors to Meet on October 9
---------------------------------------------------------------
The members and creditors of Sinocan Development Limited will hold
their annual meetings on October 9, 2009, at 12:00 noon and
12:15 p.m., respectively, at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund),
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


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I N D I A
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GAHOI BUILDWELL: ICRA Rates Various Bank Debts at 'LBB+'
--------------------------------------------------------
ICRA has assigned LBB+ rating to INR400 million fund based working
capital limits and INR60 million term loan of Gahoi Buildwell
Limited.  ICRA has also assigned an A4+ rating to INR200 million
non fund based working capital limits of GBL.

The ratings take into account GBL's experienced management, its
healthy order book position in the construction business and its
reputed client profile.  The ratings are, however, constrained by
intensely competitive nature of real estate and construction
industry; GBL's modest scale of operations in the construction
business, its high funding requirements in its on-going real
estate projects and its high receivable days.

                       About Gahoi Buildwell

GBL was promoted in the year 2003 by Mr. Yogendra Chandra Kurele
of V3S group.  The company has been engaged in the development of
Multiplexes-Cum-Malls in metro towns of Delhi, NCR and Mumbai etc.
However, since February 2008 the company has shifted its focus
from real estate development to civil construction mainly in
residential, industrial and commercial segments.  Currently the
company is developing three real estate projects namely multiplex
cum mall in Vadodara and retail mall in Mumbai and Delhi each.  In
the construction business it has current order book of INR3.09
billion with projects in Delhi and Haryana.  The company reported
a profit after tax of INR52.61 million on an operating income of
INR1.29 billion in FY 2009.


GSR Movies: ICRA Assigns 'LBB' on INR10cr Long Term Loan
--------------------------------------------------------
ICRA has assigned a rating of 'LBB' to the Rs 10 Crore of term
loan and a rating of A4 to the INR2.06 crore of Bank guarantee of
GSR Movies respectively.

The inadequate credit quality rating assigned to the firm factors
in the market risks, funding risks and project implementation
risks of the proposed plotted development project, the
vulnerability of its mall operations to risks of economic slowdown
and the recent poor occupancy for its multiplex operations
following a deadlock between exhibitors and distributors.  While
recently a consensus has been reached upon revenue sharing model
for the multiplex operations, however, the multiplex as well as
mall operations of the firm remain vulnerable to the risks of any
economic slowdown, affecting lease renewals (and the rates
thereof) and timely payment of lease rentals.  The ratings are
however supported by the location advantages and established
position of its existing mall cum multiplex operations, which have
resulted in healthy retail area occupancy levels and satisfactory
revenue streams.  Going forward, ICRA expects the lease rentals to
remain under pressure because of competition and this coupled with
funding requirement for the ongoing projects to result in below
average liquidity and coverage indicators.

                         About GSR Movies

G.S.R. Movies promoted by Chadha Group was incorporated in March
2001. It is a registered partnership firm with the equity capital
shared equally among the four partners from chadha family.  The
project encompasses Mall cum Multiplex operations and sale of
commercial/residential plots under the Chadha brand names "The
WestEnd Mall", „'The Wave Cinema" and "The wave greens"
respectively at Ram Ganga Vihar in Moradabad city.  The project
has been developed on a land area of 24.86 Acres, out of which the
2.45 Acres is for Mall-Multiplex and 22.41 Acres is for the
plotted development.  The mall and multiplex occupy a built up
area of 0.8 Lacs Sq. Ft. and 0.4 Lacs Sq. Ft. respectively.  The
firm is also planning to adjoin further a land area of 11 acres,
which is currently owned by an associate company, to the existing
plotted development.


KINGFISHER AIRLINES: Court Orders Return of Lufthansa Parts
-----------------------------------------------------------
The Delhi High court has directed Kingfisher Airlines to return
all components leased out to it by Lufthansa Technik India
following a petition by the latter that the carrier was using them
even after it breached an obligation to make timely payments, the
Business Standard reports.

The report relates that a single member bench of Justice S N
Dhingra directed Kingfisher Airlines to make an inventory of all
components leased out to it by Lufthansa Technik while receiving
technical support for its fleet.

Citing Lufthansa Technik's petition, the Standard discloses that
Kingfisher terminated the agreement on August 18.

According to the report, Lufthansa Technik India also alleged that
Kingfisher "breached its obligation to make timely payment to it
as per terms and agreement".

Lufthansa Technik also said Kingfisher has not paid dues of
INR17.7 crore for the months of July, August and September this
year despite enjoying technical support, the report notes.

Lufthansa Technik provides maintenance, repair and overhaul (MRO)
of airplanes, components and engines.  It had entered into an
agreement with Kingfisher Airlines in March 2005 for undertaking
MRO activities for ten years, according to the Business Standard.


REAL CONERGY: ICRA Places 'LB+' Rating on INR49MM Fund Based Limit
------------------------------------------------------------------
ICRA has assigned rating of LB+ to the Rs 49 million fund based
limits of Real Conergy India Private Limited.  ICRA has also
assigned rating of A4 to the Rs 50 million non fund based limits.

ICRA's risk prone ratings factor in the company's modest size,
limited track record of operations, high intensity of competition
in independent trading owing to presence of a large number of
organized as well as unorganized players and low margins inherent
in the coal trading business.  The ratings also factor in the LB+
rating assigned to the bank lines of RCIPL's parent company --
Wave Industries Private Limited.  Further, under the Clearing &
forwarding (C&F) business, collection of payments from the Brick
kiln owners is RCIPL's responsibility, leading to high counter
party credit risk.  The ratings are also constrained by the high
working capital intensive nature of operations arising out of high
level of receivables, which has resulted in very high working
capital intensity of operations.  The ratings are however
supported by the favorable demand growth prospects arising out of
increasing coal demand supply gap in domestic market and assured
business of RCIPL as a C&F agent, as the quantity of coal to be
handled is fixed as per the Fuel supply agreements with U. P.
Small Industrial Corporation Ltd.

                        About Real Conergy

Real Conergy India Pvt. Ltd is a wholly owned subsidiary company
of Wave Industries Pvt. Ltd., formerly known as Chadha Sugars Pvt.
Ltd., a flagship company of "The Chadha Group".  The company was
incorporated in August, 2006 and mainly functions as a coal trader
as well as coal distribution handling agent for the government of
Uttar Pradesh and its nodal agencies. RCIPL primarily undertakes
its business in two ways:

The first way is acting as Carrying and Forwarding (Handling)
agent on behalf of government and on behalf of nodal agencies like
Coal India Ltd. authorized by government.  The Second way is
trading in coal as an independent coal trader.


SATYAM COMPUTER: ICAI Finds 2 Top Officials, 4 Auditors Guilty
--------------------------------------------------------------
The Institute of Chartered Accountants of India has found two top
officials of Satyam Computer and four auditors of Price Waterhouse
prima facie guilty in the INR7,800-crore fraud case, The Times of
India reports citing a top ICAI official.

The apex body of chartered accountants has also found audit firms
-- Price Waterhouse, Kolkata and Price Waterhouse, New Delhi --
prima facie guilty of misconduct, the report says.

The Times notes ICAI President Uttam Prakash Agarwal said the
opinion of director (discipline) was considered and has been
approved by ICAI’s disciplinary committee.

The two Satyam officials found "prima facia guilty" are ex-CFO
V. Srinivasu and Senior Vice President, Internal Audit Cell,
V. S. Prabhakara Gupta.

The report relates Mr. Agarwal said the disciplinary committee
also found four auditors from Price Waterhouse, Bangalore --
S. Gopalakrishnan, Srinivas Talluri, P. Shiva Prasad and
C. H. Ravindranath prima facie guilty of professional misconduct.

Gopalakrishnan and Talluri signed the company's balance sheet
while Prasad and Ravindranath were part of the audit team, the
report notes.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for
re-evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T.  Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired approximately
31.04% of the Company's outstanding shares of common stock.


SAYA AUTOMOBILES: ICRA Assigns 'LBB' on INR400MM Bank Facilities
----------------------------------------------------------------
ICRA has assigned an LBB/A4 rating to the INR 400 million bank
facilities of Saya Automobiles Limited.

The ratings incorporate SAL's thin profit margins and high working
capital intensity -- both inherent in the automotive dealership
business, moderate scale of operations, weak debt coverage
indicators and limited financial flexibility on account of
stretched cash flow position.  The company's capital structure is
stretched with gearing of 5.9x (as on March 31, 2009) although
most of the debt is related to working capital borrowings.  The
rating recognizes the company's long track record of operations
being an authorized dealer of Maruti Suzuki India Limited, the
market leader in passenger cars in India.

In 2008-09, SAL's operating income at INR 805 million reported a
growth of 18.1% over the previous year.  The company's operating
profit before depreciation, interest and tax increased from
INR 25 million in 2007-08 to INR 31 million in 2008-09.  The
company reported a profit after tax of INR 3 million in 2008-09
(INR 2 million in 2007-08).

Saya Automobiles Limited was incorporated in 1989 and is an
authorized dealer of Maruti Suzuki India Limited (MSIL), the
leader in passenger vehicle sales in India.  The promoters of
SAL are the Handa family with Mr. Ramesh Handa as the Managing
Director, and his wife and father as Directors.

Spread over an area of 1,406 square yards, the company has a
sales-cum-service outlet at Azadpur (Delhi).  SAL previously had
two other repair workshops in North Delhi one of which has been
recently closed down because of expiry of rent agreement. The
company is in the process of relocating the same to another
suitable location.


TEHRI PULP: CARE Puts 'BB' & 'PR4' Rating to Various Bank Debts
---------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Tehri Pulp and Paper Limited aggregating
INR72 crore.  This rating is applicable for 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 facilities carry high credit risk.

In addition, CARE assigned a 'PR4' rating to the Short-term Bank
Facilities of Tehri Pulp and Paper Limited for an amount of
INR5 crore.  This rating is applicable for facilities having
tenure up to one year.  Facilities with this rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

                      Amount
   Instrument      (INR crore)       Rating
   ----------      -----------       ------
   Term Loan          57.0          'CARE BB'
   Cash Credit        15.0          'CARE BB'
   LC                  5.0          'PR4'
   -----------     -----------       -------
   Total 77.0

Rating Rationale

The ratings are constrained due to the company's history of debt
restructuring, large debt-funded expansions impacting solvency
ratio and working capital-intensive operations.  The constraints
are however partially offset due to the long experience of the
promoters in the paper industry, easy availability of raw material
due to the location of the unit in the agricultural belt and
assured power supply due to captive power plant.

Going forward, TPPL's ability to stabilise its new capacity and to
sustain profitability margins owing to cheaper paper prices would
be the key rating sensitivities.

Tehri Pulp and Paper Limited incorporated in 1993 has waste paper
and agrobased kraft paper manufacturing facilities located at
Muzaffarnagar, Uttar Pradesh with total installed capacity of
78,000 metric tonne per annum (mtpa) as on March 31, 2009.

The company is engaged in manufacturing of paper such as High
Quality Kraft Paper and Kraft Liner etc.  During FY09, the company
expanded its capacity from 30,000 mtpa to 78,000 mtpa and also
installed bagassse-based 8-MW turbine for power generation for
captive use.

TPPL reported net sales of INR40.4 crore during FY08 showing a
decrease from INR43.8 crore in FY07. PAT increased by 29% during
FY08 and PAT margins increased to 5.1% during FY08.  Though the
company's top line was affected due to disruptions in
production during the year, the company managed to sustain its
margins.  The company had got its term loans restructured during
FY09.


TIRUPATI BUILDINGS: CRISIL Rates INR2.5 Bil. Term Loans at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Tirupati Buildings & Offices Pvt Ltd.

   INR2.5 Billion Rupee Term Loans    BB/Stable (Assigned)

The rating reflects Tirupati's lack of experience in the hotel
industry, absence of leasing tie-ups for the commercial space in
its project, exposure to time and cost overruns, and the slowdown
in the industry coinciding with the increase in supply, resulting
in unfavorable demand-supply scenario.  The impact of these
weaknesses is mitigated by the company's significant project
progress, favorable project location with proximity to airports,
and promoters' experience in the real estate business.

Outlook: Stable

CRISIL believes that Tirupati will maintain its current financial
risk profile, as it is expected to complete its project in time,
by the end of 2009-10 (refers to financial year, April 1 to
March 31).  The outlook may be revised to 'Positive' if the
company is able to demonstrate sustained improvement in its
financial performance, through higher-than-expected occupancy and
room rentals.  Conversely, the outlook may be revised to
'Negative' if there are delays, or more-than-expected debt
funding, in its project, resulting in weakening in its financial
risk profile.

                     About Tirupati Buildings

New Delhi-based Tirupati, incorporated in 2007, is constructing
its maiden project, a 5-Star business hotel cum dedicated shopping
area, at City Centre, Sector 10, Dwarka, New Delhi.  The hotel
will have 26 suites, 142 executive rooms, and 162 deluxe rooms,
apart from other facilities, including banquet halls and
conference rooms.


VAYUNANDANA POWER: CRISIL Assigns 'B-' Rating on INR275MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the term loan
facility of Vayunandana Power Ltd.

   INR 275.00 Million Long Term Loan    B-/Negative(Assigned)

The rating reflects VPL's exposure to risks relating to the
project implementation and commissioning of its power project at
Gadchiroli, Maharashtra; likely concentration of revenues from a
single customer -- Maharashtra State Electricity Distribution
Company Ltd (MSEDCL); and below-average financial risk profile
marked by uncertainty in revision in power tariff in line with
rise in input costs.  These weaknesses are partially offset by the
benefits that VPL derives from assured off-take of its power
output under a power purchase agreement (PPA) by MSEDCL, its
promoters' experience in setting up biomass power plants, and
adequate availability of raw materials.

Outlook: Negative

The negative outlook reflects VPL's exposure to risks related to
time and cost overruns in its project implementation.  The ratings
may be downgraded if VPL is unable to complete the project in
time, leading to cost overruns and delayed cash accruals.  Lower
cash flows on account of MSEDCL not agreeing for an upward
revision in power tariff in line with rise in input costs may also
drive a rating downgrade.  Conversely, the outlook may be revised
to 'Stable' on timely project completion and commencement of
commercial operations, or in case of a revision in power tariff in
VPL's favor.

                      About Vayunandana Power

Incorporated in 2002 by Mr. Popuri Ankineedu, Mr. P Vijay Kumar,
Mr. Krishna and Mr. V Krishna Mohan Rao, VPL is setting up a 10-
mega watt (MW) biomass-based power generation plant in Gadchiroli
Industrial Growth Centre at Gadchiroli, Maharashtra.


VINEET EXPORTS: CRISIL Rates Various Bank Debts at 'P4'
-------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Vineet Exports Pvt Ltd.

   Facilities                                  Ratings
   ----------                                  -------
   INR130.0 Million Export Packing Credit      P4 (Assigned)
   INR20.0 Million Bank Guarantee              P4 (Assigned)

The rating reflects VEPL's weak financial risk profile marked by
high gearing and below-average debt protection measures, and
exposure to risks relating to limited track record in the iron-ore
trading business and customer concentration in revenues.

Incorporated in 2007, Vineet Exports Pvt Ltd is engaged in trading
in iron ore. It purchases iron ore from quarries in Orissa and
exports the same, mainly to China.

VEPL reported a profit after tax (PAT) of INR1.1 million for 2007-
08 (refers to financial year, April 1 to March 31) on net sales of
INR323.6 million.


WAVE INDUSTRIES: ICRA Assigns 'LB+' on INR2.19BB Fund Based Limits
------------------------------------------------------------------
ICRA has assigned a rating of LB+ to the INR2.19 billion fund
based limits/ long term debt program of Wave Industries Private
Limited.

The risk prone credit quality rating of ICRA factors in the
relatively high financial risk profile arising out of loss making
operations and the relatively high gearing of 11.10 times for the
company as on March 31, 2009.  The company has been reporting
losses in the past three financial years because of pricing
pressures arising out of supply overhang in SY** 2006-07and SY
2007-08, poor utilization of the enhanced crushing capacity on
account of insufficient cane availability and the high interest
costs arising out of the substantial debt funding of the aforesaid
expansion.  Even though the company reported significant
improvement in the operating profits during FY09, high interest
and depreciation charges have led to high net losses of Rs 140
million.  The ratings also factors in regulatory risks regarding
off-take and pricing of by-products such as molasses, alcohol and
power and agroclimatic risks and cyclicality inherent in the
business.  ICRA has however drawn comfort from the improving
demand supply scenario in sugar industry, which translates into
favorable outlook for sugar realizations (though improvement in
the contribution margins is likely to be impacted by high cane
prices).  ICRA has also drawn some comfort from WIPL's adequate
size of operations with a crushing capacity of 8300 tcd and
partial forward integration into cogeneration, which is expected
to provide some cushion to the company's revenues and
profitability against cyclicality in the sugar industry.  ICRA has
also taken note of the fact that Uttar Pradesh (UP) based sugar
mills have challenged the state advised price (SAP) fixed by the
Government of UP for the SY 2007-08 and SY 2008-09. The fixation
of cane prices for SY 2007-08 would thus also remain a rating
sensitivity.

                      About Wave Industries

Wave Industries Private Limited is a group company of the Chadha
Group.  It was originally incorporated as Chadha Sugars Private
Limited in the year 1997 by acquisition of a 2500 TCD running
sugar mill from Oswal Agro Mills Ltd., (Abhey Oswal Group Company)
for a consolidated price of INR 250 million.  The sugar mill is
located in the midst of the cane belt in Dhanaura Tehsil of Jyoti
ba Phoole Nagar (Amroha) District of Uttar Pradesh.  Subsequent to
the acquisition, the crushing capacity was expanded to 5000 tcd
during 1999-2000 with financial assistance from IFCI.  Since then,
the company has expanded its crushing capacity several times.
Currently, WIPL is operating with a crushing capacity of 8300 tons
per day (TCD) (expanded from 6250 tcd during February, 2008) along
with a biomass based co-generation plant of 33 MW (10 MW for
catering to the captive power needs of the sugar unit).


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


BAKRIE LIFE: Gets Aid from Parent; To Resolve Disputes in 30 Days
-----------------------------------------------------------------
The Jakarta Post reports Bakrie Life is aiming to settle ongoing
disputes with its customers within the next 30 days using money
raised by parent Bakrie and Brothers Group from the issuance of
medium structured notes (MSN) earlier this year.

According to the Post, Bakrie Life president director Timor
Soetanto said Bakrie and Brothers Group had mobilized IDR500
billion (US$51.5 million) to help finance Bakrie Life so that it
could settle these disputes.

"We will try to resolve the mismatch as soon as possible," the
report quoted Mr. Timor as saying.  "Bakrie Life hoped to be able
to reach agreement with its customers on mechanisms and schedules
to pay back funds owed to them since the end of October."

Mr. Timor, as cited by the Post, said that the company had the
responsibility to settle liabilities amounting to IDR350 billion
to 600 customers, whose investment funds could not be retrieved
since late last year, following the late 2008 market crash.

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2009, The Jakarta Post said the Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK) granted
Bakrie Life the one month period it had requested to settle a
dispute with customers.

The supervisory body launched an investigation into Bakrie Life
after the company's customers complained to Bapepam-LK they had
not been able to cash in their investment funds since late last
year.  According to the Post, the funds are invested in an
investment product called Diamond Investa, in which 80% of the
fund is linked to the performance of shares in the capital market.

Bakrie Life is one of the Bakrie Group's units that specialize in
the life insurance sector.  It was established in 1996 in Jakarta,
Indonesia.  BNBR owns Bakrie Life through its subsidiary, Bakrie
Capital, which controls 91 percent of ownership in the insurance
company, the remaining 9 percent being owned by the company's
cooperative network.


BANK MANDIRI: Indonesia Government to Cover Garuda's Major Debts
----------------------------------------------------------------
The Jakarta Post reported that the Indonesian government has
announced it will cover the major part of the long overdue debt
owed by the national flag carrier PT Garuda Indonesia to Bank
Mandiri.

The Post notes that as the sole shareholder of the airline
company, the government said it will live up to a commitment to
guarantee the debt as agreed in a debt restructuring deal inked by
Garuda and Mandiri in 2001.

"A promise is a promise," the report quoted State Minister for
State Enterprises Sofyan Djalil as saying in a press conference.

The report says it is still unclear, however, by what mechanism
the government will use to cover its part of the debt which was
actually already overdue in 2003.  According to the report,
Mr. Sofyan hinted that the government would take advantage of its
influence over Bank Mandiri to help resolve the matter, as it
controls 66.7% of the shares in the bank.

Mr. Sofyan also suggested that the government would probably cover
the substantial unpaid interest owed to Mandiri while Garuda would
have to pay up on the more modest principal debt of IDR1.08
trillion (US$112.3 million), the Post relates.

The Post states that the government is hesitant to use the
conversion option as it fears it would greatly dilute its
ownership.

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 December 2008
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.

                        About Bank Mandiri

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

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

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


KERTAS KRAFT: Gresik Mulls Buying Firm to Expand Cement Business
----------------------------------------------------------------
The Jakarta Post reports that PT Semen Gresik is exploring the
possibility to acquire PT Kertas Kraft Aceh to strengthen its
cement packaging business.

According to the report, State Minister for State Owned
Enterprises Sofyan Djalil said last week that the state-run cement
company was in the initial stages of acquiring the ailing state-
owned packaging manufacturer KKA.

The Aceh provincial government was also studying the company's
profile and appeared willing to come to the company's rescue,
according to a Troubled Company Reporter-Asia Pacific report on
Aug. 20, 2009.

The TCR-AP reported on Oct. 2, 2008, PT Kertas Kraft Aceh will be
likely closed down by the Indonesian Government due to the
company's losses and problems in acquiring raw materials after the
Aceh administration turned down the company's request to cut down
pine trees to supply its raw material.

                        About Kertas Kraft

Based in Aceh province, Indonesia, PT Kertas Kraft Aceh (Persero)
-- http://www.KKA-lsm.com/-- produces long fiber pulp for sack
kraft used for cement sacks.  It focuses on offering sack paper.
KKA is wholly owned by the Indonesian government.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
June 16, 2006, Bank Mandiri asked the company to settle its
non-performing loans, which comprise 26.2% of its total loans,
otherwise it would be forced to seek legal action against them.

On Feb. 13, 2006, TCR-AP reported that the Government injected up
to IDR50 billion into ailing Kertas Kraft to enable the company to
resume normal operations.  At that time, Minister of State
Enterprises Sugiharto has said that Kertas Kraft needs up to
IDR200 billion in order to resume its operations.


LEHMAN BROTHERS: PT Bank Negara Files Suit for Return of Funds
--------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk filed a lawsuit against
two subsidiaries of Lehman Brothers Holdings Inc. demanding them
to return the funds they received from the Indonesian bank.

The lawsuit stemmed from the alleged failure of Lehman Brothers
Special Financing Inc. and Lehman Brothers Inc. to return about
GBP1,000,000 to PT Bank Negara.  The money was supposed to be
returned on September 18, 2008, after LBSF failed to send about
US$1,765,700 to PT Bank in exchange for the money.

PT Bank and LBSF were engaged in foreign currency exchange
transactions prior to LBSF's bankruptcy filing on September 15,
2008.  LBI served as LBSF's receiving agent under those
transactions.

"At no time did either LBI or LBSF acquire a legal or equitable
interest in the funds, neither entity, has any right to retain or
hold the funds, and each of them has been unjustly enriched by
its wrongful failure and refusal to deliver the funds to their
true owner," Hollace Cohen, Esq., at Troutman Sanders LLP, in New
York, said in a September 21 complaint.

The complaint was filed before the U.S. Bankruptcy Court for the
Southern District of New York, which oversees the chapter 11 case
of LBSF and the liquidation proceeding of LBI under the
Securities Investor Protection Act.

                         About Bank Negara

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

                     About Lehman Brothers

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

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

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

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

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

              International Operations Collapse

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

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

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


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


CORSAIR LIMITED: Fitch Cuts Ratings on US$10 Mil. Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded Corsair (Jersey) Limited's Series 304
issue of US$10 million credit-linked notes to 'D' from 'C'/'RR6'.

This transaction is a static synthetic corporate CDO.  The notes
have been fully written down as a result of the cumulative losses
from seven credit events in the reference portfolio: Freddie Mac,
Fannie Mae, Lehman Brothers Holdings Inc., Washington Mutual,
Inc., Glitnir Banki hf, Kaupthing Banki hf and Syncora Guarantee
Inc.  This rating action follows receipt by Fitch of the valuation
notices on these credit events.


COSMOS INITIA: Gets Creditors OK for Out-of-Court Debt Settlement
-----------------------------------------------------------------
Cosmos Initia Co., Ltd., has secured written agreements from banks
and other creditors Monday to solve its massive debt problem via
an out-of-court arbitration process, Kyodo News reports.

The company, which is saddled with a consolidated negative net
worth of JPY45.1 billion as of March 31, held a meeting of
creditors and obtained their agreement on a range of financial aid
steps, including waiving their claims on JPY37 billion in
outstanding loans and exchanging JPY30.5 billion yen debts for its
shares, the report said.

According to the news agency, Cosmos Initia will form a capital
tie-up with Daiwa House Industry Co. and obtain a capital infusion
from current top shareholder Unison Capital Inc., aiming to
eliminate its negative net worth by the end of next March.

Cosmos Initia Co., Ltd., is a Japan-based real estate company
engaged in four business segments.  The Real Estate Sales segment
sells newly built condominiums, detached houses, as well as
condominiums and buildings for investment purposes. The Real
Estate Management segment manages and operates condominiums,
commercial buildings and welfare facilities.  The Real Estate
Leasing segment leases and subleases condominiums, commercial
buildings and welfare facilities.  The Others segment is engaged
in real estate brokerage, building construction, overseas hotel
and resorts operation, real estate consultation, insurance agency,
interior item sales, as well as commercial building and welfare
facility cleaning businesses.  The Company has eight subsidiaries
and one associated company.


DAVINCI HOLDINGS: Creditors to Take Control of Pacific Century
--------------------------------------------------------------
K.K. DaVinci Holdings said creditors will take control of a Tokyo
property that one of its funds bought from billionaire Richard Li
after it failed to repay loans, Bloomberg News reports.

The report relates that DaVinci said a fund it run was unable to
reach an agreement with creditors to extend loans due Sept. 25.
The fund, according to Bloomberg, may take a charge of JPY13.7
billion (US$154 million), of which DaVinci may shoulder JPY2.3
billion.

Bloomberg discloses that the fund paid JPY200 billion to Richard
Li, son of Chinese billionaire Li Ka-shing, to acquire the Pacific
Century Place property, located near Tokyo Station, in September
2006.

K.K. daVinci Holdings, formerly KK DaVinci Advisors, is a Japan-
based company primarily engaged in the property investment
advisory business.  The Company operates in three business
segments.  The Real Estate Investment Advisory segment is engaged
in the provision of fund management services, asset management
services and co-investment services.  The Real Estate Investment
segment, along with its subsidiaries, is engaged in the investment?
to real estate, which operates by funds.  The Others segment is
engaged in the real estate management and tenant management, among
others.


JAPAN POST: Gov't. to Cancel Plan to Sell "Kampo" Resorts
---------------------------------------------------------
Japan's new government will cancel its plan to either sell off or
close by September 2012 the Kampo no Yado resort inns and
Mielparque wedding facilities owned by Japan Post Holdings Co.,
The Japan  Times reports citing officials.

The Times relates that under the previous government led by the
Liberal Democratic Party, Japan Post was supposed to sell the
unprofitable Kampo no Yado resort inn network to Orix Corp. as
part of the postal privatization program.

The plan, the report recalls, was scrapped after then Internal
Affairs and Communications Minister Kunio Hatoyama demanded its
review, alleging the sale price was unreasonably low and that
Japan Post and Orix had reached a deal before the bidding.

The report says reversing the previous administration's policy,
the ruling coalition of the Democratic Party of Japan, Social
Democratic Party and Kokumin Shinto (People's New Party) will try
to make productive use of the Japan Post facilities.

The three parties believe the inns are important national assets
and want to avoid a hasty sale, the Times notes.

Kampo no Yado has a chain of 70 hotels that employ about 3,000
people.

Japan Post Holdings Co. offers postal and package delivery
services, banking services, and life insurance.  Japan Post
Holdings was formed in October 2007 to oversee the four operating
companies, which were created from a state agency known as Japan
Post.  The holding company structure was implemented as a step
toward the eventual privatization of the underlying businesses.

The government has formulated a policy of closing or selling all
the remaining accommodation facilities owned by Japan Post
within five years of the April 2007 start to the 10-year
privatization process.


PIONEER CORPORATION: Optical Disc JV with Sharp Delayed
-------------------------------------------------------
Pioneer Corporation and Sharp Corporation said they have decided
to change the launch date of their optical disk joint venture, due
to ongoing assessments to determine whether the joint venture
conforms to antitrust laws overseas.

Pioneer and Sharp had signed a formal contract for the
establishment of the optical disk joint venture on June 25, 2009,
and were preparing to launch operations of that joint venture on
October 1, 2009.

All other procedures regarding the joint venture are as scheduled.
Therefore the two companies will start the joint venture as soon
as possible, after taking all necessary procedures and actions
related to antitrust laws overseas.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products.  The Company operates in four business segments.  The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment.  The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses.  The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems.  The Company has a
global network. The Company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 11, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Pioneer Corp., due to the increased likelihood of
deterioration in its financial profile and heightened uncertainty
regarding its funding plans over the next 12 to 24 months.
Moreover, the company is likely to post another large loss for
fiscal 2009 (ending March 31, 2010), which would represent the
sixth consecutive year it has done so.  The outlook on the long-
term corporate credit rating is negative.

Moreover, the TCR-AP also reported on April 22, 2009, that Moody's
Investors Service downgraded to B1 from Ba3 the local currency
issuer rating for Pioneer Corporation.  The ratings outlook is
negative.


TAKEFUJI CORPORATION: Moody's Cuts Senior Debt Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term senior
unsecured debt rating and issuer rating of Takefuji Corporation to
Ba3 from Ba1.  The rating outlook is negative.

This rating action is prompted by Moody's increasing concern that
the Takefuji's severe funding environment and the lack of
improvement in market confidence would continue to undermine the
company's franchise, given that the negative operating environment
will continue.

Moody's is of the view that imminent liquidity risk is limited as
the scale of Takefuji's short-term contract-based payment
obligations are not so large relative to its cash position, and
its remaining flexibility to downsize its operations for the time
being.  Yet, the company faces increasing risk of several
potential liquidity stresses unique to its funding structure.
Given the generally negative funding environment and increasing
severity of its constraints to the funding, featured by its
funding structure, such potential liquidity stress increase will,
in Moody's view, increase the downward pressure on its franchise
as well as its earnings capacity.

Takefuji's atypical funding profile is characterized by 1) the
absence of a main bank with a spread-out relationships with small
domestic financial institutions, 2) limited reliance on bank
borrowings, and 3) historically active use of credit facilities
with covenants (effectively, secured debt), an investment
alternative for which investors now have no appetite.  Despite the
small scale of short-term repayment pressure, normalization of
such funding profiles pose a crucial challenge for the company to
avoid continued downward pressure on its franchise.  Without the
stabilization of overpaid interest situation and the recovery of
market confidence in business, this task is difficult to achieve
in Moody's view.

Moody's retains its negative ratings outlook, based upon Moody's
concern that there exist uncertain factors regarding stabilization
of the industry over the medium-term, given that the number of
overpaid-interest claims remains high.  The negative outlook also
incorporates Moody's view on the company's constraints to funding/
liquidity flexibility, and the difficulty of finding the immediate
solution to such constraints.

Downward pressure, on the other hand, would include: 1) the
emergence of liquidity stress which Moody's assume - this would
affect operating flexibility as a result of substantial downsizing
of its scale, thereby indicating further impairment of its
franchise; and 2) signs of actual losses (payments of annual
overpaid interest claims plus loan principal write-offs, including
loan amount caps, LAC) higher than Moody's assumed risk amounts.

The ratings outlook may revert to stable if Takefuji can 1)
demonstrate that it is achieving operating stabilization and 2)
improve its funding profile and solve potential liquidity issues.

Moody's last rating action with respect to the Takefuji was taken
on August 25, 2009, when its long-term senior unsecured debt
rating and issuer rating were downgraded to Ba1 from Baa3 and
assigned negative ratings outlook.

Takefuji's rating was assigned by evaluating factors Moody's
believes are relevant to its credit profile, such as franchise
value, risk positioning, the operating and regulatory environment,
and financial fundamentals in comparison with its competitors, as
well as the company's projected performance for 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
Takefuji's rating to be comparable to those of other issuers with
similar credit risk.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is a major specialized consumer finance company in
Japan, with about JPY 0.9 trillion in total consolidated assets as
of June 30, 2009.


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


HYUNDAI CORP: Hyundai Heavy Named as Preferred Bidder
-----------------------------------------------------
Hyundai Heavy Industries Co. has been picked as the preferred
bidder for Hyundai Corp.'s controlling stake, Reuters reports.

Citing leading creditor Korea Exchange Bank's statement, Reuters
discloses that Hyundai Heavy, the world's biggest shipbuilder, was
named a primary negotiation partner for a 50% stake plus one share
in Hyundai Corp, worth KRW201.5 billion (US$169 million).

A consortium led by STX Group had also submitted a bid for Hyundai
Corp but pulled out of the deal, Reuters relates.

Hyundai Corp. was placed under a workout debt program in June
2003, according to Yonhap News Agency.  Though the company has
normalized its business operations, creditors decided at the end
of last year to extend the workout debt program for Hyundai due to
the global economic credit crunch.  The creditors, including Woori
Investment Securities Co., state-run Korea Development Bank and
Korea Exchange Bank, holds 50% stake plus one share in Hyundai.

Hyundai Corporation is a multinational trading company based in
Korea.  Its trading business is comprised of seven divisions. The
ship division organizes, coordinates, finances and brokers ship-
related businesses. The plant division manufactures industrial
facilities such as power, chemical and marine, and various small-
to mid-sized plants. The machinery division supplies machinery and
electrical equipment for use in major industrial sectors, markets
automobiles and automotive goods, and sells construction
equipment. The automobile and rolling stocks division deals with
passenger cars, commercial vehicles, special purpose vehicles,
military vehicles, engines, automobile parts and rolling stocks
and railing equipment. The steel division is engaged in the
domestic steel and metal industry. The information and
telecommunication division focuses on infrastructure, systems
integration and e-commerce in information technology products. The
chemical division supplies petrochemical products.


KOREA: Tariff Cuts Won't Move Moody's Rtngs. on Wireless Operators
------------------------------------------------------------------
Moody's Investors Service says that announced tariff cuts by the
three principal Korean wireless operators' should have no
immediate impact on their respective ratings: A2/stable for SK
Telecom Co Ltd; A3/stable for KT Corporation; and Ba1/stable for
LG Telecom Co. Limited.

"Tariff changes announced by the Korea Communications Commission
and the three Korean mobile carriers are expected to reduce annual
revenues approximately by 5-10% with effect from 2010, a somewhat
larger impact than previous tariff cuts," says Laura Acres,
Moody's Lead Analyst for the three Korean Telecom operators,
adding, "Nonetheless, this announcement should not have an
immediate impact on their ratings, as the ability to scale back
handset subsidies should help to partially mitigate the adverse
impact on EBITDA."

The trend of increasing marketing expenses, including handset
subsidies by the Korean mobile operators have continued to be a
cause for concern over the past two years due to the resultant
erosion of margins.  In Moody's view, the recently announced
tariff cuts signal the government's intention for the telco
operators to de-emphasize handset subsidies and marketing expenses
and instead focus on underlying price reduction as a means of
benefiting the consumer.

"Although Moody's expects there to be limited impact on margins
arising from the tariff cuts in isolation, the Korean mobile
carriers' financial profiles could deteriorate further should one
of them reignite the level of market competition to attract more
subscribers," says Acres, adding, "At the current rating level
there exists a moderate cushion to absorb such adverse movements
but any material step up in competition or continued erosion of
EBITDA margins may exert some negative pressure on ratings.
Moody's will continue to monitor movements in this regard."

According to respective company announcements, SKT will launch the
most aggressive tariff cut plans followed by KT and LGT.  Moody's
sees that SKT could enhance its subscriber market position by
narrowing the price gap with KT and LGT, while, in Moody's view,
LGT could lose its competitive advantage over SKT and KT as
pricing plans converge.

The last rating action with regard to SKT was taken on 22nd May,
2009, when the company was affirmed an A2/stable rating in respect
of the acquisition of leased-line business of SK Networks for
approximately KRW1.48 trillion.

The last rating action with regard to KT was taken on 4th March,
2009, when the company was affirmed an A3 rating and the outlook
changed from positive to stable reflecting a weaker than expected
financial profile following the announcement of 2008 results.

The last rating action with regard to LGT was taken on 23rd March,
2007, when the company was upgraded to Ba1 from Ba2 with a stable
outlook reflecting a strengthening in the company's operating and
financial profile.


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


CEMENTHAI SANITARY: Creditors' Proofs of Debt Due on October 26
---------------------------------------------------------------
Cementhai Sanitary Ware (Singapore) Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by October 26, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

          Mohamad Ghazali bin Selamat
          c/o IP Consultants Pte Ltd
          50 Robinson Road
          #15-02 VTB Building
          Singapore 068882


CEMENTHAI CERAMICS: Creditors' Proofs of Debt Due on October 26
---------------------------------------------------------------
Cementhai Ceramics Singapore Holdings Pte Ltd, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by October 26, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Mohamad Ghazali bin Selamat
          c/o IP Consultants Pte Ltd
          50 Robinson Road
          #15-02 VTB Building
          Singapore 068882


KURIYAMA-OHJI (SINGAPORE): Creditors' Proofs of Debt Due on Oct. 9
------------------------------------------------------------------
Kuriyama-Ohji (Singapore) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          Messrs. Lau Chin Huat & Co
          50 Havelock Road
          #02-767, Singapore 160050


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


VIETNAM BANK: Fitch Downgrades Individual Rating to 'E'
-------------------------------------------------------
Fitch Ratings has downgraded Vietnam Bank for Agriculture and
Rural Development's Individual rating to 'E' from 'D/E', and
affirmed its Support rating at '4'.

"The downgrade of the Individual rating reflects the fact that
Agribank requires a substantial capital injection to restore its
capital ratio, which during H109 fell significantly below the
regulatory requirement," says Sabine Bauer, Director in Fitch's
Financial Institutions team.

The Individual Rating is based on the bank's strong revenue
generation, solid margins (despite fulfilling social policy
targets) and its very strong franchise, due to 100% state-
ownership, and its status as the largest bank in the country.  It
also, however, reflects low transparency and in Fitch's view far-
weaker-than-disclosed loan quality, along with potential
government interference and very weak capitalization.

In H109 Agribank's total capital adequacy ratio under Vietnamese
Accounting Standards deteriorated to 5.2% (2008: 7.5%) due to
strong loan growth.  The bank has applied for VND12.8 trillion new
capital from the government which Fitch estimates should enable it
to meet the regulatory 8% minimum requirement.  The state has yet
to authorize an injection but Agribank expects to receive
additional capital by end-2009.  The state last injected capital
in 2007.

NPLs, under the two accounting regimes VAS and IFRS, are
converging.  At end-August 2009, under VAS, the bank's NPL ratio
was 2.7% (generally at least 90 days overdue; 2008: 2.7%).
Special-mention loans under VAS stood at an additional 6.2% of
loans (FYE08: about 11%).  Under IFRS, impaired loans have
declined to 8.3% at end-2008 from 14.5% at end-2007 largely due to
write-offs and reclassifications.  However SMLs, under IFRS,
increased to an exceptionally high 53.9% at end-2008 (2007:
49.7%).  Reserve coverage is low and therefore unlikely to be
sufficient.  Robust revenue generation may allow the bank to build
up stronger coverage over time.

Agribank is Vietnam's largest commercial bank with 23% and 27% of
system-wide loans and deposits, respectively, at end-H109.  A new
IT system connecting all its 2,200 branches should improve bank
management, despite limited data history.


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


LEHMAN BROTHERS: World's Top Banks File Billions in Claims
----------------------------------------------------------
Wilmington Trust Company, as indenture trustee for noteholders,
Pricewaterhouse Coopers as administrators of Lehman Brothers
International (Europe) and other European units of Lehman,
Bundesverbank Deuscher Banken E.V., Lehman Brothers Japan, and
Deutsche Bundesbank, have filed the largest claims by the Sept. 22
bar date for filing proofs of claim in the Chapter 11 cases of
Lehman Brothers Holdings Inc. and its U.S. units.

According to reports by Michael J. Moore and Heather Smith:

  * the U.K.'s biggest financial institutions, including
    Barclays Plc and HSBC Holdings Plc, filed more than
    US$3.2 billion of claims.  arclays, which purchased Lehman's
    headquarters and North American brokerage last year, filed
    claims totaling more than US$2.5 billion.  HSBC, Britain's
    biggest bank, is seeking to recover more than
    US$440 million.

  * Japan's biggest financial institutions, including Nomura
    Holdings Inc. and Mizuho Financial Group Inc., filed more
    than US$4 billion of claims.  Nomura, Japan's biggest
    brokerage, filed claims totaling more than US$2 billion.
    Mitsubishi UFJ Financial Group Inc., the largest Japanese
    bank, is seeking to recover more than US$510 million.
    Mizuho filed claims for at least US$890 million.

  * the U.S.'s eight biggest banks, including U.S. Bancorp and
    Bank of America Corp., filed more than US$20.8 billion of
    claims.  U.S. Bancorp, acting as a trustee, filed claims
    of more than US$12.4 billion.  Bank of America, the biggest
    U.S. bank by assets, is seeking to recover more than
    US$5.2 billion.  Morgan Stanley, which converted into a bank
    holding company less than a week after Lehman collapsed,
    is seeking at least US$3 billion.

  * France's biggest financial institutions, including BNP
    Paribas SA and Societe Generale SA, filed more than
    US$3.3 billion worth of claims against LBHI.  BNP Paribas,
    France's largest bank, said it's owed about US$1.3 billion.
    Societe Generale, France's third biggest lender, filed
    claims totaling more than US$1.2 billion.

According to the list posted by Epiq Bankruptcy Solutions, the
claims agent, parties who have filed claims in excess of US$500
million against LBHI include:

Claim No.     Claimant                            Claim Amount
---------     --------                            ------------
10082         Wilmington Trust, as
                 Indenture Trustee              US$48,779,932,734
17894,17538   Bundesverband Deutscher
                 Banken E.V.                    US$25,725,484,071
21530         LB International (Europe)        US$23,178,197,173
21281         Lehman Brothers Japan            US$21,803,510,131
21527         LB International (Europe)        US$11,834,607,665
19951         Deutsche Bundesbank              US$10,360,901,745
23568         LB Re Financing No. Limited       US$6,761,074,231
22719, 22605  Citibank, N.A., as trustee        US$5,041,254,234
23465-23468   U.S. Bank N.A.                    US$5,000,000,000
14826         Heron Quays (HQ2) T1 Limited      US$4,280,970,000
22766, 22773  Wilmington Trust, as Trustee      US$4,162,459,849
22774, 22604  Citibank, N.A., as trustee        US$3,386,836,805
27994, 27995  Fenway Capital, LLC               US$3,012,139,644
21525         LB SF No. Ltd                     US$2,875,036,778
20137         Bank of America, N.A.             US$2,857,969,396
21529         LB International (Europe)         US$2,807,719,562
27141         Deutsche Bank AG                  US$2,494,729,944
20105         Bank of America N.A.              US$2,349,153,939
23463         Pamela Weder, VP                  US$5,000,030,321
1612          Lehman Brothers Bank, FSB         US$2,192,000,000
15079, 15078  Office of Thrift Supervision      US$2,192,000,000
20492         U.S. Bank N.A.                    US$2,121,209,098
21798         Bank of New York Mellon,
                 as indenture trustee            US$2,051,666,667
21800         Bank of New York Mellon,
                 as indenture trustee            US$1,933,352,667
27638         COMMERZBANK AG                    US$1,790,927,595
21802         Bank of New York Mellon,
20504, 2055   U.S. Bank N.A.                    US$1,742,758,407
20829         Pacific International Finance     US$1,600,000,000
                 as indenture trustee            US$1,521,656,250
20149         Merrill Lynch International       US$1,536,014,058
28103, 28099  Goldman Sachs Bank USA,
                 as successor                    US$1,519,683,047
21799         Bank of New York Mellon,
                 as indenture trustee            US$1,516,614,583
18074         Barclays Bank PLC                 US$1,336,813,993
21797         Bank Of New York Mellon,
                 as indenture trustee            US$1,264,375,000
18076         Barclays Bank PLC                 US$1,125,806,565
11037         NY State Department of
                 Taxation and Finance            US$1,217,149,064
27947, 27946  7th Avenue Inc.                   US$1,200,000,000
27634         COMMERZBANK AG                    US$1,136,013,393
20506, 20507  U.S. Bank N.A.                    US$1,072,249,503
11307, 11306  Morgan Stanley Capital Group      US$1,019,588,693
24366         CTLA Trustee Services Admin.      US$1,000,000,000
22721, 22606  Citibank, N.A., as trustee          US$999,992,177
28105, 28104  Goldman Sachs Bank USA,
                 as successor                      US$999,304,164
20148         Merrill Lynch International         US$987,098,710
22639, 22775  Citibank, N.A., as trustee          US$927,988,327
14971         BNP Paribas                         US$895,971,755
3813          Boise Land & Timber II, LLC         US$833,781,693
17120         OMX Timber Finance Investments
                 II, LLC                           US$844,896,060
1439          OMX Timber Finance Investments
                 II, LLC                           US$833,171,475
27635         COMMERZBANK AG                      US$820,730,825
17755         Deutsche Bank AG, London            US$801,478,085
21517         Storm Funding                       US$795,799,364
21693, 21685  Royal Bank of Scotland PLC          US$791,596,534
17321, 17319  Primary Fund of the Reserve Fund    US$785,000,000
21801         Bank of New York Mellon,
                 as indenture trustee              US$766,500,000
17199, 17198  Nomura International PLC            US$722,417,698
17247         Danske Bank A/S London Branch       US$699,657,334
14664         GLG European Long-Short Fund        US$648,992,015
5576, 4727    New York City Dept. of Finance      US$626,999,222
15649         Abu Dhabi Investment Authority      US$609,695,486
21285         Lehman Brothers Japan Inc.          US$562,563,676
12145         Chang Hwa Commercial Bank, Los Ang  US$511,720,568

Wilmington Trust, as successor indenture trustee to Citibank,
N.A., filed a US$48.8 billion claim against LBHI, on behalf of
holders of various unsecured senior notes due to mature 2009 to
2037 issued by Lehman.  WTC says that although the total claim is
undetermined at this time, it says the total claim falls within a
range of US$49.2 billion, as provided by Citibank, to US$73.1
billion,
as provided by the Debtor.

Heron Quays (HQ2) T1 Limited and Heron Quays (HQ2) T2 Limited
filed a US$4.28 billion claim.  Heron Quays Lehman owes it money
for leases at former headquarters at Canary Wharf, in London.

The N.Y. State Department of Taxation made claim for US$1.2
billion in taxes, interest and penalties from Lehman Brothers
Holdings Inc.  The state is seeking payment for tax bills dating
to 1994, according to the proof of claim.  New York-based Lehman
owes US$393 million in tax and interest for the 2003 tax year and
US$387.9 million for 2007.  New York state said that US$1.09
billion constitutes as an "unsecured priority" claim, while the
remaining US$131 million constitute as a "general unsecured"
claim.

Lehman Brothers' creditors filed more than 16,000 claims against
the failed investment bank before the Sept. 22 deadline.

                     About Lehman Brothers

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

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

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

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

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

              International Operations Collapse

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

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

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


* S&P's 2009 Global Corporate Default Tally at 216
--------------------------------------------------
One global corporate issuer defaulted on the week of September 18
to 24, bringing the 2009 year-to-date tally to 216 issuers --
nearly 4x the 62 defaults at this time in 2008, said an article
published Sept. 25 by Standard & Poor's.

Last week's defaulter was based in Japan, bringing the default
tallies by region to 155 issuers in the U.S., 13 in Europe, 34 in
the emerging markets, and 14 in the other developed region
(Australia, Canada, Japan, and New Zealand), according to the
article, titled "Global Corporate Default Update (Sept. 18 - 24,
2009) (Premium)."

The latest default resulted from a payment suspension after the
issuer, Aiful Corp., successfully applied for alternative dispute
resolution (ADR) procedures.  S&P views this as a selective
default ('SD').

"Selective defaults have accounted for 75 defaults this year, the
majority of which were distressed exchanges," said Diane Vazza,
head of Standard & Poor's Global Fixed Income Research Group.
"Missed interest payments come in second, accounting for 74
defaults in 2009."  Bankruptcy filings also have surged, with 54
issuers so far this year having filed for bankruptcy protection,
which surpasses the full-year 2008 total of 49 bankruptcy-related
defaults.

"Despite unprecedented turbulence in the credit markets and
record-high default volume since 2008, the ability of corporate
credit ratings to serve as an effective measure of relative
default risk remains intact," said Ms. Vazza.

This is evidenced by several factors, such as 87% of the issuers
that have defaulted this year were rated speculative grade ('BB+'
and lower) prior to default, investment-grade-rated issuers
('BBB-' and above) have a 99% survival rate within a one-year time
horizon, and the majority of defaults this year stem from the
lowest rungs of the credit spectrum, known as weakest links.
Globally, 278 issuers are weakest links (entities rated 'B-' and
lower with a negative outlook or ratings on CreditWatch negative),
and the regional distribution of weakest links closely mirrors the
default experience so far this year.

Of the global corporate defaulters so far this year, 40% of issues
with available recovery ratings had recovery ratings of '6'
(indicating our expectation for negligible recovery of 0%-10%),
16% of issues had recovery ratings of '5' (modest recovery
prospects of 10%-30%), 12% had recovery ratings of '4' (average
recovery prospects of 30%-50%), and 11% had recovery ratings of
'3' (meaningful recovery prospects of 50%-70%).  And for the
remaining two rating categories, 11% of issues had recovery
ratings of '2' (substantial recovery prospects of 70%-90%) and 10%
of issues had recovery ratings of '1' (very high recovery
prospects of 90%-100%).


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





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