TCRAP_Public/091116.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 16, 2009, Vol. 12, No. 226

                            Headlines

A U S T R A L I A

CENTRO PROPERTIES: Expects Profit to Dip 45% on Stronger Currency
FIREPOWER HOLDINGS: Owner Seeks OK to Travel; Liquidator Alarmed


C H I N A

GITI TIRE: S&P Downgrades Corporate Credit Rating to 'B'

H O N G  K O N G

168C COMPANY: Court to Hear Wind-Up Petition on December 23
AD-MAGNETICS COMPANY: Court Enters Wind-Up Order
ALTEC LANSING: Placed Under Voluntary Wind-Up Proceedings
ANDREW & PAULMANN: Court Enters Wind-Up Order
ASK GLOBAL: Court Enters Wind-Up Order

BERMORY LIMITED: Members' Final General Meeting Set for Dec. 18
BUYNOW (NANJING): Placed Under Voluntary Wind-Up Proceedings
OCEAN PROFIT: Court to Hear Wind-Up Petition on December 30
COLLECTIONS INTERIOR: Lui and Lauren Step Down as Liquidators
CONCORD ENTERPRISES: Creditors and Contributories Meet on Nov 26

EFFECTIVE LABEL: Creditors' Proofs of Debt Due December 14
FAR EAST CONNECTION: Court Enters Wind-Up Order
FORWARD GROUP: Court to Hear Wind-Up Petition on Dec 2
GEG TRAVEL: Court to Hear Wind-Up Petition on December 9
GIVON INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

GRANULES INDIA: CARE Assigns 'CARE B' Rating on LT Bank Facilities
TATA MOTORS: Settles Compensation Disputes with Vendors
TATA STEEL: OKs Exchange Offer for US$875-Mln Securities


I N D O N E S I A

ANEKA TAMBANG: Drops Plan to Acquire Stake in Newmont
BANK MANDIRI: To Receive US$100-Mln Loan from Foreign Bank


J A P A N

ES-CON JAPAN: JCR Withdraws 'D' Ratings on Bonds


K O R E A

MAGNACHIP SEMICONDUCTOR: Notice of Suspension of Filing Obligation


M A L A Y S I A

PRIME UTILITIES: LBCN Served with Originating Summon from CIMB


M O N G O L I A

* Moody's Gives Stable Outlook on Three Mongolian Banks' B2 Rating


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic Case Hearing Adjourned
INDUSTRIAL TOOLS: To Close New Zealand Factory Next Month
* NEW ZEALAND: Retail Sales Increase 0.5% in Third Quarter 2009


S I N G A P O R E

AKAN SHIPPING: Creditors' Proofs of Debt Due on December 9
DAISETSUZAN SHIPPING: Creditors' Proofs of Debt Due on December 9
DESIN CONSTRUCTION: Court to Hear Wind-Up Petition on November 20
KAPITAL ASIA: Court to Hear Wind-Up Petition on November 20
POENA SHIPPING: Creditors' Proofs of Debt Due on December 9

QUANTEC REALTY: Creditors' Meeting Set for November 20


X X X X X X X X

NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions


                         - - - - -


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


CENTRO PROPERTIES: Expects Profit to Dip 45% on Stronger Currency
-----------------------------------------------------------------
Centro Properties Group on Thursday warned of more hurdles for its
underlying profits as a consequence of the strong dollar and
rising interest rates, according to The Sydney Morning Herald.

Citing Centro's sales update for the three months to September 30,
SMH relates that underlying profit for the 12 months to the end of
next June is expected to fall about 45% compared with the previous
12 months' figure of $229 million, after one-off charges.  SMH
says distributions are also tipped to drop.

Sales over the quarter rose by 4.5%.

According to SMH, Centro's outgoing chief executive, Glenn
Rufrano, said the September quarter results reflected the general
state of the Australian and US economies.  "Centro's operations
during the financial year ending June 30, 2010, continue to be
impacted by economic factors, including the significant
appreciation of the Australian dollar and movements in interest
rates," the report quoted Mr. Rufrano as saying.

"The Australian portfolio has maintained occupancy and rental
growth. As expected, comparable income growth in the US declined
due to [the] impact of the retailer bankruptcies that occurred
during late 2008-early '09."

The group's US operations continue to be affected by the weak
economy, including retail sales trends, SMH states.

                   Centro Retail Trust Performance

Centro Retail Trust expects annual underlying profit to fall by
20% in 2009-10 and net cash flow to be 15% lower, The Australian
Associated Press reports.

The AAP relates Centro Retail said economic factors, including
movements in the Australian dollar and interest rates, had
affected its September quarter results.

According to the AAP, the shopping centre owner said its
expectations of a 20% drop in underlying profit and a 15% fall in
net operating cash flow for 2009-10 assumed that the Australian
dollar would trade at US 90 cents for the remainder of the year.

                       About Centro Retail

Centro Retail Trust is a pure property trust specializing in the
ownership of shopping centers.  CER owns retail property
investments in Australia and the U.S.  CER is an ASX-listed
property trust managed by Centro Properties Group.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
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).


FIREPOWER HOLDINGS: Owner Seeks OK to Travel; Liquidator Alarmed
----------------------------------------------------------------
The Sydney Morning Herald reports that Tim Johnston, the Perth
businessman behind failed Firepower Holdings, has asked the
Federal Court for the return of his passport so he could travel
overseas for business.

The liquidator Bryan Hughes is alarmed, telling the Herald Mr.
Johnston is "an enormous flight risk."  "You would have to
question whether he would come back," he said.

According to the report, Mr. Johnston surprised authorities when
he returned to Australia on November 2 after 18 months, with up to
AU$100 million owing to investors.

The Herald relates that Mr. Johnston has a home in Bali and the
Australian Securities and Investments Commission -- which has
launched a civil case against Mr. Johnston and hopes to mount a
criminal prosecution -- is trying to keep him in Australia.

On November 6, Mr. Johnston surrendered his two passports, obeying
an interim order by Justice Antony Siopis, who granted an ASIC
application.

Earlier this month, says the Herald, Justice Siopis granted the
liquidator's request for a public examination of Mr. Johnston in
Perth on November 26, which Mr. Hughes hopes will lead to a
criminal prosecution.

                          About Firepower

Based in Perth, Australia, Firepower Holdings and Firepower
Operations are both Australian arms of Firepower Holdings Group,
a fuel technology company based in the British Virgin Islands.
According to WAtoday.com.au, Firepower has several high-profile
investors, including former AFL star Wayne Carey and several
Adelaide Crows players.  It sponsored the Western Force rugby
union team, basketball side Sydney Kings and NRL team South
Sydney, which is owned by Russell Crowe and Peter Holmes.
The company, the WAtoday related, also sponsored Fremantle
Dockers star Matthew Pavlich and Force players Matt Giteau,
Cameron Shepherd and Ryan Cross.

                           *     *     *

As reported in the Troubled Company Reporter Asia Pacific on
Aug. 6, 2008, Firepower Holdings was placed into liquidation
after its chairman, Tim Johnston, failed to help in efforts to
rescue it, the Herald Sun said citing administrators Brent
Kijurina and Geoff McDonald of accountancy and insolvency firm
Hall Chadwick.  It has 1,208 Australian shareholders who invested
between AU$80 and AU$100 million.


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C H I N A
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GITI TIRE: S&P Downgrades Corporate Credit Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based tire manufacturer
GITI Tire Pte. Ltd. to 'B' from 'B+'.  The outlook is stable.  At
the same time, S&P lowered the issue rating on the company's
US$200 million 12.25% senior secured notes due 2012 to 'CCC+' from
'B-'.  Both ratings were removed from CreditWatch, where they had
been placed with negative implications on Sept. 15, 2009.

"We lowered the ratings on GITI and the notes to reflect the
company's prolonged period of weak performances and its high
vulnerability to industry risks.  While GITI's margins have
improved since the second quarter of this year, such improvements
may not be sustainable, in S&P's view," said Standard & Poor's
credit analyst Bei Fu.

Raw material costs, which are subject to commodity cycles, account
for more than 70% of GITI's total variable costs.  This is a
higher level than for its global peers, and raw material price
movements will therefore have a bigger effect on the financial
performance of GITI.  Most players, including GITI, are unable to
pass on cost rises in a timely fashion.  Even if raw material
costs remain low, S&P is not certain whether GITI could protect
its currently good margins as the domestic and global tire sectors
are competitive and fragmented.

Given current overcapacity in China and globally, the company's
margin would come under significant pressure if peers meaningfully
cut prices.  S&P acknowledge, however, that GITI focuses more on
selling higher-margin products than purely competing for market
share.  S&P expects GITI's operating margin, like that of its
peers, to have increased in 2009 because of the significant drop
in raw material costs in recent months.

S&P also believes that the U.S. government's decision to impose
additional tariffs on tire imports from China for three years will
put further pressure on GITI's sales, which have weakened since
late 2008.

Although car sales in China are strong, helping GITI's domestic
sales, a decline in overseas business has affected the company's
revenue.  GITI's top line is susceptible to rising economic
pressure as exports account for about 40% of the company's sales
and its global market share is relatively modest.  Export sales
slowed down substantially from the last quarter of 2008, but
started to recover in March 2009 onwards.  GITI has increased its
shareholding in Indonesia-based PT Gajah Tunggal Tbk.
(B-/Stable/--) to 32% in recent months from 28% at the end of
2008.  S&P expects stronger cooperation between the two tire
makers in future.

Given the currently good operating environment for GITI, S&P
estimates that its EBITDA margin will rise to more than 15% from
less than 10% in 2008 and its ratio of debt to EBITDA could be
close to or less than than 5x in 2009.

"The rating on GITI reflects the industry risks and the company's
highly leveraged financial risk profile, which takes into account
its volatile operating margin, weak cash flow protection, high
leverage, and tight liquidity.  These weaknesses are tempered by
GITI's leading market position in China and improving geographic
diversity," said Ms. Fu.

The stable outlook reflects S&P's expectation that GITI's profit
margin will improve in 2009 and its future financial performance
will not deteriorate further from that in 2008.  The stability of
the rating is also dependent on GITI maintaining adequate
liquidity while pursuing future growth, and that the company takes
a focused and prudent approach to future investments and
acquisitions.


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


168C COMPANY: Court to Hear Wind-Up Petition on December 23
-----------------------------------------------------------
A petition to wind up the operations of 168c Company Limited will
be heard before the High Court of Hong Kong on December 23, 2009,
at 9:30 a.m.


AD-MAGNETICS COMPANY: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on September 26,
2009, to have Ad-Magnetics Company Limited's operations wound up.

The company's liquidator is Yuen Tsz Frank Chun.


ALTEC LANSING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on October 30, 2009,
members of Altec Lansing Far East Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ANDREW & PAULMANN: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on September 22,
2009, to have Andrew & Paulmann Surveyors Limited's operations
wound up.

The company's liquidator is Yuen Tsz Frank Chun.


ASK GLOBAL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 22, 2009, to
have Ask Global Enterprises Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


BERMORY LIMITED: Members' Final General Meeting Set for Dec. 18
---------------------------------------------------------------
Members of Bermory Limited will hold their final general meeting
on December 18, 2009, at 10:00 a.m., at the 22nd Floor, Prince's
building, Central, Hong Kong.

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


BUYNOW (NANJING): Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on May 22, 2009, members
of Buynow (Nanjing) Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Ho Man Kit
         Simone Kong Sze Man
         5th Floor, tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


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

The Petitioner's solicitors are:

         Messrs Cheung & Yip
         Dah Sing Life Building, 12th Floor
         99-105 Des Voeux Road
         Cetral, Hong Kong


COLLECTIONS INTERIOR: Lui and Lauren Step Down as Liquidators
-------------------------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King Lauren stepped down as
liquidators of Collections Interior Limited on October 22, 2009.


CONCORD ENTERPRISES: Creditors and Contributories Meet on Nov 26
----------------------------------------------------------------
Creditors and contributories of Concord Enterprises Investment
Limited will hold their first meeting on November 26, 2009, at
10:00 a.m., and 11:00 a.m., respectively, at the Official
Receiver's office, 10th Floor, Queensway Government offices, 66
Queensway in Hong Kong.

At the meeting, E T O' Connell the company's liquidator will give
a report on the company's wind-up proceedings and property
disposal.


EFFECTIVE LABEL: Creditors' Proofs of Debt Due December 14
----------------------------------------------------------
Effective Label Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by December 14, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Natalia K M Seng
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FAR EAST CONNECTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on August 17, 2009,
to have Far East Connection Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


FORWARD GROUP: Court to Hear Wind-Up Petition on Dec 2
------------------------------------------------------
A petition to wind up the operations of Forward Group Logistic &
Transportation Limited will be heard before the High Court of
Hong Kong on December 2, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Baker & McKenzie
         One Pacific Place, 32rd Floor
         88 Queensway
         Hong Kong


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

The Petitioner's solicitors are:

         T.S. Tong & Co
         Wing Lung Bank Building, 8th Floor
         No. 45 Des Voeux Road
         Central, Hong Kong


GIVON INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on August 31, 2009,
to have Givon International Health Spa Limited's operations wound
up.

The company's liquidator is Lau Siu Hung.


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I N D I A
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GRANULES INDIA: CARE Assigns 'CARE B' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the long-term bank
facilities of Granules India Ltd.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer low safety for timely
servicing of debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

Also, CARE has assigned a 'PR4' rating to the short-term bank
facilities of the company.  This rating is applicable for
facilities having a tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of
shortterm debt obligations and carry very high credit risk. Such
facilities are susceptible to default.  The above ratings are
assigned to both long-term facilities and short-term facilities
aggregating INR202.50 crore.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating symbol.

                                 Amount
   Instrument                  (INR crore)        Rating
   ----------                  -----------        ------
   Long-term Bank Facilities      151.90           'B'
   Short-term Bank Facilities     50.60            'PR4'

The ratings factor in the recent history of delays in debt
servicing commitments to Banks and devolvement of Letter of Credit
(LC).  The ratings are also constrained by the relatively small
size of the company, limited product profile, higher sales
concentration from few major products, low revenue growth during
the last few years and competition from low cost manufacturers.
The ratings also consider the experience of the promoters in the
business, established presence in the Pharmaceutical Formulation
Ingredients (PFI) business, especially in the global paracetamol
market, reputed clientele, diversified presence across markets and
clients and low overall gearing.  Timely payment of debt
obligations and easing of liquidity position are the key rating
sensitivities.

                        About Granules India

Hyderabad based Granules India Ltd. was incorporated in 1991.  It
is engaged in the business of export of bulk drugs like
paracetamol, guaifenesin, other Active Pharmaceutical Ingredients
(API) and PFI.  GIL was promoted by Shri C.Krishna Prasad (MD) and
his father Dr.C.Nageswara Rao.  GIL exhibited low growth income
from the operations in the past few years and income increased
from INR186 crore in FY07 to INR214 crore in FY08.  Exports
accounted for 70% of the income in FY'08. PBILDT in FY08 had
increased by 8.62% to INR34 crore over FY07 due to growth in
sales.  Low gross profit growth was mainly due to marginal
increase in the raw material costs and the sharp appreciation of
rupee in the later part of FY08. PAT for FY08 decreased by 9.96%
to INR9.13 crore on account of depreciation provided on the new
manufacturing plants.

For the half year ended Dec. 31, 2008 (Prov), GIL achieved
turnover of INR167 crore.  The sharp annualized growth in net
sales in H1'09 was due to the increase in the sales to
Glaxosmithkline and commercialization of the tablet unit.  PBIDT
and PAT during half year ended Dec.31, 2008 was INR27 crore and
INR4 crore respectively.


TATA MOTORS: Settles Compensation Disputes with Vendors
-------------------------------------------------------
Tata Motors Ltd has sorted out differences with vendors regarding
compensation issues arising out of its decision to shift the Nano
plant from Singur, The Economic Times reported, citing Tata Motors
President (Passenger Car) Rajiv Dube.

"The issues have been resolved with the [vendors] internally.
Vendors are in line to set up their facility in Sanand," Mr. Dube
was quoted by the ET as saying.

According to the report, several auto parts suppliers were earlier
reportedly seeking compensation from the company on the ground
that they would incur huge losses if their component units were to
be relocated to Sanand in Gujarat, where the carmaker is now
setting up the world's cheapest car facility.

Tata Motors had announced to pull out the INR1,500-crore Nano
project from Singur in October last year after following violent
protests by Trinamool Congress over land acquisition, the ET
recalls.

Mr. Dube, however, declined to give details whether the company
has compensated the vendors financially or has offered some other
benefits in Sanand, the report notes.

                         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.


TATA STEEL: OKs Exchange Offer for US$875-Mln Securities
--------------------------------------------------------
Tata Steel Ltd said it has approved an exchange offer of new
foreign currency convertible bonds for any or all of the existing
US$875,000,000 Convertible Alternative Reference Securities due
2012.

The CARS have a yield to maturity of 5.15% per annum and are
convertible into qualifying securities or ordinary shares of the
issuer.

The company said it is making the exchange offer to:

   (i) lengthen its debt maturity profile;

  (ii) reduce the cost to the issuer; and

(iii) potentially reduce future repayment obligations.

The exchange bonds have a coupon of 4.5% each and will mature on
November 21, 2014.

Standard Chartered Bank, ABN Amro Bank NV, Hong Kong Branch and
Citigroup Global Markets Ltd are acting as dealer managers and
Calyon Singapore as the co-manager for the offer. Citibank NA,
London Branch is the exchange agent.

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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ANEKA TAMBANG: Drops Plan to Acquire Stake in Newmont
-----------------------------------------------------
The Jakarta Post reports that PT Aneka Tambang Tbk withdrew plans
to acquire part of a 14% divested stake in PT Newmont Nusa
Tenggara, a subsidiary of US mining company Newmont.

According to the report, Antam had planned to team up with the
regional government of West Nusa Tenggara province, but the
company withdrew the plan as it and the regional government failed
to reach an agreement on the shareholder composition.

The Post quoted West Nusa Tenggara Governor Muhammad Zainul Majdi
as saying that "Antam proposed that the divested stake be split
equally, 50% for Antam and 50% for the regional government.  Our
proposal is that the regional government gets 25%, while Antam and
PT Multicapital [the regional's government partner in the
acquisition process] will each get 37.5%.  Antam evaluated the
offer and decided to withdraw from the acquisition."

Meanwhile, Jakarta Globe reports that State-Owned Enterprises
Minister Mustafa Abubakar has called for Antam to reenter
negotiations with Newmont.

"We want Antam [Aneka Tambang] to renegotiate with the local
governments," the Globe quoted Mr. Abubakar as saying.

Antam's withdrawal from a consortium seeking a stake in Newmont
subsidiary Newmont Nusa Tenggara caused the signing of the
transfer of the 14% stake to be delayed until at least Nov. 21,
according to Jakarta Globe.

                            About Antam

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


BANK MANDIRI: To Receive US$100-Mln Loan from Foreign Bank
----------------------------------------------------------
PT Bank Mandiri will get a US$100 million (IDR1 trillion) loan
from a foreign bank in November, The Jakarta Post reports, citing
the bank's president director Agus Martowardojo.

The report relates that Mr. Agus refused to identify the foreign
bank, saying it was not within his authority to do so.

The loan will be used to expand the bank's credit using foreign
currencies, the Post notes.

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-'.


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J A P A N
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ES-CON JAPAN: JCR Withdraws 'D' Ratings on Bonds
------------------------------------------------
Japan Credit Rating Agency, Ltd. has withdrawn the 'D' rating on
each of the already issued bonds of Es-Con Japan Ltd.

Withdrawn Ratings:

   Issues      Amount    Issue Date    Due Date     Coupon  Rating
   ------      ------    ----------    --------     ------  ------
   bonds no.1  JPY3 bil. May 10, 2007  May 10, 2010 3.36%     D
   bonds no.2  JPY5 bil. June 26, 2007 June 26, 2009 3.02%    D

Rationale

JCR downgraded the ratings on ES-Con Japan to D on June 26, 2009,
upon the happening of obligation acceleration with regard to each
series of the two series of the outstanding bonds of the Company
as it failed to redeem its bonds no 2, which matured on June 26,
2009.

The changes to be made in the prospectus of corporate bond issue
for both bonds no.1 and bonds no.2 were approved at creditors'
meeting held on October 28, 2009 and then approved and ruled by
the Tokyo District Court on November 4, 2009. The prospectuses, in
which changes have been made, become effective on November 11,
2009.  As a result, JCR withdraws the rating on each of the bonds.
Concerning the rating on the senior debts of the Company, JCR will
determine the rating anew after reviewing the business
revitalization plan in the business revitalization alternative
dispute resolution (ADR) procedures, which came into existence on
October 29, 2009.


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


MAGNACHIP SEMICONDUCTOR: Notice of Suspension of Filing Obligation
------------------------------------------------------------------
MagnaChip Semiconductor LLC has filed a Form 15 certification and
notice of the suspension of its duty to file reports under
Sections 13 and 12(d) of the Securities Act of 1934.

On December 23, 2004, MagnaChip Semiconductor LLC subsidiaries,
MagnaChip Semiconductor S.A. and MagnaChip Semiconductor Finance
Company, sold (and MagnaChip and certain of its subsidiaries
guaranteed) $300 million in aggregate principal amount of floating
rate second priority senior secured notes due 2011, $200 million
in aggregate principal amount of 6 7/8% second priority senior
secured notes due 2011 and $250 million in aggregate principal
amount of 8% senior subordinated notes due 2014.  The Borrowers
exchanged all of the Original Notes for identical notes registered
under the Securities Act of 1933, as amended, pursuant to a
Registration Statement on Form S-4 declared effective by the
Securities Exchange Commission on July 20, 2005.

The notice was signed by John T. McFarland, Esq., senior vice
president, general counsel and secretary of MagnaChip.

A full-text copy of the Form 15 Notice is available for free at:

                http://researcharchives.com/t/s?4937

As reported in the Troubled Company Reporter on November 9, 2009,
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.

                  About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor LLC --
http://www.magnachip.com/-- 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 $951,917,782 in assets against
$845,903,186 in debts while MagnaChip Semiconductor B.V.
disclosed assets of $762,465,739 against debts of $1,800,612,084.


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


PRIME UTILITIES: LBCN Served with Originating Summon from CIMB
--------------------------------------------------------------
LBCN Development Sdn Bhd, a major subsidiary of Prime Utilities
Berhad, has been served with Originating Summon filed by CIMB Bank
Berhad with the Kuala Lumpur High Court for these claims:

   * MYR25,614,378.94 (principal & interest);

   * further interest at the rate of 1.5% per annum above
     base lending rate on a daily basis from March 8, 2006,
     until full settlement; and

   * legal costs and any other relief deemed suitable by the
     Court.

Prime Utilities said it will appoint a legal counsel to defend the
Company and at the same time LBCN will be negotiating with CIMB to
resolve the matter amicably.

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the company is engaged in
property development.  The company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


===============
M O N G O L I A
===============


* Moody's Gives Stable Outlook on Three Mongolian Banks' B2 Rating
------------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B2 long-term foreign currency deposit ratings of
Khan bank, Trade and Development Bank of Mongolia and XacBank.

These rating actions follow Moody's outlook change to stable from
negative for Mongolia's B1 foreign and local currency government
bond ratings, and its Ba2 and B2 foreign currency bond and bank
deposit ceilings.

"The long-term foreign currency deposit ratings of Khan bank, TDB
and XacBank are currently constrained by the foreign currency bank
deposit ceiling of B2," says Yvonne Zhang, a Moody's Vice
President and Senior Analyst.  "A rating change in the ceiling
would lead to similar rating action for these three Mongolian
banks."

Moody's last rating actions on Khan Bank and XacBank were taken on
June 11, 2009, when their bank financial strength ratings, long-
term local currency deposit ratings and issuer ratings were
downgraded.

The last rating action on TDB was taken on September 10, 2009,
when its ratings were confirmed and their outlook was changed to
negative from stable, due to Moody's concern over its asset
quality, capital position, and liquidity position.

All three banks are headquartered in Ulaanbaatar, Mongolia.  As of
December 31, 2008, Khan bank reported assets of MNT839 billion
(approximately US$654 million), TDB MNT659 billion
(US$514 million) and XacBank MNT208 billion (US$162 million).

Ratings for the three banks (all with stable outlooks, unless
specified):

Khan Bank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) B2
  -- LT Bank Deposits (Domestic) Ba3
  -- LT Issuer Rating (Foreign) Ba3
  -- LT Issuer Rating (Domestic) Ba3
  -- Senior Unsecured MTN (Foreign) Ba3
  -- Senior Unsecured MTN (Domestic) Ba3
  -- Subordinate MTN (Foreign) B1
  -- Subordinate MTN (Domestic) B1
  -- ST Bank Deposits (Foreign) NP
  -- ST Bank Deposits (Domestic) NP

Trade and Development Bank of Mongolia:

  -- Bank Financial Strength D- with negative outlook
  -- Long-Term Bank Deposits (Foreign) B2 with stable outlook
  -- Long-Term Bank Deposits (Domestic) Ba3 with negative outlook
  -- Long-Term Issuer Rating (Foreign) Ba3 with negative outlook
  -- Long-Term Issuer Rating (Domestic) Ba3 with negative outlook
  -- Senior Unsecured (Foreign) Ba3 with negative outlook
  -- Senior Unsecured MTN (Foreign) Ba3 with negative outlook
  -- Subordinate MTN (Foreign) B1 with negative outlook
  -- Short-Term Bank Deposits (Foreign and Domestic) NP
  -- Short-Term Issuer Rating (Foreign and Domestic) NP
  -- Other Short-Term (Foreign) NP

XacBank (all with stable outlook):

  -- Bank Financial Strength D-
  -- LT Bank Deposits (Foreign) B2
  -- LT Bank Deposits (Domestic) Ba3
  -- LT Issuer Rating (Foreign) Ba3
  -- LT Issuer Rating (Domestic) Ba3
  -- ST Bank Deposits (Foreign and Domestic) NP
  -- ST Issuer Rating (Foreign and Domestic) NP


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


BRIDGECORP LTD: Petricevic Case Hearing Adjourned
-------------------------------------------------
Insolvency matters raised by the Official Assignee pertaining to
the tranfers of wealth between bankrupt Bridgecorp founder Rod
Petricevic and his family trust have been adjourned until next
year, Kris Hall writes for The Dominion Post.

The report says the Official Assignee, part of the Government's
Insolvency and Trustee Service, is investigating Mr. Petricevic's
personal financial affairs with a view to recovering monies for
creditors.

According to The New Zealand Herald, the High Court at Auckland
Associate Judge Hannah Sargisson adjourned two matters until
February 11.

The former finance company chief executive was bankrupted last
year owing NZ$4.7 million, the Herald discloses.

                         About Bridgecorp

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


INDUSTRIAL TOOLS: To Close New Zealand Factory Next Month
---------------------------------------------------------
The New Zealand Herald reports that Irwin Industrial Tools Ltd in
Wellsford will shut its door a week before Christmas with the loss
of 56 jobs, just seven months after 105 staff were made redundant.

According to the report, the closure is a blow to the people of
Wellsford, where the factory has been the principal employer for
decades.

The report says the company -- which makes circular saw blades,
nearly all of them for export -- announced on November 12 that the
factory would close on December 18.

"The company is going to look after us; they're a good company to
work for," the NZ Herald quoted worker Alan Martin as saying.

Workers said they had hoped that the decision would have been
taken after Christmas, and were now looking further afield than
the town for a future.

The Engineering, Printing and Manufacturing Union blamed
fluctuating New Zealand dollar as the reason for the closure.

The union, which represents workers at the Wellsford tool company,
said the government needs to take a serious look at measures to
control the New Zealand dollar including indexing it against our
trading partners' currencies and reforming the Reserve Bank Act.

Irwin Industrial Tools -- http://www.irwintools.co.nz/--
manufactures and distributes professional grade hand tools and
power tool accessories worldwide for trade professionals.


* NEW ZEALAND: Retail Sales Increase 0.5% in Third Quarter 2009
---------------------------------------------------------------
The value of New Zealand's seasonally adjusted total retail sales
increased 0.5%(NZ$82 million) in the September 2009 quarter,
according to the country's statistics agency.

Statistics New Zealand said this is the second quarter with
increased sales values, following four quarters of decreases.
Although sales values were up, volumes were flat (up just 0.1%),
suggesting that prices, in general, rose this quarter.

The picture for retailing for the September 2009 quarter is mixed,
with just over half the industries recording sales increases.  The
biggest increase in sales value was in supermarket and grocery
stores (up 1.1% or NZ$41 million), followed by appliance retailing
(up 5.1% or NZ$32 million).  The biggest decreases in sales value
were in automotive fuel retailing (down 2.5% or NZ$38 million),
and department stores (down 3.2% or NZ$30 million).

A sizeable increase in appliance retailing volumes (up 6.5%)
offset decreases in motor vehicle retailing, department stores,
and the other retailing industry, to give a flat result overall.

Both the value and the volume of seasonally adjusted core retail
sales, which excludes the four vehicle-related industries,
increased in the latest quarter. The value was up 0.6% (NZ$69
million) and the volume up 0.5%.

The trend in the value of total retail sales has risen 1.1% since
the March 2009 quarter, after falling 2.3% in the previous four
quarters.  The trend in the volume of total retail sales appears
to have flattened after a 6.6% decline over the previous eight
quarters up just 0.2% in the latest quarter.

In the September 2009 month, compared with August 2009, seasonally
adjusted total retail sales were flat, increasing just 0.2%.
Thirteen of the 20 core retail industries moved, up or down, by
less than NZ$3 million.


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


AKAN SHIPPING: Creditors' Proofs of Debt Due on December 9
----------------------------------------------------------
Akan Shipping Pte. Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


DAISETSUZAN SHIPPING: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------------
Daisetsuzan Shipping Pte. Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


DESIN CONSTRUCTION: Court to Hear Wind-Up Petition on November 20
-----------------------------------------------------------------
A petition to wind up the operations of Desin Construction Limited
will be heard before the High Court of Hong Kong on November 20,
2009, at 10:00 a.m.

The Petitioner's solicitors are:

         Messrs A.Ang, Seah & Hoe
         International Factors Building
         141 Market Street #06-01
         Singapore 048944


KAPITAL ASIA: Court to Hear Wind-Up Petition on November 20
-----------------------------------------------------------
A petition to wind up the operations of Kapital Asia Pte Ltd will
be heard before the High Court of Hong Kong on November 20, 2009,
at 10:00 a.m.

The Petitioner's solicitor is:

         WongPartnership LLP
         One George Street, #20-01,
         Singapore 049145.


POENA SHIPPING: Creditors' Proofs of Debt Due on December 9
-----------------------------------------------------------
Poena Shipping Pte. Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 9, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


QUANTEC REALTY: Creditors' Meeting Set for November 20
------------------------------------------------------
Quantec Realty Pte Ltd, which is in liquidation, will hold their
meeting for its creditors on November 20, 2009, at 10:00 a.m.

The company's liquidator is:

         Seshadri Rajagopalan
         Quantec Realty Pte Ltd
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


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


NORTEL NETWORKS: Wins Gov't. Comms. Deals Across APAC Regions
-------------------------------------------------------------
Nortel has recently won significant public sector deals in several
countries across the Asia Pacific region that cover a range of
emerging networking technologies including Unified Communications
(UC), Ethernet Routing Switches, contact center deployments and
virtual collaboration environments.

Governments are traditionally conservative in their technology
buying patterns with intense scrutiny on technology decisions and
long buying cycles.  Nortel's continued growth in the government
sector is a clear indicator of the industry's confidence in
Nortel's technology and its long term ability to meet customer
needs.

Nortel has seen recent success with public sector investments in
Australia and New Zealand, Greater China, India, South East Asia
and Japan.  Central and local government departments, healthcare
institutions, educational establishments, court systems, tax
offices, energy and transport network providers have all upgraded
or deployed new communications environments as the region's
central services have dramatically improved the way in which they
communicate both internally and with their external stakeholders
such as citizens, suppliers and other government departments.

The government court systems in two of the region's most populous
cities have invested in Nortel Unified Communications and Ethernet
Routing Switch solutions.  There are changing demands within
modern courts, as court employees are required to be available to
their clients and co-workers anytime, anywhere.  This has created
a high demand for end-to-end UC technologies, including full 10GE
backbone support to the desktop, and leading edge UC applications.
In one instance, the court was able to streamline its operations
by deploying a powerful and secure data network from Nortel to
support a centralized judicial system database.

In education, trials and deployments of Nortel's virtual world
application known as web.alive are providing an immersive learning
experience for students in both primary school and university
environments.  Web.alive is a virtual world software application
that provides a network secured virtual world platform for
collaboration, assisted virtual learning and training
applications.  The solution allows education providers to adapt
teaching methods to the modern communications-rich world,
enhancing student attention, engagement and retention.  This
virtual world collaboration environment is helping learning
centers deal with one of the major drawbacks of other
communication technologies: the ability to give users a "real-
life" experience that is more interactive and intuitive.  It is
another example of how Nortel's technology is supporting the
learning needs of students across the region -- with other major
educational deployments announced in recent times in Australia,
India, Japan and South East Asia. And learning centers across the
region are now looking to technology solutions as a way of
safeguarding educational continuity in the face of the continued
threat of a more severe swine flu pandemic.

With Nortel's unified communications solution in place, employees
at Porirua City Council in New Zealand are now more accessible to
their colleagues, suppliers and customers whether they are in the
office or performing their duties off-site -- meaning enhanced
productivity and increased efficiency.  The solution also allows
Porirua City Council to address the unique needs of its mobile
workforce, which forms over 30% of the organization and which has
previously had to manage a variety of systems to stay in touch.
The new multimedia contact center solution, which enables UC
capabilities such as integrated voice, email, fax and instant
messaging, will drive up customer service quality on offerings
such as holiday programs and inspection bookings, with a focus on
increased speed and an enhanced user experience.

In India, Nortel has supported the huge investment in new airport
infrastructure across the country with significant voice and data
solutions, together with ongoing managed service deals, in a
number of the country's new international airports, including
those in Mumbai, Bangalore, Delhi and Hyderabad.

And in the healthcare sector, Nortel's solutions are helping speed
patient discharge procedures, improve staff efficiency, enable
better communications for a mobile workforce, and improve the
quality of patient care.  Agile clinical communications use many
of the voice and data networks components that already exist in a
hospital to connect the disparate systems, people and processes in
order to maximize return on investment in clinical systems and
infrastructure.  Healthcare providers and teaching hospitals from
Singapore to Japan are relying on Nortel's solutions to support
their critical communications needs.

Examples of how Nortel's Solutions are Supporting Public Sector
Initiatives:

   * New Zealand Public Service Association Gets Unified With
     Nortel and Gen-I -- The New Zealand Public Service
     Association (PSA), New Zealand's largest union with more
     than 57,000 registered members, expects to save up to 18
     percent annually on call fees by migrating to a unified
     communications network from Nortel, Microsoft and
     implementation partner Gen-i.  The solution gives PSA new
     functionality -- such as unified messaging and presence -
     that allows operators to instantly "see" the status of
     their colleagues and know exactly how to reach them, be it
     by phone or e-mail.  The system also creates a single
     collection point for voicemails for all staff so no
     message goes unanswered.

   * Taiwan Post Secures Business Continuity with Nortel Metro
     Ethernet Solution -- Taiwan Post, the largest postal,
     banking and insurance services provider in Taiwan, ensures
     customers will continue to be served and catastrophic
     failure to business operations averted in the event of
     disaster through a Nortel Metro Ethernet solution.  Taiwan
     Post is ensuring business continuity with Metro Ethernet
     technology by enabling real-time information backup,
     access and recovery.

   * Nortel Metro Ethernet Solution Helps Shanghai Metro Line 1
     Trains Run on Time -- With the Nortel Metro Ethernet
     solution in place, CBDTS will transmit information
     relating to wireless access systems, electronic
     monitoring, digital television and broadcasting, including
     comprehensive network monitoring and alerting tools.  All
     operational and management information -- voice, data and
     video -- will be securely and accurately transmitted and
     monitored, ensuring seamless communications among train
     staff and access to the PIS (Passenger Information System)
     at all times.

   * Nortel Provides Network Infrastructure for Commonwealth
     Youth Games 2008 -- The Commonwealth Youth Games 2008,
     held in Pune, India from October 12 to 18, ran on a next-
     generation data network infrastructure set up by Nortel.
     The always-on, highly available network supporting 1,000
     users, ran multimedia applications including real-time
     schedule updating, statistical analysis, resource
     coordination and media coverage helping ensure the
     Commonwealth Youth Games 2008 ran smoothly.

   * Japan's Kyushu University Hospital has improved patient
     care by fostering staff collaboration over a new medical
     information network based on Nortel's clinical-grade
     Healthcare Solutions portfolio.  And in Taiwan, the
     wireless Taiwan Mobile Healthcare Services give Taipei-
     based doctors virtual access to patient medical records,
     high-quality diagnostic images and video, and other
     innovative connectivity services.

   * The University of the East (UE) in the Philippines has
     selected Nortel to help upgrade its information technology
     infrastructure and to boost the performance of all its
     computerized and web applications systems.  With this
     system, UE students, faculty and personnel can access UE's
     centralized database enabling quicker, easier, and more
     efficient academic, financial and administrative
     transactions.

   * Australia's renowned RMIT University has upgraded its
     Nortel data network to support new, high-bandwidth
     services such as media streaming, YouTube feeds and
     videoconferencing for staff and students across 220 campus
     locations.  The data network allows the University to
     drive high-bandwidth media streaming applications across
     its 12,500 PCs without affecting the performance of
     business-critical communications and media-intense
     research applications.

   * The Victorian Education and Research Network (VERNet) has
     deployed a Nortel Metro Ethernet Solution to significantly
     boost network capacity to provide member institutions with
     "always on" high-speed broadband connectivity.  This
     allows more than 100 research and education institutions
     in the state of Victoria  to introduce services such as
     real-time, high-definition video broadcasts, offsite
     disaster recovery and connections to radio telescopes.

   * National University of Malaysia Unleashes Student Learning
     With Nortel -- Formed to deliver an innovative education
     with roots in traditional knowledge and culture,
     Universiti Kebangsaan Malaysia(UKM) is expanding its
     online usage by introducing a range of online applications
     including e-learning, network-intensive research
     applications, VoIP, IPTV and more.  These applications
     empower students and faculty to teach and learn in
     collaborative new ways, and their successful deployment
     provides an important competitive differentiator for
     universities.

                  About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers.  The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

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


                         *********

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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