TCRAP_Public/091028.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 28, 2009, Vol. 12, No. 213

                            Headlines

A U S T R A L I A

ABC LEARNING: Michael Milkin Makes $100-Mln Bid for 705 Centers
FAULKS ENTERPRISES: Placed in receivership; Assets Up for Sale


H O N G  K O N G

CHINA FU GENERAL: Placed Under Voluntary Wind-Up Proceedings
CHINA AURAL-LASERPUNCTURE: Members' Final Meeting Set for Nov. 23
CTIA VSAT: Seng and Lo Step Down as Liquidators
CONSTRUCTION INDUSTRY: Commences Wind-Up Proceedings
DEVETEX ASIA: Samuel Yang Sih Yu Appointed as Liquidator

EASTGLEN IMPORTS: Chiu and Har Step Down as Liquidators
DEREK PRINCE: Commences Wind-Up Proceedings
EDUHEALTH LIMITED: Creditors' Proofs of Debt Due on November 27
FIRST SHANGHAI: Lau Cheuk Man Appointed as Liquidator
FURLA FAR: Members' Final Meeting Set for November 23


I N D I A

AIR INDIA: Seeks Up to INR400cr Loan from Banks
COPPRROD INDUSTRIES: CRISIL Assigns 'BB' Ratings on Various Debts
DEVASHREE FOODS: Low Net Worth Prompts CRISIL 'BB-' Ratings
DINA IRON: CRISIL Assigns 'B+' Rating on INR25 Million Term Loan
GROSPINZ FABZ: CRISIL Places 'BB-' Ratings on INR410MM Term Loan

JAI HIND: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
KINGFISHER AIRLINES: Ordered to Pay Lufthansa Technik INR3.6cr
SODHI BROTHERS: Delays in Interest Payment Cue CRISIL Junk Ratings
UGAR SUGAR: CRISIL Reaffirms 'BB-' Ratings on Various Bank Debts
VAISHNAV FIBRE: CRISIL Rates INR55.0 Mln Cash Credit Limit at 'B+'


I N D O N E S I A

BANK CENTURY: Bailout Not Against the Law, AGO Says
BAKRIE LIFE: Clients Reject Proposed Repayment Deal
CHANDRA ASRI: Moody's Assigns Corporate Family Rating at 'B2'
OPTIMA GROUP: Probe Into Defaults and Losses Widened


J A P A N

HITACHI LTD: Expects Annual Loss to Narrow by 15%
L-JAC 8: S&P Downgrades Ratings on Various Classes of Certs.
JLOC 37: S&P Puts Ratings on Two Classes on CreditWatch Negative
SANYO ELECTRIC: May Sell Nickel-Hydride Business
SPANSION INC: Japan Creditors Object to Foundry Pact Rejection


K O R E A

HYNIX SEMICONDUCTOR: Swings to KRW246 Bil. Net Income in Q3
HYUNDAI MOTOR: Posts Record High KRW979.1 Bil. Third Qtr Profit


M A L A Y S I A

TALAM CORP: Winding Up Petitions Served Against Europlus Unit
POLY TOWER: Fails to Submit Quarterly Results


P H I L I P P I N E S

NATIONAL POWER: To Raise PHP7-Bln for Capital Requirements


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


ABC LEARNING: Michael Milkin Makes $100-Mln Bid for 705 Centers
---------------------------------------------------------------
The Daily Telegraph reports that US billionaire Michael Milkin,
through his global education company Knowledge Universe, submitted
a $100 million bid for 705 ABC Learning childcare centres.

Mr. Milkin, a US junk bond king who spent two years in prison for
corporate crimes, is among up to six bidders for ABC, the report
says.

The Telegraph relates that the sale is due to be completed in two
weeks, when a single new owner is expected to be chosen from the
bidders.

Other bidders include a number of private equity ventures and a
not-for-profit consortium including Mission Australia and a number
of superannuation funds, the report states.

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.


FAULKS ENTERPRISES: Placed in receivership; Assets Up for Sale
--------------------------------------------------------------
The Otago Daily Times reports that Faulks Enterprises Ltd has been
placed in receivership due to lack of work.

The report relates that the appointed receiver, Murray Frost, of
Deloitte in Dunedin, said that "due to the downturn in work over
the past 12 months, it was no longer sensible to continue with the
business in the current economic climate".

According to the report, Mr. Frost could not comment on any
outstanding debt or on the value of the company or assets, but he
expects that the plant and equipment will be tendered for sale
next month.

Faulks Enterprises Ltd provides construction, earthworks and
landscaping services, along with supply of trucks and other
construction equipment.


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


CHINA FU GENERAL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on October 15, 2009,
members of China Fu General Business Community Chamber Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Fu Sum Lam
         Keybond Commercial Building, 17th Floor
         38 Ferry Street
         Kowloon


CHINA AURAL-LASERPUNCTURE: Members' Final Meeting Set for Nov. 23
-----------------------------------------------------------------
Members of China Aural-Laserpuncture Physiotherapy Association
(H.K.) Limited will hold their final general meeting on Nov. 23,
2009, at 10:00 a.m., at the 2201, Hong Kong Trade Centre, 161 Des
Voeux Road Central, Hong Kong.

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


CTIA VSAT: Seng and Lo Step Down as Liquidators
-----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
CTIA VSAT Network Limited on October 13, 2009.


CONSTRUCTION INDUSTRY: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Construction Industry Institute (Hong Kong) Limited on
October 12, 2009, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         So Kwok Keung Keith
         Tai Yau Building, 22/F
         181 Johnston Road
         Wanchai, Hong Kong


DEVETEX ASIA: Samuel Yang Sih Yu Appointed as Liquidator
--------------------------------------------------------
Samuel Yang Sih Yu on October 12, 2009, was appointed as
liquidator of Devetex Asia Limited.

The company's liquidator is:

         Samuel Yang Sih Yu
         Sea View Estate
         Block A, Room 2, 1st Floor
         2-8 Watson Road
         North Point, Hong Kong


EASTGLEN IMPORTS: Chiu and Har Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Eastglen Imports and Exports Limited on October 19, 2009.


DEREK PRINCE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Derek Prince Ministries Asia Limited on October 19,
2009, passed a resolution that voluntarily winds up the company's
operations.


EDUHEALTH LIMITED: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
Creditors of Eduhealth Limited are required to file their proofs
of debt by November 27, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 15, 2009.

The company's liquidator is:

         Chan Sek Kwan Rays
         Seabright Plaza, Unit F, 12/F
         9-23 Shell Street
         North Point
         Hong Kong


FIRST SHANGHAI: Lau Cheuk Man Appointed as Liquidator
-----------------------------------------------------
Lau Cheuk Man Timothy on October 12, 2009, was appointed as
liquidator of First Shanghai Public Utility Investments Limited.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Citicorp Centre
         Unit 9, 17/F
         18 Whitfield Road
         Causeway Bay, Hong Kong


FURLA FAR: Members' Final Meeting Set for November 23
-----------------------------------------------------
Members of Furla Far East Limited will hold their final general
meeting on November 23, 2009, at 10:00 a.m., at the 29th Floor,
Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AIR INDIA: Seeks Up to INR400cr Loan from Banks
-----------------------------------------------
The Economic Times reports that Air India Ltd and Indian Airlines
are seeking an urgent loan of between INR300 crore and INR400
crore from banks to meet immediate working capital requirements
like wage payments and operational expenses.

"As of now, we are fast running out of funds and are seeking an
urgent infusion in the form of INR2,000 crore equity and INR3,000
crore for aircraft purchase from the government.  The Group of
Ministers is slated to meet within a week to decide on this
request," the report cited a highly placed sources as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2009, that the Hindustan Times said Air India has been bleeding
due to excess capacity, lower yield, a drop in passenger numbers,
an increase in fuel prices and the effects of the global slowdown.
Air India's losses have almost doubled to over INR4,000 crore in
2008-09 (INR2,226 crore in 2007-08), according to the Hindustan
Times.

A TCR-AP report on July 10, 2009, said the National Aviation
Company of India Ltd., the holding company for the carrier, is
working overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come up
with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


COPPRROD INDUSTRIES: CRISIL Assigns 'BB' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Copprrod Industries Pvt Ltd, part of the Copprrod
group.

   Facilities                             Ratings
   ----------                             -------
   INR40.00 Million Long Term Loan        BB/Stable (Assigned)
   INR25.00 Million Cash Credit Limit     BB/Stable (Assigned)
   INR55.00 Million Proposed Long Term    BB/Stable (Assigned)
                     Bank Loan Facility

The rating reflects the Copprrod group's exposure to risks
relating to its working capital-intensive operations, to customer
and supplier concentration risks, and the small scale of its
operations in the intensely-competitive copper products industry.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the copper
products business, its established client relationships, and
improved financial risk profile.

As part of this rating exercise, CRISIL has combined the financial
risk profiles of Copprrod, SCR Wire Products (SCR Wire), and
Classic Wire Installations (Classic Wire).  This is because, the
three entities, collectively referred to as the Copprrod group,
are in the same line of business, and have common promoters and
fungible funds.

Outlook: Stable

CRISIL believes that the Copprrod group will maintain a stable
credit risk profile over the medium term, driven by its healthy
relationships with its customers.  The outlook may be revised to
'Positive' in case of improvement in the group's scale of
operations, resulting in more-than-expected cash flows, and/or
improvement in its capital structure because of equity infusions.
Conversely, the outlook may be revised to 'Negative' if
inefficient raw material procurement affects the group's margins
and cash flows, its net worth declines because of withdrawals by
promoters, or if it undertakes large debt-funded capital
expenditure, leading to deterioration in its debt protection
measures.

                       About Copprrod Industries

Set up in 2007 by Mr. H G Chandrasekar, Copprrod manufactures
copper rods, silver-plated copper wires, bus bars, flats, and
strips. Based at Tumkur, Karnataka, the company commenced
operations in August 2008 and operates with a manufacturing
capacity of 5000 tonnes per annum.  The company procures copper
cathode from Sterlite Industries Ltd and Bharat Aluminium Co Ltd.
It sells 60 per cent of its output to group companies, and the
balance to customers such as ABB Ltd (rated 'AAA/Stable/P1+' by
CRISIL), Alstom Ltd, the Kirloskar Electric Company Ltd and,
Sahney Commutators Pvt Ltd.

                          About the Group

Set up in 1993 as a proprietary firm by Mr. H G Chandrasekar, SCR
Wire manufactures magnet winding wire used in power and
distribution transformers, motors, and auto electricals.

Set up as a proprietary firm in 1997 by Mrs. Shasikala (wife of
Mr. H G Chandrasekar), Classic Wire manufactures enamelled copper
wires.

The Copprrod group reported a profit after tax (PAT) of INR7.3
million on net sales of INR346.1 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR25.2
million on net sales of INR300.9 million for 2007-08.


DEVASHREE FOODS: Low Net Worth Prompts CRISIL 'BB-' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable ' to the bank
facilities of Devashree Foods Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR75.00 Million Cash Credit         BB-/Stable (Assigned)
   INR197.70 Million Long Term Loan     BB-/Stable (Assigned)

The ratings reflect DFPL's weak financial risk profile, marked by
low net worth, high gearing, and moderate debt protection
measures, and exposure to uncertainty in revenues on account of
foray into new product lines.  These weaknesses are, however,
partially offset by the company's strong business risk profile,
and the benefits that it derives from association with Schreiber
Dynamix Dairies Ltd, and the promoters' experience in the dairy
industry.

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of DFPL, and its wholly-owned
subsidiary Novel Agro Pvt Ltd.  This is because the two companies
have significant financial, management and operational linkages.

Outlook: Stable

CRISIL believes that DFPL will maintain stable revenue growth,
backed by increasing demand for dairy products in the Indian
market.  The capital structure is expected to deteriorate over the
medium term on account of the recent debt-funded capital
expenditure.  The outlook may be revised to 'Positive' upon
successful market penetration of new products, resulting in high
cash accruals.  Conversely the outlook may be revised to
'Negative' if the company reports low revenue realisations,
resulting in pressure on timely repayment of term debt obligations
over the medium term.

                       About Devashree Foods

Devashree Foods Private Limited, established in 2000 is engaged in
the marketing and distribution of dairy products such as cooking
butter, processed cheese and skimmed milk powder.  The company has
recently concluded its capex of INR290 million for manufacturing
of new products such as creamer cups, egg replacers and non dairy
whipping cream.  Devashree Foods reported a consolidated profit
after tax (PAT) of INR12.8 million on net sales of INR170 million
for 2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of INR8.3 million on net sales of
INR113.8 million for 2006-07.


DINA IRON: CRISIL Assigns 'B+' Rating on INR25 Million Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the various bank
facilities of Dina Iron & Steel Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR105 Million Cash Credit Limits    B+/Stable (Assigned)
   INR25 Million Term Loan              B+/Stable (Assigned)

The ratings reflect Dina Iron's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
the cyclical nature of the steel industry.  These weaknesses are,
however, partially offset by Dina Iron's average business profile.

Outlook: Stable

CRISIL believes that Dina Iron will maintain a stable business
profile over the medium term.  The outlook may be revised to
'Positive' if the company attains substantial increase in
revenues, or greater integration in operations.  Conversely, the
outlook may be revised to 'Negative' if the company reports lower-
than-expected capacity utilisation levels, leading to
deterioration in operating margins, or undertakes any large, debt-
funded capital expenditure.

                          About Dina Iron

Dina Iron, incorporated in 1992, manufactures billets, wire rods
and TMT bars, which have application in construction, electrical
and infrastructure industries.  The company has capacity to
produce 30,000 tonnes per annum (tpa) of billets and a rolling
capacity of 20,000 tpa.  For 2008-09 (refers to financial year,
April 1 to March 31), Dina Iron reported a profit after tax (PAT)
of INR5million on net sales of INR691 million, as against a PAT of
INR6million on net sales of INR465 million for 2007-08.


GROSPINZ FABZ: CRISIL Places 'BB-' Ratings on INR410MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Grospinz Fabz Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR410.0 Million Term Loan           BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect GFL's weak financial risk profile, and
exposure to risks relating to limited track record of operations
in the cotton yarn business, lack of integrated operations, and to
fluctuations in cotton prices.  These weaknesses are, however,
partially offset by the benefits that the company derives from
stable demand prospects in the yarn industry, and from improving
operating efficiency, following ongoing capacity enhancements.

Outlook: Stable

CRISIL believes that GFL will maintain a stable credit risk
profile over the medium term, on the back of expected improvement
in operating efficiency and the promoters' experience in the
cotton business.  The outlook may be revised to 'Positive' if
GFL's capital structure, operating income, and profitability
improve. Conversely, the outlook may be revised to 'Negative' if
the company's profitability declines, and/or the management
undertakes large, debt-funded capital expenditure, leading to
deterioration in capital structure.

                        About Grospinz Fabz

GFL, set up by Mr. Navneet Grover in March 2008, began commercial
operations in October 2008.  The company manufactures cotton yarn
of counts ranging from 16s to 32s at its facility at Ferozepur
(Punjab). GFL procures J-34 cotton mostly from the market at
Muktsar (Punjab), and manufactures cotton yarn at its facility,
which has a capacity of 13,200 spindles.  GFL will add another
14,400 spindles to its capacity by March 2010.  GFL reported a net
loss of INR7.4 million on net sales of INR156.9 million for
2008-09.


JAI HIND: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has reclassified its short-term rating on the enhanced bank
facilities of Jai Hind Wire Rod Mills Ltd (Jai Hind) as 'P4+',
from the earlier 'P4'; the long-term rating has been reaffirmed.
The ratings continue to reflect Jai Hind's below-average financial
risk profile marked by low net worth and high gearing, and the
susceptibility of its margins to fluctuations in raw material
prices. These weaknesses are partially offset by Jai Hind's
average operating efficiency and diverse customer base.

   Facilities                         Ratings
   ----------                         -------
   INR148.4 Million Long-Term Loan    BB+/Stable (Reaffirmed)
   INR50.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR150.0 Million Letter of Credit  P4+ (Reclassified from 'P4')
   (Enhanced from INR 51.6 Million)
   INR2.5 Million Bank Guarantee      P4+ (Reclassified from 'P4')
     (Enhanced from INR 2.0 Million)

Outlook: Stable

CRISIL expects Jai Hind's financial risk profile to remain weak on
account of its large debt-funded capital expenditure.  The outlook
could be revised to 'Positive' if the company's capital structure
and operating margin improve significantly.  Conversely, the
outlook could be revised to 'Negative' if the company's gearing
increases to more than 2 times, or if its cash accruals come under
pressure because of volatility in steel prices.

Incorporated in 1991 at Salem (Tamil Nadu) by Mr. G E Govindaraj,
Jai Hind manufactures thermo-mechanically treated (TMT) rods,
twisted bars, flats, squares, and other specialty products from
scrap and sponge iron.  The company has an ingot manufacturing
capacity of 26,000 tonnes per annum (tpa), and windmills with
power generating capacity of 4.1 megawatts.  Jai Hind reported a
provisional profit after tax (PAT) of INR17.2 million on net sales
of INR644.8 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR8.8 million on net sales of
INR642.2 million for 2007-08.


KINGFISHER AIRLINES: Ordered to Pay Lufthansa Technik INR3.6cr
--------------------------------------------------------------
The Bombay High Court has asked Kingfisher Airlines to deposit
INR3.6 crore with the court registrar against its dues payable to
Lufthansa Technik for the usage of engine components, The Economic
Times reports.

The payment to the court would cover the dues for the months of
July, August and September, the report says.

The matter has been adjourned to November 6.

Separately, the Times says BPCL had earlier dragged Kingfisher
Airlines to the Bombay High Court alleging non-payment of fuel
dues of INR314 crore.  The matter is pending as Kingfisher has
offered an out-of-court settlement, the report states.

Lufthansa Technik provides maintenance, repair and overhaul (MRO)
of airplanes, components and engines.  It had entered into an
agreement with Kingfisher Airlines in March 2005 for undertaking
MRO activities for ten years, according to the Business Standard.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


SODHI BROTHERS: Delays in Interest Payment Cue CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Sodhi Brothers Hydro Power Project Pvt Ltd (Sodhi Brothers).

   Facilities                         Ratings
   ----------                         -------
   INR175.0 Million Term Loan         D (Assigned)
   INR62.0 Million Proposed Long      D (Assigned)
                   Term Facility
   INR58.0 Million Letter of Credit   P5 (Assigned)

The ratings reflect delays by Sodhi Brothers in its interest
repayments, owing to weak liquidity.

Incorporated in 2004, Sodhi Brothers is implementing a 4 mega-watt
hydroelectric power project across the Brahl Khad, a tributary of
Dehar, which is, in turn, a tributary of River Beas.  The project
site is located in Kangra District (Himachal Pradesh).  Sodhi
Brothers has a power purchase (PPA) with Himachal Pradesh State
Electricity Board for off-take of the entire electricity generated
for a period of 40 years, from the commencement of commercial
operations.  The power plant is scheduled for commissioning in the
second half of 2008.


UGAR SUGAR: CRISIL Reaffirms 'BB-' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Ugar
Sugar Works Ltd, following an announcement by Ugar Sugar that it
has sold its stake in Sadashiva Sugar Ltd to EID Parry (India)
Ltd. for INR224 million.

   Facilities                             Ratings
   ----------                             -------
   INR1760 Million Cash Credit Limits     BB-/Stable (Reaffirmed)
   INR1355 Million Long-Term Rupee Loans  BB-/Stable (Reaffirmed)

The reaffirmation reflects CRISIL's belief that Ugar Sugar's
gearing will not change significantly despite the inflow of funds.
Furthermore, Ugar Sugar is expected to incur losses for the first
half of 2009-10 (refers to financial year, April 1 to March 31),
which will continue to constrain its financial risk profile over
the medium term.  The rating continues to reflect Ugar Sugar's
weak financial risk profile, and its susceptibility to unfavorable
changes in the already-stringent regulations related to the sugar
industry.  The impact of the rating weaknesses is mitigated by
Ugar Sugar's moderate operating efficiency and integrated
manufacturing facilities.

Outlook: Stable

CRISIL believes that Ugar Sugar will maintain its business risk
profile over the medium term on the back of increased sugar
prices.  The outlook may be revised to 'Positive' in case of a
significant improvement in the company's financial risk profile,
driven by an increase in its scale of operations or improvement in
its profitability.  Conversely, the outlook may be revised to
'Negative' if Ugar Sugar's utilization level at its Jewargi plant
is sub-optimal, or if its capital structure deteriorates because
of larger-than-expected debt-funded capital expenditure.

                         About Ugar Sugar

Established in 1939, (Ugar Sugar) is one of India's oldest sugar
mills.  The company has a fully-integrated set up with sugar
capacities of 10,000 tonnes crushed per day (TCD), 44 megawatt
power plant, and 75 kilolitres per day distillery at Ugarkhurd,
Karnataka.  It recently set up an export-oriented unit to
manufacture sugar ships for export to M/s Fragies GmbH, Germany.
In 2008-09, the company commissioned one more plant with a
capacity of 3500 TCD at Jewargi, Karnataka,

For 2008-09, Ugar Sugar reported a profit after tax (PAT) of
INR148 million on net sales of INR4.22 billion, against a PAT of
INR114 million on net sales of INR416 billion in 2007-08.  For the
quarter ended June 2009, the company incurred a book loss of
INR69.8 million on net sales of INR1.15 billion, against a PAT of
INR42.46 million on net sales of INR1.25 billion in the
corresponding quarter of the previous year.


VAISHNAV FIBRE: CRISIL Rates INR55.0 Mln Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the bank
facility of Vaishnav Fibre Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR55.0 Million Cash Credit Limit    B+/Stable (Assigned)

The ratings reflect Vaishnav's exposure to risks relating to
operational inefficiencies in the acquired plant, its moderately
weak financial risk profile combined with small scale of
operations, and cyclicality in the paper industry.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the paper industry and
company's established distribution network across India.

Outlook: Stable

CRISIL believes that Vaishnav will maintain a stable credit risk
profile on the back of stabilization of its operations and
improvement in its margins.  The outlook may be revised to
'Positive' if the company reports high growth in revenue, or more-
than-expected improvement in its profitability.  Conversely, the
outlook may be revised to 'Negative' if volatility in raw material
and kraft paper prices adversely affects the company's margins.

Incorporated in 1995 by the Dhaval family, Vaishnav manufactures
kraft paper, core pipes, and corrugated boxes.  Vaishnav is
currently managed by the Ajmera family; the transfer of Vaishnav's
ownership to the Ajmera family was completed in 2007.  In 2003,
the company was listed as a sick unit under the Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA), with the Board of
Industrial and Financial Restructuring (BIFR).  The management is
in discussion with BIFR to de-register the company from SICA as
the previous management had agreed to a one-time settlement in
September 2005 under a Government of Madhya Pradesh (GoMP) scheme.
The management had a hearing at BIFR in May 2009, and has asked
the board to entitle the company to certain benefits from GoMP
with retrospective effect.

Vaishnav reported a profit after tax (PAT) of INR1.2 million on
net sales of INR170.4 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.6 million on net
sales of INR212.8 million for 2007-08.


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


BANK CENTURY: Bailout Not Against the Law, AGO Says
---------------------------------------------------
Antara News reports that the Attorney General's Office said it had
not seen any indication of the decision to bailout former Bank
Century running against the law or the state having suffered a
loss by it.

Deputy Attorney General for Special Crimes, Marwan Effendy, told
Antara that "There is no indication showing that the extension of
the bailout funds by the Deposit Insurance Agency (LPS) based on a
recommendation from the Financial Sector Policy Committee (KKSK)
was against the law and had caused a loss to the state."

According to the news agency, Mr. Effendy said the decision had
been made based on Perppu (government regulation in lieu of law)
Number 4 of 2008 while no parameter had been made to measure the
systematic impact used for making the decision.

The investigation of the Bank Century case by AGO was focused on
funds that had been used by the bank's shareholders now being
wanted, namely Rafat Ali Rizfi and Hesyam Al Waraq, Mr. Effendy
told Antara.

Antara recalls the AGO's head of legal information, Didiek
Darmanto, earlier said that the team of the Attorney General
Deputy for Special Crimes planned to make an inventory and
confiscate assets in Hong Kong and Britain in coordination with
the offices concerned.

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.


BAKRIE LIFE: Clients Reject Proposed Repayment Deal
---------------------------------------------------
Jakarta Globe reports that a group of customers of Bakrie Life
rejected the company's proposed deal to repay their lost
investments.

According to the report, the clients dismissed the insurer's claim
that it had reached a repayment agreement with a majority of
customers and accused it of threatening them to sign the
agreement.

The report notes Wahjudi, a Bakrie Life customer who is helping to
coordinate efforts to recover money lost by investors based in
Jakarta, said he doubted the company had enough money to meet its
obligations.  The company had again missed a payment of the
monthly interest due this month, he said.

Wahjudi, according to the Globe, also rejected Bakrie Life's
claims that a majority of its customers had agreed to its
repayment plan.

Citing Tony Mulyawan, the leader of the same group of customers
Wahjudi is helping to organize, the Globe relates Bakrie Life had
not offered any alternatives to customers, and had put pressure on
some to sign the agreement by Monday, November 2.

Bakrie Life's president director, Timoer Sutanto, however, denied
the company had threatened customers, the report notes.

Mr. Mulyawan said the group was now considering legal action.
"We'll give them a week.  After that, if they haven't responded to
our letter, we may go to court," the report quoted Mr. Mulyawan as
saying.

The Globe discloses that Wahjudi and Mr. Mulyawan represent about
70 of the 400 investors who lost a total of IDR350 billion
(US$37.1 million) in the Diamond Investa product offered by Bakrie
Life, formally known as PT Asuransi Jiwa Bakrie.

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2009, The Jakarta Post said the Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK) granted
Bakrie Life the one month period it had requested to settle a
dispute with customers.

The supervisory body launched an investigation into Bakrie Life
after the company's customers complained to Bapepam-LK they had
not been able to cash in their investment funds since late last
year.  According to the Post, the funds are invested in an
investment product called Diamond Investa, in which 80% of the
fund is linked to the performance of shares in the capital market.

Bakrie Life is one of the Bakrie Group's units that specialize in
the life insurance sector.  It was established in 1996 in Jakarta,
Indonesia.  BNBR owns Bakrie Life through its subsidiary, Bakrie
Capital, which controls 91% of ownership in the insurance company,
the remaining 9% being owned by the company's cooperative network.


CHANDRA ASRI: Moody's Assigns Corporate Family Rating at 'B2'
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating to PT Chandra Asri.  At the same time,
Moody's has assigned a provisional (P)B2 senior secured bond
rating to the proposed senior secured notes issued by Altus
Capital Pte.  Ltd., an entity wholly owned and guaranteed by
Chandra Asri and its subsidiaries.  The outlook on both ratings is
stable.

This is the first time that Moody's has assigned ratings to
Chandra Asri or to Altus Capital Pte. Ltd.  The provisional status
of the ratings will be removed upon completion of the bond
issuance.

US$157 million of the proceeds from the bond issuance will be used
to refinance outstanding debt under an existing bank facility,
while the remainder will be used to repay an existing subordinated
loan from Strategic Investment Holdings Ltd, a previous
shareholder of Chandra Asri.

"Chandra Asri's (P)B2 rating reflects its leading position in the
domestic petrochemicals market, which balances its small global
presence.  It also reflects the company's competitiveness in its
key domestic market of Indonesia, which accounts for 80% of its
revenue, derived from its vertically-integrated operations as well
as a favorable import tariff structure," says Renee Lam, a Moody's
Vice President.

"Key challenges Chandra Asri faces include the inherently cyclical
nature of the petrochemical industry, leading to highly volatile
earnings and cash flow.  The company's upcoming capital
expenditures over the next 3-4 years, which are expected to
coincide with an industry cyclical downturn and major capacity
maintenance overhaul, are also likely to pressure its credit
metrics," adds Lam, also Moody's Lead Analyst for the company.

Chandra Asri's liquidity profile is characterized by minimal near-
term refinancing needs post bond issuance, and improving covenant
headroom.  Yet, its financial flexibility is constrained by the
limited alternative banking facilities, though the company is
actively expanding its banking relationships with domestic
financial institutions.

Additionally, the company's private shareholding structure has led
to concerns over corporate governance, although Moody's takes
comfort from the involvement in the company's management from
Temasek Holdings, an investment holding company wholly-owned by
the Ministry of Finance of Singapore, and 30% shareholder in
Chandra Asri.

Chandra Asri's stable outlook is underpinned by its leading
position in the domestic petrochemical industry, as well as
moderate debt use, which should help it weather the current
industry downturn.

Upward rating pressure could develop if (1) demand and prices for
petrochemicals and feedstock stabilize, leading to improved
profitability and cash flow; (2) the company maintains low debt
leverage through industry cycles; and (3) it maintains its
liquidity profile while improving its financial flexibility.

Credit metrics that will support an upgrade include adjusted Debt/
Book Capitalization below 20-25% and adjusted EBITDA margins at
above 8-12% on a sustained basis.

Downward pressure could emerge if market conditions deteriorate
more steeply than currently anticipated, or if Chandra Asri
increases its debt leverage, which could arise from new
acquisitions, substantial capital expenditures, or shareholder
returns.  Such pressure may be evidenced by adjusted Debt/Book
Capitalization exceeding 35% or adjusted EBITDA loss occurring.

In addition, Moody's would be concerned should there be any change
in the relationship between Temasek and Chandra Asri, which
includes, but is not limited to, a substantial reduction in
ownership or change in Temasek's involvement in management.

PT Chandra Asri, based in Jakarta, is the largest petrochemical
company in Indonesia.  As at 30 June 2009, it had olefins
production capacity comprising 600,000 tpa of ethylene, 320,000
tpa of propylene, 280,000 tpa of py-gas and 220,000 tpa of crude
C4.  The company also operates two polyethylene production trains,
with a combined production capacity of 320,000 tpa.


OPTIMA GROUP: Probe Into Defaults and Losses Widened
----------------------------------------------------
Jakarta Globe reports that the Capital Market and Financial
Institutions Supervisory Agency's (Bapepam-LK) is widening its
investigation into two units of the Optima Group -- PT Optima
Kharya Capital Securities and its subsidiary, PT Optima Kharya
Capital Management -- and their proposed takeover by PT Garuda
Capital Investama.

The report says the investigation follows reported defaults and
substantial losses on the two units unlicensed investment
products.

According to the Globe, the takeover, which was announced earlier
this month, could complicate efforts to resolve legal issues
surrounding Optima Capital's failure to redeem an investment in a
discretionary fund by insurer AJB Bumiputera 1912 in April and
major losses suffered by at least three state-owned enterprises
with investments at the company.

The report, citing Bapepam-LK Director Nurhaida, says the agency
would summon executives from Optima Securities and Optima Capital
Management next week to request explanations of the default and
the planned acquisition.

PT Optima Securities' shares have been suspended from trading in
the Indonesia Stock Exchange (IDX) following a request from
Bapepam, the Globe notes.


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


HITACHI LTD: Expects Annual Loss to Narrow by 15%
-------------------------------------------------
Bloomberg News reports that Hitachi Ltd narrowed its full-year net
loss forecast by 15%, citing the impact of global economic
stimulus measures and cost cuts.

The report relates Hitachi said net loss will probably narrow to
JPY230 billion (US$2.5 billion) in the 12 months ending March 31,
compared with its earlier forecast of a JPY270 billion loss.  The
company last year reported a record JPY787.3 billion loss.

Hitachi said operating profit is expected to increase to JPY80
billion from a previous projection of JPY30 billion.  The company
lowered its revenue forecast 2.2% to JPY8.7 trillion.

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company has seven segments: Information & Telecommunication
Systems, Electronic Devices, Power & Industrial Systems, Digital
Media & Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.


L-JAC 8: S&P Downgrades Ratings on Various Classes of Certs.
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A to H trust certificates issued under the L-JAC 8 Trust
Beneficial Interest transaction and removed the ratings from
CreditWatch with negative implications.  On July 28, 2009,
Standard & Poor's had placed its ratings on classes A to C on
CreditWatch negative, and lowered its ratings on classes D to H
and kept them on CreditWatch with negative implications.  Standard
& Poor's also affirmed its ratings on classes I to K and X, issued
under the same transaction.

The transaction's two underlying nonrecourse loans are both backed
by regional commercial properties.  Among the two loans, one
(representing about 75% of the initial issuance amount of the
notes) had defaulted in July 2009, and the servicer is proceeding
with recovery procedures in accordance with the rules specified in
the transaction's agreement.  Meanwhile, the other loan
(representing about 25% of the initial issuance amount of the
notes) is scheduled to mature in December 2010.  Both loans have
the same sponsor.

The downgrades are based on these factors: (1) according to
various types of information, including information provided by
the servicer on the progress of collection procedures, S&P
understand that there is considerable uncertainty over the
recovery prospects of the collateral property backing the
defaulted loan as the collateral is a regional retail property.
Accordingly, S&P has lowered its assumption with respect to the
likely recovery amount from that property; (2) with regard to the
loan maturing in December 2010, there is a high possibility that
the loan may not be paid by the maturity date, considering that
the collateral is a regional retail property and the level of
leverage is high.  In addition, S&P holds the view that the
recovery amount from the collateral property is very likely to be
significantly lower than S&P's initial assumption, in the case of
a loan default.  S&P has lowered its assumptions with respect to
the likely recovery amounts from the properties backing the two
loans, mostly by applying higher cap rates.  Accordingly, S&P has
assumed that the recovery amounts from the properties would be
about 59% of the average initial estimates of the property values.

At this point, Standard & Poor's has affirmed its rating on the
class X trust certificates.  However, S&P is considering amending
the rating methodology for interest-only certificates, which
include the class X trust certificates of this transaction.  If
the proposal is adopted, it could affect the rating on class X.

This deal is a multi-borrower CMBS transaction that was originally
backed by two loans extended to two obligors.  The loans were
originally secured by one real estate beneficial interest and one
real estate property.  The transaction was arranged by Lehman
Brothers Japan Inc. Premier Asset Management Co. is the
transaction servicer.

      Ratings Lowered And Removed From Creditwatch Negative

                 L-JAC 8 Trust Beneficial Interest
                Trust certificates due January 2013

   Class   To    From            Initial issue amount      Coupon type
   -----   --    ----            --------------------      -----------
   A       A+    AAA/Watch Neg   JPY8.78 bil.              Floating Rate
   B       BBB   AA/Watch Neg    JPY1.68 bil.              Floating rate
   C       B     A/Watch Neg     JPY1.68 bil.              Floating rate
   D       B-    B+/Watch Neg    JPY1.68 bil.              Floating rate
   E       CCC   B/Watch Neg     JPY0.79 bil.              Floating rate
   F       CCC   B-/Watch Neg    JPY0.76 bil.              Floating rate
   G       CCC   B-/Watch Neg    JPY0.77 bil.              Floating rate
   H       CCC   B-/Watch Neg    JPY0.87 bil.              Floating rate

                         Ratings Affirmed

    Class   Rating   Initial issue amount      Coupon type
    -----   ------   --------------------      -----------
    I       CCC      JPY0.84 bil.              Floating rate
    J       CCC      JPY0.6 bil.               Floating rate
    K       CCC      JPY0.32 bil.              Floating rate
    X       AAA      JPY18.77 bil. (Initial notional principal)


JLOC 37: S&P Puts Ratings on Two Classes on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
A1 and A2 notes issued under the JLOC 37 LLC transaction on
CreditWatch with negative implications, and kept its ratings on
classes B1 to D2 on CreditWatch with negative implications, where
they were placed on July 6, 2009.  At the same time, Standard &
Poor's affirmed its ratings on the class X notes issued under the
same transaction.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B1 to D2 of JLOC 37 LLC, on CreditWatch with
negative implications.

One of the transaction's seven remaining underlying nonrecourse
loans (representing about 9.5% of the total initial issuance
amount of the notes) is due to mature by the end of August 2010
and is a "loan considered to be in default," as stated in the
aforementioned report.

In addition, another four underlying loans (representing a
combined 43.6% or so of the total initial issuance amount of the
notes) have defaulted, and collection procedures relating to the
sale of the collateral properties backing the defaulted loans are
underway, in accordance with rules specified in the servicing
agreement.  One of these four loans is a property sales-type loan.
S&P has learned from the servicer that the loan defaulted on
Oct. 1, 2009, due to a credit event involving the sponsor.

Standard & Poor's placed the ratings on classes A1 and A2 on
CreditWatch with negative implications because: (1) the
aforementioned sales-type loan had defaulted on Oct. 1, 2009,
before progress was made in the sale of the properties backing the
loan.  As such, collection from the loan will have to be made with
a loan-to-value ratio that is higher than initially anticipated;
(2) as the two remaining performing loans (loans that have not
defaulted or are not "loans considered to be in default") have low
LTV ratios, S&P sees little risk of non-repayment by the loans'
respective maturity dates.  Even so, since the transaction uses a
pro-rata redemption method, the LTV ratios of A1 and A2 may rise
if these two loans are repaid by their maturity dates, as payments
would be made to each class of the transaction (including the
lower classes) on a pro-rata basis.

Standard & Poor's intends to review its ratings on the relevant
tranches after considering the recovery prospects of the
collateral properties backing the abovementioned "loan considered
to be in default" and the four loans that have defaulted.

Although S&P affirmed its rating on class X, S&P is considering
amending the rating methodology for interest-only certificates,
which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

JLOC 37 LLC is a multi-borrower CMBS transaction.  The notes were
originally secured by loans extended to 10 obligors, which were
initially backed by 61 real estate properties and real estate
trust certificates.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

              Ratings Placed On Creditwatch Negative

                           JLOC 37 LLC
JPY81.22 billion notes issued on July 11, 2007, due January 2015

       Class   To               From   Initial issue amount
       -----   --               ----   --------------------
       A1      AAA/Watch Neg    AAA    JPY53,800 mil.
       A2      AAA/Watch Neg    AAA    EUR12.1 mil.

               Ratings Kept On Creditwatch Negative

            Class   Rating         Initial Issue Amount
            -----   ------         --------------------
            B1      AA/Watch Neg   JPY7,900 mil.
            B2      AA/Watch Neg   EUR4.85 mil.
            C1      A/Watch Neg    JPY7,000 mil.
            C2      A/Watch Neg    EUR8.45 mil.
            D1      B/Watch Neg    JPY8,000 mil.
            D2      B/Watch Neg    EUR1.95 mil.

                         Rating Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    X*      AAA      JPY81,220 mil. (initial notional principal)

                          * Interest-only


SANYO ELECTRIC: May Sell Nickel-Hydride Business
------------------------------------------------
Mariko Yasu at Bloomberg News reports that Sanyo Electric Co. is
considering a sale of a battery business to clear antitrust
regulation for the planned takeover by Panasonic Corp.

"Nothing has been decided on the sale as of now," Hiroyuki
Okamoto, a Tokyo-based spokesman for Sanyo, told Bloomberg.

Bloomberg relates the Yomiuri newspaper said earlier that the
company will sell a subsidiary that makes nickel-hydrogen
batteries used in personal computers and video-game machines.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

Sanyo Electric continues to carry Moody's Investors Service "Ba1"
long term bank deposits rating and "D" Bank Financial Strength
rating.  It also continues to carry Fitch Ratings "D" Individual
rating.


SPANSION INC: Japan Creditors Object to Foundry Pact Rejection
--------------------------------------------------------------
Spansion Inc., and its debtor affiliates are seeking the Court's
authority to reject a Second Amended and Restated Foundry
Agreement, dated as of March 2007, with Spansion Japan Limited.

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

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

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

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

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

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

(c) shortened payment terms for Spansion LLC.

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

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

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

                  GE & Spansion Japan Object

GE Financial Services Corporation, as administrative agent,
security agent, and secured lender, for itself and on behalf of
members of an official committee of secured creditors of Spansion
Japan Limited, asks the Court to deny the Rejection Motion
because damages flowing from rejection of the Foundry Agreement
are likely to be enormous.  Spansion LLC is required under the
plain terms of the Foundry Agreement to purchase no less than 95%
of the total capacity of SJL for each quarter for an indefinite
time.  Should LLC fail to make these purchases, it is required to
use reasonable efforts to find an alternative purchaser and to
make up the payment shortfall.

GE asserts that although the costs of rejection are concrete and
significant, any corresponding benefits of rejection at this time
are speculative at best.  Moreover, GE notes, the reported
assumption of the Foundry Agreement by the SJL Trustee in the SJL
Reorganization Proceeding prior to the entry of an order
approving LLC's rejection of that same agreement gives rise to
issues of comity.  According to GE, the rejection is also
premature because issues involving the Debtors' rights to certain
intellectual property remain unresolved.

The receivables generated by the Foundry Agreement are the
collateral of SJL Secured Lenders, and the proposed rejection
would give rise not only to potentially enormous rejection
damages but also to huge administrative claims, likely negating
any benefit that may possibly be achieved by the rejection.

For its part, Spansion Japan Limited tells the Court that it is
no coincidence that it has yet to assert in excess of
$340 million in administrative claims against the Debtors.
According to Spansion Japan, the limited information it has been
able to learn during this time seriously calls into question
whether the Debtors would realize any value from rejection,
especially when one considers the substantial impact rejection
will have on the Debtors' estates and their reorganization effort,
including:

* Rejection damage claims against the Debtors' estates
   resulting to the loss of more than $1 billion of the value
   that Spansion Japan would have realized from the parties'
   performance of the Foundry Agreement over the next 20 years;
   and

* Spansion Japan would be under no further obligation to ship
   wafers to the Debtors and, as a result, understand that the
   Debtors' operations will suffer a revenue shortfall of
   approximately $43 million during the fourth quarter 2009.

Spansion Japan asserts that a final evidentiary hearing on the
Motion should be scheduled for a later date, which will provide
it with the opportunity to seek limited expedited discovery from
the Debtors and prepare an evidentiary presentation that will
permit the Court to make the necessary factual findings for
adjudication of the Motion.

However, Spansion Japan maintains, if the Court determines to
authorize rejection now, it requests that any rejection be
conditioned on:

(a) an effective date of rejection of October 27, 2009, given
     that the Debtors continued to request product from
     Spansion Japan and Spansion Japan delivered to the Debtors
     based on those requests after October 9, 2009;

(b) a time period of at least 60 days from the date of that
     rejection order for Spansion Japan to file its rejection
     damage claim against the Debtors given the complexities of
     that claim and the fact that the Debtors will suffer
     little, if any, harm from allowing Spansion Japan at least
     60 days in which to file that claim; and

(c) Spansion Japan's retention of its intellectual property
     rights under the Foundry Agreement and related documents,
     pursuant to Section 365(n) of the Bankruptcy Code.

                       About Spansion Inc.

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

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

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

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


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


HYNIX SEMICONDUCTOR: Swings to KRW246 Bil. Net Income in Q3
-----------------------------------------------------------
Hynix Semiconductor Inc. disclosed earnings results for third
quarter ended September 30, 2009.

The company posted third quarter net income of KRW246 billion,
compared with a KRW58 billion net loss in the second quarter.
Hynix reported a KRW1.65 trillion net loss in the third quarter
ended September 30, 2008.

Consolidated sales of the third quarter of FY2009 totaled KRW2.12
trillion, increased by 26% compared to previous quarter's KRW1.68
trillion with ASP and shipment of both DRAM and NAND Flash
sequentially increased.  DRAM ASP and shipment increased by 26%
and 12% respectively quarter-over-quarter.  NAND Flash ASP climbed
by 4% while shipment rose 5% sequentially.

Operating income recorded KRW209 billion with operating margin of
10%, turning around from previous quarter's operating loss of
KRW211 billion.  Driven by sales performance and business strategy
focused on profitable products contributed to increasing operating
income.

Depreciation and amortization expenses during the third quarter
was KRW676 billion.  EBITDA amounted to KRW885 billion increased
by 94% from the second quarter, representing EBITDA margin of 42%.

                     Aims to Lower Debt Level

Reuters reports that Hynix Semiconductor CEO Kim Jong-kap said the
company would aim to lower its debt level significantly next year,
by repaying a large portion of its maturing debt.

Reuters relates Mr. Kim said Hynix was unlikely to need large
outside funding even when the next industry downturn comes, as it
lowers debt level and manages cash flow.

                     About Hynix Semiconductor

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

                           *     *     *

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

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


HYUNDAI MOTOR: Posts Record High KRW979.1 Bil. Third Qtr Profit
---------------------------------------------------------------
Hyundai Motor Co. reported a record high third-quarter profit on
weaker won and surging sales in the U.S. and China, according to
The Korea Times.

Citing Hyundai in a regulatory filing, the Times discloses that
net profit for the three months ended Sept. 30 soared to a record
KRW979.1 billion (US$826.2 million), up sharply from a profit of
KRW264.7 billion a year earlier.

Sales climbed nearly 34% year-on-year to KRW8.09 trillion in the
same period, while operating profit increased more than five times
to KRW586.8 billion, the Times notes.

According to Bloomberg News, Hyundai's U.S. sales jumped 29% as
the government's "cash-for-clunkers" rebates spurred demand for
the Elantra compact and a weaker won helped it lure customers from
Toyota Motor Corp. and Honda Motor Co.  The Seoul-based automaker
forecast a 17% increase in U.S. industrywide auto sales next year
as the economy rebounds, Bloomberg states.

                 Sells Equus Luxury Sedan in Vietnam

Yonhap News Agency reports that Hyundai Motor Co. has begun
selling the Equus luxury sedan in Vietnam, as part of its efforts
to push into the luxury segment of Southeast Asia.

According to Yonhap, the launch of the Equus, which comes equipped
with either a 3.8- or 4.6-liter gasoline engine, coincided with a
visit by South Korean President Lee Myung-bak to Vietnam.

Hyundai did not reveal its sales target for the Equus in Vietnam,
Yonhap says.

                         About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


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


TALAM CORP: Winding Up Petitions Served Against Europlus Unit
-------------------------------------------------------------
Talam Corporation Berhad disclosed in a regulatory filing that a
winding up petition was served on its wholly owned subsidiary,
Europlus Corporation Sdn Bhd:

     (A) by Choy Khin Ming, through Kuala Lumpur High Court
         Winding Up Petition No. 28NCC-111-09, on October 19,
         2009.  Europlus owed the petitioner MYR50,287.70
         consisting of MYR29,886.00 being the principal amount and
         MYR20,401.7000 (as at September 12, 2008) being the
         interest awarded at 8% per annum based on the Judgment
         dated September 12, 2008.

     (B) by Tan Bing Huat, through Kuala Lumpur High Court Winding
         Up Petition No. 28NCC-110-09, on October 19, 2009.
         Europlus owed the petitioner MYR20,843.90 consisting of
         MYR10,672.20 being the principal amount, the costs of
         MYR1,510.00 and interest  on the sum of MYR12,182.20  at
         the rate of 8% per annum from October 19, 2000, until the
         date of full settlement based on the Judgment dated
         July 10, 2008.

     (C) by Seah Bee Lee, through Kuala Lumpur High Court Winding
         Up Petition No. 28NCC-111-09, on October 19, 2009.
         Europlus owed the petitioner MYR41,851.36 consisting of
         MYR30,633.73 being the principal amount and MYR11,217.63
         (as at May 5, 2005) being the interest awarded at 8% per
         annum based on the Judgment dated May 5, 2005.

The winding up petitions have been fixed for hearing December 17,
2009.

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

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


POLY TOWER: Fails to Submit Quarterly Results
---------------------------------------------
Poly Tower Ventures Berhad was unable to submit its quarterly
report for the financial period ended May 31, 2009, to Bursa
Malaysia Securities Bhd for public release within the stipulated
timeframe.

The consequences of non-compliance of the requirement under the
Bursa Securities Listing Requirements may result in the Company
being suspended or delisted by Bursa Malaysia Securities Berhad.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


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


NATIONAL POWER: To Raise PHP7-Bln for Capital Requirements
----------------------------------------------------------
National Power Corp. intends to raise about PHP7 billion within
the year for the company’s capital requirements, BusinessWorld
Online reports.

According to the report, Napocor President Froilan A. Tampinco
said it might raise the amount either through loans or bonds,
where the bulk of the proceeds will be used to finance Napocor’s
missionary electrification requirements under its Small Power
Utilities Group (SPUG).

The report relates Mr. Tampinco said part of the amount may also
cover operational requirements for next year.

Napocor might tap the international debt market next year for the
company’s medium-term requirements, which is about PHP10 billion,
Mr. Tampinco added.

Napocor has yet to finalize the details with the Department of
Finance, the report says.

Headquartered in Quezon City, Philippines, National Power
Corporation -- 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, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2009, Moody's Investors Service upgraded the senior
unsecured debt rating of National Power Corporation to Ba3 from
B1.  The rating outlook is stable, in line with the sovereign
outlook.  This rating action follows Moody's decision to upgrade
the Philippines government's long-term foreign currency rating to
Ba3 from B1.


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


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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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