TCRAP_Public/091211.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

           Friday, December 11, 2009, Vol. 12, No. 245

                            Headlines

A U S T R A L I A

MITRE 10: Metcash Acquires 50.1% Mitre Stake


C H I N A

NEO-CHINA LAND: S&P Raises Rating to 'CCC-'; Outlook is Negative


H O N G  K O N G

AERO INVENTORY: Creditors' Meeting Set for December 22
ADVANCE PROGRESS: Members' Final Meeting Set for January 5
ALWAYS GOOD: Members' Final Meeting Set for January 4
ANTIOCH INSTITUTE: Members' Final Meeting Set for January 4
ARENE TRADING: Members' Final Meeting Set for January 12

BENAFREY COMPANY: Creditors' Proofs of Debt Due January 11
BINNINGTON LIMITED: Members' Final Meeting Set for January 4
BKHK LIMITED: Creditors' Proofs of Debt Due January 4
CAIRN SC: S&P Downgrades Rating on US$40 Mil. Notes to 'CC'
CHINA NONFERROUS: Chiong and Lees Step Down as Liquidators

CHINA NONFERROUS METALS: Chiong and Lees Step Down as Liquidators
CORPORATE ACCESS: Members' Final General Meeting Set for January 8
GEM CRYSTAL: Creditors' Proofs of Debt Due December 22
JARDINE M&E: Creditors' Proofs of Debt Due December 28
MCQUAY ASIA: Rays Chan Sek Kwan Steps Down as Liquidator

TELECOMMUNICATIONS INT'L: Members' Meeting Set for January 8
TITAN PETROCHEMICAL: Moody's Cuts Rating on Senior Notes to 'C'
WORLD CITY CULTURE: Members' Final Meeting Set for January 8
WORLD CITY MUSEUMS: Members' Final Meeting Set for January 8


I N D I A

BAJRANG COTTON: CRISIL Assigns 'B' Ratings on Various Bank Debts
EPITOME COMPONENTS: CRISIL Reaffirms 'BB+' Ratings on Term Loan
JUBILEE HILLS: Fitch Assigns 'B-' National Long-Term Rating
LAKSHMI BALAJI: CRISIL Rates INR140.00 Million Cash Credit at 'C'
LITEROOF HOUSING: Delay in Loan Repayment Cues CRISIL Junk Ratings

MOSER BAER: CRISIL Cuts Ratings on Various Debts to 'BB+'
SATYAM COMPUTER: Settles Dispute with Upaid for US$70 Mil.


I N D O N E S I A

PERUSAHAAN LISTRIK: To Issue IDR1.5 Tril. in Bonds Next Year


J A P A N

AEON CO: To Sell Entire Stake in Talbot
HITACHI LTD: Challenges EU Commission Cartel Fine Over Switchgear
JAPAN AIRLINES: To Decide on AMR, Delta Bids Early Next Year
SANYO ELECTRIC: Panasonic Completes Tender Offer
TOWA BANK: Gets JPY35 Bil. Capital Infusion from Government


K O R E A

HYUNDAI MOTOR: Fitch Gives Positive Outlook on 'BB+' Ratings


M A L A Y S I A

HO HUP: Low Chee Withdraws Writ of Summons
HO HUP: Posts MYR14.70 Mil. Net Loss in Quarter Ended September 30
HONG LEONG: Fitch Affirms Support Rating Floor at 'BB+'
RHYTHM CONSOLIDATED: To Hold Annual General Meeting on December 31


N E W  Z E A L A N D

AIR NEW ZEALAND: Employment Court to Hear Pilots Grievance Case
BLUE CHIP: Hearing on Co-Founder's Case Adjourned to February 18
PROPERTY VENTURES: Units Face IRD Wind Up Petition Over Tax Debt


P H I L I P P I N E S

BENGUET CORP: Retains Operating Rights on KingKing Project
LEGEND INTERNATIONAL: Ordered to Vacate Hotel Over Rent Default
INTERCONTINENTAL BROADCASTING: Files for Debt Rehabilitation


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


MITRE 10: Metcash Acquires 50.1% Mitre Stake
--------------------------------------------
Metcash Trading Limited has agreed to invest an estimated $55
million of new capital into Mitre 10 Australia Limited in return
for the issue of a 50.1% interest in the Mitre 10 Group.

“The injection of new capital by a strong and supportive
shareholder will substantially strengthen Mitre 10 and enhance the
ability of its customers to complete more effectively in the
future,” Metcash said in a statement.

Metcash said it will have the right to buy the remaining 49.9% of
the equity in the Mitre 10 Group following the finalization of
Mitre 10's audited accounts in either 2012 or 2013, based on an
agreed multiple of earnings.

“We are delighted to have been selected as the preferred partner
for Mitre 10, and believe we can add significant value to Mitre
10's customers in an increasingly competitive marketplace,” said
Andrew Reitzer, CEO of Metcash.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 7, 2009, the Herald Sun said hardware retailer Mitre 10 is
selling a majority stake in its operations to reduce a $55 million
loan to the Commonwealth Bank.   Mitre 10 has been negotiating
since September with several parties on the sale of a majority
interest in the company.

The Herald Sun said Mitre 10 board is in a difficult position
after the company's financial position unraveled in the
12 months to the end of June.  As of June 30, 2009, Mitre 10 had a
net asset deficiency of almost $2 million.

The Herald Sun noted that without a CBA waiver on the company's
financial covenants in the June quarter, Mitre 10 faced the
possibility of insolvency.  The bank's support for a restructure
of the company's operations, however, enabled the group to
continue trading as a going concern, the Herald Sun said.

                           About Metcash

Metcash Limited (ASX:MTS) -- http://www.metcash.com/-- is an
Australia-based company engaged in the wholesale distribution and
marketing of groceries, liquor and associated products.

                          About Mitre 10

Mitre 10 -- http://www.mitre10.com.au/-- is a retail and trade
hardware store chain, with over 700 locations in all states of
Australia as well as under 250 in New Zealand.


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


NEO-CHINA LAND: S&P Raises Rating to 'CCC-'; Outlook is Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
rating on China-based real estate developer Neo-China Land Group
(Holdings) Ltd. to 'CCC-' from 'CC'.  The outlook is negative.  At
the same time, S&P raised the issue rating on the company's
US$400 million 9.75% senior unsecured notes due 2014 to 'CC' from
'C'.

"We believe Neo-China is less likely to default over the next six
months after reaching an agreement with its lender on a repayment
schedule.  However, the company's liquidity position remains
vulnerable, in S&P's view," said Standard & Poor's credit analyst
Bei Fu.

Neo-China recently reached an agreement to amend the payment terms
of a U.S.-dollar term loan (equivalent to Chinese renminbi
1.5 billion) that was originally due on Dec. 5, 2009.  The
repayment schedule has been extended to the next two years, with a
three-month interval for each payment.  The principal payment on
the term loan before the end of 2010 totals RMB800 million.  Neo-
China entered into the loan to finance a project in Zhuhai.

In addition, expected proceeds of Hong Kong dollar 1.12 billion
from a land disposal announced on Dec. 8, 2009, should further
support Neo-China's liquidity.

The rating on Neo-China also reflects S&P's opinion that the
company's business risk profile is vulnerable and its financial
risk profile is highly leveraged.  The rating takes into
consideration Neo-China's corporate governance, which S&P
considers weak, and the cyclical and competitive nature of the
Chinese real estate industry with an evolving regulatory
environment.

In the first half of 2009, Neo-China restructured and repaid the
majority of a convertible bond with a face value of more than
HK$1 billion at a significant discount.  Including the latest land
disposal, the company has disposed of a number of land parcels to
support its liquidity and debt obligations.

In S&P's opinion, Neo-China's liquidity remains vulnerable.  The
company should have more than HK$2 billion in cash after servicing
the first installment of the Zhuhai-related loan in the next few
days -- the first payment comprises RMB400 million in principal
repayment plus RMB150 million in accrued interest.  According to
the company, the majority of its Chinese bank loans are either
refinanced or repaid, so principal repayment pressure should be
reduced in the near future.  In the next 12 months, Neo-China has
to pay an additional RMB400 million on the Zhuhai loan plus
interest on its loans and senior unsecured notes.

S&P estimate the company's cash outflow related to operations and
interest payments at between HK$400 million and HK$500 million per
month, more than the amount that S&P estimate Neo-China could
generate from property sales.  If property sales remain weak, the
company's cash holdings are likely to be depleted within the next
12 months, in S&P's view.

"The negative outlook reflects S&P's view of: (1) the uncertainty
associated with the prolonged share trading suspension; (2) the
uncertainty over Neo-China's future sales performance, given the
limited number of projects under construction and a reduced number
of projects due to land disposals in 2009; and (3) its vulnerable
liquidity," said Ms. Fu.


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


AERO INVENTORY: Creditors' Meeting Set for December 22
------------------------------------------------------
Creditors of Aero Inventory (Hong Kong) Limited will hold their
meeting on December 22, 2009, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, and 244 of the Companies
Ordinance.

The meeting will be held at Room 201 of Duke of Windsor Social
Service Building, G/F., No. 15 Hennessy Road, Wanchai, in
Hong Kong.


ADVANCE PROGRESS: Members' Final Meeting Set for January 5
----------------------------------------------------------
Members of Advance Progress Limited will hold their final general
meeting on January 5, 2010, at 5:45 p.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in 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.


ALWAYS GOOD: Members' Final Meeting Set for January 4
-----------------------------------------------------
Members of Always Good Enterprises Limited will hold their final
general meeting on January 4, 2010, at 10:00 a.m., at the 5/F.,
Dah Sing Life Building, 99-105 Des Voeux Road Central, in Hong
Kong.

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


ANTIOCH INSTITUTE: Members' Final Meeting Set for January 4
-----------------------------------------------------------
Members of Antioch Institute Limited will hold their final meeting
on January 4, 2010, at 11:00 a.m., at the Room 2202, 22/F., Sing
Pao Building, 101 King's Road, in Hong Kong.

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


ARENE TRADING: Members' Final Meeting Set for January 12
--------------------------------------------------------
Members of Arene Trading Limited will hold their final general
meeting on January 12, 2010, at 10:00 a.m., at the 5th Floor,
Jardine House, 1 Connaught Place, Central, in Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BENAFREY COMPANY: Creditors' Proofs of Debt Due January 11
----------------------------------------------------------
Creditors of Benafrey Company Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on November 30, 2009.

The company's liquidator is:

         Tsao Yen Cho
         9A Twin Brook
         43 Repulse Bay Road
         Repulse Bay, Hong Kong


BINNINGTON LIMITED: Members' Final Meeting Set for January 4
------------------------------------------------------------
Members of Binnington Limited will hold their final general
meeting on January 4, 2010, at 10:00 a.m., at the office of the
liquidator, 9/F., Surson Commercial Building, 140-142 Austin Road,
Tsimshatsui, in Kowloon.

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


BKHK LIMITED: Creditors' Proofs of Debt Due January 4
-----------------------------------------------------
BKHK Limited, which is in members voluntary liquidation, requires
its creditors to file their proofs of debt by January 4, 2010, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 27, 2009.

The company's liquidators are:

         Chan Cheuk Ying
         Lee Cho Yiu Julia
         New Henry House, Suite 1, 8/F
         10 Ice House Street
         Central, Hong Kong


CAIRN SC: S&P Downgrades Rating on US$40 Mil. Notes to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series I
US$40 million, variable-rate, secured portfolio, callable credit-
linked notes due 2017 issued by Cairn SC Jersey Finance Ltd. to
'CC' from 'CCC-'.

The rating downgrade reflects S&P's expectation of an imminent
loss to the investor.  The portfolio in the transaction had
suffered several credit events, which have resulted in an
aggregate loss that exceeded the available subordination and
reduced the principal amount of the notes.  S&P expects this to
result in an interest payment shortfall on the next interest
payment date.  The rating on the notes will be lowered to 'D'
should the interest loss be realized.

The rating action on the affected transaction is:

Rating lowered:

    Name                             Rating To    Rating From
    ----                             ---------    -----------
    Cairn SC Jersey Finance Ltd.     CC           CCC-
    Series I


CHINA NONFERROUS: Chiong and Lees Step Down as Liquidators
----------------------------------------------------------
Desmond Chung Seng Chiong and John Robert Lees stepped down as
liquidators of China Nonferrous Metals Futures Company Limited on
December 4, 2009.


CHINA NONFERROUS METALS: Chiong and Lees Step Down as Liquidators
-----------------------------------------------------------------
Desmond Chung Seng Chiong and John Robert Lees stepped down as
liquidators of China Nonferrous Metals Securities Company Limited
on December 4, 2009.


CORPORATE ACCESS: Members' Final General Meeting Set for January 8
------------------------------------------------------------------
Members of Corporate Access (China) Limited will hold their final
general meeting on January 8, 2010, at 3:30 p.m., at the level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


GEM CRYSTAL: Creditors' Proofs of Debt Due December 22
------------------------------------------------------
Creditors of Gem Crystal Limited, which is in creditors voluntary
liquidation, are required to file their proofs of debt by Dec 22,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on November 30, 2009.

The company's liquidators are:

         Ho Hoi Lam
         Man Fung Ying
         Gold & Silver Commercial Building, 8/F
         12-18 Mercer Street
         Central, Hong Kong


JARDINE M&E: Creditors' Proofs of Debt Due December 28
------------------------------------------------------
Creditors of Jardine M&E Contracting (China) Limited, which is in
members voluntary liquidation, are required to file their proofs
of debt by December 28, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on November 23, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MCQUAY ASIA: Rays Chan Sek Kwan Steps Down as Liquidator
--------------------------------------------------------
Rays Chan Sek Kwan stepped down as liquidator of Mcquay Asia (Hong
Kong) Limited on November 25, 2009.


TELECOMMUNICATIONS INT'L: Members' Meeting Set for January 8
------------------------------------------------------------
Members of Telecommunications International Networks (H.K.)
Limited will hold their final general meeting on January 8, 2010,
at 3:15 p.m., at the level 28, Three Pacific Place, 1 Queen's Road
East, in Hong Kong.

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


TITAN PETROCHEMICAL: Moody's Cuts Rating on Senior Notes to 'C'
---------------------------------------------------------------
Moody's Investors Service has downgraded to C from Ca the
US$315.4 million 8.5% senior unsecured notes due March 2012 issued
by Titan Petrochemical Group Limited.  At the same time, Moody's
has affirmed Titan's Caa3 Corporate family rating.  The outlook
for all ratings is negative.

The rating action follows Titan's announcement that it is
commencing an exchange offer and consent solicitation for the 2012
Notes.

The exchange offer, which is subject to consent from 90% of
bondholders, includes settling each US$1,000 principal outstanding
of the bonds by (i) a cash payment of US$12.5, (ii) new notes due
2015 of US$199.9, and (iii) 3,075 new shares in Titan.

"If successful, the transaction will constitute a distressed debt
exchange, which is a default event under Moody's definition.  The
downgrade of the 2012 Notes to C considers this default and
Moody's assessment of the high economic loss of over 70% when
compared to the original payment promise for the Notes," says
Peter Choy a Moody's Vice President and Senior Credit Officer.

"Moreover, the affirmation of the Caa3 corporate family rating
reflects Moody's forward-looking view of the company, assuming
that the transaction closes as proposed," adds Choy.

Moody's recognizes that the completion of the exchange offer would
address Titan's near-term liquidity stress.  Specifically, the
benefits would include (a) a relief of debt repayments in the near
term; and (b) a relaxation on the use of operating cash flow and
the incurrence of further debt to fund development of its on-shore
oil storage and shipyard facilities.

Despite such benefits, the Caa3 corporate family rating continues
to reflect the company's high risk of default, in turn arising
from (i) weak earnings from its oil storage and shipyard
facilities; and (ii) tight liquidity due to further capital
expenditure requirements.

Its debt leverage remains moderately high at Debt/EBITDA of around
6x -- 7x even after the exchange, and will not decline in the
medium term, given the need to complete the development of the oil
storage and shipyard facilities.

The negative outlook captures uncertainty over whether the
exchange offer and consent solicitation will be successfully
completed.  If the exchange offer fails to go ahead, the corporate
family rating will be lowered to reflect the higher probability of
default and low expected recovery rate.

The last rating action for Titan was taken on 4 August 2009 when
its corporate family rating was downgraded to Caa3 from Caa1, and
the rating for the bonds was also downgraded to Ca from Caa2 with
a negative outlook.

Titan's ratings have been assigned based on factors that Moody's
believe are relevant to the risk profile of Titan, such as the
company's (i) business risk and competitive position compared with
other firms within the industry; (iii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside Titan's core industry; Titan's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Titan Petrochemicals Group Limited is an operator of oil &
chemical storage and shipyard businesses in China, together with
bunkering operations in Singapore, and floating oil storage in
Malaysia.  It was listed on the Hong Kong Stock Exchange in May
2002.


WORLD CITY CULTURE: Members' Final Meeting Set for January 8
------------------------------------------------------------
Members of World City Culture Park Limited will hold their final
meeting on January 8, 2010, at 10:00 a.m., at the 76/F., Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


WORLD CITY MUSEUMS: Members' Final Meeting Set for January 8
------------------------------------------------------------
Members of World City Museums Limited will hold their final
meeting on January 8, 2010, at 11:00 a.m., at the 76/F., Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.

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


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BAJRANG COTTON: CRISIL Assigns 'B' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of     'B/Stable' to the bank
facilities of Bajrang Cotton.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR6.4 Million Term Loan              B/Stable (Assigned)
   INR20.2 Million Proposed Long-Term    B/Stable (Assigned)
                   Bank Loan Facility

The ratings reflect Bajrang Cotton's weak financial risk profile,
and limited financial flexibility, and exposure to risks relating
to unfavorable changes in regulatory policies.  These weaknesses
are, however, partially offset by the benefits that the firm
derives from promoters' experience in the cotton ginning and
pressing industry.

Outlook: Stable

CRISIL believes that Bajrang Cotton will maintain a stable
business risk profile over the medium term, backed by the
promoters' industry experience.  The outlook may be revised to
'Positive' if the firm achieves high revenue growth, while
maintaining its profitability. Conversely, the outlook may be
revised to     'Negative', if the firm's financial risk profile
deteriorates due to the working-capital-intensive nature of
operations or withdrawal of capital by partners.

                       About Bajrang Cotton

Set up in 2006, Bajrang Cotton undertakes cotton ginning and
pressing in Amreli (Gujarat).  The firm's plant has a capacity to
manufacture 50000 bales per annum, and is operating at capacity
utilisation of about 50 per cent.

Bajrang Cotton reported a profit after tax (PAT) of INR0.1 million
on net sales of INR297 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR1.5 million on
net sales of INR401 million for 2007-08.


EPITOME COMPONENTS: CRISIL Reaffirms 'BB+' Ratings on Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Epitome Components Ltd at     'BB+/Stable', and has
reclassified its short-term rating as     'P4+' from the earlier
'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR68 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR225.1 Million Term Loan       BB+/Stable (Reaffirmed)
   INR130.0 Million Letter of       P4+ (Reclassified from 'P4')
   Credit and Bank Guarantee

The ratings continue to reflect Epitome's weak financial risk
profile marked by high gearing, susceptibility to intense market
competition, small scale of operations and high customer
concentration in revenue profile.  These weaknesses are partially
offset by Epitome's established market position in the single-
sided printed-circuit board (PCB) industry, and good growth
prospect in the end-user industry.

Outlook: Stable

CRISIL believes that Epitome will maintain its market position in
the single-sided PCB business over the medium term.  The outlook
may be revised to     'Positive' if the company's market position
improves considerably, or if there is a sustained improvement in
its gearing and increase in cash accruals.  Conversely, the
outlook may be revised to     'Negative' if the performance of
Epitome's key customers deteriorate, thereby adversely impacting
its profit margins, or if there is steeper-than-expected
deterioration in its gearing.

                     About Epitome Components

Promoted by Mr. Shrigopal Dhoot, Epitome manufactures single-sided
PCBs.  The company has two plants in Ahmednagar (Maharashtra),
with a combined installed capacity of 1.2 million square metres
per annum.  Epitome's PCBs are used in computer monitors and
keyboards, telecommunication products, home appliances, set-top
boxes, and lighting products.  As part of its growth strategy,
Epitome recently completed its project to manufacture double-sided
and multi-layered PCBs, and has begun commercial production.

For 2008-09 (refers to financial year, April 1 to March 31),
Epitome reported a profit after tax (PAT) of INR4.17 million on
net sales of INR507 million, against a PAT of INR21.4 million on
net sales of INR460 million for the preceding year.


JUBILEE HILLS: Fitch Assigns 'B-' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned Jubilee Hills Landmark Projects Ltd a
National Long-term rating of 'B-(ind)'.  The Outlook is Negative.
Fitch has also assigned a rating of 'B- (ind)' to its long-term
loan of INR4.7 billion.

The ratings reflect JHLPL's project status and the delay in
construction activity.  The project which is scheduled to be
completed by May 2010 has been pushed back for two years due to a
delay in obtaining required approvals.  Fitch notes that the
project plan is yet to be finalized as the company is in
discussions with project consultants and architects.  JHLPL has
also revised its development mix to retail, hotel and residential,
rather than retail, hotel and commercial.  The change in
development mix was necessary in order to improve profitability
through the promotion of high end luxury residential apartments.

In addition, JHLPL's ratings are constrained by the downturn in
India's real estate sector, especially the hospitality segment.
It has been significantly impacted by the downturn, which saw
sharp declines in occupancy levels and average room rentals.  The
agency will continue to monitor the progress of JHLPL's
construction as scheduled, and should there be any material delay
in construction activity and leasing/selling out the constructed
space, it could impact the ratings negatively.  On the other hand,
the ratings reflect the project's good location, which has
excellent connectivity and is in an upscale locality of Hyderabad.

The ratings are further constrained by JHLPL's recent financial
restructuring of bank debt, which Fitch treats as coercive, in
line with its criteria on treatment of such restructurings.  Fitch
notes that the restructuring has not significantly impaired the
contractual terms for the creditors, with the revised terms
extending the maturity profile but at a higher rate of interest.
However, in Fitch's view, the restructuring was essential for
JHLPL to avoid a liquidity crunch that would have resulted in a
default on its debt obligations.  Therefore, the restructuring has
been treated as an effective default.  However, Fitch notes that
an extended repayment schedule may be beneficial to JHLPL's credit
profile.

JHLPL is a special purpose vehicle formed by the three venture
partners -- India advantage Fund III and India advantage fund IV
(managed and advised by ICICI Venture) (60% stake), Nagarajuna
Construction Company (NCC, 25% stake), and Maytas Properties
(15%).  The rating also considers the strong promoter profile of
ICICI Venture and NCC.  However, concerns remain regarding the
third partner Maytas Properties, even though Fitch notes that the
SPV has already received the required equity contribution from
Maytas Properties.  To date, the losses and the increased cost of
projects are regularly funded by the promoters through unsecured
loans and compulsory convertible debentures

JHLPL is a development project spread over 5.85 acres of premium
land adjacent to KBR Park in Hyderabad.  The mixed use development
will include a five star plus hotel, luxury apartments and high
end retail space.  The company has obtained height approvals of
23.8 meters and 28.8 meters from Airport Authority of India, which
enables it to construct a total of 875,000 sq.ft.


LAKSHMI BALAJI: CRISIL Rates INR140.00 Million Cash Credit at 'C'
-----------------------------------------------------------------
CRISIL has assigned its rating of     'C' to Lakshmi Balaji Prime
Energy Pvt Ltd's cash credit facility.

   Facilities                        Ratings
   ----------                        -------
   INR140.00 Million Cash Credit     C (Assigned)

The rating reflects LBPEPL's below-average financial risk profile,
and exposure to risks relating to small scale of operations in the
coal trading business, and fluctuations in coal prices.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the coal trading
business.

Set up in 2008-09 (refers to financial year, April 1 to March 31)
by Mr. T Srinivasa Rao, LBPEPL trades in coal.  Based at Bellary,
LBPEPL procures coal from Bhatia International Ltd (rated     'A-/
Negative/P2' by CRISIL) and Coastal Energen Pvt Ltd. LBPEPL sells
coal to local sponge iron players.  The company maintains an
average coal inventory of about three months to meet just-in-time
supply orders from its customers.

LBPEPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR218.3 million for 2008-09.


LITEROOF HOUSING: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its rating of     'D' to the bank facilities
of Literoof Housing Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR39.0 Million Cash Credit          D (Assigned)
   INR160.4 Million Rupee Term Loan     D (Assigned)

The ratings reflect delay in repayment of term loan obligations
owing to weak liquidity.

Set up in 2000 by Mr. M M Ansari, Literoof manufactures solid and
hollow cement blocks and paver blocks.  The company has capacity
to manufacture around 18 million hollow blocks per annum at its
unit in Chennai.  Literoof procures cement, aggregates, and
additives, and sells its products to residential and commercial
real estate developers and civil contractors in Chennai.

Literoof reported a profit after tax (PAT) of INR0.6 million on
net sales of INR130 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a net loss of INR27.7 million on
net sales of INR22.1 million for 2007-08.


MOSER BAER: CRISIL Cuts Ratings on Various Debts to 'BB+'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Moser
Baer India Ltd to     'BB+/Negative/P4+' from  BBB-/Negative/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR1020.0 Million Cash Credit*   BB+/Negative (Downgraded from
                                                'BBB-/Negative')

   INR9223.0 Million Long Term      BB+/Negative (Downgraded from
                      Loans                       'BBB-/Negative')

   INR4080.0 Million Export         P4+ (Downgraded from     'P3')
           Packing Credit**

   INR2932.5 Million Letter of      P4+ (Downgraded from     'P3')
              Credit^
   INR67.5 Million Bank Guarantee   P4+ (Downgraded from     'P3')

   *Interchangeable with export packing credit
   **Interchangeable with foreign bills purchased/foreign bills
      discounting.

    ^Up to INR1085 million interchangeable with bank guarantee.

The rating action reflects continuing losses at MBIL because of
pricing pressures in its optical storage media business, and
CRISIL's belief that MBIL's photo voltaic (PV) business will take
longer than previously estimated to attain break-even because of
the ongoing downturn in the industry. CRISIL also believes that
MBIL's cash surpluses will deplete faster than earlier expected,
and the company may have to refinance part of its large upcoming
debt obligations.  These rating weaknesses are partially offset by
MBIL's leading position as a global supplier of optical storage
media and healthy long-term prospects for the PV business.

To arrive at its ratings, CRISIL has combined the business and
financial risk profiles of MBIL and MBIL's subsidiaries Moser Baer
Entertainment Ltd, PV Technologies India Ltd, and Moser Baer Photo
Voltaic Ltd.  MBIL, the holding company, has a presence in optical
storage, home entertainment, and information technology
peripherals and consumer electronics (ITCE) distribution.  The
companies operate under a common management and are critical for
MBIL to diversify its revenue profile.

Outlook: Negative

CRISIL believes that MBIL's credit profile will continue to
witness pressure over the medium term because of the sluggish
environment for the PV business and continuing pricing pressures
in the optical storage business.  The company also has large debt
repayment obligations in the second half of 2009-10 and in 2010-11
(refers to financial year, April 1 to March 31), which may require
part refinancing, as accruals are unlikely to suffice to meet the
same.  The ratings will be downgraded in case MBIL posts a weaker-
than-expected business performance, leading to faster depletion of
its cash reserves, or if it contracts larger-than-expected debt to
fund its capital expenditure or refinance its repayment
obligations. Conversely, the outlook may be revised to
'Stable' if MBIL reports better-than–expected profitability in its
optical storage business, controls the losses in its PV business,
and improves its liquidity, including by way of timely receipt of
capital subsidy from the Government of India or equity infusion.

                         About Moser Baer

MBIL, promoted in 1983 by Mr. Deepak Puri, began manufacturing
time recorder units in technical collaboration with Maruzen
Corporation, Japan, and Moser Baer Sumiswald, Switzerland.  MBIL
diversified into optical data storage in 1986, and has evolved
into the leading manufacturer of removable data storage media such
as floppy disks, compact discs (CDs), and digital versatile discs
(DVDs). MBIL is India's largest, and among the world's three
largest optical storage media manufactures, with a capacity to
manufacture 4 billion discs per annum in its manufacturing
facilities at Noida and Greater Noida.

In October 2005, the company announced plans to enter the PV
business through its entirely owned subsidiaries – MBPV and PV
Tech.  MBIL has invested around INR8.5 billion between 2006-07 and
2008-09 in MBPV and PV Tech.  As a forward integration move, the
company has entered content distribution (home entertainment) of
selling content (movies) on CDs/DVDs manufactured at its optical
storage facilities.

MBIL, on a consolidated basis, posted a net loss of INR5.1 billion
(net loss of INR4.4 billion reported by the company has been
adjusted for foreign currency monetary translation difference of
INR731 million) on net sales of INR24.7 billion in 2008-09,
against a net loss of INR2.4 billion on net sales of INR20.7
billion in 2007-08. For the six-month period ended September 30,
2009, MBIL, on a standalone basis, reported a net loss of INR0.5
billion on net sales of INR10.8 billion, compared with a net loss
of INR1.5 billion on net sales of INR11.1 billion during the
corresponding period of 2008-09.


SATYAM COMPUTER: Settles Dispute with Upaid for US$70 Mil.
----------------------------------------------------------
Pooja Thakur at Bloomberg News reports that Satyam Computer
Services Ltd. agreed to settle a dispute with U.K.'s Upaid Systems
Ltd.

Citing Satyam's statement to the Bombay Stock Exchange, Bloomberg
discloses Satyam will pay US$70 million to Upaid.  A US$45 million
payment will be made after getting government and regulatory
approvals in India and the balance will be paid within 12 months
of the first advance, Satyam said.

According to the report, Satyam said the settlement will require
Upaid, a London-based mobile and online payments provider, to
grant Satyam a perpetual global, royalty-free license on all its
patents.  Upaid will have to dismiss all pending actions against
Satyam, according to the statement.

Bloomberg relates that Upaid was suing Satyam in U.S. federal and
state courts claiming fraud, forgery and breach of contract.

Upaid Systems provides software technology for prepaid and real-
time authorized payment, transfer and settlement processing
solutions to mobile operators, service providers and financial
institutions.

                         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.


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


PERUSAHAAN LISTRIK: To Issue IDR1.5 Tril. in Bonds Next Year
------------------------------------------------------------
PT Perusahaan Listrik Negara plans to issue IDR1.5 trillion of
bonds consisting of bonds XI worth IDR1 trillion and sharia bonds
IV worth IDR500 billion next year, according to Antara News.

Citing PLN's prospectus, the news agency discloses that the fixed
rate bonds XI consist of series A and B, each maturing seven years
and 10 years.  It will be offered at 100% of their principal value
and the coupon of the bonds will be paid every quarter, the report
says.

Antara relates that the sharia bonds, on the other hand, also
consist of series A and B, each maturing seven years and 10 years.
The yield of the sharia bonds will be paid every quarter.

According to the report, nearly 50% of proceeds from the issuance
of the bonds will be used to replenish internal funds spent on
transmission projects this year, and the remaining 50% will be
used to finance similar projects in 2010.

PLN has appointed PT Mandiri Sekuritas, PT Bahana Securities, and
PT Danareksa Sekuritas as bond issue underwriters, the report
notes.

The Troubled Company Reporter-Asia Pacific reported on Nov. 30,
2009, that PT Perusahaan Listrik Negara is projecting a net profit
this year of IDR7 trillion, a reversal from a loss of IDR12.3
trillion in 2008.  PLN President Director Fahmi Mochtar said
the rise in net profit was supported by the increase of corporate
profit to IDR14 trillion from the previous period when the company
suffered a corporate loss of IDR3.6 trillion.  "From 2004 to 2008
PLN had always experienced net losses," Mr.Mochtar said.

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

                           *     *     *

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


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


AEON CO: To Sell Entire Stake in Talbot
---------------------------------------
Aeon Co. said Wednesday it will sell its entire stake in U.S.
clothing affiliate Talbots Inc. to improve its sluggish business
performance by relinquishing the money-losing U.S. Unit, Kyodo
News reports.

The news agency says the company will instead shift its focus to
operations in Asia, particularly China, where growth is expected.

Kyodo, citing Aeon official, states that Aeon, which owns a 54%
stake in Talbots, will liquidate its capital alliance with the
U.S. retailer soon, probably next February, by selling the entire
stake to a company to be created by three U.S. entities including
Talbots.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2009, Aeon Co. posted its first annual loss in seven
years due to lackluster consumer spending and special losses
linked to its U.S. clothing affiliate Talbots Inc.

Aeon logged a group net loss of JPY2.76 billion for the business
year ended in February 28, compared with a net profit of JPY43.93
billion logged a year earlier.  The company's operating profit
dropped 20.3% to JPY124.37 billion on sales of JPY5.23 trillion.

Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based
company mainly engaged in the general retail sale business,
focusing on the operation of general merchandise stores (GMS).
The Company operates in four business segments.  The General
Retail segment is engaged in the operation of GMS, supermarkets,
convenience stores and department stores.  The Specialty Store
segment is engaged in the operation of specialty stores that offer
women's apparel, family casual fashion clothing, health and beauty
products, as well as shoes.  The Developer segment is engaged in
the development and leasing of commercial facilities.  The Service
and Others segment provides various services, including financial
services, restaurant services, store maintenance services and
wholesale services.  As of Feb. 20, 2008, the company had 140
subsidiaries and 28 associated companies.


HITACHI LTD: Challenges EU Commission Cartel Fine Over Switchgear
-----------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that Hitachi Ltd.
challenged the European Commission's finding that the company was
involved in a cartel with European and Japanese producers of
electricity equipment.

Bloomberg relates Hitachi told a European Union court December 8,
that it has “very serious doubts” about the evidence used by the
commission as the basis for a 50.4 million-euro (US$74.4 million)
antitrust fine against the company.

“There are very serious doubts about the commission's evidence to
establish the existence of a common understanding” or its
classification as a restrictive agreement under EU antitrust
rules, Bloomberg cited Nicholas Green, a lawyer for Hitachi, as
saying at the European General Court in Luxembourg.

Bloomberg recalls that the commission, the EU's antitrust
regulator, in January 2007 fined 10 companies, including Siemens
AG, a total of EUR750.7 million for fixing prices and carving up
the market for gas-insulated switchgear used to control
electricity flow.  Customers included state-owned public
utilities, municipalities and private companies, Bloomberg notes.

According to Bloomberg, the commission found that the global
cartel reserved European projects in the electricity equipment
business for European producers and Japanese projects for the
Japanese producers.  The report says the cartel lasted from 1988
to May 2004.  Tokyo-based Hitachi was fined EUR50.4 euros and got
a shared 1.35 million-euro fine with Fuji Electric Holdings Co.

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


JAPAN AIRLINES: To Decide on AMR, Delta Bids Early Next Year
------------------------------------------------------------
Bloomberg News, citing the Asahi newspaper, reports that Japan
Airlines Corp. will postpone any decision on alliance proposals
made by AMR Corp. and Delta Air Lines Inc. until early next year.

The newspaper said JAL will continue to weigh the proposals,
Bloomberg relates.  JAL President Haruka Nishimatsu said last
month that the company would make a decision by the end of the
year, according to the newspaper.

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service 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: Panasonic Completes Tender Offer
------------------------------------------------
Panasonic Corp. has successfully completed its tender offer for
Sanyo Electric Co. shares, paving the way for turning its smaller
rival into a subsidiary this month, Kyodo News reports citing
sources close to the matter.

According to the news agency, Panasonic is expected to begin full-
scale cooperation with the company on rechargeable batteries and
energy operations.  Kyodo relates sources said Panasonic will
likely resolved key issues including reorganizing overlapping
operations.

The Troubled Company Reporter-Asia Pacific reported on November 9,
2009, that Panasonic launched a tender offer for shares of Sanyo
Electric to convert it into a subsidiary.  The offer was expected
to end successfully because the U.S. Goldman Sachs group and two
other major Sanyo shareholders have agreed to sell more than 50%
of their outstanding Sanyo shares to Panasonic at the planned
price of JPY131 per share.  The deal is expected to cost Panasonic
at least JPY400 billion.

                          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.


TOWA BANK: Gets JPY35 Bil. Capital Infusion from Government
-----------------------------------------------------------
The Financial Services Agency said Wednesday it has decided to
inject public capital into two regional banks this month, Kyodo
News reports.

The FSA will inject JPY35 billion into Towa Bank in Gunma
Prefecture and JPY15 billion into the Bank of Kochi in Kochi
Prefecture.

According to the report, the FSA made the decision based on the
financial function enhancement law that was revised last year to
facilitate capital injections into banks to ease a credit crunch
amid the global financial crisis.

The government has also provided public capital to seven regional
banks, including North Pacific Bank in Hokkaido and Michinoku Bank
in Aomori Prefecture.

The Towa Bank is a regional bank targeting the Kanto district in
Japan.   The bank has more than 90 branches.  The bank divides its
operations across three divisions: banking, leasing, and other.
Offerings and services include deposits, loans, foreign exchange
services, community banking, investments, leasing, insurance,
credit cards, and other conventional banking products. Towa owns
and operates about 6 consolidated subsidiaries including The Towa
Business Service Co., The Towa Card Co., and The Towa Credit
Guarantee Co.

                           *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Nov. 20,
2008, Japan Credit Rating Agency Ltd. removed the ratings on
senior debts and subordinated bonds of Towa Bank from Credit
Monitor with Negative direction and then affirmed the BBB- with
Stable outlook and the BB+ rating on them, respectively.


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


HYUNDAI MOTOR: Fitch Gives Positive Outlook on 'BB+' Ratings
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Hyundai Motor's and Kia
Motors' foreign currency Long-term Issuer Default Ratings to
Positive from Negative, and simultaneously affirmed them at 'BB+'.
The agency also affirmed the 'BB+' rating on both companies'
senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.

"HMC and its affiliate Kia have shown robust growth in sales and
gained market share in major markets year to date, despite the
onslaught of one of the most serious downturns in auto industry's
history last year," said Jeong Min Pak, Director in Fitch's
Corporate Ratings team, "Their performance were partially helped
by a weak currency; however, their competitiveness in smaller fuel
efficient cars, well diversified geographical sales base,
improving brand equity and product cycle, were the key factors
underpinning their success."

The state of the global auto industry remains fragile and auto
demand was partially held up by the stimulus measures from various
governments to boost consumption throughout 2009.  In certain
markets, most notably Western Europe, a pull back in demand is
expected in 2010 when those measures expire.  The US market is
expected to show growth in 2010 but sales volumes will likely
remain well below recent historical peak levels.  However, Fitch
believes the worst has passed and foresees continuing sales growth
for HMC and Kia in 2010 on the back of increased demand from
markets such as the US, China, and India.

Debt levels and credit metrics for HMC and Kia deteriorated as of
end-2008 with a temporary surge in inventory and ongoing capex
burdens.  However, inventory levels for HMC has normalized since
then and inventory for Kia is at the lowest levels in recent years
due to brisk sales growth, which should lead to positive working
capital for FY09.  Furthermore, major ongoing capex projects have
now been completed, which should stabilize capex spending over the
next few years.  As a result, Fitch expects HMC's credit metrics
to revert back to pre-crisis levels and Kia's credit metrics to
show significant improvement by the end of FY09.  The expected
improvement in leverage and profitability resulted in the Outlook
revision.  That said, exposure to foreign currency volatility
remains a risk for both companies.

Kia's credit rating is linked to HMC's due to its strong strategic
and operational ties with the latter.  These include platform
integration, shared R&D and procurement, Kia's significant
contribution to HMC's consolidated revenue and production, and the
same senior management team led by Hyundai Group chairman Chung
Mong Gu.  Fitch believes that Kia is integral to HMC's long-term
growth strategy as a global automaker, as well as to its group
structure.  At the current rating level, Kia's rating continues to
be equalized to HMC's.

Positive rating factors for both companies would be for HMC's
adjusted net debt/EBITDA (industrial operations) to remain below
2.5x on a sustained basis, and for both auto companies to retain
the volume/market share levels reached in 2009.


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


HO HUP: Low Chee Withdraws Writ of Summons
------------------------------------------
Ho Hup Construction Company Bhd disclosed that the writ of summons
served on the Company and its subsidiary, Bukit Jalil Development
Sdn. Bhd., by Low Chee & Sons Sdn. Bhd. had been withdrawn by the
petitioner.

The Troubled Company Reporter-Asia Pacific reported on Aug. 19,
2009, that Ho Hup Construction Company Berhad and its major
subsidiary, Bukit Jalil Development Sdn. Bhd., have been served
with a Writ of Summons dated August 10, 2009, from Low Chee, a
substantial shareholder of the Company.

The writ of summons was filed in relation to the Company's
proposed disposal of parcel of freehold land measuring roughly
5.503 acres held under Geran 55267, Lot 38474, Mukim of Petaling,
District of Kuala Lumpur, in the State of Wilayah Persekutuan
Kuala Lumpur, to Santari Sdn. Bhd. for a cash consideration of
MYR9.83 Million.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


HO HUP: Posts MYR14.70 Mil. Net Loss in Quarter Ended September 30
------------------------------------------------------------------
Ho Hup Construction Company Bhd incurred MYR14.70 million net loss
on MYR28.53 million of revenues in the quarter ended Sept. 30,
2009, compared with a net loss of MYR19.43 million on MYR30.82
million of revenues in the same quarter in 2008.


As of Sept. 30, 2009, the Company had MYR248.49 million in total
assets and MYR252.90 million in total liabilities, resulting in
shareholders' deficit of MYR4.40 million.

The company's balance sheet as of Sept. 30, 2009, also showed
strained liquidity with MYR84.48 million in total current assets
available to pay MYR252.86 million in total current liabilities.

A full-text copy of the Company's unaudited third quarter results
is available for free at http://ResearchArchives.com/t/s?4b78

                          About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


HONG LEONG: Fitch Affirms Support Rating Floor at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed Malaysia's Hong Leong Bank Berhad's
Long-term Issuer Default rating at 'BBB+', Short-term IDR at 'F2',
Individual rating at 'C', Support rating at '3', Support Floor at
'BB+' and subordinated debt rating at 'BBB'.  The Outlook is
Stable.

HLB's ratings reflect its robust balance sheet with strong capital
position, low and well-reserved NPLs, and generally consistent
profitability.  "The Stable Outlook indicates Fitch's expectations
that the bank's financial position is sufficient in cushioning
against an unexpected weakening in operating conditions," said Lai
Peng Tan Director with agency's Financial Institutions group.
"Event risk arising from potential acquisition activity, that
exerts significant pressure on capital and/or asset quality, may
have rating implications," adds Ms. Tan.  However, the agency's
concerns are allayed by the bank's strong capital position with
Tier 1 CAR at 14.9% at end-September 2009, and by management's
prudent track record.  The bank intends to keep Total CAR ratio in
the range of 12%-14% in the long term, and may look to raise fresh
capital should it make sizeable acquisition(s).

Regionalization efforts have been stepped up following the
acquisition of a 20% interest in Bank of Chengdu in 2008; a JV was
signed in November 2009 with the Chinese bank to operate a
consumer finance company.  Also, a wholly-owned commercial bank,
Hong Leong Bank Vietnam, began operations in Ho Chi Minh in
October 2009.  Fitch understands that HLB is looking for more non-
organic opportunities, particularly in Thailand and Indonesia

Pre-provision profitability held steady at 1.6% of average assets
in the financial year ended June 2009.  A more cautious lending
stance and increased vigilance on larger accounts caused NPLs to
decline in absolute terms to 2.2% of gross loans at end-September
2009 from 2.4% in FY08.  Loan loss reserves amounted to 115% of
NPLs and were above the system average of 88%.  Its balance sheet
liquidity remained good with liquid assets such as cash, interbank
placements and securities accounting for 50% of total assets while
deposit funding remained stable with a loan-deposit ratio of 56.4%
at end-September 2009.

Established in 1905 and listed in 1994, HLB is the sixth-largest
Malaysian bank by assets.  It is 64%-owned by Hong Leong Financial
Group, the financial services investment holding company of the
Hong Leong Group, a diversified conglomerate controlled by Tan Sri
Quek Leng Chan.


RHYTHM CONSOLIDATED: To Hold Annual General Meeting on December 31
------------------------------------------------------------------
Rhythm Consolidated Bhd will hold its 13th annual general meeting
on December 31, 2009, at 11:00 a.m., at the Meeting Room, Plot
46(B), Lorong Perindustrian Bukit Minyak 9, 14000 Bukit Minyak,
Seberang Perai Tengah, in Penang.

At the meeting, the members will be asked to:

   * receive the audited financial statements for the financial
     year ended June 30, 2009, together with the Reports of the
     Directors and Auditors;

   * approve the payment of Directors' fees of MYR40,000 for the
     financial year ended June 30, 2009;

   * re-elect directors Syed Idrus Bin Syed Ali and Yong Loong
     Chen, who retire in accordance with Article 88 of the
     Company's Articles of Association and being eligible
     offer themselves for re-election;

   * re-appoint Folks DFK & Co as auditors of the Company for
     the ensuing year and to authorize the Directors to fix
     their remuneration; and

   * pass this resolution as ordinary resolution:

      Authority To Issue Shares Pursuant to Section 132D
      of the Companies Act, 1965.

                     About Rhythm Consolidated

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

                           *     *     *

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


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


AIR NEW ZEALAND: Employment Court to Hear Pilots Grievance Case
---------------------------------------------------------------
A personal grievance case brought by eight Air New Zealand pilots,
removed from captaining Boeing 747-400s after their 60th
birthdays, will be heard in the Employment Court, The New Zealand
reports.

The report says the pilots had sought leave to skip a hearing
before the Employment Relations Authority saying questions of law
would likely be raised during the dispute and any decision by the
authority was likely to be challenged, therefore going straight to
court would save time.

The Herald relates that each of the pilots had been employed as
captain of a 747 flying mainly to London and Japan, passing
through United States airspace on both routes.  Until 2006, the
report notes, US Federal Aviation Authority (FAA) enforced a rule
which prevented anyone over 60 from captaining a 747 or 767 in its
airspace.

All but one of the eight Air NZ pilots reached this milestone
between October 2003 and March 2006 and all were demoted, the
Herald states.  However, in November 2006, the FAA rule was
relaxed allowing pilots up to age 65 to fly.

According to the report, under the terms of their employment the
Air NZ pilots were able to reapply for captain positions on 747s
and since October 2007 five of them had done so successfully.

The pilots grievance claim, the Herald relates, is that Air NZ
should have taken more steps to accommodate them after they turned
60 -- giving them the role of captain on international flights
where they were not restricted by age, and reinstating them to
their old jobs immediately when the age barrier was lifted.

The report notes Air NZ told the employment authority its
treatment of the pilots had followed the terms of their contracts.

Air NZ said addressing the group's concerns could impact on other
pilots employed by Air New Zealand and voiced concern about
treating the eight as a group without proper reference to their
individual circumstances.

The Employment Relations Authority, in its decision released
December 4, agreed matters of law were likely to crop up during
the case which may need clarification or determination and ordered
the matter be sent to the Employment Court.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


BLUE CHIP: Hearing on Co-Founder's Case Adjourned to February 18
----------------------------------------------------------------
The National Business Review reports that former Blue Chip
co-founder boss Mark Bryers will wait until February next year to
enter his pleas on the 60-odd charges laid by the National
Enforcement Unit (NEU) of the Ministry of Economic Development.

According to the report, the NEU has requested an adjournment in
order to continue its investigation of documents provided by
Mr. Bryers.

NBR discloses that Justice Ema Aitken adjourned the proceedings to
February 18, but not without urging both parties to stick to that
date for sewing up the case.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2009, The New Zealand Herald said five new charges have
been laid against Blue Chip co-founder Mark Bryers.  The charges
were laid in the Auckland District Court on May 29 in connection
to five companies that Mr. Bryers was a director.  The Herald said
Mr. Bryers is alleged to have failed to complete and sign
financial statements for Marinc Ltd, Marinc Developments Ltd,
Porchester Ltd, Okra Ltd and Brighton Ltd between August 2006 and
August 2008.  Mr. Bryers has also been charged with 60 breaches of
the Companies Act.

                          About Blue Chip

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.  Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.


PROPERTY VENTURES: Units Face IRD Wind Up Petition Over Tax Debt
----------------------------------------------------------------
New Zealand's Inland Revenue Department is chasing three
David Henderson companies over an alleged NZ$2.3 million tax debt
connected to his controversial property sales to the Christchurch
City Council, Martin Van Beynen writes for The Press.

The report relates that the IRD on December 4 advertised its
intention to apply to the High Court in Christchurch to liquidate
three Henderson companies -- FM1, FM3 and Property Ventures
Investments.

According to the report, Mr. Henderson has fought a drawn-out
court action to prevent the department advertising the
applications but lost the bid after a hearing on December 1.

The applications will be heard by the High Court on February 9,
the Press notes.

FM1, which changed its name from Para Site in September last year,
owned land on the former Para Rubber site in Manchester and Tuam
streets while FM3, formerly Vacuum Ventures, owned a block of land
in Welles St.  Property Ventures Investments, on the other hand,
owned a block at 350 Colombo St, usually referred to as Sydenham
Square.

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

Two secured creditors of Five Mile Holdings have placed the
company under receivership for non-payment of a loan said to be
about NZ$70 million.  Five Mile Holdings is a unit of Property
Ventures which is controlled by developer David Henderson.

Smith Crane and Construction, a Christchurch crane-hire company,
also filed applications in the High Court to liquidate Five Mile
and Property Ventures for unpaid debts.


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


BENGUET CORP: Retains Operating Rights on KingKing Project
----------------------------------------------------------
Benguet Corp. has confirmed in its disclosure to the Philippine
Stock Exchange that the Department of Environment and Natural
Resources has issued a resolution denying the petition of
Nationwide Development Corp. to remove Benguet as operator of the
Kingking copper-gold project.

In a resolution dated Nov. 23, 2009, the DENR secretary directed
both Benguet and Nadecor as co-contractors to move the project
forward, in effect upholding Benguet as the operator of the
project.

The order effectively stopped Nadecor's attempts to cancel the
operatorship rights of Benguet.  It also confirmed that Benguet
was fully vested with authority and rights to operate the project.
The DENR order likewise extended the exploration work program for
another two years.

Benguet reacted to the letter by Nadecor to the PSE that it had no
authority to enter into a Memorandum of Agreement with MinMetals
Inc. on the Kingking project.

                        MOA with MinMetals

Benguet Corp. executed on December 3, 2009, a Memorandum of
Agreement with Minmetals International(H.K.) Ltd.  The agreement
provides for MinMetals to be the funding source through its
banking facility to finance the full cost required to bring the
KingKing project into full operation, including advances necessary
for the project starting from the organization, pre-operating
material, financial requirements and similar activities that may
require project advances, specifically with regard to all
necessary confirmation-validation of project surveys, feasibility
study, engineering, procurement, and construction of all the
necessary facilities and appurtenances that will be needed to
fully exploit all the mineral deposits of Kingking.

MinMetals is a subsidiary of China MinMetals Corporation.   China
MinMetals is primarily engaged in metals and minerals trading.
The company exports coke, coal, and ferroalloys; imports iron ore,
steel scraps, and slabs and billets; and sells about 20 million
tons of steel products annually.

                           About Benguet

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


LEGEND INTERNATIONAL: Ordered to Vacate Hotel Over Rent Default
---------------------------------------------------------------
The Manila Standard Today reports that Legend International Resort
Ltd. has been ordered to vacate leased premises at the Subic Bay
Freeport after defaulting on casino and building rentals in the
free port.

According to the report, the “notice to vacate,” which was served
by Sheriff Rogel Pagayon of the Regional Trial Court's Branch 74
on December 4, was based on a writ of execution issued by the
court.

The court also ordered Legend International to pay back rentals to
Subic Bay Metropolitan Authority, the report says.

The report, citing a writ of execution issued by RTC Branch 75 on
Dec. 3, discloses that the issue of Legend International's
obligations to SBMA has already been resolved by Branch 4 of the
Municipal Trial Court in Cities.  The dipositive portion of the
decision ordered Legend International to vacate four properties
that it leased from SBMA, the report notes.

The Manila Standard further says Legend International was also
ordered to pay SBMA:

   * US$225,886 for base rent and unpaid sublease shares on
     the Legenda hotel properties for the period April 2002
     to January 2003;

   * PHP872.5 million as rent for casino facilities for the
     period September 2000 to May 2009; and

   * PHP941,562 as sublease share for the long-term occupancy
     agreement between the LIRL and its concessionaire GYU
     International Inc. for the period September 2007-May 2009.

The MTCC ruling also compelled Legend International to pay SBMA
PHP10.96 million for the cost of the lawsuit, the report adds.

Legend International Resort Ltd. operates Legenda Hotel and Casino
in the free port.


INTERCONTINENTAL BROADCASTING: Files for Debt Rehabilitation
------------------------------------------------------------
Intercontinental Broadcasting Corp., a sequestered radio-
television network whose flagship station is IBC-13 in Metro
Manila, has filed a petition for rehabilitation in a bid to beef
up its position in the industry under a new management, the Manila
Standard Today reports.

The report, citing IBC president and chief executive Jose Javier,
relates that the network made a filing before the Quezon City
Regional Court Branch 93 to ensure continued operations and focus
the government-controlled firm's goals in achieving its rightful
place in the radio-television broadcast sector in the shortest
possible time.

Mr. Javier said the acquisition by the Manny Pangilinan group of
Prime Media's programming on TV 5, renewed interests in broadcast
operations and have spurred interest among local and foreign
investors, the Manila Standard relates.

According to the report, Mr. Javier said IBC has been serving
Filipino audiences for the last 34 years through IBC-TV13 along
with IBC-TV6 in Baguio City and the Mountain Province, IBC-TV13 in
Laoag City, IBC-TV12 in Iloilo, IBC-TV13 in Cebu City, IBC-TV13 in
Davao City and IBC-TV10 in Cagayan de Oro City.  The network also
operates radio stations dyBQ in Iloilo, dyJJ in Roxas City and
dyRG in Kalibo, the report says.

Intercontinental Broadcasting Corporation is a Philippine VHF
television network of the Government Communications Group headed
by the Press Secretary.  Its studios are located at Broadcast
City, Capitol Hills, Diliman, Quezon City and its transmitter is
located at the Coca Cola plant in San Francisco Del Monte, Quezon
City.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------

AUSTRALIA

ADVANCE HEAL-NEW     AHGN          16933460.19      -8226075.95
ALLSTATE EXPL-PP     ALXCC         16169603.20     -50619940.96
ALLSTATE EXPLORA     ALX           16169603.20     -50619940.96
AMA GROUP LTD        AMA           39033742.73       -860795.01
ANTARES ENERGY L     AZZ           13709735.08      -1955765.01
ARC EXPLORATION      ARX           56832942.08     -15049619.84
AUSTAR UNITED        AUN          508844538.80    -310055789.80
AUSTRAILIAN Z-PP     AZCCA         77741918.88      -2566335.25
AUSTRALIAN ZIRC      AZC           77741918.88      -2566335.25
BIRON APPAREL LT     BIC           19706736.59      -2220069.65
CENTRO PROPERTIE     CNP        14725100626.00    -495299520.80
CHALLENGER INF-A     CIF         2307005550.00    -104582562.10
CHEMEQ LIMITED       CMQ           25194855.59     -24254413.72
CITY PACIFIC LTD     CIY          171501648.10      -6383353.75
EIRCOM HOLDINGS      ERC         7606555987.00    -533212434.20
ELLECT HOLDINGS      EHG           18245003.37     -15487781.92
HYRO LTD             HYO           21498880.13     -14825700.09
JAMES HARDIE NV      JHXCC       2120699904.00    -153000000.00
JAMES HARDIE-CDI     JHX         2120699904.00    -153000000.00
MAC COMM INFR-CD     MCGCD       8104415201.00    -103343256.50
RESIDUAL ASSC-EE     RAGXF        597329874.00    -126963316.50
RUBICON AMERICA      RAT          649532285.60    -100605696.90
RUBICON EUROPE T     REU          553099503.30    -252490904.10
TERRITORY RESOUR     TTY           78228985.46      -3340627.52
TOOTH & CO LTD       TTH          108860665.90     -69404500.26
VERTICON GROUP       VGP           14221690.08     -24604525.15
VOYAGER RESOURCE     VOR          105239382.60    -190859513.40


CHINA

ALONG TIBET CO-A     600773        10464676.88      -1595236.07
AMOI ELECTRONI-A     600057       186715365.60    -176172893.20
ANHUI KOYO GROUP     979           60095557.30     -52690109.57
BAO LONG ORIENTA     600988        16377750.71      -3240606.18
CHANG LING GROUP     561           38762049.02     -11329795.61
CHENGDU UNION-A      693           52165432.95      -7597323.86
CHINA EAST AIR-A     600115     10663617938.00    -669018244.30
CHINA KEJIAN-A       35            83777990.18    -182385776.80
CHINESE.COM LOGI     805           12863797.92     -10344736.06
DANDONG CHEM F-A     498          100503616.60    -111136778.30
DONGGUAN FANGD-A     600656        62015004.14     -10113540.83
DONGXIN ELECTR-A     600691        20724702.93      -6133630.21
GAOXIN ZHANGTO-A     2075         119522500.60     -30482708.26
GUANGDONG HUAL-A     600242        19919002.62      -2062133.21
GUANGDONG KEL-A      921          650072211.90    -103760527.20
GUANGMING GRP -A     587           48717132.13     -47591274.78
GUANGXI BEISHE-A     600556       103117750.80    -138381269.70
GUANGXIA YINCH-A     557           19312064.17     -37899432.38
HEBEI BAOSHUO -A     600155       133672291.80    -361688438.10
HEBEI JINNIU C-A     600722       241278846.10    -228118601.80
HUDA TECHNOLOG-A     600892        21311206.30      -2895690.19
HUNAN ANPLAS CO      156           50288007.12     -83158991.31
LIAOYUAN DEHENG      600699       138723006.80      -6687883.61
QINGHAI SUNSHI-A     600381        56020954.09     -25865577.47
SHAANXI QINLIN-A     600217       233974560.10     -21072044.24
SHANG HONGSHENG      600817        17942699.21    -396969508.00
SHANG LIANHUA-A      600617        15681816.46      -1544918.91
SHANG LIANHUA-B      900913        15681816.46      -1544918.91
SHANGHAI WORLDBE     600757       181367559.60    -127597631.10
SHENZ CHINA BI-A     17            27968310.96    -264106065.10
SHENZ CHINA BI-B     200017        27968310.96    -264106065.10
SHENZ SEG DASH-A     7             61819712.40      -3403468.93
SHENZHEN DAWNC-A     863           28093818.24    -157709151.50
SHENZHEN KONDA-A     48           195270812.60     -14899608.82
SHENZHEN SHENXIN     34            23960824.39    -166323495.40
SHIJIAZHUANG D-A     958          235063468.60     -54144995.52
SICHUAN DIRECT-A     757          128388979.90    -118667098.40
SUNTEK TECHNOL-A     600728        37921349.96     -21207285.88
TAIYUAN TIANLO-A     600234        50402317.95     -25241975.23
TIANJIN MARINE       600751        82399198.24     -30394356.74
TIANJIN MARINE-B     900938        82399198.24     -30394356.74
TIBET SUMMIT I-A     600338        78159663.43     -14223854.17
TOPSUN SCIENCE-A     600771       183017873.30    -138219542.30
WINOWNER GROUP C     600681        10719752.69     -71846635.31
WUHAN BOILER-B       200770       349547198.50     -74888578.37
WUHAN GUOYAO-A       600421        11452683.85     -39410107.27
XIAMEN OVERSEA-A     600870       306958973.70    -146753875.60
YUEYANG HENGLI-A     622           37274086.29     -15525013.51
YUNNAN MALONG-A      600792       144996362.50     -10651003.29
ZHANGJIAJIE TO-A     430           52226364.35      -5625101.14


HONG KONG

21 HOLDINGS LTD      1003          43646556.17      -4262036.57
ASIA TELEMEDIA L     376           16618871.08      -5369335.43
CHINA CYBER PORT     8206          12615789.00     -25845509.50
CHINA EAST AIR-H     670        10663617938.00    -669018244.30
CHINA GOLDEN DEV     162          252996682.00      -2720111.36
EGANAGOLDPFEIL       48           557892423.40    -132858952.00
FULBOND HLDGS        1041          60255000.00     -14419000.00
HISENSE ELEC-H       921          650072211.90    -103760527.20
HUTCHISON TELE H     215         2400098041.00    -366059762.20
MITSUMARU EAST K     2358          38170722.85      -1449668.00
NEW CITY CHINA       456          113178595.40      -9932226.54
PAC PLYWOOD          767           75639000.00      -5411000.00
PALADIN LTD          495          157691358.50      -6232217.57
PALADIN LTD -PRE     642          157691358.50      -6232217.57
PCCW LTD             8           5990928704.00    -394965167.60
PROVIEW INTL HLD     334          412845082.40    -191257992.50
SANYUAN GROUP LT     140           17115243.64      -1791730.30
TACK FAT GROUP       928           10990308.59    -156661694.60
WAI CHUN MINING      660           12791013.67     -14603647.06
WAYTUNG GLOBAL G     21            12327016.69      -2955593.70


INDONESIA

DAYA SAKTI UNGGU     DSUC          18968940.39     -16565907.15
ERATEX DJAJA         ERTX          10046910.69     -15287833.76
JAKARTA KYOEI ST     JKSW          27995871.44     -39747802.26
KARWELL INDONESI     KARW          10279359.22      -8092809.68
MULIA INDUSTRIND     MLIA         349542495.30    -393202695.20
PANASIA FILAMENT     PAFI          51269814.60      -4304035.41
PANCA WIRATAMA       PWSI          28574747.93     -34354941.95
POLYSINDO EKA PE     POLY         413587722.00    -843849953.30
PRIMARINDO ASIA      BIMA          10969821.52     -20004812.09
STEADY SAFE TBK      SAFE          10838828.11      -4030148.54
SURABAYA AGUNG       SAIP         248504328.80     -92414388.08
TEIJIN INDONESIA     TFCO         185089600.00     -14273900.00
UNITEX TBK           UNTX          15674797.91     -14254278.79


INDIA

ALCOBEX METALS       AML           16589928.01     -21468099.30
APPLE FINANCE        APL           70832103.73     -29253849.19
ASHIMA LTD           ASHM          59922403.11     -47153581.06
BAKELITE HYLAM       BKLT          13911138.88     -12867352.60
BALAJI DISTILLER     BLD           51161385.13     -38383503.30
BELLARY STEELS       BSAL         451679252.40    -108504755.30
BHAGHEERATHA ENG     BGEL          22646453.72     -28195273.09
CFL CAPITAL FIN      CEATF         14305706.35     -40038022.22
COMPUTERSKILL        CPS           14896780.89      -7560054.57
CORE HEALTHCARE      CPAR         185364967.00    -241912027.80
DCM FINANCIAL SE     DCMFS         16540889.84     -10988851.47
DIGJAM LTD           DGJM          98769193.78     -14623833.58
DISH TV IND-PP       DITVPP       422081403.30    -127614551.40
DISH TV INDIA        DITV         422081403.30    -127614551.40
DUNCANS INDUS        DAI          114362122.20    -185510212.60
GANESH BENZOPLST     GBP           77840261.61     -41865917.86
GEM SPINNERS LTD     GEMS          15233308.38       -112427.32
GLOBAL BOARDS        GLB           25154303.78       -793024.17
GSL INDIA LTD        GSL           37040429.61     -42340564.58
GUJARAT SIDHEE       GSCL          59440728.18       -660003.43
GUJARAT STATE FI     GSF           30159595.18    -234918081.50
HARYANA STEEL        HYSA          10831176.59      -5909008.81
HENKEL INDIA LTD     HNKL         102052835.30     -10237657.20
HFCL INFOTEL LTD     HFCL         151650830.00     -85807729.87
HIMACHAL FUTURIS     HMFC         406633181.90    -210980393.90
HINDUSTAN PHOTO      HPHT          93725753.93   -1229352757.00
HMT LTD              HMT          139311695.40    -277691144.10
ICDS                 ICDS          13300348.69      -6171079.46
INDIA FOILS LTD      IF            48457142.32     -38013960.39
INFOMEDIA 18 LTD     INF18         35798533.98      -1937646.71
INTEGRAT FINANCE     IFC           45562399.88     -43272851.09
ITI LTD              ITI         1116207772.00       -800236.54
JCT ELECTRONICS      JCTE         122542558.60     -49996834.55
JD ORGOCHEM LTD      JDO           14537402.78     -69753846.55
JENSON & NIC LTD     JN            15734678.26     -92089109.12
JIK INDUS LTD        KFS           20633171.50      -5623616.50
JK SYNTHETICS        JKS           13506415.91      -3030846.61
JOG ENGINEERING      VMJ           50080964.36     -10076436.07
KALYANPUR CEMENT     KCEM          32038613.71     -26757740.06
KERALA AYURVEDA      KRAP          13409639.48       -586700.12
KINGFISHER AIR       KAIR        1458636203.00    -418911009.70
LLOYDS FINANCE       LYDF          27683041.19      -8642121.28
LLOYDS STEEL IND     LYDS         358940191.90     -83135016.16
MILLENNIUM BEER      MLB           36392748.17      -3197477.14
MILTON PLASTICS      MILT          18310810.90     -40438966.11
NATH PULP & PAP      NPPM          13588844.93     -39126079.65
NICCO UCO ALLIAN     NICU          28843462.70     -56773550.08
NOVA PETROCHEM       NVPC          44390476.41       -925948.57
ORIENT PRESS LTD     OP            16699814.52        -94789.33
PANCHMAHAL STEEL     PMS           51024827.03       -325116.26
PANYAM CEMENTS       PYC           38841457.46       -641194.41
PARASRAMPUR SYN      PPS          111971290.90    -317111728.00
PAREKH PLATINUM      PKPL          61081050.43     -88849040.15
PEACOCK INDS LTD     PCOK          11395867.81     -14396604.39
PIRAMAL LIFE SC      PLSL          32054795.68      -3725239.05
POLAR INDS LTD       PLI           11613867.70     -22282942.24
RAMA PHOSPHATES      RMPH          34066789.55      -1192495.62
RATHI ISPAT LTD      RTIS          44555929.56      -3933592.50
RELIGARE TECHNOV     RTCL          44130883.78      -1460238.52
RENOWNED AUTO PR     RAP           14120061.57      -1253759.75
ROLLATAINERS LTD     RLT           22965755.05     -22244556.92
ROYAL CUSHION        RCVP          29192373.45     -73115309.68
RPG CABLES LTD       RPG           51431409.37     -20192930.18
SCOOTERS INDIA       SCTR          13288115.80       -578097.97
SHALIMAR WIRES       SWRI          24489676.40     -49901704.65
SHAMKEN COTSYN       SHC           23127927.75      -6172791.93
SHAMKEN MULTIFAB     SHM           60546590.60     -13260108.95
SHAMKEN SPINNERS     SSP           42180451.29     -16764934.64
SHARDA ISPAT LTD     SHIL          16179943.38      -5040578.35
SHREE RAMA MULTI     SRMT          81405835.45     -64134056.23
SIDDHARTHA TUBES     SDT           92929926.47     -10719543.54
SIL BUSINESS ENT     SILB          12461159.02     -19961202.41
SOUTHERN PETROCH     SPET        1543609374.00     -35609423.98
SPICE COMMUNICAT     SPCM         263692459.50     -19679192.67
STERLING HOL RES     SLHR          52909027.30       -631043.63
STERLING HOL-FOR     SLHR/F        52909027.30       -631043.63
STI INDIA LTD        STIB          28053652.10      -8042948.31
TAMILNADU TELE       TNT           10255346.42      -4139864.07
TATA TELESERVICE     TTLS         793627684.30     -74636840.33
TRIVENI GLASS        TRSG          24390836.23      -8896934.89
UNIWORTH LTD         WW           145706493.30    -114873890.10
USHA INDIA LTD       USHA          12064900.61     -54512967.31
VENTURA TEXTILES     VRTL          14254627.45       -325402.59
WINDSOR MACHINES     WML           14500894.45     -28144999.02
WIRE AND WIRE-PP     WNWPP        102422193.20     -37057061.49
WIRE AND WIRELES     WNW          102422193.20     -37057061.49


JAPAN

ARDEPRO              8925         345613037.10    -207111362.40
COMMERCIAL RE        8866         296849343.40       -346788.57
COSMOS INITIA CO     8844        1652687334.00    -564005337.20
DDS INC              3782          10683845.35      -5696657.23
FLIGHT SYS CONSU     3753          14883586.17      -1071275.60
HARAKOSAN CO         8894         265026322.00     -21407690.82
ICHITAN CO LTD       5645          99161219.02      -4383920.24
L CREATE CO LTD      3247          42344509.56      -9146496.90
NESTAGE CO LTD       7633          11772250.32     -12201325.38
PLACO CO LTD         6347          16492585.21      -1881199.74
PRIME NETWORK        2684          15052085.28      -8379329.03
PROPERST CO LTD      3236         854806960.90     -17847055.11
SAIKAYA CO LTD       8254         398458490.70     -17564816.07
SHINWA OX CORP       2654          61394021.32     -12954325.95
SUMIYA CO            9939          54843407.50      -9480273.64
TERRANETZ CO LTD     2140          11633353.37      -4293462.63


KOREA

AJU MEDIA SOL-PF     44775         13822171.46      -1245278.05
CL LCD CO LTD        35710         55585277.13     -14793655.63
DAHUI CO LTD         55250        186003859.20      -1504246.54
DAISHIN INFO         20180        740500919.30    -158453978.80
ELIM EDU CO LTD      46240         34029159.88      -3747735.09
FIRST FIRE & MAR     610         2044031310.00      -1780221.91
KYSYS CO LTD         15390         10671544.09      -6267111.24
MOBO CO LTD          51810        196643340.40     -11979182.85
ORICOM INC           10470         82645454.13     -40039161.33
PAPERCOREA INC       1020         310528990.10    -154086330.60
PRIME ENTMT          17170         31473002.90     -19371600.20
ROCKET ELEC-PFD      425           68584186.91      -2140474.00
ROCKET ELECTRIC      420           68584186.91      -2140474.00
SAMT CO LTD          31330        303858255.60     -77572655.65
SIMM TECH CO LTD     36710        314177541.40     -34486443.29
SOLAR & TECH CO      30390         11466591.81       -588035.38
STARMAX CO LTD       17050         50131660.74     -25436154.88
TAESAN LCD CO        36210        187935112.10    -546263614.50
TONG YANG MAGIC      23020        355147750.90     -25767007.75
YOUILENSYS CORP      38720        166697877.70     -12337148.33


MALAYSIA

AXIS INCORPORATI     AXIS          35439077.46     -79330358.60
HARVEST COURT        HAR           11122745.59      -7475186.80
LITYAN HLDGS BHD     LIT           14275991.47     -29485796.94
RHYTHM CONSOLIDA     RCB           11079452.15      -1316222.07
WONDERFUL WIRE       WW            11541456.48     -15637491.13
WWE HOLDINGS BHD     WWE           66483348.25      -1524729.65


NEW  ZEALAND

DOMINION FINANCE     DFH          258902749.10     -55312405.88


PHILIPPINES

APEX MINING 'B'      APXB          51256351.82      -8972145.85
APEX MINING-A        APX           51256351.82      -8972145.85
BENGUET CORP 'B'     BCB           75486651.08     -37047223.67
BENGUET CORP-A       BC            75486651.08     -37047223.67
CENTRAL AZUC TAR     CAT           37806902.52      -2588843.76
CYBER BAY CORP       CYBR          12926776.59     -79228223.36
EAST ASIA POWER      PWR           50796443.41    -139420756.10
FIL ESTATE CORP      FC            37286935.14     -11355841.65
FILSYN CORP A        FYN           22000423.40     -10278638.86
FILSYN CORP. B       FYNB          22000423.40     -10278638.86
GOTESCO LAND-A       GO            18684576.24     -10863822.41
GOTESCO LAND-B       GOB           18684576.24     -10863822.41
MRC ALLIED           MRC           13040098.81      -3682026.54
PICOP RESOURCES      PCP          105659068.50     -23332404.14
PRIME ORION PHIL     POPI          90349299.63      -5122560.28
STENIEL MFG          STN           28673457.47      -1478015.89
UNIVERSAL RIGHTF     UP            45118524.67     -13478675.99
UNIWIDE HOLDINGS     UW            52802040.71     -56176026.28
VICTORIAS MILL       VMC          178060236.00     -36659989.09


SINGAPORE

ADV SYSTEMS AUTO     ASA           11785309.58     -12808326.82
ADVANCE SCT LTD      ASCT          69486218.18     -11959064.78
CARRIERNET GLOBA     CARG          14286897.57        -17258.04
CHUAN SOON HUAT      CSH           29973005.08     -19287440.50
FALMAC LTD           FAL           10117655.63      -6803815.35
HL GLOBAL ENTERP     HLGE          93731888.39     -15671356.22
JURONG TECH IND      JTL           98760092.87    -227275152.10
LINDETEVES-JACOB     LJ           160478836.60     -86703612.98
OCEAN INTERNATIO     OCEAN         61659790.45     -13720371.73
PACIFIC CENTURY      PAC           17857346.66      -4522591.85
SUNMOON FOOD COM     SMOON         19286019.65     -10665672.56
TT INTERNATIONAL     TTI          303817166.60     -38088237.05
WESTECH ELECTRON     WTE           28290170.94     -12855750.98


THAILAND

ABICO HLDGS-F        ABICO/F       12066621.69      -9544714.91
ABICO HOLD-NVDR      ABICO-R       12066621.69      -9544714.91
ABICO HOLDINGS       ABICO         12066621.69      -9544714.91
BANGKOK RUB-NVDR     BRC-R         86997154.46     -64963399.72
BANGKOK RUBBER       BRC           86997154.46     -64963399.72
BANGKOK RUBBER-F     BRC/F         86997154.46     -64963399.72
CENTRAL PAPER IN     CPICO         10220356.04    -216074904.30
CENTRAL PAPER-F      CPICO/F       10220356.04    -216074904.30
CENTRAL PAPER-NV     CPICO-R       10220356.04    -216074904.30
CIRCUIT ELE-NVDR     CIRKIT-R      17385099.26     -87998004.08
CIRCUIT ELEC PCL     CIRKIT        17385099.26     -87998004.08
CIRCUIT ELEC-FRN     CIRKIT/F      17385099.26     -87998004.08
DATAMAT PCL          DTM           12690638.93      -6132014.29
DATAMAT PCL-NVDR     DTM-R         12690638.93      -6132014.29
DATAMAT PLC-F        DTM/F         12690638.93      -6132014.29
ITV PCL              ITV           33788130.19     -87508840.66
ITV PCL-FOREIGN      ITV/F         33788130.19     -87508840.66
ITV PCL-NVDR         ITV-R         33788130.19     -87508840.66
K-TECH CONSTRUCT     KTECH         83204235.85      -5693045.29
K-TECH CONSTRUCT     KTECH/F       83204235.85      -5693045.29
K-TECH CONTRU-R      KTECH-R       83204235.85      -5693045.29
KUANG PEI SAN        POMPUI        17146363.89     -12117287.24
KUANG PEI SAN-F      POMPUI/F      17146363.89     -12117287.24
KUANG PEI-NVDR       POMPUI-R      17146363.89     -12117287.24
MALEE SAMPR-NVDR     MALEE-R       56296560.19      -3455814.54
MALEE SAMPRAN        MALEE         56296560.19      -3455814.54
MALEE SAMPRAN-F      MALEE/F       56296560.19      -3455814.54
PATKOL PCL           PATKL         53430390.26     -26540095.34
PATKOL PCL-FORGN     PATKL/F       53430390.26     -26540095.34
PATKOL PCL-NVDR      PATKL-R       53430390.26     -26540095.34
PICNIC CORPORATI     PICNI        162041208.30     -79858191.23
PICNIC CORPORATI     PICNI-R      162041208.30     -79858191.23
PICNIC CORPORATI     PICNI/F      162041208.30     -79858191.23
PONGSAAP PCL         PSAAP/F       26599991.38      -3496872.90
PONGSAAP PCL         PSAAP         26599991.38      -3496872.90
PONGSAAP PCL-NVD     PSAAP-R       26599991.38      -3496872.90
SAFARI WORL-NVDR     SAFARI-R     102742654.00     -23192106.86
SAFARI WORLD PUB     SAFARI       102742654.00     -23192106.86
SAFARI WORLD-FOR     SAFARI/F     102742654.00     -23192106.86
SAHAMITR PR-NVDR     SMPC-R        31177710.43     -14940579.60
SAHAMITR PRESS-F     SMPC/F        31177710.43     -14940579.60
SAHAMITR PRESSUR     SMPC          31177710.43     -14940579.60
SUNWOOD INDS PCL     SUN           19863687.56     -13033623.14
SUNWOOD INDS-F       SUN/F         19863687.56     -13033623.14
SUNWOOD INDS-NVD     SUN-R         19863687.56     -13033623.14
THAI-DENMARK PCL     DMARK         15715462.27     -10102519.69
THAI-DENMARK-F       DMARK/F       15715462.27     -10102519.69
THAI-DENMARK-NVD     DMARK-R       15715462.27     -10102519.69
TRANG SEAFOOD        TRS           13251979.73         -3373.42
TRANG SEAFOOD-F      TRS/F         13251979.73         -3373.42
TRANG SFD-NVDR       TRS-R         13251979.73         -3373.42
UNIVERSAL S-NVDR     USC-R         85671220.21     -49479729.86
UNIVERSAL STAR-F     USC/F         85671220.21     -49479729.86
UNIVERSAL STARCH     USC           85671220.21     -49479729.86


TAIWAN

CHIEN TAI CEMENT     1107         202446919.20     -22407739.40
HELIX TECH-EC        2479T         23385923.43     -24115022.26
HELIX TECH-EC IS     2479U         23385923.43     -24115022.26
HELIX TECHNOL-EC     2479S         23385923.43     -24115022.26
TAIWAN KOL-E CRT     1606U        507206787.90    -147139297.70
TAIWAN KOLIN-EN      1606V        507206787.90    -147139297.70
TAIWAN KOLIN-ENT     1606W        507206787.90    -147139297.70
VERTEX PREC-ENTL     5318T         43037265.55      -2305484.43
VERTEX PRECISION     5318          43037265.55      -2305484.43
YEU TYAN MACHINE     8702          39574168.04    -271070409.70


                         *********

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.





                 *** End of Transmission ***