TCRAP_Public/091021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, October 21, 2009, Vol. 12, No. 208

                            Headlines

A U S T R A L I A

ABC LEARNING: Archer Capital May Bid for ABC's Profitable Units
BABCOCK & BROWN: Investors May Face Wipe-Out if Plan Rejected
BRISCONNECTIONS MANAGEMENT: Will No Longer Pursue Small Investors
CENTRO PROPERTIES: Directors Face Civil Penalty Suit by ASIC
FORTESCUE METALS: Post US$18MM Net Loss in Qtr Ended September 30

LEER INSTITUTE: Goes Into Liquidation


C H I N A

* Crisis Tests Real Estate Firms' Ability to Deal with Risks


H O N G  K O N G

CHAN'S SCAFFOLDING: Court Enters Wind-Up Order
CHE SHING: Hill Steps Down as Liquidator
HAPPY CITY: Court to Hear Wind-Up Petition on November 18
SANYO ENERGY: Members' Final General Meeting Set for November 18
SHANGHAI METROADS: Gilligan Steps Down as Liquidator

SOPA GROUP: Placed Under Voluntary Wind-Up Proceedings
SPECIAL RESOLUTIONS AVAGO: Inability to Pay Debts Prompts Wind-Up
SMARTER DRAGON: Lui and Chun Step Down as Liquidators
TARGET LINK: Esther Chan Suit Fei Appointed as Liquidator
TMT FINANCIAL: Arboit and Blade Appointed as Liquidators


I N D I A

GS RADIATORS: Default in Term Loan Payment Cues CRISIL 'D' Ratings
HAPPY FORGINGS: CRISIL Puts 'BB+' Ratings on INR1.19BB Term Loan
KHATEMA FIBRES: CRISIL Reaffirms 'D' Rating on INR358.5MM Loans
ORACLE EXPORTS: CRISIL Assigns 'BB' Ratings on Bank Facilities
PURAN CHAND: CRISIL Places 'B-' Rating on INR20 Mln Cash Credit

ROBOSOFT TECHNOLOGIES: ICRA Rates INR187 Mil. Term Loan at 'LB-'
ROOP POLYMERS: CRISIL Rates 'INR105.8MM Term Loan at 'BB+'
SOCIETY MOTORS: CRISIL Assigs 'B+' Rating on Various Bank Debts
STATE BANK: S&P Assigns Ratings on Proposed Senior Unsec. Notes
* Indian Firm's Credit Quality Stabilizing, CRISIL Says


I N D O N E S I A

BANK CENTURY: BPK Fails to Submit Final Audit by Oct. 19
GARUDA INDONESIA: Gets Pertamina's Nod to Restructure US$76MM Debt
PERUSAHAAN LISTRIK: Secures US$8-Bln Loan Commitmets from Banks


J A P A N

AIFUL CORP: Redeems US$93 Mln of Bonds After Debt Reprieve Talks
CAPMARK FINANCIAL: To Sell Japan Loan Unit to Sandringham
CREDIT DERIVATIVE: Moody's Downgrades Ratings on JPMorgan Swap
JAPAN AIRLINES: Cuts Debt Write-Off Requests to JPY250 Million
JLOC 38: Fitch Takes Rating Actions on Various Classes of Notes


M A L A Y S I A

SILK HOLDINGS: Complete Regularization Plan; Out of PN17
WWE HOLDINGS: Sells 3-Storey Factory to BHL Alloy for MYR3.60 Mil.


P H I L I P P I N E S

MEDIA PRIMA: Sells 70% Stake in Philippine Unit Primedia
POWER SECTOR: To Sell Six More Power Plants in 2010
POWER SECTOR: S&P Assigns 'BB-' Rating Corporate Credit Rating


T A I W A N

QUANTA COMPUTER: Mulls Setting Up Assembly Plant in Chongqing


V I E T N A M

DOT VN: Wins 2-1/2 Month Extension of 3 Promissory Notes


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ABC LEARNING: Archer Capital May Bid for ABC's Profitable Units
---------------------------------------------------------------
Archer Capital, an Australian private equity firm, may bid for ABC
Learning Centres Ltd.'s profitable businesses, Bloomberg News
reports, citing the Australian Financial Review.

According to Bloomberg, the newspaper said Friday in its Street
Talk column that KinderCare Learning Centers may also bid for the
705 centers for sale.  The Review said UBS AG is managing the
sale, which should take place by the end of the year, Bloomberg
reports.

                     IMF to Fund Public Probe

The Australian Associated Press reported last week that litigation
funder IMF Australia Ltd said it will provide funding to the
administrators of ABC Learning for public examinations.

"The examinations will principally address charges granted by ABC
Learning to a syndicate of banks shortly prior to ABC Learning
entering external control," the AAP cited IMF in a statement to
the stock exchange.

"If the examinations provide satisfactory evidence in support of
causes of actions available to the Administrators, then IMF will
provide funding for recovery action which may benefit all
unsecured creditors, including shareholder creditors for whom IMF
has already provided funding." it said.

The administrators will seek court approval for the public
examinations this month, according to the AAP.

                        About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


BABCOCK & BROWN: Investors May Face Wipe-Out if Plan Rejected
-------------------------------------------------------------
Stuart Washington at The Sydney Morning Herald reports that
Babcock & Brown Infrastructure is warning its investors they face
a wipe-out if they choose to reject the proposed AU$1.8 billion
recapitalization of the troubled company.

The report relates that under numbers run by BBI's camp, investors
in ordinary shares and those in exchangeable preference shares
face bleak scenarios if they choose to ignore the recapitalization
and go it alone at the November 16 meeting.

According to the report, in scenarios involving a sale and break-
up, one in good market conditions and another in weak market
conditions, ordinary shareholders would receive nothing.

And exchangeable preference shareholders (EPS) holding notes with
a face value of AU$779 million would receive 14¢ in the dollar in
the more favorable scenario but nothing in the second, the report
notes.

The Herald relates that Chief executives usually shun spruiking
these kinds of forecasts, but BBI's Jeff Kendrew said the business
is facing few alternatives.

"It's a stark choice between crystallising a known value now and
highly uncertain outcomes through a prolonged asset sale which is
effectively going to be managed by BBI's banks," Mr. Kendrew was
quoted by the Herald as saying.

                     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.


BRISCONNECTIONS MANAGEMENT: Will No Longer Pursue Small Investors
-----------------------------------------------------------------
Andrew Fraser at The Australian reports that more than 100 small
investors in BrisConnections Management Company Limited will not
be pursued for outstanding debts to the troubled project.

The Australian relates that BrisConnections said the process of
pursuing shareholders for payment of the second round of
installments for the project had lapsed, meaning underwriters
Macquarie Bank and Deutsche Bank would pick up their equity and
consequently own more than 80% of the project.

According to the report, BrisConnections has been using Brisbane-
based debt recovery firm Results Legal Solutions to pursue the 120
shareholders left on the register, but the company announced on
October 15 that BrisConnections "will no longer be under a best
endeavours obligation to pursue unitholders who defaulted in
payment of the second installment".

"(BrisConnections) anticipates it will not initiate fresh actions
in respect of the debt recovery process," the report cited
BrisConnections in a statement.

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

                       Lifeline to Investors

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

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

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

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

                             Background

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

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

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

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

                      About BrisConnections

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


CENTRO PROPERTIES: Directors Face Civil Penalty Suit by ASIC
------------------------------------------------------------
The Australian Securities and Investment Commission has launched
civil penalty proceedings in the Federal Court of Australia
against current and former directors and a former Chief Financial
Officer of various entities within the Centro Properties Group and
Centro Retail Group.

Central to ASIC's action is the responsibility of company
directors and chief financial officers to take reasonable steps to
ensure that information contained in financial reports and
disclosed to the market, is accurate, complies with relevant
accounting standards, and is not misleading, the corporate
regulator said in a statement today, October 21, 2009.

ASIC said it is seeking declarations that the directors and an
officer breached their duties owed to entities within Centro.  The
defendants to ASIC's action are:

   * Brian Healey, former Chairman and non-executive director;

   * Andrew Thomas Scott, former Chief Executive Officer (CEO)
     and Managing Director;

   * Samuel Kavourakis, a former non-executive director;

   * James William Hall, a non-executive director;

   * Paul Ashley Cooper, a non-executive director;

   * Peter Graham Goldie, a former non-executive director;

   * Louis Peter Wilkinson, a former non-executive director; and

   * Romano George Nenna, former CFO.

ASIC said it is seeking orders to disqualify the directors and
officer from managing corporations and will ask the Court to
impose pecuniary penalties on them.

ASIC alleges that these directors and officer failed to discharge
their duties with due care and diligence in approving the
financial reports for Centro Properties Ltd, Centro Property Trust
and Centro Retail Trust for the year ended June 30, 2007.

ASIC contends that these financial reports contained material
misstatements, specifically, a significant amount of interest-
bearing liabilities of each of the relevant entities were wrongly
classified as non-current liabilities, rather than current
liabilities. This resulted in the relevant entities not complying
with the applicable accounting standard.

ASIC also contends that these directors and the officer knew that
the entities had very significant short term interest bearing
liabilities, and should have known that these liabilities were
incorrectly classified in the 2007 financial reports.

ASIC notes that this is the first case brought where the
requirement that a listed entity's CEO and CFO declare in writing
to the company directors that the financial reports comply with
the accounting standards will be an issue before the Court.

The first hearing of the matter will be on November 20, 2009.

                            Background

ASIC alleges the financial reports of the Centro Properties
Limited, Centro Property Trust and the Centro Retail Trust for the
year ended June 30, 2007, did not comply with the relevant
accounting standards and regulations, nor did they give a true and
fair view of the financial position and performance of the
entities because they failed to classify, or failed to correctly
classify, a significant amount of interest-bearing liabilities of
the relevant entities as current liabilities, as required by the
relevant accounting standard, AASB 101 Presentation of Financial
Statements.

In relation to Centro Properties Limited and Centro Property
Trust, their respective balance sheets as at June 30, 2007, did
not correctly classify AU$1,514,097,090 of interest-bearing
liabilities as current in addition to the AU$1,096,936,000 already
classified as current.

In relation to Centro Retail Trust, its balance sheet as at
June 30, 2007, did not correctly classify AU$598,292,097 of
interest-bearing liabilities as current.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centers.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centers
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


FORTESCUE METALS: Post US$18MM Net Loss in Qtr Ended September 30
-----------------------------------------------------------------
Fortescue Metals Group Ltd. has lodged its Special Purpose
Financial Report for the 2009 September quarter.  These
consolidated group accounts are submitted pursuant to the
undertakings of the Indenture covering Fortescue's 2006 bond
market capital raising.

Fortescue said the accounts show a gross profit of US$152 million
for the period.  The net result for the period is a loss of US$18
million due in part to a US$68 million increase in the value of
the Leucadia Note liability and a US$25 million foreign exchange
adjustment.

Fortescue said it is obliged to review the Note valuation at each
reporting date.  The increase in the projected liability has
arisen due to a forecast increase in future iron ore prices as
provided by an independent expert.

A full-text copy of the Company's September Quarter Special
Purpose Financial Report is available for free at
http://ResearchArchives.com/t/s?4727

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

                           *     *     *

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


LEER INSTITUTE: Goes Into Liquidation
-------------------------------------
Aleks Devic at Geelong Advertiser reports that Leer Institute has
gone into liquidation owing creditors, including the government,
AU$426,000.

According to the report, dozens of students are believed to be out
of pocket after paying up front for their courses and face
uncertainty where they stand with their qualifications.

The Advertiser, citing Toni Gulli, of insolvency firm Robert Cole,
says it was claimed Leer applied for grants from the Federal
Government for vocational training for its students but the money
was never used for the intended purposes.

The report notes Ms. Gulli said there was now a dispute between
Leer and the Department of Education, Employment and Workplace
Relations, the government body behind the grants, as to how much
was paid.

"The department was in the process of doing an audit and in the
books of the company, the department owed Leer money but the
department disputes that and they believe they were owed money,"
the Advertiser quoted Ms. Gulli as saying.

Ms Gulli said full investigations were yet to take place and most
information had come from the company boss.

Leer Institute offers training courses in retail, hospitality and
business.


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C H I N A
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* Crisis Tests Real Estate Firms' Ability to Deal with Risks
------------------------------------------------------------
Evergrande Real Estate Group tops the "Sales Rankings of Chinese
Real Estate Companies for Q3 2009", in terms of floor space sold
for the first three quarters of 2009, area of projects under
construction, land reserves, as well as floor space sold and sales
revenue for the third quarter.

This is a perfect case of a complete revival after nearing the
brink of bankruptcy: just a year ago, this real estate company was
suffering from a host of rumors about the suspension of its IPO.
How did Evergrande Real Estate Group manage to come back from the
dead following the double whammy of the financial crisis and the
IPO suspension? Finding out answers to this phenomenon will
certainly allow other China-based real estate firms to learn from
their experience in coping with crises.

Many companies failed to survive the financial crisis, but
Evergrande has significantly built up its overall strength.
First, the financial soundness of the company has been greatly
improved. Like other real estate companies, Evergrande was facing
financial pressure from the high number of debts on its books.

In 2008, the IPO suspension at Evergrande Real Estate Group
revealed a funding gap amounting to tens of billions of yuan at
the company, causing the market to ask the company a lot of tough
questions.  Commenting on their difficulties, Xu Jiayin, chairman
of Evergrande's board of directors, said frankly that during the
past year and more, the company was struggling to deal with two
crises: financial turmoil and a capital shortage as a result of
the IPO suspension.

The financial crisis, in fact, tested Evergrande's ability to
survive difficult times. According to Chinese media, as of
June 30, Evergrande had a cash balance of RMB 4.8 billion and
accounts receivable on sales of RMB 3.3 billion adding up to cash
and cash equivalents of RMB 8.1 billion.  In addition, the ratio
of liabilities to assets had declined to 71 percent. At the end of
the third quarter, Evergrande had an even sounder financial
position.

During the course of addressing the financial crisis, Evergrande
once again increased its land reserves quietly by five million
square meters, expanded floor space under construction, and
achieved substantial growth in sales.  Currently, the developer's
land reserves and floor space under construction have reached 51
million and 17 million square meters, respectively, both the
highest in China.

A CRIC (China) Information Technology report shows that Evergrande
is now speeding up its marketing efforts.  For the third quarter
of 2009, Evergrande posted floor space sold of 2.3 million square
meters and sales of RMB12.3 billion, both the highest third-
quarter results in China, overtaking Vanke, the traditional
benchmark for the Chinese real estate market.  During the quarter,
Evergrande also took the lead in that market with a growth rate of
up to 100 percent, much higher than any of its Chinese rivals.
Driven by the strong third-quarter sales results, the total floor
space sold by the company during the first three quarters of this
year reached 4.53 million square meters, making it the No.1
Chinese real estate developer in terms of floor space sold.
Evergrande was followed by Vanke, whose floor space sold during
the first nine months of 2009 totaled 4.41 million square meters.

After weathering the financial crisis, Evergrande has restored its
finances and is not only back on the fast track, but moving into
the passing lane.  In comparison to other leaders in the sector,
the group's biggest drawback was its delay in tapping into capital
markets.  But now, that worry is a past one.  Reports say that the
group has passed the listing hearing at Hong Kong Exchanges and
Clearing and is expected to go public in December, becoming this
year's largest IPO in the sector.  Once completed, the IPO is
likely to enable the group to upgrade its capital turnover, brand
influence and image in the capital market.


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


CHAN'S SCAFFOLDING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong on July 2, 2009, entered an order
placing Chan's Scaffolding Company Limited's operations in wind-up
proceedings.

The company's liquidator is Mat Ng.


CHE SHING: Hill Steps Down as Liquidator
----------------------------------------
Nicholas Timothy Cornforth Hill stepped down as liquidator of Che
Shing Engineering (H.K.) Limited on October 9, 2009.


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

The Petitioner's solicitors are:

         C.Y. Tsang & Co
         Far East Consortium Building
         Room 1205, 12th Floor
         121 Des Voeux Road
         Central, Hong Kong


SANYO ENERGY: Members' Final General Meeting Set for November 18
----------------------------------------------------------------
Members of Sanyo Energy (Hong Kong) Company Limited will hold
their final general meeting on November 18, 2009, at 11:00 a.m.,
at Room 2002, 20/F, Prince's Building, in Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SHANGHAI METROADS: Gilligan Steps Down as Liquidator
----------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Shanghai
Metroads Advertising Company Limited.


SOPA GROUP: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on September 29, 2009,
members of Sopa Group Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Johnson Kong Chi How
         Wing On Centre, 25th Floor
         111 Connaught Road Central
         Hong Kong


SPECIAL RESOLUTIONS AVAGO: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------------
Members of Special Resolutions Avago Technologies (Hong Kong )
Limited on October 8, 2009, resolved to voluntarily wind up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidators are:

         Johnson Kong Chi How
         Wilfred Wu Shek Chun
         Wing On Centre, 25th Floor
         111 Connaught Road Central
         Hong Kong


SMARTER DRAGON: Lui and Chun Step Down as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Frank Yuen Tsz Chun stepped down as
liquidators of Smarter Dragon Limited.


TARGET LINK: Esther Chan Suit Fei Appointed as Liquidator
---------------------------------------------------------
Esther Chan Suit Fei on October 8, 2009, was appointed as
liquidator of Target Link Limited.

The liquidator may be reached at:

         Esther Chan Suit Fei
         CRE Building, Room 2302
         303 Hennessy Road
         Wanchai, Hong Kong


TMT FINANCIAL: Arboit and Blade Appointed as Liquidators
--------------------------------------------------------
Bruno Arboit and Simon Richard Blade on September 29, 2009, were
appointed as liquidators of TMT Financial Limited.

The liquidators may be reached at:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong, 12th Floor
         China Merchants Tower
         Shun Tak Centre
         168-200 Connauht Road
         Central, Hong Kong


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I N D I A
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GS RADIATORS: Default in Term Loan Payment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of GS Radiators Ltd.  The ratings reflect default by GS on its
term loan obligations owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      D (Assigned)
   INR22.5 Million Term Loan              D (Assigned)
   INR40.0 Million Letter of Credit       P5 (Assigned)

GS, incorporated in 1988, is promoted by Mr. Ranjodh Singh. The
company manufactures copper-brass radiators for the industrial and
automotive sectors at its unit in Ludhiana (Punjab).  The company
sells to players such as Indian Tractors Ltd, Punjab Tractors Ltd,
and Swaraj Mazda Ltd in the domestic market, and to radiator
suppliers such as Adrad (Australia) and Kirkland (USA). GS has
recently also begun manufacture of sheet metal products for the
harvester and tractor segments. For 2008-09 (refers to financial
year, April 1 to March 31), GS is estimated to have reported a
profit after tax (PAT) of INR5.2 million on net sales of INR275
million, as against a PAT of INR6.6 million on net sales of INR289
million for 2007-08.


HAPPY FORGINGS: CRISIL Puts 'BB+' Ratings on INR1.19BB Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Happy Forgings Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR835.0 Million Cash Credit Limit*     BB+/Stable (Assigned)
   INR1194.6 Million Term Loan**           BB+/Stable (Assigned)
   INR50.0 Million Standby Line of Credit  BB+/Stable (Assigned)
   INR560.4 Million Proposed Long Term     BB+/Stable (Assigned)
                    Bank Loan Facility
   INR50.0 Million Bill Discounting        P4+ (Assigned)
   INR10.0 Million Bank Guarantee          P4+ (Assigned)

   * Includes letter of credit of INR 20.0 million.
   ** Includes foreign letter of credit of INR 91.3 million &
      Corporate Loan for INR 78.0 million.

The ratings is constrained by HFL's moderate financial risk
profile marked by high gearing and modest debt protection
measures; exposure to risks relating to cyclicality and slowdown
in commercial vehicle (CV) segment; and customer concentration in
revenues.  These weaknesses are partially offset by HFL's
comfortable business risk profile, supported by established
presence in the forged auto components market, and healthy
operating efficiencies.

Outlook: Stable

CRISIL believes that HFL will maintain its market position and
healthy operating efficiencies in the business over the medium
term.  The outlook may be revised to 'Positive' if the company's
operating income and profitability increase substantially due to
high utilization of fresh capacities added over the last 2 years
and/or its capital structure improves owing to equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company is unable to translate new business enquiries into
profitable business growth, leading to stressed financial risk
profile, and stretched liquidity, and/or if it undertakes large
debt-funded capital expenditure prior to stabilization of
recently-added capacities.

                       About Happy Forgings

Set up in 1979 by Mr. Paritosh Kumar Garg and his father
Mr. Channan Ram Garg, HFL manufactures forged auto components
(mainly for CV manufacturers) through its hammer and press units
in Ludhiana. The company has installed an 8000 Tons Press line in
2007-08 and is currently implementing a forward integration
project by setting up machining and finishing lines.  The
company's customer base, comprising original equipment
manufacturers (OEMs), is spread across 26 cities in 11 states. The
company also supplies to auto ancillary units. HFL reported a
profit after tax (PAT) of INR68.7 million on net sales of
INR1350.2 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR79.6 million on net sales of
INR1324.9 million for 2007-08.


KHATEMA FIBRES: CRISIL Reaffirms 'D' Rating on INR358.5MM Loans
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on Khatema Fibres Ltd's term
loan facility at 'D', and on the company's cash credit facility at
'C'; the rating on the company's letter of credit facility has
been reaffirmed at 'P4'.

   Facilities                              Ratings
   ----------                              -------
   INR358.5 Million Term Loans             D (Reaffirmed)
   INR423.8 Million Cash Credit Limit      C (Reaffirmed)
   INR39.0 Million Letter of Credit Limit  P4 (Reaffirmed)

The ratings reflect the delays by the company in servicing its
term loans in the past; the term loans have been rescheduled after
the due date for repayment. CRISIL, however, believes that Khatema
Fibres will have to refinance its maturing debt obligations over
the medium term.  Khatema Fibres' financial flexibility is
constrained by its highly working capital-intensive business,
marked by high debtor days and inventory level, limited
flexibility to stretch creditors, and inadequate cash buffer,
which have led to delays in the repayment of short-term borrowings
by two to three days in the past.  Negative accruals in 2007-08
and 2008-09 have further stretched the company's liquidity
position.

                       About Khatema Fibres

Khatema Fibres was promoted by Mr. R C Rastogi in 1985.  The
company manufactures a range of industrial papers, such as
bleached and unbleached kraft liner boards, coloured kraft paper
for various applications, including packaging, electrical
insulation, carry bags, and poster paper.  It also makes newsprint
and speciality papers, such as crepe tissue.  The company is held
closely by the promoter's family and friends.  For the year ended
March 31, 2009, Khatema Fibres reported a loss of INR226.4 million
on net sales of INR1.25 billion, against a loss of INR30.3 million
on net sales of INR1.1 billion the previous year.


ORACLE EXPORTS: CRISIL Assigns 'BB' Ratings on Bank Facilities
--------------------------------------------------------------
CRISIL has assigned its 'BB/Negative/P4+' ratings to the bank
facilities of Oracle Exports Home Textiles Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR227.0 Million Long-Term Loan       BB/Negative (Assigned)
   INR23.0 Million Proposed Long-Term    BB/Negative (Assigned)
                   Bank Loan Facility
   INR45.0 Million Packing Credit        P4+ (Assigned)
   INR37.5 Million Post-Shipment Credit  P4+ (Assigned)
   INR7.5 Million Bills Purchase         P4+ (Assigned)

The ratings reflect Oracle's exposure to risks associated with a
large expansion project.  The ratings also factor in the company's
moderate financial risk profile, customer concentration risk, and
limited product diversification.  The impact of these rating
weaknesses is mitigated by the company's established position and
profitable operations in the jacquard terry towels segment.

Outlook: Negative

CRISIL believes that Oracle is likely to face significant off-take
risk in its ongoing project and believes that the company's cash
accruals will be under pressure, although this is partly mitigated
by ballooning repayment structure on the project loan.  The rating
may be revised downwards if there is steeper-than-expected
deterioration in the company's debt protection measures.
Conversely, the outlook may be revised to 'Stable' if the company
successfully commissions the expansion project and generates
higher-than-expected cash accruals from the increased capacity.

                       About Oracle Exports

Oracle, promoted by Mr. Sanjay Dave and Ms. Shilpa Dave in 2002,
manufactures and exports terry towels.  The company also exports
other home textiles, the manufacturing of which is outsourced.
The company has vertically integrated operations comprising
weaving, yarn and fabric dyeing, and finishing facilities, with a
capacity of 550 tonnes per annum (tpa).  Oracle is in the process
of implementing a project to more than double its capacity to 1440
tpa.  For 2008-09 (refers to financial year, April 1 to March 31),
Oracle reported a profit after tax (PAT) of INR10.5 million on net
sales of INR382 million, against a PAT of INR10.6 million on net
sales of INR331.5 million for 2007-08.


PURAN CHAND: CRISIL Places 'B-' Rating on INR20 Mln Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Puran Chand Rice Mills Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR20.0 Million Cash Credit        B-/Stable(Assigned)
   INR75.0 Million Packing Credit     P4(Assigned)
   INR55.0 Million Bill Discounting   P4(Assigned)
   INR120.0 Million Proposed Short    P4(Assigned)
                Term Bank Facility

  (All the above facilities are with Canara Bank)

The ratings reflect PCRMPL's weak financial risk profile, high
working capital requirements, small scale of operations, and
exposure to adverse changes in government regulations and to
increasing raw material prices.  The impact of these weaknesses is
mitigated by PCRMPL's promoters' experience in the rice business
and the rice industry's healthy growth prospects.

Outlook: Stable

CRISIL expects PCRMPL's financial risk profile to remain
stretched, and scale of operations to stay small, over the medium
term.  The outlook may be revised to 'Positive' if PCRMPL's
capital structure and scale of operations improve substantially.
Conversely, the outlook may be revised to 'Negative' if the
company faces further deterioration in its capital structure or
pressure on its profitability.

                         About Puran Chand

PCRMPL was originally set up as a partnership firm, Puran Chand
Rice Mills Pvt Ltd, in 1989 by Mr. Naveen Gupta.  It was converted
into a proprietorship concern in 2006, and then into a private
limited company under its present name in August 2009.  PCRMPL
shells, processes, and sells rice in the domestic and global
markets.  The company primarily exports basmati rice to the Middle
East.  Exports contribute around 90 per cent to the company's
revenues. PCRMPL's unit in Karnal (Haryana) has a milling capacity
of 4 tonnes per hour (tph) and a sorting capacity of 5 tph.

PCRMPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR513 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR435 million for 2007-08.


ROBOSOFT TECHNOLOGIES: ICRA Rates INR187 Mil. Term Loan at 'LB-'
----------------------------------------------------------------
ICRA has assigned an 'LB-' rating to the INR187.0 million term
loan program of Robosoft Technologies Private Limited.  ICRA has
also assigned a rating of A4 to the INR55.0 million fund-based
limits and INR8.0 million non fund-based limits of RTPL.

The rating takes into consideration RTPL's weak liquidity
position, as reflected in its irregular debt servicing record and
its high limit-utilization levels, and its stretched capital
structure as indicated by a gearing of 3.49 times in FY2008-09.
The rating also takes into consideration the company's modest size
of operations, and weak profitability on the account of
deteriorating cost structure. The rating, however, favourably
considers the company's established track record in the niche
Macintosh platform.

Robosoft Technologies Private Limited, promoted as a
proprietorship firm in 1996 at Udupi, Karnataka, by Mr. Rohith
Bhat and subsequently incorporated as a private limited company in
2005, is primarily into the business of development of software
applications for Mac OS platform.  RTPL has a team of 300 software
professionals working for the company.  The company offers its
products/services through four business divisions, viz., software
services, software utilities, gaming products, and enterprise
applications.  The software services segment is the largest
business segment in the company accounting for more than 90% of
net sales in 2008-09.  RTPL has set up three subsidiaries –
Robosoft Technologies inc., Global Delight Technologies Private
Limited, and 99Games Online Private Limited– to act as the
marketing front for its products and services.  RTPL registered a
net profit of INR4.5 million on operating income of INR177.3
million in FY2008-09 as against net profit of INR4.2 million on
operating income of INR119.6 million in FY2007-08.


ROOP POLYMERS: CRISIL Rates 'INR105.8MM Term Loan at 'BB+'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+'to the bank
facilities of Roop Polymers Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR85 Million Cash Credit Limit    BB+/Stable (Assigned)
   INR105.8 Million Term Loan         BB+/Stable (Assigned)
   INR117.2 Million Proposed Long     BB+/Stable (Assigned)
           Term bank Loan Facility
   INR34 Million Buyer's Credit       P4+(Assigned)
   INR6 Million Letter of Credit      P4+(Assigned)
   INR2 Million Bank Guarantee        P4+(Assigned)

The ratings reflect the company's average financial risk profile,
and its exposure to risks associated with the significant customer
concentration in its revenue profile.  These rating weaknesses are
mitigated by the company's comfortable business risk profile.

Outlook: Stable

CRISIL believes that RPL's business risk profile will remain
comfortable, though constrained by the customer concentration in
its revenues.  The company's financial risk profile is expected to
improve on the back of sustained profitability and moderate
capital expenditure.  The outlook may be revised to 'Positive' if
the company is able to record higher-than-expected growth in
revenues, and improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RPL's new
facility does not yield significant returns, or if the company's
overall profitability deteriorates significantly.

                       About Roop Polymers

Set up in 1973, RPL is engaged in the manufacture of automotive
and industrial rubber and rubber-moulded components.  The company
launched its rubber extrusion division in 1998; this division
manufactures co-extruded profiles with and without metal inserts,
fuel tubes and hoses, and extrusions of various shapes and sizes.
The company also manufactures profiles and sealing solutions for
buildings, and infrastructure and industrial projects. RPL has
four plants, one each at Gurgaon, IMT Manesar, Sohna (Delhi), and
Pant Nagar (Uttarakhand).

For 2008-09 (refers to financial year, April 1 to March 31), RPL
reported a net profit of INR16.2 million on net sales of INR842.5
million, as against a net loss of INR6.1 million on net sales of
INR710 million for the previous year.


SOCIETY MOTORS: CRISIL Assigs 'B+' Rating on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the bank
facilities of Society Motors Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR145 Million Cash Credit*     B+/Stable (Assigned)
   INR55 Million Term Loan**       B+/Stable (Assigned)

   *Includes proposed limit of INR35 million.
   **Includes proposed limit of INR15.5 million.

The rating reflects SML's weak financial risk profile marked by a
high gearing, and the expected pressure on its business risk
profile because of the current economic slowdown.  These
weaknesses are mitigated by the company's established position in
the Kanpur (Uttar Pradesh) market region.

Outlook: Stable

CRISIL expects SML to maintain its business risk profile on the
back of its established market position.  The outlook may be
revised to 'Positive' if SML improves its capital structure or
operating margins on a sustained basis.  Conversely, the outlook
may be revised to 'Negative' in case of a decline in the company's
cash accruals and profitability, because of a continued slowdown
in the automobile industry, or deterioration in its capital
structure.

                       About Society Motors

Incorporated in 1990 by Mr. Prakash Agnihotri, SML is an
authorised dealer of Bajaj Auto Ltd (BAL; rated 'AAA/Stable/P1+'
by CRISIL) and Tata Motors Ltd (TML; rated 'A/Stable/P1' by
CRISIL) vehicles.  SML has two showrooms and two workshops for
TML, and three showrooms and two workshops for BAL, in Kanpur.
In 2007-08 (refers to financial year, April 1 to March 31), the
company derived 47.6 per cent of its revenues from TML dealership
and around 45.6 per cent from BAL.

For 2008-09, SML reported a profit after tax of INR6.7 million on
net revenues of INR860 million, against INR2.7 million and INR783
million, respectively, in the previous year.


STATE BANK: S&P Assigns Ratings on Proposed Senior Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating on
State Bank of India's (BBB-/Negative/A-3) proposed senior
unsecured notes issue under its existing US$5 billion medium-term
notes program.  This issue will have a tenure of five years and
will be issued through SBI's London branch.

Standard & Poor's ratings on SBI's proposed debt issues under the
US$5 billion MTN program remain:

* 'BBB-' rating on the senior unsecured notes,

* 'BB+' rating on the lower Tier II subordinated notes, and

* 'BB' rating on the upper Tier II subordinated and hybrid Tier I
  notes.

The lower Tier II subordinated notes will have a minimum maturity
of five years, or 63 months (if issued between Jan. 1 and March 31
of any year), and the upper Tier II subordinated notes will have a
minimum maturity of 15 years.  The hybrid Tier I notes are
perpetual and have no maturity.  The proceeds of these issues will
be used to meet the funding requirements and strengthen the
capital base of SBI's foreign offices and for general corporate
purposes, subject to regulatory approvals.

The senior notes will constitute direct, unconditional, unsecured
and unsubordinated obligations of the bank, and shall at all times
rank pari passu with all other unsecured obligations.  The
subordinated notes (lower Tier II and upper Tier II) will
constitute the unsecured and subordinated obligations.  They will
be subordinate to the claims of the senior debt holders.  Upper
Tier II notes, will be further subordinated to lower Tier II notes
of the bank and rank pari passu with all subordinated debt in
their respective class.  The payment obligation on the hybrid Tier
I notes will rank junior to the claims of holders of senior and
subordinated debt but senior to the claims of holders of
preference and equity shares.

The rating differential between the senior unsecured notes and the
lower Tier II subordinated notes reflects the latter's
subordinated nature.  The 'BB' rating on the upper Tier II
subordinated notes and hybrid Tier I notes reflects an interest
deferral option on these notes.  This interest deferral feature is
linked to the compliance of the regulatory capital adequacy ratio
and a profit test, which in turn is linked to the "balance in the
profit and loss account," a component of the reserves and surplus
on the bank's balance sheet.  A "net loss" is defined as a
negative balance in this account.

If the bank's RCAR is below the minimum regulatory requirement
stipulated by the Reserve Bank of India, it would be mandatory to
skip interest payments.  As of June 30, 2009, the RCAR of SBI
stood at stood at 14.12%, compared with the minimum regulatory
requirement of 9%.  If the bank is in compliance with the RCAR but
reports a "net loss," the bank will require the regulator's
permission before the bank can make interest payments on the
notes.  As at March 31, 2009, the balance in P&L account stood at
Indian rupees (INR) 2.16 billion.

For investment grade issuers, Standard & Poor's recognizes equity
capital credit in the bank's adjusted total equity for hybrid
capital instruments that have maturity of at least 20 years.
Hence, Standard & Poor's will recognize equity capital credit of
up to 33% of the bank's adjusted common equity for the proposed
hybrid Tier I notes.  For upper Tier II subordinate notes, 12%
capital credit will be recognized.


* Indian Firm's Credit Quality Stabilizing, CRISIL Says
-------------------------------------------------------
A study by CRISIL finds that Indian companies' credit quality is
beginning to stabilize, after being in virtual free fall for
2008-09 (refers to financial year, April 1 to March 31).  CRISIL's
Modified Credit Ratio (MCR) has increased to 0.88 for the first
half of 2009-10, after dropping to a nine-year low of 0.86 in
2008-09.  Companies have easier access to funds, as a result of
the government's fiscal and monetary easing, and positive stock
market conditions; in addition, lower commodity prices have led
to lower working capital requirements.

In CRISIL's opinion, however, a recovery in credit quality will at
best be gradual, and may not necessarily be smooth.  According to
Mr. Raman Uberoi, Senior Director, CRISIL, "There are signs that
both the monetary and fiscal easing and the lower commodity prices
are temporary.  Additionally, unlike in the late 1990s, we see no
prospect of a sudden and sustained upturn in economic conditions
to lift corporate performance. We can therefore rule out a sudden
jump in MCR of the kind we saw in 1999-2000, when MCR rose to 0.92
from 0.61."

In the first half of 2009-10, about 5.9% of the average
outstanding ratings were downgraded; this compares with a figure
of 7.1% in the immediately preceding six months.  Similarly, about
1.3% of the average outstanding ratings were upgraded in the first
half of 2009-10, as compared with only 0.2% in the second half of
2008-09.  The sharpest change in rating performance was in the
financial services sector, which saw 4 downgrades and 8 upgrades
in the first half of 2009-10, as opposed to 14 downgrades and no
upgrades in the preceding six months.

Fiscal and monetary authorities have begun to explore an exit from
the present supportive stance.  The timing and extent of these
measures is likely to have a significant bearing on the pace and
extent of economic recovery after the current phase of
stabilization.  The return of stability to the global economy has
also meant that commodity prices have retraced 25 to 35% of their
decline from the peak levels of mid-2008.

According to Mr. Ajay Dwivedi, Director, CRISIL Ratings, "Access
to funds has eased considerably, but there is significant
uncertainty with respect to exchange rates and consumer demand.
Large exchange rate movements can hit export-dependent sectors
hard, and domestic demand can be affected by rising prices in
general and food prices in particular.  We also note that the
Reserve Bank of India's window for restructuring of bank assets
helped many companies avoid distress over the last 12 months.
Looking ahead, we see a long and bumpy road for recovery in
corporate credit quality."


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


BANK CENTURY: BPK Fails to Submit Final Audit by Oct. 19
--------------------------------------------------------
The Jakarta Post reports that the Supreme Audit Agency (BPK) had
failed to finish the final audit of Bank Century's bailout as of
Oct. 19, when current BPK members ended their term.

The Post says the new BPK members, which were sworn in on Monday,
are expected to continue the audit of Century's bailout reaching
IDR6.76 trillion.

Citing BPK's statement, the Post notes BPK said its auditors,
under the Bank Century's Case Examination Team, had worked hard to
finish the final audit but failed to do so due to time
limitations.

Jakarta Globe, citing Hasan Bisri, a BPK member, relates that the
completion of the audit would depend on how quickly the Financial
Transactions Analysis Center (PPATK) traced the flow of funds from
Century.  "It will depend on how many layers of transactions are
involved.  It's not easy for the PPATK to trace the transactions
as the confidentiality of bank customers is involved," the Globe
quoted Mr. Bisri as saying.

The audit findings will not be made public but rather will be
submitted to the Corruption Eradication Commission (KPK) and the
House of Representatives to decide what measures need to be taken,
according to Jakarta Globe.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The Post said the government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector.  The bank received a capital
injection of IDR6.76 trillion from the Deposit Insurance
Corporation (LPS).

                         About Bank Century

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


GARUDA INDONESIA: Gets Pertamina's Nod to Restructure US$76MM Debt
------------------------------------------------------------------
PT Garuda Indonesia has secured approval from PT Pertamina to
restructure its US$76 million aviation fuel debt to the state-
owned oil and gas company, Jakarta Globe reports, citing a Garuda
senior official.

The Globe quoted Garuda's chief financial officer Eddy Porwanto as
saying that "The debt will now be paid over seven years."

The report says that aside from its Pertamina debt, Garuda also
owes IDR3.36 trillion (US$356 million) to PT Bank Mandiri, with
interest costs greatly inflating the principal of IDR1.01
trillion.

As reported in the Troubled Company Reporter-Asia Pacific on
September 1, 2009, The Jakarta Globe said Bank Mandiri will take
an 11% stake in PT Garuda Indonesia under a debt-to-equity
conversion agreed to by all parties involved, including the
central bank.  Bank Mandiri will convert US$100 million of the
state-owned carrier's bond debt into equity.  The deal could be
concluded before Garuda's planned initial public offering,
scheduled for the middle of next year.

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

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

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

                      About Garuda Indonesia

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


PERUSAHAAN LISTRIK: Secures US$8-Bln Loan Commitmets from Banks
---------------------------------------------------------------
Jakarta Globe reports that PT Perusahaan Listrik Negara said it
had secured most of the US$8 billion it needs to complete the
first phase of its "fast track" power generation program after
receiving more than US$1 billion in loan commitments from Chinese
and local banks.

The Globe says the company's loan deals included a pledge of
US$763 million from a consortium of Chinese banks for the
construction of a 660 megawatt coal-fired power plant in Adipala,
Central Java, and a 200 MW coal-fired plant in Teluk Sirih, West
Sumatra.

The Chinese banks were state-owned China Development Bank and the
Industrial & Commercial Bank of China, the report notes.

According to the report, PLN also signed a loan agreement worth
IDR3.9 trillion (US$417.3 million) with a consortium of Indonesian
state banks consisting of PT Bank Rakyat Indonesia, PT Bank
Mandiri and PT Bank Negara Indonesia.

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
=========


AIFUL CORP: Redeems US$93 Mln of Bonds After Debt Reprieve Talks
----------------------------------------------------------------
Yusuke Miyazawa and Takako Taniguchi at Bloomberg News report that
Aiful Corp. redeemed JPY8.4 billion (US$93 million) in bonds on
Tuesday, October 20, the first debt repayment after the
company said last month it's seeking to delay repaying JPY280
billion of its JPY915 billion of debt.

"Bonds are not included in the procedure, so we repaid as
scheduled," Hirofumi Haruguchi, a spokesman for the Kyoto-based
lender told Bloomberg.

Aiful has been shut out of credit markets since the start of the
global financial crisis and the company forecast full-year loss of
JPY311 billion on Sept. 25, according to Bloomberg.

Bloomberg said the company has been struggling to fund its
commitments since a crackdown by authorities on excessive interest
rates made Japan's consumer lenders liable to pay billions of
dollars of refunds.

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation.  At the same time,
Moody's continues to review the ratings for possible further
downgrade.  In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.

Standard & Poor's Ratings Services also lowered its long- and
short-term counterparty ratings on Aiful Corp. to 'SD' from 'CC'
and 'C' respectively, after Aiful's application for ADR procedures
was officially accepted.  As a result, Aiful has temporarily
suspended principal payments on borrowings from financial
institutions, thereby breaching the terms and conditions of the
original agreements.  The 'CCC' rating on the senior unsecured
bonds remains on CreditWatch with developing implications.  S&P
placed the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration.  The CreditWatch status was revised to
developing on Sept. 18, 2009.


CAPMARK FINANCIAL: To Sell Japan Loan Unit to Sandringham
---------------------------------------------------------
Capmark Financial Group Inc, a U.S. real estate company preparing
for bankruptcy, will sell its Japanese loan servicing business to
Sandringham Capital Partners, a UK-based fund management firm,
Reuters reports.

Citing Sandringham's statement, Reuters discloses that Capmark's
Japanese loan servicing business, called Premier Asset Management,
has 31 employees and has assets worth JPY1.7 trillion (US$19
billion), including commercial mortgage-backed securities.

Premier is one of Japan's biggest loan servicing firms
specializing in CMBS, Reuters notes.

                          Restructuring

Capmark Financial on September 2 reported a net loss of
US$1.6 billion for the quarter ended June 30, 2009 compared with a
net income of US$11.5 million for the quarter ended June 30, 2008.

Capmark said September it has been in discussions with its lenders
and the representatives of a number of senior noteholders
regarding a restructuring of its primary debt obligations.  As
part of a longer-term restructuring, Capmark has been exploring
strategic alternatives for all of its businesses.  Capmark said
restructuring efforts may include a reorganization under Chapter
11 of the U.S. Bankruptcy Code, the sale of certain additional
businesses and/or a material contribution of cash and/or assets
into Capmark Bank, Capmark's wholly-owned industrial bank
subsidiary chartered by the State of Utah.

Capmark has entered into an asset-put agreement with Warren
Buffett's Berkshire Hathaway Inc. that gives it the right to sell
its North American servicing and mortgage-banking businesses.

                      About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets.  Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing.  Capmark operates in North America, Europe and
Asia.

                           *     *     *

In September 2009, Fitch Ratings downgraded the long-term Issuer
Default Ratings of Capmark Financial Group to 'C' from 'B-' and
Capmark Bank to 'CC' from 'B-'.  An IDR of 'C' indicates that
default of some kind appears imminent or inevitable.  Standard &
Poor's Ratings Services also lowered its ratings on Capmark,
including lowering the local-currency, long-term corporate credit
rating on the company to 'CC' from 'B-'.  Capmark Financial
carries a 'Caa1' rating from Moody's.

Capmark has total assets of US$20 billion against total debts of
US$21 billion as of June 30, 2009.


CREDIT DERIVATIVE: Moody's Downgrades Ratings on JPMorgan Swap
--------------------------------------------------------------
Moody's Investors Service has announced this rating action:

* Transaction: Credit Derivative Swap Transaction relating to
  various Reference Entities, Downgraded to Baa1; previously on
  July 29, 2009 Downgraded to A2.

This transaction represents a credit default swap entered into
between JPMorgan Chase Bank NA and Alto Credit Products Co Ltd.
The CDS primarily references a static portfolio of global
corporate entities.

The rating action taken is the result of the deterioration in the
credit quality of the reference portfolio.  The 10-year weighted
average rating factor of the portfolio, not adjusted with forward-
looking measures, has deteriorated from 1041 -- since the last
rating action on July 29 --- to 1122, which is equivalent to an
average rating of the current portfolio of Ba2.

The reference portfolio includes an exposure to Ambac Financial
Group and Aiful Corporation, both of which have experienced
substantial credit migration in the past few months, and are now
rated Caa2 and Caa1.

Since inception of the transaction, the subordination of the rated
tranche has been reduced due to credit events concerning Lehman
Brothers Inc, Kaupthing Bank hf, Glitnir banki hf, Washington
Mutual and Syncora Guarantee Inc. These credit events led to a
decrease of approximately 21% in the subordination of the
tranches.  The industry sectors most represented in the portfolio
are insurance (12.7%), banking (12%), finance (8%), sovereign &
public finance (7.33%) and telecommunications (7.33%).

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

Moody's monitors this transaction using primarily the methodology
and supplements for Corporate Synthetic Obligations as described
in the Moody's rating methodology paper:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (September 2009).


JAPAN AIRLINES: Cuts Debt Write-Off Requests to JPY250 Million
--------------------------------------------------------------
A government-appointed task force crafting a revival plan for
Japan Airlines Corp. cut its debt relief request to JPY250 billion
(US$2.8 billion) from JPY300 billion, but creditors still rejected
the plan, Reuters reports.

The latest plan was rejected because creditors feel the JPY250
billion in debt waivers and debt-for-equity swaps still asks them
to carry too large a burden, Reuters relates, citing two sources,
who spoke on condition of anonymity because the discussions are
not public.

According to Reuters, creditors, which include Japan's top three
lenders and state-owned Development Bank of Japan, are also wary
of extending fresh aid without a clear explanation of how and to
what extent the state is willing to inject public funds.

Reuters notes the sources said the task force, which is composed
of turnaround specialists and which reports to transport minister
Seiji Maehara, did not give details on public funds or what scheme
would be employed for the debt restructuring.

Bloomberg News, meanwhile, reports that Japan Airlines may need to
find an outside chief executive officer to win debt-forgiveness
from lenders and a fourth state-bailout since 2001.

According to Bloomberg, a person familiar with the situation said
earlier this week that President Haruka Nishimatsu has been asked
to quit by a government-appointed restructuring panel as part of a
possible deal with banks.

Bloomberg discloses that Mr. Nishimatsu became president in 2006,
succeeding Toshiyuki Shinmachi who rose to the top job after 39
years at the carrier.  Since taking office, Bloomberg says
Mr. Nishimatsu has sold stakes in units, cut wages and shed over
5,000 workers, or about 10% of the workforce.  Last month, he
pledged to cut a further 6,800 jobs over the next three years and
undertake the carrier's biggest network reduction, Bloomberg
relates.

"Mr. Nishimatsu hasn't done a bad job really, but it probably
won't be enough to save him," Bloomberg quoted Makoto Murayama, a
Nomura Securities Co. analyst in Tokyo, as saying.  "The banks may
ask him to go as a condition for support."

                         Restructuring Plan

As reported in the Troubled Company Reporter-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.


JLOC 38: Fitch Takes Rating Actions on Various Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded the Class D notes from JLOC 38, LLC,
due April 2016, and removed it from Rating Watch Negative
following the receipt of the calculation report stating the amount
by which the class has been written down.  The rating actions
include:

  -- JPY52.49 billion* Class A affirmed at 'A'; Outlook Stable;

  -- JPY5.52 billion* Class B affirmed at 'BBB'; Outlook Negative;

  -- JPY5.20 billion* Class C affirmed at 'BB'; Outlook Negative;

  -- JPY3.57 billion* Class D downgraded to 'D' from 'C'; Recovery
     Rating 'RR4'; off RWN and

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

  * as of October 16, 2009

Fitch stated in its previous commentary dated October 1, 2009,
that one loan was facing imminent loss as recovery from the
collateral property was expected to be below the outstanding
balance of the senior loan amount.

In the calculation period ending September 2009, the servicer
concluded the recovery activity of this defaulted loan.  As
expected, the total recovery amount was lower than the outstanding
balance of the senior loan amount.  The difference was recognized
as a write down of Class D notes.

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

Note that the reports have been published simultaneously and are
intended to be read in conjunction with each other.  The criteria
report describes the approach and framework of the methodology,
and the special report details the application and assumptions
adopted for the 2009 surveillance review.

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.


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


SILK HOLDINGS: Complete Regularization Plan; Out of PN17
--------------------------------------------------------
Bursa Malaysia Securities Bhd disclosed that Silk Holdings Berhad,
a Practice Note No. 17/2005 company, will be uplifted from
classification as an Amended PN17 Company.

Following the implementation of the company's regularization plan,
the bourse said Silk Holdings has regularized its financial
condition and no longer triggers any of the criteria under
paragraph 2.1 of PN17.

Headquartered in Petaling Jaya, Malaysia, Silk Holdings Berhad,
formerly known as Sunway Infrastructure Berhad --
http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On Nov. 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

                          *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Silk Holdings Berhad until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


WWE HOLDINGS: Sells 3-Storey Factory to BHL Alloy for MYR3.60 Mil.
------------------------------------------------------------------
WWE Holdings Berhad disclosed that it has entered into a
conditional sale and purchase agreement with B.H.L. Alloy Wheel
Sdn Bhd for the proposed disposal of a three storey detached
factory at No.3, Jalan Apollo U5/194, Seksyen U5, Bandar Pinggiran
Subang, 40150 Shah Alam, Selangor Darul Ehsan by WWE for a total
cash consideration of MYR3.60 million.

The net book value of the property as at September 30, 2008, of
MYR2.47 million is audited.  The sale consideration of MYR3.60
million was arrived at on a willing buyer-willing seller basis and
after taking into consideration the market value of MYR3.28
million as valued by the independent registered firm of valuer,
Henry Butcher Malaysia (Sel) Sdn Bhd on July 29, 2009, using the
investment and comparison methods of valuation.

In addition, WWE said the sale consideration of MYR3.60 million
represents the highest offer received by the Company for the
proposed disposal.

                         About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


MEDIA PRIMA: Sells 70% Stake in Philippine Unit Primedia
--------------------------------------------------------
Media Prima Bhd is selling its 70% stake in loss-making Philippine
subsidiary MPB Primedia Inc. to MediaQuest Holdings Inc. for
MYR53.6 million, The Star online reports.  MediaQuest Holdings
Inc. is a subsidiary of Philippine Long Distance Telephone Co.

Citing Media Prima in an announcement to Bursa Malaysia, The Star
discloses that the sale was made to partially recover its
investments in Primedia, which was originally to be injected into
a private equity media fund as part of a regional expansion
strategy.

The Manila Times relates that Media Prima last year created MPB
Primedia and entered a long-term block airtime agreement with
ABC5.  Under the accord, the Times says Primedia will provide
content and manage the sale of airtime to the Philippine-based
broadcasting firm.  Primedia would also serve as consultant to
ensure the success of broadcasting firm's repositioning, launch
exercise and transmission quality upgrade, according to the Manila
Times.

ABC5 was relaunched in August last year as TV5, the Times notes.
According to the Times, the partnership with ABC5 is the Malaysian
company's first investment in the Philippines, where there is a
large and growing advertising market.

However, the Times says MBP Primedia's parent decided to give up
the company after its Philippine TV operations continue to bleed
and has been considered a major drag on the group's bottom line.

The Star said Media Prima has recognized losses of MYR45.3 million
in 2008 and MYR22.8million in the first half ended June 2009, or a
total of MYR68.1million, or PHP525.1 million, the Times relates.

Media Prima Berhad -- http://www.mediaprima.com.my/-- is a
Malaysian-based investment holding company engaged in the
provision of procurement services for its subsidiaries.  The
Company, together with its subsidiaries, is engaged in investment
holding, commercial television and radio broadcasting, general
media advertising, sale of program rights, sale of videos, cable
and laser rights, and the provision of production, event
management and other industry related services.  The Company's
television networks include TV3, ntv7, 8TV and TV9.  It also owns
three radio networks, Fly FM, Hot FM and One FM.  The Company's
other cross media interests include content creation (Primeworks
Studios Sdn. Bhd.), and outdoor advertising (Big Tree Outdoor Sdn.
Bhd., UPD Sdn. Bhd. and The Right Channel Sdn. Bhd.).


POWER SECTOR: To Sell Six More Power Plants in 2010
---------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
will sell six power plants next year following the conclusion of
privatization efforts with the sale of the 55-megawatt (MW) Naga
Land-Based Gas Turbine on October 16, BusinessWorld Online
reports.

The report, citing the Department of Energy, says generating
assets which will be auctioned next year are:

   -- the 246-MW Angat hydroelectric plant;
   -- the 150-MW Bacon Manito geothermal complex;
   -- the 235.20-MW Bauang diesel fired plant;
   -- the 310-MW Navotas diesel plant;
   -- the 114-MW Iligan diesel power plant; and
   -- the decommissioned 850-MW Sucat thermal power plant.

"The privatization efforts will be sustained towards completion of
EPIRA-set objectives," BusinessWorld cited Energy Secretary Angelo
T. Reyes in a statement, referring to the Electric Power Industry
Reform Act of 2001.

                           Credit Ratings

As reported in the Troubled Company Reporter-Asia Pacific on
September 22, 2009, Moody's Investors Services assigned a Ba3
corporate family rating to Power Sector Assets & Liabilities
Management Corporation.  Moody's has also affirmed PSALM's Ba3
senior unsecured bond rating.  The outlook for the ratings is
stable.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine government, was established in 2001
to take ownership, manage, privatize and dispose of all
generation-related assets, liabilities, contracts with Independent
Power Producers, real estate and other disposable assets of the
National Power Corporation, including National Transmission
Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.

                        About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that Napocor posted a PHP16-million profit in 2005, the
first time in seven years, on the Energy Regulation Commission's
approval of a rate increase, the use of an improved fuel mix and
better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of Napocor's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's PHP200
billion debt, which was incurred when the state firm adopted
international accounting standards, forcing it to report its
foreign exchange losses.  The Department of Finance is studying
the legality of the Government's absorption of the debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.


POWER SECTOR: S&P Assigns 'BB-' Rating Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
foreign currency and 'BB+' long-term local currency corporate
credit ratings on Power Sector Assets & Liabilities Management
Corp.  The outlook is stable.

The ratings on PSALM reflect S&P's opinion that there is an
"almost certain" likelihood that the government of the Republic of
Philippines (foreign currency BB-/Stable/B; local currency
BB+/Stable/B; ASEAN scale axBBB+/axA-2) would provide timely and
sufficient extraordinary support to the utility in the event of
financial distress.

In accordance with S&P's criteria for government-related entities,
its view of an "almost certain" likelihood of extraordinary
government support is based on S&P's assessment of PSALM's
"critical" role in implementing government reforms in
restructuring and liberalizing the power sector and its "integral"
link with its owner, the Philippine government.  The government
also provides an irrevocable, unconditional, and timely guarantee
on all of the utility's debts.

"We assess PSALM's stand-alone credit profile to be weak and
highly leveraged," said Standard & Poor's credit analyst Allan
Redimerio.

The utility's highly leveraged capital structure includes a total
debt of about US$6.7 billion and US$10.0 billion of independent
power producer obligations as of Dec. 31, 2008, high reliance on
foreign-currency-denominated debt, and lack of financial hedging.

In addition, repayment for almost all of PSALM's debts may be
accelerated due to persistent breach of certain loan covenants,
although that has not happened when National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--) repeatedly
breached such covenants.  S&P understands that PSALM has already
received waivers from the World Bank and the Japan Bank for
International Cooperation regarding the covenant breaches.  In
addition, PSALM has significant debt maturities equivalent to
about US$1.1 billion maturing in 2009 and US$1.5 billion in 2010.

"We view the privatization developments in the Philippine
electricity power sector to be positive for PSALM," Mr. Redimerio
said.  As of Sept. 8, 2009, PSALM had sold or contracted to sell
28 of Napocor's generation assets, representing approximately
81.3% of Napocor's generation assets in Luzon and the Visayas.

The stable rating outlook reflects the outlook on the sovereign
ratings on the Philippines.  The ratings and outlook on PSALM
benefit substantially from government support.  S&P expects this
support to continue and remain the basis for Standard & Poor's
ratings on PSALM, given PSALM's weak stand-alone credit profile
and strategic importance to the government in implementing its
industry restructuring initiatives.


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


QUANTA COMPUTER: Mulls Setting Up Assembly Plant in Chongqing
-------------------------------------------------------------
Quanta Computer Inc. is studying the possibility of setting up a
computer assembling plant in Chongqing, a municipality in western
China, a report posted at tradingmarkets.com says.  The move came
days after its potential rival Foxconn Technology Group closed a
groundbreaking ceremony for a laptop production base in the city,
the report notes.

The report, citing people familiar with the matter, relates that
the company has sent a five-member investigation team to study
whether to set up its first assembling base in the western city or
not.

"Competition between the two Taiwanese companies started after
Foxconn announced its decision to make a foray in the laptop
assembling market," the report quoted an industry insider as
saying.

According to the report, Quanta expects to familiarize the
investment conditions and environment in the western Chinese city.
The five-member team, the report notes, will also study costs on
labor force, land, water, electricity, and taxation.

The report states that Quanta has to expand its presence to the
inner cities in Mainland China to court for more orders after the
global economy shows signs of recovery from the recession, as the
company finds it difficult to expand the production capacity of
the plant in Shanghai, its only production base in the mainland.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                           *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


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


DOT VN: Wins 2-1/2 Month Extension of 3 Promissory Notes
--------------------------------------------------------
Dot VN, Inc., reports that on October 12, 2009, the Company and
Thomas Johnson, its Chief Executive Officer and Chairman of the
Board of Directors, agreed to a two and one-half month extension
of the 100% Convertible Promissory Note dated April 20, 2009 in
the principal amount of US$2,884,658.16.  The due date was amended
from October 16, 2009 to December 31, 2009 with no other changes
to the terms or conditions of the note.

On October 12, 2009, the Company and Lee Johnson, the Company's
President, Chief Technology Officer, Chief Financial Officer and a
Director, agreed to a two and one-half month extension of the 100%
Convertible Promissory Note dated April 20, 2009 in the principal
amount of US$2,884,658.16.  The due date was amended from
October 16, 2009 to December 31, 2009 with no other changes to the
terms or conditions of the note.

The two notes made April 20, 2009, and extended on October 12,
2009, each contain the same terms and conditions, shall accrue
interest at a rate of 8% per annum, and all outstanding principal
and accrued and unpaid interest may be converted into common stock
of the Company at US$0.30 per share.  The Conversion Price shall
be adjusted downward in the event Dot VN issues common stock (or
securities exercisable for or convertible into or exchangeable for
common stock) at a price below the Conversion Price times 90%, to
a price equal to such Subsequent Price times 110%.  The notes were
issued in consideration for, and in satisfaction of, accrued
salary and interest accruing since January 31, 2003 through April
17, 2009 by each of Thomas Johnson and Lee Johnson under their
respective employment agreements with the Company.

On October 12, 2009, the Company and Louis Huynh, the Company's
General Counsel, Executive Vice President of Operations and
Business Development, Corporate Secretary and a Director, agreed
to a two and one-half month extension of the 100% Convertible
Promissory Note dated July 6, 2009 in the principal amount of
US$113,243.81.  The due date was amended from October 16, 2009 to
December 31, 2009 with no other changes to the terms or conditions
of the note.

The note made July 6, 2009, and extended on October 12, 2009,
shall accrue interest at a rate of 8% per annum, and all
outstanding principal and accrued and unpaid interest may be
converted into common stock of the Company at US$0.46 per share.
The Conversion Price shall be adjusted downward in the event Dot
VN issues common stock (or securities exercisable for or
convertible into or exchangeable for common stock) at a price
below the Conversion Price times 90%, to a price equal to such
Subsequent Price times 110%.  The note was issued in consideration
for, and in satisfaction of, accrued salary and interest accruing
since August 7, 2007 through July 6, 2009 by Mr. Huynh under his
employment agreement with the Company.

                     Going Concern Opinion

The Company acknowledges it has had limited revenues from the
marketing and registration of '.vn' domain names as it operates in
this single industry segment.  Consequently, the Company has
incurred recurring losses from operations.  In addition, the
Company has defaulted on US$612,500 of convertible debentures that
were due January 31, 2009 and currently has not negotiated new
terms or an extension of the due date on the Defaulted Debentures.
These factors, as well as the risks associated with raising
capital through the issuance of equity or debt securities creates
uncertainty as to the Company's ability to continue as a going
concern.

The Company's plans to address its going concern issues include:

   -- Increasing revenues of its services, specifically within
      its domain name registration business segment through:

      * the development and deployment of an Application
        Programming Interface which the Company anticipates will
        increase its reseller network and international
        distribution channels and through direct marketing to
        existing customers both online, via e-mail and direct
        mailings, and

      * the commercialize of pay-per-click parking page program
        for '.vn' domain registrations;

   -- Completion and operation of the IDCs and revenue derived
      from the IDC services;

   -- Commercialization and Deployment of certain new wireless
      point-to-point layer one solutions; and

   -- Raising capital through the sale of debt or equity
      securities.

There can be no assurance that the Company will be successful in
its efforts to increase revenues, issue debt or equity securities
for cash or as payment for outstanding obligations.  Capital
raising efforts may be influenced by factors outside of the
control of the Company, including, but not limited to, capital
market conditions.

The Company is in various stages of finalizing implementation
strategies on a number of services and is actively attempting to
market its services nationally in Vietnam.  As a result of capital
constraints it is uncertain when it will be able to deploy the
Application Programming Interface or construction of the IDCs.

Chang G. Park, CPA, from San Diego, California, expressed on
July 24, 2009, substantial doubt about Dot VN's ability to
continue as a going concern after auditing the company's financial
results for the years ended April 30, 2009 and 2008.  The auditing
firm reported that the company experienced losses from operations.

At July 31, 2009, the Company had total assets of US$2,269,335 and
total liabilities of US$11,791,040.  At July 31, 2009, the Company
had total shareholders' deficit of US$9,521,705.

                         About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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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