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                     A S I A   P A C I F I C

           Monday, February 1, 2010, Vol. 13, No. 021

                            Headlines



A U S T R A L I A

LV LIVING: JP McLeod Appointed as Liquidator


C H I N A

FORD MOTOR: Suspends Production of Commercial Van in China
PANZHIHUA NEW STEEL: To Post CNY1.4 Billion Net Loss in 2009


H O N G  K O N G

SHEEN GEOTECHNICS: Lui and Lau Step Down as Liquidators
SKY SUCCESS: Court to Hear Wind-Up Petition on February 24
SONIC BATTERY: Lui and Leung Appointed as Liquidators
SOTYING LIMITED: Chan Sing Kwong Joseph Appointed as Liquidator
SPWR LIMITED: Liu and Kwan Appointed as Liquidators

STUBBINGTON LIMITED: Members' Final Meeting Set for February 26
TEXCOTE TECHNOLOGY: Court to Hear Wind-Up Petition on March 10
TIN LUNG: Creditors' Meeting Set for February 2
TOPSTYLE PRINTING: Court Enters Wind-Up Order
TRUMP WISDOM: Court to Hear Wind-Up Petition on February 10

UNICHEM ENTERPRISES: Lui and Lau Appointed as Liquidators
UNI-TECHNIC COMPANY: Annual Meetings Set for February 24
UNOCO (HONG KONG): Creditors' Proofs of Debt Due February 12
WAH YING: Creditors' Proofs of Debt Due February 12
WING WO: Contributories and Creditors to Meet on February 24

WINSHAN CONSTRUCTION: Annual Meetings Set for February 25
ZOTOS INVESTMENT: Annual Meetings Set for February 24


I N D I A

ABHEDYA INDUSTRIES: CRISIL Rates INR67.8MM Term Loan at 'BB-'
ALLIANCZ POLY-CHEM: CRISIL Puts 'B-' Rating on INR1.5 Mil. LT Loan
AMAZON WOOD: CRISIL Assigns 'B+' Rating on INR45MM Cash Credit
AMBARWADIKAR & CO: CRISIL Assigns 'BB+' Rating on Various Debts
AMIT COTTONS: CRISIL Puts 'BB+' Rating on INR354.5MM Term Loan

ANANYA HOSPITAL: CRISIL Reaffirms 'B' Rating on INR96.3MM LT Loan
KANCOR COLOURS: CRISIL Assigns 'C' Rating on INR35MM Term Loan
PRIYADARSHI MOTORS: CRISIL Places 'BB' Rating on INR25MM Term Loan
RANA OIL: CRISIL Assigns 'B' Rating on INR100 Mil. Cash Credit
SANGRUR AUTOS: CRISIL Rates INR90 Mil. Cash Credit Limit at 'BB'

SAS HOTELS: CRISIL Assigns 'B' Ratings on Various Bank Facilities
SHIVANSHU SINTERED: Delay in Debt Servicing Cues CRISIL 'D' Rating
SHREE SARASWATI: CRISIL Rates 'B+' Rating on INR73.7MM Term Loan
SHREE SHYAM: CRISIL Assigns 'BB' Rating on INR45MM Cash Credit
SUMIT EXPORTS: CRISIL Assigns 'P4+' Rating on Various Bank Debts

TATA STEEL: To Invest INR5,700cr in Expansion Projects
WOCKHARDT LTD: Told to Disclose Asset-Sale Plan to Foreign Lenders


I N D O N E S I A

CP PRIMA: In Talks with Bondholders on Bond Payments


J A P A N

CINEQUANON CO: Files for Bankruptcy Amid JPY4.7-Bil. Debt Load
HANKYU HANSHIN: To Close Central Kyoto Outlet
JAPAN AIRLINES: Delta, Skyteam Continue Talks, Backs Restructuring
JAPAN AIRLINES: Trading Firms May Book JPY80-Bil. One-Time Loss
JAPAN AIRLINES: Cargo Unit's Merger with Nippon Yusen Put off

PROMISE CO: To Cut 30% Workforce, Close Outlets
SPANSION INC: Receives OK to Transfer Unit to Elpida


K O R E A

HYNIX SEMICONDUCTOR: Zero Bids Prompt Creditors to Explore Options


N E W  Z E A L A N D

AIR NEW ZEALAND: December 2009 Passenger Load Down 2.6%
CRAFAR FARMS: Four Daily Farms in Receivership Sale
MORTGAGES BY DESIGN: Goes Into Liquidation; Faces Investigations


S I N G A P O R E

CMS TEXTILE: Court Enters Wind-Up Order
HSING-HUA AVIATION: Court to Hear Wind-Up Petition on February 19
MICRONAS SOUTH: Creditors' Proofs of Debt Due March 1
STRATEGEM TECHNOLOGIES: Court Enters Wind-Up Order
TRANSBILT ENGINEERING: Creditors Get 55% Recovery on Claims

URBAN CORPORATION: Creditors Get 18.481% Recovery on Claims
VALAS PTE: Creditors' Proofs of Debt Due March 1


X X X X X X X X

* Airline Passenger Traffic Fell the Most in 2009, IATA Says




                         - - - - -


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


LV LIVING: JP McLeod Appointed as Liquidator
--------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed on
January 25, 2010, as liquidator of LV Living Limited.

Mr. McLeod said in a statement to the Australian stock exchange
that there is no likelihood that shareholders will receive any
distribution in the winding up of the company.

LV Living was also placed in administration on December 9, 2009,
with David Michael Stimpson and Paul Desmond Sweeney of SV
Partners acting as joint and several administrators of the
company.

LV Living Limited is an Australia-based company.  The Company
participates in the development and management of over 55's
supported living accommodation.


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


FORD MOTOR: Suspends Production of Commercial Van in China
----------------------------------------------------------
Bloomberg News reports that a Ford Motor Co. venture suspended
production of a full-size commercial van in China as it
investigates accelerator pedals made by CTS Corp., the supplier
involved in Toyota Motor Corp.'s vehicle recall.

Said Deep, a spokesman for Ford, told Bloomberg in an interview
that CTS-built pedal assemblies were used in 1,663 Transit Classic
vans made by the venture with Jiangling Motors Corp. in Nanchang,
China.  The venture began using the CTS part in December for the
vans, which are sold only in China, he said.

Bloomberg relates CTS Chief Executive Officer Vinod M. Khilnani
said on a conference call that the pedals in the Ford vans aren't
the same as those built for Toyota.  Mr. Khilnani said Toyota
pedals were made to automaker specifications and CTS doesn't
believe it has liability, according to Bloomberg.

As widely reported, Toyota said it is suspending the U.S. sale and
production of eight models involved in an earlier recall.  Those
models account for more than half its U.S. deliveries and include
top-selling Camry and Corolla cars.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on Nov. 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


PANZHIHUA NEW STEEL: To Post CNY1.4 Billion Net Loss in 2009
------------------------------------------------------------
Panzhihua New Steel and Vanadium Co. said Friday it expects to
report a CNY1.4 billion ($205 million) net loss in 2009, according
to Xinhua News.

Citing Panzhihua's statement to the Shenzhen Stock Exchange, the
news agency discloses that the company said it suffered losses of
more than CNY454 million in 2008.

The report relates Panzhihua New Steel, which was hit by a massive
earthquake in May 2008, said losses in 2009 were attributable to:

   * post-quake reconstruction of its subsidiaries in quake-
     ravaged Chengdu and Jiangyou cities; and

   * falling prices of such products as steel, vanadium and
     Titanium.

By reporting losses for two consecutive years, the company, which
was listed in 1996, is set to be marked with an ST prefix by the
Shenzhen Stock Exchange, which means a delisting warning for its
investors, Xinhua notes.

China-based Panzhihua New Steel & Vanadium Company Limited is
principally engaged in the manufacture and sale of iron, steel and
vanadium products.  The Company produces section and wire rod
products, hot rolled products, cold rolled products and vanadium
products.  The Company is also involved in the production of
oxygen, hydrogen, nitrogen, argon and steam.


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


SHEEN GEOTECHNICS: Lui and Lau Step Down as Liquidators
-------------------------------------------------------
Kennic Lai Hang Lui and Lau Wau Kwai King Lauren stepped down as
liquidators of Sheen Geotechnics & Foundations Limited on Jan. 4,
2010.

The company's liquidators are:

          Kennic Lai Hang Lui
          Lau Wau Kwai King Lauren
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


SKY SUCCESS: Court to Hear Wind-Up Petition on February 24
----------------------------------------------------------
A petition to wind up the operations of Sky Success Management
Limited will be heard before the High Court of Hong Kong on
February 24, 2010, at 9:30 a.m.


SONIC BATTERY: Lui and Leung Appointed as Liquidators
-----------------------------------------------------
Lui Chi Kit and Leung Ka Man on January 15, 2010, were appointed
as liquidators of Sonic Battery Company Limited.

The liquidators may be reached at:

         Lui Chi Kit
         Leung Ka Man
         JCG Building, Unit A, 14/F
         16 Mongkok Road
         Mongkok, Kowloon
         Hong Kong


SOTYING LIMITED: Chan Sing Kwong Joseph Appointed as Liquidator
---------------------------------------------------------------
Chan Sing Kwong Joseph on January 12, 2010, was appointed as
liquidator of Sotying Limited.

The liquidator may be reached at:

         Chan Sing Kwong Joseph
         Julimount Garden
         Flat B, 5th Floor, Block 2
         8-12 Fu Kin Street
         Tai Wai, Shatin
         New territories, Hong Kong


SPWR LIMITED: Liu and Kwan Appointed as Liquidators
---------------------------------------------------
Liu Chi Tat Stephen and Kwan Pak Kong on January 11, 2010, were
appointed as liquidators of SPWR Limited.

The liquidators may be reached at:

         Liu Chi Tat Stephen
         Kwan Pak Kong
         C C Wu Building, Rm. 1304, 13/F
         302-308 Hennessy Road
         Wanchai, Hong Kong


STUBBINGTON LIMITED: Members' Final Meeting Set for February 26
---------------------------------------------------------------
Members of Stubbington Limited will hold their final meeting on
February 26, 2010, at 11:00 a.m., at the 23/F, Tung Hip Commercial
Building, 244 Des Voeus Road Central, in Hong Kong.

At the meeting, James Anthony Frank Wadham and Andrew Morisson
Paul, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


TEXCOTE TECHNOLOGY: Court to Hear Wind-Up Petition on March 10
--------------------------------------------------------------
A petition to wind up the operations of Texcote Technology
(International) Limited will be heard before the High Court of
Hong Kong on March 10, 2010, at 9:30 a.m.


TIN LUNG: Creditors' Meeting Set for February 2
-----------------------------------------------
Creditors of Tin Lung Headwear Manufacturing Limited will hold
their meeting on February 2, 2010, at 4:00 p.m., for the purposes
provided for in Sections 241, 242, 243, 244 of the Companies
Ordinance.

The meeting will be held at the Unit 1402, 14th Floor, Yue Xiu
Building, 160-174 Lockhart Road, Wanchai, in Hong Kong.


TOPSTYLE PRINTING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order December 21, 2009, to
wind up the operations of Topstyle Printing Equipment Limited.

The company's liquidator is Mat Ng.


TRUMP WISDOM: Court to Hear Wind-Up Petition on February 10
-----------------------------------------------------------
A petition to wind up the operations of Trump Wisdom Limited will
be heard before the High Court of Hong Kong on February 10, 2010,
at 9:30 a.m.

Alliance Engineering Co. Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Lau & Ngan
          Hopewell Centre, Room 2504-05
          25th Floor
          183 Queen's Road East
          Wanchai, Hong Kong


UNICHEM ENTERPRISES: Lui and Lau Appointed as Liquidators
---------------------------------------------------------
Kennic Lai Hang Lui and Lau Wau Kwai King Lauren on Oct. 20, 2009,
were appointed as liquidators of Unichem Enterprises Company
Limited.

The liquidators may be reached at:

          Kennic Lai Hang Lui
          Lau Wau Kwai King Lauren
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


UNI-TECHNIC COMPANY: Annual Meetings Set for February 24
--------------------------------------------------------
Members and creditors of Uni-Technic Company Limited will hold
their annual meetings on February 24, 2010, at 10:00 a.m., and
10:30 a.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNOCO (HONG KONG): Creditors' Proofs of Debt Due February 12
------------------------------------------------------------
Creditors of Unoco (Hong Kong) 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's liquidators are:

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


WAH YING: Creditors' Proofs of Debt Due February 12
---------------------------------------------------
Creditors of Wah Ying Electronic Company 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's liquidators are:

          Kennic Lai Hang Lui
          Lau Wau Kwai King Lauren
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


WING WO: Contributories and Creditors to Meet on February 24
------------------------------------------------------------
Contributories and creditors of Wing Wo Frozen Company Limited
will hold their first meetings on February 24, 2010, at 2:30 p.m.,
and 3:00 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord,
30 Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


WINSHAN CONSTRUCTION: Annual Meetings Set for February 25
---------------------------------------------------------
Members and creditors of Winshan Construction Company Limited will
hold their annual meetings on February 25, 2010, at 2:30 p.m., and
3:00 p.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZOTOS INVESTMENT: Annual Meetings Set for February 24
-----------------------------------------------------
Members and creditors of Zotos Investment Limited will hold their
annual meetings on February 24, 2010, at 11:00 a.m., and 11:30
a.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


ABHEDYA INDUSTRIES: CRISIL Rates INR67.8MM Term Loan at 'BB-'
-------------------------------------------------------------
CRISIL's ratings on Abhedya Industries Ltd's bank facilities
continue to reflect Abhedya's weak financial risk profile, and
small scale of operations.  These weaknesses are partially
mitigated by Abhedya's moderately integrated operations backed by
its value-added metallizing unit and healthy operating margins.

   Facilities                     Ratings
   ----------                     -------
   INR67.8 Million Term Loan      BB-/Stable (Reaffirmed)
   INR64.7 Million Proposed       BB-/Stable (Reaffirmed)
                  Term Loan
   INR62.5 Million Cash Credit    BB-/Stable (Reaffirmed)
   INR80.0 Million Letter of      P4+ (Reaffirmed)
                      Credit

Outlook: Stable

CRISIL believes that Abhedya will maintain its moderate business
risk profile and healthy operating margins.  The outlook may be
revised to 'Positive' if Abhedya improves its profitability and
increases its net worth, resulting in improved debt protection
indicators.  Conversely, the outlook may be revised to 'Negative'
if the company's profitability declines, resulting in further
weakening of its financial risk profile, or if Abhedya provides
funding support to its group companies.

                     About Abhedya Industries

Established in 2004 by the Agarwal family, Abhedya manufactures
bi-axially oriented polypropylene (BOPP) film that is converted to
metallized and laminated sheets and foil.  The company, a part of
the Dukes group, supplies about 30 per cent of its production to
its group company, Dukes Foods Ltd. For 2008-09 (refers to
financial year, April 1 to March 31), Abhedya reported a profit
after tax (PAT) of INR11.00 million on net sales of INR465.6
million, as against a PAT of INR12.88 million on net sales of
INR420 million for 2007-08.


ALLIANCZ POLY-CHEM: CRISIL Puts 'B-' Rating on INR1.5 Mil. LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Alliancz Poly-Chem
Overseas Ltd's bank facilities.

   Facilities                     Ratings
   ----------                     -------
   INR120.0 Million Cash Credit   B-/Negative (Assigned)
                          Limit
   INR1.5 Million Proposed Long   B-/Negative (Assigned)
        Term Bank Loan Facility

The rating reflects APCL's high gearing, weak debt protection
measures, large inventory, high receivables, and small scale of
operations.  These rating weaknesses are partially offset by the
company's diversified product portfolio, which mitigates the risk
of downturn in any one single product category.

Outlook: Negative

CRISIL believes APCL's liquidity may deteriorate further, given
the company's increasing working capital requirements; the company
has overdrawn its bank lines on several occasions in the recent
past.  The rating may be downgraded in case of steep deterioration
in APCL's liquidity.  Conversely, the outlook may be revised to
'Stable' if there is improvement in its liquidity.

                     About Alliancz Poly-Chem

Set up in 1992 as a proprietary concern by Mr. Raajhivv Gulaati,
APCL (formerly Alliancz Overseas) was converted into a public
company in 2003. APCPL trades in industrial chemicals, liquid
paraffin, glycerine, and ittar.

APCPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR412.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against INR3.0million and INR808.9 million
for 2007-08.


AMAZON WOOD: CRISIL Assigns 'B+' Rating on INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Amazon Wood Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR45.0 Million Cash Credit     B+/Stable (Assigned)
   INR7.5 Million Long Term Loan   B+/Stable (Assigned)
   INR87.5 Million Letter of       P4 (Assigned)
                     Credit

The ratings reflect AWPL's weak financial risk profile, marked by
small net worth, high gearing and weak debt protection metrics,
small scale of operations in the intensely competitive pre-
laminated boards industry, lack of backward integration in
operations, and large working capital requirements.  These rating
weaknesses are partially offset by AWPL's promoter's industry
experience, and the benefits that the company is expected to
derive from the healthy growth prospects in the pre-laminated
board industry.

Outlook: Stable

CRISIL believes that AWPL's scale of operations will remain small
and its financial risk profile, weak, over the medium term because
of the company's large working capital requirements and subdued
cash accruals. The outlook may be revised to 'Positive' if AWPL
improves its financial risk profile, particularly operating
profitability. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's financial
risk profile, most likely because of large debt-funded capital
expenditure, or decrease in operating profitability.

                           About Amazon Wood

Incorporated in 2006, AWPL manufactures pre-laminated particle
boards from baggasse and wood board in Pune (Maharashtra).  The
company has capacity of manufacturing 2000 to 2500 boards per day.
The company also trades in imported baggasse board.

AWPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR218 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.4 million on net sales
of INR171 million for 2007-08.


AMBARWADIKAR & CO: CRISIL Assigns 'BB+' Rating on Various Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+'ratings to Ambarwadikar &
Co's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR67.5 Million Cash Credit       BB+/Stable (Assigned)
   INR182.5 Million Proposed         BB+/Stable (Assigned)
   Long Term Bank Loan Facility
   INR100.0 Million Bank Guarantee   P4+ (Assigned)
   INR50.0 Million Proposed Short    P4+ (Assigned)
          Term Bank Loan Facility

The ratings reflect Ambarwadikar's healthy revenue growth, strong
order book, promoters' industry experience, and the firm's
established customer relationships.  These rating strengths are
partially offset by Ambarwadikar's small scale of operations,
small net worth, geographically concentrated revenue profile, and
exposure to intense competition in the infrastructure industry.

Outlook: Stable

CRISIL believes that Ambarwadikar will continue to benefit from
its experienced management and established relationships with
customers such as the irrigation department of the Government of
Maharashtra, over the medium term.  The outlook may be revised to
'Positive' if Ambarwadikar significantly improves, and sustains,
its net cash accruals and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case the firm's financial
risk profile deteriorates, because of lower-than-expected revenues
and net cash accruals, or larger-than-expected debt-funded capital
expenditure.

                      About Ambarwadikar & Co

Ambarwadikar was set up as a partnership firm in 1977 by Mr.
Vithlarao R Ambarwadikar and his three associates.  It is a Class
I government-registered contractor, and undertakes infrastructure
projects with specialization in irrigation works, such as
construction of dams and canals, mainly in Aurangabad
(Maharashtra).  It has also executed projects for Konkan Railways.
The firm has a significant presence in Maharashtra, and has also
executed a few projects in Madhya Pradesh and Chattisgarh.

Ambarwadikar reported a profit after tax (PAT) of INR10.9 million
on operating revenues of INR215 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR7.6
million on operating revenues of INR172 million for 2007-08.


AMIT COTTONS: CRISIL Puts 'BB+' Rating on INR354.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Amit Cottons Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR550.00 Million Cash Credit    BB+/Stable (Assigned)
   INR354.50 Million Term Loan      BB+/Stable (Assigned)

The rating reflects the benefits that ACPL derives from its
promoters' experience in the cotton ginning sector.  These rating
strengths are partially offset by ACPL's weak standalone financial
profile marked by high gearing and weak debt protection measures
and vulnerability to fluctuations in raw material prices.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of Amit Cottons Pvt Ltd (ACPL), K.G.F
Cottons Pvt Ltd (KGFCPL), Nikhil Refineries Pvt Ltd (NRPL), and
Good Health Agro Tech Pvt. Ltd.  This is because these companies,
collectively referred to, herein, as the Good Health group, have a
common management.  Further, there is fungibility of funds within
the group to cover short-term exigencies, thus enhancing the
financial flexibility of the individual companies.

Outlook: Stable

CRISIL believes that the ACPL will maintain a stable business
profile at the back of its large size and moderate operating
efficiencies; ACPL's financial risk profile may, however, remain
constrained by the high maturing debt obligations.  The outlook
may be revised to 'Positive' if ACPL's financial risk profile
improves significantly because of strong cash accruals and
improved profitability.  Conversely, the outlook may be revised to
'Negative' if the ACPL's financial risk profile deteriorates
further on account of reduced cash accruals.

                          About the Group

The Good Health group comprises four companies ? ACPL, KGFCPL,
NRPL, and GHAPL ? which are present in the cotton ginning and
edible oil sectors.  The group is managed by Mr. Vinod Agarwal,
Mr. Subash Agarwal, Mr. Kailash Agarwal, and their sons. ACPL and
KGFCPL are in the business of cotton ginning and pressing, and
have capacities of 1800 bales per day (bpd) and 250 bpd,
respectively.  NRPL and GHAPL have refining capacities of 200
tonnes per day (tpd) and 300 tpd, respectively.

The Good Health group reported a profit after tax (PAT) of INR68.3
million on net sales of INR12.3 billion for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR82.4
million on net sales of INR13.6 billion for 2007-08.


ANANYA HOSPITAL: CRISIL Reaffirms 'B' Rating on INR96.3MM LT Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Ananya Hospital Pvt Ltd
(AHPL) continue to reflect AHPL's highly leveraged capital
structure, small scale of operations in the healthcare industry
and exposure to risks relating to geographical concentration in
revenues.  However, these weaknesses are partially offset by its
healthy operating capabilities supported by steady revenue growth.

   Facilities                     Ratings
   ----------                     -------
   INR96.3 Million Long-Term Loan B/Stable (Reaffirmed)
   INR5 Million Cash Credit       B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AHPL will maintain its business and financial
risk profiles on the back of its high operating capabilities and
the management's experience.  The outlook may be revised to
'Positive' if AHPL's financial risk profile improves
substantially, as a result of better margins or equity infusion by
promoters.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes large debt-funded capital expenditure
programs or reports a decline in margins, leading to deterioration
in its financial risk profile.

                        About Ananya Hospital

Set up in 2000 as a partnership firm by Dr. M J Rajashekar and his
friends, AHPL was converted to a private limited company in 2004.
The company is a general hospital in Bengaluru offering various
services across specialities such as orthopaedic, paediatric,
urology, ENT, gynaecology etc.  In 2008-09 (refers to financial
year, April 1 to March 31), AHPL took over Shanbag Hospital, which
currently operates with a capacity of 105 beds.

AHPL reported a net loss of INR5.3 million on sales of INR85.6
million for 2008-09, against a profit after tax of INR3 million on
sales of INR46.7 million for 2007-08.


KANCOR COLOURS: CRISIL Assigns 'C' Rating on INR35MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'C' to the bank facilities of
Kancor Colours Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR50.0 Million Cash Credit    C (Assigned)
   INR35.0 Million Term Loan*     C (Assigned)

  * includes a proposed limit of INR30 million

The rating reflects Kancor Colours' working-capital-intensive
operations, weak financial risk profile, and the susceptibility of
its operating margins to fluctuations in raw material prices and
foreign exchange rates.  These weaknesses are partially offset by
Kancor Ingredients' leading position in the export of spice oils
and oleoresins, and its promoters' experience in the industry.

CRISIL has combined the financial risk profiles of Kancor
Ingredients Ltd and Kancor Colours.  This is because Kancor
Ingredients and Kancor Colours (collectively referred to as the
Kancor group) have strong operational linkages and a common
management; further, Kancor Ingredients holds a 49.96 per cent
stake in Kancor Colours.

                          About the Group
Set up in 2006-07, Kancor Colours, which is based in Byadgi,
processes paprika and sells consolidated oleoresins for Kancor
Ingredients' extracts division. The company is currently managed
by Mr. Sanjay Mariwala.

Set up in 1990, Kancor Ingredients extracts spice oleoresins,
essential oils, natural colours, and botanicals including natural
medicinal herbs.

The Kancor group reported a profit after tax (PAT) of INR38.8
million on net sales of INR1.76 billion for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR10.8
million on net sales of INR1.28 billion for 2007-08.


PRIYADARSHI MOTORS: CRISIL Places 'BB' Rating on INR25MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Priyadarshi Motors Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR75 Million Cash Credit      BB/Stable (Assigned)
   INR25 Million Term Loan        BB/Stable (Assigned)

The rating reflects PMPL's pressure on margins because of
competition in the automobile dealership business, and weak
financial risk profile.  These weaknesses are partially offset by
PMPL's moderate business risk profile.

Outlook: Stable

CRISIL believes that PMPL will maintain a moderate business risk
profile over the medium term on the back of established relations
with suppliers.  The outlook may be revised to 'Positive' if the
company's operating margin improves significantly. Conversely, the
rating may be revised to 'Negative' if PMPL undertakes any large,
debt-funded unrelated diversifications.

                      About Priyadarshi Motors

Set up in June 2007 by Mr. Nikhil Priyadarshi, PMPL commenced
dealership operations for Mahindra & Mahindra Limited from
November 2008 in Patna (Bihar).  The company has showrooms and
workshops in Patna.

PMPL reported a profit after tax (PAT) of INR0.02 million on net
sales of INR212 million for 2008-09 (refers to financial year,
April 1 to March 31).


RANA OIL: CRISIL Assigns 'B' Rating on INR100 Mil. Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Rana Oil Industries'
cash credit facility.

   Facilities                     Ratings
   ----------                     -------
   INR100.0 Million Cash Credit   B/Stable (Assigned)

The rating reflects Rana Oil's small net worth, average scale of
operations in the cotton ginning and cottonseed oil industry, and
weak financial risk profile marked by high gearing and weak debt
protection measures.  These rating weaknesses are partially offset
by Rana Oil's established relationships with customers.

Outlook: Stable

CRISIL believes that Rana Oil will continue to benefit from its
promoters' industry experience; the firm's sales are expected to
grow moderately over the medium term.  The outlook may be revised
to 'Positive' if Rana Oil's financial risk profile improves, most
likely because of more-than-expected growth in revenues and
profitability, or improvement in capital structure driven by
substantial equity infusion.  The outlook may be revised to
'Negative' in case the firm's financial risk profile deteriorates,
most likely driven by larger-than-expected debt-funded capital
expenditure or volatility in its revenues and profitability.

                          About Rana Oil

Rana Oil, a partnership firm established in 1996 by Mr. Hasmali
Karani and Mr. Anwar Karani, manufactures full-pressed cotton
bales and cottonseed oil.  The firm purchases raw cotton from
local farmers in Maharashtra.  It gets operational support from
its group entities, which do job work for Rana Oil.

Rana Oil reported a profit after tax (PAT) of INR0.02 million on
net sales of INR355.2 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR2.3 million on net
sales of INR921.9 million for 2007-08.


SANGRUR AUTOS: CRISIL Rates INR90 Mil. Cash Credit Limit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Sangrur Autos Pvt
Ltd.'s bank facility.

   Facilities                           Ratings
   ----------                           -------
   INR90.0 Million Cash Credit Limit    BB/Stable (Assigned)

The rating reflects SAPL's weak financial profile, marked by high
gearing levels and low net worth of the company. These rating
weaknesses of SAPL are partially mitigated by its healthy market
share and well-established distribution network in southern
Punjab, and the benefits that the company derives from its
promoters' experience in the automobile dealership business.

Outlook: Stable

CRISIL believes SAPL will maintain its market share in southern
Punjab over the medium term.  The outlook may be revised to
'Positive' if SAPL improves its capital structure or operating
margin.  Conversely, the outlook may be revised to 'Negative' in
case SAPL's cash accruals decline significantly due to slowdown or
increased competition in the automobile market, or in case the
company's capital structure weakens further, due to debt-funded
capital expenditure.

                        About Sangrur Autos

Incorporated in 1988 by Mr. Amit Goyal, SAPL is a dealer of Bajaj
Auto Ltd's (BAL's; rated 'AAA/Stable/P1+' by CRISIL) motorbikes in
southern Punjab. SAPL has dealerships at Sangrur, Barnala,
Malerkotla and Sunam (southern Punjab).  SAPL derives about 94 per
cent of its total sales from the sale of new vehicles and the rest
through sale of spares and servicing of two-wheelers at its
workshops.

SAPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR546 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR514 million for 2007-08.


SAS HOTELS: CRISIL Assigns 'B' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of SAS Hotels & Properties Pvt Ltd, which is part of
the SAS group.

   Facilities                             Ratings
   ----------                             -------
   INR105.0 Million Overdraft Facility    B/Stable (Assigned)
   INR300.0 Million Term Loan             B/Stable (Assigned)
   INR185.0 Million Proposed LT Bank      B/Stable (Assigned)
                            Facility
   INR100.0 Million Proposed Short Term   P4 (Assigned)
                     Bank Loan Facility

The ratings reflect the SAS group's weak financial risk profile
marked by a highly leveraged capital structure and weak debt
protection metrics, and the group's exposure to risks related to
execution of large-scale real estate projects, and to geographic
and customer concentration in its revenue profile.  These rating
weaknesses are partially offset by the company's increasing market
share in Lucknow (Uttar Pradesh) and its entry in the construction
contracting business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SHPPL and SHPPL's two subsidiaries -
SAS Properties Pvt Ltd and SAS Construction Pvt Ltd.  This is
because SHPPL, SPPL, and SCPL, collectively referred to as the SAS
group, are in the same line of business and have a common
management.

Outlook: Stable

CRISIL believes that the SAS group will continue to face pressures
because of its increasing exposure to risks related to execution
of large-scale projects, leading to a highly leveraged capital
structure.  The outlook may be revised to 'Positive' if the group
completes and sells its ongoing residential and commercial
projects without considerable time and cost overruns.  Conversely,
the outlook may be revised to 'Negative' if the SAS group's cash
accruals decline on account of reduction in real estate demand, or
if the group undertakes and funds new projects aggressively,
resulting in further deterioration in its capital structure and
debt protection metrics.

                         About the Group

SHPPL commenced business operations in 1988 as a contractor,
undertaking the construction and repair of buildings.  In 1998,
SHPPL started developing real estate projects on its own.  Over
the past decade, the company has developed several projects in the
residential and commercial space, mainly in Lucknow.  The
company's commercial/residential projects are Shalimar Square,
Shalimar Apartments and Shalimar Emarald. Mr. Sanjay Seth, Mr.
Masood Ahmed, and their associates have equal shares in SHPPL

SPPL and SCPL are also engaged in real estate operations.


SHIVANSHU SINTERED: Delay in Debt Servicing Cues CRISIL 'D' Rating
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Shivanshu Sintered Products Pvt Ltd.  The ratings reflect the
delay in debt servicing by SSP; the delay has been caused by weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR55 Million Cash Credit*        D (Assigned)
   INR95 Million Term Loan           D (Assigned)
   INR25 Million Letter of Credit    P5 (Assigned)
   INR5 Million Bank Guarantee       P5 (Assigned)

   * Including proposed limit of INR10 million.

SSP was incorporated in 2001 by Mr. Dhruva Kumar Gupta and Mr.
Suresh Singhal.  The company manufactures sintered products for
the auto components and home appliances industries.  It also
manufactures neem-based products, such as pesticides and
insecticides under a unit named ?Ozone Biotech?.  The Company has
three facilities at Solapur (Maharashtra), Faridabad (Haryana) and
Mathura (Uttar Pradesh).

For 2008-09 (refers to financial year, April 1 to March 31), SSP
reported a loss of INR8.6 million on net sales of INR82 million,
against Profit after tax (PAT) of INR0.5 million on net sales of
INR61 million, for the previous year.


SHREE SARASWATI: CRISIL Rates 'B+' Rating on INR73.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Shree Saraswati
Education Sansthan's term loan facility.

   Facilities                     Ratings
   ----------                     -------
   INR73.7 Million Term Loan      B+/Stable (Assigned)

The rating reflects SSES's exposure to implementation-related
risks in its ongoing engineering college project and proposed
international school project, and susceptibility to unfavorable
regulatory changes.  These rating weaknesses are partially offset
by the high acceptability of the courses offered by SSES, and the
trust's promoter's experience in the education industry.

Outlook: Stable

CRISIL believes that SSES's capital structure will remain
moderately leveraged and its debt protection measures, weak,
during the trust's project execution phase.  The outlook may be
revised to 'Positive' if the trust completes its ongoing project
on schedule, and obtains accreditation and affiliation on time
from All India Council for Technical Education (AICTE), New Delhi,
and Gujarat Technical University (GTU), Ahmedabad, for its second-
year engineering courses. Conversely, the outlook may be revised
to 'Negative' if SSES faces time or cost overruns in its ongoing
project, or contracts larger-than-expected quantum of debt for its
future capital expenditure.

                          About the Trust

Shree Saraswati Education Sansthan, a trust, was set up by Mr.
Mahadevbhai Chaudhary in 2008.  The trust is setting up an
engineering institute at Mehsana (Gujarat).  The institute is
having an engineering and a management division and is named,
Faculty of Engineering & Faculty of Management - Shree Saraswati
Education Sansthan's Group of Institutions, and is offering
courses in management and four branches of engineering.  Each
course would have 60 seats.  The trust has already received
affiliation from GTU and AICTE for this upcoming institute.
Mr. Chaudhary is also heading the trust Shree Saraswati Education
Sansthan-Sabraknatha, which has been running three educational
institutes since 2003.


SHREE SHYAM: CRISIL Assigns 'BB' Rating on INR45MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Shree Shyam
Pipes Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR45.0 Million Cash Credit Limit     BB/Stable(Assigned)
   INR5.0 Million Bank Guarantee         P4+ (Assigned)
   INR45.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect SSPL's exposure to risks relating to industry
and customer concentration in revenue profile, small scale of
operations and intense competition in the copper pipes industry.
These rating weaknesses are partially offset by SSL's moderate
financial risk profile, marked by low gearing and above-average
debt protection measures.

Outlook: Stable

CRISIL believes that SSPL will maintain a stable credit risk
profile over the medium term, backed by a moderate financial risk
profile.  The outlook may be revised to 'Positive' if SSPL
diversifies its customer profile and maintain its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates significantly
because of substantial borrowings for capital expenditure and
working capital requirements.

                         About Shree Shyam

Incorporated in 1980 by Mr. Ajay Gupta, SSPL manufactures copper
pipes and copper tubular components at its facilities in Noida
(Uttar Pradesh), with a capacity of around 1800 metric tonnes per
annum. These products are used by the manufacturers of air
conditioners and refrigerators.

SSPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR312.6 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of Rs7.0 million on net
sales of INR510.3 million for 2007-08.


SUMIT EXPORTS: CRISIL Assigns 'P4+' Rating on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to Sumit Exports' bank
facilities.  The rating reflects Sumit's weak financial risk
profile, and exposure to risks relating to small scale of
operations, and to slowdown in demand for polished diamonds. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the diamond
industry.

   Facilities                               Ratings
   ----------                               -------
   INR127.0 Million Post Shipment Credit    P4+ (Assigned)
   INR53.0 Million Pre Shipment Credit      P4+ (Assigned)

Sumit was set up in 1992 as a partnership firm by Mr. Sumatilal
Shah along with his sons Mr. Rajesh S. Shah and Mr. Sarju S. Shah;
however, Sumit commenced its commercial operations in 1997.  Sumit
manufactures and sells rough and polished round diamonds, and has
its manufacturing facility in Surat (Gujarat).

Sumit reported a profit after tax (PAT) of INR6.6 million on net
sales of INR687.0 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.8 million on net
sales of INR620.8 million for 2007-08.


TATA STEEL: To Invest INR5,700cr in Expansion Projects
------------------------------------------------------
Tata Steel Ltd. will spend INR5,700 crore on expansion projects in
the next financial year, allocating around 70% or INR3,700 crore
for domestic expansion, Business Standard reports.

The company plans to expand capacity to 10 million tonnes at
Jamshedpur by August 2011 from 6.8 million tonnes, the report
says.  Tata Steel is also raising annual iron ore production 55%
cent to 17 million tonnes in India over the next two years.

According to the report, the company plans to develop iron ore and
coal mines in Canada and Mozambique through two joint ventures.
It also plans to develop a mini blast furnace under its Thailand
subsidiary.

To finance these plans, says the Standard, Tata Steel is planning
a rights issue, though some of the money raised will also go
towards repaying part of its debt.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


WOCKHARDT LTD: Told to Disclose Asset-Sale Plan to Foreign Lenders
------------------------------------------------------------------
The Press Trust of India reports that the Bombay High Court on
Friday asked Wockhardt to "write a letter" to its foreign
creditors, and specify the assets it proposes to sell off.

Calyon and Barclays Bank, the foreign creditors of Wockhardt, have
filed winding up petition fearing that company would not be able
to repay debts.  According to the news agency, the foreign
creditors are seeking a stay to sale of assets during the pendency
of the litigation.

The PTI relates Justice S J Kathawala of the High Court said that
Wockhardt should first tell its creditors what it proposes to
sell, and then creditors can approach the court on February 1 if
they have any reservations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2009, Singapore's DBS Bank Ltd filed a winding up
petition against Wockhardt Ltd in the Bombay High Court.  DBS
wants the liquidation proceeds distributed to the Company's
various lenders.  Similar winding up petitions have been filed by
Calyon and Barclays Bank, according to the ET.

The foreign lenders had opposed a Corporate Debt Restructuring
(CDR) scheme endorsed by Indian banks, such as the ICICI Bank,
which seeks to restructure Wockhardt's debt by lengthening the
repayment period and reducing interest rates.  Foreign banks
oppose the restructuring scheme saying it favors the domestic
lenders, the Economic Times said.

                        About Wockhardt Ltd

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L.  In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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


CP PRIMA: In Talks with Bondholders on Bond Payments
----------------------------------------------------
Jakarta Globe reports that PT Central Proteinaprima is negotiating
with bondholders to suspend interest payments on US$325 million of
bonds for six months after missing a payment in December.

CP Prima had been due to pay US$17.87 million in interest on the
notes issued by its wholly owned subsidiary, PT Blue Ocean
Resources, the report says.

According to the report, Gunawan Taslim, CP Prima's finance
director, said the company is now preparing a proposal for
restructuring the notes and expects to have an agreement signed
soon.

The Globe relates Mr. Gunawan said that under the deal,
bondholders would not demand that their principal be repaid,
execute the notes' guarantee or seek bankruptcy measures against
the company.

As reported in the Troubled Company Reporter-Asia Pacific on
January 13, 2010, Jakarta Globe said CP Prima blamed a virus
outbreak as the main reason for failing to meet a bond interest
payment that was due in December 2009.

Erwin Sutanto, CP Prima's president director, had said the
infectious myonecrosis virus had devastated the company's shrimp
production.

The company's revenue declined by 14% to IDR5.2 trillion ($551
million) in the nine months to September, while net profit tumbled
80% to IDR24 billion.

                           About CP Prima

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.  Its products also include poultry feed,
day-old chicks and probiotics.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 11, 2010, Fitch Ratings said it downgraded PT Central
Proteinaprima Tbk's Long-term foreign currency Issuer Default
Rating to 'C' from 'CC'.  Fitch also downgraded the rating of
CPP's US$325 million senior unsecured notes due 2012, issued by
Blue Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries, to 'C' from 'CC'.  The ratings remain on Rating
Watch Negative.  The recovery rating of the US$ Notes is 'RR4'.

Fitch said that these rating actions follow CPP's failure to pay
the semi-annual coupon on the US$ notes on December 28, 2009.
Fitch said it has now received sufficient evidence of the non-
payment of the coupon following Fitch's comment on CPP on
Jan. 6, 2010 ("Fitch: Unable to Determine Coupon Payment by
Central Proteinaprima").

The TCR-AP reported on January 12, 2010, that Moody's Investors
Service downgraded to Ca from Caa1 the corporate family rating and
senior secured bond rating of PT Central Proteinaprima.  The
outlook for the ratings is negative.


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


CINEQUANON CO: Files for Bankruptcy Amid JPY4.7-Bil. Debt Load
--------------------------------------------------------------
Movie producer and distributor Cinequanon Co. filed Thursday for
bankruptcy protection with the Tokyo District Court, Yonhap News
reports.

Citing Kyodo Teikoku Databank, Kyodo relates that the company has
debts of JPY4.70 billion and sought protection from creditors
under the civil rehabilitation law.

The news agency says the debt included liabilities for the
affiliate that operates three movie houses in Tokyo, which also
filed for bankruptcy protection with the Tokyo court the same day.

Founded in 1989, Cinequanon Co. distributes South Korean-made
films in Japan.


HANKYU HANSHIN: To Close Central Kyoto Outlet
---------------------------------------------
Japan Today reports that Hankyu Hanshin Department Stores Inc., an
H2O Retailing Corp. arm, said Thursday it will close down a major
retail outlet in central Kyoto's Shijo Kawaramachi area around
this Fall.

"The population of young people has been falling, and they have
become less interested in clothes," the report cited Nobuaki
Nitta, president of Hankyu, as saying in news conference.
Also affecting the competitive environment has been the
establishment of fashion buildings in the vicinity of the
department store, he said.

"The (relative) narrowness of our store's sales floors has been
the biggest bottleneck to securing marketing efficiency and
successful operations," the report quoted Mr. Nitta as saying.

Hankyu Hanshin Department Stores Inc. is a Japan-based department
store chain operator.


JAPAN AIRLINES: Delta, Skyteam Continue Talks, Backs Restructuring
------------------------------------------------------------------
Depending heavily on international travelers, Delta Air Lines
continues to seek a tie-up with Japan Airlines Corp., The Wall
Street Journal reports, quoting Delta chief executive Richard
Anderson during a conference call on January 26, 2010.

Following JAL's entry into court-led financial restructuring on
January 19, 2010, under the guidance of the Enterprise Turnaround
Initiative Corporation of Japan, Delta also confirmed in an
official statement that it "has been in discussion with JAL in
hopes of forming a strategic SkyTeam partnership that would
provide significant benefits for JAL and all of its
stakeholders."

Delta and Skyteam also expressed that they fully support Japan
Airlines and stand ready to provide assistance and support in any
way possible.  "Delta fully expects that JAL, with the support of
ETIC, will be successful in its restructuring and return the
airline to a position of prominence.  Delta went through a
similar restructuring process, and as a result emerged in 2007 as
one of the most financially sound and the world's largest
airline," Delta and Skyteam stated.

"JAL customers should continue to book their travel on the
flagship carrier of Japan as they will not notice any impact to
service as a result of the restructuring," the statement noted.

MarketWatch, citing The Yomiuri Shimbun, had reported that as of
January 15 Delta has reached an agreement with JAL "on a
comprehensive tie-up that mainly features code-sharing flight
services," noting that both airlines "are likely to officially
sign the deal after it's endorsed by new JAL top management to be
inaugurated after the JAL group applies for the application of
the Corporate Rehabilitation Law."

Delta has been courting JAL to jump from the Oneworld airline
alliance with AMR Corp.'s American Airlines, to SkyTeam, which
members include Aeroflot, Aeromexico, Air France, Alitalia, China
Southern, Czech Airlines, Delta Air Lines, KLM Royal Dutch
Airlines, Korean Air and associate members Air Europa and Kenya
Airways.  As widely reported, Delta and its SkyTeam partners have
offered to give JAL US$1 billion to leave Oneworld, which, in
turn, has counter-offered US$1.4 billion for JAL to stay.

Replacing American as JAL's partner would give Delta an advantage
at JAL's pre-eminent position at Narita Airport in Tokyo --
Asia's prime hub -- where Delta already operates, according to
TheStreet.com.

"We would object vigorously," American Airlines CEO Gerard Arpey
declared on January 21, in response to a possible Delta-JAL tie-
up, reported The Chicago Tribune.

                    Antitrust Immunity

Delta and American are also debating whether U.S. regulators
should approve a joint request, if one were to be filed, by Delta
and JAL for antitrust immunity across the Pacific, TheStreet.com
reports.

If JAL decides on an alliance with either airline, it will need
to file with U.S. authorities for antitrust immunity, according
to TheStreet.com.

American's Mr. Arpey had said that an approval of the Delta-JAL
request "would make an absolute farce of the Open Skies process."
In a prepared statement, the U.S. Transportation Department has
stated that "it is a long-standing, and widely understood, policy
of the [D]epartment to decide every antitrust immunity
application on its own individual merits.  Moreover, the U.S.
government never makes commitments to foreign governments about
the outcome of any pending or potential proceeding."

As of January 26, 2010, the DOT has informed Japan that it has
yet to decide on whether to grant antitrust immunity to a
potential alliance between Japan Airlines Corp, and an American
carrier, MarketWatch reported, citing The Nikkei Business Daily.
DOT also said it could not offer any guarantees of immunity,
according to the report.

                      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 $44,853,000,000 in assets against total debts
of $43,953,000,000 in debts as of Sept. 30, 2009.

Delta Air Lines reported a net loss of $1.2 billion for the year
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 company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed petitions to
commenced corporate reorganization proceedings with the Tokyo
District Court.  The Court appointed the Enterprise Turnaround
Initiative Corporation of Japan and Eiji Katayama, Esq., as
reorganization trustees.

Japan Airlines Corp. filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: Trading Firms May Book JPY80-Bil. One-Time Loss
---------------------------------------------------------------
Bloomberg News, citing the Sankei newspaper, reports that Japan's
top six trading companies, including Mitsui & Co. and Itochu
Corp., may report a total of more than JPY80 billion (US$886
million) in one-time losses linked to the bankruptcy of Japan
Airlines Corp

The newspaper said Mitsui and Itochu have JPY20 billion and
JPY5 billion respectively in the carrier's preferred shares,
Bloomberg relates.

                         Derivatives Losses

Reuters reports that Mitsubishi Corp. said on Friday its British
subsidiary Petro Diamond Risk Management Ltd will record losses of
about JPY23.9 billion (US$265.1 million) in fiscal year to
March 31 from jet fuel hedging for Japan Airlines.

According to Reuters, Mitsubishi said it booked losses of about
JPY800 million in the April-September period, about JPY19.4
billion in the third quarter, and will book about JPY3.7 billion
losses in the January-March quarter.

Another Japanese trading firm, Sumitomo Corp., said it will book
JPY1 billion in losses related to derivatives transactions for
JAL, according to Reuters.

Citing a source familiar with the matter, Reuters relates that
about JPY40 billion of JAL's fuel hedges, mostly in Brent forward
contracts, are estimated to be exposed in the event of an
automatic termination of hedging contracts.

The source told Reuters there were 12 major counterparties, of
which 10 had contracts subject to ISDA standards, meaning
automatic early termination (AET) would be triggered.  The 12
counterparties include large investment banks, Reuters notes.

                            About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed petitions to
commenced corporate reorganization proceedings with the Tokyo
District Court.  The Court appointed the Enterprise Turnaround
Initiative Corporation of Japan and Eiji Katayama, Esq., as
reorganization trustees.

Japan Airlines Corp. filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: Cargo Unit's Merger with Nippon Yusen Put off
-------------------------------------------------------------
Talks for the merger of the respective air cargo operations of
Japan Airlines Corp. and Nippon Yusen KK have reached an impasse
over the basic framework of the deal, Reuters reports citing the
Nikkei business daily.

As reported in the Troubled Company Reporter-Asia Pacific on
August 21, 2009, Japan Airlines and Nippon Yusen plan to integrate
their air cargo businesses in April.  The plan would be for JAL to
spin off its air cargo business and merge it with Nippon Yusen
unit, Nippon Cargo Airlines Co, in an effort to turn around their
unprofitable operations.  Japan Airlines and Nippon Yusen will
each take a stake of slightly more than 45% in the new firm, with
the rest to be held by Nippon Cargo shareholders such as Nippon
Express Co and Yamato Holdings Co.

However, Reuters relates the newspaper said that the state-backed
Enterprise Turnaround Initiative Corp (ETIC) of Japan sought to
sell off the cargo business or keep JAL's stake in the merged
company to a minimum following its bankruptcy filing.

According to Reuters, the Nikkei said doing so would remove the
cargo operation's aircraft and roughly 3,000 employees from the
balance sheet.  The segment has been logging an operating loss of
more than JPY20 billion a year, the Nikkei added.

The daily said Nippon Yusen opposes taking on the additional
personnel, and quoted a senior executive saying that "the talks
may be broken off," according to Reuters.

Kyodo News reports that Nippon Yusen said Friday it will put off
indefinitely the planned April merger between its subsidiary
Nippon Cargo Airlines Co. and the cargo division of JAL.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed petitions to
commenced corporate reorganization proceedings with the Tokyo
District Court.  The Court appointed the Enterprise Turnaround
Initiative Corporation of Japan and Eiji Katayama, Esq., as
reorganization trustees.

Japan Airlines Corp. filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PROMISE CO: To Cut 30% Workforce, Close Outlets
-----------------------------------------------
Finbarr Flynn at Bloomberg News reports that Promise Co. plans to
cut 30% of its workforce and close all staffed branches as it
restructures to meet tougher lending regulations.

Bloomberg relates the company said in a statement that it will
reduce its headcount by 1,600 jobs to 3,700 by March 2011, and
shut 148 outlets.

The report, citing Nomura Holdings Inc., says the company may post
a loss for the fiscal year ending March 2011 on restructuring
costs.  The lender, whose earnings fell 16% to JPY15.8 billion
(US$175 million) in the nine months ended Dec. 31, reiterated its
2010 full-year net income forecast of JPY14.8 billion.

According to Bloomberg, Nomura analyst Wataru Ohtsuka said Promise
will likely record profit of JPY12.9 billion in the year to
March 31 and slump to a loss of JPY8.4 billion in the next 12
months as it books restructuring costs.

Bloomberg says the company follows rivals Acom Co. and Aiful Corp.
in slashing jobs as the government prepares new rules to cap
interest rates and loan volumes.  According to Bloomberg, Japan's
consumer lenders are struggling to survive after a 2006 government
crackdown on lending practices that's curbed loans and forced them
to repay overcharged interest.

Headquartered in Tokyo, Japan, Promise Co., Ltd., (TYO:8574)
specializes in the consumer finance industry.  The Company
operates in two business segments.  The Financial segment is
engaged in the provision of unsecured/unguaranteed loans in small
sums to individual customers in Japan, Hong Kong and Thailand, as
well as the collection and management of debt through its
subsidiaries.  The Others segment is engaged in the leasing of
tenant buildings, the telemarketing business, the design,
development and operation of computer systems, the sale and
maintenance of automobiles, the coating of metal plates, insurance
agency business, mail-order business, the operation of golf
courses, as well as investment business in China.


SPANSION INC: Receives OK to Transfer Unit to Elpida
----------------------------------------------------
Spansion Inc. and its units sought and obtained the Court's
authority to:

(a) enter into a Business Unit Transfer Agreement, a New
     Memory Development and Support Agreement, and a New
     Memory Intellectual Property License Agreement, each with
     Elpida Memory, Inc.;

(b) transfer certain assets to Elpida in connection with the
     agreements, free and clear of liens, claims and
     encumbrances; and

(c) assume and assign to Elpida certain executory contracts
     and unexpired leases.

Prior to the Petition Date, Spansion International, Inc., one the
Debtors, established a business division based outside of Milan,
Italy, to develop certain memory technology different from the
Debtors' core NOR technology, solely on behalf of Spansion Inc.
The Debtors relate that while certain of the projects developed
by the Italian Research Division show promise, none has yet
reached the stage where it can be commercialized.

Michael R. Lastowski, Esq., at Duane Morris, LLP, in Wilmington,
Delaware, says both immediately before and after Petition Date,
the Debtors engaged in a thorough analysis of their various
product lines, business operations and opportunities.  Through
this analysis, the Debtors decided to narrow the focus of their
business operations primarily to the embedded NOR flash memory
market and certain select opportunities in the wireless NOR flash
memory market, Mr. Lastowski adds.  In light of this narrower
focus, the Debtors determined that the costs associated with the
Italian Research Division and its on-going efforts to develop
memory technology unrelated to the Debtors' core NOR business
could no longer be justified.

At the same time, Mr. Lastowski maintains, the Debtors recognized
that certain projects that the Italian Research Division has been
working on could eventually lead to technological breakthroughs
that could benefit the Debtors' future products and business
strategies or be profitable to third parties.  Consequently, Mr.
Lastowski avers, the Debtors were reluctant to simply shut down
the Italian Research Division and abandon entirely these
promising projects.  The Debtors determined that a sale of the
Italian Research Division's assets, including the technology that
it has developed to date, was unlikely to provide them with value
that was anywhere close to what they potentially could realize
from preserving some continuing interest in that technology and
other technology developed by the Italian Research Division.

The Debtors, therefore, believe that the ideal situation would be
for them to discontinue paying the full costs of the Italian
Research Division while still preserving their ownership of the
technology and intellectual property developed to date and
ensuring that they have an interest in the future developments to
that technology developed by a qualified licensee in the event
that it becomes valuable either to third parties or for the
Debtors' future business operations.

With these objectives in mind, the Debtors sought to identify
opportunities and potential transaction partners who might have
an interest in a collaborative relationship that would satisfy
these objectives.

The Debtors maintain that given the unique nature of both the
technology being developed as well as the transaction structure
that they envisioned, the pool of potential transaction partners
was extremely small.  Nonetheless, the Debtors note, Elpida
expressed an interest in pursuing that transaction.

After months of negotiation, the Debtors and Elpida have agreed
to a series of integrated transactions that satisfy the Debtors'
objectives.  Under the Elpida Transaction, the Debtors will
transfer certain assets and liabilities associated with the
Italian Research Division to Elpida thereby eliminating the costs
of maintaining that division.

The Debtors will also enter into the Development Agreement, under
which they will jointly develop certain new memory technologies
with Elpida.  The Debtors will enter into the License Agreement,
under which they will provide Elpida with a non-exclusive license
to certain of the Debtors' intellectual property rights and to
certain memory technologies, including the technology developed
by the Italian Research Division.  Under the License Agreement,
Elpida will (i) pay the Debtors certain royalties, (ii) grant the
Debtors a patent cross license as well as a license to
improvements to the technology developed by the Italian Research
Division, and (iii) agree to allocate manufacturing capacity for
any resulting products at favorable pricing to the Debtors.

The Debtors believe that the Elpida Transaction is in the best
interests of their estates and provides the greatest upside
potential of any realistic alternative that is available to
them.  In particular, the Debtors believe that the immediate and
future benefits of the Elpida Transaction greatly outweigh
whatever value they might realize from a straight sale of the
assets of the Italian Research Division or from retention of the
Italian Research Division in the absence of a partnering
relationship envisioned in the Elpida Transaction.  Moreover,
because of the unique nature of the Elpida Transaction and the
number of benefits it provides to the Debtors, the Debtors seek
authority to proceed with the Elpida Transaction without engaging
in any competitive bid process.

                          *     *     *

Bankruptcy Judge Kevin Carey entered an order authorizing the
Debtors to (i) enter into a business unit transfer and related
agreements with Elpida Memory, Inc., (ii) transfer certain assets
to Elpida, and (iii) assume and assign certain contracts and
leases.

Prior to the entry of the Court's order, the Debtors filed with
the Court, on January 15, 2010, a revised proposed order
approving the Motion.  The Debtors amended the proposed order to
reflect these items:

* Jurisdiction and Venue
* Statutory Predicates
* Notice
* Opportunity to Object
* Corporate Authority
* Sale in Best Interest
* Business Justification
* Arm's-Length Sale
* Good Faith Purchaser
* Consideration
* Free and Clear
* Satisfaction of 363(f) Standards
* No Fraudulent Transfer
* Not a Successor
* Cure/Adequate Assurance

The Debtors also certified to the Court that no objection was
filed as to the Motion.

                       About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


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


HYNIX SEMICONDUCTOR: Zero Bids Prompt Creditors to Explore Options
------------------------------------------------------------------
Jung-Ah Lee at Dow Jones Newswires reports that Hynix
Semiconductor Inc. creditors will look into other possible ways to
unload their 28% stake in the chip maker after failing to receive
any bids by a Friday deadline.

Dow Jones relates that the Korea Exchange Bank, Hynix's lead
creditor, said in a statement that no company submitted bids to
acquire Hynix Semiconductor.  "After having discussions with the
shareholders and advisers, (KEB) will decide on the (stake sale)
plan as soon as possible, including selling a part of the stake
that would help (Hynix) maintain a stable management and corporate
governance structure," Hynix said.

"The creditors won't likely go ahead with another open auction in
the near future . . . but if there's any company that genuinely
shows interest in buying the chip maker, we are open to having a
discussion with them." Dow Jones quoted an official at KEB as
saying.

Dow Jones News reports that a person familiar with the matter said
earlier last week that creditors may consider a block sale if
bidding fails for the second time, which analysts agree is the
right move.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Hynix Semiconductor Inc.'s creditors re-invited
fresh bids for the sale of a combined 28% holding in the chipmaker
and receive letters of intent from potential investors by January
after Hyosung Corp. dropped its bid.

Invitational notices for South Korean companies to submit bids
went out Dec. 20.  Letters of intent to buy Hynix will be accepted
by Jan. 29, Kyodo News said.  No local company has so far shown
any interest in the offer.

The stake sale, which is estimated to be worth KRW4.5 trillion, is
being managed by Credit Suisse Ltd., Woori Investment & Securities
Co. and state-run Korea Development Bank.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


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


AIR NEW ZEALAND: December 2009 Passenger Load Down 2.6%
-------------------------------------------------------
Air New Zealand Ltd. said it carried 1,203,000 passengers in
December last year, down 2.6% on the same month last year. Demand
(RPKs) was down 5.6% and capacity (ASKs) was reduced by 11.0%
increasing the Group load factor by 4.8 percentage points.

Short Haul passenger numbers were 2.0% lower than December last
year. Demand was up in the Domestic market by 0.8% on last year
and the load factor rose by 5.0 points to 79.3% as capacity was
reduced by 5.4%.  Tasman/Pacific capacity was reduced by 12.9%
primarily through downsizing to smaller aircraft, reduced
frequencies on some sectors and the withdrawal of Trans Tasman
flights from Hamilton and Dunedin. This resulted in the load
factor increasing by 6.6 percentage points to 81.6%.

Long Haul passenger numbers were 6.4% lower than December last
year. Capacity on the Asia / Japan / UK routes was reduced by
14.8% in response to a 13.8% decline in demand, resulting in loads
increasing by 0.9 percentage points to 85.4%. On North America /
UK routes demand decreased by 1.9% with capacity reduced by 8.6%,
load factors increased by 6.1 percentage points to 89.8%.

Group-wide yields for the financial year to date were down 9.7% on
the same period last year. Year to date Short Haul yields were
down 9.2% and the respective Long Haul yields were down by 12.5%.
Removing the impact of foreign exchange, Group-wide yields were
down 10.8%.

87.3% of Air New Zealand's Domestic flights departed within 10
minutes of schedule departure time in December.

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


CRAFAR FARMS: Four Daily Farms in Receivership Sale
---------------------------------------------------
Jared Smith at the Taranaki Daily News reports that four Crafar-
owned dairy farms are up for receivership sale.

According to the report, the farms are owned by Robert Crafar --
the son of the high-profile corporate farmer Allan Crafar -- and
have been placed on the market under a receivership and mortgagee
sale.  They are located in Northland, Taupo, Hawke's Bay, and
Taranaki, totalling more than 600 hectares.

The properties are being marketed by Bayleys through a tender
process on behalf of receivers McDonald Vague, the report says.

The Taranaki Daily relates that Bayleys national country manager
Richard Graham was quick to point out the four farms are totally
separate entities to any of the properties under the control of
Allan Crafar -- the only connection being the father-son
relationship of the owners.

"The locations of the four farms -- each being a considerable
distance from the other -- will most probably lead to a break-up
of the current corporate structure, with individual buyers being
found for each of the properties," the report quoted Mr. Graham as
saying.  "Three of the farms are currently being run under
management by the receivers, and are being sold as either going
concerns or bare blocks.

The tender process closes on March 5, 2010, the report notes.

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


MORTGAGES BY DESIGN: Goes Into Liquidation; Faces Investigations
----------------------------------------------------------------
The New Zealand Herald reports that the Ministry of Economic
Development is conducting a probe into Mortgages by Design, now
known as PIN Ltd.

Owner Suzanne Tierney, president of Auckland Property Investors
Association, placed Mortgages by Design into liquidation on
December 23, two weeks after changing its name to PIN Ltd, the
Sunday Star Times reports.

The Herald, citing records held by Companies Office, discloses
that Ms. Tierney created a new Mortgages by Design company on the
same day of the name change.

The Star Times says that the liquidator's report for PIN Ltd
showed the company had debts of $421,895 and no assets.

"It is unlikely there will be a distribution to creditors," the
report said.

The company struck financial difficulties when it lost a court
battle over money which a contractor claimed it was owed, the Star
Times notes.

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


CMS TEXTILE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on October 16, 2009,
to wind up the operations of CMS Textile Pte Ltd.

First Commercial Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


HSING-HUA AVIATION: Court to Hear Wind-Up Petition on February 19
-----------------------------------------------------------------
A petition to wind up the operations of Hsing-Hua Aviation
Technologies Pte Ltd will be heard before the High Court of
Singapore on February 19, 2010, at 10:00 a.m.

Corporate House Pte Ltd filed the petition against the company on
January 7, 2010.

The Petitioner's solicitors are:

          Aptus Law Corporation
          No.3 Shenton Way
          #07-01 Shenton House
          Singapore 068805


MICRONAS SOUTH: Creditors' Proofs of Debt Due March 1
-----------------------------------------------------
Creditors of Micronas South East Asia Holding Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


STRATEGEM TECHNOLOGIES: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on November 6, 2009,
to wind up the operations of Strategem Technologies Pte Ltd.

Sentinel Developments Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


TRANSBILT ENGINEERING: Creditors Get 55% Recovery on Claims
-----------------------------------------------------------
Transbilt Engineering Pte Ltd declared the final dividend to
unsecured creditors on January 29, 2010.

The company paid 55% to the received claims.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


URBAN CORPORATION: Creditors Get 18.481% Recovery on Claims
-----------------------------------------------------------
Urban Corporation Asia Pte Ltd will declare the first and final
dividend on February 5, 2010.

The company will pay 18.481% to the received claims.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


VALAS PTE: Creditors' Proofs of Debt Due March 1
------------------------------------------------
Creditors of Valas Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by March 1,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Victor Goh
         C/o Phoenix Corporate Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


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


* Airline Passenger Traffic Fell the Most in 2009, IATA Says
------------------------------------------------------------
The International Air Transport Association (IATA) reported
December and full-year 2009 demand statistics for international
scheduled air traffic that showed the industry ending 2009 with
the largest ever post-war decline.  Passenger demand for the full
year was down 3.5% with an average load factor of 75.6%.  Freight
showed a full-year decline of 10.1% with an average load factor of
49.1%.

"In terms of demand, 2009 goes into the history books as the worst
year the industry has ever seen. We have permanently lost 2.5
years of growth in passenger markets and 3.5 years of growth in
the freight business," said Giovanni Bisignani, IATA's Director
General and CEO.

International passenger capacity fell 0.7% in December 2009 while
freight capacity grew 0.6% above December 2008 levels.  Yields
have started to improve with tighter supply-demand conditions in
recent months, but they remained 5-10% down on 2008 levels.
"Revenue improvements will be at a much slower pace than the
demand growth that we are starting to see. Profitability will be
even slower to recover and airlines will lose an expected US$5.6
billion in 2010," said Bisignani.

Seasonally adjusted demand figures for December compared to
November 2009 indicate a 1.6% rise in passenger traffic while
freight remained basically flat with a 0.2% decline.

                   International Passenger Demand

December 2009 passenger demand recorded a 4.5% improvement
compared to December 2008, with a load factor of 77.6%.  While
this is an 8.4% demand improvement from the February 2009 low
point, it is still 3.4% below the early 2008 peak.

    * Carriers in Asia-Pacific, Europe and North America
      recorded year-on-year declines in passenger demand
      of 5.6%, 5.0% and 5.6% respectively in 2009.
      Asia-Pacific carriers stand out as benefitting most
      from the year-end upturn with an 8.0% year-on-year
      improvement in December.  This reflects their 35%
      contribution to the year-end rise boosted by the
      significant economic upturn in the region.  By
      contrast, European carriers saw a 1.2% decline and
      North American carriers declined by 0.4%.  While
      both North American and European carriers saw demand
      improvements in the first half of the year, the
      second half was basically flat.

    * Middle Eastern carriers generated the fastest growth
      in passenger traffic at the end of the year with a
      19.1% increase in December (and 11.2% growth for the
      entire year).  These gains result from Middle Eastern
      carriers taking a larger share of long-haul connecting
      traffic over their hubs.

    * Latin American carriers recorded 7.1% growth in December.
      Full-year traffic growth was constrained to 0.3% due to
      the impact of Influenza A(H1N1) fears during the second
      and third quarters.

    * Africa's carriers experienced a sharp decline of 6.8% in
      2009 primarily on an exceptionally weak first half.
      Their year ended with December demand at 3.1% above
      previous year levels.

                   International Freight Demand

December 2009 freight demand showed a 24.4% improvement on
December 2008 with a load factor of 54.1%.  This improvement is
exaggerated by the exceptionally weak performance in December 2008
which was the low point on the cycle.  Freight demand is still 9%
lower than the peak in early 2008. Optimism is returning to the
industry as purchasing managers survey indicators reached a 44-
month high in December pointing towards increased freight volumes
in the coming months.

    * Asia-Pacific carriers accounted for over 60% of the
      increase in international air freight markets over
      the past 12 months?outperforming their 45% market
      share.  Despite this improvement, Asia-Pacific
      carriers' freight volumes remain 8% below peak levels.

    * European carriers remain 20% below 2008 peak levels
      reflecting the glacial pace of economic recovery in
      Europe compared to Asia-Pacific.

    * Middle East carriers and Latin American carriers are
      smaller market participants, but ended the year better
      than peak levels by 7% and 21% respectively.

"The industry starts 2010 with some enormous challenges. The worst
is behind us, but it is not time to celebrate.  Adjusting to 2.5-
3.5 years of lost growth means that airlines face another spartan
year focused on matching capacity carefully to demand and
controlling costs," said Bisignani.

"We also face a renewed challenge on security as a result of the
events of December 25, 2009.  The approach of the Obama
administration is encouraging with Department of Homeland Security
Secretary Janet Napolitano visiting IATA's offices in Geneva to
engage industry to find solutions.  We agreed that governments and
industry must cooperate and we are preparing for a meeting in the
coming weeks to follow-up on our recommendations which focused on
finding more efficient ways to implement intelligence-driven and
risk-based security measures," said Bisignani.

"Governments and industry are aligned in the priority that we
place on security.  But the cost of security is also an issue.
Globally, airlines spend US$5.9 billion a year on what are
essentially measures concerned with national security. This is the
responsibility of governments, and they should be picking up the
bill," said Bisignani.


                         *********

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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