TCRAP_Public/091109.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

           Monday, November 9, 2009, Vol. 12, No. 221



ABC LEARNING: Union Calls On Gov't. to Ensure ABC's Future
BNY TRUST: S&P Assigns Preliminary Notes on 2009-1 Notes
CENTRO PROPERTIES: Sets Up Committee to Monitor ASIC Action


BEARINGPOINT INC: Perot Acquired Shanghai Unit for US$3.2MM
GPX INT'L: Competing Bids for Business Units Due December 2
UNITED COMMERCIAL: Closed; East West Bank Assumes Deposits

H O N G  K O N G

AIG BANKING: Members' Final Meeting Set for December 7
ALLCO ASIA: Middleton and Cowley Step Down as Liquidators
ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on December 9
CAMELOT FAR: Au Wing Ip Appointed as Liquidator
ENRON (CHINA): Creditors' Meeting Set for November 24

ENRON (HK): Creditors' Meeting Set for November 24
GREENWOOD MANAGEMENT: Placed Under Voluntary Wind-Up Proceedings
INTEGRATED COAL: Creditors' Proofs of Debt Due November 30
LUNAR FUNDING: S&P Downgrades Ratings on 2006-24 Notes to 'D'
M&T INTERNATIONAL: Members' and Creditors Meeting Set for Nov 27

ROBOTOOLZ LIMITED: Creditors' Proofs of Debt Due November 27


ANKUR CHEMFOOD: CRISIL Reaffirms 'BB' Rating on INR8.7MM Term Loan
CONROS STEELS: ICRA Rates INR433.4MM Fund-Based Debts at 'LB'
DIAMOND FOOD: CRISIL Assigns 'B' Ratings on INR49 Mln LT Loan
HEMANT GOYAL: CRISIL Places 'B-' Ratings on Various Bank Debts
JINDAL HOTELS: CRISIL Assigns 'BB+' Rating on INR345.4MM Term Loan

PIONEER DISTILLERIES: ICRA Assigns 'LB+' Ratings on Term Loans
RELIGARE AVIATION: Operational Losses Cue ICRA 'LBB+' Ratings
TIRUPATHI YARNTEX: ICRA Puts 'LB' Rating on INR248.5MM Term Loans


INDO INTEGRATED: Fitch Assigns 'B+' Rating on US$230 Mil. Notes
PERUSAHAAN LISTRIK: Needs IDR4.8 Tril. Loans to Buy Transformers


ELPIDA MEMORY: Raises Capital Spending Estimate by 50%
EXCELLENT COLLABORATION: Moody's Downgrades Ratings on Two Bonds
SANYO ELECTRIC: Panasonic Launches Takeover Offer


MAGNACHIP SEMICONDUCTOR: Emerges from Chapter 11


DURACHEM GUANGZHOU: Parent Voluntary Winds Up Firm Due to Losses
OILCORP BERHAD: Unit Receives Winding Up Petition from Oakwell
RANHILL BERHAD: Winding Up Petition Served on Ranhill Engineers
RHYTHM CONSOLIDATED: Unit Gets Summons from Bank for Unpaid Loans


ARTS & THOTS: Creditors Get 61.05% Recovery on Claims


TAIWAN HIGH: Lenders Want Loans Fully Secured, Minister Says

                         - - - - -


ABC LEARNING: Union Calls On Gov't. to Ensure ABC's Future
On the first anniversary of ABC Learning Centre Ltd going into
receivership, Liquor Hospitality and Miscellaneous Union (LHMU),
the childcare union, has called on the Federal Government to
ensure the remaining centers are sold to a quality operator.

Receivers McGrathNicol were appointed to Australia's largest
privately owned childcare operator on November 6, 2008.  One year
later McGrathNicol are still at the helm of ABC Learning, making
this the longest running receivership in Australian corporate

Sue Lines, LHMU assistant national secretary, said that "After the
anxiety of the past year, the last thing workers and families need
is another ABC taking over the 705 centers the Receivers are
selling on behalf of ABC Learning's creditors, the big banks.

"Recent reports of the interested potential buyers do not
alleviate concerns about what lies ahead.  Mission Australia is in
a consortium with 5 other not-for-profit organizations.  Also in
the running are Knowledge Universe, founded in 1996 by Michael
Milken, and a little-known private equity group, ArcherCapital.

"A stable, reputable and quality operator is the priority for
families and workers and it must also be the priority for
governments to ensure childcare in Australia is operated in the
interests of families and workers.

"This sale process highlights weaknesses in Australia's childcare
licensing regime under which licences to operate childcare centers
are issued by state and territory governments.  There are no
national standards with which potential owners must comply in
order to operate a childcare centre. This isn't good enough.

"Australia's childcare licensing regime must be strong enough to
control and protect quality.  It's not appropriate for the big
banks to decide behind closed doors who will control these
centers, which represent 15% of Australia's childcare sector,
merely because they are ABC Learning's major creditors.

"The stakes are too high for the Government to sit back and let
the big banks decide short and long term outcomes for families and
workers.  They must step in now.

"Families value the commitment of the 13,000 childcare workers who
have provided professional care and education for young children
at ABC Learning centers throughout the past year despite the long,
stressful months of uncertainty about the future of the centers
and of their jobs.

"It's time for the Government to again do the right thing by
workers and families," Ms. Lines said.

According to the LHMU, since ABC Learning went into receivership,
850 jobs have been lost, 82 centers have either merged or closed,
250 centers have already been sold and 705 centers currently on

                        About ABC Learning

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

                           *     *     *

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

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

BNY TRUST: S&P Assigns Preliminary Notes on 2009-1 Notes
Standard & Poor's Ratings Services assigned preliminary ratings to
the notes to be issued by BNY Trust Co. of Australia Ltd. as
trustee of Bella Trust Series 2009-1.  The transaction is the
first securitization undertaken by Capital Finance Australia Ltd.
The notes are backed by commercial hire purchase, chattel
mortgage, and secured loan contracts over motor vehicles that were
originated by CFAL.

The preliminary ratings are based on information as of Nov. 5,
2009.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's opinion of the capacity of
the issuer to make interest payments in full on each interest
payment date and full repayment of principal to note holders by no
later than the legal maturity date, in accordance with the terms
and conditions of the documents governing the notes.

The rationale for the assignment of the preliminary ratings

* S&P's view of the credit risk of the underlying portfolio of

* S&P's expectation that the credit support for each class of
  notes is sufficient to withstand the stresses S&P apply;

* S&P's expectation that the various mechanisms within the
  transaction to support liquidity will provide for timely payment
  of interest under S&P's stress assumptions; and

* S&P's view of the swap provided by Bank of Scotland PLC,
  Australia Branch (A+/Stable/A-1) to hedge the mismatch between
  the fixed rate payments on the receivables and the floating-rate
  coupon payable on the class A-2 notes.

                   Preliminary Ratings Assigned

                     Bella Trust Series 2009-1

               Class      Rating    Amount (mils. A$)
               -----      ------    -----------------
               A-2        AAA       500.0
               B          A          51.0
               C          BBB        23.0
               D          BB          8.1
               E          B           8.1
               Seller     Not rated  31.1

CENTRO PROPERTIES: Sets Up Committee to Monitor ASIC Action
Centro Properties Group has established a special committee to
consider the proceedings commenced by the Australian Securities &
Investments Commission against two current and four previous
directors as well as two former executives of the company.

"The Special Matters Committee will comprise of all non-involved
directors to deal with the ASIC Proceedings and consider any
corporate governance implications for Centro," Centro said in a
statement Friday.

As reported in the Troubled Company Reporter-Asia Pacific on
October 21, 2009, the Australian Securities and Investment
Commission launched civil penalty proceedings in the Federal Court
of Australia against current and former directors and a former
Chief Financial Officer of various entities within the Centro
Properties Group and Centro Retail Group.

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

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

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

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

   * Samuel Kavourakis, a former non-executive director;

   * James William Hall, a non-executive director;

   * Paul Ashley Cooper, a non-executive director;

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

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

   * Romano George Nenna, former CFO.

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

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

                       Restructuring Options

Centro Properties Group approached six investment banks, including
UBS AG, JPMorgan Chase & Co. and Goldman Sachs JBWere, about
restructuring options for it and Centro Retail Group, Tim Smith at
Bloomberg News reports, citing the Australian Financial Review.

The Review said UBS was the frontrunner for the job, Bloomberg
relates.   The Review reported that one option being considered is
a public listing of some of Centro's assets free from the current
ownership structure, according to Bloomberg.

                      About Centro Properties

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

                           *     *     *

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


BEARINGPOINT INC: Perot Acquired Shanghai Unit for US$3.2MM
In a regulatory filing dated November 5, 2009, BearingPoint, Inc.
disclosed that on September 29, 2009, it entered into an Equity
Purchase Agreement with Perot Systems TSI (Mauritius) Pvt. Ltd
relating to the purchase and sale of 100% of the equity interests
of BearingPoint Management Consulting (Shanghai) Ltd. for a
purchase price of approximately US$3.2 million.

The U.S. Bankruptcy Court for the Southern District of New York
approved the BearingPoint China Consulting transaction on
October 15, 2009, and the Shanghai Municipal Commission of
Commerce approved the BearingPoint China Consulting transaction on
October 22, 2009.  The closing of the BearingPoint China
Consulting Transaction occurred on October 30, 2009.

Bearing Point China Consulting is a leading management and
technology consulting company in China.  Perot expects the
combination to expand its reach and capabilities in China.

Perot Systems is a worldwide provider of information technology
services and business solutions.  Through its flexible and
collaborative approach, Perot Systems integrates expertise from
across the company to deliver custom solutions that enable clients
to accelerate growth, streamline operations and create new levels
of customer value.  Headquartered in Plano, Texas, Perot Systems
reported 2008 revenue of US$2.8 billion.  The company has more
than 23,000 associates located in the Americas, Europe, Middle
East and Asia Pacific.

                        The Chapter 11 Plan

BearingPoint Inc. is presently soliciting votes for a Chapter 11
plan.  The confirmation hearing is scheduled for December 17.

The liquidating plan -- which amended the reorganization Plan
filed Feb. 18, 2009 -- calls for secured claims to be paid in
full.  Holders of general unsecured claims aggregating
US$225,171,340 will recover 2.6% to 5.1% of their allowed claims.

The Feb. 18 plan contemplated a reorganization for BearingPoint.
BearingPoint has instead pursued a sale of its units, after
determining that creditor recoveries would be maximized through
sales of the businesses.

Copies of the Amended Plan and Disclosure Statement are available
for free at:

                        About BearingPoint

BearingPoint, Inc. -- was one of
the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
The Company's service offerings are designed to help clients
generate revenue, increase cost-effectiveness, manage regulatory
compliance, integrate information and transition to "next-
generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D.N.Y., Case No. 09-10691).  The Debtors' legal advisor
is Weil, Gotshal & Manges, LLP, their restructuring advisor is
AlixPartners LLP, and their financial advisor and investment
banker is Greenhill & Co., LLC. Jeffrey S. Sabin, Esq., at Bingham
McCutchen LLP represents the Creditors' Committee.  Garden City
Group serves as claims and notice agent.

BearingPoint disclosed total assets of US$1.655 billion and debts
of US$2.201 billion as of December 31, 2008.

A full-text copy of the Company's 2008 annual report is available
for free at

GPX INT'L: Competing Bids for Business Units Due December 2
GPX International Tire Corporation sought and obtained the
approval of the U.S. Bankruptcy Court for the District of
Massachusetts to conduct a public auction of its:

(a) North American operations related to the manufacture and
     sale of solid and semi-solid off-the-road tire products,
     including its interests in its Gorham, Maine, Red Lion,
     Pennsylvania manufacturing facilities, and

(b) stock in Starbright Group Inc., a Cayman Islands holding
     company, and the parent and sole stockholder of Hebei
     StarbrightTire Co., Ltd., the owner of a tire manufacturing
     facility in Hebei Province, China (the "Solid Tire Assets").

The Debtor's other primary business is its off highway and tire
truck business.  The Debtor proposes to sell the OTRJTruck Unit in
its entirety to two separate purchasers in two separate, but
interrelated, private sales, absent higher and better offers.

Alliance Tire Co. (1992) USA Ltd. would acquire the Debtor's U.S.
OTRJTruck Unit operations, including its assets, customer
relationships, warehouse footprint, Galaxy and Primex brands and
Aeolus medium radial truck tire distribution license.

The Debtor has also entered into an agreement with 2220753 Ontario
Inc., an entity that was formed by Allegro Rubber International
Inc. and Robert Sherkin and Peter Koszo, who are managers of the
Debtor's indirect subsidiary, Dynamic Tire Corp., and interest
holders in the Debtor, and therefore insiders as that term is
defined in Section 101(31) of the Bankruptcy Code.  Ontario has
agreed to purchase the Debtor's stock interest in Dynamic, which
(pursuant to a Supply and Distribution Agreement with the
purchaser of the Alliance Assets) will continue the sale and
distribution in Canada of the Galaxy and Primex brand off-the-road
tires as well as the sale and distribution of medium radial truck
and passenger car tires and private label sourcing.  The proposed
sale of Dynamic will be accomplished through the sale, free and
clear of liens claims and interests, of the stock of Dynamic's
parent, 2082320 Ontario Inc., a wholly owned subsidiary of the
Debtor, along with certain other assets.

To permit interested parties to make counter-offers for any or all
of the Alliance Assets, the Dynamic Assets and the Solid Tire
Assets, the Debtor has requested that the Court establish the same
schedule for the Private Sales and the Public Auction.

Competing bids for the Assets are due December 2.  Bids may be
submitted for either the Alliance Assets, the Dynamic Assets, the
Solid Tire Assets or any combination of those assets.  A bid for
the Alliance Assets must in cash in amount not less than
US$35,230,000 and assumed liabilities of not less than
US$5,300,000.  A bid for the Dynamic Assets must be not less than
US$24,665,000.  A bid for the Solid Tire Assets must be at a
minimum value of US$9,000,000.

An auction will be held for the Dynamic or Alliance Assets if
there is a competing bid for those assets.  Absent competing bids,
the Debtors will seek approval of the sale to the stalking horse

The public auction for the Solid Tire Assets will be on December
7, at a time prior to the sale hearing, with bids due December 2.

The Court has set a hearing on the sale motions for December 7,
2009, at 10:00 a.m.

                        Bid Protections

The Dynamic asset purchase agreement (Dynamic APA) provides that
2220753 Ontario Inc. is entitled to US$750,000 reimbursement of
transaction expenses.  In the Dynamic sale motion, the Debtor
seeks approval of a stock purchase agreement with Ontario by which
the Debtor would sell all of its stock in 2082320 Ontario Inc.
("ExchangeCo") along with certain other assets to Ontario.
ExchangeCo owns the shares of Dynamic Tire Corp.

Alliance says that it is entitled to a termination fee of
US$900,000 plus up to US$1,000,000 of Alliance's reasonable,
documented out-of-pocket expenses incurred in connection with the
Alliance APA and the transactions contemplated by that company.

Due to the integration of the Debtor's operations, the Court ruled
that purchasers of the assets under the Alliance asset purchase
agreement and the assets under Dynamic APA enter into various
accords called ancillary agreements concerning post-sale
operations to provide transitional administrative services for a
period of time after the closing of the sales.

                      About GPX International

GPX International Tire Corporation is one of the largest
independent global providers of specialty "off-the-road" tires for
the agricultural, construction, materials handling and
transportation industries.  GPX is a worldwide company,
headquartered in Malden, Massachusetts, with operations in North
America, China, Canada, and Germany.  A third generation family-
owned business, GPX and its predecessor companies have been in
business since 1922.

GPX International filed for Chapter 11 on Oct. 26, 2009 (Bankr. D.
Mass. Case No.: 09-20170).  GPX is represented in U.S. Bankruptcy
Court by attorneys Harry Murphy of Hanify & King, P.C. and Peggy
Farrell of Hinckley Allen & Snyder LLP as corporate counsel.  TM
Capital Corp. serves as investment banker to GPX in connection
with these transactions and Argus Management Corporation serves as
restructuring advisor to GPX. The petition says assets and debts
range from US$100 million to US$500 million.

UNITED COMMERCIAL: Closed; East West Bank Assumes Deposits
United Commercial Bank, San Francisco, California, was closed
November 6 by the California Department of Financial Institutions,
which appointed the Federal Deposit Insurance Corporation (FDIC)
as receiver.  To protect the depositors, the FDIC entered into a
purchase and assumption agreement with East West Bank, Pasadena,
California, to assume all of the deposits of United Commercial
Bank.  This agreement included all U.S. branches of United
Commercial Bank, the Hong Kong branch of United Commercial Bank,
and the subsidiary of United Commercial Bank headquartered in
Shanghai, China, United Commercial Bank (UCB-China).

The 63 U.S. branches of United Commercial Bank will reopen during
their normal business hours beginning tomorrow as branches of East
West Bank.  All locations in Hong Kong and China will reopen on
Monday, according to normal business hours.  In addition, UCB-
China, the Shanghai, China, subsidiary of United Commercial Bank,
which was also part of the November 6 transaction, will continue
its regular banking operations without interruption with the full
support of its parent company, East West Bank, whose qualification
has already passed the preliminary review by the China Banking
Regulatory Commission.

Depositors of United Commercial Bank will automatically become
depositors of East West Bank. Domestic deposits will continue to
be insured by the FDIC, and the Hong Kong deposits will continue
to be covered by the Hong Kong Deposit Protection Scheme and the
full deposit guarantee currently in force in Hong Kong. The FDIC
continues to be in close cooperation with the Chinese banking
regulatory authority regarding regular operations of UCB-China.

Customers should continue to use their existing branch until they
receive notice from East West Bank that it has completed systems
changes to allow other East West Bank branches to process their
accounts as well.

This evening and over the weekend, depositors of United Commercial
Bank can access their money by writing checks or using ATM or
debit cards. Checks drawn on the bank will continue to be
processed. Loan customers should continue to make their payments
as usual.

As of October 23, 2009, United Commercial Bank had total assets of
US$11.2 billion and total deposits of approximately US$7.5
billion. East West Bank paid the FDIC a premium of 1.1 percent for
the right to assume all of the deposits of United Commercial Bank.
In addition to assuming all of the deposits of the failed bank,
East West Bank agreed to purchase approximately US$10.2 billion in
assets of the failed bank. As part of the purchase and assumption
agreement, the FDIC transferred to East West Bank all qualified
financial contracts to which United Commercial Bank was a party
and those contracts remain in full force and effect.

The FDIC and East West Bank entered into a loss-share transaction
on approximately US$7.7 billion of United Commercial Bank's
assets. East West Bank will share in the losses on the asset pools
covered under the loss-share agreement. The loss-share arrangement
is projected to maximize returns on the assets covered by keeping
them in the private sector. The agreement also is expected to
minimize disruptions for loan customers. For more information on
loss share, please visit:

U.S. customers who have questions about the November 6 transaction
can call the FDIC toll-free at 1-800-238-8209. The phone number
will be operational this evening until 9:00 p.m., Pacific Standard
Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on
Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m.
to 8:00 p.m., PST. Interested parties also can visit the FDIC's
Web site at

The FDIC estimates that the cost to the Deposit Insurance Fund
(DIF) will be US$1.4 billion. East West Bank's acquisition of all
the deposits was the "least costly" resolution for the FDIC's DIF
compared to alternatives. United Commercial Bank is the 120th
FDIC-insured institution to fail in the nation this year, and the
14th in California. The last FDIC-insured institution closed in
the state was Pacific National Bank, San Francisco, which closed
on October 30, 2009.

H O N G  K O N G

AIG BANKING: Members' Final Meeting Set for December 7
Members of AIG Banking Insurance Services Limited will hold their
final meeting on December 7, 2009, at 10:00 a.m., at the 13th
Floor, AIA Building, 1 stubbs Road, Hong Kong.

At the meeting, Ip Chung Yuen, the company's liquidator, will give
a report on the company's wind-up proceedings and property

ALLCO ASIA: Middleton and Cowley Step Down as Liquidators
Edward Simon Middleton and Patrick Cowley Man stepped down as
liquidators of Allco Asia Limited on November 3, 2009.

ADRIAN ENGINEERING: Court to Hear Wind-Up Petition on December 9
A petition to wind up the operations of Adrian Engineering Limited
will be heard before the High Court of Hong Kong on December 9,
2009, at 9:30 a.m.

CAMELOT FAR: Au Wing Ip Appointed as Liquidator
Au Wing Ip on October 28, 2009, was appointed as liquidator of
Camelot Far East Limited.

The liquidator may be reached at:

         Au Wing Ip
         Cameron Plaza
         23 Cameron Road
         Kowloon, Hong Kong

ENRON (CHINA): Creditors' Meeting Set for November 24
Creditors of Enron (China) Limited will hold their meeting on
November 24, 2009, at 10:00 a.m., for the purposes provided for in
Sections 244 and 245 of the Companies Ordinance.

The meeting will be held 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.

ENRON (HK): Creditors' Meeting Set for November 24
Creditors of Enron (HK) Limited will hold their meeting on
November 24, 2009, at 10:00 a.m., for the purposes provided for in
Sections 244 and 245 of the Companies Ordinance.

The meeting will be held 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.

GREENWOOD MANAGEMENT: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on November 2, 2009,
members of Greenwood Management Services (H.K.) Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         James T. Fulton
         Cordelia Tan
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong

INTEGRATED COAL: Creditors' Proofs of Debt Due November 30
Integrated Coal Trading Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by November 30, 2009, to be included in the company's dividend

The company's liquidator is:

         Goh Khoon Teen Paul
         ICBC Tower, Suite 3201-2
         3 Garden Road
         Central, Hong Kong

LUNAR FUNDING: S&P Downgrades Ratings on 2006-24 Notes to 'D'
Standard & Poor's Ratings Services lowered its ratings on the
Series 2006-24, secured, asset-backed, floating-rate credit-linked
notes issued by Lunar Funding V PLC to 'D' from 'CCC-'.

The rating downgrade reflects a loss incurred by the noteholders.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination and reduced the principal amount of the
notes.  In addition, there has been an interest payment shortfall
on the most recent interest payment date.

The rating action on the affected transaction is:

Rating lowered:

        Name                      Rating To    Rating From
        ----                      ---------    -----------
        Lunar Funding V PLC       D            CCC-
        Series 2006-24

M&T INTERNATIONAL: Members' and Creditors Meeting Set for Nov 27
Members and creditors of M & T International Limited will hold
their annual meetings on November 27, 2009, at 2:30 p.m., and
3:00 p.m., respectively at the 2/F, Wing Yee Commercial Building,
5 Wing Kut Street, Central, HK.

At the meeting, Lau Siu Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property

ROBOTOOLZ LIMITED: Creditors' Proofs of Debt Due November 27
Robotoolz Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by
November 27, 2009, to be included in the company's dividend

The company's liquidator is:

         Chen Yung Ngai Kenneth
         Caroline Centre, 29/F
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


ANKUR CHEMFOOD: CRISIL Reaffirms 'BB' Rating on INR8.7MM Term Loan
CRISIL has reclassified its short-term rating on the bank
facilities of Ankur Chemfood Ltd as 'P4+', from the earlier 'P4';
the long-term rating has been reaffirmed.

   Facilities                            Ratings
   ----------                            -------
   INR210.00 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR8.70 Million Term Loan             BB/Stable ( Reaffirmed )
   INR2.50 Million Forward Purchase      BB/Stable ( Reaffirmed )
   INR2.00 Million Bank Guarantee        P4+ (Reclassified from

The ratings continue to reflect Ankur Chemfood's weak financial
risk profile, and exposure to intense competition in the salt
industry, with limited scope for value addition.  The impact of
these rating weaknesses is partially mitigated by the established
track record of Ankur Chemfood's promoters, its diversified
customer base, and the steady demand for its products.

Outlook: Stable

CRISIL believes that Ankur Chemfood will maintain its credit risk
profile over the medium term on the back of steady demand for
edible and industrial salt, and the company's established
relationships with customers.  The outlook may be revised to
'Positive' if the company is able to increase its scale while
maintaining its operating margins, and the operations at its
freshly expanded capacities stabilize.  Conversely, the outlook
may be revised to 'Negative' in case Ankur Chemfood undertakes
significant debt-funded capital expenditure program, leading to
deterioration in its debt protection measures and operating

                       About Ankur Chemfood

Incorporated in 1993, Ankur Chemfood manufactures edible and
industrial salts. It sells its products under the brands, Ankur,
Master Cook and Anna Purti.  The company has a well-diversified
distribution network. Ankur Chemfood is India's first ISO
9001:2000 certified salt refinery.

For 2008-09 (refers to financial year, April 1 to March 31), Ankur
Chemfood's profit after tax (PAT) was INR26.3 million on net sales
of INR1308.6 million, against a PAT of INR 13.73 million on net
sales of INR933.07 million for 2007-08.

CONROS STEELS: ICRA Rates INR433.4MM Fund-Based Debts at 'LB'
ICRA has assigned an LB rating to the INR 433.4 million, fund-
based facilities of Conros Steels Private Limited.  ICRA has also
assigned A4 rating to the INR1,014.5 million, non-fund based
facilities of CSPL.

The assigned ratings reflect the recent delays in debt servicing
and instances of devolvement of Letter of Credit (LC) on account
of the stretched liquidity profile of CSPL.  The company is
engaged in the manufacture of Electric Resistance Welded (ERW)
black and galvanized steel pipes and Mild Steel (MS) flat bars.
The financial profile of CSPL is characterized by moderate
operating profitability and high working capital intensity.  The
inventory levels of the company were high in 2008-09 on account of
cancellation of its export orders by a number of customers during
the second half of the year, following the global economic crisis.
The ratings are also constrained by the exposure of the company to
risks arising from variations in raw material prices as against
the fixed price nature of its contracts and significant
competition from other manufacturers.  However, the ratings also
take into account the strong revenue growth of CSPL; its moderate
capital structure and established relationships with reputed
material supplier and trading houses, which have augmented the
exports presence of CSPL.

Incorporated in 2005, CSPL belongs to the Conros Group of
Companies.  Its promoters are Mr. Shehzad S. Hemani and Mr. Porus
Buhariwala.  CSPL is engaged in the business of manufacturing
black and galvanized ERW steel tubes and pipes of diameter ranging
from 1/2' to 6' and MS Flat Bars.  CSPL is the flagship unit of
the Conros group and has its manufacturing facility at Khopoli in
the Raigad district near Mumbai.  The Khopoli unit of CSPL has a
total installed capacity of 80,000 MT per annum for black and
galvanized ERW steel pipes and 80,000 MT per annum for MS flat
bars.  The MS Flat bars are produced through the induction furnace
route by processing the MS ingots (output) in the rolling mill.
For ERW steel tubes and pipes, CSPL procures raw materials (namely
hot rolled coils from domestic as well as international markets)
which are slitted as per pipe dimensions and then processed in
tubing mill to manufacture black ERW steel pipes.  These black ERW
steel pipes are further processed in zinc hot dip galvanizing
plant for manufacturing galvanized ERW steel pipes.  CSPL has
entered into contracts with international trading companies for
selling its products. CSPL has also opened its own marketing
offices in Australia, Austria (Vienna), the United Arab Emirates
(Dubai) and the United States in FY 09.  During 2008-09, CSPL
recorded profit of INR 162.5 million on the back of net sales of
INR 3.18 billion.

DIAMOND FOOD: CRISIL Assigns 'B' Ratings on INR49 Mln LT Loan
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Diamond Food Products.

   Facilities                          Ratings
   ----------                          -------
   INR49.00 Million Long Term Loan     B/Stable (Assigned)
   INR21.60 Million Cash Credit*       B/Stable (Assigned)

   * Includes proposed Cash Credit of INR1.60 Million

The rating reflects DFP's weak financial risk profile, and
exposure to risks relating to limited track record of the firm,
and to regulated nature of rice milling industry.  These
weaknesses are, however, partially offset by the benefits that the
firm derives from its comfortable brand presence and its
promoters' experience in the business.

Outlook: Stable

CRISIL believes that DFP will maintain a stable business risk
profile on the back of comfortable brand equity, and the
management's experience in the rice business.  The outlook may be
revised to 'Positive' if the firm's revenues and profitability
increase substantially coupled with improvement in the capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the firm undertakes aggressive, debt-funded expansions, or if
its operating margins and debt protection measures deteriorate, or
if the partners make significant withdrawals of capital.

Incorporated as a partnership firm in 2003, DFP mills, processes
and markets parboiled rice in Kerala.  The partners of the firm
Mr. Mr. Robin George (Managing Partner) and Mr. Shaju P Francis
belong to the Nambiattukudy family which owns around 10 rice mills
in Kerala.  The firm has rice mills at Koovappady (Kerala).  The
firm commenced commercial operations in April 2009.

HEMANT GOYAL: CRISIL Places 'B-' Ratings on Various Bank Debts
CRISIL has assigned its ratings of 'B-/Stable' to the bank
facilities of Hemant Goyal Motors Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR130.0 Million Cash Credit Limit       B-/Stable (Assigned)
   INR10.0 Million Stand by Line of Credit  B-/Stable (Assigned)
   INR30.0 Million Term Loan                B-/Stable (Assigned)

The ratings reflect HGMPL's weak financial risk profile, and
exposure to risks relating to cyclicality in demand in the
automotive industry.  These weaknesses are, however, partially
offset by HGMPL's established market position with dealership from
Tata Motors Ltd (TML) in Punjab.

Outlook: Stable

CRISIL believes that HGMPL will maintain a stable business risk
profile, backed by its market position in Patiala (Punjab) region.
The outlook may be revised to 'Positive' if HGMPL's capital
structure and operating margins improve.  Conversely, the outlook
may be revised to 'Negative' if the company's cash accruals and
profitability decline sharply, owing to prolonged slowdown in the
automobile industry, or the company undertakes large, debt-funded
capital expenditure.

                        About Hemant Goyal

Hemant Goyal Motors Pvt Ltd was incorporated in 2005 by Mr. Amit
Goyal. The promoters merged M/s Goyal Motors, a proprietorship
concern, with HGMPL in 2007-08 (refers to financial year, April 1
to March 31), which held the dealership from TML since 2000.  The
company caters to Patiala, Fategarh, Barnala and Singrur markets
in Punjab. The company has set up its showrooms in these districts
with six service centres.

HGMPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR768 million for 2008-09, as against a PAT of INR2.0
million on net sales of INR799 million for 2007-08.

JINDAL HOTELS: CRISIL Assigns 'BB+' Rating on INR345.4MM Term Loan
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Jindal Hotels Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR345.4 Million Term Loan            BB+/Stable (Assigned)
   INR27.1 Million Proposed Long Term    BB+/Stable (Assigned)
                    Bank Loan Facility
   INR2.5 Million Letter of Credit       P4+ (Assigned)

The ratings reflect the expected weakening in JHL's financial risk
profile because of large debt-funded capital expenditure, and its
exposure to risks relating to cyclicality in the hotel industry.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the hotel
industry, and its healthy growth prospects from the business
travel segment given the industrialization in Baroda (Gujarat).

Outlook: Stable

CRISIL believes that JHL will maintain a stable business risk
profile on the back of its established relationships with its
customers.  The outlook may be revised to 'Positive' if the
company improves its average room rent (ARR) and profitability,
leading to healthy cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company faces significant cost and
time overruns in its expansion project, and if the occupancy or
contribution from the food and beverage (F&B) segment is adversely
affected due to market downturn.

                        About Jindal Hotels

Incorporated in 1984, Jindal Hotels Ltd operates a three-star
hotel, Surya Palace, in Baroda. Surya Palace has 120 rooms and
caters mainly to corporate clients. The company proposes to add 90
rooms to the hotel, and to upgrade it to a four-star hotel. The
expanded capacity is expected to become operational by 2011-12
(refers to financial year, April 1 to March 31).

JHL reported a profit after tax (PAT) of INR15.1 million on net
sales of INR179 million for 2008-09, against a PAT of INR13.0
million on net sales of INR153 million for 2007-08.

PIONEER DISTILLERIES: ICRA Assigns 'LB+' Ratings on Term Loans
ICRA has assigned LB+ rating to INR 633.9 million term loans and
INR150 million fund based limits of Pioneer Distilleries Limited.
ICRA has also assigned A4 rating to INR 45 million short term
loans and INR35 million non fund based limits of PDL.

The ratings reflect recent delays in servicing of debt by PDL.
The ratings are also constrained by the exposure of the company to
volatility in molasses prices and availability of molasses owing
to the cyclicality in the sugar industry, intense competition
following large capacity additions which are being witnessed in
the ENA market, deterioration in the financial risk profile of the
company with significant drop in profitability owing to high
molasses prices and debt funded capex incurred in the past few
years leading to high financial leverage.  The high working
capital intensity of business due to significant increase in raw
material prices coupled with capital expenditure incurred had led
to strained liquidity situation which in turn has caused delays in
servicing of debt. With bulk of the supplies being made to large
IMFL manufacturers, the ENA producers suffer from weak pricing
power.  The industry is subject to high government controls and
hence vulnerable to regulatory changes. The financial profile of
PDL is expected to remain under strain on account of ongoing
capital expenditure plans which are to be funded through debt. The
ratings factors in PDL's strong presence in the ENA market in
Maharashtra (a large IMFL market), reputed clientele of PDL which
ensures stable revenue stream and also growing demand witnessed in
the IMFL segment.

Recent Results

For the half year ended September 2009, the company has reported a
net profit of INR30.3 million on an operating income of INR 269.0
million. For the corresponding period of 2008-09, the company
reported a net profit of INR51.3 million on an operating income of
INR361.3 million.

                            About Pioneer

Pioneer Distilleries Ltd is one of the leading manufacturers of
Extra Neutral Alcohol, and also manufactures Rectified Sprit (RS),
Industrial Alcohol / Special Denatured Sprit (SDS), Ethanol, and
Carbon-di-Oxide (CO2.  The company has its plant located in one of
the back ward areas - Balapur Village of Nanded District,
Maharashtra. PDL initially started with plant capacity of 50 KLPD
of RS and 30 KLPD of ENA, later expanding it by increasing the ENA
capacity from 30 KLPD to 50 KLPD, operational from March 2005.
The company went in for second expansion with RS capacity
increasing from 50 KLPD to 100 KLPD operational from 1st February
2007.  The company plans to add further capacity in the RS and ENA
products in the current financial year.  PDL reported a net profit
of INR78.6 million on an operating income of INR762.7 million in
2008-09 as against a net profit of INR128.7 million on an
operating income of INR711.6 million in 2007-08.

RELIGARE AVIATION: Operational Losses Cue ICRA 'LBB+' Ratings
ICRA has assigned an LBB+ rating to the INR 660 million fund based
limits of Religare Aviation Limited.  ICRA has also assigned an
A4+ rating to INR 200 million short term loan of the company.

The ratings take into account the limited track record of the
company in the high-gestation air charter business, high
competitive intensity of the industry and the consistent
operational losses for the company arising out of low utilization
of the fleet.  These losses, coupled with significant capex, have
in turn resulted in a high gearing and poor debt coverage
indicators.  Given the sizeable debt repayment commitments of the
company in coming years and expectations of insufficient accruals,
additional equity infusion from the promoters would be required.

ICRA also notes that air charter business is at a relatively
nascent stage in the country and the demand is correlated with the
performance of the Indian corporate sector, and thus exposed to
cyclical downturns.  The ratings however draw comfort from the
strong parent company support, the continuous equity infusion
which has funded the operations as well as the fleet expansion and
a sizeable and diversified fleet including mix of jets, turboprops
and helicopters which allows the company to meet diverse customer
demands in terms of budget, location and seating capacity.

                      About Religare Aviation

Religare Aviation Limited is 100% subsidiary of Religare Voyages
Limited, which is one of the Religare Group of Companies.  RAL was
incorporated in 1996 although the operations started in 2006-07.
Religare Voyages Limited (RVL) was incorporated in June, 2006 as
Regius Aviation Private Limited as a private limited company.  It
was converted into public limited company in April, 2007.  In
October, 2008, its name was changed to its present name.  RVL is
promoted by Mr. Malvinder Singh, Mr. Shivinder Singh and their
friends and associates. Apart from RAL, RVL is also the parent
company of Religare Travel (India) Limited.  The company generated
loss of INR 602 million on operating income of INR 210 million for
the year ended March 31, 2009.

TIRUPATHI YARNTEX: ICRA Puts 'LB' Rating on INR248.5MM Term Loans
ICRA has assigned 'LB' rating to the INR248.5 million term loans,
the INR100.0 million fund based limits and the INR5.0 million non-
fund based limits of Tirupathi Yarntex Spinners Private Limited.
ICRA has also assigned A4 rating to the INR15.0 million non-fund
based limits of TYSPL.

The ratings reflect delays in debt servicing by the Company.
TYSPL's scale of operations is small, which restricts scale
economics and financial flexibility.  The Company operates in the
spinning industry, which is highly fragmented and has surplus
capacities. The spinning sector has witnessed huge investments
over the last few fiscals on account of the interest subsidy
granted under the Technology Upgradation Fund Scheme.  The excess
capacity has restricted the pricing flexibility of the players.
The demand for yarn is also subdued owing to the economic
slowdown, which is expected to impact TYSPL's revenue growth and
margins in the short-to-medium term.  With manufacturing
facilities located in Tamil Nadu, the Company suffers from
relatively high power / logistics cost compared to mills in Andhra
Pradesh.  The Company derived 22.3 per cent of revenues from its
largest customer in 2008-09, signifying customer concentration and
heightening the impact of any order volatility on revenue growth.
However,  TYSPL's long-standing relationship with its top
customers (ranging over 10-25 years) is expected to drive revenue
growth to an extent. The Company purchases cotton through the
Ramco Group (Textiles Division), which benefits in terms of scale

The Company's operating margin has declined considerably over the
last two fiscals on the back of high input costs.  Its net margin
is stretched owing to high interest costs arising from significant
debt-funded capital expenditure in the past.  The spike in debt
levels on this count coupled with lower operating accruals has
resulted in high leverage, low coverage indicators and very low
return on capital.  The ratings are also strained by significant
delays observed in debt servicing in the recent past. The Company
is currently in delay with respect to servicing the installment on
term loans since September 30, 2009.

The Company lowered its raw material inventory in March 2009
(i.e., the end of cotton procurement season) owing to the high
volatility in cotton costs in that fiscal, which resulted in
release of working capital.  Therefore, increased procurement of
cotton in future is expected to accentuate the working capital
requirement and increase the working capital borrowings

                       About Tirupathi Yarntex

Tirupathi Yarntex Spinners Private Limited is primarily engaged in
the production of cotton yarn.  Incorporated in 1996, the Company
has an installed capacity of 31,272 spindles and its manufacturing
facilities are located in Rajapalayam (Tamil Nadu).  The promoters
hold the entire share capital of the Company and are also engaged
in agriculture business.  The entity commenced operations as a
partnership firm (M/s. Tirupathi Spinners) with an installed
capacity of 2,032 spindles.  In 1996, it was converted into a
private limited company when the capacity was increased to 6,300.
The capacities were further expanded over the years to reach
31,272 at present.


INDO INTEGRATED: Fitch Assigns 'B+' Rating on US$230 Mil. Notes
Fitch Ratings has assigned a final issue rating of 'B+' with a
recovery rating of 'RR4' to the US$230 million senior notes due 5
November 2016 issued by Indo Integrated Energy II B.V. and
guaranteed by PT Indika Energy Tbk and PT Indika Inti Corpindo.

The rating action follows the completion of the notes issue and
receipt of documents conforming to the information previously
received.  The final rating is the same as the expected ratings
assigned on 21 October 2009.

Indika's foreign currency and local currency Issuer Default
Ratings are 'B+' with a Stable Outlook.  The ratings reflect the
dividend flow received from its 46%-owned associate, PT Kideco
Jaya Agung (Kideco) -- the third-largest coal producer in
Indonesia, which Fitch expects to remain strong due to the
prevailing high coal prices and Kideco's plan to ramp up
production.  Indika's status as an investment holding company
without a majority stake in Kideco constrains the rating.

Established in 2002, Indika is an investment holding company with
three business segments: energy services, energy resources and
energy infrastructure.  In the first six months ended 30 June
2009, Indika posted revenue of IDR815.2bn and net income of
IDR360.6 billion.

PERUSAHAAN LISTRIK: Needs IDR4.8 Tril. Loans to Buy Transformers
The Jakarta Globe reports that PT Perusahaan Listrik Negara needs
to find an additional IDR4.8 trillion (US$504 million) to buy and
install six additional transformers to curb chronic power
shortages in Greater Jakarta.

The Globe, citing Nur Pamudji, PLN's general manager of power
supply management in Java and Bali, relates that PLN needs IDR5.6
trillion for the six transformers, but has only IDR800 billion set
aside for major maintenance in Jakarta this year.

PLN has proposed borrowing IDR3 trillion from the government, and
is hoping to secure IDR1.8 trillion in loans from the World Bank
or another international organization, Mr. Pamudji said.

According to the Globe, the six transformers would increase the
capacity of PLN's ailing power stations in Bekasi, Cawang, Gandul,
Balaraja, Kembangan and Muara Tawar.  These power stations, says
the Globe, currently face frequent overloads, resulting in
blackouts throughout Greater Jakarta when demand exceeds PLN's
ability to supply electricity.

Greater Jakarta's current peak power demand is up to 5,200
megawatts, while PLN's installed capacity is only 4,500 megawatts,
the Globe notes.

Indonesian state utility firm PT Perusahaan Listrik Negara -- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


ELPIDA MEMORY: Raises Capital Spending Estimate by 50%
The China Post reports that Elpida Memory Inc. raised its estimate
for capital spending in the current fiscal year by 50% to JPY60
billion because of purchases of gear to make more advanced

Elpida Memory Inc. (TYO:6665) -- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.

EXCELLENT COLLABORATION: Moody's Downgrades Ratings on Two Bonds
Moody's Investors Service announced it has downgraded its ratings
on the Series 1 Class B and C bonds issued by Excellent
Collaboration TMK.

The rating actions are:

Excellent Collaboration Tokutei Mokuteki Kaisha

  -- JPY 10,400,000,000 Series 1 Class B Specified Bonds,
     Downgraded to Caa1; previously on April 6, 2009, downgraded
     to B2 from Baa1, placed under review for possible downgrade.

  -- JPY 500,000,000 Series 1 Class C Specified Bonds, Downgraded
     to Ca; previously on April 6, 2009, downgraded to Caa3
     from B2, placed under review for possible downgrade.

Excellent Collaboration TMK (or Tokyo Metropolitan CBO) is a
structured finance transaction subject to the SME-related
financial policies of Tokyo and eight other municipalities (Osaka
Prefecture, and the cities of Chiba, Yokohama, Kawasaki, Shizuoka,
Osaka, Sakai, and Kobe), and arranged by Mizuho Bank, Ltd.

Moody's says that the downgrade actions do not affect the Class A
Bonds, which are the senior most class and currently rated Aaa.
The Aaa rating of Class A Bonds is supported by a large amount of
subordination mainly from the Class B Bonds, which form the bulk
of the capital structure of this transaction.

The rating actions on Class B and C Bonds reflect Moody's
consideration that the probability of obligor defaults, which may
occur prior to or on the maturity of the underlying SME bonds, has
exceeded Moody's prior expectations in April, when Moody's took
the last rating actions.  Based on the latest monitoring data,
Moody's believes that the financial conditions of the obligors in
the pool continued to deteriorate as evidenced by the increase in
the riskiest portion of the underlying pool since April.

Moody's also notes that five additional defaults (totalling JPY
480 million) have occurred since April and three of the five
defaults occurred in September.  While the pace of default
increases has slowed as compared to the default increases in late
2008 and early 2009, there is still a high probability of more
defaults at maturity because this transaction is backed by bullet
assets.  In addition, despite the Japanese government's policy to
support SME funding shore up the SME funding environment, SMEs
still have difficulty in funding single payments at maturity as
the overall economic conditions are not expected to significantly
improve in the near term.

In reaching its rating decisions, Moody's makes an assumption on
the default rate in the riskiest portion of the underlying pool in
addition to taking into account defaults that have already
occurred or about to occur.  Moody's rating analysis also
considered the benefits from excess spread and potential recovery
from defaulted assets.

SANYO ELECTRIC: Panasonic Launches Takeover Offer
Panasonic Corp. launched a tender offer for shares of Sanyo
Electric Co. on Thursday, November 5, to convert it into a
subsidiary, The Japan Times reports.

According to the report, Panasonic's board of directors decided on
the tender offer Wednesday morning and Sanyo's board adopted a
resolution to endorse the offer.

The Times relates that the offer, which will run through Dec. 7,
is expected to end successfully because the U.S. Goldman Sachs
group and two other major Sanyo shareholders have agreed to sell
more than 50% of their outstanding Sanyo shares to Panasonic at
the planned price of JPY131 per share.  The deal is expected to
cost Panasonic at least JPY400 billion, the report notes.

Sanyo shares tumbled 20% to JPY172 on the Tokyo Stock Exchange on
November 5 after Panasonic formally announced the tender,
according to Bloomberg News.

                          About Panasonic

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of the
company's products are marketed under the Panasonic brand name
worldwide, along with other product, or region, specific brand
names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.  Some of its subsidiaries also use
their own brand names, such as PanaHome.  The company's segments
comprise audiovisual connection networks, home appliances,
components and devices, Matsushita Electric Works, Ltd. and
PanaHome Corporation.  In August 2007, Victor Company of Japan
Ltd. and its consolidated subsidiaries became associated companies
from consolidated subsidiaries.  The company merged with two
subsidiaries on October 1, 2008.

                            About Sanyo

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


MAGNACHIP SEMICONDUCTOR: Emerges from Chapter 11
MagnaChip Semiconductor announced that its Second Amended Plan of
Reorganization confirmed by the United States Bankruptcy Court for
the District of Delaware on September 25, 2009, will become
effective on Monday, November 9, marking MagnaChip's emergence
from voluntary Chapter 11 restructuring.

The Plan was overwhelmingly supported by the Company's creditors.
Under the Plan, Avenue Capital Management II, L.P. has become the
controlling shareholder of MagnaChip, and other secured and
unsecured creditors have received minority equity stakes.
MagnaChip has reduced its long-term debt to only $62 million,
leaving the Company's balance sheet nearly net debt free with over
$50 million of cash on the balance sheet.

Sang Park, CEO of MagnaChip Semiconductor said, "I am very happy
to announce that MagnaChip has overcome its difficulties and is
now financially robust and ready to continue executing our growth
plan. We greatly appreciate the solid support of our creditors and
especially our customers, suppliers, and business partners. The
quick completion of our financial restructuring is a testament to
our employees and the strength of our business."

                        The Chapter 11 Plan

MagnaChip previously proposed its own Chapter 11 plan, which
proposes a sale of its assets, but later conveyed support for the
Creditors Committee's plan.  The Plan was also supported by the
largest noteholder, Avenue Capital Management II, L.P.

The plan of reorganization provides for an equity infusion by
Avenue Capital and other investors and was overwhelmingly
supported by creditors.

The new investment led by Avenue Capital, one of MagnaChip's
largest creditors, will conclude the financial restructuring.
With this Court ruling approving the plan, Avenue Capital will
have a controlling interest in MagnaChip.  Avenue Capital was
founded in 1995 and is one of the largest global investment
management firms in the world, managing assets valued at
approximately $17.8 billion.

Under the Plan proposed by the Creditors Committee, claims against
the Debtors will be satisfied through

   (a) payment or issuance to Korean Exchange Bank, the first
       lien lender owed an aggregate of US$95 million (i) cash
       equal to 72% of the claim of the first lien lender
       ("Treatment A"), or (ii) cash equal to 35% of the first
       lien lender's secured claim and a pro rata share of term
       loans with principal equal to the remaining amount of the
       claim ("Treatment B"),

   (b) the distribution of 5% of the new stock and rights to
       participate in an offering for new common stock to holders
       of second lien notes aggregating US$500 million,

   (c) distribution, as a "gift" from second lien noteholders,
       cash equivalent to 10% of their allowed claims to holders
       of unsecured claims expected to aggregate US$3.23 million,

   (d) distribution, as a "gift" from second lien noteholders, of
       1% of the new stock plus warrants to purchase 5% of the
       new stock with a strike price equivalent to a
       US$600 million total enterprise value to holders of
       US$250 million subordinated notes claims.

Under the Committee's Plan, Korea Exchange Bank will get 35% of
the $95 million it is owed in cash.  Under the Original Plan, the
Committee offered full recovery for the lenders through the
issuance of a new term loan in full and complete satisfaction of
the first lien lender claims aggregating US$95 million.

The Company will launch an offering of no less than US$35 million
and no more than US$50 million in aggregate new common units to
second lien noteholders.

A unit of Avenue Capital Management II LP, the largest noteholder,
will act as the "backstop purchaser" and buy at least 67% of the

                    About Avenue Capital Group

Avenue Capital Group manages assets valued at approximately $19.2
billion*. Avenue is a leading global investment management firm
specializing in distressed and undervalued public and private debt
and equity securities of undervalued and distressed companies.
Founded in 1995, Avenue is headquartered in New York, with offices
in London, Munich, Luxembourg, and nine offices throughout Asia.

                   About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor LLC -- is a leading, Asia-based designer and
manufacturer of analog and mixed-signal semiconductor products for
high volume consumer applications.  The Company has a broad range
of analog and mixed-signal semiconductor technology and
intellectual property, supported by its 29-year operating history,
large portfolio of registered and pending patents and extensive
engineering and manufacturing process expertise.  Citigroup
Venture Capital Equity Partners LP was part of the investor group
that acquired MagnaChip in 2004 from Hynix Semiconductor Inc.

MagnaChip Semiconductor S.A. and five other entities filed for
Chapter 11 on June 12, 2009, in the U.S. Bankruptcy Court for the
District of Delaware.  The Chapter 11 cases are jointly
administered under Case No. 09-12008, MagnaChip Semiconductor
Finance Company.  Judge Peter J. Walsh handles the case.  Curtis
A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq.,
and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel.  Howard A. Cohen, Esq., at
Drinker Biddle & Reath serves as counsel for the official
committee of unsecured creditors.  Omni Management Group LLC is
the Debtors' claims agent.   In their formal schedules, MagnaChip
Semiconductor S.A. disclosed US$951,917,782 in assets against
US$845,903,186 in debts while MagnaChip Semiconductor B.V.
disclosed assets of US$762,465,739 against debts of


DURACHEM GUANGZHOU: Parent Voluntary Winds Up Firm Due to Losses
Octagon Consolidated Berhad has decided to voluntarily wind up
Durachem Guangzhou Co, Ltd, a wholly owned subsidiary of Durachem
International (Hong Kong) Co Ltd, which in turn is an 80%-owned
subsidiary of Durachem Sdn Bhd.  Durachem Sdn Bhd is a wholly-
owned subsidiary of Octagon.  DG is not a major subsidiary of
Octagon pursuant to the Listing Requirements of Bursa Malaysia
Securities Berhad.

"The Board is of the opinion that Voluntary Winding-up is in the
best interest of Octagon group in view of the intense competition
in PRC and high corporate tax rate, which has resulted in
accumulated losses of RMB8,216,019 as at September 30, 2009 (or
approximately MYR4,164,856) and for the 11-month ended Sept. 30,
2009, the unaudited loss was RMB1,370,601 (or approximately
MYR694,784)," Octagon said in a statement.

The move, according to Octagon, is also part of its effort to
rationalize and streamline its Coatings operations overseas by
consolidating, rationalising and/or liquidating the relevant
businesses to create more efficient structure and operations.

The total investment by DIHK in DG amounts to HK$9,450,521 (or

The Voluntary Winding-up will not have any material effect to the
consolidated earnings and net assets of Octagon Group for the year
ending October 31, 2009, save for retrenchment and liquidation
cost of RMB100,000 (MYR49,801).  In addition to the estimated
additional expenses, it is estimated that there will be
administrative expenses of approximately RMB30,000 (MYR14,940)
incurred every month prior to the completion of the Voluntary
Winding-up.  The Voluntary Winding-up of this loss making
subsidiary is expected to improve the financial performance of
Octagon group in the future.

Durachem Guangzhou Co, Ltd. is a private limited company
incorporated in the People's Republic of China on Dec. 12, 2002,
with approval for operation for 15 years until December 10, 2017.
The certificate of approval for the establishment of DG was issued
on November 22, 2002.  DG is principally involved in manufacturing
and trading of industrial paints, inks and chemical products.  Its
present issued and paid-up capital is RMB10,086,407 (9,500,000
ordinary shares of HK$1 each).

OILCORP BERHAD: Unit Receives Winding Up Petition from Oakwell
OilCorp Berhad said that a winding up petition has been served
against Oilfab Sdn. Bhd. (OFSB), a subsidiary of the Company, by
Oakwell Engineering International Pte. Ltd.

The petition was presented to the Shah Alam High Court on
August 20, 2009 and the winding-up petition was served and
received by OFSB on October 29, 2009.

The claim under the petition amounted to US$25,990.00.  No
interest has been claimed.  In the petition, it is claimed that
OFSB is indebted to Oakwell for the sum, being the amount due for
material supplied to OFSB, and unable to pay its debts.

The matter is fixed for hearing on December 4, 2009.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.

RANHILL BERHAD: Winding Up Petition Served on Ranhill Engineers
Ranhill Berhad disclosed the winding up petition by Unibuilder
Infraworks Sdn Bhd against Ranhill Engineers and Constructors Sdn
Bhd in the High Court of Malaya at Kuala Lumpur.

The petition against REC, a wholly owned subsidiary of the
Company, by a subcontractor, UISB was presented to Court on
October 2, 2009 and was not served yet towards RECSB.

UISB is a subcontractor for RECSB to do work on Site Clearance,
Earthworks and Drainage Works for Package 3C/1 for Senai-Pasir
Gudang-Desaru Expressway.

UISB's claim for a payment of MYR1,633,338.27 is highly disputed
by RECSB.  UISB alleged that RECSB had failed to pay for the work
done by them.  However, RECSB highly disputing it as UISB has
neglected to make progress of work and have abandoned or refused
to proceed with any work on site.

Ranhill said RECSB will heavily oppose and set aside the petition
in court as advised by RECSB's Solicitor.

The petition has been fixed for hearing on December 3, 2009.

                        About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications.  The outlook is negative.

RHYTHM CONSOLIDATED: Unit Gets Summons from Bank for Unpaid Loans
Rhythm Consolidated Berhad disclosed that its wholly owned
subsidiary Monosetia Sdn Bhd has been served with a writ of
summons from RHB Islamic Bank Berhad claiming MYR1,038,191.09
under Al-Ijarah Thumma Al Bai (Lease) facility.

The bank facility was granted to MSB for the purchase of one unit
of used Speed Master 2-colour Perfection Offset Press and other

MSB's failure to settle the repayment of the industrial lease has
caused the bank to file the summons.  RHB has the rights to charge
1% late payment penalty on the overdue amount until full
settlement under the Islamic Taa'widh principle.

MSB is a major subsidiary of Rhythm Consolidated, however, the
cost of investment in MSB of MYR11,219,925 had been fully impaired
based on the RCB's audited financial statements as at June 30,

RCB said there is no material operational impact arising from the
said summons on the RCB group.  Apart from the amount claimed, the
expected losses arising from the summons would be the interest on
the amount claimed and costs to be awarded by the court, if any.

MSB intends to take step to negotiate with Lembaga Hasil Dalam
Negeri and to settle the debts through the group's corporate and
debt restructuring exercise.

                    About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


ARTS & THOTS: Creditors Get 61.05% Recovery on Claims
Arts & Thots Pte Ltd declared the first and final dividend on
November 6, 2009.

The company paid 61.05% to the received claims.

The company's liquidator may be reached at:

         Phoenix Corporate Advisory Pte Ltd
         101 Upper Cross Street
         #08-15 People’s Park Centre
         Singapore 058357


TAIWAN HIGH: Lenders Want Loans Fully Secured, Minister Says
The banking consortium granting large-amount syndicated loans to
the Taiwan High Speed Rail Corp. will move to have their loans
fully collateralized before extending the loans, Finance Minister
Lee Shu-der said in response to questions from lawmakers at the
finance committee meeting of the Legislative Yuan, The China Post

The Post relates that several lawmakers of the ruling Kuomintang
expressed concerns regarding allegations that the HSR and the
banking consortium have reached an agreement on a syndicated loan
of up to NT$338.2 billion at an average interest rate of 1.8% per
annum for the first nine years of the lending term.

According to the report, lawmaker Lo Shu-lei said that the
NT$338.2 billion accounts for as much as 80% of the HSR's
estimated assets of NT$430 billion, much higher than the maximum
of 60% allowed for general private enterprises.  “This is a
typical illegal over-lending case,” Mr. Lo said.

Mr. Lee, as cited by the Post, said that the interest rate for the
syndicated loan to the HSR will be on a floating basis, and member
banks of the consortium will strive to have their loans fully
secured, so as to safeguard their creditorship.

The Ministry of Transportation and Communications will take charge
of the shakeup and future management of the board of directors of
the HSR, Mr. Lee added.

The Troubled Company Reporter-Asia Pacific, citing Taiwan News,
reported last week that Taiwan High Speed Rail Corp. accepted the
resignation of Chairwoman Nita Ing.  Ms. Ing will be replaced by
Ou Chin-der, the representative of the government-controlled China
Aviation Development Foundation, a major shareholder of THSRC.

Taiwan News said that the high-speed railway went into operation
less than three years ago, but had already incurred an accumulated
loss of NT$70.2 billion as of the end of June this year, or about
two-thirds of its total paid-in capital of NT$105.3 billion
(US$3.23 billion).

Taiwan News stated that the Ministry of Transportation and
Communications in February agreed to assist the company in
resolving its financial difficulties by seeking new bank loans but
creditor banks are reluctant to approve new loans unless the
THSRC's five original shareholders injected more capital.

The company is likely to be forced to go bankrupt within two years
if the annual loss of around NT$25 billion lingers and if no
additional fund is injected into the firm, according to The China

                            About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.  During the year ended December 31, 2008, the Company
carried approximately 30.581 million of passengers by train.


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

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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