TCRAP_Public/100119.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

           Tuesday, January 19, 2010, Vol. 13, No. 012

                            Headlines



A U S T R A L I A

ABC LEARNING: Creditors May Vote to Wind-Up Firm in March
CENTREX METALS: Chairman to Step down at AGM
TRIO CAPITAL: Executives Under Probe Hand Over Passports


C H I N A

CHINA EASTERN: Passenger Volume Rises 18.3% to 44 Million in 2009
WINTEK CORP: Workers at China Plant Strike For Bonus


H O N G  K O N G

ADVANCE PROGRESS: Seng and Lo Step Down as Liquidators
BELLINGHAM ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
CITI-GRACE LIMITED: Placed Under Voluntary Wind-Up Proceedings
CORPORATE ACCESS: Seng and Lo Step Down as Liquidators
CORSAIR NO 2: S&P Downgrades Ratings on Three Series to 'D'

DAH CHONG: Creditors' Proofs of Debt Due February 12
DRAGON WATCH: Members' Final Meeting Set for February 19
EDUCATION DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
E & J GALLO: Creditors' Proofs of Debt Due February 5
ELITE UNITED: Creditors' Proofs of Debt Due February 15

FEALTY INVESTMENTS: Court to Hear Wind-Up Petition on February 24
FLEMING FAMILY: Creditors' Proofs of Debt Due February 5
GARTLETT INVESTMENTS: Creditors Get 10% Recovery on Claims
GILLETTE HK: Commences Wind-Up Proceedings
GINCO LIMITED: Liquidator Presents Wind-Up Report

GOLDEN BRIGHT: Court Enters Wind-Up Order
* Bing Chen Joins Houlihan as Managing Director in Hong Kong


I N D I A

BALAJI OIL: Fitch Assigns 'BB-' National Long-Term Rating
CHARCHCO ELECTRONICS: CRISIL Rates INR116MM Cash Credit at 'BB'
CHHABRA SYNCOTEX: CRISIL Assigns 'BB-' Rating on INR59.6MM Loan
CHOICE TRADING: Default in Loan Repayment Cues CRISIL Junk Ratings
GANGAR OPTICIANS: ICRA Assigns 'LB+' Rating on INR147MM LT Loan

JAIPUR INTEGRATED: ICRA Rates INR250mm Term Loans at 'LBB'
K. V. AROMATICS: ICRA Places 'LBB' Rating on INR30MM Bank Limits
RAMA KRISHNA: CRISIL Reaffirms Rating on INR144MM Loan at 'B+'
SHIPRA ESTATE: ICRA Assigns 'LB+' Rating on INR3.25BB Term Loans
SONIC BIOCHEM: CRISIL Reaffirms 'BB+' Rating on INR231.4MM Loan

SUNVIK STEELS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts


I N D O N E S I A

PT INDOSAT: Qatar Telecom Pushes for Board Changes


J A P A N

AEGON: to Delist From Tokyo Stock Exchange
AOZORA BANK: May Missed Merger Deadline as "Disagreement" Arises
JAPAN AIRLINES: Nakamura Maybe Named as Bankruptcy Administrator
JAPAN AIRLINES: Talks with Delta Advancing, Air France-KLM Says
JLOC 38: S&P Downgrades Rating on Class D Notes to 'D' From 'CC'


K O R E A

* SOUTH KOREA: Firms Expect Finances to Worsen in Q1, Survey Shows


M A L A Y S I A

AKN TECHNOLOGY: Seeks SC's Approval on Proposed Disposal of Assets
AXIS INC: Receives Writ of Summons from Public Bank Bhd
EVERMASTER GROUP: Units' Receiver and Manager Resigned
POLY TOWER: Says Poly Packing Product NY Has Been Dissolved


N E W  Z E A L A N D

RAPID ROADFREIGHTERS: Union Seeks Probe on Firm's Collapse


X X X X X X X X

DUBAI WORLD: Abu Dhabi's $10-Bil. Funding Is "Half that Size"

* S&P Puts Rating on One Tranche on CreditWatch Positive

* BOND PRICING: For the Week to January 11, 2010 to Jan. 15, 2010




                         - - - - -


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


ABC LEARNING: Creditors May Vote to Wind-Up Firm in March
---------------------------------------------------------
The creditors of ABC Learning Centres are expected vote in March
to wind up the failed child-care provider, signaling an end to the
longest administration in Australia's corporate history, The
Sydney Morning Herald reports.

The report says the creditors will however be kept in the dark a
little longer on key details of the company's collapse due to a
delay in the public examinations by ABC's administrators, led by
Greg Maloney of Ferrier Hodgson.

According to the report, the second part of the examinations,
which began late last year, will now overlap with the second
creditors' meeting, but Mr. Maloney said information would have to
be withheld from the meeting so it did not "adversely affect the
examinations."

The company's big guns, says the Herald, will be called to the
stand for the second leg of the examinations, including founder
Eddy Groves, former Brisbane mayor Sallyanne Atkinson, and former
federal children's affairs minister Larry Anthony.

The Herald relates Mr. Maloney said the examinations, stretching
across the second half of March into April, will be held in
Brisbane and Sydney.

The inquiry is expected to provide evidence that could aid
potential legal action if the company is placed in liquidation,
the report notes.

                        About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


CENTREX METALS: Chairman to Step down at AGM
--------------------------------------------
Centrex Metals Ltd. disclosed that David Lindh will step down as
the company's chairman at the coming annual general meeting on
January 21, 2010.

"Mr. Lindh has been involved with the Company for approximately 14
years in its various structures leading up to its incorporation
nearly 9 year ago," Centrex said in a statement.

Centrex also said that non-executive director David Klingberg AO
has been elected as Chairman.

"Mr. Klingberg has been a non-executive director of the Company
since April 2005.  He has extensive experience in developing major
projects for the mining industry," Centrex said.

"As the Company continues the transition from explorer to producer
it will actively seek two additional directors with mining
industry experience to complement the existing experience of the
board."

                        About Centrex Metals

Based in Australia, Centrex Metals Limited (ASX:CXM) --
http://www.centrexmetals.com.au/-- is engaged in exploration for
iron ore.  The company has tenement holdings over iron ore
resources and exploration targets on Eyre Peninsula in the
southern Gawler Craton.

                         *     *     *

Centrex Metals Limited incurred three consecutive net losses of
AU$2.18 million, AU$1.25 million and AU$0.66 million for the years
ended June 30, 2009, 2008 and 2007, respectively.


TRIO CAPITAL: Executives Under Probe Hand Over Passports
--------------------------------------------------------
The Sydney Morning Herald reports that two executives under
investigation over Trio Capital Ltd.'s collapse have handed in
their passports as the administrators, the Australian Securities
and Investments Commission, and the Australian Prudential
Regulation Authority attempt to unravel the fate of $426 million
of funds under management.

The report says ASIC confirmed Friday that orders were made "by
consent" for Shawn Richard and Eugene Liu -- directors of Trio's
ultimate owner -- to hand their passports to their solicitors
"without admission."  Mr. Richard and Mr. Liu are prevented from
leaving the country until February 22, the report notes.

According to the report, the Trio administrators from PPB last
week confirmed they were unable to establish the financial
positions of Trio's investment schemes, although details of the
"liquid" schemes were expected to be made available within weeks.

The administrative team visited the company's headquarters in
Albury last week but the real action centers on a Caribbean tax
haven, the British Virgin Islands, where the money trail appears
to have gone cold, the Herald says.

The Herald relates that the administrators referred to the problem
obliquely, saying one reason for the lack of detail at this stage
was the "complexities associated with the underlying assets,
including a significant portion of them being located in
jurisdictions outside Australia" and cross-investments among the
28 schemes.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, the Australian Prudential Regulation Authority
(APRA) suspended Trio Capital Limited (formerly Astarra Capital
Limited) as the trustee of its four superannuation funds and one
pooled superannuation trust, and appointed an Acting Trustee to
manage these five entities.

APRA suspended Trio and appointed an Acting Trustee as a result of
numerous breaches of Trio Capital Limited's license conditions and
Trio not being able to satisfy APRA's concerns regarding the
valuation of superannuation assets.  The Acting Trustee of the
superannuation entities is ACT Super Management Pty Ltd, a
subsidiary of McGrathNicol.

The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totalled AU$300 million.  Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million.  The
total number of non superannuation investors is 732.  The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes.  The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.

The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.

Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.

APRA and ASIC have been working closely in their separate
investigations into the affairs of the Trio Capital Limited
superannuation entities and managed investment schemes (including
underlying funds of those schemes) and will continue to do so.

ASIC said it will work with PPB to ensure the interests of the
members of the registered schemes are protected during this
period.

The Acting Trustee has been appointed by APRA to protect the
interests of the superannuation fund members.  The Acting Trustee
will be required to provide APRA with a report setting out among
other things a plan of its proposed course of action in respect of
the ongoing and future management of the superannuation entities.
The administrators have been similarly appointed to protect the
interests of the members of the registered managed investments
schemes.

                           Background

ASIC commenced an investigation of the Astarra Strategic Fund on
October 2, 2009.

On October 21, 2009, ASIC issued a stop order on the product
disclosure statements for Astarra Superannuation Plan, Astarra
Personal Pension Plan, My Retirement Plan and three related sub-
funds of My Retirement Plan.  The effect of the stop orders was to
prevent new issues of interests in the schemes and superannuation
funds to investors.

ASIC also issued a stop order on October 16, 2009, in relation to
the product disclosure statements for Astarra Conservative Fund,
Astarra Balanced Fund, Astarra Growth Fund, Astarra Strategic
Fund, Astarra Covered Call Fund and Astarra International Covered
Call Fund.

APRA issued directions freezing the assets of the four main
superannuation funds on October 21, 2009, for one month
(subsequently extended to February 19, 2010) to minimize the risk
that transactions with fund members would occur on unit prices
that may not be reliable.

While the freezing orders are in place, the four superannuation
funds are precluded from accepting contributions and rollovers,
making benefit payments or transfers to other funds or allowing
investment switching.  In addition, Trio undertook to ensure that
redemptions from the managed investment schemes and all
superannuation funds did not occur.  However, APRA has permitted,
on a limited basis, monthly pension payments and certain other
payments to be made but their continuation will be subject to
ongoing assessment by the Acting Trustee and APRA.


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


CHINA EASTERN: Passenger Volume Rises 18.3% to 44 Million in 2009
-----------------------------------------------------------------
Patricia Jiayi Ho at Dow Jones Newswires reports that China
Eastern Airlines Corp. said it carried 44 million passengers in
2009, up 18.3% from a year earlier.

Dow Jones relates the carrier said in a statement that passenger
volume rose 10.9% in December from a year earlier to 3.37 million.
The Shanghai-based carrier's 2009 revenue passenger kilometers
rose 13.3% to 60.9 billion, Dow Jone adds.

Bloomberg News also reports that China Eastern Airlines may post
an annual net income for last year compared with a net loss for
2008.

China Eastern reported a net loss of CNY13.93 billion to the
Shanghai bourse in 2008 on losses from futures trading of fuel
contracts.  It reported a net profit of CNY1.85 billion in the
first 10 months of 2009 after a management reshuffle, cost
reductions and a capital injection.

                        About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


WINTEK CORP: Workers at China Plant Strike For Bonus
----------------------------------------------------
Workers at Wintek Corp.'s plant in China went on strike Friday
over rumors that the company planned to cancel a year-end bonus,
China Daily reports.

More than 2,000 employees gathered at the factory located in
Suzhou Industrial Park and smashed vehicles and facilities despite
explanations from management and local government officials.  The
workers also blocked a road and threw stones at police.  No
casualties were reported.

A worker surnamed Zhu, who took part in Friday's gathering, told
China Daily that at least four workers had died from overexposure
to hexane, a toxic chemical that workers had been asked to use for
cleaning touch panels manufactured at United Win (China)
Technology Ltd Co, a subsidiary of Wintek Corp.

Local authorities, however, said at a press conference last
Saturday that there had not been any deaths reported, and 47
people who showed symptoms of hexane poisoning had received due
treatment, according to China Daily.

China Daily relates that media reports previously cited local
authorities as saying workers had been provoked by rumors that the
company planned to cancel a year-end bonus, which company
executives later dismissed and promised to distribute before the
Chinese Spring Festival that is less than a month away.

Zhu told China Daily that it was not just about the money.  "What
we feel angry about is the company authorities' apathy to our
workers' health," he said.  Zhu also said one of his colleagues,
Li Liang, was one of the four victims, but the company told them
Li had died of congenital heart disease.

The report says Zhu also complained of work overload and low pay
at the factory, which he believed had driven many migrant workers
like him to suffer from poor health and poverty.

                           About Wintek

Based in Taichung, Taiwan, Wintek Corporation (TPE:2384) is
principally engaged in the design, research, development,
manufacture and sale of liquid crystal display (LCD) panels and
liquid crystal modules (LCMs) for indium tin oxide (ITO)
conductive glass, touch panels, light guides, twisted nematic
(TN), super twisted nematic (STN) and thin film transistors
(TFTs).  The company's LCDs and LCMs are used in communication
devices, digital still camera (DSCs), portable navigation devices
(PNDs), moving picture experts group layer-3 audio (Mp3), moving
picture experts group(MPEG) layer-4 audio(MP4), digital photo
frame and ultra-mobile personal computers(UMPCs).  The Company
also offers electronic components, raw materials and semi-finished
products. It distributes its products in Taiwan, Europe, the
Americas and other Asian markets.


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


ADVANCE PROGRESS: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Advance Progress Limited on January 6, 2010.


BELLINGHAM ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------------
At an extraordinary general meeting held on January 7, 2010,
members of Bellingham Engineering Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Victor Chu King Hei
         Yu To Sang Building, Rooms 905-909
         37 Queen's Road
         Central, Hong Kong


CITI-GRACE LIMITED: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on January 6, 2010,
creditors of Citi-Grace Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Tsang Man Hing
         Grand Building, 12/F
         Nos. 15-18 Connaught Road
         Central, Hong Kong


CORPORATE ACCESS: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Corporate Access (China) Limited on January 9, 2010.


CORSAIR NO 2: S&P Downgrades Ratings on Three Series to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
series of notes issued by Corsair (Jersey) No. 2 Ltd. to 'D' from
'CCC-'.

The rating downgrades reflect the realization of an interest loss
incurred by the investor.  The portfolios in the transactions had
suffered several credit events, which have resulted in an
aggregate loss that exceeded the available subordination and
reduced the principal amount of the notes in each series.  This
has led to an interest payment shortfall on the most recent
interest payment date of each series.

The rating actions on the affected transactions are:

Ratings Lowered:

                    Corsair (Jersey) No. 2 Ltd.

     Name                              Rating To   Rating From
     ----                              ---------   -----------
     Series 88                         D           CCC-
     Series 90                         D           CCC-
     Series 97                         D           CCC-


DAH CHONG: Creditors' Proofs of Debt Due February 12
----------------------------------------------------
Creditors of Dah Chong Hong (F.O.M.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 12, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 5, 2010.

The company's liquidator is:

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


DRAGON WATCH: Members' Final Meeting Set for February 19
--------------------------------------------------------
Members of Dragon Watch (HK) Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 19, 2010, at Room 1406, Beverly House, 93-107 Lockhart
Road, Wanchai, in Hong Kong.

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


EDUCATION DEVELOPMENT: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on January 4, 2010,
creditors of Education Development Platform Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Tang Pui Shan Joyce
         Henan Building, 22nd Floor
         90 Jaffe Road
         Wanchai, Hong Kong


E & J GALLO: Creditors' Proofs of Debt Due February 5
-----------------------------------------------------
Creditors of E. & J. Gallo Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 1, 2010.

The company's liquidators are:

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


ELITE UNITED: Creditors' Proofs of Debt Due February 15
-------------------------------------------------------
Creditors of Elite United Property Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 15, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on January 7, 2010.

The company's liquidator is:

          Wong Yee Sui Andrew
          1601 Wing On Centre
          111 Connaught Road
          Central, Hong Kong


FEALTY INVESTMENTS: Court to Hear Wind-Up Petition on February 24
-----------------------------------------------------------------
A petition to wind up the operations of Fealty Investments Company
Limited will be heard before the High Court of Hong Kong on
February 24, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Chong & Partners
          BOCG Insurance Tower, 8/F
          134-136 Des Voeux Road Central
          Hong Kong


FLEMING FAMILY: Creditors' Proofs of Debt Due February 5
--------------------------------------------------------
Fleming Family & Partners (Asia) Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by February 5, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         John Robert Lees
         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


GARTLETT INVESTMENTS: Creditors Get 10% Recovery on Claims
----------------------------------------------------------
Gartlett Investments Limited will pay the second interim dividend
to its creditors on or after January 22, 2010.

The company will pay 10% to all received claims.

The company's liquidators are:

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


GILLETTE HK: Commences Wind-Up Proceedings
------------------------------------------
Members of Gillette Hong Kong Limited, on January 6, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Prince's Building, 22/F
         Central, Hong Kong


GINCO LIMITED: Liquidator Presents Wind-Up Report
-------------------------------------------------
At the general meeting of the members of Ginco Limited held
January 4, 2010, Francis Wong Man Chung and Leung Lok Ming, the
company's liquidators, presented an account showing the manner in
which the winding up has been conducted and the property of the
company disposed.

Man and Ming stepped down as liquidators of Ginco Limited on
January 4, 2010.


GOLDEN BRIGHT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order November 30, 2009, to
wind up the operations of Golden Bright Industries Limited.

The company's liquidator is Yuen Tsz Chun Frank.


* Bing Chen Joins Houlihan as Managing Director in Hong Kong
------------------------------------------------------------
Houlihan Lokey disclosed that Bing Chen has joined the Hong Kong
office as a Managing Director, further advancing the firm's
ongoing global expansion.

Mr. Chen will be responsible for spearheading the growth of
Houlihan Lokey's Financial Advisory Services business unit in
Asia.  With Mr. Chen's arrival, the firm now has expanded senior-
level executive presence in Asia across its full range of
investment banking services and can provide clients with seamless
access to an integrated global platform.

Houlihan Lokey launched its international expansion in London, and
has since established offices in Paris, Frankfurt, Hong Kong,
Tokyo and Beijing.

During the past two decades, Mr. Chen has held leadership
positions at global institutions in Asia, the United States and
Europe.  He has extensive experience and success in the areas of
corporate development, restructuring, investment banking and
financial advisory services.  Prior to joining Houlihan Lokey, Mr.
Chen served as the Chief Executive Officer of a European specialty
financing company.

Houlihan Lokey's Financial Advisory Services business unit
provides clients with assessments, advice and opinions on the
fairness or solvency of transactions, the valuation of assets,
businesses, securities and complex financial instruments.  As an
investment banking firm, Houlihan Lokey is able to offer these
services without the conflicts faced by other valuation service
providers, and is also able to leverage the transaction expertise
it gains from advising on hundreds of M&A and restructuring
assignments each year.  In 2009, Thomson Reuters ranked Houlihan
Lokey the No. 1 M&A fairness opinion adviser over the past 10
years.

"There is a growing opportunity in Asia for the independent
opinions and advisory services that Houlihan Lokey has come to be
known for during the past 40 years," said Jack W. Berka, Senior
Managing Director and Global Head of Financial Advisory Services.
"The addition of a seasoned professional such as Bing to our Asian
team will allow Houlihan Lokey to capitalize on this opportunity
and provide Asian clients with the full range of expertise and
service that we are recognized for elsewhere in the world."

Mr. Chen added: "Houlihan Lokey has a strong, established
reputation as a trusted financial adviser to clients throughout
North America and Europe, and this same reputation is rapidly
developing in Asia.  The convergence of global and local standards
for governance and regulation in Asia are creating a healthy
demand for quality valuation and advisory services.  I look
forward to accelerating the growth of our business by providing
premier services to existing and new clients in the region."

Earlier in his career, Mr. Chen was the Chief Financial Officer of
Comdisco Europe, where he restructured businesses in 14 countries
with a total value of more than $1.6 billion.  Previously, as
Director of Corporate Strategy at Deutsche Bank Americas, Mr. Chen
directed investment banking strategy, M&A and corporate
investments, regulatory compliance, risk and organizational
management.  He began his career at Arthur Andersen where he led
global projects in several groups, including Structured Finance,
Derivatives and Treasury Risk Management Consulting, and Audit
Services.  Mr. Chen holds an MBA in Finance with honors from
Columbia Business School and a BBA in Accountancy from the City
University of New York. He is a Certified Public Accountant in New
York State, and a member of AICPA and Beta Gamma Sigma of Columbia
University.

Houlihan Lokey offers a globally-integrated platform of investment
banking services to clients located throughout Asia, Europe and
the United States.  Recent clients served in Asia and Europe
include NTT Communications, Mandarin Oriental, Marubeni
Corporation, Peak International Limited, France Telecom, Monier
Group GmbH and EN+ Group.

                      About Houlihan Lokey

Houlihan Lokey, an international investment bank, provides a wide
range of advisory services in the areas of mergers and
acquisitions, financing, financial restructuring, and valuation.
The firm was ranked the No. 1 M&A adviser for U.S. transactions
under $2 billion in 2008 and the No. 1 fairness opinion adviser
over the past 10 years by Thomson Reuters.  In addition, the firm
advised on more than 500 restructuring transactions valued in
excess of $1.25 trillion over the past 10 years.  Notable
engagements cover numerous sectors and virtually all of the
largest U.S. corporate bankruptcies, including Lehman Brothers,
General Motors, WorldCom and Enron.  The firm has more than 800
employees in 14 offices in the United States, Europe and Asia.
Each year we serve more than 1,000 clients ranging from closely
held companies to Global 500 corporations.


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


BALAJI OIL: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Balaji Oil Industries Private
Limited a National Long-term rating of 'BB-(ind)' with a Stable
Outlook.  The agency has also assigned these ratings to Balaji
Oil's bank loans:

  -- term loan amounting to INR5.0 million: 'BB-(ind)';

  -- fund based working capital limits amounting to INR10.0
     million: 'BB- (ind)'.

  -- non-fund based working capital limits amounting to INR270.0
     million: 'F4(ind)'

Balaji Oil's ratings reflect the relatively small scale of its
operations and its significant exposure to volatility in the
international price of crude palm oil, which it imports for
refining and selling in India.  In FY09, Balaji Oil's
profitability and leverage were affected significantly following a
high degree of fluctuation in international crude palm oil prices.
Balaji Oil reported revenues of INR608.5 million in FY09 (FY08:
INR500.2 million) and EBITDA of INR3.4 million (FY08: INR23.5
million), whereas debt/EBIDTA was 6.7x in FY09 as compared to 1.8x
in FY08.

The ratings of Balaji Oil derive comfort from the low levels of
debt and long history of more than 20 years of operations.  It
primarily sells palm oil in bulk to wholesalers and retailers.
Presently, the company also sells branded Vanaspati and Bakery
shortening, which constituted 15% of its total product sales in
FY09 (FY08: 9%).  Balaji Oil plans to further increase the share
of this segment to 50% in the future.

The ratings could move upwards if the operating EBITDA margin is
sustained above 3.0%, coupled with debt/EBITDA levels of below
2.0x.  Conversely, a sustained debt/EBITDA level of above 3.0x
will affect its ratings negatively.

Balaji Oil is in the business of refining crude palm oil, and the
sales of refined palm oil, vanaspathi and bakery shortening.  The
company is owned and managed by Mr. Senthilathiban and his family.


CHARCHCO ELECTRONICS: CRISIL Rates INR116MM Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Charchco Electronics (India) Pvt Ltd, which is part of
the Panorama group.

   Facilities                       Ratings
   ----------                       -------
   INR116 Million Cash Credit       BB/Stable (Assigned)

The rating reflects the Panorama group's weak financial risk
profile, marked by low net worth and weak debt protection
measures, and the group's large working capital requirements.
These rating weaknesses are partially offset by the group's strong
track record in the business of distribution of consumer
electronic products in West Bengal.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CEPL, Neosa Electronics Pvt Ltd and
Panorama Electronics Pvt Ltd.  This is because the three
companies, collectively referred to as the Panorama group, are
under the same management and in the same line of business.
Moreover, CEPL has extended corporate guarantee to NEPL's
borrowings; and PEPL owns around 90 per cent of CEPL.

Outlook: Stable

CRISIL believes that the Panorama group will maintain its business
risk profile, backed by its healthy relationship with suppliers
and strong distribution network, over the medium term.  The
group's financial risk profile is, however, expected to remain
constrained with high gearing and weak debt protection indicators.
The outlook may be revised to 'Positive' if the group reports high
growth in its turnover, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the
group's sales decline sharply, or its financial risk profile
deteriorates further because of large fresh borrowings.

                          About the Group

NEPL was set up in 1986 as a dealer of Philips Electronics Ltd, by
Mr. Balaram Chowdhury.  In 1995, the company also became a dealer
of Sony India (Pvt) Limited.  Currently, NEPL has dealership of
Sony India, Whirlpool India Ltd, Pioneer India Electronics Pvt
Ltd, and PEPL.  The company has five warehouses and 10 service
centers across West Bengal.

CEPL (formerly, Charchco Mechanicals and Engineering Pvt Ltd) was
set up by Mr. Shyama Prasad Chatterjee.  The company is a
distributor of Panasonic Sales and Services Pvt Ltd, LG
Electronics India Pvt Ltd and Samsung Electronics India Ltd.

PEPL launched its own brand of televisions in 1983; it launched
colour televisions in 1986.  Currently, the company manufactures
liquid crystal display television (LCD TV), home theatre, audio
systems, and digital photo frames. It caters to markets in West
Bengal.

The Panorama group reported a profit after tax (PAT) of INR3.3
million on net sales of INR1038 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR3.9
million on net sales of INR663 million for 2007-08.


CHHABRA SYNCOTEX: CRISIL Assigns 'BB-' Rating on INR59.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Chhabra Syncotex Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR59.6 Million Term Loan*          BB-/Stable (Assigned)
   INR90 Million Cash Credit Limit     BB-/Stable (Assigned)

   *Includes proposed loan of INR10 million.

The rating reflects CSL's small scale of operations, product
concentration in revenue profile, exposure to intense competition
because of market fragmentation, and its average financial risk
profile marked by low net worth, average debt protection measures
and modest gearing.  These rating weaknesses are partially offset
by CSL's promoters' industry experience.

Outlook: Stable

CRISIL believes that CSL will maintain its business and financial
risk profiles over the medium term, supported by promoters'
industry experience and moderate quantum of debt.  The outlook
maybe revised to 'Positive' if CSL reports higher-than-expected
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case CSL undertakes significantly large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                      About Chhabra Syncotex

Incorporated in 1993, CSL started its commercial operations in
1998. It manufactures synthetic fabrics.  The company sells its
products under the brands Newman and Cityline.  The company's
plant is in Bhilwara, Rajasthan.

The company installed two wind power projects in 2007-08 (refers
to financial year, April 1 to March 31), to avail depreciation and
tax benefits.  The power generated is being captively used and
some of it is being sold to the state electricity board.

For 2008-09, CSL reported a profit after tax of INR7.5 million
(INR6.9 million for 2007-08) on net sales of INR628 million
(INR916 million).


CHOICE TRADING: Default in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Choice Trading Corporation Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR125.5 Million Term Loan               D (Assigned)
   INR92 Million Cash Credit                D (Assigned)
   INR63.5 Million Packing Credit           P5 (Assigned)
   INR140 Million Foreign Bill Purchase     P5 (Assigned)
   INR10.6 Million Standby Line of Credit   P5 (Assigned)
   INR40.5 Million Letter of Credit         P5 (Assigned)
   INR44.0 Million Bank Guarantee           P5 (Assigned)

The ratings reflect default by CTCL in its repayment of term loan
obligations owing to weak liquidity as a result of delay in
realization of payment from debtors and high inventory
requirement.

Set up in 1958 by Mr. O C Thomas, CTCL exports processed, packaged
and ready-to-cook shrimps, and manufactures ready-to-cook
mealkits. The company's shipping division, set up in 1987, is a
shipping agent to the global container cargo service of Hyundai
Merchant Marine. CTCL exports its products mainly to USA, Europe
and South Africa. Choice Canning Company, Inc (CCC), a subsidiary,
is CTCL's sole distribution agent in the US. CTCL has two
manufacturing facilities with an individually quick frozen (IQF)
capacity of 23 tonnes per day (tpd), cold storage capacity of 175
tpd, and chill room capacity of 15 tpd. CTCL also has capacity to
produce 40 tonnes of flake ice per day.

CTCL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR354 million for 2007-08 (refers to financial year,
October 1 to September 30), as against a PAT of INR15 million on
net sales of INR333 million for 2006-07.


GANGAR OPTICIANS: ICRA Assigns 'LB+' Rating on INR147MM LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to INR147 million long term fund
based limits of Gangar Opticians Private Limited.

The rating factors in GOPL's small scale of operations, weak
profitability as reflected in net loss since FY 2008, and its
adverse capital structure owing to significant debt levels.  The
liquidity position is also stretched as indicated by high fund
based utilization.  ICRA also takes note of the highly competitive
intensity inherent in the business with the presence of a large
number of unorganized players and upcoming branded players, given
the low barriers to entry.  The rating, however, favorably factors
in the promoters experience in the optical business, reasonably
strong brand equity in the markets it operates in and the
company's ability to continuously add to its retail outlets,
though margins have suffered.

GOPL, a family run business, was incorporated in 1977 as a
partnership firm by Mr. Jayantilal B.  Gangar and converted into
private limited company in 2000.  The company is engaged in
manufacturing and retailing of eye care and eyewear products. GOPL
being a closely held company is run by various members of the
Gangar family who constitute the board of directors. GOPL operates
under the brand name Gangar EyeNation.

The company has its manufacturing unit at Prabhadevi, Mumbai and
20 retail outlets in Mumbai and its suburbs. The company is also
in the process of adding 10 new outlets in Mumbai, Pune and Nasik
by the end of FY 2010.

GOPL recorded a net loss of INR27.8 million on an operating income
of INR281.2 million for the year ending March 31, 2009.


JAIPUR INTEGRATED: ICRA Rates INR250mm Term Loans at 'LBB'
----------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR250 million term loans of
Jaipur Integrated Texcraft Park Private Limited.  The outlook on
the rating is stable.

The rating is constrained by risks arising out of the current
nascent stage of the development, delays in commissioning of the
facilities and the delays in receiving installments of grant from
Government of India (GoI) which is essential for the timely
completion of the project.  Further, the sublease agreements are
yet to be concluded with the unit-holders. However the rating
takes comfort from IL&FS' project management capability, financial
support in the form of grant from GoI, provisions for debt
servicing reserve account, synergies amongst the units and the
right to replace non performing members as per the contract terms.

The company is developing an integrated textile park over 23.42
acres of land at Bagru, near Jaipur.  The project has been
approved under Scheme of Integrated Textile Parks (SITP) enabling
40% of project cost to be funded by Government of India.


K. V. AROMATICS: ICRA Places 'LBB' Rating on INR30MM Bank Limits
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR30 million fund based
limits of K. V. Aromatics Private Limited.  ICRA has also assigned
an A4 rating to the INR254 million fund based limits, the INR5
million non-fund based limits and the proposed INR5.3 million fund
based limits of KVAPL.

The ratings are constrained by the recent start up of operations
with the auditing of the plant by certifying agencies and
customers still continuing; high competitive intensity in the
industry, with several existing and proposed companies in the
organized sector; high dependence on the Chinese market; high
dependence on menthol powder for its revenues; low margins and
competition from synthetic menthol.  Nevertheless, the ratings
positively factor in the favorable export demand prospects of the
products of KVAPL and its location advantages due to proximity to
the raw material sources.

K. V. Aromatics Private Limited was incorporated in 2005 and
commenced commercial production in December 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.

KVAPL is engaged in the manufacturing of menthol crystals, menthol
powder, de-mentholized peppermint oil besides various essential
oils and specialty chemicals such as Rectified Spearmint oil and
Cis-3-Hexenol Natural.  KVAPL has operations based at Greater
Noida in the state of Uttar Pradesh.

The Vinod Kumar Agarwal family members, Mr. Sudhanshu Agarwal,
Mr. Himanshu Agarwal, Mr. Aman Agarwal and Mrs. Kamlesh Agarwal
hold 100% stake in the company.


RAMA KRISHNA: CRISIL Reaffirms Rating on INR144MM Loan at 'B+'
--------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B+/Stable' to Rama Krishna
Spintex Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR50.0 Million Cash Credit Limit       B+/Stable (Reaffirmed)
   INR144.0 Million Term Loan              B+/Stable (Reaffirmed)
   INR7.5 Million Standby Line of Credit   B+/Stable (Reaffirmed)

   * All above bank facilities are from State Bank of Patiala

The ratings reflect Rama Krishna's weak financial risk profile and
small scale of operations.  These rating weaknesses are partially
offset by the benefits that Rama Krishna derives from its
promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that Rama Krishna will remain a small player in
the textiles industry with weak financial risk profile, over the
medium term.  The outlook may be revised to 'Positive' if Rama
Krishna's's cash accruals improve significantly, thereby resulting
in an improvement in its capital structure or if the company
improves its business risk profile by undertaking significant
capacity expansion, funded primarily through equity. Conversely,
the outlook may be revised to 'Negative' if Rama Krishna's
profitability and cash accruals decline, or if the company
undertakes a debt-funded capital expenditure programme, resulting
in sharp deterioration in its financial risk profile.

                        About Rama Krishna

Rama Krishna was incorporated in February 2007 by Mr. Makhan Lal
Mangla to manufacture cotton yarn.  The company started production
in February 2008.  It has a manufacturing facility in Bhatinda
(Punjab) with a capacity of 1500 rotors and a ginning plant. The
company had, in 2008-09 (refers to financial year, April 1 to
March 31), procured rotor spinning machines from Germany at a cost
of INR93 million, for manufacturing fine count yarn.  Mr. Mangla
is also a partner in Krishna Oil and General Mills, a firm engaged
in oil extraction and cotton ginning.

Rama Krishna reported a profit after tax (PAT) of INR0.41 million
on net sales of INR199.11 million for 2008-09, as against a PAT of
INR0.06 million on net sales of INR10.34 million for 2007-08.


SHIPRA ESTATE: ICRA Assigns 'LB+' Rating on INR3.25BB Term Loans
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR3.25 billion term loans of
Shipra Estate Limited.

The rating takes into account SEL's experienced management, its
relatively low cost land bank and its moderate gearing levels
(0.88 times as on March 31, 2009).  The rating is, however,
constrained by execution risks arising from SEL's significant
expansion plans and considerable funding requirement for its
future projects.  Moreover, the demand slowdown in domestic real
estate market coupled with intense competition accentuates the
market risk for SEL's projects.   The rating also factors in the
pressure on SEL's cash flows on account of significant land
payments and geographical risk arising from concentration of SEL's
ongoing projects in Ghaziabad (Uttar Pradesh).  While assigning
the rating ICRA has also noted the irregularities in interest
payments on term loans by SEL. Going forward, SEL's ability to
service its debt obligations in a timely manner and ensure
adequate bookings and collections from its new projects would be
the key sensitivity factors.

Shipra Estate Limited was promoted by Late Mr. Harpal Singh in
1987.  The Group conducts its real estate activities through two
companies: Shipra Hotels Limited (SHL) and SEL.  SHL is involved
in the hospitality business and has a portfolio of five hotels and
a mall (Shipra mall) in Indirapuram.  SEL has mainly focused on
residential development and has completed the construction of more
than 12000 units as on date. Going forward, SEL plans to develop
townships in Chandigarh, Lucknow and residential and IT projects
in Noida and commercial-cum-hotel project in Ahemdabad.


SONIC BIOCHEM: CRISIL Reaffirms 'BB+' Rating on INR231.4MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonic Biochem
Extractions Ltd continue to reflect Sonic Biochem's weak financial
risk profile marked by high gearing and weak debt protection
measures, and the risks inherent in agro commodity-related
businesses.  These weaknesses are partially offset by Sonic
Biochem's diversified product profile, diverse customer base, and
wide geographic reach, which together lend stability to its
revenues.

   Facilities                         Ratings
   ----------                         -------
   INR380.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR231.4 Million Term Loan         BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Sonic Biochem will maintain its business risk
profile over the medium term on the back of its established market
position, and diversified revenue profile.  The outlook may be
revised to 'Positive' in case of a higher-than-expected and
sustained improvement in the company's operating margin and
increase in cash accruals.  Conversely, the outlook may be revised
to 'Negative' in the event of delay in project implementation, or
if there is steep decline in the company's operating margin,
resulting in deterioration in its financial risk profile.

                        About Sonic Biochem

Sonic Biochem is part of the Indore-based Matlani group of
companies, which has interests in real estate development and soya
bean products.  The group companies are headed by Mr. Girish
Matlani. Sonic Biochem manufactures more than 10 products from
non-genetically modified soya bean, including soya flour, soya
oil, texturised soya protein, and tocopherol.  Sonic Biochem has
two manufacturing units in Pithampur, and one in Mandsaur. The
company has undertaken another capacity addition programme in
Mandideep to almost double the size of its existing capacity. The
expansion, planned at an outlay of INR430 million, is expected to
be completed in two phases; the first phase is expected to become
operational by May 2010, and the second by December 2010.

For 2008-09 (refers to financial year, July 1 to June 30), Sonic
Biochem reported a profit after tax (PAT) of INR97 million on net
sales of INR2.7 billion, against a PAT of INR100 million on net
sales of INR2.6 billion for the 2007-08.


SUNVIK STEELS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative' rating to the proposed
long-term bank facility of Sunvik Steels Pvt Ltd, while
reaffirming its ratings on the other facilities of the company at
'BB-/Negative/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Proposed Long-      BB-/Negative (Assigned)
        Term Bank Loan Facility

   INR665 Million Term Loan           BB-/Negative (Reaffirmed)
   (Reduced from INR870 Million)

   INR235 Million Cash Credit Limit   BB-/Negative
    (Enhanced from INR130 Million)

   INR80 Million Letter of Credit     P4 (Reaffirmed)
    and Bank Guarantee

The ratings reflect delay in implementation of SSPL's planned
capital expenditure (capex) programme; the delay in implementation
will lead to delay in cash accruals from the project.  The ratings
also reflect CRISIL's belief that SSPL's capital structure will
remain weak over the medium term because of the large quantum of
debt SSPL is contracting to fund its captive power plant project,
coupled with the associated incremental working capital
requirements.  The ratings factor in SSPL's other project-related
risks, and small scale of operations. These ratings weaknesses are
partially offset by SSPL's moderate operating efficiencies,
primarily because of the proximity of its plants to iron ore
mines.

Outlook: Negative

CRISIL believes that SSPL's capital structure will remain highly
leveraged over the medium term because of the ongoing, large debt-
funded capex.  Time overruns on the expansion project could weaken
the company's financial risk profile further.  The rating could be
downgraded if the project commissioning is delayed beyond CRISIL's
expectations, or if there is steeper-than-expected deterioration
in SSPL's debt protection metrics.  Conversely, the outlook may be
revised to 'Stable' if the company stabilizes the operations of
its new capacities on schedule while maintaining its profitability
at the expected levels.

                        About Sunvik Steels

Sunvik Steels Pvt Ltd was incorporated in 2003 by Mr. Vivek
Kejriwal, Mr. Mahendra Kachchara, and Mr. Sandeep Shishodia.  The
company has plants in Tumkur to manufactures sponge iron (capacity
90,000 tonnes per annum (tpa), steel ingots (60,000 tpa), and
thermo-mechanically treated bars (60,000 tpa).  Also, the company
is setting up a 10-megawatt-capacity captive power plant that will
run on steam generated from sponge iron kilns. The project is
expected to be commissioned in Mach 2010.

For 2008-09 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR31 million on net sales of
INR1.77 billion, against a PAT of INR54 million on net sales of
INR1.10 billion for the preceding year.


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


PT INDOSAT: Qatar Telecom Pushes for Board Changes
--------------------------------------------------
Jakarta Globe reports that PT Indosat Tbk on Sunday confirmed
market rumors that majority shareholder Qatar Telecom was pushing
for changes to the board of directors or commissioners.

According to the report, Indosat spokeswoman Adita Irawati said
there would be a change of leadership, but declined to specify
whether it would come at the board or commissioner level.

"The market may have been speculating whether the change will be
to the board of directors," Ms. Irawati told the Jakarta Globe.
Indosat would hold an extraordinary general meeting on Jan. 28,
when shareholders will be asked to approve changes to the board of
commissioners and/or directors, Ms. Irawati said.

Qatar Telecom holds a controlling 65% of Indosat, while Indonesian
government owns 14%.

PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta.  Indosat also provides 3.5 G
with HSDPA technology.  Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus).  The Outlook is Stable.  At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).

The TCR-AP also reported on Nov. 3, 2009, that Moody's Investors
Service noted Indosat Tbk's third-quarter 2009 results were below
Moody's expectations.  However, while the earnings announcement
has no immediate impact on Indosat's Ba1 rating and stable
outlook, the results highlight a negative trend in the company's
performance relative to its competitors.


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


AEGON: to Delist From Tokyo Stock Exchange
------------------------------------------
AEGON will make an application to delist its common shares from
the Tokyo Stock Exchange.

The volume of AEGON shares traded on the Tokyo Stock Exchange is
negligible and does not justify the related expenses.

AEGON shares will continue to be listed on Euronext Amsterdam, the
New York Stock Exchange and the London Stock Exchange.

                           About AEGON

As an international life insurance, pension and investment company
based in The Hague, AEGON has businesses in over twenty markets in
the Americas, Europe and Asia.  AEGON companies employ
approximately 29,000 people and have over 40 million customers
across the globe.


AOZORA BANK: May Missed Merger Deadline as "Disagreement" Arises
----------------------------------------------------------------
Bloomberg News reports that Aozora Bank Ltd. Chief Executive
Officer Brian Prince said "areas of disagreement" have arisen in
merger talks with Shinsei Bank Ltd. and getting the right deal
trumps an October deadline for completing the transaction.

"There are a number of issues we need to work through," Mr. Prince
told Bloomberg in an interview at the bank's Tokyo headquarters on
Jan. 15.  "It is an important opportunity, and six months doesn't
make a difference. We've got to make it right."

Bloomberg notes Mr. Prince, the fourth CEO to lead Aozora since
2007, said no decision has been made on what role he may play
after the merger.  Mr. Prince was previously an executive with
Shinsei and Lehman Brothers Holdings Inc. in Tokyo, the report
says.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, The Financial Times said Aozora Bank Ltd. and
Shinsei Bank Ltd. unveiled plans to merge their operations in
October this year to create the sixth-largest bank in Japan with
JPY18 trillion (US$187 billion) in assets.

The deal is structured as a merger of equals with Shinsei, which
is 32.5% owned by JC Flowers, becoming the surviving bank.  On the
other hand, Aozora, which is 50.5% owned by Cerberus Capital
Management LP, will be delisted and shareholders will receive one
Shinsei share for each Aozora share.

Following the deal, the FT disclosed, Cerberus will emerge with a
21% stake in the combined entity while JC Flowers will have 16%.
The Japanese government, which has 29.3% in both Shinsei and
Aozora, will retain its stake at the same level.

Norito Ikeda, the former president of Ashikaga Bank, will become
chief executive of the merged bank, the Financial Times reported.

                        About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                       About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.


JAPAN AIRLINES: Nakamura Maybe Named as Bankruptcy Administrator
----------------------------------------------------------------
Bloomberg News, citing the Mainichi newspaper, reports that
Akitoshi Nakamura, a senior official of the government-backed
Enterprise Turnaround Initiative Corp. of Japan, may be named
bankruptcy administrator of Japan Airlines Corp.

Separately, Naoyuki Morita, a former vice chairman at Kyocera
Corp., may be named to a senior management position at JAL by the
ETIC during the airline's expected bankruptcy, Bloomberg reports
citing the Nikkei English News.

                       Bondholders Recovery

Japan Airlines bondholders may recover 25% of face value if Asia's
biggest carrier files for bankruptcy today, January 19, according
to the median forecast of five analysts surveyed by Bloomberg
News.

Recovery rate estimates range from 20% to 50% and are based on
analysis of the assets and the seniority of the debt of the
airline, Bloomberg says.  JAL's JPY67 billion (US$737 million) of
bonds will probably default in what would be Japan's sixth-
largest bankruptcy.

"The recovery rate of JAL bonds will be very low,? Bloomberg
quoted Fumihito Gotoh, head of Japan credit research for UBS AG in
Tokyo, as saying.  That takes "account of unrealized losses in
aircraft evaluations, plenty of pledged assets and unsecured
claims owed to clients. If the recovery rate is the same as the
cut rate of unsecured loans, we assume it will be 20 percent."

JAL's 2.94% bonds due 2013 dropped to 29.9% of face value Jan. 15
from 83.6 on Sept. 14, according to Japan Securities Dealers
Association prices.  The yield rose to 69.7% as of Jan. 15, from
8.13% on Sept. 14.

                        "Too Big to Fail"

Dow Jones Newswires' Juro Osawa, Ayai Tomisawa and Megumi Fujikawa
report that Japan Airlines Corp. is scheduled to file for
bankruptcy following Tuesday's 3 p.m. Tokyo stock market close.

Dow Jones says JAL's bankruptcy filing could wipe out
shareholders, cause the value of its bonds to plummet, and alter
global investor attitudes toward Japan.  Dow Jones notes that
until now, shareholders had believed that Japan had a governmental
safety net and would prop up ailing companies indefinitely. Blue-
chip companies such as JAL were thought to be "too big to fail."

"If investors can no longer assume some form of government safety
net when investing in Japan, then we have to assume that this
would ultimately be reflected in significantly wider corporate
spreads than have been the norm to date," BNP Paribas chief credit
analyst Mana Nakazora said, according to Dow Jones.

Dow Jones says individual shareholders, who accounted for 60% of
JAL's 2.73 billion outstanding common shares as of September, will
be the hardest hit by the possible subsequent delisting of the
airline's stock, which has plunged from a peak of JPY200 (US$2.20)
last January to a close of 5 yen on Monday.

Dow Jones notes some of JAL's institutional investors already have
sold their stake.  In November, major trading house Mitsui & Co.
said it had sold all of its common shares, while Tokyu Corp.,
JAL's largest shareholder as of September, said last week that it
had sold all of its stake.

Dow Jones also relates that the bond market's biggest concern is
how much of about JPY67.2 billion outstanding in JAL bonds will be
saved.  About JPY47 billion of those are conventional bonds, while
bonds that can be converted into shares account for about JPY20.2
billion.

Dow Jones explains JAL bonds in recent sessions were being quoted
at around JPY25 to JPY30, compared with their JPY100 face value.
Dow Jones says the value is down from around JPY50 at the end of
September, when it asked the government for public funds to boost
its capital base.

As reported in the Troubled Company Reporter-Asia Pacific on
Monday Kyodo News said Japan's Transport Minister Seiji Maehara
confirmed Friday that the Enterprise Turnaround Initiative Corp.
of Japan will announce its rehabilitation plan for Japan Airlines
today, January 19, the same day JAL is expected to file
for bankruptcy.

                            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.


JAPAN AIRLINES: Talks with Delta Advancing, Air France-KLM Says
---------------------------------------------------------------
Japan Airlines Corp. may drop partner American Airlines for an
accord with Delta Air Lines Inc., Bloomberg News reports citing
two people familiar with the situation.

Bloomberg's sources said Delta is unlikely to take a stake in JAL
and will only pay costs resulting from the switch.  According to
Bloomberg, the U.S. carrier earlier offered JAL $300 million in
compensation for lost sales as part of a package designed to lure
the Tokyo-based airline into its SkyTeam alliance from American's
Oneworld.

Dow Jones Newswires, meanwhile, reports that Air France-KLM
confirmed Monday talks between Delta Airlines and Japan Airlines
are advancing.

"There are talks and everyone is positive about it.  The talks are
progressing well," Dow Jones quoted a spokeswoman for Air France-
KLM as saying.  Air France-KLM is a leading member of SkyTeam, Dow
Jones states.

Dow Jones, citing a report from Dutch daily De Telegraaf, says
Delta and Air France-KLM have reached an agreement on a capital
injection for JAL, with the Franco-Dutch carrier contributing
hundreds of millions of euros.

JAL, which is expected to file for bankruptcy Tuesday after the
Tokyo Stock Exchange closes, has been receiving official advice
that a tie-up with Delta would be more advantageous on the grounds
that Delta has a more robust trans-Pacific flight network and a
stronger Asian network than American Airlines, Dow Jones relates
citing people familiar with the matter.

A decision isn't certain, however, and JAL isn't likely to make a
choice until next month, Dow Jones notes.

Delta and its partners in the rival SkyTeam alliance have offered
to inject $500 million into JAL and provide a $200 million loan
and a $300 million revenue guarantee.  AMR Corp.'s American
Airlines, on the other hand, increased its investment offer into
Japan Airlines by US$300 million to US$1.4 billion.

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

                          About AMR Corp.

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

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

                         *     *     *

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

                      About Delta Air Lines

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

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

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

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

                          *     *     *

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

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

                            About JAL

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

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

                          *     *     *

As reported 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.


JLOC 38: S&P Downgrades Rating on Class D Notes to 'D' From 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
rating on class D of the JLOC 38 LLC transaction, and affirmed its
ratings on the class A to C and X notes.

On Aug. 3, 2009, Standard & Poor's lowered to 'CC' from 'CCC' its
rating on class D.  The downgrade was based on this factor: one of
the transaction's underlying loans defaulted in June 2008, and the
collection amount generated through the sale of the related
collateral property was lower than the amount of the loan that
backed the rated notes.  As a result, class D incurred an
effective principal loss.

The downgrade of class D reflects the fact that on Jan. 15, 2010,
and thereafter, no interest will be paid on the portion relating
to the effective principal loss of the class D notes, given the
aforementioned loan level loss.

Standard & Poor's intends to continue monitoring the status in the
repayment of the transaction's underlying loans, as well as the
performance of the related collateral properties.  In addition,
with regard to the transaction's underlying loans that have
defaulted (the defaulted loans other than the one on which a loss
has been realized), S&P will mainly monitor the progress of
collection from the related collateral properties.

Standard & Poor's affirmed its ratings on classes A to C and X.
However, S&P is considering amending the rating methodology for
interest-only certificates, which include class X of this
transaction.  If the proposal is adopted, it could affect the
rating on class X.

JLOC 38 LLC is a multi-borrower CMBS transaction.  The notes were
originally secured by loans extended to 34 obligors.  The loans
were initially backed by 105 real estate properties and real
estate trust certificates.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity in April 2016 for the class A notes, the full
payment of interest and ultimate repayment of principal by the
legal maturity date for the class B to D notes, and the timely
payment of available interest for the interest-only class X notes.

                          Rating Lowered

                           JLOC 38 LLC.
     JPY82.91 billion secured notes issued on Sept. 21, 2007,
                          due April 2016

             Class   To   From   Initial Issue Amount
             -----   --   ----   --------------------
             D       D    CC     JPY4.85 bil.

                         Ratings Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    A       AA+      JPY67.34 bil.
    B       A        JPY5.52 bil.
    C       BBB-     JPY5.20 bil.
    X*      AAA      JPY82.91 bil. (Initial notional principal)

                          * Interest-only


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


* SOUTH KOREA: Firms Expect Finances to Worsen in Q1, Survey Shows
------------------------------------------------------------------
South Korean companies are expecting their finances to worsen in
the first quarter of this year on a fall in sales and other
factors, Yonhap News reports citing data from a survey of 500
companies conducted by the Korean Chamber of Commerce and
Industry.

Yonhap relates the survey shows that the corporate finance index
for the companies is predicted to drop to 99 in the January-March
period, down from 106 in the fourth quarter of last year,
according to KCCI.  A reading below 100 means that pessimists
outnumber optimists.

About 78% of the companies polled cited an expected fall in their
sales as the biggest reason for the gloom about their financial
situation, according to the findings of the survey.


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


AKN TECHNOLOGY: Seeks SC's Approval on Proposed Disposal of Assets
------------------------------------------------------------------
HwangDBS Investment Bank Berhad, on behalf of the Board of
Directors of AKN Technology, has submitted an application to the
Securities Commission to seek its approval for:

   (a) variation to the terms imposed by the SC vid  its
       letter dated November 4, 2008, for the disposal of
       Innovative Polymer Systems Sdn Bhd, Innovative Resins
       Sdn Bhd and Delta Polymer Systems Sdn Bhd, whereby
       the proceeds amounting to MYR17.30 million pursuant
       to the Innovative Group Disposal are to be used by
       AKN for investment in viable business to be approved
       by the SC (?Proposed Variation?); and

   (b) utilization of the proceeds amounting to MYR17.30
       million arising from the Innovative Group Disposal
       for the following purposes:

                          Proposed
                          Utilization
  Purpose                   MYR?000      Timeframe for Utilization
  -------                 -----------    -------------------------
Repayment of collate-      13,690        Within nine (9) months
ralized loan obligation                  from the receipt of the
                                         SC?s approval for the
                                         Proposed Variation and
                                         Proposed Utilization

Repayment of bank             485        Within six (6) months
borrowings                               from the receipt of the
                                         SC?s approval for the
                                         Proposals

Professional fees             500        Within one (1) month from
in relation to the                       the completion of the
Regularization Plan **                   corporate exercises
                                         which form the
                                         Regularization Plan

Working capital **          2,625        Within six (6) months
                                         from the receipt of the
                                         SC?s approval for the
                                         Proposals

"The Proposals will allow AKN to pare down the Group?s borrowings
significantly and to enhance its working capital.  This is
envisaged to further strengthen AKN?s financial footing thereby
allowing the Company to capitalize on investment opportunities in
future," AKN said.

                       About AKN Technology

AKN Technology Berhad -- http://www.akn.com.my/-- is a Malaysia-
based investment holding company.  The Company operates in two
business segments: manufacturing and DDD division.  The
manufacturing segment includes electroplating and provision of
metal surface protection services, recycling of parts and
components, manufacturing and trading of coating products. This
segment offers products and services in areas of electronics,
consumer and healthcare industry.  The DDD division includes
designing, development and engineering of application systems and
distribution of related semiconductor chips/ products and
application software.  The DDD division is classified as
discontinued operation.  The wholly owned subsidiaries of the
Company include Paramount Discovery Sdn. Bhd. (PDSB) and CTE
Technology (M) Sdn. Bhd.  On January 20, 2009, PDSB, a wholly
owned subsidiary of the Company completed the disposal of all its
wholly owned subsidiary companies.

AKN Technology Berhad has been listed as an Amended Practice
Note 17 company as its auditors have expressed disclaimer opinion
on the company's annual audited accounts for the financial year
ended June 30, 2008.


AXIS INC: Receives Writ of Summons from Public Bank Bhd
-------------------------------------------------------
Axis Incorporation Berhad said that Axis and Asiapin Sdn Bhd have
been served with a Writ of Summons and Statement of Claim filed by
Public Bank Berhad at the High Court of Malaya at Johor Bahru on
December 2, 2009.

ASB and Axis received the Writ of Summons on December 28, 2009.

The Plaintiff's claims against Asiapin (as borrower of credit
facilities granted by the Plantiff to Asiapin) and against Axis
Incorporation, as guarantor of the said credit facilities in these
amounts:

   (i) Fixed Loan of MYR2,000,000.00; MYR234,161.99 (including
       outstanding principal of MYR225,583.55) due as at Jan. 31,
       2009, with Interest thereon at the rate of 2.25% per annum.

  (ii) Bills Facilities (including Bankers Acceptances) of
       MYR10,000,000.00; MYR10,416,516.06 (including outstanding
       principal of MYR10,000,000.00) due as at January 31, 2009,
       with interest thereon at the rate of 3.5% per annum.

(iii) Overdraft of MYR500,000.00; MYR500,308.43 due as at
       Jan. 31, 2009, with interest thereon at the rate of 2.25%
       per annum.

  (iv) Legal costs and costs to be taxed on a solicitor client
       basis; and

   (v) Other reliefs as the Court deems fit.

ASB and Axis are exposed to the losses resulted from these claims,
interest and legal cost in respect from the Writ of Summons.

ASB and Axis is in the midst of taking legal advice from its
solicitors with regard to these claims and will instruct its
solicitors to defend these claims.

                         About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


EVERMASTER GROUP: Units' Receiver and Manager Resigned
------------------------------------------------------
Evermaster Group Berhad has received the notice of cessation from
the Receiver and Manager of Evermaster Wood Industries Sdn. Bhd.
and Evermaster Wood Products Sdn. Bhd., wholly owned subsidiaries
of Evermaster.

As reported in the Troubled Company Reporter - Asia Paicific on
Jan. 15, 2009, Evermaster Group said a Receiver and Manager has
been appointed over the charged assets of its a wholly owned
subsidiaries under the terms of the Debenture dated December 18,
2003, executed between the Company and Abrar Discounts Berhad.

Subsidiaries under receivership are Evermaster Sdn. Bhd.,
Evermaster Wood Industries Sdn. Bhd., Evermaster Wood Products
Sdn. Bhd., and Evermaster Development Sdn. Bhd.

The Company said the appointment of Receiver and Manager to its
major subsidiaries will have material financial and operational
impact on the operations of each of these units and the Group.

Evermaster Group said it is currently in discussion with the
lender to restructure the debts.

                      About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


POLY TOWER: Says Poly Packing Product NY Has Been Dissolved
-----------------------------------------------------------
Poly Tower Ventures Berhad disclosed that Poly Packaging Products,
NY, LLC, a company incorporated in the United States of America,
which is a wholly owned subsidiary of Poly Carriers Industries
(Malaysia) Sdn Bhd, has been dissolved with the Department of
State, New York.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


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


RAPID ROADFREIGHTERS: Union Seeks Probe on Firm's Collapse
----------------------------------------------------------
The National Distribution Union, which represents former Rapid
Roadfreighters workers, wants to know what led to the company's
collapse, Grant Miller at the Manawatu Standard reports.

According to the report, NDU president Robert Reid said he
expected some investment and share transactions associated with
the company to come under scrutiny. "Our first duty is to help
members get all monies owing to them," the report quoted Mr. Reid
as saying.

Rapid Roadfreighters went into liquidation just before Christmas,
leaving as many as 250 employees jobless.

The Manawatu Standard relates that Rapid Roadfreighters sold its
interest in Parcel Express in November -- a few weeks before it
went into liquidation.  Mr. Reid believed the company had been in
difficulty for several months, the report notes.

The report relates liquidator Bryan Williams said he would examine
all matters of relevance to make sure creditors' rights had not
been compromised.

Rapid Roadfreighters is an Auckland-based transport firm.  The
company had more than 200 vehicles and 250 workers throughout
New Zealand.


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

DUBAI WORLD: Abu Dhabi's $10-Bil. Funding Is "Half that Size"
-------------------------------------------------------------
Abu Dhabi's $10 billion funding for Dubai is actually half that
size, according to Maria Abi-Habib at The Wall Street Journal,
citing a spokeswoman for the Dubai Department of Finance.
According to the Wall Street Journal, the disclosure raises
questions about the United Arab Emirates' plans for paying down
Dubai's mountain of debt.

The Journal relates that that spokeswoman on Monday said the $10
billion bailout, which was announced in December, includes $5
billion in funds separately announced in November by two Abu
Dhabi-controlled banks.

Ms. Abi-Habib says it is unclear how the reduction in funding will
affect Dubai's finances or its plans to restructure debt.  She
notes Dubai has been criticized for a lack of transparency around
its debt restructuring.

Ms. Abi-Habib points out the disclosure cuts by 20% the funds that
analysts had assumed Abu Dhabi, the capital of the U.A.E. and its
financial powerhouse, had committed to Dubai over the course of
last year.  While both governments have disclosed little about the
series of bailouts, analysts had widely interpreted the total
funding commitment from Abu Dhabi and the federal government to
Dubai at $25 billion.  Dubai's disclosure Monday reduces that to
$20 billion.

The Journal notes Dubai announced earlier this month a new media
office to coordinate the emirate's communications strategy.  The
Journal says Ahmed Al Shaikh, director of the new office, wasn't
reachable for comment Monday.  The Journal also relates a
spokesman for the federal government in Abu Dhabi was unable to
comment on the matter.

The Journal recalls that Dubai, struggling under total debt
estimated as high as $80 billion, announced in February 2009 that
the U.A.E. federal government would buy $10 billion of bonds
issued by Dubai.  The proceeds would go to pay down debt and
unpaid bills.

In late November, Dubai said two Abu Dhabi banks would subscribe
to another $5 billion worth of bonds.  Hours later, however, Dubai
shocked global investors by announcing its corporate flagship,
Dubai World, would request a debt standstill from lenders.

In December, Dubai said Abu Dhabi had agreed to extend another
$10 billion to help shore up finances.  Dubai said $4.1 billion of
that would go to pay off a bond maturing that same day, and the
rest to provide interest expenses and working capital for the
company through April 2010.

Abu Dhabi and Dubai are two of seven, semi-independent emirates
that make up the U.A.E.

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


* S&P Puts Rating on One Tranche on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed the rating on one
tranche of an Asia-Pacific (excluding Japan), synthetic
collateralized loan obligation transaction on CreditWatch with
negative implications, and the rating on one CDO transaction on
CreditWatch positive.  In addition, the rating on one other CLO
tranche was taken off CreditWatch negative and affirmed.

The rating actions follow S&P's review of the credit quality of
the securitized assets based on the synthetic rated
overcollateralization (SROC) scores and results from supplemental
tests for each tranche.  These results measure the degree by which
the credit enhancement of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.

The rating on the class D notes of Script Securitisation Pty Ltd.
(Southern Cross) Series 2006-1 was placed on CreditWatch negative
as its SROC score fell below 100% at the current rating level
(based on the maximum scenario loss rate, largest obligor default,
and largest industry default tests).  This indicates negative
migration in the portfolio, which has resulted in a lower
available threshold for the tranche to withstand the losses
determined by the three tests.

On the other hand, the class A notes of START II CLO Ltd. was
taken off CreditWatch negative and affirmed, as its SROC score
rose above 100% at the current rating level (based on the maximum
scenario loss rate, largest obligor, and largest industry tests).

Castle Finance I Ltd. Series I was placed on CreditWatch positive
as its SROC score is greater than 100% at the current rating level
and at a higher rating level.  SROC scores rising above 100%
reflect an improvement in the credit quality of the underlying
portfolio.

The list of affected transactions is stated below:

          Script Securitization Pty Ltd. (Southern Cross)

     Deal Name                 Rating To         Rating From
     ---------                 ---------         -----------
     Series 2006-1 Class D     BB+/Watch Neg     BB+

                         START II CLO Ltd.

     Deal Name                 Rating To         Rating From
     ---------                 ---------         -----------
     Class A                   AAA               AAA/Watch Neg

                       Castle Finance I Ltd.

     Deal Name                 Rating To         Rating From
     ---------                 ---------         -----------
     Series 1                  CCC+/Watch Pos    CCC+

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-Dec 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


* BOND PRICING: For the Week to January 11, 2010 to Jan. 15, 2010
-----------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

   AUSTRALIA
   ---------
AINSWORTH GAME           8.00    12/31/2011   AUD       0.76
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.95
ANTARES ENERGY          10.00    10/31/2013   AUD       2.02
AUROX RESOURCES          7.00    06/30/2010   AUD       0.83
BECTON PROP GR           9.50    06/30/2010   AUD       0.55
BEMAX RESOURCES          9.37    07/15/2014   USD      75.00
BEMAX RESOURCES          9.37    07/15/2014   USD      75.00
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.32
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.86
GRIFFIN COAL MIN         9.50    12/01/2016   USD      60.15
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.40
JPM AU ENF NOM 1         3.50    06/30/2010   USD       7.83
NATIONAL WEALTH          6.75    06/16/2026   AUD      68.18
NEW S WALES TREA         1.00    09/02/2019   AUD      62.38
NYLEX LTD               10.00    12/08/2009   AUD       0.84
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      70.40
RESOLUTE MINING         12.00    12/31/2012   AUD       1.01
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.50
SUNCORP METWAY           6.75    10/06/2026   AUD      60.81
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      68.37

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      71.58
SICHUAN CHANGHON         0.80    07/31/2015   CNY      73.28
YUEYANG INVEST           5.88    04/30/2015   CNY      53.80

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      26.25


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      65.00
AKSH OPTIFIBRE           1.00    01/29/2010   USD      52.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      69.00
PYRAMID SAIMIRA          1.75    07/04/2012   USD       9.50
WANBURY LTD              1.00    04/23/2012   EUR      71.50


   JAPAN
   -----

AIFUL CORP               1.58    05/26/2011   JPY      68.89
AIFUL CORP               1.50    10/20/2011   JPY      58.01
AIFUL CORP               1.20    01/26/2012   JPY      55.40
AIFUL CORP               1.99    03/23/2012   JPY      52.95
AIFUL CORP               1.22    04/20/2012   JPY      52.95
AIFUL CORP               1.63    11/22/2012   JPY      50.92
AIFUL CORP               1.74    05/28/2013   JPY      49.90
AIFUL CORP               1.99    10/19/2015   JPY      49.85
COVALENT MATERIAL        2.87    02/18/2013   JPY      56.55
CSK CORPORATION          0.25    09/30/2013   JPY      66.56
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.50
JAPAN AIRLINES           3.10    01/22/2018   JPY      34.02
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.98
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.37
SHINSEI BANK             5.63    12/29/2049   GBP      74.50
TAKEFUJI CORP            9.20    04/15/2011   USD      70.75
TAKEFUJI CORP            9.20    04/15/2011   USD      70.75
TAKEFUJI CORP            8.00    11/01/2017   USD      33.62
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
WILLCOM INC              2.35    06/27/2012   JPY      45.33

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.17
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.73
DUTALAND BHD             4.00    04/11/2013   MYR       0.78
DUTALAND BHD             4.00    04/11/2013   MYR       0.54
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.11
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.12
EG INDUSTRIES            5.00    06/16/2010   MYR       0.36
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.47
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       2.18
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.46
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
RUBBEREX CORP            4.00    08/14/2012   MYR       1.61
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.11
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.29
WAH SEONG CORP           3.00    05/21/2012   MYR       3.40
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           0.00    11/10/2015   MYR       2.02

   NEW ZEALAND
   -----------

ALLIED NATIONWID        11.52    12/29/2049   NZD      67.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      60.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.13
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.50
INFRATIL LTD             8.50    11/15/2015   NZD      10.20
INFRATIL LTD            10.18    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       1.01
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      65.65
PROVENCOCADMUS           2.00    04/15/2010   NZD       0.87
SKY NETWORK TV           4.01    10/16/2016   NZD      55.27
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.94
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.81
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.95
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.20
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.15


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      29.37
UNITED ENG LTD           1.00    03/03/2014   SGD       1.55
WBL CORPORATION          2.50    06/10/2014   SGD       2.13

   SOUTH KOREA
   -----------

KOREA NAT HOUSING        3.00    08/31/2013   USD       0.10

   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      68.79


                         *********

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.





                 *** End of Transmission ***