TCRAP_Public/091218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, December 18, 2009, Vol. 12, No. 250



LEHMAN BROTHERS: High Court in Sydney Grants Leave to Appeal
METAL STORM: AFHL Investment Deal Likely Over
ONE.TEL LTD: ASIC to Appeal Against Decision in Directors' Case
TIMBERCORP LTD: Hamilton Bid for Timbercorp Orchard Trust Notes


NEW ENERGY SYSTEMS: To Acquire Shenzhen NewPower Tech for $14.7MM

H O N G  K O N G

AIG BANKING: Ip Chung Yuen Steps Down as Liquidator
ASIA METAL: Creditors' Proofs of Debt Due January 11
BRATEX GARMENT: Creditors' Proofs of Debt Due January 11
CYI CREATION: Court Enters Wind-Up Order
EGGBUTT KNITWEAR: Creditors' Proofs of Debt Due January 12

FIDELITY TRADING: Chong Cho Mei Steps Down as Liquidator
FORWARD GROUP: Court Enters Wind-Up Order
GOOD TIME: Court Enters Wind-Up Order
GOLD RISING: Court Enters Wind-Up Order
HONG KONG RESOURCES: Court Enters Wind-Up Order

HONG KONG ZHONG: Placed Under Voluntary Wind-Up Proceedings
HUNG YAU: Creditors' Proofs of Debt Due January 11
GRAND BRIDGE: Commences Wind-Up Proceedings
INTER CHINA: Creditors' Proofs of Debt Due January 4
KING STAR: Chong Cho Mei Steps Down as Liquidator

KDLC LEASE: Yan and Haughey Step Down as Liquidators
MAIDENS INTERNATIONAL: Creditors' Proofs of Debt Due January 11
PORTLAND CAFE: Court Enters Wind-Up Order
SHOW VIEW: Court Enters Wind-Up Order
TREASURE TOP: Court Enters Wind-Up Order


ICICI BANK: UK Unit Accused of Mistreating a Whistleblower
LYONDELL CHEMICAL: Parent Has Pact to Manufacture in India
MALLADI DRUGS: CARE Places 'CARE B' Rating on INR72cr Bank Limits
RASHMI HOUSING: CARE Assigns 'CARE BB+' Rating on INR55cr LT Loan
TATA MOTORS: Agrees to Return Singur Land to State Government


BANK CENTURY: AGO to Focus on Seizing Owners' Assets Abroad
PAL INDONESIA: To Lay Off 900 Workers As Part of Restructuring
PERUSAHAAN LISTRIK: Secures US$371.5 Mil. Loan from Bank of China


ALL NIPPON: May File for U.S. Antitrust Immunity This Month
AUTOBACS STRAUSS: Sues Japanese Parent Autobacs Seven
JLOC 41: S&P Downgrades Ratings on Various Floating-Rate Notes
JLOC XXVIII: S&P Puts Ratings on Notes on CreditWatch Negative
MLOX4 TRANSACTION: S&P Downgrades Ratings on Four Certificates

TAKEFUJI CORP: S&P Changes Counterparty Credit Rating to 'CCC-'


SSANGYONG MOTOR: Court Approves Turnaround Plan


HO HUP: Sells Parcel of Land to Action Master for MYR7.6 Mil.
RANHILL BERHAD: High Court of Malaya Enters Wind Up Order

N E W  Z E A L A N D

FIJI ISLANDS: S&P Gives Stable Outlook; Affirms 'B-' Rating


LEGACY GROUP: PDIC Files New Estafa Cases Against Owner, Officials
PEOPLE'S BANK: PDIC Begins Liquidation Sale of Bank's Assets


DOT VN: Posts US$1,346,611 Net Loss for October 31 Quarter


NORTEL NETWORKS: Gets Nod for Asia Restructuring Agreement
* Fitch Maintains Individual Ratings on Five Dubai-Based Banks
* Large Companies with Insolvent Balance Sheets

                         - - - - -


LEHMAN BROTHERS: High Court in Sydney Grants Leave to Appeal
Lehman Brothers Inc. and its Asian arm have been granted special
leave by the High Court in Sydney to appeal a previous Federal
Court decision that favored local councils, Clancy Yeates at The
Sydney Morning Herald reports.

The Federal Court in September ruled a deed of company arrangement
agreed to by Lehman's creditors was void, because it wrongly tried
to remove the councils' right to sue other parties, according to
the Herald.  But lawyers acting for Lehman argue they should be
allowed to remove this right from creditors.

The High Court is expected to hear the case in February next year,
SMH notes.  The case was brought by Swan Council in Western

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, the Full Federal Court in Australia convened a
hearing on the week of August 3, 2009, to hear an urgent
application filed by local councils against Lehman Brothers
Australia.  The application, according to The Australian, touches
on an untested area of corporations law that forms part of the
local councils' claim against Lehman Brothers Australia.

The local councils are trying to overturn a deed of company
arrangement that was entered into in May 2009.  Creditors of
Lehman Brothers Australia voted in favor of the proposal, which
was filed by Lehman Brothers Asia Holdings, that will repay the
creditors more and avoids costly and time delays of litigation.

According to The Australian, the local councils' application will
have implications for creditors of companies in administration
that want to pursue further legal action against third parties
over losses.

Under the Deed of Company Arrangement, the contingent creditors
are not allowed to sue third parties, like related Lehman
Brothers companies.  A key legal question is whether a DOCA can
include clauses that prevent a creditor from suing third parties
-- in this case the overseas Lehman entities, The Australian
pointed out.

The administrators of Lehman Brothers Australian estimate $142.2
to $247.6 million will be distributed to all the creditors
including other Lehman units, the Herald Sun reported.  As part
of the DOCA, $43.5 million is set aside for councils and other
"contingent" creditors, which are owed $626.5 million, Australian
Business related.  Executives of Lehman Brothers Asia will
receive as much as $11 million, Brisbane Times said.

Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates. ( 215/945-7000)

METAL STORM: AFHL Investment Deal Likely Over
Metal Storm Ltd. has finally conceded the delayed US$35 million
(AU$38.6 million) rescue package from Assure Fast Holdings has
likely fallen through, as it moves to lock in its alternate $25
million equity placement, according to The Australian.

The Australian relates the weapons maker said that it considered
"a successful completion of the subscription agreement by AFHL to
be unlikely" after demanding settlement of the much-delayed US$2.1
million first tranche.

According to The Australian, Metal Storm said it would now pursue
the previously announced AU$25 million placement, thought to be
with another offshore party.

The company also said it had signed off on a $500,000 equity
placement with a private investor, with $200,000 to be closed out
by December 18 before the remainder on or before January 5.

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

Metal Storm Chairman Terry O'Dwyer welcomed AFHL as a major
shareholder and said that he was delighted that the Chairman of
AFHL, Mr. Robert Rivero, was enthusiastic about the technology and
committed to the production and successful sale of Metal Storm's
weapon systems.

Metal Storm on December 11 gave formal notice to AFHL after
failing to provide initial funding under a US$35 million
investment agreement.  The company said that the first tranche of
approximately AU$2.1 million (US$1.9 million) of equity capital
was initial scheduled to close on November 3, 2009, but had been
extended subsequently until December 10, 2009.

                         About Metal Storm

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

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

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

ONE.TEL LTD: ASIC to Appeal Against Decision in Directors' Case
The Australian Securities & Investments Commission has lodged a
Notice of Intention to Appeal in the NSW Court of Appeal in
respect of the November 18, 2009, decision of the NSW Supreme
Court dismissing ASIC's civil penalty proceedings against
One.Tel's former joint Managing Director, Jodee Rich and the
company's Finance Director, Mark Silbermann.

The Troubled Company Reporter-Asia Pacific, citing The Sydney
Morning Herald, reported on Nov. 19, 2009, that Judge Austin
dismissed the long running case launched by ASIC against Messrs.
Rich and Silbermann in December 2001.  Judge Austin found that
ASIC had failed to prove any aspect of pleaded cases against
either defendant.

A TCR-AP report on February 8, 2006, said that the ASIC initiated
actions against Messrs. Rich and Silbermann for allegedly allowing
the company to trade while it was insolvent and for providing
misleading financial information to the Company's Board of

The ASIC wanted to ban Messrs. Rich and Silbermann from holding
directorships and is seeking compensation of AU$92 million, the
value allegedly lost by the telco by continuing to trade after
February 2001, when ASIC alleged it became insolvent, the TCR-AP

ASIC has until February 27, 2010, to commence an appeal of the NSW
Supreme Court decision.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.

TIMBERCORP LTD: Hamilton Bid for Timbercorp Orchard Trust Notes
Bloomberg News reports that Hamilton Securities Ltd. plans to bid
for debentures sold by Timbercorp Orchard Trust, which rented
agricultural properties to Timbercorp Ltd.

New South Wales-based Hamilton will offer noteholders 30 of its
shares for each AU$100 (US$89) trust debenture, Bloomberg relates
citing Hamilton in an e-mailed statement.

According to Bloomberg, Hamilton said the shares trade on the
National Stock Exchange, giving investors a way to recoup some of
the AU$56.8 million in principal they're owed after the trust
appointed receivers on Oct. 22.

The Australian Associated Press, citing Hamilton Securities
executive chairman Steven Pritchard, says that the 2,200 debenture
holders could accept the offer or wait until the receivership ran
its course.

"As a debenture holder, your asset is effectively in the hands of
the receivers and your debentures are virtually unsaleable," the
AAP quoted Mr. Pritchard as saying.

The AAP relates Mr. Pritchard said that at present, investors
could not trade their debentures because they were suspended from
trading on the Australian Securities Exchange and there was no
indication when they might resume trading.

"The offer will provide debenture holders with listed securities
and an exit route from their investment at a price determined by
the market," Mr. Pritchard said.

Hamilton said that according to the trust's accounts of June 30,
2009, the trust had total assets of AU$36.6 million, of which
AU$17.3 million was intangible, the AAP notes.  The trust's
tangible assets were AU$19.3 million or AU$34.03 per debenture.

                          About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) -- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into


NEW ENERGY SYSTEMS: To Acquire Shenzhen NewPower Tech for $14.7MM
New Energy Systems Group has entered into an agreement to acquire
Shenzhen NewPower Technology Co., Ltd., a China-based manufacturer
of lithium ion batteries.  The cost of the acquisition will be
US$14.7 million, comprised of US$3.0 million in cash and 1.8
million shares of New Energy's common stock with a value of
US$11.7 million at US$6.42 per share.  The transaction is expected
to be completed by year-end 2009.

Shenzhen NewPower Technology Co., Ltd. was founded in 2004 and is
a rapidly growing manufacturer of lithium ion batteries for cell
phones and other portable devices. The company's products range
from low end cell phone batteries, to state-of-the art, high
capacity batteries. The company has a longstanding reputation for
its advanced technology and high quality manufacturing

NewPower expects to generate revenue of approximately US$20.1
million in 2009 and US$27.4 million in 2010.  NewPower expects to
generate net income of US$1.5 million in 2009 and at least US$2.5
million in 2010.

Mr. Fushun Li, New Energy's Chief Executive Officer, commented,
"We have known NewPower's management for many years and are
excited to have them join our organization in what we expect to be
a seamless integration.  We are also pleased by NewPower's desire
to take most of their consideration in the form of New Energy
common stock, which reflects their confidence in New Energy's
future prospects."

Mr. Li continued, "The NewPower acquisition is strategically
important in enabling us to further vertically integrate our
business, which is a key differentiator for New Energy Systems
within the industry.  One example of the benefits of this vertical
integration is that since we will now be manufacturing lithium-ion
batteries from start to finish, the NewPower acquisition will
enable us to capture additional margin in our own finished battery
distribution business.  As a result of the acquisition synergies,
we expect NewPower will contribute more than the US$2.5 million of
net income projected for 2010 on a standalone basis."

Mr. Li continued "We are also excited about the opportunity to
expand NewPower through cross-selling and leveraging our strong
distribution networks.  As a result of NewPower's excess capacity,
we can rapidly increase production with minimal capital
expenditures.  Finally, we believe this acquisition illustrates
our ability to identify and acquire strategic businesses that
leverage our core strengths and further enhance our position in
the rapidly growing lithium ion battery industry."

                 About New Energy Systems Group

With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) --
-- 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 US$17,622,130 in total
assets against US$3,197,717 in total liabilities, all current.  At
September 30, 2009, the Company had accumulated deficit of
US$4,660,858 and stockholders' equity of US$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

AIG BANKING: Ip Chung Yuen Steps Down as Liquidator
Ip Chung Yuen stepped down as liquidator of AIG Banking Insurance
Services Limited on December 7, 2009.

ASIA METAL: Creditors' Proofs of Debt Due January 11
Creditors of Asia Metal And Mining 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

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong

BRATEX GARMENT: Creditors' Proofs of Debt Due January 11
Creditors of Bratex Garment Factory 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

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

         Dantes Mak Kay Lung
         China Insurance Group Building, Rooms 2101-3
         141 Des Voeux Road
         Central, Hong Kong

CYI CREATION: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order December 2, 2009, to
wind up the operations of C.Y.I. Creation Limited.

The company's liquidator is Bruno Arboit.

EGGBUTT KNITWEAR: Creditors' Proofs of Debt Due January 12
Creditors of Eggbutt Knitwear Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 12, 2010, to be included in the company's dividend

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

         Yang Maira
         Tower I, Flat A, 19th Floor
         Century Town
         1 Trequarter Path
         Hong Kong

FIDELITY TRADING: Chong Cho Mei Steps Down as Liquidator
Chong Cho Mei stepped down as liquidator of Fidelity Trading
Limited on December 1, 2009.

FORWARD 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 Forward Group Logistics &
Transportation Limited.

GOOD TIME: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Good Time Finance Limited.

GOLD RISING: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Gold Rising Foods Company Limited.

HONG KONG RESOURCES: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Hong Kong Resources Investment Co.,

HONG KONG ZHONG: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on December 9, 2009,
members of Hong Kong Zhong Yi Bathroomware limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         French Roger Christian
         Kaiser Centre, Flat 02, 18/F
         No. 18 Centre Street
         Hong Kong

HUNG YAU: Creditors' Proofs of Debt Due January 11
Creditors of Hung, Yau, Chan Management Consultancy 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 8, 2009.

The company's liquidator is:

         Wong Lai Ying Judy
         Far East Consortium Building, Rooms 1501-3
         121 Des Voeux Road
         Central, Hong Kong

GRAND BRIDGE: Commences Wind-Up Proceedings
Grand Bridge Trading Limited, which is in members voluntary
liquidation, on December 1, 2009, commenced wind-up proceedings.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King's Road
         North Point, Hong Kong

INTER CHINA: Creditors' Proofs of Debt Due January 4
Creditors of Inter China Services Limited, which is in members
voluntary liquidation, are required to file their proofs of debt
by January 4, 2010, to be included in the company's dividend

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

The company's liquidators are:

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

KING STAR: Chong Cho Mei Steps Down as Liquidator
Chong Cho Mei stepped down as liquidator of King Star Enterprise
Limited on December 1, 2009.

KDLC LEASE: Yan and Haughey Step Down as Liquidators
Lai Kar Yan (Derek) and Darack E. Haughey stepped down as
liquidators of KDLC Lease And Finance Limited on December 1, 2009.

MAIDENS INTERNATIONAL: Creditors' Proofs of Debt Due January 11
Creditors of Maidens International 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

The company commenced wind-up proceedings on November 25, 2009.

The company's liquidator is:

         Dantes Mak Kay Lung
         China Insurance Group Building, Rooms 2101-3
         141 Des Voeux Road
         Central, Hong Kong

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

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

TREASURE TOP: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on December 2, 2009,
to wind up the operations of Treasure Top Industrial Limited.


ICICI BANK: UK Unit Accused of Mistreating a Whistleblower
ICICI Bank UK has been accused by the Employment Tribunals in
London of mistreating a whistleblower, according to The Financial

The Financial Times says the bank tried immediately to repatriate
the S. Kapoor to India against his wishes after it was confirmed
he had informed the UK Financial Services Authority about alleged

Mr. Kapoor, a former proprietary trader in ICICI Bank, had told
the bank in January that his superior had altered some of the
records to cover up trading losses, which reached more than US$1
million in 2008, according to the tribunal ruling cited by the FT.

"It is our conclusion . . . the respondent [ICICI] subjected him
to a detriment, and that it did so because of the protected
disclosures that he made internally and, more importantly, to the
FSA," the FT cited the Tribunal's ruling.

According to the FT, ICICI said the matter was subjudice but it
rejected the allegation that Mr. Kapoor's repatriation was linked
to his disclosures, saying it was instead due to the closure of
his division, the proprietary trading group.

The FT relates ICICI said the closure of the trading group was
because of "market conditions" and added Mr. Kapoor was offered
"alternative employment" in India.

Mr. Kapoor is claiming damages from ICICI for "being subjected to
a detriment" after making a "protected disclosure", according to
the Financial Times.

                          About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) -- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms.  ICICI Bank's
presence currently spans 19 countries, including India.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program.  At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist.  There are no outstanding rated issues under these

LYONDELL CHEMICAL: Parent Has Pact to Manufacture in India
LyondellBasell Industries announced another milestone in its
continued support of global customers with a new agreement to
manufacture products in India.  Under a tolling and marketing
agreement signed by LyondellBasell and Hyundai Engineering
Plastics (HEP), HEP will manufacture LyondellBasell's latest-
generation Hostacom and Hifax polypropylene compounds using
LyondellBasell's proprietary technology and formulations at the
HEP plant in Chennai, Tamil Nandu, India.  LyondellBasell will
have exclusive marketing rights for these products.

Paul Yeates, Senior Vice President, Advanced Polyolefins at
LyondellBasell said, "This agreement extends our global footprints
and allows us to better serve our customers in major regions."

Hostacom and Hifax polypropylene compounds are used by customers
to add value in automotive applications, such as instrument
panels, interior trim and bumpers, as well as white goods such as
washing machines and refrigerators.  "This cooperation enables us
to supply our Indian automotive and appliance customers with
locally manufactured, high-performance and high-quality compounds
which will increase their competitiveness in the fast-growing
Indian market," said Frank Noeltgen, vice president, Asia-Pacific
Compounding Business at LyondellBasell.

The arrangement expands the existing global cooperation between
the two companies that began in 2006, in which LyondellBasell
produces, markets and sells HEP's Supol materials under license
from HEP in North America and Europe.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell -- is privately owned by Access

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
( 215/945-7000)

MALLADI DRUGS: CARE Places 'CARE B' Rating on INR72cr Bank Limits
CARE has assigned a 'CARE B' rating to the Long-term Bank
Facilities of Malladi Drugs and Pharmaceuticals Ltd.  Facilities
with this rating are considered to offer low safety for timely
servicing of debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  Also, CARE has
assigned a 'PR4' (PR Four) rating to the Short-term Bank
Facilities of MDPL.  Facilities with this rating would have
inadequate capacity for timely repayment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.  These ratings are assigned for an
aggregate amount of INR82.70 cr.  CARE assigns '+' or '-' signs
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

   Facilities                     Amount     Ratings
   ----------                     ------     -------
   Long-term Fund-based Limits    72.00cr    CARE B
   Short-term Fund-based Limits   10.70cr    PR4

Rating Rationale

The ratings are constrained by delays in debt servicing in the
last few years, poor financial performance characterized by low
profitability and high level of debt in relation to cash accruals,
controlled nature of the products sold and consequent impact
on market growth, and high level of exposure to the loss-making
subsidiary Novus.   The rating also factors in MDPL being one of
the leading players in the manufacture of Ephedrine and Pseudo
Ephedrine, established track record of operations, good
manufacturing capabilities characterized by one of the units being
US FDA-approved and all other manufacturing facilities being cGMP
and ISO9000-certified, and presence of tie-up arrangements for
contract manufacturing.

                        About Malladi Drugs

MDPL was founded in 1980 by late M.L.N.  Sastry, a pioneering
microbiologist, and was promoted as a Joint Venture company along
with Tamil Nadu Industrial Development Corporation (TIDCO) for the
manufacture of Ephedrine and its salts.   MDPL is a manufacturer
of Active Pharmaceutical Ingredients (APIs) in the cough and cold
segment along with limited presence in other therapeutic segments.
The major products manufactured by the company include Ephedrine,
Pseudo Ephedrine, Phenylephrine, Phenyl Propanolamine and Cyclin
(Intermediate).   MDPL posted sales of INR160 cr in FY09 as
against INR135 cr in the previous year.   The increase in raw
material cost, employee expenses and interest costs resulted in
PAT decreasing to INR4 cr in FY09 compared to INR7 cr in FY08.

RASHMI HOUSING: CARE Assigns 'CARE BB+' Rating on INR55cr LT Loan
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Rashmi Housing Private Limited.  This rating is
applicable to facilities having tenure of over one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.
These ratings are assigned to long-term bank facilities of RHPL
aggregating INR55.00 crore.

Rating Rationale

The rating is constrained by the small size of operations, low
cash accruals as against substantial repayment obligations, the
large number of primarily debt-funded projects simultaneously
under execution, and the risks of project funding as well as
execution for the proposed Naigaon project (Rashmi Mega Project).

The rating derives strength from the experience of RHPL's
promoters in real estate development spanning more than a decade,
the company's predominant focus on the relatively stable
affordable housing segment, good brand image in the area of
operations, integration through network of group companies in the
related businesses, favorable government policies for the real
estate sector and substantial completion as well as booking of the
ongoing projects.

The company's ability to maintain the level of bookings given the
interest rate-sensitive demand and increased competition in the
affordable housing segment due to entry of bigger real estate
players remains the key rating sensitivity.

Incorporated on February 21, 2003, Rashmi Housing Private Limited
is engaged primarily in construction of residential complexes,
with the project design reserving a small portion of the layout
for in-built commercial shops.  It is closely held by the Bosmiya
family.  RHPL mainly caters to the affordable housing segment with
its projects concentrated in the area from Mira Road to Virar.
Currently, it has four projects under various stages of completion
with fifth project scheduled to start execution shortly.

TATA MOTORS: Agrees to Return Singur Land to State Government
Tata Motors have agreed to return the Singur land allotted to it
for setting up their Nano project in case there was a meaningful
negotiation, The Economic Times reports citing West Bengal
commerce and industry minister Nirupam Sen.

The Times says Mr. Sen also told reporters in his Assembly chamber
that the state government had already informed the Tatas about the
interest expressed by the railways to utilize the Singur land for
setting up a coach factory. "The Tatas have no objection to return
the land if there is a meaningful negotiation," the report quoted
Mr. Sen as saying.

The minister, however, did not clarify what this meaningful
negotiation implies, the Economic Times relates.

Meanwhile, Reuters reports that Egypt has invited Tata Motors to
build a factory to make the Nano, the world's cheapest car, in the
African country for the local market and sales elsewhere.

Reuters relates the Mint newspaper quoted Egypt's ambassador to
India, Mohamed Higazy, as saying that "Egypt is seeking consent of
Tata for left-hand drive Nano to be produced in Egypt, where a
huge market is expected not only internally, but in the left-hand
drive market in the Middle East and in Europe."

According to Reuters, Mr. Higazy told the paper the company would
consider the proposal after the initial phase of the Nano launch.

Tata launched the Nano in March this year and is expected to to
take it to Europe by 2011 and to the United States later, Reuters

                         About Tata Motors

India's largest automobile company, Tata Motors Limited -- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


BANK CENTURY: AGO to Focus on Seizing Owners' Assets Abroad
Indonesia's Attorney General's Office would focus on seizing Bank
Century owners' overseas assets to avoid an overlap with other
legal institutions in unraveling the bank bailout scandal, The
Jakarta Post reports citing Attorney General Hendarman Supandji.

The Post quoted Mr. Supandji as saying that "While the Corruption
Eradication Commission [KPK] focuses on finding indications of
graft in the Bank Century case, we'll dig deeper into how to
pursue the bank owners' assets in several countries."

According to the report, Mr. Hendarman said the assets were
reportedly worth around IDR12 trillion (US$1.35 billion) and were
mostly in Hong Kong.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk -- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.

PAL INDONESIA: To Lay Off 900 Workers As Part of Restructuring
Jakarta Globe reports that state-owned shipping firm PT PAL
Indonesia and state asset-management firm PT Perusahaan Pengelola
Aset agreed on Wednesday to a US$46 million rescue package.  The
report says the financing package will require PAL to lay off 900
of its 2,400 workers as part of a major restructuring.

Though less than the US$60 million requested by PAL, the Globe
relates, the loan will allow the debt-ridden company to complete
ongoing shipbuilding projects and pay interest on short-term debt.

According to the report, PAL president director Harsusanto said
the company "ideally" needed only 1,500 workers.  "We are
currently conducting intensive negotiations with the labor union
to start the retrenchment process next month," he said.

Naldy Nazar Haroen, chairman of BUMN Watch, an NGO that monitors
state-owned enterprises, criticized the plan to cut workers,
saying layoffs should be the last resort after costs are cut in
other areas.  "The workers should not always become the victims of
management's failure," Mr. Haroen told the Jakarta Globe.

The report, citing PPA president director Boyke Mukijat, discloses
that the US$46 million loan would be split into two parts:

   * US$25.6 million to finance the completion of 10
     ship-building projects and payable by 2012; and

   * US$20.4 million for operating capital and must be
     repaid by 2018.

                          About PT PAL

PT PAL Indonesia -- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the Company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

PAL Indonesia's factory is located at Ujung, Surabaya.  The
Company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.

                           *     *     *

The Jakarta Post said Indonesia's largest shipping company has
been in dire financial straits since 2008.  PT PAL decided in May
to give one day-off every week to up to 800 of its 2,400
employees, as part of efforts to cut costs.  PT PAL posted IDR443
billion (US$44 million) in losses in 2007 and IDR46 billion in
2008.  PAL owes US$120 million in short-term debts to local
private and state banks as of 2009.

PERUSAHAAN LISTRIK: Secures US$371.5 Mil. Loan from Bank of China
Antara News reports that the Bank of China has agreed to extend
US$371.5 million in loans to PT Perusahaan Listrik Negara to
finance the construction of the Tanjung Awar-Awar steam power
plant in East Java.

The news agency, citing PLN President Director Fahmi Moechtar,
relates that the loans were fully supported by Sinosure, a
government export credit insurance agency in China.  The loans,
payable in 13 years including a grace period of 3 years, carried a
floating interest rate based on the London Interbank Offered Rate
(LIBOR), he said.

Meanwhile, Antara News reports that PLN also signed an agreement
with state-owned Bank Mandiri, Bank BNI and Bank BRI and
privately-run Bank BCA for a syndicated loan of IDR5.88 trillion
to finance the construction of four steam power plants and
transmission projects.

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

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

                           *     *     *

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


ALL NIPPON: May File for U.S. Antitrust Immunity This Month
All Nippon Airways Co. and its U.S. partners United Airlines Inc.
and Continental Airlines Inc. may file for U.S. antitrust immunity
in the Japan-U.S. aviation market by the end of this month, Kyodo
News reports citing ANA President Shinichiro Ito.

Kyodo relates that the three carriers will operate their flights
integrally to "increase convenience for customers" after acquiring
the immunity from the U.S. Transportation Department.

Mr. Ito's remark came after Tokyo and Washington agreed last week
to conclude an open skies treaty to liberalize Japan-U.S. aviation
services, Kyodo states.

Meanwhile, a report posted at says that All
Nippon has applied to the Japanese government for regulatory
approval to enter into a code-share agreement with Etihad Airways,
the national airline of the United Arab Emirates, from March 1. reports that the aim of the agreement is to
provide greater travel options and convenience for passengers
traveling between Japan and UAE. relates
that under the deal, ANA will place its NH code on the four
scheduled Etihad weekly flights between Abu Dhabi and Nagoya from
February 1.  In turn, Etihad will place its EY code on ANA flight
between Nagoya and both Sapporo and Fukuoka,

The code-share agreement will be extended from March 28 to cover
ANA domestic services between Narita and Osaka Itami, adds.

                         About All Nippon

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

                          *     *     *

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

AUTOBACS STRAUSS: Sues Japanese Parent Autobacs Seven
Bill Rochelle at Bloomberg News reports that Autobacs Strauss Inc.
is suing the parent, Japan's Autobacs Seven Co., contending it
"fraudulently and knowingly" withheld information from the
bankruptcy court in buying the business from the prior Chapter 11

The complaint alleges that Autobacs Seven represented that the
Company would be sufficiently capitalized when it was purchased
and that it wouldn't take dividends.  Instead, the Company says
the parent paid the purchase price through $40.2 million in loans
rather than capital contributions, resulting in a "massive debt
obligation."  The complaint also contends that $10.9 million was
taken out in interest payments that should be recharacterized as
improper dividends.

In addition to the suit in bankruptcy court, the Company
simultaneously sued the parent in New Jersey federal district
court on the same facts, alleging violation of the Racketeer
Influenced and Corrupt Organizations Act.

The committee wants the bankruptcy court to void the loan made by
the parent as fraudulent transfer. The creditors are
also seeking to recover preferences and recharacterize debt to
the parent as equity.

The Bankruptcy Court has extended the Company's exclusive right to
propose a Chapter 11 plan by two weeks, until Dec. 29.

Headquartered in South River, New Jersey, Autobacs Strauss Inc. -- sells after-market automotive parts
and accessories, and operate automotive service centers located in
New York, New Jersey, Philadelphia, Bethlehem and Pennsylvania.
The Company operates 86 retail store locations and has about 1,450
employees.  The Company filed for Chapter 11 protection on
February 4, 2009 (Bankr. D. Del. Case No. 09-10358).  Edward J.
Kosmowski, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor in its restructuring efforts.  As of
January 3, 2009, the Debtor had total assets of $75,000,000 and
total debts of $72,000,000.

The Chapter 11 case is Strauss's third.  The preceding Chapter 11
case ended with confirmation of a Chapter 11 plan in April 2007.
The Company was then named R&S Parts & Service Inc.

JLOC 41: S&P Downgrades Ratings on Various Floating-Rate Notes
Standard & Poor's Ratings Services lowered its ratings on the
class A to D-3 floating-rate notes issued under the JLOC 41 LLC.
transaction and removed the ratings on classes A to D-1 and D-3
from CreditWatch with negative implications, where they had been
placed on June 23, 2009.

S&P downgraded classes A to D-3 because: (1) the transaction's
three underlying loans (property sales-type loans) defaulted (one
in March 2009 and the other two in October 2009) due to a credit
event involving the sponsor.  Initially, S&P had expected the
loan-to-value ratios to decrease with the sale of collateral
properties, but the ratios have declined less than S&P anticipated
as little progress has been made in the sale of the properties;
and (2) S&P takes the view that uncertainty is growing over the
recovery prospects of the collateral properties backing each of
the three loans.

S&P assumed that the total potential recovery amount from the
collateral properties backing the three defaulted loans would be
about 70.7% (breakdown by loan: about 75.6%, 57.8%, and 74.6%
respectively) of S&P's initial valuation, and reviewed the ratings
on each class accordingly.  In addition, with regard to class C-2,
which was subject to a major downgrade (to 'B-' from 'A'), and
class D-2, which was downgraded to 'CCC', S&P assumed that the
total potential recovery amount from the collateral properties
backing the underlying loan would be about 57.8% of S&P's original

Collection procedures relating to the three defaulted loans are in
progress, in accordance with the transaction's servicing
agreement.  Standard & Poor's will continue to assess information
concerning the progress of collection as shown in the reports
provided by the servicer.

The notes issued under this transaction were originally secured by
three loans extended to three obligors.  The loans were initially
backed by 31 real estate trust certificates or real estate
properties.  The transaction was arranged by Morgan Stanley Japan
Securities Co. Ltd, and ORIX Asset Management & Loan Services
Corp. is the transaction servicer.

            Ratings Lowered, Off Creditwatch Negative

                           JLOC 41 LLC.
      JPY23.36 billion floating-rate notes due February 2015

  Class   To     From            Initial Issue Amount      Coupon Type
  -----   --     ----            --------------------      -----------
  A       AA     AAA/Watch Neg   JPY15.40 bil.             Floating rate
  B       BBB+   AA/Watch Neg    JPY2.70 bil.              Floating rate
  C-1     BBB-   A/Watch Neg     JPY1.07 bil.              Floating rate
  C-2     B-     A/Watch Neg     JPY0.86 bil.              Floating rate
  C-3     BB+    A/Watch Neg     JPY0.99 bil.              Floating rate
  D-1     B+     BBB/Watch Neg   JPY0.78 bil.              Floating rate
  D-3     B-     BBB/Watch Neg   JPY0.87 bil.              Floating rate

                          Rating Lowered

    Class   To    From   Initial Issue Amount      Coupon Type
    -----   --    ----   --------------------      -----------
    D-2     CCC   B      JPY0.69 bil.              Floating rate

JLOC XXVIII: S&P Puts Ratings on Notes on CreditWatch Negative
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on JLOC XXVIII's class C and D
senior trust certificates, and its rating on Harajuku Holding
TMK's Series 4-2 floating-rate (mezzanine) specified bonds.  At
the same time, Standard & Poor's affirmed its ratings on classes A
and B issued under the same transaction.

S&P placed classes C and D and the mezzanine specified bonds on
CreditWatch negative because: (1) the liquidation of the real
estate properties that ultimately back the aforementioned senior
trust certificates and mezzanine specified bonds has fallen behind
schedule.  In particular, although the asset manager is proceeding
with the liquidation of the collateral properties, the sales of
some of the major properties, which were expected to be sold by
the end of 2009, have been deferred; and (2) uncertainty appears
to be mounting over the prices at which the properties are likely
to be liquidated.

S&P affirmed its ratings on the class A and B senior trust
certificates because the loan-to-value ratios have significantly
improved from initial loan-to-value ratios, reflecting progress in
principal redemption on the upper tranches.

Standard & Poor's intends to review its ratings on the class C and
D senior trust certificates and the mezzanine specified bonds,
after it has assessed the sale prospects of the collateral
properties based on various types of information, including the
asset manager's property sales plan.  S&P may lower its ratings on
class C and D by between five to seven notches depending on the
results of its review.

Nakano Holding TMK's senior specified bonds, which had backed JLOC
XXVIII's senior trust certificates, and Nakano Holding TMK's
Series 3-2 floating-rate mezzanine specified bonds, were repaid in
July 2006.  The aggregate amount of the repaid specified bonds
accounts for about 49% of the initial issuance amount.

JLOC XXVIII is a property sales-type CMBS transaction.  The senior
trust certificates and mezzanine bonds issued under this
transaction were initially secured by 567 real estate properties.
Morgan Stanley Japan Securities Co.  Ltd. served as the arranger
for this transaction.

              Ratings Placed On Creditwatch Negative

              JLOC XXVIII Senior Trust Certificates
       JPY88.9 billion trust certificates due October 2012

       Class   To              From   Initial Issue Amount
       -----   --              ----   --------------------
       C       AA-/Watch Neg   AA-    JPY8.8 bil.
       D       BB/Watch Neg    BB     JPY7.2 bil.

                       Harajuku Holding TMK
     Series 4-2 JPY3.6 billion floating-rate specified bonds
                         due October 2012

       Class    To            From   Initial Issue Amount
       -----    --            ----   --------------------
       TMK4-2   B/Watch Neg   B      JPY3.6 bil.

                         Ratings Affirmed

              JLOC XXVIII Senior Trust Certificates
       JPY88.9 billion trust certificates due October 2012

              Class   Rating   Initial Issue Amount
              -----   ------   --------------------
              A       AAA      JPY62.8 bil.
              B       AAA      JPY10.1 bil.

MLOX4 TRANSACTION: S&P Downgrades Ratings on Four Certificates
Standard & Poor's Ratings Services lowered its ratings on the
class A to D trust certificates issued under the MLOX4 transaction
and removed its ratings on the four classes from CreditWatch with
negative implications.  At the same time, Standard & Poor's
affirmed its 'AAA' rating on class X issued under the same

On Sept. 18, 2009, S&P placed the ratings on classes A and B on
CreditWatch with negative implications, and downgraded classes C
and D and kept both ratings on CreditWatch negative.  Since then,
S&P has reviewed the property management reports for the related
collateral properties and interviewed the asset manager.

S&P downgraded classes A to D because: (1) in S&P's media release
published on Sept. 18.  2009, S&P said that cash flows from the
properties backing two of the transaction's underlying loans
(representing a combined 65.8% or so of the total issuance amount
of the trust certificates) might not be maintained at the levels
of initial assumption; S&P subsequently lowered its assumptions
with respect to the properties' cash flows and values, including
those of the residential-cum-commercial properties (high-quality,
limited-stay apartments); (2) S&P revised downward its assumption
with regard to the potential recovery amount from the collateral
property backing another underlying loan (representing  about 4.7%
of the total issuance amount of the trust certificates) in light
of its location, type, and other specifications; and (3) S&P
lowered its assumptions with respect to the sales prospects of the
collateral properties backing an underlying property sales-type
loan (a loan other than the aforementioned three loans,
representing about 29.5% of the total issuance amount of the trust

Standard & Poor's assumed that the total potential recovery amount
from the collateral properties backing the transaction's four
underlying loans would be about 65.8% of its initial assumption,
and reviewed the ratings on the relevant tranches accordingly.
S&P sees little likelihood of the ratings on classes A to D being
raised because, since principal on the trust certificates is
redeemed under a pro-rata redemption structure, S&P does not
expect the loan-to-value ratios of the loans to decline even if
progress is made in repaying the loans.

S&P intends to assess a number of factors, including progress in
the repayment of the transaction's underlying loans, the asset
manager's management policy, as well as the performance and
recovery prospects of the related collateral properties.

Although S&P affirmed its rating on class X, S&P is considering
amending the rating methodology for interest-only certificates,
which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

MLOX4 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by four loans extended to four
obligors.  The loans were originally backed by 22 real estate
trust certificates held by the four borrowers.  The transaction
was arranged by Merrill Lynch Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services is the transaction servicer.

             Ratings Lowered, Off Creditwatch Negative

         JPY42.6 billion Trust certificates due May 2014

  Class   To    From             Initial issue amount      Coupon type
  -----   --    ----             --------------------      -----------
  A       AA+   AAA/Watch Neg    JPY25.0 bil.              Floating rate
  B       A-    AA/Watch Neg     JPY6.7 bil.               Floating rate
  C       BB    BBB-/Watch Neg   JPY6.7 bil.               Floating rate
  D       B     BB-/Watch Neg    JPY4.2 bil.               Floating rate

                         Rating Affirmed

     Class   Rating   Initial issue amount
     -----   ------   --------------------
     X*      AAA      JPY42.6 bil. (Initial notional principal)

                         * Interest only

TAKEFUJI CORP: S&P Changes Counterparty Credit Rating to 'CCC-'
Standard & Poor's Ratings Services revised to 'CCC-' from 'SD' its
long-term counterparty credit rating on Takefuji Corp., reflecting
S&P's assessment of the company's credit quality subsequent to the
implementation of debt restructuring.  At the same time, S&P
affirmed its 'CCC-' rating on the outstanding senior unsecured
bonds issued by Takefuji.  The outlook on the long-term
counterparty credit rating is negative.

S&P revised its long-term counterparty credit rating on
Takefuji to 'SD' with the intention of keeping it on 'SD' for one
day, based on S&P's opinion that a debt exchange of convertible
bonds (NR) that the company completed on Dec. 14, 2009,
constituted debt restructuring due to financial distress.

The 'CCC-' rating and negative outlook reflect S&P's view that
Takefuji's liquidity position remains severe.  Ahead of the full
implementation of the amended Money Lending Business Law
(scheduled to occur by mid-2010), Takefuji's asset size and
interest income have been declining.  In addition, both the burden
of refunds of overcharged interest and that of near-term debt
repayments remain high.  The rating may come under further
downward pressure if the liquidity risk assumed by Takefuji
increases, or S&P sees it as likely that the company will conduct
further debt restructuring that is recognized as a default under
S&P's rating criteria.  Conversely, Takefuji's credit quality
would likely benefit if the company can improve its financial
standing by securing funds through asset disposals or raising new

                            Ratings List


                           Takefuji Corp.

                                   To                 From
                                   --                 ----
    Counterparty Credit Rating     CCC-/Negative/--   SD/--/--


               Senior Unsecured                CCC-


SSANGYONG MOTOR: Court Approves Turnaround Plan
A South Korean bankruptcy court approved on Thursday Ssangyong
Motor Co.'s restructuring plan despite opposition by some

"We came to this decision as Ssangyong's value as a going concern
exceeds that of liquidation and it is judged as being capable of
carrying out the turnaround plan," The Wall Street Journal quoted
a presiding judge as saying.

Yonhap News says Ssangyong vowed to get itself in order over the
next three years.

"We, employees at Ssangyong Motor, will make utmost efforts to put
the company back on track," Yonhap cited Lee Yoo-il, one of two
court-appointed managers at Ssangyong, as saying in a statement.

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

The TCR-AP reported on Sept. 16, 2009, that Ssangyong Motor
submitted a revival plans to the Seoul Central District Court
seeking capital reduction and a debt-for-equity swap by creditors.

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

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

                       About Ssangyong Motor

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


HO HUP: Sells Parcel of Land to Action Master for MYR7.6 Mil.
Ho Hup Construction Company Berhad said that Bukit Jalil
Development Sdn.  Bhd.), a 70%-owned subsidiary of the Company has
entered into a conditional sale and purchase agreement (SPA) with
Action Master Sdn. Bhd. for the proposed disposal of a parcel of
freehold land measuring approximately 13,398 square meters held
under Geran 55265 with Lot No.  38472 in the Mukim of Petaling and
District of Kuala Lumpur and State of Wilayah Persekutuan for a
cash consideration of MYR7,641,731.

The consideration will be paid by the Purchaser to Vendor in these

     * deposit of MYR1,146,260 paid by the Purchaser to the Vendor
       prior to the execution of the SPA.

     * Balance Purchase Price of MYR6,495,471 shall be paid by the
       Purchaser to the Vendor within the period and in the manner
       as follows:

       -- a further sum of MYR1,146,260 to the Vendor within
          seven days from the date of receipt by the Purchaser
          or the Purchaser's solicitors (as the case may be) of
          certified true copy of the Vendor's Approval and the
          Chargee's (as defined hereinafter) letter of
          confirmation that the final balance purchase price of
          MYR5,349,211 is sufficient to redeem the Property from
          the financial institution whom the Property is
          currently being charged to; and

       -- the Final Balance Purchase Price shall be paid within
          six months (the said Period) from the date of the SPA or
          within two months from the date of receipt by the
          Purchaser or the Purchaser's solicitors.

The Purchaser will not assume any liabilities pursuant to the
proposed disposal.

Action Master Sdn. Bhd. is principally involved in the dealing of
bowling equipment and accessories.

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

                           *     *     *

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

RANHILL BERHAD: High Court of Malaya Enters Wind Up Order
Ranhill Berhad disclosed that the High Court of Malaya at Kuala
Lumpur entered an order to wind up Ranhill Engineers and
Constructors Sdn Bhd, a wholly owned subsidiary of Ranhill Berhad.
Kejuruteraan R.E.Morris Sdn Bhd filed the winding up petition
against REC.

The winding-up petition was filed to enforce a Garnishee Order
dated January 24, 2008, for the sum of MYR1,109,969.63 being the
amount allegedly due and owing to Kejuruteraan Yakiniaga Sdn Bhd.

KREM is a sub-sub-contractor to KYSB who in turn is a sub-
contractor of REC in respect of a project on the construction of
the new Labis Water Treatment Plant and Ancillary Works Project,
Semangar Water Treatment Plant 1168 and Semangar Distribution.

KREM initially instituted a civil action against KYSB for the
works done and the amount owing in the sum of MYR1,109.969.63.  On
April 14, 2008, KREM filed an application for a Ganishee Order to
garnish payment due to KYSB from REC.  On May 11, 2009, the High
Court allowed KREM's application for a Ganishee Order.
Subsequently on August 20, 2009, KREM filed the Winding Up
Petition against REC in the Kuala Lumpur High Court.

The Company's solicitors have filed an appeal to the Court of
Appeal against the High Court decision granting the winding-up

                        About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On Dec.  11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Ranhill Bhd and removed it from CreditWatch with negative
implications.  The outlook is negative.

N E W  Z E A L A N D

FIJI ISLANDS: S&P Gives Stable Outlook; Affirms 'B-' Rating
Standard & Poor's Ratings Services said that it had revised its
outlook on the Republic of Fiji Islands to stable from negative.
At the same time, the 'B-' long-term foreign currency and 'B'
local currency sovereign credit ratings and the 'C' short-term
ratings on Fiji were affirmed.  The transfer and convertibility
assessment remains at 'B-'.

"The change in the outlook stems from S&P's expectation that
Fiji's reserves will continue to stabilize, reflecting improving
prospects in the tourism sector, the use of capital controls, the
20% depreciation of the Fiji dollar in April, and an allocation of
Special Drawing Rights from the IMF", said Kyran Curry, Sovereign
analyst at Standard & Poor's.  "The ratings on Fiji reflect
political instability, a weak external position, sizeable
deficiencies in available data that complicate external analysis,
and poor external relations that hamper investment and harm the
outlook for the tourism sector and broader growth prospects.
These factors are offset, in part, by the sound economic potential
in tourism and allied industries when political frictions

Complicating analysis of Fiji's credit quality are significant
data deficiencies.  S&P estimates the current account deficit to
be around 22% of GDP, including errors and omissions in the
balance of payments accounts equivalent to around 10% of GDP that
pertain to unrecorded tourism and remittances.  Official reserves
recovered to around US$570 million in November 2009 from a post-
coup low of US$240 million in March 2009.  The improvement in
reserves partly reflects the raising of capital controls and
devaluation the Fiji dollar by 20% to stem the pressures on
reserves.   A range of capital controls have since been eased in
line with the recovery in reserves.  Underpinning S&P's analysis
is a belief that the official estimates of reserves are robust and
that the estimate of the current account deficit is exaggerated.
If these assessments prove incorrect, the rating would likely be

"The delay in the return to democratic rule in Fiji does not
itself affect the ratings, as it does not necessarily represent a
further deterioration in Fiji's political settings," said Mr.
Curry.  "However, in S&P's opinion, the abrogation of the
constitution, weakened institutional transparency and
independence, and emergency decrees that weigh on civilian and
media freedoms serve to weaken the prospects for investment and a
re-engagement of support from donors.  Both are required to lessen
the economy's reliance on tourism and promote a sustained
improvement in Fiji's growth prospects."

The stable outlook reflects the recovery in reserves and near-term
external pressures.  A fuller recovery in the tourism sector over
the next year should underpin a further improvement in Fiji's
external position.  The ratings could be downgraded if political
pressures intensify or if public finances and external imbalances
worsen, leading to a sharply lower reserves.  An upgrade in the
ratings would depend on the government's success in reducing
tension internally and with aid donors, while at the same time
boosting investment opportunities and the external position.


LEGACY GROUP: PDIC Files New Estafa Cases Against Owner, Officials
The Philippine Deposit Insurance Corp. filed two more complaints
of syndicated estafa against Celso delos Angeles Jr. and other
Legacy Group officers for siphoning off funds of the Rural Bank of
Carmen in Cebu and the Nation Bank in Negros Occidental through
fraudulent and anomalous transactions.  RB Carmen and Nation Bank,
two of 12 Legacy-affiliated banks, were placed under receivership
of the PDIC in December 2008.

Among those charged in the RB Carmen case were seven Legacy
officers, namely, Alexis Petralba, Roy Hilario, Rafael Rafanan
Jr., Namnama Pasetes, Cecil Invencion, Mylen Banez, and Juan

PDIC said in a statement that investigations revealed that Mr.
delos Angeles and his co-conspirators created 30 fictitious
investment loans amounting to PHP136.7 million from December 2007
to February 2008 and made it appear that proceeds equivalent to
more than PHP104 million were deposited to the savings account of
Fusion Capital Corporation (FCC) with RB Carmen.  In a Senate
investigation hearing, Mr. delos Angeles publicly admitted that he
owns FCC.

The complaint stated that Hilario, Pasetes, Invencion and Rafanan,
Jr. withdrew more than PHP104 million from the savings account of
FCC and used this amount for payment of marketing incentives, for
solicitation of deposits and deposit placements, to other Legacy
banks and related corporations.

The investment loans were later erased from the books after the
loans in the gross amount of PHP136.7 million were assigned to
Juan Labobo and Mylen Banez, in exchange for properties overvalued
by PHP131.5 million.

In the Nation Bank case, Mr. delos Angeles and four other Legacy
officers allegedly conspired in creating 2,370 motorcycle loans
amounting to PHP130.4 million and diverting the proceeds of these
loans to the personal accounts of Mr. delos Angeles and Roy
Hilario.  Mr. Delos Angeles and Mr. Hilario used the loan proceeds
to pay for the expenditures and fund requirements of Legacy-
related corporations such as Hacienda Busay, Inc., United Farmers
Sugar Corporation, and Legacy Motors, Inc., and to cover for the
monthly allowances of Mr. delos Angeles.

Among those charged in the Nation Bank complaint were Delos
Angeles, Petralba, Hilario, and Ampere Elman.

The PDIC had filed a total of 17 cases against Legacy-affiliated
banks of which 13 are criminal and four are for recovery of money
and/or property.  The PDIC continues to build cases to prosecute
responsible officers of Legacy-affiliated banks.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group -- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.

In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to

PEOPLE'S BANK: PDIC Begins Liquidation Sale of Bank's Assets
The Daily Tribune reports that the Philippine Deposit Insurance
Corp. started on December 14 the liquidation sale of the People's
Bank of Binmaley's assets to end all hopes for uninsured
depositors on a proposed rehabilitation plan for the bank.

The report relates that the People's Bank of Binmaley Uninsured
Depositors Association had proposed to recover tens of millions
worth of savings still with the bank after it was ordered closed
by the Monetary Board of the Bangko Sentral ng Pilipinas.

The BusinessMirror, citing senior regulators, says the bank is
said to be instructive in that the BSP first knew of its deep
problems three years earlier but closed it only in April 2008.

That failure allegedly allowed the bank's main shareholder to get
away with financial murder totaling PHP118 million in uninsured
deposits, the BusinessMirror States.

The BusinessMirror's sources said the People's Bank of Binmaley
would eventually rack up liabilities reaching PHP330.5 million
before the policy-making Monetary Board ordered it closed several
years after determining its ailment.

The Tribune says the Binmaley Water District had PHP2.3 million
worth of deposits when the bank was closed.  The report also says
a senior local government official reportedly owned an account
whose value was way beyond the guaranteed PDIC cover of only

The People's Bank of Binmaley is a rural bank based in Pangasinan,


DOT VN: Posts US$1,346,611 Net Loss for October 31 Quarter
Dot VN Inc. reported a net loss of US$1,346,611 for the fiscal
second quarter ended October 31, 2009, from a net loss of
US$1,589,472 for the year ago period.  Dot VN posted a net loss of
US$3,944,553 for the six months ended October 31, 2009, from a net
loss of US$3,921,500 for the year ago period.

Revenues were US$290,228 for the three months ended October 31,
2009, from US$227,671 for the year ago period.  Revenues were
US$653,340 for the nine months ended October 31, 2009, from
US$604,351 for the year ago period.

At October 31, 2009, the Company had total assets of US$2,359,925
against US$12,320,152 in total liabilities, resulting in
stockholders' deficit of US$9,960,227.

The Company noted that to date it has had limited revenues from
the marketing and registration of '.vn' domain names as it
operates in this single industry segment.  Consequently, the
Company has incurred recurring losses from operations.  In
addition, the Company has defaulted on three convertible
debentures aggregating US$612,500 that were due January 31, 2009,
and currently has not negotiated new terms or an extension of the
due date on the Defaulted Debentures.  These factors, as well as
the risks associated with raising capital through the issuance of
equity or debt securities creates uncertainty as to the Company's
ability to continue as a going concern.

The Company's plans to address its going concern issues include:

     -- Increasing revenues of its services, specifically within
        its domain names registration business segment through:

        * the development and deployment of an Application
          Programming Interface which the Company anticipates will
          increase its reseller network and international
          distribution channels,

        * through direct marketing to existing customers both
          online, via e-mail and direct mailings,

        * the commercialize of a pay-per-click parking page
          program for '.vn' domain registrations, and

        * the anticipated launch of our Info.VN web portal;

     -- Completion and operation of the IDCs and revenue derived
        from the IDC services;

     -- Commercialization and Deployment of certain new

        * multi-gigabit capacity virtual fiber systems, a wireless
          point-to-point layer one solution, and

        * rack-level data center solutions meeting Tier III
          standards; and

     -- Raising capital through the sale of debt or equity

There can be no assurance that the Company will be successful in
its efforts to increase revenues, issue debt or equity securities
for cash or as payment for outstanding obligations.  Capital
raising efforts may be influenced by factors outside of the
control of the Company, including, but not limited to, capital
market conditions.

The Company is in various stages of finalizing implementation
strategies on a number of services and is actively attempting to
market its services nationally in Vietnam.  As a result of capital
constraints it is uncertain when it will be able to deploy the
Application Programming Interface or construction of the IDCs.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at

Dot VN said last week the Vietnamese Government's Vietnam Internet
Network Information Centre will send key government officials, led
by VNNIC's Director Thuy Le Nguyen, to San Diego towards the last
two weeks of December 2009 to meet with Dot VN management.
Vietnam's Ministry of Information and Communications has approved
the visit.  Meetings between VNNIC and Dot VN will focus on
several recent developments as well as programs for 2010 and

One of the main topics of discussion during these meetings will be
Internet policy for Vietnam.  Since 2001, Dot VN has been working
with VNNIC on the country's Internet policy, including drafting
rules and regulations.  Dot VN has received recognition on
multiple occasions for their work with VNNIC on this topic.

                         About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.


NORTEL NETWORKS: Gets Nod for Asia Restructuring Agreement
Nortel Networks Inc. and its affiliated debtors obtained approval
of the U.S. Bankruptcy Court for the District of Delaware of an
agreement they entered into with their units in the Asia Pacific

The parties entered into the deal to address the financial
difficulties being faced by the APAC units as a result of the
bankruptcy and insolvency cases commenced by NNI and its U.S. and
foreign affiliates.  It establishes a structure that would enable
the APAC units to restructure their debt.

Canada-based Nortel Networks Corp. and its four affiliates also
filed a motion in the Ontario Superior Court of Justice to
approve the Asia Restructuring Agreement.  The Canadian Court has
yet to issue an order authorizing the Agreement.

Ernst & Young Inc., the firm appointed to monitor the assets of
the Canadian companies, expressed support for the approval of the
Restructuring Agreement.  In its 30th Monitor Report, the firm
said the Agreement, if approved, would provide value to the
Canada-based Nortel affiliates, including initial realizations of
about US$15 million and participation of the APAC units in future
global business and assets sales transactions.

The deal is formalized in a 45-page agreement referred to as the
Asia Restructuring Agreement, a copy of which is available for
free at

The key terms of the Asia Restructuring Agreement are:

  (1) A portion of each APAC unit's prepetition intercompany
      debt will be repaid to NNI and its affiliates.

  (2) A further portion of each APAC unit's prepetition
      intercompany debt will be repayable in monthly amounts but
      only to the extent of the unit's net cash balance, after
      provision for its estimated working capital requirements,
      certain estimated severance payments and costs for
      reinstatement of leased premises, estimated future taxes
      and certain other specified costs, expenses and

  (3) The remainder of each APAC unit's prepetition intercompany
      debt will be subordinated and postponed to the prior
      payment in full of other debts including obligations owed
      to some non-filed Nortel affiliates and non-affiliated
      third parties; intercompany obligations incurred after
      January 14, 2009; and the portions of prepetition
      intercompany debt to be repaid.

  (4) The APAC units will appoint Ernst & Young Solutions LLP as
      their restructuring manager to provide financial
      consulting and advisory services.

  (5) The APAC units will cooperate and participate in the sale
      of global businesses or other assets to third parties.  In
      furtherance of these global sale transactions, the APAC
      units will enter into future agreements to terminate
      intellectual property licenses extended to them by the
      Canada-based Nortel units.  Participation in the global
      sale transactions by the APAC units will not be
      conditioned upon minimum allocation of sale proceeds from
      those transactions.

  (6) Implementation of the Asia Restructuring Agreement is
      conditioned on the approval of the Ontario Superior Court
      of Justice and the Bankruptcy Court and if so sought, a
      direction of the English Court confirming that the
      administrators of Nortel's European affiliates are at
      liberty to enter into the Asia Restructuring Agreement on
      behalf of each of the European affiliate, excluding Nortel
      Networks S.A.

      In addition, the participation of some APAC units in the
      restructuring and other matters provided for in the Asia
      Restructuring Agreement is conditioned on regulatory
      approvals in their respective jurisdictions of

                      About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) --
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers.  The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (
or 215/945-7000)

* Fitch Maintains Individual Ratings on Five Dubai-Based Banks
Fitch Ratings has maintained the Individual ratings of five Dubai-
based banks on Rating Watch Negative to allow the agency more time
to assess ongoing developments at Dubai World and their impact on
the wider Dubai economy.  Fitch expects to resolve the rating
watches over the next two-to-three months, allowing time for more
information to arise and for the agency to review all of the rated
banks' audited 2009 financial statements.

The five banks include Commercial Bank of Dubai, Emirates NBD,
Mashreqbank, each with an Individual rating of 'C', and HSBC Bank
Middle East and Dubai Bank which have respective Individual
ratings of 'B/C' and 'C/D'.  (CBD, ENBD and MB's Individual
ratings were placed on RWN on 3 December 2009, HBME's Individual
rating was downgraded to 'B/C' and maintained on RWN on 11
December 2009, whilst DB's Individual rating was placed on RWN on
27 November 2009.)

The 14 December 2009 announcement of an injection of US$10bn by
the government of Abu Dhabi into the Dubai Financial Support Fund
to repay Nakheel's US$4.1bn sukuk obligation due on the same day
and to support DW through 30 April 2010 goes some way to easing
Dubai-based banks' exposures.  However, the provision of these
funds is contingent upon the continuation of the restructuring of
DW's other obligations (US$26 billion as announced on 1 December
2009, which included the Nakheel sukuk).  It appears as though
this support for DW and Nakheel was tactical in nature and does
not appear to be a reversal of recent comments regarding state

Fitch believes that confidence in Dubai and also the United Arab
Emirates (UAE) has been adversely affected by the problems at DW
since its request to postpone debt repayments on 25 November 2009.
The agency believes significant uncertainty persists about the
likely resolution of the UAE banking system's direct exposures to
the DW group and to other Dubai government related entities.  In
addition, this uncertainty could have a further significant
negative impact on the banks' profitability and capitalization -
if DW's problems spread into the wider Dubai economy - in terms of
rising retail impairments, other corporate failures and higher
bank funding costs.  The agency will continue to monitor the
impact of these issues on all the banks it rates in the UAE and
does not rule out negative rating actions being taken on non-Dubai
based banks.

Part of the announcement of support from Abu Dhabi, was a
statement from the UAE Central Bank that it would support local
banks that had exposures to DW, although there was no other detail
to indicate any new support measures in addition to those
previously announced.  Fitch already expects an extremely high
level of support to be provided to the UAE banking system by the
UAE authorities in case of need.

The government of Dubai's introduction of a 'comprehensive
reorganization law' on 14 December 2009, based on regulation
employed by the Dubai International Financial Centre, may make
DW's restructuring process easier and speed up clarification of
its impact on the domestic banking sector.

The five banks' current ratings are:


  -- Long-term foreign currency Issuer Default Rating 'A-'; Stable

  -- Short-term foreign currency 'F2'

  -- Individual Rating 'C'; Rating Watch Negative

  -- Support Rating '1'

  -- Support Floor 'A-'

CBD is a Dubai-based commercial bank.  It represents about 2.5% of
UAE banking system assets.  Its main focus is medium-sized UAE
corporates and SMEs and the largest shareholder is the Investment
Corporation of Dubai (wholly owned by the Dubai government) with


  -- Long-term foreign currency IDR 'BBB-'; Negative Outlook
  -- Short-term foreign currency IDR 'F3'
  -- Individual Rating 'C/D'; Rating Watch Negative
  -- Support Rating '2'
  -- Support Floor 'BBB-'

DB is a small bank wholly-owned by Dubai Banking Group which in
turn is 70% owned by Dubai Holding (ultimately the ruler of Dubai)
and 30% owned by the property developer, Emaar (32% owned by the
government of Dubai).  Fitch expects that potential support would
flow primarily from the Dubai authorities.  However, as a bank
regulated by the UAE Central Bank, support could ultimately also
be forthcoming from the UAE authorities.


  -- Long-term foreign currency IDR 'A+'; Stable Outlook
  -- Short-term foreign currency IDR 'F1'
  -- Individual Rating 'C'; Rating Watch Negative
  -- Support Rating '1'
  -- Support Floor 'A+'

ENBD is the largest bank in the UAE and Gulf Cooperation Council
region by total assets (AED291bn at end-September 2009).  It has a
respective 20% market share of loans and deposits in the UAE, but
this figure is higher in Dubai where its business remains
concentrated.  It is active in retail, corporate and Islamic
banking and also has businesses covering brokerage, insurance,
asset management and treasury services.  The main shareholder is
ICD with 56%.


  -- Long-term foreign currency IDR 'A'; Stable Outlook
  -- Short-term foreign currency IDR 'F1'
  -- Individual Rating 'C'; Rating Watch Negative
  -- Support Rating '1'
  -- Support Floor 'A'

MB is one of the most established and largest private sector banks
operating in the UAE.  It offers a wide range of corporate and
retail products and services.  It has a relatively extensive UAE
branch network and a presence in Qatar.  It is the fifth-largest
bank in the UAE with a share of total assets of about 7% and is
about 80%-owned by the Ghurair family, a prominent Dubai-based
trading group.


  -- Long-term foreign currency IDR 'AA-'; Negative Outlook
  -- Short-term foreign currency IDR 'F1+'
  -- Individual Rating 'B/C'; Rating Watch Negative
  -- Support Rating '1'

HBME is HSBC Group's main vehicle for its Gulf/Middle East
operations, and has a presence across the Middle East (UAE mainly
but also Qatar, Bahrain, Kuwait, Oman, Jordan, Lebanon and the
Palestinian Territories) supported by a variety of delivery

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.

* Large Companies with Insolvent Balance Sheets

                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker             (US$)             (US$)
  -------            ------            ------      ------------


ADVANCE HEAL-NEW     AHGN           16933460.19      -8226075.95
ALLOMAK LTD          AMA            39033742.73       -860795.01
ALLSTATE EXPL-PP     ALXCC          16169603.20     -50619940.96
ALLSTATE EXPLORA     ALX            16169603.20     -50619940.96
ANTARES ENERGY L     AZZ            13709735.08      -1955765.01
ARC EXPLORATION      ARX            58544299.40     -15958771.93
AUSTAR UNITED        AUN           508844538.80    -310055789.80
AUSTRAILIAN Z-PP     AZCCA          77741918.88      -2566335.25
AUSTRALIAN ZIRC      AZC            77741918.88      -2566335.25
BIRON APPAREL LT     BIC            19706736.59      -2220069.65
CENTRO PROPERTIE     CNP         14725100626.00    -495299520.80
CHALLENGER INF-A     CIF          2307005550.00    -104582562.10
CHEMEQ LIMITED       CMQ            25194855.59     -24254413.72
CITY PACIFIC LTD     CIY           171501648.10      -6383353.75
EIRCOM HOLDINGS      ERC          7606555987.00    -533212434.20
ELLECT HOLDINGS      EHG            18245003.37     -15487781.92
HYRO LTD             HYO            21498880.13     -14825700.09
JAMES HARDIE NV      JHXCC        2120699904.00    -153000000.00
JAMES HARDIE-CDI     JHX          2120699904.00    -153000000.00
MAC COMM INFR-CD     MCGCD        8104415201.00    -103343256.50
RESIDUAL ASSC-EE     RAGXF         597329874.00    -126963316.50
RUBICON AMERICA      RAT           649532285.60    -100605696.90
RUBICON EUROPE T     REU           553099503.30    -252490904.10
TERRITORY RESOUR     TTY            78228985.46      -3340627.52
TOOTH & CO LTD       TTH           108860665.90     -69404500.26
VERTICON GROUP       VGP            14221690.08     -24604525.15
VOYAGER RESOURCE     VOR           105239382.60    -190859513.40


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


21 HOLDINGS LT-R     2966           43646556.17      -4262036.57
21 HOLDINGS LTD      1003           43646556.17      -4262036.57
ASIA TELEMEDIA L     376            16618871.08      -5369335.43
CHINA CYBER PORT     8206           12615789.00     -25845509.50
CHINA EAST AIR-H     670         10663617938.00    -669018244.30
CHINA GOLDEN DEV     162           252996682.00      -2720111.36
EGANAGOLDPFEIL       48            557892423.40    -132858952.00
FULBOND HLDGS        1041           60255000.00     -14419000.00
HISENSE ELEC-H       921           650072211.90    -103760527.20
HUTCHISON TELE H     215          2400098041.00    -366059762.20
MITSUMARU EAST K     2358           38170722.85      -1449668.00
NEW CITY CHINA       456           113178595.40      -9932226.54
PAC PLYWOOD          767            75639000.00      -5411000.00
PALADIN LTD          495           157691358.50      -6232217.57
PALADIN LTD -PRE     642           157691358.50      -6232217.57
PCCW LTD             8            5990928704.00    -394965167.60
PROVIEW INTL HLD     334           412845082.40    -191257992.50
SANYUAN GROUP LT     140            17115243.64      -1791730.30
WAI CHUN MINING      660            12791013.67     -14603647.06
WAYTUNG GLOBAL G     21             12327016.69      -2955593.70


BANK MUTIARA TBK     BCIC          493235338.90    -135578273.50
BUKAKA TEKNIK UT     BUKK           73759284.09     -88378100.23
DAYA SAKTI UNGGU     DSUC           18968940.39     -16565907.15
ERATEX DJAJA         ERTX           10046910.69     -15287833.76
JAKARTA KYOEI ST     JKSW           27995871.44     -39747802.26
KARWELL INDONESI     KARW           10279359.22      -8092809.68
MULIA INDUSTRIND     MLIA          349542495.30    -393202695.20
PANASIA FILAMENT     PAFI           51388821.53      -3769923.94
PANCA WIRATAMA       PWSI           28574747.93     -34354941.95
POLYSINDO EKA PE     POLY          413587722.00    -843849953.30
PRIMARINDO ASIA      BIMA           11142638.56     -19773137.59
SEKAR BUMI TBK       SKBM           18898182.62       -900185.24
STEADY SAFE TBK      SAFE           10838828.11      -4030148.54
SURABAYA AGUNG       SAIP          248504328.80     -92414388.08
TEIJIN INDONESIA     TFCO          192946176.00     -12344400.00
UNITEX TBK           UNTX           15674797.91     -14254278.79


ALCOBEX METALS       AML            35670319.03     -22443296.68
APPLE FINANCE        APL            70832103.73     -29253849.19
ASHIMA LTD           ASHM           59922403.11     -47153581.06
BAKELITE HYLAM       BKLT           13911138.88     -12867352.60
BALAJI DISTILLER     BLD            51161385.13     -38383503.30
BELLARY STEELS       BSAL          451679252.40    -108504755.30
BHAGHEERATHA ENG     BGEL           22646453.72     -28195273.09
CFL CAPITAL FIN      CEATF          14305706.35     -40038022.22
COMPUTERSKILL        CPS            14896780.89      -7560054.57
CORE HEALTHCARE      CPAR          185364967.00    -241912027.80
DCM FINANCIAL SE     DCMFS          16540889.84     -10988851.47
DIGJAM LTD           DGJM           98769193.78     -14623833.58
DISH TV IND-PP       DITVPP        422081403.30    -127614551.40
DISH TV INDIA        DITV          422081403.30    -127614551.40
DUNCANS INDUS        DAI           114362122.20    -185510212.60
GANESH BENZOPLST     GBP            77840261.61     -41865917.86
GEM SPINNERS LTD     GEMS           15233308.38       -112427.32
GLOBAL BOARDS        GLB            25154303.78       -793024.17
GSL INDIA LTD        GSL            37040429.61     -42340564.58
GUJARAT SIDHEE       GSCL           59440728.18       -660003.43
GUJARAT STATE FI     GSF            30159595.18    -234918081.50
HARYANA STEEL        HYSA           10831176.59      -5909008.81
HENKEL INDIA LTD     HNKL          102052835.30     -10237657.20
HFCL INFOTEL LTD     HFCL          151650830.00     -85807729.87
HIMACHAL FUTURIS     HMFC          406633181.90    -210980393.90
HINDUSTAN PHOTO      HPHT           93725753.93   -1229352757.00
HMT LTD              HMT           139311695.40    -277691144.10
ICDS                 ICDS           13300348.69      -6171079.46
INDIA FOILS LTD      IF             48457142.32     -38013960.39
INFOMEDIA 18 LTD     INF18          35798533.98      -1937646.71
INTEGRAT FINANCE     IFC            45562399.88     -43272851.09
ITI LTD              ITI          1116207772.00       -800236.54
JCT ELECTRONICS      JCTE          122542558.60     -49996834.55
JD ORGOCHEM LTD      JDO            14537402.78     -69753846.55
JENSON & NIC LTD     JN             15734678.26     -92089109.12
JIK INDUS LTD        KFS            20633171.50      -5623616.50
JK SYNTHETICS        JKS            13506415.91      -3030846.61
JOG ENGINEERING      VMJ            50080964.36     -10076436.07
KALYANPUR CEMENT     KCEM           32038613.71     -26757740.06
KERALA AYURVEDA      KRAP           13409639.48       -586700.12
KINGFISHER AIR       KAIR         1458636203.00    -418911009.70
LLOYDS FINANCE       LYDF           27683041.19      -8642121.28
LLOYDS STEEL IND     LYDS          358940191.90     -83135016.16
MILLENNIUM BEER      MLB            36392748.17      -3197477.14
MILTON PLASTICS      MILT           18310810.90     -40438966.11
NATH PULP & PAP      NPPM           13588844.93     -39126079.65
NICCO UCO ALLIAN     NICU           28843462.70     -56773550.08
NOVA PETROCHEM       NVPC           44390476.41       -925948.57
ORIENT PRESS LTD     OP             16699814.52        -94789.33
PANCHMAHAL STEEL     PMS            51024827.03       -325116.26
PANYAM CEMENTS       PYC            38841457.46       -641194.41
PARASRAMPUR SYN      PPS           111971290.90    -317111728.00
PAREKH PLATINUM      PKPL           61081050.43     -88849040.15
PEACOCK INDS LTD     PCOK           11395867.81     -14396604.39
PIRAMAL LIFE SC      PLSL           32054795.68      -3725239.05
POLAR INDS LTD       PLI            11613867.70     -22282942.24
RAMA PHOSPHATES      RMPH           34066789.55      -1192495.62
RATHI ISPAT LTD      RTIS           44555929.56      -3933592.50
RELIGARE TECHNOV     RTCL           44130883.78      -1460238.52
RENOWNED AUTO PR     RAP            14120061.57      -1253759.75
ROLLATAINERS LTD     RLT            22965755.05     -22244556.92
ROYAL CUSHION        RCVP           29192373.45     -73115309.68
RPG CABLES LTD       RPG            51431409.37     -20192930.18
SCOOTERS INDIA       SCTR           13288115.80       -578097.97
SHALIMAR WIRES       SWRI           24489676.40     -49901704.65
SHAMKEN COTSYN       SHC            23127927.75      -6172791.93
SHAMKEN MULTIFAB     SHM            60546590.60     -13260108.95
SHAMKEN SPINNERS     SSP            42180451.29     -16764934.64
SHARDA ISPAT LTD     SHIL           16179943.38      -5040578.35
SHREE RAMA MULTI     SRMT           81405835.45     -64134056.23
SIDDHARTHA TUBES     SDT            92929926.47     -10719543.54
SIL BUSINESS ENT     SILB           12461159.02     -19961202.41
SOUTHERN PETROCH     SPET         1543609374.00     -35609423.98
SPICE COMMUNICAT     SPCM          263692459.50     -19679192.67
STERLING HOL RES     SLHR           52909027.30       -631043.63
STERLING HOL-FOR     SLHR/F         52909027.30       -631043.63
STI INDIA LTD        STIB           44107456.00       -300149.59
TAMILNADU TELE       TNT            10255346.42      -4139864.07
TATA TELESERVICE     TTLS          793627684.30     -74636840.33
TRIVENI GLASS        TRSG           34542881.89      -6209872.78
UNIWORTH LTD         WW            145706493.30    -114873890.10
USHA INDIA LTD       USHA           12064900.61     -54512967.31
VENTURA TEXTILES     VRTL           14254627.45       -325402.59
WINDSOR MACHINES     WML            14500894.45     -28144999.02
WIRE AND WIRE-PP     WNWPP         102422193.20     -37057061.49
WIRE AND WIRELES     WNW           102422193.20     -37057061.49


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


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


AXIS INCORPORATI     AXIS           42453772.51     -79710389.89
HARVEST COURT        HAR            10993283.82      -7102079.77
LITYAN HLDGS BHD     LIT            14275991.47     -29485796.94
NEPLINE BHD          NL             20755619.11     -27545946.39
NIKKO ELECTRONIC     NIKKO          11189473.86      -8723186.48
WONDERFUL WIRE       WW             11594594.78     -14561593.40
WWE HOLDINGS BHD     WWE            66753912.87       -904694.18


DOMINION FINANCE     DFH           258902749.10     -55312405.88


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


ADV SYSTEMS AUTO     ASA            11785309.58     -12808326.82
ADVANCE SCT LTD      ASCT           69486218.18     -11959064.78
CARRIERNET GLOBA     CARG           14286897.57        -17258.04
CHUAN SOON HUAT      CSH            31243269.09     -16230153.11
FALMAC LTD           FAL            10288220.94      -6460596.18
HL GLOBAL ENTERP     HLGE           93731888.39     -15671356.22
JURONG TECH IND      JTL            98760092.87    -227275152.10
LINDETEVES-JACOB     LJ            160478836.60     -86703612.98
OCEAN INTERNATIO     OCEAN          61659790.45     -13720371.73
PACIFIC CENTURY      PAC            17857346.66      -4522591.85
SUNMOON FOOD COM     SMOON          19286019.65     -10665672.56
TT INTERNATIONAL     TTI           303817166.60     -38088237.05
WESTECH ELECTRON     WTE            28290170.94     -12855750.98


ABICO HLDGS-F        ABICO/F        12066621.69      -9544714.91
ABICO HOLD-NVDR      ABICO-R        12066621.69      -9544714.91
ABICO HOLDINGS       ABICO          12066621.69      -9544714.91
BANGKOK RUB-NVDR     BRC-R          85509149.46     -65276912.00
BANGKOK RUBBER       BRC            85509149.46     -65276912.00
BANGKOK RUBBER-F     BRC/F          85509149.46     -65276912.00
BLISS-TEL PCL        BLISS          12646465.40      -2089674.34
BLISS-TEL PCL-F      BLISS/F        12646465.40      -2089674.34
BLISS-TEL PCL-NV     BLISS-R        12646465.40      -2089674.34
CENTRAL PAPER IN     CPICO          10220356.04    -216074904.30
CENTRAL PAPER-F      CPICO/F        10220356.04    -216074904.30
CENTRAL PAPER-NV     CPICO-R        10220356.04    -216074904.30
CIRCUIT ELE-NVDR     CIRKIT-R       17385099.26     -87998004.08
CIRCUIT ELEC PCL     CIRKIT         17385099.26     -87998004.08
CIRCUIT ELEC-FRN     CIRKIT/F       17385099.26     -87998004.08
DATAMAT PCL          DTM            12690638.93      -6132014.29
DATAMAT PCL-NVDR     DTM-R          12690638.93      -6132014.29
DATAMAT PLC-F        DTM/F          12690638.93      -6132014.29
ITV PCL              ITV            32845084.57     -82941414.71
ITV PCL-FOREIGN      ITV/F          32845084.57     -82941414.71
ITV PCL-NVDR         ITV-R          32845084.57     -82941414.71
K-TECH CONSTRUCT     KTECH          83204235.85      -5693045.29
K-TECH CONSTRUCT     KTECH/F        83204235.85      -5693045.29
K-TECH CONTRU-R      KTECH-R        83204235.85      -5693045.29
KUANG PEI SAN        POMPUI         17146363.89     -12117287.24
KUANG PEI SAN-F      POMPUI/F       17146363.89     -12117287.24
KUANG PEI-NVDR       POMPUI-R       17146363.89     -12117287.24
MALEE SAMPR-NVDR     MALEE-R        53933645.39      -6900644.95
MALEE SAMPRAN        MALEE          53933645.39      -6900644.95
MALEE SAMPRAN-F      MALEE/F        53933645.39      -6900644.95
NFC FERTILI-NVDR     NFC-R          41433204.74      -2287708.95
NFC FERTILIZER P     NFC            41433204.74      -2287708.95
NFC FERTILIZER-F     NFC/F          41433204.74      -2287708.95
PATKOL PCL           PATKL          53430390.26     -26540095.34
PATKOL PCL-FORGN     PATKL/F        53430390.26     -26540095.34
PATKOL PCL-NVDR      PATKL-R        53430390.26     -26540095.34
PICNIC CORPORATI     PICNI         162041208.30     -79858191.23
PICNIC CORPORATI     PICNI/F       162041208.30     -79858191.23
PICNIC CORPORATI     PICNI-R       162041208.30     -79858191.23
PONGSAAP PCL         PSAAP          26599991.38      -3496872.90
PONGSAAP PCL         PSAAP/F        26599991.38      -3496872.90
PONGSAAP PCL-NVD     PSAAP-R        26599991.38      -3496872.90
SAFARI WORL-NVDR     SAFARI-R      101048401.70     -21027662.26
SAFARI WORLD PUB     SAFARI        101048401.70     -21027662.26
SAFARI WORLD-FOR     SAFARI/F      101048401.70     -21027662.26
SAHAMITR PR-NVDR     SMPC-R         31177710.43     -14940579.60
SAHAMITR PRESS-F     SMPC/F         31177710.43     -14940579.60
SAHAMITR PRESSUR     SMPC           31177710.43     -14940579.60
SUNWOOD INDS PCL     SUN            19863687.56     -13033623.14
SUNWOOD INDS-F       SUN/F          19863687.56     -13033623.14
SUNWOOD INDS-NVD     SUN-R          19863687.56     -13033623.14
THAI-DENMARK PCL     DMARK          15715462.27     -10102519.69
THAI-DENMARK-F       DMARK/F        15715462.27     -10102519.69
THAI-DENMARK-NVD     DMARK-R        15715462.27     -10102519.69
TRANG SEAFOOD        TRS            13251979.73         -3373.42
TRANG SEAFOOD-F      TRS/F          13251979.73         -3373.42
TRANG SFD-NVDR       TRS-R          13251979.73         -3373.42
UNIVERSAL S-NVDR     USC-R          85671220.21     -49479729.86
UNIVERSAL STAR-F     USC/F          85671220.21     -49479729.86
UNIVERSAL STARCH     USC            85671220.21     -49479729.86


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


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

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

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 ***