TCRAP_Public/100106.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, January 6, 2010, Vol. 13, No. 003

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Appoints Robert Tsenin as New CEO
FOREST ENTERPRISES: Obtains Temporary Debt Waiver from Lenders
GREAT SOUTHERN: Gunns Wins Growers Nod on Another Forestry Project
KLEENMAID GROUP: Compass Capital Seeks to Revive Brand


C H I N A

GENERAL MOTORS: China Sales Jump 66.9% in 2009 to All-Time High
NORTEL NETWORKS: Proposes Side Agreement With Nortel China
SHANGHAI PUDONG: 2009 Net Income Up 5.4% to CNY13.2 Billion


H O N G  K O N G

ABB ASIA: Seng and Lo Appointed as Liquidators
AIG CONSUMER: Creditors' Proofs of Debt Due February 1
ALBININA LIMITED: Blaauw, Osborn and Lam Step Down as Liquidators
ALLIANCE & LEICESTER: Creditors' Proofs of Debt Due January 29
ALLIANCE WEALTH: William Nicholas Giles Steps Down as Liquidator

AYAMA ELECTRONICS: Creditors' Proofs of Debt Due January 29
BURNON ELECTRONICS: Creditors' Proofs of Debt Due January 31
CAMELOT FAR: Members' Final Meeting Set for February 1
CAPE ASIA: Roderick John Sutton Steps Down as Liquidator
CBM HK: Chan Man Cheung Appointed as Liquidator

CITY TELECOM: Free TV License Won't Affect Moody's 'Ba3' Rating
ENERGYLAND LIMITED: Commences Wind-Up Proceedings
EUSTON ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
FAIRWAY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
HAPPY PEARL: Lee Kit Mei Steps Down as Liquidator

HK UP: Creditors' Proofs of Debt Due January 31


I N D I A

AIR INDIA: To Spin Off Ground Handling Services
ENALTEC LABS: ICRA Assigns 'LBB-' Rating on INR45 Mil. LT Loans
GTN ENTERPRISES: CARE Assigns 'CARE BB' Rating on INR101.14cr Loan
HINDUSTAN WINDOWS: CRISIL Rates INR65MM Cash Credit Limit at 'BB-'
ISH TRAVEL: CRISIL Places 'B' Rating on INR120 Mil. Overdraft

JANADHAR CONSTRUCTIONS: CRISIL Rates INR250 Mil. LT Loan at 'B'
JR SEAMLESS: CRISIL Rates INR305 Million Long Term Loan at 'D'
MCCOY CLOTHING: CRISIL Assigns Junk Ratings on Various Bank Debts
MUNISH INTERNATIONAL: CRISIL Puts 'P4' Ratings on Various Debts
NATHELLA SAMPATH: ICRA Places 'LBB' Rating on INR690MM Bank Limits

PSR & SONS: Low Net Worth Prompts CRISIL to Assign 'B+' Ratings
ROYAL TOUCH: Delay in Term Loan Repayment Cues CRISIL Junk Ratings
SIDDHANT CHEMICALS: ICRA Puts 'LBB' Rating on INR8MM Limits
TATA MOTORS: Total Sales Up 105% in December 2009
VAMSI LABS: ICRA Assigns 'LB-' Rating on INR71 Mil. Term Loan

WELSPUN SYNTEX: CARE Rates INR76.74cr LT Bank Debts at 'CARE BB+'


I N D O N E S I A

PERUSAHAAN LISTRIK: May Double Bond Issue to Up to IDR3 Trillion


J A P A N

ALL NIPPON: To Get More Landing Slots at Tokyo's Haneda Airport
ASYST TECHNOLOGIES: Feb. 3 Hearing on Plan of Liquidation
ELPIDA MEMORY: Taiwanese Unit May Spend JPY40 Bil. to Boost Output
JAPAN AIRLINES: DBJ, Ministry of Finance Favor Bankruptcy Plan
MAZDA MOTOR: Agrees to Continue Business Tie-Up with Ford


K O R E A

HYUNDAI MOTOR: 2009 Sales Jump 11.6% to 3.1 Million Units
SSANGYONG MOTOR: Auto Sales Drop 57.6% in 2009


M A L A Y S I A

LIMAHSOON BERHAD: Bank Loan Default Prompts PN17 Listing
PILECON ENGINEERING: Bursa to Delist Securities on January 14


X X X X X X X X

METALINK LTD: Sells WLAN Biz; Revises Loan Payment Schedule
* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


CENTRO PROPERTIES: Appoints Robert Tsenin as New CEO
----------------------------------------------------
Centro Properties Group has appointed current non-executive
Director Robert Tsenin as its new Chief Executive Officer and
Managing Director subject to finalization of an employment
agreement.

Mr. Tsenin will formally commence his duties as CEO on March 1,
2010.  He will become group CEO designate on February 5, 2010, to
ensure an orderly handover from current group CEO Glenn Rufrano.

"Mr. Tsenin will bring to the role more than 30 years experience
in real estate, corporate finance, and mergers and acquisitions,
both in Australia and abroad, including six years at Lend Lease as
finance director," Centro Chairman Paul Cooper said in a
statement.  "The board believes Robert has the requisite
experience and knowledge of the group to provide the leadership
essential for us to achieve our longer term goals."

"The appointment of a new Group CEO and the recent appointment of
co-advisers to undertake assessment of a potential restructure are
further steps toward restoring value to the Centro group,"
Mr. Cooper added.

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

                         *     *     *

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

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


FOREST ENTERPRISES: Obtains Temporary Debt Waiver from Lenders
--------------------------------------------------------------
The Sydney Morning Herald reports that Forest Enterprises
Australia Ltd. said it had received a temporary waiver from its
banks after failing to renegotiate covenants governing AU$190
million worth of net debt by December 31, 2009.

According to the report, FEA's chief financial officer, Fergus
Leicester, said the company expected to reach an agreement with
its banks by the time the waiver expires on February 19.

The Herald discloses that the company has debt facilities totaling
AU$240 million with ANZ and the Commonwealth Bank which mature in
January 2011.

In September, the report recalls, the company launched a AU$39.5
million raising to shore up its position.  At a shareholders'
meeting in November, the chairman, Will Edwards, described the
raising as providing ''some short breathing space'' while it
adapted to the current environment.

The company reported a loss of AU$14 million last year and said it
expected a "modest improvement in financial terms" this year, the
report says.

Forest Enterprises Australia Limited (ASX:FEA) --
http://www.fealtd.com/-- is a vertically integrated forestry and
forest products company.  It is engaged in the sale of woodlot
investments through forestry investments; preparation,
establishment and maintenance of plantations; timber harvesting;
provision of finance to approved growers; sawmilling and wood
chipping of forest produce, and direct exporting of forest produce
to Asian markets.  FEA operates in two divisions: forest products,
which includes forest management services and the processing of
forest products, including whole logs, woodchips and sawn timber,
and forestry investment, which includes establishment and
financing of managed woodlots and provision of related forestry
services, including the lease of investment land. Its wholly owned
subsidiaries include FEA Plantations Limited, FEA Carbon Pty Ltd,
Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust and
FEA Timberlands Fund.


GREAT SOUTHERN: Gunns Wins Growers Nod on Another Forestry Project
------------------------------------------------------------------
The Australian Associated Press reports that growers who invested
in the 2006 forestry project of Great Southern group have voted in
favor of making Gunns Plantations Ltd -- a subsidiary of
woodchipper Gunns Ltd -- the responsible entity for the scheme.

The report says Gunns was expected yesterday to apply for court
approval of the proposal.

The APP relates that growers in eight other Great Southern
forestry projects from 1998 to 2005 voted on December 23 to accept
Gunns' proposal for Gunns Plantations to become the responsible
entity for those schemes and to restructure the schemes.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept., 2009, the receivers of Great Southern have started selling
all, or parts, of the failed agricultural projects operator.

The AAP said receiver McGrathNicol has called for interest from
third parties to buy all or part of the company: the land owned by
Great Southern entities and other of its assets, including assets
associated with Great Southern's managed investment schemes.

According to the AAP, McGrathNicol has also called for expressions
of interest from parties who may be interested in replacing Great
Southern Managers Australia Ltd (GSMAL) as the responsible entity
for all or some of the managed investment schemes, in combination
with the sales process or separately.

                      About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

In November, the group's creditors voted to liquidate 27 of Great
Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


KLEENMAID GROUP: Compass Capital Seeks to Revive Brand
------------------------------------------------------
Kleenmaid whitegoods could soon be back on the shelves, as a new
company advised by one of the group's former directors prepares to
roll out a new line of products, brisbanetimes.com.au reports.

According to the report, Kleenmaid Group director-turned-
consultant Andrew Young has reportedly met with a potential
business partner on behalf of the Sydney-based private equity firm
that is seeking to revive the brand.

The report says Compass Capital Partners is pushing ahead with
plans to set up a new kitchen and laundry goods business using the
Kleenmaid name as the liquidators work on a report for the
Australian Securities and Investments Commission (ASIC) on whether
the directors allowed the group to trade while insolvent.

Compass Capital, which settled its dispute with the liquidator
last month, acquired the rights to the group's intellectual
property, including its brand name and logo, following the
collapse last year, brisbanetimes.com.au says.

The report notes Mr. Young said his consultancy arrangement with
the new Kleenmaid business was a "fairly loose deal", but
confirmed he had contacted and met with at least one electrical
repairer on its behalf.

A Compass Capital spokesman told brisbanetimes.com.au that the new
company wanted to draw on Mr. Young's knowledge, but the former
Kleenmaid director did not own any shares in the new entity.


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


GENERAL MOTORS: China Sales Jump 66.9% in 2009 to All-Time High
---------------------------------------------------------------
General Motors Co. and its joint ventures in China said Monday
that their domestic sales jumped 66.9% in 2009 to a record
1,826,424 units.  Based on bullish sales of Buick, Chevrolet and
Wuling vehicles, the GM China family achieved an estimated market
share of 13.4%, another year-end record and an improvement of 1.3
percentage points from the end of 2008.

The strong year-end results were possible in part because of
record December sales by GM's Shanghai GM and SAIC-GM-Wuling joint
ventures and the addition of sales from its new FAW-GM joint
venture.

                         Modern Products

"We are proud of our performance in 2009," said Kevin Wale,
President and Managing Director of the GM China Group.  "Chinese
consumers responded enthusiastically to our lineup of modern,
fuel-efficient and stylish products, validating our strategy of
rolling out a steady cadence of great vehicles that are leaders in
their respective segments.  This is part of GM's global strategy
of focusing on designing, building and selling the world's best
products."

In 2009, as part of GM's aggressive product launch strategy, GM
and its joint ventures in China introduced several new and
upgraded models to keep up with strong industry demand, including
the new Buick LaCROSSE and New Regal turbo series; the Chevrolet
Cruze; and the new Cadillac SLS and SRX.  In addition, GM
continued to bring to China its latest technology such as the new
1.2-liter engine in the Chevrolet Spark and ECOTEC 1.6-liter DVVT
engine in the Chevrolet Cruze.  Both powertrains made the list of
the 10 best engines in China for 2009.

                       Growing Investment

GM and its joint ventures continued increasing their investment in
China to help position themselves for long-term success.  To
provide better service to local customers, Shanghai OnStar
initiated in-vehicle safety, security and communication services.
It welcomed its first subscriber in China on December 20.  In
addition, the GM China Science Lab was launched and PATAC opened
its new vehicle safety lab. Shanghai GM broke ground on China's
largest proving ground in Anhui province, SAIC-GM-Wuling opened a
new engine plant in Qingdao, and GM China moved to new offices in
Shanghai, sharing space with the GM International Operations
headquarters and the Center for Advanced Research and Science.

To maintain its growth, the GM China family continued to expand.
In the middle of the year, GM launched an important new
partnership with FAW, FAW-GM, which has given GM a presence in the
light commercial vehicle segment. In December, GM and SAIC Motor
announced the establishment of a new 50-50 joint venture
investment company, General Motors SAIC Investment Ltd., to
capture business opportunities in Asia's emerging markets.

The joint global automobile partners of World Expo 2010 Shanghai,
GM and SAIC, built their corporate pavilion.  GM and SAIC will be
jointly showcasing their vision for the future of urban
transportation called "Drive to 2030."  GM will highlight its
advances and leadership in vehicle electrification and
connectivity technology.

            Record Buick, Chevrolet and Wuling sales

Domestic sales by Shanghai GM rose 63.3% to 727,620 units in 2009.
The passenger car joint venture was once again led by its original
brand, Buick, which experienced sales growth of 59.6% year on year
to 447,011 units.  The Excelle, which sold 241,109 units, remained
the brand's bestseller for the sixth consecutive year.  Further
contributing to the resurgence of Buick in China were the New
Regal, which generated sales of 79,930 units, and the new
LaCROSSE, which generated sales of 43,429 units in just six months
on the market.

Chevrolet sales in China likewise experienced strong growth, with
332,774 units sold -- an increase of 67.1% from 2008.  The Cruze,
GM's new global compact car, enjoyed great success in China, with
sales of 92,190 units despite being on the market only nine
months.  In addition, the Lova had sales of 118,935 units.

In 2009, SAIC-GM-Wuling became the first automaker in China to
sell more than 1 million vehicles in a year, increasing its
domestic sales by 63.9% to 1,061,213 units.  With sales of 596,630
units, the Wuling Sunshine set a Chinese industry record for
annual sales by a single model.

FAW-GM sold 34,510 light commercial vehicles in the four months
after its establishment in August 2009 and began construction of a
new assembly plant in Ha'erbin.

According to Wale, "As China asserts itself as the world's largest
vehicle market, our domestic operations will be counted on to
deliver solid results.  We will continue to introduce cutting-edge
products that are leaders in their segments in fuel economy,
quality and styling."

Wale expressed optimism about the 2010 outlook. "Despite the sales
records in 2009, it looks as if 2010 will be even stronger. The
industry outlook is strong and we expect more growth, albeit on a
somewhat slower pace. It is our intent to keep up with that growth
and make sure we defend our leadership position. GM has all the
tools in place to have another great year in China."

                    About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NORTEL NETWORKS: Proposes Side Agreement With Nortel China
----------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to approve a "side
agreement" with Nortel Networks (China) Ltd. and Nortel Networks
Ltd.

The parties hammered out the Side Agreement in connection with
the sale of their Code Division Multiple Access (CDMA) business
and Long Term Evolution (LTE) assets to Telefonaktiebolaget LM
Ericsson.  The deal is intended to ensure that Nortel China
receives at least the minimum necessary consideration for the
sale of its assets.

The key terms of the Side Agreement are:

  (1) In the event the "required purchase price" or the amount
      of sale proceeds to be allocated to Nortel China as
      consideration for its assets exceeds the amount of sale
      proceeds allocated to the company pursuant to the protocol
      for resolving disputes over the allocation of sale
      proceeds, NNL and NNI will each pay to Nortel China an
      "adjustment amount" equal to 50% of the difference between
      the required purchase price and the allocated purchase
      price.

  (2) The required purchase price will be determined by an
      independent third-party valuation expert retained by
      Nortel China at its own expense, in consultation with NNL
      and NNI.  If either NNL or NNI objects to the valuation
      provided by the valuation expert within 30 days of receipt
      of notice, two additional valuation experts will be
      retained and the required purchase price will be the
      average of the three.

  (3) Any payment by NNL or NNI of its portion of the adjustment
      amount will be considered to be a corresponding deduction
      in the amount of sale proceeds allocated to NNL and NNI
      for the sale of their respective CDMA and LTE assets.

  (4) If NNL or NNI objects to the valuations provided by the
      additional valuation experts within 30 days of receipt of
      written notification of the additional valuation amounts,
      the parties will submit the determination of the
      adjustment amount to arbitration in Beijing under the
      auspices of the China International Economic and Trade
      Arbitration Commission.

  (5) In the event that subsequent to the payment of the
      adjustment amount Nortel China makes one or more dividend
      payments, distributions or other payments to NNL in its
      capacity as a shareholder of Nortel China, NNL will pay
      50% of the after-tax amounts of those distributed amounts
      to NNI upon actual receipt of the distributed amounts,
      provided that those payments to NNI will not in the
      aggregate exceed the portion of the adjustment amount paid
      by NNI to Nortel China.

A full-text copy of the Nortel China Side Agreement is available
without charge at:

       http://bankrupt.com/misc/Nortel_AgreementNNChina.pdf

The Bankruptcy Court will hold a hearing on January 6, 2010, to
consider approval of the Debtors' request.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's 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 $11.6 billion and consolidated liabilities
of $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 $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $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.
(http://bankrupt.com/newsstand/=20
or 215/945-7000)


SHANGHAI PUDONG: 2009 Net Income Up 5.4% to CNY13.2 Billion
-----------------------------------------------------------
Shanghai Pudong Development Bank Co. said net income rose 5.4%
last year to CNY13.2 billion (US$1.93 billion), Bloomberg News
reports citing Shanghai Pudong's preliminary earnings report filed
to Shanghai's stock exchange.

Bloomberg relates the bank said revenue rose 5.3% to CNY36.4
billion.  The lender said its non-performing loan ratio was 0.8%
and that its coverage ratio for bad loans was more than 240%.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                           *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


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


ABB ASIA: Seng and Lo Appointed as Liquidators
----------------------------------------------
Natalia K M Seng and Susan Y H Lo on December 24, 2009, were
appointed as liquidators of ABB Asia Pacific Services Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


AIG CONSUMER: Creditors' Proofs of Debt Due February 1
------------------------------------------------------
Creditors of AIG Consumer Finance Group (Asia) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by February 1, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 21, 2009.

The company's liquidators are:

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


ALBININA LIMITED: Blaauw, Osborn and Lam Step Down as Liquidators
-----------------------------------------------------------------
Jan G.W. Blaauw, Donald Edward Osborn and Rainier Hok Chung Lam,
stepped down as liquidators of Albinina Limited on December 21,
2009.


ALLIANCE & LEICESTER: Creditors' Proofs of Debt Due January 29
--------------------------------------------------------------
Creditors of Alliance & Leicester Trade Services Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by January 29, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

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


ALLIANCE WEALTH: William Nicholas Giles Steps Down as Liquidator
----------------------------------------------------------------
William Nicholas Giles stepped down as liquidator of Alliance
Wealth (Hong Kong) Limited on December 22, 2009.


AYAMA ELECTRONICS: Creditors' Proofs of Debt Due January 29
-----------------------------------------------------------
Creditors of Ayama Electronics (HK) Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 29, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 21, 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


BURNON ELECTRONICS: Creditors' Proofs of Debt Due January 31
------------------------------------------------------------
Creditors of Burnon Electronics (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 31, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 16, 2009.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Building, 10/F
         138 Gloucester Road
         Wanchai, Hong Kong


CAMELOT FAR: Members' Final Meeting Set for February 1
------------------------------------------------------
Members of Camelot Far East Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 1, 2010, at 10:00 a.m., at Flat C, 4/F., Good Luck
Industrial Building, 105 How Ming Street, Kwun Tong, Kowloon, in
Hong Kong.

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


CAPE ASIA: Roderick John Sutton Steps Down as Liquidator
--------------------------------------------------------
Roderick John Sutton stepped down as liquidator of Cape Asia
Pacific Limited on December 18, 2009.


CBM HK: Chan Man Cheung Appointed as Liquidator
-----------------------------------------------
Chan Man Cheung on December 23, 2009, was appointed as liquidator
of CBM HK Limited.

The liquidators may be reached at:

         Chan Man Cheung
         Dominion Centre, Room 1307-8
         43-59 Queen's Road East
         Wanchai, Hong Kong


CITY TELECOM: Free TV License Won't Affect Moody's 'Ba3' Rating
---------------------------------------------------------------
Moody's Investors Service sees no impact on City Telecom Limited's
Ba3 senior unsecured bond and corporate family ratings from the
company's recent announcement that it has submitted an application
for a Domestic Free Television Programme Service License in Hong
Kong.

"CTI estimates that the maximum cost of the investment -- before
reaching positive free cash flow -- would be HK$210 million, and
which would be small relative to its cash flow-generation
ability," says Laura Acres, a Moody's Vice President and Senior
Credit Officer, adding, "At this stage, Moody's does not have any
further details on the timeframe of investment or how it would be
funded.  Even if Moody's assumed an entirely debt-funded
investment over one year, CTI's debt/EBITDA metrics of 1.0x would
remain strong for its rating level."

"While this investment may represent a shift in the company's
strategy to pursuing business opportunities outside its core
fixed-line broadband and voice services, Moody's expects CTI to
exercise financial prudence with such opportunities.  But, any
further aggressive debt-funded investments in this area may
pressure its ratings," says Acres.

The last rating action was on June 18, 2009, when Moody's affirmed
CTI's Ba3/stable senior unsecured and corporate family rating
following CTI's announcement of a cash-funded tender offer for its
outstanding US$72.4 million 8.75% 2015 notes.

Through its wholly-owned subsidiary, Hong Kong Broadband Network
Ltd, CTI provides broadband services, telephony, IP-TV and
corporate data services through its self-built Metro Ethernet IP
network.  HKBN is the largest alternative operator for residential
voice and broadband services in Hong Kong.  As of August 2009, it
had 1.62 million home residential passes, representing
approximately 65% of HK households, and a total of 943,000
subscribers for its triple-play of voice, broadband and pay-TV
services.


ENERGYLAND LIMITED: Commences Wind-Up Proceedings
-------------------------------------------------
The sole member of Energyland Limited on December 22, 2009, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road Central
         Hong Kong


EUSTON ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on December 22, 2009,
creditors of Euston Enterprises Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FAIRWAY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on December 22, 2009,
creditors of Fairway Enterprises Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


HAPPY PEARL: Lee Kit Mei Steps Down as Liquidator
-------------------------------------------------
Lee Kit Mei stepped down as liquidator of Happy Pearl Limited on
December 22, 2009.


HK UP: Creditors' Proofs of Debt Due January 31
-----------------------------------------------
Creditors of Hong Kong Up Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 31,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         John Wing Kit Wong
         Unit B, 21/F
         Two Chinachem Plaza
         68 Connaught Road
         Central, Hong Kong


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


AIR INDIA: To Spin Off Ground Handling Services
-----------------------------------------------
The Economic Times reports that Air India has decided to spin off
its airport ground handling services into an independent
subsidiary to offer improved services in over 80 new airports
proposed to be built in India.

Air India Chairman Arvind Jadhav told ET that the carrier has
already formalized a draft proposal and is likely to implement the
plan next fiscal, once it is approved by the board and the
Cabinet.

"Around 80 new small and big airports will come up in the country
and the airline has to handle traffic and passengers in these new
airports," the report quoted Mr. Jadhav as saying in an interview.
"It would be a huge task to control, and a separate subsidiary
will help to cater travellers even in small town and city
airports," he added.

Meanwhile, The Economic Times reports that the airline also has
plans to form an independent maintenance, repair and overhaul
(MRO) subsidiary to handle up to 300 aircraft annually, including
for third-party customers.  According to the report, Boeing is
constructing a $100-million MRO facility, in a joint venture with
Air India, which is scheduled to start next year.

Between April and November this year, the number of Air India
passengers increased by more than 10% over the corresponding
period last year. Air India's domestic market share in November
increased to 18.8%, from 16.6% in August 2009. Air India's market
share and the seat factor of 74.1% in November were higher than
that of all legacy carriers on a standalone basis, said aviation
analysts.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd. was
seeking INR14,000 crore in equity infusion, soft loans and grants.

The TCR-AP reported on Nov. 13, 2009, that the government agreed
to infuse INR2,000 crore in Air India till March 2010, in a
phase-wise manner of INR400 crore per month, subject to the
airline cuts costs and increases revenue.

NACIL said further installments would be linked to savings
effected on account of cost-cutting exercise adopted by the
national carrier at various levels.  Air India will cut its
fleet size and network in the coming months, the Times of India
said.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown.  Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 (INR2,226 crore
in 2007-08), according to the Hindustan Times.

                        About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


ENALTEC LABS: ICRA Assigns 'LBB-' Rating on INR45 Mil. LT Loans
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR45 million long term
loans of Enaltec Labs Private Limited.  ICRA has also assigned A4
rating to INR40 million fund based and INR10 million non-fund
based limits of ELPL.

The ratings take into account the company's small scale of
operations, limited track record and stretched liquidity position
as measured by the high utilization of its sanctioned limits,
stretched working capital cycle, and high exposure to foreign
exchange fluctuation.  The company currently targets only the less
regulated market, where business is characterized by intense
competition leading to low margin and switching costs.  ELPL's
capital structure and coverage indicators are likely to
deteriorate due to ongoing debt funded capital expenditure for
setting up its own manufacturing facility.  However, the ratings
derive comfort from the strong experience of the promoters in the
pharmaceutical industry and the company's focus on small volume,
technology driven products delivering better margins.

Enaltec Labs was set up in 2007 with the objective of providing
low cost advantage to generic formulators across the world.  The
company aims to develop and produce complex, small volume,
technology driven products required by the generic industry
offering the advantage of the lower cost of production in India.
Its products span a wide range of therapeutic segments including
Antibiotic, Anti-Asthmatic, Anti-Migraine, Ophthalmic,
Dermatologic, Lipid Lowering Agents etc.  Its manufacturing
operations are primarily carried out at a leased facility at
Dombivili in Mumbai.  Its own plant at Ambernath is currently
under construction and is expected to start production by end of
December 2009.

Recent Results

ELPL achieved an operating income and operating profit of INR198.9
million and INR15.3 million respectively in 2008-09.  The company
has achieved an operating income of INR202.7 million in
September 2009.


GTN ENTERPRISES: CARE Assigns 'CARE BB' Rating on INR101.14cr Loan
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of GTN Enterprises Ltd.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations and carry high credit risk.  Also, CARE has
assigned a 'PR4' rating to the Short-term Bank Facilities of GEL.
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 INR165.14
cr.  CARE assigns '+' or '-' sign after the assigned rating
(wherever necessary) to indicate the relative position within the
band covered by the rating symbol.

                                 Amount
   Facilities                   (INR cr)        Rating
   ----------                    -------        ------
   Long-term Loans               101.14         CARE BB
   Long-term Fund-based Limits    38.00         CARE BB
   Short-term Fund-based Limits   26.00         PR4

Rating Rationale

The above ratings are constrained by the highly-leveraged capital
structure of the company, tight liquidity position and poor
performance during FY09 as a result of an unfavorable textile
industry scenario and poor power supply situation in the states of
Tamil Nadu and Kerala where its plants are located.  The ratings
also take into account the reschedulement of its term loans.  The
above ratings also factor in the vast experience of promoters in
the textile industry, presence of well-experienced management team
and established export market presence with niche presence in
finer counts of yarn.

GEL belongs to the 'GTN- B.K.Patodia' group of companies based in
Kerala and Tamil Nadu. GEL is mainly into manufacturing of cotton
yarn with focus on higher counts and value-additions catering to
the premium yarn market.  By the end of March 2009, the
company had a capacity of 45,120 spindles and 20,862 doubling
spindles, spread among two manufacturing units in Udumalpet, Tamil
Nadu and Palakkad, Kerala.  For FY09 (Provisional), GEL reported a
net loss of INR0.62 cr on a total income of INR104 cr.


HINDUSTAN WINDOWS: CRISIL Rates INR65MM Cash Credit Limit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Hindustan Windows Manufacturing Co.

   Facilities                           Ratings
   ----------                           -------
   INR65.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR50.0 Million Letter of Credit/    P4+ (Assigned)
                   Bank Guarantee*

  *Including a proposed limit of INR10 million
   All the above bank loan facilities are from UCO Bank

The ratings reflect HWMC's weak financial risk profile, and
exposure to risks relating to customer and geographic
concentration in its revenue profile.  These weaknesses are
partially offset by the benefits that HWMC derives from its
promoters' experience and strong position in the prefabricated
shelters industry.

For arriving at its ratings, CRISIL has treated unsecured loans of
INR75 million received by HWMC from promoters neither as debt nor
as equity, as these loans are interest free. Moreover, the
promoters have provided an undertaking to convert these loans into
equity in the short term.

Outlook: Stable

CRISIL believes that HWMC will benefit over the medium term from
its healthy relationship with the armed forces, as a supplier;
however, its sales are expected to remain constrained during this
period because of its dependence on a single player for a
substantial portion of its revenues.  The outlook may be revised
to 'Positive' if the firm diversifies its revenue profile
considerably and also improves its profitability. Conversely, the
outlook may be revised to 'Negative' if HWMC's profitability
reduces, further stretching its liquidity, or if it fails to
expand its customer base.

                      About Hindustan Windows

HWMC is a 50:50 partnership between Mr. Kaluram Dhariwal, and his
son, Mr. Jitendra Dhariwal. Set up in 1978, the firm manufactures
prefabricated shelters, primarily catering to the requirement of
the national armed forces in North East and East India.  HWMC is
registered with various government departments as a supplier of
prefabricated shelters.  The steel structures are manufactured at
the firm's factory in Kolkata (West Bengal), which has a
production capacity of around 500 tonnes of steel structures per
month.

HWMC reported a profit after tax (PAT) of INR1.01 million on net
sales of INR459.04 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.68 million on net
sales of INR580.89 million for 2007-08.


ISH TRAVEL: CRISIL Places 'B' Rating on INR120 Mil. Overdraft
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Ish Travel & Tours Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Overdraft^        B/Stable (Assigned)
   INR20.0 Million Bank Guarantee     P4 (Assigned)

   ^including a proposed limit of INR5.0 million

The ratings reflect ITTPL's weak financial risk profile, and
exposure to risks relating to slowdown in the airline industry.
These weaknesses are, however, partially offset by the benefits
that the company derives from its improving operating
efficiencies, and increasing association with international
airlines in the airline ticketing industry.

Outlook: Stable

CRISIL believes that ITTPL will maintain a stable business risk
profile, backed by a strong agent network, and healthy
relationships with domestic and international airlines.  The
financial risk profile may remain weak over the medium term, owing
to large working capital requirements.  The outlook may be revised
to 'Positive', if the company's financial risk profile improves,
driven by equity infusions by promoters, or if the company
substantially diversifies its revenue profile.  Conversely, the
outlook may be revised to 'Negative' if slowdown in the airline
industry leads to a sharp decline in ITTPL's profitability,
further weakening its financial risk profile.

Set up in 1995 by Mr. Pawan Kumar Khurana, ITTPL is an
International Air Transport Association (IATA)-registered airline
ticketing agency.  The company, based in Delhi, is a wholesale
ticketing agent for all domestic airlines, and about 16
international airlines.  It sells tickets to IATA agents and
retail agents. ITTPL is expected to report a profit after tax
(PAT) of INR6.4 million on net sales of INR299 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR4.4 million on net sales of INR233 million for 2007-08.


JANADHAR CONSTRUCTIONS: CRISIL Rates INR250 Mil. LT Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to Janadhar
Constructions Pvt Ltd's term loan facility.

   Facilities                          Ratings
   ----------                          -------
   INR250.00 Million Long Term Loan    B/Negative (Assigned)

The rating reflects JCPL's limited track record, and exposure to
risks related to implementation of its maiden real estate project.
These rating weaknesses are partially offset by the benefits that
JCPL derives from the favorable demand in the affordable housing
segment of its project and good infrastructure.

Outlook: Negative

The outlook reflects delay in commencement of construction work
due to government clearances and financial closure.  The rating
could be downgraded if there is further delay in commencement of
its project, or cost overruns or in case of delays in receipt of
customer advances, impacting the cash flows, or if the company
undertakes additional debt-funded projects. The outlook may be
revised to 'Stable' if JCPL is able to achieve booking for a
substantial portion of the saleable flats and completes its
ongoing project as per schedule.

Incorporated in 2007, JCPL is developing residential apartments in
the affordable housing segment, near Bangalore in Karnataka.  The
first project is named Janadhar Shubha and is likely to commence
construction from March 2010 and expected to be completed in 24
months.  The project envisages construction of 1296 flats with a
total built up area of around seven lakhs sq. ft. Janalakshmi
Social Services (JSS), a not-for-profit company registered u/s. 25
of the Companies Act, 1956, holds 60 per cent of the share capital
of JCPL. Mr. Ramesh Ramanathan, founder of JSS is also the
Chairman of JCPL.


JR SEAMLESS: CRISIL Rates INR305 Million Long Term Loan at 'D'
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to JR Seamless Pvt Ltd's bank
facilities. The rating reflects delay in servicing of term loan
interest by JRSPL.

   Facilities                          Ratings
   ----------                          -------
   INR305 Million Long Term Loan*      D (Assigned)

   * Includes INR60 million Letter of Credit as a Sub limit of
     Term Loan.

Incorporated in April 2007, JRSPL is setting up a carbon and
alloy-steel seamless pipes and tubes manufacturing plant, with a
capacity of 24,000 tonnes per annum, in Medak, Andhra Pradesh.
The estimated capital outlay on the project is INR493.7 million
(including working capital margin of INR73.4 million), of which
around INR400 million has been spent until November 30, 2009.  The
project will be funded through term debt of INR305 million, an
unsecured loan of INR9.6 million, and equity of INR179.1 million.
Part of the plant commenced operations in November 2009, and the
remainder is expected to become operational in the last week of
December 2009.


MCCOY CLOTHING: CRISIL Assigns Junk Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Mccoy Clothing Pvt
Ltd's (MCPL's) bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR37.50 Million Proposed Term Loan    D (Assigned)
   INR23.50 Million Proposed Bill         P5 (Assigned)
                  Discounting Facility
   INR65.00 Million Bill Purchase?        P5 (Assigned)
                  Discounting Facility
   INR10.00 Million Letter of Credit      P5 (Assigned)

The ratings reflect continuous overdrawls in working capital
facilities by MCPL, owing to weak liquidity.

The team has consolidated the business and financial risk profiles
of MCPL and its associate entity Mccoy Clothing (partnership firm)
together referred to as the Mccoy group; this is because the two
entities have a common management and substantial operational and
financial linkages.

Set up in 2008-09 by Mr. K M Thakkar, Mr. Mario D Souza, and Mr. N
Ramesh, MCPL manufactures and exports readymade woven garments.
The company mainly exports men's designer shirts to Germany and
other European countries.  Its associate partnership firm Mccoy
Clothing was set up in 1999 and is also in the same line of
business.  The Mccoy group reported a profit after tax (PAT) of
INR9.7 million on net sales of INR357 million for 2008-09 (refers
to financial year, April 1 to March 31).


MUNISH INTERNATIONAL: CRISIL Puts 'P4' Ratings on Various Debts
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Munish International Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR172.5 Million Export Packing Credit    P4 (Assigned)
   INR44.0 Million Stand by Line of Credit   P4 (Assigned)
   INR61.5 Million Letter of Credit/Bank     P4 (Assigned)
                               Guarantee

The rating reflects MIPL's weak financial risk profile, and
exposure to risks relating to large working capital requirements,
volatility in raw material prices, and intense competition in the
industrial forgings segment.  The impact of these weaknesses is
mitigated by the benefits that MIPL derives from its diversified
revenue profile, and presence in the value-added products segment.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of MIPL and MIPL's group companies,
Munish Forge Pvt Ltd and Dev Arjuna Cast and Forge Pvt Ltd,
collectively referred to, herein, as the Munish group. This is
because MIPL functions as the exclusive export arm for products
manufactured by MFPL and DACF; moreover, MIPL is the main customer
of MFPL and DACF.  The companies have also extended corporate
guarantees to each other's bank lines.

                          About the Group

Set up in 1985 as a partnership firm and incorporated as a private
limited company in 2006, MIPL is part of the Ludhiana-based Munish
group of companies.  MIPL is the group's exclusive export arm, and
also exports goods imported from China.  In the domestic market,
the company procures primarily from MFPL and DACF, and has minimal
procurement from outside the group.

The Munish group manufactures auto components for off-highway
vehicles, flanges, and scaffoldings through its two manufacturing
arms, MFPL and DACF.  The Munish group's three manufacturing
facilities are in Ludhiana (Punjab).

The Munish group reported a profit after tax (PAT) of INR1.0
million on net sales of INR857 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR41.8
million on net sales of INR921 million for 2007-08.


NATHELLA SAMPATH: ICRA Places 'LBB' Rating on INR690MM Bank Limits
------------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR690 million fund based
limits of Nathella Sampath Jewellery Private Limited.  ICRA has
also assigned A4 rating to the INR690 million non fund based sub-
limit of NSJPL.

The combined utilization of the long term fund based limit and
short term non fund based sub limit should not exceed INR690
million.  The outlook on the long term rating is stable.

The ratings are constrained by the weak financial profile of the
company characterized by high gearing and weak coverage
indicators, minimal profitability margins on account of low value
addition in the business, and strained liquidity position on
account of high working capital requirements in the business.  The
ratings also factor in the exposure of NSJPL's profitability to
volatility in gold prices, surging gold prices resulting in muted
demand growth and highly fragmented nature of the industry with
low entry barriers.  The ratings are supported by the established
position of NSJPL in the jewellery retail market of Chennai,
integrated nature of operations and changing sales mix with
increasing revenues from jewellery leading to improvement in
profitability margins.

                         About Nathella Sampath

Nathella Sampath Jewellery Private Limited is a jewellery retail
player in Chennai, Tamil Nadu.  The company was setup by
Mr. Nathalla Sampath Chetty in 1940 when it forayed into jewellery
retail operations and since then has been operating showrooms in
the Chennai market.  The company is currently managed by the
fourth generation of the family chain.  The company currently has
four showrooms in Chennai and till 2007 was operating as two
separate legal entities (partnership companies) which were merged
into a single entity in 2007.  NSJPL sells bullion, gold, diamond
and other kinds of jewellery in the retail market of Chennai with
no presence across any other region.  NSJPL plans to open two new
showrooms in Chennai in the next 12 months.


PSR & SONS: Low Net Worth Prompts CRISIL to Assign 'B+' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the various bank
facilities of PSR & Sons.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      B+/Stable (Assigned)
   INR13.2 Million Term Loan              B+/Stable (Assigned)

The rating reflects PSR & Sons' moderate financial risk profile
marked by low net worth and high gearing, and constrained
financial flexibility owing to partnership form of business.
These weaknesses are, however, partially offset by the established
presence of the firm's promoters in the trading and wholesale of
sarees and dress material.

Outlook: Stable

CRISIL believes that PSR & Sons' financial risk profile will
remain moderate over the medium term owing to the high working
capital intensity of its operations.  The outlook may be revised
to 'Positive' if the firm reports sustained improvement in net
worth, gearing and operating margins.  Conversely, the outlook may
be revised to 'Negative 'in the event of further deterioration in
the firm's capital structure.

                         About PSR & Sons

Set up in 1995 by Mr. P S Rangaswamy, PSR & Sons trades in sarees,
salwars and fabrics. It operates a firm-owned retail store in
Coimbatore, and has recently opened a store in Mangalore.  The
retail business accounts for around 72 per cent of the firm's
total turnover, while the wholesale business accounts for around
22 per cent.

PSR & Sons reported book profit of INR35.8 million on net sales of
INR613.5 million in 2008-09 (refers to financial year, April 1 to
March 31), as compared to book profit of INR14.0 million on net
sales of INR356.3 in 2007-08.


ROYAL TOUCH: Delay in Term Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Royal Touch Fablon
Pvt Ltd's bank facilities.  The ratings reflect delay by RTF in
repayment of term loan obligations, owing to weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR240 Million Cash Credit*         D (Assigned)
   INR185 Million Term Loan***         D (Assigned)
   INR53.30 Million Letter of Credit   P5 (Assigned)
                  & Bank Guarantee**
   INR20 Million Line of Credit        P5 (Assigned)

   *Includes Proposed Cash Credit of INR45 million.
   ** Includes Proposed Bank Guarantee of INR13.3 million.
   *** Includes Proposed Long Term Loan of INR120 million.

RTF manufactures high-density polyethylene (HDPE) and
polypropylene (PP) woven sacks, flexible intermediate bulk
containers, and PP liners.  The company was founded by Mr. Prakash
Kandoi in 1999 and is now managed by his son, Mr. Vikash Kandoi.
The company has two manufacturing facilities near Kolkata and one
near Raipur (Chhattisgarh) with combined capacities of 700 tonnes
per month.

RTF reported a profit after tax (PAT) of INR13.70 million on net
sales of INR934.50 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.40 million on net
sales of INR820.80 million for 2007-08.


SIDDHANT CHEMICALS: ICRA Puts 'LBB' Rating on INR8MM Limits
-----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR8 million fund based
limits of Siddhant Chemicals.  ICRA has also assigned an A4 rating
to the INR96 million fund based limits of SC.

The ratings are constrained by the high competitive intensity in
the industry, with several existing and proposed companies in the
organized sector; high dependence on the Chinese market; limited
product portfolio with high dependence on menthol powder and
dementholised oil (DMO) for its revenues; high customer
concentration risk with about 43% of sales from one customer and
competition from synthetic menthol. Nevertheless, the ratings
positively factor in the favorable export demand prospects of the
products of SC and its location advantages due to proximity to the
raw material sources.

Siddhant Chemicals was incorporated in 1996 as a proprietorship
firm and was subsequently converted to a partnership firm in
April 2008.  The company is promoted by the Vinod Kumar Agarwal
family, which started the business in 1990 with the trading of
mentha oil.  In 1996, the family ventured into manufacturing of
menthol crystals and powder with the setting up of a manufacturing
facility at Sambhal under the firm Siddhant Chemicals.
Subsequently the promoters set up a menthol manufacturing facility
at Jammu in the state of Jammu and Kashmir under the
proprietorship firm Abhay Chemicals in 2005 and another at Greater
Noida in the state of Uttar Pradesh under the company K. V.
Aromatics Private Limited in 2008.

SC is engaged in the manufacturing of menthol crystals, menthol
powder, dementholised oil (DMO), mentha oil and peppermint oil.
SC has operations based at Sambhal in the state of Uttar Pradesh.
Mr. Sudhanshu Agarwal and Mr. Himanshu Agarwal hold 50% stake each
in SC.


TATA MOTORS: Total Sales Up 105% in December 2009
-------------------------------------------------
Tata Motors Ltd reported total sales of 51,627 vehicles (including
exports) in December 2009, a growth of 105% over 25,219 vehicles
sold in December 2008.  The company?s domestic sales of Tata
commercial and passenger vehicles for December 2009 were 48,173
nos., a 102% growth over 23,894 nos. sold in December last year.
The growth in December 2009 has come over low sales in December
2008, impacted by the downturn in the automobile industry during
that period.

Cumulative sales (including exports) for the company for the
fiscal at 432,630 nos., recorded a growth of 19% over 363,353 nos.
sold last year.

                        Commercial Vehicles

The company?s sales of commercial vehicles in December 2009 in the
domestic market were 33,519 nos., the highest since March 2008 and
a 138% growth compared to 14,056 vehicles sold in December last
year.  LCV sales were 18,217 nos., a growth of 97% over December
last year. M&HCV sales stood at 15,302 nos., a growth of 218% over
December last year and the highest since March 2008.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 255,168 nos., a growth of 31% over last year.
Cumulative LCV sales are 154,021 nos., a growth of 42% over last
year, while M&HCV sales stood at 101,147 nos., a growth of 17%
over last year.

                        Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 15,662 nos. (14,654 Tata + 1,008 Fiat) in
the domestic market in December 2009, a 55% increase compared to
10,118 nos. (9,838 Tata + 350 Fiat) in December last year.
Wholesale sales of Tata cars, at 12,944 nos. grew by 54% over
December 2008.  Tata cars recorded the highest ever retails in
December this year.  Sales of the Tata Nano were 3,610 nos.  The
Indica range wholesale sales were 4,228 nos., a decline of 37%
over December last year while retail sales were highest in the
fiscal.  The Indigo range recorded wholesale sales of 5,106 nos.,
a growth of 205.2% over December last year, based on the continued
enthusiastic response to the newly launched Manza in the market.
The Indigo range recorded the highest ever retails since launch in
2002.  The Sumo/Safari range accounted for wholesale sales of
1,710 nos., registering a growth of 21% over December last year
while recording the highest retails this fiscal.

Jaguar Land Rover sales continued their upward trend since launch
in June with their highest sales in December.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 172,026 nos. (153,939 Tata
+ 18,087 Fiat), against 142,514 nos. (139,108 Tata + 3,406 Fiat)
last year, a growth of 20.7%. Cumulative sales of the Nano are
17,534 nos. Cumulative sales of the Indica range at 79,847 nos.,
reported a growth of 7%. Cumulative sales of the Indigo family are
34,466 nos., lower by 5% but the decline is being substantially
reduced since the Manza launch.  Cumulative sales of the
Sumo/Safari range are 22,092 nos., lower by 20.6%.

                             Exports

The company's sales from exports at 3,454 vehicles in December
2009 registered a growth of 161% compared to 1,325 vehicles in
December last year.  The cumulative sales from exports for the
fiscal at 23,523 nos. are lower by 19% over 29,066 nos. in the
same period last year.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- 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.


VAMSI LABS: ICRA Assigns 'LB-' Rating on INR71 Mil. Term Loan
-------------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR71 million term loan and
INR40 million fund based cash credit limits of Vamsi Labs Limited.
ICRA has also assigned the A4 rating to the INR1 million non fund
based limits of VLL.

The assigned ratings are constrained by small scale of operations
of the company, adverse financial profile with very high gearing
and weak coverage indicators.  The company's liquidity position is
stretched with company having to extend its payables beyond 300
days and has high working capital intensity resulting in poor cash
accruals. Fire accident in June 2008 further worsened the
liquidity profile with insurance claim of INR 71 million not yet
settled. Strained liquidity position resulted in company
restructuring its debt in March 2009.

VLL was promoted by Mr. M Kesava Reddy and his brother-in-law Mr.
G Pratap Reddy in 1991 in Solapur, Maharashtra to manufacture API
and intermediates. VLL manufactures API and intermediates for
therapeutic segments like anti asthmatic, Antiemtic,
Antidiarhoeal, Antipsychotic and Piperidine/ Piperidone
derivatives.

VLL's product portfolio includes APIs like Formeterol Fumarate,
Salmeterol Xinafoate, Salbutamol Sulphate (Anti asthma),
Cyproheptadine (Anti allergic), Domperidone (Antiemetic) and
intermediates including Piperidine/pepridone derivatives.  VLL has
a small scale of operations with turnover of INR173 million in
FY09 and operating profits of INR25 million. 25% of revenues come
from unregulated exports market while rest comes from a
diversified base of domestic clients.


WELSPUN SYNTEX: CARE Rates INR76.74cr LT Bank Debts at 'CARE BB+'
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Welspun Syntex Limited aggregating Rs.76.74 crore.
This rating is applicable for facilities having a tenure of more
than 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 has also assigned a 'PR4'
[PR Four] rating to the Short-term Bank Facilities of WSL
aggregating Rs.39.00 crore.  This rating is applicable for
facilities having tenure up to one year. Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default. 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.

                                 Amount
   Facilities                   (INR cr)        Rating
   ----------                    -------        ------
   Long-term Bank Facilities      76.74         'CARE BB+'
   Short-term Bank Facilities     39.00         'PR4'

Rating Rationale

The ratings are constrained by poor operating environment
resulting in losses for the past three years, poor liquidity
position leading to unsatisfactory track record of debt servicing
and fragmented nature of the industry imparting low pricing power.

The ratings also take cognizance of parentage of the Welspun group
and improved performance in the last three quarters (Q4FY09,
Q1FY10 and Q2FY10) on account of various initiatives taken by the
management.

Ability to achieve healthy profitability in the external
environment of demand slowdown, volatile input prices and
aggressive competition from other domestic players are the key
rating sensitivities.

Incorporated in March 1983, as Kothari Leasing Ltd, the company
was taken over by the Welspun group and consequently the name was
changed to Welspun Syntex Ltd in July 1991.  WSL is engaged in the
manufacturing of Polyester Yarns, Nylon Yarn, Speciality and other
fancy yarns at its plant located at Silvassa.

Net sales of WSL increased at a Compounded Annual Growth Rate
(CAGR) of 6% to INR351 crore in FY09.  However, the company
incurred losses during the last three years including loss of
INR7.25 crore in FY09.  WSL's debt has been rescheduled in
FY09, giving respite to the company in the short term.  Over the
past three quarters (Q4FY09, Q1FY10 and Q2FY10), WSL has exhibited
improvement in the performance, with positive PAT.


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


PERUSAHAAN LISTRIK: May Double Bond Issue to Up to IDR3 Trillion
----------------------------------------------------------------
The Jakarta Post reports that PT Perusahaan Listrik Negara plans
to increase the size of its forthcoming bond issue by IDR1.5
trillion (US$159 million), or double the initial size, in
anticipation of higher-than-expected demand.

PLN's finance director Setio Anggoro Dewo told the Post that "We
have completed the book-building process and the demand is
apparently over subscribed.  Thus, we expect to increase the notes
to up to IDR3 trillion."

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 11, 2009, Antara News said PT PLN plans to issue IDR1.5
trillion of bonds consisting of bonds XI worth IDR1 trillion and
sharia bonds IV worth IDR500 billion next year.

Citing PLN's prospectus, Antara disclosed that the fixed rate
bonds XI consist of series A and B, each maturing seven years and
10 years.  It will be offered at 100% of their principal value and
the coupon of the bonds will be paid every quarter, Antara said.
The sharia bonds, on the other hand, also consist of series A and
B, each maturing seven years and 10 years.  The yield of the
sharia bonds will be paid every quarter.

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

PLN has appointed PT Mandiri Sekuritas, PT Bahana Securities, and
PT Danareksa Sekuritas as bond issue underwriters, Antara added.

PLN and the underwriters expect to officially register the bonds
at the Indonesia Stock Exchange by Jan. 13, 2010, according to the
Post.

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

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

                           *     *     *

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


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


ALL NIPPON: To Get More Landing Slots at Tokyo's Haneda Airport
---------------------------------------------------------------
All Nippon Airways Co. will get more landing slots than Japan
Airlines Corp. at the new runway scheduled to open in October at
Tokyo?s Haneda airport, Bloomberg News reports citing Nikkei
English News.

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

                          *     *     *

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


ASYST TECHNOLOGIES: Feb. 3 Hearing on Plan of Liquidation
---------------------------------------------------------
Asyst Technologies filed with the U.S. Bankruptcy Court for the
Northern District of California in Oakland a revised version of
its Plan of Liquidation and explanatory Disclosure Statement.

Only secured creditors, led by KeyBank National Association, as
administrative agent for lenders owed $74.9 million principal
under a prepetition term loan, are getting recovery under the
Plan.  All other creditor groups and interest holders would be
wiped out.

Only the secured creditors are entitled to vote on the Plan.
Because the sale of the Debtor's assets did not generate enough
proceeds to pay the lender secured claims in full, it is
anticipated that there will be no distributions made to holders of
priority claims, general unsecured claims, and the holders of
interests.  As such, the Debtor believes that, although under the
Plan the holders of priority claims and holders of general
unsecured claims will receive an interest in the liquidation
trust, such beneficial interest in the liquidation trust is likely
to have no value.

A combined hearing to consider approval of the adequacy of the
information in the Disclosure Statement and confirmation of the
Plan will be held on Feb. 3, 2010.  Objections are due January 20.

A copy of the Debtor's Plan is available for free at:

    http://bankrupt.com/misc/Asyst_Plan_Dec23.pdf

A copy of the Disclosure Statement is available for free at:

    http://bankrupt.com/misc/Asyst_DS_Dec23.pdf

                    Sale of Debtor's Assets

The successful bidder for the Japan assets was Murata Machinery,
Ltd., with a bid of approximately US $115 million, at the
applicable exchange rate.  As to the U.S. assets, the Debtor sold
its Automated Material Handling Systems business to Murata for
$5.5 million.  Crossing Automation bought the Debtor's Fab
Automation Business for $6.5 million.  Peer Group bought software
assets for $2 million.

With respect to potential claims against its Japanese affiliates,
on December 1, 2009, the Debtor received notice from the trustee
of Asyst Technologies Japan, Inc. and Asyst Japan Holdings.  All
of the claims filed by the Debtor against Asyst Japan Holdings
have been approved by the trustee in the Japan proceedings and
will therefore receive a percentage distribution on that claim in
accordance with the priority scheme under Japanese law.

All of the Debtor's claims filed against ATJ have been denied by
the trustee in the Japan proceedings.  The trustee in the Japan
proceedings asserts that these claims will be set off against
other claims against the Debtor held by ATJ.  The Debtor is
investigating its options in connection with the "assessment
procedure" under Japanese law, which is a simplified litigation
procedure challenging the Japan trustee's judgment.
This filing must be made on or before January 10, 2010.
Assuming the assessment procedure action is filed, the court in
the Japan Proceedings will render judgment on the objection to the
Debtor's claim.

As of the date hereof, the actual recovery percentage to unsecured
creditors of ATJ and Asyst Japan Holdings is unknown, but in light
of the uncertainties, and the pending claim objection by the Japan
trustee with respect to the Debtor's claim against ATJ, the
Debtor's recovery percentage is currently estimated to be no
greater than 10 percent.

                     About Asyst Technologies

Headquartered in Fremont, California, Asyst Technologies, Inc. --
http://www.asyst.com/-- is a leading provider of integrated
automation solutions primarily for the semiconductor and flat
panel display manufacturing industries.  The Company is the parent
company of seven subsidiaries located in various jurisdictions
worldwide.  Principally, the Company is the owner of a non-
operating holding company organized under the laws of Japan, Asyst
Technologies Holdings Company, Inc.  Asyst Japan Holdings in turn
owns the operating company Asyst Technologies Japan, Inc.

The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D.
Calif. Case No. 09-43246).  Ali M.M. Mojdehi, Esq., Janet D.
Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of
Baker and McKenzie, serve as the Debtor's bankruptcy counsel.
Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims
agent.  AlixPartners, LLP  serves as financial advisor.  Andrew I.
Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and
Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the
official committee of unsecured creditors.  As of December 31,
2008, Asyst had total assets of $295,782,000 and total debts of
$315,364,000.

The Company's Japanese subsidiaries, Asyst Technologies Holdings
Company, Inc., and Asyst Technologies Japan, Inc., entered into
related voluntary proceedings under Japan's Corporate
Reorganization Law (Kaisha Kosei Ho) on April 20, 2009.  Kosei
Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ.


ELPIDA MEMORY: Taiwanese Unit May Spend JPY40 Bil. to Boost Output
------------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Rexchip
Electronics Corp., a Taiwanese subsidiary of Elpida Memory Inc.,
will invest about JPY40 billion ($432 million) to convert all its
production lines to Elpida's new 45-nanometer technology for DRAMs
and double production in fiscal 2010,.

Bloomberg relates the newspaper said Rexchip is considering bank
loans or selling stock to the public to raise the funds.

Elpida spokesman Hiroshi Tsuboi told Bloomberg in a phone
interview that Rexchip may increase spending, though no decision
has been made.  The Japanese chipmaker owns 64% of Rexchip, while
Taiwan?s Powerchip Semiconductor Corp. owns 34%, according to
Bloomberg.

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

                           *     *     *

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


JAPAN AIRLINES: DBJ, Ministry of Finance Favor Bankruptcy Plan
--------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Japan
Airlines Corp.'s biggest creditor, the Development Bank of Japan,
favors bankruptcy proceedings to restructure the airline.

Bloomberg relates the Nikkei said the Ministry of Finance, which
controls the DBJ, also supports the bankruptcy option.  Japan
Airlines and the Transport Ministry, however, oppose the plan,
Bloomberg says.

                          New CEO Search

Mariko Sanchanta at The Wall Street Journal and Atsuko Fukase at
Dow Jones Newswires report that the Enterprise Turnaround
Initiative Corp. of Japan, the government-backed body drawing up a
proposal to restructure Japan Airlines Corp., hopes to bring in an
outsider with no aviation experience as a successor to current
Chief Executive Haruka Nishimatsu.

The report, citing a person familiar with the matter, says the
ETIC has asked a Japanese manufacturing executive with turnaround
experience to head the embattled airline, though it has a
shortlist of other Japanese executives from outside the company in
case its first choice refuses.  It wasn't clear who the executive
is, the report notes.

According to the report, the person said that due to numerous
injections of taxpayer money into JAL over the past decade, the
ETIC is pushing for a more dramatic restructuring to placate the
public, including the placement an outside CEO.

The report says Mr. Nishimatsu is expected to step down if the
fund agrees to lead JAL's restructuring.  A decision is expected
on Jan. 20, the report notes.

As part of its restructuring proposal, the report states, the ETIC
is pushing for a court-led rehabilitation plan for JAL, which is
akin to a Chapter 11 bankruptcy filing in the U.S.  ETIC has
closely examined the Chapter 11 turnarounds of United Airlines
parent UAL Corp. and Continental Airlines Inc. in the U.S. as
potential models for JAL's restructuring, the report says.

                            About JAL

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

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

                           *     *     *

As reported 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.


MAZDA MOTOR: Agrees to Continue Business Tie-Up with Ford
---------------------------------------------------------
Kyodo News reports that Mazda Motor Corp. President Takashi
Yamanouchi said Monday that he and Alan Mulally, president of Ford
Motor Co., agreed last month to continue their capital and
business alliance.

The news agency relates Mr. Yamanouchi told a news conference he
paid a call on Mr. Mulally at the Ford headquarters in December,
and the two chief executive officers confirmed there will be no
change to the firms' tie-up despite the realignment taking place
in the global auto industry.

Mr. Yamanouchi said Ford intends to maintain its 11% stake in
Mazda and said its partial sale of Mazda stocks in fall 2008 was
due to Ford's financial condition and wasn't meant to change the
strategic relationship, Kyodo relates.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor Corp. continues to carry Mikuni Credit Ratings'
mortgage debt and senior debt ratings of 'BB'.


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


HYUNDAI MOTOR: 2009 Sales Jump 11.6% to 3.1 Million Units
---------------------------------------------------------
Hyundai Motor Co. sold a record 3.1 million vehicles in 2009, up
11.6% from the previous year, The Chosun Ilbo reports.

The report says Hyundai Motor and its sister company Kia Motors
together sold more than 4.64 million autos at home and overseas in
2009.  Kia Motors' sales grew 9.6% to more than 1.53 million
units, the report adds.

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 December 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'.

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


SSANGYONG MOTOR: Auto Sales Drop 57.6% in 2009
----------------------------------------------
Yonhap News reports that Ssangyong Motor Co. said Monday its auto
sales in 2009 drop 57.6% from a year earlier as it struggled with
bankruptcy protection.

The news agency says Ssangyong sold 34,936 units last year,
compared with 82,405 units sold in 2008.

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.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

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

A South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.

"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 said Ssangyong vowed to get itself in order over the
next three years.

                       About Ssangyong Motor

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


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


LIMAHSOON BERHAD: Bank Loan Default Prompts PN17 Listing
--------------------------------------------------------
Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.

Limahsoon disclosed on December 23 that its lender, Bank Pertanian
Malaysia Berhad ("Agrobank"), claimed for payments of these credit
facilities:

   -- MYR7,204,396.37 in respect of Term Loan Facility of
      MYR40 million;

   -- MYR15,058,814.87 in respect of Niagatani Loan of
      MYR15million; and

   -- MYR9,153,062 in respect of Al-Bai Bithaman Ajil of
      MYR45 million.

The Company said that its major subsidiary Kilang Papan Lim Ah
Soon Sdn Bhd has been affected by weak market conditions for its
core business, the production laminated boards in the first half
of the financial year resulting in constraint in working capital.

"The Company has been engaged in regular negotiations with
Agrobank prior to the Notices of Demand, for additional financing
facilities and to reschedule the repayment of these facilities,"
Limahsoon said in a regulatory filing.

"The Company will continue to liaise with Agrobank in negotiations
to arrive at a mutually acceptable arrangement with regards to the
repayment and/or rescheduling of these facilities."

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

The Board will proceed with the necessary actions to formulate a
plan to regularize the financial condition of the Company.  The
requisite announcement detailing the regularization plan shall be
announced to Bursa Securities in due course.

                          About Limahsoon

Limahsoon Berhad (KUL:LIMAHSN) -- http://www.limahsoon.com/-- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries.  The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.


PILECON ENGINEERING: Bursa to Delist Securities on January 14
-------------------------------------------------------------
The securities of Pilecon Engineering Berhad will be delisted from
the official list of Bursa Malaysia Securities Berhad on Jan. 14,
2010, as the Company failed to submit its regularization plan to
the Securities Commission and other relevant authorities for
approval on or before December 31, 2009.

The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                       About Pilecon Eng'g.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


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


METALINK LTD: Sells WLAN Biz; Revises Loan Payment Schedule
-----------------------------------------------------------
Metalink Ltd. has entered into a definitive asset purchase
agreement to sell its wireless local area network business to
Lantiq, a newly formed fabless semiconductor company funded by
Golden Gate Capital.

Lantiq will pay Metalink up to US$16.9 million in cash as follows:

     -- US$8.9 million, of which US$5.7 million will be paid
        concurrently with the closing, up to US$1.2 million
        (subject to downward adjustments) to be paid on March 31,
        2010; and US$2.0 million to be paid in four installments
        throughout the year 2010; and

     -- Earn-out payments of up to an aggregate US$8.0 million,
        contingent upon the acquired business's achievement of
        specified performance targets through March 2012.

The transaction is expected to close in the coming weeks and is
subject to customary closing conditions, including regulatory
approvals.

In addition, Metalink has entered into an amendment to its loan
agreement with an institutional investor, under which the
repayment of the US$4,312,500 originally due upon the closing of
the Lantiq transaction will be reduced to US$4,100,000 and repaid
in four installments: US$3,750,000 at closing and the remainder in
three installments by March 31, 2011.

Following the closing of the transaction, Metalink intends to
utilize its improved balance sheet and the potentially significant
cash flow from the earn-out payments to explore opportunities
synergetic with the Company's expertise and industry
relationships.

Yuval Ruhama, Metalink's Chief Financial Officer, is expected to
leave the Company concurrently with the closing, but will continue
serving the Company as a consultant through the end of 2010.

"We are pleased that the strategic process we initiated last year
has, despite our difficult financial situation and during an
extremely challenging general market conditions, produced a
transaction that is in the best interests of Metalink and its
shareholders, as well as its employees and customers," commented
Tzvika Shukhman, Metalink's Chief Executive Officer.

"I would like to take this opportunity to thank the talented
Metalink team members that will be joining Lantiq. I would also
like to extend a special thank you to Yuval Ruhama, our departing
CFO, for his long term dedication and contribution to the
company," concluded Mr. Shukhman.

                          About Metalink

Yakum, Israel-based Metalink Ltd. (NASDAQ: MTLK) --
http://www.MTLK.com/-- is a fabless semiconductor Company engaged
in the research, development and sale of wireless local area
network chipsets, and in the sale of high performance broadband
access chip sets or digital subscriber line used by
telecommunications and networking equipment manufacturers.


* 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 2010.  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.





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