TCRAP_Public/091014.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, October 14, 2009, Vol. 12, No. 203

                            Headlines

A U S T R A L I A

FAIRFAX MEDIA: Appoints Roger Corbett as Chairman
LANE COVE: Receivership Looms as Lenders Seek to Expedite Sale
MACQUARIE MEDIA: Unit May Breach Covenants Under US$133.7MM Loans
TIMBERCORP LTD: Court Approves Sale of Almond Assets to Olam


C H I N A

CHINA MINSHENG: HK Bourse May Hear Minsheng IPO Plan This Month
FORD MOTOR: Sees Record Third Quarter Sales in China


H O N G  K O N G

ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on November 11
ASIA-PACIFIC DUTY: Court to Hear Wind-Up Petition on November 25
BOWIN HOLDINGS: Court to Hear Wind-Up Petition on October 28
BILLION TEAM: Court to Hear Wind-Up Petition on October 21
CM2 LIMITED: Court to Hear Wind-Up Petition on December 2

INTERMOST CORP: Albert Wong Raises Going Concern Doubt
OPEN STANDARD: In Voluntary Wind-Up Proceedings
RISE CHINA: Yan (Derek) and Haughey Step Down as Liquidators
SEVEN SHARDS: Seng and Lo Appointed as Liquidators
SINO PUBLISHING: Placed Under Voluntary Wind-Up Proceedings

SPORTS AND OUTDOOR: Gilligan Steps Down as Liquidator
TAT CHOI: In Voluntary Wind-Up Proceedings
WELL LIGHT: Tam Fung King Appointed as Liquidator
YIN SHES: Li Chun Hung Steps Down as Liquidator


I N D I A

ALVA'S EDUCATION: ICRA Assigns 'LB+' Rating on INR492.7MM Debts
BASAVESHWAR ELECTRICALS: Low Net Worth Cues ICRA 'LBB+' Ratings
INLAND ROAD: Stretched Cash Flows Cue ICRA 'LBB' Ratings
MALANI CONSTRUCTION: ICRA Puts 'LBB+' Rating on Cash Credit
MANIAM PROPERTIES: ICRA Rates Long Term Bank Debts at 'LB+'

ROLL TUBES: ICRA Assigns 'LBB' Rating on INR40MM Bank Facilities
SRINIVASA COTTON: ICRA Places 'LBB+' Rating on INR192MM Term Loans
TATA MOTORS: Raises US$750 Mln Through GDS, Convertible Notes Sale


I N D O N E S I A

BAKRIE & BROTHERS: Pares Total Debt by 18.11% in H1 2009
EXCELCOMINDO PRATAMA: Secures US$168-Mln Loans from Banks


J A P A N

AEON CO: Posts JPY14.68 Bil. Net Loss in 2nd Half Ended August 30
ELPIDA MEMORY: May Raise Stake in Rexchip to More Than 70%
JAPAN AIRLINES: May Seek JPY300-Bln Debt Relief, Cut More Jobs


K O R E A

HYNIX SEMICONDUCTOR: Creditors Consider Selling Smaller Stake


M A L A Y S I A

EKRAN BERHAD: Bursa Extends Plan Submission Deadline to Dec. 4
HARVEST COURT: To Undertake Renounceable Rights Issue
LITYAN HOLDINGS: Proposed Waiver for LTH Takeover Offer Approved
TALAM CORP: Provides Update on Loan Default Status as of Aug. 31
TENGGARA OIL: Has MYR21.19 Million Outstanding Debt as of Sept. 30


M O N G O L I A

* MONGOLIA: Fitch Affirms Issuer Default Ratings at 'B'


N E W  Z E A L A N D

BLUE CHIP: Investors to Appeal Court Decision Over GE's Case
LINE 7: Charles Parsons Buys Line7 Assets
SAIL CITY APPAREL: Canterbury U.S. Affiliate Files Ch. 15
* NEW ZEALAND: Retail Sales Up 1.2% in August 2009


S I N G A P O R E

MOH SENG: Creditors' Proofs of Debt Due on Nov. 9
NYDC (II): Court Enters Wind-Up Order
NATURAL FUEL: Court to Hear Wind-Up Petition on October 23
PRINSEP MANAGEMENT: Creditors' Proofs of Debt Due on Nov. 9
RANODA ELECTRONICS: Creditors' Meeting Set for October 26

REGENCY LEISURE: Declares First and Final Dividend
SENG SOON: Creditors' Proofs of Debt Due on November 13
UNIVERSAL ASSETS: Court Enters Wind-Up Order


T A I W A N

AMERICAN INT'L: Sells Taiwan Unit to Primus for US$2.15 Billion
AU OPTRONICS: Posts Higher September 2009 Revenues


T H A I L A N D

G STEEL: S&P Downgrades Corporate Credit Rating to 'D'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


FAIRFAX MEDIA: Appoints Roger Corbett as Chairman
-------------------------------------------------
Fairfax Media Limited said that the Board of the Company has
unanimously resolved to elect Roger Corbett as its new Chairman
effective upon the retirement of the present Chairman,
Ronald Walker.  Mr. Corbett first joined the Board in
February 2003 and was elected Deputy Chairman in August this year.

"I am delighted to be able to hand over the Chairmanship of this
great Company that has been transformed into a diverse multi-media
company in the past six years to Roger Corbett," Mr. Walker said
in a statement.

"I am pleased that the succession of the new Chairman has been
settled and the Board renewal is now in progress, allowing me to
step down on October 30," he said.

                      Credit Ratings Downgrade

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

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

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

                       About Fairfax Media

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


LANE COVE: Receivership Looms as Lenders Seek to Expedite Sale
--------------------------------------------------------------
The Sydney Morning Herald reports that the Lane Cove Tunnel could
be placed in receivership within the next week as lenders seek to
expedite a sale of the ill-fated toll road.

The Herald says the guarantor of the road's bond facilities, the
New York-based MBIA Insurance, has been seeking interest in the
tunnel since late last month but has held off making a decision on
whether to appoint a receiver.  According to the report, MBIA has
been preoccupied with its own concerns since Standard & Poor's cut
its credit ratings to junk status.

But MBIA is believed to be on the verge of appointing a receiver
to the tunnel's owner and operator, Connector Motorways, the
Herald notes.

According to the Herald, it is considered the most likely option
given a standstill agreement on the toll road's debt expires in
December.  So far, says the Herald, the road has had four stays of
execution from MBIA.

As reported in the Troubled Company Reporter-Asia Pacific on
September 30, 2009, Bloomberg News said 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.

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, according to
Bloomberg.

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 MEDIA: Unit May Breach Covenants Under US$133.7MM Loans
-----------------------------------------------------------------
Macquarie Media Group said that preliminary management estimates
of the financial performance of its investment, American
Consolidated Media LLC, for the quarter ended September 30, 2009,
indicate that Earnings before Interest, Tax, Depreciation and
Amortisation (EBITDA), despite reflecting a lower rate of decline
than that experienced in the six months to June 30, 2009, are down
21% on the September 30, 2008, quarter.

Notwithstanding this, ACM continues to generate positive
operational free cash flows from which it is meeting all interest
payments under its US$133.7 million business level bank facility
with a Debt Service Cover Ratio for the 12 months to Sept. 30,
2009 of 2.16x.  From the remainder of its free cash flows, ACM
continues to reduce the principal under the ACM Facility,
including US$9.5 million repaid since December 1, 2008, and a
further expected prepayment of approximately US$2.4 million
(subject to finalization of the US accounts) by November 7, 2009,
to be funded from ACM's current cash holdings of US$6.0 million.

As previously advised to the market, when ACM last filed financial
statements with its external lenders it had limited headroom on
its leverage covenant (the ratio of ACM bank debt to EBITDA) which
is tested quarterly.  While the latest internal estimates of ACM's
financial performance to September 30, 2009, are preliminary only
and subject to a number of assumptions, if these preliminary
estimates hold true and if requested amendments or waivers are not
forthcoming, ACM will not be compliant with certain covenants
under the ACM Facility at their next testing dates, in particular:

   * management expects that ACM will not comply with the
     leverage covenant under the ACM Facility when it files
     its unaudited management accounts for the trailing 12
     months to September 30, 2009, with ACM's lenders on or
     before November 30, 2009; and

   * while US audit procedures on the accounts for ACM for
     the year to June 30, 2009, are still being finalized,
     based on ACM's expected non-compliance with the
     September 2009 leverage covenant and the uncertainty
     around its ability to extend or refinance the ACM
     Facility which matures on June 29,2010, management
     expects that any audit report issued on the US GAAP
     accounts will include a "going concern" or like
     qualification which would also not comply with covenants
     under the ACM Facility, when filed with ACM's lenders on
     or before October 28, 2009.

ACM was acquired in February 2007 and is indirectly wholly owned
by Macquarie Media International Limited, one of the stapled
entities comprising MMG.  If ACM ceases to comply with the
covenants under the ACM Facility, and if requested amendments or
waivers are not provided, the ACM lenders will have the right to
accelerate ACM's repayment obligations and potentially to take
beneficial ownership of ACM (Relevant Event).  If a Relevant Event
occurred, MMIL would lose control of ACM and would only receive a
return on its equity and other interests in ACM if ACM's
obligations to its creditors (including its drawn debt under the
ACM Facility) were satisfied in full.  The carrying value on the
MMG balance sheet of net assets relating to ACM as at June 30,
2009, was US$81.2million.  ACM comprised less than 17% of MMG's
operating EBITDA in the year to June 2009 and is considered a
noncore investment.

The ACM Facility is secured only against ACM and ACM's assets.
The MMG parent level entities have not provided any guarantees nor
security in favor of ACM or its lenders.  There are no cross
default provisions between the business level bank facility of
MMG's core investment, Macquarie Southern Cross Media Pty Ltd, and
the ACM Facility.  Further, MMG said it has no plans to provide
any parent level cash injections or other financial support or
guarantee to ACM or its lenders.

Discussions are ongoing with ACM's lenders in relation to ACM's
request for the necessary amendments to the existing covenants and
for an extension to the maturity date of the ACM Facility.  These
discussions are incomplete and there can be no assurance that any
amendment or extension will be provided, or that the requested
waivers will be provided.

                             About MMG

Based in Sydney, Australia, Macquarie Media Group (ASX:MMG) --
http://www.macquarie.com.au/au/mmg/-- invests in a range of media
assets.  MMG comprises of Macquarie Media Trust (MMT), Macquarie
Media Holdings Limited (MMHL) and Macquarie Media International
Limited (MMIL). The Company operates in two service types: Free to
air commercial radio and television broadcasting (Free to air
broadcasting), which comprises the commercial radio and television
broadcast licenses held throughout regional Australia, and which
operates solely within the MMHL group and Community Newspapers,
which are located in the United States, and operates within the
MMIL group.  MMG operates mainly in Australia and United States.


TIMBERCORP LTD: Court Approves Sale of Almond Assets to Olam
------------------------------------------------------------
The liquidators of the Timbercorp group of companies have been
given the conditional approval by the Commercial Court of the
Supreme Court of Victoria to complete the sale and purchase deed
(SPD) with Olam Orchards, a Singapore-based multinational food
firm.

The liquidators entered into a conditional SPD with Olam Orchards
on September 18, 2009.

"Olam Orchards' bid of AU$128 million was accepted as the highest
and best bid by the liquidators following a competitive bidding
process that resulted in bids from seven parties.  The Court
endorsed that sale process," KordaMentha said in a statement.

Justice Robson also approved the liquidators' application to
terminate Growers' interests in the schemes to enable the SPD to
be completed, provided that the sale proceeds are held in trust
until a Commercial Court can determine the legal rights of the
secured creditors and growers to those proceeds.

Mark Korda also said upon completion of the SPD, Olam Orchards had
committed to spend $16 million to the end of December 2009 to
maintain the orchards.

                         About Timbercorp

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

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

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


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C H I N A
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CHINA MINSHENG: HK Bourse May Hear Minsheng IPO Plan This Month
---------------------------------------------------------------
China Daily reports that China Minsheng Banking Corp. may get a
hearing for its initial public offer in Hong Kong by the end of
this month, taking it one step closer to fulfilling its aim of
raising some CNY30 billion (US$4.4 billion) for expansion.

The Daily, citing Hong Kong-based Economic Times, says the
Hong Kong stock exchange is likely to hold a hearing of the bank's
listing application by the end of the month, and if approved,
Minsheng's shares may start trading from November.

The Daily recalls that the Shanghai-listed bank, the eighth
largest Chinese lender by assets, unveiled the CNY30-billion
fund-raising plan in June.  The report relates the bank said it
expected to issue up to 3.32 billion H shares, or 15% of its
expanded capital, for the Hong Kong float.

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

                           *     *     *

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


FORD MOTOR: Sees Record Third Quarter Sales in China
----------------------------------------------------
Ford Motor Company continued its record growth in China in the
third quarter, with sales of its joint-ventures and wholly-owned
entities increasing 79 percent over the same period last year, to
119,338 units. Through the first nine months of the year, its
sales rose 32 percent to 316,639 units.

Ford Motor's passenger car joint-venture in China, Changan Ford
Mazda Automobile (CFMA) reported record sales of 227,839 units
through the first nine months, an increase of 43 percent year-
over-year. In the third quarter, sales of 87,454 units represented
a 104 percent increase versus a year earlier, with all-time
monthly sales in September of Ford brand vehicles that rose 107
percent year-over-year on a standalone basis.

"The overwhelming response of Chinese consumers to our world-class
lineup of Ford brand vehicles is underpinning our continued
performance of record sales," said Robert Graziano, chairman and
CEO of Ford Motor China.

"In September, Fiesta achieved its best monthly sales performance
of 5,009 units, reaching total sales of 32,178 since its March
launch," added Graziano. "With the right plan and right products
in place, we will continue to deliver Ford brand vehicles with
best-in-class quality, fuel efficiency, safety and innovative
technologies that our customers value and want."

Ford Focus also achieved its all-time best monthly sales in
September with 13,891 units, rocketing 72 percent from the same
period a year earlier, and helping drive sales of 99,109 units
through the first three quarters. In August, CFMA celebrated
production of the 400,000th Focus at its Chongqing production
facility.

Ford Mondeo and Ford S-MAX contributed to the robust growth with
September sales rising nearly 40 and 68 percent, respectively,
versus the same month a year ago, and helping both nameplates
achieve their best-ever third quarter sales performances.

Jiangling Motors Corporation, Ford Motor's commercial vehicle
investment in China, achieved record sales of 82,718 units through
the first three quarters, with Ford Transit leading the high-end
light commercial van segment and with sales of 23,520 units
through the first nine months.

In September, Changan Ford Mazda Automobile (CFMA) broke ground at
a new RMB 3.34 billion (US$490 million) state-of-the-art passenger
car facility in Chongqing, which will increase annual capacity of
CFMA's operations in China to 600,000 vehicles by 2012.

Ford Motor China also continued to expand its dealer networks,
especially in tier 2 and tier 3 cities, and at the end of
September Ford had 226 authorized, full-service dealerships.

"We are committed to focusing on our ONE Ford plan in China and
further expanding to meet the continued rise in demand from
Chinese consumers for world-class Ford products and services,"
explained Graziano.

                         About Ford Motor

Based in Dearborn, Michigan, Ford Motor Company (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 201,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

Ford Motor carries a 'Caa1' corporate family rating, with stable
outlook, and speculative grade liquidity rating of SGL-3 from
Moody's Investors Service.  Ford Motor's CFR was upgraded from
'Caa3' to 'Caa1' in September 2008.


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H O N G  K O N G
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ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on November 11
-----------------------------------------------------------------
A petition to wind up the operations of Adrian Engineering Limited
will be heard before the High Court of Hong Kong on November 11,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Joseph C. T. Lee & Co
         Euro Trade Centre, 10th Floor
         21-23 Des Voeux Road
         Central, Hong Kong


ASIA-PACIFIC DUTY: Court to Hear Wind-Up Petition on November 25
----------------------------------------------------------------
A petition to wind up the operations of Asia-Pacific Duty Free
Limited will be heard before the High Court of Hong Kong on
November 25, 2009, at 9:30 a.m.

The Petitioner's solicitor is:

         Lovells
         One Pacific Place, 11/F
         88 Queensway
         Hong Kong


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

The Petitioner's solicitors are:

         Benson Li & Co.
         Two Chinachem Plaze
         Unit B, 6th Floor
         135 Des Voeux Road
         Central, Hong Kong


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

The Petitioner's solicitors are:

         K.B. Chau & Co.
         Wing Lung Bank Building, 11th Floor
         45 Des Voeux Road
         Central, Hong Kong


CM2 LIMITED: Court to Hear Wind-Up Petition on December 2
---------------------------------------------------------
A petition to wind up the operations of CM2 Limited will be heard
before the High Court of Hong Kong on December 2, 2009, at
9:30 a.m.

The Petitioner's solicitors are:

         Baker & McKenzie
         One Pacific, 32rd Floor
         88 Queensway
         Admiralty, Hong Kong


INTERMOST CORP: Albert Wong Raises Going Concern Doubt
------------------------------------------------------
Albert Wong & Co., in Hong Kong, expressed substantial doubt about
Intermost Corporation's ability to continue as a going concern
after auditing the Company's consolidated financial statements for
the year ended June 30, 2009.  The auditing firm pointed to the
Company's recurring losses from operations and significant
accumulated deficit.  In addition, the auditing firm said that the
Company continues to experience negative cash flows from
operations.

Intermost Corporation reported a net loss of US$2,435,707 on net
revenues of US$4,023 for the year ended June 30, 2009, compared
with a net loss of US$1,557,054 on net revenues of US$26,108 for
the year ended June 30, 2008.  Net revenues during fiscals 2009
and 2008 were derived principally from e-commerce solutions.  The
term "e-commerce solutions" includes web site design and
development and web hosting.

Loss from operations were US$1,416,278 for 2009, compared with
loss from operations of US$1,605,192 for 2008.

The Company's consolidated balance sheet at June 30, 2009, showed
US$2,868,671 in total assets, US$525,429 in total liabilities,
US$446,361 in minority interests, and US$1,896,881 in total
stockholders' equity.

Full-text copies of the Company's consolidated financial
statements for the year ended June 30, 2009, are available for
free at http://researcharchives.com/t/s?46bf

Based in Hong Kong, Intermost Corporation was originally
incorporated in the State of Utah on March 6, 1985, under the name
Utility Communications International, Inc.  The Company changed
its name from Utility Communications International, Inc. to
Intermost Corporation on October 23, 1998.  In February 2003, the
Company re-domiciled from the State of Utah to the State of
Wyoming.

On October 23, 1998, the Company acquired a 100% interest in
Intermost Limited ("IL"), a company incorporated in the British
Virgin Islands, by issuing 4,970,000 shares of its common stock
with a par value of US$0.001 per share (after the redenomination
of par value and a stock split) to the shareholders of IL.

The acquisition of IL by the Company was treated as a reverse
acquisition since IL was the continuing entity as a result of the
exchange reorganization.

The Company is engaged in providing, directly and through its
subsidiaries and associated companies, business equity and
financial consulting services in the People's Republic of China.


OPEN STANDARD: In Voluntary Wind-Up Proceedings
-----------------------------------------------
At an extraordinary general meeting held on September 28, 2009,
members of Open Standard Support Organization Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Li Man Fai
         Hing Yip Commercial Centre, Room 1802
         272-284 Des Voeux Road
         Central, Hong Kong


RISE CHINA: Yan (Derek) and Haughey Step Down as Liquidators
------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Rise China Properties Limited on September 30,
2009.


SEVEN SHARDS: Seng and Lo Appointed as Liquidators
--------------------------------------------------
Natalia K M Seng and Susan Y H Lo on September 30, 2009, were
appointed as liquidators of Seven Shards Productions Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SINO PUBLISHING: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on September 29, 2009,
members of Sino Publishing House Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Kong Tak Wing
         Leung Man Kay
         Chinachem Tower, 21/F
         34-37 Connaught Road
         Central, Hong Kong


SPORTS AND OUTDOOR: Gilligan Steps Down as Liquidator
-----------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Sports and
Outdoor Media (HK) Limited on October 5, 2009.


TAT CHOI: In Voluntary Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on October 8, 2009,
members of TAT Choi Enterprises Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Konwloon, Hong Kong


WELL LIGHT: Tam Fung King Appointed as Liquidator
-------------------------------------------------
Tam Fung King on October 9, 2009, was appointed as liquidator of
Well Light Development Limited.

The liquidator may be reached at:

         Tam Fung King
         Euro Trade Centre, 15th Floor
         21-23 Des Voeux Road
         Central, Hong Kong


YIN SHES: Li Chun Hung Steps Down as Liquidator
-----------------------------------------------
Li Chun Hung stepped down as liquidator of Yin Shes Limited on
October 1, 2009.


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ALVA'S EDUCATION: ICRA Assigns 'LB+' Rating on INR492.7MM Debts
---------------------------------------------------------------
ICRA has assigned an LB+ rating to the INR492.70 million fund
based limits of Alva's Education Foundation.

The rating takes into account AEF's moderate scale of operations,
high competitive intensity faced by it from numerous educational
institutes in its vicinity, and the recurring capex required to
maintain infrastructural facilities as well as to add fresh
courses / colleges as planned by the trust.  High capex
requirements which have been largely debt funded have in turn
resulted in a high gearing (1.9 times as on March 31, 2009),
resulting in below average coverage indicators and limited funding
flexibility.  Further, few instances of delays by AEF in payment
of enhanced equated monthly installments (EMIs) indicate stretched
liquidity profile. While assigning the rating, ICRA also takes
note of the challenges faced by private educational institutions
in attracting high quality faculty.  However the rating takes
comfort from the long experience of the promoter, Dr. Mohan Alva
in the field of education, inherent predictability of revenues
associated with educational institutions, and AEF's diversified
presence into engineering colleges, medical & nursing colleges,
degree colleges, ayurvedic & naturopathy colleges and pre-
university colleges.

Alva's Educational Foundation (AEF) is an educational trust
promoted by Dr. Mohan Alva in 1995 in Moodbidri, a town adjacent
to Mangalore, Karnataka.  Currently, AEF operates 15 colleges
offering more than 30 courses in various disciplines like
ayurveda, nursing, physiotherapy, naturopathy, engineering, pre-
university colleges, post graduation etc.  The infrastructure
facilities are adequate and include an auditorium (seating
capacity 1500), common canteen, sports facilities, libraries,
laboratories, and hostels (capacity for 6200 students; occupancy ~
95%). Further, the faculty is adequate, as measured by a teacher-
student ratio of 1:21. Out of the faculty strength of 416, more
than 177 have experience of more than 5 years.


BASAVESHWAR ELECTRICALS: Low Net Worth Cues ICRA 'LBB+' Ratings
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR82.5 million bank
lines of Basaveshwar Electricals and Engineers.

The rating factors in the highly competitive nature of the
industry and BEE's modest scale of operations, which coupled with
its low net-worth limits its ability to bid for larger and more
complex projects.  The rating also takes into account the exposure
of the company to high geographical and client concentration risks
as all the orders are from the electricity supply companies
located in the state of Karnataka.  The rating is however
supported by BEE's experienced management and its long track
record in the electrical engineering contracting business.

Basaveshwar Electricals and Engineers (BEE) is a partnership firm
engaged in electrical engineering contracts.  Currently, all the
contracts of the firm are located in the state of Karnataka.  BEE
was promoted by one of its current partners Mr. Gachinmath, who
has been carrying out the business since 1989. In FY2009 it
achieved a turnover of INR140.29 million and a PAT of INR10.62
million.


INLAND ROAD: Stretched Cash Flows Cue ICRA 'LBB' Ratings
--------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR520 million bank
facilities of Inland Road Transport Private Limited comprising
cash credit facilities of INR500 million and long-term non-fund
based facilities of INR20 million.  ICRA has also assigned an 'A4'
rating to short term non-fund based bank facilities of INR80
million of the company.

The ratings are constrained by declining trend in profitability
and stretched cash flows, particularly due to high debtor days,
stiff competition from the unorganized sector adversely impacting
profitability and the weakness in IRTPL's information system.
High dependence on hired vehicles exposes the company to
fluctuations in freight rates and the availability of trucks in
the hire market.  The ratings, however, also factor in the
company's wide network with adequate storage facilities spread
across India, experience of the promoters in the road
transportation business, low customer concentration risk in its
part truck load (PTL) business and improvement in capital
structure in recent years.

IRTPL is promoted by the Kolkata-based Somani family.
Incorporated in 1982, the company has been primarily engaged in
the road transportation of goods.  The company has a wide network
of 109 branches spread across India.  During the year 2007-08
IRTPL reported a net profit after tax of INR36.94 million on a net
sales of INR3.29 billion.  For 2008-09 the company reported an
estimated net profit after tax of INR42.08 million on a net sales
(provisional) of INR3.46 billion.


MALANI CONSTRUCTION: ICRA Puts 'LBB+' Rating on Cash Credit
-----------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR55 million cash credit
facilities of Malani Construction Company on long term scale and
has assigned A4+ rating to the INR170 million non-fund based
facilities of MCC on short term scale.

The assigned ratings are constrained by MCC's small scale of
operations, its concentration in civil construction segment which
is characterized by high competitive intensity and hence lower
profitability and its excessive dependence on contracts awarded by
Government of Gujarat.  While assigning the ratings ICRA has also
noted the risks that are inherent in partnership firms.  The
ratings however draw comfort from the promoters experience in the
construction business, favorable capital structure of MCC and its
long term relationships with its clients.

Malani Construction Company was established in 1968 as a
partnership firm by Mr. Keshavji Malani and Mr. Jadavji Malani.
Since then it has worked as a contractor, primarily in the
commercial buildings segment executing orders mainly for the
Government of Gujarat.  In October 2007 the partnership deed was
amended and Mr. Manojbhai Malani and Mr. Umeshbhai Malani were
handed over the legal rights of their late father, Mr. Keshavji
Malani. MCC has registration for approved contractor in 'AA' class
and Special CAT I Building class from the Gujarat state government
and 'Class I (Civil) category' registration from Central Public
Works Department.

For the financial year ended March 2009, MCC reported a profit
after tax (PAT) of INR19.9 million on an operating income of
INR404.9 million.


MANIAM PROPERTIES: ICRA Rates Long Term Bank Debts at 'LB+'
-----------------------------------------------------------
ICRA has assigned an 'LB+' rating to the long term sanctioned bank
limits of Maniam Properties Private Limited.

The rating is constrained by recent delays on the part of MPPL in
servicing its debt obligations, market risk factors on account of
the residential neighborhoods in the catchment area of the mall
being mid-end localities, residual construction risk and
dependence on securing occupancy from inline retailers for
attaining high overall occupancy levels which are required for
debt servicing.  Further, even at high occupancy levels, the cover
available for debt servicing is moderate.  The rating however
takes into account the attractive location of the mall in Jaipur,
its diverse and reputed tenant mix, the presence of experienced
promoters as key stakeholders and the escrow mechanism to
facilitate debt servicing

MPPL is a joint venture between Kshitij Venture Capital Fund
(KVCF), Mani Square Pvt. Ltd. and Salarpuria Properties Pvt Ltd
(Sattva Group) whose shareholdings in the project are 40%, 35% and
25%, respectively.  KVCF is a domestic retail-focused real estate
fund whose corpus is being invested in developing eleven malls
across India.  Kshitij Investment Advisors Company Ltd., a
subsidiary of Future Capital Holdings (part of The Future Group)
advises the Kshitij Venture Capital Fund.  MPPL owns and operates
the Pink Square Mall at Govind Marg, Jaipur.  MPPL started
construction of its mall in November 2006 and the mall is expected
to start commercial operations in February 2010.


ROLL TUBES: ICRA Assigns 'LBB' Rating on INR40MM Bank Facilities
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR40 million fund based and
INR40 million non fund based facilities of Roll Tubes Limited.
ICRA has also assigned A4 rating to the INR20 million non fund
based facilities of RTL.

The assigned ratings factor in the weak financial risk profile,
limited product portfolio, modest scale of operations and weak
profitability vis-a-vis peers operating in similar business
segment. The company's financial performance is characterized by
flat revenue growth; thin operating margins and poor cash
accruals. While ICRA takes note of promoters' experience in the
addressable business segment, the company's dependence on tender
business and significant exposure to raw material price risk
constrain the rating.

Recent Results

as per the provisional financials for 2008-09, RTL reported net
sales of INR841.7 million, 1.4% higher than previous year levels.
The company reported Profit Before Tax (PBT) of INR1.9 million,
5.2% higher than previous year.

Roll Tubes Limited (RTL), established in 1988 is a family owned
company engaged in the manufacture of ERW Steel Pipes, Tubes and
steel tubular poles.  The company was granted the status of an SSI
unit w.e.f. June 1988.  The company had an installed capacity of
25,000 MT per annum as on March 31, 2008.  RTL's manufacturing
facilities are ISO-9001:2000 qualified.


SRINIVASA COTTON: ICRA Places 'LBB+' Rating on INR192MM Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR192.0 million fund
based limits and term loans of Srinivasa Cotton and Oil Mills
Limited.

The rating is constrained by the intensifying competition in
edible oils industry, from enhanced imports post reduction in
import duty for other edible oils, increasing the availability of
cheaper substitutes such as palm oil on the market side and
uncertainty in relation to price and availability of quality raw
material on the procurement side.  The rating is further
constrained by the unfavorable business outlook for its ginning
business due to increased Minimum Support Price (MSP) for cotton
that has made this segment of business unprofitable.  However the
rating draws comfort from the long track record of the company,
its established network of suppliers and customers and its
integrated operations.

Situated at Varagani, SCOM is engaged in cotton seed processing to
produce cotton seed oil.  It also markets various by-products that
are generated in the process including De-Oiled Cake, Hulls and
Linters.  The company procures cotton and cottonseed from local
distributors and ginners directly.  It sells the cotton lint for
cotton spinning to its group company Vishwateja Spinning Mills and
to other spinning units in the vicinity.

Currently, the company has a capacity of 100 Tonnes per Day (TPD)
for cotton ginning, 150 TPD for seed processing, 150 TPD for
solvent extraction and 25 TPD for oil refining.  The company is
closely held by Mr D. Seshagiri Rao and his family members having
100% of the shareholding.


TATA MOTORS: Raises US$750 Mln Through GDS, Convertible Notes Sale
------------------------------------------------------------------
Tata Motors Limited has issued 29,904,306 new equity shares in the
form of Global Depositary Shares at a price of US$12.54 per GDS,
aggregating US$375 million and 3,750, 4% coupon convertible notes
due 2014 at a price of $100,000 per Note, aggregating US$375
million.  The GDSs and Notes, together aggregating US$750 million,
will be listed on the Luxembourg Stock Exchange.

The Offering was successfully executed against the backdrop of
volatile equity market conditions with strong investor interest
resulting in the book being closed in less than an hour from
launch generating a demand of US$1.25 billion from 40 investors.
The deal size was upsized from a base $600 million to $750
million.  The GDS pricing represents a tight 1.5% discount to the
closing price on Oct 8, 2009 of INR589.25, while the Notes were
issued at a 7.5% conversion premium over the GDR price with a
yield to maturity of 5.5%.

Citigroup Global Markets, Credit Suisse and JP Morgan are acting
as joint bookrunners for the Offering.

Tata Motors intends to use the net proceeds from this offering for
repayment of debt incurred in connection with the acquisition of
Jaguar Land Rover, the outstanding of which stands at US$700
million and for other purposes such as capital expenditure,
working capital and other general corporate purposes.

Mr. Ravi Kant, Vice Chairman of Tata Motors, said "This is a
significant milestone for Tata Motors. This transaction is a re-
affirmation of investor confidence in the automotive sector and
bears testimony to the trust reposed in the long term outlook and
performance of Tata Motors."

Mr. C. Ramakrishnan, Chief Financial Officer of Tata Motors, said
"We are delighted with the outcome. The offering will augment our
long term resources, help us de-leverage and provide us the
financial flexibility to pursue our strategic goals."

The Offering is expected to settle on October 15, 2009, subject to
customary closing conditions.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


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


BAKRIE & BROTHERS: Pares Total Debt by 18.11% in H1 2009
--------------------------------------------------------
PT Bakrie & Brothers Tbk has cut its total debt by 18.11% from
IDR18.6 trillion in the first semester of 2008 to IDR15.23
trillion in the same period this year, according to Antara News.

The management had reduced the company's debt burden and finished
restructuring a number of its debts particularly the short-term
debts that would become long-term debts to mature in 2012, the
news agency relates, citing the company's head of communications
and administration, Siddharta Moersyid, as saying in a press
statement on Monday.

According to the report, Mr. Moersyid said although the company
still booked a loss of IDR124,543 billion with the reduction of
its debts it now had better liquidity.

Mr. Moersyid said the company planned to buy back the shares of
its subsidiaries held by creditors or through market mechanism,
the report relates.

Indonesia-based PT Bakrie & Brothers Tbk (JAK:BNBR) --
http://www.bakrie-brothers.com/-- engages in general trading,
steel pipe manufacturing, building materials and construction
products, telecommunications systems, electronic and electrical
goods and equity investments. The Company comprises three core
business segments: infrastructure, plantations and
telecommunication. Infrastructure segment includes production of
steel pipes, corrugated metal products, cast iron products for
automotive industry, fiber cement building products and the
provision of fabrication and site engineering services. Plantation
segment includes agriculture and processing and trading of
agricultural and industrial products.  Telecommunication segment
includes provision of telecommunication equipment and radio wave
base telecommunication system and fixed wireless services.


EXCELCOMINDO PRATAMA: Secures US$168-Mln Loans from Banks
---------------------------------------------------------
The Jakarta Post reports that PT Excelcomindo Pratama has secured
loans worth IDR1.6 trillion (US$168 million) from PT Bank Negara
Indonesia and PT CIMB-Niaga.

The Post, citing XL's statement, says the loans will have a
maturity period of five years and interest rates at between 11 and
12%.  XL would use the loans for debts refinancing and 2009
capital expenditure, the Post notes.

Meanwhile, Jakarta Globe says that XL said it planned to reduce
its dollar-denominated debt from about half to about a quarter of
its total debt by next year to lower foreign-exchange risk.

According to the Globe, Johnson Chan, Excelcom's vice president
for corporate finance, said the company plans to convert about
half of its existing dollar debt.  Its total debt is IDR18.5
trillion, about half of which is denominated in dollars, Mr. Chan
said.

The Globe relates Mr. Chan said Excelcom has outstanding dollar-
denominated loans from a number of banks and is discussing early
repayment with them.

Excelcom is also considering a rights issue, or issuing mandatory
convertible notes, with the proceeds, estimated at about $300
million, for the purpose of paying down its dollar debt, the Globe
states.

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2009, that Standard & Poor's Ratings Services affirmed its 'BB-'
corporate credit rating on the company and its 'BB-' rating on the
US$250 million (US$127.7 million currently outstanding) 7.125%
notes due 2013 issued by Excelcomindo Finance Co. B.V., a fully
owned company incorporated in The Netherlands, and which are
unconditionally and irrevocably guaranteed by XL.  S&P also
revised its down its outlook on the company's long-term corporate
credit rating to negative from stable.

The TCR-AP also reported on Feb. 27, 2009, that Moody's Investors
Service has changed the outlook on PT Excelcomindo Pratama Tbk's
Ba2 local currency issuer rating and senior unsecured foreign
currency rating to negative from stable.


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


AEON CO: Posts JPY14.68 Bil. Net Loss in 2nd Half Ended August 30
-----------------------------------------------------------------
Japan Today reports that Aeon Co. has incurred a group net loss of
JPY14.68 billion for the six-month period through August, marking
the second straight year the firm fell into the red at the interim
stage.

According to the report, Aeon, which operates Jusco and MaxValu
supermarket stores, said its group operating profit also fell
39.5% to JPY35.50 billion on sales of JPY2.53 trillion, down 3.1%
-- the first fall in revenue for its interim earnings report since
the retailer began releasing such data in fiscal 1996.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2009, Aeon Co. posted its first annual loss in seven
years due to lackluster consumer spending and special losses
linked to its U.S. clothing affiliate Talbots Inc.

Aeon logged a group net loss of JPY2.76 billion for the business
year ended in February 28, compared with a net profit of JPY43.93
billion logged a year earlier.  The company's operating profit
dropped 20.3% to JPY124.37 billion on sales of JPY5.23 trillion.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


ELPIDA MEMORY: May Raise Stake in Rexchip to More Than 70%
----------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Elpida Memory Inc.,
said it may raise stake in its venture with Taiwan’s Powerchip
Semiconductor Corp. to more than 70% by Dec. 31.

Elpida’s spokesman Hiroshi Tsuboi told Bloomberg that the company
on Tuesday increased its holding in Rexchip Electronics Corp. to
64%, from 52%.

Bloomberg relates Mr. Tsuboi said Powerchip gave Elpida 350
million shares worth more than JPY10 billion (US$111 million) to
repay an earlier loan from the Japanese chipmaker, lowering its
stake to about 34%.

Elpida is strengthening its ownership of the Taichung, Taiwan-
based venture to secure chip supply as improving demand bolsters
prices of the devices, Bloomberg notes.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.


JAPAN AIRLINES: May Seek JPY300-Bln Debt Relief, Cut More Jobs
--------------------------------------------------------------
Bloomberg News, citing the Nikkei newspaper, reports that Japan
Airlines Corp. may seek debt relief totaling JPY300 billion
(US$3.3 billion), including loan waivers and debt-for-equity
swaps, under a rehabilitation plan overseen by a government panel.

According to Bloomberg, the newspaper said the company may reduce
the amount of pension obligations by JPY100 billion from JPY330
billion. Bloomberg says JAL may also raise JPY480 billion in funds
by March, including a capital increase of JPY150 billion.  The
Nikkei newspaper, as cited by Bloomberg, said the company may cut
more jobs than previously planned and hire a chief executive
officer from outside the company.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

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


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


HYNIX SEMICONDUCTOR: Creditors Consider Selling Smaller Stake
-------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors will reduce the size of the
stake they intend to sell to bidder Hyosung Corp., Bloomberg News
reports, citing Yonhap News.

Bloomberg relates the Korean-language news agency said creditors
are considering selling a combined stake of about 15% along with
management control to Hyosung.

The Troubled Company Reporter-Asia Pacific reported on Sept. 24,
2009, that Hyosung Group made an offer to buy a 28% stake in Hynix
Semiconductors.

"Out of the 40 companies to which we have sent an invitation for
bids, one company has submitted a letter of intent," said Korea
Exchange Bank (KEB), leading shareholder of Hynix.  Hyosung Corp
was the only company who has submitted a letter of intent for the
stake in Hynix.

KEB said it would proceed with the sale process to name a
preferred bidder by end-November.

As reported in the TCR-AP on September 8, 2009, Hynix
Semiconductor will invite bids on the sale of a combined 28% stake
in the company.

The stake sale, which is estimated to be worth KRW4.5 trillion
(US$3.65 billion), is being managed by Credit Suisse Ltd., Woori
Investment & Securities Co. and state-run Korea Development Bank.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings affirmed Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, the
agency downgraded the ratings for its outstanding senior unsecured
debt to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor Inc's corporate family and senior unsecured bond
ratings on Dec. 26, 2008.  The outlook for both ratings remains
negative.


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


EKRAN BERHAD: Bursa Extends Plan Submission Deadline to Dec. 4
--------------------------------------------------------------
Bursa Malaysia Securities Berhad has granted Ekran Berhad until
December 4, 2009, to appoint a Principal Adviser and submit the
Company’s regularization plan to Bursa Securities and other
relevant authorities through the Principal Adviser for approval.

Ekran Berhad is a Malaysian company engaged in investment holding
and the provision of management services to its subsidiary
companies.  Through its subsidiaries, the company is engaged in
property development; the provision of property management
services; timber logging and saw milling; the sale of timber
products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                           *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on various
credit facilities.


HARVEST COURT: To Undertake Renounceable Rights Issue
-----------------------------------------------------
Harvest Court Industries Berhad disclosed the renounceable rights
issue of 48,006,847 ordinary shares of MYR0.25 each in the company
together with 48,006,847 free warrants on the basis of 36 Rights
Shares with 36 free warrants for every 17 existing ordinary shares
of MYR0.25 each in the company held at an issue price of MYR0.25
per Rights Share (Rights Issue with Warrants).

The period of trading in rights to the offer of new shares opened
on October 27, 2009.  Rights trading will cease on Nov. 3, 2009.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                           *     *     *

Harvest Court Industries Berhad has defaulted on several loan
facilities because of a reduction in sales from 2002 onwards due
to a weak global market as a result of the Iraqi and the severe
acute respiratory syndrome, or SARS, as well as its inability to
raise funds via the equity market due to weak market sentiment.
Due to its financial position, Harvest Court had embarked on an
exercise to restructure the Company, including a debt
restructuring and capital reduction.  The Company's proposed
corporate exercise was rejected by the Securities Commission in
November 2005, on grounds that the proposals are not comprehensive
and are not capable of resolving all financial problems of the
Company.  Its appeal to reconsider the rejection was also junked
by the Commission on February 24, 2006.

Currently, the Company is classified under the Amended PN17
category of the Bursa Malaysia Securities Bhd's official list
and is therefore required to implement a plan to regularize its
finances.


LITYAN HOLDINGS: Proposed Waiver for LTH Takeover Offer Approved
----------------------------------------------------------------
Lityan Holdings Berhad disclosed that the Securities Commission
has approved the proposed waiver to Lembaga Tabung Haji (LTH) from
the obligation to extend a mandatory take-over offer for the
remaining ordinary shares of MYR1.00 each in Lityan not already
owned by LTH after the Proposed Special Issue.

The approval is subject to these conditions:

   (i) that LTH complies with disclosure requirements under
       Practice Note 2.9.1 of the Malaysian Code on Take-Overs
       and Mergers, 1998; and

  (ii) that AmInvestment Bank/LTH inform the SC upon completion
       of the Proposed Restructuring Scheme.

In April 2008, Lityan Holdings Berhad finalized the terms of its
Proposed Restructuring Scheme, which involves:

      (i) proposed capital reconstruction involving the proposed
          cancellation of 87.50 sen of the par value of the
          existing ordinary shares of MYR1.00 each in Lityan and
          thereafter, the proposed consolidation of eight
          ordinary shares of 12.50 sen each into one Share and
          the proposed reduction of the entire share premium
          account of Lityan;

     (ii) proposed restructuring of debts owed to the company's
          secured creditors and the unsecured creditors to be
          collectively referred to as "Scheme Creditors";

    (iii) proposed special issue of 31,452,265 new Shares in
          Lityan to Lembaga Tabung Haji, at an issue price of
          MYR1.00 per Share after the Proposed Capital
          Reconstruction and the Proposed Debt Restructuring;

     (iv) proposed waiver to Lembaga Tabung from having to extend
          a take-over offer for all the remaining Shares not
          owned by them in Lityan after the Proposed Special
          Issue;

      (v) proposed acquisition of the entire issued and paid-up
          capital of THT Integrated Solutions Sdn Bhd comprising
          500,000 Shares from TH Technologies Sdn Bhd, a wholly-
          owned subsidiary of Lembaga Tabung, for a purchase
          consideration of MYR1,600,000 to be satisfied via the
          issuance of 1.6 million new Shares in Lityan at an
          issue price of MYR1.00 per Share; and

     (vi) proposed offer for sale or placement of Lityan Shares
          at the option of the Scheme Creditors to the Malaysian
          public, including the shareholders of Lityan on a
          rights basis as well as to the senior management of
          Lityan.

The Proposed Debt Restructuring will involve the participation of
Lityan's Scheme Creditors and will be implemented by way of a
scheme of arrangement pursuant to Section 176 of the Act for it to
be enforceable and binding on all the Scheme Creditors.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                           *     *     *

On May 10, 2005, Lityan Holdings Berhad was classified as an
affected listed issuer pursuant to Bursa Malaysia Securities
Berhad's Practice Note 17 category.  On January 16, 2006, the
Company entered into a conditional Restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an injection
of new viable businesses.


TALAM CORP: Provides Update on Loan Default Status as of Aug. 31
----------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities as
of August 31, 2009.

                          Default Status

A. These companies are in the midst of finalizing the sales and
   purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 08/31/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR27,509,505
   Sdn Bhd               Sdn Bhd                 MYR70,826,140
                                                 MYR75,768,331

B. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 08/31/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,508,377
                         Leasing Sdn Bhd          MYR22,803,415


   Ukay Land Sdn Bhd     Insas Credit &           MYR14,732,279
                         Leasing Sdn Bhd

C. This company is in the midst of negotiating with financial
   institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 08/31/2009
   ----------              ------             ----------------
   Talam Corporation Bhd   Pengurusan          MYR3,287,818
                           Danaharta Nasional

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TENGGARA OIL: Has MYR21.19 Million Outstanding Debt as of Sept. 30
------------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary company, Tenggara Concrete Sdn
Bhd, have been unable to pay the amount of principal and interest
in respect of its credit facilities as of September 30, 2009:

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR6,847,645.01
   (Southern Bank Berhad)

   CIMB Bank Bhd              TOB                 1,441,638.72
   (Bumiputra-Commerce Bank
    Bhd)

   Malayan Banking Bhd        TCSB               12,904,815.62
                                              ----------------
                                              MYR21,194,099.35

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


===============
M O N G O L I A
===============


* MONGOLIA: Fitch Affirms Issuer Default Ratings at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-term foreign and local
currency Issuer Default Ratings at 'B', and revised the Outlook of
these ratings to Stable from Negative.  At the same time, the
agency has affirmed the Country Ceiling and Short-term foreign
currency IDR at 'B'.

The revision is based on the stabilization of Mongolia's sovereign
credit fundamentals, particularly since the IMF programme was
approved in April 2009, and new external borrowing agreements were
reached with multilateral and bilateral entities (World Bank,
Asian Development Bank and Japan's government) in H109.  The
inflation rate has decelerated to single digits amid tight
monetary conditions, and the MNT/US$ exchange rate has been
stabilizing as the Bank of Mongolia has committed to a more
flexible exchange-rate regime under the IMF programme.  In
addition, the country's foreign-exchange reserves have been re-
building and the government has become more disciplined in fiscal
management.

"The crisis during Q308-Q109 underscored Mongolia's vulnerability
to external shocks and its ineffective policy response to
economic-overheating," said Vincent Ho, Associate Director of
Fitch's Asia Sovereign ratings team in Hong Kong.  "Policy
coordination between Mongolian government authorities has improved
and has become more timely, consistent and effective since the IMF
programme, which has helped resolve the major economic issues and
restore confidence," added Mr. Ho.

Mongolia's external financial position has been stabilizing since
the IMF programme, and the country's foreign-exchange reserve
position has been recovering since its trough in March 2009.
Reserves declined by over 40% in Q308-Q109, mainly due to a
deterioration of the current account and the central bank's
intervention to offset depreciation pressures.  Gross external
debt and general government debt are dominated by long-term
concessional external government debt, which helps mitigate the
government's debt-servicing pressure.  The country's external
liquidity position (international liquidity ratio is 650%) is one
of the strongest among its 'B' peer group as it has no short-term
external debt.

The Mongolian government is committed to restraining spending and
maintaining fiscal deficits below the ceilings required by the IMF
programme in 2009-2010.  The government has become more
disciplined and has strived to trim expenditure amid reduced
mining-related fiscal revenue.  Multilateral and bilateral
entities will help finance part the fiscal deficits in 2009-2010,
and Fitch expects the government to also finance part of the
fiscal deficits by drawing down its deposits (including those of
Mongolian development fund).  It has been difficult for the
government to finance its fiscal deficit by borrowing domestically
in 2009, due mainly to the high yield rates of the risk-free
central bank bills and small local debt securities market.

The government's contingent-liability risks have heightened as
weak economic conditions have underscored the weaknesses of
banking system.  Non-performing loans have been driven up by
deteriorations in the overall economy, corporate and household
credit quality, and by tight credit and liquidity conditions.  The
sovereign is also exposed to other contingent-liability risks with
respect to blanket deposit guarantee measures and the unresolved
case of Anod Bank, which was the fourth largest bank by assets.
Fitch notes Mongolia's sovereign creditworthiness is exposed to
structural risks with respect to its banks' foreign-currency
liabilities and unhedged foreign-currency borrowers, which are
underscored when there is a significant MNT depreciation.

In Fitch's view, the signing of Oyu Tolgoi (one of the world's
largest copper-gold mines) investment agreement is a very positive
development for Mongolia.  The agency believes this will boost the
Mongolian government's profile with international investors
interested in further mining development, which should benefit the
country's long-term economic development.  Mongolia's economy and
external and public finances are highly dependent on volatile
commodity-price cycles.  In managing that volatility, it would be
helpful for the government to set aside a portion of its mining
receipts to act as a cushion to counteract any deterioration in
revenue associated with a cyclical downturn in commodity prices.


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


BLUE CHIP: Investors to Appeal Court Decision Over GE's Case
------------------------------------------------------------
Two Whangarei pensioners who failed in a bid to have their Blue
Chip-related mortgages set aside are appealing against the
decision, The New Zealand Herald reports.

The Herald relates Paul Dale, the barrister acting for the
Bartles, said he had already filed an appeal and was seeking an
urgent hearing.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 5, 2009, The National Business Review said that a Whangarei
couple has lost its bid to have its Blue Chip related mortgage
struck out.

According to NBR, retirees Bruce and Dorothy Bartle claimed their
mortgage, arranged after the couple invested with failed company
Blue Chip, was approved because of fraudulent documents.

In the judgment obtained by NBR on September 30, Justice Tony
Randerson struck out claims against GE Custodians and Tasman
Mortgages.

The High Court action, heard earlier this year, was being seen as
a test case by dozens of other victims of the Blue Chip collapse,
according to The New Zealand Herald.

                        About Blue Chip NZ

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

                        *     *     *

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


LINE 7: Charles Parsons Buys Line7 Assets
-----------------------------------------
Gareth Vaughan at BusinessDay reports that Australian firm Charles
Parsons Ltd. is buying the assets of collapsed sports and casual
wear manufacturer Line7 Ltd.

According to the report, the textile wholesaler, which has been a
Line7 supplier, said it was buying 100% of the intellectual
property related to Line7's brand and all its registered
trademarks globally.  No value for the deal was disclosed, the
report says.

BusinessDay notes Charles Parsons said it would continue the
"proud tradition" of Line7's brand, by ensuring continuity of
supply to existing agriculture and marine customers.

"We are really excited to have acquired this iconic NZ brand and
we believe that there are tremendous synergies between the core
values of Line7, the technical sourcing capabilities  that we have
on hand as a long term supplier to Line7, and the overall culture
of our company," BusinessDay quoted Charles Parsons' New Zealand
CEO Peter Allard as saying.

Charles Parsons Ltd. manufactures fashion fabrics and garments for
wholesale, sells linen, drapery and upholstery brands including
Trelise Cooper Interiors, and has a technical division that makes
performance industrial and outdoor textiles.  It operates in
Australia, New Zealand, China, Hong Kong, Singapore and Fiji.

As reported in the Troubled Company Reporter-Asia Pacific on
September 8, 2009, Line 7 receiver Grant Graham said KordaMentha
was in discussions with more than one potential buyer for the
Line 7 business.  The receivers had issued 57 information
memorandums to interested parties.  A receivership sale had been
held to clear stock, and the company's nine retail and two outlet
stores had been closed.

Based in New Zealand, Line 7 Ltd. -- http://www.line7.com/--
manufactures sailing and outdoor apparel.

On June 29, 2009, Grant Robert Graham and Brendon James Gibson
were appointed Joint and Several Receivers and Managers of the
assets and undertakings of Line 7 Limited.


SAIL CITY APPAREL: Canterbury U.S. Affiliate Files Ch. 15
---------------------------------------------------------
Sail City Apparel Ltd., part of New Zealand's Canterbury Group of
Companies, filed a Chapter 15 petition in order to assist in the
sale of the assets of the Canterbury Group to JD Sports Fashions
Plc, a U.K. retailer, Bill Rochelle at Bloomberg News reported.

Sail City and affiliates sell and distribute fashion and rugby
apparel under the trademark Canterbury of New Zealand.  The goods
are sold in the U.S. to stores such as Neiman Marcus, Saks and
Bergdorf Goodman.

The affiliated groups are in liquidation proceedings in the
U.K. and New Zealand.

Sail City Apparel Ltd. filed for Ch. 15 on Oct. 6, 2009 (Bankr. D.
Del. Case No. 09-36607).  Richard M. Meth, Esq., at Day Pitney
LLP, represents the petitioner.  The petition says assets are less
than Estimated Assets: US$1 million to US$10 million while debts
are between US$10 million and US$50 million.


* NEW ZEALAND: Retail Sales Up 1.2% in August 2009
--------------------------------------------------
New Zealand's seasonally adjusted core retail sales in August
2009, were up 1.2% (NZ$49 million), according to the country's
statistics agency.

Statistics New Zealand said total retail sales also rose, up 1.1%
(NZ$60 million), with two-thirds of all retail industries showing
increases.  These increases follow decreases in July, when core
retail was down 0.6% and total retail down 0.5%.

The biggest movers in the core industries, which exclude the four
vehicle-related industries, were clothing and softgoods retailing,
up 6.5% (NZ$14 million), and hardware retailing, up 7.2% (NZ$9
million). Decreases were comparatively small, with the largest
being NZ$3 million in supermarket and grocery stores.

In the vehicle-related industries, three of the four showed an
increase, led by automotive fuel retailing (up 1.9% or NZ$10
million).  The only industry to decrease was motor vehicle
retailing (down 1.4% or NZ$7 million).

The total retail sales trend has been rising since February 2009,
and has increased 1.4% since then, following a 13-month period of
decline.  The average rate of increase in the core retail trend
had flattened to 0.1% per month between mid-2007 and early 2009,
but since April has risen to 0.3%.  The long-term average since
the series started increasing in September 1995 is 0.4% per month.

Seasonally adjusted sales figures were up in all regions except
Wellington and Waikato.  Since February 2009, the trend for the
North Island has risen 1.3%, while that for the South Island has
declined 1.1%.


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


MOH SENG: Creditors' Proofs of Debt Due on Nov. 9
-------------------------------------------------
Creditors of Moh Seng Hup Kee Pte. Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 9, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chian Yeow Hang
         Tan Kok Hiang Lawrence
         6001 Beach Road
         #09-10 Golden Mile Tower
         Singapore 199589


NYDC (II): Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore on October 2, 2009, entered an order
to wind up N.Y.D.C. (II) Pte Ltd's operations.

HSBC Institutional Trust Services (Singapore) Limited, as trustee
of Suntec Real Estate Investment Trust, filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee’s office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


NATURAL FUEL: Court to Hear Wind-Up Petition on October 23
-----------------------------------------------------------
A petition to wind up the operations of Natural Fuel Pte Ltd will
be heard before the High Court of Singapore on Oct. 23, 2009, at
10:00 a.m.

Rotary Engineering Limited filed the petition against the company
on September 28, 2009.

The Petitioner's solicitors are:

         Messrs Rajah & Tann LLP
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


PRINSEP MANAGEMENT: Creditors' Proofs of Debt Due on Nov. 9
-----------------------------------------------------------
Creditors of Prinsep Management (s) Pte. Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 9, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


RANODA ELECTRONICS: Creditors' Meeting Set for October 26
---------------------------------------------------------
Ranoda Electronics Pte Ltd, which is under judicial management,
will hold a meeting for its creditors on October 26, 2009, at
10:00 a.m.

The company's judicial manager is Lin Mee Huat Casey.


REGENCY LEISURE: Declares First and Final Dividend
--------------------------------------------------
Regency Leisure Development Private Limited declared a first and
final dividend on September 28, 2009.

The company paid 90.7166% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


SENG SOON: Creditors' Proofs of Debt Due on November 13
-------------------------------------------------------
Creditors of Seng Soon Hock Co. (Pte) Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 13, 2009, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


UNIVERSAL ASSETS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore on October 2, 2009, entered an order
to wind up Universal Assets Group Pte Ltd's operations.

Yang Jinli filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         care of Insolvency and Public Trustee’s office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


===========
T A I W A N
===========


AMERICAN INT'L: Sells Taiwan Unit to Primus for US$2.15 Billion
---------------------------------------------------------------
American International Group, Inc. has agreed to sell its 97.57%
share of Nan Shan Life Insurance Company, Ltd. to a consortium
comprising Primus Financial Holdings Limited, the Hong Kong-based
financial services firm, and China Strategic Holdings Limited, the
Hong Kong Stock Exchange-listed investment company, for
approximately US$2.15 billion.

"We are pleased to have found a buyer who shares our confidence in
Nan Shan's bright future, and who has pledged to continue Nan
Shan's commitment to its policyholders, agents, and employees, as
well as to the people of Taiwan," said Robert Benmosche, AIG Chief
Executive Officer.

In acquiring Nan Shan, the Primus Financial consortium has agreed
to maintain the Nan Shan brand, the existing compensation and
benefits package for employees and the existing agency
organizational and commission structure for a minimum of two years
following the closing of the transaction.  The current Nan Shan
management team will remain in place.

Established in 1963, Nan Shan is the largest life insurer in
Taiwan by total book value and the third largest by total
premiums, serving four million policyholders via an extensive
network of 24 branches, 450 agency offices, approximately 4,000
employees, and more than 34,000 agents.

Blackstone Advisory Partners and Morgan Stanley acted as financial
advisors and Debevoise & Plimpton LLP and Lee & Li, Attorneys-At-
Law served as legal advisors to AIG on this transaction.

The transaction is subject to the satisfaction of certain
conditions, including receipt of regulatory approval.

                    About American International

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.  AIG has sold a number
of its subsidiaries and other assets to pay down loans received,
and continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of US$62 billion
for the fourth quarter and US$99 billion for the full year of
2008, along with a revised restructuring plan supported by the
U.S. Treasury and the Federal Reserve.  This concludes a review
for possible downgrade that was initiated on September 15, 2008.


AU OPTRONICS: Posts Higher September 2009 Revenues
--------------------------------------------------
AU Optronics Corp. disclosed its preliminary consolidated and
unconsolidated September 2009 revenue of NT$41,079 million and
NT$39,446 million, up 8.9% and 6.9% respectively from August 2009.
In terms of Y-o-Y comparison, they were up by 19.7% and 15%
correspondingly.

In the third quarter of 2009, AUO's unaudited consolidated and
unconsolidated revenues totaled NT$111,344 million and NT$108,200
million.  It represented an increase of 35% and 32.8% from the
second quarter of 2009, as well as a 7% and 4.2% increase from the
same period in 2008.

The large-sized panel shipments for September 2009, with
applications on desktop monitor, notebook PC, LCD TV and other
applications, were over 9.38 million units, an increase of 3.5%
from August 2009. As to small- and -medium-sized panels, the
shipments were close to 23.6 million units, up 19.8% compared to
last month.

In the third quarter of 2009, large-sized panel shipments were
close to 26.71 million units, a 19.2% Q-o-Q and a 28.9%Y-o-Y
increase.  Shipments of small- and -medium-sized panels in the
same quarter totaled 64.8 million units, up 6.5% from last
quarter, also a 6% Y-o-Y increase.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


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


G STEEL: S&P Downgrades Corporate Credit Rating to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Thailand-based G Steel Public Co. Ltd to 'D' from 'SD'.
The issue rating on the US$170 million senior unsecured notes due
Oct. 4, 2010, was also lowered to 'D' from 'C'.

G Steel missed a coupon payment on Oct. 4, 2009, on the senior
unsecured notes.  On April 30, 2009, G Steel also missed a bank
loan installment payment.  The notes, interest payable, and loans
from banks are estimated to constitute 38% of total liabilities at
June 30, 2009.

"G Steel's liquidity has deteriorated due to weak operating
performance and minimal plant utilization following the industry
downturn and sluggish demand for steel-related products," said
Standard & Poor's credit analyst Wee Khim Loy.

Given G Steel's weak cash flow generation and limited financial
flexibility, its cash balance of approximately US$2.2 million at
June 30, 2009, is insufficient to cover annual interest payment of
about US$18 million on the notes in 2009 and future financial
obligations.

The company reported a loss of approximately US$174 million for
the six months ended June 30, 2009, compared with a net profit of
US$161 million for the similar period in 2008.  G Steel remains
heavily reliant on trade creditors and advances from customers to
support its working capital requirement and continue its
operations.

"Standard & Poor's understands that G Steel is in the midst of
restructuring its debts.  S&P will review the ratings when the
restructuring plans are firmly established," Ms. Loy said.


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


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

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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