TCRAP_Public/091216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, December 16, 2009, Vol. 12, No. 248

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: To Sell 50% Stake in Citta Property
CENTRO PROPERTIES: IMF Launches Legal Action Against PwC
METAL STORM: Founder Dumps Shares as Funding Deal Looms
TRANSURBAN GROUP: Future Fund May Back Canada Fund's $6.8 Mil. Bid


H O N G  K O N G

GALAXY ENTERTAINMENT: Issues Update on Debt Refinancing Plan
HONEST UP: Court Enters Wind-Up Order
HONG KONG & MACAU: Court to Hear Wind-Up Petition on January 27
HUGE MAX: Creditors' Proofs of Debt Due January 14
INCLINE BEAUTY: Court to Hear Wind-Up Petition on January 20

JOINTEX INDUSTRIES: Court Enters Wind-Up Order
KOSMO LIVING: Court to Hear Wind-Up Petition on January 20
LEHMAN BROTHERS: HKMA Updates on Probe on Minibonds
LEHMAN BROTHERS: Reps Mull Deal to Determine Intercompany Balances
MEGO TOYS: Court to Hear Wind-Up Petition Today

MERIT HILL: Creditors' Proofs of Debt Due January 14
NEW YUEN: Court Enters Wind-Up Order
NOBLE HORLOGERIE: Court to Hear Wind-Up Petition on January 27
PENINSULA LIMITED: Members' Final Meeting Set for January 11
QUEENWILL TRAVEL: Court Enters Wind-Up Order

REALTORS INTERNATIONAL: Court Enters Wind-Up Order
SAM MAN: Court Enters Wind-Up Order
SIK WAI: Court to Hear Wind-Up Petition on January 20
SKY GAINER: Creditors and Contributories to Meet on Dec 21
SPARKVIEW INVESTMENTS: Court Enters Wind-Up Order

TRIDENT TELECOM: Creditors' Meeting Set for December 22


I N D I A

ABW INFRASTRUCTURE: ICRA Puts 'LBB+' Rating on INR180MM Term Loans
ASL INDUSTRIES: CRISIL Reaffirms 'BB+' Ratings on INR140MM Loan
CHHAYA GEMS: CRISIL Downgrades Ratings on Various Debts to 'P5'
GANGA BAG: CRISIL Rates INR23.1 Mil. Term Loan at 'BB+'
GANGA PAPERS: CRISIL Assigns 'BB- Ratings on INR5MM Debts

GRM OVERSEAS: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
LITTLE BEE: ICRA Assigns 'LB+' Rating on INR158MM LT Bank Debts
MARUDHAR INDUSTRIES: ICRA Rates INR77.5MM Term Loan at 'LBB+'
NIKIYOG BUILDWELL: ICRA Places 'LBB+' Rating on INR570MM Debts
PARKSONS GAMES: Low Net Worth Prompts CRISIL 'BB' Ratings

QUALITY WOVEN: CRISIL Places 'BB+' Rating on INR67.2MM Term Loan
RAMANI HOTELS: CRISIL Upgrades Rating on INR10MM LT Loan to 'B'
RAMEE HOTELS: CRISIL Rates INR1.04 Bil. Rupee Term Loan at 'B'
S.P.Y. AGRO: Default in Loan Repayment Cues CRISIL Junk Ratings
ST. SIRDI SAI: ICRA Rates INR150 Mil. Term Loans at 'LBB+'

SRI GOUTAM: CRISIL Reaffirms Rating on INR20MM LT Loan at 'BB'
VISHAL PRECISION: ICRA Assigns 'LB+' Rating on Various Bank Debts


I N D O N E S I A

EXCELCOMINDO PRATAMA: Moody's Gives Stable Outlook on 'Ba2' Rating


J A P A N

AIFUL CORP: Proposes to Buy Up to JPY5 Bil. Debt at Discounts
ALL NIPPON: Plans Ties With UAL Corp and Continental on Open Skies
COSMO SECURITIES: Gets Business Improvement Order from FSA
ELPIDA MEMORY: May Post First Annual Operating Profit in 3 Years
HUIS TEN: Gov't. Officials Seek Financial Aid from HIS Corp.

JLOC XXX: Fitch Downgrades Ratings on Two Classes of Notes
JLOC XXX: Fitch Downgrades Ratings on Four Classes of Notes


K O R E A

KUMHO ASIANA: Creditors Agree to Delay Put-Back Options
SSANGYONG MOTOR: Court to Decide Ssangyong's Fate on December 17


M A L A Y S I A

AYER MOLEK: Inability to Meet Minimum Capital Prompts PN17 Listing
LCL CORP: Defaulted on Loans Amid Dubai Debt Crisis
HO HUP: Sets Extraordinary Meeting on December 31


S I N G A P O R E

ONE GEORGE: Fitch Affirms Ratings on Various Classes of Notes


X X X X X X X X

* IATA Sees US$5.6 Billion Airline Industry Loss in 2010
* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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


BABCOCK & BROWN: To Sell 50% Stake in Citta Property
----------------------------------------------------
Ben Butler at the Herald Sun reports that Babcock & Brown Ltd.
plans to offload its 50% stake in developer Citta Property Group.

Mr. Butler says the decision, which follows the collapse of
Citta's St Kilda Triangle project last week, will see the
developer's management buy out Babcock's stake.

It marks the end of a seven-year partnership between Citta's
directors, former Lend Lease executives, and the once high-flying
finance group, the report notes.

The report, citing Babcock's 2007 accounts, discloses that the
group then owned 40% of Citta, valued at negative AU$1.7 million.
A Babcock prospectus issued as the investment group prepared to
float in 2004 valued the same stake at AU$3.8 million, the report
says.

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


CENTRO PROPERTIES: IMF Launches Legal Action Against PwC
--------------------------------------------------------
Litigation funding firm IMF (Australia) will launch a legal action
against PricewaterhouseCoopers on behalf of hundreds of investors
in Centro Properties Group, Anthony Klan at The Australian
reports.

IMF, which is claiming potential damages of more than $1 billion,
said Monday it would extend its funding of the class action to
include Centro auditor PwC, after the accountancy firm moved to
take action against some former Centro directors.

The Australian recalls that the litigation funder launched action
against Centro Properties Group and affiliate Centro Retail Trust
in 2007, following a collapse in the share price of each company.
According to the report, the share price slump that hit those
companies followed revelations that Centro had allegedly
incorrectly classified AU$1.5 billion of debt as long-term rather
than short-term.

"The claims are of alleged misleading and deceptive conduct by PwC
and PwC Securities that caused loss," IMF investment manager Wayne
Attrill was quoted by The Australian as saying.  "That conduct
surrounds the 2007 results of the Centro companies."

The report says Centro has sought indemnity from PwC over any
losses the group may have to pay investors.

                      About Centro Properties

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

                         *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

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


METAL STORM: Founder Dumps Shares as Funding Deal Looms
-------------------------------------------------------
Metal Storm Ltd's estranged founder, Mike O'Dwyer, has continued
to dump shares as the group hinted it is closer to pulling out of
a US$35 million (AU$38.6 million) funding deal because the first
downpayment is overdue, The Age reports.

The report says Mr. O'Dwyer has sold more than 10 million shares
at prices as low as 1.9c each, compared with last week's 15%fall
in Metal Storm's share price to 2.2c.

Metal Storm's price slide came after the company confirmed that a
$2.1 million cash injection from a Filipino investor had not
arrived, the report relates.

Metal Storm on Friday gave formal notice to Assure Fast Holdings
Ltd BVI after failing to provide initial funding under a US$35
million investment agreement.

The company said that the first tranche of approximately AU$2.1
million (US$1.9 million) of equity capital was initial scheduled
to close on November 3, 2009, but had been extended subsequently
until December 10, 2009.

The subscription agreement requires the company to give AFHL two
business days from the date of notice to remedy the failure to
provide the first tranche funding.

"Accordingly, the Company will allow that time before any further
action on the AFHL subscription agreement but reserves its rights.
The Company has not yet determined if there is any economic value
pursuing those rights," Metal Storm said in a statement Monday.

The Troubled Company Reporter-Asia Pacific reported on Oct. 23,
2009, that Metal Storm Ltd said it has secured an equity and debt
placement of up to US$35 million from international investment
company Assure Fast Holdings Limited BVI.  The negotiations were
completed in Hong Kong with AFHL and its bank, the Royal Bank of
Scotland.

Metal Storm CEO Dr. Lee Finniear said the Company signed a
subscription agreement for the issue of a total of 1,000,000,000
fully paid ordinary shares and 100,000,000 Options for
US$17.5 million with AFHL on October 19, 2009.

                        About Metal Storm

Metal Storm Limited (ASX:MST) -- http://www.metalstorm.com/-- is
a defense technology company with offices in Australia and the
United States.  The Company specializes in the research, design,
development and integration of projectile launching systems
utilizing its electronically initiated / stacked projectile
technology for use in the defense, homeland security, law
enforcement and industrial markets.  Metal Storm has entered into
a number of partnerships with companies, including Singapore
Technologies Kinetics (STK), iRobot, Electro Optic Systems, and
Defence Technologies Inc., where partners provide capabilities,
such as manufacturing, complementary technology, or access to
markets in areas where Metal Storm is not active.

Metal Storm Limited's balance sheet at December 31, 2008, showed
current assets of US$8,701,884 and current liabilities of
US$22,397,651, resulting in a working capital deficit of
US$13,695,767.  At December 31, 2007, the Company reported a
working capital deficit of US$4,742,580.

The Company has incurred substantial losses since its formation
and anticipates incurring substantial additional losses over at
least the next few years as it continues its research and
development activities and conduct further trials of its
technology.  The Company's operations have been financed primarily
from capital contributions by investors, interest income earned on
cash and cash equivalents, and grants from government agencies.


TRANSURBAN GROUP: Future Fund May Back Canada Fund's $6.8 Mil. Bid
------------------------------------------------------------------
Matt O'Sullivan and Jamie Freed at The Age report that the Federal
Government's Future Fund is in talks to invest $1.5 billion to
help two of Canada's biggest pension funds take toll-road operator
Transurban private.

According to the report, the Future Fund said it had entered
preliminary talks with the Canada Pension Plan Investment Board
and Ontario Teachers Pension Plan to support the $6.8 billion bid
to buy Transurban.

The report notes the sovereign wealth fund said it would work with
the Canadian funds to consider removing some of the conditions
attached to the indicative takeover bid.

The Age states that the most pressing barrier is a condition that
22% of Transurban's register maintain a stake in the toll-roads
operator, even though the vehicle would become unlisted after the
deal.

According to the Age, the Future Fund is believed to have
anticipated contributing $1.5 billion in cash to take the 22%
stake, allowing all other investors -- apart from the Canadian
pension funds -- to exit the register.

The Future Fund's presence would help to ensure approval from the
Foreign Investment Review Board, the report notes.

Transurban, meanwhile, said that nothing had occurred after its
rejection of the Canadian funds' bid for the toll-road owner.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 5, 2009, Transurban Group rejected unsolicited takeover offer
from Canada Pension Plan Investment Board and Ontario Teachers'
Pension plan.

In a statement to the Australian Stock Exchange, Transurban said
that the proposal received was incomplete, highly conditional and
non-binding, which if implemented, would involve a change of
control of the group through a scheme of arrangement.

                       About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads
Group.

                          *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million  and AU$16.13 million for the years ended
June 30, 2007 through 2009.


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


GALAXY ENTERTAINMENT: Issues Update on Debt Refinancing Plan
-----------------------------------------------------------
Galaxy Entertainment Group released an update on the progress of
its funding program for Galaxy Macau.  The group said it has
completed a strategic review of the range of options available to
fund Galaxy Macau and has narrowed these options to what it
believes is the best course of action for stakeholders.  The group
said these negotiations do not relate to the issuance of equity.

Galaxy Entertainment also announced its intention to call all of
the outstanding Floating Rate Notes, due on December 15, 2010.  In
accordance with the terms of the bond indenture, the Group gives
30 days notice that it will call all outstanding 2010 Bonds and
will pay the par value of the issued paper to each holder on
January 14, 2010.

The current outstanding balance of the 2010 Bonds is approximately
US$106 million.  The repurchase of the bonds is expected to
generate a savings of US$5.7 million in interest payments.

Based in Hong Kong, Galaxy Entertainment Group Limited --
http://www.galaxyentertainment.com/-- is an investment holding
company.  The company along with its subsidiaries is engaged in
operation in casino games of chance or games of other forms,
provision of hospitality and related services in Macau, and the
manufacture, sale and distribution of construction materials in
Hong Kong, Macau and Mainland China.  It operates in two segments:
Gaming an Entertainment and Construction Materials.  The City Club
casinos operate 260 gaming tables and 510 slot machines.  Its
subsidiaries include Barichon Limited, Chelsfield Limited,
Construction Materials Limited, Doran (Hong Kong) Limited, Galaxy
Entertainment Management Services Limited and Wah Construction
Products Limited.  In August 2007, the company announced
amalgamation with Pan India Restaurants Ltd.  In October 2007,
Galaxy Entertainment Group Limited disposed 100% of the equity
interest in K. Wah Quarry (Huzhou) Co., Ltd.

                            *     *     *

Galaxy Entertainment Group Limited incurred three consecutive net
losses of HK$11.55 billion, HK$502 million and HK$1.53 billion for
the years ended Dec. 31, 2008, 2007 and 2006, respectively.


HONEST UP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order October 20, 2009, to
wind up the operations of Honest Up Limited.

The company's liquidator is Bruno Arboit.


HONG KONG & MACAU: Court to Hear Wind-Up Petition on January 27
---------------------------------------------------------------
A petition to wind up the operations of Hong Kong & Macau Scent on
Engineering Construction Limited will be heard before the High
Court of Hong Kong on January 27, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Gary Lau & Partners
         Golden Centre, Unit 701
         7th Floor
         188 Des Voeux Road Central
         Hong Kong


HUGE MAX: Creditors' Proofs of Debt Due January 14
--------------------------------------------------
Huge Max Engineering Limited, which is in members voluntary
liquidation, requires its creditors to file their proofs of debt
by January 14, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 4, 2009.

The company's liquidator is:

         Lo Yau Leung
         Finance Building, Room 502
         No. 256 Des Voeux Road
         Central, Hong Kong


INCLINE BEAUTY: Court to Hear Wind-Up Petition on January 20
------------------------------------------------------------
A petition to wind up the operations of Incline Beauty Global
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Ford, Kwan & Company
         Suites 1505-1508, 15th Floor
         Chinachem Golden Plaza
         No. 77 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


JOINTEX INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order October 5, 2009, to
wind up the operations of Jointex Industries Limited.

The company's liquidator is Bruno Arboit.


KOSMO LIVING: Court to Hear Wind-Up Petition on January 20
----------------------------------------------------------
A petition to wind up the operations of Kosmo Living Management
(HK) Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

         Christina Hadiwibawa
         Revenue Tower 30/F
         5 Glouecester Road
         Wan Chai, Hong Kong


LEHMAN BROTHERS: HKMA Updates on Probe on Minibonds
---------------------------------------------------
The Hong Kong Monetary Authority announced that there were 765
Lehman-Brothers-related non-minibond complaint cases which are
under disciplinary consideration after detailed investigation by
the HKMA, and there was a Lehman-Brothers-related non-minibond
complaint case in which the relevant individual concerned has been
disciplined after completion of the disciplinary process.

Up till now, the HKMA has referred a total of 334 Lehman-
Brothers-related non-minibond cases to the Securities and Futures
Commission (SFC) for further action.  These cases have been
reviewed by the HKMA, which has determined that there are
sufficient grounds for referring them to the SFC to facilitate
its investigations into banks.

The HKMA has, up to December 3, 2009, received 21,762 complaints
concerning Lehman-Brothers-related products, of which 7,731 relate
to non-minibond products.  Of the Lehman-Brothers-related non-
minibond complaints, 7,720 cases have gone through the preliminary
assessment process and, as a result, the HKMA is currently
investigating 3,103 cases and seeking further information on 1,246
cases.  A total of 2,605 Lehman-Brothers-related non-minibond
complaints have been closed as there was not sufficient prima
facie evidence found after the preliminary assessment process or
no sufficient grounds and evidence found after detailed
investigations.  A total of 765 Lehman-Brothers-related non-
minibond complaint cases have led to, and are still under,
disciplinary consideration and disciplinary action has been taken
in respect of one case.

Of the minibond complaints, 13,114 cases are eligible for the
Lehman-Brothers Minibonds Repurchase Scheme ("the Scheme") or
the voluntary offer made by the distributing banks to customers
with whom they had reached settlements before the Scheme was
introduced.  Eight hundred and ninety-six minibond complaints
involving customers who are not eligible for, or have indicated
that they do not accept, the repurchase offer under the Scheme or
whose cases require clarification from the banks will continue to
be handled by the HKMA if the complaints cannot be resolved by
the enhanced complaint handling system introduced by the
distributing banks as agreed by the regulators.

Since August 7, 2009, 16 minibond distributing banks have begun
the issue of repurchase offer letters to eligible customers (about
25,000 customers) under the Scheme.  Up to December 2, 2009,
24,669 customers have responded to the repurchase offers, of whom
24,399 customers or 98.9% have accepted the offers.  As of 30
November 2009, for customers who had accepted the offer, 99.97% of
them already received payment from the banks concerned, while the
remaining payments will be settled soon (in any case no later than
30 days after having received the duly completed acceptance forms
from these customers).  Separately, about 4,800 customers who had
reached settlements with the banks prior to the introduction of
the Scheme are eligible for the voluntary offer made by the banks,
with a view to bringing them in line with the eligible customers
who accept the repurchase offer under the Scheme.  For customers
whose previous settlement amount was less than 60% (for customers
aged below 65) or 70% (for customers aged 65 or above) of the
principal invested, 99.5% had already received top-up payments
from the banks concerned on November 30, 2009.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Reps Mull Deal to Determine Intercompany Balances
------------------------------------------------------------------
Representatives of the Lehman Brothers Group of Companies, who
earlier this year agreed a Global Cross-Border Insolvency Protocol
to enhance cooperation between the various Lehman entities, have
held their second meeting.

A key objective of the second meeting was to reach agreement on
the determination of both Trading and Non-Trading Inter-Company
Balances.

The Global Protocol participants made very significant progress
and a methodology for settling all Non-Trading balances between
affiliates will be finalised shortly.  This will involve accepting
as a starting point for final determination, a set of balances as
at September 14, 2008.  These balances were produced following a
worldwide accounting exercise to "close" the Lehman books as at
that date, being the day before Lehman Brothers Holding Inc (LBHI)
filed for bankruptcy.

Edward Middleton, one of the Liquidators of the eight Lehman Hong
Kong entities, says: "Determination of the inter-company positions
lies on the critical path for pretty much all
administrations and, ordinarily, one of the features of
insolvency processes is that creditors are required to prove
their claims almost on an item-by-item basis from day one of
their relationship with the debtor.  If we were to take that
approach in Lehmans, however, the length of time over which
balances were built up, plus the sheer volume of transactions
making up those balances would have made the scale of such an
exercise unimaginable.

A better way had to be found and this is it.  Lehmans traded
normally right up until that very last Friday.  Its accounting
systems were robust and its routine daily, weekly and monthly
accounting procedures were carried out uninterrupted.
Accordingly, we have been able to gain comfort that the 'Global
Close' exercise has produced a robust starting point for the
validation of these inter-company balances, and will reduce by
many thousands the hours that would otherwise have had to be
spent."

In the case of Trading Balances, the affiliates have agreed the
methodology for valuing the various inter-company trades including
stock loans, repos and OTC derivatives.

Global Protocol participants will host another derivatives
valuations seminar in January 2010 in New York, to coincide with
the next meeting of Lehman affiliates.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MEGO TOYS: Court to Hear Wind-Up Petition Today
-----------------------------------------------
A petition to wind up the operations of Mego Toys Industrial
Company Limited will be heard before the High Court of Hong Kong
today, December 16, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Messrs. Yim & Co.
         Hongkong and Macau Building
         Room 701, 7th Floor
         156 Connaught Road Central
         Hong Kong


MERIT HILL: Creditors' Proofs of Debt Due January 14
----------------------------------------------------
Creditors of Merit Hill Technology Development Limited, which is
in members voluntary liquidation, are required to file their
proofs of debt by January 14, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 4, 2009.

The company's liquidator is:

         Lo Yau Leung
         Finance Building, Room 502
         No. 256 Des Voeux Road
         Central, Hong Kong


NEW YUEN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order October 9, 2009, to
wind up the operations of New Yuen Garments Factory Limited.

The company's liquidator is Bruno Arboit.


NOBLE HORLOGERIE: Court to Hear Wind-Up Petition on January 27
--------------------------------------------------------------
A petition to wind up the operations of Noble Horlogerie Company
Limited will be heard before the High Court of Hong Kong on
January 27, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

         Christina Hadiwibawa
         Revenue Tower 30/F
         5 Glouecester Road
         Wan Chai, Hong Kong


PENINSULA LIMITED: Members' Final Meeting Set for January 11
------------------------------------------------------------
Members of Peninsula Limited will hold their final meeting on
January 11, 2010, at 11:00 a.m., at the 31/F, Gloucester Tower,
The Landmark, 11 Pedder Street, Central, in Hong Kong.

At the meeting, Lai Tak Shing Jonathan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


QUEENWILL TRAVEL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on October 15, 2009,
to wind up the operations of Queenwill Travel Services Limited.

The company's liquidator is Mat Ng.


REALTORS INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order August 5, 2009, to
wind up the operations of Realtors International Investment
Limited.

The company's liquidator is Bruno Arboit.


SAM MAN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on November 18, 2009,
to wind up the operations of Sam Man Logistics Development
Limited.

The company's liquidator is Mat Ng.


SIK WAI: Court to Hear Wind-Up Petition on January 20
-----------------------------------------------------
A petition to wind up the operations of Sik Wai Sin Restaurant
Limited will be heard before the High Court of Hong Kong on
January 20, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

         Christina Hadiwibawa
         Revenue Tower 30/F
         5 Glouecester Road
         Wan Chai, Hong Kong


SKY GAINER: Creditors and Contributories to Meet on Dec 21
----------------------------------------------------------
Creditors and contributories of Sky Gainer Industrial
International Limited will hold their first meeting on December
21, 2009, at 2:00 p.m., and 2:30 p.m., respectively at 10th Floor,
Dah Sing Life Building, 99-105 Des Voeux Road Central, in Hong
Kong.

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


SPARKVIEW INVESTMENTS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order October 16, 2009, to
wind up the operations of Sparkview Investments Limited.

The company's liquidator is Bruno Arboit.


TRIDENT TELECOM: Creditors' Meeting Set for December 22
-------------------------------------------------------
Creditors of Trident Telecom Ventures limited will hold their
meeting on December 22, 2009, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at Unit 18, 3/F., New City Centre, 2 Lei
Yue Mun Road, in Kowloon.


=========
I N D I A
=========


ABW INFRASTRUCTURE: ICRA Puts 'LBB+' Rating on INR180MM Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR180 million term loans and
INR420 million fund-based limits of ABW Infrastructure Limited.

The rating takes into account ABWIL's experienced management, its
relatively low cost land bank and improvement in cash flows owing
to land sale in Manesar, Gurgaon.  The rating is, however,
constrained by geographical risk owing to concentration of ABWIL's
projects in National Capital Region (NCR) and execution risk
arising from significant expansion plans of the company.  Besides,
the demand slowdown in domestic real estate market coupled with
intense competition in NCR region accentuates the market risk for
ABWIL's ongoing projects.  The rating also incorporates the delay
in ABWIL's ongoing projects on account of regulatory approvals
leading to deferment of project progress linked cash flows. While
assigning the rating, ICRA has also noted the support extended by
ABWIL to its Special Purpose Vehicle (SPV) ABW Buildhomes Limited.
Going forward, the company's ability to maintain its sales and
collection efficiency in the current slowdown as well as any
further pressure on ABWIL's financial profile owing to support
extended to ABL would be the key sensitive factors.

ABWIL was promoted by Mr. Atul Bansal in 1988. The Company started
with the development of luxury apartments in Delhi and NCR region.
The Group has constructed over 250 high end luxury apartments
covering one million sq ft area in South Delhi areas like Shanti
Niketan, Golf Links, Jor Bagh, Anand Lok, Anand Niketan, Greater
Kailash, West End, Malcha Marg etc.  Over the years, ABWIL
diversified into the development of commercial projects and
shopping malls.  ABWIL has recently completed two commercial
centres-cum shopping malls in Saket District Centre and Jasola.
Some of the completed projects of the ABWIL include ABW Tower at
IFFCO Chowk, Rectangle-1 in Saket and Elegance Tower in Jasola.


ASL INDUSTRIES: CRISIL Reaffirms 'BB+' Ratings on INR140MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of ASL Industries Pvt Ltd at 'BB+/Stable' while reclassifying the
short-term rating as 'P4+' from the earlier 'P4'.  The
reclassification is a result of CRISIL's decision to introduce the
'P4+' rating in its short-term rating scale.  The reclassification
does not imply any change in ASL Industries' credit quality.

   Facilities                      Ratings
   ----------                      -------
   INR140 Million Cash Credit*     BB+/Stable (Reaffirmed)
   INR155 Million Term Loan@       BB+/Stable (Reaffirmed)
   INR5 Million Letter of Credit/  P4+ (Reclassified from 'P4')
                Bank Guarantee
   *Includes proposed limit of INR100 million.
   @Includes proposed limit of INR60.3 million.

The ratings continue to reflect ASL Industries' weak financial
risk profile marked by small net worth, weak pricing power,
customer concentration in revenue profile, and exposure to
volatility in raw material prices. The impact of these rating
weaknesses is mitigated by ASL Industries' established
relationship with its largest customer Tata Motors Ltd (TML; rated
'A/Stable/P1' by CRISIL).

Outlook: Stable

CRISIL believes that ASL Industries will continue to benefit from
its established market position backed by regular off-take from
TML. The outlook may be revised to 'Positive' if ASL Industries
reduces its customer concentration while increasing its revenues
and improving its profitability.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, as that will
lead to deterioration in its capital structure, or if the
company's profitability deteriorates from current levels.

                       About ASL Industries

ASL Industries is part of the Jamshedpur-based ASL group, which
has interests in iron and steel, sheet metal, and fibre-glass
reinforced (FRP) components, and is an authorized sales and
service dealer for TML. Originally incorporated as Ajanta
Composite Pvt Ltd in 1992, the company's name was changed in 2002.
ASL Industries, which has a presence in the auto ancillary
industry, is managed by Mr. Dilip Kumar Goyal and Mr. Vipul Singh.

ASL Industries reported a net loss of INR7 million on net sales of
INR348 million for 2008-09 (refers to financial year, April 1 to
March 31), against a PAT of INR6.9 million on net sales of INR488
million for the previous year.


CHHAYA GEMS: CRISIL Downgrades Ratings on Various Debts to 'P5'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Chhaya
Gems to 'P5' from 'P4', as Chhaya Gems' post-shipment credit
facilities are currently overdue.  The overdue has been caused by
pressure on liquidity because delays in payments by customers.

   Facilities                          Ratings
   ----------                          -------
   INR193.0 Million Packing Credit     P5 (Downgraded from 'P4')
   INR477.0 Million Post-Shipment      P5 (Downgraded from 'P4')
                    Credit

Set up in 1976, Chhaya Gems manufactures and trades in cut and
polished diamonds. The partnership firm is managed by brothers Mr.
Bhupendra Gandhi and Mr. Jayesh Gandhi.  The firm owns four
manufacturing units—three in Surat and one at Rajkot.

Chhaya Gems reported a profit after tax (PAT) of INR24.5 million
on net sales of INR1901 million for 2007-08 (refers to financial
year, April 1 to March 31), against a PAT of INR23.8 million on
net sales of INR1814 million for 2006-07.


GANGA BAG: CRISIL Rates INR23.1 Mil. Term Loan at 'BB+'
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Ganga Bag Udyog Pvt Ltd (GBL; part of the Ganga
group).

   Facilities                          Ratings
   ----------                          -------
   INR85 Million Cash Credit Facility  BB+/Stable (Assigned)
   INR23.1 Million Term Loan           BB+/Stable (Assigned)
   INR6 Million Letter of Credit       P4+ (Assigned)
   INR15 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect the Ganga group's weak financial risk profile
marked by high gearing and moderate debt protection measures, and
the expected pressure on its margins because of intense
competition in the woven sacks industry.  The impact of these
weaknesses is mitigated by the Ganga group's stable business risk
profile, supported by its established relationships with its
clients and the diversity in its end-user industry profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GBL and its group company, Quality
Woven Sacks Pvt Ltd (QWL), together referred to as the Ganga
group.  This is because both the companies are in the same line of
business, and have operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the Ganga group will maintain its business
risk profile over the medium term, backed by its longstanding
experience in the woven sacks business and its established
customer profile.   The outlook may be revised to 'Positive' if
the group's capital structure improves significantly, supported by
capital infusion and sustenance of sales growth and profit
margins.  Conversely, the outlook may be revised to 'Negative' if
the Ganga group's financial risk profile deteriorates because of
large, debt-funded capital expenditure.

                           About the Group

GBL was incorporated in 1994 by Mr. R K Chaudhary and Mr. Pradeep
Tulsiyan. GBL is in the business of manufacturing various types of
high-density polyethylene bags and sacks used for packing
fertilizers.  The company has manufacturing capacity of around
8800 tonnes per annum; it has two units: Quality Packaging and
Shree Packaging, in Jagdishpur, Varanasi.

QWL was promoted in 2007 by Mr. R K Chaudhary and Mr. Pradeep
Tulsiyan; 2008-09 (refers to financial year, April 1 to March 31)
was QWL's first full year of operations.  The company is in the
business of manufacturing various types of polypropylene bags and
sacks used for packaging of cement.  QWL has current manufacturing
capacity of 4000 tonnes per annum at its plants at Rewa, Madhya
Pradesh.

For 2008-09, the Ganga group reported a profit after tax (PAT) of
INR4.5 million on net revenue of INR952 million, against a PAT of
INR2.4 million on net revenue of INR617 million the previous year.


GANGA PAPERS: CRISIL Assigns 'BB- Ratings on INR5MM Debts
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Ganga Papers India Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR100 Million Cash Credit Facility    BB-/Stable (Assigned)
   INR5 Million Bank Guarantee            P4+ (Assigned)

The rating reflects GPL's weak financial risk profile and small
scale of operations.  The impact of these weaknesses is mitigated
by the established track record of GPL's promoters in the paper
industry.

Outlook: Stable

CRISIL believes that GPL will maintain its sales growth and
benefit from increased revenue contribution from newsprint paper,
and writing and printing paper, which will help it improve its
margins over the medium term.  The outlook may be revised to
'Positive' in case of more-than-expected improvement in GPL's
profitability, or improvement in its capital structure driven by
fresh equity infusion. Conversely, the outlook may be revised to
'Negative' if GPL contracts debt before stabilizing its current
operations, or reports less-than-expected improvement in its cash
accruals.

                        About Ganga Papers

GPL was incorporated in 1985 as a private limited company and
converted to a public limited company in December 1992.  It was
earlier known as Kasat Paper and Pulp Ltd, and was renamed in
January 2007.  The company is managed by Mr. R K Chaudhary and Mr.
Sandeep Kanoria.  GPL is in the business of manufacturing of kraft
paper, newsprint paper, and writing and printing paper.  Its
manufacturing unit is located near Pune in Maharashtra, and has an
installed capacity of 120 tonnes per day.  The company filed
reference with Board for Industrial & Financial Reconstruction
(BIFR) in 2002-03 (refers to financial year, April 1 to March 31).
As per the revival scheme, its ownership was transferred to its
current promoters from Mr. Shrikant Kasat.  GPL has settled all
its dues to creditors and lenders under the One Time Settlement
Scheme (OTS) as per the revival scheme stated by BIFR.

GPL is listed on the Bombay Stock Exchange (BSE); however, the
trading is under suspension as the company was not operational for
more than 3 years.

For 2008-09, GPL reported a loss of INR56 million on net revenue
of INR392 million, against a profit after tax of INR4 million on
net revenue of INR235 million the previous year.


GRM OVERSEAS: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to GRM Overseas Ltd's bank
facilities.

   Facilities                               Ratings
   ----------                               -------
   INR500.0 Million Export Packing Credit   P4+ (Assigned)
   INR15.5 Million Bank Guarantee*          P4+ (Assigned)

   *Interchangeable with Export packing Credit.

The rating reflects GRM's weak financial risk profile, and
exposure to risks relating to fluctuations in raw material prices,
customer concentration in revenue profile, to the vagaries in
monsoons and unfavorable changes in government policies. These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the rice exports
industry, and strong growth in operating income supported by
increasing capacities.

Set up in 1995, by Mr. H C Garg and his son, Mr. Rohit Garg, GRM
is a public limited company that processes and exports basmati
rice (PUSA 1121 variety).  The company has two processing centres
with five fully automatic units, in Panipat (Haryana), with a
total capacity of 40 tonnes per hour.  The company primarily
exports basmati rice to the Middle East.

GRM reported a profit after tax (PAT) of INR33 million on net
sales of INR2732 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR17 million on net
sales of INR1773 million for 2007-08.


LITTLE BEE: ICRA Assigns 'LB+' Rating on INR158MM LT Bank Debts
---------------------------------------------------------------
ICRA has assigned a rating of LB+ to long term fund based limits
of INR158.0 million of Little Bee Products.

ICRA rating is constrained by small and nascent size of firms core
operations of potato chips manufacture; presence as a contract
manufacturer and trader by far; focus on rural and semi urban
markets and relatively local brand in the packed food products
segment with stiff competition from organized as well as un-
organized markets.  The rating is also constrained by high
inventory levels (of the traded products) which have largely been
financed by high credit period from group firms/supplier and
working capital (WC) loans.  ICRA rating factor's in group's
presence in packed food products, which offers operational
synergies and better cost structure, adequate client profile (in
private labelling segment), adequate profitability in initial year
of operations and entitlement to capital subsidy, under agro-based
products manufacturing promotion scheme of APEDA. ICRA has also
taken note of the firm's plans to strengthen its distribution
network (to increase its market penetration) in the braded chips
segment, although firm's ability to capitalize the growth
opportunity in this is segment yet to be seen. Going forward,
rating to remain sensitive to firms ability to increase its
presence in braded chips segment, groups' commitment/ability to
support LBP liquidity and firm's ability to manage WC.

Little Bee Products, established in 2007, is engaged in the
business of manufacturing potato chips and potato sticks as well
as trading of packed food products such as honey/jams/pickles and
raw Potatoes.  It has 750 MT capacities to manufacture potato
chips/sticks per annum, located at G.T. Road, Ludhiana.  LBP is a
part of larger Group, which operates third largest honey
processing unit(s) in Asia and accounts for significant portion of
the total honey production in the country.  The group also has
presence in other packed food products/snacks such a jams, pickles
etc.


MARUDHAR INDUSTRIES: ICRA Rates INR77.5MM Term Loan at 'LBB+'
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR77.5 million term
loans and the INR120 million, cash credit facility of Marudhar
Industries Limited.  ICRA has also assigned an A4+ rating to the
INR35.5 million, short-term, non-fund based limits of MIL.

The ratings are constrained by the relatively small size of
operations rendering uncompetitive cost structure; sensitivity to
import duty reduction; moderate financial risk profile as
indicated by its profitability and return indicators, high gearing
levels and weak debt service indicators.  The ratings also reflect
limited bargaining power with the raw material suppliers;
vulnerability of margins to raw material price fluctuations due to
cyclicality associated with the aluminium industry and the high
competitive nature of the industry.  The ratings, however,
favorably factor in the established track record of the company in
aluminium foils and flexi packaging segment; integrated operations
of MIL; established business relationship with various customers
and stable demand for the products from the end user industries.

Marudhar Industries Limited was incorporated in May, 1983 by
Mr. N. P Jain in West Bengal as M/s Kartic Traders and Exporters
Ltd. In 1993-94, Mr. S.K. Jain and Mr.  Ukchand Jain were taken on
the Board of this Company.  They merged the two Group Companies
viz. M/s Marudhar Metal Private Limited and Salecha Foils and
Strips Pvt. Ltd. with M/s Kartic Traders and Exporters Ltd in 1995
and renamed as Marudhar Industries Ltd. MIL is currently engaged
in the manufacturing of aluminium foils and foil stock/ coils,
which goes for packaging applications. It is also involved in the
flexi-packaging business whereby it undertakes designing and
making packaging pouches & films for its customers.

In FY 2008-09, the company reported net profit of INR8.38 million
and an operating income of INR665.73 million.


NIKIYOG BUILDWELL: ICRA Places 'LBB+' Rating on INR570MM Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR570 million bank
facilities of Nikiyog Buildwell Private Limited.

The rating takes into account the market risk arising out of
significant supply of commercial and retail space in the vicinity
of the project; slowdown in demand due to adverse economic
conditions; and the moderate levels of bookings achieved in the
project. The rating is also constrained on account of the
likelihood of delays in the project, which can impact the
company's project cost and future cash flows, as significant
portion of sales made by the company are linked to progress of
construction.  As a result of delays already witnessed in the
project, the project cost has already seen an upward revision and
undertaken a debt reschedulement. While assigning the rating ICRA
has also taken note of lack of proper sales mechanism and
contractual agreements, which exposes the company's cash flows to
comingling with those of promoter group companies. The rating is
however supported by the track record of NBPL's promoters in
development of residential and commercial projects, moderate
funding risk; as majority of promoter funding has been already
brought in and a significant portion of the total debt has been
tied up.


NBPL was promoted in 2006 by the Kumar family for the purpose of
acquiring land from Malibu Estate Private Limited to set up a
Commercial Complex at Sohna Road, Gurgaon. Currently Spaze Towers
Private Limited is the largest shareholder with 47% stake followed
by ABW Infrastructure Limited with 38%, BNB Constructions Limited
with 13% and Mr. Ranjan Gupta with the remaining stake. NBPL is
currently developing a Commercial Complex titled "Platinum Tower",
with a total constructed area of 0.637 million Sq ft (msf) and a
saleable area of 0.367 msf, which is scheduled for completion by
December 2010.


PARKSONS GAMES: Low Net Worth Prompts CRISIL 'BB' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Parksons Games & Sports.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB/Stable (Assigned)
   INR6.3 Million Rupee Term Loan      BB/Stable (Assigned)
   INR0.5 Million Proposed Long Term   BB/Stable (Assigned)
                  Bank Loan Facility
   INR5.0 Million Letter of Credit     P4+ (Assigned)
   INR5.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Parksons Games' working capital-intensive
operations, and moderate financial risk profile marked by low net
worth.  These weaknesses are partially offset by the benefits that
the firm derives from its established presence and track record in
the playing cards market.

Outlook: Stable

CRISIL expects Parksons Games' financial risk profile to remain
moderate over the medium term on account of its large working
capital requirements and low net worth. The outlook may be revised
to 'Positive' if the firm is able to increase its scale of
operations while sustaining its profitability. Conversely, the
outlook may be revised to 'Negative' in case the firm undertakes
any large debt-funded capital expenditure leading to material
deterioration of its financial risk profile.

                       About Parksons Games

Established in 1994 by the Kejriwal family, Parksons Games'
mainstay business is manufacturing playing cards.  It sells its
products in the wholesale, export, and corporate markets.  It has
an in-house facility for printing cards, while it outsources a
major part of the designing work to freelancers.  Besides playing
cards, Parksons Games also has various board games in its
portfolio, including Sudoku puzzle games and card games.  The firm
has two manufacturing units at Daman, with a combined capacity to
manufacture 130,000 packs of playing cards per day (9000 tonnes
per annum).

Parksons Games reported a profit after tax (PAT) of INR9.2 million
on net sales of INR267 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR6.7 million on
net sales of INR223 million for 2007-08.


QUALITY WOVEN: CRISIL Places 'BB+' Rating on INR67.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Quality Woven Sacks Pvt Ltd (QWL; part of the Ganga
group).

   Facilities                           Ratings
   ----------                           -------
   INR50 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR67.2 Million Term Loan            BB+/Stable (Assigned)

The rating reflects the Ganga group's weak financial risk profile
marked by high gearing and moderate debt protection measures, and
the expected pressure on its margins because of intense
competition in the woven sacks industry. The impact of these
weaknesses is mitigated by the Ganga group's stable business risk
profile, supported by its established relationships with its
clients and the diversity in its end-user industry profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of QWL and its group company, Ganga Bag
Udyog Pvt Ltd, together referred to as the Ganga group.  This is
because both the companies are in the same line of business, and
have operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the Ganga group will maintain its business
risk profile over the medium term, backed by its longstanding
experience in the woven sacks business and its established
customer profile.  The outlook may be revised to 'Positive' if the
group's capital structure improves significantly, supported by
capital infusion and sustenance of sales growth and profit
margins.  Conversely, the outlook may be revised to 'Negative' if
the Ganga group's financial risk profile deteriorates because of
large, debt-funded capital expenditure.

                         About the Group

QWL was promoted in 2007 by Mr. R K Chaudhary and Mr. Pradeep
Tulsiyan; 2008-09 (refers to financial year, April 1 to March 31)
was QWL's first full year of operations.  The company is in the
business of manufacturing various types of polypropylene bags and
sacks used for packaging of cement.  QWL has current manufacturing
capacity of 4000 tonnes per annum at its plants at Rewa, Madhya
Pradesh.

GBL was incorporated in 1994 by Mr. R K Chaudhary and Mr. Pradeep
Tulsiyan. GBL is in the business of manufacturing various types of
high-density polyethylene bags and sacks used for packing
fertilizers.  The company has manufacturing capacity of around
8800 tonnes per annum; it has two units: Quality Packaging and
Shree Packaging in Jagdishpur, Varanasi.

For 2008-09, the Ganga group reported a profit after tax (PAT) of
INR4.5 million on net revenue of INR952 million, against a PAT of
INR2.4 million on net revenue of INR617 million the previous year.


RAMANI HOTELS: CRISIL Upgrades Rating on INR10MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the rupee term loan of Ramani
Hotels Ltd, part of the Ramee India group, to 'B/Stable' from 'D'.

   Facilities                         Ratings
   ----------                         -------
   INR300 Million Rupee Term Loan     B/Stable (Upgraded from 'D')
   INR10.0 Million Proposed Long      B/Stable (Upgraded from 'D')
                   Term Loan

The rating action reflects improvement in the Ramee India group's
liquidity following equity infusion into the group entities; the
promoters have infused equity of about INR141 million into the
group, in 2009-10 (refers to financial year, April 1 to March 31)
so far.  Furthermore, the Ramee India group's term loan has been
restructured, and the group has been servicing its debt-related
obligations in a timely manner for the past six months.  The
upgrade also reflects CRISIL's belief that the fund infusion will
ease the pressure on the Ramee India group's cash flows and will
help the group service its debt obligations in timely manner.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ramee Hotels Pvt Ltd, Ramani, and
Creative Hotels Pvt Ltd, together referred to as the Ramee India
group.  This is because the three companies have a common
management and brand (Ramee Guestline Hotels), and derive
considerable synergies from intra-group operational and financial
linkages.

Outlook: Stable

CRISIL believes that the Ramee India group will maintain its
comfortable business risk profile over the medium term on the back
of the group's strong brand appeal and the prominent location of
its properties.  The outlook may be revised to 'Positive' if
substantial equity infusion or significant and sustained
improvement in cash accruals leads to improvement in the group's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case the Ramee India group's profitability and debt
servicing ability suffers because of the group's ongoing large,
debt-funded projects.

                          About the Group

The Ramee India group is part of the larger Ramee group of hotels,
which has 32 hotels worldwide, including five in India.  The Ramee
group is focused on the Gulf countries, and has interests in
hospitality, real estate, and construction.

RHPL, Ramani, and CHPL represent the Ramee group of hotels' Indian
operations.  These companies have given the Ramee group of hotels
a good brand presence in the Mumbai market; the group's other two
properties are in Bengaluru and Tirupati.  The Ramee India group
is promoted by the Shetty family, and is headed by its Chairman,
Mr. V M Shetty.  The group has two ongoing large projects - a
commercial complex in Chennai (comprising a 0.2-million-square-
feet shopping mall, including a 40,000-square-feet parking space)
and an 85-room 4-star hotel in Pune.  The total cost of these
projects is estimated at about INR1.7 billion, expected to be
funded at a debt-to-equity ratio of 35:65.

For 2008-09, the Ramee India group reported a profit after tax
(PAT) of INR93 million on net sales of INR536 million, against a
PAT of INR84 million on net sales of INR562 million for 2007-08.


RAMEE HOTELS: CRISIL Rates INR1.04 Bil. Rupee Term Loan at 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the INR1.04 billion rupee term
loan of Ramee Hotels Pvt Ltd, part of the Ramee India group, to
'B/Stable' from 'D'.  The rating action reflects improvement in
the Ramee India group's liquidity following equity infusion into
the group entities; the promoters have infused equity of about
INR141 million into the group, in 2009-10 (refers to financial
year, April 1 to March 31) so far.  Furthermore, the Ramee India
group's term loan has been restructured, and the group has been
servicing its debt-related obligations in a timely manner for the
past six months.  The upgrade also reflects CRISIL's belief that
the fund infusion will ease the pressure on the Ramee India
group's cash flows and will help the group service its debt
obligations in timely manner.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ramee, Ramani Hotels Ltd, and Creative
Hotels Pvt Ltd (CHPL), together referred to as the Ramee India
group. This is because the three companies have a common
management and brand (Ramee Guestline Hotels), and derive
considerable synergies from intra-group operational and financial
linkages.

Outlook: Stable

CRISIL believes that the Ramee India group will maintain its
comfortable business risk profile over the medium term on the back
of the group's strong brand appeal and the prominent location of
its properties.  The outlook may be revised to 'Positive' if
substantial equity infusion or significant and sustained
improvement in cash accruals leads to improvement in the group's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case the Ramee India group's profitability and debt
servicing ability suffers because of the group's ongoing large,
debt-funded projects.

                          About the Group

The Ramee India group is part of the larger Ramee group of hotels,
which has 32 hotels worldwide, including five in India.  The Ramee
group is focused on the Gulf countries, and has interests in
hospitality, real estate, and construction.

Ramee, RHL, and CHPL represent the Ramee group of hotels' Indian
operations.  These companies have given the Ramee group of hotels
a good brand presence in the Mumbai market; the group's other two
properties are in Bengaluru and Tirupati.  The Ramee India group
is promoted by the Shetty family, and is headed by its Chairman,
Mr. V M Shetty.  The group has two ongoing large projects - a
commercial complex in Chennai (comprising a 0.2-million-square-
feet shopping mall, including a 40,000-square-feet parking space)
and an 85-room 4-star hotel in Pune.  The total cost of these
projects is estimated at about INR1.7 billion, expected to be
funded at a debt-to-equity ratio of 35:65.

For 2008-09, the Ramee India group reported a profit after tax
(PAT) of INR93 million on net sales of INR536 million, against a
PAT of INR84 million on net sales of INR562 million for 2007-08.


S.P.Y. AGRO: Default in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
SPY Agro Industries Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR230.00 Million Cash Credit    D (Assigned)
   INR540.00 Million Term Loan      D (Assigned)
   INR20.00 Million Letter of       P5 (Assigned)
      Credit and Bank Guarantee

The ratings factor in default by SPY Agro on its term loan
obligations. The rating also factors in the strength of
technologically superior quality plant.

Set up in 2005 by Mr. Sannapureddy Pedda Yerikala and Mr. S
Sreedhar Reddy, SPY Agro manufactures extra-neutral alcohol (ENA).
The company recently set up a grain-and-molasses-based distillery
plant at Nandyal (Andhra Pradesh) with a capacity of 145 kilo
litres per day, at a cost of INR830 million, funded in the debt-
to-equity ratio of 2:7. ENA is the main raw material in the
manufacture of Indian Made Foreign Liquor.  The company commenced
commercial production in 2008-09 (refers to financial year,
April 1 to March 31).


ST. SIRDI SAI: ICRA Rates INR150 Mil. Term Loans at 'LBB+'
----------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR150 million term loans
of St. Sirdi Sai Education Society Limited.

The rating takes into consideration the favorable positioning of
the school as demonstrated by the higher number of applicants for
the limited number of available seats during the current academic
year, composite affiliation for secondary and senior secondary
classes from Central Board of Secondary Education and the ability
of the school to attract students with high scores in the class X
board exams in its initial years of operations despite an increase
in the fee structure.  The construction work on the additional
facilities for the school is in advanced stages, thereby
mitigating project execution risk to an extent.  ICRA has also
noted the track record of Dr. Prakash's, principal of the school,
in managing other CBSE affiliated start up schools both in India
and abroad and the strength being derived from the academic
background and experience of the faculty.

The rating also reflects the weak financial profile of the entity
characterized by high gearing level which stood at 3 times as on
September 30, 2009, loss making nature of operations in the first
year i.e.  FY09 and a lack of track record for the school. However
the same is mitigated to an extent by the school's demonstrated
ability to attract students during FY10.  In addition, ICRA also
notes that the school has been able to attract students who have
secured high marks in class X board exams by offering
incentives/scholarships.  SSSESL owns the infrastructure being
used by the school which is managed by a trust, St. Sirdi Sai
Education Society.  As per the contractual arrangement between the
company and the trust, SSSESL receives fees for utilization of
infrastructure by the trust.  Hence for assigning the rating, ICRA
has consolidated the financials of SSSESL and SSSES to ascertain
the financial risk profile of the entity.

SSSESL was incorporated in FY07 by Mr. B. K. Sahoo in Bhubaneswar,
Orissa for the promotion of education.  The company owns the
assets and liabilities of Sai International School which is
managed by a trust, SSSES.  SIS is a co-educational institute
providing day boarding facilities to its students. The school
started its operations in the year FY09 with the first batch of
356 students and subsequently a total strength of 933 students
during the second year of operations.

Mr. B. K. Sahoo, a Chartered Accountant and a law graduate is also
the promoter of JSS IT Solutions Pvt. Ltd., engaged in BPO
operations and a founder-partner of SRB & Associates, a chartered
accountant firm. During H1 FY10, the combined entity of SSSESL and
SSSES recorded a net profit after tax (PAT) of INR11.45 million on
a net income of INR39.69 million as against a net loss of INR2.08
million on a net income of INR31.23 million during FY09, the first
year of operations.


SRI GOUTAM: CRISIL Reaffirms Rating on INR20MM LT Loan at 'BB'
--------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Sri Goutam Tex
continue to reflect SGT's exposure to geographic and customer
concentration risks and high working capital intensive nature of
the operations.  These rating weaknesses are partly offset by
SGT's well-established position marked by good relationship with
Linter Industries, U.S.A and above-average financial risk profile.

   Facilities                             Ratings
   ----------                             -------
   INR20 Million Long Term Loan           BB/Stable (Reaffirmed)
   INR110 Million Export Packing Credit   P4+ (Reaffirmed)
                         Limits
   INR10 Million Line of Credit Limits    P4+ (Reaffirmed)
   INR2 Million Bank Guarantee Limits     P4+ (Reaffirmed)
   INR8 Million Letter of Credit Limits   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes SGT to maintain its steady business performance
backed by recurring orders from Linter Industries.  The outlook
may be revised to 'Positive' in case of a significant improvement
in revenues and margins and improved customer diversity.
Conversely, the outlook may be revised to 'Negative' in case of,
decline in margins, or cancellation of orders from customers,
thereby impacting the financial risk profile.

SGT was promoted in 1992 as a partnership firm by Mr. R.
Easwaramurthy, its managing partner.  The company manufactures
various types of knitted garments which are primarily exported to
U.S.A.  For 2008-09 (refers to financial year, April 1 to March
31), SGT reported a PAT of INR17.2 million on net sales of
INR561.3 million, as against a PAT of INR28.6 million on net sales
of INR395.4 million in 2007-08.


VISHAL PRECISION: ICRA Assigns 'LB+' Rating on Various Bank Debts
-----------------------------------------------------------------
ICRA has assigned an LB+ rating each to the INR180 million Working
Capital Limits and INR17.5 million Term Loan and A4 rating to the
INR42.5 million Non-Fund Based Limits of Vishal Precision Steel
Tubes & Strips Private Limited.

The ratings are constrained by the modest scale of operations of
the company, the pressure on sales volumes and profitability and
delays in debt servicing in the recent past.  The ratings also
take into account Vishal's operating loss in FY2009, its
relatively high gearing levels and low debt protection indicators.
However, the ratings draw comfort from established presence of the
company and its wide range of products in steel strips and
Electric Resistance Welded (ERW) precision steel tubes.

Incorporated in 1991, Vishal Precision Steel Tubes & Strips Pvt.
Ltd. is engaged in the manufacturing of cold rolled/hot rolled
steel strips and ERW Precision steel tubes.  It supplies its
products to various customers in automotive, general engineering,
bicycle, stampings and container segments.  The company has an
installed capacity of 18000 MT of steel strips and 15000 MT ERW
Steel Tubes in its facility at Hoskote near Bangalore.  The
company had a net loss of INR33.9 million on an operating income
of INR491.9 million in FY2009 (nine months accounting period, July
2008-March 2009) as compared to net profit of INR7.0 million on an
operating income of INR867.9 million in FY2008 (fifteen months
accounting period, April 2007-June 2008).


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


EXCELCOMINDO PRATAMA: Moody's Gives Stable Outlook on 'Ba2' Rating
------------------------------------------------------------------
Moody's Investors Service changed the outlook on PT Excelcomindo
Pratama Tbk's Ba2 local currency issuer rating and senior
unsecured foreign currency rating to stable from negative.

"The change in outlook from negative to stable reflects XL's
improved capital structure following the completion of the
US$300 million rights issue," says Ivan Palacios, a Moody's
AVP/Analyst and lead analyst for XL.

"The stable outlook also reflects the company's recently improved
operating performance following the stabilization of the
competitive environment in the Indonesian mobile sector," says
Palacios.

"The company will use the proceeds from the rights issue to repay
debt.  As a result, XL's credit metrics will strengthen such that
its Adjusted Debt/EBITDA is expected to be around 3.0x in 2009, as
compared to 3.8x a year earlier," he adds.

Moody's also notes that the rights issue demonstrates strong
support from the company's main shareholder Indocel Holding Sdn.
Berhad, a 100% owned subsidiary of Axiata Group Berhad, which
acted as a standby buyer of the unsubscribed portion of the rights
issue.  Such strong support is reflected in the one-notch uplift
factored in XL's Ba2 ratings.

In addition, XL has shown an improved operating performance in the
last 2 quarters, reporting growth in net subscriber additions,
revenues and ARPU on a sequential basis.  Cost reduction efforts
have also helped the company improve its reported EBITDA margins
to 47% in Q3 2009 from 34% in Q4 2008, while the sharp capex cut
is accelerating the trend towards positive free cash flow
generation.

XL's operating performance has also benefited from the improved
macro environment, which was reflected in the upgrade of
Indonesia's sovereign rating to Ba2 on 16 September 2009.

XL's liquidity profile will also improve as the company will use
the proceeds of the rights issue to repay short-term debt.  In
addition, by pre-paying the US$140 million syndicated loan
facility, XL will reduce its refinancing risk, as it will no
longer be restricted by interest coverage maintenance covenants
included in this facility.

The stable outlook reflects Moody's expectation that XL will
maintain its current financial profile, and execute its business
plan as outlined.

Upward rating pressure will occur if XL improves its underlying
credit strength through generating free cash flow on a sustainable
basis while keeping its adjusted debt/adjusted EBITDA below 3.0x.
Moody's would also look for XL to maintain its market share
without damaging EBITDA margins, such that they do not fall below
40% while retained cash flow/adjusted debt remains in excess of
20%.

Conversely, downward pressure on XL's stand-alone rating could
emerge should there be any material deterioration in its
underlying credit strength arising from diminishing operating
margins, weaker operating cash flow or rising FX risk -- all of
which may be reflected in a ratio of adjusted debt/adjusted EBITDA
rising above 3.5-4x or retained cash flow/adjusted debt falling
below 15%.

In addition, Moody's notes that the one-notch uplift derived from
the support from Axiata could be removed if its shareholding in XL
falls well below 50%, or if it indicates that XL is no longer a
core asset for the group.

The last rating action with respect to XL was taken on June 30,
2009, when Moody's withdrew the company's Aa1.id national scale
rating.

XL is the third largest cellular provider in Indonesia; as at
September 2009, it had around 26.6 million subscribers, of which
approximately 99% were prepaid.


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


AIFUL CORP: Proposes to Buy Up to JPY5 Bil. Debt at Discounts
-------------------------------------------------------------
Aiful Corp. has proposed to its creditors a plan to buy its debts
to them at discounts for a total of up to JPY5 billion as part of
its rehabilitation efforts, Kyodo News reports citing sources
close to the matter.

Kyodo relates the sources said the move is aimed at obtaining
support from all of Aiful's 66 creditors that is necessary to
complete an out-of-court debt resolution under the "alternative
debt resolution" procedure.

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation.  At the same time,
Moody's continues to review the ratings for possible further
downgrade.  In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.

Standard & Poor's Ratings Services also lowered its long- and
short-term counterparty ratings on Aiful Corp. to 'SD' from 'CC'
and 'C' respectively, after Aiful's application for ADR procedures
was officially accepted.  As a result, Aiful has temporarily
suspended principal payments on borrowings from financial
institutions, thereby breaching the terms and conditions of the
original agreements.  The 'CCC' rating on the senior unsecured
bonds remains on CreditWatch with developing implications.  S&P
placed the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration.  The CreditWatch status was revised to
developing on Sept. 18, 2009.


ALL NIPPON: Plans Ties With UAL Corp and Continental on Open Skies
------------------------------------------------------------------
All Nippon Airways plans to apply for antitrust immunity together
with United Air Lines, Inc., and Continental if an "open skies"
accord is reached between the United States and Japan, Reuters
reported on December 4, 2009.

The "open skies" accord could enable airlines to seek immunity
from antitrust enforcement, allowing them to work closely on
pricing, scheduling and marketing to boost sales and reduce
costs, Reuters explained.

Moreover, ties among Continental, United and ANA could boost
their combined annual earnings by tens of billions of yen,
Reuters noted, citing Nikkei Business Daily.  The Nikkei Business
Daily further reported that ANA would run airport counter
services in Japan for United and Continental, and United and
Continental would do the same for ANA in the United States,
Reuters added.

                         About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The Company filed for Chapter 11 protection on December 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge Eugene
R. Wedoff confirmed the Debtors' Second Amended Plan on
January 20, 2006.  The Company emerged from bankruptcy protection
on February 1, 2006.  (United Airlines Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          *     *     *

UAL and United both carry a 'CCC' issuer default rating from Fitch
Ratings.  UAL carries a 'B-'' on 'watch negative', corporate
credit rating from Standard & Poor's Ratings Services.

                         About All Nippon

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009,  Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


COSMO SECURITIES: Gets Business Improvement Order from FSA
----------------------------------------------------------
Japan Today reports that the Financial Services Agency has issued
a business improvement order to Cosmo Securities Co. Ltd. in
connection with improper sales activities to earn commissions from
customers.

The FSA disclosed that an executive at Cosmo Securities instructed
branch managers to make profits by any means in sales of the
company's mainstay investment trust instruments, the report
relates.  The executive, in response to the order by the financial
watchdog, resigned to take responsibility for giving instructions
that led to the improper sales activities.

According to the report, the brokerage also decided on a 30%
salary cut for its president, Takumi Kanamori, for three months
and other in-house punishments on 11 other executives and
executive officers.

Japan-based Cosmo Securities Co. Ltd. provides financial services.


ELPIDA MEMORY: May Post First Annual Operating Profit in 3 Years
----------------------------------------------------------------
Elpida Memory Inc. may post its first annual operating profit in
three years as growth in demand outpaces industry production,
Bloomberg News reports citing Chief Executive Officer Yukio
Sakamoto.

"Operating profit is easily within reach," Bloomberg quoted
Mr. Sakamoto as saying in an interview in Tokyo on December 10,
declining to give specific figures.  "Supply is tightening
already."

Posting a profit for the year ending March 31 would allow Mr.
Sakamoto to deliver earnings that exceed the median analyst
estimate compiled by Bloomberg.  Elpida joins South Korea's
Samsung Electronics Co. and Hynix Semiconductor Inc. in saying a
rebound in demand for personal computers is mending the $18.4
billion market from a three-year slump, according to Bloomberg.

Bloomberg relates Mr. Sakamoto said the Japanese chipmaker, which
hasn't provided a forecast, may break even or post a loss on a net
basis.  Elpida may report an annual net loss of JPY21 billion
($239 million), according to the median of 18 analyst estimates
compiled by Bloomberg.  Operating profit may break even in the
period, the report notes.

Mr. Sakamoto told Bloomberg that global demand for DRAM chips will
increase 50% next year compared with an estimated 30% to 35%
increase in supply.

                        About Elpida Memory

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

                           *     *     *

As of December 9, 2009, Elpida Memory Inc. continues to carry
Mikuni Credit Ratings 'B' mortgage debt rating and 'B' senior debt
ratings.


HUIS TEN: Gov't. Officials Seek Financial Aid from HIS Corp.
------------------------------------------------------------
Nagasaki Gov. Genjiro Kaneko and Sasebo Mayor Norio Tomonaga have
asked travel agency H.I.S. Corp. to provide financial assistance
to the struggling theme park Huis Ten Bosch in Sasebo, Nagasaki
Prefecture, Japan Today reports citing an HIS source.

The source told Japan Today the Nagasaki governor and the Sasebo
mayor filed the request during their separate meetings with H.I.S.
Chairman Hideo Sawada.

Japan Todays relates Mr. Tomonaga said the city is prepared to
provide H.I.S. with incentives worth about 10 years of tax on
fixed assets.  The H.I.S. chairman said he will decide whether to
accept the request within the year, the report notes.

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages.  It is located in
Kyushu.  It is a fun place for travelers to experience the
exotic culture and atmosphere of Europe.

The Troubled Company Reporter - Asia Pacific reported on July 5,
2004, that The Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


JLOC XXX: Fitch Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded both classes of JLOC XXX Satellite
Trust's mezzanine trust beneficiary interests due April 2014 and
removed them from Rating Watch Negative, following the
implementation of recently published criteria for Japanese CMBS
surveillance.  Details of the rating actions are:

  -- JPY8.3 billion* Class 1 Mezzanine TBIs downgraded to 'CCC'
     from 'BB'; assigned a Recovery Rating of 'RR6'; off RWN; and

  -- JPY1 billion* Class 2 Mezzanine TBIs downgraded to 'CCC'
     from 'BB'; assigned a Recovery Rating of 'RR6'; off RWN.

*as of December 11, 2009

Classes 1 and 2 Mezzanine TBIs have been downgraded to reflect
Fitch's concerns over potential recovery amounts from the
underlying properties backing the transaction, given current
stressed market conditions.  Both TBIs, which are pari passu in
payment priority, are effectively backed by the junior portion TBI
of a satellite trust, which is secured by a TMK specified bond
whose collateral consists of 23 commercial properties.  The
maturity of the underlying asset is scheduled for November 2011.

For its analysis, and in line with its recently published
criteria, Fitch has adopted values for the properties which are on
average 30.4% lower than its initial values.  Cash flow
assumptions were revised downwards, taking into account market
conditions and more recent trends, for properties showing
deterioration in cash flow performance below Fitch's initial
expectations.

Fitch has resolved the RWN status on both classes, given the
conservative property revaluations adopted in the review
performed.

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


JLOC XXX: Fitch Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded four classes of trust beneficiary
interests from JLOC XXX Trust due April 2014, removed them from
Rating Watch Negative, and affirmed one class, following the
implementation of recently published criteria for Japanese CMBS
surveillance.  Full details of the rating actions are:

  -- JPY54.75 billion* Class A TBIs downgraded to 'AA' from 'AAA';
     Outlook Stable; off RWN;

  -- JPY17.8 billion* Class B TBIs downgraded to 'A' from 'AA';
     Outlook Negative; off RWN;

  -- JPY19.9 billion* Class C TBIs downgraded to 'BB' from 'A';
     Outlook Negative; off RWN;

  -- JPY20 billion* Class D TBIs downgraded to 'CCC' from 'BBB';
     assigned a Recovery Rating of 'RR4'; off RWN; and

  -- Dividend-only Class X TBIs affirmed at 'AAA'; Outlook Stable.

*as of December 11, 2009

Classes A to D TBIs have been downgraded to reflect Fitch's
concern over potential recovery amounts from the underlying
properties backing the transaction, given current stressed market
conditions.  Of the two underlying assets that remain, one was
initially analyzed as a liquidation-type asset; both are currently
performing.  The maturity dates are scheduled in December 2010 and
November 2011.

In line with recently published criteria, Fitch has adopted values
for the properties which are on average 33.3% lower than its
initial values.  Cash flow assumptions were revised downwards,
taking into account market conditions and more recent trends, for
properties showing deterioration in cash flow performance below
Fitch's initial expectations or for properties located in
submarkets where declines in market rent levels and occupancy
rates have been observed.

For the liquidation-type asset, Fitch reviewed the asset manager's
updated disposition plan and activities to date.  While a
significant portion has already been sold and more dispositions
are likely to follow, Fitch did not, for the purpose of its
current analysis, assume the future sale of any properties above
the release prices assigned to each property.

The rating gap between classes B and C is the result of
significant increase in the credit enhancement at the top of the
capital structure, mainly due to the paydown of principal with
property sale proceeds to date.  This is in contrast to the
revision of property values adopted in the analysis, more
affecting the TBIs at the lower end of the capital structure.

Fitch has resolved the RWN status on classes A to D, given the
conservative property revaluations adopted in the review.
Negative Outlooks on classes B and C TBIs have been assigned in
light of the continued uncertainty surrounding the Japanese
commercial real estate market, in addition to fact that both
underlying assets are due to mature within the next 24 months.

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

This transaction was originally a securitization of five TMK
specified bonds, and a senior portion TBI of a satellite trust,
backed by a specified bond, ultimately backed by a total of 125
commercial properties located throughout Japan.  To date, four
specified bonds have been fully redeemed, with several properties
being, or in the process of being sold in recent months.  The
transaction is currently backed by 50 properties.

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


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


KUMHO ASIANA: Creditors Agree to Delay Put-Back Options
-------------------------------------------------------
Bloomberg News reports that Kumho Asiana Group said almost 90%
of creditors agreed to delay exercising options forcing
it to buy back shares in Daewoo Engineering & Construction Co.
until next year, giving it more time to sell the unit.

Kumho Asiana spokesman Kim Young Sik told Bloomberg News that the
creditors will exercise the options closer to the end of a one-
month window that starts December 15.  With or without a
delay, payment doesn't have to be made before the end of June, the
report notes.

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

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

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

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


SSANGYONG MOTOR: Court to Decide Ssangyong's Fate on December 17
----------------------------------------------------------------
The Korea Times reports that the fate of Ssangyong Motor Co. will
be determined by a court on Dec. 17 as its foreign creditors
rejected the company's revised rescue plan again in the final
voting on Friday.  The court will decide whether to approve
Ssangyong's plan or liquidate the company.

The Seoul Central District Court said the overseas creditors --
including Citibank, which holds about 41% of the company's credit
-- fell far short of the two-thirds of the holders required to
implement the plan, according to the Times.

JoongAng Daily relates that for the company's turnaround plan to
gain the court's approval on Friday, it needed a three-quarters
vote from its collateral-based bondholders, two-thirds from its
non-collateral bondholders and half of the votes from its
shareholders.

Although the company received 99.7% of votes from its collateral
bondholders and 100% of votes from its shareholders, it only got
51.98% approval from its non-collateral bondholders, failing to
meet the two-thirds requirement, JoongAng Daily says.

As reported in Troubled Company Reporter-Asia Pacific on Sept. 16,
2009, Ssangyong Motor Co. submitted a revival plans to the Seoul
Central District Court seeking capital reduction and a debt-for-
equity swap by creditors.

Ssangyong said it will cut stakes held by SAIC Motor Corp. and
other shareholders.  Under the capital reduction, SAIC Motor, the
largest shareholder with a 51.33% stake, will be left with one
share for every five it owns now, and other shareholders face a
3-to-1 writedown.

Under the plan, Ssangyong will also convert KRW393.3 billion
(US$322 million) worth of debt into shares.  Following the capital
writedown and debt-for-equity swap, SAIC's stake in Ssangyong will
drop to 11.2%, with the other shareholders owning the remaining
88.8%.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection.  The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.


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


AYER MOLEK: Inability to Meet Minimum Capital Prompts PN17 Listing
------------------------------------------------------------------
The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.

The waiver is subject to the condition that the Company is
required to announce and submit a comprehensive reqularization
plan on or before March 18, 2010, which must address its financial
condition and level of operations in accordance with Paragraph
8.04 and Practice Note 17 of the Listing Requirements.

As an affected listed issuer, AMolek is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.  In the event the
company fails to comply with all the provisions of Amended PN 17,
Bursa Securities may commence delisting proceedings against the
company.

The Board is looking into formulating a regularization plan to
regularize the financial condition of the Company.  However, MIMB,
announced on November 18, 2009, that the Company will undertake a
Proposed Rights Issue and Proposed Rescission of Property
Disposals which is an interim measure to address the immediate
concerns of the Company as well as to revitalize the Group's
business operations upon recovery of the plantation lands.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.


LCL CORP: Defaulted on Loans Amid Dubai Debt Crisis
---------------------------------------------------
Bloomberg News' Barry Porter reports LCL Corp Bhd. Managing
Director Low Chin Meng lost control of the company he founded
after a debt crisis in the Gulf emirate of Dubai forced LCL to
default on loans.

CIMB Islamic Bank Bhd. sold 16 million of Low's LCL shares,
representing his remaining 11.2% stake in the business, that were
pledged as security against financing, Malaysian stock exchange
filings show, according to Bloomberg.

According to data compiled by Bloomberg, more than of 80% of LCL's
sales came from the United Arab Emirates last year compared to 46%
in 2007, as Dubai built the world's tallest tower and palm tree-
shaped islands in a bid to lure international investors.

Bloomberg recalls LCL said December 10 it had been “severely”
impacted by financial turmoil in Dubai and defaulted on 72 million
ringgit ($21 million) of loans from Affin Bank Bhd. and Bank Islam
Malaysia Bhd. because clients in the sheikhdom hadn't paid bills.

Dubai World on Dec. 1 announced it is seeking a six-month
standstill of its debts and that it was in talks with creditors to
restructure $26 billion of debt.

Bloomberg relates LCL had 376 million ringgit of net debt as of
Sept. 30, according to a Dec. 11 report by CIMB's Foo.  In
addition to loans from CIMB, LCL borrowed from AMMB Holdings Bhd.,
Alliance Bank Malaysia Bhd., Bank Muamalat Malaysia Bhd., EON
Capital Bhd., Public Bank Bhd., Standard Chartered Plc, Kuwait
Finance House and Royal Bank of Scotland Group Plc, according to
its Dec. 10 statement, Bloomberg adds.

Bloomberg also notes the Malaysian stock exchange on Tuesday said
it reprimanded LCL for not submitting its annual audited accounts
on time for the year ended Dec. 31 2008.

LCL Corp Bhd. is an interior design company based in Malaysia.


HO HUP: Sets Extraordinary Meeting on December 31
-------------------------------------------------
Ho Hup Construction Company Berhad will hold an extra ordinary
meeting on December 31, 2009, at 9:00 a.m.  The meeting will be
held at Function Hall, Kelab Golf Seri Selangor, Persiaran
Damansara Indah, Off Jalan Persiaran Damansara Tropicana, 47410
Petaling Jaya, in Selangor Darul Ehsan.

The agenda to be discussed at the meeting are:

   * proposed disposal of freehold vacant land held under Lot No.
     P.T. 4150, H.S. (D) 812 Mukim of Cheras, District of Hulu
     Langat, State of Selangor, measuring approximately 5.5 acres
     to Kentlee(M) Sdn Bhd for a cash consideration of MYR7.2
     million; and

   * proposed disposal by Bukit Jalil Development Sdn Bhd, a 70%
     owned subsidiary of the Company, of all that piece of
     freehold vacant land held under Lot No. 39868, Geran 53418
     Mukim of Petaling, District of Kuala Lumpur, State of Wilayah
     Persekutuan Kuala Lumpur, measuring approximately 2.6 acres
     to Etnik Masyhur Sdn Bhd for a cash consideration of MYR5.67
     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.


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


ONE GEORGE: Fitch Affirms Ratings on Various Classes of Notes
-------------------------------------------------------------
Fitch Ratings has affirmed One George CDO Pte. Ltd's Singapore
dollar denominated notes, and assigned Loss Severity Ratings:

  -- SGD20.7 million Class A-1A senior secured fixed rate notes
     affirmed at 'AAA'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-2',

  -- SGD10.4 million Class A-1B senior secured fixed rate notes
     affirmed at 'AAA'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-3',

  -- SGD200 million Class A-2A senior secured fixed rate notes
     affirmed at 'A'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-1',

  -- SGD30 million Class A-2B senior secured floating rate notes
     affirmed at 'A'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-1',

  -- SGD5 million Class A-3 senior secured floating rate notes
     affirmed at 'A-'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-3',

  -- SGD5 million Class B senior secured deferrable floating-rate
     notes affirmed at 'A-'; Outlook Stable; Loss Severity Rating
     assigned at 'LS-3',

  -- SGD10 million Class C senior secured deferrable floating-rate
     notes affirmed at 'BBB'; Outlook Negative; Loss Severity
     Rating assigned at 'LS-3', and

  -- SGD5 million Class D senior secured deferrable floating-rate
     notes affirmed at 'BB'; Outlook Negative; Loss Severity
     Rating assigned at 'LS-3'.

The transaction is a managed cash securitization of SGD500m in
corporate bonds previously held on Standard Chartered Bank's
('A+'/Outlook Stable/'F1') balance sheet.  Standard Chartered Bank
acts as the portfolio adviser.  The portfolio is managed by Lion
Global Investors Limited over the life of the transaction.

The rating affirmations reflect the fact that following further
amortization to classes A-1A and A-1B notes, the credit
enhancement levels for all classes have increased since the last
review in October 2008.  The Stable Outlooks assigned to classes
A-1, A-2, A-3 and B reflect Fitch's credit view that the increased
credit enhancement levels are sufficient to mitigate the concerns
of any near term negative portfolio rating migration.

The Outlooks for the class C and class D notes remain Negative,
reflecting these two classes' junior payment priority and ability
to withstand relatively less obligor defaults and the portfolio's
obligor and industry concentration risk.

At the latest payment date in November 2009, the ending bond
portfolio balance was SGD306.5m with a weighted average maturity
of 2.5 years.  The current portfolio has a weighted average rating
of 'BBB' and 10.1% of the portfolio is rated below investment
grade.  The average obligor concentration is 3.5% whilst the
largest single obligor concentration is 6.5%.  The current
portfolio has industry concentration of 26.4% in real estate,
23.3% in transportation and 19.9% in banking & finance.  About
63.4% of the portfolio concentrates in Singapore.

The ratings of classes A-1A, A-1B, A-2A, A-2B and A-3 notes
address the ultimate repayment of principal at maturity and timely
payment of interest, according to the terms and conditions of the
notes.  For classes B, C and D notes, the ratings address the
ultimate payment of principal and interest, including deferred
interest at maturity according to the terms and conditions of the
notes.

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


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


* IATA Sees US$5.6 Billion Airline Industry Loss in 2010
--------------------------------------------------------
The International Air Transport Association in Geneva revised its
financial outlook for 2010 to an expected US$5.6 billion global
net loss, larger than the previously forecast loss of US$3.8
billion.  For 2009, IATA maintained its forecast of a US$11
billion net loss.

"The world's airlines will lose US$11.0 billion in 2009. We are
ending an Annus Horribilis that brings to a close the 10
challenging years of an aviation Decennis Horribilis.  Between
2000 and 2009, airlines lost US$49.1 billion, which is an average
of US$5.0 billion per year," said Giovanni Bisignani, IATA's
Director General and CEO.

"The worst is likely behind us. For 2010, some key statistics are
moving in the right direction. Demand will likely continue to
improve and airlines are expected to drive down non-fuel unit
costs by 1.3%. But fuel costs are rising and yields are a
continuing disaster. Airlines will remain firmly in the red in
2010 with US$5.6 billion in losses," said Mr. Bisignani.

The forecast highlights include:

     (A) Revenues: Industry revenues are expected to rise by US$22
billion (4.9%) to US$478 billion in 2010, compared to 2009.
However, revenues remain US$57 billion (-11%) below the peak of
US$535 billion in 2008 and US$30 billion below 2007 when passenger
traffic was at similar levels to what is expected in 2010.

     (B) Passenger Demand: Following a decline of 4.1% in 2009,
passenger traffic is expected to grow by 4.5% in 2010 (stronger
than the previously forecast 3.2% in September). A total of 2.28
billion people are expected to fly in 2010, bringing total
passenger numbers back in line with the peak recorded in 2007.

     (C) Cargo Demand: Cargo demand is expected to grow by 7% to
37.7 million tonnes in 2010 (stronger than the previously forecast
5% in September), following a 13% decline in 2009. Total freight
volumes will remain 10% below the 41.8 million tonne peak recorded
in 2007. Cargo demand is rising faster than world trade as
depleted inventories are rebuilt. Once the inventory cycle
completes, growth is expected to fall back in line with world
trade.

     (D) Yields: In 2009, passenger and cargo yields plummeted by
12% and 15% respectively. Cargo yields are expected to improve by
0.9% in 2010. But passenger yields are not expected to improve
from their extraordinary low level. This is being driven by two
factors: excess capacity in the market and reduced corporate
travel budgets. Capacity adjustments in 2009 were made at the
expense of lower aircraft utilization (down 6%). An additional
1300 aircraft due for delivery in 2010 will contribute to 2.8%
global capacity growth, putting continuing pressure on yields. On
top of this, corporate travel buyers have adjusted their budgets
to reflect lower premium fare levels.

     (E) Fuel: An average oil price of US$75.0 per barrel (Brent)
is expected in 2010, up considerably from the US$61.8 average
expected for 2009. As a percentage of operating costs, fuel will
be 26% in 2010. This is considerably lower than the 32% of
operating costs that fuel comprised in 2008, but twice the 13% of
operating costs that fuel represented in 2001-2002.

     (F) Cash: Over 2009, the industry raised at least US$38
billion in cash (US$25 billion from capital markets and US$13
billion from aircraft sale and leasebacks). The ratio of cash to
revenues improved for European and North American airlines, but
was flat for Asia- Pacific carriers. This will provide a cash
cushion for the approaching first quarter's seasonally weak
traffic lows.

"The number of travelers will be back to the peak levels of 2007,
but with US$30 billion less in revenues. The US$38 billion cash
cushion built up throughout this year will help airlines survive
through the low season, but there is no recovery in sight for
2010. Tough times continue," said Mr. Bisignani.

                    Regional Breakdown for 2010

While all regions except Africa will see an improvement in 2010
compared to 2009, performance will vary greatly as follows:

     (A) North American carriers will see losses reduced from
US$2.9 billion in 2009 to US$2.0 billion in 2010. The relative
improvement is largely the result of pricing power and cost
reductions gained through capacity adjustments.

     (B) European carriers will generate the largest losses of any
region at US$2.5 billion. This is an improvement over the US$3.5
billion loss that the region's carriers are expected to post in
2009. Slow economic recovery in the region combined with limited
ability to adjust capacity due to airport slot regulations is
hindering the region's airlines.

     (C) Asia-Pacific carriers will post losses of US$700 million.
Compared to losses of US$3.4 billion in 2009, this region is
showing the most dramatic improvement. This is driven by a
recovery in some of the region's economies. For example, China's
GDP is forecast to grow by 9.0% in 2010.

     (D) Latin American carriers will be the only profitable
regional grouping in both 2009 and 2010. The profit in each year
is expected to be US$100 million. This is largely due to the
benefit of relatively strong economies in South America and the
efficiencies gained through regional airline structures.

     (E) Middle East carriers will see losses shrink from a US$1.2
billion loss in 2009 to a US$300 million deficit in 2010. A strong
long-haul connection business over Middle East hubs will provide
some insulation against the impacts of Dubai's financial
difficulties.

     (F) African carriers will deliver a loss of US$100 million in
2010—consistent with the US$100 million loss of 2009. Relatively
strong economies and increasingly liberal markets are being offset
by competitiveness challenges.

                      A Structural Adjustment

"The industry is structurally out of balance. The precipitous fall
in yields will likely never be fully recovered. It is difficult to
see how this can be balanced on the cost-side of the equation.
After almost a decade of cost cutting, non-fuel unit cost
reductions will be incremental at best. And the risk of rising
fuel costs will be constant. There will be some individual airline
success stories. But without relaying the foundations of the
industry to facilitate structural change, covering the cost of
capital for this hyper-fragmented industry will remain a dream at
best," said Mr. Bisignani.

In November, seven countries (Chile, Malaysia, Panama, Singapore,
Switzerland, the UAE and the US) signed a multilateral Statement
of Policy Principles that was also endorsed by the European
Commission.  These principles represent a commitment by the
signatories to modernize the industry and make cross border
consolidation possible. They are premised on a level playing field
which is a responsibility of governments.

"Consolidation is the great hope for the industry. The round of
consolidation experienced since this horrible decade began is a
step in the right direction. But it has been confined within
political borders as a result of ownership restrictions in the
archaic bilateral system. The industry cannot afford the mounting
losses of the status quo. The next decade must facilitate
consolidation," said Mr. Bisignani.

International Air Transport Association represents some 230
airlines comprising 93% of scheduled international air traffic.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***