TCRAP_Public/091217.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

           Thursday, December 17, 2009, Vol. 12, No. 249

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Receiver Accuses Founder's Son of Breaches
MIRTNA HOLDINGS: Court Appoints Grant Thornton as Liquidator
SPA CHAKRA: Receives Court Approval of First Day Motions
WESTPOINT GROUP: ASIC Settles Class Action Against State Trustees
WESTPOINT GROUP: Courts OKs AU$2.5MM Investors Compensation Claim


C H I N A

CHINA CERAMICS: Receives Delisting Notice From NYSE Amex
NEW ENERGY SYSTEMS: Appoints Anytone Co-Founder Yu as Chairman


H O N G  K O N G

AKAMAI FINANCIAL: Creditors' Proofs of Debt Due December 28
BD ALUMINIUM: Creditors' Proofs of Debt Due December 31
BEST GROUP: Court Enters Wind-Up Order
CHUN LEE: Court Enters Wind-Up Order
CM2 LIMITED: Court Enters Wind-Up Order

CONNICK (HK): Court Enters Wind-Up Order
CORNER LOUNGE: Court Enters Wind-Up Order
IMPERIAL WORLD: Members' and Creditors Meeting Set for Dec. 22
INTERNATIONAL INSTITUTE: Creditors' Proofs of Debt Due Dec. 30
KOMAK TECH: Court to Hear Wind-Up Petition on February 3

KRISPY KREME HK: Creditors' Proofs of Debt Due December 28
MFML LIMITED: Creditors' Meeting Set for December 21
PRAISE LUCK: Creditors' Proofs of Debt Due December 31
SKILLION PROPERTIES: Court to Hear Wind-Up Petition on February 3
SMI Publishing: Court to Hear Wind-Up Petition on January 20

SUCCESS LEATHERWARE: Court Enters Wind-Up Order
SURE BEST: Court Enters Wind-Up Order
SYMBOL TRAVELS: Court to Hear Wind-Up Petition on January 13
TARGET POWER: Creditors Get 2.90% Recovery on Claims
TAT FAT ENGINEERING: Court Enters Wind-Up Order

TIN WONG: Court to Hear Wind-Up Petition on January 6
UNDERLINE: FITCH: Creditors' Proofs of Debt Due January 11
VIEWS ENG.: Court Enters Wind-Up Order
WINNER GOOD: Court to Hear Wind-Up Petition on January 20
YING FAT: Court Enters Wind-Up Order


I N D I A

AINAJ INDUSTRIES: CRISIL Assigns 'B' Rating on INR2.6MM Term Loan
BAJAJ ECO-TECH: Fitch Downgrades National Long-Term Rating to 'BB'
GRAMEEN FINANCIAL: CRISIL Assigns 'P4' Rating on INR200MM Loan
KLT AUTOMOTIVE: Fitch Downgrades National Long-Term Rating to 'D'
PEEKAY ROLLER: CRISIL Rates INR60 Million Cash Credit at 'BB'

RIZWAN EXPORT: Default in Term Loan Cues CRISIL Junk Ratings
SARATHY AUTOCARS: CRISIL Rates INR164.80MM Cash Credit at 'BB-'
SHEIKH BHULLAN: Default on Term Loan Prompts CRISIL 'D' Ratings
SOVA ISPAT: CRISIL Puts 'BB' Rating on INR120 Mil. Cash Credit
* INDIA: Moody's Changes Outlook on 'Ba2' Local Rating to Positive


I N D O N E S I A

BANK TABUNGAN: Initial Public Offering Oversubscribed
GARUDA INDONESIA: Meeting on Proposed Notes Buy-Back Moved


J A P A N

FUJITSU LIMITED: To Adopt Drastic Reforms to Revive Business
JAPAN AIRLINES: AMR May Increase Proposed Capital Investment
JAPAN AIRLINES: Most Retirees Back Pension Cuts, Survey Shows
L-JAC8 TRUST: Moody's Reviews Ratings on 12 Classes of Notes
TAKEFUJI CORP: S&P Downgrades Counterparty Credit Rating to 'SD'

* JAPAN: ISDA to Form Panel to Discuss Credit Default Swap


M A L A Y S I A

LCL CORP: Default in Bank Loan Repayments Trigger PN17 Listing


N E W  Z E A L A N D

BLUE CHIP: Developers Want Investors to Negotiate Settlement
CLEGG & CO: Director Sentenced For False and Misleading Statements
HANOVER FINANCE: Investors Accept Allied Farmers Offer
STRATEGIC FINANCE: January 7 Repayment to Investors In Doubt


P H I L I P P I N E S

QUEZON POWER: Moody's Upgrades Senior Secured Bond Rating to 'B2'


S I N G A P O R E

ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due December 28
ALTUS TECHNOLOGIES: Creditors' First Meeting Set for December 30
ECON CORPORATION: Creditors Get 48.51% Recovery on Claims
NYK LOGISTICS: Members' Final Meeting Set for January 15
SO REAL: Creditors' Proofs of Debt Due January 12
STATS CHIPPAC: S&P Affirms Corporate Credit Rating at 'BB+'


                         - - - - -


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


ALLCO FINANCE: Receiver Accuses Founder's Son of Breaches
---------------------------------------------------------
Allco Finance Group receiver has claimed that Geoffrey Kinghorn,
the son of Allco Finance founder John Kinghorn, improperly used
his position as a company director to gain an advantage for
himself and former Allco executive David Veal, The Sydney Morning
Herald reports.

According to the report, the allegations in the Federal Court come
amid last-minute jousting as the receiver, Peter Gothard, tries to
complete the sale of Allco's aviation leasing assets.

Mr. Gothard, a partner at Ferrier Hodgson, alleges Mr. Kinghorn
breached three civil sections of the Corporations Act by
"purporting" to change the manager of a special-purpose vehicle
connected with two of Allco's 68 aircraft, the report says.

The Herald relates Mr. Gothard alleges that Geoffrey Kinghorn
breached:

   * section 181 of the Corporations Act by failing to act
     in good faith;

   * section 182 by improperly using his position to gain
     an advantage for himself and Mr. Veal; and

   * section 183 by improperly using information obtained
     as a director to gain an advantage for himself and
     Mr. Veal.

Mr. Kinghorn, the report says, is the sole director of the
special-purpose vehicle, one of many set up as off-balance-sheet
entities to manage Allco's interests in the 68 planes.

The Herald discloses that the ordinary shares in the special-
purpose vehicle, called RIL Aviation HL 7740 and HL 7741 Pty Ltd,
are owned by a company called AAHL Pty Ltd. Until August, AAHL was
called Allco Australian Holdings Ltd, but despite its name it was
not a subsidiary of the listed Allco group.  AAHL, which remains
solvent and trading, is 84% owned by Mr. Kinghorn and Mr. Veal.

The special-purpose vehicle also has preference shares on issue,
owned by the collapsed Allco group, the report notes.

According to the Herald, Mr. Gothard wants the court to restrain
Mr. Kinghorn and Mr. Veal from appointing as the manager of the
special-purpose vehicle any entity in which they or Mr. Kinghorn's
father has a financial interest.

John Kinghorn, who founded Allco in 1979, denied attempting to
frustrate the proposed sale of the aviation assets to HNA Group
(Hong Kong) Co, which signed a binding sale agreement in May.

The first directions hearing has been scheduled for February.

                       About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco Finance has more than AU$1 billion
in total debt.


MIRTNA HOLDINGS: Court Appoints Grant Thornton as Liquidator
------------------------------------------------------------
The Australian Securities & Investments Commission obtained orders
in the Supreme Court of Queensland on Dec. 8, 2009 to appoint
Michael McCann of Grant Thornton as liquidator to Mirtna Holdings
Pty Ltd, Mirtna Investments Pty Ltd, Mirtna Capital Ltd and Life
Super Pty Ltd and to wind up the managed investment scheme (MIS)
in which the Mirtna companies had deposited funds.

The orders also end the appointment of Mr. McCann and Graham
Killer as receivers and receivers and managers over scheme
property held by James Kentwell Lovell and the Mirtna companies,
ASIC said in a statement.

The court's decision, found the scheme was a MIS which had not
been registered with ASIC.

On July 29, 2009, ASIC obtained interim orders in the Supreme
Court of Queensland appointing Michael McCann and Graham Killer of
Grant Thornton as receivers over specified property of James
Kentwell Lovell and receivers and managers over specified property
of Mirtna Holdings Pty Ltd, Mirtna Investments Pty Ltd, Mirtna
Capital Ltd and Life Super Pty Ltd.

ASIC had alleged that Mr. Lovell operated an unregistered managed
investment scheme which raised approximately AU$7.9 million from
over 200 investors through the abovementioned companies.  These
investors included members of 26 self managed superannuation funds
which ASIC alleged had been set up with the assistance of
Mr. Lovell and Life Super Pty Ltd.

ASIC commenced its proceeding in the Supreme Court for the
appointment of receivers and receivers and managers to identify,
collect and secure the assets of the alleged scheme for the
benefit of investors and creditors.  Messrs. McCann and Killer are
to provide a report to the Court by August 26, 2009.

Established in 2007, Mirtna Capital Limited provides managed fund
services to both wholesale and retail investors in Australia.


SPA CHAKRA: Receives Court Approval of First Day Motions
--------------------------------------------------------
Spa Chakra, Inc., a global luxury spa network, successfully
achieved its critical goals, receiving approval from the U.S.
Bankruptcy Court to:

    -- honor and fulfill all gift card and other customer loyalty
       programs;

    -- continue to pay its employees; and

    -- be provided capital under a debtor-in-possession or
       "dip" financing from hercules technology growth capital,
       inc.

Under the court approved DIP financing, Spa Chakra will continue
to receive financial support from its lender to ensure that
existing operations will continue with little to no disruptions or
impact on its business operations, enabling the Company to
continue to provide the sophisticated and high-level services its
loyal customer base expects.

Mike Canizales, CEO and Founder of Spa Chakra added, "Gift cards
are an integral part of our business and extremely important to
our clients during the holiday season.  We are thankful to be able
to act quickly to resolve any concerns in advance."

                      About Spa Chakra

Initially founded in 1998 in Australia, Spa Chakra has continued
to expand both domestically and overseas.  Uniquely positioned in
the marketplace, Spa Chakra has developed an award winning network
of 16 luxury spas worldwide.  Spa Chakra represents leading high-
end luxury cosmetic and spa brands and is recognized as one of the
top spa operators in the world.

The Company filed a balance sheet showing assets of $28.4 million
and debt totaling $22.9 million.  The largest liability is a
$11.1 million loan from Hercules.

Spa Chakra, Inc., said it is proceeding towards a sale of
substantially all of its assets to Hercules Technology Growth
Capital.  As part of the process to successfully complete the
sale, Spa Chakra has filed for protection under Chapter 11 of the
U.S. Bankruptcy Code with the U.S. Bankruptcy Court for New York
(Bankr. S.D.N.Y. Case No. 09-17260).


WESTPOINT GROUP: ASIC Settles Class Action Against State Trustees
-----------------------------------------------------------------
The Australian Securities & Investments Commission has reached an
agreement to settle a class action against Melbourne-based trustee
company, State Trustees Ltd for AU$13.5 million.  The settlement
of the class action is subject to the approval of the Court.

The class action, initiated in the Federal Court, relates to
investments made in mezzanine notes issued by Market Street
Mezzanine Ltd, a company in the failed Westpoint group.

ASIC said this settlement approval application results from the
global mediation initiated by ASIC to resolve the litigation
commenced by it seeking compensation on behalf of Westpoint
investors.  It is the fourth settlement ASIC has reached following
settlements with Masu Financial Management Pty Ltd, Professional
Investment Services Pty Ltd and Bongiorno Financial Advisers Pty
Ltd and Bongiorno Financial Advisers.

ASIC commenced proceedings against State Trustees in March 2008
alleging that State Trustees, as the trustee of an unsecured
mezzanine note issue by Market Street Mezzanine Ltd (In
Liquidation), breached its duty to the holders of Market Street
Mezzanine Notes and failed to comply with its obligations under
the Corporations Act.

The settlement with State Trustees, if approved by the Court, will
result in compensation being paid by State Trustees to
approximately 525 eligible investors in Market Street Mezzanine
Notes (Group Members).  The settlement was reached without any
admission of liability by State Trustees.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WESTPOINT GROUP: Courts OKs AU$2.5MM Investors Compensation Claim
-----------------------------------------------------------------
The Federal Court of Australia has approved the settlement of a
compensation claim, initiated by the Australian Securities &
Investments Commission, for Bongiorno Financial Advisers Pty Ltd
and Bongiorno Financial Advisers (Aust) Ltd clients who were
advised to invest in York Street Mezzanine Pty Ltd, a company
within the failed Westpoint Group.

As a result of the settlement, Bongiorno must pay the eligible
investors (Group Members) a total of $2,559,760.

ASIC said the Court approved a distribution mechanism whereby
Group Members will ultimately recover between approximately 43%
and 62% of their invested capital in York Street.  This figure
takes into account dividends received through the liquidation of
York Street and payments Bongiorno made previously to certain
Group Members.

On November 24, 2009, ASIC filed an application to seek approval
from the Federal Court in Melbourne for communication with Group
Members regarding the proposed settlement.  Subsequently, ASIC
provided details of the compensation Group Members would likely
receive and advised them of their right to object to the
settlement.

The settlement is now binding upon Group Members adjudicated by
the Court as being eligible to receive the settlement sum of
AU$2.6 million.  Under the terms of the settlement, Bongiorno has
until December 30, 2009, to pay this sum.

ASIC said it will distribute the settlement upon the expiration of
the appeal period or if an appeal is filed, upon the finalization
of that appeal.  The earliest ASIC could be able to distribute the
settlement sum is February 24, 2010.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


CHINA CERAMICS: Receives Delisting Notice From NYSE Amex
--------------------------------------------------------
China Ceramics Co., Ltd., received a notice from the NYSE Amex
Staff that it no longer complies with the NYSE Amex's continuing
listing standards because of its failure to meet NYSE Amex initial
listing standards immediately after the recently completed
business combination with Success Winner Limited, as set forth in
Section 341 of the Company Guide, and that its securities are,
therefore, subject to being delisted from the NYSE Amex. China
Ceramics has not yet determined whether to appeal this
determination.  In the event that China Ceramics is delisted from
NYSE Amex, its securities are expected be quoted on the OTCBB.

China Ceramics is a leading manufacturer of exterior ceramic tiles
for commercial and residential properties in the PRC.


NEW ENERGY SYSTEMS: Appoints Anytone Co-Founder Yu as Chairman
--------------------------------------------------------------
New Energy Systems Group has appointed Weihe Yu as Chairman of the
Board.  Mr. Yu is one of the founders of Shenzhen Anytone
Technology Co., Ltd., a high tech, integrated research,
manufacturing and marketing company for lithium batteries that was
acquired by New Energy Systems Group earlier this month.

Mr. Weihe Yu has spent his career in the industrial sector where
he has demonstrated his ability to maximize performance,
streamline costs and increase sales.  Most recently, he was one of
the founders and the general manager of Shenzhen Anytone
Technology Co., Ltd.   After only three years the company became a
leader in the mobile power industry with many patents and core
technologies.  Under his management, Anytone has become a highly
recognized brand, and the company's revenue has grown more than
100% annually over the past four years.  Prior to Anytone, Mr. Yu
was general manager of Shenzhen Four Images Industrial Co., Ltd.
whose business is to create protection circuits for lithium ion
batteries.   During his tenure there, the company's proprietary
products were at the forefront of the industry and widely used by
the largest customers of lithium ion batteries.  From 1998 to
2000, Mr. Yu served in key management positions at the Yangxin
Aluminum Alloy Wheel Co., Ltd, an automobile alloy wheel
manufacturer.  In his role there, he created a comprehensive
marketing management and performance appraisal system that greatly
enhanced the performance of the company.   Mr. Yu graduated from
the Huangshi Institute of Technology in Hubei Province in 1998.

Mr. Fushun Li, Chief Executive Officer, commented, "With his
extensive background and knowledge of our product offerings, Mr.
Yu is an excellent choice for Chairman of our Board of Directors.
His expertise in branding, marketing, sales and product
performance in the industrial sector and lithium batteries, in
particular, place him at an excellent vantage point to help guide
our business operations and growth.  We look forward to his
contribution to New Energy in the coming months and years."

Mr. Weihe Yu stated, "Taking on the role of Chairman of the Board
after New Energy's merger with Anytone is an exciting development
and I look forward to working with Mr. Fushun Li and the rest of
the team to maximize shareholder value.  Management has done a
great job of bringing the company from a manufacturer of battery
caps and shells to a fully integrated provider of complete
batteries for end user products.  Manufacturing the batteries and
related accessories in an integrated environment will help propel
our growth and margin expansion."

Mr. Yu does not hold any other directorships with reporting
companies in the United States.  There are no family relationships
between Mr. Yu and the directors, executive officers, or persons
nominated or chosen by the Company to become directors or
executive officers.   During the last two years, there have been
no transactions, or proposed transactions, to which the Company
was or is to be a party, in which Mr. Yu (or any member of his
immediate family) had or is to have a direct or indirect material
interest, except that Mr. Yu is the general manager of Shenzhen
Anytone Technology Co., Ltd.

                About New Energy Systems Group

With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) -- http://www.chinadigitalcommunication.com/
-- manufactures and distributes lithium ion batteries.  The
company assembles and distributes finished batteries through its
sales network and channel partners.  The company also sells high-
quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China. The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.

On November 17, 2009, China Digital obtained approval from FINRA
to change its name to New Energy Systems Group.  In conjunction
with the name change, the company's CUSIP number was changed to
643847106 and the stock began trading under the ticker symbol
"NEWN" on November 18.

At September 30, 2009, the Company had $17,622,130 in total assets
against $3,197,717 in total liabilities, all current.  At
September 30, 2009, the Company had accumulated deficit of
$4,660,858 and stockholders' equity of $14,424,413.

                         Going Concern

In its quarterly report on Form 10-Q, the Company said it believes
it has sufficient cash to continue its current business through
September 30, 2010, due to expected increased sales revenue and
net income from operations.  "However we have suffered recurring
losses in the past and have a large accumulated deficit.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern," the Company said.

The Company has taken certain restructuring steps to provide the
necessary capital to continue its operations. These steps included
1) acquire profitable operations through issuance of equity
instruments, and 2) to continue actively seeking additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.


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


AKAMAI FINANCIAL: Creditors' Proofs of Debt Due December 28
-----------------------------------------------------------
Akamai Financial Markets (Hong Kong) Limited, which is in members
voluntary liquidation, requires its creditors to file their proofs
of debt by December 28, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fok Hei Yu
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


BD ALUMINIUM: Creditors' Proofs of Debt Due December 31
-------------------------------------------------------
Creditors of B D Aluminium & Glass Products Limited, which is in
members voluntary liquidation, are required to file their proofs
of debt by December 31, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 1, 2009.

The company's liquidator is:

         Poon Ching Wah
         Bank Centre
         Room 902, 9th Floor
         636 Nathan Road, Kowloon
         Hong Kong


BEST GROUP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Best Group International Limited.


CHUN LEE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Chun Lee Industrial Limited.


CM2 LIMITED: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of CM2 Limited.


CONNICK (HK): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Connick (HK) Development Limited.


CORNER LOUNGE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Corner Lounge Limited.


IMPERIAL WORLD: Members' and Creditors Meeting Set for Dec. 22
--------------------------------------------------------------
Members and creditors of Imperial World Company Limited will hold
their meetings on December 22, 2009, at 10:00 a.m., and 10:15
a.m., respectively at the Room 103, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Kam Chi Kan Elson, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INTERNATIONAL INSTITUTE: Creditors' Proofs of Debt Due Dec. 30
--------------------------------------------------------------
Creditors of International Institute for Outsource Management Asia
Pacific Limited, which is in members voluntary liquidation, are
required to file their proofs of debt by December 30, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

         Ho Man Kit
         Kong Sze Man Simone
         Tower 1, Unit 511
         Silvercord
         30 Canton Road
         Tsimshatsui, Kowloon


KOMAK TECH: Court to Hear Wind-Up Petition on February 3
--------------------------------------------------------
A petition to wind up the operations of Komak Tech Limited will be
heard before the High Court of Hong Kong on February 3, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

         Christopher Li & Co.
         Nan Fung Tower
         Room 705-8, 7th Floor
         173 Des Voeux Road Central
         Hong Kong


KRISPY KREME HK: Creditors' Proofs of Debt Due December 28
----------------------------------------------------------
Creditors of Krispy Kreme Hong Kong Limited, which is in creditors
voluntary liquidation, are required to file their proofs of debt
by December 28, 2009, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Teck Meng
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


MFML LIMITED: Creditors' Meeting Set for December 21
----------------------------------------------------
Creditors of MFML Limited will hold their meeting on December 21,
2009, at 2:30 p.m., for the purposes provided for in Sections 241,
242, 243, 244 of the Companies Ordinance.

The meeting will be held at the Room 1304 13th Floor, C C Wu
Building, 302-308 Hennessy Road, in Hong Kong.


PRAISE LUCK: Creditors' Proofs of Debt Due December 31
------------------------------------------------------
Praise Luck Limited, which is in members voluntary liquidation,
requires its creditors to file their proofs of debt by Dec. 31,
2009, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Yau Yin Ching
         Emperor Group Centre, 28th Floor
         288 Hennessy Road
         Wanchai, Hong Kong


SKILLION PROPERTIES: Court to Hear Wind-Up Petition on February 3
-----------------------------------------------------------------
A petition to wind up the operations of Skillion Properties
Limited will be heard before the High Court of Hong Kong on
February 3, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         K.W. Ng & Co.
         Wings Building, 11/F
         110 Queen's Road Central
         Central, Hong Kong


SMI Publishing: Court to Hear Wind-Up Petition on January 20
------------------------------------------------------------
A petition to wind up the operations of SMI Publishing Group
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:

         Tang Tso & Lau
         China Insurance Group Building, Room 209, 2/F
         141 Des Voeux Road
         Central, Hong Kong


SUCCESS LEATHERWARE: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order November 2, 2009, to
wind up the operations of Success Leatherware Holdings Limited.

The company's liquidator is Bruno Arboit.


SURE BEST: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on October 30, 2009,
to wind up the operations of Sure Best Enterprise Limited.

The company's liquidator is Mat Ng.


SYMBOL TRAVELS: Court to Hear Wind-Up Petition on January 13
------------------------------------------------------------
A petition to wind up the operations of Symbol Travels Limited
will be heard before the High Court of Hong Kong on January 13,
2010, at 9:30 a.m.

The Petitioner's solicitor is:

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


TARGET POWER: Creditors Get 2.90% Recovery on Claims
----------------------------------------------------
Target Power Limited, which is in liquidation, will pay the
ordinary dividend to its creditors on or after December 11, 2009.

The company will pay 2.90% to all received claims.

The company's liquidator is:

         Kenny King Ching Tam
         Nan Fung Tower, Room 908
         9th Floor
         173 Des Voeux Road Central
         Hong Kong


TAT FAT ENGINEERING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order August 31, 2009, to
wind up the operations of Tat Fat Engineering Company Limited.

The company's liquidator is Bruno Arboit.


TIN WONG: Court to Hear Wind-Up Petition on January 6
-----------------------------------------------------
A petition to wind up the operations of Tin Wong Restaurant
Limited will be heard before the High Court of Hong Kong on
January 6, 2010, at 9:30 a.m.

The Petitioner's solicitor is:

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


UNDERLINE: FITCH: Creditors' Proofs of Debt Due January 11
----------------------------------------------------------
Creditors of Underline: Fitch Hong Kong Limited, which is in
members voluntary liquidation, are required to file their proofs
of debt by January 11, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 2, 2009.

The company's liquidators are:

         Paul Wan Yiu Chung
         Wendy Lin Lai Har
         1301 Eton Tower
         8 Hysan Avenue
         Causeway Bay, Hong Kong


VIEWS ENG.: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order September 17, 2009,
to wind up the operations of Views Eng. Limited.

The company's liquidator is Bruno Arboit.


WINNER GOOD: Court to Hear Wind-Up Petition on January 20
---------------------------------------------------------
A petition to wind up the operations of Winner Good 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
         Chinachem Golden Plaza
         Suites 1505-1508, 15th Floor
         No.77 Mody Road, Tsimshatsui East
         Kowloon, Hong Kong


YING FAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on October 15, 2009,
to wind up the operations of Ying Fat Manufacturing Company
Limited.

The company's liquidator is Mat Ng.


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


AINAJ INDUSTRIES: CRISIL Assigns 'B' Rating on INR2.6MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the bank
facilities of Ainaj Industries.

   Facilities                          Ratings
   ----------                          -------
   INR80.0 Million Cash Credit Limit   B/Stable (Assigned)
   INR2.6 Million Term Loan            B/Stable (Assigned)

The rating reflects Ainaj's weak financial risk profile, limited
financial flexibility, and exposure to risks relating to
unfavorable changes in the regulatory policy.  These weaknesses
are partially offset by promoters' experience in the cotton
ginning and pressing industry.

Outlook: Stable

CRISIL believes that Ainaj will maintain a stable business risk
profile over the medium term on the back of promoters' experience
in the cotton industry.  The outlook may be revised to 'Positive',
if the firm achieves high growth, while maintaining profitability.
Conversely, the outlook may be revised to 'Negative', if the
firm's financial risk profile deteriorates owing to large working-
capital requirements or due to the withdrawal of capital by
partners.

                      About Ainaj Industries

Set up in 1997, Ainaj undertakes cotton ginning and pressing
activities in Radhanpur (Gujarat).  The firm's plant has the
capacity to manufacture 60,000 bales of cotton per annum, and is
operating at capacity utilization of about 50 per cent.  The
firm's operations are partially forward integrated for
manufacturing crude cotton oil.

Ainaj reported a profit after tax (PAT) of INR0.34 million on net
sales of INR342.7 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.36 million on net
sales of INR325.6 million for 2007-08.


BAJAJ ECO-TECH: Fitch Downgrades National Long-Term Rating to 'BB'
------------------------------------------------------------------
Fitch Ratings has downgraded Bajaj Eco-Tech Products Limited's
National Long-term rating to 'BB(ind)' from 'BBB-(ind)', and
revised the Outlook to Negative from Stable.  The agency has also
downgraded BEPL's INR750 fungible fund-based working capital
limits to 'BB(ind)'/'F4(ind)' from 'BBB-(ind)/F3(ind)'.

The downgrades reflect the significant deterioration in BEPL's
credit profile on the back of delays in the stabilization of its
particle board and medium-density fiberboard manufacturing
facility which resulted in cash losses and had a severe impact on
FY09 liquidity.  While liquidity continues to remain stretched,
Fitch notes that the company has shown some improvement in its
profitability over the past six months, with liquidity being aided
by continuous equity infusion from parent, Bajaj Hindusthan
Limited (BHL, 'A+(ind)'/Negative/ 'F1(ind)').  The downgraded
ratings continue to factor in parental support.

The Negative Outlook reflects Fitch's expectations that BEPL's
credit profile and liquidity would remain under pressure in the
short-to-medium-term, due to lower revenue and profitability.  The
agency notes that risks brought on by a lack of consistent track
record in the fiberboard business, slow demand recovery and lower
realizations (due to competition from other alternatives and
cheaper imports) could inhibit growth in the medium-term.  This is
despite management's expectations that revenues and profitability
will increase due to the rectification of operational issues and a
recovery in the real estate and infrastructure sectors.
Profitability could be further affected by higher bagasse costs.
Fitch notes that additional equity infusion from BHL is expected
to meet BEPL's immediate debt obligations which would alleviate
repayment risks for the next six months.

During FY09, the first year of operations for BEPL, revenues were
severely impacted by unanticipated plant operational and product
quality issues, which led to lower capacity utilizations, and
subsequently to the lower production of its products.
Furthermore, the impact of the global recession on the real estate
and infrastructure sectors -- major revenue drivers -- led to a
decline in demand and sales realizations with losses at the
operating level.  However, BEPL's debt servicing was supported by
an infusion from BHL in the form of equity and unsecured loans.

Continued cash losses by BEPL resulting in further deterioration
in its credit profile would lead to a rating downgrade.
Conversely, a sustained improvement in its credit profile,
together with the demonstration of revenue and profitability
growth could lead to a revision of the Outlook to Stable.

BEPL, formed in April 2006, is a manufacturer of environment-
friendly medium density fibreboards and particle boards.  The
company has three manufacturing units located in Western, Eastern
and Central Uttar Pradesh, which have a combined capacity to
produce 210,000 cubic meters a year.  During FY09 the company
revenues were INR594m, and posted a loss on an operating level.
Total debt as of March 2009 was INR3 billion.


GRAMEEN FINANCIAL: CRISIL Assigns 'P4' Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Grameen Financial Services
Pvt Ltd's INR200 million short term debt program.  The rating
reflects GFSPL's modest scale of operations, with regional
concentration, exposure to risks inherent in the microfinance
industry, and weak earnings profile. These rating weaknesses are
partially offset by the company's established track record in the
microfinance industry and, its adequate systems and processes.

GFSPL is a non-deposit-taking non-banking financial company (NBFC-
ND) registered with the Reserve Bank of India (RBI), and lends
mainly to the economically weak sections, mostly in rural
Karnataka.  GFSPL's earnings profile is weaker than that of
microfinance institutions (MFIs) with similar scale of operations.
Its net profit margin (NPM) was negative at 0.75% for 2008-09
(refers to financial year, April 1 to March 31), because of low
interest spreads and high operating expenditure, and high
provisioning requirements as a result of deteriorating asset
quality.  Furthermore, the company's revenues have limited
diversity with revenues from fund-based activities accounting for
more than 98 per cent of its total income.

GFSPL's scale of operations remain modest with regional
concentration: it had total loans outstanding (including managed
assets) of INR1551 million as on October 31, 2009, while total
disbursements for the first seven months of 2009-10 were INR1862
million.  The company's operations are currently concentrated in
Karnataka, which accounts for around 96 per cent of GFSPL's total
loans outstanding.  The company has plans to expand its operations
in Maharashtra, Andhra Pradesh, and Tamil Nadu.  CRISIL believes
that GFSPL's performance outside Karnataka and sustenance of asset
quality will have a strong bearing on the company's overall market
position. GFSPL's operations are also exposed to risks inherent in
the microfinance industry.

GFSPL acquired the entire microfinance portfolio of Grameen Koota,
which was part of T Muniswamappa Trust, in October 2007.
Therefore, unlike other start-up NBFCs, GFSPL had the advantage of
starting its operations with a large client base and adequate
infrastructure across 13 districts of Karnataka.  The experience
of working with local groups over the past ten years across
districts has helped the company to scale up its business during
2008-09, with adequate funding support from lenders.  GFSPL's
scale of operations has grown significantly: in 2008-09; its
disbursements grew by 121% to INR3727 million from INR1688 million
in 2007-08, and loans outstanding (including managed assets) grew
by 119% to INR1814 million as on March 31, 2009, from INR826
million as on March 31, 2008.  The company also benefits
considerably from the industry experience of its board members and
senior management team.  GFSPL managed to smoothly transform into
an NBFC, and has also mobilized capital from promoters and
institutional investors.  Further, the company has established
adequate systems and processes for its current scale of operations

                     About Grameen Financial

Incorporated in 1998, GFSPL (formerly, Sanni Collection Pvt Ltd),
is an NBFC-ND registered with RBI.  In October 2007, GFSPL
acquired the entire microfinance portfolio of GK. GFSPL organises
joint-lending groups (JLGs) and provides top-up loans to clients.
Following the takeover of GK's business, GFSPL's number of
branches increased to 120, borrower strength to 241,750, and its
presence has spread to 26 districts (as on October 31, 2009).
Since May 2008, GFSPL has also been offering individual loans on
pilot basis at three of its urban branches.

For 2008-09, GFSPL reported profit after tax (PAT) of INR4.8
million on a total income of INR340.5 million, against a PAT of
INR4.5 million on a total income of INR103.9 million for six
months of operations in the previous year.


KLT AUTOMOTIVE: Fitch Downgrades National Long-Term Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded India's KLT Automotive and Tubular
Products Ltd's National Long-term rating to 'D(ind)' from
'BBB+'(ind), and reassigned it a rating of 'BB(ind)' based on its
revised credit profile.  The Outlook is Stable.  Fitch has also
downgraded KLT's bank loan ratings, as follow:

-- Long-term debt totalling INR1.19 billion downgraded to 'D'
    from 'BBB+(ind)'; reassigned a rating of 'BB(ind)';

-- Cash credit facility of INR1.20 billion (previously INR900
    million) downgraded to 'D' from 'BBB+(ind)'; reassigned a
    rating of BB(ind)'; and

-- Non-fund based working capital loans of INR1.12 billion
    (previously INR1.52 billion) downgraded to 'F5(ind)' from
   'F2+(ind)'; reassigned a rating of 'F4 (ind)'.

The rating actions reflect the agency's assessment following KLT
undergoing a Coercive Debt Exchange, in line with Fitch's criteria
on such restructurings.

The downgrade of the National Long-term rating reflects Fitch's
treatment of KLT's financial restructuring with banks as
"coercive", in line with its criteria on treatment of such
restructurings.  Fitch notes that the restructuring has not
resulted in significant impairment of the contractual terms for
KLT's creditors.  The revised terms envisage an extension in
maturity, and higher interest in the case of one of its
restructured loans.  In the agency's view, the restructuring was
required for KLT to avoid a liquidity crunch and might have
otherwise resulted in a default on its debt obligations.  Fitch
has, therefore, treated the restructuring as an effective default.

Considering that KLT's post-restructuring credit profile benefits,
to an extent, from an extended repayment schedule and reduction in
liquidity pressure, Fitch has simultaneously re-assigned the
National Long-term rating at 'BB(ind)', with the short term
issuance ratings being re-assigned at 'F4(ind)'.

KLT's profitability during FY09 was affected by demand slowdown in
the domestic auto sector, especially during H2FY09, and forex
losses of INR 49.33 million.  During the year, KLT faced
substantial delays in payments from its debtors, which, coupled
with capex of INR284.6 million (debt:equity: 70:30) resulted in
severe pressure on liquidity, forcing KLT to restructure its long-
term loans aggregating INR806.70 million.  With almost 95%
utilization of its working capital limits, liquidity still remains
a concern for the company.

After a difficult H2FY09, KLT saw an improvement in its financial
performance during H1FY10, reporting net sales of INR1.63 billion
(H2FY09: INR1.28 billion) and Operating EBIDTA margins of 18.53%
(H2FY09: 14.54%).  Fitch believes another restructuring is
unlikely given the signs of recovery in the domestic auto sector
and the improvement in KLT's H1FY10 financial performance.

Given the working capital intensive nature of the business and
continuous capex, KLT's free cash flows has been consistently
negative during FY02-FY09; Fitch believes that this trend is
likely to continue in FY10.  Also, KLT's debt service coverage
ratio is likely to be under pressure during FY10-FY11.  However,
Fitch believes that KLT's product profile being of higher value
addition results in high profitability.  With signs of recovery in
the auto sector, KLT is likely to benefit in terms of revenue
growth and profitability.

Negative ratings triggers include a less than expected improvement
in KLT's credit metrics with leverage not improving below 5.5x on
a sustained basis.

KLT reported revenue of INR2.98 billion during FY09, which was
1.88% yoy.  KLT reported a decline in its Operating EBIDTA margins
to 16.91% in FY09 at INR504.31 million (FY08: 20.53% at INR601.72
million).  Its leverage deteriorated to 4.99x in FY09 (FY08:
3.68x).


PEEKAY ROLLER: CRISIL Rates INR60 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Peekay Roller Flour
Mills, a Peekay group firm, continue to reflect the Peekay group's
exposure to risks related to commoditized products, intense
competition, and limited scale of operations.  These rating
weaknesses are partially offset by the group's good track record,
and moderate gearing and debt protection measures.

   Facilities                          Ratings
   ----------                          -------
   INR60.00 Million Cash Credit        BB/Stable (Reaffirmed)
   INR100.00 Million Letter of Credit  P4+ (Reaffirmed)
   INR2.00 Million Bank Guarantee      P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Peekay Flour, Ahammed Roller Flour
Mills Pvt Ltd, Peekay Steel Castings Pvt Ltd, Peekay Rolling Mills
Pvt Ltd, and Pondy Roller Flour Mills Pvt Ltd, collectively
referred to as the Peekay group. This is because all these
entities are under common promoters, and have intra-group
operational and financial linkages, including fungible funds.

Outlook: Stable

CRISIL believes that the Peekay group will continue to benefit
from its established market position in northern Kerala.  The
outlook may be revised to 'Positive' if the group increases its
scale of operations, thereby improving its overall business risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's margins deteriorate, cash flows decline, or if the
company undertakes a large, debt-funded capital expenditure
program.

                         About the Group

The Peekay group, established in 1942 by Mr. Haji P K Moidu,
commenced operations by trading in wheat, rice, and sugar.  In
1971, Mr. P K Ahammed, son of Mr. Moidu, took over as the managing
director of the group. Subsequently, the group diversified into
wheat-flour processing and steel manufacturing.  Currently, the
group manufactures steel castings, and thermo-mechanically treated
(TMT) and cold-twisted (CTD) bars, and runs wheat-flour mills,
plantations and charitable institutions; it is also into real
estate, construction, education, and health care.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR61 million on a
turnover of INR3.6 billion, against a PAT of INR61.4 million on a
turnover of INR2.9 billion for 2007-08.

Peekay Flour manufactures wheat products, including maida, sooji,
atta, and bran.  The firm has an installed capacity of 110 tonnes
per day with capacity utilization of 45 to 50 per cent.  The firm
sells its products in northern Kerala.

Peekay Flour reported a PAT of INR2.17 million on a turnover of
INR332 million for 2008-09, against a loss of INR1.14 million on a
turnover of INR333 million for 2007-08.


RIZWAN EXPORT: Default in Term Loan Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Rizwan Export House, as REH has defaulted on its term loan; the
default has been caused by weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR14.0 Million Cash Credit^           D (Assigned)
   INR190.0 Million Term Loan             D (Assigned)
   INR26.0 Million Export Packing Credit  P5 (Assigned)

   ^Interchangeable with export packing credit.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of REH and REH's group firms Sheikh
Bhullan & Sons, Sheikh Bhullan Carpets, Handicraft  Collection,
Faran Teppich Exports, and Ruhan Teppich Exports.  This is because
all the entities, collectively referred to as the Rizwan group,
are under the same management, and have intra-group fungible cash
flows.

                           About the Group

The Rizwan group is into manufacturing and exporting handmade
woolen and cotton rugs (knotted and tufted). Its manufacturing
units are located in Bhadohi, Uttar Pradesh.  The group is being
managed by Mr. Rizwan Ansari and his brothers.  The group is
setting up two large, machined carpet manufacturing units in
Kashipur, Uttarakhand, for a total cost of INR710 million.

For 2008-09 (refers to financial year, April 1 to March 31), REH,
on a standalone basis, reported a profit after tax (PAT) of
INR19.4 million on net sales of INR164.1 million, against a PAT of
INR8.1 million on net sales of INR159.8 million in the preceding
year.


SARATHY AUTOCARS: CRISIL Rates INR164.80MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sarathy Autocars'
cash credit facility.

   Facilities                         Ratings
   ----------                         -------
   INR164.80 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects Sarathy's weak financial risk profile,
concentration in its revenue profile, and its vulnerability to
intense competition in the automobile dealership market and offset
by the benefits that Sarathy derives from the experience of its
management in the automobile dealership market, and the firm's
moderate operating efficiency.

Outlook: Stable

CRISIL believes that Sarathy will maintain its business risk
profile over the medium term on the back of its established market
position in Kollam (Kerala) and its promoters' industry
experience.  The outlook may be revised to 'Positive' if Sarathy
improves its capital structure, and if its revenue and
profitability increase significantly.  Conversely, the outlook may
be revised to 'Negative' in case of a slowdown in the automobile
industry, significantly affecting the firm's revenue and
profitability; or if the firm undertakes any large debt-funded
capital expenditure program, thereby adversely affecting its
capital structure; or in case of deterioration in its cash
accruals or significant withdrawal of capital by its partners.

                       About Sarathy Autocars

Set up in 1999 as a partnership firm, Sarathy is a leading dealer
of Maruti Suzuki India Ltd (MSIL) in Kollam, Kerala.  Currently,
Sarathy has eight showrooms and five authorised MSIL service
stations in Kerala.  The firm's operations are looked after by the
managing partner Mr. Rajesh Somanathan.

Sarathy reported a profit after tax (PAT) of INR9.2 million on net
sales of INR1115 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.7 million on net sales
of INR1078 million for 2007-08.


SHEIKH BHULLAN: Default on Term Loan Prompts CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sheikh Bhullan & Sons, as SBS has defaulted on its term loan; the
default has been caused by weak liquidity.
   Facilities                             Ratings
   ----------                             -------
   INR10.0 Million Cash Credit            D (Assigned)
   INR295.0 Million Term Loan             D (Assigned)
   INR50.0 Million Export Packing Credit  P5 (Assigned)
   INR35.0 Million Foreign Bill Purchase  P5 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBS and SBS's group firms Rizwan Export
House (REH), Sheikh Bhullan Carpets, Handicraft Collection, Faran
Teppich Exports, and Ruhan Teppich Exports.  This is because all
the entities, collectively referred to as the Rizwan group, are
under the same management, and have intra-group fungible cash
flows.

                          About the Group

The Rizwan group is into manufacturing and exporting handmade
woolen and cotton rugs (knotted and tufted).  Its manufacturing
units are located in Bhadohi, Uttar Pradesh.  The group is being
managed by Mr. Rizwan Ansari and his brothers.  The group is
setting up two large, machined carpet manufacturing units in
Kashipur, Uttrakhand, for a total cost of INR710 million.

For 2008-09 (refers to financial year, April 1 to March 31), SBS,
on a standalone basis, reported a profit after tax (PAT) of
INR19.0 million on net sales of INR177.5 million, against a PAT of
INR10.8 million on net sales of INR215.3 million for 2007-08.


SOVA ISPAT: CRISIL Puts 'BB' Rating on INR120 Mil. Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Sova Ispat
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR120 Million Cash Credit         BB/Stable (Assigned)
   INR40 Million Letter of Credit     P4+ (Assigned)
                and Bank Guarantee

The ratings reflect SIL's weak financial risk profile and
stretched financial flexibility, and exposure to risks relating to
intense competition, and the commodity nature of the product, in
the sponge iron industry.  These weaknesses are partially offset
by the benefits that SIL derives from product diversification in
revenue profile, and healthy operating efficiency in the sponge
iron business.

Outlook: Stable

CRISIL believes that SIL will maintain a stable business risk
profile over the medium term, backed by healthy growth in
revenues, and moderate profitability.  However, SIL's financial
risk profile may remain constrained by the ongoing debt-funded
capital expenditure (capex).  The outlook may be revised to
'Positive' if the company's revenues and profitability increase
substantially, strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company starts its deferred capex, or if its financial risk
profile weakens due to low accruals.

                         About Sova Ispat

Set up in 2003, SIL commenced commercial production in 2005 with a
sponge iron plant in Mejia (West Bengal), and a capacity of 300
tonnes per day (tpd).  The company increased its sponge iron
capacity by 200 tpd, and set up a cement grinding capacity of 200
tpd. It is also setting up a ferro-alloy plant of 8 mega volt
ampere (MVA) capacity, and a captive power plant of 15 mega watts
(MW).  Production at the sponge iron and cement facilities has
begun, while the other projects are expected to commence
operations by January 2010.

SIL reported a profit after tax (PAT) of INR38.6 million on net
sales of INR851 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR27.3 million on net
sales of INR643.7 million for 2007-08.


* INDIA: Moody's Changes Outlook on 'Ba2' Local Rating to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Indian
government's Ba2 local currency rating to positive from stable.
At the same time, the ceiling on banks' foreign currency deposits
has been raised to Ba1 from Ba2 to better reflect the robust
external position of India.

The change in the outlook on the local currency government bond
rating was prompted by increasing evidence that the Indian economy
has demonstrated its resilience to the global crisis and is
expected to resume a high growth path with its underlying credit
metrics relatively intact.

Moody's latest action, however, does not affect the outlook on the
government's foreign currency bond ratings, which remains stable
at Baa3.  Such decision therefore paves the way for a possible
narrowing of the gap between the local currency and the foreign
currency bond ratings of the government of India.

Moody's has long held the view that the exceptional strength of
India's external position was such that holding a foreign currency
government debt instrument was less risky than holding a local
currency government debt instrument.  Moody's are reconsidering
now whether a two-notch rating gap is appropriate, in the context
of Moody's recent practice of eliminating most rating gaps and
having a single measure of government creditworthiness.  Amidst a
trying global environment, relative stability in the government's
debt trajectory coupled with the high level of debt finance-
ability suggests that narrowing of the gap should rather come from
an upgrade of the local currency bond rating.

"The structure of India's economy is robust, and cyclical trends
are strong and sustainable," says Mr. Aninda Mitra, Moody's
sovereign analyst for India.

"Fiscal credibility remains a relative credit drawback, but this
shortcoming and its attendant risks are being contained by the
economy's high growth and resilience, large domestic savings,
favorable debt structure, domestic monetary confidence, and strong
external position," says Mitra.  Indeed, the finance-ability of
domestic currency debt has been enhanced by regulatory measures
which have made holding government debt more favorable for the
banks.

"Moreover, the government's large fiscal stimulus program and
strong growth response have set the stage for a successful exit
strategy, thereby leading potentially to a deceleration in its
fiscal financing requirements," adds Mitra.  "The ability of the
government to run strong counter-cyclical policies -- without
damaging investor confidence or impairing underlying fiscal
sustainability -- is a supportive development," says Mitra,
adding, "This is an important criterion in considering a narrowing
of the Indian government's sovereign ratings gap with a positive
outlook on the local currency rating."

He also notes that the ability to run counter-cyclical policies is
helped by the unwinding of monetary stabilization securities as
well as the strengthening of the government's disinvestment
program.

The outcome of the next phase of India's fiscal responsibility
act, and the precise nature and extent of the government's fiscal
consolidation program will be critical in determining the near-
term course of changes in sovereign ratings.  A convincing
approach whereby the benefits of economic growth better translate
into lower debt metrics will be key to Moody's judgment.

Moody's last rating action on India was taken on 22 January 2004,
at which time it upgraded the foreign currency ratings to Baa3
from Ba1.


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


BANK TABUNGAN: Initial Public Offering Oversubscribed
-----------------------------------------------------
Jakarta Globe reports that PT Bank Tabungan Negara said Tuesday
that its IDR1.89 trillion (US$200 million) initial public offering
had been oversubscribed.

BTN president director Iqbal Latanro told Jakarta Globe that "The
orders amount to twice the number of shares that we offered."

Foreign investors picked up 39.6% of the IPO, while the rest was
reserved for domestic investors, the Globe discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2009, Bank Tabungan Negara plans to sell its shares at the
Indonesia Stock Exchange on December 17, 2009, at a price of
IDR800 per share.  The number of shares to be sold is equal to
27.08% of the bank's shares with 24.48% of it for the public and
2.60% for the MSOP program.

                             About BTN

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

                           *     *     *

As reported by the Troubled Company Reporter–Asia Pacific on
May 15, 2009, Fitch Ratings affirmed PT Bank Tabungan Negara's
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

On Sept. 18, 2009, the TCR-AP reported that Moody's Investors
Service lowered Bank Tabungan Negara's global local currency
deposit ratings to Baa3 from Baa2.  The revised rating carry
stable outlook.  Moody's also raised the bank's foreign currency
long-term deposit ratings to Ba3 from B1.  All other ratings are
unaffected and carry stable outlooks: foreign currency  short-term
deposit of Not Prime and BFSR of D-.


GARUDA INDONESIA: Meeting on Proposed Notes Buy-Back Moved
----------------------------------------------------------
The Jakarta Post reports that PT Garuda Indonesia on Tuesday
failed to make an offer to buy back floating rate notes from
bondholders, after the required number of investors failed to
attend a meeting in Singapore.

The Post relates that the meeting, hosted by law firm K&L Gates
LLP., was only attended by bondholders representing about 60% of
the unredeemed notes due in 2007.  A quorum of at least 75% was
required before the meeting, the report notes.

According to the report, the failure indicates a preference among
investors to stick to the existing FRN contract, which means full
payment of the debt and interests, as well as the execution of
penalties involved.

The Post says Garuda spokesman Pudjobroto confirmed the failure,
but declined to comment on why some of the bondholders refused to
hear the company's offer.

"The meeting will be rescheduled to Jan. 11, still in Singapore,"
Pudjobroto said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2009, Antara News said Garuda will buyback some of its
debt in Floating Rate Notes (FRN) from its creditor in Singapore
worth US$131.4 million.  Garuda hoped its debt burden would drop
by buying back the FRNs.  The FRNs are the company's debt since
1993.

The company initially allocated US$25 million for the planned
repurchases and provided bondholders with an opportunity to tender
their notes at a discounted rate, the Post discloses.

A TCR-AP report on Aug. 13, 2009, said Garuda Indonesia expects to
raise as much as US$400 million from its much-awaited Initial
Public Offering in June, next year.  The expected launch, however,
is based on a positive outlook of the market condition, vis-a-vis
investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of June 2009 reached
US$726 million — US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


FUJITSU LIMITED: To Adopt Drastic Reforms to Revive Business
------------------------------------------------------------
Fujitsu Ltd. will adopt drastic reforms, including a realignment
of production lines, to turn around its struggling semiconductor
business, Kyodo News reports citing Chairman and President
Michiyoshi Mazuka.

Mr. Mazuka told the news agency that the company will try for now
to survive the chip industry slump on its own, indicating there
are no talks yet of a possible tie-up with rivals.

"There have been several semiconductor slumps, but we were not
able to take on sweeping reforms (on large-scale integrated
circuit chips) and things were left unfinished," the report quoted
Mr. Mazuka as saying.  "(This time) we will pursue sweeping
reforms and make the firm robust."

Fujitsu "has had no discussions on whether it will team up with
other companies" and join in the recent management integration
trend in the semiconductor and other sectors to weather the
economic slump, Mr. Mazuka added.

Fujitsu Limited -- http://jp.fujitsu.com/-- is a Japan-based
company engaged in the information technology (IT) business.  The
Company has three business segments.  The Technology Solution
segment manufactures and sells products such as main frame
servers, UNIX servers, storage systems, various types of software,
network management systems and optical transport systems, as well
as the provision of system integrations services, network services
and system support services.  The Ubiquitous Product Solution
segment offers products such as personal computers, mobile phones,
compact hard disk drives (HDDs), as well as optical transmitter
and receiver modules.  The Device Solution segment manufactures
and sells large scale integrations (LSIs), semiconductor packages,
relays and connectors, among others.

                           *     *     *

As of December 16, 2009, Fujitsu Limited continues to carry these
low ratings from Mikuni Credit Rating:

  -- "BB" Mortgage Debt
  -- "BB" Senior Debt


JAPAN AIRLINES: AMR May Increase Proposed Capital Investment
------------------------------------------------------------
The Wall Street Journal's Mariko Sanchanta and Dow Jones
Newswires' Doug Cameron report AMR Corp.'s American Airlines said
Wednesday it may increase a proposed capital investment in Japan
Airlines Corp. and draw on financial support from other members of
their Oneworld alliance.

According to the report, Gerard Arpey, chairman and chief
executive of American parent AMR Corp., also offered to make JAL
the airline's "exclusive partner" in the region, as it intensified
efforts to fend off a rival offer from Delta Air Lines Inc.

AMR said earlier this month that it could inject $1.1 billion into
JAL with its partner TPG Inc., the private-equity group, and
support from members of its Oneworld alliance.

According to the report, the pledged support had previously been
in the form of logistical and management help for JAL, but Mr.
Arpey hinted the partners could also provide capital.  "In terms
of investment, it's fair to say that they are open-minded, but a
lot more understanding would have to be done in terms of how the
overall restructuring will come together," he said, the report
says.

The report relates the pace of talks is expected to intensify
after the U.S. and Japan last week agreed to an open-skies
aviation treaty, paving the way for JAL to seek antitrust immunity
with its eventual partner.

The report notes Delta and its partners in the rival SkyTeam
alliance have also said they may revise their proposal to inject
$500 million into JAL and provide a $200 million loan and a $300
million revenue guarantee.  Delta hasn't said whether other
SkyTeam members would inject funds into JAL.  The report also says
Richard Anderson, Delta's CEO, met with Seiji Maehara, Japan's
Minister of Land, Infrastructure, Transport and Tourism, last week
to explain his company's proposal in more detail.

                           *     *     *

At a news conference on December 16 in Tokyo -- held after a
meeting with Mr. Maehara -- Mr. Arpey said, "the total value of
the proposition we have made is far superior than the proposed
alternative, both in terms of commercial benefits and direct
financial investment. . . . [W]e have offered a solution that
would be an important piece of a successful restructuring plan.
It will enhance JAL's opportunity for long-term success while also
injecting a large amount of much-needed capital in the short term.

"[T]he bottom line is that our direct investment offer is worth
more than twice to JAL as any other proposal.  The difference is
even greater when you consider the commercial implications of JAL
exiting a superior global alliance with the strongest U.S. network
for a less desirable global alliance and U.S. network.  We
estimate this would cost JAL hundreds of millions of dollars per
year," according to Mr. Arpey.

The Oneworld alliance includes British Airways, Qantas, Cathay
Pacific, Iberia, LAN, Finnair and Mexicana.

Mr. Arpey also said American's proposal is also achievable and has
the most certain chance of success while creating the least risk
for JAL and its employees and customers, and for the Japanese
public and taxpayers.

Mr. Arpey also told reports a JAL-American Airlines combination
can readily obtain antitrust immunity from the United States
Department of Transportation, which will be worth hundreds of
millions of dollars to JAL in the future.  "We are confident that
this will not be an option for JAL in any other alliance," he
said.

Mr. Arpey explains, "An immunized partnership is critical to JAL's
future, and time is of the essence. With the new Open Skies
agreement in place, All Nippon Airways (ANA) will surely pursue
immunity with United Airlines and Continental Airlines, all
members of the Star Alliance. JAL must act quickly or risk losing
ground as these competitors grow stronger, which could very well
derail its restructuring.

"To suggest that JAL could achieve the benefits we've outlined
with another partner is simply disingenuous, as the recent remarks
of Former U.S. Secretary of Transportation Norm Mineta made very
clear.  The DOT's interest is in preserving and enhancing
competition.  Our proposal does that, and would result in a
landscape of three alliances of roughly equal size battling in the
U.S.-Japan market. That is the most favorable result for
consumers, which are the DOT's highest priority, as well as for
the countries involved and taxpayers.

Mr. Arpey also pointed out American's and JAL's interests are
aligned.  "That is not and never will be the case with the other
potential partner that has suddenly become interested in JAL's
future at a time when JAL is most vulnerable," he cited.

"It is clear that American succeeds when JAL succeeds.
Specifically, we both have an interest in seeing a successful U.S-
Japan Open Skies regime, which will mean more opportunities for
airlines to serve customers between the U.S. and Japan. It will
also pave the way for a closer relationship between American and
JAL through antitrust immunity, creating revenue and growth
opportunities for our respective companies.

"At the same time, United, Continental and ANA are expected to
become stronger through a similar partnership. You can clearly see
why that outcome -- tougher competition between the U.S. and Japan
-- would not be the desired outcome for some.  It would be
unfortunate if the ground breaking Open Skies agreement forged
last week by our two countries were jeopardized by a tie-up that
presents an uncompetitive dynamic across the Pacific.

"To better understand why American and JAL are the most natural
partners, consider that our networks complement each other -- they
don't overlap.  As a result, we each have a strong incentive to
push as much traffic as possible onto the other's network. In
fact, JAL is so central to our partnership that we have discussed
with JAL a proposal that would guarantee it exclusivity as our
sole partner in this region, assuring a strong JAL and Tokyo hub
for the future.

"That is very different from the situation JAL will face if it
leaves oneworld.  For example, American doesn't have a hub in
Japan or a hub in Korea that would compete for JAL's customers,
siphoning important revenue and traffic from its network.  Indeed,
the competing offer would put JAL at risk of losing customers at a
time when it can least afford it.  Yet, it is also clear that a
withered, marginalized JAL would significantly benefit SkyTeam's
immunized hub in Seoul.  That is not a risk that JAL, nor the
government of Japan, should take," according to Mr. Arpey.

                          About AMR Corp.

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

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

                          *     *     *

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

                       About Delta Air Lines

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

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

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

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

                           *     *     *

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

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

                             About JAL

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

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

                           *     *     *

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


JAPAN AIRLINES: Most Retirees Back Pension Cuts, Survey Shows
-------------------------------------------------------------
Japan Airlines Corp. said Tuesday it has received approval from
about 5,700 retirees for proposed cuts in their pension benefits
in a preliminary survey, Japan Today reports.

The report relates JAL said the survey was sent out to roughly
8,800 retirees and about 7,600 replied.

According to the report, the carrier needs to obtain consent from
about 5,870 retirees, equivalent to two-thirds approval in order
to carry out the pension cuts.

JAL spokeswoman Sze Hunn Yap told AFP that the results seem "quite
positive" although the airline has not received responses to the
survey from about 1,200 retirees.  The next step will be to seek
official approval from the pension holders for the reduced
allowances, Ms. Yap said.

The AFP reports that a separate survey of JAL's current employees
showed that more than 90% supported a proposed cut in their own
pensions.

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

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

                           *     *     *

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

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


L-JAC8 TRUST: Moody's Reviews Ratings on 12 Classes of Notes
------------------------------------------------------------
Moody's Investors Service has placed 12 classes of L-JAC8 Trust on
review for possible downgrade; their final maturity will take
place in January 2013.

  -- Class A, Aa2 placed under review for possible downgrade;
     previously, downgraded to Aa2 from Aaa on June 2, 2009

  -- Class B, A2 placed under review for possible downgrade;
     previously, downgraded to A2 from Aa2 on June 2, 2009

  -- Class C, Baa3 placed under review for possible downgrade;
     previously, downgraded to Baa3 from A2 on June 2, 2009

  -- Class D, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa2 on June 2, 2009

  -- Class E, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Baa3 on June 2, 2009

  -- Class F, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba1 on June 2, 2009

  -- Class G, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from Ba2 on June 2, 2009

  -- Class H, Caa1 placed under review for possible downgrade;
     previously, downgraded to Caa1 from Ba3 on June 2, 2009

  -- Class I, Caa2 placed under review for possible downgrade;
     previously, downgraded to Caa2 from B1 on June 2, 2009

  -- Class J, Caa3 placed under review for possible downgrade;
     previously, downgraded to Caa3 from B2 on June 2, 2009

  -- Class K, Caa3 placed under review for possible downgrade;
     previously, downgraded to Caa3 from B3 on June 2, 2009

  -- Class X, Aa2 placed under review for possible downgrade;
     previously, downgraded to Aa2 from Aaa on June 2, 2009

L-JAC 8Trust, effected in March 2008, represents the
securitization of two non-recourse loans.

The previous rating actions reflected Moody's concern about the
likelihood of collateral recovery, based on recovery stresses in
the range of 22% to 24% and 24% for the weighted average
(excluding the specially serviced loans) on the entire loan pool
(regarded as having a high likelihood of default).

Moody's received a servicer report on December 10, 2009, on a loan
that defaulted in July 2009, and interviewed the trustee and
servicer.  In October 2009, it was decided that the servicer will
sell the loan at auction.  The minimum reserve price for the
auction was decided on December 9, 2009, based on an appraisal
from a third party.  (The special servicer is now preparing to
sell the loan.)

The rating action reflects Moody's growing concerns about the
recovery plan of the defaulted loan since Moody's assumption was
based on the recovery from the disposition of the underlying
property instead of the disposition of the underlying defaulted
loan.  Therefore, it is necessary to anticipate further recovery
stress for the disposition of the underlying defaulted loan.

Additionally, in December 2010, another loan will mature, for
which Moody's will also estimate higher recovery stress than was
assumed in the previous rating action.  The loan is backed by a
local mall with single tenant.

Moody's will closely monitor the prospects for loan disposition
and the performance of a remaining property to decide whether to
confirm or downgrade all classes.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


TAKEFUJI CORP: S&P Downgrades Counterparty Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Takefuji Corp. to 'SD' from 'CC'
based on its opinion that a part of the debt issued by Takefuji
has defaulted with the completion on December 14 of a debt
exchange offer of convertible bonds maturing in 2018 (NR).  At the
same time, S&P also lowered the rating on Takefuji's outstanding
senior unsecured bonds (straight bonds) to 'CCC-' from 'CCC',
reflecting S&P's view that Takefuji's funding position has become
increasingly difficult.  S&P intend to revise the long-term
counterparty credit rating on Takefuji from 'SD' as early as
Thursday, after scrutinizing the company's financial standing
subsequent to the completion of the debt exchange offer.

Standard & Poor's recognizes as a default cases in which a
distressed company conducts an exchange of new debt that contains
less favorable terms than the original bond issue (for details,
refer to the report, "Rating Implications Of Exchange Offers And
Similar Restructurings, Update," published on May 12, 2009).
Takefuji exchanged 1) JPY9.45 billion of its JPY70 billion
face-value convertible bonds with JPY65 in cash per JPY100 face
value and 2) JPY15.5 billion with a combination of JPY35 in cash
per JPY100 face value and JPY65 face-value of a euro-yen
denominated straight bond, which is scheduled to be issued with a
final maturity date of April 11, 2011, and a coupon rate of 10%.
Of these debt exchanges, Standard & Poor's recognizes at least 1)
as a default.

Takefuji's overall funding situation has grown increasingly
difficult due to a decline in its operating assets, continued high
levels of refunds of overcharged interest, and slower progress in
the company's raising of new funds than S&P expected.  Based on
this, Standard & Poor's reviewed its rating on the outstanding
senior unsecured bonds issued by Takefuji and lowered it by one
notch.  The company's liquidity at hand stood at JPY59.1 billion
as of Sept. 30, 2009, against interest-bearing debt of
JPY189 billion, maturing within one year, including the
convertible bonds that are subject to the debt exchange.  The debt
exchange is likely to alleviate to some extent Takefuji's
financing burden, as convertible bonds maturing in June 2010 worth
JPY70 billion would be reduced by JPY24.95 billion.  However, the
debt exchange has lowered liquidity at hand by JPY11.57 billion.
In addition, the corporate bonds to be issued in line with the
debt exchange will mature relatively early, in April 2011.
Outstanding convertible bonds amount to JPY45.05 billion.  Taking
these factors into consideration, S&P believes that the debt
exchange is unlikely to improve Takefuji's financial position to a
great extent in the short to medium term.

S&P's rating criteria prescribe that S&P assesses the credit
quality of the issuer subsequent to the completion of a debt
exchange that S&P recognizes as a default and assign a new rating
as promptly as possible.  In line with this, S&P intends to revise
the 'SD' rating on Takefuji as early as tomorrow.

                           Ratings List

                            Downgraded

                          Takefuji Corp.

                              To                 From
                              --                 ----
Counterparty Credit Rating    SD/--              CC/Watch Neg/--
Senior Unsecured              CCC-               CCC


* JAPAN: ISDA to Form Panel to Discuss Credit Default Swap
----------------------------------------------------------
The International Swaps and Derivatives Association is forming a
panel of lawyers and market participants to consider whether a
private corporate debt restructuring process in Japan should
trigger payouts to buyers of the debt-protection contracts,
Bloomberg News reports.

Citing ISDA's statement, Bloomberg discloses that the industry
group will form the panel after a meeting in Tokyo last week of
about 150 traders, lawyers and investors to discuss whether the
alternative dispute resolution process is a so-called credit
event.

According to the report, the panel being created may make
recommendations to ISDA's determinations committee in Japan, a
body of 15 dealers and investors that decides when payouts on
credit swaps should be made.

Bloomberg says that ISDA's review was prompted by a dispute
surrounding credit swaps on Aiful Corp.  The report relates that
after the Kyoto-based consumer lender entered alternative dispute
resolution talks in September, the determinations committee
rejected three attempts to get payouts from contracts on the
company's debt even as one bank said Aiful ceased making loan
payments.

"We need a common standard amid the confusion," Bloomberg quoted
Hisayoshi Nogawa, a strategist at BNP Paribas Securities Japan
Ltd. in Tokyo, as saying. "ISDA's definition is aimed at legal
liquidation, not out-of-court ones like the ADR.  So they should
show how to interpret the definition in relation to it."

According to Bloomberg, the panel will review the issue as the
Japanese Association of Turnaround Professionals, which is
mediating ADR talks with Aiful and Japan Airlines Corp., said last
month that it was forming a group of bankers, lawyers and
government officials to review whether the ADR process should
trigger credit swap payouts.

ISDA general counsel David Geen told Bloomberg that ISDA will
consider the group's findings, though the ultimate resolution will
be made by the determinations committee in Japan.

Bloomberg, citing New York-based ISDA's standard definitions,
says credit-default swaps, which are used to speculate on
creditworthiness or to hedge against losses on corporate bonds and
loans, let buyers demand payment from sellers if the underlying
company fails to make scheduled interest or principal payments.
Banks, hedge funds, insurance companies and other investors use
them to insure against default and to speculate on the
creditworthiness of companies and countries, the report relates.


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


LCL CORP: Default in Bank Loan Repayments Trigger PN17 Listing
--------------------------------------------------------------
LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on December 16, that 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 recalled 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 related that 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 noted 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.

As an affected listed issuer, LCL Corp Bhd 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 PN 17, Bursa Securities may commence delisting proceedings
against the company.

LCL said it is looking into formulating a regularization plan to
regularize the financial condition of the Company.

                          About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customised furniture and
fixtures, generic furnitures; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.


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


BLUE CHIP: Developers Want Investors to Negotiate Settlement
------------------------------------------------------------
Jenni McManus at The Independent reports that a raft of Blue Chip
apartment investors who lost their court bid to cancel sale and
purchase agreements are being urged to contact the properties'
developers and negotiate a settlement.

According to the report, Greenstone Barclay, one of the three
developers involved in the High Court action, has written to
investors saying while it has an obligation to "move vigorously"
to enforce the judgment against them, it recognizes many investors
cannot pay following Blue Chip's collapse.

Greenstone said the investors should contact the company and
negotiate a deal that works for both parties.

The Independent, meanwhile, says Paul Dale, the lawyer acting for
the investors, is seeking an urgent fixture to appeal the court
decision. "The developers will have to decide what to do next but
most investors cannot settle even if they wanted to."

The report recalls that three representative groups of investors
earlier this year asked the High Court for a declaration that they
had validly cancelled the sale and purchase agreements on their
apartments after Blue Chip collapsed in early 2008.  The group
argued that Blue Chip had misrepresented the investment packages
it sold them, the report says.

According to the report, the investors claim they were not aware
they were signing sales and purchase contracts.  The report says
the investors were placing deposits on yet-to-be-built apartments
-- and receiving up to 16% interest from Blue Chip on these
deposits -- on the understanding they would never be required to
buy the apartments when they were completed.

But with Blue Chip gone bust and its director, Mark Bryers,
bankrupt and facing dozens of court actions, the apartments'
developers -- Greenstone Barclay, Icon Central and Wave & Turn --
are seeking payment from the investors for the completed
apartments.  Justice Geoffrey Venning dismissed the investors'
action, the Independent discloses.

                        About Blue Chip NZ

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

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


CLEGG & CO: Director Sentenced For False and Misleading Statements
------------------------------------------------------------------
Clegg and Co. Finance Limited director Brian Clegg was sentenced
in the Auckland District Court on Tuesday for six offences against
the Companies Act and the Securities Act, The New Zealand Herald
reports.

Mr. Clegg was sentenced to 12 months home detention on five
charges, and convicted and discharged on one charge, the report
says.

"A number of these charges relate to false and misleading
statements made in the company's 2005 and 2006 prospectuses and to
the company's Trustee," the NZ Herald quoted Neville Harris of the
Registrar of Companies as saying.  "A separate charge relates to
misleading or deceiving the Securities Commission."

Clegg & Co. Finance Limited -- http://www.clegg.co.nz/-- is a
New Zealand finance company dealing with commercial plant finance
leases and other secured lending contracts.

As reported in the Troubled Company Reporter-Asia Pacific on
October 8, 2007, Clegg & Co. Finance was placed in receivership
after its directors and shareholders were unable to rectify the
breach of a loan restriction clause, which breach was reportedly
to a "significant extent."

Covenant Trustee appointed on Oct. 4, 2007, Brian Mayo-Smith and
Shaun Adams of BDO Spicers as receivers for Clegg & Co Finance
Limited, Clegg & Co Leasing Limited and Clegg & Co Capital
Limited.

Clegg & Co Finance Limited said in a statement that it held
deposits totaling approximately NZ$15 million from about 500
investors.


HANOVER FINANCE: Investors Accept Allied Farmers Offer
------------------------------------------------------
The New Zealand Herald reports that Hanover Finance investors have
approved the plan to sell the company's loan book to Allied
Farmers Ltd.

According to the report, up to 1,000 investors met Tuesday in
Auckland to decide whether they should sell their assets to Allied
Farmers in exchange for shares.  The deal needed 75% support from
each of the four classes of investors, the report notes.

The NZ Herald discloses that Hanover Finance's secured depositors
voted 75.45% in favor while United Finance investors voted 79.48%
in favor.  The subordinated noteholders voted 97.47% in favor and
the Hanover Capital investors voted 88.33% in favor, the report
adds.

Hanover independent Chairman David Henry called the 75% vote in
favor showed "strong support".

"By accepting this proposal, investors have chosen an opportunity
to realize much greater long-term value from their investment than
remaining in the existing Debt Restructure Plan [DRP]," Henry said
in a written statement.

He said the Allied Farmers proposal provides a better structure
for the assets to be held in than the Hanover and United companies
could have achieved in the foreseeable future.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2009, Hanover Finance confirmed that Allied Farmers had
forwarded a proposal to acquire the finance assets of Hanover
Finance Limited and United Finance Limited.

Chairman David Henry said the Allied Farmers' proposal would
exchange investors Hanover Finance's secured deposits and
subordinated notes, United Finance's secured deposits, and Hanover
Capital bonds for listed shares in Allied Farmers issued at market
value.

Hanover Finance said in November it is no longer likely to fully
repay investors under a debt restructuring plan due to a
deterioration in the commercial property development market, a
TCR-AP report on Nov. 12, 2009, said.

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

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.

                  About Hanover Finance Limited

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


STRATEGIC FINANCE: January 7 Repayment to Investors In Doubt
------------------------------------------------------------
Strategic Finance Ltd. will have 14 days to negotiate a settlement
with its trustee or find the required cash to avoid receivership
if it fails to pay investors their first installment under its
moratorium plan, according to The New Zealand Herald.

The report says the company was due to make its first return to
investors on January 7 after failing to make an initial repayment
in September this year.

But Chairman Denis Thom, the NZ Herald relates, warned investors
this week it may once again be unable to make the repayment,
citing difficulties in recovering "a number of specific loans".

The report notes Louise Edwards of Strategic's trustee, Perpetual
Trust, said failure to make the repayment in full would trigger an
"event of review".

Bank of Scotland International, which stands ahead of retail
investors in the queue for repayment, was likely to either be
repaid its $25 million prior charge in full by the December 31
deadline or it would agree to an extension, the report relates
citing Chief executive Kerry Finnigan.

According to the report, Mr. Finnigan said the $25 million prior
charge had been reduced to $11 million including a $5 million
payment this week, "with a further reduction likely to occur very
soon".

Strategic has not indicated how much it intended to repay retail
debenture holders on January 7, the report adds.

                     About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services.  Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments was re-set
at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


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


QUEZON POWER: Moody's Upgrades Senior Secured Bond Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the senior secured bond
rating of Quezon Power (Philippines) Ltd Co to B2 from B3.  The
rating outlook is stable.

"The rating action has been prompted by the improving operational
and financial profile of Meralco, the largest private electricity
distributor in the Philippines and the sole offtaker for Quezon,"
says Jennifer Wong, a Moody's AVP/Analyst, adding "It also
reflects Quezon's track record in maintaining a stable operational
and financial profile."

Previously, Moody's was concerned with Meralco's high refinancing
risks.given its strong reliance on short-term debt.  A substantial
portion of its short-term debt has now been refinanced into longer
maturities, thereby improving its financial flexibility and
liquidity position.  Furthermore, the recent implementation of a
performance-based rate is also a positive development, despite
limited track record, as Meralco can now adjust tariffs on a more
regular basis, subject to certain performance criteria.

Quezon's B2 rating also recognizes its strong operating track
record, full cost pass through under the PPA agreement and limited
coal supplier risk with long-term supply contract.  Quezon's debt
servicing capacity, with expected debt service coverage ratio
("DSCR") of around 1.3-1.5x over the next few years is strong for
its B2 rating.  Nevertheless, it remains closely linked to the
credit profile of its sole offtaker, Meralco.

The rating outlook is stable reflecting Moody's expectation that
Meralco will continue to honor its obligations to Quezon in order
to generate income for the debt servicing.

Upward rating pressure could evolve over time if Meralco's credit
quality and liquidity position improve further, while at the same
time Quezon maintains its current operating and financial
profiles.

On the other hand, downward rating pressure could result if (1)
Quezon experiences problems receiving payments from Meralco, which
in turn affect its ability to honor its debt obligations in a
timely manner; and/or (2) further contract renegotiations result
in a significant weakening in Quezon's cash flow; and/or (3)
Quezon is unable to maintain the required availability factor such
that DSCR falls below 1.2x.

The last rating action on Quezon was taken on 18 October 2007,
when Moody's affirmed its B3 senior secured rating with a stable
outlook.

Quezon Power (Philippines) Ltd Co owns a 460MW base load coal-
fired plant and 31 km of transmission lines located on the east
coast of Luzon, south east of Manila.  The company is 45.9% owned
by InterGen, 26.1% by Covanta Energy, 26.0% by Electricity
Generating Public Co Ltd, and 2.0% by PMR Ltd.


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


ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due December 28
-------------------------------------------------------------
Altus Technologies Pte Ltd, which is in judicial management,
requires its creditors to file their proofs of debt by Dec. 28,
2009, to be included in the company's dividend distribution.

The company's Judicial Manager is:

         Tay Swee Sze
         C/O Tay Swee Sze & Associates
         10 Anson Road
         #19-01 International Plaza
         Singapore 079903


ALTUS TECHNOLOGIES: Creditors' First Meeting Set for December 30
----------------------------------------------------------------
Altus Technologies Pte Ltd, which is in judicial management, will
hold their first meeting for its creditors on December 30, 2009,
at 3:00 p.m., at 108 Robinson Road, Level 11, in Singapore 068900.

The company's Judicial Manager is:

         Tay Swee Sze
         C/O Tay Swee Sze & Associates
         10 Anson Road
         #19-01 International Plaza
         Singapore 079903


ECON CORPORATION: Creditors Get 48.51% Recovery on Claims
---------------------------------------------------------
Econ Corporation International Ltd declared the first and final
dividend on December 14, 2009.

The company paid 48.51% to the received preferential claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


NYK LOGISTICS: Members' Final Meeting Set for January 15
--------------------------------------------------------
NYK Logistics 2008 Pte. Ltd, which is in members voluntary
liquidation, will hold their final meeting for its members on
January 15, 2010, at 10:00 a.m.

The company's liquidators are:

         Steven Chee Chuan
         Douglas Tan Kay Yeow
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


SO REAL: Creditors' Proofs of Debt Due January 12
-------------------------------------------------
Creditors of So Real Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
January 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         EU Chee Wei David
         8 Wilkie Road
         #03-08 Wilkie
         Singapore 228095


STATS CHIPPAC: S&P Affirms Corporate Credit Rating at 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on Singapore-based
outsourced semiconductor assembly and testing services (OSAT)
provider STATS ChipPAC Ltd. At the same time, S&P affirmed the
'BB+' issue rating on the company's senior unsecured debt.  S&P
also removed the ratings from CreditWatch with negative
implications, where they were initially placed on Sept. 16, 2009.
The outlook is stable.

The stable outlook reflects S&P's opinion of an improvement in the
company's performance, and its ability to manage operating costs
and be flexible on its capital expenditure plans.  "We expect the
company to maintain its positive free cash flow generation, which
S&P believes will support its liquidity profile, keeping it
adequate for the rating," said Standard & Poor's credit analyst
Weekhim Loy.

The rating on STATS ChipPAC Ltd. reflects the company's highly
cyclical and capital-intensive OSAT business, high customer
concentration risk, and potential capital reduction.  These
weaknesses are offset by the company's strength in mixed-signal
testing and advanced packaging technology, and its moderate
leverage.

STATS ChipPAC's operating efficiency has improved due to its cost
reduction efforts.  The company reported operating margin of 9.4%
in the third quarter of 2009, compared with 4.6% in the same
period in 2008.

"While the stand-alone credit profile of STATS ChipPAC has
improved, the ratings reflect S&P's belief that going forward
parental support from Temasek Holdings Pte. Ltd. (AAA/Stable/--),
which owns 83.8% of STATS ChipPAC, will be lowered," said Ms. Loy.

In S&P's view, STATS ChipPAC's liquidity is adequate.  The company
had cash and marketable securities of US$348 million as at
Sept. 30, 2009, sufficient to cover its short-term debts due of
US$218.6 million.

The stable outlook factors in S&P's expectations that STATS
ChipPAC will continue to successfully implement its business
strategies, thereby improving its profitability and cash flow
generation.


                         *********

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 ***