TCRAP_Public/091030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, October 30, 2009, Vol. 12, No. 215

                            Headlines

A U S T R A L I A

CUBBIE GROUP: To Appoint Voluntary Administrators Today
MACQUARIE MEDIA: US Unit Breaches Covenants Under US$133.7MM Loan
MULTIPLEX PRIME: Takeover Panel OKs Brookfield Entitlement Offer
NATURAL FUEL: Assets to be Sold to NRG Capital for $575,000


C H I N A

LUMENA RESOURCES: Moody's Affirms 'B1' Corporate Family Rating


H O N G  K O N G

NEWS CORPORATION: Inability to Pay Debts Prompts Wind-Up
SANDBROOK (CHINA): Creditors' Proofs of Debt Due on November 23
SEAPOWER CONSORTIUM: Creditors' Proofs of Debt Due November 6
SUNTEAM CORPORATION: Members' Final Meeting Set for November 23
TRINITY FORTUNE: Creditors' Proofs of Debt Due on November 15

TRADE WILL: Creditors' Proofs of Debt Due on November 30
WARD EASTON: Creditors' Proofs of Debt Due on November 27
WAY GIANT: Creditors' Proofs of Debt Due on November 30


I N D I A

ANMOL STEEL: ICRA Assigns 'LBB+' Rating on INR50MM Bank Facilities
ICICI BANK: Temasek, GSIC Reduce Stakes in Bank
WOCKHARDT LTD: Pfizer Eyes Wockhardt Biotech Business


I N D O N E S I A

CIMB NIAGA: To Raise US$312 Mil. Next Year to Refinance Debt


J A P A N

JAPAN AIRLINES: Seeks Funding from Turnaround Body
NEC ELECTRONICS: Realigns Manufacturing Operations
NEC ELECTRONICS: Q2 Net Loss Widens to JPY17.4 Billion
SANYO ELECTRIC: Incurs JPY37.4-Bln Net Loss in H1 Ended Sept. 30
SEA CDO: Moody's Downgrades Ratings on US$15 Mil. Notes to 'Ca'


P H I L I P P I N E S

NEGROS NAVIGATION: Seeks to Exit from Rehabilitation


S I N G A P O R E

SIF UNIVERSAL: Creditors Get 100% Recovery on Claims
TEAM ENERGY: Creditors' Proofs of Debt Due on Nov. 28
QUANTEC REALTY: Creditors' Proofs of Debt Due on Nov. 12


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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CUBBIE GROUP: To Appoint Voluntary Administrators Today
-------------------------------------------------------
Bloomberg News reports Cubbie Group Ltd. said its Cubbie Station,
Australia's largest cotton producer, will be placed in voluntary
administration at 5:00 p.m. (AEST) today, October 30, 2009.

According to the report, Cubbie Group would appoint McGrathNicol
as outside managers, citing poor harvests.

"In the end it was drought that beat us," Bloomberg cited Cubbie
Chairman Keith De Lacy as saying in an e-mailed statement.  "We
have only had one good season in the last five."

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported yesterday that Cubbie Station may be placed in voluntary
administration after bids to acquire the company failed to cover
massive bank debt.

The National Australia Bank is seeking the urgent repayment of a
AU$320 million mortgage over the 93,000ha southern Queensland
property.

Cubbie Group chairman Keith De Lacy told The Australian that none
of the five bidders in a firesale of the property had offered
enough to cover the massive bank debt.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to the
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.

Cubbie Group Ltd -- http://www.cubbie.com.au/-- produces a wide
variety of irrigated agriculture including cotton, wheat, sorghum,
sunflowers, barley, chickpeas and corn.


MACQUARIE MEDIA: US Unit Breaches Covenants Under US$133.7MM Loan
-----------------------------------------------------------------
Macquarie Media Group said Thursday its US subsidiary American
Consolidated Media LLC has breached loan covenants under its
US$133.7 million business level bank facility.

"Discussions are ongoing between ACM and its lenders in relation
to requested forbearance and waivers of ACM's covenant non-
compliance, ACM's request for the necessary amendments to the
existing covenants and for an extension to the maturity date of
the ACM Facility," the company said in a statement.

"ACM has received an initial draft of a forbearance term sheet
from the ACM facility agent."

"There can be no assurance that any forbearance, amendment or
extension will be provided, or that the requested waivers will be
provided," it said.

The Sydney Morning Herald reports that Macquarie Media Group plans
to raise $294 million in new funding to pay down debt, as it
prepares to take back its management rights from Macquarie Group
and simplify its corporate structure.

The report relates the capital raising comprises an underwritten
one-for-one renounceable entitlement offer at $1.55 per stapled
security.

According to the Herald, Macquarie Media chief executive Mark
Dorney said the capital raising, along with existing the group's
existing cash of $323 million, will be used to retire debt at its
Australian operations, Macquarie Southern Cross Media.

Net bank debt for the Australian business will be reduced to $306
million, from $860 million, the report notes.

Macquarie Media also proposes to take back, or internalize, the
management of the company from Macquarie Group at a cost of $40.5
million, subject to securityholder approval.

                       About Macquarie Media

Based in Sydney, Australia, Macquarie Media Group (ASX:MMG) --
http://www.macquarie.com.au/au/mmg/-- invests in a range of media
assets.  MMG comprises of Macquarie Media Trust (MMT), Macquarie
Media Holdings Limited (MMHL) and Macquarie Media International
Limited (MMIL). The Company operates in two service types: Free to
air commercial radio and television broadcasting (Free to air
broadcasting), which comprises the commercial radio and television
broadcast licenses held throughout regional Australia, and which
operates solely within the MMHL group and Community Newspapers,
which are located in the United States, and operates within the
MMIL group.  MMG operates mainly in Australia and United States.


MULTIPLEX PRIME: Takeover Panel OKs Brookfield Entitlement Offer
----------------------------------------------------------------
The independent directors of the Multiplex Prime Property Fund
appear to have won the latest round in the stoush for control of
the fund against the alternative offer proposed by the private
Grocon/Oaktree consortium, Carolyn Cummins writes for The Sydney
Morning Herald.

Ms. Cummins says the move allows the independent directors to
continue with their planned $50 million takeover of the fund, but
with some amendments.

According to the report, Peter Morris, chairman of the Multiplex
Prime independent directors, said they believed the entitlement
offer was the only option that provided certainty to shareholders
and that would cure the current breach of covenants by
November 16.

The Herald states that the Takeovers Panel on Wednesday ruled that
it had accepted supplementary disclosure and an undertaking from
Brookfield Multiplex Capital Management, the responsible entity
(manager) of the fund, about the fund's offer to investors.

As reported in the Troubled Company Reporter-Asia Pacific on
October 13, 2009, Brookfield Multiplex Capital Management launched
a $50 million entitlement offer approved by unit holders.  Grocon,
on the other hand, had offered a deal to buy out the units and cut
in half the last installment charge, valued at about $121 million.

The funds are needed to stabilize the trust's balance sheet,
reduce debt and address a breach of its banking covenants brought
about by a fall in value of its four office tower assets,
according to The Sydney Morning Herald.

                       About Multiplex Prime

Multiplex Prime Property Fund (ASX:MAFCA) invests in a portfolio
of central business districts (CBD) office assets and listed
property trusts.  The Fund owns 50% of Latitude Landowning Trust
and 25% of Multiplex Development No. 6A Unit Trust.  As of
June 30, 2009, the Fund's investment properties include Defence
Plaza and American Express Building.  The responsible entity of
the Fund is Brookfield Multiplex Capital Management Limited.


NATURAL FUEL: Assets to be Sold to NRG Capital for $575,000
-----------------------------------------------------------
Natural Fuel Australia Ltd. is set to be sold to NRG Capital for
$575,000 after creditors agreed to execute the deed of company
arrangement, according to WA Business News.

Citing administrator Ferrier Hodgson in an update to investors,
the report said creditors had resolved to execute the DOCA on
terms proposed by NRG, the operating company of Parkerville-based
Intercorp Pty Ltd.

Under the offer, WA Business News relates, NRG has proposed to pay
an upfront $575,000 for the Natural Fuel shell, Natural Fuel's
shareholding in Natural Fuel Australia and its assets, and the
shareholding in US subsidiary NFE and its assets.

According to the report, the offer is conditional on creditor
approval and confirmation from the Australian Securities Exchange
that it will reinstate trading of Natural Fuel shares.  It is also
conditional on shareholder approval of a $1.4 million capital
raising through a one-for-two rights issue, the report notes.

Unsecured creditors are likely to receive 0.2 cents in the dollar
in respect of their debts, WA Business News adds.

The Troubled Company Reporter-Asia Pacific reported on Sept. 24,
2008, that Natural Fuels Australia Limited, a 50-50 joint venture
between Natural Fuel Limited and Babcock and Brown Environmental
Investments Limited, appointed Peter Walker and Steven Sherman
of Ferrier Hodgson as joint and several voluntary administrators
under Part 5.3A of the Corporations Act 2001.

Natural Fuels Australia and its subsidiary Natural Fuel Darwin Pty
Ltd, own and operate the biodiesel production facility in Darwin.

The directors of Natural Fuels Australia resolved to appoint
administrators on Sept. 19, 2008, following the withdrawal of
funding support by Babcock and Brown Environmental Investments
Limited, with the effect that the Sept. 30, 2008, repayment date
for Natural Fuels Australia's secured loan to that shareholder
would not be extended.

                        About Natural Fuel

Natural Fuel Limited (ASX:NFL)-- http://www.naturalfuel.com/ --
is engaged in the construction and commissioning of a biodiesel
plant in Darwin, Australia with its 50% joint venture partner and
the construction of a biodiesel plant in Singapore. It is engaged
in the development of biodiesel plants with the plan to produce,
market and distribute bio-diesel products in the future. It is
organized on a global basis through three geographical segments:
Australia, Singapore and United States of America.  Its
subsidiaries are Natural Fuel Pte Ltd and Natural Fuel & Energy
Inc.


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LUMENA RESOURCES: Moody's Affirms 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Lumena Resources Corp and the B1 rating for its 5-year
12% US$250 million Senior Notes.  These ratings have been removed
from their provisional status following the completion of the bond
issuance.  The outlook on the ratings is stable.

The bond proceeds will be used for refinancing and business
expansion.

The last rating action on Lumena was taken on 8th October, 2009
when Moody's assigned first-time provisional (P)B1 corporate
family rating to the company and to its proposed senior unsecured
notes.

Lumena mines, processes and manufactures natural thenardite
products.  Thenardite is also known as anhydrous sodium sulphate,
a basic chemical.  Lumena operates two mines and processing
facilities in Sichuan Province in China with annual production
capacity of around 1.6 million tons.  It was listed on the Hong
Kong Stock Exchange in June 2009.


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H O N G  K O N G
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NEWS CORPORATION: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
News Corporation (China) Limited on October 16, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Prince's Building, 22nd Floor
         Central, Hong Kong


SANDBROOK (CHINA): Creditors' Proofs of Debt Due on November 23
---------------------------------------------------------------
Creditors of Sandbrook (China) Limited are required to file their
proofs of debt by November 23, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2009.

The company's liquidator is:

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


SEAPOWER CONSORTIUM: Creditors' Proofs of Debt Due November 6
-------------------------------------------------------------
Seapower Consortium Company Limited, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by November 6, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Cosimo Borrelli
         Admiralty Centre
         Level 17, Tower 1
         18 Harcourt Road
         Hong Kong


SUNTEAM CORPORATION: Members' Final Meeting Set for November 23
---------------------------------------------------------------
Members of Sunteam Corporation Limited will hold their final
meeting on November 23, 2009, at 11:00 a.m., at the 31st Floor,
The Center, 99 Queen's Road Central, Hong Kong.    t

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


TRINITY FORTUNE: Creditors' Proofs of Debt Due on November 15
-------------------------------------------------------------
Creditors of Trinity Fortune Limited are required to file their
proofs of debt by November 15, 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:

         Ling Wai Ming
         China Resources Building
         Room 2802, 28/F
         No. 26 Harbour Road
         Wanchai, Hong Kong


TRADE WILL: Creditors' Proofs of Debt Due on November 30
--------------------------------------------------------
Creditors of Trade Will Limited are required to file their proofs
of debt by November 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 23, 2009.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaght Road West
         Hong Kong


WARD EASTON: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------
Creditors of Ward Easton Liang Limited are required to file their
proofs of debt by November 27, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ha Man Kit Marcus
         41 Lockhart Road, Room 602
         Wanchai, Hong Kong


WAY GIANT: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------
Creditors of Way Giant Limited are required to file their proofs
of debt by November 30, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on October 23, 2009.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaght Road West
         Hong Kong


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ANMOL STEEL: ICRA Assigns 'LBB+' Rating on INR50MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR50 million, fund-based
facilities of Anmol Steel Processors Private Limited.  ICRA has
also assigned A4+ rating to the INR350 million non-fund based
facilities of ASPPL.

The assigned ratings take into account the highly fragmented
nature of ASPPL's business characterized by intense competition
which results in thin operating and net profitability, the price
risk borne by the company on account of its business requirement
of maintaining a steel inventory, given the cyclicality inherent
in the steel business and a sharp increase in the company's
gearing in the last three years due to increasing working capital
requirements.  The ratings also reflect the long track record of
the promoters in the steel trading business, established
relationship of the company with leading hot rolled (HR) coil
suppliers, its high asset turnover leading to healthy return on
capital employed and a diverse customer base.

Established in 1994, Anmol Steel Processors Private Limited is
engaged in processing and trading of HR coils and has its HR coils
cutter and de-coiler facility located at Taloja in the Raigad
district of Maharashtra.  ASPPL mainly procures HR coils from
leading domestic HR coil suppliers.  The annual capacity of HR
coil processing facility of the company is 72,000 MT.  In case of
additional requirements from the customers, the company also gets
the HR coils processed from companies which are in the same line
of business and located closer to its facilities.  As per the FY09
provisional results, ASPPL reported Profit after Tax (PAT) of
INR11.3 million on an operating income of INR3.42 billion.


ICICI BANK: Temasek, GSIC Reduce Stakes in Bank
-----------------------------------------------
The Wall Street Journal reports that Temasek Holdings Pte. Ltd.
and Government of Singapore Investment Corp. cut their stakes in
ICICI Bank Ltd.

The Journal, citing data on ICICI's Web site, says Temasek
Holdings trimmed its stake through Indian arm Allamanda
Investments Pte. Ltd. in ICICI to 5.76% as of Sept. 30 from 7.61%
at the end of June while Government of Singapore Investment Corp.
also pared its stake, to 1.53% from 1.66%, during the same period.

According to the report, Manish Kejriwal, senior managing director
and country head of Temasek Holdings Advisors India Pvt. Ltd.,
said the trimming of ICICI Bank stake is part of the company's
regular portfolio balancing.

Deutsche Bank Trust Co. Americas remains ICICI Bank's biggest
shareholder with a 29.89% stake at the end of September, the
Journal discloses.  Life Insurance Corporation of India, Bajaj
Holdings & Investment Ltd., Dodge & Cox International Stock Fund,
New India Assurance Co. and IVY Funds INC Asset Strategy Fund are
its other large shareholders.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms.  ICICI Bank's
presence currently spans 19 countries, including India.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program.  At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist.  There are no outstanding rated issues under these
tranches.


WOCKHARDT LTD: Pfizer Eyes Wockhardt Biotech Business
-----------------------------------------------------
Pfizer Inc. is going ahead with its plan to buy Wockhardt's
biotech business, but the drugmaker is not inclined to sellout,
The Economic Times reports.

The report, citing an unnamed banker privy to the development,
says Pfizer has started a second round of due diligence that may
result in a buyout or strategic alliance.

According to the report, the banker said Pfizer prefers a buyout
and may well pay a premium for Wockhardt's INR100-crore biotech
business, valuing it close to the Indian company's total market
value.

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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CIMB NIAGA: To Raise US$312 Mil. Next Year to Refinance Debt
------------------------------------------------------------
Jakarta Globe reports that PT Bank CIMB Niaga plans to raise IDR3
trillion (US$312 million) from the capital markets in the first
half of 2010 to refinance its maturing US$100 million in
subordinated debt and to strengthen its balance sheet.

"We are studying the appropriate instruments," the report quoted
Arwin Rasyid, the president director of CIMB Niaga, as saying.
"It could be through a rights issue or more subordinated debt.  We
are also considering what currency we're going to use."

According to the report, CIMB Niaga's chief financial officer, Wan
Razly Abdullah, said the bank was raising the money to maintain
its capital adequacy ratio to support faster loan growth next
year.  The bank's majority shareholder, CIMB Group, would absorb
US$100 million from the instruments issued, he said.

PT Bank CIMB Niaga Tbk -- http://www.cimbniaga.com/-- formerly PT
Bank Niaga Tbk, is an Indonesia-based financial institution.  The
Bank's business segments are divided into banking, Shariah
business unit and subsidiaries.  Its products and services include
deposits, loans, bancassurance, credit and debit cards, treasury
products, investment products, insurance products, e-banking,
advisory and syndication, cash management, securities services and
Shariah-based banking services.  The Bank's subsidiaries include
PT Saseka Gelora Finance, PT Kencana Internusa and PT Asuransi
Cigna.  As of December 31, 2008, the Bank operated 183 domestic
branches, 439 domestic supporting branches, 29 domestic payment
points, 12 Shariah branches, 199 Shariah service offices and two
overseas branches.  The Bank merged with PT Bank Lippo Tbk on
November 1, 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service confirmed Bank CIMB-
Niaga's GLC deposit rating of Baa3.  Moody's also raised CIMB's
foreign currency long-term deposit rating to Ba3 from B1 and
foreign currency issuer/ subordinated debt to Ba1 from Ba2.  The
revised ratings carry stable outlooks.  All other ratings are
unaffected and carry stable outlooks: foreign currency short-term
deposit of Not Prime and BFSR of D.


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JAPAN AIRLINES: Seeks Funding from Turnaround Body
--------------------------------------------------
Japan Airlines Corp. has asked for help from the government-
affiliated Enterprise Turnaround Initiative Corp., which will
assess how to restructure the airline, Bloomberg News reports,
citing Transport Minister Seiji Maehara.

According to Bloomberg, the carrier will turn to a third
restructuring plan in less than three months as it seeks
government funds to avert collapse.

Bloomberg notes Mr. Maehara said a plan filed on Thursday by a
taskforce he appointed will act as reference.  ETIC "will start
from zero" in its assessment of JAL, he said.

Mr. Maehara said the government has yet to decide whether it will
give any funds to JAL, Bloomberg relates.  No decision will be
made at the cabinet meeting today, Bloomberg cited Finance
Minister Hirohisa Fujii as saying at a separate press conference.

JAL said in a statement that it had applied for funding from
Enterprise Turnaround Initiative.

ETIC, which began operations this month, aims to help rebuild
struggling companies that have excellent resources, and designs to
ensure transparency in negotiating debt-relief measures among
creditors.  The entity has JPY1.6 trillion (US$17.4 billion) in
funds available and can possibly invest in JAL.

                    Trade Regulations Violation

The Wall Street Journal reports that Japan Airlines said it has
received a letter from South Korea's Fair Trade Commission saying
an investigation has found that its unit violated trade
regulations in relation to its cargo operations.

The Journal relates the company did not specify the nature of the
violation nor what the investigation was about, but said that it
will take appropriate measures if the alleged misconduct is true.

JAL also noted that a final conclusion in the investigation has
not been reached, the Journal says.

                       About Japan Airlines

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 20, 2009, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, by two notches to 'B-' from 'B+' and its senior
unsecured rating by one notch to 'B' from 'B+'.  The ratings
remain on CreditWatch with negative implications, where they were
placed on Sept. 18, 2009.

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


NEC ELECTRONICS: Realigns Manufacturing Operations
--------------------------------------------------
NEC Electronics Corporation announced plans to realign its
assembly and test facilities (back-end line) and to consolidate
its 5-inch wafer lines (front-end line) in Japan.

To realize a manufacturing structure with strong cost
competitiveness, NEC Electronics has been progressing with the
consolidation of its wafer fabrication lines from 13 to 8 lines as
well as consolidation of its overseas operations of semiconductor
assembly and test operations, while the company's domestic
assembly and test bases focused on manufacturing of its advanced
value-added products and support of overseas sites.

There are still many small-scale plants within Japan and NEC
Electronics has been evaluating the best way to keep domestic
production competitive and efficient.

NEC Semiconductors Kyushu Yamaguchi had built its additional
building at Oita plant, and has started manufacturing of advanced
packages started as of October 2009.  With the goal of expanding
production volume efficiency, NEC Electronics then decided to
transfer its small-scale assembly and test functions and employees
from the current assembly and test facility in Fukuoka to NEC
Semiconductors Kyushu Yamaguchi's production facility in Oita as
well as to the facility in Kumamoto by September 2011.

NEC Electronics also decided to close the 5-inch wafer line at NEC
Semiconductors Kasai's facility in Shiga by the end of March, 2012
to address the weak demand.  Part of the production from the
5-inch wafer line at Shiga will be transferred to its 6-inch wafer
line as well as to NEC Semiconductors Yamagata's 5-inch wafer
line.

               Realignment of Assembly and Test Bases
               at NEC Semiconductors Kyushu Yamaguchi

Currently, NEC Semiconductors Kyushu Yamaguchi's Fukuoka facility
operates as an assembly and test plant for manufacturing leading-
edge FCBGA (flip-chip ball grid array) packages Note 1.  To
accelerate the productivity advance in FCBGA package manufacturing
at the Oita plant, which started as of October 2009, NEC
Electronics decided to close the Fukuoka plant by September 2011,
and will transfer its production volume at the Fukuoka plant into
NEC Semiconductors Kyushu Yamaguchi's assembly and test plant in
Oita.  NEC Electronics will also transfer majority of its QFP
(quad flat packs) and other package manufacturing to its assembly
and test facility in Oita plant as well as Kumamoto Nishiki plant.
The buildings and the ground at Fukuoka plant are schedule to be
sold.

By consolidating the company's advanced chip package technology,
the Oita plant will ramp up its capacity of FCBGA package
manufacturing to a monthly production of 2.0 million units.  NEC
Semiconductors Kyushu Yamaguchi's Oita plant currently
manufactures microcontrollers and SoCs (QFP package products) with
a monthly production of approximately 14.0 million units.  To
improve its manufacturing efficiency through scale expansion, NEC
Electronics aims to expand its overall production capacity to 18.0
billion units per month during the fiscal year ending March 2012.

              Consolidation of the 5-inch Wafer Line
           at NEC Semiconductors Kansai's Shiga Facility

NEC Electronics has two 5-inch wafer lines, and one of the lines
at NEC Semiconductors Kansai's Shiga facility will be closed by
March, 2012. Some of the products that are currently manufactured
at the Shiga facility will be transferred to its 6-inch wafer line
as well as NEC Semiconductors Yamagata's 5-inch wafer line in
Tsuruoka, Yamagata.

NEC Electronics believes that these reforms will ultimately
benefit the company's cost competitiveness, and will implement
these new changes diligently with the aim of improving the
company's business structure.

Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multiple market solutions for a
wide range of customer applications.  NEC Electronics
Corporation has 26 subsidiaries worldwide, including NEC
Electronics America, Incorporated and NEC Electronics (Europe)
GmbH.

                           *     *     *

NEC Electronics posted three consecutive annual net losses of
JPY41.5 billion, JPY15.99 billion, and JPY82.62 billion, for the
years ended March 31, 2007, 2008 and 2009, respectively.


NEC ELECTRONICS: Q2 Net Loss Widens to JPY17.4 Billion
------------------------------------------------------
NEC Electronics Corporation announced consolidated financial
results for the three months and six months ended September 30,
2009.

The company posted a net loss of JPY38.1 billion on net sales of
JPY220.5 billion for the six months ended September 30, 2009,
compared with a net loss of JPY1.9 billion on net sales of
JPY333.6 billion in the same period last year.

For the three months ended September 30, 2009, NEC Electronics
reported a net loss of JPY17.4 billion on net sales of JPY118.5
billion, compared with a net loss of JPY0.6 billion on net sales
of JPY167.3 billion in the quarter ended September 30, 2008.

A full-text copy of the Company's quarterly report is available at
no charge at http://ResearchArchives.com/t/s?47c9

                 Revised Annual Earnings Projections

NEC Electronics revised its consolidated financial forecasts for
the full year (the period from April 1, 2009 to March 31, 2010),
which it disclosed on May 11, 2009:

   * consolidated net loss attributable to NEC Electronics
     is expected to be JPY55.0 billion, wider than the
     JPY9 billion projected earlier;

   * consolidated loss before income taxes is expected to
     total JPY53.5 billion, JPY46.0 billion more than the
     JPY7.5 million projected earlir;

   * net sales are expected to total JPY460.0 billion,
     JPY20.0 billion less than the initial forecast; and

   * operating loss is expected to amount to JPY46.5 billion.

Semiconductor sales are expected to decline by JPY15.0 billion
from the initial forecast.  Although sales of microcontrollers,
discrete semiconductors as well as compound semiconductors are
expected to show steady growth exceeding the initial estimate,
sales of some of the SoC products are expected to fall below the
initial forecast.

Consolidated operating loss is expected to widen sharply due to
the decline in production at the company's advanced fabrication
line, which is expected to remain at a low level, in addition to a
decrease in semiconductor sales.

                        About NEC Electronics

Headquartered in Kanagawa, Japan, NEC Electronics Corporation
-- http://www.necel.com/-- specializes in semiconductor
products encompassing advanced technology solutions for the
high-end computing and broadband networking markets, system
solutions for mobile handsets, PC peripherals, automotive and
digital consumer markets, and multiple market solutions for a
wide range of customer applications.  NEC Electronics
Corporation has 26 subsidiaries worldwide, including NEC
Electronics America, Incorporated and NEC Electronics (Europe)
GmbH.

                           *     *     *

NEC Electronics posted three consecutive annual net losses of
JPY41.5 billion, JPY15.99 billion, and JPY82.62 billion, for the
years ended March 31, 2007, 2008 and 2009, respectively.


SANYO ELECTRIC: Incurs JPY37.4-Bln Net Loss in H1 Ended Sept. 30
----------------------------------------------------------------
Sanyo Electric Co., Ltd., disclosed its consolidated financial
results for the six months ended September 30, 2009.

The first half of FY2010 ended with consolidated net sales of
JPY784 billion, a decrease of 22.1% over the same period last
year.

For the consumer business segment, sales decreased 18.4% over the
same period last year to JPY305.7 billion, mainly due to sluggish
sales of digital cameras and air conditioners overseas.  For the
commercial business segment, the sales decreased 18.5% over the
same period last year to JPY105 billion, attributed mainly to the
decreased sales of commercial air conditioning units.  The
component business segment, which includes such products as
rechargeable batteries, photovoltaic systems, semiconductors and
electronic components, experienced a drastic sales decrease of
25.2% over the same period last year to JPY361.9 billion due to
the sluggish sales of photovoltaic systems and rechargeable
batteries.  Also, improvement in semiconductors and electronic
components had the impact on them.

Domestic sales decreased 12.3% over the same period last year to
JPY312.7 billion, and the overseas sales also showed a substantial
decrease of 27.5% over the same period last year to JPY471.3
billion.

Operating profit decreased by JPY20.6 billion to JPY3.3 billion
over the same period last year.  While there was a reduction in
sales, a positive balance was achieved thanks to efforts to reduce
costs such as activities to reduce raw materials costs as well as
a result of the structural transformation over the past year.
Sales recovery mainly due to component business segment had
influence on it.  Losses before income taxes and attributable to
non-controlling interests from continuing operations was down by
JPY39.3 billion, ending at JPY30.6 billion, primarily because of
expenses related to washer/dryer recalls and the ‘Special Career
Support Plan'.   Finally, the net loss attributable to Sanyo
totaled JPY37.4 billion, a decrease of JPY70 billion from the same
period last year.

"The market reached the bottom in the 4th quarter mainly for the
components business; the first half ended with better financial
results in operating income, leading us to get JPY3.3 billion of
operating income," Seiichiro?Sano, President of SANYO Electric,
said.

"While the forecast for the 2nd half is still uncertain due to
continuing economic circumstances, we will focus on accomplishing
the forecasted JPY25 billion of operating income.  We will
continue to look forward as we attempt to improve profitability."

Sanyo posted a net loss of JPY19 billion in the second quarter
ended Sept. 30, compared with a profit of JPY4.4 billion a year
earlier, Bloomberg News reports.

Sanyo expects to post consolidated net loss of JPY30 billion, loss
from continuing operations (before taxes) of JPY22 billion, net
sales of JPY1.66 trillion and operating income of JPY25 billion in
the 12 months ending March 31, 2010.

                   Update on Merger Deal with Panasonic

Bloomberg News reports that Sanyo Electric Co. and Panasonic Corp.
said they expect Chinese antitrust regulators to make a decision
on their planned merger by Nov. 3.  The merger is still under
review in the U.S.

                       About Sanyo Electric

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.


SEA CDO: Moody's Downgrades Ratings on US$15 Mil. Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has announced this rating action:

Issuer: SEA CDO Limited

  -- Series 2005-12 US$15,000,000 Floating Rate Notes due 2010,
     Downgraded to Ca; previously on February 5, 2009 Downgraded
     to Caa3.

The notes issued by SEA CDO Limited Series 2005-12 reference a
static portfolio of 13 global corporate entities.  There is no
subordination in this transaction.

The rating action has been taken because of deterioration in the
credit quality of the reference portfolio.  The portfolio's ten-
year weighted average rating factor, not adjusted with forward-
looking measures, has deteriorated from 1596, since the last
rating action on February 5, 2009, to 2540, equivalent to an
average rating for the current portfolio of B2.

The reference portfolio includes exposure to Ambac Assurance
Corporation, which has experienced substantial credit migration in
the past few months, and is now rated Caa2.  Since the inception
of the transaction, credit events associated with Fannie Mae and
Freddie Mac led to a losses of approximately 24.2% in the tranche.

The industry sectors most represented in the portfolio are
insurance (23%), banking (15.4%), healthcare & pharmaceuticals
(15.4%), and sovereign & public finance (15.4%)

In its deliberations, Moody's rating committee considers not just
quantitative factors that are explicitly modeled, but also
qualitative factors.  These qualitative factors include the
structural protections incorporated into transaction, the
transaction's recent performance, the legal environment and
specific documentation.  All information available to rating
committees, including macroeconomic forecasts, input from other
analytical groups at Moody's, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


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


NEGROS NAVIGATION: Seeks to Exit from Rehabilitation
----------------------------------------------------
Malaya Business Insights reports that Negros Navigation is seeking
to exit from court-supervised rehabilitation, saying it has
established a strong operating performance and is on the way to
modernizing its fleet.

"The termination of the rehabilitation proceedings will afford the
company greater operational flexibility," the report quoted
Sulficio O. Tagud Jr., Nenaco chairman and chief executive
officer.

Mr. Tagud, Malaya says, attributed Nenaco's strong operating
performance to "revenue-enhancing initiatives coupled with
stringent cost-management measures."

Malaya discloses that the shipping firm posted a net income of
PHP203.2 million in the first nine months of 2009, up 77% from the
income during the same period last year.  Total consolidated
revenues rose to PHP1.5 billion against PHP1.3 billion last year
owing largely to increased cargo capacity.

Earnings before interest, taxes, depreciation, and amortization
jumped 33% to PHP446.7 million this year from PHP337 million for
the same period last year, the report states.

                      About Negros Navigation

Based in the Philippines, Negros Navigation Company, Incorporated
-- http://www.negrosnavigation.ph/-- is the shipping unit of
Metro Pacific Incorporated.  It owns, maintains, services and
operates vessels and engages in domestic shipping operations.
Presently, the Company operates seven passenger and cargo shipping
vessels and two cargo container shipping vessels which service 14
ports.  Nenaco also provides trucking and forwarding services, and
operates shuttle buses and besta vans within Negros Island and
offers domestic tour and other land transport services, as well as
ticketing services.

In December 2003, the Philippine Securities and Exchange
Commission ordered Negros Navigation to explain five accounting
discrepancies in its 2002 audited financial statement, which may
have bloated its earnings.

In March 2004, Negros Navigation entered into talks with Tsuneishi
Heavy Industries to settle the Company's then PHP100-million debt.

Due to its financial condition, Negros Navigation could not pay
its debts as they matured.  Thus, the Company filed for
rehabilitation before the Manila Regional Trial Court on Oct. 6,
2004.  Subsequently, the Court approved the Company's 10-year
restructuring plan recommended a year later by its receiver,
Monico Jacob.

Under the court-approved rehabilitation plan, Negros Navigation
proposed to settle its financial obligations through cash
settlement, dacion en pago of passage tickets and cargo space,
debt conversion into convertible shares at par value, and the
restructuring of balance into long-term notes or preferred shares.
The Court allowed the Company to restructure its total secured
debt for 10 years, with a one-year grace period on interest
payments and a three-year grace period on the principal.


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


SIF UNIVERSAL: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Sif Universal Private Limited declared the first and final
dividend on October 26, 2009.

The company paid 100% to the received claims.

The company's liquidator is:

         Aw Eng Hai
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


TEAM ENERGY: Creditors' Proofs of Debt Due on Nov. 28
-----------------------------------------------------
Creditors of Team Energy Asia-Pacific Singapore Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by November 28, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Seshadri Rajagopalan
         Aaron Loh Cheng Lee
         Angela Ee Meng Yen
         One Raffles Quay
         North Tower Level 18
         Singapore 048583


QUANTEC REALTY: Creditors' Proofs of Debt Due on Nov. 12
--------------------------------------------------------
Creditors of Quantec Realty Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 12, 2009, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         One Raffles Quay
         North Tower Level 18
         Singapore 048583


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN           16933460.19    -8226075.95
ALLOMAK LTD            AMA            39033742.73     -860795.01
ALLSTATE EXPL-PP       ALXCC           16169603.2   -50619940.96
ALLSTATE EXPLORA       ALX             16169603.2   -50619940.96
ANTARES ENERGY L       AZZ            13709735.08    -1955765.01
ARC EXPLORATIO-N       ARXN            58544299.4   -15958771.93
ARC EXPLORATION        ARX             58544299.4   -15958771.93
AUSMELT LTD            AET             10421943.8    -1558622.35
AUSTAR UNITED          AUN           508844538.84  -310055789.75
AUSTRAILIAN Z-PP       AZCCA          77741918.88    -2566335.24
AUSTRALIAN ZIRC        AZC            77741918.88    -2566335.24
BIRON APPAREL LT       BIC            19706736.59    -2220069.65
CENTRO PROPERTIE       CNP         14725100625.83  -495299520.84
CHALLENGER INF-A       CIF          2307005549.62  -104582562.08
CHEMEQ LIMITED         CMQ            25194855.59   -24254413.72
CITY PACIFIC LTD       CIY           171501648.08    -6383353.75
EIRCOM HOLDINGS        ERC          7606555987.32  -533212434.19
ELLECT HOLDINGS        EHG            18245003.37   -15487781.92
HYRO LTD               HYO            21498880.13   -14825700.09
MAC COMM INFR-CD       MCGCD        8104415200.76  -103343256.49
RESIDUAL ASSC-EE       RAGXF         597329874.01  -126963316.48
RUBICON AMERICA        RAT           649532285.57  -100605696.94
RUBICON EUROPE T       REU            553099503.3  -252490904.13
TOOTH & CO LTD         TTH           108860665.87   -69404500.26
VERTICON GROUP         VGP            14221690.08   -24604525.15
VOYAGER RESOURCE       VOR           105239382.56  -190859513.39


CHINA

ALONG TIBET CO-A       600773         10645458.33    -1260472.65
AMOI ELECTRONI-A       600057        205714958.88  -171265179.25
ANHUI KOYO GROUP       979            60010204.49   -52445757.65
BAO LONG ORIENTA       600988         16803610.56    -3002433.31
CHANG LING GROUP       561            42473545.73   -10486849.69
CHENGDE DIXIAN-B       200160         52878580.08    -15925439.9
CHENGDU UNION-A        693            53505027.19    -5241722.53
CHINA EAST AIR-A       600115      10663617937.55  -669018244.31
CHINA EAST AIR-H       670         10663617937.55  -669018244.31
CHINA KEJIAN-A         35             80524769.63  -182184709.66
CHINESE.COM LOGI       805            12869661.54   -10094949.57
CITIC GUOAN VI-A       600084        348889601.71  -125227226.74
DANDONG CHEM F-A       498            102526072.1  -107860689.36
DONGGUAN FANGD-A       600656         64150753.72    -8735494.67
DONGXIN ELECTR-A       600691         20608187.18    -5028635.72
GAOXIN ZHANGTO-A       2075          124776592.95   -19821585.47
GUANGDONG HUAL-A       600242         19373034.05    -2325690.04
GUANGDONG KEL-A        921           650072211.91   -103760527.2
GUANGMING GRP -A       587            45859984.22   -44684252.23
GUANGXI BEISHE-A       600556        110503178.27  -144424566.92
GUANGXIA YINCH-A       557            19526916.97   -37073597.54
HEBEI BAOSHUO -A       600155        133526389.53  -358418197.58
HEBEI JINNIU C-A       600722        227141182.32  -223794072.17
HISENSE ELEC-H         921           650072211.91   -103760527.2
HUATONG TIANXI-A       600225         34542670.84   -29942511.88
HUDA TECHNOLOG-A       600892         20055498.84     -2392277.8
HUNAN ANPLAS CO        156            53136755.69    -81141655.2
JIAOZUO XIN'AN-A       719            14229704.96    -7806228.22
NINGBO YIDONG-H        8249           55690342.44   -22047522.03
QINGHAI SUNSHI-A       600381         53430938.15   -26418232.17
SHANG HONGSHENG        600817         17195946.36  -397044828.42
SHANG LIANHUA-A        600617         16629332.66    -2816699.77
SHANG LIANHUA-B        900913         16629332.66    -2816699.77
SHANGHAI WORLDBE       600757        218813789.33  -118596184.73
SHENZ CHINA BI-A       17             27968310.96   -264106065.1
SHENZ CHINA BI-B       200017         27968310.96   -264106065.1
SHENZ SEG DASH-A       7              75454296.33    -6832811.09
SHENZHEN DAWNC-A       863            28806239.39   -155220111.2
SHENZHEN KONDA-A       48            198370122.93   -14709825.62
SHENZHEN SHENXIN       34             23960824.39  -166323495.41
SHIJIAZHUANG D-A       958           247135076.94   -47057598.59
SICHUAN DIRECT-A       757           130066883.28   -118258912.1
SUNTEK TECHNOL-A       600728         36252073.49   -23232714.83
TAIYUAN TIANLO-A       600234         49936366.67   -24269532.79
TIANJIN MARINE         600751         82399198.24   -30394356.74
TIANJIN MARINE-B       900938         82399198.24   -30394356.74
TIBET SUMMIT I-A       600338         72677899.02   -13527522.12
TOPSUN SCIENCE-A       600771        183535542.89  -132134649.22
WINOWNER GROUP C       600681         11441386.17   -70778286.86
WUHAN BOILER-B         200770        425205467.18   -59127896.04
WUHAN GUOYAO-A         600421          11224148.1   -38404923.54
XIAMEN OVERSEA-A       600870        316697544.56  -153952891.08
YUEYANG HENGLI-A       622            37450378.86   -15337096.06
YUNNAN MALONG-A        600792        157520417.89    -3274324.93
ZHANGJIAJIE TO-A       430            52226364.35    -5625101.14


HONG KONG

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


INDONESIA

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


INDIA

ALCOBEX METALS         AML            35670319.03   -22443296.68
APPLE FINANCE          APL            70832103.73   -29253849.19
ASHIMA LTD             ASHM           59922403.11   -47153581.06
BAKELITE HYLAM         BKLT           13911138.88    -12867352.6
BALAJI DISTILLER       BLD            51161385.13    -38383503.3
BELLARY STEELS         BSAL           451679252.4  -108504755.34
BHAGHEERATHA ENG       BGEL           22646453.72   -28195273.09
CFL CAPITAL FIN        CEATF          14305706.35   -40038022.22
COMPUTERSKILL          CPS            14896780.89    -7560054.57
CORE HEALTHCARE        CPAR          185364966.99  -241912027.81
DCM FINANCIAL SE       DCMFS          16540889.84   -10988851.47
DIGJAM LTD             DGJM           98769193.78   -14623833.58
DISH TV IND-PP         DITVPP        422081403.33  -127614551.41
DISH TV INDIA          DITV          422081403.33  -127614551.41
DUNCANS INDUS          DAI           114362122.22  -185510212.55
GANESH BENZOPLST       GBP            77840261.61   -41865917.86
GEM SPINNERS LTD       GEMS           15233308.38     -112427.32
GLOBAL BOARDS          GLB            25154303.78     -793024.17
GSL INDIA LTD          GSL            37040429.61   -42340564.58
GUJARAT SIDHEE         GSCL           59440728.18     -660003.43
GUJARAT STATE FI       GSF            30159595.18  -234918081.46
HARYANA STEEL          HYSA           10831176.59    -5909008.81
HENKEL INDIA LTD       HNKL          102052835.27    -10237657.2
HFCL INFOTEL LTD       HFCL          151650830.03   -85807810.61
HIMACHAL FUTURIS       HMFC          406633181.85  -210980393.95
HINDUSTAN PHOTO        HPHT           93725753.93 -1229352757.43
HMT LTD                HMT           139311695.43  -277691144.15
ICDS                   ICDS           13300348.69    -6171079.46
INDIA FOILS LTD        IF             48457142.32   -38013960.39
INFOMEDIA 18 LTD       INF18          35798533.98    -1937646.71
INTEGRAT FINANCE       IFC            45562399.88   -43272851.09
ITI LTD                ITI          1116207771.94     -800236.54
JCT ELECTRONICS        JCTE           122542558.6   -49996834.55
JD ORGOCHEM LTD        JDO            14537402.78   -69753846.55
JENSON & NIC LTD       JN             15734678.26   -92089109.12
JIK INDUS LTD          KFS             20633171.5    -5623616.49
JK SYNTHETICS          JKS            13506415.91    -3030846.61
JOG ENGINEERING        VMJ            50080964.36   -10076436.07
KALYANPUR CEMENT       KCEM           32038613.71   -26757740.06
KERALA AYURVEDA        KRAP           13409639.48     -586700.12
KINGFISHER AIR         KAIR          1458636203.2  -418911009.67
LLOYDS FINANCE         LYDF           27683041.19    -8642121.28
LLOYDS STEEL IND       LYDS          358940191.85   -83135016.16
MILLENNIUM BEER        MLB            36392748.17    -3197477.14
MILTON PLASTICS        MILT            18310810.9   -40438966.11
NATH PULP & PAP        NPPM           13588844.93   -39126079.65
NICCO UCO ALLIAN       NICU            28843462.7   -56773550.08
NOVA PETROCHEM         NVPC           44390476.41     -925948.57
ORIENT PRESS LTD       OP             16699814.52      -94789.33
PANCHMAHAL STEEL       PMS            51024827.03     -325116.26
PANYAM CEMENTS         PYC            38841457.46     -641194.41
PARASRAMPUR SYN        PPS           111971290.89  -317111727.95
PAREKH PLATINUM        PKPL           61081050.43   -88849040.15
PEACOCK INDS LTD       PCOK           11395867.81   -14396604.39
PIRAMAL LIFE SC        PLSL           32054795.68    -3725239.05
POLAR INDS LTD         PLI             11613867.7   -22282942.24
RAMA PHOSPHATES        RMPH           34066789.55    -1192495.62
RATHI ISPAT LTD        RTIS           44555929.56     -3933592.5
RELIGARE TECHNOV       RTCL           44130883.78    -1460240.41
RENOWNED AUTO PR       RAP            14120061.57    -1253759.75
ROLLATAINERS LTD       RLT            22965755.05   -22244556.92
ROYAL CUSHION          RCVP           29192373.45   -73115309.68
RPG CABLES LTD         RPG            51431409.37   -20192930.18
SCOOTERS INDIA         SCTR            13288115.8     -578097.97
SEN PET INDIA LT       SPEN           13283611.52    -25431862.1
SHALIMAR WIRES         SWRI            24489676.4   -49901704.65
SHAMKEN COTSYN         SHC            23127927.75    -6172791.93
SHAMKEN MULTIFAB       SHM             60546590.6   -13260108.95
SHAMKEN SPINNERS       SSP            42180451.29   -16764934.64
SHARDA ISPAT LTD       SHIL           16179943.38    -5040578.35
SHREE RAMA MULTI       SRMT           81405835.45   -64134056.23
SIDDHARTHA TUBES       SDT            92929926.47   -10719543.54
SIL BUSINESS ENT       SILB           12461159.02   -19961202.41
SOUTHERN PETROCH       SPET         1543609373.57   -35609423.98
SPICE COMMUNICAT       SPCM          263692459.52   -19679192.67
STERLING HOL RES       SLHR            52909027.3     -631043.63
STERLING HOL-FOR       SLHR/F          52909027.3     -631043.63
STI INDIA LTD          STIB              44107456     -300149.59
TAMILNADU TELE         TNT            11680819.22    -3373123.87
TATA TELESERVICE       TTLS          793627684.28   -74636840.33
TRIVENI GLASS          TRSG           34542881.89    -6209872.78
UNIWORTH LTD           WW            145706493.29  -114873890.12
USHA INDIA LTD         USHA           12064900.61   -54512967.31
VENTURA TEXTILES       VRTL           14254627.45     -325402.59
WINDSOR MACHINES       WML            14500894.45   -28144999.02
WIRE AND WIRELES       WNW           102422193.22   -37057061.49


JAPAN

AVIX INC               7836           19009420.72    -2125138.36
COSMOS INITIA CO       8844         2333430615.87  -454804416.82
DDS INC                3782           10683845.35    -5696657.23
FDK CORP               6955           465071545.7   -85901797.18
G-TRADING              3348           32944112.56   -22016255.44
HARAKOSAN CO           8894          265026322.03   -21407690.82
L CREATE CO LTD        3247           42344509.56     -9146496.9
NESTAGE CO LTD         7633           11772250.32   -12201325.38
PLACO CO LTD           6347           19727184.96    -1662140.28
PRIME NETWORK          2684           15052085.28    -8379329.03
PROPERST CO LTD        3236          854806960.92   -17847055.11
RADIA HD               4723         1145701822.41   -213538214.6
REMIXPOINT CO LT       3825           13032512.99    -1159815.17
SAIKAYA CO LTD         8254          398458490.74   -17564816.07
SPC ELECTRONICS        6818          124705573.68   -13095644.59
TERRANETZ CO LTD       2140           11633353.37    -4293462.63


KOREA

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


MALAYSIA

AXIS INCORPORATI       AXIS           42453772.51   -79710389.89
HARVEST COURT          HAR            10993283.82    -7102079.77
HARVEST-RIGHTS-        HARR1          10993283.82    -7102079.77
LITYAN HLDGS BHD       LIT            18071124.04    -29261166.9
NEPLINE BHD            NL             20755619.11   -27545946.39
NIKKO ELECTRONIC       NIKKO          11189473.86    -8723186.48
WONDERFUL WIRE         WW             11594594.78    -14561593.4
WWE HOLDINGS BHD       WWE            66753912.87     -904694.18


NEW  ZEALAND

DOMINION FINANCE       DFH NZ Equ    258902749.12   -55312405.88


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***