TCRAP_Public/091230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, December 30, 2009, Vol. 12, No. 256

                            Headlines



C H I N A

AOKELAI POWER: Battery Plant Closed as 40 Children Lead Poisoned


H O N G  K O N G

BERMORY LIMITED: Lam and Toohey Step Down as Liquidators
BLUM STRATEGIC: Members' Final Meeting Set for January 29
BRILLIANT HARVEST: Members' Final Meeting Set for January 26
CIGOL (J): Placed Under Voluntary Wind-Up Proceedings
CIGOL (K): Placed Under Voluntary Wind-Up Proceedings

CIGOL (L): Placed Under Voluntary Wind-Up Proceedings
CIGOL (M): Placed Under Voluntary Wind-Up Proceedings
CIGOL (N): Placed Under Voluntary Wind-Up Proceedings
CIGOL (O): Placed Under Voluntary Wind-Up Proceedings
CIGOL (Q): Placed Under Voluntary Wind-Up Proceedings

CLIMAX MARKETING: Court to Hear Wind-Up Petition on February 10
DBA INTERNATIONAL: Creditors Get 12.426% Recovery on Claims
FULL PROFIT: Court to Hear Wind-Up Petition on January 27
GARTLETT INVESTMENTS: Creditors' Proofs of Debt Due January 7
L&C LIGHTING: Court Enters Wind-Up Order

KEYS INTERNATIONAL: Li and Tsang Appointed as Liquidators
MODERN APEX: Ng and Lui Appointed as Liquidators
NEW AGE: Court to Hear Wind-Up Petition on February 3
ORIENT POWER: Borrelli and Walsh Appointed as Liquidators
TEAM MART: Court to Hear Wind-Up Petition on February 10

VILLAWOOD DEVELOPMENTS: Lai and Haughey Appointed as Liquidators
WINSON HANDTAPS: Kong and Lo Appointed as Provisional Liquidators


I N D I A

BADDI PRINT: CRISIL Assigns 'D' Ratings on Various Bank Debts
BANMORE FOAM: CRISIL Rates INR40 Mil. Cash Credit at 'BB-'
CAPITAL DISTRIBUTORS: Fitch Assigns 'B+' National Long-Term Rating
GAJRA DIFFERENTIAL: Delay in Loan Payment Cues CRISIL Junk Ratings
GLOBE FOREX: CRISIL Puts INR97 Mil. Cash Credit at 'BB'

GOVINDA IMPEX: Fitch Assigns National Long-Term Rating at 'B'
GRADUATE AGRO: Low Net Worth Prompts CRISIL 'BB-' Ratings
MAIHAR ALLOYS: Weak Liquidity Prompts CRISIL Junk Ratings
NOBLE DISTILLERIES: CRISIL Puts 'D' Ratings on Various Bank Debts
SREE PAVAN: CRISIL Assigns 'D' Ratings on INR50MM Cash Credit


J A P A N

JAPAN AIRLINES: Lenders Reject Bankruptcy Proposal
PIONEER CORP: To Again Postpone New Shares Allotment to Honda


K O R E A

HYUNDAI MOTOR: Plans to Repurchase 2.21 Mil. Shares of Stock
KT CORP: Reduces 16% of Workforce to Save KRW460 Bil. Labor Cost
KUMHO ASIANA: Lenders to Swap Debt for Equity to Ease Cash Deficit


N E W  Z E A L A N D

SOUTH CANTERBURY: Appoints New Chief Executive Officer


S I N G A P O R E

AIMS-AMP CAPITAL: Moody's Upgrades Corp. Family Rating to 'Ba2'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


AOKELAI POWER: Battery Plant Closed as 40 Children Lead Poisoned
----------------------------------------------------------------
A battery factory in south China has been closed after more than
40 children living nearby were found to have excessive lead levels
in their blood, Xinhua News Agency reports.

The news agency, citing an official with Qingyuan Municipal
government, relates that Aokelai Power Co Ltd, formerly Zeliang
Battery Factory, was just 30 meters from the staff quarters of
Jicheng Aluminum Factory, where the children were living in
Yinyuan industrial district, Longtang town in Qingyuan city
economic zone, Guangdong province.

According to Xinhua, Zhang Ling, a fruit vendor at the gateway of
Yunyuan community, said her year-old son, Liangliang, was tested
after he lost his appetite.  The lead level in her son's blood was
320 micrograms a liter, far exceeding the recommended maximum safe
level of 100 micrograms a litre, the report says.

Xinhua reporters visited 10 families in the area and nine had
members who were found to have excessive blood lead levels.  In
one family of four, three members had excessive lead levels.

The report recalls that an investigation by Nanfang Daily
newspaper early this month found 44 children had excessive lead
levels.  Residents told Xinhua the number could be much higher as
many families with children had moved away.

An official said the municipal government Monday began to organize
health examinations for the children, Xinhua relates.


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


BERMORY LIMITED: Lam and Toohey Step Down as Liquidators
--------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of Bermory Limited on December 18, 2009.


BLUM STRATEGIC: Members' Final Meeting Set for January 29
---------------------------------------------------------
Members of Blum Strategic III BT Hong Kong Limited, which is in
members' voluntary liquidation, will hold their final meeting on
January 29, 2010, at 9:00 a.m., at 27/F, Alexandra House, 18
Chater Road, Central, in Hong Kong.

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


BRILLIANT HARVEST: Members' Final Meeting Set for January 26
------------------------------------------------------------
Members of Brilliant Harvest Company Limited will hold their final
general meeting on January 26, 2010, at 10:30 a.m., at the 1-7-12,
Shinonome, Koto-ku, Tokyo, in Japan.

At the meeting, Chan Wai Hei, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CIGOL (J): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (J) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (K): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (K) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (L): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (L) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (M): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (M) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (N): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (N) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (O): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (O) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CIGOL (Q): Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 17, 2009,
creditors of Cigol (Q) Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Hang Seng Wanchai Building
         Rooms 603-4, 6/F
         200 Hennessy Road
         Wanchai, Hong Kong


CLIMAX MARKETING: Court to Hear Wind-Up Petition on February 10
---------------------------------------------------------------
A petition to wind up the operations of Climax Marketing Company
Limited will be heard before the High Court of Hong Kong on
February 10, 2010, at 9:30 a.m.

Champion Basic International Limited filed the petition against
the company.

The Petitioner's solicitors are:

          Louis K.Y. Pau & Company
          The Chinese Club Building, 4/F
          Nos. 21-22 Connaught Road
          Central, Hong Kong


DBA INTERNATIONAL: Creditors Get 12.426% Recovery on Claims
-----------------------------------------------------------
DBA International Logistics Limited, which is in liquidation, will
pay the first and final dividend to its creditors on or after
January 4, 2010.

The company will pay 12.426104992235% to all received claims.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


FULL PROFIT: Court to Hear Wind-Up Petition on January 27
---------------------------------------------------------
A petition to wind up the operations of Full Profit Industrial
Limited will be heard before the High Court of Hong Kong on
January 27, 2010, at 9:30 a.m.


GARTLETT INVESTMENTS: Creditors' Proofs of Debt Due January 7
-------------------------------------------------------------
Creditors of Gartlett Investments Limited, which is in
liquidation, are required to file their proofs of debt by
January 7, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


L&C LIGHTING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order December 14, 2009, to
wind up the operations of L&C Lighting (H.K.) Limited.

The company's acting official receiver is Lee Mei Yee May.


KEYS INTERNATIONAL: Li and Tsang Appointed as Liquidators
---------------------------------------------------------
Li Man Wai and Tsang Lai Fun on December 7, 2009, were appointed
as liquidators of Keys International Limited.

The liquidators may be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, Room 1001
          10th Floor
          Wanchai, Hong Kong


MODERN APEX: Ng and Lui Appointed as Liquidators
------------------------------------------------
Ng Kwok Wai and Lui Chi Kit on October 7, 2009, were appointed as
liquidators of Modern Apex Arts Limited

The liquidators may be reached at:

          Ng Kwok Wai
          Lui Chi Kit
          Eric Ng C.P.A. Limited
          JCG Building 16
          Unit A 14/F
          Mongkok Road
          Mongkok, Kowloon
          Hong Kong


NEW AGE: Court to Hear Wind-Up Petition on February 3
-----------------------------------------------------
A petition to wind up the operations of New Age International
Limited will be heard before the High Court of Hong Kong on
February 3, 2010, at 9:30 a.m.


ORIENT POWER: Borrelli and Walsh Appointed as Liquidators
---------------------------------------------------------
Cosimo Borrelli and G Jacqueline Fangonil Walsh on October 20,
2009, were appointed as liquidators of Orient Power Car Stereos
Limited.

The liquidators may be reached at:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Level 17 Tower 1
          Admiralty Centre 18
          Hardcourt Road
          Hong Kong


TEAM MART: Court to Hear Wind-Up Petition on February 10
--------------------------------------------------------
A petition to wind up the operations of Team Mart International
Limited will be heard before the High Court of Hong Kong on
February 10, 2010, at 9:30 a.m.


VILLAWOOD DEVELOPMENTS: Lai and Haughey Appointed as Liquidators
----------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on May 12, 2009, were
appointed as liquidators of Villawood Developments Limited.

The company's registered office is at P.O. Box 71, Craigmuir
Chambers Road, Town Tortola, British Virgin Islands.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


WINSON HANDTAPS: Kong and Lo Appointed as Provisional Liquidators
-----------------------------------------------------------------
Kong Chi How Johnson and Lo Siu Ki on January 14, 2009, were
appointed as liquidators of Winson Handtaps Company Limited.

The liquidators may be reached at:

          Kong Chi How Johnson
          Lo Siu Ki
          Wing On Centre 111, 25/F
          Connaught Road
          Central, Hong Kong


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


BADDI PRINT: CRISIL Assigns 'D' Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Baddi Print Packs Pvt
Ltd's bank facilities.  The ratings reflect delay by BPPPL in
repayment of term loan obligations owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR31.5 Million Cash Credit Limit      D (Assigned)
   INR103.0 Million Term Loan             D (Assigned)
   INR73.0 Million Proposed Long Term     D (Assigned)
                   Bank Loan Facility
   INR7.5 Million Foreign Letter of       P5 (Assigned)
                             Credit
   INR4.2 Million Bank Guarantee          P5 (Assigned)

BPPPL, incorporated in 2005, commenced commercial operations in
October 2006.  The company was promoted initially by Mr. V. Subha
Rao, and the entire shareholding was acquired by Mr. A.
Olaganathan in February 2009.  BPPPL provides integrated packaging
solutions.  It manufactures corrugated boxes and undertakes pre-
press and post-press printing to manufacture carton labels and
leaflets mainly for the pharmaceutical industry.  The company has
capacity to manufacture one billion cartons per annum, 750 million
labels per annum, and 500 million leaflets/inserts per annum at
its two factories at Baddi (Himachal Pradesh).

BPPPL reported a net loss of INR5.7 million on net sales of
INR163.3 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a net loss of INR2.6 million on net sales of
INR109.1 million for 2007-08.


BANMORE FOAM: CRISIL Rates INR40 Mil. Cash Credit at 'BB-'
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Banmore Foam Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR40.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR10.0 Million Letter of Credit*      BB-/Stable (Assigned)
   INR20.0 Million Letter of Credit       P4 (Assigned)

   * Interchangeable with Cash Credit Limit

The ratings reflect BFPL's weak financial risk profile, and
exposure to risks relating to intense competition and small scale
of operations in the polyurethane (PU) foam industry, and to
fluctuations in raw material prices.  These weaknesses are,
however, partially offset by the benefits that the company derives
from promoters' experience in the PU foam manufacturing and
marketing business, its brand presence, and established
relationships with its customers.

For arriving at the ratings, CRISIL has combined the financials
risk profiles of BFPL and its group company, Shri Jai Jagdambe
Plastic Industries Pvt Ltd.  This is because both BFPL and SJJPIPL
have been merged with effect from April 1, 2009, are in the same
line of business, and under a common management.

Outlook: Stable

CRISIL believes that BFPL will maintain a stable credit risk
profile over the medium term, supported by promoters' experience
in the PU foam manufacturing and marketing business and
relationships with customers.  The outlook may be revised to
'Positive' if the company achieves high business growth, and if
its capital structure improves through equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company's revenue and profitability decline sharply, and if it
undertakes large debt-funded capital expenditure, resulting in an
overall deterioration in its credit risk profile.

Incorporated in 1988 by Mr. Yogesh Mittal, BFPL manufactures PU
foam sheets, foam rolls, and other foam products, which find
application in furniture, leather, garment, automobile, footwear,
and packaging industry.  BFPL sells its products under its
Cozymate (retail brand for mattresses, pillows and cushions),
Lexus, Shagun, Oxford, and Banmore Foam (industrial brands for
thin foam sheets) brands.

BFPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR200.4 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.3 million on net
sales of INR163.4 million for 2007-08.


CAPITAL DISTRIBUTORS: Fitch Assigns 'B+' National Long-Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India's Capital Distributors a National
Long-term rating of 'B+(ind)' with a Stable Outlook.  Fitch has
also assigned rating of 'B+(ind)' to Capital's fund based limits
aggregating INR130.0 million.

The National Long-term rating reflects the proprietorship
concern's small scale of operations, the trading nature of its
business (as reflected in its consistently low EBITDA margin in
the range of 1%-2% over the past four years (2006-2009) and high
working capital requirements.

The growth in business volumes over the years (2006-2009) were
supported by debt-led funds -- a trend which is expected to keep
financial leverage high.  During the past four years (2006-2009),
inventory levels were considerably high (70-75days) resulting into
higher working capital requirements; the risk however is partly
mitigated by Capital's right to return goods back to the suppliers
in the event of damage or expiry of the product, as per terms of
the agreement.  Financial leverage has also deteriorated with
total adjusted debt net of cash/operating EBITDA increasing to
2.89x in FY09 (FY08: 2.11x), on the back of an increase in working
capital requirements, which are expected to further increase in
the short-to-medium term.

Fitch notes that there are concerns regarding the proprietorship
nature of Capital's business, which constrains the ability to
raise additional capital, coupled with the risk of having to
service liabilities unrelated to the business.  However, these
risks are partially mitigated by the proprietor's other sources of
income such as rent, interest, dividends and other business
profits.

The ratings take into account Capital's track record in the
distribution business of pharmaceuticals, exclusive rights for
distribution in the State of West Bengal for major pharmaceutical
companies, locational advantage (good connectivity for road
transportation), long-established relationships with big
pharmaceuticals, strong financial background and adequate
manpower.

A negative rating trigger would include an increase in total debt,
coupled with deterioration in EBITDA which would push net
debt/EBITDA above 6.0x on a sustainable basis.

Capital achieved revenues of INR1237.9 million in FY09 (FY08:
INR1008.3 million), with EBIDTA margins remaining at 2.1% in FY09.
Capital had total debt of INR86.0 million in FY09 (FY08:
INR52.2 million), comprising working capital debt from banks of
INR69.2 million and an unsecured loan of INR16.8 million.  The
proprietorship concern reported negative net free cash flow of
INR27.0 million in FY09 (FY08: INR11.6 million), mainly due to an
increase in operating working capital requirements; Fitch expects
the net free cash flow to remain negative in the short-to-medium
term.


GAJRA DIFFERENTIAL: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Gajra Differential Gears Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit            D (Assigned)
   INR55.7 Million Rupee Term Loan        D (Assigned)
   INR10.0 Million Proposed Long Term     D (Assigned)
                   Bank Loan Facility
   INR10.0 Million Letter of Credit       P5 (Assigned)
   INR2.0 Million Bank Guarantee          P5 (Assigned)

The ratings reflect delay by GDGPL in meeting term loan
obligations, owing to weak liquidity.

Set up in 1991, GDGPL manufactures a wide range of crown wheel and
pinions, bevel gears, bevel pinions, spider kit assemblies, and
differential cages and housings. The company manufactures gears
with applications in commercial vehicles, jeeps, and tractors. The
company's manufacturing plant at Dewas (Madhya Pradesh) has the
capacity to produce around 3200 tonnes of automobile gears
annually.

GDGPL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR297.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a net loss of INR33.6 million on
net sales of INR250.2 million for 2007-08.


GLOBE FOREX: CRISIL Puts INR97 Mil. Cash Credit at 'BB'
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Globe Forex
& Travels Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR97 Million Cash Credit            BB/Stable (Assigned)
   INR20 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect GFTL's stretched financial risk profile, and
exposure to risks relating to adverse external events, and intense
competition in the travel industry.  These rating weaknesses are
partially offset by the benefits that GFTL derives from its
presence in the travel management segment with a strong corporate
and retail customer base.

Outlook: Stable

CRISIL believes that GFTL will maintain an established market
presence in the travel management segment.  The outlook may be
revised to 'Positive' if the company's capital structure improves,
or if substantial scaling up of operations leads to better than
anticipated cash accruals, resulting in improved financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes major unanticipated debt-funded capital
expenditure program, leading to further deterioration in capital
structure.

                        About Globe Forex

Incorporated in 1994 by Mr. Sanjoy Kumar Sett, GFTL is one of the
leading travel agencies in the eastern part of the country.
GFTL's range of services include ticket booking, hotel
reservations, car rental, visa documentation, railway bookings,
foreign exchange, and cargo services.

GFTL reported a profit after tax (PAT) of INR108.8 million on net
sales of INR6985.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR276.1 million on net
sales of INR6562.6 million for 2007-08.


GOVINDA IMPEX: Fitch Assigns National Long-Term Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has assigned India's Govinda Impex Limited a
National Long-term rating of 'B(ind)'.  The Outlook is Stable.
Fitch has also assigned National Long-term ratings of 'B(ind)'
to GIL's outstanding long-term bank loans aggregating
INR45.6 million, and to its cash credit aggregating
INR180 million, as well as a National Short-term rating of
'F4(ind)' to its non-fund based limits of INR100 million.

The ratings reflect GIL's relatively small size of operations in
the domestic steel sector which, coupled with its exposure to raw
material volatility and the commodity-based nature of its product
profile, exposes it to relatively high business risks.  Over the
past few years, the company's trading revenues have increased
steadily except in FY09, when the company tried to improve their
revenue from manufacturing front (Trading income in FY09:
INR1184 million, FY08: INR1394.7 million and FY07:
INR1305.3 million).  However, Fitch remains concerned over the low
capacity utilization of its manufacturing facilities in the past
few years, though it is substantially higher in FY09 (FY09: 45%,
FY08: 20% and FY07: 21.5%).

GIL is a single product company; it manufactures sponge iron with
a current capacity of 60,000MTPA.  The major component of its
sales constitutes trading income, with most of the trading done
through the promoters' established contacts.  The EBITDA margin
over the last four years has remained stable at around 5% from
FY06-FY08 with a dip in FY09 to 1.5%, mainly on the back of
inventory losses which the company suffered in H209.

Fitch notes that an increase in capacity utilization, along with a
sustained improvement in operating margins of over 5%, and
significant reduction in net leverage may lead to a rating
upgrade.

GIL had a turnover of INR1471.5 million in FY09 (FY08:
INR1494.9 million).  It had total debt of INR247.9 million at
FYE09 (FYE08: INR297.8 million).  The company's financial leverage
(Total adjusted net debt/Op. EBITDAR) stood at 13.9x in FY09
(FY08: 5.8x), while its interest coverage (Op.  EBITDAR/Net
interest expenses) was 0.6x in FY09 (FY08: 1.8x).


GRADUATE AGRO: Low Net Worth Prompts CRISIL 'BB-' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Graduate
Agro & Mechanical Engineers' bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR25 Million Cash Credit            BB-/Stable (Assigned)
   INR24.5 Million Term Loan            BB-/Stable (Assigned)
   INR35 Million Bank Guarantee         P4+ (Assigned)
   INR15 Million Letter of Credit       P4+ (Assigned)

The ratings reflect Graduate Agro's low net worth, weak financial
risk profile, and vulnerability to cyclicality in the end-user
iron and steel industry. These rating weaknesses are partially
offset by the benefits that Graduate Agro derives from its
promoters' experience in fabrication business, and strong order
book.

Outlook: Stable

CRISIL believes that Graduate Agro will maintain a stable business
risk profile, supported its promoters' industry experience, and
established customer base.  The outlook may be revised to
'Positive' if the firm reports substantial growth in its revenues
and profitability, or if its net worth improves led by equity
infusion. Conversely, the outlook may be revised to 'Negative' if
the firm reports low profit margins, or undertakes large debt-
funded capital expenditure programs.

                         About Graduate Agro

Set up in 1977, as a partnership firm by Mr. Ashok Kumar Gupta and
his cousin, Mr. Vinay Kumar Agarwal, Graduate Agro manufactures
structural fabrication units for steel plants. Its products
include water-cooled parts for furnaces, grab buckets, ladle
transfer cars, and tundish transfer cars. The firm has a plant in
Bhilai (Chhattisgarh), and has handled single assemblies of up to
54 tonnes.

Graduate Agro reported a profit after tax (PAT) of INR9.6 million
on net sales of INR279 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR2.5 million on
net sales of INR128 million for 2007-08.


MAIHAR ALLOYS: Weak Liquidity Prompts CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Maihar Alloys Pvt Ltd.  The ratings reflect delay by Maihar
Alloys in repayment of its term loan obligations owing to weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR60 Million Cash Credit            D (Assigned)
   INR3.6 Million Term Loan             D (Assigned)
   INR0.75 Million Proposed Long        D (Assigned)
                   Term Facility
   INR3.55 Million Letter of Credit     P5 (Assigned)

Set up in 2004 by Mr. Dhananjay Kumar, Maihar Alloys manufactures
mild steel ingots.  The company's unit at Ramgarh (Jharkhand) has
capacity to manufacture 32,000 tonnes of ingots per annum. Maihar
Alloys reported a profit after tax (PAT) of INR0.07 million on net
sales of INR327 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.08 million on net
sales of INR414 million for 2007-08.


NOBLE DISTILLERIES: CRISIL Puts 'D' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Noble Distilleries &
Powers Ltd's (NDPL; part of the Noble group) bank facilities.  The
ratings reflect delay by NDPL in servicing its term loan
obligations, owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR302.20 Million Long Term Loan       D (Assigned)
   INR80.00 Million Cash Credit           D (Assigned)
   INR220.00 Million Proposed Long        D (Assigned)
            Term Bank Loan Facility
   INR200.00 Million Bill Purchase        P5 (Assigned)
             Discounting Facility

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NDPL, and Sree Pavan Traders (SPT),
together referred to as the Noble group; this is because both the
companies have common promoters, are in the similar lines of
business, and have fungible funds.

                         About the group

Established in 2004 by Mr. S Basavaraj, NDPL manufactures sponge
iron. The company's facility at Bellary (Karnataka) has a capacity
of 200 tonnes per day (tpd).  In October, 2009, NDPL set up a
thermo mechanically treated (TMT) bar manufacturing unit with a
capacity of 380 tpd.  The company is also setting up an 8 mega
watt co-generation power plant, which is expected to commence
operations in 2010-11. Set up in 2006 by Mr.S Basavaraj, SPT is
engaged in trading of coal and sells 60 percent of its coal sales
to NDPL.

Noble group posted a profit after tax (PAT) of INR51.0 million on
net sales of INR989.1 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR15.9 million on
net sales of INR365.4 million for 2007-08.


SREE PAVAN: CRISIL Assigns 'D' Ratings on INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Sree Pavan Traders
(SPT; part of the Noble group) bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR50.00 Million Cash Credit           D (Assigned)
   INR100.00 Million Letter of Credit     P5 (Assigned)

The rating reflects SPT's overdrawn working capital limits, owing
to weak liquidity.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SPT, and Noble Distilleries & Powers
Ltd (NDPL), together referred to as the Noble group; this is
because both the companies have common promoters, are in the
similar lines of business, and have fungible funds.

Set up in 2006 by Mr.S Basavaraj, SPT is engaged in trading of
coal and sells 60 percent of its coal sales to NDPL. Established
in 2004 by Mr.S Basavaraj, NDPL manufactures sponge iron. NDPL's
facility at Bellary (Karnataka) has a capacity of 200 tonnes per
day (tpd).  In October, 2009, NDPL set up a thermo mechanically
treated (TMT) bar manufacturing unit with a capacity of 380 tpd.
The company is also setting up an 8 mega watt co-generation power
plant, which is expected to commence operations in 2010-11.

Noble group posted a profit after tax (PAT) of INR51.0 million on
net sales of INR989.1 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR15.9 million on
net sales of INR365.4 million for 2007-08.


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


JAPAN AIRLINES: Lenders Reject Bankruptcy Proposal
--------------------------------------------------
Bloomberg News' Go Onomitsu in Tokyo, citing the Yomiuri
newspaper, reports that Japan Airlines Corp.?s lenders rejected a
proposal to place JAL in bankruptcy.

According to Bloomberg, the lenders said at a meeting on Dec. 29
with the Enterprise Turnaround Initiative Corp., that bankruptcy
protection would increase JAL's losses and disrupt air travel.

Kyodo News, citing union sources, has reported that JAL's largest
labor union plans to accept a company proposal to cut its pension
benefits substantially to help the ailing airline turn itself
around.  The sources told Kyodo News that the 9,500-strong union,
known as JAL Friendship & Improvement Organization, or JALFIO, has
reached the decision as it sees that changing the pension system
is "a necessary step" at present and cuts in pension benefits
would help the recovery of the airline.

Meanwhile, a person familiar with the matter told Dow Jones
Newswires' Yoshio Takahashi that JAL, its major lenders and ETIC
are studying a bankruptcy filing for the carrier if it doesn't win
concessions from retirees.

That source, according to Dow Jones, said JAL is still considering
an out-of-court restructuring, as it indicated last month, but the
prospect of a court-led turnaround procedure is likely to add
pressure on the company's retirees to accept a proposed cut in
their pension allowances.

According to Dow Jones, JAL is seeking to persuade more than two-
thirds of about 8,800 retirees -- the necessary ratio to change
its corporate pension system under the current law -- to accept a
benefits-reduction plan.

Dow Jones says one group, the Japan Cabin Crew Union, said it
wouldn't comment unless it had confirmed the discussions with
company management.  Other unions couldn't be reached, Dow Jones
notes.

Dow Jones also relates JAL retirees are in the process of voting
whether to accept a 30% reduction in their benefits proposed by
the carrier.  Dow Jones says the voting on the pension reduction
will end on Jan. 12.

According to Dow Jones, the desired agreement on the revised
pension program will be crucial for JAL's revival, as it aims to
slash its net debt and legacy pension costs of more than one
trillion yen, or roughly $11 billion.

                        About Japan Airlines

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

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

                           *     *     *

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

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


PIONEER CORP: To Again Postpone New Shares Allotment to Honda
-------------------------------------------------------------
Kyodo News reports that Pioneer Corp. will postpone a third-party
allotment of new shares to Honda Motor Co. for the third time as
negotiations with other potential financial partners continue.

The report says Pioneer put off the issuance of new shares to the
automaker on June 19 and Sept 28.  According to Kyodo, the deal
with Honda, which is part of Pioneer's plan to raise JPY20 billion
to finance its medium-term business plan, was scheduled to be
completed by the end of this month as a result of the second
postponement.  Pioneer has yet to wrap up negotiations with other
potential sponsors, the report says.

Despite the delay, Honda's intention to buy some JPY2.5 billion
worth of new shares remains unchanged, Kyodo relates citing
Pioneer's statement.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service downgraded to B2 from
B1 the local currency issuer rating for Pioneer Corporation.  The
rating outlook is negative.


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


HYUNDAI MOTOR: Plans to Repurchase 2.21 Mil. Shares of Stock
------------------------------------------------------------
Hyundai Motor Co. said Monday it will repurchase about 2.21
million shares of its stock to give them to workers as part of a
wage deal, according to Yonhap News.

The news agency relates that the 45,000-member union of Hyundai
Motor last week approved a wage agreement for this year, making
2009 Hyundai's first strike-free year in 15 years.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC.  Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.

The TCR-AP reported on Dec. 11, 2009, that Fitch Ratings revised
the Outlook on Hyundai Motor's and Kia Motors' foreign currency
Long-term Issuer Default Ratings to Positive from Negative, and
simultaneously affirmed them at 'BB+'.  The agency also affirmed
the 'BB+' rating on both companies' senior unsecured debt and the
Short-term IDRs at 'B'.


KT CORP: Reduces 16% of Workforce to Save KRW460 Bil. Labor Cost
----------------------------------------------------------------
Song Jung-a at The Financial Times reports that KT Corp. has
unveiled its biggest job cuts yet, with 16% of its workforce set
to leave this week through an early retirement programme.

The FT relates the company said on Monday 5,992 staff were to quit
the organization on Wednesday.

According to the report, KT, which is struggling to boost profits,
estimates that the early retirement program will help it save
about KRW460 billion (US$393 million) in annual labor costs.

The retirement package is being offered to workers who have spent
more than 15 years with the company and 65% of those leaving are
in their fifties, the FT states.

The FT relates that KT hopes that the job cuts will help breathe
fresh life into the organization as it plans to attract younger
employees.  The company, the FT says, will hire about 700 new
workers and interns partly to replace those who leave.

"The retirement package will serve as a trigger for KT, which was
seen as a slow dinosaur, to become a fast, efficient and strong
organization," the quoted Kim Han-suk, KT's vice-president in
charge of human resources, as saying.  "We will continue to reform
our management to become a global convergence leader."

KT made 5,500 workers redundant in 2003 through a similar scheme
to streamline its organization, the FT notes.

                           About KT Corp

KT Corporation (SEO:030200) -- http://www.kt.com/eng/main.jsp--
is a telecommunications service provider in Korea.  As an
integrated telecommunications service provider, its principal
services include telephone services, including local, domestic
long-distance and international long-distance fixed-line telephone
services and interconnection services to other telecommunications
companies; broadband Internet access service and other Internet-
related services, including Internet protocol television (IP-TV)
services; personal communications system (PCS) mobile
telecommunications service and third-generation High Speed
Downlink Packet Access (HSDPA)-based IMT-2000 wireless Internet
and video multimedia communications services, and various other
services, including leased line service and other data
communication service, satellite service and information
technology and network services.  In addition, it operates
nationwide PCS and HSDPA-based IMT-2000 networks.


KUMHO ASIANA: Lenders to Swap Debt for Equity to Ease Cash Deficit
------------------------------------------------------------------
Bloomberg News, citing Herald Business Newspaper, reports that
Kumho Asiana Group's creditors may swap part of its KRW18 trillion
(US$15.4 billion) debt for equity to improve the group's shortage
of cash.

According to Bloomberg, the Korean newspaper said that swapping
KRW2 trillion debt for equity may be the only way to rescue the
Korean industrial group as Kumho had little success raising cash
through asset sales.

Meanwhile, the Korea Economic Daily reports that financial
authority sources said the government has proposed taking over
Daewoo Engineering & Construction Co Ltd from Kumho Asiana Group
through the state-owned Korea Development Bank at KRW18,000 per
share, while Kumho Group is insisting on selling the builder via
the market.

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

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

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

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


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


SOUTH CANTERBURY: Appoints New Chief Executive Officer
------------------------------------------------------
South Canterbury Finance Ltd. has appointed Sandy Maier as the
Company's Chief Executive Officer.  Mr. Maier has been contracted
by South Canterbury Finance's parent company, Southbury Group
Limited, under a consultancy arrangement which sees him assuming
the role of Group CEO and CEO of South Canterbury Finance.

Mr. Maier's role will include making recommendations to the Board
with respect to the restructuring of Group financial affairs and
overseeing South Canterbury Finance's loan portfolio. Mr. Maier
replaces Mr. Nigel Gormack, interim CEO since 1 December.

Since his successful engagement as Statutory Manager of the
Development Finance Corporation from 1990-92, Mr. Maier has led
several restructures across a wide range of sectors.

The Boards of Southbury and South Canterbury Finance have
confidence that Mr. Maier's appointment will assist them in making
effective decisions particularly in relation to the ongoing
efforts regarding the restructuring and recapitalization of South
Canterbury Finance.

"I welcome the appointment of Sandy Maier and also want to thank
Nigel Gormack for stepping in to the CEO role at such short notice
and seeing the company through an important transitional period,"
South Canterbury Finance Chairman Allan Hubbard, major shareholder
of the Group, said in a statement.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 29, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term and 'B' short-term counterparty credit ratings on
South Canterbury Finance Ltd.  At the same time, the 'BB+' rating
was removed from CreditWatch Negative, where it was initially
placed on Sept. 20, 2009.  The outlook is negative.


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


AIMS-AMP CAPITAL: Moody's Upgrades Corp. Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has upgraded AIMS-AMP Capital Industrial
REIT's (formerly known as MacarthurCook Industrial REIT or "MI-
REIT") corporate family rating to Ba2 from Caa1.  The rating
outlook is stable.  This concludes the rating review initiated on
November 9, 2009.

"The upgrade reflects AIMSAMPIReit's remarkably improved liquidity
profile and capital structure following the successful completion
of its recapitalization plan and refinance of the maturing
Singapore dollar loan," says Kaven Tsang, a Moody's AVP/Analyst.

"The issuance of new units -- including the new issuances to AMP
Capital and other cornerstone investors, as well as the subsequent
rights issues -- have materially enhanced the REIT's capital
structure, with its debt/capitalization leverage falling to 30%
currently from 47% as of September 2009," says Tsang.

"AIMSAMPIReit has applied part of the new proceeds from the
issuances to complete the acquisition of the 4A International
Business Park, and will also acquire four new properties from AMP.
These new properties are cash flow generative and will to some
extent support its income diversification and debt service
coverage," he adds.

In addition, its liquidity profile has substantially improved
without material refinancing needs in the near term.  The new
S$175 million term loan is its major borrowing and will be due in
December 2012.

Moody's expects AIMSAMPIReit's projected debt/EBITDA and EBITDA
interest coverage to improve in the coming 1-2 years to 5.5-6x
from 6.5-7x historically and to 3-3.5x from 2.5-3x.  Though this
set of ratios are comparable with some investment grade S-REITs,
they are tempered by the REIT's small operating scale, weak track
record in liquidity management, and limited financial flexibility
given its narrow banking relationship and the fact that the
majority of its assets are encumbered.

While AMP's established market presence and solid track record in
real estate investment and management could benefit AIMSAMPIREIT
as it pursues growth and seeks new funding, AMP still needs to
establish a track record in managing the REIT's business as
planned.

The stable outlook reflects Moody's expectation that AIMSAMPIReit
will maintain a prudent capital structure while it expands, such
that adjusted debt/total assets will be maintained at below 35%
over time.

For the rating to be upgraded, the REIT will have to
1) demonstrate a sustained track record in managing its business
growth with a prudent mix of long-term debt and equity financing;
2) substantially strengthen its business scale; and
3) successfully spread out its debt maturity profile.

On the other hand, rating downgrade pressure could emerge if
AIMSAMPIReit fails to term out its debt maturity profile in the
coming two years, such that its exposure to refunding risk
increases as the majority of its debt and a material portion of
its leases will mature at the same in FY2012/13.

The last rating action with regard to AIMSAMPIReit was taken on 9
November 2009 when the REIT's corporate family rating was put on
review for possible upgrade.

Headquartered in Singapore, AIMSAMPIReit is a real estate
investment trust that owns and invests in a portfolio of
industrial properties.  The company reported investment property
assets of approximately S$494 million as at 30 September 2009.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***