TCRAP_Public/091118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, November 18, 2009, Vol. 12, No. 228

                            Headlines

A U S T R A L I A

BABCOCK & BROWN INFRA: Investors Approve Recapitalization Plan
CITY PACIFIC: Balmain Trilogy Writes Down Fund Value
GENERAL MOTORS: Holden Reinstates Shift Amid Strong Export Demand
STORM FINANCIAL: Investors Welcome Founders Suit Against CBA


C H I N A

CHINA SOUTHERN: Adds More Shuttle Services


H O N G  K O N G

M. KIRPALANI (HK): Court to Hear Wind-Up Petition on December 23
RAMBLER INVESTMENT: Creditors' Meeting Set for November 20
SEGA DESING: Court Enters Wind-Up Order
SILVER HERO: Placed Under Voluntary Wind-Up Proceedings
SPEED-TRANS CARGO: Court Enters Wind-Up Order

SPIRIT TRADE: Court Enters Wind-Up Order
SRARBAY INTERNATIONAL: Briscoe and Sze Appointed as Liquidators
STANDARD CAPITAL: Members' Final Meeting Set for December 14
STREAMVPN ASIA: Commences Wind-Up Proceedings
SUM FUNG INTERNATIONAL: Court Enters Wind-Up Order

TAMON INVESTMENT: Court Enters Wind-Up Order
TEAM SPIRIT: Creditors' Proofs of Debt Due December 5
THE BEST PRINTING: Creditors' Meeting Set for November 25
THERMOTECH CORPORATION: Placed Under Voluntary Wind-Up Proceedings
TIMO RANGE: Members' Final Meeting Set for December 14


I N D I A

ALLWYN TEX: Delays in Servicing Term Loans Cue CRISIL Junk Ratings
AMIYA STEEL: CRISIL Assigns 'B' Rating on INR80.73MM Term Loan
IRCON SOMA: Fitch Downgrades Ratings on Senior Bank Loans to 'D'
JAGDALE INDUSTRIES: Low Profitability Prompts CRISIL 'BB' Ratings
MAGNUM STEELS: ICRA Puts 'LBB' Rating on INR200MM Bank Facilities

NARAYAN COTGIN: CRISIL Assigns 'B' Ratings on Various Bank Debts
PLASCARE INDUSTRIES: CRISIL Rates INR159.6MM LT Loan at 'BB-'
RAJLAXMI NAGARI: RBI Cancels License Due to Insolvency
SHRI HIRANYAKESHI: ICRA Rates INR929.4 Mln Term Loan at 'LBB-'
SHRI KAMDAR: RBI Enters Winding Up Order

STARGAZE ENTERTAINMENT: Fitch Assigns 'BB-' National Rating
UMA COTTON: CRISIL Places 'B-' Rating on INR9.8 Mln Term Loan


I N D O N E S I A

BANK MEGA: Fitch Affirms Individual Rating at 'D'
BUMI CAPITAL: Moody's Assigns 'Ba3' Rating on US$300 Mil. Bonds
BUMI CAPITAL: S&P Affirms 'BB' Rating on US$300 Mil. Senior Notes
SEMEN GRESIK: To Pay Interim Dividend in December


J A P A N

JAPAN AIRLINES: Moody's Reviews 'Caa1' Long-Term Debt Rating
JAPAN AIRLINES: Tokyu May Sell Some of its Stakes in JAL
JAPAN AIRLINES: TPG May Invest Up to US$1.1 Bil. in JAL
JLOC XXXIV: Fitch Downgrades Ratings on Four Classes of Trusts
PEGASUS FUNDING: S&P Downgrades Ratings on Three Classes of Loans


K O R E A

HYNIX SEMICONDUCTOR: Shares Drop on Creditor's Stake Sale Plan
HYUNDAI MOTOR: Sales in Europe Increase 31.9% in October


M A L A Y S I A

AXIS INCORPORATION: Appoints Jan Lim as Chief Financial Officer
NEPLINE BERHAD: Receives Winding Up Petition from Dan Bunkering


P H I L I P P I N E S

POWER SECTOR: Launches US$600-Mln Debt Exchange Program
POWER SECTOR: Moody's Assigns 'Ba3' Senior Unsecured Rating
POWER SECTOR: S&P Assigns 'BB-' Rating on Senior Unsecured Notes


X X X X X X X X

* Rutter Hobbs & Davidoff Launches Asia Practice
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BABCOCK & BROWN INFRA: Investors Approve Recapitalization Plan
--------------------------------------------------------------
Brookfield Asset Management Inc. said both the stapled security
holders and EPS holders of Babcock & Brown Infrastructure have
approved Brookfield's plan to sponsor a comprehensive
restructuring and recapitalization of the company.

Upon satisfaction of the remaining conditions precedent, closing
of the transaction is expected to occur on November 20, 2009.

"We are very pleased with the support that we received from both
groups of BBI security holders for our proposal.  These approvals
are a major milestone in the completion of the recapitalization,"
Sam Pollock, Senior Managing Partner and CEO of Brookfield's
Infrastructure Group, said in a statement.

                     Recapitalization Proposal

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

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

The principal elements of the Recapitalization plan are:

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

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

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

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

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

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

              About Babcock & Brown Infrastructure

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

                         *     *     *

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

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


CITY PACIFIC: Balmain Trilogy Writes Down Fund Value
----------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that Balmain
Trilogy, the new managers of the Pacific First Mortgage Fund, have
written down the value of the fund by another AU$108.9 million to
AU$521.1 million -- nearly half of its original value.  The fund
was previously managed by City Pacific Ltd.

The Herald discloses that for the year ending June 30, 2009,
impairment losses totalled AU$463.5 million, leading to a net loss
for the fund's unit holders of AU$407.8 million.  Based on these
revised accounts, the net tangible assets stand at 48 cents a unit
down from $1.

According to the report, Rodger Bacon and Andrew Griffin, joint
chief executives of Balmain Trilogy, agreed that the additional
write-down was "inevitable but extremely disappointing" for
unitholders.

"The strong property and debt markets that preceded the global
financial crisis did much to hide the damage that was already
being inflicted on the Fund by City Pacific.  The honeymoon ended
abruptly when the markets turned and it is only now that we can
see the extent of the harm that City Pacific caused," Mr. Griffin
was quoted by the Herald as saying.

"The write-down highlights the woeful performance of City Pacific
which was RE (responsible entity) of the Fund for that entire
period.  More disappointingly the biggest part of this write-down
is attributable to loans to related parties of City Pacific,"
Mr. Bacon said.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing finance
and investment products.  City Pacific, a non-bank loan provider,
has AU$5 billion in mortgage assets under advice, comprising over
AU$1 billion funds under management in the City Pacific First
Mortgage Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of AU$3.3
billion and commercial mortgage assets under management of
approximately AU$800 million.  City Pacific originates nearly AU$3
billion per annum in loans to fund residential property, property
development, commercial property investment, plant & equipment and
business finance.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


GENERAL MOTORS: Holden Reinstates Shift Amid Strong Export Demand
-----------------------------------------------------------------
General Motors Co.'s Australian unit Holden will reinstate a
second shift at its Melbourne engine plant to meet strong export
demand, Bloomberg News reports, citing the Australian Financial
Review.

Bloomberg relates the newspaper said the engine plant moved to a
single shift in June amid the broader economic downturn and after
its U.S. parent General Motors filed for Chapter 11 bankruptcy.

According to Bloomberg, the Review said production will rise to
440 engines a day until the end of 2009, settling at 400 engines a
day from mid-January to February.  That compares with production
under a single shift of between 240 and 320 V6 engines a day,
depending on demand, the newspaper reported.

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

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

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

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

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

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


STORM FINANCIAL: Investors Welcome Founders Suit Against CBA
------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that Storm Financial
investors have welcomed the legal battle launched by company
founders Emmanuel and Julie Cassimatis against the Commonwealth
Bank of Australia.

According to the report, Storm clients believe the case could
establish a legal precedent for their long-held allegation that
the bank provided inaccurate data to Storm late last year.

The report says Storm investors maintain that failure to provide
correct information was a key reason why they did not receive
margin calls before their portfolios were sold down, leaving them
with huge debts to the bank.

"We have been of the opinion that the bank was wrong for quite a
while and this case is now going to test that," the Courier-Mail
quoted Noel O'Brien, co-chair of the Storm Investors Consumer
Action Group, as saying.

"We believe the case has flow-on on effects for all SICAG members.
It will prove what we have said all along: that the bank has acted
in a very tardy manner," he said.

The Troubled Company Reporter-Asia Pacific, citing Sunday Mail,
reported yesterday that Storm Financial founders Emmanuel and
Julie Cassimatis are striking back at the CBA with a AU$17 million
claim for losses on their personal investment portfolio.

Sunday Mail said the Cassimatis couple claim that the CBA was
negligent and in breach of its contract for failing to provide
accurate account statements on the value of their portfolio.

The Cassimatises are claiming a further AU$3.8 million for the
unauthorized sale of their investments in December 2008.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the Commonwealth Bank
of Australia, Storm's largest creditor, lodged a AU$27.09 million
debt claim at a first meeting of the company's creditors on
January 20.  Administrators Worrells Solvency & Forensic
Accountants said the group's remaining creditors are owed AU$51
million, plus a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up.  Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.


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C H I N A
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CHINA SOUTHERN: Adds More Shuttle Services
------------------------------------------
Bloomberg News reports that China Southern Airlines Co. will add
more shuttle services as an expanding high-speed rail network
threatens to lure passengers off planes.

According to the report, Chairman Si Xianmin said the airline will
start shuttle flights from its hub in Guangzhou to Wuhan in Hubei
province and to Zhengzhou in Henan.  The report says the flights
will operate at least once an hour and passengers will only need
to check in 30 minutes before takeoff.  A service to Changsha in
Hunan province is already in operation.

"We are actively responding to the challenge from high- speed
railways," Mr. Si told Bloomberg in an interview in Guangzhou.
The carrier will also operate shuttle services to Southeast Asia,
he added, without elaboration.

Bloomberg discloses that China Southern plans to add the services
as it expects traffic to fall on about 25% of domestic routes
because of high-speed railways, offering cheaper fares and greater
convenience.

Bloomberg further relates Mr. Si said China Southern is also
looking at resuming jet- fuel hedging.  The carrier closed all of
its positions last year as the price of oil plunged from a record,
Bloomberg notes.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                          *     *     *

As of November 17, 2009, China Southern Airlines Co.
Ltd continues to carry Fitch Ratings 'B+' Long-term foreign
and local currency Issuer Default Ratings.


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


M. KIRPALANI (HK): Court to Hear Wind-Up Petition on December 23
----------------------------------------------------------------
A petition to wind up the operations of M. Kirpalani (HK) Limited
will be heard before the High Court of Hong Kong on December 23,
2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Robertsons
         The Center, 57th Floor
         99 Queen's Road
         Central, Hong Kong


RAMBLER INVESTMENT: Creditors' Meeting Set for November 20
----------------------------------------------------------
Creditors of Rambler Investment Limited will hold their meeting on
November 20, 2009, at 3:00 p.m., for the purposes provided for in
Sections 228A, 242, 243, 244, and 255A of the Companies Ordinance.

The meeting will be held at Room 2301, 23/F., Ginza Squre, 565-567
Nathan Road, Yaumatei, Kowloon, Hong Kong.


SEGA DESING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on August 31, 2009,
to have Sega Desing & Consultancy Limited's operations wound up.


SILVER HERO: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on October 13, 2009,
members of Silver Hero International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         David M K Yeung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


SPEED-TRANS CARGO: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on October 13, 2009,
to have Speed-Trans Cargo Company Limited's operations wound up.

The company's liquidator is Yuen Tsz Frank Chun.


SPIRIT TRADE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on October 13, 2009,
to have Spirit Trade Limited's operations wound up.

The company's liquidator is Yuen Tsz Frank Chun.


The company's liquidator is Lau Siu Hung.


SRARBAY INTERNATIONAL: Briscoe and Sze Appointed as Liquidators
---------------------------------------------------------------
Stephen Briscoe and Chan Pui Sze on November 3, 2009, were
appointed as liquidators of Srarbay International Limited.

The company's liquidators are:

         Stephen Briscoe
         Chan Pui Sze
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


STANDARD CAPITAL: Members' Final Meeting Set for December 14
------------------------------------------------------------
Members of Standard Capital Brokerage Limited will hold their
final general meeting on December 14, 2009, at 5:45 p.m., at the
Level 28, Three Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator will give a
report on the company's wind-up proceedings and property disposal.


STREAMVPN ASIA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Streamvpn Asia Limited on November 6, 2009, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


SUM FUNG INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on August 13, 2009,
to have Sum Fung International Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


TAMON INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on October 20, 2009,
to have Tamon Investment Limited's operations wound up.

The company's liquidator is Lau Siu Hung.


TEAM SPIRIT: Creditors' Proofs of Debt Due December 5
-----------------------------------------------------
Team Spirit Enterprises Manufacturing Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by December 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on November 5, 2009.

The company's liquidator is:

         Kan Ping Kee
         Neich Tower, Units A & B, 15/F
         128 Gloucester Road
         Wanchai, Hong Kong


THE BEST PRINTING: Creditors' Meeting Set for November 25
----------------------------------------------------------
Creditors of The Best Printing International Limited will hold
their meeting on November 25, 2009, at 9:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, and 255A of the
Companies Ordinance.

The meeting will be held at Room 203, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wan Chai, Hong Kong.


THERMOTECH CORPORATION: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------------
At an extraordinary general meeting held on November 6, 2009,
members of Thermotech Corporation 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


TIMO RANGE: Members' Final Meeting Set for December 14
------------------------------------------------------
Members of Timo Range Limited will hold their final general
meeting on December 14, 2009, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators will give a report on the company's wind-up
proceedings and property disposal.


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ALLWYN TEX: Delays in Servicing Term Loans Cue CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Allwyn Tex Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR14.20 Million Long Term Loan           D (Assigned)
   INR20.00 Million Export Packing Credit*   P5 (Assigned)
   INR15.00 Million Bill Discounting*        P5 (Assigned)
   INR2.00 Million Standby Line of Credit    P5 (Assigned)
   INR30.00 Million Letter of Credit         P5 (Assigned)
   INR2.50 Million Bank Guarantee            P5 (Assigned)

   * Fully Interchangeable

The ratings reflect delays in servicing term loans by Allwyn; the
delay has been caused by Allwyn's weak liquidity because of time
and cost overruns in its factory project.

Allwyn , set up as a proprietorship firm by Mr. K Vinayagamurthy
in 1984, converted into a private limited company in June 2007.
The Tirupur-based company manufactures and sells women's and
children's wear. Allwyn has four manual printing machines, four
embroidery machines, and 540 sewing machines and bleaching and
dyeing capacities of 630 tonnes of cloth per annum.  The company
completed construction of a new factory in March 2009, thereby
expanding its capacities by 50 per cent.

Allwyn reported a profit after tax (PAT) of INR6 million on net
sales of INR123 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR97 million for 2007-08.


AMIYA STEEL: CRISIL Assigns 'B' Rating on INR80.73MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Amiya Steel Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR127 Million Cash Credit Limits    B/Stable (Assigned)
   INR80.73 Million Term Loan           B/Stable (Assigned)
   INR8.4 Million Bank Guarantee        P4 (Assigned)

The ratings reflect ASPL's weak financial risk profile, and
vulnerability to cyclicality and marginal market share in the
steel industry.  The impact of these weaknesses is mitigated by
the benefits ASPL derives from its average operating efficiency
resulting from the locational advantage the company derives due to
its proximity to the customers.

Outlook: Stable

CRISIL expects ASPL's financial risk profile to remain
constrained, owing to its small scale of operations and low cash
accruals.  The outlook could be revised to 'Positive' if ASPL's
profitability and net worth improve substantially.  Conversely,
the outlook could be revised to 'Negative' if ASPL's operating
margins decline because of low capacity utilisation, or if it
undertakes an additional, large, debt-funded capital expenditure
(capex) programme.

                        About Amiya Steel

Set up in 2002, by Mr. Amiya Kumar Mondal and family, ASPL
manufactures sponge iron.  Its manufacturing facility at Bankura
(West Bengal) has capacity to manufacture 60,000 tonnes of sponge
iron per annum.

ASPL reported a profit after tax (PAT) of INR10 million on net
sales of INR352 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR14 million on net
sales of INR418 million for 2007-08.


IRCON SOMA: Fitch Downgrades Ratings on Senior Bank Loans to 'D'
----------------------------------------------------------------
Fitch Ratings has downgraded India's IRCON Soma Tollways Pvt Ltd's
(ISTPL) INR4,500m long-term senior project bank loans to 'D' from
'BB-(ind)' after the company failed to meet its interest
obligations.

Project completion, originally scheduled for April 1, 2009, has
been delayed primarily due to National Highways Authority of
India's (NHAI or "the concession grantor", 'AAA(ind)') inability
to make available in a timely manner the necessary land/right of
way on certain stretches of the road.  Although tolling on 99
kilometre (out of a total 118 kilometre) has commenced as on
October 25, 2009, the initial revenues were inadequate to meet
interest obligations.

Only about 20% of the estimated cost over-runs (or around 10% of
initially estimated project cost) has been funded so far -- by one
of two sponsors.  ISTPL's credit profile has also been impaired by
the delay in the other project sponsor subscribing to additional
equity/subordinated debt -- as warranted by the loan agreement --
to fund the cost over-runs suffered by the project.  There is
continued uncertainty on how the balance over-run will be
financed; management is also evaluating the possibility of seeking
additional debt, which could further strain the already marginal
debt coverage levels.

The loan principal is scheduled to start amortizing as of 31
December 2009.  It is likely that there will be a principal
default, in the absence of an approved loan restructuring package
and timely infusion of additional equity, although a request has
recently been submitted to the lead bank in the syndicate, seeking
postponement in the start of principal amortization.  This is on
the back of NHAI's decision to postpone the commercial operations
date to 4 March 2010.  Also, without the equity infusion, revenues
are unlikely to be adequate in meeting the interest due on 30
November 2009.

Future rating actions will be governed by approval of a loan
restructuring package, the infusion of cash into ISTPL in a timely
manner by the sponsors through sub-debt/equity to fund cost over-
runs, the company's ability to successfully achieve COD for the
balance 19 kilometres, and traffic performance during the initial
ramp-up phase.

ISTPL is a JV established by the Railway Ministry-owned IRCON Ltd
and the Hyderabad-based Soma Enterprises Ltd to execute a 20-year
concession, on a build, operate, transfer basis, from the NHAI, a
118km stretch on NH3 between Pimpalgaon and Dhule in Maharashtra.
The original funding plan consisted of debt of INR4,500 millio and
equity of INR1,560.4 million.


JAGDALE INDUSTRIES: Low Profitability Prompts CRISIL 'BB' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Jagdale Industries Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR142 Million Cash Credit          BB/Stable (Assigned)

   INR37.50 Million Long-Term Loan     BB/Stable (Assigned)

   INR79.50 Million Proposed Long-     BB/Stable (Assigned)
               Term Bank Facility

   INR11 Million Cash Management       P4+ (Assigned)
                 Services
   INR30 Million Letter of Credit/     P4+ (Assigned)
                 Bank Guarantee

The ratings reflect Jagdale's low profitability and its revenue
concentration from two products.  The impact of these weaknesses
is mitigated by the company's strong brands within the niche
segments of the pharma and fruit drinks industry.

Outlook: Stable

CRISIL expects Jagdale to maintain its steady revenue growth on
the back of its strong brands.  The outlook may be revised to
'Positive' if the company improves its financial risk profile,
particularly its profitability.  Conversely, the outlook may be
revised to 'Negative' if there is a decline in Jagdale's
profitability, or if the company undertakes large, debt-funded
expansions.

                     About Jagdale Industries

Jagdale is a small multi-division company with business interests
in pharmaceutical formulations, energy drinks and fruit juices.
It is a closely held company belonging to the Jagdale family and
is a part of the Jagdale group of companies. For 2008-09 (refers
to financial year, April 1 to March 31), Jagdale reported a
provisional profit after tax (PAT) of INR19 million on net sales
of INR566 million, compared with a PAT of INR115 million on net
sales of INR427 million for 2007-08.


MAGNUM STEELS: ICRA Puts 'LBB' Rating on INR200MM Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an LBB rating to the INR200 million, fund-based
facilities of Magnum Steels.

The assigned rating takes into account the highly fragmented
nature of business of MS, which results in thin operating and net
profitability; leveraged capital structure, cyclicality inherent
in the steel business which leads to price risk as the firm
maintains a steel inventory; and high working capital intensity
following delayed payments from customers as against the
requirement of prompt payment to suppliers. The rating also
reflects the long track record of the promoters in the steel
trading business; established relationship of the firm with
leading Thermo Mechanically Treated (TMT) bar suppliers, healthy
revenue growth posted by the firm in the recent past and moderate
level of return on capital employed.

Magnum Steels (MS) was established in the year 2001 by the Gandhi
family as a proprietorship firm and was converted into a
partnership firm in November 2008, whereby a group proprietary
firm Mangal Steels was merged with MS. MS is engaged in the
trading of TMT bars and structural steel.  The firm is mainly
present in the project segment, with developers and contractors
constituting the customer base. The warehousing facility of the
firm is located at Kalamboli in Navi Mumbai.  In 2008-09, MS
recorded a profit of INR7.1 million on the back of net sales of
INR1.39 billion.


NARAYAN COTGIN: CRISIL Assigns 'B' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Narayan Cotgin Corporation.

   Facilities                                Ratings
   ----------                                -------
   INR60.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR12.0 Million Working Capital       B/Stable (Assigned)
                   Demand Loan
   INR4.0 Million Term Loan              B/Stable (Assigned)
   INR19.0 Million Proposed Long Term    B/Stable (Assigned)
                     Facility

The rating reflects NCC's weak financial risk profile, and
exposure to risks relating to the partnership nature of its
business, to the working-capital-intensive nature of its
operations, and to unfavourable changes in regulatory policies.
These weaknesses are, however, partially offset by the benefits
that the firm derives from its promoters' experience in the cotton
ginning industry.

Outlook: Stable

CRISIL believes that NCC will maintain a stable credit risk
profile on the back of comfortable cash accruals and the
promoters' track record in the cotton industry.  The outlook may
be revised to 'Positive' if improvement in operating margins leads
to stronger cash accruals and capital structure for NCC.
Conversely, the outlook may be revised to 'Negative' if the firm's
operating margins, and subsequently its cash accruals, decline
sharply, over the medium term.

                       About Narayan Cotgin

Narayan Cotgin Corporation, set up in 2005, undertakes cotton
ginning and pressing in Amreli (Gujarat).  The firm's plant has
capacity to process around 400 cotton bales per day.  NCC reported
a profit after tax (PAT) of INR2 million on net sales of INR559.2
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR2.1 million on net sales of
INR555.2 million for 2007-08.


PLASCARE INDUSTRIES: CRISIL Rates INR159.6MM LT Loan at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Plascare Industries Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR159.60 Million Long Term Loan*       BB-/Negative (Assigned)
   INR100.40 Million Proposed Long         BB-/Negative (Assigned)
                     Term Loan
   INR60.00 Million Cash Credit Limit^     BB-/Negative (Assigned)
   INR25.00 Million Proposed Working       BB-/Negative (Assigned)
                    Capital Facility
   INR40.00 Million Letter of Credit Limit P4 (Assigned)
   INR15.00 Million Bank Guarantee Limit   P4 (Assigned)

   *Includes 2 years Letter of Credit of INR105 million
    for capital goods.

   ^Includes sublimit of INR5 million of Export Packing Credit
    Limit & INR5 million of Foreign Bill Discounting Limit.

The ratings reflect CRISIL's expectation of deterioration in
Plascare's financial risk profile given the company's recent and
ongoing debt-funded capital expenditure (capex).  The ratings also
reflect Plascare's product concentration in revenue profile and
vulnerability to raw material price volatility.  The impact of
these rating weaknesses is mitigated by the benefits Plascare
derives from the industry experience of its promoters and from
healthy customer relationships.

Outlook: Negative

CRISIL expects Plascare's credit risk profile to remain
constrained over the medium term because of the large debt-funded
capex.  The ratings may be downgraded in case of decline in the
company's cash accruals or sharper-than-expected fall in operating
margin, resulting in deterioration in financial risk profile.
Conversely, the outlook may be revised to 'Stable' in case of
enhancement in scale of operations, leading to improvement in the
company's profitability and cash accruals.

                     About Plascare Industries

Established in 2004 by Mr. S Khosla and Mr. R Vasan, Plascare
manufactures polycarbonate bottles for packaged drinking water; it
has a manufacturing capacity of 0.9 million units. Based in
Chennai, the company recently set up a unit with a capacity to
manufacture up to 120 million polyethylene terepthalate (PET)
preforms and 240 million polypropylene (PP) cap closures. The unit
commenced operations in June 2009. The company is undertaking a
capex programme to expand the PP caps and closures facility by
another 410 million units. The project cost of INR250 million has
been proposed to be funded in a debt to equity mix of 2:1, and
work on the project is expected to commence operations by end of
November 2009.

Plascare posted a profit after tax (PAT) of INR5.8 million on net
sales of INR119.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net sales
of INR98.7 million for 2007-08.


RAJLAXMI NAGARI: RBI Cancels License Due to Insolvency
------------------------------------------------------
The Reserve Bank of India on October 27, 2009, ordered the
cancellation of Rajlaxmi Nagari Sahakari Bank Ltd.'s license after
examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the the
Registrar of Co-operative Societies, Maharashtra to wind up
Rajlaxmi Nagari Sahakari Bank Ltd. and appoint a liquidator for
the bank.

RBI's decision came after determining that the bank has ceased to
be solvent and has already caused inconvenience to its depositors.

The bank was granted a license to function as a co-operative bank
by RBI on June 30, 1997.  The statutory inspection of the bank
with reference to its financial position as on March 31, 2009,
revealed that the position of the bank was precarious.  The
Reserve Bank of India issued directions under Section 35-A of the
Banking Regulation Act, 1949 (As applicable to Co-operative
Societies) vide Directive UBD.CO.NSB-I.No.D-40/12.22.469/2008-09
dated May 06, 2009 restricting its operations.

RBI had issued a notice to the bank on May 12, 2009, asking it to
show cause as to why the license granted to it to conduct banking
business should not be cancelled.

After taking into consideration the reply submitted by the bank
and after examining all options for its revival, the Reserve Bank
of India took the extreme measure of canceling the license of the
bank in the interest of the bank's depositors.  With the
cancellation of its license and commencement of liquidation
proceedings, the process of paying the depositors of Rajlaxmi
Nagari Sahakari Bank Ltd. will be set in motion subject to the
terms and conditions of the Deposit Insurance Scheme.


SHRI HIRANYAKESHI: ICRA Rates INR929.4 Mln Term Loan at 'LBB-'
--------------------------------------------------------------
ICRA has assigned the LBB- rating to the Term Loan of Shri
Hiranyakeshi Sahakari Sakkare Karkhane Niyamit aggregating to
INR 929.4 Million.

ICRA's non-investment grade rating takes into account high
financial risks arising out of high level of leveraging with
gearing standing at 8.75 times as on 31st March, 2009 on account
of high working capital intensity, on-going debt funded capex on
cogeneration power plant and limited equity infusion capability
due to the co-operative structure.  High levels of debt have
resulted in modest coverage indicators in the past with the
average net cash accruals/total debt over the past three years
standing at 4.67%.  The rating also factors in the risks inherent
in the sugar business such as inherent cyclicality, variations in
agro-climatic conditions and changes in government policies on the
sugar release mechanism.  ICRA further notes that the overall
financial risk profile of the company is expected to remain high
with substantially debt funded ongoing capital expenditure and
high working capital intensity in the sugar operations.  The
rating is however supported by the positive outlook on the sector
in the short-term, the operating strengths of the company which
include relatively high recovery rates, long crushing season which
leads to amortizing overheads over a large production base and
significant benefits arising out of forward integration into power
cogeneration and distillery which is likely to partially insulate
it against the vagaries of the sugar cycle.  The company's ability
to achieve stabilized operations in its cogeneration business
(which is currently undergoing an expansion) will be a key rating
sensitivity.

                      About Shri Hiranyakesi

Shri Hiranyakeshi Sahakari Sakkare Karkhane Niyamit is one of the
pioneers in the cooperative Sugar Industries in Karnataka.  It was
promoted by Late Shri A. Patil and Late Shri M.P. Patil, the then
Minister for Cooperation, Mumbai.  The society came into existence
in 1956 and the first crushing season commenced in the year 1961.
Since the factory has its members both in Karnataka and
Maharashtra, it is governed under the Multi-State Cooperative
Societies Act.  The factory is situated near Sankeshwar town of
Belgaum District in Karnataka.  Sankeshwar lies near Maharashtra-
Karnataka border.  SHSSKN area of operation extends to 141
villages in Karnataka state and 77 villages in Maharashtra within
a radius of 22 miles.  The farmers who own the land in this area
are its potential members.  The cooperative mill is jointly owned
by the 28,484 growers, who hold 98.4% stake in the company as on
March 31, 2009.  The remaining stake is held by the non-cane
growing farmers and co-operative societies of the region.  The
sugar mill has a capacity of 6000 TCD and is fully integrated with
its own distillery unit (54 KLPD) and cogeneration Power plant
located in the mill premises.

The company reported profit after tax (PAT) of INR 10.7 Million on
operating income of INR 1.71 Billion in FY 2009. The gearing level
stands at 8.75 times as on March 31, 2009.


SHRI KAMDAR: RBI Enters Winding Up Order
----------------------------------------
The Reserve Bank of India, on November 6, 2009, ordered the
cancellation of Shri Kamdar Sahakari Bank Ltd.'s license  after
examining all options for the bank's revival.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Gujarat, to wind up Shri
Kamdar Sahakari Bank and appoint a liquidator.

BI's decision came after determining that Shri Kamdar Sahakari
Bank has ceased to be solvent and has already caused inconvenience
to its depositors.

According to RBI, the Bank's financial statements as of March 31,
2009, revealed that its financial position had deteriorated and
was precarious.  Due to precarious financial position and the
liquidity crunch faced by the bank it was placed under directions
with effect from July 10, 2009 vide Directive UBD. NSB No.
D-52/12.21.222/2009-10 dated July 09, 2009.

RBI had issued a notice to the bank on July 23, 2009, asking
it to show cause as to why the license granted to it to conduct
banking business should not be cancelled.  As Shri Kamdar
did not have a viable plan of action for its revival and the
chances of its revival were remote, RBI cancelled the Bank's
license in the interest of its depositors.

With the cancellation of its license and commencement of
liquidation proceedings, the process of paying Shri Kamdar's
depositors was set in motion subject to the terms and
conditions of the Deposit Insurance Scheme.


STARGAZE ENTERTAINMENT: Fitch Assigns 'BB-' National Rating
-----------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of 'BB-
(ind)' to Stargaze Entertainment Private Limited.  The agency has
also assigned a rating of 'BB-(ind)' to the company's long-term
loans aggregating INR230 million.  The Outlook is Stable:

Stargaze's ratings reflect the company's nascent stage of
operations, and that a majority of its planned exhibition halls
are not yet operational since many are still in the initial
project phase.  The ratings are also constrained by delays in
project implementation on account of a slowdown in India's real
estate sector, its relatively weak competitive position as a late
entrant in the multiplex business, and expected EBITDAR losses in
the short-term.  These risks are, however, mitigated by the
encouraging initial response from audiences to its exhibition
halls in Ajmer & Kurukshetra, softening commercial real estate
rentals and the sponsor group's (Network18) track record in
successfully establishing start-ups in the media space.

Stargaze commenced operations in July 2008 with a single screen
hall in New Delhi.  The company added two additional halls
recently, which are located at Ajmer with two screens in July 2009
and Kurukshetra with three screens in October 2009.  As a part of
its growth strategy, the company plans to add another nine halls
with 33 screens, which are set to open in phases by FY11.  Given
the project timeline, Fitch expects that Stargaze would not be
able to generate sufficient revenue in FY10 to cover corporate
costs (comprising of top management salaries and brand building
costs), and thus may report cash losses during FY10.  Fitch notes
that as per loan covenants, the company is required to fund these
losses through additional equity contribution by sponsors.  Credit
metrics, in terms of interest and fixed charge coverage, are
therefore expected to remain strained throughout FY10; it may
improve from FY11 onwards when the full capacity of its 39 screens
starts to generate revenues.  As a late entrant, Stargaze does not
plan to take on the existing larger players which have established
operations and brand equity in metros and tier-I cities.  Instead,
it focuses on setting up new capacities in tier-II cities, which
have a low multiplex penetration, and hence less competition.

The occupancy levels of the halls and the operating profits of
film exhibitors are dependent upon the quality of the films,
marketing strength, location of the halls, fixed expenses
including lease rentals, the number of screens, seasonality, and
force majeure events like swine flu and terrorist threats.  These
risks are mitigated by India's mature content producing industry,
and an established and large market of filmgoers.  Stargaze's
strategy to tie up for a wider array of content through revenue
sharing model, its flexible content scheduling and pricing, and
lower overheads in tier-II cities, will also help the company
mitigate the risks mentioned above.  The ratings also take into
account that Stargaze leases exhibition space through long-term
lease in upcoming shopping malls, which helps keep its capex
investment per screen low.  On average, Stargaze's capex per
screen is INR13m, which comprises of fit-out costs and security
deposits for lease (three to six months rent).  Although the
slowdown in India's real estate sector has impacted the completion
of many shopping malls in which Stargaze plans to set up screens,
it has enabled it to renegotiate rental rates down by an average
of 25%-30% over the initial agreements.

Positive rating actions may result from a higher than anticipated
improvement in revenues brought about by the success of the new
halls, timely execution of projects without cost overruns, and
improvement in coverage ratios by FY11.  Conversely, the inability
to break even at the operating level in FY11, any cost and time
overruns incurred in projects beyond Fitch estimates, and interest
cover remaining under 1x beyond FY10, will impact its ratings
negatively.

Stargaze is a media start-up sponsored by Network18 group which
primarily sets up and operates film exhibition halls.  For FY09,
the company reported revenues of INR22.9m and EBITDAR of negative
INR20.9 million.


UMA COTTON: CRISIL Places 'B-' Rating on INR9.8 Mln Term Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Stable' to the bank
facilities of Uma Cotton Industries.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit Limit     B-/Stable (Assigned)
   INR10.0 Million Working Capital       B-/Stable (Assigned)
                    Demand Loan
   INR9.8 Million Term Loan              B-/Stable (Assigned)
   INR15.3 Million Proposed Long Term    B-/Stable (Assigned)
                    Facility

The ratings reflect UCI's weak financial risk profile and exposure
to risks relating to the partnership nature of its business, to
working-capital-intensive operations, and to unfavorable changes
in regulatory policies.  These weaknesses are, however, partially
offset by the benefits that the company derives from its promoters
experience in the cotton industry.

Outlook: Stable

CRISIL believes that UCI will maintain a stable business risk
profile on the back of the promoters' experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if
increase in cash accruals leads to a stronger financial risk
profile for UCI. Conversely, the outlook may be revised to
'Negative' if the company's operating margins decline sharply,
weakening its cash accruals over the medium term.

                         About Uma Cotton

Set up in 2006, Uma Cotton Industries undertakes cotton ginning
and pressing at its unit at Amreli (Gujarat). The unit has
capacity to process 275 bales of cotton per day. UCI reported a
profit after tax (PAT) of INR0.2 million on net sales of INR271.4
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR0.2 million on net sales of
INR230.1 million for 2007-08.


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


BANK MEGA: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------
Fitch Ratings has affirmed PT Bank Mega Tbk's National Long-term
rating at 'A+(idn)', Individual Rating at 'D' and Support Rating
at '4'.  The Outlook is Stable.  At the same time, Fitch has
affirmed the bank's IDR1.0trn 10-year subordinated bond I/2007
issued in January 2008 at 'A(idn)'.

"Bank Mega's ratings reflect its satisfactory financial position
with higher impaired loans mitigated by its fairly strong capital
position.  Its balance sheet remained quite liquid, while
profitability was stable despite the tougher operating conditions
up till H109," notes Humprey Tjia, Associate Director with the
agency's Financial Institutions group.

NPLs increased to 2.0% at end-H109 from 1.2% at end-2008, mainly
as a result of the higher sub-standard category of the corporate
loan segment (92% of the NPL increase).  Fitch believes that a
fairly concentrated loan book is an added challenge for the bank,
although remedial action through more intense monitoring and
restructuring have helped contain the impact on asset quality.
Special-mention loans increased to 7.6% in H109 (2008: 3.9%)
largely due to the downgrade of a corporate account, which also
contributed to higher restructured loans at 6.7% of loans in H109
(2008: 1.4%).

These may raise impairment risks although the agency believes that
the possibility has moderated with the gradually improving
operating conditions in Indonesia and the region.  Loan loss
reserves rose to 101% at end-September 2009, after declining to
67% of NPLs at end-H109.

Profitability remained stable despite increasing operating
expenses for expansion of distribution infrastructure and
supporting personnel.  The bank's net interest margin improved to
4.6% at end-H109 (2008: 4.4%), due partly to a more favorable
deposit mix whereby low-cost savings and demand deposits accounted
for 47% of the bank's total deposits (2008: 36%).  Stress testing
by Fitch on the bank's underlying earnings indicates that credit
cost absorption capacity is slightly below peer average, but
concerns are partly allayed by the improved capital position with
Tier 1 and Total CAR at 15.1% and 19.3%, respectively, at end-
H109.  This was on the back of full profit retention as the bank
did not pay a dividend for 2008, and lower risk-weighted assets
due to the reduction of its outstanding loan amount.

The bank's non-loan assets comprised sizable holdings of liquid
assets (cash, Bank Indonesia certificates, government bonds and
interbank placements) - at about 42% of total assets.  The
loan/deposit ratio fell to 56% in H109 (2008: 65%) on the back of
its shrinking loan portfolio and continued growth of depositors'
funds.

Bank Mega was established in 1969 and, at end-H109, was among the
top 15 largest banks in Indonesia by assets.  It was acquired by
the privately owned Para Group in 1996.  After a public listing in
2000 and subsequent rights issues, Para Group's stake was diluted
to 57.82% at end-June 2009.


BUMI CAPITAL: Moody's Assigns 'Ba3' Rating on US$300 Mil. Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a final Ba3 rating for the
7-year, 12%, US$300 million guaranteed senior secured bond issued
by Bumi Capital Pte Ltd which is wholly owned and guaranteed by PT
Bumi Resources Tbk.  The bond rating has been removed from its
provisional status following the completion of the bond issue.
The outlook on the rating is stable.

The bond proceeds will be primarily used to fund capital
expenditure and for general corporate purposes.

The last rating action was taken on October 30, 2009, when Bumi's
Ba3/stable local currency corporate family rating was assigned and
a provisional senior secured rating of Ba3/stable was assigned to
the US$300 million bond issuance.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is, on a consolidated basis, Indonesia's largest
thermal coal producer and one of the top 3 largest thermal coal
exporters globally.  Bumi's principal assets are its 65% stake in
PT Kaltim Prima Coal and 70% stake in PT Arutmin, which in 2008
together accounted for approximately 27.5% of Indonesia's total
coal production.

Approximately 18.2% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.  In
addition, further members of the Bakrie family own additional
shares in Bumi.


BUMI CAPITAL: S&P Affirms 'BB' Rating on US$300 Mil. Senior Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' rating on the
US$300 million guaranteed senior secured notes issued by Bumi
Capital Pte. Ltd.  The rating reflects the unconditional and
irrevocable guarantee by PT Bumi Resources Tbk. (BB/Stable/--).
Proceeds from the 12% notes due in 2016 will be used primarily for
capital expenditure and investments.  The rating was affirmed on
finalization of documentation, confirmation of amounts and terms,
and a satisfactory review of the legal opinions.


SEMEN GRESIK: To Pay Interim Dividend in December
-------------------------------------------------
The Jakarta Post reports that PT Semen Gresik will pay an interim
dividend of IDR58 per share in December 2009.

The Post relates the company said in a statement that the payment
would be conducted on December 23, 2009, and those eligible for
the dividend are the shareholders recorded by the company as of
December 10, 2009.

Semen Gresik has booked a 34.4% increase in net profits during the
January-September period from a year earlier.  During this period,
Semen Gresik posted IDR2.4 trillion (US$250 million) in net
profits, up from IDR1.791 trillion the previous year.  Its revenue
also increased by 18.3% to IDR10.4 trillion, from IDR8.8 trillion
a year before.

Semen Gresik's total sales volume in 9M09 reached 12.97 million
tons of cement or a decrease of 1.5% year-on-year.

Domestic sales volume posted 12.39 million tons or an increase of
0.2% year-on-year. Domestic sales account for 97.3% of total
sales.

Production cost per ton in 9M09 experienced an increase of 14%
above 9M08 mainly due to an increase in energy, packaging, and
transportation costs.

Ebitda increased by 21.4% amounting to IDR3.37 trillion year-on-
year, and Ebitda margin increased to 32.5% from 31.6% year-on-
year.

As of September 30, 2009, the Company's LT Liabilities amount to
IDR156 billion, with debt-to equity ratio decreasing to 1.7% from
2.5% in September 30, 2008.

The Post notes the company said it will pay an interim dividend of
IDR58 per share in December.

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

As of November 17, 2009, PT Semen Gresik Tbk continues to carry
Moody's Investors Service "Ba2" senior unsecured debt rating.


=========
J A P A N
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JAPAN AIRLINES: Moody's Reviews 'Caa1' Long-Term Debt Rating
------------------------------------------------------------
Moody's Investors Service is continuing its review of the Caa1
long-term debt rating and issuer ratings of Japan Airlines
International Co., Ltd., for possible downgrade.

JALI is fully owned by Japan Airlines Corporation (JAL, not rated
by Moody's).

The continuation of Moody's review has been prompted by the
announcement on November 13, 2009, that JAL had applied for the
procedure known in Japan as the out-of-court process for
alternative dispute resolution.

Previously, on October 29, 2009, it had announced that it had
started negotiations with the Enterprise Turnaround Initiative
Corporation of Japan on restructuring, but a final decision by the
latter on whether support would be provided would require some
time.

Moody's believes that with the ADR procedure, JAL would be able to
stabilize its liquidity levels by temporarily suspending payments
on its bank creditor debt until the corporation makes a final
decision on support.  However, JAL's notice to its bank creditors
on the temporary suspension has no legal force.

Moody's is concerned that the numerous challenges JAL faces --
including high leverage, inefficient service networks, and pension
liabilities -- are such that, even with expected government
support, it is unlikely to be resolved without a material
reduction in its obligations.

As part of its review, Moody's will examine the expected new
restructuring plan and the potential amount of debt forgiveness.

JALI's rating may be downgraded further, depending on the level of
loss incurred by lenders.  The review will also consider whether
bond holders will be treated differently -- such that they would
recover all of their principal -- from bank lenders.

Moody's last rating action with respect to JALI was taken on
October 30, 2009, when its ratings were downgraded to Caa1 and
continued to review for further possible downgrade.

Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is fully owned by Japan
Airlines Corporation.


JAPAN AIRLINES: Tokyu May Sell Some of its Stakes in JAL
--------------------------------------------------------
Tokyu Corp, Japan Airlines Corp.'s top shareholder, is taking
steps toward selling at least some of its holdings in the airline,
Kyodo News reports, citing sources familiar with the matter.

Holding a stake in JAL "no longer offers synergies" to the
businesses of Tokyu, Kyodo relates, citing a Tokyu executive.

The news agency says Tokyu has disposed of its travel business
affiliate and a hotel operator, making it less meaningful for the
company to retain equity holdings in JAL as a way to expand its
travel business.

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

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

                          *     *     *

As reported by the Troubled Company Reporter on November 17, 2009,
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC' its
long-term corporate credit ratings on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, and to 'CCC' from 'CCC+' its senior unsecured ratings
on both companies.  The long-term corporate credit ratings remain
on CreditWatch with negative implications, where they were placed
on Sept. 18, 2009, and maintained on Oct. 16, 2009, and Nov. 4,
2009.  Standard & Poor's also revised the CreditWatch status on
the senior unsecured debt ratings on JAL to developing from
negative.  The rating actions and continued CreditWatch statuses
are based on JAL's application for alternative dispute resolution
procedures, and the acceptance of the application.


JAPAN AIRLINES: TPG May Invest Up to US$1.1 Bil. in JAL
-------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that TPG Inc.
may invest as much as JPY100 billion (US$1.12 billion) in Japan
Airlines Corp. through a private purchase of preferred or common
stock.

Bloomberg relates Nikkei said the private equity firm will work
with American Airlines to help JALís turnaround if its proposal
gets approval from Japanís government.

According to Bloomberg, Nikkei said AMR Corp.ís American Airlines
has made a separate proposal, including a JPY30 billion
investment.

The Wall Street Journal's Mariko Sanchanta and Alison Tudor, and
Dow Jones Newswires' Doug Cameron reported last week that private-
equity firm TPG is working with American Airlines parent AMR Corp.
on a possible investment in Japan Airlines Corp., a person
familiar with the situation said.  TPG is ready to be "part of a
solution for JAL" but is waiting for positive signals from the
Japanese government and JAL before proceeding further, the person
said.

The report said TPG's participation could strengthen AMR's effort
to secure a more robust alliance with JAL.  While an equity
investment remains a possibility for Delta, it is focusing more
attention on luring JAL with the potential benefits of joining
Delta's SkyTeam alliance, people familiar with the U.S. carrier's
proposal said.  According to the report, Delta is offering to
cover JAL's transition costs and indemnify the carrier for any
revenue lost from switching from JAL's current oneworld alliance,
these people said.  One of the people estimated the transition
costs at $15 million to $20 million, according to the report.

The report said an investment in JAL would be a breakthrough for
TPG in Japan.  The U.S. buyout firm has tried to invest in well-
known Japanese brands, but hasn't clinched a big deal for years.
It competed for a stake in JAL's credit-card unit and the
electronics unit of Matsushita Electric Industrial Co. in 2007,
but both went to domestic buyers, the report said.

"Private-equity firms have long struggled to sign deals in Japan,
mostly because Japanese managers fear the stigma of selling assets
to foreign buyers," the report said.

The report also noted that TPG has a strong track record investing
in airlines world-wide, including Continental Airlines Inc.,
Ryanair Holdings PLC and the former America West Airlines.  But
its latest foray, the joint purchase with Northwest Airlines Corp.
of Midwest Air Group Inc., ended badly.  Republic Airways Holdings
Inc. recently purchased Midwest for a small fraction of what TPG
and Northwest paid last year, the report added.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                       About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                             About JAL

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

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

                           *     *     *

As reported by the Troubled Company Reporter on November 17, 2009,
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC' its
long-term corporate credit ratings on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, and to 'CCC' from 'CCC+' its senior unsecured ratings
on both companies.  The long-term corporate credit ratings remain
on CreditWatch with negative implications, where they were placed
on Sept. 18, 2009, and maintained on Oct. 16, 2009, and Nov. 4,
2009.  Standard & Poor's also revised the CreditWatch status on
the senior unsecured debt ratings on JAL to developing from
negative.  The rating actions and continued CreditWatch statuses
are based on JAL's application for alternative dispute resolution
procedures, and the acceptance of the application.


JLOC XXXIV: Fitch Downgrades Ratings on Four Classes of Trusts
--------------------------------------------------------------
Fitch Ratings has downgraded four classes of trust beneficiary
interest from JLOC XXXIV Trust due October 2013, and removed them
from Rating Watch Negative following the implementation of the
recently published criteria for Japanese CMBS surveillance.  Full
details of the rating actions are:

  -- JPY17.4 billion* Class A TBIs downgraded to 'AA' from 'AAA';
     off RWN; Outlook Stable;

  -- JPY8.8 billion* Class B TBIs downgraded to 'BBB' from 'AA';
     off RWN; Outlook Negative;

  -- JPY8.9 billion* Class C TBIs downgraded to 'BB' from 'A';
     off RWN; Outlook Negative;

  -- JPY6.6 billion* Class D TBIs downgraded to 'CCC' from 'BBB';
     off RWN; assigned a Recovery Rating of 'RR4'; and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of November 13, 2009

Fitch has downgraded classes A to D TBIs reflecting the revised
valuations of the underlying collateral properties.  In line with
its recently published criteria, the agency has revalued the
properties in accordance with the respective loan status and time
to loan maturity.  For the purpose of this review, the agency
adopted values for the properties that are on average 27% lower
than its initial valuations.  The recent cash flow performance of
some properties has been lower than Fitch's original expectations,
and as a result, the cash flow expectation for these properties
has been revised downwards.

All three underlying loans backing this transaction are
liquidation-type loans and have the same sponsor.  A number of
properties backing these loans have been sold to date.  However,
Fitch has revised its analysis using conservative assumptions as
to liquidation, which reflects the current state of the commercial
real estate market and collateral properties performance.  In
particular, the agency assumed no property dispositions will occur
during the remaining term for two of the underlying loans.

Fitch has resolved the RWN status on classes A to D TBIs since the
likelihood of additional rating actions has diminished, given the
conservative property revaluations adopted and the status of each
loan.  However, the agency has assigned Negative Outlooks to the
Class B and C TBIs due to the continued uncertainty about the
future of the Japanese commercial real estate market, and the
commercial real estate finance environment.

The rating on the dividend-only Class X TBIs addresses only the
likelihood of receiving dividend payments, while the principal on
the related TBIs remain outstanding.

At closing, the transaction was secured by two Tokutei Mokuteki
Kaisha (TMK) specified bonds and one non-recourse loan, which are
backed by 61 commercial real estate properties and two loan
assets.  Though no underlying asset has been fully repaid to date,
partial prepayments have occurred due to the disposition of some
collateral properties and collection from loan assets.  The
transaction is currently backed by 16 real estate properties and
one loan asset.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


PEGASUS FUNDING: S&P Downgrades Ratings on Three Classes of Loans
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Pegasus
Funding's class A1, A2, and class B asset-backed loans, issued in
September 2006, and removed the ratings from CreditWatch with
negative implications.

On Feb. 24, 2009, Standard & Poor's placed its ratings on the
class A1, A2, and class B ABLs on CreditWatch with negative
implications.  The CreditWatch listings were made to reflect the
increased risk of negative impact on servicing activities from
legal insolvency proceedings commenced by the servicer, which
would delay collection from collateral assets or recovery from the
sale of collateral real estate.  (In February 2009, the servicer
filed for commencement of civil rehabilitation proceedings, which
were eventually ordered by the court to commence as bankruptcy
proceedings.)  Since then, S&P kept the ratings on CreditWatch
with negative implications on May 21, 2009, and again on s19,
2009.

Standard & Poor's has had meetings with the new servicer and other
relevant parties of this transaction to learn more about their
estimates of the collection amounts from the underlying assets, as
well as their servicing policy, and conducted its analysis on this
transaction.

Standard & Poor's downgraded classes A1, A2, and B of Pegasus
Funding, and removed the ratings from CreditWatch negative to
reflect its concern that progress in the sale of collateral real
estate may be slow.  In most cases, the sale of collateral real
estate requires the approval of all investors.  If the sale of
collateral real estate takes too much time, these may occur: 1)
negative carry may increase because a portion of the collections
from collateral assets will be allocated to the payment of
dividends and transaction costs prior to principal payment to
investors, thereby decreasing the amount allocated to principal
payment; and 2) the liquidity reserves, which are maintained at a
certain amount at the moment, may be depleted, increasing the risk
of a delay in interest payment.

S&P will continue to monitor the timing and amount of collections
from the sale of collateral real estate, as well as the amount of
liquidity reserves.  While S&P resolved the CreditWatch listings
on classes A1, A2, and B, another downgrade may be possible,
depending on the timing and collection amounts from the sale of
collateral real estate.

The ratings address the full and timely payment of interest and
the ultimate full repayment of principal of the ABLs by December
2014.

            Ratings Lowered, Off Creditwatch Negative
                         Pegasus Funding
    JPY120 billion total extendable amount due December 2014

   Class      Rating To   Rating From      Initial Issue Amount
   -----      ---------   -----------      --------------------
   Class A1   BB          BBB-/Watch Neg   JPY40.0 bil.
   A2         BB          BBB-/Watch Neg   JPY51.9 bil.
   Class B    CCC         B/Watch Neg      JPY28.1 bil.

The issue date was Sept. 29, 2006.


=========
K O R E A
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HYNIX SEMICONDUCTOR: Shares Drop on Creditor's Stake Sale Plan
--------------------------------------------------------------
Bloomberg News reports that Hynix Semiconductor Inc. declined the
most in almost two months in Seoul trading after creditors said
they may sell some of their shares in the capital markets if they
can't find a buyer for their combined stake.

According to Bloomberg, Hynix dropped 6.4% to KRW18,450 as of
11:08 a.m. on November 17, in Seoul trading, the most since
Sept. 25.  The benchmark Kospi index fell less than 0.1 percent.

"There is a common understanding among creditors of the
need to sell shares either by reopening bids or selling part of
the stake in the capital markets," Bloomberg cited Hynix's main
creditor Korea Exchange Bank in an e-mailed statement.  Creditors
will meet on Nov. 25 to decide details of the stake sale, the
Seoul-based lender said.

As reported in the Troubled Company Reporter-Asia Pacific on
November 13, 2009, Yonhap News said Hyosung Group decided to drop
its bid to take over Hynix Semiconductor Inc. due to unfounded
rumors, including government favor for its bid.

The comments are in reference to speculation that in-law relations
between President Lee Myung-bak and the Hyosung chairman may have
had undue influence on the group's takeover bid, Yonhap noted.

The TCR-AP reported on Sept. 24, 2009, that Hyosung Group made an
offer to buy a 28% stake in Hynix Semiconductors.

The Wall Street Journal's Jung-Ah Lee said Hyosung's bid to buy a
controlling stake in Hynix is valued at $2.76 billion.  Hyosung's
decision will force Hynix's creditors to restart the search for a
buyer, the Journal added.

Hyosung, focused on textiles and machinery, is the medium-size
conglomerate in Korea, with assets of KRW8.4 trillion, while
Hynix's total assets are KRW13.3 trillion.  It raised doubts over
the bid made by Hyosung that it may not have enough financial
resources to buy Hynix as the acquisition may require at least
KRW4 trillion.

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.

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

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


HYUNDAI MOTOR: Sales in Europe Increase 31.9% in October
--------------------------------------------------------
Yonhap News Agency reports that Hyundai Motor Co. and Kia Motors
Corp.'s sales in Europe jumped last month on strong marketing of
their small-and mid-sized cars and strengthened networks.

The news agency, citing the European Automobile Manufacturers
Association (ACEA), discloses that Hyundai's auto sales in the
European market gained 31.9% from a year ago to 26,194 cars in
October while sales for Kia stood at 22,971 units last month, up
25.4% from a year earlier.

The companies' combined sales for the January-October period
reached 497,854 units, a 13.8% increased since last year.  Their
share of the European automobile market also rose to 4.1% from
3.5% the year before.

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 13, 2009, Moody's Investors Service revised to stable
from negative the outlook of the Baa3 issuer and senior unsecured
bond ratings for Hyundai Motor Company and its guaranteed
subsidiary Hyundai Motor Manufacturing Alabama LLC.  Moody's also
revised the Ba1 Corporate Family Rating outlook of Kia Motors
Corp. to stable from negative.


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


AXIS INCORPORATION: Appoints Jan Lim as Chief Financial Officer
---------------------------------------------------------------
Axis Incorporation Berhad appointed Thye Jan Lim, as chief
financial officer of the company, effective November 11, 2009.

Mr. Lim will replace Chan Yoke Voon, who resigned as Axis Inc.'s
CFO with effect from November 11, 2009.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


NEPLINE BERHAD: Receives Winding Up Petition from Dan Bunkering
---------------------------------------------------------------
Nepline Berhad disclosed that a winding-up petition has been
served against the Company by A/S Dan Bunkering Ltd.  The
Petitioner's Solicitor had enclosed a sealed petition dated
October 19, 2009, and an Affidavit Verifying Petition.

Details of the sealed petition are:

The Petitioner obtained a final judgement against the Company on
the June 16, 20099, at Kuala Lumpur High Court Suit No D10-22-
2198-2008 in the principle sum of US$242,723.46, costs of
MYR350.00 and interest:

   i) interest on the sum of US$124,940.00 at the rate of 3%
      per month from October 10, 2008 until June 23, 2008;

  ii) interest on the sum of US$74,940.00 at the rate of 3%
      per month from June 24, 2008 until July 11, 2008;

iii) interest on the sum of US$34,940.00 at the rate of 3%
      per month from July 12, 2008 until full payment;

  iv) interest on the sum of US$102,494.90 at the rate of 3%
      per month from June 3, 2008 until full payment; and

   v) interest on the sum of US$105,288.56 at the rate of 3%
      per month from June 30, 2008 until full payment.

The Company had written on November 10, 2009, to the petitionerís
solicitors appealing them to retract the said Notice.

The winding up petition is fixed for hearing on Jan. 7, 2010, at
9:00 a.m. at the Kuala Lumpur High Court, Jalan Duta.

                        About Nepline Berhad

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

Nepline Berhad has been 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;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


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


POWER SECTOR: Launches US$600-Mln Debt Exchange Program
-------------------------------------------------------
The Philippine Star reports that state-owned Power Sector Assets
and Liabilities Management Corp. (PSALM) has launched a US$600-
million debt exchange program aimed at stretching the maturity of
its debt profile.

According to the report, PSALM will open 2019 dollar denominated
bonds and issue new 2024 bonds in exchange for bonds due 2010 and
2011 starting today, Nov.18 until Nov. 24.

The report says bonds that could be swapped include:

   -- the US$500-million guaranteed notes with a coupon of
      9.875 due March 2010;

   -- zero-coupon guaranteed bonds amounting to US$700 million
      and due July 2010; and

   -- guaranteed floating rate notes worth $400 million and due
      2011.

State lender Development Bank of the Philippines, Morgan Stanley &
Co. International Plc and UBS AG were tapped as the joint deal
managers and joint bookrunners, The Philippine Star notes.

                           Credit Ratings

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 21, 2009, Standard & Poor's Ratings Services assigned its
'BB-' long-term foreign currency and 'BB+' long-term local
currency corporate credit ratings on Power Sector Assets &
Liabilities Management Corp.  The outlook is stable.

The TCR-AP reported on Sept. 22, 2009, that Moody's Investors
Services assigned a Ba3 corporate family rating to Power Sector
Assets & Liabilities Management Corporation.  Moody's has also
affirmed PSALM's Ba3 senior unsecured bond rating.  The outlook
for the ratings is stable.

                            About PSALM

PSALM, wholly-owned and controlled by the Philippine government,
was established in 2001 to take ownership, manage, privatize and
dispose of all generation-related assets, liabilities, contracts
with Independent Power Producers, real estate and other disposable
assets of the National Power Corporation, including National
Transmission Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.

                        About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that Napocor posted a PHP16-million profit in 2005, the
first time in seven years, on the Energy Regulation Commission's
approval of a rate increase, the use of an improved fuel mix and
better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of Napocor's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's PHP200
billion debt, which was incurred when the state firm adopted
international accounting standards, forcing it to report its
foreign exchange losses.  The Department of Finance is studying
the legality of the Government's absorption of the debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.


POWER SECTOR: Moody's Assigns 'Ba3' Senior Unsecured Rating
-----------------------------------------------------------
Moody's Investors Services has assigned a Ba3 senior unsecured
rating to the proposed US$bonds maturing in 2024 to be issued by
Power Sector Assets & Liabilities Management Corporation.  The
bonds will be irrevocably and unconditionally guaranteed by the
Philippine government.

At the same time, Moody's has affirmed PSALM's Ba3 corporate
family rating and senior unsecured rating on the existing
US$1 billion bonds maturing in 2019.  The ratings outlook is
stable, in line with the sovereign outlook.

The issuance forms part of the offer proposed by PSALM to exchange
these 3 bonds into a re-opening of the existing 2019 US$bond
tranche and newly issued 2024 US$bonds:

  (1) US$500 million 9.875% Guaranteed Notes due 2010;
  (2) US$700 million Zero Coupon Guaranteed Bonds due 2010; and
  (3) US$400 million Guaranteed Floating Rate Notes due 2011.

The above bonds were previously issued by National Power
Corporation (Ba3/Stable) and subsequently assumed by PSALM on
October 1, 2008.  In the event that the holders of the above bonds
decide not to take up the invitation to exchange, they will be
paid their scheduled principal and interest at the maturity dates
of their respective bonds.

The net proceeds from the new US$bond will be used for general
corporate funding requirements, including servicing payments
arising under contracts with independent power producers.

"A successful completion of such an exchange offer will extend the
debt maturity profile of PSALM and remove imminent refinancing
risks in 2010 and 2011.  Furthermore, the new money component will
improve the company's liquidity," says Jennifer Wong, a Moody's
AVP/Analyst.

"Moody's considers PSALM's credit profile to be closely linked to
the government's credit quality in light of its distinct policy
role -- as mandated by law to restructure and reform the
Philippine power sector into a competitive and market-driven
sector -- its 100% ownership by the Philippine government, as well
as the government's intention to assume any remaining assets and
liabilities at the end of its 25-year corporate life," says Wong.

"Furthermore, the government views PSALM as an extension of itself
as the majority of the debt issued by PSALM are unconditionally
and irrevocably guaranteed by the government.  As such, a debt
default by PSALM would trigger a cross-default on government debt,
as stated in the government's debt covenants," adds Wong.

"At the same time, its standalone credit profile incorporates
uncertainties surrounding power sector reform as well as cash flow
volatility, as driven by the privatization process," says Wong.

The stable rating outlook is in line with the sovereign outlook.

Any rating upgrade or downgrade will be closely linked to any
changes in the rating of the Philippine government.

The last rating action on PSALM was on 18 September 2009 when
Moody's assigned a Ba3 corporate family rating to PSALM with a
stable outlook.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippine government, was established in 2001
to take ownership, manage, privatize and dispose of all generation
related assets, liabilities, contracts with independent power
producers, real estate and other disposable assets of the National
Power Corporation, including National Transmission Corporation.
PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.


POWER SECTOR: S&P Assigns 'BB-' Rating on Senior Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' rating to the proposed U.S.-dollar senior unsecured
guaranteed notes due 2024 by Power Sector Assets & Liabilities
Management Corp., and affirmed its 'BB-' rating on the re-opened
U.S.-dollar 7.25% senior unsecured guaranteed notes due 2019 also
by PSALM.  At the same time, the 'BB-' long-term foreign currency
and 'BB+' long-term local currency corporate credit ratings on
PSALM have been affirmed.

The rating on the notes reflects the Philippine government's
(foreign currency BB-/Stable/B; local currency BB+/Stable/B; ASEAN
scale axBBB+/axA-2) irrevocable, unconditional, and timely
guarantee on the notes, which is in accordance with S&P's
criteria.  S&P views the stand-alone credit profile of PSALM as
weak and highly leveraged, and that profile may change in the
future; if the profile deteriorates, the possibility of using the
guarantee may increase.

PSALM (foreign currency BB-/Stable/--; local currency
BB+/Stable/--) is proposing to offer the new notes and the re-
opened U.S. dollar notes due 2019 in exchange for some of the
US$500 million 9.875% senior unsecured guaranteed notes due 2010,
US$700 million zero coupon guaranteed notes due 2010, and the
US$400 million floating rate senior unsecured guaranteed notes due
2011.  The existing notes were all previously issued by National
Power Corp. (foreign currency BB-/Stable/--; local currency
BB+/Stable/--) but subsequently assumed by PSALM on Oct. 1, 2008.
This offer, if successful, would allow PSALM to lengthen its debt
maturity profile.

S&P does not view the proposed exchange offer as distressed under
its criteria given that the new notes carry the irrevocable,
unconditional, and timely guarantee of the Philippine government.
S&P also believes, based on the terms of the exchange offer, that
holders of the existing notes would not receive less value than
the promise of the original securities should they choose to
accept the offer.

Standard & Poor's also understands that in the event that the
holders of the above bonds decide not to take up the invitation to
exchange, they will be paid their scheduled principal and interest
at the maturity dates of their respective bonds.  The maximum
principal amount of new notes that PSALM will issue pursuant to
the exchange offer will be limited to US$600 million.  If the
principal amount of new notes that can be issued for the offer
exceeds US$600 million, PSALM will accept exchange offers of the
existing notes with shorter dates to maturity first, and for each,
priority will be given to exchanges to the proposed notes due
2024, then to re-opened notes due 2019.

In addition to the exchange offer, PSALM will be seeking to raise
fresh capital under the proposed U.S.-dollar senior unsecured
guaranteed notes due 2024.  PSALM will use the cash proceeds for
general corporate funding requirements, including servicing
payments arising under contracts with independent power producers.

Standard & Poor's believes the likelihood of extraordinary
government support for PSALM to be "almost certain," due to the
company's integral link with the Philippine government, and its
critical role in implementing government reforms in restructuring
and liberalizing the electricity power sector in the Philippines.
The company was set up solely for the purpose of reforming the
electricity sector.  The Electric Power Industry Reform Act of
2001 and its implementing rules and regulations serve as PSALM's
charter, and its liability management is crucial in improving the
government's fiscal position through the successful privatization
of existing generation assets.


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


* Rutter Hobbs & Davidoff Launches Asia Practice
------------------------------------------------
Los Angeles-based law firm Rutter Hobbs & Davidoff Incorporated
today announced the launch of its Asia Practice, a group of legal
experts specializing in the unique needs of clients conducting
business in the Asia Pacific community.  The group's launch serves
as an example of Rutter Hobbs & Davidoff's continued growth, and
reflects the firm's long history of working with diverse clients
to help them achieve their business goals.

"At Rutter Hobbs & Davidoff we are fortunate to have achieved
great success in working with a diverse client base, including
Asian-American business owners, and we're well-poised to service
their business needs," said Brian Davidoff, managing director of
Rutter Hobbs & Davidoff.  "By formalizing our Asia Practice, we
look forward to continuing our good work with this influential
clientele by combining our keen understanding of Asian cultural
nuances with our ability to provide sophisticated legal services
that deliver solutions."

As it has done for nearly four decades, Rutter Hobbs & Davidoff
continues to focus its growth to meet the needs of Los Angeles'
diverse, international community.  The Asia Practice provides
experienced legal counsel across wide-ranging areas of expertise,
including business litigation, employment law, intellectual
property, bankruptcy, real estate and business transactions.

Judy Lam, a partner with Rutter Hobbs & Davidoff and chair of its
Asia Practice, recently took a leading role in the California
State Bar Litigation Section's "A Week in Legal Hong Kong."  This
program provided an unprecedented opportunity for attorneys from
across California to visit Hong Kong to learn about its legal
system. Participants traveled to Hong Kong for a series of
meetings, gaining an insider's view into Hong Kong's legal and
business structures and participating in rich cultural exchange
and relationship building.

           About Rutter Hobbs & Davidoff Incorporated

Los Angeles-based Rutter Hobbs & Davidoff Incorporated --
htpp://www.rutterhobbs.com. -- is a full-service law firm founded
in 1973. The firm's seasoned attorneys represent middle market
companies, early stage entities, large corporations and
individuals in matters involving business litigation and dispute
resolution; corporate and securities; bankruptcy, reorganization
and capital recovery; estate planning and trust litigation;
intellectual property, advertising and promotions; Internet and
new media; labor and employment; and real estate. The firm's
diverse team of attorneys and experienced, tenured staff
collaborates to deliver consistently excellent service in a timely
and cost-effective manner.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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