TCRAP_Public/091104.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, November 4, 2009, Vol. 12, No. 218

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Brookfield Relinquishes Claim on Assets
CIT GROUP: Australia Bondholders Agree to Waive Rights


C H I N A

CHINA MEDIAEXPRESS: NYSE Amex Rescinds Delisting Notice
* CHINA: Big Three Airlines Swing to Profit in Third Qtr


H O N G  K O N G

B&B CHANGZHOU: Creditors' Proofs of Debt Due on Nov. 30
BABCOCK & BROWN: Creditors' Proofs of Debt Due on Nov. 30
BONAPARTE INVESTMENT: Commences Wind-Up Proceedings
CATARACT FUND: Inability to Pay Debts Prompts Wind-Up
CLIPPER MOTHERASIA: Creditors' Proofs of Debt Due on November 30

CHUNG KING: Cheng Hok Cheung Appointed as Liquidator
DAITO-SEIKO (HK): Commences Wind-Up Proceedings
DURANGO INTERNATIONAL: Members' Final Meeting Set for December 4
EAST ASIA PROPERTIES: Commences Wind-Up Proceedings
ECO-HARU PROPERTY: Inability to Pay Debts Prompts Wind-Up


I N D I A

BESTO TRADELINK: CRISIL Rates INR15 Million Cash Credit at 'B'
GLADDER CERAMICS: CRISIL Cuts Rating on INR61.4MM Term Loan to 'B'
GENERAL MOTORS: SAIC Likely to Pick 50% Stake in GM India
JET AIRWAYS: Second Quarter Loss Widens to INR4.07 Billion
MONDAL CONSTRUCTION: Loan Default Cues CRISIL to Assign 'D' Rating

MARBOLITE GRANITO: CRISIL Cuts Ratings on Various Debts to 'B'
N RAMALINGAM: CRISIL Assigns 'BB+' Rating on INR150MM Cash Credit
PRIYA BLUE: CRISIL Places 'BB+' Rating on INR95MM Cash Credit
PUNJAB SPINTEX: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
ROOP TECHNOLOGY: CRISIL Rates INR70.0 Mln Cash Credit at 'B+'

RANGARA INDUSTRIES: CRISIL Puts 'BB+' Rating on INR400MM LT Loans
TATA MOTORS: Vehicle Sales Up 34% in October


I N D O N E S I A

BANK CENTURY: BPK Seeks to Complete Investigative Audit This Year
BANK MANDIRI: First 9 Months Net Profit Up 16.8% to IDR4.6 Tril.
GARUDA INDONESIA: To Restructure Debt with European Credit Agency
INTERNATIONAL NICKEL: Posts US$75.9-Mln Net Earnings in Q3
PRIME DIG: Fitch Assigns 'BB-' Rating on US$315 Mil. Notes

TELEKOMUNIKASI INDONESIA: To Issue Up to IDR3 Tril. Worth of Bonds


J A P A N

AMERICAN INTERNATIONAL: To Keep 2 Japanese Insurance Units
JAPAN AIRLINES: JCR Downgrades Ratings on Senior Debts to 'B'
JAPAN AIRLINES: JCR Cuts Ratings on Outstanding Bonds to 'B-'
LEHMAN BROTHERS: Shinshei Bank Gets Control of Sunrise Case
LOPRO CORP: Files for Bankruptcy Protection

SHINSEI BANK: To Reinforce Customer Base by Corporate Lending


K O R E A

HYNIX SEMICONDUCTOR: Hyosung May Scrap Plan to Buy 28% Hynix Stake


M A L A Y S I A

LITYAN HOLDINGS: Regularizes Financial Condition; Out of PN17
POLY TOWER: Bourse Suspends Trading of Securities


N E W  Z E A L A N D

FLIGHT EXPERIENCE: Placed in Receivership; On the Selling Block


S I N G A P O R E

HONG NGIAP: Creditors' First Meeting Set for November 11
HO SHING CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 16
GIANTWILL PTE: Court Enters Wind-Up Order
LABONE SINGAPORE: Creditors' Proofs of Debt Due on November 13
NATURAL FUEL: Court Enters Wind-Up Order

ORPRO DIRECT (S): Court Enters Wind-Up Order
SILVERSTAR INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 13
SUNRISE F&B: Creditors Get 100% Recovery on Claims
STRATEGEM TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 6
SWINDON PTE: Creditors' Proofs of Debt Due on November 13

Y.S.P REFRIGERATION: Court to Hear Wind-Up Petition on Nov 13


X X X X X X X X

* S&P Downgrades Ratings on Three Asia CDO Transactions to 'D'
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BABCOCK & BROWN INFRA: Brookfield Relinquishes Claim on Assets
--------------------------------------------------------------
Bloomberg News reports that Babcock & Brown Infrastructure Group
said Brookfield Asset Management Inc. will relinquish its claim on
the company's Australian energy, transmission and distribution
assets.

The report notes BBI in a statement to the Australian stock
exchange said that shareholders in BBI EPS Ltd, a special purpose
company that was formed in connection with the acquisition of
Alinta Ltd, will receive any money generated from the sale of
those assets.

According to Bloomberg, BBI said that BBI EPS shareholders will
also get about AU$333 million under a successful recapitalization
of Babcock Infrastructure.

Babcock & Brown Ltd. combined with Singapore Power Ltd to purchase
Alinta, then Australia's biggest owner of gas pipelines and power
networks for more than AU$7 billion in 2007, Bloomberg discloses.

                     Recapitalization Proposal

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

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

The principal elements of the Recapitalization plan are:

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

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

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

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

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

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

               About Babcock & Brown Infrastructure

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

                          *     *     *

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

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


CIT GROUP: Australia Bondholders Agree to Waive Rights
------------------------------------------------------
Sarah McDonald at Bloomberg reports that bondholders of CIT Group
Inc.'s Australian unit agreed to allow the lender to keep
operating as normal after the U.S. parent filed for bankruptcy.

CIT Australia negotiated "certain concessions" for investors in
its medium-term notes in return for them "forbearing from
exercising rights associated with the bankruptcy," it said in a
letter sent to clients and signed by Managing Director Keith
Rodwell.

The letter didn't give details on the concessions and Rodwell
declined to comment when contacted at his office.   CIT Group
(Australia) Ltd. sold A$300 million ($271 million) of fixed- and
floating-rate notes in 2006, according to data compiled by
Bloomberg.  The bonds were guaranteed by CIT Group, National
Australia Bank Ltd. analysts said in a research note.

Bloomberg relates that CIT Group's bankruptcy in the U.S. is
likely to trigger an event of default, which gives bondholders the
right to demand early repayment.  The bonds mature in March 2011,
Bloomberg data show.

"CIT Australia is well capitalized, profitable and cash-flow
positive," and the parent group's bankruptcy filing will have
"limited effect" on its daily business, the letter said.  CIT
Australia provides leasing and financing to government agencies,
education providers, companies and individuals, according to its
Web site.

                        About CIT Group

CIT Group Inc. (NYSE: CIT) -- http://www.cit.com/-- is a bank
holding company with more than $60 billion in finance and leasing
assets that provides financial products and advisory services to
small and middle market businesses.  Operating in more than 50
countries across 30 industries, CIT provides an unparalleled
combination of relationship, intellectual and financial capital to
its customers worldwide.  CIT maintains leadership positions in
small business and middle market lending, retail finance,
aerospace, equipment and rail leasing, and vendor finance.
Founded in 1908 and headquartered in New York City, CIT is a
member of the Fortune 500.

CIT Group Inc. and affiliate CIT Group Funding Company of Delaware
LLC announced a Chapter 11 filing on November 1, 2009 (Bankr. D.
Del. Case No. 09-16565).  Evercore Partners, Morgan Stanley and
FTI Consulting are the Company's financial advisors and Skadden,
Arps, Slate, Meagher & Flom LLP is legal counsel in connection
with the restructuring plan.  Sullivan & Cromwell is legal advisor
to CIT's Board of Directors.

CIT Group on November 1 announced that, with the overwhelming
support of its debtholders, the Board of Directors voted to
proceed with the prepackaged plan of reorganization for CIT Group
Inc. and a subsidiary that will restructure the Company's debt and
streamline its capital structure.  None of CIT's operating
subsidiaries, including CIT Bank, a Utah state bank, were ncluded
in the filings.

As of June 30, 2009, CIT Group had total assets of $71,019,200,000
against total debts of $64,901,200,000.

Bankruptcy Creditors' Service, Inc., publishes CIT Group
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of CIT Group Inc. (http://bankrupt.com/newsstand/or 215/945-7000)


=========
C H I N A
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CHINA MEDIAEXPRESS: NYSE Amex Rescinds Delisting Notice
-------------------------------------------------------
China MediaExpress Holdings, Inc., disclosed that based on more
recent stockholder information that CME has provided, NYSE Amex
LLC has rescinded its previously announced delisting notice,
issued to the Company on October 23, 2009.

The Company has been informed by AMEX that no further appeals are
required and it expects to receive a new approval regarding its
continued listing from AMEX.

Zheng Cheng, CME's Founder and CEO, noted, "We are glad to report
to our stockholders the prompt resolution of questions raised by
AMEX regarding our business combination with TM Entertainment.  We
expect that the promising future for our business in the
significant PRC markets we serve will continue to provide
opportunity for investors interested in benefiting from the
significant growth expected in this sector."

                            About CME

CME, through contractual arrangements with Fujian Fenzhong, an
entity majority owned by CME'S former majority shareholder,
operates the largest television advertising network on inter-city
express buses in China.  While CME has no direct equity ownership
in Fujian Fenzhong, through the contractual agreements CME
receives the economic benefits of Fujian Fenzhong's operations.
Fujian Fenzhong generates revenue by selling advertisements on its
network of television displays installed on over 18,000 express
buses originating in thirteen of China's most prosperous regions,
including the five municipalities of Beijing, Shanghai, Guangzhou,
Tianjin and Chongqing and eight economically prosperous provinces,
namely Guangdong, Jiangsu, Fujian, Sichuan, Hebei, Anhui, Hubei
and Shandong which generate nearly half of China's GDP.


* CHINA: Big Three Airlines Swing to Profit in Third Qtr
--------------------------------------------------------
Bloomberg News reports that the three biggest Chinese airlines
swung to profits in the third quarter as economic growth spurred
domestic air travel.

Bloomberg discloses that:

   -- China Southern Airlines Co., which predominately flies
      domestic routes, posted a net profit of CNY284 million
      (US$42 million), compared with a loss of CNY830 million
      a year earlier.  China Southern boosted sales 9.5% to
      CNY15.95 billion.

   -- Air China Ltd. had an CNY885 million profit, compared
      with a loss of CNY1.97 billion.   Air China, the nation's
      largest international carrier, said sales rose 1.3% to
      CNY14.1 billion.

   -- China Eastern Airlines Corp. also reported a profit of
      CNY23.2 million, compared with a net loss of CNY2.33
      billion a year earlier.  China Eastern's sales climbed
      5.5% to CNY11.4 billion.

According to Bloomberg, nationwide passenger numbers rose 20% in
the first nine months as government stimulus measures shielded
China from the worst of the global recession.  Air China and China
Eastern also made fuel-hedging gains on rising oil prices, the
report notes.

"The aviation market has recovered quite a lot from the
downturns," Bloomberg quoted Jack Xu, an analyst at Sinopac
Securities Asia, as saying.  "The big three are likely to report
full-year profits given the sales performance and write-backs from
the hedging contracts."


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


B&B CHANGZHOU: Creditors' Proofs of Debt Due on Nov. 30
-------------------------------------------------------
Creditors of B&B Changzhou Holdings 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 liquidator is:

         Lai Kar Yan (Derek)
         Darah E. Haughey
         One Pacific Place, 35/F
         88 Queensway
         Hong Kong


BABCOCK & BROWN: Creditors' Proofs of Debt Due on Nov. 30
---------------------------------------------------------
Creditors of Babcock & Brown (Huayuan) 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 liquidator is:

         Lai Kar Yan (Derek)
         Darah E. Haughey
         One Pacific Place, 35/F
         88 Queensway
         Hong Kong


BONAPARTE INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Bonaparte Investment Limited on October 23, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Leung Fung Yee Alice
         Jardine House, 5th Floor
         1 Connaught Place
         Central, Hong Kong


CATARACT FUND: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
Cataract Fund for the Needed Limited on October 19, 2009, resolved
to voluntarily wind up the company's operations due to its
inability to pay debts when it becomes due.

The company's liquidator is:

         Ng Oi Che
         Room 206, 2nd Floor
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


CLIPPER MOTHERASIA: Creditors' Proofs of Debt Due on November 30
----------------------------------------------------------------
Creditors of Clipper Motherasia 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:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road Central
         Hong Kong


CHUNG KING: Cheng Hok Cheung Appointed as Liquidator
----------------------------------------------------
Cheng Hok Cheung on October 21, 2009, was appointed as liquidator
of Chung King Company Limited.

The liquidator may be reached at:

         Cheng Hok Cheung
         Malaysia Building, Unit 204, 2/F
         50 Gloucester Road
         Wanchai, Hong Kong


DAITO-SEIKO (HK): Commences Wind-Up Proceedings
-----------------------------------------------
Members of Daito-Seiko (HK) Company Limited, which is in
creditor's voluntary liquidation on October 17, 2009, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Pui Chiu Wing
         Parklane Centre, Room 10, 16/F
         25 Kin Wing Street
         Tuen Mun, N.T.
         Hong Kong


DURANGO INTERNATIONAL: Members' Final Meeting Set for December 4
----------------------------------------------------------------
Members of Durango International Management Limited will hold
their final general meeting on December 4, 2009, at 10:40 a.m.,
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EAST ASIA PROPERTIES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of East Asia Properties Investment Company Limited, which
is in member's voluntary liquidation, on October 22, 2009, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ECO-HARU PROPERTY: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Eco-Haru Property Investments Limited on October 14, 2009,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it becomes due.

The company's liquidators are:

         Edward Simon Middleton
         Fergal Thomas Power
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


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I N D I A
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BESTO TRADELINK: CRISIL Rates INR15 Million Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Besto Tradelink Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR15 Million Cash Credit        B/Stable (Assigned)
   INR45 Million Packing Credit     P4 (Assigned)

The ratings reflect Besto's weak financial risk profile and small
scale of operations.  This weakness is, however, partially offset
by adequate debtor and inventory management practices in bauxite
trading.

Outlook: Stable

CRISIL believes that Besto's credit risk profile will continue to
be constrained by volatile and low profitability.  The outlook may
be revised to 'Negative' if the company's financial risk profile
weakens further on account substantial working capital borrowings.
Conversely, the outlook maybe revised to 'Positive' if the company
demonstrates steady improvement in revenues and profitability.

                        About Besto Tradelink

Incorporated in 1997, Besto trades in cotton bales, minerals and
other commodities.  The company is promoted by Mr. Rakesh Patel
and his family. Almost 60 per cent of the company's revenues are
derived from exports.  Besto reported a profit after tax (PAT) of
INR0.5 million on net sales of INR146.2 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.1 million on net sales of INR263.5 million for 2007-08.


GLADDER CERAMICS: CRISIL Cuts Rating on INR61.4MM Term Loan to 'B'
------------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Gladder
Ceramics Ltd (Gladder Ceramics; part of the Swastik group) to
'B/Negative' from 'BB-/Negative'.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit Limit   B/Negative (downgraded from
                                                   BB-/Negative)

   INR61.4 Million Term Loan           B/Negative (downgraded from
                                                   BB-/Negative)

   INR48.6 Million Proposed Long Term  B/Negative (downgraded from
                   Bank Loan Facility              BB-/Negative)

The downgrade follows the deterioration in Gladder Ceramics's
debt-servicing ability because of deterioration in the Swastik
group's liquidity, driven by the slowdown in the ceramics
industry/economy. CRISIL believes that Gladder Ceramics's debt-
servicing ability will remain constrained over the medium term.

The rating continues to reflect the Swastik group's weak financial
risk profile marked by limited financial flexibility because of
low net worth.  The impact of the weakness is mitigated by the
expected improvement in the group's profitability on the back of
increased revenue from the value-added vitrified tiles in its
product mix.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Gladder Ceramics, Marbolite Granito
India Ltd, and Akik Tiles Ltd, collectively referred to as the
Swastik group. This is because the three companies are in the same
line of business, have a common management, and share business
functions of finance, procurement of raw material, and marketing
of tiles.

Outlook: Negative

CRISIL believes that the Swastik group's liquidity will remain
weak over the medium term, as its net cash accruals are expected
to remain low vis--vis its maturing term loan obligations. Also,
the group's gearing is expected to remain high because of large
borrowings to meet capital expenditure and working capital
requirements. The outlook may be revised to 'Stable' in case the
group generates higher-than-expected net cash accruals over the
medium term. Conversely, the rating may be downgraded in case of
steeper-than-expected decline in the Swastik group's profitability
and deterioration in its financial risk profile.

                     About the Group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24,000 to 25,000
square metres per day.  The group's manufacturing units are
located in the 'Ceramic Zone' at Himmatnagar and Mehsana in North
Gujarat.  The group is present in all three major tile segments:
ceramic tiles (through Akik Tiles Ltd), porcelain tiles (Gladder
Ceramics), and vitrified tiles (Marbolite). Products under all the
three segments are sold under the Swastik Tiles brand.

Gladder Ceramics is expected to incur a net loss of around
INR1.18 million on net sales of INR163.7 million for 2008-09
(refers to financial year, April 1 to March 31), against a net
profit of INR1.3 million on net sales of INR120.8 million for
2007-08.


GENERAL MOTORS: SAIC Likely to Pick 50% Stake in GM India
---------------------------------------------------------
The Economic Times reports that Shanghai Automotive Industry
Corporation (SAIC) is likely to acquire 50% stake in the General
Motors India which will allow SAIC to assemble light trucks in
India and help General Motors source components from China.

SAIC may also be offered a position on the GM India (GMI) board,
the ET relates, citing a person with direct knowledge of the deal.

The alliance is expected to use GMI's Talegaon manufacturing
facility to roll out SAIC small trucks, according to the Economic
Times.

                       Carnation Auto Tie-up

The Economic Times, citing a person familiar with the development,
reports that GMI is in talks with Jagdish Khattar's Carnation Auto
for a possible distribution tie-up.

General Motors India is looking to expand its network through a
tie-up with Carnation in areas where a stand-alone dealership or
service point is not feasible, the ET relates.

                          GM India Sales

General Motors India has reported 15% increase in sales during
October at 7,413 units, against 6,465 units in the same month last
year, according to The Times of India.

The Times says that during the month, the company sold:

   -- 4,231 units of the Chevrolet Spark;
   -- 1,161 units of the Chevrolet Tavera;
   -- 599 units of Aveo U-Va;
   -- 337 units of Aveo;
   -- 163 units of Chevrolet Optra;
   -- 110 units of the Chevrolet Captiva; and
   -- 812 units of Chevrolet Cruze.

According to the Times, GMI said the increase in sales was driven
by its Chevrolet brand and there are pending orders which could
not be delivered due to supply constraints of some of the parts.

GMI, a wholly owned subsidiary of General Motors Corp.,
manufactures Chevrolet brand of cars that includes Aveo, Aveo-Uva,
Spark and Tavera, Captiva, Cruze, and Optra Magnum.

                       About General Motors

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

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

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

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

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

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


JET AIRWAYS: Second Quarter Loss Widens to INR4.07 Billion
----------------------------------------------------------
Jet Airways (India) Ltd. reported a net loss of INR4.07 billion
(US$84.5 million) for the second quarter ended September 30, 2009,
compared with a net loss of INR3.78 billion in the same period a
year ago.

Jet Airways said the pilot strike caused a revenue loss of
approximately INR800 million (US$16 million).

The company posted revenues of INR23.81 billion (US$495 million)
in the three months ended September 30, 2009, down 26.9% from the
same period in 2008.

"The domestic air traffic market has started to show some signs of
recovery in the current quarter; however lean season and low
yields have impacted the top line.  Domestic industry traffic in
Q2 grew by 24% over the same period last year," the company said
in a statement.

                        Domestic Operations

Domestic operations accounted for 38% of total revenues (INR9,134
million) versus 46.8% (Rs. 15,243 million, US$ 324.6) in the
second quarter of the previous year.

The Company achieved a domestic seat factor of 69.8% in Q2 FY10
versus 66.9% in Q2 FY09.

During the quarter, the company's capacity increased by 2.5% as
compared to Q1 FY10 because of more conversions from a full
service offering to JAK.  This number has been greatly impacted
due to the 5 days of strike in September.  The full impact of the
JAK conversions will show up in Q3 FY10.

The Company recorded a pre-tax loss on domestic operations of
INR3.66 billion (US$76.1 million), compared with a loss of
INR2.88 billion (US$61.4 million) in the same period a year ago.

                      International Operations

The revenues from international operations account for 62% of
total revenues (INR14.67 billion), compared 53% (Rs. 17,341
million) in the second quarter of last year.

The Company achieved a seat factor of 80.6% for Q2 FY10 versus
66.0% for Q2 FY09

The Company showed an improved performance in Q2 FY10 with a
healthy EBITDAR margin of 25.2% versus -9.5% in Q2 FY09,
suggesting a major turnaround.

International operations as a whole showed a pre-tax loss of
INR404 million (US$ 8.4 million), compared with a pre-tax loss of
INR2.89 billion (US$ 61.7 million) for the same period last year.
This still reflects sluggish demand, especially in the premium
segment.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


MONDAL CONSTRUCTION: Loan Default Cues CRISIL to Assign 'D' Rating
------------------------------------------------------------------
CRISIL has assigned ratings of 'D' to the bank facility of Mondal
Construction Company Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Cash Credit       D (Assigned)

The ratings factor in default by Mondal on its term loan
obligations owing to weak liquidity.  The rating also takes into
account its small scale of operations and low net worth and
established track record of promoters.

Set up in July 2004, Mondal Construction is developing a 384,000-
square-feet residential complex at Hooghly (West Bengal).  The
project, being executed in three phases, is expected to be
completed by December 2010 at a total outlay of INR300 million.


MARBOLITE GRANITO: CRISIL Cuts Ratings on Various Debts to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Marbolite Granito India Ltd (Marbolite; part of the Swastik group)
to 'B/Negative' from 'BB-/Negative'.

   Facilities                        Ratings
   ----------                        -------
   INR120.0 Million Cash Credit      B/Negative (downgraded from
                                                 BB-/Negative)

   INR294.1 Million Long Term Loan   B/Negative (downgraded from
                                                 BB-/Negative)

   INR15.9 Million Proposed Long     B/Negative (downgraded from
         Term Bank Loan Facility                 BB-/Negative)

The downgrade follows deterioration in Marbolite's debt-servicing
ability because of deterioration in its liquidity, driven by the
slowdown in the ceramics industry/economy.  CRISIL believes that
Marbolite's debt-servicing ability will remain constrained over
the medium term.  Marbolite had applied for rescheduling its term
loan in January 2009; the loan was rescheduled in June 2009.  In
the interim, the company delayed the payment of its March 2009
installment, and paid it along with the June 2009 installment
after the debt was rescheduled.

The rating continues to reflect the Swastik group's weak financial
risk profile marked by limited financial flexibility because of
its low net worth.  The impact of the weakness is mitigated by the
expected improvement in the group's profitability on the back of
increased revenue from the value-added vitrified tiles in its
product mix.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Marbolite, Gladder Ceramics Ltd, and
Akik Tiles Ltd, collectively referred to as the Swastik group.
This is because the three companies are in the same line of
business, have a common management, and share business functions
of finance, procurement of raw material, and marketing of tiles.

Outlook: Negative

CRISIL believes that the Swastik group's liquidity will remain
weak over the medium team as its net cash accruals are expected to
remain low vis-a-vis its maturing term loan obligations. Also, the
group's gearing is expected to remain high because of large
borrowings to meet capital expenditure and working capital
requirements.  The outlook may be revised to 'Stable' in case the
group generates higher-than-expected net cash accruals over the
medium term.  Conversely, the rating may be downgraded in case of
steeper-than-expected decline in the Swastik group's profitability
and deterioration in its financial risk profile.

                          About the Group

The Swastik group manufactures ceramic, porcelain, and vitrified
floor tiles, with a daily production capacity of 24,000 to 25,000
square metres per day.  The group's manufacturing units are
located in the 'Ceramic Zone' at Himmatnagar and Mehsana in North
Gujarat.  The group is present in all three major tile segments:
ceramic tiles (through Akik Tiles Ltd), porcelain tiles (Gladder
Ceramics), and vitrified tiles (Marbolite). Products under all the
three segments are sold under the Swastik Tiles brand.

Marbolite's profit after tax (PAT) is estimated at around INR6.63
million on net sales of INR438.8 million for 2008-09 (refers to
financial year, April 1 to March 31), against a reported net loss
of INR1.2 million on net sales of INR26.83 million for 2007-08.


N RAMALINGAM: CRISIL Assigns 'BB+' Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of N Ramalingam & Co.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit         BB+/Stable (Assigned)
   INR300.0 Million Bank Guarantee      P4+ (Assigned)
   INR1.0 Million Proposed Short Term   P4+ (Assigned)
                   Bank Loan Facility

The ratings reflect NRC's exposure to risks relating to modest
scale of operations, and intense competition in the civil and
infrastructure construction industry, and limited revenue
diversity.  These weaknesses are, however, partially mitigated by
the firm's strong track record in the construction business, and
healthy order book.  The ratings also factor in the firm's average
financial risk profile, marked by modest gearing, and healthy debt
protection measures.

Outlook: Stable

CRISIL believes that NRC will maintain a stable credit risk
profile, supported by a comfortable order book position, and
moderate financial risk profile. The outlook may be revised to
'Positive' if the firm executes on-going and future projects
without cost or time overruns, or if significant fund infusions by
promoters help NRC maintain a strong financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lapses in
execution of projects lead to penalties/invocation of guarantees,
and materially affect the firm's financial risk profile.

Set up in 1984, by Mr. N Ramalingam, NRC undertakes contracts in
civil and infrastructure construction, primarily in the building
segment. It is registered as a Class 1 contractor in Tamil Nadu
and Karnataka. NRC reported a profit after tax (PAT) of INR34.6
million on net sales of INR581.6 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR11.3
million on net sales of INR229.7 million for 2007-08.


PRIYA BLUE: CRISIL Places 'BB+' Rating on INR95MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Priya Blue Industries Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR95.0 Million Cash Credit Limit      BB+/Stable (Assigned)
   INR750.0 Million Letter of Credit      P4+ (Assigned)
   INR70.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Priya Blue's exposure to risks relating to
cyclicality and intense competition in the ship-breaking industry.
Industry is also susceptible to changes in government regulations
specifically with respect to environmental concerns.  These
weaknesses are partially offset by the benefits that the company
derives from promoters' experience, and healthy growth prospects
in the ship-breaking industry, over the medium term.

Outlook: Stable

CRISIL believes that Priya Blue will maintain a stable financial
risk profile backed by promoters' strong track record, and healthy
growth prospects in the ship-breaking industry.  The outlook may
be revised to 'Positive' if the company is able to reap the
benefits of the boom in the ship-breaking industry, and improve
its profitability.  Conversely, the outlook may be revised to
'Negative' if steel scrap prices decline sharply, leading to
losses for the company.

                         About Priya Blue

Incorporated in 1994, Priya Blue undertakes ship breaking and
recycling activities.  The company has been allotted a 6000 sq.
meters plot in Sosiya, an extension of the Alang port (Gujarat).
The company has a capacity to dismantle ships weighing up to
45,000 tonnes.  Priya Blue has scrapped more than 25 ships so far.
The company reported a profit after tax (PAT) of INR10.7 million
on net sales of INR741 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of Rs INR7.9 million
on net sales of INR396 million for 2007-08.


PUNJAB SPINTEX: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Punjab Spintex Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR51.2 Million Proposed Long Term     BB-/Stable (Assigned)
                    Bank Loan Facility
   INR330.0 Million Term Loan             BB-/Stable (Assigned)
   INR8.8 Million Bank Guarantee          P4+ (Assigned)
   INR10.0 Million Bill Discounting       P4+ (Assigned)

The ratings reflect PSL's moderate financial risk profile, small
scale of operations in the cotton yarn industry, and limited track
record of operations.  These weaknesses are, however, partially
offset by the benefits that PSL is expected to derive from the
growth prospects of the cotton yarn industry.

Outlook: Stable

CRISIL believes that PSL's financial flexibility will remain
limited over the medium term because of the company's small net
worth and small scale of operations.  The outlook may be revised
to 'Positive' in case the company is able to scale up its
operations while maintaining operating margins at current levels.
Conversely, the outlook may be revised to 'Negative' in case PSL's
margins decline significantly, thereby leading to inadequate cash
accruals for servicing its debt; or the company's capital
structure is adversely affected by large debt-funded capex.

                       About Punjab Spintex

PSL was incorporated in February 2007; it commenced operations in
December 2008; it is promoted by Mr. Suresh Kumar and his three
business associates.  The company is engaged in manufacturing
coarse cotton yarns of counts ranging from 20 to 30, used in low-
quality cotton clothes, towels, bed-sheets and carpet weaving.
The company has a manufacturing facility at Bathinda (Punjab) with
an installed capacity of 24000 spindles.

PSL reported a loss at profit after tax (PAT) level of INR0.4
million on net sales of INR26.8 million for 2007-08 (refers to
financial year, April 1 to March 31).


ROOP TECHNOLOGY: CRISIL Rates INR70.0 Mln Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Roop Technology Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit            B+/Stable (Assigned)
   INR230.0 Million Letter of Credit*     P4 (Assigned)

   * Includes a sublimit for Bank Guarantee

The ratings reflect Roop's modest scale of operations and
constrained financial risk profile.  The impact of these
weaknesses is mitigated by the company's established relationships
with customers and suppliers.

Outlook: Stable

CRISIL expects Roop to maintain its steady business risk profile
on the back of established relationships with channel partners and
support from vendors.  The outlook may be revised to 'Positive' if
the company's scale of operations increases and profitability
improves on a sustainable basis, thereby resulting in increased
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's debt protection indicators weaken further.

                        About Roop Technology

Set up in 1999, Roop trades in computer parts.  The company
supplies to resellers, who in turn sell the products to end users.
Roop has 10 branches across India.  The company specializes in
display hardware and peripherals and is the authorised distributor
for Viewsonic Corporation, Phillips Electronics India Ltd. in
India; for LG Electronics India Pvt.Ltd.in Maharashtra, Andhra
Pradesh, Tamil Nadu, and Karnataka;, Epson India Pvt. Ltd in
southern Maharashtra.  The company is also a national distributor
for Genius Computer Technology Ltd's products. Roop supplies
display hardware such as liquid crystal display and cathode ray
tube (CRT) monitors; optical products such as CD-ROM drives, DVD
writers, and CD-RW drives; inkjet printers; and computer
accessories.  The business is managed by Mr. Umang Mehta and his
brother Mr. Nilesh Mehta.

Roop reported a net loss of INR9.5 million on net sales of
INR945.5 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR7.9 million on net
sales of INR1057.2 million for 2007-08.


RANGARA INDUSTRIES: CRISIL Puts 'BB+' Rating on INR400MM LT Loans
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Rangara Industries Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR400 Million Term Loan Facilities    BB+/Stable (Assigned)
   INR40 Million Cash Credit Facilities   BB+/Stable (Assigned)

The rating reflects RIPL's small scale of operations, highly
leveraged capital structure, large working capital requirement,
and susceptibility to economic cycles.  The impact of these
weaknesses is mitigated by RIPL's track record of about 30 years
in the crane leasing industry, and the steady improvement in its
profitability.

Outlook: Stable

CRISIL believes that RIPL will maintain its credit risk profile
backed by its strong track record in the industry, the expected
growth in its business, and its healthy operating margin over the
medium term.  The outlook may be revised to 'Positive' if RIPL's
financial risk profile improves because of significant improvement
in its scale of operations.  Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected increase in
RIPL's scale of operations or more-than-expected deterioration in
its capital structure.

                     About Rangara Industries

RIPL (formerly, Seeta Lifters Pvt Ltd) was established by
Mr. Noorali Rangara in 1965; the company was initially into
trading and distribution of tyres.  In 1978, the company
diversified into hiring and operating cranes and excavators.  RIPL
is presently a mid-sized player in the crane and excavator leasing
industry, which is an unorganized market dominated by large
players such as Sanghvi Movers Ltd and ABG Infralogistics Ltd.
RIPL owns a fleet of 48 cranes (capacity ranging from 55 to 230
tonnes) and 16 excavators. The company has offices in Mumbai,
Dubai, and Muscat.

For 2008-09 (refers to financial year, April 1 to March 31),
RIPL reported a net profit of INR43 million on net sales of
INR294 million, against a net profit of INR33 million on net sales
of INR273 million for 2007-08.


TATA MOTORS: Vehicle Sales Up 34% in October
--------------------------------------------
Tata Motors Ltd. said total sales (including exports) of its
commercial and passenger vehicles in October 2009 were 53,404
vehicles, a growth of 34% over 39,729 vehicles sold in October
2008.  The company's domestic sales of commercial and passenger
vehicles for October 2009 were 50,552 nos., a 40% growth over
36,168 nos. sold in October last year.

Cumulative sales (including exports) for the company for the
fiscal at 326,895 nos., recorded a growth of 7% over 305,438 nos.
sold last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in October 2009 in the
domestic market were 30,541 nos., a 59% growth compared to 19,154
vehicles sold in October last year.  LCV sales were 18,625 nos., a
growth of 57% over October last year. M&HCV sales stood at 11,916
nos., a growth of 63% over October last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 192,241 nos., a growth of 17% over last year.
Cumulative LCV sales are 118,903 nos., a growth of 34% over last
year, while M&HCV sales stood at 73,338 nos., lower by 4% over
last year.

                        Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 22,232 nos. (20,011 Tata + 2,221 Fiat) in
the domestic market in October 2009, a 28% increase compared to
17,378 nos. (17,014 Tata + 364 Fiat) in October last year, and the
highest this fiscal. Sales of Tata cars, at 17,557 nos. were also
the highest this fiscal, and grew by 25% over October 2008.  The
sales of the Tata Nano were 3,018 nos.  The Indica range sales
were 9,640 nos., a growth of 2% over October last year.  The
Indigo range recorded sales of 4,899 nos., a growth of 6.1% over
October last year, reversing the decline after seven months due to
the launch of the next generation all-new Indigo Manza. The
Sumo/Safari range accounted for sales of 2,454 nos., lower by 16%
over October last year.

Jaguar Land Rover sales continued their upward trend since launch
in June.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 133,693 nos. (118,579 Tata
+ 15,114 Fiat), against 117,714 nos. (114,943 Tata + 2,771 Fiat)
last year, a growth of 13.6%.  Cumulative sales of the Nano are
10,518 nos.  Cumulative sales of the Indica range at 66,508 nos.,
reported a growth of 13%.  Cumulative sales of the Indigo family
are 23,397 nos., lower by 25%, but will now grow due to the launch
of the Indigo Manza.  Cumulative sales of the Sumo/Safari range
are 18,156 nos., lower by 26%.

                              Exports

The company's sales from exports at 2,852 vehicles in October 2009
were lower by 20% compared to 3,561 vehicles in October last year.
The cumulative sales from exports for the fiscal at 16,075 nos.
are lower by 37% over 25,601 nos. in the same period last year.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


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


BANK CENTURY: BPK Seeks to Complete Investigative Audit This Year
-----------------------------------------------------------------
The State Audit Board (BPK) hopes to complete its investigative
audit on Bank Century this year, Antara News reports, citing BPK
chairman Hadi Purnomo.

The report relates Mr. Purnomo said the board was now working to
complete the last phase of its audit on Bank Century, particularly
with regard to the disbursement of the bank's funds.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  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.  Bank Century received a capital injection of
IDR6.76 trillion from the Deposit Insurance Corporation (LPS).

The House Commission XI on financial affairs last August 2009
asked BPK to carry out an investigative audit on the bailing out
of Bank Century, according to Antara News.  A preliminary report
to the House by the BPK indicated that banking crimes had been
committed in the Bank Century case.

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.


BANK MANDIRI: First 9 Months Net Profit Up 16.8% to IDR4.6 Tril.
----------------------------------------------------------------
Bank Mandiri reported IDR4.6 trillion (US$495 million) in net
profit in the first nine months of this year, up 16.8% year-on-
year despite lower net interest margin (NIM).

The news agency, citing Bank Mandiri President Agus Martowardoyo,
says credit expansion and fee based income both contributed to
pushing up the net profit.x

According to the report, Mr. Martowardoyo said the lender reported
a 16% increase in operating income to IDR6.4 trillion although its
NIM was cut to 5.21% from 5.4%.

Its outstanding credit expanded 15.7% to IDR188.3 trillion
resulting in a 15% in net interest income to IDR12.7 trillion and
its fee based income rose 24% to IDR3.9 trillion, he said.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


GARUDA INDONESIA: To Restructure Debt with European Credit Agency
-----------------------------------------------------------------
Antara News reports that PT Garuda Indonesia plans to restructure
its debts to the European Credit Agency (ECA) in the next two
weeks.

The report relates Garuda Indonesia President Director Emirsyah
Satar confirmed the company's plans.  Mr. Satar said the terms and
conditions for restructuring the debts to ECA had been prepared
for approval by the two parties.  "It is only waiting for an
agreement," he said.

According to Antara, Mr. Satar admitted that the debt would likely
be restructured for another seven years starting this year.

Based on a previous restructuring, the report notes, the company's
debts are expected to be repaid fully totaling US$650 million in
the first semester of 2009.

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


INTERNATIONAL NICKEL: Posts US$75.9-Mln Net Earnings in Q3
----------------------------------------------------------
PT International Nickel Indonesia Tbk has announced its unaudited
2009 third quarter results.

PT Inco's gross profit margin in the third quarter of 2009
increased to 46.5% from 19.0% in the second quarter of 2009 mainly
due to an increase in the average realized price of nickel in
matte.

The Company recorded net earnings of US$75.9 million in the third
quarter of 2009 (US$0.008 per share), which represents a
substantial increase from the US$17.4 million (US$0.002 per share)
achieved in the second quarter of 2009.  EBITDA totaled US$128.3
million in the third quarter of 2009, compared to US$47.3 million
in the second quarter of 2009.

Sales revenue was US$249.8 million for the three months ended on
September 30, 2009, an increase of 61.2% compared to US$155.0
million in the second quarter of 2009.

This is due to an increase in the average realized price for
nickel in matte which averaged US$13,394 per metric ton during the
third quarter of 2009 compared to US$8,894 per metric ton in the
second quarter of 2009 and higher deliveries of nickel in matte in
this quarter which totalled 18,653 metric tons in the third
quarter of 2009 compared to 17,423 metric tons in the second
quarter of 2009.

Production of nickel in matte in the third quarter 2009 was 17,800
metric tons compared to 16,300 metric tons in the second quarter
of 2009.

"In addition to higher production and higher prices as major
drivers to better earnings, PT Inco also achieved a structural
operating cost reduction that improved its cost of production per
unit. For instance, we reduced the fixed cost and improved our
overall productivity," said Arif Siregar, the Company's President
Director.

"PT Inco is continuing to look for opportunities for cost
improvement and operations efficiency through integrated business
planning. Some of the initiatives have already been implemented
and resulted in cost reductions. We are also proceeding with a
review of organizational structure with implementation already
done in some areas of the Company," said Mr. Siregar.

In the third quarter of 2009, cash provided by operating
activities, but before capital expenditures, was US$86.6 million.
Cash used for capital expenditures in the third quarter of
2009 was US$22.7 million which was about half the US$41.7 million
spent in the second quarter 2009. There was a net cash inflow of
US$62.3 million in the third quarter of 2009 compared with a cash
outflow of US$55.1 million in the second quarter of 2009.

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *     *     *

As of July 14, 2009, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.


PRIME DIG: Fitch Assigns 'BB-' Rating on US$315 Mil. Notes
----------------------------------------------------------
Fitch Ratings has assigned a final issue rating of 'BB-' to the
US$315 million senior secured notes due November 3, 2014, issued
by Prime Dig Pte Ltd and guaranteed by PT Bukit Makmur Mandiri
Utama.  This follows the completion of the notes issue and receipt
of documents conforming to information previously received.  The
final rating is the same as the expected rating assigned on
September 14, 2009.

BUMA's 'BB-' Long-term foreign currency Issuer Default Rating with
a Stable Outlook and National Long-term rating of 'AA-(idn)' with
a Stable Outlook reflect its established position as the second-
largest coal mining contractor in Indonesia with a market share of
19%, its proven ability to win contracts from new and existing
customers, and its large contract backlog (more than 6x BUMA's
volumes in 2008), which provides good earnings visibility over the
next five to seven years.  The ratings also take into
consideration BUMA's quality customer base consisting of some of
Indonesia's largest and most profitable mining companies.  The
company's ratings are however constrained by its indirect exposure
to coal prices, the capital intensive nature of operations and
risks associated with Indonesia's developing regulatory framework.

Although the cost of BUMA's debt is somewhat higher than what was
initially anticipated by Fitch, its credit metrics are expected to
improve through 2014 given its strong operating cash generation
and repayment of bank borrowings.


TELEKOMUNIKASI INDONESIA: To Issue Up to IDR3 Tril. Worth of Bonds
------------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to issue bonds of IDR2
trillion to IDR3 trillion in the second quarter of 2010 to meet
part of capital expenditures (Capex), Antara News reports.

"The planned bond issuance will hopefully materialize in the first
semester of next year," the new agency quoted Telkom Finance
Director Sudiro Asno as saying.  The bonds would mature in 5 to 10
years, he said.

Antara relates that Telkom has decided to allocate IDR19 trillion
(US$2 billion) in funds for capital expenditures in 2010.
According to the report, nearly 25 percent of the funds will go to
Telkom, 70 percent to its cellular phone unit Telkomsel, and 5
percent to its other subsidiaries.

Telkom President Director Rinaldi Firmansyah, meanwhile, said
proceeds from the issuance of the bonds would also be used for
non-organic transactions, the report adds.

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

                           *     *     *

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


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


AMERICAN INTERNATIONAL: To Keep 2 Japanese Insurance Units
----------------------------------------------------------
American International Group Inc has dropped its plan to sell its
two Japanese insurance units and will continue to keep them as a
potential source of growth to boost overall company earnings,
Japan Today reports.

According to the report, AIG's move to keep AIG Star Life
Insurance Co and AIG Edison Life Insurance Co under its wing comes
after AIG management visited Japan and assessed that their
businesses are strong enough and viable.

AIG had been negotiating the sale of the two Japanese insurance
units and a strong candidate as a buyer was U.S. financial
services firm Prudential Financial Inc.

Japan Today meanwhile, says AIG will keep its plan to sell off or
have listed American Life Insurance Co, another group firm which
has operations in Japan.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


JAPAN AIRLINES: JCR Downgrades Ratings on Senior Debts to 'B'
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
senior debts of Japan Airlines International Co., Ltd. from BB-
to B, maintaining it on Credit Monitor with Negative direction
(from #BB-/Negative to #B/Negative).

Japan Airlines International Co. is the core operating company of
JAL Group, generating the majority of the Group's cash flow on a
consolidated basis.  The all executive officers and directors of
the holding Company, Japan Airlines Corporation (JAL),
concurrently serve as executive officers and directors of the
Company.  As the Company's oneness to the Group is strong, its
credit capacity is considered equivalent to that of Japan Airlines
Corporation.  Therefore, JCR downgraded the rating by two notches
and maintains it on Credit Monitor for the Company in the same way
as JCR did for JAL.

                          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.


JAPAN AIRLINES: JCR Cuts Ratings on Outstanding Bonds to 'B-'
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on
senior debts of Japan Airlines Corporation from BB- to B,
maintaining it on Credit Monitor with Negative direction (from
#BB-/Negative to #B/Negative).  JCR has also downgraded the
ratings on the outstanding bonds and shelf registration
(preliminary) from B+ to B-, maintaining them on Credit Monitor
with Negative direction (from #B+/Negative to #B-/Negative).

Senior debts: #B/Negative

             Amount
Issues       (Bln)   Issue Date  Due Date   Coupon  Rating
------      ------   ---------   --------   ------  ------
bonds no.1  JPY10    12/18/2003  12/18/2013 2.94%   #B-/Negative
bonds no.3  JPY10    02/04/2004  02/04/2011 1.92%   #B-/Negative

  (bonds no.1 and no.3 are guaranteed by Japan Airlines
   International.)

Shelf Registration: preliminary #B-/Negative
Maximum: JPY150 billion
Valid: two years effective from January 31, 2008

Rationale

It is highly likely that the central government and financial
institutions will be required to bear burden even under Japan
Airlines Corporation (JAL)'s new business rehabilitation plan
drawn up by support from Enterprise Turnaround Initiative
Corporation of Japan (ETIC).  There is concern that claims of its
financial institutions will be impaired.  There will be many
hurdles for cutback in its pension liabilities, which is a
concern, and JAL might move into filing for bankruptcy protection.
Additionally, bridge financing has yet to be fixed.  JCR
downgraded the ratings for JAL by two notches and maintains them
on Credit Monitor, taking into consideration the above.

                       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.


LEHMAN BROTHERS: Shinshei Bank Gets Control of Sunrise Case
-----------------------------------------------------------
Linda Sandler at Bloomberg News reports that Lehman Brothers
Holdings Inc. failed to persuade a New York judge to stop Japan's
Shinsei Bank Ltd. from gaining control of the reorganization of an
Asian Lehman unit, Sunrise Finance Co.

Bloomberg relates that Lehman had asked Judge James Peck in U.S.
Bankruptcy Court in New York to block Shinsei, backed by U.S.
investor Christopher Flowers, and hold it in contempt for
violating a rule that stops creditors from seizing a bankrupt
company's assets.

Judge Peck said in a court filing last week that after "due
deliberation" he wouldn't do so, Bloomberg notes.

LBHI and its affiliated debtors previously sought a bankruptcy
court ruling to hold Shinsei Bank in contempt after the bank
proposed an alternative plan of liquidation in the insolvency
proceeding of LBHI's Japanese unit, Sunrise Finance Co. Ltd.,
that would cause LBHI to lose $500 million of its claim against
Sunrise.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LOPRO CORP: Files for Bankruptcy Protection
-------------------------------------------
Kyodo News reports that Lopro Corp. filed for bankruptcy
protection Monday under the civil rehabilitation law with the
Tokyo District Court and was granted protection from creditors.
The company has debts of around JPY21.88 billion, the report says.

The news agency relates that Lopros' business deteriotated after
it was forced to payback borrowers, who had been charged
exorbitant interest, in line with a 2006 law change that clamped
down on moneylenders.  The payback, Kyodo says, also forced the
firm to increase loan-loss reserves, lessening the likelihood that
it could rehabilitate itself.

Kyodo notes the Tokyo Stock Exchange and the Osaka Securities
Exchange said they will delist Lopro from their first sections
Dec. 3.

Lopro Corporation is a Japan-based company engaged in the
provision of financial loan services.  Lopro is involved in the
provision of lending services and discount of commercial bill
services, as well as the leasing services of real estate and the
lease guarantee services.  It principally offers its services to
small- and medium-sized companies, as well as small-scale
businesses.  Its major products include commercial bill discounts,
as well as unsecured loans on notes and deeds. The Company has one
subsidiary.


SHINSEI BANK: To Reinforce Customer Base by Corporate Lending
-------------------------------------------------------------
Japan Today reports that Shinsei Bank and Aozora Bank will
reinforce their customer bases by promoting loans to corporate
borrowers in Japan while implementing workforce cuts and
liquidating assets.

The report notes Shinsei and Aozora, which are due to merge in
October next year, are among six banks that announced new
management improvement plans under an order from the Financial
Services Agency.

As reported in the Troubled Company Reporter-Asia Pacific on
July 31, 2009, the Financial Services Agency issued business
improvement orders to six Japanese banks that have received public
funds due to their poor performance.

The six banks include:

   -- Shinsei Bank;
   -- Aozora Bank;
   -- Chuo Mitsui Trust Holdings Inc.;
   -- Chiba Kogyo Bank;
   -- Higashi Nippon Bank; and
   -- Gifu Bank.

The financial watchdog said the six banks had incurred net losses
in the fiscal year ended in March, falling "considerably short" of
the profit targets set in their revitalization plans.

The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented.

                         About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                        About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service affirmed Shinsei Bank,
Limited's ratings, while the ratings outlook remains negative.
The ratings affected are its D+ bank financial strength rating,
Baa3 baseline credit assessment, A3/P-2 long- and short-term
deposit ratings, A3 senior unsecured debt rating, Baa1 senior and
junior subordinated debt ratings, and Baa3 preferred securities
rating.


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


HYNIX SEMICONDUCTOR: Hyosung May Scrap Plan to Buy 28% Hynix Stake
------------------------------------------------------------------
The Korea Times reports that Hyosung Group, the only company to
declare its intention to acquire controlling stake in Hynix
Semiconductor, may scrap its ambitious bid.

A top-ranking source from a creditor bank told The Korea Times
that "It might be difficult for Hyosung to buy even smaller stakes
in Hynix Semiconductor.  Market watchers say Hyosung is an
unprepared and unqualified contender for Hynix."

"Hyosung is embroiled in group-wide internal matters, while
struggling to concentrate on reviewing the screening process.  If
creditor banks push the icy procedure, then it will get in
trouble," the report quoted the source as saying.

According to the report, Hyosung missed a deadline again last week
to submit its preliminary bid to Korea Exchange Bank (KEB), the
main creditor for Hynix.  The report notes the source said Hyosung
officially requested KEB to delay the submission, citing a lack of
preparation.

The report relates a Hyosung spokesman confirmed that the it had
asked creditors to delay a deadline for the preliminary
acquisition proposal and said the bidder and banks will meet
sometime this week to discuss the matter.

Hyosung, focused on textiles and machinery, is the medium-size
conglomerate in Korea, with assets of KRW8.4 trillion.

As reported in the Troubled Company Reporter-Asia Pacific on
September 8, 2009, Hynix Semiconductor will invite bids on the
sale of a combined 28% stake in the company.

The stake sale, which is estimated to be worth KRW4.5 trillion
(US$3.65 billion), is being managed by Credit Suisse Ltd., Woori
Investment & Securities Co. and state-run Korea Development Bank.

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.


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


LITYAN HOLDINGS: Regularizes Financial Condition; Out of PN17
-------------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that Lityan Holdings
Berhad, a Practice Note No. 17/2005 company, has regularized its
financial condition pursuant to PN17.

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

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

                         *     *     *

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


POLY TOWER: Bourse Suspends Trading of Securities
-------------------------------------------------
Poly Tower Ventures Berhad failed to submit its quarterly report
for the financial period ended May 31, 2009, to Bursa Malaysia
Securities Berhad on or before October 30, 2009.

Consequently, Bursa Securities on November 2, 2009, suspended the
trading of the securities of Poly Tower Ventures pursuant to the
listing requirements of the bourse.

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.


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


FLIGHT EXPERIENCE: Placed in Receivership; On the Selling Block
---------------------------------------------------------------
The New Zealand Herald reports that Flight Experience Group has
been placed in receivership by its bankers, owed $4 million.

The report says the company was placed in voluntary administration
by its owners last month, but within a week ASB had called in the
receivers.

Iain Pero, the brother of major shareholder Mike Pero, is in the
running to acquire the Company's assets, the Herald said.
According to the report, receivers Grant Thornton of Christchurch
confirmed Flight Experience Group was being marketed for sale, but
said a deal had not been done yet.

Flight Experience founder Russell Hubber said all staff at the
head office in Christchurch had been made redundant, the report
relates.   The individual outlets, however, were franchises and
continued to trade, Mr. Hubber added.

Flight Experience Group -- http://www.flightexperience.co.nz/--
makes and sells flight simulators for pilot training and
entertainment.  It has six outlets around the country plus sites
in Australia, Singapore and Hong Kong.


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


HONG NGIAP: Creditors' First Meeting Set for November 11
--------------------------------------------------------
Hong Ngiap Trading Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on November 11, 2009, at 10:00 a.m., at
5 Shenton Way #23-03 UIC Building, in Singapore.

The company's liquidator is:

          Chan Yee Hong
          5 Shenton Way
          #23-03 UIC Building
          Singapore 068808


HO SHING CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 16
---------------------------------------------------------------
Creditors of Ho Shing Construction Co. (Pte) Ltd. are required to
file their proofs of debt by November 16, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


GIANTWILL PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on October 22, 2009,
to have Giantwill Pte Ltd's operations wound up.

G&W Ready-Mix Pte Ltd filed the petition against the company.

The company's liquidator is:

         Mah Beng Weng
         c/o 35 Kallang Pudding Road
         #07-06, Tong Lee Building, Block A
         Singapore 349314


LABONE SINGAPORE: Creditors' Proofs of Debt Due on November 13
--------------------------------------------------------------
Creditors of LabOne Singapore Pte. Ltd. are required to file their
proofs of debt by November 13, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          Stone Forest Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


NATURAL FUEL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on October 23, 2009,
to wind up the operations of Natural Fuel Pte Ltd.

Rotary Engineering Limited filed the petition against the company.

The company's liquidators are:

          Tam Chee Chong
          Lim Loo Khoon
          c/o Deloitte & Touche LLP
          6 Shenton Way #32-00
          DBS Building Two
          Singapore 068809


ORPRO DIRECT (S): Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on October 16, 2009,
to have Orpro Direct (s) Pte Ltd's operations wound up.

Jan Willem Holst filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


SILVERSTAR INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 13
-----------------------------------------------------------------
A petition to wind up the operations of Silverstar Investments Pte
Ltd will be heard before the High Court of Singapore on Nov. 13,
2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
October 14, 2009.

The Petitioner's solicitors are:

         RAJAH & TANN LLP
         4 Battery Road, #26-01
         Bank of China Building
         Singapore 049908


SUNRISE F&B: Creditors Get 100% Recovery on Claims
--------------------------------------------------
Sunrise F&B Pte Ltd will declare the first and final dividend on
November 6, 2009.

The company will pay 100% to the received claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


STRATEGEM TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 6
----------------------------------------------------------------
A petition to wind up the operations of Strategem Technologies Pte
Ltd will be heard before the High Court of Singapore on Nov. 6,
2009, at 10:00 a.m.

Sentinel Developments Limited of Trident Chambers filed the
petition against the company on October 15, 2009.


SWINDON PTE: Creditors' Proofs of Debt Due on November 13
---------------------------------------------------------
Creditors of Swindon Pte. Ltd. are required to file their proofs
of debt by November 13, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          Foo Kon Tan Grant Thornton
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


Y.S.P REFRIGERATION: Court to Hear Wind-Up Petition on Nov 13
-------------------------------------------------------------
A petition to wind up the operations of Y.S.P Refrigeration Engrg.
Services Pte Ltd will be heard before the High Court of Singapore
on November 13, 2009, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
October 20, 2009.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


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* S&P Downgrades Ratings on Three Asia CDO Transactions to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
ratings on three Asia (excluding Japan) collateralized debt
obligation transactions to 'D'.

The rating downgrades reflect the losses incurred in each
transaction by the respective noteholders.  The portfolios in the
three transactions had suffered several credit events, which
resulted in aggregate losses that exceeded the available
subordination and reduced the principal amount of the notes in
each transaction.  There has also been an interest payment
shortfall on the most recent interest payment date for each of the
transaction.

The rating actions on the affected transactions are:

      Rating lowered:

      Name                           Rating To    Rating From
      ----                           ---------    -----------
      Corsair (Jersey) No. 2 Ltd.    D            CCC-
      Series 69
      ELM B.V. Series 99             D            CCC-
      ELM B.V. Series 112            D            CCC-


* 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/

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.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/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.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/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.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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