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        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 25, 2009, Vol. 12, No. 233

                            Headlines

C H I N A

CHINA EASTERN: Open to Strategic Overseas Investors, Chairman Says
LAS VEGAS SANDS: Sands China HK IPO Raises US$2.5 Billion
* CHINA: Regulator Calls on Banks to Comply with Capital Rules


H O N G  K O N G

BASIC LIFE: Ku Ngan Ming Steps Down as Liquidator
BOSTON SEADOG: Young and Chan Appointed as Liquidators
CAPITAL MERCURY: Members' Final Meeting Set for December 21
CARNEGIE, WYLIE: Seng and Lo Step Down as Liquidators
COTRADE ASIA: Eliza Suk Ying Wu Appointed as Liquidator

ELECTRO SOURCE: Arboit and Blade Step Down as Liquidators
DECO (HONG KONG): Members' Final General Meeting Set for Dec. 30
GAT ASIA: Ko Tak Wing Appointed as Liquidator
GLOBAL FOODS: Maarten Buitelaar Appointed as Liquidator
GOLD WEALTH: Kwan Kwok Wah Steps Down as Liquidator


I N D I A

BN EXPORTS: CRISIL Assigns 'B+' Ratings on Various Bank Facilities
INDIA DENIM: Delays in Debt Servicing Cue ICRA 'LB-' Rating
MANGAL TEXTILE: Low Net Worth Cues CRISIL to Assign 'BB+' Ratings
NEDCOMMODITIES INDIA: CRISIL Rates INR52MM Cash Credit at 'BB+'
PREMIUM PAPER: Default in Loan Payment Cues CRISIL Junk Ratings

SATYAM COMPUTER: Internal Audit Head Arrested Over Fraud Case
SHREE BABA: CRISIL Places 'B+' Rating on INR75.6 Million Term Loan
SUPER HOZE: Weak Liquidity Prompts CRISIL to Assign 'B-' Ratings
SUZLON ENERGY: Sells 35.22% Stake in Hansen for US$370 Million
THE JOREHAUT TEA: CRISIL Rates INR150MM Long Term Loan at 'B'

UTSAV INDUSTRIES: CRISIL Rates INR57.5 Mln Cash Credit at 'B+'


J A P A N

ANABUKI CONSTRUCTION: Files for Bankruptcy Protection
JAPAN AIRLINES: Shares Tumble After Reports on Mitsui Share Sale
SANYO ELECTRIC: FTC Clears Panasonic-Sanyo Merger; Sets Condition


K O R E A

KUMHO ASIANA: Picks Two Preferred Bidders for Daewoo Unit


M A L A Y S I A

AXIS INC: Posts MYR5.66-Mil. Net Loss in Quarter Ended Sept. 30
NEPLINE BERHAD: Bursa Scraps Appeal Against Delisting


N E W  Z E A L A N D

FIVE MILE: Queenstown Gateways Buys Development Land
HANOVER FINANCE: Investors to Get Another 2c Payment in December
NEW ZEALAND YACHTS: Goes Into Receivership; Paul Sills Appointed


P H I L I P P I N E S

NEGROS NAVIGATION: Mulls IPO Next Year as it Exits Rehabilitation
PACIFIC PLANS: New Owners Obtain Dealers License from SEC
WATERFRONT PHILIPPINES: To Borrow PHP2-Bln to Repay PNB Loan


S I N G A P O R E

FIRST SHIP: Fitch Assigns Issuer Default Rating at 'BB-'
FIRST SHIP: S&P Assigns Corporate Credit Rating at 'BB-'


T H A I L A N D

ADVANCE AGRO: Moody's Affirms Corporate Family Rating at 'B3'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


=========
C H I N A
=========


CHINA EASTERN: Open to Strategic Overseas Investors, Chairman Says
------------------------------------------------------------------
China Eastern Airlines Corp. said it's open to strategic overseas
investors, almost two years after failing in a bid to sell a stake
to Singapore Airlines Ltd, Bloomberg News reports.

The report says Chairman Liu Shaoyong made the comments Tuesday at
an event in Shanghai, marking a deal to sell tickets through
Alibaba Group's Taobao.com.

According to the report, China Eastern attempted to sell a 24%
stake to Singapore Airlines and Temasek Holdings Pte to boost
management expertise.  However, says Bloomberg, the deal was
blocked by minority shareholders in January 2008 after the parent
of Air China Ltd. pledged to make a higher offer.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


LAS VEGAS SANDS: Sands China HK IPO Raises US$2.5 Billion
---------------------------------------------------------
Sands China Ltd., a recently formed indirect subsidiary of Las
Vegas Sands Corp., on November 20, 2009, determined the price for
the proposed offering of 1,870,000,000 of its ordinary shares to
be listed on The Stock Exchange of Hong Kong Limited.

The offering price is HK$10.38 (roughly US$1.34) per Share,
representing net proceeds of roughly HK$12,575.9 million (roughly
US$1,622.7 million) to Sands China Ltd. from the sale of
1,270,000,000 new Shares and net proceeds of roughly HK$5,994.5
million (roughly US$773.5 million) to Venetian Venture Development
Intermediate II, a wholly owned indirect subsidiary of the Company
from the sale of 600,000,000 secondary Shares.

In each case, the proceeds described above are net of underwriting
commissions and estimated offering expenses payable in connection
with the Offering, and assume the over-allotment option to
purchase 187,000,000 additional Shares granted to the underwriters
in the Offering by the Selling Shareholder is not exercised.  Upon
consummation of the Offering, the Shares sold in the Offering,
together with the issuance of 497,858,661 Shares in connection
with the mandatory and automatic exchange of US$600.0 million of
exchangeable bonds due 2014 issued by the Selling Shareholder for
Shares, as well as the allotment of 22,185,115 Shares to certain
parties (or their designees) in connection with a confidential
settlement agreement dated June 3, 2009 between such parties and
the Company, are expected to amount to roughly 29.7% of the post-
issuance share capital base of Sands China Ltd., assuming the
Over-Allotment Option is not exercised.

The listing of the Shares on the Hong Kong Stock Exchange is
expected to occur, and the Offering is expected to close, on
November 30, 2009 in Hong Kong, subject to the satisfaction of
customary closing conditions.

According to a report from China Knowledge, the firm plans to use
the proceeds to repay its debt and restart a casino-resort project
on the Chinese enclave.

Citigroup Inc and Goldman Sachs Group Inc are joint coordinators
of the IPO, while UBS AG, Barclays PLC and BNP Paribas are joint
book-runners, China Knowledge discloses.

Sands China plans to restart the work at the hotel and casino
complex on Macau's Cotai Strip in January.  The firm has received
US$1.45 billion financing commitment from a group of commercial
banks and financial institutions, and was seeking to secure US$300
million in bank loans to fund the project, which are expected to
cost US$2 billion, according to an earlier report from China
Knowledge.

Sands China Ltd., through its operating subsidiaries, is a
developer, owner and operator of integrated resorts and casinos in
Macau.

                      About Las Vegas Sands

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

                           *     *     *

As reported by the TCR on Aug. 4, 2009, Moody's Investors Service
placed Las Vegas Sands, Corp.'s ratings, including its B3
Corporate Family Rating, on review for possible downgrade.  The
review for possible downgrade reflects LVSC's weak fiscal 2009
second quarter operating results and Moody's heightened concern
regarding the company's ability to maintain an adequate liquidity
profile, reduce leverage, and remain in compliance with its
financial covenants.

Las Vegas Sands reported a net loss of $76.5 million, or 19 cents
a share, on revenues of $908.26 million for thee months ended
Sept. 30, 2009, compared with a net loss of $32.2 million,
or 19 cents a share, on $805.26 million during the comparable
period last year.  With the third quarter results, Las Vegas Sands
has posted its seventh straight quarterly loss after U.S. gamblers
spent less and businesses canceled conferences in the recession.


* CHINA: Regulator Calls on Banks to Comply with Capital Rules
--------------------------------------------------------------
Dow Jones Newswires' Denis McMahon says China Banking Regulatory
Commission, China's banking regulator, warned banks to strictly
comply with capital requirements or face sanctions.

According Ms. McMahon in an article posted at The Wall Street
Journal, banks that fail to comply by the end of the year with
capital adequacy requirements -- the amount of capital they must
hold against their loans -- could be punished with limits on
market access, overseas investments and new branches, the China
Banking Regulatory Commission said in a statement on its Web site.
Such sanctions already exist, but have rarely been enforced.

According Ms. McMahon, this is "the clearest sign yet Beijing is
worried about possible risks building in the country's financial
system after a year of blow-out lending."

Ms. McMahon says new loans in the first half of 2009 totaled 7.37
trillion yuan ($1.079 trillion), equivalent to half of the
country's gross domestic product over the period, as the
government turned to bank lending to power its economic stimulus
plans.

According to data obtained by the Journal from Moody's Investor
Service, Tier-one capital adequacy ratios of some listed Chinese
banks are:

                                             End of First
                               End of 2008   Half, 2009
                               -----------   ------------
     Bank of China               10.8%            9.4%
     Bank of Communications       9.5%            8.8%
     China Citic Bank            12.3%           10.0%
     China Construction Bank     10.2%            9.3%
     China Merchants Bank         6.6%            6.5%
     Industrial & Commercial
        Bank of China            10.8%           10.0%
     Shanghai Pudong             10.8%            9.4%
        Development Bank          5.0%            4.7%
     Shenzhen Development Bank    5.3%            5.1%

"There are fears that the lending binge could saddle banks with
large amounts of non-performing loans, reversing some of the gains
achieved over the past decade of financial reforms that were aimed
at turning China's state banks into commercial lenders better able
to manage risk," Ms. McMahon says.

Ms. McMahon notes the capital adequacy requirement was raised to
10% from 8% at the end of 2008.  At the same time, banks were
ordered to set aside credit provisions equivalent to at least 150%
of their bad loans.  More recently, according to Ms. McMahon, the
CBRC reduced the amount of subordinated bonds -- debt that has a
lower priority than other claims on an asset, and has higher
returns -- that banks could count toward their capital
requirements.  This was after it became apparent that banks were
using the debt to lend money to each other, raising the risk that
a default could ripple through the entire system.


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


BASIC LIFE: Ku Ngan Ming Steps Down as Liquidator
-------------------------------------------------
Ku Ngan Ming stepped down as liquidator of Basic Life Charitable
Fund Limited on November 16, 2009.


BOSTON SEADOG: Young and Chan Appointed as Liquidators
------------------------------------------------------
Young Chun Man Kenneth and Chan Yuen Bik Jane on November 13,
2009, were appointed as liquidators of Boston Seadog Co. Limited.

The liquidators may be reached at:

         Young Chun Man Kenneth
         Chan Yuen Bik Jane
         Gloucester Tower, 31/F
         The Landmark
         11 Pedder Street
         Central, Hong Kong


CAPITAL MERCURY: Members' Final Meeting Set for December 21
-----------------------------------------------------------
Members of Capital Mercury Apparel (HK) Limited will hold their
final general meeting on December 21, 2009, at 10:00 a.m., at 12/F
No. 3 Lockhart Road, in Wanchai, Hong Kong.

At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CARNEGIE, WYLIE: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Carnegie, Wylie & Company Hong Kong Limited on November 14, 2009.


COTRADE ASIA: Eliza Suk Ying Wu Appointed as Liquidator
-------------------------------------------------------
Eliza Suk Ying Wu on November 12, 2009, was appointed as
liquidator of Cotrade Asia Limited.

The liquidator may be reached at:

         Eliza Suk Ying Wu
         Henley Building, 8th Floor
         5 Queen's Road
         Central, Hong Kong


ELECTRO SOURCE: Arboit and Blade Step Down as Liquidators
---------------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Electro Source Limited on September 21, 2009.


DECO (HONG KONG): Members' Final General Meeting Set for Dec. 30
----------------------------------------------------------------
Members of Deco (Hong Kong) Limited will hold their final general
meeting on December 30, 2009, at 3:00 p.m., at Room 1501, East
Town Building, 41 Lockhart Road, in Wanchai, Hong Kong.

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


GAT ASIA: Ko Tak Wing Appointed as Liquidator
---------------------------------------------
Ko Tak Wing on November 9, 2009, was appointed as liquidator of
Gat Asia Limited.

The Liquidator can be reached at:

        Ko Tak Wing
        CRE Building, Rm. 1302, 13/F
        303 Hennessy Road
        Wanchai, Hong Kong


GLOBAL FOODS: Maarten Buitelaar Appointed as Liquidator
-------------------------------------------------------
Maarten Buitelaar on November 9, 2009, was appointed as liquidator
of Global Foods Hong Kong Limited.

The Liquidators can be reached at:

         Maarten Buitelaar
         Hua Qin International Building, Rooms 1801-05
         340 Queen's Road
         Central, Hong Kong


GOLD WEALTH: Kwan Kwok Wah Steps Down as Liquidator
---------------------------------------------------
Kwan Kwok Wah stepped down as liquidator of gold Wealth Limited on
November 12, 2009.


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I N D I A
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BN EXPORTS: CRISIL Assigns 'B+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the bank facilities
of BN Exports.

   Facilities                           Ratings
   ----------                           -------
   INR150 Million Cash Credit Limit     B+/Stable (Assigned)
   INR150 Million Working Capital       B+/Stable (Assigned)
                   Demand Loan
   INR3.7 Million Term Loan             B+/Stable (Assigned)

The ratings reflect the BN group's weak financial risk profile
marked by large working capital requirements, the vulnerability of
its operating margin to volatility in raw material prices and
vagaries of monsoon, and the vulnerability of its business to
unfavorable changes in government policies.  The impact of these
rating weaknesses is mitigated by the recent growth in the group's
operating income, backed by its promoters' experience in the rice
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BNE and Shree Baba Naga Food Stuff Pvt
Ltd (SBN), together referred to as the BN group.  This is because
of the two entities' common line of business, management, and
buyers in the export markets, and operational and financial
linkages.

Outlook: Stable

CRISIL believes that the BN group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements.  However, the business risk profile
is expected to improve on the back of the group's increased
domestic presence and brand recognition.  The outlook may be
revised to 'Positive' in case of improvement in the group's
financial risk profile driven by significant improvement in
capital structure.  Conversely, the outlook may be revised to
'Negative' if the BN group's profitability declines or its capital
structure deteriorates because of large capital expenditure
borrowings.

                          About BN Exports

BNE was promoted in the year 2000 as a partnership firm by
Mr. Surinder Kumar Chadha, Mr. Krishan Kumar Chadha, Mr. Vinod
Kumar Chadha, and Mr. Vijay Kumar Chadha. In 2004-05 (refers to
financial year, April 1 to March 31), the firm came under the
control of Mr. Surinder Kumar Chadha and Mr. Krishan Kumar Chadha.
BNE is engaged in milling, processing, and selling basmati rice in
both the export and Indian markets, and it has a rice milling
capacity of 7 tonnes per hour (tph). Its plant is located in
Amritsar, Punjab.

SBN was incorporated in 2007 as a private limited company by BNE's
promoters and their sons, Mr. Varun Chadha, Mr. Ankush Chadha, and
Mr. Deepak Chadha. The company has rice milling capacity of 12
tph. Its plant is located in Amritsar.

The BN group exports basmati rice to the United Arab Emirates and
Iran, and sells rice through 85 distributors in India. Exports
contributed about 75 per cent to the group's consolidated revenue
in 2008-09. The group recently launched the Season's Fresh brand
to increase its presence in India.

BNE reported a profit after tax (PAT) of INR3.4 million on net
sales of INR491 million for 2008-09, against a PAT of INR1.8
million on net sales of INR288 million for 2007-08.


INDIA DENIM: Delays in Debt Servicing Cue ICRA 'LB-' Rating
-----------------------------------------------------------
ICRA has assigned an 'LB-' rating to the INR 278 million term
loans and INR 125 million fund based facilities of India Denim
Limited.  ICRA has also assigned an A4 to the INR 55 million non-
fund based limits of IDL.

The assigned ratings reflect delays in debt servicing by the
company in the recent past.  IDL's financial profile has been
adversely impacted by delay in project implementation, weak
capital structure and challenges on production front during the
current financial year impacting capacity utilization.  The
ratings also factor in the vulnerability of IDL to intense
competition within the industry given its modest scale of
operations, limited pricing power owing to fragmented industry and
commoditized nature of the product, vulnerability of cotton yarn
industry to raw material prices and sluggish demand conditions in
short to medium term for the industry.  The ratings, however,
factor in the experience of the promoters in textile industry and
proximity to cotton growing areas and relative assured
availability due to presence in the largest cotton producing state
of Gujarat.

India Denim Limited was incorporated in 2005 and is engaged in the
manufacturing of cotton yarn in the carded variety.  Initial
objective of the promoters', Mr. Sajjan Kejriwal and Mr. SK
Choudhary was to set up an Integrated Denim facility.  However,
with deteriorating condition of the denim industry, the business
scope was later changed to cotton yarn spinning subsequently in FY
2008.  One of the promoters had to withdraw after the business
scope was changed and the company was taken over by Mr. Prakash
Dalmiya's flagship company Konark Synthetics Limited in FY 2007
which now holds a 55.74% stake in IDL, hence is a subsidiary of
the company.  Currently, IDL has a spinning mill located in
Ahmedabad, with capacity of 17, 836 spindles for ring spun yarn
and 576 rotors for producing open ended yarn.  IDL's sales are
currently targeted at the domestic market with sales routed mostly
through traders.  The term loans are subsidized under the
Technology Upgradation Fund (TUF) scheme of the central
government.  As per audited FY 2009 numbers, IDL had sales of
INR60 million and a loss of INR 5 million.


MANGAL TEXTILE: Low Net Worth Cues CRISIL to Assign 'BB+' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mangal Textile Mills (India) Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR163.9 Million Long-Term Loan       BB+/Stable (Assigned)
   INR46.8 Million Cash Credit Limits    BB+/Stable (Assigned)
   INR3.0 Million Bank Guarantee         P4+ (Assigned)
   INR1.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect MTL's small scale of operations, low net
worth, and moderate financial risk profile, which is likely to
weaken over the medium term because of the company's capital
expenditure (capex) program of INR130 million. These weaknesses
are partially offset by the industry experience of MTL's
promoters, the company's established presence in the textile
processing segment in Ahmedabad, and moderate operating
efficiency.

Outlook: Stable

CRISIL believes that MTL will maintain its current moderate
business risk profile backed by income from job processing,
favorable relationships with customers, high operating efficiency
and support from group companies that are into marketing-related
activities.  MTL's low net worth and large, debt-funded capex are
likely to lead to deterioration in its capital structure over the
near to medium term.  The outlook could be revised to 'Positive'
if MTL improves its capital structure by way of fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' in
case MTL's financial risk profile deteriorates because of decline
in income from job processing and operating margin, driven by
slowdown in the textile sector.

                       About Mangal Textile

MTL, originally promoted as a partnership firm in 1970, was
incorporated in 1995.  The company manufactures cotton fabric
(grey cloth) and processes fabric (cotton) on job work basis. The
main processes comprise bleaching, printing, dyeing, and finishing
of fabric. The company is headed by Mr. Prakash Sekhani, Managing
Director.

For 2008-09 (refers to financial year, April 1 to March 31), MTL
reported a profit after tax (PAT) of INR13.1 million on net sales
of INR537.1 million, against a PAT of INR8.7 million on net sales
of INR379.3 million for 2007-08.


NEDCOMMODITIES INDIA: CRISIL Rates INR52MM Cash Credit at 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its rating on Nedcommodities India Pvt Ltd's
bank facilities to 'BB+/Positive' from 'BB/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR52.0 Million Cash Credit    BB+/Positive (Upgraded from
                                                BB/Stable)

The upgrade reflects substantial improvement in Ned's financial
risk profile owing to equity infusion by the parent company
Amtrada Holding BV, Netherlands, an international trading group
and comfortable debt protection measures.  It also factors in
Ned's strong business risk profile, supported by its parent's
experience in coffee, cocoa, nuts, and other agricultural
commodities trading, and by back–to-back sales arrangements.

The rating reflects NIPL's susceptibility of working capital
requirement to coffee prices, and low operating margins;
susceptible to rupee fluctuations.  These weaknesses are partially
offset by the benefits that Ned derives from support from Amtrada
Holding and improvement in financial risk profile.

Outlook: Positive

CRISIL expects Ned to further improve its working capital
management and consequently, its financial risk profile, on back
of support received from Amtrada group.  The rating may be
upgraded if the company is able to sustain its financial risk
profile, marked by improvement in gearing and debt protection
indicators. The outlook may be revised to 'Stable' in case of
significant decline in volumes or deterioration in debt protection
indicators.

                    About Nedcommodities India

Nedcommodities India Pvt Ltd, incorporated in 2000, is based in
Kushal Nagar, Karnataka.  The company procures coffee cherries,
and processes and exports coffee beans.  It is a wholly-owned
subsidiary of Amtrada, an international trading group specializing
in coffee, cocoa, nuts, and other agricultural commodities.  Ned
reported a profit after tax (PAT) of INR61.5 million on net sales
of INR1.29 billion for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR17 million on net sales of
INR1.23 billion for 2007-08.


PREMIUM PAPER: Default in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Premium Paper & Board Industries Ltd, as the company has
defaulted on its term loan; the default has been caused by weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR354.8 Million Term Loans          D (Assigned)
   INR230.0 Million Cash Credit *       D (Assigned)
   INR10.0 Million Letter of Credit     P5 (Assigned)

   *INR60 million interchangeable with Letter of Credit

Incorporated in 1996, PPBIL is engaged in the manufacture of
industrial paper; the company has the capacity to manufacture up
to 165 tonnes per day of kraft paper.

For 2008-09 (refers to financial year, April 1 to March 31), PPBIL
reported a profit after tax (PAT) of INR26.56 million on net sales
of INR815 million, against a PAT of INR21.56 million on net sales
of INR670 million for the preceding year.


SATYAM COMPUTER: Internal Audit Head Arrested Over Fraud Case
-------------------------------------------------------------
The Times of India reports that the Central Bureau of
Investigation on Saturday arrested Mahindra Satyam's internal
audit head V S Prabhakar Gupta for his alleged involvement in the
multi-crore accounting fraud in Satyam Computer.

Mr. Gupta, who is senior Vice-President-cum-Global Head of
Internal Audit cell in Mahinda Satyam, held the same position in
Satyam Computer Services Limited.

According to the report, Mr. Gupta was arrested on charges of
fabricating account books and co-conspiring with the other
accused.  Mr. Gupta was later produced in the CBI designated court
which sent him to judicial remand till November 26, the Times
notes.

The arrest, says the Times, comes just few days ahead of the CBI
preparing to file a second chargesheet, as the team probing the
case returned from Mauritius with some bank details.

Sources said the CBI team had gone to probe the alleged diversion
of funds by disgraced Satyam founder B Ramalinga Raju to Mauritius
for re-routing it back to fictitious firms set up by the accused
in India, The Times of India reports.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.

Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell a stake in the company, as it seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31%
stake in Satyam Computer, beating strong rival L&T.  Tech Mahindra
would acquire the stake in an all-cash deal, followed by an open
offer for a 20% stake to take management control of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam Computer

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance.  Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services.  The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services.  Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services.  As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.


SHREE BABA: CRISIL Places 'B+' Rating on INR75.6 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the bank facilities
of Shree Baba Naga Food Stuff Pvt Ltd (SBN; part of the BN group).

   Facilities                            Ratings
   ----------                            -------
   INR135.3 Million Cash Credit Limit*   B+/Stable (Assigned)
   INR75.6 Million Term Loan             B+/Stable (Assigned)

   * Including proposed cash credit of INR5.3 million

The ratings reflect the BN group's weak financial risk profile
marked by large working capital requirements, the vulnerability of
its operating margin to volatility in raw material prices and
vagaries of monsoon, and the vulnerability of its business to
unfavorable changes in government policies. The impact of these
rating weaknesses is mitigated by the recent growth in the group's
operating income, backed by its promoters' experience in the rice
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBN and BN Exports (BNE), together
referred to as the BN group. This is because of the two entities'
common line of business, management, and buyers in the export
markets, and operational and financial linkages.

Outlook: Stable

CRISIL believes that the BN group's financial risk profile will
remain weak over the medium term because of the group's large
working capital requirements. However, the business risk profile
is expected to improve on the back of the group's increased
domestic presence and brand recognition. The outlook may be
revised to 'Positive' in case of improvement in the group's
financial risk profile driven by significant improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if the BN group's profitability declines or its capital
structure deteriorates because of large capital expenditure
borrowings.

                         About Shree Baba

Shree Baba Naga Food Stuff Pvt Ltd was incorporated in the year
2007 as a private limited company by BNE's promoters and their
sons, Mr. Varun Chadha, Mr. Ankush Chadha, and Mr. Deepak Chadha.
The company has a rice milling capacity of 12 tonnes per hour
(tph) at its plant in Amritsar, Punjab.

BNE was promoted in the year 2000 as a partnership firm by Mr.
Surinder Kumar Chadha, Mr. Krishan Kumar Chadha, Mr. Vinod Kumar
Chadha, and Mr. Vijay Kumar Chadha.  In 2004-05 (refers to
financial year, April 1 to March 31), the firm came under the
control of Mr. Surinder Kumar Chadha and Mr. Krishan Kumar Chadha.
BNE is engaged in milling, processing, and selling basmati rice in
both the export and Indian markets, and it has a rice milling
capacity of 7 tph. Its plant is located in Amritsar.

The BN group exports basmati rice to the United Arab Emirates and
Iran; and sells rice through 85 distributors in India.  Exports
contributed about 75 per cent to the group's revenue in 2008-09.
The group recently launched the Season's Fresh brand to increase
its presence in India.

SBN reported a profit after tax (PAT) of INR0.1 million on net
sales of INR537 million for 2008-09, against a PAT of INR0.3
million on net sales of INR49 million for 2007-08.


SUPER HOZE: Weak Liquidity Prompts CRISIL to Assign 'B-' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Super Hoze Industries Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR45.0 Million Cash Credit Limit    B-/Negative (Assigned)
   INR82.4 Million Term Loan            B-/Negative (Assigned)
   INR5.0 Million Letter of Credit/     P4 (Assigned)
                   Bank Guarantee

The ratings reflect weak liquidity position due to high working
capital requirements and losses in recent past along with high
client dependence in a highly competitive industry constraining
bargaining power. These weaknesses are partially offset by
improving business risk profile of the company.

Outlook: Negative

CRISIL believes that the Super Hoze's financial risk profile will
remain weak over the medium term because of losses in recent past
and stretched working capital requirements. The outlook may be
revised to 'Stable' if the company reports more than expected
turnover and margins improves leading to high cash accruals.
Conversely, the ratings may be downgraded if the company's cash
accruals are lower than expected leading to pressure on timely
repayment of debt in near term.

                         About Super Hoze

Set up in 2005 by Mr. Deepak Talwar, the Burman family (Dabur
Finance Ltd) and Avigo Venture Investment Ltd (Avigo), with equal
shareholding, Super Hoze manufactures hoses for liquefied
petroleum gas (LPG) primarily for oil marketing companies (OMCs).
Its plant at Baddi (Himachal Pradesh) has an installed capacity of
4 million metres per annum.  In 2007-08(refers to financial year,
April 1 to March 31), Avigo exited from the venture and its stake
was bought by Mr. Talwar and the Burman family.

Super Hoze reported a loss of INR26 million on net sales of
INR190.7 million for 2008-09 as against a PAT of INR2.4 million on
net sales of INR209.1 million for 2007-08.


SUZLON ENERGY: Sells 35.22% Stake in Hansen for US$370 Million
--------------------------------------------------------------
Suzlon Energy said Friday it has sold a 35.22% stake in Belgian
firm Hansen Transmissions for US$370 million, according to Antara
News.

The news agency relates that Suzlon, through its Netherlands-based
subsidiary AE-Rotor Holding BV, has sold 236 million depository
interests, representing equity shares in Hansen.

Post the sell-off Suzlon's holding in Hansen has come down to
174.63 million shares or 26.06% stake, from the earlier 61%,
Antara notes.

The report says the company sold Hansen shares at 95 pence, which
is significantly lower than the current share price of 113 pence.

The Troubled Company Reporter-Asia Pacific, citing The Financial
Times, reported on November 12, 2009, that Suzlon Energy is taking
steps to build up its cash position and is weighing up whether to
divest more assets to repair its balance sheet as it weathers the
effects of the global financial crisis.

The FT related Tulsi Tanti, founder and chief executive officer of
Suzlon Energy, said he would renegotiate loans with Indian banks
as the company, which was one of the most ambitious Indian
acquirers of recent years, ran out of liquidity to support green
technology projects.

According to the FT, the company has recently found itself in a
tight cash position after a tough year for the industry and
pressure to refinance the recent US$1.7 billion acquisition of
German rival Repower Systems.

The FT stated that Suzlon aims to reduce its debt level by the end
of the fiscal year. "Our total working capital cash is nearly 40%
and we are bringing it down to the 25 to 30% level by this
financial year," Mr. Tanti told the FT.

Suzlon Energy posted net losses of INR3.56 billion (US$76 million)
over the three months ending September 30, with sales falling 31%
to INR47.9 billion.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd --
http://www.suzlon.com/-- is an integrated wind power company.
Its operations include to manufacturing, designing, developing and
selling of wind turbine generators (WTGs) and gear box.  Its other
operations include sale/sub-lease of land, infrastructure
development income and power generation income.  The Company's
main manufacturing plants at Daman, Pondicherry, Bhuj, Chhadvel
(Dhule) and Vadodara.  Its subsidiaries include AE-Rotor Holding
B.V., AE-Rotor Techniek B.V., Cannon Ball Wind Energy Park- 1,
LLC, Eve Holding NV, Hansen Drives Limited, Hansen Transmissions
Inc., Hansen Transmissions International NV, Hansen Transmissions
Limited , Hansen Transmissions Pty. Limited,Hansen Transmissions
South Africa Pty. Limited and Hansen Transmissions Tianjin
Industrial Gearbox Co Limited.  The Company operates in India,
Europe, United States and China.  On October 9, 2007, the
Company's wholly owned subsidiary Hansen Transmissions
International N.V. acquired Lommelpark N.V., Belgium.


THE JOREHAUT TEA: CRISIL Rates INR150MM Long Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the term loan
facility of The Jorehaut Tea Ltd, part of the Jorehaut group.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Long Term Loan     B/Stable (Assigned)

The ratings reflect the group's small scale of operations, weak
financial risk profile, and exposure to the cyclicality in the tea
industry.  The impact of these weaknesses is mitigated by the
company's moderate business risk profile backed by its promoters'
industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TJTL and The Jorehaut Group Ltd,
together referred to as the Jorehaut group.  This is because the
two companies are under a common management, and TJTL has taken on
lease all four gardens and manufacturing facilities owned by TJGL;
TJTL does not own tea gardens or manufacturing facilities.
Moreover, TJGL has provided corporate guarantee for the INR150-
million term loan of TJTL.  TJGL had provided an unsecured loan of
INR273.5 million to TJTL as on March 31, 2009, to enable the
latter to acquire 49.93 per cent equity stake in TJGL.

Outlook: Stable

CRISIL believes that TJTL will maintain its business risk profile
over the medium term on the back of the promoters' experience.
The outlook may be revised to 'Positive' if there is a substantial
improvement in TJTL's financial risk profile marked by improvement
in capital structure or better-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' if the
profitability is below expectations, or if the company undertakes
a larger-than-expected debt-funded capital expenditure program,
adversely affecting its financial risk profile.

                           About the Group

Set up in 1999 by Mr. I P Poddar, TJTL produces black CTC (crush,
tear, curl) tea, and has annual production capacity of 4 million
kilograms. TJGL owns four gardens spread across 1979 hectares in
Assam. Each garden has a tea manufacturing facility. The Poddar
family started tea production in TJTL in 2005 by taking all four
gardens and manufacturing facilities of TJGL on lease. Currently,
TJGL does not have any commercial operation.

The Jorehaut group has reported a profit after tax (PAT) of INR7.4
million on net sales of INR495 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR1.7
million on net sales of INR424 million for 2007-08.


UTSAV INDUSTRIES: CRISIL Rates INR57.5 Mln Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the cash credit
facility of Utsav Industries Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR57.5 Million Cash Credit       B+/Stable (Assigned)

The rating reflects Utsav's below-average financial risk profile,
and small scale of operations in the aluminium scrap and
extrusions industry.  These weaknesses are, however, partially
offset by the benefits that the company derives from its
promoters' industry experience and its risk management practices.

Outlook: Stable

CRISIL believes that Utsav will maintain a stable credit risk
profile, on the back of efficient debtor management, and healthy
relationships with principals.  The outlook may be revised to
'Positive' if the company strengthens its financial risk profile,
backed by sustained improvement in operating margins, and
significant equity infusion.  Conversely, the outlook may be
revised to 'Negative' if the company's profitability and revenues
decline sharply, or it undertakes large, debt-funded capital
expenditure, further weakening its financial risk profile.

Set up in 1996 by Mr. Raj Kishore Bhiwaniwala, Utsav trades in
aluminium scrap and manufactures aluminium extrusions.  The
company is an authorised agent for Hindalco Industries Ltd's
(Hindalco's) aluminium extrusion products, and for National
Aluminium Company Ltd's (NALCO's) aluminium rolled products. The
company is also an exclusive distributor for the products of
Alstrong Enterprises in eastern India.

Utsav reported a profit after tax (PAT) of INR0.25 million on net
sales of INR203.1 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.67 million on net
sales of INR232.2 million for 2007-08.


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


ANABUKI CONSTRUCTION: Files for Bankruptcy Protection
-----------------------------------------------------
Anabuki Construction Inc. filed for bankruptcy protection with the
Tokyo District Court on Tuesday after piling up liabilities
totaling some JPY150 billion, Kyodo News reports.

Bloomberg News says the apartment builder owed JPY12.7 billion to
Aozora Bank Ltd., the Japanese lender controlled by Cerberus
Capital Management LP.

Aozora, in a statement to the Tokyo Stock Exchange, said the
effect of the company's bankruptcy will be “slight,” according to
Bloomberg.

Anabuki Construction Inc. -- http://www.anabuki.com/-- is a
Japan-based construction and real estate company.


JAPAN AIRLINES: Shares Tumble After Reports on Mitsui Share Sale
----------------------------------------------------------------
Chris Cooper and Makiko Kitamura at Bloomberg News report that
Japan Airlines Corp., seeking its fourth state bailout since 2001,
fell the most in five weeks after Mitsui & Co. said it sold its
stake in the carrier.

Mitsui spokesperson told Bloomberg that the trading house sold all
of its 11.7 million shares between April and September.

According to the report, the carrier dropped as much as 9.5%, the
most since Oct. 16, to a record low JPY86 and was down 7.4% as of
the 11:00 a.m. morning close, November 24, on the Tokyo Stock
Exchange.

Bloomberg relates that Tokyu Corp. is also considering offloading
shares, Nikkei English News said on Nov. 21, citing an
unidentified Tokyu executive.

"It's possible that shareholders are selling stakes in JAL as they
reassess the company's restructuring," Bloomberg quoted Mitsuo
Shimizu, a market analyst at Cosmo Securities Co. in Tokyo, as
saying.  "The possible government bailout may also be perceived as
a last resort following previous failed efforts."

Asia's largest airline by sales, according to Bloomberg, has
sought financing from a state-affiliated fund and asked retirees
to accept pension cuts after posting losses in three of the past
four years.  The government said Tuesday it would prop up the
carrier to ensure it doesn't halt flying.

"I believe JAL could survive if it undertakes a drastic cut in the
number of employees, alterations in airplane equipment, and
through resolving the pension issue," Transport Minister Seiji
Maehara told reporters in Tokyo on Tuesday.

                             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 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.


SANYO ELECTRIC: FTC Clears Panasonic-Sanyo Merger; Sets Condition
-----------------------------------------------------------------
The Federal Trade Commission approved Tuesday Panasonic Corp.’s
proposed $9 billion acquisition of Sanyo Electric Co., Ltd.,
provided that Sanyo sell its portable nickel metal hydride (NiMH)
battery business, including a premier manufacturing plant in
Japan.

Under a proposed FTC consent order, the portable NiMH battery
assets will be sold to FDK Corporation, a subsidiary of Fujitsu
Ltd.

“The sale of the assets resolves competitive concerns that were
raised by the transaction, which combines the world’s two largest
manufacturers and sellers of these batteries.  No competitive
concerns were raised by other overlaps between the companies,” the
FTC said in a statement.

“Our nation’s police and fire departments rely on portable nickel
metal hydride batteries to power the two-way radios that they use
every day as part of their public safety missions,” said Richard
Feinstein, Director of the FTC’s Bureau of Competition.  “The
consent order announced [November 24] protects consumers by
preserving competition in the market for these critical
batteries.”

According to the FTC’s complaint, Panasonic’s acquisition of
Sanyo, as originally proposed, would have reduced competition in
the worldwide market for portable NiMH batteries.  NiMH batteries
are one of three types of rechargeable batteries.  While each type
of battery is used to power electronic devices, portable NiMH
batteries comprise their own market, because current consumers of
the batteries cannot substitute between them without buying new
devices.

The Commission investigation of the Panasonic/Sanyo transaction
also included a thorough review of the deal’s potential
competitive impact in the hybrid electric vehicle (HEV) battery
market.  Although Panasonic and Sanyo have been the most
significant suppliers of the NiMH batteries used in most current-
generation HEVs, improvements in Li-ion technology have made Li-
ion HEV batteries a superior alternative to NiMH HEV batteries.
Besides Panasonic and Sanyo, there are a number of firms already
supplying Li-ion HEV batteries to automakers for future HEVs.  To
the extent that NiMH HEV batteries are used in future HEVs, they
will compete directly against Li-ion HEV batteries. In the HEV
battery market, the proposed transaction does not raise
competitive concerns.

The Commission’s proposed consent order is designed to remedy the
loss of competition by requiring the companies to divest Sanyo’s
assets related to the manufacture and sale of portable NiMH
batteries to FDK within 15 days of Panasonic’s acquisition of
Sanyo.  This time may be extended 30 days to provide the European
Commission time to approve the divestiture.

The order requires Panasonic and Sanyo to divest a major portable
NiMH battery manufacturing facility in Takasaki, Japan that
produces about 30 percent of all such batteries worldwide.  The
order also requires Sanyo to supply FDK with certain sizes of
portable NiMH batteries that are not produced at the Takasaki
plant, but that account for a small part of Sanyo’s overall
portable NiMH battery sales.  Finally, the order requires Sanyo to
provide FDK with access to certain Sanyo employees who are needed
to successfully run the Takasaki plant, and to transfer all
licences, patents, and intellectual property related to its
portable NiMH batteries to FDK.

The FTC has appointed an interim monitor in this matter to oversee
the divestitures, and the companies must file periodic reports
with the Commission until the divestitures are completed.  If the
portable NiMH battery assets are not fully divested within six
months, the FTC may appoint a trustee to complete the divestiture.

The Troubled Company Reporter-Asia Pacific reported earlier this
month that Panasonic Corp. launched a tender offer for shares of
Sanyo Electric Co. to convert it into a subsidiary.

                          About Panasonic

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

                            About Sanyo

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

                           *     *     *

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


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


KUMHO ASIANA: Picks Two Preferred Bidders for Daewoo Unit
---------------------------------------------------------
Lee Hyo-sik at The Korea Times reports that Kumho Asiana Group
selected two foreign funds as preferred bidders for a controlling
stake in Daewoo Engineering & Construction Co.

The report says the selected bidders are Middle East-based Jabez
Partners and U.S. TR America consortium.

According to the report, Kumho said the two investors have shown a
great deal of interest in the country's third largest builder,
saying both of them were capable of creating positive synergy for
Daewoo with their existing businesses either in the Middle East or
in North America.

"We decided to name two preferred bidders, which is quite normal
in a merger and acquisition (M&A) process to promote healthy
competition and improve the sales price and other conditions for
the seller.  Both of them are proven to be solid and financially
sound strategic investors who can raise necessary capital to
acquire the builder," the Times cited Kumho in a statement.

The group also said it will consult with the two about the
schedule of future negotiations, including a due diligence date,
the report notes.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.

Bloomberg related Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering.  Bloomberg said creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


AXIS INC: Posts MYR5.66-Mil. Net Loss in Quarter Ended Sept. 30
---------------------------------------------------------------
Axis Incorporation Berhad posted a net loss of MYR5.66 million for
the three months ended Sept. 30, 2009, compared with a net loss of
MYR8.70 million in the same period in 2008.

Revenues for first quarter of fiscal year 2010 were MYR20.59
million, a decrease from revenues of MYR90.70 million in the first
quarter of fiscal year 2009.  The Company attributed the decrease
in revenues due to lower demand from the U.S. Market and its
ongoing restructuring.

As of Sept. 30, 2009, the company's balance sheet showed MYR122.88
million in total assets and MYR397.96 million in total
liabilities, resulting in a stockholders' deficit of MYR275.07
million.

The Company's balance sheet at of Sept. 30, 2009, also showed
strained liquidity with MYR40.06 million in total current assets
available to pay MYR397.09 million in total current liabilities.

A full-text copy of the Company's consolidated financial
statements for the three months ended September 30, 2009, is
available for free at http://ResearchArchives.com/t/s?4a56

                            About Axis

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: Bursa Scraps Appeal Against Delisting
-----------------------------------------------------
Bursa Malaysia Securities Berhad said that it has decided to
disallow Nepline Berhad's appeal and de-list the securities of
Nepline.  Accordingly, the company's securities will be removed
from the Official List of Bursa Securities on December 3, 2009.

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.


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


FIVE MILE: Queenstown Gateways Buys Development Land
----------------------------------------------------
Ben Heather at The Press reports that an Auckland developer
Tony Gapes has bought Dave Henderson's Five Mile development next
to Queenstown Airport.

The report says Mr. Gapes has signed an unconditional agreement to
buy the 31 hectares of Five Mile land, using newly established
company Queenstown Gateways.

Mr. Gapes is the director of Redwood Group, which was behind many
Auckland property developments, including the NZ$110 million
inner-city Eden development, the report discloses.

The Press recalls that Mr. Henderson had planned to build a
billion-dollar village at Five Mile, which would have eventually
housed up to 10,000 people.  But in July last year, Hanover
Finance put the development into receivership.

It is unknown how much was paid for Five Mile, the Press notes.

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2009, The National Business Review said Five Mile
Holdings's unsecured creditors are unlikely to get any funds after
receivers of the failed Queenstown property development placed the
company's outstanding debt at NZ$93 million.

Citing Deloitte's six monthly report, NBR said receiver Rod
Pardington recorded that Five Mile owed NZ$81.14 million to
Hanover Finance as at December 2008, and in January 2009 debt to
other secured creditors was NZ$11.87 million.

Deloitte's initial report from September 2008 declared Five Mile
owed NZ$79.6 million to creditors, according to NBR.


HANOVER FINANCE: Investors to Get Another 2c Payment in December
----------------------------------------------------------------
Guardian Trust said Hanover Finance is expected to make another
2 cent payment to investors in December if a vote on Allied
Farmers' proposed offer to swap debt for shares is delayed until
2010, Radio New Zealand reports.

It will be the fourth in a quarterly series of 2% payments
announced a year ago, the report says.

Guardian Trust represents about 13,000 of the 16,500 investors in
Hanover.

According to the report, investors will consider the Allied
Farmers' proposal in December.

The Troubled Company Reporter-Asia Pacific, citing The New Zealand
Herald, reported on Nov. 12, 2009, that Hanover Finance said it is
no longer likely to fully repay investors under a debt
restructuring plan due to a deterioration in the commercial
property development market.

Hanover directors estimated the return to secured depositors is
likely to be about 70 cents in the dollar for Hanover Finance
investors while investors in subsidiary United Finance can expect
estimated returns of around 90c, according to SMH.

A TCR-AP report on Dec. 10, 2008, said Hanover Finance's investors
voted in favor of the company's Debt Restructure Proposals,
including a plan to fully repay NZ$552.6 million principal it owes
over five years.

SMH, citing a report from PricewaterhouseCoopers, noted that the
repayment plan was optimistic but was a better option than putting
the company into receivership.

                            About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


NEW ZEALAND YACHTS: Goes Into Receivership; Paul Sills Appointed
----------------------------------------------------------------
Super yacht-builder New Zealand Yachts has gone into receivership,
according to The New Zealand Herald.

Receiver and manager Paul Sills, of Auckland law firm Hornabrook
Macdonald, said the company would continue to trade, the report
relates.

The report, citing the Northern Advocate, says Caterpillar
Financial New Zealand Ltd started the recovery process after
New Zealand Yachts' loans became due on November 1.

The receiver said the company still operated a first-class refit
yard, which could attract work worldwide . It did not need a cash
injection to keep going at this time, he said.

New Zealand Yachts -- http://www.newzealandyachts.com/--builds
luxury yachts.


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


NEGROS NAVIGATION: Mulls IPO Next Year as it Exits Rehabilitation
-----------------------------------------------------------------
Negros Navigation Co. is seen seeking listing on the exchange
again in 2010, in line with its plan to raise funds and pursue an
aggressive expansion program after its expected exit from
corporate rehabilitation four years ahead of schedule,
Paolo Montecillo writes for the Philippine Daily Inquirer.

According to the report, Nenaco president and chief executive
officer Sulficio Tagud said that after three years of increasing
profitability, the company was planning to grow its fleet and
corner a substantial chunk of the country's shipping market.

"By the end of this year, we will have already met the Securities
and Exchange Commission's requirements for listing, and that is
three years of profitability," Mr. Tagud told the Inquirer in an
interview.

"(An initial public offering) will depend on market conditions
and, of course, the valuation of the company after it exits
rehabilitation," he said.  "Probably, we'll see that in 2011."

The Troubled Company Reporter-Asia Pacific, citing the Malaya
Business Insights, reported on October 30, 2009, that Negros
Navigation is seeking to exit from court-supervised
rehabilitation, saying it has established a strong operating
performance and is on the way to modernizing its fleet.

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

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

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

                      About Negros Navigation

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

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

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

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

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


PACIFIC PLANS: New Owners Obtain Dealers License from SEC
---------------------------------------------------------
Doris Dumlao at the Philippine Daily Inquirer reports that
investor Emmanuel Noel C. Onate, who bought Pacific Plans Inc. in
January this year, recently obtained a license from the Securities
and Exchange Commission to sell memorial pre-need plans.

The Inquirer says Mr. Onate's Abundance Providers and
Entrepreneurs Corp. or Apec, which earlier ventured into the
preneed industry by acquiring Pacific Plans for PHP250 million,
aims to generate new business out of selling memorial plans.

"In spite of the current market climate and the state of the
preneed industry, Apec remains bullish about the prospects of
selling memorial preneed plans because we believe in the potential
of the industry.  The approval by the SEC of our dealer's license
is a positive development.  It shows the SEC's faith in the
viability and competence of Apec to jump-start the industry anew,"
the report quoted Mr. Onate as saying in a statement.

According to the report, Apec has announced the implementation of
a 10-point action plan to turn the company around, including a new
business plan and a "conservative" approach in the management of
trust fund assets.

Mr. Onate disclosed that fresh capital had been infused into the
company to ensure its continued sustainability, the Inquirer
relates.

"We were able to turn the company around in only 10 months.  This
shows our commitment as a serious player in the preneed industry,"
he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 23, 2009, BussinessMirror said Onate-led group bought the
entire stake of GPL Holdings Inc. in Pacific Plans for
Php250 million under a share purchase deal.

Citing a disclosure with the Securities and Exchange Commission,
BussinessMirror related the Apec Onate-led Abundance Providers and
Investments Corp. said that after the acquisition, PPI will now be
known as Abundance Providers and Entrepreneurs Corp.

BussinessMirror said the group assured shareholders and
planholders that it will continue to implement the rehabilitation
plan once the new board assumes.

The buyer, Bussiness Mirror stated, also said it is studying the
possibility of coming out with new education and pension plans,
which will take into account all-weather hurdle rates.

Mr. Onate's group said it became interested in acquiring PPI given
its strong asset base and a PHP12-billion trust fund, its
profitable operations in other product offerings, and a viable and
court-approved rehabilitation plan, BusinessMirror related.

                           *     *     *

In April 2006, the Makati Regional Trial Court approved Pacific
Plans Inc.'s rehabilitation plan, ensuring tuition support from
2006-2010.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that Pacific Plans came up with a rehabilitation plan
based on that school year's average fees, plus tuition support
upon enrollment until the school year 2009-2010.  The benefits
of the company's traditional education plans will become fixed-
value benefits as at December 31, 2004, to be termed base year-
end 2004 entitlement.  On May 4, 2006, the company said that it
would comply with the court-approved plan, so that it could meet
its obligations to its availing open-ended plan holders while
retaining funds for some 18,000 plan holders who have yet to
receive their education benefits.


WATERFRONT PHILIPPINES: To Borrow PHP2-Bln to Repay PNB Loan
------------------------------------------------------------
BusinessWorld Online reports that Waterfront Philippines, Inc.,
will borrow money to partially repay debts with Philippine
National Bank as well as for the renovation of its hotels.

Citing Waterfront's disclosure to the Philippine Stock Exchange
(PSE), BusinessWorld says the hotel operator had secured the
approval of its board of directors to borrow PHP2 billion from any
financial institution.

"[The loan] will be used for the purpose of restructuring and
refinancing the PNB loan and for the renovation and upgrading of
the hotels in Cebu City, Mactan City, Davao City, and Manila,"
BusinessWorld cited Waterfront Philippines in its statement.

According to the BusinessWorld, the company will also convert up
to PHP600 million of its advances to Waterfront Cebu City Casino
Hotel, Inc. into common shares, in effect increasing its stake in
the Waterfront Cebu Hotel.

The Manila Times relates that in February this year, Waterfront
Philippines paid PHP826 million for its outstanding obligations
with PNB, as agreed under the court-supervised compromise
agreement reached in November 2008.

With the payment, Waterfront avoided the foreclosure of its two
hotels in Cebu -- the 562-room Waterfront Cebu City Hotel &
Casino, the biggest in Cebu City and Waterfront's flagship
property, and the 167-room Waterfront Airport Hotel & Casino
Mactan -- BusinessWorld relates.

Waterfront Philippines said it has so far paid PNB a total of
PHP2.9 billion over the last eight years.  The original loan was
only PHP780 million, borrowed in 1997 to partly finance
construction of the Cebu City hotel.

                   About Waterfront Philippines

Based in Philippines, Waterfront Philippines Incorporated (WPI),
engages in hotel and marketing operations.  The company is 46%-
owned by The Wellex Group, Inc. (TWGI).  It holds equity interests
in hotels and resorts, a fitness gym, entities engaged in the
international marketing and promotion of casinos, manufacturing of
pastries, hotel management and operations.  Its wholly owned
subsidiaries include Waterfront Cebu City Casino Hotel,
Incorporated (WCCCHI) and Waterfront Mactan Casino Hotel,
Incorporated (WMCHI).


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


FIRST SHIP: Fitch Assigns Issuer Default Rating at 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned a 'BB-' foreign currency Issuer Default
Rating to Singapore's First Ship Lease Trust.  The Outlook is
Stable.  Fitch has also assigned an expected rating of 'BB-' to
the proposed US$200m senior unsecured notes to be issued by FSLT
and guaranteed by its subsidiaries.  The final rating is
contingent upon receipt of documents conforming to information
already received and a review of FSLT's capital structure
following the conclusion of the transaction.

FSLT's rating is supported by its business model of chartering out
ships on long-term contracts on a bareboat basis, which removes
ship operating and utilisation risks, providing good earnings
visibility.  The existing contracts on FSLT's 23 vessels have an
average remaining life of eight years at end September 2009 with
outstanding future rentals amounting to US$782m.  FSLT's robust
risk management framework is another important factor underlying
its credit profile.  This includes FSLT's policy of not purchasing
ships on a speculative basis, managing customer and shipping
sector concentration in its portfolio and selecting counter-
parties with relatively high credit profiles at lease origination.

FSLT's rating is constrained by its small size with only eight
customers.  Its largest customer accounts for 20% of its revenues.
This lack of customer diversification increases the impact on FSLT
from any customer defaults or lease rate renegotiations, the key
risks associated with its business model.  The trust has not
experienced any defaults or rate negotiations to date, although
the propensity of these risks materializing increases when
prevalent market lease rates are substantially lower than the
contracted lease rates -- which is currently the case.  This is
because FSLT's existing portfolio of vessels were acquired and
chartered out during the peak of the shipping cycle -- and rates
as well as customer credit quality have since waned.

The recent history of FSLT seeking amendments to debt covenants,
which was due to a steep deterioration in the market value of its
vessels, is also a reflection of risks associated with the
cyclical shipping industry.  Fitch expects shipping markets to
remain weak due to the large overhang of shipping capacity,
although some segments may recover starting 2011.

Fitch also notes that in order to manage unit-holder expectations,
shipping trusts typically maintain a high distribution policy,
which reduces financial flexibility.  In 2009, FLST reduced its
distributions to around 50% of net cash generation from its
previous policy of distributing 100%.  Fitch believes the current
distribution policy, while still high, is more sustainable in the
long-term.

FSLT's rating also considers the pending improvements to its
capital structure following the issuance of the proposed notes.
FSLT intends to reduce its secured debt by US$96m and use US$96m
of the proceeds to acquire ships.  This will increase the charter-
free value of FSLT's vessels to secured debt ratio to an estimated
175% from 120% currently, which is comfortably above the 145%
ratio it has to maintain following the end of the relaxed-covenant
period on its secured loans in Q32011.  FSLT's intention to expand
its fleet and customer base during the current trough of the
shipping cycle is viewed positively by Fitch.  Ships acquired at
the trough should have less downside valuation risks and as long
as FSLT does not compromise on customer quality, lease contracts
entered into now should also carry lower default/renegotiation
risks.

The Stable Outlook reflects Fitch's view that FSLT can manage a
reasonable level of stress as indicated by Fitch's stress tests,
factoring in its ability to repay secured debt by cutting
distributions and with proceeds from asset sales in the event of
defaults or rate renegotiations.  However, Fitch notes that given
the limited breadth of FSLT's portfolio, such events can
significantly increase its refinancing risk and rapidly exhaust
the headroom available under its current rating.  Negative rating
action may be taken if the market value of ships to secured debt
is sustained below 1.6x and interest coverage (as measured by
EBITDA to interest) is sustained below 2.5x.  FSLT reverting to a
distribution policy which Fitch views as unsustainable over the
long-term can also exert negative pressure on its rating.


FIRST SHIP: S&P Assigns Corporate Credit Rating at 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Singapore-based ship
financing business, First Ship Lease Trust.  The outlook is
negative.  At the same time, Standard & Poor's also assigned its
'B+' rating to the trust's proposed issue of US$200 million senior
unsecured senior notes.  The proceeds will be used for
refinancing, future vessel acquisitions, and general corporate
purposes.  The issue is one notch below the corporate credit
rating and has a '5' recovery rating, indicating S&P's expectation
of a modest recovery (10%-30%) for lenders in a payment default
scenario.  The rating on the notes is subject to S&P's review of
finalized issuance documentation.

"The rating on FSL reflects heightened industry risks, the trust's
exposure to concentration and counterparty risks, and its weak
cash flow measures.  These risks are partially offset by FSL's
steady long-term contracts, the good quality of its shipping
vessels, and experienced management," said Standard & Poor's
credit analyst Anita Yadav.

The downturn in the shipping industry makes FSL vulnerable to
volatility in revenues, lease rates, and vessel values.  The
trust's cash flows are highly dependent on the credit profile of
its eight lessees, three of which accounted for almost half of
FSL's revenues as at Sept. 30, 2009.  FSL's lessees are
established players in the shipping sector, including Yang Ming
group, Evergreen Marine Corp., Schoeller Holdings, PT Berlian Laju
Tanker Tbk. (B/Negative/--), Geden Lines, James Fisher and Sons
PLC, and Siba Ships.  But these companies also face a challenging
operating environment.  Any change in the credit risk profile of
FSL's key lessees could also change the trust's overall portfolio
risk profile and have a direct impact on FSL's cash flows and
liquidity position.  These risks are partly mitigated by the
trust's established risk management policies, and the company has
stated that all payments from the lessees are current.

FSL's cash flow measures are weak.  S&P expects the EBITDA margin
to remain stable, given fixed lease rates and low operating
charges.  The trust's overall credit measures are likely to weaken
in the near term because of higher debt levels, an increase in the
cost of debt, and a potential decline in asset values.  S&P
project FSL's ratio of funds from operations to debt at 10%-12%,
while EBITDA interest coverage is likely to remain more than 3.5x
by the end of fiscal 2009 before weakening to about 2.5x over the
near term.

FSL's leases are based on stable long-term contracts and staggered
maturities, with the earliest lease expiry occuring in 2014.
Average remaining lease terms as at Sept. 30, 2009, were about
eight years with aggregate remaining contracted revenue of about
US$782 million.  FSL's fleet has an average age of 4.5 years, and
it is diversified and well spread across various sub-shipping
sectors.  The trust has three chemical tankers, nine product
tankers, two crude oil tankers, two dry bulk carriers, and seven
container ships.  Of the total 23 ships, nine are registered in
Singapore and 14 in the Marshall Islands.

The negative outlook reflects FSL's increasing lessee credit risks
amid the prolonged industry downturn.  The rating could come under
pressure should there be further deterioration in the lessee
credit profile or any delay in lease payments.


===============
T H A I L A N D
===============


ADVANCE AGRO: Moody's Affirms Corporate Family Rating at 'B3'
-------------------------------------------------------------
Moody's Investors Service has affirmed Advance Agro Public Company
Ltd's B3 corporate family rating and B3 senior unsecured bond
rating; the outlook on both ratings is negative.

The rating affirmation is in response to Advance Agro's announced
cash-funded tender offer for its outstanding US$144.055m 11% notes
due 2012, in which it plans to buy back up to US$73.5m of its
notes at a price of between 98.5-100 cents on the dollar.  As part
of the tender offer, the company is also seeking the consent of
its noteholders to eliminate substantially all of the restrictive
provisions of the indenture governing the US$ notes.

The buy back will be funded through a mixture of cash on hand and
a potential Thai Baht bond issuance with a lower interest rate and
longer maturity profile than the US$ notes.

"Moody's believes that this transaction will have a limited impact
on Advance Agro's financial profile given the modest saving in
interest expenses," says Wonnie Chu, a Moody's Analyst, adding,
"This specific transaction seeks to provide the company with
additional financial flexibility as it undertakes a corporate
restructuring exercise which Moody's will continue to monitor and
evaluate any resulting rating impact."

Advance Agro's financial profile is strong for its B3 rating.  It
reported annualized debt/EBITDA of about 2.3x in the first half of
2009.  However, its B3 rating with a negative outlook continues to
reflect Moody's concern over the company's private ownership
structure, its corporate transparency, and clarity over its
financial policy and business strategies.

The possibility of upward rating pressure is limited given the
current negative rating outlook.  However, the outlook could
revert to stable if Moody's draws more comfort from the track
record of Advance Agro's business strategy and improving financial
profile.

On the other hand, the rating could be downgraded if there is
evidence that the company's corporate governance and disclosure
practices are weakening, or that the company's financial profile
is deteriorating with EBITDA/Interest falling below 1.2-1.5x.

The last rating action with regard to Advance Agro was taken on
8th November, 2007, when the outlook on the company's ratings was
changed to negative following the announcement of its
privatization.

Established in 1989, Advance Agro Public Co Ltd is a Thailand-
based integrated producer and distributor of pulp, printing paper
and writing paper.  The company operates three paper mills,
including the original mill located in Lamkao Jun Village, with an
annual capacity of 600,000 tonnes and two pulp mills with an
annual capacity of 580,000 tonnes.

Following a purchase offer for the company's shares by a director
and shareholder at end-2007, the company was de-listed from the
Stock Exchange of Thailand in April 2008.


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


* 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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