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                     A S I A   P A C I F I C

           Thursday, January 21, 2010, Vol. 13, No. 014

                            Headlines



A U S T R A L I A

ALCHEMY HOTELS: Calls In Voluntary Administrators
COCKATOO RIDGE: Goes Into Voluntary Administration
CONNECTOR MOTORWAYS: Calls In Kordamentha as Receivers
RIVIERA GROUP: Creditors Told to Accept 1.7c Payout Offer


H O N G  K O N G

P & C ENTERPRISES: Court Enters Wind-Up Order
PECONIC INDUSTRIAL: Court to Hear Wind-Up Petition on March 10
PLUS INTERNATIONAL: Creditors' Proofs of Debt Due February 12
REDCHIP INT'L: Members' and Creditors Meetings Set for February 5
REGAL FILMS: Creditors' Proofs of Debt Due February 1

REGIONAL SERVICES: Gordon Steps Down as Liquidator
RITCHIE CAPITAL: Members' Final Meeting Set for February 17
S.R. EARNEST: Court Enters Wind-Up Order
SHIMAO PROPERTY: Consent Solicitation Won't Move Fitch's Ratings
SHIMAO PROPERTY: Consent Solicitation Won't Affect S&P's BB Rating

SHIMAO PROPERTY: Pact Amendments Won't Affect Moody's 'Ba3' Rating
SMILE TRADE: Placed Under Voluntary Wind-Up Proceedings
STARFORM WINDOWS: Members' Final Meeting Set for February 22
SUPERMODE LIMITED: Chan Wing Kit Steps Down as Liquidator
SURE BRIGHT: Court to Hear Wind-Up Petition on February 24

SWEET ESSENTIALS: Middleton and Chan Appointed as Liquidators
TELECOMMUNICATIONS NETWORK: Seng and Lo Step Down as Liquidators
TONI & GUY: Court to Hear Wind-Up Petition on March 10
UNITECH PRECISION: Creditors' Proofs of Debt Due February 23
XIJIANG DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 17


I N D I A

AMMARUN FOUNDRIES: CRISIL Puts 'B' Rating on INR41.8MM Term Loan
ARS METALS: CRISIL Reaffirms 'BB' Rating on INR24MM Long Term Loan
CAV COTTON: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
CHOICE HOTELS: Gets Remaining 60% Stake in India Hotel Chain
GENOM BIOTECH: CRISIL Rates INR50MM Long Term Loan at 'B'

KANDUKURI INDUSTRIES: CRISIL Puts 'BB' Ratings on Term Loan
KARLE INTERNATIONAL: CRISIL Puts 'BB' Rating on INR335MM Term Loan
LT KARLE: CRISIL Assigns 'P4+' Rating on INR250MM Bank Facilities
NEELKANTH TOWN: ICRA Assigns 'LBB' Rating on INR500MM Term Loan
PENVER PRODUCTS: CRISIL Reaffirms 'B' Rating on INR26MM LT Loan

TATA POWER: Third Quarter Net Profit Up 28% on Low Fuel Costs
TRAVANCORE COCHIN: ICRA Rates INR110MM Bank Facilities at 'LB'


J A P A N

JAPAN AIRLINES: Bankruptcy Filing Won't Affect Fitch's Ratings
JAPAN AIRLINES: Chapter 15 Case Summary
JAPAN AIRLINES: Files to Reorganize in Tokyo and NYC
JAPAN AIRLINES: S&P Changes Corporate Credit Rating to 'D'
JAPAN AIRLINES: Sojitz Writes Off JPY15-Bil. Investment


K O R E A

KIA MOTORS: Reaches Tentative Wage Deal with Workers
KUMHO ASIANA: Lays Off 30% Executive Staff
SSANGYONG MOTOR: Hires Two Former Hyundai Executives


M A L A Y S I A

EKRAN BERHAD: Bursa to Delist Securities on January 28
RHYTHM CONSOLIDATED: Bourse to Suspend Securities on January 28
TRIPLC BERHAD: Earns MYR250,000 in Quarter Ended November 30


N E W  Z E A L A N D

BOTRY-ZEN LTD: Local, Foreign Buyers Eye Botry-Zen
GLOBAL BULBS: Talks on Asset Sale Ongoing


P H I L I P P I N E S

BENGUET CORP: Losses Right to Develop Kingking Copper-Gold Project
UNIWIDE HOLDINGS: Technically Insolvent; SEC Rules Out Revival




                         - - - - -


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


ALCHEMY HOTELS: Calls In Voluntary Administrators
-------------------------------------------------
Alchemy Hotels Management was placed into voluntary administration
on January 6 due to financial difficulty, The Sydney Morning
Herald reports.  Alchemy is the leaseholder of two Newcastle
hotels, M.J. Finnegan's Irish Pub and the Premier Hotel.

Alchemy's collapsed is believed to have hit listed pub fund ING
Real Estate Entertainment Fund, which is owed $340,000 in rent.

The report, citing ING REEF spokeswoman Johanna Keating, says the
fund had given the two hotels a rent holiday last May.

According to the Herald, ING has not previously revealed the size
of the Alchemy rent holiday to the market, having told the
Australian Securities Exchange only that Alchemy, Club Swans and
the Courthouse Hotel in Cairns were facing "cashflow pressures"
and would be paying lower rents "in the short term."

Ms. Keating said ING REEF was confident it would not be out of
pocket because the administrator of Alchemy would continue to pay
rent during his appointment, according to the Herald.  Alchemy's
bankers had also guaranteed the AU$340,000, she said.

The two hotels leased by Alchemy are valued at a combined AU$8.2
million in ING's accounts.  In 2008, they were worth AU$14.4
million.


COCKATOO RIDGE: Goes Into Voluntary Administration
--------------------------------------------------
Cockatoo Ridge Wines Ltd. has gone into voluntary administration.

After considering third quarter trading conditions the company is
expecting to encounter, the company's board has appointed George
Divitkos and Russell Henry Heywood-Smith of BDO Kendalls (SA) as
joint administrators of the company and its subsidiaries,
Australian Commercial Wines Pty Ltd, Cockatoo Ridge Sales Pty Ltd,
Cockatoo Ridge Pty Ltd and Playford Wine Holdings Pty Ltd.

Cockatoo Ridge said the company and its subsidiaries are "likely
to become insolvent in the third quarter".

                       About Cockatoo Ridge

Based in Melbourne, Australia, Cockatoo Ridge Wines Limited
(ASX:CKR) -- http://www.cockatooridge.com.au/-- is engaged in
the distribution of bottled and bulk wine within Australia and
overseas.   CKR produces and sells Australian table and sparkling
wines domestically through an Australia-wide distribution
agreement and abroad, with a focus on Western Europe and Asian
markets.  The company operates in three segments: packaged wine,
this includes the bottling and packaging of wine into the various
labels under the CKR control for sale in Australia and overseas;
bulk wines, after the crushing and processing of grapes at the
Monash winery bulk wines sales are made to customers in Australia
and overseas, and other, which includes storage and processing
fees for the use of facilities in Barossa Valley and Monash
winery.  CKR's subsidiaries include Cockatoo Ridge Pty Ltd,
Cockatoo Ridge Sales Pty Ltd, Cockatoo Ridge IP Pty Ltd, Playford
Wine Holdings Pty Ltd, International Vintners (Europe) Ltd and
Australian Commercial Wines Pty Ltd.


CONNECTOR MOTORWAYS: Calls In Kordamentha as Receivers
------------------------------------------------------
Connector Motorways Pty Ltd., the owner and operator of Sydney's
Lane Cove Tunnel and the Military Road E-Ramp, has been placed in
receivership, The Sydney Morning Herald reports.

According to the report, Martin Madden and David Merryweather of
KordaMentha said they had been appointed receivers and managers to
Connector on Wednesday by the security trustee, BTA Institutional
Services Australia Ltd.

The report relates Mr. Madden said the receivers did not intend to
make any significant operational changes and would work closely
with management, the Roads and Traffic Authority (RTA), and the
NSW government to secure a long-term sustainable business for the
Lane Cove Tunnel.

"In the meantime, the tunnel and the Military Road E-Ramp will
continue to operate as usual," the report quoted Mr. Madden as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on
September 30, 2009, Bloomberg News said backers of Sydney's Lane
Cove Tunnel face losses of almost AU$1 billion (US$873 million)
after the asset was put up for sale.

Leighton Holdings Ltd., Mirvac Group and Hong Kong's Li Kashing
have written off all their equity in the motor-tunnel project, and
lenders also are expected to take large losses, according to
Bloomberg.

Bloomberg said weak traffic numbers left the owners unable to meet
debt repayments on the tunnel, which cost some AU$1.6 billion to
build.

Connector Motorways -- http://www.connectormotorways.com.au/--
owns and operates Sydney's Lane Cove Tunnel and Military Road E-
Ramps.


RIVIERA GROUP: Creditors Told to Accept 1.7c Payout Offer
---------------------------------------------------------
Nick Nichols at Gold Coast Bulletin News reports that luxury
boatbuilder Riviera Group's unsecured creditors have been told to
accept 1.7c in the dollar at a meeting this Friday -- or walk away
with nothing.

According to the report, the creditors, many of them small
business operators around the Gold Coast, are being offered just
AU$280,000 for the AU$16.4 million they are owed.

Retrenched employees will however receive their full entitlements
to superannuation and holiday pay, the report says.

Mr. Nichol says the group's administrators have recommended
creditors accept the payout offer, or face the prospect of
receiving a zero return should the company be placed into
liquidation.

Creditors are scheduled to vote on a deed of company arrangement
(DOCA) for five of the 13 companies within the Riviera group in
Brisbane on Friday, January 22.

The remaining eight companies, including the flagship Riviera
Group Pty Ltd., are not considered worth saving and will be
liquidated, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Riviera Group was placed into voluntary
receivership.  Deloitte partners Chris Campbell, Vaughan
Strawbridge and Richard Hughes were appointed receivers and
managers of Riviera.  According to the Brisbane Times,
Mr. Campbell said the company's sales over the past 12 months had
been "significantly impacted" by the global financial crisis.  It
was proposed to sell Riviera as a going concern after a
restructuring of the company, he said.  The Brisbane Times said
Riviera shed 117 of its Gold Coast staff in January and cut more
than 300 staff from its Coomera headquarters in 2008.  The company
also closed its production line for three weeks, from April 10 to
May 5, in a bid to clear stock held by international dealers, the
Brisbane Times added.

Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Australia.


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


P & C ENTERPRISES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order December 21, 2009, to
wind up the operations of P & C Enterprises (HK) Limited.

The company's liquidator is Yuen Tsz Chun Frank.


PECONIC INDUSTRIAL: Court to Hear Wind-Up Petition on March 10
--------------------------------------------------------------
A petition to wind up the operations of Peconic Industrial
Development Limited will be heard before the High Court of Hong
Kong on March 10, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Philip K.Y. Lee & Co.
          Shanghai Industrial Investment Bldg.
          Suite 1203, 12th Floor
          60 Hennessy Road
          Wanchai, Hong Kong


PLUS INTERNATIONAL: Creditors' Proofs of Debt Due February 12
-------------------------------------------------------------
Creditors of Plus International Procurement 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 4, 2010.

The company's liquidator is:

          Markus Steinhoff
          Wissollstrasse 5-43
          45478 Muelheim an der Ruhr
          Germany


REDCHIP INT'L: Members' and Creditors Meetings Set for February 5
-----------------------------------------------------------------
Members and creditors of Redchip International Limited will hold
their annual meetings on February 5, 2010, at 10:00 a.m., and
10:30 a.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Cheng Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


REGAL FILMS: Creditors' Proofs of Debt Due February 1
-----------------------------------------------------
Creditors of Regal Films Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 1, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         Queensway Government Offices, 10/F
         66 Queensway
         Hong Kong


REGIONAL SERVICES: Gordon Steps Down as Liquidator
--------------------------------------------------
Christopher David Ian Gordon stepped down as liquidator of
Regional Services Limited on December 30, 2009.


RITCHIE CAPITAL: Members' Final Meeting Set for February 17
-----------------------------------------------------------
Members of Ritchie Capital Management (Hong Kong) Limited, which
is in members' voluntary liquidation, will hold their final
meeting on February 17, 2010, at 10:00 a.m., at 7th Floor,
Alexandra House, 18 Chater Road, Central, in Hong Kong.

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


S.R. EARNEST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order December 24, 2009, to
wind up the operations of S.R. Earnest Manufacturing (Far East)
Limited.

The company's liquidator is Yuen Tsz Chun Frank.

SHIMAO PROPERTY: Consent Solicitation Won't Move Fitch's Ratings
----------------------------------------------------------------
Fitch Ratings has said that Shimao Property Holdings Limited's
('BB+'/Stable) announcement of a consent solicitation exercise to
relax a number of covenants for its senior floating rate notes due
2011 and 8% senior notes due 2016 has no immediate impact on its
ratings.

The amendments proposed by Shimao are related to lowering the
coverage ratio requirement and increasing flexibility for future
financing.  The latter amendments are similar to the covenants of
bonds issued by other Mainland Chinese property developers.  In
Fitch's view, these amendments are not significant and do not
signal a shift in the business strategy of Shimao but will provide
the issuer with more flexibility to raise financing, especially in
the on-shore market.  However, Fitch will continue to monitor
Shimao's debt levels and will take the appropriate rating action
if there is a material increase.

Shimao's Long-term Issuer Default Rating continues to be
constrained by its concentration in the business of property
development and the unpredictability of China's regulatory
environment for the sector.  However, Shimao's large and well-
located land bank, its sound profit margins, and demonstrated
financial discipline during the downturn are supporting factors
for its 'BB+' rating.


SHIMAO PROPERTY: Consent Solicitation Won't Affect S&P's BB Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Shimao Property Holdings Ltd. (BB/Stable/--) are not
affected by solicitation of consent to amend certain bond
covenants of the company's US$250 million senior unsecured
floating rate notes due 2011 and its US$350 million 8% senior
unsecured note due 2016.  The 'BB-' issue rating on this debt
considers subordination risks due to priority debt being above 15%
of total assets.  S&P understand that Shimao is currently in
compliance with its bond covenants.  S&P expects the consideration
for the covenant amendment to have a limited impact on the
company's liquidity.  In S&P's view, the amendments will give
Shimao additional financial flexibility; the company and its
subsidiaries could take on additional debt.

S&P reiterates that the ratings on Shimao could be lowered if: (1)
debt-funded expansions are more aggressive than S&P had expected;
and (2) total debt to EBITDA rises above 5x, EBITDA interest
coverage falls below 3x, and free cash falls below Chinese
renminbi 2 billion.  S&P could likely raise the ratings if
Shimao's credit metrics improve materially on a sustained basis
and the company demonstrates discipline in its expansion plan.


SHIMAO PROPERTY: Pact Amendments Won't Affect Moody's 'Ba3' Rating
------------------------------------------------------------------
Moody's Investors Service sees no immediate impact on either the
Ba3 corporate family and B1 senior unsecured debt ratings or their
stable outlook of Shimao Property Holdings Limited following the
company's announcement that it proposes to amend certain covenants
of its rated bonds.

The proposed amendments include (a) fixed charge cover for debt
incurrence changed to 3.0x from 3.5x; (b) purchase money
indebtedness increased to 30% from 20% of total assets; (c) adding
a new category of permitted indebtedness -- those secured by the
company's investment properties and hotels up to a maximum of 50%
of the appraised value; and (d) allowing subsidiaries to provide
corporate guarantees and share pledges in proportion of its stake
in joint ventures.

"The change in covenants provides flexibility for Shimao to raise
additional debt funding to support its business growth, especially
in its investment property portfolio," says Peter Choy, a Moody's
Vice President & Senior Credit Officer.

"As a result, Moody's expect a moderate increase in Shimao's
leverage in the next 1-2 years, and which has been incorporated in
the current Ba3 corporate family rating.  Moody's also expect
Shimao to maintain its track record of issuing equity to fund its
growth and maintaining gross debt to total capitalization of below
50%," says Choy.

"Should Shimao adopt a more aggressive debt-funded growth strategy
-- such that its leverage exceeds 50% for an extended period --
its ratings will be under pressure," Choy adds.

"The covenant amendment also offers Shimao the flexibility to
raise secured debt at its subsidiaries and joint ventures.  If
such debt is increased to a material level, the bond rating would
potentially be notched down further to reflect the increased risks
of structural and legal subordination," says Choy.

Moody's last rating action with regard to Shimao was taken on 5
October 2009 when the outlook of its corporate family and senior
unsecured debt ratings was changed to stable from negative.

Shimao Property Holdings Ltd is incorporated in Grand Cayman and
was listed on the Hong Kong Stock Exchange in July 2006.  It has
45 projects in China in 27 cities, mainly located in Shanghai,
Beijing, the Yangtze River Delta and the Bohai Rim.


SMILE TRADE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on January 7, 2010,
members of Smile Trade Investment 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


STARFORM WINDOWS: Members' Final Meeting Set for February 22
------------------------------------------------------------
Members of Starform Windows & Doors Services Limited, which is in
members' voluntary liquidation, will hold their final meeting on
February 22, 2010, at 10:00 a.m., at Room 1101, 11th Floor, China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.

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


SUPERMODE LIMITED: Chan Wing Kit Steps Down as Liquidator
---------------------------------------------------------
Chan Wing Kit stepped down as liquidator of Supermode Limited on
January 14, 2010.


SURE BRIGHT: Court to Hear Wind-Up Petition on February 24
----------------------------------------------------------
A petition to wind up the operations of Sure Bright 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


SWEET ESSENTIALS: Middleton and Chan Appointed as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Chan Mei Lan on January 5, 2010, were
appointed as liquidators of Sweet Essentials Limited.

The liquidators may be reached at:

          Edward Simon Middleton
          Chan Mei Lan
          KPMG, 8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


TELECOMMUNICATIONS NETWORK: Seng and Lo Step Down as Liquidators
----------------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Telecommunications Network (H.K.) Limited on January 9, 2010.


TONI & GUY: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------
A petition to wind up the operations of Toni & Guy (Inter
Continental) Limited will be heard before the High Court of
Hong Kong on March 10, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          T.S. Tong & Co.
          Wing Lung Bank Building, 8/F
          No. 45 Des Voeux Road Central
          Hong Kong


UNITECH PRECISION: Creditors' Proofs of Debt Due February 23
------------------------------------------------------------
Creditors of Unitech Precision (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 23, 2010, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Norio Kuroiwa
          Chan Yuk Fong
          Ying Tung Industrial Building, 7/F
          802 Lai Chi Kok Road
          Kowloon, Hong Kong


XIJIANG DEVELOPMENT: Court to Hear Wind-Up Petition on Feb. 17
--------------------------------------------------------------
A petition to wind up the operations of Xijiang Development
Company Limited will be heard before the High Court of Hong Kong
on February 17, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road Central
          Hong Kong


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I N D I A
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AMMARUN FOUNDRIES: CRISIL Puts 'B' Rating on INR41.8MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Ammarun
Foundries' bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR95.0 Million Cash Credit               B/Stable (Assigned)
   INR41.8 Million Term Loan                 B/Stable (Assigned)
   INR15.0 Million Post Shipment Credit#     P4 (Assigned)
   INR30.0 Million Inland Letter of Credit   P4 (Assigned)

   # includes foreign bills, domestic bills and check discounting
     facility

The ratings reflect AF's weak financial risk profile, and exposure
to risks relating to low capacity utilization, and fragmented
nature of the iron castings industry.  These weaknesses are
partially offset by the firm's established track record in the
castings industry.

Outlook: Stable

CRISIL believes that the AF will continue to benefit from its
promoters' track record in the castings industry.  The outlook may
be revised to 'Negative' if AF's debt servicing ability financial
risk profile weakens due to sharp decline in accruals,
deterioration in the liquidity position, or if the firm undertakes
any large debt-funded capital expenditure programmes.  The outlook
may be revised to 'Positive' if AF's financial risk profile
improves led by fresh equity infusion and improvement in
utilization of capacities and profitability.

                       About Ammarun Foundries

Set up in 1991 as a partnership firm by Mr. N Visvanathan and his
family members, AF manufactures grey and ductile iron castings.
The foundry is based out of Coimbatore, Tamil Nadu and caters to
customers from various industries such as the automotive, motor
and pump, tractor, valve, textile, and general engineering
industries.  It has production capacity of 2000 tonnes per month.

AF reported a profit after tax (PAT) of INR6.4 million on net
sales of INR501 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR474 million for 2007-08.


ARS METALS: CRISIL Reaffirms 'BB' Rating on INR24MM Long Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of ARS Metals Pvt Ltd
(AMPL) continue to reflect AMPL's below-average financial risk
profile, geographic concentration in revenue profile and the
commodity nature of the steel products business.  These weaknesses
are partially offset by AMPL's established market position and its
promoters' industry experience.

   Facilities                             Ratings
   ----------                             -------
   INR24.00 Million Long-Term Loan        BB/Stable (Reaffirmed)
   INR60.00 Million Cash Credit Limits    BB/Stable (Reaffirmed)
   INR200.00 Million Letter of Credit     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AMPL will maintain its business risk profile
on the back of its market position and promoters' industry
experience.  The outlook may be revised to 'Positive' if AMPL
generates healthy accruals, backed by higher capacity utilization,
on a sustained basis, thereby leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if AMPL undertakes a large, debt-funded capital
expenditure programme, or if its cash accruals decline steeply,
leading to deterioration in its financial risk profile.

                         About ARS Metals

Incorporated in 1992, AMPL is a closely held company promoted by
Mr. Ashwani Kumar Bhatia. It manufactures thermo-mechanically
treated (TMT) rods and bars from ingots.  Its rolling mill has a
capacity to manufacture up to 108,000 tonnes per annum (tpa) of
TMT rods and bars, and its furnace division has a capacity to
manufacture up to 45,000 tpa of ingots.  Its facilities are
located in Gummidipoondi, Tamil Nadu.  The company is undertaking
a project, with a capacity to manufacture up to 108,000 tpa of
billets for captive consumption; the project is expected to start
commercial production in February 2010.

AMPL reported a profit after tax (PAT) of INR17 million on net
sales of INR1.49 billion in 2008-09 (refers to financial year,
April 1 to March 31), against INR24 million and INR1.47 billion,
respectively, for the previous year.


CAV COTTON: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of CAV Cotton Mills Ltd,
which is part of the Sangeeth group, continue to reflect the
delays in the payment of term loan installments and interest
payments, and frequent devolvement in letter of credit facilities
because of stretched liquidity, by the Sangeeth group companies.

   Facilities                              Ratings
   ----------                              -------
   INR173.10 Million Long-Term Loan        D (Reaffirmed)
   INR120.00 Million Cash Credit Limits    D (Reaffirmed)
   INR40.00 Million Letter of Credit       P5 (Reaffirmed)
   INR7.50 Million Bank Guarantee          P5 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CAV Cotton Mills Ltd, Sangeeth Textiles
Ltd, Shri Mookambiga Spinning Mills Ltd, and Sri Vasudeva Textiles
Ltd, collectively referred to as the Sangeeth group. This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                           About the Group

Based in Coimbatore, the Sangeeth group manufactures and trades in
cotton and melange yarn.  The group has a total installed capacity
of 128,552 spindles and 2208 rotors.  It also has 51 windmills in
Tamil Nadu, with a combined installed capacity of 20.4 megawatts.
CAV Cotton Mills Ltd was founded in 1987.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR118 million on net
sales of INR1.88 billion, against a PAT of INR42 million on net
sales of INR1.73 billion for the previous year.


CHOICE HOTELS: Gets Remaining 60% Stake in India Hotel Chain
------------------------------------------------------------
Choice Hotels International, Inc., has agreed to acquire the
remaining 60% ownership interest in Choice Hospitality (India)
Ltd.  Choice Hospitality India serves as the master partner and
franchisor of Choice's hotel brands in India, and after the
completion of the transaction, the entity will be operated as a
wholly owned subsidiary.

"We plan to focus extensive development resources on growing our
presence in India, which now stands at 28 hotels," said Stephen P.
Joyce, the company's president and chief executive officer.
"India is an extremely important key market for our global growth
and we're looking forward to the great development potential that
it holds for our brands and our hotels."

Choice Hospitality India is part of Choice Hotels International,
one of the largest and most widespread lodging franchisors of the
world with over 6000 hotels across the globe.  Choice Hospitality
India is one of the fastest and finest growing hotel chains with
28 properties in over 21 destinations in India and another 14
properties under different stages of development.  These hotels
are in various destinations including New Delhi, Mumbai, Chennai,
Ahmedabad, Bangalore, Gurgaon, Hyderabad, Jaipur, Kodaikanal,
Lucknow, Faridabad, Amritsar, Shimla, Manali, Corbett, Pune,
Nashik, Haldwani, Chiplun, Tuticorin and Vijayawad.  Its presence
in all the gateway cities proves that the chain is widely accepted
by business as well as leisure travelers who recognize and trust
the brand.

                        About Choice Hotels

Silver Spring, Maryland-based Choice Hotels International, Inc.
(NYSE: CHH) -- http://www.choicehotels.com/-- franchises more
than 6,000 hotels, representing more than 485,000 rooms in the
United States and more than 35 other countries and territories. As
of September 30, 2009, more than 700 hotels are under
construction, awaiting conversion or approved for development in
the United States, representing more than 59,000 rooms, and more
than 100 hotels, representing approximately 9,400 rooms, are under
construction, awaiting conversion or approved for development in
more than 20 other countries and territories. The company's
Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria
Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge
and Rodeway Inn brands serve guests worldwide. In addition, via
its Ascend Collection membership program, travelers in the United
States, Canada and the Caribbean have upscale lodging options at
historic, boutique and unique hotels.

As of September 30, 2009, the Company had total assets of
$353,028,000 against total liabilities of $485,938,000, resulting
in stockholders' deficit of $132,910,000.  The September 30
balance sheet also showed strained liquidity: The Company had
total current assets of $135,813,000 against total current
liabilities of $149,231,000.


GENOM BIOTECH: CRISIL Rates INR50MM Long Term Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Genom Biotech Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Long Term Loan        B/Stable (Assigned)
   INR141.5 Million Packing Credit/      P4 (Assigned)
             Post Shipment Credit
   INR60.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect Genom Biotech's exposure to risks relating to
geographic concentration in revenues and large working capital
requirements.  These weaknesses are partially offset by the
company's established presence in the pharmaceutical formulations
business.

Outlook: Stable

CRISIL believes that Genom Biotech will maintain its business risk
profile on the back of its established position in the
formulations business, especially in the Ukraine market.  The
outlook may be revised to 'Positive' if the company is able to
significantly improve its debtor's realization and demonstrate
significant growth in revenues and net cash accruals, while
diversifying in to other markets.  Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in debtors
position, leading to increased working capital related borrowings,
resulting in further weakening of gearing and debt protection
measures.

                        About Genom Biotech

Genom Biotech, promoted by Mr. Binod Kumar, is a manufacturer and
exporter of pharmaceutical formulations. Exports to Ukraine
account for around 90 per cent of its revenues.  The company
manufactures tablets, capsules, injectibles, liquids, syrups and
ointments for various therapeutic segments such as respiratory and
anti-allergy, anti-hypertension, antibacterial, analgesic, anti-
allergics, haematinics and vitamins.  The company has two
manufacturing facilities in Sinnar near Nasik, Maharashtra. Both
the units have export-oriented unit status.

Genom Biotech reported a profit after tax (PAT) of INR195 million
(includes foreign exchange gain of INR73.67 million) on net sales
of INR574 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR52.3 million on net sales of
around INR570 million for 2007-08.


KANDUKURI INDUSTRIES: CRISIL Puts 'BB' Ratings on Term Loan
-----------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to Kandukuri
Industries Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR29.1 Million Cash Credit            BB/Stable (Assigned)
   INR0.9 Million Standby Line of Credit  BB/Stable (Assigned)
   INR41.4 Million Term Loan              BB/Stable (Assigned)

The rating reflects Kandukuri's below-average financial risk
profile, and exposure to risks relating to intense competition in
the textiles industry.  These rating weaknesses are partially
offset by the benefits that Kandukuri receives from its
diversified product mix and promoters' experience in the textile
industry.

Outlook: Stable

CRISIL believes that Kandukuri will maintain a stable credit risk
profile aided by its diversified product mix, and its operational
capabilities.  The outlook may be revised to 'Positive' if the
company's gearing improves, backed by equity infusions from the
promoters or if it's operating margins and realizations increase
leading to improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile weakens considerably, as a result of unanticipated debt-
funded capital expenditure, or significant delays in the
realisations of its receivables.

Set up in 1995, Kandukuri (formerly, Kandukuri Garments Pvt Ltd)
weaves fabrics and manufactures readymade garments primarily
menswear. Further, the company runs Kandukuri Hospitals, a 100-bed
hospital specialising in orthopaedic trauma care and women care in
Kavali (Andhra Pradesh), empanelled under the 'Rajiv Arogyasri
Scheme' of the Andhra Pradesh state government.Kandukuri has
manufacturing capacity of 375,000 pieces per month in the ready
made garment division and has 16 power looms in weaving division.

Kandukuri reported a profit after tax (PAT) of INR8.20 million on
net sales of INR214.66 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.98 million on
net sales of INR199.44 million for 2007-08.


KARLE INTERNATIONAL: CRISIL Puts 'BB' Rating on INR335MM Term Loan
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Karle International Pvt Ltd., part of the Karle group, to
'BB/Stable' from 'BB+/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR35 Million Proposed Working       BB/Stable (Assigned)
              Capital Demand Loan
   INR335 Million Long-Term Loan        BB/Stable (Downgraded from
   (Enhanced from INR322.2 Million)                'BB+/Stable')

   INR500 Million Working Capital       BB/Stable (Downgraded from
   Demand Loan (Enhanced from                      'BB+/Stable')
             INR366.6 Million)

   INR180 Million Letter of Credit      P4+
   and Bank Guarantee Limits
   (Enhanced from INR97.5 Million)

The rating downgrade reflects the significant deterioration in
Karle International's financial risk profile because of conversion
of a large part of the partner's capital into unsecured loans from
promoters, following the incorporation of Karle International from
a partnership firm.  The downgrade also reflects CRISIL's belief
that the Karle group's financial risk profile will remain weak
over the medium term, given the group's high gearing and moderate
debt protection measures.

The ratings also reflect the Karle group's customer concentration
in revenue profile.  These rating weaknesses are partially offset
by the group's strong track record and global clientele, and its
integrated operations with efficient supply-chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Karle International, and LT Karle and
Company (LTK), together referred to as the Karle group.  This is
because the two entities are in the same line of business, have
mutual operational linkages, including fungible cash flows.

Outlook: Stable

CRISIL believes that the Karle group will continue to benefit from
its market position and the healthy growth prospects in the
readymade garment industry.  The outlook may be revised to
'Positive' if the group improves and sustains its operating margin
and capital structure, or significantly diversifies its client
profile. Conversely, pressure on the group's profitability and
debt protection metrics, or fresh, large, debt-funded capital
expenditure by the group, may lead to a revision in the outlook to
'Negative'.

                          About the Group

The Karle group was promoted in 1972 as a fabric-exporting unit by
the late Mr. L T Karle; later on, his sons took over the business
of the group.  The group has expanded into the manufacture of
readymade garments, with four manufacturing units in Bengaluru;
the group has capacity to manufacture around 440,000 pieces of
garments per month.

The Karle group reported a profit after tax (PAT) of INR38.2
million on net sales of INR2.02 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR44
million on net sales of INR1.2 billion in 2007-08.


LT KARLE: CRISIL Assigns 'P4+' Rating on INR250MM Bank Facilities
-----------------------------------------------------------------
CRISIL's ratings on the short-term facility continue to reflect
the Karle group's weak financial risk profile marked by leveraged
capital structure and moderate debt protection measures, and the
customer concentration in its revenue profile.

   Facilities                                Ratings
   ----------                                -------
   INR250.0Million Packing Credit            P4+
   Limits (Enhanced From INR200.0 Mil.)

   INR65.00 Million Letter of Credit &       P4+
   Bank Guarantee (Enhanced From
   INR52.0 Million)

These rating weaknesses are partially offset by the group's strong
track record, global clientele, and integrated operations with
efficient supply-chain management.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LTK and Karle International Pvt Ltd,
together referred to as the Karle group.  This is because the two
entities are in the same line of business, and have mutual
operational synergies, including fungible cash flows.

                          About the Group

The Karle group was promoted in 1972 as a fabric-exporting unit by
the late Mr. L T Karle; later on, his sons took over the business
of the group.  The group has expanded into the manufacture of
readymade garments, with four manufacturing units in Bengaluru;
the group has capacity to manufacture around 440,000 pieces of
garments per month.

The Karle group reported a profit after tax (PAT) of INR38.2
million on net sales of INR2.02 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR44
million on net sales of INR1.2 billion for 2007-08.


NEELKANTH TOWN: ICRA Assigns 'LBB' Rating on INR500MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR500.0 million term
loan and INR25.0 million non-fund based limits of Neelkanth Town
Planners Private Limited.  The outlook on the rating is stable.

   Facilities                            Ratings
   ----------                            -------
   INR500 million fund based limits       LBB
   INR25 million non-fund based limits    LBB

The rating factors in the attractive location of the project, low
approval risk and the fact that a large part of the project
funding has been tied up.  The rating is, however, constrained by
NKTP's limited track record in the real estate sector which along
with the fact that the project is in construction phase leads to
execution risks.  Moreover, considering the sluggish real estate
demand NKTP is exposed to market risk in its un-booked area which
can increase the funding requirement of the project as a part of
construction cost is planned to be met from customer advances.

Incorporate in September 1995, NKTP is promoted by Mr. Praveen
Arora, Dr. Shubham Sogani, Mr. Ankur Arora and TDI Infrastructure
Limited (TDI). NKTP is developing a residential property under the
name of Ourania over 5.1 acre of land in Sector-53, Gurgaon.  The
project location is attractive as it is close to Golf Course Road,
a prime location in Gurgaon.  NKTP has secured the mandatory
approvals for this and the construction work is in progress. The
project is expected to be completed by December 2011.


PENVER PRODUCTS: CRISIL Reaffirms 'B' Rating on INR26MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Penver Products Pvt Ltd
continue to reflect Penver's stretched financial risk profile
marked by high gearing and weak debt protection measures, and its
exposure to risks inherent in the seafood exports industry.  These
rating weaknesses are partially offset by the benefits that Penver
derives from its promoters' industry experience.

   Facilities                            Ratings
   ----------                            -------
   INR26.0 Million Long-Term Loan        B/Stable (Reaffirmed)
   INR63.0 Million Packing Credit        P4 (Reaffirmed)
                           Limits
   INR110.0 Million Bill Discounting     P4 (Reaffirmed)
                         Limits

Outlook: Stable

CRISIL believes that Penver will continue to benefit from its
established relationships with customers.  However, the company's
financial risk profile is likely to remain stretched on account of
large working capital requirements.  The outlook may be revised to
'Positive' if the company scales up operations substantially,
leading to better-than-expected cash accruals and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Penver undertakes a large, debt-funded capex programme, leading to
deterioration in its capital structure, or if its volumes or
margins decline steeply, resulting in weakening of its financial
risk profile.

                       About Penver Products

Established in 1997 as a partnership firm by Mr. Philips Thomas
and Mr. Papachan Francis, Penver was reconstituted as a private
limited company in 1998.  At present, Mr. Thomas and Mr. Vinod
Kumar are the company's directors.  The Kerala-based company
exports seafood such as shrimps, cuttlefish, squid, tuna, and
octopus.

For 2008-09 (refers to financial year, April 1 to March 31),
Penver reported a profit after tax (PAT) of INR5.1 million on net
sales of INR459.6 million, against a PAT of INR5.7 million on net
sales of INR388.4 million for 2007-08.


TATA POWER: Third Quarter Net Profit Up 28% on Low Fuel Costs
-------------------------------------------------------------
The Tata Power Co. announced its financial results for the quarter
ended December 31, 2009.

During the quarter ended December 31, 2009, Tata Power's Revenues
stood at INR1,566.51 Crores as compared to INR1,776.87 Crores in
the corresponding quarter last year.  This decrease is mainly due
to a change in the fuel mix and reduction in fuel prices in Mumbai
Licence Area as compared to the corresponding quarter last year.

During the quarter, sales were marginally up at 3714 MUs as
compared to 3711 MUs in the corresponding period last year.  Hydro
Power Stations generated 328 MUs as compared to 307 MUs in the
corresponding quarter last year.  Haldia reported generation of
167 MUs as compared to 66 MUs in the corresponding quarter last
year.  PH6 attained full load of 120 MW in December 2009.  Wind
Farms generated 59 MUs as compared to 27 MUs in the corresponding
quarter last year.

Profit Before Tax (PBT) for the quarter stood at INR196.27
Crores as against INR126.00 Crores, an increase of 56% in the
corresponding period last year.

Profit After Tax (PAT) for the quarter stood at INR147.89
Crores as against INR115.08 Crores, an increase of 28% in the
corresponding quarter last year.

During the quarter, the Company's customer base grew to 35,576 and
total customer additions stood at 7,124.  The Company received
14,700 applications for changeover customers out of which over
6,257 customers have been changed over.  The total new customer
addition for the year stood at 9,511.  Tata Power - Distribution
has added 20 Circuit Kms. of cable network and 8 Consumer Sub
Station in this quarter.

                         Nine Months Results

Tata Power's Revenues stood at INR5303.22 Crores as compared to
INR5761.88 Crores in the same period last year.  This decrease is
mainly due to a change in the fuel mix and reduction in fuel
prices in Mumbai Licence Area as compared to the corresponding
quarter last year.

During the nine months, operations continue to be robust.  Sales
was up by 6% at 11829 MUs, against 11203 MUs in the corresponding
period last year.  Generation was up by 8% at 12157 MUs.  Hydro
Power Stations generated 1039 MUs as compared to 817 MUs in the
corresponding period previous year.  The Jojobera Thermal Power
Station recorded a generation of 2262 MUs as compared to 2195 MUs
in the corresponding period last year.  Haldia reported generation
of 410 MUs as compared to 89 MUs in the corresponding period last
year. Wind Farms generated 266 MUs as compared to 142 MUs in the
same period last year.

Profit Before Tax (PBT) for the period stood at INR978.80 Crores
up by 40% as against INR701.55 Crores in the corresponding period
last year.

Profit After Tax (PAT) for the period stood at INR708.16 Crores up
by 25% as against INR567.56 Crores in the corresponding period
last year.

                          About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


TRAVANCORE COCHIN: ICRA Rates INR110MM Bank Facilities at 'LB'
--------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR110 million fund based
facilities of The Travancore Cochin Chemicals Limited.  ICRA has
also assigned an A4 rating to the INR10 million fund based limits
and INR70 million non-fund based limits of TCC.

The ratings are constrained by the company's high cost structure
in chlor-alkali operations, the cyclicality inherent in the chlor-
alkali industry, expected pressure on profitability of the caustic
soda business owing to the weakening of the chlor-alkali price
cycle; vulnerability of profitability to import duty levels and
exchange fluctuations; weak financial risk profile of
characterized by an adverse capital structure, significant
contingent liabilities and stretched liquidity.  However, the
ratings factor in strengths of the company such as its established
track record in chlor-alkali business; its status as a sole
caustic soda manufacturer in Kerala catering to the leading
clients within the State; favorable outlook for chlor-alkali
products in the regions operated by the company because of
expansion by the customers; and significant financial support
arising from its State Government ownership; TCC is the sole
chlor-alkali manufacturer in Kerala and caters to leading
customers in Kerala including Kerala Minerals & Metals Ltd (KMML),
Cochin Minerals & Rutile Ltd (CMRL) and Kerala Chemicals &
Proteins Ltd (KCPL), Kerala Water Authority, Fertilizers and
Chemicals Travancore Ltd (FACT), Indian Rare Earths Ltd (IRE),
Kochi Refinery of BPCL and Hindustan Newsprint Ltd (HNL).

                      About Travancore Cochin

The Travancore Cochin Chemicals Ltd is a state level public sector
undertaking owned by Government of Kerala, situated at
Udyogamandal, Cochin.  The company was originally started as
Travancore & Mettur Chemical Co. in 1949 as a partnership between
FACT and Mettur Chemical & Industrial Corporation Ltd by
Seshasayee Brothers with caustic soda production capacity
of 20MTPA. In 1960, Government of Travancore Cochin acquired TMCC
and it was renamed as Travancore Cochin Chemicals Ltd.

TCC manufactures basic industrial chemicals viz., Caustic Soda and
Chlorine products.  Until July 31, 2005, TCC had two manufacturing
units viz: 100 TPD mercury cell caustic soda plant supplied by
Uhde GMbH, Germany in 1975 based on mercury cell technology; and
125 TPD membrane cell caustic soda plant using technology from
Asahi Glass Co. (AGC) Japan; commissioned in 1997.  However,
Mercury cell plant had become unviable due to various factors
including high power consumption, high operating and maintenance
costs and environmental pollution.  Subsequently, it was
decommissioned in July 2004.  To cope with the reduction in
production capacity, TCC had entered into a contract with Uhde
India Ltd to commission two 25 TPD units on a turnkey basis. The
first 25 TPD unit was commissioned in July 2005 and the second
unit was commissioned in August 2006.  Hence, the current
installed capacity is 175 TPD.


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


JAPAN AIRLINES: Bankruptcy Filing Won't Affect Fitch's Ratings
--------------------------------------------------------------
The bankruptcy filing by Japan Airlines Corp. will not impact the
ratings of corporate synthetic collateralized debt obligations,
according to Fitch Ratings.

JAL is referenced globally in one Fitch-rated synthetic CDO out of
a total global universe of 270 corporate synthetic CDOs.  Exposure
to JAL in these transactions is limited due to a combination of
JAL's speculative credit grade and minimal exposure to high yield
corporate credits from the Asia-Pacific region within Fitch-rated
synthetic CDOs.  Additionally, the Fitch-rated transaction with
JAL exposure is a single-tranche CDO with a distressed rating that
is unlikely to be affected by a loss following JAL's credit event
settlement, given its exposure to JAL is less than 1%.

Investment-grade ratings on corporate synthetic CDOs are largely
expected to be stable through 2010.  However, further downgrades
are expected in lower rating categories.  Further defaults or
credit events are expected to erode the thin remaining credit
protection for non-investment-grade tranches, resulting in an
increasing number of 'CCC' and below rated tranches defaulting.

Fitch will continue to carefully monitor underlying corporate
credit migration in Fitch-rated CDOs.  If losses are projected to
exceed expectations, Fitch will take rating action accordingly.


JAPAN AIRLINES: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Eiji Katayama,
                       foreign representative

Chapter 15 Debtor: Japan Airlines Corporation
                   JAL Building
                   2-4-11 Higashi Shinagawa
                   Shinagawa-ku
                   Tokyo
                   Japan

Chapter 15 Case No.: 10-10198

Debtor-affiliates filing separate Chapter 15 petitions:

        Entity                                     Case No.
        ------                                     --------
Japan Airlines International Co., Ltd.             10-10199
JAL Capital Co., Ltd.                              10-10200

Type of Business: 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.

Chapter 15 Petition Date: January 19, 2010

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Foreign
Representative's
Counsel:         Ryan B. Bennett, Esq.
                 Kirkland & Ellis, LLP
                 300 North LaSalle
                 Chicago, IL 60654
                 Tel: (312) 862-2000
                 Fax: (312) 862-2200
                 Email: rbennett@kirkland.com

Japan Counsel
to Foreign
Representative:  Naho Ebata
                 Abe, Ikubo & Katayama
                 Fukuoka Building, 9th Floor
                 2-8-7 Yaesu, Chuo-Ku
                 Tokyo 104-0028 Japan
                 Tel: 81 3 3273 2600
                 Fax: 81 3 3273 2033
                 http://www.aiklaw.co.jp

Chapter 15
Case Claims
Agent:           Kurtzman Carson Consultants LLC
                 2335 Alaska Avenue
                 El Segundo, CA 90245
                 Tel: 877-770-0497


Estimated Assets: More than $1,000,000,000

Estimated Debts: More than $1,000,000,000


JAPAN AIRLINES: Files to Reorganize in Tokyo and NYC
----------------------------------------------------
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Starting October 2009, the Debtors engaged in advance
consultations regarding possible debt restructuring with the
Enterprise Turnaround Initiative Corporation of Japan, a fund
established to help revive firms with state-guaranteed loans. In
discussions with ETIC, ultimately it was determined that a court-
supervised restructuring would provide the Debtors' the best
opportunity to restructure their debt and return to profitability.

To effectuate this restructuring, the Debtors voluntarily filed
for the commencement of a corporate reorganization proceeding with
the Tokyo District Court under the Corporate Reorganization Act of
Japan on January 19, 2010.  In the Japan Proceeding, the Debtors
intend to obtain the approval of the relevant affected creditors,
and confirmation by the Tokyo District Court, of a debt
restructuring plan.

To ensure sufficient liquidity to maintain their businesses and
safe flight operations without disruption during the pendency of
the Japan Proceeding, the Debtors have entered into an agreement
pursuant to which ETIC and the Development Bank of Japan have
committed to provide approximately $5 billion of postpetition
financing to effectuate the reorganization.

                         Tokyo Proceedings

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., filed January 19 -- jointly with the
Development Bank of Japan Japan Bank for International
Cooperation, Mizuho Corporate Bank, Ltd., The Bank of Tokyo-
Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation -- an
application to the Enterprise Turnaround Initiative Corporation of
Japan for support for its restructuring and received the decision
from ETIC to provide support.

In addition, JAL filed the petitions for commencement of corporate
reorganization proceedings with the Tokyo District Court.  The
Court entered an order commencing the proceedings and appointed
ETIC and Eiji Katayama, Esq., as reorganization trustees.
With respect to the certified alternative dispute resolution
procedures as prescribed in the Act on Special Measures for
Revitalization of Industrial Vitality and Innovation of Industrial
Activities that JAL had begun, the termination of those procedures
was decided by the Japanese Association of Turnaround
Professionals, a private operator of the Turnaround ADR Procedure,
prior to the filing of the petitions for commencement of corporate
reorganization proceedings.

The Trustees obtained comprehensive Court approval authorizing
JAL's continued payment of certain commercial transaction claims,
including payments for fuel and other supplies and services, as
well as leases and other related obligations.  Also, JAL will be
able to obtain the DIP financing from DBJ and ETIC.

JAL said in a press release that the continuation of group's
flight operations will not be interrupted and our safe flight
operations will be surely performed.  IT said that customers'
airline tickets and frequent flyer miles will be fully protected
and the frequent flyer program is expected to be continued as it
has been conducted.

A full-text copy of JAL's news release is available for free at:

   http://press.jal.co.jp/en/release/201001/001432.html

                       Chapter 15 Petition

Aside from Japan Airlines Corp. Japan Airlines International Co.,
Ltd. and JAL Capital Co., Ltd. also filed Chapter 15 petitions.

To ensure the effective and economic administration of the
Debtors' restructuring efforts, the Debtors say they require the
protection afforded to foreign debtors pursuant to chapter 15 of
the Bankruptcy Code for their valuable assets in the United
States.

The Debtors want the U.S. Court to hold that Japan Proceeding is a
"foreign main proceeding" within the meaning of Section 1502(4) of
the Bankruptcy Code, as each of the Debtors is a Japanese company
having a substantial connection to Japan, and having its center of
main interest in Japan.

The New York court will assist the court in Japan by stopping
creditor actions in the U.S.  The New York court, following
hearings, is expected to enter preliminary and permanent
injunctions against creditor actions in the U.S.

Immediately upon the recognition of a foreign main proceeding, the
automatic stay and selected other provisions of the Bankruptcy
Code take effect within the United States.  The foreign
representative is also authorized to operate the debtor's business
in the ordinary course.  The U.S. court is authorized to issue
preliminary relief as soon as the petition for recognition is
filed.

Ryan B. Bennett, Esq., at Kirkland & Ellis, LLP, represents the
Chapter 15 debtors.

The Chapter 15 petition says assets and debts both exceed $1
billion.

                             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: S&P Changes Corporate Credit Rating to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services revised to 'D' from 'SD' its
long-term corporate credit ratings on Japan Airlines Corp. and
Japan Airlines International Co.  Ltd., JAL's wholly owned
subsidiary.  Standard & Poor's also lowered its senior unsecured
debt ratings on the companies to 'D' from 'CC' and removed the
ratings from CreditWatch, where they were placed with negative
implications on Jan. 13, 2010.  These rating actions follow the
filing by the companies with the Tokyo District Court under the
Corporate Reorganization Act.  The debt ratings were placed on
CreditWatch with negative implications on Sept. 18, 2009, and the
placement was maintained after downgrades on Oct. 16 and Nov. 4.
On Nov. 13, 2009, the ratings were lowered again and placed on
CreditWatch, this time with developing implications.  On Jan. 13,
2010, the ratings were lowered, and the CreditWatch status was
revised to negative.  The debt issued by JAL is guaranteed by
Japan Airlines International.

JAL will likely finalize its reorganization plan in about six
months, with the full support of the Enterprise Turnaround
Initiative Corporation of Japan.  When JAL's reorganization plan
is approved, Standard & Poor's will review its ratings on both
companies based on the group's debt servicing ability.  As part of
this process Standard & Poor's will closely examine passenger
revenue projections, the feasibility of plans to reduce personnel
numbers, fuel and other costs, and financing plans.


JAPAN AIRLINES: Sojitz Writes Off JPY15-Bil. Investment
-------------------------------------------------------
Patrick Rial and Ichiro Suzuki at Bloomberg News report that
Sojitz Corp., a Japanese trading company, wrote off a JPY15
billion (US$165 million) investment in Japan Airlines Corp.,
becoming the first of 14 partner companies to take a charge on
their preferred stock in the bankrupt carrier.

Citing Sojitz's statement distributed through the Tokyo Stock
Exchange yesterday, Bloomberg says the Tokyo-based trading company
is assessing the effect of the loss on its earnings.

According to Bloomberg, Japan Airlines received a total of
JPY151.5 billion in February 2008 from affiliated trading houses,
banks and energy companies, including Sojitz, Mizuho Financial
Group Inc. and Mitsui & Co., to help shore up finances.  Bloomberg
says the writeoff by Sojitz represents more than half its
projected net income of JPY27 billion for the year ending
March 31.

Koichi Sakurada, senior managing director of the Enterprise
Turnaround Initiative Corp., Japan Airlines' bankruptcy trustee,
said Tuesday that preferred shareholders will face a 100% capital
reduction under the rehabilitation plan, Bloomberg relates.

Meanwhile, Japan's corporate revitalization body may hire Nomura
Holdings Inc. and Deutsche Bank AG to advise on Japan Airlines
Corp.'s JPY2.32 trillion (US$25.6 billion) bankruptcy, Bloomberg
News reports citing three people familiar with the plan.

According to the report, the people said the Enterprise Turnaround
Initiative Corp. of Japan may appoint Nomura and Deutsche's
investment banking units to help return the Japan's biggest
carrier to profitability.

JAL filed for bankruptcy protection from creditors at Tokyo
District Court on January 19, 2010, with JPY2.32 trillion in
liabilities.

                             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.


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


KIA MOTORS: Reaches Tentative Wage Deal with Workers
----------------------------------------------------
Yonhap News reports that Kia Motors Corp. and its unionized
workers have reached a tentative wage deal, a last-minute
agreement that would avert a full-scale strike at South Korea's
second-largest automaker.

Under the tentative deal, subject to approval by ordinary
unionists in a vote later, the management agreed to pay a special
bonus worth 300 percent of employees' basic monthly pay and a cash
bonus of KRW5 million, Yonhap says.

Yonhap relates company officials said unionized workers canceled
their plan to stage a full-scale strike and returned to work late
Tuesday night, after agreeing to the deal.  The vote to approve
the wage deal is scheduled to be held today, January 21, they
added.

As reported in the Troubled Company Reporter-Asia Pacific on
January 11, 2010, Kia Motors' unionized workers staged a partial
strike to protest the management's wage proposal.  About 28,000
workers at Kia laid down their tools for four hours a day starting
on January 11 at the company's three domestic plants.

Yonhap said the union was demanding Kia pay a hefty bonus and
other one-time payouts received by Hyundai workers.

Citing media reports, Yonhap said Kia offered to pay a 300% bonus
plus a one-time payout of KRW4.6 million in return for freezing
wages for 2010, but the union refused the offer.

                         About Kia Motors

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.

Profit After Tax (PAT) for the quarter stood at INR147.89 Crores
as against INR115.08 Crores, an increase of 28% in the
corresponding quarter last year.


KUMHO ASIANA: Lays Off 30% Executive Staff
------------------------------------------
Kumho Asiana Group said it has reduced the number of its
executives by 30% to show its willingness to implement strong
reforms that will help it resolve liquidity woes, Yonhap News
reports.

Yonhap relates that Kumho Asiana dismissed seven presidents at its
affiliates on Tuesday.  The job cuts have lowered the number of
executives at the group to 159 from 228, it said.

The reduction is 10 percentage points higher than the 20% cut
envisioned under a self-rescue program announced by the group on
January 5, Yonhap says.

As reported in the Troubled Company Reporter-Asia Pacific on
January 7, 2010, Yonhap News said creditor banks of Kumho
Industrial agreed to freeze debt repayments by the builder for
three months.  During the period, the creditors will come up with
a plan to put Kumho Industrial back on track after a due diligence
is conducted on the builder.  According to Yonhap, Woori Bank said
Kumho Industrial will be required to carry out a self-rescue plan
that includes the sale of non-core assets and cost-cutting efforts
in return for the three-month debt freeze.  The creditors plan to
provide fresh loans to Kumho Industrial to help revive the company
as soon as possible, Yonhap added.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                       About Kumho Asiana

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


SSANGYONG MOTOR: Hires Two Former Hyundai Executives
----------------------------------------------------
Ssangyong Motor Co. said it has hired two former executives of
Hyundai Motor Co. as part of efforts to revitalize its troubled
business and ensure the company's survival, according to Yonhap
News.

Choi Johng-sik, who served as executive vice president of
Hyundai's U.S. unit, will be in charge of Ssangyong's global
marketing division, Yonhap says.  Lee Jae-wan, former chief of
Hyundai's product development, will serve in the same position at
Ssangyong.

According to the news agency, company officials said that the two
former executives of Hyundai will be responsible for marketing and
sales of Ssangyong's new crossover vehicle C200.  "We expect the
two executives to play a big role in normalizing the company's
management," an official at Ssangyong was quoted by Yonhap as
saying.

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

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

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

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

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


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


EKRAN BERHAD: Bursa to Delist Securities on January 28
------------------------------------------------------
The Bursa Malaysia Securities Berhad will delist the securities of
Ekran Berhad on January 28, 2010, after the company failed to
submit its regularization plan by the December 4, 2009 deadline.
Bursa Malaysia has also rejected the company's application for
further extension of time.

The Company's securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities.  It is not mandatory for
the securities of a company which has been de-listed to be
withdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold their
securities in the form of physical certificates can withdraw these
securities from their Central Depository System (CDS) accounts
with Bursa Depository, at anytime after the securities of the
company are de-listed from the Official List of Bursa Securities.
This can be effected by the shareholders submitting an application
form for withdrawal in accordance with the procedures prescribed
by Bursa Depository.

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

                        About Ekran Berhad

Ekran Berhad is a Malaysian company engaged in investment holding
and the provision of management services to its subsidiary
companies. Through its subsidiaries, the company is engaged in
property development; the provision of property management
services; timber logging and saw milling; the sale of timber
products, and the operation of oil palm plantations. The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

                           *     *     *

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when auditors expressed a disclaimer
opinion on the company's audited financial report for the
financial year ended June 30, 2005, and for defaulting on various
credit facilities.


RHYTHM CONSOLIDATED: Bourse to Suspend Securities on January 28
---------------------------------------------------------------
The Bursa Malaysia Securities Berhad has rejected Rhythm
Consolidated Berhad's application for an extension of time to
submit plan to regularize its financial conditions to the relevant
authorities for approval.  Thus, the trading of the securities of
Rhythm will be suspended starting January 28, 2010.

The Company intends to submit an appeal to Bursa Securities for
reconsideration.

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


TRIPLC BERHAD: Earns MYR250,000 in Quarter Ended November 30
------------------------------------------------------------
Triplc Bhd posted a net profit of MYR250,000 on MYR39.75 million
of revenues in the second quarter ended Nov. 30, 2009, compared
with a net profit of MYR1.30 million on MYR64.59 million of
revenues in the same period in 2008.

As of Nov. 30, 2009, Triplc Bhd's unaudited balance sheet showed
total assets of MYR271.03 million and total liabilities of
MYR237.42 million.  Shareholders' equity in the company totaled
MYR33.61 million.

Triplc Bhd's balance sheet as at Nov. 30, 2009, also showed
strained liquidity with current assets of MYR165.84 million,
available to pay current liabilities of MYR220.74 million.

                           About TRIPLC

TRIPLC Berhad operates in four segments: property development,
which is engaged in the development of residential and
commercial properties; property construction, which is involved
in the construction of commercial properties; manufacturing and
trading, engaged in the manufacturing and trading of plywood,
blockboard and timber products, and others, which is engaged in
investment holding and investment of property.

On May 8, 2006, the company was classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa
Malaysia Securities Bhd.  Accordingly, as stipulated in the
listing requirements of the bourse, the company is required to
submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


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


BOTRY-ZEN LTD: Local, Foreign Buyers Eye Botry-Zen
--------------------------------------------------
The National Business Review reports that several parties, both
from New Zealand and abroad, are interested in buying Botry-Zen
Ltd.

NBR says the receivers WHK won't say who but hope to issue an
information memorandum by the end of January to those parties
interested in buying Botry Zen as a going concern.

According to the report, WHK principal Matt Taylor said it was
working with several parties and the product had a lot of support.

"We're certainly getting positive feedback from customers," Mr.
Taylor told NBR.  "We have continued to trade and have the Botry
Zen product in the market, we're selling and keeping customers
happy while we work through the detail."

Receivers would have a better idea by mid-February of Botry Zen's
debt and unsecured creditors, Mr. Taylor added.

Detailed discussions were also underway with several interested
parties in Europe, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
December 28, 2009, Botry-Zen Ltd. has requested its bankers, Bank
of New Zealand Limited, to appoint receivers.  The move comes
after the company failed to raise a minimum of NZ$1.5 million
under the Share Purchase Plan offering and other funding
opportunities.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.


GLOBAL BULBS: Talks on Asset Sale Ongoing
-----------------------------------------
Negotiations for the sale of Global Bulbs' assets were under way
but whatever the sale realizes would fall well short of what was
owed to secured creditors, The Southland Times reports citing
company receiver Peter Heenan.

As reported in the Troubled Company Reporter-Asia Pacific on
October 15, 2009, West Otago-based horticulture company Global
Bulbs Ltd. was placed in court-ordered liquidation.

The company, owned by Gore accountant Alan MacDonald, of MacDonald
Pearce Perniskie, and Roy Smak, has been operating from the
Tapanui site of Tulip International Ltd., which went into
receivership in 2004 owing about NZ$3.6 million.

PricewaterhouseCoopers' liquidator Malcolm Hollis said Global
Bulbs had bought the business and assets of Tulip International.

The Southland Times says Global Bulbs was put into receivership
two months later by Tulip International, a secured creditor.

Citing liquidators' report, the Times discloses that Tulip
International was one of three secured creditors who were owed a
total of $432,499.  Global Bulbs also owed $818,826 to unsecured
creditors, the Times says.

According to the Times, Mr. Heenan, of WHK, said Tulip
International placed Global Bulbs into receivership to realize
what it can from its interests.

The Times relates Mr. Heenan hoped to complete sale negotiations
within a week or two.  Assets included property, plant and
equipment and bulbs in the ground, he said.

Global Bulbs Limited -- http://www.globalbulbs.co.nz/--is a
wholesale/retail cut flower and bulb enterprise located in West
Otago in the South of the South Island of New Zealand.


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


BENGUET CORP: Losses Right to Develop Kingking Copper-Gold Project
------------------------------------------------------------------
BusinessWorld Online reports that Benguet Corp. has lost the right
to complete the Kingking copper-gold project in Southern Mindanao
given the lack of project development in the past 12 years.

"This department remains unsatisfied with [Benguet's] efforts to
complete the mineral exploration activities in the contract area,"
the report cited the Environment department as saying in a letter
to Benguet and partner Nationwide Development Corp. (Nadecor)
dated Jan. 15.

Kingking, located in Pantukan town, Compostela Valley, has
reserves of about 353 million metric tons (MT) of ore containing
0.385% copper grade and 0.439 grams of gold per MT.  It is one of
the priority mining projects of the government, which is aiming to
raise $11 billion in mining investments by 2013.

Acting Environment Secretary Eleazar P. Quinto told BusinessWorld
that "We have to take advantage of higher copper and gold prices."

According to the report, Reymond H. Ricafort, financial consultant
of Nadecor, said the firm would invest US$43.5 million to complete
the exploration and feasibility study and US$1.3 billion to start
commercial operations.

Reynaldo P. Mendoza, vice-president for finance and corporate
secretary of Benguet, told BusinessWorld in a phone interview that
Benguet remains the operator of the project.  "There is no mention
that we are no longer the partner. The operating agreement is
maintained," he said.

                            About Benguet

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


UNIWIDE HOLDINGS: Technically Insolvent; SEC Rules Out Revival
--------------------------------------------------------------
The Securities and Exchange Commission has ruled out reviving the
Uniwide Sales Group of Companies, saying its rehabilitation plan
was not feasible, and that the company could no longer meet debt
obligations, GMANews.TV reports.

"There are ample grounds to show that [Uniwide is] now insolvent
and we are fully persuaded that the petitioners' enterprise can no
longer be revived," the report cited a SEC resolution.

According to the report, the SEC said the group was now
"technically insolvent."  It noted that over the past decade,
changes in strategies to make the company profitable again have
failed, resulting in gargantuan losses.

                    About Uniwide Holdings Inc.

Uniwide Holdings Inc. (UW) was incorporated on September 15,
1994 primarily to engage in the business of investment by way of
acquisition, transfer, exchange or disposal of real or personal
property.  The company started commercial operations on July 1,
1995.  UW was established to act as the franchisor of the
retail/wholesale stores that trade under the name Uniwide Sales,
and to consolidate the real estate interests of the Gow Family.
The company is currently the franchisor of five Uniwide Sales
Warehouse Clubs and one Uniwide Sales Department Store.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

At that time, it still had eight warehouse clubs and two
department stores with total assets of PHP19.864 billion and
liabilities worth PHP11.101 billion, according to GMANews.TV.
By the end of 2008, Uniwide was operating only five warehouse
clubs and a department store.  At the end of September 2009, the
group's assets stood at PHP2.726 billion, while liabilities
further increased to PHP12.292 billion.


                         *********

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

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

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


                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

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

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





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