TCRAP_Public/091022.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

           Thursday, October 22, 2009, Vol. 12, No. 209

                            Headlines

A U S T R A L I A

GREAT SOUTHERN: Itochu Terminates Hardwood Sale Agreement
INDOPHIL RESOURCES: In Advanced Talks with Tampakan Stake Buyers
MARION ENERGY: Unveils AU$35.5 Million Recapitalization Plan


B A H R A I N

AWAL BANK: Facing $197MM Claim; Ex-Chairman Appeals Administration


C H I N A

CHINA MINSHENG: Net Profit Up 18.11% in Last Nine Months
FORD MOTOR: Talks with Volvo May Falter Over IP Rights
INDUSTRIAL AND COMMERCIAL: Allianz, American Express Keep Stake


H O N G  K O N G

LAMBE INDUSTRIAL: Court Enters Wind-Up Order
LEHMAN BROTHERS: Reaches Deal With HK Investors on Derivatives
KEENMAX DEVELOPMENT: Court to Hear Wind-Up Petition on November 18
PEACE MARK PRODUCTION: Sutton and Yu Appointed as Liquidators
MAX PRODUCTION: Court Enters Wind-Up Order

NGAI LEUNG: Court Enters Wind-Up Order
NAM WAH (HOLDINGS): Court Enters Wind-Up Order
RIGHT UNION DEVELOPMENT: Court Enters Wind-Up Order
TAI WAH: Hill Steps Down as Liquidator
THINK TECHNOLOGY: Wu Sek Chun Wilfred Steps Down as Liquidator

TAI LIN RADIO: To Pay First Dividend on October 30


I N D I A

ABAN EXIM: Fitch Assigns National Long-Term Rating at 'B'
ADITYA VIDYUT: CRISIL Cuts Ratings on Various Bank Debts to 'D'
ALAKNANDA SPONGE: CRISIL Assigns 'B+' Ratings on Bank Facilities
AVANTA UK: Shutting Down Mumbai Operations Due to Losses
FUTURA POLYESTERS: Loan Payment Delays Cue CRISIL Junk Ratings

SOLUX GALFAB: CRISIL Rates INR10 Million Term Loan at 'B'
XENITIS INFOTECH: Fitch Downgrades National Rating to 'BB+'


I N D O N E S I A

ADARO INDONESIA: Moody's Assigns 'Ba1' Rating on $800 Mil. Notes
BANK DANAMON: Nine Month Net Profit Drops 23%
INDIKA ENERGY: Fitch Upgrades Issuer Default Ratings to 'B+'
TELEKOMUNIKASI: Sees Less Than 5% Revenue Growth This Year


J A P A N

GK ORSO: Fitch Takes Rating Actions on Various Classes of Notes
JAPAN POST: President Nishikawa to Step Down on Oct. 28
* JAPAN: FSA Asks Lenders to Ease Repayment Terms for SMEs


K O R E A

GENERAL MOTORS: KDB Casts Doubt on GM Daewoo's Long-Term Survival


N E W  Z E A L A N D

LOADED HOG: Wellington Branch Shuts Down, Dozens of Jobs at Risk


P H I L I P P I N E S

BENGUET CORP: PSE to Suspend Trading of Shares for a Month
PHILIPPINE REALTY: Aims to Exit Corporate Rehabilitation in 2010


                         - - - - -


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


GREAT SOUTHERN: Itochu Terminates Hardwood Sale Agreement
---------------------------------------------------------
Itochu Australia Ltd has exercised its right to terminate a
hardwood sale and purchase agreement with Great Southern Ltd,
relying on a clause in the HSPA that entitles Itochu Australia to
terminate the HSPA in the event of appointment of receivers.

Great Southern said the HSPA encompassed the sale of hardwood
woodchips, exported from the Port of Albany in Western Australia
on a Free on Board (FOB) basis for investors in the Great Southern
Plantations 1996 to 2001 schemes.

"Itochu Australia Ltd has indicated its intention to enter into
discussions with the Receivers of GSMAL (Great Southern Managers
Australia Limited), or potential new Responsible Entities of the
Great Southern pulpwood schemes with regards to entry into a new
short-term contract," Great Southern said.

New Funding Agreement

IMF (Australia) Ltd said it has agreed to fund a group action
against Great Southern Plantations on behalf of investors who
exchanged their woodlot interests for shares in Great Southern
during the course of Project Transform.  The funding will cover
claims by investors who exchanged to shares in Great Southern from
1998 to 2003.

"Any proceedings will be issued by the Supreme Court of Western
Australia as a group action against the responsible entity and
directors of that entity," IMF said in a statement.

Investors who transferred their woodlots to Great Southern Limited
in return for shares in Great Southern are eligible to join the
action which IMF will fund subject to the specific factors set out
in the funding documentation and subject to a level of investor
participation acceptable to IMF.

The claim value will be published in IMF's Quarterly Case
Investment Portfolio report.

In June, IMF agreed to fund a group action by some investors in
the cattle projects of Great Southern.  The agreement to fund
legal action in the West Australian Supreme Court against
companies within the Great Southern group, and various directors
of those companies, is subject to enough members of the cattle
projects participating in the litigation.

IMF (Australia) Ltd is a publicly listed company providing funding
of legal claims and other related services where the claim size is
over $2 million.  IMF has brought together the major participants
in the litigation funding market in Australia and has an
Australian Financial Services License.  IMF is the largest
litigation funder in Australia and the first to be listed on the
Australian Securities Exchange.

                       About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


INDOPHIL RESOURCES: In Advanced Talks with Tampakan Stake Buyers
----------------------------------------------------------------
Indophil Resources said it is in advanced talks with buyers for
the company's 34% stake in the US$5 billion Tampakan copper and
gold project in The Philippines, The Australian reports.

"Following site visits, these discussions have progressed well and
they are now at an advanced stage," the report cited Indophil in a
statement.

Aiding Indophil's sale attempts, the Australian discloses,
operator Xstrata on Tuesday boosted the overall contained copper
resource at Tampakan between 12.8 million tonnes and 13.5 million
tonnes and reaffirmed a feasibility study would be finished in the
second quarter of next year.

According to the Australian, Xstrata said the latest results,
which boosted the mineral resource from 2.2 billion to 2.4 billion
tonnes at 0.6% copper and 0.2g per tonne of gold, confirmed the
potential of the project, on the restive island of Mindanao.  The
joint-venture partners are sticking to a 2016 target for first
production.

Partners in the Tampakan project include Xstrata Copper (62.5%),
Indophil Resources NL (34.23%) and Alsons Corporation (3.27%).

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                           *     *     *

Indophil Resources NL reported two consecutive net losses of
$14.84 million and $985,107 for the years ended Dec. 31, 2008 and
Dec. 31, 2007, respectively.


MARION ENERGY: Unveils AU$35.5 Million Recapitalization Plan
------------------------------------------------------------
Marion Energy Limited said it has received commitments for AU$6.5
million for a placement (before costs) to a range of sophisticated
and institutional investors.  Participants in the Placement will
also be issued with an option to subscribe for ordinary shares on
the basis of one option for every share subscribed for in the
Placement.  These options will have an exercise price of 25 cents
and a two year exercise period and will be issued to subscribers
at the same time as the options attaching to the rights issue are
issued.  Application will then be made for all the options to be
listed.

The shares will be issued in two tranches with 28.08 million
issued under the Company's existing 15% placement capacity under
ASX Listing Rule 7.1 with the balance to be completed in
conjunction with the rights issue.

The placement was heavily oversubscribed by institutional and
sophisticated investors in Australia, Asia and Europe and is a
clear indication of both the markets support to the Company's
refocused operational strategy recently announced and the
increasingly positive outlook for the North American energy sector
and gas prices in particular which have risen from US$1.70/Mcf
earlier to the year to current spot and 3 month future prices of
US$4.60/Mcf and US$6.00/Mcf respectively.

The successfully completed placement is the first step of a
recapitalization strategy aimed at raising up to AU$35.5 million,
which will also include a rights issue to existing shareholders to
be completed by the end of the year and for which the Company is
in discussions with several financial institutions to have the
issue underwritten.

Eligible shareholders will be invited to participate in a 1:2 non
renounceable rights issue at 15 cents per share (with a 1 for 2
option attached) to raise an additional AU$29 million (before
costs).

Managing Director Jeff Clarke said the proceeds from the placement
be used to strengthen the Company's balance sheet and support
working capital costs associated with the commencement of
production and gas sales from several wells at its Clear Creek and
Helper projects in Utah.

"As we announced earlier this year, we are focusing on bringing
four to six target wells back into production through a prudent,
staged approach that will utilize the extensive gathering,
pipeline and compression infrastructure that we successfully
commissioned and constructed last year.

"We've had early success with this strategy and expect that this
will translate into cash flow in the coming months," he said.

"This improved risk profile, combined with strengthening global
equity markets, provides us with an opportunity to recapitalize
with the aim of restructuring and refinancing our existing debt
facility on more favorable terms."

"Completion of the rights issue will assist us in implementing our
operational strategy and allow us to achieve a sustainable and
profitable production profile from as many as 16 wells over the
next 12 months.  Strengthening our balance sheet and restructuring
our debt facilities will ensure that the Company's assets obtain
maximum value and exposure with the current Goldman Sachs sale
process ongoing".

Further information on the rights issue, which will offer 1 new
share for every 2 held at AU$0.15 cents, will be provided to
shareholders over the coming weeks.  Shareholders will also be
offered free attaching two year AU$0.25 listed options on a 1 for
2 basis.

"In light of the recapitalization strategy, our existing
financiers have extended our US$46 million credit facility until
March 2010 subject to final documentation," Mr. Clarke said.

"Following completion of the rights issue, we will repay some of
that debt and seek to restructure the debt facilities to longer
dated maturity."

"The completion of the placement and the interest shown gives us
great confidence in the support for the Company and its improved
production outlook.

"We look forward to offering shareholders the opportunity to
participate in the recapitalization strategy and the upside we
believe it will deliver."

                       About Marion Energy

Based in Australia, Marion Energy Limited (ASX:MAE) --
http://www.marionenergy.com.au/--is principally engaged in
investment in oil and gas projects and the identification and
assessment of new opportunities in the oil and gas industry in
Texas, Utah and Oklahoma in the United States of America.  The
Clear Creek Unit, which comprises approximately 17,090 acres, is
located in Carbon and Emery counties.  It has produced 137 billion
cubic feet (Bcf) of natural gas from conventional reservoirs. The
Helper Project is located within a gas producing area, with
approximately 55 Bcf of gas being produced as of June 30, 2008.
The Company has an interest in a gross acreage of 33,800 acres in
Jester Bloomington Project and Willows Project.  Some of its
wholly owned subsidiaries include Brisa Pty Limited, Delta
Oilfield Developments Ltd and Marion Energy Inc.  During the
fiscal year ended June 30, 2008, the Company sold all its
ownership interest in the Jefferson-McLeod oil and gas project in
Texas.

                           *     *     *

Marion Energy Limited reported three consecutive net losses of
AU$22.39 million, AU$7.17 million and AU$8.74 million for the
years ended June 30, 2009, 2008 and 2007, respectively.


=============
B A H R A I N
=============


AWAL BANK: Facing $197MM Claim; Ex-Chairman Appeals Administration
------------------------------------------------------------------
Tiffany Kary at Bloomberg News reports that Awal Bank BSC's former
chairman appealed a decision by Bahrain's central bank to put the
lender in administration.  A Bahrain court is set to hear the
appeal by Maan al-Sanea on Nov. 10.

Under Bahrain law, Awal's administrator, U.K.-based law firm
Charles Russell LLP, has two years to decide if the bank should
liquidate or be returned to management and shareholders, said
lawyers from the bank's U.S.-based counsel, Quinn Emanuel Urquhart
Oliver & Hedges LLP.

Separately, Ahmad Hamad Algosaibi & Bros Co., a Saudi Arabia-based
manufacturing and shipping company, filed a claim in Awal's
bankruptcy demanding $197.1 million, plus as much as $1 billion in
damages, Bloomberg said.  Algosaibi, which sued Awal and Al-Sanea
in New York state court for the same amount, said the claim would
indemnify it for any judgment brought against it in a separate
lawsuit.  Stewart Hey, a London-based representative for Awal,
received the claim Oct. 3.

Under Chapter 15 of the U.S. bankruptcy code, companies can block
U.S. lawsuits while they reorganize in a foreign court.

Mr. Hey said the receipt of the claim allows Awal's legal issues
to be "considered as part of a collective, unified proceeding" and
Algosaibi isn't entitled to pursue the same claim in New York
court.  Algosaibi said its claim includes $150 million deposited
in Awal for a foreign-currency transaction.  Mashreqbank PSC, a
Dubai-based lender, has sued Algosaibi for the same $150 million.

On Sept. 30, 2009, Stewart Hey of Charles Russell LLP, as external
administrator of Awal Bank BSC of Bahrain, made a voluntary
petition under Chapter 15 for the bank in the U.S. Bankruptcy
Court for the Southern District of New York after Central Bank of
Bahrain placed the bank in administration on July 30, 2009.
Earlier this year, the bank began experiencing a liquidity
squeeze, brought on in part, by the global economic crisis.  The
bank has ceased to operate as a going concern since it was place
into administration.  In the Chapter 15 petition, the bank listed
both assets and debts more than $1 billion.

Based in Bahrain Awal Bank BSC is principally an investment
company that provide wholesale banking services in Bahrain
including the acceptance of deposits and the making of loans.


=========
C H I N A
=========


CHINA MINSHENG: Net Profit Up 18.11% in Last Nine Months
--------------------------------------------------------
Xinhua News Agency reports that China Minsheng Banking Corp.
announced Tuesday that it posted a net profit of CNY10.2 billion
(US$1.49 billion) in the first three quarters, up 18.11% year-on-
year.

Citing China Minsheng's statement to the Shanghai Stock Exchange,
the news agency says the lender posted net profit of CNY2.83
billion in the third quarter alone, up 8.9% from a year earlier.

The lender attributed the net profit rise to the increasing income
from net interest margin, Xinhua notes.

The report says China Minsheng's non-performing loan rate dropped
to 0.82% at the end of September from 0.86% at the end of June.

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

                           *     *     *

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


FORD MOTOR: Talks with Volvo May Falter Over IP Rights
------------------------------------------------------
Keith Naughton and Cathy Chan at Bloomberg News report that Geely
Holding Group Co.'s 10-month effort to buy Volvo from Ford Motor
Co. may fall apart within days as the companies struggle to agree
on intellectual property rights.

Citing two people familiar with the talks, Bloomberg says Geely
and Ford officials are meeting in London this week to try to
resolve the U.S. automaker's concerns about sharing technology and
future product plans.  Without an accord, the people said, Ford
may opt to keep the Swedish unit, where losses are narrowing and
sales are improving, Bloomberg relates.

"We are still talking to interested parties," Bloomberg quoted
Mark Truby, a Ford spokesman, as saying.  Mr. Truby declined to
comment on whether talks could collapse without an agreement on
intellectual property, the report notes.

Geely, based in Hong Kong, didn't immediately respond to an
e-mailed request for comment.

According to Bloomberg, the renewed talks about intellectual
property follow the FBI's Oct. 14 arrest of former Ford engineer
Xiang Dong Yu, who was charged with stealing trade secrets from
Ford in an effort to get a job with a Chinese car company.

Mr. Yu, also known as Mike Yu, was at Ford from 1997 to 2007,
according to the U.S. Justice Department data obtained by
Bloomberg.

Bloomberg, citing to the U.S. indictment, says Mr. Yu is charged
with stealing more than 4,000 Ford documents and using them to
seek employment with Shanghai Automotive Industry Corp. He
eventually was hired by Beijing Automotive Corp. in China
Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 28, 2009, The Wall Street Journal said Geely emerged as the
leading contender to acquire Volvo.  The WSJ disclosed that Ford
is in the process of analyzing a recent Geely bid to acquire 100%
of Volvo for approximately US$2.5 billion.  According to the
Journal, the offer is higher than Ford or outsiders had expected
for a brand that has lost more than US$1 billion in recent years.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

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

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.



INDUSTRIAL AND COMMERCIAL: Allianz, American Express Keep Stake
---------------------------------------------------------------
Shanghai Daily reports that Allianz SE and American Express Co.
decided to keep their stakes in Industrial & Commercial Bank of
China Ltd. after a lockup period expired on Tuesday, October 20.

The Daily says the agreements to retain the stakes, with a
combined value of about US$3.1 billion, indicates key shareholders
are optimistic about the outlook of the world's biggest bank by
market value.

"We have no current plans to sell its shares," the report cited
the New York-based American Express in a statement.  "We will
reevaluate its shareholding from time to time depending on market
conditions."

According to the report, Munich-based Allianz said it regards ICBC
as a strategic partner and "in case of a potential disposal in the
future, Allianz will explore all potential methods of sale that
would maximize value and minimize market impact, with a preference
for a private sale to investors."

Allianz has 3.22 billion Hong Kong-traded ICBC shares, worth
HK$19.9 billion ($2.57 billion), while American Express owns 638
million shares with a value of HK$3.95 billion, the Daily notes.

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

                           *     *     *

ICBC continues to carry Fitch Ratings' Individual D rating.

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


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


LAMBE INDUSTRIAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong on September 17, 2009, entered an
order to have Lambe Industrial Company Limited's operations wound
up.

The company's liquidator is Mat Ng.


LEHMAN BROTHERS: Reaches Deal With HK Investors on Derivatives
--------------------------------------------------------------
On November 13, 2008, Lehman Brothers Holding, Inc., and the other
debtors, sought approval from the U.S. Bankruptcy Court to
establish procedures for the assumption and assignment of
derivative contracts the Debtors entered into with various
counterparties and the settlement of claims arising from the
termination of the Derivative Contracts.  The Court entered
separate orders dated December 16, 2008, and January 15, 2009,
with respect to the Derivatives Procedures Motion.

On May 13, 2009, Ka Kin Wong, Siu Lui Ching, Chun Ip, Jin Liu,
Yin Ying Leung, Lai Mei Chan, and Sing Heung filed their motion
for relief from the Derivatives Procedures Motion.

The Debtors and the HK Investors have entered into a stipulation
that resolves the Relief Motion.  The salient terms of the Court-
approved Stipulation include:

(a) The terms of the Procedures of the Derivatives Procedures
     Order will not be applicable to any Derivatives Contracts
     related to certain series transactions, a list of which is
     available at no charge at:

               http://ResearchArchives.com/t/s?46e2

(b) Nothing in the Stipulation is a determination or admission
     regarding whether the HK Investors are parties-in-interest
     in the Debtors' Chapter 11 cases or have standing to
     object to the Derivatives Procedures Motion.  Each of the
     parties reserves all of its rights with respect to the
     issues.

(c) Nothing in the Stipulation will modify any portion of the
     Derivatives Procedures Order except as expressly set
     forth.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


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

The Petitioner's solicitor is:

         JSM
         Prince's Building, 18th Floor
         10 Chater Road
         Central, Hong Kong


PEACE MARK PRODUCTION: Sutton and Yu Appointed as Liquidators
-------------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on August 27, 2009, were
appointed as liquidators of Peace Mark Production Limited.

The liquidators may be reached at:

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


MAX PRODUCTION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong on September 22, 2009, entered an
order to have Max Production Printing Limited's operations wound
up.

The company's liquidator is Mat Ng.


NGAI LEUNG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong on October 2, 2009, entered an order
to have Ngai Leung Electrical Limited's operations wound up.

The company's liquidator is Mat Ng.


NAM WAH (HOLDINGS): Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong on September 3, 2009, entered an order
to have Nam Wah (Holdings) Company Limited's operations wound up.

The company's liquidator is Mat Ng.


RIGHT UNION DEVELOPMENT: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong has entered an order to have Right
Union Development (Hong Kong) Limited's operations wound up.

The company's liquidator is Mat Ng.


TAI WAH: Hill Steps Down as Liquidator
--------------------------------------
Nicholas Timothy Cornforth Hill stepped down as liquidator of Tai
Wah Securities Limited on October 9, 2009.


THINK TECHNOLOGY: Wu Sek Chun Wilfred Steps Down as Liquidator
--------------------------------------------------------------
Wu Sek Chun Wilfred stepped down as liquidator of Think Technology
(International) Limited on August 4, 2009.


TAI LIN RADIO: To Pay First Dividend on October 30
--------------------------------------------------
Tai Lin Radio Service Limited, which is in liquidation, will pay
the first dividend to its creditors on October 30, 2009.

The company will pay 50% to all received claims.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching
         One Island East, 62nd Floor
         18 Westlands Road
         Island East
         Hong Kong


=========
I N D I A
=========


ABAN EXIM: Fitch Assigns National Long-Term Rating at 'B'
---------------------------------------------------------
Fitch Ratings has assigned India's Aban Exim Private Limited a
National Long-term Rating of 'B(ind)' with a Stable Outlook.  At
the same time, the agency has assigned 'B(ind)'/'F4(ind)' ratings
to AEPL's fund based working capital limits of INR60 million and a
'F4(ind)' rating to its non-fund based working capital facilities
aggregating INR60 million.

AEPL's ratings factor in its promoter's two decades of experience
in the tyre and rubber chemical trading business, established
dealer network, and the low capex requirements of the business.
AEPL is mainly into the trading business of radial tyres and
rubber chemicals.  The Company has two registered tyre products
named as Aban super and Black belt.

Key ratings concerns arise from AEPL's small scale of business,
low operating margins (given the trading nature of the business),
high financial leverage, low interest cover and high working
capital requirements.  AEPL's off-balance sheet items include a
corporate guarantee of INR49.5 million which increased the
company's financial leverage (Total adjusted debt net of cash to
Operating EBITDA) to 8.3x at FYE09 from 3.8x in FYE08.  Its
interest cover was low at 1.2x in FY09.

Positive rating triggers include higher operating margins, which
would result in higher interest cover and lower financial
leverage, or a revocation of the corporate guarantee.  Negative
triggers include lower demand of radial tyres leading to lower
margins and lower interest cover.

AEPL is primarily engaged in the trading of tyre and rubber
chemicals business.  It imports Indian and Chinese Tyres, Butyl
inner tubes, Synthetic rubber and rubber chemicals and sells
mostly in the domestic market through its dealer network of 25
dealers.  In FY09, revenue rose 1.6% to INR370 million , with
EBITDA of INR13.3 million and net income of INR1.8 million.


ADITYA VIDYUT: CRISIL Cuts Ratings on Various Bank Debts to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on Aditya Vidyut Appliances
Ltd's bank facilities to 'D/P5' from 'BB+/Stable/P4+'.
The downgrade has been driven by delays by AVAL in servicing its
debt obligations.

   Facilities                       Ratings
   ----------                       -------
   INR130 Million Cash Credit       D (Downgraded from
                                       'BB+/Stable')
   INR279 Million Term Loan         D (Downgraded from
                                       'BB+/Stable')

   INR40 Million Working Capital    D (Downgraded from
                  Demand Loan         'BB+/Stable')

   INR100 Million Letter of Credit  P5 (Downgraded from 'P4+')
   INR190 Million Bank Guarantee    P5 (Downgraded from 'P4+')

Incorporated in 1989, AVAL manufactures and repairs distribution
and power transformers.  For 2008-09 (refers to financial year,
April 1 to March 31), AVAL reported a net profit of INR47.7
million on sales of INR722 million, compared with a net profit of
INR53.5 million on sales of INR673 million in the previous year.


ALAKNANDA SPONGE: CRISIL Assigns 'B+' Ratings on Bank Facilities
----------------------------------------------------------------
CRISIL has assigned ratings of 'B+/Stable' to the bank facilities
of Alaknanda Sponge Iron Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR75 Million Cash Credit      B+/Stable (Assigned)
   INR100 Million Term Loan       B+/Stable (Assigned)
   INR25 Million Proposed Long    B+/Stable (Assigned)
       Term Bank Loan Facility

The ratings reflect Alaknanda's exposure to risks relating to
limited track record of operations and to cyclicality in the steel
industry.  This weakness is partially offset by the company's
established brand equity in Eastern India.

Outlook: Stable

CRISIL expects Alaknanda's credit profile to remain stable led by
its established brand. The outlook could be revised to 'Positive'
in case the company generates better than anticipated revenue and
profitability. Conversely, the outlook could be revised to
'Negative' if the company undertakes aggressive debt-funded capex,
or if its revenue and profitability decline steeply leading to
deterioration in financial risk profile.

                      About Alaknanda Sponge

Incorporated in 2006 by Mr. Anand Saraogi, Alaknanda manufactures
Thermo-Mechanically Treated (TMT) bars for the construction and
infrastructure sectors.  The company commenced operations in
January 2009.  It markets bars under the Kamdhenu brand, as a
franchise of the Gurgaon-based Kamdhenu Ispat Ltd. Alaknanda
reported a profit after tax (PAT) of –Rs 0.545 million on net
sales of Rs130.15 million for 2008-09 (refers to financial year,
April 1 to March 31).


AVANTA UK: Shutting Down Mumbai Operations Due to Losses
--------------------------------------------------------
Avanta UK Ltd is in the process of shutting down its Mumbai
operations after incurring significant losses, The Economic Times
reports.

The ET says with the closure of the Mumbai operations, Avanta will
be left with just one-fifth of its total one lakh sq ft office
space in India.

"We are closing down our office in Bandra Kurla Complex (BKC)
purely because it had become unviable," the report quoted Avanta
sales & marketing director Amit Bansal, as saying.

Avanta is shutting down its 50,000-sq ft office at BKC in Mumbai
after landlord Wadhwa Developers refused to bring down lease
rates, the ET relates.

Avanta UK Limited – http://www.avantauk.com/-- offers a complete
range of storage equipment, office partitioning and matching
furniture, complemented by an office and warehouse interior design
and installation service. Avanta also offers a complete range of
ancillary and materials handling equipment.


FUTURA POLYESTERS: Loan Payment Delays Cue CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5'to the bank facilities of
Futura Polyesters Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR798.60 Million Long Term Loan    D (Assigned)
   INR107.50 Million Cash Credit       D (Assigned)
   INR198.40 Million Working Capital   D (Assigned)
                      Demand Loan
   INR130.00 Million Packing Credit    P5 (Assigned)

The ratings reflect delays by Futura Polyesters in servicing its
term loan obligations because of weak liquidity.

Futura Polyesters was formed by the amalgamation of Futura
Polymers with Indian Organic Chemicals Ltd (IOCL) in 2002. Based
in Chennai, Futura Polyesters manufactures polyester staple fibre,
polymer resin, and polyethylene terepthalate pre-forms, which find
application in the textile and packaging industries. The erstwhile
IOCL was set up in 1960 by Mr. B M Ghia. Based at Khopoli,
Maharashtra, IOCL was engaged in the manufacture of alcohol-based
chemicals.

Futura Polyesters reported a loss of INR93.70 million on net sales
of INR3.89 billion for 2008-09 (refers to financial year, April 1
to March 31), against a profit after tax of INR112.7 million on
net sales of INR4.26 billion for 2007-08.


SOLUX GALFAB: CRISIL Rates INR10 Million Term Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Solux Galfab Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR80 Million Cash Credit Limits*   B/Stable (Assigned)
   INR10 Million Term Loan             B/Stable (Assigned)

   *Includes proposed amount of Rs 26 million

The rating reflects Solux's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive nature
of its operations.  These weaknesses are partially offset by the
company's established presence in eastern India in the business of
providing turnkey solutions for telecom and power transmission
towers.

Outlook: Stable

CRISIL believes that Solux will maintain a stable credit risk
profile on the back of established business presence and strong
relationships with vendors and customers. The outlook may be
revised to 'Positive' if the company diversifies its revenue
profile and scales up its operations, resulting in an increase in
its margins. Conversely, the outlook may be revised to 'Negative'
if the company's capital structure deteriorates considerably on
account of large debt-funded capital expenditure or further
deterioration in its receivables collection.

                        About Solux Galfab

Set up in 1997 by Mr. Anand Singh Baid and his brother Mr. Karan
Singh Baid, Solux undertakes turnkey projects involving the
design, fabrication, and installation of telecommunications and
power transmission towers.  The company is currently managed by
Mr. Siddarth Baid and Mr. Saurabh Baid.

Solux reported an estimated profit after tax (PAT) of INR6.10
million on net sales of INR26 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR4
million on net sales of INR33.76 million for 2007-08.


XENITIS INFOTECH: Fitch Downgrades National Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded the National Long-term rating of
Xenitis Infotech Limited to 'BB+(ind)' from 'BBB(ind)'.  The
Outlook is Stable.  Fitch has also downgraded the ratings of the
company's outstanding long-term bank loans aggregating INR90
million to 'BB+(ind)' from 'BBB(ind)', and its fund-based working
capital facilities totaling INR1,600 million.  Fitch has also
downgraded the Short-term rating of XIL's non-fund based working
capital facilities aggregating INR800 million to 'F4(ind)' from
'F3(ind)'.

The downgrades reflect the sharp deterioration in XIL's financial
leverage (Net Debt/EBITDA) to 8.38x in FY09 (FY08: 2.46x) due to a
significant increase in total debt (including contingent
liabilities) amounting to INR4,240.33 million (FY08: INR1,777.39
million) to support its incremental working capital requirements
and capital expenditure.  Working capital loans in FY09 consisted
of 77% of the total debt, and the operating EBITDA decreased to
INR503.9 million in FY09 from INR 717.41 million in FY08.
Consequently, the operating EBITDA margins also declined to 5.36%
in FY09 (FY08: 8.29%) due to an increase in raw material costs
(primarily steel) during H1FY09.  XIL's additional funding
requirement to support this capex and working capital requirements
were supposed to come through its IPO, which was postponed due to
poor market conditions.

Concerns also emanate from the high receivables and inventory
levels needed to penetrate a market dominated by cheap imports.
This trend is likely to continue over the next couple of years
with XIL planning to introduce new components in the market.
XIL's capability to meet its debt obligations would strongly
depend on the realization of receivables outstanding at FY09E
(INR3,750.46 million).

The ratings recognize XIL's dominant position as one of the
leading computer component manufacturers in the country, which
until recently was completely dependent on imports to meet its
growing demand for computers.  XIL benefits from the first mover
advantage in an industry that has no major entry barrier,
characterized by low capital intensity and accessible know-how.
Additionally, the company's strong distribution network across the
country and its enhanced range of manufactured components is
expected to provide it with a competitive edge.

Any further debt-funded capex coupled with lower EBITDA margins
which increase the financial leverage on a sustained basis will
act as a negative trigger.  Timely infusion of funds (such as
equity) to support its remaining capex and working capital
requirement, along with a sustained improvement in EBITDA margins
and a financial leverage below 4.0x will act as a positive
trigger.

During FY09 XIL's total revenues increased by 8.5% to INR9,384.22
million.  However, the net margins declined to 1.1% in FY09 (Net
Income: INR105.35 million) from 3.0% in FY08 (Net Income:
INR259.25 million), on account of high interest outgo and
increased operational expenses.  The interest coverage (Net
Debt/EBITDA) also declined to 1.49x in FY09 from 2.46x.  In
addition, Global Automobiles Ltd (a XIL group company), which XIL
provided a corporate guarantee of its INR1,021.47 million debt has
reported net losses for FY09.  XIL plans to raise INR1 billion by
end of FY10 through private equity to support its remaining capex
plans and incremental working capital requirements.  During FY09
XIL enhanced its manufacturing capacity of cabinet, keyboard,
mouse and speakers to three million units, and switch mode power
systems to five million units.


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


ADARO INDONESIA: Moody's Assigns 'Ba1' Rating on $800 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a final Ba1 rating for the
10 year, 7.625%, US$800 million Guaranteed Senior Notes issued by
PT Adaro Indonesia and guaranteed by its parent PT Adaro Energy
TbK.  The bond rating has been removed from its provisional status
following the completion of the bond issue.  The outlook on the
rating is stable.

The bond proceeds will be used for capex and general corporate
purposes.

The last rating action was taken on 2nd October 2009 when Adaro's
local currency corporate family rating was affirmed at Ba1/stable
and a provisional senior unsecured rating of Ba1/stable was
assigned to the proposed US$800 million bond issuance.

Adaro is one of the largest single site coal producers in the
southern hemisphere and one of the world's largest sub-bituminous
coal companies.  It exports approximately 77% of its products to
Southeast Asia, the US and Europe, while the rest is for the
domestic market.  It is wholly owned by Adaro Energy which is
listed on the Indonesia Stock Exchange.


BANK DANAMON: Nine Month Net Profit Drops 23%
---------------------------------------------
The Jakarta Post reports that PT Bank Danamon Tbk reported a 23%
decline in net profit between January and September, mainly due to
the fall in demand for corporate loans.

The Post discloses that the bank's net profit during the first
nine months of 2009 reached IDR1.365 trillion (US$145.2 million),
IDR398 billion less than last year's IDR1.763 trillion.

Danamon also posted a net profit of IDR495 billion in the July-
September quarter from IDR604.63 billion a year ago, while its net
interest income edged up slightly to IDR2.479 trillion from
IDR2.45 trillion a year ago, according to Reuters.

The Post, citing Danamon president director Sebastian Paredes,
says the profit downfall had been greatly affected by the global
economic crisis that had caused companies to significantly reduce
their loans.

Danamon's gross non performing loans (NPL) were 4% in the first
nine months, almost double the 2.1% a year ago, Reuters notes.

                        About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                           *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Sept. 21,
2009, Moody's Investors Service lowered PT Bank Danamon's global
local currency deposit ratings to Baa3 from Baa2 with stable
outlook.  The foreign currency long-term deposit rating was raised
to Ba3 from B1.


INDIKA ENERGY: Fitch Upgrades Issuer Default Ratings to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded PT Indika Energy Tbk's Long-term
foreign and local currency Issuer Default Ratings to 'B+' from
'B'.  The Outlook is Stable.  Fitch has also upgraded the senior
unsecured rating of the US$250 million senior notes due in 2012
issued by Indo Integrated Energy B.V. and guaranteed by Indika and
its 100%-owned subsidiary PT Indika Inti Corpindo to 'B+' from 'B'
with a recovery rating of 'RR4'.  At the same time, the agency has
assigned an expected issue rating of 'B+' and an expected recovery
rating of 'RR4' to the proposed US dollar fixed-rate senior notes
to be issued by Indo Integrated Energy II B.V.  and guaranteed by
Indika and IIC.  The final rating is contingent upon receipt of
documents conforming to information already received.

The upgrades reflect the fact that the dividend flows from
Indika's 46%-owned associate, PT Kideco Jaya Agung -- the third-
largest coal producer in Indonesia -- rose significantly to US$210
million in 2008 (paid in 2009) from US$90 million in 2007 (paid in
2008).  Fitch expects that the flows will remain strong and steady
due to the prevailing high coal prices and Kideco's production
ramp-up plan of raising its coal production to 31 million metric
tones (MT) by end-2011 (2008: 22 million MT).  The ratings,
however, continue to be constrained by Indika's status as an
investment holding company that derives most of its cash inflow in
the form of dividends from Kideco.  This constraint is partially
mitigated by the existence of an agreement between the
shareholders of Kideco that ensures that virtually all free cash
flows of Kideco are distributed as dividends and the fact that
Kideco is debt-free.

The upgrades have also taken into account the recently acquired PT
Petrosea Tbk -- an engineering and construction contractor with
mining capabilities -- which complements Indika's existing
businesses.  The relatively steady cash flows from Petrosea's
longer tenor contracts (typically five years) partly mitigate the
volatility relating to Indika's other major business -- 100%-owned
subsidiary, Tripatra Group, which is involved in the Engineering,
Procurement and Construction and Operations and Maintenance
businesses, especially in the volatile oil and gas sectors.

Indika had a cash balance of IDR2.5 trillion (excluding short-term
investments and restricted cash) as at end June 2009.  The
issuance of the proposed notes will further add to this balance.
Management's stated goal is to expand in the energy sector, and
Fitch expects that some of this cash will be used for acquisitions
in the sector.  Indika's adjusted EBITDAR -- to include dividend
flows from Kideco -- provided a 3.1x coverage of its gross
interest in 2008.

The Stable Outlook reflects Fitch's expectation that Indika is
likely to maintain its credit metrics given its increasing cash
flows, despite incurring new debt.  Indika's financial profile may
weaken if the dividend flow from Kideco unexpectedly falls, new
investments produce weak returns and/or Tripatra and Petrosea fail
to generate new businesses.  Any large investment in an energy
asset that is non cash generating or increases cash flow
volatility may weaken Indika's business profile.  A weakening of
Indika's business and/or financial profiles -- especially if net
adjusted leverage (as measured by net adjusted debt/Adjusted
EBITDAR) rises above 2x -- may result in a negative rating action.
Given Indika's subordination to Kideco's cash flows, Fitch does
not envisage a positive rating action over the next 18 to 24
months.


TELEKOMUNIKASI: Sees Less Than 5% Revenue Growth This Year
----------------------------------------------------------
PT Telekomunikasi Indonesia said it was likely to post revenue
growth of less than 5% this year, due to fierce competition in the
sector, Jakarta Globe reports.

"Telkom's revenue growth could be below 5%," Telkom finance
director Sudiro Asno was quoted by the Globe as saying.
"Meanwhile, the company's mobile unit, PT Telekomunikasi Selular,
could post 6 to 8% revenue growth."

The report states that Telkom managed sales growth of only 2.1%
to IDR60.6 trillion (US$6.5 billion) last year, lower than growth
posted in 2006 and 2007, of 22.4% and 15.8%, respectively.

Mr. Asno, according to the Globe, blamed fierce competition for
the slower growth expected this year.  He noted the revenue
increases were mostly due to an increase in subscribers to
subsidiary Telekomunikasi Selular (Telkomsel), which added another
12 million subscribers in the first nine months of the year,
raising the total number to 86 million.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                           *     *     *

P.T. Telekomunikasi Indonesia Tbk continues to carry 'BB' Long-
term foreign and local currency Issuer Default ratings from Fitch
Ratings with stable outlook.  The ratings were affirmed by Fitch
in November 2008.


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


GK ORSO: Fitch Takes Rating Actions on Various Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed five classes of G.K.
Orso Funding CMBS 7's notes due May 2014, and removed them from
Rating Watch Negative, following the implementation of recently
published criteria for Japanese CMBS surveillance.  Full details
of the rating actions are:

  -- JPY17.40 billion* Class A notes affirmed at 'AAA'; off RWN;
     Outlook Stable;

  -- JPY5.20 billion* Class B notes affirmed at 'AA'; off RWN;
     Outlook Stable;

  -- JPY5.20 billion* Class C notes affirmed at 'A'; off RWN;
     Outlook  Stable;

  -- JPY5.20 billion* Class D notes affirmed at 'BBB'; off RWN;
     Outlook Negative;

  -- JPY5.68 billion* Class E notes downgraded to 'B' from 'BB';
     off RWN; Outlook Negative;

  -- JPY0.87 billion* Class F notes downgraded to 'CCC' from
     'BB-'; off RWN; assigned a Recovery Rating of 'RR4'; and

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

  * as of October 19, 2009

Fitch has downgraded the class E and F notes to reflect revisions
to the valuations of the collateral properties.  In line with its
recently published criteria, Fitch has revalued the properties in
accordance with the respective loan status and time to loan
maturity.  For the purpose of this review, the agency adopted
values for the properties that are on average 21.6% lower than its
initial valuations.  The recent cash flow performance of some
properties has been lower than Fitch's original expectations, and
as a result, it has revised downwards the cash flow expectations
for these properties.

Fitch has affirmed the class A to D notes as credit enhancement
for these classes has improved, and is expected to remain at a
level sufficient to support the ratings.  In accordance with the
transaction documentation, proceeds from a few particular
underlying loans that result from property disposition or
repayment at maturity, will be allocated on a pro rata basis.
Proceeds from other loans, as well as from all defaulted loans or
loans breaching the financial tests such as LTV test or DSCR test,
will be allocated on a sequential basis.  One underlying loan has
been fully repaid with the proceeds being allocated on a
sequential basis.

Fitch has resolved the RWN status on all classes given that the
likelihood of additional rating actions has fallen on the back of
conservative property revaluations adopted in combination with the
status of each loan at this time.  However, the agency has
assigned Negative Outlooks to the class D and E notes due to the
continued uncertainty about the future of the Japanese commercial
real estate market and the commercial real estate finance
environment.

The ratings on the interest-only class X notes address only the
likelihood of receiving interest payments, while principal on the
related notes remain outstanding.

This transaction is a securitization of four non-recourse loans
and two Tokutei Mokuteki Kaisha specified bonds (TMK bonds), which
were ultimately backed by 42 commercial real estate properties.
To date, one TMK bond has been fully repaid and two loans
partially repaid due to collateral disposition; the transaction is
now backed by four loans and one TMK bond, backed by a total of 29
properties.

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.


JAPAN POST: President Nishikawa to Step Down on Oct. 28
-------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that Japan Post Holdings
Co. President Yoshifumi Nishikawa will formally resign Oct. 28
after the government scrapped plans for a share sale, reversing
the privatization policy of former Prime Minister Junichiro
Koizumi.

"It is not appropriate for me to stay in the position any more,"
Bloomberg cited Mr. Nishikawa as saying at a press conference in
Tokyo broadcast live on Fuji TV yesterday, Oct. 20.  "There is a
big gap between what I've done so far to privatize Japan Post and
what the government plans to do in the future," he said.

According to Bloomberg, Financial Services Minister Shizuka Kamei
ordered Mr. Nishikawa and other executives to quit by Oct. 31
after the newly elected Democratic Party of Japan decided to
submit a bill to the Diet freezing asset sales and shelving any
plans for an initial public offering.  Bloomberg says Mr. Kamei
plans to appoint a new executive team this month.

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

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


* JAPAN: FSA Asks Lenders to Ease Repayment Terms for SMEs
----------------------------------------------------------
Japan Today reports that the Financial Services Agency said
Tuesday it would ask banks and other lenders to ease repayment
terms, such as extending repayment deadlines, for smaller firms if
it is asked to do so as part of emergency legislation.

Citing FSA's final draft of a bill aimed at realizing Financial
Services Minister Shizuka Kamei's proposal for freezing loan
repayments by small and medium-size companies hit the global
economic slowdown, the report says the government's effective
repayment guarantees would also be offered through a credit
guarantee system to lenders against the possible bankruptcy of
borrowers.

The repayment guarantee would make the moratorium applicable to
both the principal of loans and interest, Japan Today relates,
citing people familiar with the matter.


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


GENERAL MOTORS: KDB Casts Doubt on GM Daewoo's Long-Term Survival
-----------------------------------------------------------------
The Korea Development Bank will not provide financial support to
GM Daewoo Auto & Technology Co. unless the carmaker's parent
presents a plan to boost its competitiveness, Yonhap News Agency
reports, citing KDB chief Min Euoo-sung.

According to Yonhap, the state lender has demanded General Motors
Corp. take measures to hone GM Daewoo's long-term competitive edge
before seeking financial support.

"KDB will seek to push talks with GM over how GM Daewoo could beef
up its long-term competitiveness," Yonhap cited KDB President Min
Euoo-sung as saying in a report to a parliamentary audit session.
"The provision of financial support will be contingent on progress
in the negotiations."

Separately, AFP reports that KDB expressed concern about the long-
term survival of GM Daewoo without more help from its parent,
General Motors.

AFP relates Mr. Min said the local auto firm would be in the red
again this year after posting a net loss of KRW875.7 billion
(US$750 million) last year.

"It can hold out for a while but I have doubts about its long-term
survival," AFP quoted Mr. Min as saying.

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

                       About General Motors

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

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

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

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

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

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


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


LOADED HOG: Wellington Branch Shuts Down, Dozens of Jobs at Risk
----------------------------------------------------------------
The Loaded Hog Wellington restaurant and bar has shut down,
putting at risk dozens of jobs, according to Newstalk ZB.

The report says Pack Investments, however, bought the business and
plans to reopen the Loaded Hog next week.  It is also planning to
revamp and rebrand the bar in the new year, Newstalk ZB relates.

According to the report, Pack Investments spokesman Sam Ansley
said the 50 workers will keep their jobs as a result of the deal.

The Loaded Hog has been in New Zealand since 1991.


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


BENGUET CORP: PSE to Suspend Trading of Shares for a Month
----------------------------------------------------------
The Philippine Stock Exchange will suspend the trading of Benguet
Corp.'s shares for a month starting Oct. 27 for violations of
disclosure regulations, BusinessMirror Online reports.

According to BusinessMirror, the PSE said the mining company
failed to:

  -- disclose receipt of notice of default last March 4 from
     the Philippine National Bank for its failure to pay its
     Tranche 1 (SPV-AMC) loan obligations.

  -- disclose its receipt of another notice of default by PNB
     on July 1;

  -- disclose on different dates the PNB letters regarding
     notices of default from creditors represented by debt manager
     Altus Transactional Services; and

  -- disclose pertinent details about its restructuring agreement
     and Mortgage Trust Indenture requested by the PSE from
     April to July.

According to the report, Benguet's debt woes started in the late
1980s when it obtained consolidated loans of PHP4.2 billion to
finance mining projects, in particular its Antamok Gold Project in
Itogon, Benguet province which turned out to be unprofitable.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


PHILIPPINE REALTY: Aims to Exit Corporate Rehabilitation in 2010
----------------------------------------------------------------
BusinessWorld Online reports that Philippine Realty Holdings Corp.
may exit corporate rehabilitation next year once it completes the
first tower of its property complex in New Manila, Quezon City.

The report relates PhilRealty President Amador C. Bacani said the
company was committed to complete Andrea North Skyline Tower by
the second quarter of next year before requesting an end to the
court-ordered rehabilitation.

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The Company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.


                         *********

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

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

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


                            *********


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

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

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

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

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





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