TCRAP_Public/091016.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

           Friday, October 16, 2009, Vol. 12, No. 205

                            Headlines

A U S T R A L I A

ELYSIUM NOOSA: Property Project Placed in Receivership
FARMER CHARLIE: Deloitte Appointed as Receivers
FORTESCUE METALS: May Still Get Fund from China, Valin Says
SMART SERIES: Fitch Assigns Final Ratings on 2009-1 Securities
SMART SERIES: Moody's Assigns Final Ratings on Various Classes

STORM FINANCIAL: Former CFO Just 'Followed Orders' on AU$2MM Bonus


C H I N A

CHINA MINSHENG: Can't Take Controlling Stake in UCBH, Reuters Says
ING GROEP: Oversea-Chinese Bank to Buy ING's Asia Private Bank


H O N G  K O N G

MG DESIGN: Court to Hear Wind-Up Petition on November 18
NEW GENERATION TRAVEL: Court to Hear Wind-Up Petition on Nov. 18
NATIONAL ENVIROPAK: Court to Hear Wind-Up Petition on November 25
ORSUS XELENT: Court to Hear Wind-Up Petition on November 11
PRIME WONDER: Court to Hear Wind-Up Petition on October 28

PHOENIX GARMENT: Court Enters Wind-Up Order
STAR TEAM: Court Enters Wind-Up Order
SHING KEE: Court Enters Wind-Up Order
SHINWA MAX: Court to Hear Wind-Up Petition on November 18
TACK FAT: Sutton and Yu Appointed as Liquidators

TSUN HO: Court Enters Wind-Up Order
TIN TIN STORE: Court Enters Wind-Up Order
TAIGU CHEMISTRY: Court Enters Wind-Up Order
WELL CONCEPT: Court to Hear Wind-Up Petition on November 25
WAI WAH: Court Enters Wind-Up Order


I N D I A

GENERAL MOTORS: SAIC Close to Buying Stake in GM India
SARBAT COTFAB: Default on Loan Obligations Cue CRISIL 'D' Ratings
SHRINATH GUM: CRISIL Places 'D' Ratings on Various Bank Facilities
TATA MOTORS: To Raise Nano Output This Month, Economic Times Says
TATA POWER: May Raise US$250 Million for Expansion


I N D O N E S I A

BANK RAKYAT: To Sell Up to IDR3 Trillion of Bonds
TELEVISI PENDIDIKAN: Declared Bankrupt on US$53-Mln Unpaid Debts


J A P A N

CITIGROUP INC: Files Financials Reflecting Nikko, Other Deals
SPANSION INC: Proposes to Reject Japan Unit Foundry Pact
SPANSION INC: Samsung, ITC Appeal Stay Order on Infringement Probe


K O R E A

GENERAL MOTORS: No Plans for GM Daewoo's Court Receivership
KUMHO ASIANA: Unit Gets More Than 10 Interested Buyers


M A L A Y S I A

HO HUP: Subsidiary Receives Writ of Summons and Interim Injunction
NEPLINE BERHAD: Bursa to Delist Securities on October 19
TIME ENGINEERING: Waiver of Bumiputera Equity Condition Granted


N E W  Z E A L A N D

* NEW ZEALAND: Annual Inflation Rate Down to 5-Year Low


T A I W A N

INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ELYSIUM NOOSA: Property Project Placed in Receivership
------------------------------------------------------
James Thomson at Smart Company reports that a AU$400 million
luxury apartment project in Noosa is in receivership, adding to
the string of failed developments in the chic beachside town.

The report, citing ASIC documents, discloses that the Elysium
Noosa development went under in late September and is now in the
hands of receivers Chris Campbell and John Greig from Deloitte.

Smart Company relates that the project was being developed by the
80-year-old Sydney property group, Consolo.


FARMER CHARLIE: Deloitte Appointed as Receivers
-----------------------------------------------
Deloitte partners Simon Cathro and David Lombe were appointed
receivers and managers on October 2, 2009, to the three Farmer
Charlie stores located in Lismore, Ballina and Evans Head.

The receivers are looking to trade the separate businesses
normally in order to preserve the long term viability and value of
these stores.  It is the intention of the Receivers to offer the
businesses for sale as a going concern.

"Employees of these stores have been notified of the appointment
and will continue to be employed on a "business as usual basis,"
Mr. Cathro said in a statement.

Mr. Cathro said that the receivers are undertaking a full review
of the financial position of the business.  Advertising for the
sale of the businesses will commence next week, he added.

Farmer Charlies companies under receivership are Farmer Charlie
Group Pty Ltd, Farmer Charlie Stores Pty Ltd, FC Grocery Pty Ltd
and FC Produce Pty Ltd.


FORTESCUE METALS: May Still Get Fund from China, Valin Says
-----------------------------------------------------------
Fortescue Metals Group Ltd., which missed a self-imposed deadline
to secure $6 billion of funds from Chinese lenders, may still
obtain financing from China, Bloomberg News reports, citing
shareholder Hunan Valin Iron & Steel Group.

"The money issue will be solved," Bloomberg quoted Li Xiaowei,
chairman of Chinese steelmaker Valin as saying.  "No one from the
Chinese government or financial institutions has said this can't
be done.  We will not give up until we reach our goal."

The Troubled Company Reporter-Asia Pacific reported on October 1,
2009, that the financing deadline was part of the company's
funding and pricing agreement last month with China Iron & Steel
Association and Baosteel Group Corp, Bloomberg said.

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


SMART SERIES: Fitch Assigns Final Ratings on 2009-1 Securities
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to the SMART Series 2009-
1 Trust automotive and equipment lease receivables-backed
securitization by Macquarie Leasing Pty Limited (Macquarie
Leasing).  Eight notes totaling AUD675.0 million were issued, up
from the initial amount of AUD320.0 million indicated at the
transaction's launch date.  Ratings, Outlooks and Loss Severity
ratings were assigned:

  -- AUD98.750 million Class A-1 'F1+';

  -- AUD475.000 million Class A-2 'AAA'; Outlook Stable; Loss
     Severity rating at 'LS1';

  -- AUD43.875 million Class B 'AA'; Outlook Stable; Loss Severity
     rating at 'LS2';

  -- AUD32.062 million Class C 'A'; Outlook Stable; Loss Severity
     rating at 'LS2';

  -- AUD6.750 million Class D 'BBB'; Outlook Stable; Loss Severity
     rating at 'LS4'; and

  -- AUD5.063 million Class E 'BB'; Outlook Stable; Loss Severity
     rating at 'LS4'.

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2009-1 Trust (the issuer).  The SMART
Series 2009-1 Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 20,484
automotive and equipment lease receivables totalling approximately
AUD668.25 million with an average size of AUD32,623.  The pool is
comprised of automobile (91.8%) and equipment (8.2%) lease
receivables originated by Macquarie Leasing to Australian
residents across the country.  The pool comprises fully amortizing
principal and interest leases with varying balloon amounts payable
at maturity.  The majority of leases are novated contracts
(62.8%), where the lease is novated to the employer in salary
packaging arrangements.  The balloon payment varies depending on
asset type.  However, the weighted average balloon payment for the
portfolio is 27.3%.

The 'F1+' rating assigned to the Class A-1 notes and the 'AAA'
rating assigned to the A-2 notes are based on the quality of the
lease collateral; the 15% credit enhancement provided by the
subordination of the Class B, C, D, E, F and seller notes; the
excess spread available to cover losses; the liquidity reserve
equivalent to the greater of (i) 1.0% of the aggregate invested
amount of the outstanding notes, or (ii) AUD300,000; the interest
rate swap provided by Macquarie Bank Ltd ('A+'/Outlook
Stable/'F1'); and Macquarie Leasing's underwriting and servicing
capabilities.

The ratings on the Class B, C, D, and E notes are based on all the
strengths supporting the Class A notes, excluding their credit
enhancement levels.


SMART SERIES: Moody's Assigns Final Ratings on Various Classes
--------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
notes issued by SMART Series 2009-1 Trust:

  -- AUD98.750 million Class A-1 Notes, Assigned P-1;
  -- AUD475.00 million Class A-2 Notes, Assigned Aaa;
  -- AUD43.850 million Class B Notes, Assigned Aa1;
  -- AUD32.062 million Class C Notes, Assigned A1;
  -- AUD6.750 million Class D Notes, Assigned Baa1;
  -- AUD5.063 million Class E Notes, Assigned Ba3;
  -- AUD6.750 million Class F Notes, Assigned B3.

The AUD6.750 million Seller Notes are not rated by Moody's.  The
transaction has been upsized from an initial size of
AUD320 million.

The transaction is a securitization of a portfolio of Australian
commercial hire purchase agreements, chattel mortgages, finance
leases and novated leases secured by motor vehicles and other
commercial equipment originated by Macquarie Leasing Pty Limited.
In broad terms SMART Series 2009-1 Trust replicates the structures
seen in previous SMART transactions sponsored by Macquarie.

In order to fund the purchase price of the revolving portfolio,
SMART Series 2009-1 Trust has issued eight classes of notes.  The
notes will be repaid on a sequential basis in the initial stages
(until the subordination percentage increases from the initial
15.0% to 19.9%) and during the tail end of the transaction.  At
all other times, the structure will follow a pro rata repayment
profile.  This principal paydown structure is a departure from
past SMART transactions and other comparable structures in the
Australian ABS market.

The ratings take account of, among other factors, the credit
enhancement provided by the mezzanine and junior notes, equal to
15% in the case of the Class A Notes.  This compares favorably
with the 10% credit support commensurate with the Aaa rating in
Moody's view.  The ratings also take into account the 1.0%
liquidity reserve, which addresses the risk of temporary interest
shortfall and servicer disruption, and the experience of Macquarie
in servicing auto and equipment lease portfolios.

The definitive ratings address the expected loss posed to
investors by the legal final maturity (October 2016).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on or before the final legal
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Date of previous rating action: Assignment of provisional ratings
on the 1 October 2009.

Moody's will monitor this transaction on an ongoing basis.


STORM FINANCIAL: Former CFO Just 'Followed Orders' on AU$2MM Bonus
------------------------------------------------------------------
Anthony Marx at the Herald Sun reports Lauren Davies, former Storm
joint chief financial officer and company secretary, told the
Federal Court in Brisbane, said she was just following orders when
she oversaw a AU$2 million bonus payment to the company's co-
founders despite knowing the firm was in deep trouble.

The report relates Ms. Davies told the Federal Court she raised no
objections to the December 15 payment to a private trust account
controlled by Emmanuel and Julie Cassimatis.

"I was very confident they knew all the things I knew prior to
giving me that instruction," the reported cited Ms. Davies as
saying at the public examination into Storm's failure.

According to the report, Ms. Davies said she transferred the money
even though she knew the company could not pay an AU$11.3 million
tax debt, had terminated the services of three non-executive
directors, and sacked at least 10 staff.

The report notes Ms. Davies also described internal Storm concerns
at that time about insolvent trading and discussions with outside
accountants on whether the firm should be liquidated or placed in
voluntary administration.

Ms. Davies, as cited by the report, said the payment -- justified
as a "dividend" from a 2007 float of the firm which never
proceeded -- was increased at the last minute from AU$1.5 million
to AU$2 million on instructions from Mr. Cassimatis, the Herald
Sun relates.

The Troubled Company Reporter-Asia Pacific reported on Sept. 25,
2009, that a public examination of Storm Financial began in the
Federal Court in Brisbane on September 24, with about 40 witnesses
likely to give evidence.  The examination will investigate the
running of the company and its collapse and is expected to run for
19 days, according to The Australian Associated Press.

The liquidators of Storm Financial Ltd, Raj Khatri and Ivor
Worrell of Worrells Solvency and Forensic Accountants, according
to the AAP, said the focus of the examination would be on possible
breaches of duty and corporate offences.

The examination will run from September 24 to September 29,
adjourning until October 12 and continuing until October 30.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


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CHINA MINSHENG: Can't Take Controlling Stake in UCBH, Reuters Says
------------------------------------------------------------------
China Minsheng Bank cannot take a controlling stake in U.S. bank
UCBH Holdings Inc. because of regulatory limitations, Reuters
reports citing an unnamed source.

"The United States regulatory authorities have restrictions; it is
impossible for us to buy a controlling stake in a U.S. bank," the
source, who requested anonymity due to the sensitive nature of any
possible investment, told Reuters.

Reuters notes the source said the bank's board was also split over
whether it would increase its 9.9% stake in the troubled U.S.
bank.

As reported by Troubled Company Reporter on September 10, 2009,
UCBH Holdings, Inc., the holding company of United Commercial Bank
(Bank), entered into an agreement with the Federal Deposit
Insurance Corporation and the California Department of Financial
Institutions (DFI) to enhance the strength and stability of the
Bank and its operations.

                      About UCBH Holdings, Inc.

UCBH Holdings, Inc. -- http://www.ucbh.com-- is the holding
company for United Commercial Bank, a state-chartered commercial
bank, which is a leading bank in the United States serving the
Chinese communities and American companies doing business in
Greater China.  Together, the Bank and its subsidiaries, including
United Commercial Bank (China) Limited, operate 50 California
branches/offices located in the San Francisco Bay Area,
Sacramento, Stockton, Los Angeles and Orange counties, nine
branches in New York, five branches in metropolitan Atlanta, three
branches in New England, two branches in the Pacific Northwest, a
branch in Houston, branches in Hong Kong, Shanghai and Shantou,
China, and representative offices in Beijing, Guangzhou and
Shenzhen, China, and Taipei, Taiwan.  UCB, with headquarters in
San Francisco, provides commercial banking services to small- and
medium-sized businesses and professionals in a variety of
industries, as well as consumer and private client services to
individuals.  The Bank offers a full range of lending activities,
including commercial real estate and construction loans,
commercial credit facilities, international trade finance, asset-
based financing, cash management, loans guaranteed by the U.S.
Small Business Administration, commercial, multifamily and
residential mortgages, home equity lines of credit, and online
banking services for businesses and consumers.

As reported by the TCR on August 18, 2009, Fitch Ratings
downgraded the long-term Issuer Default Ratings of UCBH Holdings,
Inc., and its bank subsidiary, United Commercial Bank, to 'CC'.

                       About China Minsheng

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".


ING GROEP: Oversea-Chinese Bank to Buy ING's Asia Private Bank
--------------------------------------------------------------
Oversea-Chinese Banking Corp., the owner of Singapore's biggest
life insurer, is close to an agreement to buy ING Groep NV's
private banking assets in Asia for about US$1.5 billion, Bloomberg
News reports citing people with knowledge on the matter.

According to Bloomberg, the people said Oversea-Chinese beat out
HSBC Holdings Plc for ING's Asian private bank as competition
heats up in a region expected to outperform Europe and the U.S. in
wealth accumulation.  Bloomberg recalls Amsterdam-based ING last
week sold its Geneva-based wealth management business to Julius
Baer Group Ltd. as it seeks to raise as much as EUR8 billion
(US$12 billion).

The report discloses that ING's Asian private banking division is
led by Renato de Guzman and manages assets for more than 5,000
clients from offices in Singapore, Hong Kong and the Philippines.
Assets under management declined to EUR11 billion at the end of
June from EUR11.4 billion three months earlier, the report notes.

As reported by the Troubled Company Reporter-Europe on Sept. 17,
the European Commission has extended, under EC Treaty state aid
rules, its investigation of the illiquid asset back-up facility
provided by the Dutch State to the financial group ING.  The
Commission has also extended its temporary clearance of the
measure until the assessment of the measure is finalized.  The
Commission initially authorised the measure for six months for
reasons of financial stability on March 31, while opening an in-
depth investigation to analyse the complex measure in light of the
Commission's Impaired Assets Communication.  On the basis of the
information provided so far, the Commission has doubts as to the
compatibility of the measure with the Impaired Assets
Communication, in particular as regards valuation and burden
sharing.  This decision is without prejudice to the final outcome
of the investigation.

In January 2009, the Dutch State and ING implemented a so-called
illiquid assets back-up facility for a portfolio of US$39 billion
(EUR30 billion) par value worth of US residential mortgage-backed
securities , mostly backed by so-called Alt-A mortgage loans.

Under the transaction, the Dutch State buys the right to receive
future cash flows on 80% of the above-mentioned portfolio.

The Commission has assessed the measure under its guidance
Communication on the treatment of asset relief measures.  Taking
account of input from external experts, the Commission considers
that the valuation seems at this stage not conservative enough.
In addition, the Commission found that a significant proportion of
securities were valued above purchase price.  Therefore, the
Commission continues to have doubts that the price paid by the
Dutch Government, equivalent to a transfer price of 90% of the
face value, is justified.  Should the Dutch authorities not be in
a position to address the Commission's concerns in a convincing
manner, the Commission's final decision on the compatibility of
the facility with EU state aid rules would have to require
increasing the remuneration of the Dutch State.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


================
H O N G  K O N G
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MG DESIGN: Court to Hear Wind-Up Petition on November 18
--------------------------------------------------------
A petition to wind up the operations of MG Design Consultants
Limited will be heard before the High Court of Hong Kong on
November 18, 2009, at 9:30 a.m.


NEW GENERATION TRAVEL: Court to Hear Wind-Up Petition on Nov. 18
----------------------------------------------------------------
A petition to wind up the operations of New Generation Travel
Limited will be heard before the High Court of Hong Kong on
November 18, 2009, at 9:30 a.m.


NATIONAL ENVIROPAK: Court to Hear Wind-Up Petition on November 25
-----------------------------------------------------------------
A petition to wind up the operations of National Enviropak 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:

         Ying Kwong Kwong
         Room B, 1st Floor
         Block 7, Sun Tuen Mun Centre
         55-65 Lung Mun Road, Tuen Mun
         New Territories, Hong Kong


ORSUS XELENT: Court to Hear Wind-Up Petition on November 11
-----------------------------------------------------------
A petition to wind up the operations of Orsus Xelent Trading (HK)
Company Limited will be heard before the High Court of Hong Kong
on November 11, 2009, at 9:30 a.m.

The Petitioner's solicitor is:

         Jones Day
         Edinburgh Tower, 29/F
         The Landmark
         15 Queen's Road
         Central, Hong Kong


PRIME WONDER: Court to Hear Wind-Up Petition on October 28
----------------------------------------------------------
A petition to wind up the operations of Prime Wonder Plastic
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:

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

PHOENIX GARMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong on September 30, 2009, entered an
order to have Phoenix Garment Enterprises Limited's operations
wound up.


STAR TEAM: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong on August 31, 2009, entered an order
to have Star Team Development Limited's operations wound up.


SHING KEE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong on September 30, 2009, entered an
order to have Shing Kee Motors Company Limited's operations wound
up.


SHINWA MAX: Court to Hear Wind-Up Petition on November 18
---------------------------------------------------------
A petition to wind up the operations of Shinwa Max Limited will be
heard before the High Court of Hong Kong on November 18, 2009, at
9:30 a.m.

The Petitioner's solicitors are:

         Gary Lau & Partners
         Golden Centre
         Unit 701, 7th Floor
         188 Des Voeux Road
         Central, Hong Kong


TACK FAT: Sutton and Yu Appointed as Liquidators
------------------------------------------------
Roderick John Sutton and Fok Hei Yu on September 4, 2009, were
appointed as liquidators of Tack Fat Manufacturing Factory
Limited.

The company's liquidators are:

         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


TSUN HO: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong on August 31, 2009, entered an order
to have Tsun Ho Industrial Limited's operations wound up.


TIN TIN STORE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong on September 4, 2009, entered an order
to have Tin Tin Store Limited's operations wound up.


TAIGU CHEMISTRY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong on August 31, 2009, entered an order
to have Taigu Chemistry Industry (H.K.) Group Limited's operations
wound up.


WELL CONCEPT: Court to Hear Wind-Up Petition on November 25
-----------------------------------------------------------
A petition to wind up the operations of Well Concept Global
Procurement 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


WAI WAH: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong on September 17, 2009, entered an
order to have Wai Wah Electronics Limited's operations wound up.


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GENERAL MOTORS: SAIC Close to Buying Stake in GM India
------------------------------------------------------
The Economic Times reports that Shanghai Automotive Industry
Corporation is close to picking up a stake in General Motors
India.

The alliance will cover sourcing of components from China and
assembling of SAIC’s light trucks at GM India’s Talegaon factory,
the Times relates, citing a person with direct knowledge of the
development.

According to the Times, the person said SAIC, one of GM’s largest
partners in China, is eager to establish a presence in India and
is leveraging its equation with GM to form an alliance.

Meanwhile, The Wall Street Journal reported Monday that a senior
executive at GM said the company's Indian unit has raised US$200
million to build an engine and transmission equipment plant.

"A part of it (the money) has come from the parent company and the
rest has been sourced locally," the Journal cited Ankush Arora,
vice president of sales and marketing at General Motors India, as
saying on the sidelines of an event to launch the Chevrolet Cruze
sedan.  The Journal notes Mr. Arora declined to say how much was
sourced from local banks.

The Journal quoted Mr. Arora as saying that "I can't share
anything beyond this on the funding. The plant is on track to be
commissioned by November 2010. Trial production has already
started."

According to the Journal, GM India had outlined a US$500 million
expansion plan in India, to be spent on building a new US$300
million car factory -- which started operations in late 2008 --
and the engine and transmission plant at Talegaon in the western
state of Maharashtra.

The company plans to make both diesel and gasoline engines at the
new factory, the Journal adds.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


SARBAT COTFAB: Default on Loan Obligations Cue CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of ‘D/P5' to Sarbat Cotfab Pvt
Ltd's (SCPL's) bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit Limit     D (Assigned)
   INR226.0 Million Term Loan            D (Assigned)
   INR10.0 Million Bank Guarantee        P5 (Assigned)

The ratings reflect default by SCPL on its term loan obligations,
owing to weak liquidity.

Set up in 2006 by Mr. Randhir Singh Mann, SCPL commenced
operations in October 2008.  The company manufactures coarse
cotton yarn of counts ranging from 4s to 14s.  Its manufacturing
facility at Samana (Punjab) has an installed capacity of 1800
rotors.  The cost of setting up the facility was around INR320
million which was funded by promoters' contribution of INR100
million, and debt of INR220 million.


SHRINATH GUM: CRISIL Places 'D' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of ‘D/P5' to the bank facilities of
Shrinath Gum & Chemicals.

   Facilities                                 Ratings
   ----------                                 -------
   INR10.0 Million Standby Line of Credit     D (Assigned)
   INR8.5 Million Term Loan                   D (Assigned)
   INR27.0 Million Export Packing Credit      P5 (Assigned)
   INR23.0 Million Foreign Bill Discounting   P5 (Assigned)

The rating reflects default by SNGC in repayment of its term loan
obligations, owing to weak liquidity.

Set up in 1988, SNGC manufactures guar splits and guar gum powder.
Guar gum meals are a by-product in the process, and are used as
cattle feed.  Guar gum is used as a binding and thickening agent
in food products and is also used in the mining and petrochemicals
industry.  SNGC has capacity to manufacture 4500 tonnes per annum
(tpa) of guar splits and 6000 tpa of guar gum powder.

SNGC reported a profit after tax (PAT) of INR4 million on net
sales of INR273.5 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.7 million on net
sales of INR236.1 million for 2006-07.


TATA MOTORS: To Raise Nano Output This Month, Economic Times Says
-----------------------------------------------------------------
Tata Motors is planning to ramp up production of its Nano, billed
as the world's cheapest car, by a fifth this month, The Economic
Times reports citing a senior official.

"In the last three months, we have been averaging about 2,500
Nano's per month," the report quoted Rajiv Dube, head of the
company's passenger car business, as saying.  "We are gearing up
for a higher number and we are ramping up our production capacity
by 20% from this month."

The report notes Mr. Dube said the sales will be more than 3,000
per month after the increase.

                 Tata Motors Launches Indigo MANZA

Tata Motors has launched its new generation sedan, the Tata Indigo
MANZA.  Built on its new car platform, the Indigo MANZA succeeds
the highly successful Tata Indigo, which became a best-seller in
the very first year of its launch in 2003 and has since then sold
close to 275,000 nos of the range.

Speaking on the occasion of the launch, Mr. Ratan N. Tata,
Chairman, Tata Sons and Tata Motors, said, “The Indigo Manza is a
modern, contemporary sedan on a new car platform that has the
potential to emerge as a class leader.”

The Indigo MANZA is an altogether new car.  A complete new body on
a new platform houses an all new interior and makes a bold styling
statement.  With a length of over 4.4m, a width of 1.7m, and a
wheel base of 2,520mm, the sedan has grown in size and thus in
interior space.  The front wraparound three barreled headlamps–
one of the most striking headlamp units on any car in India– add
to the linearity while giving the Indigo MANZA a feline aggressive
appearance.  The large 15” wheels, ensconced in their flared
arches, give it a higher and more commanding stance. The chrome
inserts on the rub rails and outer door handles add that touch of
class.  The new rear monolithic angular shaped tail lamps give the
profile an unmistakable noticeability for following cars. The
trunk has a capacity of 460 litres to meet every need of travel.

The Indigo MANZA is designed to offer the very best in comfort,
both for the driver and passengers, compared to any other car in
its category.  The spacious right inclination rear seats with a
centre armrest, allow one to sit back and relax, in a living room
like comfort and ambience.  The interiors exude a fine blend of
technology and luxury.  The rich two tone fabric endows the cabin
with a warm feel.  The tilt adjustable power steering with a
height adjustable driver seat allows a comfortable driving
posture. The car comes equipped with electronically adjustable and
controlled Outer Rear View Mirrors.  The driver information system
on top of the central console provides information on fuel
consumption and ambient temperature, while the sporty instrument
cluster shrouded in the swoop of the soft-feel dashboard completes
the styling statement. A 2 DIN Music System offers connectivity
with a USB port and Bluetooth connectivity through the Blue5, a
feature not even available in premium cars. The audio controls of
the music system are mounted on the steering wheel, for ease of
access while driving.

The safety features in the Indigo MANZA include a collapsible
steering column, Anti-lock Braking System and Dual Frontal Airbags
amongst others. Instead of the usual red line on the tachometer,
the Critical Rev Indicator needle turns red when the engine
crosses a critical RPM.  The engine immobilizer and the central
locking feature are conveniences for additional security.

The drive refinement of the Indigo MANZA stems from the
internationally-acclaimed 90 hp Quadrajet Diesel and Safire Petrol
engines, sourced from Fiat.  The petrol engines are configured
using a Continuous Variable Cam Phaser, which smartly adjusts
valve timings and intervals for power delivery. In addition, the
electronically controlled Intelligent Port Resizer (IPR) function
in the Safire engine delivers a perfect balance of power and
economy. The Quadrajet diesel engine features a Variable Geometry
Turbocharger for smoother running and an aluminum bedplate along
with superior insulation that reduces NVH levels while delivering
a superior power to weight ratio. The Drive by Wire technology
virtually eliminates all “throttle lag” leading to a faster,
smoother response.

The Quadra jet diesel is certified by the ARAI to give a mileage
of 21.02 kms to a litre, while the Safire Petrol is certified for
a mileage of 14.5 kms to a litre

The car comes with a warranty of 2 Years/75,000 kms, amongt the
best in the industry, and will be available in a range of 7 colors
through 224 dealerships with 493 sales points across 401 towns in
the country.  The car is priced at INR4.8 lakhs ex-showroom Delhi
for the petrol Safire for the base Aqua version going upto Rs.
6.75 lakhs ex-showroom Delhi for the highest Aura+ version of the
Quadrajet diesel.

A rationalized portfolio of the existing Tata Indigo range- the
Indigo CS, Indigo XL and the Indigo Marina- will continue to
exist.  Between the existing Tata Indigo range and the new Tata
Indigo MANZA range, customers will have a choice at every step of
the INR3.73 lakhs– INR6.75 lakhs price range.

                         About Tata Motors

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.


TATA POWER: May Raise US$250 Million for Expansion
--------------------------------------------------
Tata Power Company Ltd. is exploring options to raise about US$200
million to US$250 million to partly finance its future expansion
plans that include a new power plant and developing the
infrastructure for retail customers in Mumbai, The Economic Times
reports.

Citing people familiar with the development, the Times says the
proposed fund-raising, which if finalized and approved, would be
the second such market offering after a US$350-million global
depository receipt (GDR) issue that Tata Power had completed in
July.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


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


BANK RAKYAT: To Sell Up to IDR3 Trillion of Bonds
-------------------------------------------------
PT Bank Rakyat Indonesia plans to sell as much as IDR3 trillion
($320 million) of bonds at the end of the year, according to
Bloomberg News.

"The size of the issue will be between IDR2 trillion and IDR3
trillion," the report quoted Abdul Salam, BRI's finance director,
as saying.  "The precise amount will depend on market conditions."

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk -- http://www.bri.co.id/-- is engaged in banking
activities and its products and services include savings, loans,
consumer products, investment banking and sharia.  As of Dec. 31,
2008, the Bank was supported by 14 regional offices, 12 inspection
offices, 372 domestic branch offices, one special branch office,
three overseas offices, 337 cash offices, 4,417 BRI units, 76
small offices, 27 sharia branch offices and 18 sharia sub branch
offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2008, Fitch Ratings affirmed PT Bank Rakyat Indonesia
Tbk's Long-term foreign currency Issuer Default Rating at 'BB'
with a Stable Outlook, Short-term foreign currency IDR at 'B',
National Long-term rating at 'AAA(idn)' with a Stable Outlook,
Individual Ratingat 'C/D', Support Rating at '3' and Support
Rating Floor at 'BB-'(BB minus).

The TCR-AP reported on Sept. 21, 2009, that Moody's Investors
Service lowered Bank Rakyat Indonesia's GLC deposit rating from
Baa2 to Baa3.  The revised rating carries a stable outlook.  The
foreign currency long-term deposit rating was raised to Ba3 from
B1.  The revised rating carries a stable outlook.  All other
ratings are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D+.


TELEVISI PENDIDIKAN: Declared Bankrupt on US$53-Mln Unpaid Debts
----------------------------------------------------------------
Tempo Interactive reports that Televisi Pendidikan Indonesia
(TPI), a subsidiary of the Media Nusantara Citra was declared
bankrupt by the Central Jakarta District Court on Wednesday, in
civil lawsuit filed by Crown Capital Global Limited.

According to the report, Marx Andryan, legal representative for
TPI, said the court found that Crown Capital was holding US$53
million of the TV station's bonds which was due in 2006.  "But TPI
could not pay the debt."

Mr. Andryan, however, said the company appealed to the decision on
ground that "Our client did not recognize Crown Capital, it was
not in TPI's bookkeeping."

Based in Jakarta, Indonesia, Televisi Pendidikan Indonesia (TPI)
is a private television station. It was established by Siti
Hardiyanti Rukmana, the first daughter of Suharto.  TPI began
broadcasting on January 23, 1991.


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


CITIGROUP INC: Files Financials Reflecting Nikko, Other Deals
-------------------------------------------------------------
Citigroup Inc. on Tuesday filed a Form 8-K with the Securities
and Exchange to conform its historical consolidated financial
statements to reflect the sale of Nikko Cordial Securities,
Inc., and other organizational changes.  The Company provided
supplemental disclosure which describes how the changes impact the
historical results of operations.

On October 1, 2009, the Company closed the sale of Nikko Cordial
Securities to Sumitomo Mitsui Banking Corporation.  The
transaction has a total cash value to Citi of JPY776 billion
(US$8.7 billion at an exchange rate of JPY89.60 to US$1.00 as of
September 30, 2009).  The cash value is comprised of the purchase
price for the transferred business of JPY545 billion, the purchase
price for certain Japanese-listed equity securities held by Nikko
Cordial Securities of JPY30 billion, and JPY201 billion of excess
cash derived through the repayment of outstanding indebtedness to
Citi.  The transaction will result in Citi recognizing an
immaterial after-tax gain during the fourth quarter.  A total of
about 7,800 employees are included in the transaction.

The assets and liabilities of Nikko Cordial totaled US$19.4
billion and US$12.4 billion, respectively, at June 30, 2009.

On December 5, 2008, the Company completed the sale of its German
Retail Banking Operations.  On July 31, 2008, the Company
completed the sale of CitiCapital's equipment finance unit in
North America.  On July 1, 2005, the Company completed the sale of
Citigroup's Travelers Life & Annuity, and substantially all of
Citigroup's international insurance businesses, to MetLife, Inc.
On December 1, 2005, the Company completed the sale of
substantially all of its Asset Management Business in exchange for
the broker-dealer business of Legg Mason, Inc.

                     Organizational Changes

In January 2009, Citigroup announced its new corporate
organizational structure.  The Company is now organized into four
segments -- Citicorp's Regional Consumer Banking, Citicorp's
Institutional Clients Group (Securities and Banking and
Transaction Services), Citi Holdings and Corporate/Other.

Citigroup filed with the SEC exhibits showing the results of
discontinued operations:

    -- Supplemental information of Citigroup reflecting
       discontinued operations and previously announced
       organizational changes.

       See http://ResearchArchives.com/t/s?46e8

    -- Historical audited consolidated financial statements of
       Citigroup, reflecting discontinued operations and
       previously announced organizational changes.  Also
       included is the Report of Independent Registered Public
       Accounting Firm dated February 27, 2009.

       See http://ResearchArchives.com/t/s?46e9

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

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

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

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


SPANSION INC: Proposes to Reject Japan Unit Foundry Pact
--------------------------------------------------------
Spansion Inc., and its debtor affiliates seek the Court's
authority to reject a Second Amended and Restated Foundry
Agreement, dated as of March 2007, with Spansion Japan Limited.

Spansion LLC and Spansion Japan are parties to the Foundry
Agreement pursuant to which Spansion Japan manufactures
integrated flash memory circuits for the Debtors.  The pricing
under the Foundry Agreement was based on a "cost plus" formula
that resulted in a price per unit well in excess of the
prevailing prices in the market.  Historically, Spansion Japan,
which is 100% owned by Spansion LLC, was centrally managed with
Spansion LLC and its affiliates.

On February 10, 2009, Spansion Japan filed a proceeding under the
Corporate Reorganization Law of Japan to obtain protection from
Spansion Japan's creditors.  The Spansion Japan Proceeding was
formally commenced on March 3, 2009, when the Tokyo District
Court entered the commencement order and appointed the incumbent
represented director of Spansion Japan as trustee.  As a result
of the Spansion Japan Proceeding, Spansion Japan is no longer
centrally managed with the Debtors' global operations.  In
addition, due to Spansion Japan's insolvency, any above-market
amounts that would be paid by Spansion LLC to Spansion Japan
under the Foundry Agreement would effectively become trapped in
Spansion Japan's bankruptcy estate and would not inure, whether
directly or indirectly, to the Debtors' benefit as had been the
case prior to the Spansion Japan Proceeding.

Sommer L. Ross, Esq., at Duane Morris, LLP, in Wilmington,
Delaware, relates that since the commencement of the Spansion
Japan Proceeding, the Debtors have engaged in numerous
discussions with Spansion Japan and those administering its
bankruptcy estate concerning the terms under which Spansion LLC
would be willing to continue its commercial relationships with
Spansion Japan.  In these discussions, Ms. Ross notes, the
Debtors have consistently stressed that they could not and would
not continue that relationship on the original terms of the
Foundry Agreement due to, among other things, the above-market
pricing.  Thus, the Debtors have insisted that the Foundry
Agreement be amended to make it commercially justifiable for
Spansion LLC as a condition to maintaining their commercial
arrangements with Spansion Japan.

On May 20, 2009, Spansion LLC and Spansion Japan negotiated the
terms of an amendment to the Foundry Agreement, which terms
included:

  (a) a modification of the pricing terms of the Foundry
      Agreement, retroactive to March 3, 2009, so that they more
      closely conform to market prices;

  (b) the establishment of production levels that are more in
      line with the Debtors' global needs; and

  (c) shortened payment terms for Spansion LLC.

Ms. Ross tells the Court that after the parties had agreed upon
the terms of the Amendment, Spansion Japan netted the amounts it
owed Spansion LLC for the month of March under the FASL Japan
Distribution Agreement against the amounts Spansion LLC owed to
Spansion Japan for the month of March under the Foundry Agreement
based on the pricing terms agreed to in the Amendment, and
remitted the difference to Spansion LLC as to the March
Settlement Payment.  This same process was subsequently followed
to settle payments due between the parties for activity in the
month of April, Ms. Ross adds.

However, Ms. Ross notes, after the Settlement Payment for April
2009 activity, which was made during the week of June 29, 2009,
Spansion Japan has taken a number of steps that indicate that it
might not honor the terms of the Amendment, but instead might
seek to enforce the pre-Amendment terms of the Foundry Agreement.
For example, no Settlement Payment has been made for activity in
May or thereafter.  Ms. Ross relates that Spansion Japan
continues to delay making that payment, while balking at
executing the Amendment, making statements questioning the
validity of the Amendment and threatening to enforce the pre-
Amendment pricing terms of the Foundry Agreement.  According to
Ms. Ross, the difference between the pricing terms originally set
forth in the Foundry Agreement and those in the Amendment would
equate to tens of millions of dollars in additional postpetition
costs for Spansion LLC.

In light of the ongoing assertions by Spansion Japan and GE
Financial Services Corporation that the pricing under the Foundry
Agreement is still binding on the Debtors, the Debtors have
determined to reject the Foundry Agreement.

                        About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


SPANSION INC: Samsung, ITC Appeal Stay Order on Infringement Probe
------------------------------------------------------------------
Samsung Electronics Co., Ltd., informs the U.S. Bankruptcy Court
for the District of Delaware that it will take an appeal to the
U.S. District Court for the District of Delaware from the
October 1, 2009 Memorandum Opinion and Order issued by Judge Kevin
J. Carey, granting motions filed by the Ad Hoc Consortium of
Floating Rate Noteholders and Masao Taguchi seeking, among other
things, a determination that the automatic stay applies to an
investigation being conducted by the United States International
Trade Commission.

The United States International Trade Commission informs the U.S.
Bankruptcy Court for the District of Delaware that it will also
take an appeal of the Oct. 1 Order by the Bankruptcy Court.

Pursuant to the Court's October 1, 2009 Order, Judge Carey
concluded that Samsung violated the automatic stay of Section 362
of the Bankruptcy Code by filing the Samsung Action to enforce
postpetition patent infringement claims against the Chapter 11
Debtors and the Foreign Debtor.  Judge Carey held that the
Samsung Action does not fall within the police and regulatory
powers exception to the automatic stay.

Samsung Electronics Co., Ltd., filed a complaint on July 31,
2009, against Spansion International, Inc., and Dr. Reinhard
Weigl, in his capacity as business representative of the German
branch of Spansion International.  Samsung's claims in the German
Action concern alleged patent infringements arising out of the
manufacture and sale of flash memory chips.  Samsung alleges that
Spansion International's infringing conduct began on March 2,
2009, the day after the Petition Date.

The Debtors aver that they did not begin any infringing conduct on
March 2, 2009.  The Debtors maintain that they did not introduce
any new or modified products on that day or engage in any new or
different business activities from those activities that they had
engaged in prior to the Petition Date.  According to the Debtors,
their conduct that is the alleged basis for the German Complaint
predated March 2, 2009, by months.

Thus, the Debtors asked the Court to, among other things, enforce
the automatic stay against Samsung with respect to the prosecution
of the German Complaint.

                        About Spansion Inc.

Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications.  Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.  Michael S. Lurey,
Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at
Latham & Watkins LLP, have been tapped as bankruptcy counsel.
Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware
counsel.  Epiq Bankruptcy Solutions LLC, is the claims agent.
The United States Trustee has appointed an official committee of
unsecured creditors in the case.  As of September 30, 2008,
Spansion disclosed total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


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


GENERAL MOTORS: No Plans for GM Daewoo's Court Receivership
-----------------------------------------------------------
Kyong-Ae Choi and Shin Jung-Won at Dow Jones Newswires report that
General Motors Executive Vice President Nick Reilly said Thursday
that GM doesn't plan to place its South Korean unit GM Daewoo Auto
& Technology Co. in court receivership.

Dow Jones relates Mr. Reilly told reporters in Seoul that GM and
Korea Development Bank, a main creditor bank of GM Daewoo, aren't
planning to seek bankruptcy protection for GM Daewoo as they are
trying to find solutions to ease the company's liquidity issues.

Reuters relates that GM Chief Executive Fritz Henderson is in
Seoul this week to discuss options for restructuring GM Daewoo
with the South Korean government -- an increasingly important
asset for the automaker.

According to Reuters, Mr. Henderson's visit follows eight months
of talks between GM executives and the government-run Korea
Development Bank to secure about KRW1 trillion (US$864 million) in
new loans for the cash-strapped unit.

GM Daewoo has been in talks with KDB since February to receive
about KRW1 trillion won (US$855.8 million) in new loans after
using up a $2 billion credit line, Yonhap News Agency says.  The
negotiations, according to Yonhap, have faltered on GM's refusal
to put up part of its stake in GM Daewoo as collateral.

"GM needs to resolve the situation quickly. It's imperative simply
because of their dependence on GM Daewoo for their small car
architecture," Dow Jones quoted Erich Merkle, an analyst at
Autoconomy.com, as saying.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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



KUMHO ASIANA: Unit Gets More Than 10 Interested Buyers
------------------------------------------------------
Bloomberg News, citing MoneyToday, reports that more than 10
companies showed interest in buying Kumho Rent-A-Car Co.

According to Bloomberg, the Korean-language news provider said
Lotte Group, KT Corp. and private equity funds, including MBK
Partners Ltd. and Carlyle Group Inc., submitted letters of intent.

Bloomberg notes MoneyToday said Development Bank is arranging the
sale for Kumho Asiana Group.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg related Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg said creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


HO HUP: Subsidiary Receives Writ of Summons and Interim Injunction
------------------------------------------------------------------
Ho Hup Construction Company Bhd disclosed that Bukit Jalil
Development Sdn. Bhd., a major subsidiary of the Company, received
a Writ of Summons and an Interim Injunction application on
October 8, 2009, served by Permata Juang (M) Sdn. Bhd.

The Summons and the Interim Injunction relate to the withdrawal of
the proposed disposal of a parcel of freehold land measuring
approximately 10.865 acres held under Geran 55268, Lot 38476 in
the Mukim of Petaling, District of Kuala Lumpur, State of Wilayah
Persekutuan Kuala Lumpur for a cash consideration of
MYR19,408,370.57 by BJD to PJM , due to insufficient support for
the motion from the shareholders of the Company at the
Extraordinary General Meeting held on July 8, 2009, based on the
pre-meeting voting summary from the share registrar.

The Summons and the Interim Injunction were presented to the High
Court of Malaya at Kuala Lumpur on October 5, 2009, and the
Interim Injunction will be heard on October 14, 2009.

BJD have appointed solicitors to enter appearance and to resist
the Interim Injunction and to set aside the Summons.

                           About Ho Hup

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

                           *     *     *

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


NEPLINE BERHAD: Bursa to Delist Securities on October 19
--------------------------------------------------------
The securities of Nepline Berhad will be delisted from the
official list of Bursa Malaysia Securities Berhad on October 19,
2009, as the company does not have an adequate level of financial
condition to warrant its continued listing.

The securities of Nepline will be removed from the Official List
unless an appeal is made to Bursa Securities within five market
days or by October 14, 2009.  Any appeal submitted after the
Appeal Timeframe will not be considered by Bursa.

In the event the Company will submit an appeal to Bursa within the
Appeal Timeframe, the removal of the company's securities on
October 19, will be deferred pending the decision of the Appeals
Committee on the Company's appeal.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been considered as an Affected Listed Issuer
under Practice Note No. 17/2005 of the Bursa Malaysia Securities
Berhad as:

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


TIME ENGINEERING: Waiver of Bumiputera Equity Condition Granted
---------------------------------------------------------------
The Securities Commission has waived the Bumiputera equity
conditions imposed on TIME Engineering Berhad as stipulated in its
approval letter for the Company's Proposed Restructuring Exercise
dated June 29, 2009, in line with the liberalization of the
Bumiputera equity condition on public listed companies which was
announced by the Prime Minister on June 30, 2009.

TIME Engineering Berhad is an investment holding company engaged
in information technology, telecommunications and engineering
services.  The company operates through three segments.  The
information communication technology segment is engaged in the
supply, delivery, installation, testing, commissioning and
maintenance of teaching aids equipment; development, management
and provision of business to business e-commerce, and
computerized transaction facilitation services; provision of
media and electronic communications services; provisioning of
managed and Internet-related services, and total systems
integrators and information technology consultancy.  The
telecommunication segment is engaged in the provision of
telecommunications, Internet and multimedia facilities, and
services of an associate.  The others segment is engaged in the
supply, installation and maintenance of engineering and other
equipment for expressways, telecommunications network and other
general engineering works.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 9, 2008, Time Engineering Berhad was considered as an
affected listed issuer of the Practice Note No. 17/2005 of Bursa
Malaysia Securities Berhad as the auditors have expressed a
modified opinion on the company's going concern status and on
its shareholders' equity, which is less than 50% of its total
issued and paid-up share capital.


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


* NEW ZEALAND: Annual Inflation Rate Down to 5-Year Low
-------------------------------------------------------
The consumers price index (CPI) in New Zealand increased 1.7% from
the September 2008 quarter to the September 2009 quarter,
Statistics New Zealand said Thursday.  "This annual increase is
the lowest in five-and-a-half years," said Prices Manager Chris
Pike.

The CPI measures the rate of price change of goods and services
purchased by households.

"A big contributor to the lower annual increase came from petrol
prices and airfares falling during the year, which partly offset
higher prices for food, electricity, and local authority rates,"
Mr. Pike said.

Transport prices fell 5.5% during the year with lower prices for
petrol (down 19.0%), international air transport (down 15.1%), and
diesel (down 38.8%).  Petrol and diesel prices peaked in July last
year.

In the year to the September 2009 quarter, food prices increased
5.4%, accounting for well over half of the CPI annual increase of
1.7%.  Electricity prices rose 4.5% and local authority rates rose
6.6%.

The annual increase in the CPI included a rise of 1.3% for the
September 2009 quarter.

"The increase in the September 2009 quarter was driven by higher
food prices and international airfares, and by levy, excise and
tax increases that usually occur at this time of year," Mr. Pike
said.

Food prices rose 1.7% in the September 2009 quarter, driven by
higher vegetable prices. International air transport was up 11.0%
in the same period, rising from historically low levels in the
June 2009 quarter.  Vehicle relicensing fees rose 16.2%
(reflecting an increase in the ACC levy), local authority rates
rose 5.6%, and alcoholic beverages rose 2.5% (with higher excise
duty from July).


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


INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Industrial Bank of
Taiwan and its subsidiary, IBT Securities Co., Ltd.  At the same
time, the agency has revised the Outlook on IBTS's National Long-
term rating to Stable from Negative.  The Outlook revision
reflects IBTS's improved asset quality following a large write-
down for its involvement in a defaulted reverse repo transaction
in 2008, and the company's reasonable capitalization.

IBT's Individual rating of 'C/D' reflects its adequate asset
quality and capitalization, as well as its low profitability and
weakness in funding due to its limited access to retail deposits.
IBT has aimed to diversify revenue and risk through acquisitions.
It acquired 28% of China Bills Finance Corporation ('BBB'/Stable)
in 2005-2007, and 90% of EverTrust Bank in California (US) in
March 2007.  These direct investments are fully deducted from its
capital when calculating its standalone capital adequacy.  To
diversify further, IBT opened a branch in Hong Kong in April 2009
and plans to establish a presence in Vietnam and mainland China.

Loan growth was strong in 2007-2008 for IBT, but the bank became
more conservative in 2009 as the economy slowed.  In H109, the
consolidated loan portfolio shrank by 7%, larger than the industry
contraction of 2%.  IBT's consolidated impaired loans remained low
at 1.4% of total loans at end-H109, of which 87% were covered by
loan loss reserves.  Nonetheless, Fitch understands that the
problematic loans excluded the restructured debts of some
financially weak corporations.  Should tough economic conditions
continue, this could increase IBT's credit cost since only limited
loan loss provisions have been provided against these exposures.

In 2008, IBT incurred a substantial net loss as large losses on a
defaulted reverse repo transaction at 94% owned-IBTS weighed on
profitability.  However, IBT and IBTS returned to profitability
with modest annualized ROE of 8.0% and 9.8%, respectively in H109.
IBT's margins are relatively low due to its business focus on
corporate lending and a limited deposit-taking capability,
although margins did widen a bit in H109, thanks to lower funding
costs and benefits from the central bank's interest rate cuts.
IBT remained adequately capitalized at end-H109, with a standalone
capital adequacy ratio of 14.1% (end-2008: 12.7%).  Its
consolidated Tier 1 and total capital adequacy ratio was 16.8% and
17.2% at end-H109, reflecting adequate capitalization among its
major subsidiaries.

IBTS's Individual rating of 'D' reflects its small brokerage
franchise and its rather volatile performance in profitability and
risk management.  The rating also considers IBTS's improved asset
quality and reasonable capital buffer.  IBTS's existing National
Long-term rating is mainly based on its standalone financial
strength.  Losses leading to a significant reduction in capital
would put downward pressure on IBTS's National Long-term rating.

IBTS returned to net profit in January-August 2009 (ROE of 14%,
annualized) after a large net loss in 2008 (ROE of -47%).  With
the balance sheet now cleaned up, Fitch expects IBTS to report
reasonable profitability in 2009 due to improved trading volume on
Taiwan's main stock exchange, positive proprietary trading results
in the year to date, and profits from renewed warrant issuance.
IBTS has maintained a comfortable capital buffer above the 150%
regulatory minimum, with a capital adequacy ratio of 388% as at
end-H109.  The company expects to receive new capital from IBT in
late 2009 to restore its capital strength and meet business
expansion needs.

IBT is listed in Taiwan OTC stock market and is one of two
industrial banks in the country.  IBT is controlled by the Lo
family, its largest shareholder with a 15% ownership interest.
IBTS is a smaller full-licensed securities firm in Taiwan.  IBTS
has strong expertise in the niche domestic exchange-traded funds
market.

The details of the ratings are:

* IBT: Individual rating affirmed at 'C/D' and Support rating at
  '5'.

* IBTS: Nation Long-term rating affirmed at 'BBB+(twn)', Outlook
  revised to Stable from Negative, National Short-term rating
* affirmed at 'F2(twn)', Support rating at '3', and Individual
* rating at 'D'.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN         16933460.19     -8226075.95
ALLOMAK LTD            AMA          40685785.47     -5913422.67
ALLSTATE EXPL-PP       ALXCC         16169603.2    -50619940.96
ALLSTATE EXPLORA       ALX           16169603.2    -50619940.96
ANTARES ENERGY L       AZZ          13709735.08     -1955765.01
ARC EXPLORATION        ARX           58544299.4    -15958771.93
AUSMELT LTD            AET           10421943.8     -1558622.35
AUSTAR UNITED          AUN         508844538.84   -310055789.75
AUSTRAILIAN Z-PP       AZCCA        77741918.88     -2566335.24
AUSTRALIAN ZIRC        AZC          77741918.88     -2566335.24
BIRON APPAREL LT       BIC          19706736.59     -2220069.65
CENTRO PROPERTIE       CNP       14725100625.83   -495299520.84
CHALLENGER INF-A       CIF        2307005549.62   -104582562.08
CHEMEQ LIMITED         CMQ          25194855.59    -24254413.72
CITY PACIFIC LTD       CIY         171501648.08     -6383353.75
EIRCOM HOLDINGS        ERC        7606555987.32   -533212434.19
ELLECT HOLDINGS        EHG          18245003.37    -15487781.92
HYRO LTD               HYO          21498880.13    -14825700.09
MAC COMM INFR-CD       MCGCD      8104415200.76   -103343256.49
RESIDUAL ASSC-EE       RAGXF       597329874.01   -126963316.48
RUBICON AMERICA        RAT         649532285.57   -100605696.94
RUBICON EUROPE T       REU          553099503.3   -252490904.13
TOOTH & CO LTD         TTH         108860665.87    -69404500.26
VERTICON GROUP         VGP          14221690.08    -24604525.15
VOYAGER RESOURCE       VOR         105239382.56   -190859513.39


CHINA

ALONG TIBET CO-A       600773       10645458.33     -1260472.65
AMOI ELECTRONI-A       600057      205714958.88   -171265179.25
ANHUI KOYO GROUP       979          60010204.49    -52445757.65
BAO LONG ORIENTA       600988       16803610.56     -3002433.31
CHANG LING GROUP       561          42473545.73    -10486849.69
CHENGDE DIXIAN-B       200160       52878580.08     -15925439.9
CHENGDU UNION-A        693          53505027.19     -5241722.53
CHINA EAST AIR-A       600115    10663617937.55   -669018244.31
CHINA EAST AIR-H       670       10663617937.55   -669018244.31
CHINA KEJIAN-A         35           80524769.63   -182184709.66
CHINESE.COM LOGI       805          12869661.54    -10094949.57
CITIC GUOAN VI-A       600084      348889601.71   -125227226.74
DANDONG CHEM F-A       498          102526072.1   -107860689.36
DONGGUAN FANGD-A       600656       64150753.72     -8735494.67
DONGXIN ELECTR-A       600691       20608187.18     -5028635.72
GAOXIN ZHANGTO-A       2075        124776592.95    -19821585.47
GUANGDONG HUAL-A       600242       19373034.05     -2325690.04
GUANGDONG KEL-A        921         650072211.91    -103760527.2
GUANGMING GRP -A       587          45859984.22    -44684252.23
GUANGXI BEISHE-A       600556      110503178.27   -144424566.92
GUANGXIA YINCH-A       557          19526916.97    -37073597.54
HEBEI BAOSHUO -A       600155      133526389.53   -358418197.58
HEBEI JINNIU C-A       600722      227141182.32   -223794072.17
HISENSE ELEC-H         921         650072211.91    -103760527.2
HUATONG TIANXI-A       600225       34542670.84    -29942511.88
HUDA TECHNOLOG-A       600892       20055498.84      -2392277.8
HUNAN ANPLAS CO        156          53136755.69     -81141655.2
HUNAN AVA HOLDIN       918         219048363.26    -78476613.98
JIAOZUO XIN'AN-A       719          14229704.96     -7806228.22
NINGBO YIDONG-H        8249         55690342.44    -22047522.03
QINGHAI SUNSHI-A       600381       53430938.15    -26418232.17
SHANG HONGSHENG        600817       17195946.36   -397044828.42
SHANG LIANHUA-A        600617       16629332.66     -2816699.77
SHANG LIANHUA-B        900913       16629332.66     -2816699.77
SHANGHAI WORLDBE       600757      218813789.33   -118596184.73
SHENZ CHINA BI-A       17           27968310.96    -264106065.1
SHENZ CHINA BI-B       200017       27968310.96    -264106065.1
SHENZ SEG DASH-A       7            75454296.33     -6832811.09
SHENZHEN DAWNC-A       863          28806239.39    -155220111.2
SHENZHEN KONDA-A       48          198370122.93    -14709825.62
SHENZHEN SHENXIN       34           25649329.38   -166918478.37
SHIJIAZHUANG D-A       958         247135076.94    -47057598.59
SICHUAN DIRECT-A       757         130066883.28    -118258912.1
SUNTEK TECHNOL-A       600728       36252073.49    -23232714.83
TAIYUAN TIANLO-A       600234       49936366.67    -24269532.79
TIANJIN MARINE         600751       82399198.24    -30394356.74
TIANJIN MARINE-B       900938       82399198.24    -30394356.74
TIBET SUMMIT I-A       600338       72677899.02    -13527522.12
TOPSUN SCIENCE-A       600771      183535542.89   -132134649.22
WINOWNER GROUP C       600681       11441386.17    -70778286.86
WUHAN BOILER-B         200770      425205467.18    -59127896.04
WUHAN GUOYAO-A         600421        11224148.1    -38404923.54
XIAMEN OVERSEA-A       600870      316697544.56   -153952891.08
YUEYANG HENGLI-A       622          37450378.86    -15337096.06
YUNNAN MALONG-A        600792      157520417.89     -3274324.93
ZHANGJIAJIE TO-A       430          47476905.56     -6608204.52


HONG KONG

21 HOLDINGS LTD        1003         43646556.17     -4262036.57
APTUS HLDGS LTD        8212         49964062.48       -11190766
ASIA TELEMEDIA L       376          16618871.08     -5369335.42
BEAUFORTE INV          21           12327016.69      -2955593.7
CHINA GOLDEN DEV       162         252996681.97     -2720111.36
CROSBY CAPITAL         8088            25806000        -6935000
EGANAGOLDPFEIL         48          557892423.39   -132858951.98
EMPEROR ENTERTAI       8078         29921484.05     -5924477.64
FULBOND HLDGS          1041            60255000       -14419000
HUTCHISON TELE H       215        2400098040.83   -366059762.21
JIAN EPAYMENT          8165         12943183.73     -1516828.52
MITSUMARU EAST K       2358         38170722.85        -1449668
NEW CITY CHINA         456         113178595.41     -9932226.54
PAC PLYWOOD            767             75639000        -5411000
PALADIN LTD            495         160927722.22     -1629398.23
PALADIN LTD -PRE       642         160927722.22     -1629398.23
PCCW LTD               8          5990928703.57   -394965167.61
SANYUAN GROUP LT       140          15148448.77     -1587205.23
WAI CHUN MINING        660          12791013.67    -14603647.06


INDONESIA

BANK MUTIARA TBK       BCIC        493235338.87   -135578273.49
BUKAKA TEKNIK UT       BUKK         73759284.09    -88378100.23
DAYA SAKTI UNGGU       DSUC         18968940.39    -16565907.15
ERATEX DJAJA           ERTX         16355782.65    -13909830.79
JAKARTA KYOEI ST       JKSW         30395173.44    -38677864.58
KARWELL INDONESI       KARW         10703306.59     -7637325.25
MULIA INDUSTRIND       MLIA        342682884.88   -423294727.62
PANASIA FILAMENT       PAFI         51388821.53     -3769923.94
PANCA WIRATAMA         PWSI         24440350.75     -28494642.1
POLYSINDO EKA PE       POLY        413587722.04   -843849953.26
PRIMARINDO ASIA        BIMA         11142638.56    -19773137.59
SEKAR BUMI TBK         SKBM          18209576.7     -1625327.43
STEADY SAFE TBK        SAFE         10838828.11     -4030148.54
SURABAYA AGUNG         SAIP         236584686.9     -99589026.9
TEIJIN INDONESIA       TFCO           192946176       -12344400
UNITEX TBK             UNTX         15358972.53    -13809629.56


INDIA

ALCOBEX METALS         AML          35670319.03    -22443296.68
APPLE FINANCE          APL          70832103.73    -29253849.19
ASHIMA LTD             ASHM         59922403.11    -47153581.06
BAKELITE HYLAM         BKLT         13911138.88     -12867352.6
BALAJI DISTILLER       BLD          51161385.13     -38383503.3
BELLARY STEELS         BSAL         451679252.4   -108504755.34
BHAGHEERATHA ENG       BGEL         22646453.72    -28195273.09
CFL CAPITAL FIN        CEATF        14305706.35    -40038022.22
COMPUTERSKILL          CPS          14896780.89     -7560054.57
CORE HEALTHCARE        CPAR        185364966.99   -241912027.81
DCM FINANCIAL SE       DCMFS        16540889.84    -10988851.47
DIGJAM LTD             DGJM         98769193.78    -14623833.58
DISH TV IND-PP         DITVPP      422081403.33   -127614551.41
DISH TV INDIA          DITV        422081403.33   -127614551.41
DUNCANS INDUS          DAI         114362122.22   -185510212.55
GALADA POWER & T       GCC          10899606.76    -27849464.86
GANESH BENZOPLST       GBP          77840261.61    -41865917.86
GEM SPINNERS LTD       GEMS         15233308.38      -112427.32
GLOBAL BOARDS          GLB          25154303.78      -793024.17
GSL INDIA LTD          GSL          37040429.61    -42340564.58
GUJARAT SIDHEE         GSCL         59440728.18      -660003.43
GUJARAT STATE FI       GSF          30159595.18   -234918081.46
HANJER FIBRES          HJF          10720699.56      -310044.87
HARYANA STEEL          HYSA         10831176.59     -5909008.81
HENKEL INDIA LTD       HNKL        102052835.27     -10237657.2
HFCL INFOTEL LTD       HFCL        151650830.03    -85807810.61
HIMACHAL FUTURIS       HMFC        406633181.85   -210980393.95
HINDUSTAN PHOTO        HPHT         93725753.93  -1229352757.43
HMT LTD                HMT         139311695.43   -277691144.15
ICDS                   ICDS         13300348.69     -6171079.46
INDIA FOILS LTD        IF           48457142.32    -38013960.39
INFOMEDIA 18 LTD       INF18        35798533.98     -1937646.71
INTEGRAT FINANCE       IFC          57729537.53    -52297155.04
ITI LTD                ITI        1116207771.94      -800236.54
JCT ELECTRONICS        JCTE         122542558.6    -49996834.55
JD ORGOCHEM LTD        JDO          14537402.78    -69753846.55
JENSON & NIC LTD       JN           15734678.26    -92089109.12
JIK INDUS LTD          KFS           20633171.5     -5623616.49
JK SYNTHETICS          JKS          20208078.76     -2171303.89
JOG ENGINEERING        VMJ          50080964.36    -10076436.07
KALYANPUR CEMENT       KCEM         37538318.01    -41771703.35
KERALA AYURVEDA        KRAP         13409639.48      -586700.12
KINGFISHER AIR         KAIR        1458636203.2   -418911009.67
LLOYDS FINANCE         LYDF         27683041.19     -8642121.28
LLOYDS STEEL IND       LYDS        358940191.85    -83135016.16
MILLENNIUM BEER        MLB          36392748.17     -3197477.14
MILTON PLASTICS        MILT         26114050.07    -42391324.19
NATH PULP & PAP        NPPM         13588844.93    -39126079.65
NICCO UCO ALLIAN       NICU         38788084.34       -61659313
NOVA PETROCHEM         NVPC         44390476.41      -925948.57
ORIENT PRESS LTD       OP           16699814.52       -94789.33
PANCHMAHAL STEEL       PMS          51024827.03      -325116.26
PANYAM CEMENTS         PYC          38841457.46      -641194.41
PARASRAMPUR SYN        PPS         111971290.89   -317111727.95
PAREKH PLATINUM        PKPL         61081050.43    -88849040.15
PEACOCK INDS LTD       PCOK         11395867.81    -14396604.39
PIRAMAL LIFE SC        PLSL         32054795.68     -3725239.05
POLAR INDS LTD         PLI           11613867.7    -22282942.24
RAMA PHOSPHATES        RMPH         34066789.55     -1192495.62
RATHI ISPAT LTD        RTIS         44555929.56      -3933592.5
RELIGARE TECHNOV       RTCL         44130883.78     -1460240.41
ROLLATAINERS LTD       RLT          22965755.05    -22244556.92
ROYAL CUSHION          RCVP         29192373.45    -73115309.68
RPG CABLES LTD         RPG          51431409.37    -20192930.18
SCOOTERS INDIA         SCTR          13288115.8      -578097.97
SEN PET INDIA LT       SPEN         13283611.52     -25431862.1
SHALIMAR WIRES         SWRI          24489676.4    -49901704.65
SHAMKEN COTSYN         SHC          23127927.75     -6172791.93
SHAMKEN MULTIFAB       SHM           60546590.6    -13260108.95
SHAMKEN SPINNERS       SSP          42180451.29    -16764934.64
SHARDA ISPAT LTD       SHIL         16179943.38     -5040578.35
SHREE RAMA MULTI       SRMT         81405835.45    -64134056.23
SIDDHARTHA TUBES       SDT          92929926.47    -10719543.54
SIL BUSINESS ENT       SILB         12461159.02    -19961202.41
SOUTHERN PETROCH       SPET       1543609373.57    -35609423.98
SPICE COMMUNICAT       SPCM        263692459.52    -19679192.67
STI INDIA LTD          STIB            44107456      -300149.59
TAMILNADU TELE         TNT          11680819.22     -3373123.87
TATA TELESERVICE       TTLS        793627684.28    -74636840.33
TRIVENI GLASS          TRSG         34542881.89     -6209872.78
UNIWORTH LTD           WW          178225972.59   -131624807.91
USHA INDIA LTD         USHA         12064900.61    -54512967.31
VENTURA TEXTILES       VRTL         14254627.45      -325402.59
WINDSOR MACHINES       WML          14500894.45    -28144999.02
WIRE AND WIRE-RT       WNWR        102422193.22    -37057061.49
WIRE AND WIRELES       WNW         102422193.22    -37057061.49


JAPAN

AVIX INC               7836         19009420.72     -2125138.36
COSMOS INITIA CO       8844       2333430615.87   -454804416.82
DDS INC                3782         10683845.35     -5696657.23
FDK CORP               6955         465071545.7    -85901797.18
G-TRADING              3348         53439073.69    -19823380.51
L CREATE CO LTD        3247         42344509.56      -9146496.9
NESTAGE CO LTD         7633         15752022.32     -7045459.62
PLACO CO LTD           6347         19727184.96     -1662140.28
PRIME NETWORK          2684         15052085.28     -8379329.03
PROPERST CO LTD        3236        854806960.92    -17847055.11
RADIA HD               4723       1145701822.41    -213538214.6
REMIXPOINT CO LT       3825         13032512.99     -1159815.17
SPC ELECTRONICS        6818        124705573.68    -13095644.59
TERRANETZ CO LTD       2140         11633353.37     -4293462.63


KOREA

AJU MEDIA SOL-PF       44775        13822171.46     -1245278.05
CL LCD CO LTD          35710        55585277.13    -14793655.63
DAHUI CO LTD           55250       186003859.24     -1504246.54
DAISHIN INFO           20180        740500919.3   -158453978.78
ELIM EDU CO LTD        46240        34029159.88     -3747735.09
FIRST FIRE & MAR       610        2044031310.36     -1780221.91
KYSYS CO LTD           15390        10671544.09     -6267111.24
MOBILINK TELECOM       41310        52665694.67    -11474605.44
MOBO CO LTD            51810       196643340.38    -11979182.85
ORICOM INC             10470        82645454.13    -40039161.33
PRIME ENTMT            17170         31473002.9     -19371600.2
ROCKET ELEC-PFD        425          68584186.91        -2140474
ROCKET ELECTRIC        420          68584186.91        -2140474
SAMT CO LTD            31330       303858255.56    -77572655.65
SIMM TECH CO LTD       36710       314177541.38    -34486443.29
SOLAR & TECH CO        30390        11466591.81      -588035.38
STARMAX CO LTD         17050        50131660.74    -25436154.88
TAESAN LCD CO          36210        187935112.1   -546263614.46
TONG YANG MAGIC        23020       355147750.92    -25767007.75
YOUILENSYS CORP        38720       166697877.68    -12337148.33


MALAYSIA

AXIS INCORPORATI       AXIS         42453772.51    -79710389.89
HARVEST COURT          HAR          10993283.82     -7102079.77
LITYAN HLDGS BHD       LIT          18071124.04     -29261166.9
NEPLINE BHD            NL           20755619.11    -27545946.39
NIKKO ELECTRONIC       NIKKO        11189473.86     -8723186.48
WONDERFUL WIRE         WW           11594594.78     -14561593.4
WWE HOLDINGS BHD       WWE          66753912.87      -904694.18


NEW  ZEALAND

DOMINION FINANCE       DFH         258902749.12    -55312405.88


PHILIPPINES

APEX MINING 'B'        APXB         51256351.82     -8972145.85
APEX MINING-A          APX          51256351.82     -8972145.85
BENGUET CORP 'B'       BCB          75331140.18    -35697080.01
BENGUET CORP-A         BC           75331140.18    -35697080.01
CENTRAL AZUC TAR       CAT          37806902.52     -2588843.76
CYBER BAY CORP         CYBR         12926776.59    -79228223.36
EAST ASIA POWER        PWR          50796443.41   -139420756.07
FIL ESTATE CORP        FC           37286935.14    -11355841.65
FILSYN CORP A          FYN           22000423.4    -10278638.86
FILSYN CORP. B         FYNB          22000423.4    -10278638.86
GOTESCO LAND-A         GO           18684576.24    -10863822.41
GOTESCO LAND-B         GOB          18684576.24    -10863822.41
MRC ALLIED             MRC          13040098.81     -3682026.54
PICOP RESOURCES        PCP          105659068.5    -23332404.14
STENIEL MFG            STN          28673457.47     -1478015.89
UNIVERSAL RIGHTF       UP           45118524.67    -13478675.99
UNIWIDE HOLDINGS       UW           52802040.71    -56176026.28
VICTORIAS MILL         VMC         178060236.02    -36659989.09


SINGAPORE

ADV SYSTEMS AUTO       ASA          11992958.61    -11223940.95
ADVANCE SCT LTD        ASCT         69486218.18    -11959064.78
CARRIERNET GLOBA       CARG         14286897.57       -17258.04
CHUAN SOON HUAT        CSH          31243269.09    -16230153.11
FALMAC LTD             FAL          10288220.94     -6460596.18
HL GLOBAL ENTERP       HLGE         93947954.45    -12514151.49
INFORMATICS EDU        INFO         23073311.96      -831837.63
JURONG TECH IND        JTL          98760092.87   -227275152.06
LINDETEVES-JACOB       LJ          155633719.48    -88389478.73
OCEAN INTERNATIO       OCEAN        61659790.45    -13720371.73
PACIFIC CENTURY        PAC          21863868.37     -2767499.46
SUNMOON FOOD COM       SMOON           18725666    -10079386.91
TT INTERNATIONAL       TTI         293865103.05    -37711583.27
WESTECH ELECTRON       WTE          28290170.94    -12855750.98


THAILAND

ABICO HLDGS-F          ABICO/F      12066621.69     -9544714.91
ABICO HOLD-NVDR        ABICO-R      12066621.69     -9544714.91
ABICO HOLDINGS         ABICO        12066621.69     -9544714.91
BANGKOK RUB-NVDR       BRC-R        85509149.46       -65276912
BANGKOK RUBBER         BRC          85509149.46       -65276912
BANGKOK RUBBER-F       BRC/F        85509149.46       -65276912
BLISS-TEL PCL          BLISS         12646465.4     -2089674.34
BLISS-TEL PCL-F        BLISS/F       12646465.4     -2089674.34
BLISS-TEL PCL-NV       BLISS-R       12646465.4     -2089674.34
CENTRAL PAPER IN       CPICO        10220356.04   -216074904.26
CENTRAL PAPER-F        CPICO/F      10220356.04   -216074904.26
CENTRAL PAPER-NV       CPICO-R      10220356.04   -216074904.26
CIRCUIT ELE-NVDR       CIRKIT-R     17385099.26    -87998004.08
CIRCUIT ELEC PCL       CIRKIT       17385099.26    -87998004.08
CIRCUIT ELEC-FRN       CIRKIT/F     17385099.26    -87998004.08
DATAMAT PCL            DTM          12690638.93     -6132014.29
DATAMAT PCL-NVDR       DTM-R        12690638.93     -6132014.29
DATAMAT PLC-F          DTM/F        12690638.93     -6132014.29
ITV PCL                ITV          32845084.57    -82941414.71
ITV PCL-FOREIGN        ITV/F        32845084.57    -82941414.71
ITV PCL-NVDR           ITV-R        32845084.57    -82941414.71
K-TECH CONSTRUCT       KTECH/F      83204235.85     -5693045.29
K-TECH CONSTRUCT       KTECH        83204235.85     -5693045.29
K-TECH CONTRU-R        KTECH-R      83204235.85     -5693045.29
KUANG PEI SAN          POMPUI       17146363.89    -12117287.24
KUANG PEI SAN-F        POMPUI/F     17146363.89    -12117287.24
KUANG PEI-NVDR         POMPUI-R     17146363.89    -12117287.24
MALEE SAMPR-NVDR       MALEE-R      53933645.39     -6900644.95
MALEE SAMPRAN          MALEE        53933645.39     -6900644.95
MALEE SAMPRAN-F        MALEE/F      53933645.39     -6900644.95
NFC FERTILI-NVDR       NFC-R        41433204.74     -2287708.95
NFC FERTILIZER P       NFC          41433204.74     -2287708.95
NFC FERTILIZER-F       NFC/F        41433204.74     -2287708.95
PATKOL PCL             PATKL        53430390.26    -26540095.34
PATKOL PCL-FORGN       PATKL/F      53430390.26    -26540095.34
PATKOL PCL-NVDR        PATKL-R      53430390.26    -26540095.34
PICNIC CORPORATI       PICNI/F     162041208.32    -79858191.23
PICNIC CORPORATI       PICNI       162041208.32    -79858191.23
PICNIC CORPORATI       PICNI-R     162041208.32    -79858191.23
PONGSAAP PCL           PSAAP/F      26599991.38      -3496872.9
PONGSAAP PCL           PSAAP        26599991.38      -3496872.9
PONGSAAP PCL-NVD       PSAAP-R      26599991.38      -3496872.9
SAFARI WORL-NVDR       SAFARI-R    101048401.65    -21027662.26
SAFARI WORLD PUB       SAFARI      101048401.65    -21027662.26
SAFARI WORLD-FOR       SAFARI/F    101048401.65    -21027662.26
SAHAMITR PR-NVDR       SMPC-R       31177710.43     -14940579.6
SAHAMITR PRESS-F       SMPC/F       31177710.43     -14940579.6
SAHAMITR PRESSUR       SMPC         31177710.43     -14940579.6
SUNWOOD INDS PCL       SUN          19863687.56    -13033623.14
SUNWOOD INDS-F         SUN/F        19863687.56    -13033623.14
SUNWOOD INDS-NVD       SUN-R        19863687.56    -13033623.14
THAI-DENMARK PCL       DMARK        15715462.27    -10102519.69
THAI-DENMARK-F         DMARK/F      15715462.27    -10102519.69
THAI-DENMARK-NVD       DMARK-R      15715462.27    -10102519.69
TRANG SEAFOOD          TRS          13251979.73        -3373.42
TRANG SEAFOOD-F        TRS/F        13251979.73        -3373.42
TRANG SFD-NVDR         TRS-R        13251979.73        -3373.42
UNIVERSAL S-NVDR       USC-R        85671220.21    -49479729.86
UNIVERSAL STAR-F       USC/F        85671220.21    -49479729.86
UNIVERSAL STARCH       USC          85671220.21    -49479729.86


TAIWAN

CHIEN TAI CEMENT       1107        202446919.23     -22407739.4
HELIX TECH-EC          2479T        23385923.43    -24115022.26
HELIX TECH-EC IS       2479U        23385923.43    -24115022.26
HELIX TECHNOL-EC       2479S        23385923.43    -24115022.26
TAIWAN KOL-E CRT       1606U       507206787.88    -147139297.7
TAIWAN KOLIN-EN        1606V       507206787.88    -147139297.7
TAIWAN KOLIN-ENT       1606W       507206787.88    -147139297.7
VERTEX PREC-ENTL       5318T        43037265.55     -2305484.43
VERTEX PRECISION       5318         43037265.55     -2305484.43
YEU TYAN MACHINE       8702         39574168.04   -271070409.72


                         *********

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.





                 *** End of Transmission ***