TCRAP_Public/091020.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, October 20, 2009, Vol. 12, No. 207

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Proposes to Lift Executive Pay by 50%
CENTRO NP: Extends Consent Solicitation to October 27
OCTAVIAR LIMITED: Liquidators Secure AU$125 Million Cash


C H I N A

INDUSTRIAL & COMMERCIAL: May Raise Stake in Credit Suisse Venture


H O N G  K O N G

EASTAR INDUSTRIES: To Declare First and Final Dividend on Oct. 20
GREAT UNIVERSE: To Pay First and Final Dividend on October 30
GOODFIELD LIMITED: Members' Final Meeting Set for November 18
HK RESIDENTS: Chan Kam Shing Steps Down as Liquidator
HUGE GRACE: Creditors' Proofs of Debt Due November 17

HOI PING: Members' Final General Meeting Set for November 18
JANFOOK LIMITED: Placed Under Voluntary Wind-Up
KENWA SHIPPING: Commences Wind-Up Proceedings
MMS COMPANY: Vincent Kwok Chi Sun Steps Down as Liquidator
MMS COMPANY: Members' Final Meeting Set for November 16

PARA PRINTING: Members' Final Meeting Set for November 16
PEACE MARK: Sutton and Yu Appointed as Liquidators
PI INVESTMENT: Yan and Haughey Step Down as Liquidators
R & I Project: Members and Creditors to Meet on November 20
REDGREEN FAR: Commences Wind-Up Proceedings

SUN TONG: Placed Under Voluntary Wind-Up


I N D I A

AMBA METALS: Weak Liquidity Prompts CRISIL 'BB-' Ratings
AMBA SHAKTI: CRISIL Rates INR18.1 Million Term Loan at 'BB-'
CHEMCO PLASTIC: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
MUKESH STRIPS: ICRA Rates INR40MM Fund Based Limits at 'LBB+'
NAVRATNA SG: ICRA Assigns 'LBB+' Rating on LT Sanction Bank Debts

SANGHAVI DIAMONDS: CARE Assigns 'CARE BB' Rating on INR9cr Loan
SATYAM COMPUTER: Delays Restatement of Financial Accounts
SURAT METALLICS: ICRA Rates INR55.40 Million Term Loan at 'LBB'
TATA MOTORS: Tata Daewoo Ordered to Recall 3,276 Trucks
VEDANTA: Sterlite Expansion Plan Won't Affect Moody's Rating

VIJAY AGRO: ICRA Puts 'LBB+' Rating on INR38.9MM Term Loans


I N D O N E S I A

ANEKA TAMBANG: Expects to Increase Nickel Output by 42% Next Year
MEDIA NUSANTARA: Moody's Reviews 'B1' Corporate Family Rating
MEDIA NUSANTRA: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
PERUSAHAAN LISTRIK: To Sell IDR1.5 Trillion of Bonds in November


J A P A N

ASAHI MUTUAL: JCR Affirms Rating on Senior Debts at 'BB'
JAPAN AIRLINES: May Incur JPY200 Bil. Loss in FY2009, Kyodo Says
JAPAN AIRLINES: Moody's Downgrades Long-Term Debt Rating to 'B1'
JAPAN AIRLINES: S&P Downgrades Corporate Credit Rating to 'B-'
JLOC XI: Fitch Takes Rating Actions on Various Classes of Notes

SPANSION INC: Gilles Delfassy to Step Down as Director


K O R E A

* SOUTH KOREA: Banks Begin Restructuring 13 Insolvent Companies


N E W  Z E A L A N D

BBQ FACTORY: Closes More Stores Due to Losses


S I N G A P O R E

CITIRAYA BUILDING: Creditors Get 8.3475% Recovery on Claims


T A I W A N

CATHAY DUN: Fitch Takes Rating Actions on Various Certificates


X X X X X X X X

* BOND PRICING: For the Week October 12 to October 16, 2009


                         - - - - -


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A U S T R A L I A
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BABCOCK & BROWN INFRA: Proposes to Lift Executive Pay by 50%
------------------------------------------------------------
The Sydney Morning Herald reports that Babcock & Brown
Infrastructure Ltd. is lobbying a proposal to lift the
remuneration of its non-executive directors by 50%.

According to the report, the company has proposed lifting the
remuneration pool of its directors from AU$1 million to AU$1.5
million a year.

The Herald relates BBI, in a notice of general meeting lodged to
the Australian Securities Exchange on October 15, argued that the
current fee pool of its directors had not been lifted since 2002.
However, the report notes, the proposal is set to inflame
security-holders who will see their holdings in the debt-stricken
fund rendered almost worthless following the recapitalization,
which will have Canada's Brookfield Infrastructure emerge a
cornerstone investor in Babcock & Brown Infrastructure.

"It's poor timing and I think it would be considered a slap in the
face to existing security-holders," the report quoted Stuart
Wilson, the Australian Shareholders Association's chief executive,
as saying.  "The resolution would not be supported by many
retailer investors."

Babcock & Brown Infrastructure will hold its annual meeting on
November 16, 2009, at the Sofitel Wentworth Sydney, 61-101 Philip
Street, in Sydney.

                     Recapitalization Proposal

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2009, that Brookfield Asset Management Inc. and Brookfield
Infrastructure Partners L.P. have signed an agreement with Babcock
& Brown Infrastructure to sponsor a comprehensive restructuring
and recapitalization.

Under the agreement with BBI, Brookfield Asset Management and
Brookfield Infrastructure have jointly and severally subscribed
for a proposed investment in stapled securities and assets of BBI
of approximately US$1.1 billion.  The proposed investment is
comprised of the purchase of approximately AU$625 million to
AU$713 million (approximately US$555 million to $635 million) of
stapled securities for a 35% to 40% interest in the restructured
BBI and AU$295 million (approximately US$265 million) for the
direct purchase from BBI of a 49.9% economic interest in Dalrymple
Bay Coal Terminal, in Queensland, Australia, and 100% of PD Ports,
a leading ports business in northeast England.  Immediately
following the purchase of PD Ports, Brookfield will repay
GBP100 million (approximately US$160 million) of debt at PD Ports.

The principal elements of the Recapitalization plan are:

   * an equity raising by BBI of AU$1.5 billion comprised of:
     AU$625 million placement to Brookfield; AU$625 million
     placement to institutional investors; and AU$250 million
     Security Purchase Plan.  Brookfield has agreed to sub-
     underwrite up to AU$87.5 million of the SPP;

   * Brookfield, through convertible notes and other arrangements,
     obtains a 49.9% economic interest in DBCT and 100% of BBI's
     interests in PD Ports, for AU$295 million.  In addition,
     Brookfield will repay GBP100 million (approximately US$160
     million) of PD Ports debt on closing;

   * the repayment and restructuring of BBI's debt facilities,
     including the repayment of all existing corporate debt
     (excluding approximately AU$119 million of NZ bonds) and
     the repayment and extension of certain asset-level debt,
     all funded with proceeds from the equity raise and asset
     sales;

   * simplification of the capital structure, including the
     conversion of the BBI EPS Limited Exchangeable Preference
     Shares ("EPS") into BBI stapled securities;

   * separation of the Australian Energy Transmission and
     Distribution ("AET&D") and Cross Sound Cable ("CSC")
     assets and the associated indebtedness from the remaining
     BBI assets, which will be accounted for as "held for
     sale"; and

   * a name change, from Babcock & Brown Infrastructure to
     Prime Infrastructure.

                About Babcock & Brown Infrastructure

Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service placed Babcock and
Brown Infrastructure Group's B1 corporate family rating on review
with direction uncertain.  In addition, the B2 senior secured
rating of BBI Finance Pty Ltd is on review with direction
uncertain.

The review would focus on the outcome of the recapitalization
discussions and the impact that a proposal, or absence thereof,
would have on BBI's financial leverage and liquidity position.


CENTRO NP: Extends Consent Solicitation to October 27
-----------------------------------------------------
To allow additional time for discussions with certain noteholders,
Centro NP LLC has extended the deadline for its previously
announced consent solicitation with respect to amendments to the
1995 indenture governing its outstanding 7.65%, 7.68% and 7.97%
senior notes due 2026 and its outstanding 6.90% senior notes due
2028.

The Consent Solicitation, previously scheduled to expire at 5:00
P.M. New York City Time on October 15, 2009, will now expire at
5:00 P.M. New York City Time on October 27, 2009.

Except as modified, all terms and conditions of the Consent
Solicitation will remain in full force and effect.

The Company believes that the consent payment of $35 per $1,000
principal amount of Securities to consenting noteholders and the
ability to shorten the maturity by 12 to 14 years, combined,
offers tremendous value to those noteholders holding the
Securities.  Additionally, if the proposed amendments with respect
to the debt incurrence covenant are not adopted, once the Company
has ceased to experience the unusually large non-cash charges that
it has recently experienced, the Company would once again be able
to incur debt under the indenture without any amendment being
required.

As reported by the Troubled Company Reporter on September 23,
Centro NP commenced a consent solicitation with respect to
amendments to the 1995 indenture governing various senior notes
issued by the Company:

                                         Consent Fee
             Outstanding                 Per $1,000   Put Right
             Principal    Security       Principal    Repurchase
CUSIP No.   Amount       Description    Amount       Date
---------   -----------  -----------    -----------  ----------
64806Q AA2  US$10,000,000  7.97% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AD6  US$25,000,000  7.65% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AF1  US$10,000,000  7.68% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AG9  US$10,000,000  7.68% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AK0  US$25,000,000  6.90% Senior    US$35.00     01/15/2014
                           Notes Due 2028

64806Q AL8  US$25,000,000  6.90% Senior    US$35.00     01/15/2014
                           Notes Due 2028

BofA Merrill Lynch is the Solicitation Agent for the Consent
Solicitation.  Questions regarding the Consent Solicitation may be
directed to BofA Merrill Lynch at (980) 388-4603 (collect) and
(888) 292-0070 (toll free).

As reported by the Troubled Company Reporter on September 10,
2009, Centro NP warned in an August 2009 regulatory filing it has
substantial short-term liquidity obligations consisting primarily
of short-term indebtedness, which it may be unable to refinance on
favorable terms or at all.  During the remaining six months of
2009, the Company has an aggregate of US$47.5 million of mortgage
debt, notes payable and credit facilities scheduled to mature and
US$13.9 million of scheduled mortgage amortization payments.

If principal payments on debt due at maturity cannot be
refinanced, extended or paid, the Company will be in default under
its debt obligations, and it may be forced to dispose of
properties on disadvantageous terms.  The defaults may in turn
cause cross defaults in certain of the Company's or its
affiliates' other debt obligations.

Centro NP also noted it is no longer permitted to make draws under
an Amended July 2007 Facility.  As a result, and because of the
restrictions imposed on the Company by the Amended July 2007
Facility, as well as its Super Bridge Loan, its Residual Credit
Facility and the Indentures, it may not be able to repay or
refinance short-term debt obligations that comes due.

The Company said there is substantial doubt about its ability to
continue as a going concern.  In addition, uncertainty also exists
due to the liquidity issues currently experienced by the Company's
parent and the ultimate parent investors, Centro Properties
Limited and Centro Property Trust.

According to the Company, the half yearly financial statements of
the Company's ultimate parents, Centro Properties Limited and
Centro Property Trust, which were filed with Australian regulatory
bodies on February 26, 2009, identified material uncertainty
(equivalent to substantial doubt) about those entities' ability to
continue as a going concern.

The Amended July 2007 Facility is a US$350.0 million revolving
credit facility with Bank of America N.A.

The Super Bridge Loan is a US$1.9 billion second amended and
restated loan agreement entered into by Super LLC with JPMorgan
Chase Bank, N.A., as administrative agent.

The Residual Credit Facility is a US$370.0 million credit facility
entered into by certain subsidiaries of Centro NP Residual Holding
LLC -- Residual Joint Venture -- with JPMorgan Chase Bank, N.A.,
as agent and lender.

The Indentures govern the unsecured senior notes issued by Centro
NP's predecessor, New Plan Excel Realty Trust, Inc.  U.S. Bank
Trust National Association is the trustee under the Indentures.

Centro NP said management is working with both its lenders and the
lenders of its affiliated entities, and also with management of
the ultimate parent investors of the Company, to access a number
of options that address the Company's ongoing liquidity issues.
Factors that may impact this include the current and future
condition of the credit market and the U.S. retail real estate
market.

The Company said the extension of certain debt facilities to
December 31, 2010, gives it more time to consider a range of
different plans to address its longer term liquidity issues and
potential funding from distributions from the Residual Joint
Venture and potential asset sales, among other things, should
provide the Company with the ability to pay its debts as and when
they become due and payable.

At June 30, 2009, the Company had US$3,434,106,000 in total
assets, including US$28,514,000 in cash and cash equivalents and
US$9,678,000 in marketable securities; against US$1,896,991,000 in
total liabilities and US$24,542,000 in redeemable non-controlling
interests in partnerships.

Centro NP's credit ratings are all below investment grade.
Standard & Poor's current rating is CCC+; outlook negative.
Fitch's current rating is CCC/RR4; rating watch negative.  Moody's
current rating is Caa2; negative outlook.

Centro NP LLC owns and develops community and neighborhood
shopping centers throughout the United States.  The Company was
formed in February 2007 to succeed the operations of New Plan
Excel Realty Trust, Inc.


OCTAVIAR LIMITED: Liquidators Secure AU$125 Million Cash
--------------------------------------------------------
The Sydney Morning Herald reports that Bentleys Corporate
Recovery, the recently appointed liquidator of Octaviar Limited,
has secured AU$125 million in cash from the group and was moving
to raise more cash from the sale of Octaviar's childcare business,
Sunkids.

The Herald states that one month since replacing Deloitte as the
liquidator under court order, Bentleys said it planned to hold
"public examinations" in the first half of 2010, which could shed
more light into the dealings that led to the collapse of the
financial group after it fell into administration in September
2008.

According to the report, Bentleys said it had liaised with the
Australian Securities & Investments Commission.  Bentleys, as
cited by the Herald, said it was also negotiating the former MFS
chief executive David Anderson's "ongoing role" with the group.

This follows a revelation in BusinessDay last week that
Mr. Anderson was paid more than AU$940,000 in consultancy fees
from the group's former administrator and liquidator Deloitte, the
report notes.

The Herald relates Bentleys said it had started closing down
Octaviar's offices and was in talks with the Tax Office to access
AU$60 million that was under a "freezing order."

                      About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
operates as an Investment Management business with a portfolio of
businesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.

The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.

Octaviar's the creditors in December 2008 voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement
that has been in place since December, naming company
administrators John Greig and Nick Harwood at Deloitte, as
provisional liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
replaced by Bentleys Corporate Recovery under court order.


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INDUSTRIAL & COMMERCIAL: May Raise Stake in Credit Suisse Venture
-----------------------------------------------------------------
The Financial Times reports that the Industrial and Commercial
Bank of China is expected to expand its share in a fund management
joint venture with Credit Suisse Group AG.

The FT relates that China Ocean Shipping Company (Cosco) surprised
the market this month when it announced plans to auction off its
20% stake in ICBC Credit Suisse, which has become highly
profitable since its creation four years ago.

"ICBC is all but guaranteed to acquire the stake," the FT quoted
Peter Alexander, of Z-Ben Advisors, a Shanghai-based consultancy,
as saying.  "The auction has been structured in such a way to
vastly limit the number of potential bidders," he said.

The report notes Mr. Alexander said the minimum bid on the deal is
set at Rmb258.2 million (US$37.8 million), which values ICBC
Credit Suisse at Rmb1.3 billionn, a price that was "cheap by all
measures."

Credit Suisse, which owns 25% of the joint venture, declined to
comment.  ICBC holds a 55% stake.

                        About Credit Suisse

Headquartered in Zurich, Switzerland, Credit Suisse Group AG
(VTX:CSGN) -- http://www.credit-suisse.com/-- formerly Credit
Suisse Group, is a global financial services company catering to
corporate, institutional and government clients, and high-net-
worth individuals worldwide, as well as to retail clients in
Switzerland.  The Company serves its clients through its three
divisions: Private Banking, Investment Banking and Asset
Management.  In Private Banking, the Company offers advice and a
range of wealth management solutions, including pension planning,
life insurance products, tax planning and wealth and inheritance
advice.  In Investment Banking, it offers investment banking and
securities products and services to corporate, institutional and
government clients worldwide.  In Asset Management, it provides
access to a range of investment classes, ranging from money
market, fixed income, equities and balanced products, to
alternative investments, such as real estate, hedge funds, private
equity and volatility management.

                            About ICBC

The Industrial and Commercial Bank of China (ICBC) --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's Bank
of China.  ICBC conducts operations across China as well as in
major international financial centers.

                           *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.


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


EASTAR INDUSTRIES: To Declare First and Final Dividend on Oct. 20
-----------------------------------------------------------------
Eastar Industries Limited, which is in liquidation, will declare
the first and final dividend to its creditors today, October 20,
2009.

The company will pay 100% to all received claims.

The company's liquidators are:

         Lau Siu Hung
         Liang Yang Keng
         Commercial Building
         Wing Yee, 2F
         5 Wing Kut Street
         Central, Hong Kong


GREAT UNIVERSE: To Pay First and Final Dividend on October 30
-------------------------------------------------------------
Great Universe (Hong Kong) Limited, which is in liquidation, will
pay the first and final dividend to its creditors on October 30,
2009.

The company will pay 0.23% to all received claims.

The company's liquidators are:

         Andrew George Hung
         Sonia Yau Sun Yu
         Room 1603, 16/F., Grand Centre
         8 Humphreys Avenue
         Tsimshatsui, Hong Kong


GOODFIELD LIMITED: Members' Final Meeting Set for November 18
-------------------------------------------------------------
Members of GoodField Limited will hold their final meeting on
November 18, 2009, at 10:00 a.m., at the 13A, Tak Lee Commercial
Building, 113-117 Wanchai Road, Wanchai in Hong Kong.

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


HK RESIDENTS: Chan Kam Shing Steps Down as Liquidator
-----------------------------------------------------
Chan Kam Shing stepped down as liquidator of Hong Kong Residents
of Tiu Yeong Sing Tshang Village Association Limited.


HUGE GRACE: Creditors' Proofs of Debt Due November 17
-----------------------------------------------------
Huge Grace (HK) Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 17, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 9, 2009.

The company's liquidators are:

         Puen Wing Fai
         Alice Lo Yeuk Ki
         Kwan Chart Tower, 6/F
         6 Tonnochy Road,
         Wanchai, Hong Kong


HOI PING: Members' Final General Meeting Set for November 18
------------------------------------------------------------
Members of Hoi Ping Cheung Kiu Village Clansmen's Association
Limited will hold their final general meeting on November 18,
2009, at 11:00 a.m., at G/F, 32C, Tin Ping Shan Village, Sheung
Shui, N.T.

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


JANFOOK LIMITED: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on October 9, 2009,
members of Janfook Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Yiu Ho
         HK & Macau Building, Room 1401, 14/F
         156-157 Connaught Road
         Central, Hong Kong


KENWA SHIPPING: Commences Wind-Up Proceedings
---------------------------------------------
Members of Kenwa Shipping Company Limited on September 23, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Dunkun Hui Kwok Sheung
         Wellbore Commercial Centre
         Unit 13, 5/F
         8 Java Road, North Point
         Hong Kong


MMS COMPANY: Vincent Kwok Chi Sun Steps Down as Liquidator
----------------------------------------------------------
Vincent Kwok Chi Sun stepped down as liquidator of MMS Company
Limited.


MMS COMPANY: Members' Final Meeting Set for November 16
-------------------------------------------------------
Members of MMS Company Limited will hold their final meeting on
November 16, 2009, at 10:00 a.m., at the Units A-C, 25/F.,
Seabright Plaza, No.9-23, Shell Street, North Point in Hong Kong.

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


PARA PRINTING: Members' Final Meeting Set for November 16
---------------------------------------------------------
Members of Para Printing Limited will hold their final meeting on
November 16, 2009, at 9:30 a.m., at the Rooms 1901-2, Part-In
Commercial Centre, 56 Dundas Street in Kowloon.

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


PEACE MARK: Sutton and Yu Appointed as Liquidators
--------------------------------------------------
Roderick John Sutton and Fok Hei Yu on August 27, 2009, were
appointed as liquidators of Peace Mark (B.V.I) Limited.

The company's liquidators are:

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


PI INVESTMENT: Yan and Haughey Step Down as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darack E. Haughey stepped down as
liquidators of PI Investment Management Limited on
October 7, 2009.


R & I Project: Members and Creditors to Meet on November 20
-----------------------------------------------------------
Members and creditors of R & I Project Consultant Limited will
hold their final meeting on November 20, 2009, at 10:00 a.m., and
10:30 a.m., respectively, at the Suites 903-5, 9/F., Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong kong.

At the meeting, Tang Yau Sing and Pang Fung Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


REDGREEN FAR: Commences Wind-Up Proceedings
-------------------------------------------
Redgreen Far East Limited on October 8, 2009, commenced wind-up
proceedings.

The company's liquidator is:

         Luk Sai Yan
         3 Lockhart Road, 12/F
         Wanchai Hong Kong


SUN TONG: Placed Under Voluntary Wind-Up
----------------------------------------
At an extraordinary general meeting held on October 7, 2009,
members of Sun Tong Landscape Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Leung Yuen Fong
         Chui Wing Kin
         Fairview Park No.19
         1st Street, Section G
         Yuen Long, New Territories
         Hong Kong


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AMBA METALS: Weak Liquidity Prompts CRISIL 'BB-' Ratings
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of Amba Metals (AMM), which is part of the Amba group.

   Facilities                             Ratings
   ----------                             -------
   INR75.5 Million Cash Credit Facility*  BB-/Negative (Assigned)
   INR45.4 Million Term Loan              BB-/Negative (Assigned)
   INR80 Million Letter of Credit         P4 (Assigned)
   INR12.5 Million Bank Guarantee         P4 (Assigned)

   *Including INR8 million proposed cash credit facility.

The ratings reflect the Amba group's weak liquidity because of its
stretched working capital cycle, its small size of operations in
the highly fragmented steel industry, and its exposure to
fluctuations in raw material prices.  The impact of these
weaknesses is mitigated by the group's established presence in
Himachal Pradesh and Punjab, and its stable operating margins
because of integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AMM and its group company, Amba Shakti
Ispat Ltd.  This is because the entities, together referred to as
the Amba group, have strong operational linkages (AMM supplies
steel billets to ASIL), and are under a common management team;
also, the management intends to merge AMM and ASIL once the tax
holiday period expires in 2013-14 (refers to financial year,
April 1 to March 31).

Outlook: Negative

CRISIL expects the Amba group's financial risk profile to remain
vulnerable on account of its stretched liquidity position.  The
group's scale of operations is expected to remain small; however,
the group will accrue benefits from the backward integration in
its operations over the short to medium term.  The rating may be
downgraded if Amba group continues to delay on the repayment of
long term debt obligation.  Conversely, the outlook may be revised
to 'Stable' if the Amba group demonstrates its ability to meet its
debt repayment obligations in a timely manner consistently, or
generates higher-than-expected accruals, leading to a substantial
improvement in its financial risk profile.

                          About the Group

AMM was incorporated in 2004 as a partnership firm, by Mr. S K
Goel and his sons, Mr. Kamal Goel and Mr. Pankaj Goel.  The firm
is in the business of manufacturing mild steel ingots or billets,
and its plant at Kala Amb, Himachal Pradesh, has a capacity of
48,000 tonnes per annum. The firm was set up to support the raw
material requirement of ASIL.

AMM enjoyed 100 per cent income tax exemption for the first five
years of its operations till 2008-09, and will enjoy a 20 per cent
rebate on income tax for the next five years till 2013-14. The
firm has also got 100 per cent central excise exemption for 10
years till 2013-14.

For 2007-08, the Amba group reported a profit after tax of INR122
million on net sales of INR1798 million, against INR130 million
and INR1744 million, respectively, in the previous year.


AMBA SHAKTI: CRISIL Rates INR18.1 Million Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of Amba Shakti Ispat Ltd (ASIL), which is part of the
Amba group.

   Facilities                              Ratings
   ----------                              -------
   INR112.1 Million Cash Credit Facility*  BB-/Negative (Assigned)
   INR18.1 Million Term Loan               BB-/Negative (Assigned)
   INR3.5 Million Bank Guarantee           P4 (Assigned)

   * Including INR7.1 million proposed cash credit facility.

The ratings reflect the Amba group's weak liquidity because of its
stretched working capital cycle, its small scale of operations in
the highly fragmented steel industry, and its exposure to
fluctuations in raw material prices.  The impact of these
weaknesses is mitigated by the group's established presence in
Himachal Pradesh and Punjab, and its stable operating margins
because of integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ASIL and its group company, Amba
Metals.  This is because the entities, together referred to as the
Amba group, have strong operational linkages (AMM supplies steel
billets to ASIL), and are under a common management team; also,
the management intends to merge AMM and ASIL once the tax holiday
period expires in 2013-14 (refers to financial year, April 1 to
March 31).

Outlook: Negative

CRISIL expects the Amba group's financial risk profile to remain
vulnerable on account of its stretched liquidity position.  The
group's scale of operations is expected to remain small; however,
the group will accrue benefits from the backward integration in
its operations over the short to medium term.  The rating may be
downgraded if Amba group continues to delay on the repayment of
long term debt obligation.  Conversely, the outlook may be revised
to 'Stable' if the Amba group demonstrates its ability to meet its
debt repayment obligations in a timely manner consistently, or
generates higher-than-expected accruals, leading to a substantial
improvement in its financial risk profile.

                           About the Group

ASIL was incorporated in 2004 as a private limited company, by
Mr. S K Goel and his sons, Mr. Kamal Goel and Mr. Pankaj Goel.
The company is in the business of manufacturing thermo-
mechanically treated (TMT) bars, angles, and channels, and its
plant at Kala Amb, Himachal Pradesh, has a capacity of 96,000
tonnes per annum.  The unit enjoyed 100 per cent income tax
exemption for the first five years of operations till 2008-09, and
will enjoy a 30 per cent rebate in the next five years till 2013-
14.  It also enjoys 100 per cent central excise exemption for 10
years till 2013-14.

For 2007-08, the Amba group reported a profit after tax of INR122
million on net sales of INR1798 million, against INR130 million
and INR1744 million, respectively, in the previous financial year.


CHEMCO PLASTIC: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the various
bank facilities of Chemco Plastic Industries Pvt. Ltd (Chemco
Plastics).

   Facilities                          Ratings
   ----------                          -------
   INR52.5 Million Cash Credit         BB+/Stable (Assigned)
   INR50.1 Million Long Term Loan      BB+/Stable (Assigned)
   INR1.4 Million Proposed Long Term   BB+/Stable (Assigned)
                  Bank Loan Facility
   INR10.0 Million Letter of Credit    P4+ (Assigned)
   INR6.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Chemco Plastics's modest scale of operations
in the plastic industry, limited pricing power and vulnerability
of earnings to volatility in raw material prices, partially offset
by efficient raw material procurement policy.  These weaknesses
are, however, partially offset by Chemco Plastics's established
presence in the plastic industry.

Outlook: Stable

CRISIL believes that Chemco Plastics will maintain a stable
business risk profile over the medium term, backed by established
customer relationships and longstanding experience of the
promoters.  The outlook may be revised to 'Positive' if the firm's
revenues and margins improve significantly; or to 'Negative' if
the firm undertakes large, debt-funded capital expenditure.

                       About Chemco Plastics

Chemco Plastics, promoted by Mr. Ramawatar Saraogi in 1996, is
closely held company and is engaged in manufacturing of pet
bottles, pet jars and pet preforms for industries such as personal
care, health care, confectionaries, agro chemicals and lubricants.
The company's client base includes Bisleri Ltd, Pepsi Co, Parle
Products, Johnson and Johnson, Wipro Ltd and Iceberg Foods. Around
80-85% of the company's revenue is contributed by Pet Preforms.
Chemco Plastics also exports pet preforms to manufacturers in
Middle East and Africa.  Chemco Plastic currently has
manufacturing capacity of ~7000 metric tones per annum (MTPA).

Chemco Plastics reported a profit after tax (PAT) of INR15.9
million on net sales of INR421 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of
INR2.4million on net sales of INR284 million for 2007-08.


MUKESH STRIPS: ICRA Rates INR40MM Fund Based Limits at 'LBB+'
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR40 million fund based
limits of Mukesh Strips Limited.  The ICRA has also assigned an
A4+ rating to INR50 million non fund based limits of Mukesh Strips
Limited.

ICRA's non-investment grade rating factors in risks arising out of
factors such as the cyclicality inherent in the steel business,
volatility in production of steel ingots and rounds which has
resulted in volatile manufacturing sales over the years, highly
competitive and fragmented nature of industry and susceptibility
of its margins to raw material price fluctuations.  The rating is
also constrained by the low capacity utilization levels on account
of tight power supply situation in Ludhiana, Punjab where the
company's operations are located.  These factors have resulted in
low profitability indicators as reflected by low operating margins
of 2.8% and net profit margins of 0.3% in FY09.  Below average
profitability indicators have resulted in modest coverage
indicators. The ratings are however supported by the long
experience and established track record of promoters in the steel
industry and low client concentration risk.

Mukesh Strips Limited, situated at Dhandari Khurd, near Phase VII
of Focal Point of Ludhiana was incorporated on March 31, 1992, and
started commercial production on April 7, 1994.  MSTL was promoted
By Flagship Company of the Group i.e. Mukesh Steels Limited and it
has set up integrated facilities for melting steel scrap and
manufactured rolled products of EN Series and low carbon steel
flats with an installed capacity of 13450 MTs per annum at
Ludhiana.  The installed capacity for the induction furnace
division is 30000 MT p.a.  The equity shares of Mukesh Strips
Limited are listed on Bombay Stock Exchange Limited, Delhi Stock
Exchange Association Limited, Ludhiana Stock Exchange Limited and
Vadodara Stock Exchange Limited.


NAVRATNA SG: ICRA Assigns 'LBB+' Rating on LT Sanction Bank Debts
-----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the long term sanctioned bank
limits of Navratna SG Highway Properties Private Limited.

NPPL is a joint venture between Kshitij Venture Capital Fund and
Navratna Organizers and Developers Pvt. Ltd. whose shareholdings
in the company are 90% and 10% respectively.  NPPL owns and
operates the Gulmohar Park Mall at Sarkhej-Gandhinagar Highway,
Ahmedabad.

The rating is constrained by market risk factors and the high
dependence on securing occupancy from inline retailers for
attaining high overall occupancy levels.  Further, even at high
occupancy levels, the cover available for debt servicing is likely
to be low.  The rating however takes into account the attractive
location of the mall in Ahmedabad, the current high levels of
occupancy enjoyed by the mall and its diverse tenant mix.  The
rating factors in the absence of construction risk and the access
NPPL enjoys to Future Group's expertise in retail real-estate
operations and management which is partly evidenced by NPPLs focus
on mall management and maintenance.

                        About Navratna SG

NPPL is a joint venture between Kshitij Venture Capital Fund
(KVCF) and Navratna Organizers and Developers Pvt. Ltd. whose
shareholdings in the company are 90% and 10% respectively.  NPPL
owns and operates the Gulmohar Park Mall at Sarkhej-Gandhinagar
Highway, Ahmedabad.  Kshitij Investment Advisors Company Ltd.
(KIACL), a subsidiary of Future Capital Holdings (part of The
Future Group) advises the Kshitij Venture Capital Fund (KVCF).
Construction of the Gulmohar Park Mall began in June 2006 and
commercial operations commenced from October 2008. The mall
currently enjoys approximately 85% occupancy.


SANGHAVI DIAMONDS: CARE Assigns 'CARE BB' Rating on INR9cr Loan
---------------------------------------------------------------
CARE has assigned a rating of 'CARE BB' to the Long-term Bank
Facilities of Sanghavi Diamonds Private Limited aggregating
INR9.00 crore.  This rating is applicable to facilities having
tenure of more than one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.

The rating is constrained by SDPL's small scale of operations,
significant corporate guarantees extended to the foreign
subsidiaries in comparison with the company's net worth and
geographical concentration risk.  The rating is further
constrained due to long working capital cycle coupled with
strained liquidity and very low profitability margins due to its
presence in trading activities.

The rating derives strength from the promoter company's [Sanghavi
Exports International Private Limited experience in the gems and
jewellery industry, integrated operations of the Group and the
continued financial support from the parent company in the form of
unsecured loans.

Further, ability to improve profitability in the future, mitigate
the foreign currency risks and timely recovery of receivables in
the challenging external environment are the key rating
sensitivities.

Sanghavi Diamonds Private Limited was established on February 25,
1991 as a 100% subsidiary of SEIPL.  SDPL was constituted as the
holding company with the group's main objective to acquire
complete control over its three overseas subsidiaries namely
Sanghavi Diamond Inc, Los Angeles (USA), Sanghavi Diamonds Inc.,
New York (USA) and Sanghavi Fareast Pte. Ltd., Singapore.  SDPL is
engaged in the business of trading and processing of rough
diamonds and exporting cut and polished diamonds.  The principal
revenues of SDPL are generated from trading activities (nearly 87%
of the total in FY08).  SDPL being a closely-held family business
is jointly managed by Mr. Kiritlal Sanghavi, Mr. Rameshchandra
Sanghavi and Mr. Chandrakant Sanghavi.  Exports have been a major
(more than 85% in FY09) source of revenues for the company and
majority of the exports are to Hong Kong. The share of Hong Kong
has risen from 56% of total sales in FY08 to more than 80% of
total sales in FY09, exposing the company to significant market
concentration risk.

SDPL reported net sales of INR26 crore and PAT of INR0.42 crore
for FY08.  The overall gearing ratio of the company deteriorated
to 0.46x as on March 31, 2008 from 0.37x as on March 31, 2007 on
account of increased use of bank borrowings.  SDPL has extended
corporate guarantees aggregating INR70.50 crore as on June 08,
2009 to its overseas subsidiaries. On treating such guarantees as
debt and deducting the investments in the subsidiaries from net-
worth of SDPL, the overall gearing levels increased significantly
to 17.23x as on March 31, 2008.  Working capital cycle of SDPL was
high at 112 days due to the inherent nature of the business which
requires maintenance of large inventory and provision of longer
credit period to the customer.


SATYAM COMPUTER: Delays Restatement of Financial Accounts
---------------------------------------------------------
Satyam Computer Services delayed the restatement of its accounts
by a quarter, Bloomberg News reports citing executive V-C Vineet
Nayyar.

The report relates Mr. Nayyar, who was chief executive officer of
Satyamís acquirer Tech Mahindra, said that while the company had
"hoped for December," the accounts wonít be available before March
because the "fictitious" statements stretch back as far back as
2001.

According to Bloomberg, Tech Mahindra chairman Anand Mahindra, who
outbid billionaire Wilbur Ross and Larsen & Toubro in April to buy
Satyam, has said heís taking a "calculated risk" in buying Satyam
before the company restates its accounts.

                         Fraud Revelation

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

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

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

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

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

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

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

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

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

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

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

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

                        About Satyam Computer

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


SURAT METALLICS: ICRA Rates INR55.40 Million Term Loan at 'LBB'
---------------------------------------------------------------
ICRA has assigned an LBB rating to the INR55.40 million term loan
program and the INR100 million, cash credit facility of Surat
Metallics Private Limited.  ICRA has also assigned an A4 rating to
the INR6.90 million, non fund-based limits of SMPL.

The ratings are constrained by the company's small size of
operations, focus on low value added products which are highly
cost competitive and weak financial risk profile.  The ratings
also reflect lack of bargaining power with the raw material
suppliers and limited ability to pass on the increase in input
cost to its customers due to fragmented nature of the industry.
The large capital expenditure programme being undertaken by the
company also exposes it to the project execution risk.

The ratings, however, favorably factor in established track record
of the company in the jari kasab segment; long established
business relationship with various customers spanning the major
textile centers of the country and stable demand for the products
from the end user industries.

Surat Metallics Pvt Ltd was incorporated by Mr. Pragnesh Jariwala
in July, 2002.  The company is engaged in the manufacture of
metalized yarn and jari kasab.  The promoters initially started
their business in trading of jari kasab in 1991 through their
proprietary concern Binita Traders.  In year 2002, the promoters
integrated backward by setting up manufacturing plant for slitting
of metallic yarn with two slitting machines at Gujarat Industrial
Development Corporation (GIDC) in Surat, Gujarat.  Over the years,
the company has gone for backward and forward integration projects
and currently has 4 coating, 5 slitting and 1 metalizing lines.
During 2008-09, SMPL reported a net profit of INR1.72 million on
the back of an operating income of INR562.4 million.


TATA MOTORS: Tata Daewoo Ordered to Recall 3,276 Trucks
-------------------------------------------------------
The Economic Times reports that South Korean authorities have
ordered Tata Daewoo Commercial Vehicle Co. to recall 3,276
vehicles for safety reasons.

Citing a statement from South Korea's Ministry of Land, Transport
and Maritime Affairs, the ET relates that the recall was due to a
problem discovered in the auxiliary part of the steering system in
Tata Daewoo trucks made from August 16, 2004 to the end of 2007.

Tata Daewoo was launched in 2004 when India's top automaker, Tata
Motors, purchased South Korean truck maker Daewoo Commercial
Vehicle, according to the ET.

Meanwhile, The Press Trust of India reports that Voith Turbo, a
unit of German engineering firm Voith AG, is in talks with Tata
Motors for setting up a diesel locomotive manufacturing unit in
India.

Voith Turbo Lokomotivetechnik Managing Director Hinrich Krey told
PTI that "We are looking for a partner in India for developing an
alternative source for diesel engines and for that, we are in
talks with the Tata Motors to set up a manufacturing unit in the
country."

According to PTI, Mr. Krey said the company has already completed
one round of negotiation with the Tata Group last year and is
going to initiate the next round of talks by the end of the
current year.  "If every thing goes according to the schedule, the
company might start working on plant in India by the 2011,"
Mr. Krey told PTI.

                         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.


VEDANTA: Sterlite Expansion Plan Won't Affect Moody's Rating
------------------------------------------------------------
Moody's Investors Service says that Sterlite Industries (India)
Ltd's copper expansion plan, to be funded by a US$500 million
foreign currency convertible bond offering, has no impact on the
ratings or outlook of its parent, Vedanta Resources plc.  Vedanta
has a Ba1 corporate family rating and Ba2 senior unsecured rating,
both with stable outlook.

This follows Sterlite's announcement of a copper smelter expansion
of 400,000 tonnes per annum, at Tuticorin in India, together with
the building of an associated 160 MW captive power plant.  The
total investment is estimated at around US$500 million and the
project is expected to be commissioned by mid-CY2011.
Concurrently, Sterlite has launched and priced successfully a
foreign currency convertible bond offering up to $500 million to
fund this project.

"The copper expansion plan and concurrent FCCB offering are
manageable within the current rating and stable outlook," says
Ivan Palacios, a Moody's AVP/Analyst.

This plan is in line with the company's strategy of taking
advantage of the long-term growth prospects for the copper
industry in India, which is likely to benefit from growth in
demand driven by the power and infrastructure sectors.

"While the expansion plan will expose the company to execution
risk, Moody's believes that it is manageable within the rating,
given the brownfield nature of the project and Vedanta's track
record in bringing the projects on-stream without any material
delays or cost overruns," adds Palacios, the lead analyst for the
company.

"At the same time, the FCCB issuance will lead to an increase in
reported debt, which does not materially affect Vedanta's credit
metrics, but which weaken its capacity to withstand either
execution risk or a prolonged weakness in the operating
environment for base metals," says Palacios.

Moody's changed the outlook on the global metals sector to stable
from negative on 7 October 2009, reflecting the rating agency's
expectation that the severe conditions that have characterized the
industry of late have bottomed, and that economic conditions and
global demand are showing signs of improvement, although from very
low levels.

Although Moody's has a stable outlook for the industry, Moody's
believe that conditions will remain weak and while a sustainable
recovery is expected to take hold in 2010, the resumption of solid
growth trends will be protracted.

Moody's last rating action with regard to Vedanta was taken on
June 17, 2009, when the company's Ba1 corporate family and Ba2
senior unsecured ratings were affirmed, with stable outlooks.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation.  Its operations are
predominantly located in India.  It is listed on the London Stock
Exchange and is 59.35% owned by Volcan Investments Ltd.


VIJAY AGRO: ICRA Puts 'LBB+' Rating on INR38.9MM Term Loans
-----------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR38.9 million term loans
and INR90.0 million fund-based bank limits of Vijay Agro Products
Private Limited.  ICRA has also assigned an A4+ rating to INR1.0
million non-fund based bank limits of VAPL.

The ratings are constrained by the Company's small scale of
operations restricting economies of scale and financial
flexibility.  VAPL's operating margin remains susceptible to high
volatility in raw material costs and limited pricing flexibility
due to intense competition and fragmented nature of Indian edible
oil industry.  The ratings however take note of the significant
experience of promoters in rice bran oil processing industry and
favorable demand prospects for rice bran oil due to its health
benefits and lower pricing compared to sunflower and soya oils.

Vijay Agro Products is the flagship company of Vijay Group based
out of Vijayawada, Andhra Pradesh. VAPL, incorporated on
April 27, 1983, is engaged in the process of extraction of oils by
solvent extraction, hydrogenation, refining of commercial oils and
manufacture of power from Biomass.  The promoter and his family
members hold 100% stake in The Company.

Apart from VAPL there are five other companies/partnerships
attached to the group engaged in a diverse range of activities
spanning construction of business complexes, cold storage,
pisciculture (fish cultivation) and finance business.  However the
combined turnover of the five group concerns was small standing at
INR 101 million during the year 2007-08 compared to the turnover
of VAPL.

The Company reported a net profit after tax of INR5.7 million on
operating income of INR729.6 million for the year ending March 31,
2009, against net loss after tax of INR0.1 million on operating
income of INR742.2 million for the year ended March 31, 2008.


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


ANEKA TAMBANG: Expects to Increase Nickel Output by 42% Next Year
-----------------------------------------------------------------
PT Aneka Tambang (Antam) expects to increase its nickel production
by 5,000 tons or 42%, next year, The Jakarta Post reports, citing
Antam President Director Alwinsyah Loebis.

The Post relates Mr. Loebis said the company expected to increase
its nickel production from 12,000 tons, which is this year's
production target, to 17,000 tons in 2010.

"The increase in production is possible because our third nickel
smelter in Pomalaa, Southeast Sulawesi, has resumed operations,"
the Post quoted Mr. Loebis as saying.

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


MEDIA NUSANTARA: Moody's Reviews 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has placed Media Nusantara Citra's B1
corporate family and guaranteed notes ratings on review for
possible downgrade.

"The rating action is in response to Jakarta Trade Court's ruling
that declares PT Cipta Televisi Pendidikan Indonesia, MNC's 75%
owned subsidiary, bankrupt in relation to its due debt of
US$53 million to Crown Capital Global Limited," says Wonnie Chu, a
Moody's Analyst.

Moody's notes that the court decision is not final and TPI will
appeal to the Supreme Court, a process that should be completed
within two months.

TPI is a restricted subsidiary of MNC, and its default will
trigger a cross-default on MNC's US$143 million notes.  The rating
action thus reflects the potential negative impact on MNC's credit
profile should it need to absorb the US$53 million debt obligation
on TPI to avoid a cross default on its note.

According to MNC, TPI is responsible for about 14% and 15% to the
company's total consolidated revenue and EBITDA.

The review will focus on the final outcome of the Supreme Court's
ruling and the evaluation of the company's funding plan to cover
potential liabilities should the Supreme Court rule against it.
As of June 30, 2009, MNC had consolidated cash on hand amounting
to about Rp1,289 billion and short-term investments of
Rp526 billion.  Excluding Linktone, its 57.1%-owned subsidiary,
MNC had about Rp416 billion of cash-on-hand and Rp377 billion of
short-term investments.

The last rating action with regard to MNC was on May 18, 2009,
when the rating outlook was revised to stable.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia, is
an integrated media company with television, radio, print media,
content production and distribution, and wireless value added
services operations.  It is the market leader in Indonesia's free-
to-air TV industry, owning three of 11 FTA TV networks nationwide.
PT Global Mediacom Tbk owns approximately 71.14% of MNC, while
MediaCorp, as a strategic investor, owns another 6.85%.


MEDIA NUSANTRA: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit ratings on Jakarta-based multimedia company PT Media
Nusantara Citra Tbk. on CreditWatch with negative implications.

At the same time, Standard & Poor's also placed the issue ratings
on US$143 million outstanding guaranteed secured notes due
Sept. 12, 2011, issued by MNC's wholly owned special purpose
subsidiary, Media Nusantara Citra B.V., on CreditWatch with
negative implications.

These notes are unconditionally and irrevocably guaranteed by MNC
and some of its subsidiaries, with 75%-owned PT Cipta Televisi
Pendidikan Indonesia being considered as a restricted subsidiary.

"The CreditWatch reflects uncertainties regarding TPI's
bankruptcy, which could trigger an event of default under the
referred notes," said Standard & Poor's credit analyst Manuel
Guerena.

The local court ruling, which MNC plans to appeal at Indonesia's
Supreme Court, came from an alleged due debt by TPI of
US$53 million, originated in December 1996 and matured in Dec. 24,
2006.  MNC acquired its 75% in TPI in July 15, 2006.

The CreditWatch placement will be resolved upon a detailed review
of MNC's contingency plans and the resolution of this legal
proceeding.  S&P expects Indonesia's Supreme Court will have two
months to resolve this matter.

While TPI is not a major contributor within MNC's consolidated
financial statements (it accounts for approximately 14% of the
consolidated revenues), it is TPI's role as a restricted
subsidiary that makes this legal proceeding relevant to the notes.

MNC operates free-to-air TV broadcasts channels (RCTI, TPI, and
Global TV), print media, and radio stations in Indonesia.  MNC
also owns 57.1% of Beijing-based Linktone Ltd., a debt-free
subsidiary engaged in wireless entertainment.

"The ratings on MNC reflect S&P's views that advertising
expenditure budgets are being affected by the economic slowdown,
which can in turn hurt MNC's prices and margins (setting aside the
cyclical political campaign expenditures earlier this year)," Mr.
Guerena said.  In addition, content competition is intense in
Indonesia, and MNC's revenues are highly concentrated in its
flagship channel, PT Rajawali Citra Televisi Indonesia.


PERUSAHAAN LISTRIK: To Sell IDR1.5 Trillion of Bonds in November
----------------------------------------------------------------
PT Perusahaan Listrik Negara plans to sell up to IDR1.5 trillion
(US$159 million) worth of bonds in November to finance an
expansion of its capacity, Jakarta Globe reports citing a senior
company executive.

According to the report, PLN deputy president director Rudi Antara
said the company was waiting for the audit on its first-half
results to be completed at the end of the month before pressing
ahead with the debt sale.

"For now, our plan is to sell IDR1.5 trillion of bonds.  We will
see what the latest market conditions are before making the final
decision," Mr. Rudi was quoted by the Globe as saying.

PLN has appointed PT Bahana Securities, PT Danareksa Sekuritas and
PT Mandiri Sekuritas as underwriters, he said.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


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


ASAHI MUTUAL: JCR Affirms Rating on Senior Debts at 'BB'
--------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has affirmed Asahi Mutual
Life Insurance Company's BB/Negative rating on both senior debts
and its ability to pay insurance claims.

Senior debts: BB/Negative
Ability to Pay Insurance Claims: BB/Negative

JCR downgraded the rating for Asahi Mutual Life Insurance Company
by one notch in June this year, because its equity capital dropped
sharply owing to its recording of large amount of loss on write-
downs of securities.  JCR affirmed the rating for the Company this
time, because the balance of equities dropped significantly due to
the impairment loss and the financial market conditions have
improved compared with such conditions at the end of March 2009.
As its equity capital remains thin and its earnings and capital
are susceptible to fluctuations in stock price, the rating outlook
remains Negative.  Further deterioration in its capital base might
lead to a downgrade of its rating.  As it will take time for the
Company to increase the equity capital by means of retained
earnings with the current level of earnings power, it plans gains
on sales of assets centered on equities and risk reductions.  If
the asset sales proceed as planned, it can be a favorable factor
for the rating for it.  As the gain on sale depends on stock price
to a large extent, however, JCR will watch carefully its
feasibility.


JAPAN AIRLINES: May Incur JPY200 Bil. Loss in FY2009, Kyodo Says
----------------------------------------------------------------
Japan Airlines Corp. is likely to incur a group operating loss of
around JPY200 billion in fiscal 2009, much bigger than earlier
projected operating loss of 59 billion yen, Kyodo News reports.

The news agency, citing sources close to the matter, says the
latest forecast has been presented to JAL's main creditors by a
task force of corporate turnaround experts recently launched by
the government to evaluate the airline's assets.

According to Kyodo, the sources said the swelling loss expected
for the year through March 31 is due to increases in spending
needed for downsizing JAL's corporate structure and workforce, in
addition to sluggish revenues from its operations.

Kyodo says JAL may also consider selling JAL Hotels Co., a
subsidiary which runs about 60 hotels in Japan and abroad, and
closing a total of 27 offices globally over the next two years.

                    Talks with Delta, AMR Resumed

Japan Airlines resumed talks with Delta Air Lines Inc. and AMR
Corp.ís American Airlines over a possible capital alliance,
Bloomberg News reports.

Executives from the two U.S. carriers visited Tokyo in the last
two weeks and may return this month, Bloomberg discloses citing
three people familiar with the matter, who declined to be
identified because the talks arenít public.

According to Bloomberg, the carrier will also release a revised
restructuring plan, drawn up with a state-appointed panel, by
monthís end.

The Troubled Company Reporter-Asia Pacific reported on October 7,
2009, that Japan Airlines was planning to put on hold alliance
talks held separately with Delta Air Lines and AMR Corp's American
Airlines.  JAL has decided to focus first on putting together a
restructuring plan with the government task force that is
overseeing the airline's revival.

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

                        Restructuring Plan

As reported in the TCR-Asia Pacific on Sept., 2009, Japan Today
said that a team of government-appointed corporate turnaround
experts was set up on September 25 to create a restructuring plan
for struggling Japan Airlines.

The move effectively gives JAL two more months to review options
after transport minister Seiji Maehara questioned the feasibility
of its original plan.

The team, which will make a recommendation to the transport
minister by late October or early November, will be led by
Shinjiro Takagi, who served as chairman of the decision-making
panel of the now-defunct Industrial Revitalization Corp. of Japan,
the body which assisted heavily indebted but otherwise viable
firms from 2003 to 2007.

The team will take charge of due diligence on JAL's assets and
will scrutinize its business improvement plan to offer advice for
the future direction of the airline, according to Japan Today.

                       About Japan Airlines

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

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

                          *     *     *

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

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


JAPAN AIRLINES: Moody's Downgrades Long-Term Debt Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd., to B1
from Ba3.  At the same time, Moody's has placed both ratings on
review for further possible downgrade.

JALI is fully owned by Japan Airlines Corporation (not rated by
Moody's).

The rating action reflects Moody's concerns about increased
uncertainty over support for JAL from its creditor banks and the
government due to difficult market conditions, the change of
administration in Japan, the pressured state of earnings, and its
limited financial flexibility under difficult market conditions.

Since last October, the operating environment has worsened.  JAL
posted a JPY42 billion operating loss in the fourth quarter of FYE
3/2009 and a JPY86 billion operating loss in the first quarter of
FYE 3/2010.  Although there has been some recovery in passengers
since July, profitability is still under pressure.  At the same
time, JAL faces refinancing risk due to its highly leveraged
balance sheet.

The new administration has set up a task force to look at options
for JAL.  Specifically, it will draw up and implement fundamental
reforms with the aim of helping JAL restructure itself.

Therefore, Moody's believes that the turnaround plan discussed for
JAL, and which includes refinancing and the rationalization of its
operations, will be affected by the task force's proposals.

The task force will submit an outline of its plan by end-October
and announce its final plan by end-November.

Under the new administration, the turnaround plan aims to restore
-- through possibly drastic measures -- JAL's profitability and
balance sheet position.

Therefore, Moody's is concerned that the extent of support from
the government and the banks -- and which has been incorporated
into the current ratings -- may change.

In the process of Moody's review, Moody's will look at the
feasibility of JAL's turnaround plan, as well as its refinancing
and deleverage plan.  Key considerations will be the framework of
support from the government and the creditor banks under the
expected new restructuring plan.

Moody's last rating action with respect to JALI was taken on
September 24, 2009, when its ratings were placed under review for
possible downgrade.

Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is fully owned by Japan
Airlines Corporation.


JAPAN AIRLINES: S&P Downgrades Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Japan Airlines Corp. and Japan Airlines
International Co. Ltd., its wholly owned subsidiary, by two
notches to 'B-' from 'B+' and its senior unsecured rating by one
notch to 'B' from 'B+'.  The ratings remain on CreditWatch with
negative implications, where they were placed on Sept. 18, 2009.

The rating actions reflect S&P's view that there is an increased
likelihood that the restructuring plan, overseen by the new
Democratic Party of Japan-led government, will include debt burden
reductions in the form of debt-for-equity swaps, debt forgiveness,
or legal protection, which negatively affect ratings according to
Standard & Poor's ratings definitions.

Negotiations among creditors and other related parties on the
restructuring plan are reportedly underway.  Although it remains
too early for us to ascertain the firm likelihood of debt
forgiveness, debt-for-equity swaps, or any default on outstanding
bonds, S&P sees these as the likely debt-reducing options that JAL
has in drastically reforming its financial standing.  The rating
actions incorporate these factors.

The lowering of the senior unsecured ratings on the company
reflects S&P's view that S&P cannot rule out the possibility that
JAL will seek bankruptcy protection.  However, the senior
unsecured ratings are now one notch higher than the long-term
corporate credit rating, reflecting S&P's view that debt-for-
equity swaps or debt forgiveness by banks are more likely than
legal protection, which leads to a lower probability of default on
senior unsecured debt compared to default on bank borrowings.

Standard & Poor's will closely monitor the progress of the
restructuring plan.  If creditor banks exchange their credits for
equity or forgive their debt, S&P will likely lower the long-term
corporate credit rating on JAL to 'SD' and maintain the senior
unsecured rating somewhere close to the current level.  If
creditor banks fail to reach an agreement and JAL chooses to file
for bankruptcy protection, Standard & Poor's will lower both
ratings to 'D'.  However, S&P is of the opinion that the latter
scenario remains less likely at this point.

                            Ratings List

                             Downgraded

                       Japan Airlines Corp.

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

              Japan Airlines International Co. Ltd.

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


JLOC XI: Fitch Takes Rating Actions on Various Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed four classes of
notes from JLOC XI Limited due December 2012, and removed them
from Rating Watch Negative following the implementation of the
recently published criteria for Japanese CMBS surveillance.  Full
details of the rating actions are given below:

  -- JPY6.26 billion* Class A affirmed at 'AAA'; off RWN; Outlook
     Stable;

  -- JPY1.49 billion* Class B affirmed at 'AA+'; off RWN; Outlook
     Stable;

  -- JPY1.33 billion* Class C affirmed at 'A+'; off RWN; Outlook
     Stable;

  -- JPY1.06 billion* Class D1 downgraded to 'BB' from 'BBB';
     off RWN; Outlook Negative;

  -- JPY0.47 billion* Class D2 downgraded to 'BB' from 'BBB';
     off RWN; Outlook Negative; and

  -- Class X (interest-only) affirmed at 'AAA'; Outlook Stable.

  * as of October 15, 2009

Classes D1 and D2 have been downgraded following revisions to the
valuations of the underlying properties.  In line with the
recently published criteria, Fitch has revalued the underlying
collateral properties in accordance with the respective loan
status and time to loan maturity.  Assuming dispositions under
stressed market conditions, Fitch adopted values for the
underlying properties that are on average 17.5% lower than its
initial valuations for the purpose of this review.  Negative
Outlooks have been assigned to classes D1 and D2 due to the
continued uncertainty about the future of the Japanese commercial
real estate market and the commercial real estate finance
environment.  Stable Outlooks have been assigned to classes A, B
and C notes reflecting Fitch's expectation that credit enhancement
levels will improve as repayments from the underlying loans will
be applied sequentially.

At closing, the notes were backed by 14 loans ultimately secured
by 25 commercial real estate properties in Japan.  Seven loans
have been fully repaid, which brings the total number of loans
backing the transaction to seven, secured by a total of 16
properties.  Currently, no loan is in special servicing.

The ratings on the interest only Class X notes address only the
likelihood of receiving interest, while principal on the related
classes remain outstanding.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


SPANSION INC: Gilles Delfassy to Step Down as Director
------------------------------------------------------
Gilles Delfassy notified Spansion Inc. on October 14, 2009, of his
resignation as a member of the Company's Board of Directors,
effective immediately.  Mr. Delfassy did not resign because of a
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

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
=========


* SOUTH KOREA: Banks Begin Restructuring 13 Insolvent Companies
---------------------------------------------------------------
Creditor banks either have or will launch debt workouts on 13 of
22 South Korean companies found to be insolvent, KBS News reports
citing financial market sources.

According to the report, the sources said three of the 22
companies were excluded from the workout after they repaid their
debts through mergers or acquisitions or sale of assets.

Insolvent companies that fail to present a plan to prop themselves
up or that avoid restructuring will inevitably face sanctions, KBS
News relates.

The source said companies that fail to fulfill obligations under
contracts with creditors on normalizing operations will likely see
no new loans from creditor banks, KBS reports.


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


BBQ FACTORY: Closes More Stores Due to Losses
---------------------------------------------
The New Zealand Herald, citing unconfirmed reports, says The BBQ
Factory is closing almost half of its remaining 12 outlets in
New Zealand.

A staff member told nzherald.co.nz that five more stores closed on
Friday last week.  This follows the previous closure of seven
stores over the last 24 months, the Herald notes.

The Herald says BBQ Factory has been struggling since Hellaby
Investments bought the business for NZ$25.6 million back in 2004.

According to the report, Hellaby owns other iconic retail
businesses as well, including Number 1 Shoes.  The barbecue side
of the business, however, was a continuing headache for its
owners, who frequently had to write down large losses, the report
notes.

Hellaby offloaded it to a consortium led by Auckland-based private
equity firm Capital Group about a year ago, the Herald notes.

The BBQ Factory -- http://www.bbqfactory.co.nz/-- retails
portable spa pools, barbecues and accessories, outdoor furniture,
outdoor heating, and indoor heating.


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


CITIRAYA BUILDING: Creditors Get 8.3475% Recovery on Claims
-----------------------------------------------------------
Citiraya Building Materials Pte Ltd. declared a first and final
dividend on October 7, 2009.

The company paid 8.3475% to the received claims.

The company's liquidator is:

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


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


CATHAY DUN: Fitch Takes Rating Actions on Various Certificates
--------------------------------------------------------------
Fitch Ratings has affirmed the Class A and downgraded classes B
and C beneficiary certificates issued by Taiwan's Cathay Dun Nan
Commercial Building Real Estate Asset Trust, which is entrusted
with part of the Dun Nan Commercial Building.  The agency has
simultaneously placed all classes on Rating Watch Negative:

  -- TWD1,233.5 million Class A Beneficiary Certificates affirmed
     at 'AAA(twn)'; placed on RWN;

  -- TWD285 million Class B Beneficiary Certificates downgraded
     to 'A(twn)' from 'A+(twn)'; placed on RWN; and

  -- TWD310 million Class C Beneficiary Certificates downgraded
     to 'BB(twn)' from 'BBB(twn)'; placed on RWN.

Class B and Class C beneficiary certificates were downgraded,
reflecting the worsening performance of the entrusted property,
which has a persistent low occupancy rate (at 74.9% as of end-
September 2009), and lower than expected average rental level
resulting from the rental discounts and longer rent-free periods
offered to its tenants.  Over the period of June 2008 to May 2009,
the entrusted property reported a net operating income (NOI) of
TWD133.7 million, which is lower than Fitch's stabilized
assumption.  The NOI has continued to decline since May 2009 and
is expected to decline further due to the rental discounts
expected to be offered to some tenants.  Furthermore, six leasing
agreements accounting for around 31% of gross monthly rental
income (as at September 2009) will expire in 2010.  Whether these
tenants will renew their leases upon expiry and whether lower
rents will be offered to retain them are uncertain, will have a
crucial impact on the cash flow generating ability of the
entrusted property and debt servicing capabilities of the
transaction.  All rated classes are therefore placed on RWN to
reflect the uncertainties and the increased risk profile of the
transaction.

Nonetheless, the rating affirmation on Class A beneficiary
certificates is based on the availability of various reserves
which will provide liquidity to the transaction in case of any
temporary shortfall and that Fitch's stressed debt service
coverage ratio, defined as Fitch's stressed net cash flow for debt
service divided by stressed debt service interest expenses, has
remained adequate.  Furthermore, the transaction's DSCR (defined
as actual cash flow for debt service divided by actual debt
service interest expenses) has been above the DSCR trigger of 2x
since closing (2.6x at end-May 2009).  If the transaction's DSCR
falls below 2.0x, the interest due to the subordinated certificate
holders will be trapped in the low DSCR reserve account and may be
released only if the DSCR trigger level is restored.

The ratings address the timely payment of interest and ultimate
repayment of principal by the legal maturity date of December
2013.  The beneficiary certificates are ultimately backed by cash
flows generated by the entrusted property, as well as the land and
property value.

Fitch continues to monitor the performance of the transaction and
will review the Rating Watch status on all classes within the next
six months.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


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


* BOND PRICING: For the Week October 12 to October 16, 2009
-----------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.79
AMP Group Financ              9.803%   04/01/19   NZD       0.93
Antares Energy               10.000%   10/31/13   AUD       2.03
Aurox Resources               7.000%   06/30/10   AUD       0.80
Babcock & Brown               8.500%   11/17/09   NZD      70.88
Becton Property Group         9.500%   06/30/10   AUD       0.44
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      68.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.10
China Century                12.000%   09/30/10   AUD       0.70
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      64.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.36
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       7.40
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      68.27
Macquarie Bank                6.500%   05/31/17   AUD      64.43
Minerals Corp                10.500%   12/31/09   AUD       0.74
New S Wales Trea              1.000%   09/02/19   AUD      61.61
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.70
Sun Resources NL             12.000%   06/30/11   AUD       0.40
Suncorp Metway I              6.750%   10/06/26   AUD      56.59
Sydney Airport F              3.120%   11/20/30   AUD      67.67
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.46


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      69.53
Sichuan Changhon              0.800%   07/31/15   CNY      71.56


   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      23.25


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      67.50
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      73.62
JCT Ltd                       2.500%   04/08/11   USD      37.50
Kei Industries                1.000%   11/30/11   USD      74.00
Pyramid Saimira               1.750%   07/04/12   USD      11.00
Subex Azure                   2.000%   03/09/12   USD      67.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   INDONESIA
   ---------

Mobile-8 Telecom             12.375%   06/15/17   IDR      50.61


   JAPAN
   -----
Acom Co Ltd                   1.66     02/10/15   JPY      73.34
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    5.000%   08/10/10   USD      51.97
Aiful Corp                    5.000%   08/10/10   USD      51.00
Aiful Corp                    1.140%   10/19/10   JPY      56.32
Aiful Corp                    1.500%   10/20/11   JPY      43.26
Aiful Corp                    6.000%   12/12/11   USD      38.12
Aiful Corp                    6.000%   12/12/11   USD      38.12
Aiful Corp                    1.200%   01/26/12   JPY      38.67
Aiful Corp                    1.990%   03/23/12   JPY      37.49
Aiful Corp                    1.220%   04/20/12   JPY      35.29
Aiful Corp                    1.630%   11/22/12   JPY      34.33
Aiful Corp                    1.740%   05/28/13   JPY      30.32
Aiful Corp                    1.990%   10/19/15   JPY      30.64
Covalent Material             2.870%   02/18/13   JPY      69.97
CSK Corporation               0.250%   09/30/13   JPY      61.73
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
Japan Airlines                3.100%   01/22/18   JPY      71.87
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      58.77
JPN Exp Hld/Debt              0.500%   03/18/39   JPY      56.18
NIS Group                     8.060%   06/20/12   USD      56.75
Orix Corp                     2.190%   04/18/17   JPY      74.54
Promise Co Ltd                2.050%   02/15/13   JPY      65.92
Promise Co Ltd                1.370%   06/04/13   JPY      63.53
Promise Co Ltd                2.740%   10/11/13   JPY      63.13
Promise Co Ltd                2.100%   04/21/14   JPY      56.04
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      70.25
Takefuji Corp                 9.200%   04/15/11   JPY      40.00
Takefuji Corp                 9.200%   04/15/11   USD      40.00
Takefuji Corp                 8.000%   11/01/17   USD       9.12
Takefuji Corp                 4.000%   06/05/22   JPY      53.12
Takefuji Corp                 4.500%   10/22/32   JPY      52.34
Willcom Inc                   2.350%   06/27/12   JPY      37.29


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.03
Berjaya Land                  5.000%   12/30/09   MYR       3.71
Crescendo Corp B              3.750%   01/11/16   MYR       0.80
Dutaland Bhd                  4.000%   04/11/13   MYR       0.76
Dutaland Bhd                  4.000%   04/11/13   MYR       0.42
Eastern & Orient              8.000%   07/25/11   MYR       1.02
Huat Lai Resources            5.000%   03/28/10   MYR       0.43
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.27
Kretam Holdings               1.000%   08/10/10   MYR       1.07
Kumpulan Jetson               5.000%   11/27/12   MYR       1.72
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.57
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.21
Olympia Industri              2.800%   04/11/13   MYR       0.21
Olympia Industri              4.000%   04/11/13   MYR       0.23
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.73
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Rubberex Corp                 4.000%   08/14/12   MYR       1.05
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.30
Wah Seong Corp                3.000%   05/21/12   MYR       3.01
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.30
YTL Cement Bhd                4.000%   11/10/15   MYR       1.90


   NEW ZEALAND
   -----------
Allied Nationwide             11.520%  12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.46
Capital Prop NZ               8.000%   04/15/10   NZD      11.50
Contact Energy                8.000%   05/15/14   NZD       1.02
Fletcher Buildin              7.550%   03/15/11   NZD       8.00
Fletch Build Fin              8.850%   03/15/10   NZD       8.70
Fletcher Bui                  8.500%   03/15/15   NZD       7.40
Infrastr & Util               8.500%   09/15/13   NZD       9.60
Infratil Ltd                  8.500%   11/15/15   NZD      10.15
Infratil Ltd                 10.180%   12/29/49   NZD      59.00
Marac Finance                10.500%   07/15/13   NZD       0.92
NZ Finance Hldgs              9.750%   03/15/11   NZD      48.74
Provencocadmus                2.000%   04/15/10   NZD       0.75
Sky Network TV                4.010%   10/16/16   NZD      58.63
South Canterbury             10.500%   06/15/11   NZD       0.87
South Canterbury             10.430%   12/15/12   NZD       0.50
St Laurence Prop              9.250%   05/15/11   NZD      44.65
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.40
Trustpower Ltd                8.500%   03/15/14   NZD       7.65
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.70


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      32.73
Blue Ocean                   11.000%   06/28/12   USD      32.73
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
United Eng Ltd                1.00%    03/03/14   SGD       1.33
WBL Corporation               2.500%   06/10/14   SGD       1.95


   SOUTH KOREA
   -----------
Woori Bank                    6.208%   05/02/37   USD      73.00


   SRI LANKA
   ---------
Sri Lanka Govt                7.000%   10/01/23   LKR      74.29


   THAILAND
   --------
G Steel                      10.500%   10/04/10   USD      41.41


                         *********

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

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

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


                            *********


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

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

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

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

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





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