TCRAP_Public/100215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, February 15, 2010, Vol. 13, No. 031

                            Headlines



A U S T R A L I A

DIORO EXPLORATION: Ramelius Accepts Avoca's Offer for Dioro Stake
MACQUARIE GROUP: Sells Aussie Real Estate Assets to Charter Hall
PACIFIC BLUE: Court Appoints Brooke Bird as Liquidator
ROYAL BANK: NAB May Make Solo Bid for U.K. Branches


C H I N A

CHINA MILK: Defaults on Bond Redemption; To Workout on Agreement
SYNUTRA INT'L: Reports US$9.7-Million Net Loss for Q3


H O N G  K O N G

ADEPT INDUSTRIES: Court to Hear Wind-Up Petition on February 24
CHINA GOLD: Court to Hear Wind-Up Petition on March 3
CITY TELECOM: Moody's Withdraws 'Ba3' Corporate Family Rating
ENRON (HK): Creditors' Meeting Set for February 23
HOLIDAY ASIA: Court to Hear Wind-Up Petition on March 3

POWER STRAIGHT: Court Enters Wind-Up Order
S1 GREATER: Creditors' Meeting Set for February 23
STARBAY INTERNATIONAL: Briscoe and Chan Appointed as Liquidators
SURETY ASIA: Li and Tsang Appointed as Liquidators
T & F INTERNATIONAL: Court Enters Wind-Up Order

TONG FAI: Li and Tsang Appointed as Liquidators
TONG WAH: Li and Tsang Appointed as Liquidators
TOP SMART: Court Enters Wind-Up Order
TRIMMER DEVELOPMENTS: Court to Hear Wind-Up Petition on Feb. 24
UNITED GRAND: Court to Hear Wind-Up Petition on March 3

UNITY KING: Court Enters Wind-Up Order
VITALPRIDE LIMITED: Court Enters Wind-Up Order


I N D I A

CANARA TRADERS: Delay in Loan Repayment Cues CRISIL Junk Ratings
GUARDIAN LIFECARE: ICRA Places 'LBB+' Rating on Proposed Bank Debt
METAL TRADERS: CRISIL Puts 'BB-' Rating on Cash Credit Limit
NAGAR DAIRY: Weak Liquidity Prompts CRISIL to Assign Junk Ratings
RAJARAMBAPU PATIL: CRISIL Rats INR1.39BB Cash Credit at 'BB-'

RENUGA TEXTILES: CARE Assigns 'CARE BB' Ratings on Bank Facilities
RUKMINI IRON: ICRA Assigns 'LBB' Rating on INR160MM Bank Limits
SANGHI AUTOMOBILES: CRISIL Rates INR60MM Cash Credit at 'BB'
SATHYAM STEEL: CRISIL Assigns 'C' Ratings on Various Bank Debts
SHREE KEDARNATH: Delays in Loan Repayment Cue CRISIL 'C' Ratings

UNIVERSAL BIOFUELS: CRISIL Assigns Junk Rating on INR196MM Loan


J A P A N

AOZORA BANK: May Call Off Merger Plans with Shinsei Bank
JAPAN AIRLINES: Announces New Executive Officers
JAPAN AIRLINES: Applies for Revision of IATA Normal Fares
JAPAN AIRLINES: Discloses Route & Flight Frequency Plan for 2010
SANYO ELECTRIC: To Sell Distribution Unit

SPANSION INC: Spansion Japan Opposes Panel Plea to Sue
SPANSION INC: Spansion Japan Settlement Approved by Court


K O R E A

HYNIX SEMICONDUCTOR: Creditors May Sell Portion of Stake


M A L A Y S I A

OILCORP BERHAD: Wind-Up Petition Hearing Set for February 24


N E W  Z E A L A N D

CEDENCO FOODS: Owes About NZ$46 Mil. to ANZ, Receivers Say
SOUTH CANTERBURY FINANCE: Sees Loss; to Amend June Year Accounts
STRATEGIC FINANCE: In Talks with Suitors Over Restructuring Plans


S I N G A P O R E

ARMADA PACIFIC: Meetings Slated for February 23
FERROCHINA LTD: Singapore Bourse to Delist Shares on March 11
FUGRO TGS: Creditors' Proofs of Debt Due March 12
GEOWIN CONSTRUCTION: Creditors Get 100% Recovery on Claims
GLORY WEALTH: Court to Hear Wind-Up Petition on February 26

IPACS COMPUTER: Creditors' Meetings Set for February 24
NAGATA HATCH: Creditors' Proofs of Debt Due March 12
SEMBAWANG MUSIC: Creditors Get 100% Recovery on Claims
SINGAPORE LEASING: Creditors Get 0.044% Recovery on Claims
THONG WAN: Creditors Get 0.76478% Recovery on Claims

WOOD DOCTOR: Court to Hear Wind-Up Petition on February 26


T H A I L A N D

SIAM CITY: Fitch Affirms Issuer Default Ratings at 'BB'




                         - - - - -


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A U S T R A L I A
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DIORO EXPLORATION: Ramelius Accepts Avoca's Offer for Dioro Stake
-----------------------------------------------------------------
Ramelius Resources Limited has accepted Avoca Resources Limited's
offer for its shares in Dioro Exploration NL.

At the close of the Ramelius offer for Dioro, the Company held
37.51% or 34.35 million ordinary shares in Dioro, representing 68%
of the shareholder base (excluding Avoca) that held Dioro shares
at the opening of the Ramelius bid.

"The Company views this acceptance level as an exceptional vote of
confidence in Ramelius from Dioro's shareholders and a strong
vindication of the abilities of the Ramelius management team to
add shareholder value," Ramelius said in a statement.

Ramelius said it has taken into account the risks associated with
a minority holding in Dioro; including the significant risk that
it may not receive cash flows from Dioro's assets and the high
probability that Dioro's share price will fall after the close of
the Avoca offer.  Ramelius said the benefits of accepting the
offer, which includes the ability to apply the cash funds received
towards investments in which Ramelius can exercise control, will
provide greater opportunities for the Company in the future.

"This transaction has increased the Company's capacity to
participate in new opportunities that can deliver future growth
and significant returns for its shareholders" Ramelius' Chairman
Robert Kennedy said.

After settlement, Ramelius expects to hold AU$46 million in cash
and 11.16 million Avoca shares.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 3, 2009, Ramelius Resources disclosed a AU$92 million
conditional offer to merge with Dioro Exploration.  The Offer was
an all share offer in which Ramelius will offer Dioro shareholders
two Ramelius shares for every one Dioro share held.

The TCR-AP reported on April 16, 2009, that Dioro Exploration said
it has received notification of an intention to make a takeover
offer from Avoca.  The original offer valued Dioro at about AU$49
million while the revised bid was worth about AU$68.5 million, at
the time of their respective announcements, according to WA Today.

Ramelius Resources Limited is an Australia-based company.  The
Company's principal activity is gold and minerals exploration and
production.  During the fiscal year ended June 30, 2008, the
Company milled 96,910 tons of Wattle Dam ore to produce
approximately 16,939 ounces of gold.

                       About Avoca Resources

Avoca Resources Limited is engaged in the mineral exploration and
resource development.  The Company is developing the Higginsville
Gold Project, as well as exploring several gold deposits in
Western Australia.  Avoca's principal project is the Higginsville
Gold Project, located 180 kilometer south of Kalgoorlie. In
Western Australia, it owns 100% of the Mt. Fisher Gold-Nickel
Project.  The Mt. Fisher Project is located 400 kilometer north of
Kalgoorlie and represents distinct gold and nickel mineralization
in a project area of 740 kilometer.  It has eight joint venture
developments in Western Australia.  The Company has Western
Australia Joint Ventures with La Mancha, Integra Mining,
Metex/Barrick, Great Gold Mines, Regal Resources and Encounter
Resources. Avoca Mining Pty Ltd is the Company's wholly owned
subsidiary.

                     About Dioro Exploration

Based in Australia, Dioro Exploration NL (ASX:DIO) --
http://www.dioro.com.au/-- is a gold mining and exploration
company.  The company owns the South Kalgoorlie mining operation
(South Kal operation) located 32 kilometers south of Kalgoorlie,
which includes 220,000 ounces of open pitable reserves, 1.675
million ounces of measured and indicated resources, the 1.2
million tonne per annum Jubilee processing facility and
approximately 1,100 square kilometers of exploration acreage.  In
addition, Dioro owns a 49% interest in the Frog's Leg gold project
located 20 kilometers west of Kalgoorlie, which includes 605,000
ounces of underground gold reserves.  Its subsidiaries include HBJ
Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar
Minerals Limited.

                           *     *     *

Dioro Exploration reported a net loss of AU$15.99 million for the
year ended Aug. 31, 2008 -- its third consecutive annual loss.  In
2007, the company posted a AU$1.32 million net loss.  Dioro also
reported a AU$0.64 million net loss for 2006.


MACQUARIE GROUP: Sells Aussie Real Estate Assets to Charter Hall
----------------------------------------------------------------
Macquarie Group Limited has entered into an agreement to sell the
majority of its Australian real estate management platform to
Charter Hall Group.  This will involve Charter Hall acquiring the
management business associated with two listed and three unlisted
real estate funds and a portion of Macquarie's holding in three of
these funds.

As part of the consideration, Macquarie said it has agreed to a
placement of CHC securities such that Macquarie will hold 10% of
CHC's securities on issue post the transaction. The remaining
consideration will be paid in cash.

Charter Hall is one of the largest specialist real estate fund
managers in Australia and will have assets under management in
excess of AU$10 billion once the transaction is completed.

The Platform consists of the following real estate funds:

    * Macquarie Office Trust (ASX:MOF);
    * Macquarie CountryWide Trust (ASX: MCW);
    * Macquarie Direct Property Fund (MDPF);
    * Macquarie Martin Place Trust (MMPT); and
    * Macquarie Property Income Fund (MPIF).

As part of the Platform, CHC will also acquire the asset service
and property management businesses that support the Funds as well
as a portion of Macquarie's co-investment holdings in three of the
Funds. Macquarie will retain shareholdings of 6% and 4% in MOF and
MCW respectively.

Mr Nicholas Moore, Macquarie Managing Director and Chief Executive
Officer said "Consistent with our strategy regarding the listed
specialist funds business, Macquarie has undertaken a process to
explore alternatives in relation to the future of Macquarie's
Australian real estate platform and maximise value for investors.
As a result of this process, Macquarie has identified Charter Hall
as a partner with a specialized real estate capability which
Macquarie believes will be attractive for Fund stakeholders."

After taking into account the historical cost of the management
businesses and the investments in the Funds, as well as other
transaction related costs, the net impact to Macquarie's FY10
profit is expected to be approximately AU$30 million.

                       About Macquarie Group

Macquarie Group Limited (ASX:MQG) -- http://www.macquarie.com.au
-- acts as non operating holding company.  Through its
subsidiaries, it is engaged in offering a range of investing,
commercial banking and retail financial services in Australia and
selected financial services offshore.  The company operates in
seven segments.  Financial Services Group consists of Macquarie
Adviser Services, which manages relationships with external
financial intermediaries, and Macquarie Private Wealth, which
provides investment planning and private banking service.  Funds
Management Group provides a range of investment solutions.
Banking and Securitization Group offers retail lending and banking
businesses.  Real Estate Group encompasses real estate funds
management, finance, and investing and advisory. Treasury and
Commodities Group activities include trading and related
activities.  Equity Markets Group manages its equity derivatives
and trading business.  Macquarie Capital offers wholesale
structuring, corporate advisory and equities research.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 30, 2009, Fitch Ratings affirmed the Individual Rating
of Macquarie Group Limited and its wholly-owned operating
subsidiaries, Macquarie Bank Ltd. at 'B'.


PACIFIC BLUE: Court Appoints Brooke Bird as Liquidator
------------------------------------------------------
The Federal Court of Australia in Melbourne has made final orders
in proceedings brought by the Australian Securities & Investments
Commission against Pacific Blue Securities Pty Ltd and its sole
director Sean Fogarty.

ASIC said the Court ordered that Pacific Blue Securities Pty Ltd
be wound up under the provisions of the Corporations Act and that
Robyn Erskine of Brooke Bird be appointed as liquidator of the
company.

The Court also ordered that Sean Fogarty be restrained:

   -- for a period of 10 years from carrying on or being
      knowingly concerned in the carrying on by another
      person of any business of dealing in financial
      products unless he holds or is the authorized
      representative of the holder of an Australian
      Financial Services Licence; and

   -- for a period of six months from:

      * taking or sending out of Australia any money,
        financial products or other property of Pacific
        Blue Securities Pty Ltd or himself; and

      * from leaving Australia without the consent of
        the Court.

ASIC said it submitted to the Court that these orders were
necessary so that the liquidator of Pacific Blue Securities or the
investors can take further action against Mr. Fogarty if they are
so advised.

As reported in the Troubled Company Reporter-Asia Pacific on
September 22, 2009, ASIC obtained ex-parte interim orders in the
Federal Court of Australia restraining Pacific Blue Securities Pty
Ltd and its sole director Sean Fogarty from disposing of assets
and prohibiting Mr. Fogarty from leaving Australia without the
consent of the Court.  This is further to ex-parte interim orders
obtained by ASIC on September 10, 2009.

The orders followed the commencement of an ASIC investigation into
Pacific Blue Securities' affairs.  ASIC informed the Court that it
suspects that Pacific Blue Securities is advising on and dealing
in interests in financial products without holding an Australian
financial services license.  ASIC is also concerned about a number
of claims made on the Pacific Blue Securities Web site and in
literature distributed to the public.

ASIC believe that in excess of AU$400,000 has been invested with
Pacific Blue Securities by around 40 investors.


ROYAL BANK: NAB May Make Solo Bid for U.K. Branches
---------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that National Australia Bank Ltd. may make a solo bid for some of
the 312 U.K. bank branches being sold by Royal Bank of Scotland
Group Plc.

According to Bloomberg, the Review said bidding on its own may be
cheaper for National Australia than teaming with private equity
firms as had been suggested in U.K. newspapers.

As reported in the Troubled Company Reporter-Europe on Feb. 9,
2010, The Financial Times said that Resolution Group, the vehicle
set up by Clive Cowdery, and Blackstone, the US private equity
group, are in the running to join National Australia Bank in a
potential bid for the U.K. branches being sold by RBS.

NAB, which owns the Clydesdale and Yorkshire banks, is among a
number of groups believed to have given early expressions of
interest in bidding for the branches, which RBS has to sell to
comply with European state-aid rules, the FT stated.

Other banks thought to have signaled an interest in buying the RBS
branches include Santander, the Spanish bank, and Virgin Money,
the FT noted.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


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C H I N A
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CHINA MILK: Defaults on Bond Redemption; To Workout on Agreement
----------------------------------------------------------------
Lars Klemming and Katrina Nicholas at Bloomberg News report that
China Milk Products Group Ltd. said it's defaulting on some
repayment obligations because it hasn't enough money outside China
to pay for early redemption of its bonds.

Bloomberg relates China Milk said in a filing with Singapore's
stock exchange that the company is currently exploring different
options with a view to meeting its funding requirements.  The
notes are China Milk's $150 million of zero coupon convertible
bonds due 2012 and issued in January 2007, Bloomberg says.

Bloomberg recalls China Milk said Jan. 5 it had received "valid
put exercise notices" from holders of about $146 million of the
notes and was "awaiting clearance" from China for the remittance
of $170.56 million so it could make the required payments.  The
delay was "administrative and procedural in nature."

According to Bloomberg, China Milk said it will try to work out an
agreement with bondholders.

"Any remittance of funds out of China entails a series of
procedural steps and regulatory clearances in respect of which the
company is currently unable to gauge the length of such a
process," Bloomberg cited China Milk in a statement.

China Milk Products Group Limited --
http://www.chinamilkgroup.com/-- is an investment holding
company.  The Company, through Daqing Yinlou Dairy Co., Ltd.
(Yinlou) is engaged in the production of pedigree bull semen,
dairy cow embryos and raw milk in the People's Republic of China.
As at March 31, 2009, the Company had a total herd size of 21,820,
which includes Holsteins of Canadian, Australian and Chinese
origins. The wholly owned subsidiaries of the Company are Cattan
Holdings Corp. (Cattan), which is an investment holding company
and Yinlou, which is engaged in dairy farm operations, including
sale of dairy livestock's agricultural produce.


SYNUTRA INT'L: Reports US$9.7-Million Net Loss for Q3
-----------------------------------------------------
Synutra International, Inc., reported Tuesday financial results
for the Company's third quarter and nine months ended December 31,
2009.

For the third fiscal quarter, the Company reported a net loss
attributable to common shareholders of $9.7 million, or $0.18 per
fully diluted share, compared to a year-earlier net loss of
$49.3 million, or $0.91 per fully diluted share.  On a sequential
basis, net loss attributable to common shareholders in the latest
quarter decreased from $14.0 million, or $0.26 per fully diluted
share, in the quarter ended September 30, 2009.

Revenues for the third fiscal quarter ended December 31, 2009,
reached $96.80 million, an increase of over 400% from
$17.7 million in the year-ago third quarter.  The increase is
primarily due to the absence of the Company's U-Smart product
series in the year-ago third quarter after the Chinese government
found that eight lots of Synutra's U-Smart series of formula
products along with certain products of 21 other manufacturers had
been contaminated with melamine in September 2008. nbSince the
product recall, the Company has been steadily regaining the lost
market share from the incident through a series of strategic
initiatives, including new marketing and sales programs, sales of
its premium line of Super series infant formula products, which
accounts for the majority of segment sales, and sales of surplus
milk powder to industrial customers.

On a sequential basis, revenues in the third quarter increased
48.2% from $65.3 million in the second quarter ended September 30,
2009.  The increase was primarily due to continued gains in sales
of Synutra's powdered formula products and sales of surplus milk
powder to industrial customers.  According to data released by the
Ministry of Commerce's Commercial Information Center (CIC), the
Company's market share has stabilized at approximately 7.0% for
the fiscal quarter ended December 31, 2009, representing a
significant increase from the 3.4% as reported in October 2008,
the month immediately following the melamine contamination
incident.

The Company's powdered formula segment recorded a gross margin of
$16.7 million, or 41.6% from net sales of $40.1 million, which was
offset by a gross loss of $3.8 million on other sales of
$56.5 million.  Other sales of $56.5 million mainly included
revenue from industrial surplus milk powder of $53.4 million for
the fiscal quarter ended December 31, 2009.

The Company's powdered formula segment reported a gross loss of
$11.4 million for the same period in the previous year.  The
improvement in gross profit was primarily due to the recovery of
sales after the melamine incident.

The Company generated a gross profit of $12.6 million during the
third fiscal quarter compared to a loss of $9.8 million in the
year-ago quarter.

Liang Zhang, Chairman and CEO of Synutra, commented, "The
quarterly gains in revenues and market share are clear signs of
the success of our recovery efforts.  During the past quarter, we
focused on streamlining management tools and systems to ensure
efficiency and transparency.  As a result, we have been able to
optimize our inventory levels both on the production side and in
the distribution channels.  We also redeployed significant
resources to support increased promotional activities to our
consumers and beyond the distribution channels, by our field
promoters in the communities and our nutrition education
professionals at the medical and healthcare facilities.  With the
direct impact of the 2008 melamine incident behind us, sales of
our industrial surplus milk powder abating as our inventory levels
are restored to reasonable levels, and with the success of the
comprehensive recovery effort and new sales initiatives, I have
reason to believe that we will be on track for growth and
profitability in the near future and we continue to strive to
regain our leadership position in the market in the months ahead."

                      Nine Months Results

Revenues for the nine months ended December 31, 2009, decreased by
12.7% to $209.5 million from $239.8 million in year-ago period.
The Company's gross profits for the nine month period ended
December 31, 2009, increased by 46.2% to $44.5 million from
$30.4 million for the same period in the previous year.

For the nine month period, the Company reported a net loss of
$33.7 million, or $0.62 per diluted share, compared to a net loss
of $83.4 million, or $1.54 per diluted share, for the same period
in the previous year.  The decrease in the Company's nine-month
revenues was a result of the lingering impact of the product
recall carried out in late 2008 as well as a greater proportion of
rebates to distributors and the additional product discounts
provided to distributors beginning August 2009 as compensation for
certain product promotion activities that were previously handled
by the Company.

                           Cash Flows

As of Dec. 31, 2009, Synutra held $56.5 million in cash and
equivalents, as compared to $37.7 million at March 31, 2009, and
$55.7 million at December 31, 2008.

Net cash used in operating activities was $29.2 million for the
nine months ended December 31, 2009, as compared to net cash used
in operating activities of $66.6 million for the same period in
the previous year.  Net cash used in operating activities for the
nine months ended December 31, 2009, was mainly due to net loss of
$33.9 million, non-cash items not affecting cash flows of
$12.9 million and a $8.2 million increase in working capital.  The
changes in working capital for the nine months ended December 31,
2009, were primarily related to $50.3 million decrease in
inventories due to sales of surplus industrial milk powder, and
$54.6 million decrease in accounts payable due to the settlement
of certain accumulated extended liabilities.  In the nine months
ended December 31, 2009, the Company spent $184.0 million in
purchasing raw materials and other production materials,
$28.2 million in staff compensation and social welfare,
$17.6 million in other taxes, $69.7 million in selling and
distribution, advertising and promotion, and general and
administrative expenses, and received $279.4 million from our
customers.

Net cash provided by investing activities was $31.5 million for
the nine months ended December 31, 2009, as compared to net cash
used in investing activities of $76.9 million for the same period
in the previous year.  Cash invested in purchases of property,
plant and equipment was $8.2 million and $38.4 million for the
nine months ended December 31, 2009, and 2008, respectively.
Restricted cash decreased by $21.0 million for the nine months
ended December 31, 2009, due to the release of cash deposit
pledged for certain short-term loans which were repaid during the
period, as compared to an increase of $30.9 million for the same
period in the previous year.  Restricted cash represents cash
deposited with banks as security against the issuance of bank
notes, letters of credit for the import of raw materials and as
pledges for certain short-term borrowings.  Proceeds from assets
disposal were $20.2 million and represent the first and second
installments of consideration paid by Wondersun to acquire
Baoquanling and Cow Breeding's assets.

Net cash provided by financing activities was $16.4 million for
the nine months ended December 31, 2009, as compared to
$100.0 million for the same period in the previous year. Cash
provided by financing activities during the nine months ended
December 31, 2009, was primarily related to $313.4 million
short-term loans from domestic banks in China and related parties,
$17.6 million long-term loans from domestic banks in China, offset
by $314.5 million repayment of short-term loans to domestic banks
in China.

                              Debt

As of December 31, 2009, the Company had short-term loans
outstanding of $224.0 million.  As of February 9, 2010, all
outstanding short-term loans from lacal banks that have become due
have been repaid.  The weighted average interest rate on short-
term loans from PRC banks outstanding at December 31, 2009, was
3.7% and 4.1%.

As of December 31, 2009, the Company had long-term loans which are
unsecured debt, from PRC banks in the amount of $26.4 million.
The maturity dates of the long-term loans are from March 2011 to
June 2012.  The weighted average interest rate of outstanding
long-term loans was 5.2%.

                         Balance Sheet

At December 31, 2009, the Company had total assets of
$398.3 million, total liabilities of $354.5 million, and total
stockholders' equity of $43.8 million.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with $250.5 million in total
current assets available to pay $316.6 million in total current
liabilities.

A full-text copy of the Company's quarterly report on Form 10-Q is
available for free at http://researcharchives.com/t/s?5247

                      Going Concern Doubt

Following the government announcement in mid September 2008 that
formula products of the Company and 21 other manufacturers had
been contaminated with melamine, the Company conducted a
compulsory recall of certain lots of U-Smart products and a
voluntary recall of all other products produced before
September 16, 2008, at the same facilities, where the Company
believed the contaminated milk supplies originated.  As a direct
result of the incident, the Company has experienced significant
operating losses and negative cash flows from operations for the
fiscal year ended March 31, 2009, and the nine months ended
December 31, 2009, and, as of December 31, 2009, had a working
capital deficit of approximately $66.2 million caused primarily by
the subsequent loss of sales following the product recall.

"The occurrence of these economic events, the ensuing operating
losses and the negative cash flows raise substantial doubt as to
the Company's ability to continue as a going concern."

                  About Synutra International

Rockville, Md.-based Synutra International Inc. (Nasdaq: SYUT)
-- http://www.synutra.com/-- is a US incorporated infant formula
company in China.  It principally produces, markets and sells its
products under the "Shengyuan," or "Synutra," name, together with
other complementary brands.  It focuses on selling premium infant
formula products, which are supplemented by more affordable infant
formulas targeting the mass market as well as other nutritional
products and ingredients.  It sells its products through an
extensive, nationwide sales and distribution network covering 30
provinces and provincial-level municipalities in China.  As of
December 31, 2009, this network comprised over 540 distributors
and over 1000 sub-distributors who sell Synutra products in over
67,000 retail outlets.


================
H O N G  K O N G
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ADEPT INDUSTRIES: Court to Hear Wind-Up Petition on February 24
---------------------------------------------------------------
A petition to wind up the operations of Adept Industries Limited
will be heard before the High Court of Hong Kong on February 24,
2010, at 9:30 a.m.

Good Quality Holdings Limited filed the petition against the
company on December 23, 2009.

The Petitioner's Solicitors are:

          Kam & Fan
          Two Chinachem Plaza
          Unit A, 22nd Floor
          68 Connaught Road
          Central, Hong Kong


CHINA GOLD: Court to Hear Wind-Up Petition on March 3
-----------------------------------------------------
A petition to wind up the operations of China Gold (Precious
Metal) Strategic Investment Limited will be heard before the
High Court of Hong Kong on March 3, 2010, at 9:30 a.m.

China Asia Enterprises Limited filed the petition against the
company on December 24, 2009.

The Petitioner's Solicitors are:

          S.H. Chan & Co.
          China Overseas Building
          Units C-F, 18th Floor
          No. 139 Hennessy Road
          Wanchai, Hong Kong


CITY TELECOM: Moody's Withdraws 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investor Services has withdrawn its Ba3 local currency
corporate family rating for City Telecom (H.K.) Limited's.
Moody's has withdrawn this rating for business reasons.

The last rating action was on 18th June 2009 when Moody's affirmed
CTI's Ba3 senior unsecured and corporate family rating with a
stable outlook following the company's announcement of a cash
funded tender offer for its outstanding 8.75% 2015 notes.

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


ENRON (HK): Creditors' Meeting Set for February 23
--------------------------------------------------
Creditors of Enron (HK) Limited will hold their meeting on
February 23, 2010, at 10:00 a.m., for the purposes provided for in
Sections 245 of the Companies Ordinance.

The meeting will be held at the 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, in Hong Kong.


HOLIDAY ASIA: Court to Hear Wind-Up Petition on March 3
-------------------------------------------------------
A petition to wind up the operations of Holiday Asia Investments
Company Limited will be heard before the High Court of Hong Kong
on March 3, 2010, at 9:30 a.m.

China Asia Enterprises Limited filed the petition against the
company on December 24, 2009.

The Petitioner's Solicitors are:

          S.H. Chan & Co.
          China Overseas Building
          Units C-F, 18th Floor
          No. 139 Hennessy Road
          Wanchai, Hong Kong


POWER STRAIGHT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Power Straight Limited.

The company's liquidator is Mat Ng.


S1 GREATER: Creditors' Meeting Set for February 23
--------------------------------------------------
Creditors of S1 Greater Limited will hold their meeting on
February 23, 2010, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the office of BDO Financial Services
limited, 25th Floor, Wing On Centre, 111 Connaught Road Central,
in Hong Kong.


STARBAY INTERNATIONAL: Briscoe and Chan Appointed as Liquidators
----------------------------------------------------------------
Stephen Briscoe and Chan Pui Sze on November 3, 2009, were
appointed as liquidators of Starbay International Limited.

The liquidators may be reached at:

          Stephen Briscoe
          Chan Pui Sze
          c/o Briscoe & Wong Limited
          1801 Wing On House, 18/F
          71 Des Voeux Road
          Central, Hong Kong


SURETY ASIA: Li and Tsang Appointed as Liquidators
--------------------------------------------------
Li Man Wai and Tsang Lai Fun on January 18, 2010, were appointed
as liquidators of Surety Asia Limited.

The liquidators may be reached at:

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


T & F INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of T & F International Limited.

The company's liquidator is Bruno Arboit.


TONG FAI: Li and Tsang Appointed as Liquidators
-----------------------------------------------
Li Man Wai and Tsang Lai Fun on January 14, 2010, were appointed
as liquidators of Tong Fai Food Company Limited.

The liquidators may be reached at:

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


TONG WAH: Li and Tsang Appointed as Liquidators
-----------------------------------------------
Li Man Wai and Tsang Lai Fun on January 18, 2010, were appointed
as liquidators of Tong Wah Engineering Limited.

The liquidators may be reached at:

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


TOP SMART: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 19, 2010,
to wind up the operations of Top Smart Property Management
Limited.

The company's liquidator is Mat Ng.


TRIMMER DEVELOPMENTS: Court to Hear Wind-Up Petition on Feb. 24
---------------------------------------------------------------
A petition to wind up the operations of Trimmer Developments
Limited will be heard before the High Court of Hong Kong on
February 24, 2010, at 9:30 a.m.

Good Quality Holdings Limited filed the petition against the
company on December 23, 2009.

The Petitioner's Solicitors are:

          Kam & Fan
          Two Chinachem Plaza
          Unit A, 22nd Floor
          68 Connaught Road
          Central, Hong Kong


UNITED GRAND: Court to Hear Wind-Up Petition on March 3
-------------------------------------------------------
A petition to wind up the operations of United Grand Limited will
be heard before the High Court of Hong Kong on March 3, 2010, at
9:30 a.m.

The Petitioner's Solicitor is:

          Simon Lau
          Senior Government Counsel
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


UNITY KING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on December 22, 2009,
to wind up the operations of Unity King Enterprises Limited.

The company's liquidator is Bruno Arboit.


VITALPRIDE LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on December 22, 2009,
to wind up the operations of Vitalpride Limited.

The company's liquidator is Bruno Arboit.


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


CANARA TRADERS: Delay in Loan Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Canara Traders &
Printers Pvt Ltd's bank facilities.  The ratings reflect delay by
CTPL in servicing its term loan obligations, owing to weak
liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR100.00 Million Long Term Loan       D (Assigned)
   INR20.00 Million Overdraft Facility    D (Assigned)
   INR10.00 Million Letter of Credit      P5 (Assigned)

Set up in 1968 as a partnership firm by Mr. Vasant M Shanbhag,
CTPL converted to a private limited company in 1995.  It provides
offset printing, pre-press, printing, and post-press services.
The company's plant in Chennai offers a wide range of services for
customers, including printing of books, brochures, carry bags,
posters, catalogues, booklets, and calendars.

CTPL reported a loss of INR34.1 million on net sales of INR153.9
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a loss of INR11.3 million on net sales of
INR172.7 million for 2007-08.


GUARDIAN LIFECARE: ICRA Places 'LBB+' Rating on Proposed Bank Debt
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR250 million proposed
bank facilities of Guardian Lifecare Private Limited.  ICRA has
also assigned A4+ rating to the INR250 million proposed bank
facilities (interchangeable with long term bank facilities) of
GLPL.  The outlook assigned to the long term rating is "Stable".

The assigned ratings take into account the intensely competitive
nature of the retail pharmacy industry in India, GLPL's geographic
concentration on North India, continued gestation losses resulting
from new store additions and the company's inability to recover
corporate overheads despite five years of operations.  The ratings
take comfort from the brand building efforts of the company,
commitment from promoters and funding of losses through regular
equity infusion besides the improvement in operating performance
of stores during April - November 2009.  Although the company
achieved EBITDA break even at store level during 2009-10, its
aggressive store expansion plan in the medium term would result in
significant fund requirements.  Nevertheless, ICRA acknowledges
the fact that the gestation period for a typical organized retail
setup is long.

Recent Results:  At a consolidated level, the company reported net
sales of INR757.6 million and a net loss of INR58.8 million in the
period from April - November 2009.

Guardian Lifecare Private Limited, set up in 2005 is a retail
chain of pharmacy, wellness, health and beauty products.  The
company is promoted by Mr. Ashutosh Garg having over 17 years of
experience with the ITC group. The company has various eminent
personalities like Mr. Rajat Gupta, Mr. Jerry Rao and Mr. Rob
Bakshi as its shareholders.  The company has operations in 24
cities including Mumbai, Gurgaon, Delhi, Kanpur, Meerut,
Faridabad, Ghaziabad, Jaipur, Varanasi, Hissar, Rewari, Ludhiana,
Lucknow, Kanpur, Gorakhpur, Allahabad, Agra, Jhansi, Jodhpur,
Kota, Ambala, Karnal, Panipat and Bangalore.


METAL TRADERS: CRISIL Puts 'BB-' Rating on Cash Credit Limit
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to Metal Traders
(India) Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR140.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR5.0 Million Bank Guarantee          P4 (Assigned)
   INR90.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect MTIL's below-average financial risk profile
marked by a highly leveraged capital structure and low net worth,
and its exposure to risks relating to volatility in raw material
prices and in the value of the Indian rupee.  These rating
weaknesses are partially offset by the benefits that MTIL derives
from its promoters' experience in the metals industry, and its
association with reputed international and domestic suppliers.

Outlook: Stable

CRISIL believes that MTIL will continue to benefit from its
established relationships with its principal suppliers and
customers.  The company's financial risk profile is, however,
expected to remain constrained because of its highly leveraged
capital structure to fund its large working capital requirements.
The outlook may be revised to 'Positive' if MTIL's inventory
levels drop significantly, and its profitability improves
considerably.  Conversely, the outlook may be revised to
'Negative' if MTIL's profitability deteriorates substantially,
leading to pressure on its debt protection measures.

                        About Metal Traders

Set up in 1986 as a partnership firm by Mr.Rakesh Kumar Gupta,
Mr.Ajay Gupta, and Mr.Sanjay Gupta, MTIL (formerly, Metal Traders)
was converted to a private limited company in 1992.  Metal Traders
(India) Pvt Ltd trades in various non-ferrous metals; it is the
authorised agent of Indian Smelting and Refining Company Ltd for
copper, brass, aluminum scrap, and ductile iron castings.
Moreover, MTIL is also an authorized agent of Vale Inco, Europe;
MM Kembla, Australia; and MSC, Malaysia, for nickel, copper rods,
and tin ingots, respectively. MTIL also purchases scrap from
government departments on tender basis.

MTIL reported a profit after tax (PAT) of INR9 million on net
sales of INR821 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR11 million on net sales
of INR659 million for 2007-08.


NAGAR DAIRY: Weak Liquidity Prompts CRISIL to Assign Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Nagar Dairy Pvt Ltd's
bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR180.0 Million Cash Credit Limit       D (Assigned)
   INR25.0 Million Term Loan                D (Assigned)
   INR25.0 Million Standby Line of Credit   D (Assigned)

The rating reflects delay by Nagar Dairy in repayment of term loan
obligations, owing to weak liquidity.

Set up in 2003-04 (refers to financial year, April 1 to March 31),
Nagar Dairy manufactures dairy products, namely ghee and skimmed
milk powder (SMP).  It has a milk processing capacity of 200,000
litres per day (LPD) at Hapur (Uttar Pradesh).  It sells its
products under the Nagar brand.  In 2008-09, the company bagged an
annual contract from Anand Milk Union Ltd (Amul) for poucher
filling of milk products, and has a processing capacity of 200,000
LPD for this purpose, which will be increased to 600,000 LPD in
2009-10.

Nagar Dairy reported a profit after tax (PAT) of INR17.5 million
on net sales of INR1329 million for 2008-09, as against a PAT of
INR12.1 million on net sales of INR937 million for 2007-08.


RAJARAMBAPU PATIL: CRISIL Rats INR1.39BB Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Rajarambapu Patil Sahakari Sakhar Karkhana Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR1391.7 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects RPSSKL's weak financial risk profile because
of working-capital-intensive operations and moderate cash
accruals, and its exposure to regulatory risks and to cyclicality
in the sugar industry.  These weaknesses are partially offset by
RPSSKL's moderate operating efficiency because of its integrated
operations, and its established relationships with farmers.

Outlook: Stable

CRISIL believes that RPSSKL will maintain a stable business risk
profile backed by its established relationships with farmers, and
that the society's financial risk profile will remain weak because
of the working-capital-intensive nature of its operations.  The
outlook may be revised to 'Positive' in case of significant
improvement in the society's financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the society undertakes
large, debt-funded capex programmes or faces pressure on its cash
accruals, resulting in deterioration in its financial risk
profile.

                         About the Society

RPSSKL was set up as a co-operative sugar factory in 1968 by Mr.
Rajaram Patil. It manufactures sugar and by-products in the sugar-
manufacturing process, such as molasses, fertilisers, rectified
spirits, country liquors, and Indian-made foreign liquor. The
society's operations are spread over 103 villages of Sangli
district in Maharashtra, where it owns two mills, in Sakhrale and
Wategaon, with installed sugar manufacturing capacity of 4000
tonnes crushed per day (tcd) and 2500 tcd, respectively. The
Sakhrale unit also has a distillery with installed capacity of
100,000 litres per day, and the Wategaon unit has a 7-megawatt co-
generation unit.  Furthermore, the society operates a sugar unit
on lease basis at Sarvodaya (also in Sangli), which has an
installed capacity of 2500 tcd.

RPSSKL reported a profit after tax (PAT) of INR7 million on net
sales of INR3488 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR3090 million for 2007-08.


RENUGA TEXTILES: CARE Assigns 'CARE BB' Ratings on Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Shri Renuga Textiles Ltd.  Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk. Also,
CARE has assigned a 'PR4' rating to the Short-term Bank Facilities
of SRTL.  Facilities with this rating would have inadequate
capacity for timely repayment of short-term debt obligations and
carry very high credit risk.  Such facilities are susceptible to
default.  These ratings are assigned for an aggregate amount of
INR232.77 cr.  CARE assigns '+' or '-' sign after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                     Amount
   Facilities                       (INR cr)     Ratings
   ----------                        -------     -------
   Long-term Loans                   123.27      CARE BB
   Long-term Fund-based Limits       95.50       CARE BB
   Short-term Non Fund-based Limits  14.00       PR4

Rating Rationale

The ratings are constrained by the strained financial position of
SRTL characterized by low profitability, high gearing and tight
liquidity position, unfavorable industry situation and resultant
fall in demand, the consequent cash losses during FY09, and all of
these necessitating debt restructuring as also absence of any
significant improvement in Q1'10.  The ratings also consider
STRL's established track record and the promoter's vast experience
in the textile industry, integrated nature of operations, diverse
product offering which includes yarn catering to domestic market
and terry towels & related products catering to the export market
and use of captive sources for meeting the major part of the power
requirement.

Higher capacity utilizations in the existing Yarn and Weaving
division, larger sales contribution from the Home furnishing
fabric segment and the ability of the company to leverage on the
promoter's vast experience and diversified product-mix to achieve
higher profitability are the key rating sensitivities.

                       About Renuga Textiles

Shri Renuga Textiles Ltd is the flagship company of the Shri
Renuga Industrial group of companies operating in Theni,
Tamilnadu.  SRTL is engaged in the manufacture of Yarn, Terry
towel-related products, Yarn dyeing and Fabric processing
& dyeing. By the end of March 2009, the company had a capacity of
65,992 spindles, 106 weaving looms, two 4.5-MW Biomass plants,
terry towel processing capacity of 15 tons per day and Yarn dyeing
capacity of 2500 kgs of Yarn per day, spread among three
manufacturing units.  For FY09, SRTL reported a net loss of
INR30cr on a total income of INR179cr.


RUKMINI IRON: ICRA Assigns 'LBB' Rating on INR160MM Bank Limits
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR160 million fund based
limits of Rukmini Iron Private Limited.  The rating carries a
stable outlook.

The ratings takes into account modest scale of operations, which
results in limited economies of scale, relatively value additive
nature of the business and high competitive pressures in the steel
ingot business.  These factors have resulted in modest operating
margins and this is unlikely to change significantly in the medium
term.  Further, in spite of moderate working capital (WC)
intensity of operations substantial growth in the turnover has
resulted in limited cash generation from operations (as measured
by net cash accruals adjusted for working capital changes).  The
ratings also takes into account the project risk arising out of
proposed forward integration expansion plans of the company into
manufacturing  of Thermo-mechanical treatment (TMT) bars and flats
rolled products.  However, the ratings draw comfort from the long
experience of promoters and strong relationship with its client
base.  These factors have resulted in healthy growth in its sales,
which is likely to be sustained given the positive demand outlook
for steel.

Rukmini Iron Pvt. Ltd commenced its operations in financial year
2003-2004 with the establishment of an induction furnace having
capacity of 18000 MT per annum.  The promoters have been in the
iron and steel industry since 1992.  The promoters have been
associated with Essar steel, Steel Authority of India as their
independent agents and distributors.  Rukmini Iron is currently
into manufacturing of steel ingots with the production capacity of
18000 MT per annum and proposed to go in for forward integration
with the setting up of re rolling mill for the manufacturing of
TMT bars, angles, channels rounds etc.


SANGHI AUTOMOBILES: CRISIL Rates INR60MM Cash Credit at 'BB'
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Sanghi Automobiles'
cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      BB/Stable (Assigned)

The rating reflects Sanghi's average financial risk profile marked
by a small net worth, high gearing, and moderate debt protection
measures, limited bargaining power with the principal Bajaj Auto
Ltd (BAL, rated 'AAA/FAAA/Stable/P1+' by CRISIL), and exposure to
intense competition in the automotive dealership market.  These
rating weaknesses are partially offset by Sanghi's healthy market
position as a BAL dealer in Bhopal (Madhya Pradesh), and moderate
exposure to inventory- and debtor-related risks.

Outlook: Stable

CRISIL believes that Sanghi will continue to benefit from its
market position as one of the only two dealers of BAL in Bhopal,
over the medium term.  The outlook may be revised to 'Positive' if
the firm significantly increases its scale of operations without
adversely affecting its capital structure. Conversely, the outlook
may be revised to 'Negative' in case Sanghi's financial risk
profile deteriorates, most likely because of increased dependence
on external funding or weakening of its debt servicing ability.

                     About Sanghi Automobiles

Set up in 1986, Sanghi is an authorized dealer of BAL's two- and
three-wheeler vehicles.  The firm is a dealer in Bhopal, and has
three showrooms and as many service stations in Bhopal. In March
2009, the firm acquired six dumpers.  Sanghi is part of the Sanghi
group of companies that comprises some of the largest dealers in
central India of various auto manufacturers.

Sanghi reported a profit after tax (PAT) of INR4.2 million on net
sales of INR200.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.0 million on net sales
of INR236.9 million for 2007-08.


SATHYAM STEEL: CRISIL Assigns 'C' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to Sathyam Steel Roof
Structures Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR30.00 Million Long-Term Loan        C (Assigned)
   INR140.00 Million Cash Credit          C (Assigned)
   INR22.50 Million Letter of Credit      P4 (Assigned)
   INR7.50 Million Bank Guarantee         P4 (Assigned)

The ratings reflect SSRSL's weak financial risk profile, and
exposure to risks relating to the working-capital-intensive nature
of its operations, and intense competition in the pre-engineered
building (PEB) construction industry.  These rating weaknesses
are, however, partially offset by SSRSL's established track record
in the PEB construction segment in South India.

Set up in 2004 by Mr.S Ramachandran, SSRSL is engaged in PEB
construction and manufacture of heavy steel structural fabrication
parts. Based at Chennai, the company has planned to double its
fabrication capacity from current levels of 1500 tonnes per day to
3000 tonnes per day in 2010-11.

SSRSL reported a loss of INR0.2 million on net sales of INR212.6
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR3.2 million on net
sales of INR453.1 million for 2007-08.


SHREE KEDARNATH: Delays in Loan Repayment Cue CRISIL 'C' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of Shree
Kedarnath Sugar and Agro Products Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       C (Assigned)
   INR814.6 Million Term Loan       C (Assigned)
   INR275 Million Proposed LT       C (Assigned)
                Bank Facility

The rating reflects past delays by SKSAPL in servicing its term
loan obligations, pending approval from the non-banking finance
companies (NBFCs) for a restructuring of these term loans. SKSAPL
has had its term loans from banks rescheduled three times in the
past.  This has been due to delays in obtaining financial closure
from lenders, and delays in shipment of equipment by suppliers,
resulting in a time overrun in commencement of commercial
operations.  This has, in turn, resulted in nil cash accruals
against large repayment obligations for SKSAPL, straining its
liquidity, and precipitating delays in debt repayment.  The rating
factors in SKSAPL's weak financial risk profile, marked by
substantial debt, and absence of cash accruals due to the start-up
nature of its operations. The rating also reflects SKSAPL's
exposure to regulatory risks, and large, expected working capital
requirements. These weaknesses are partially offset by the
company's high expected operating efficiency, backed by its wholly
integrated operations, and its promoters' industry experience.

                       About Shree Kedarnath

SKSAPL was set up in 2001 as Sri Sai Deep Sagar and Agro Products
Pvt Ltd. The company got its current name after it was acquired by
Mr. Vikramsinh Aparadh in February 2006.  The company has a fully
integrated plant for manufacturing sugar (with a cane-crushing
capacity of 3500 tonnes per day) ethanol (60 kilolitres per day),
and a cogeneration plant (capacity of 18 megawatts per hour).  The
Government of Karnataka has granted SKSAPL access to 60,000 acres
for procurement of sugarcane, of which, 22,000 acres are under
cultivation at present. SKSAPL commenced operations on January 31,
2009, after significant delays.  Its cogeneration and ethanol
plants are expected to commence operations in February and May,
respectively, of 2010. SKSAPL's associate company, VH Aparadh
Hotels Pvt Ltd, has extended corporate guarantees to all of
SKSAPL's bank facilities.


UNIVERSAL BIOFUELS: CRISIL Assigns Junk Rating on INR196MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan of Universal
Biofuels Pvt Ltd.  The rating reflects UBPL's delays in servicing
its term loan; the delays have been caused by weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR196 Million Term Loan       D (Assigned)

UBPL, a wholly owned subsidiary of AE Biofuels, a public company
headquartered in California, USA, is engaged in the business of
bio-diesel production.  The company has a production facility in
Kakinada, Andhra Pradesh, with a capacity of 150,000 tonnes per
annum. Currently, UBPL uses stearin as feedstock for its plant.
The company is also constructing an integrated edible oil refining
plant.  UBPL reported a net loss of INR120 million on net sales of
INR132 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2.6 million on net
sales of INR386 million, previous year.


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


AOZORA BANK: May Call Off Merger Plans with Shinsei Bank
--------------------------------------------------------
Shinsei Bank and Aozora Bank, which agreed last summer to merge in
October, are facing difficulties in their negotiations, Kyodo News
reports.

Kyodo's sources said the talks have hit a snag in working out a
business strategy, including system integration and choice of core
operation, and there is a possibility they could call off the
negotiations if they cannot iron out their differences.

According to the report, sources said the two sides have clashed
over what kind of system to use for their operation, with Shinsei
calling for an Indian system that would cut costs but is rare in
the domestic banking industry, and Aozora expressing concern over
the response in case of trouble with the system.

Sources said differences also remain in terms of what to designate
as the core business of the merged bank with Shinsei wanting to
place importance on services for individual customers such as
consumer lending and housing loans, while Aozora is seeking to
join forces with regional banks to expand loans to midsize and
smaller firms, Kyodo notes.

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

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

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

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

                         About Shinsei Bank

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

                         About Aozora Bank

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

                           *     *     *

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

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


JAPAN AIRLINES: Announces New Executive Officers
------------------------------------------------
The Japan Airlines Group announced the formation of a new
executive management team for the holding company, Japan Airlines
Corporation (JALS), and of its main operating company Japan
Airlines International (JALI) with effect from February 8, 2010.

In pursuit of a more streamlined management structure, the
position of managing executive officer will be removed and the
number of executive officers reduced by 11 from the previous team.

With a younger, slimmer top management that is expected to
comprehensively draw up and speedily implement effective measures,
the JAL Group is determined to achieve a swift revitalization of
the company.

Under the new leadership of Mr. Kazuo Inamori as the JAL Group
chairman, and Mr. Masaru Onishi as president, both assuming office
from February 1, 2010, the newly-appointed board members,
executive officers, and every employee of the JAL Group will work
collectively as one to continue offering customers flights of the
highest safety and service levels.

  Executive Officers of Japan Airlines Corporation Co. Ltd
          and Japan Airlines International Co. Ltd

Name                Title      Assignments
----                -----      -----------
Kazuo Inamori      Chairman

Masaru Onishi      President   JAL Group COO; Chairman of
                             Safety Enhancement Task Force /
                             Customer Satisfaction Improvement
                             Committee / Corporate Culture
                             Reformation Committee / CSR
                             Committee / Global Environmental
                             Committee / Corporate Compliance
                             and Business Risk Management
                             Committee

Hisao Taguchi      Executive   Assistant to the President /
                 Vice        Internal Control / Customer
                 President   Satisfaction Improvement /
                             Executive Secretariat Office

Hiroyasu Omura     Senior      Human Resource Management /
                 Managing    Industrial Relations / Medical
                 Executive   Services
                 Officer

Chihiro Tamura     Senior      General Manager, Corporate Safety
                 Managing    & Security Division / Family
                 Executive   Assistance & Support / Corporate
                 Officer     Culture Reformation /
                             Environmental Affairs

Hirohide Kamikawa  Executive   Regional Manager, Tokyo & Eastern
                 Officer     Japan

Kunio Hirata       Executive   Cargo & Mail / President of JAL
                 Officer     Cargo Sales

Shigemi Kurusu     Executive   General Manager, Corporate
                 Officer     Planning

Hiroshi Ikeda      Executive   President of JALways
                 Officer

Yoshiharu Ueki     Executive   General Manager, Flight Operations
                 Officer     Division

Tatsuhito Saikawa  Executive   Deputy General Manager, Flight
                 Officer     Operations Division / Vice
                             President, Flight Planning and
                             Administration, Flight Operations
                             Division

Tadao Sakai        Executive   Deputy General Manager, Corporate
                 Officer     Safety & Security Division

Tetsuro Sugawa     Executive   Airport Operations Division /
                 Officer     President of JAL Sky

Tsutomu Ando       Executive   International Affairs Division /
                 Officer     China Business Development

Eiichi Yamaguchi   Executive   Regional Manager, Osaka & Western
                 Officer     Japan / President of JAL Sales
                             Western Japan

Susumu Fukushima   Executive   Regional Manager Narita /
                 Officer     Executive Vice President of JAL
                             Sky / Vice President, Narita
                             Airport

Nobuhiro Sato      Executive   General Manager, Engineering &
                 Officer     Maintenance Division / President
                             of JAL Engineering

Takashi Saito      Executive   Deputy General Manager,
                 Officer     Engineering & Maintenance Division
                             / Maintenance Planning &
                             Administration Office

Manabu Sato        Executive   Vice President, Office of the
                 Officer     Trustees

Yoshito Shimizu    Executive   President of JAL EXPRESS
                 Officer

Tsuyoshi Yamamura  Executive   President of J-AIR
                 Officer

Junko Okawa        Executive   Cabin Attendants Division
                 Officer

Toshio Shinohara   Executive    Executive Vice President of JAL
                 Officer      Sky, Vice President Haneda
                              Airport

Norikazu Saito     Executive    Finance & Investor Relations /
                 Officer      Accounting / Internal Control

Tadashi Fujita     Executive    Passenger Sales & Marketing
                 Officer      Division / Asia & Oceania

Toshiyuki          Executive    Purchasing
Kawarabata             Officer

Arata Yasujima     Executive    President of Japan Air Commuter
                 Officer

Toshiaki Norita    Executive    Personnel
                 Officer


Ryuzo Toyoshima    Executive    General Administration / Public
                 Officer      Relations / Strategic Corporate
                              Relations / Legal Affairs and
                              Compliance

Hideki Kikuyama    Executive    Deputy General Manager, Corporate
                 Officer      Planning

Hideo Ninomiya     Executive    IT Services & Planning / Internal
                 Officer      Control


Retirements from the board with effect from February 7, 2010

  Name                      Title
  ----                      -----
Katsuhiko Nawano          Executive Vice President
Tetsuya Takenaka          Executive Vice President
Kiyoshi Kishida           Executive Vice President
Susumu Miyoshi            Senior Managing Executive Officer
Masato Uehara             Senior Managing Executive Officer
Toshio Annaka             Managing Executive Officer
Shunichi Saito            Managing Executive Officer
Masaaki Haga              Managing Executive Officer
Atsuro Nishi              Managing Executive Officer
Tetsuo Takahashi          Executive Officer
Yoshimasa Kanayama        Executive Officer
Toshinari Oshima          Executive Officer
Takahiro Kato             Executive Officer
Yuji Okada                Executive Officer
Muneyuki Mitsui           Executive Officer
Toshio Takahashi          Executive Officer
Ichiro Morii              Executive Officer
Katsuaki Suzuki           Executive Officer
Yoriko Nagata             Executive Officer
Yoshio Imajo              Executive Officer
Keizaburo Yokota          Executive Officer
Kazuhiko Nishi            Executive Officer

These persons will remain in the company with their respective
assignments:

* Takahiro Kato - Regional Manager, Nagoya & Central Japan

* Yuji Okada - CEO for Europe, Middle East & Africa Vice
             President & Regional Manager, UK and Ireland

* Keizaburo Yokota - Vice President & Regional Manager, Beijing

* Kazuhiko Nishi - Deputy Regional Manager, Tokyo & Eastern Japan
                / Corporate Accounts

                       About Japan Airlines

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 the
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 for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

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: Applies for Revision of IATA Normal Fares
----------------------------------------------------------
The JAL Group filed an application with the Japanese Ministry of
Land Infrastructure, Transport & Tourism (MLIT) requesting a
revision of IATA international normal and PEX airfares applicable
for Japan departures to Europe, Middle East and Oceania (Australia
and New Zealand).

The application for fares to North America, Central and South
America, Hawaii, Southeast Asia and India from Japan was submitted
on December 25, 2009.

The revisions will take effect from April 1, 2010, pending
government approval.

                       About Japan Airlines

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 the
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 for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

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: Discloses Route & Flight Frequency Plan for 2010
----------------------------------------------------------------
The JAL Group announced, its route, flight frequency and fleet
plan for international and domestic passenger operations as well
as international cargo operations for the first half of FY2010,
the period ending September 30, 2010.

In formulating the JAL Reorganization Plan with a sharp focus on
improving profitability, JAL will closely evaluate market
situations and effectively capitalize on the up-coming expansion
of airports in Tokyo.

JAL will continue striving towards improving profitability with
unwavering commitment to offer customers the highest levels of
safety, on-time performance and service.

                       About Japan Airlines

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 the
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 for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

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)


SANYO ELECTRIC: To Sell Distribution Unit
-----------------------------------------
Sanyo Electric Co. plans to sell its distribution unit Sanyo
Electric Logistics Co. in the first move of its restructuring
after it became a subsidiary of Panasonic Corp last December,
Japan Today reports citing industry sources.

Japan Today' sources said Sanyo Electric is selecting a concern to
buy the subsidiary listed on the Jasdaq Securities Exchange for
start-up firms and is expected to decide on the deal in March.

According to the report, the move is expected to accelerate
business reorganization in the Panasonic group.

Sanyo Logistics transports and stores Sanyo Electric products.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SPANSION INC: Spansion Japan Opposes Panel Plea to Sue
------------------------------------------------------
The Official Committee of Unsecured Creditors in Spansion Inc.'s
cases seeks the U.S. Bankruptcy Court's authority to commence and
prosecute certain preference claims of the Debtors' estates
against Spansion Japan Limited.  The Committee relates that it has
conducted a detailed investigation of certain intercompany
transfers and determined that a significant portion of the
transfers are avoidable as preferential transfers under Section
547 of the Bankruptcy Code.

In response, Spansion Japan Limited asserts that the motion of the
Official Committee of Unsecured Creditors is a transparent attack
on the approval of, and attempted end around, the settlement among
the Debtors and Spansion Japan.  According to Spansion Japan, the
Committee must satisfy three requirements in order to obtain
derivative standing:

(1) The Claims must be colorable and make sense from a cost-
     benefit standpoint;

(2) The Debtors have abused their discretion in not bringing
     the claims or, in this case, in settling them; and

(3) The grant of derivative standing is in the best interests
     of the Debtors' estates.

According to Spansion Japan, the Committee's proposed cure of
action is wasteful and seeks to derail months of hard fought
negotiations between the Debtors and Spansion Japan on the
compromise of a $415 million administrative expense that would
prevent the Debtors from continuing their path to plan
confirmation in February 2010, not to mention further complicate
Spansion Japan's efforts to reorganize in its Japanese insolvency
proceeding.  In addition, Spansion Japan notes, the relief the
Committee seeks is substantively and procedurally deficient.
Published decisions in the district court have uniformly held
that potential preferences cannot be used as a bar to an
administrative expense under Section 503(b) of the Bankruptcy
Code.

                 Debtors & GE Also Object

The Debtors assert that there is simply no justification for
granting the relief sought by the Committee at this time.
Contrary to the Committee's allegations, the Debtors maintain
that they did in fact assert the alleged preferential transfers
in defense of the administrative claims asserted by Spansion
Japan.  According to the Debtors, the purpose for which the
Committee wishes to pursue an action at this time is antithetical
to the settlement recently announced with Spansion Japan.  The
Debtors aver that the Committee's pursuit of preferential
transfers at this time would ultimately destroy material value
for the Debtors' estates achieved through that settlement.

For its part, GE Japan Corporation, as Administrative Agent,
Security Agent, and secured lender, contends that the Committee's
Motion is the Committee's attempt to "blue pencil" out of the
settlement between the Debtors and Spansion Japan the one
provision that the Committee finds most objectionable -- the
Debtors' $45 million payment to Spansion Japan in settlement of
asserted administrative claims in excess of $415,000,000.
According to GE Japan, the Committee may not use its Motion as an
effort to wage a surgical attack on the Settlement for two
reasons:

(1) there are neither legal nor factual grounds for the
     Committee to usurp for itself the estate's potential
     preference actions against Spansion Japan; and

(2) the Committee's Motion is an improper attempt to
     substitute the Committee's business judgment for that of
     the Debtors in entering into the Settlement Agreement and
     in determining when and how to assert potential estate
     claims.

                       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)


SPANSION INC: Spansion Japan Settlement Approved by Court
---------------------------------------------------------
Spansion Inc. obtained approval from the Bankruptcy Court of its
settlement with Spansion Japan.

The Settlement contemplates:

(i) the continued purchase of wafers from Spansion Japan by
     Spansion LLC at a defined price, quantity and duration via
     the Foundry Agreement;

(ii) other definitive agreements to assist the parties to
     define their relationship as they both pursue a successful
     emergence from bankruptcy;

(iii) a settlement payment in lieu of the Spansion Japan
     Administrative Expense and in consideration of the various
     other benefits of the Settlement including in particular
     the License Agreement; and

(iv) the reservation of Spansion Japan's Rejection Damages
     Claim and plan confirmation challenges for the upcoming
     confirmation trial in the Debtors' chapter 11 cases.

The Official Committee of Unsecured Creditors objected, asserting
that that the Settlement waives valuable rights of the Debtors'
estates without full disclosure, falls far outside the range of
reasonableness and is grossly inequitable to the creditors of the
Debtors' estates.

GE Japan Corporation, as Administrative Agent, Security Agent,
and secured lender, for itself and on behalf of members of a
committee of secured creditors, tells the Court that while it
anticipates being able to consent to the Settlement, this consent
remains conditioned upon the occurrence of the conditions
precedent to the effectiveness of the Settlement, including:

(a) approval by the Tokyo District Court of the Term Sheet and
     GE Term Sheet;

(b) the completion of the Definitive Agreements in final form
     acceptable to GE; and

(c) entry of an order approving the Settlement Motion in a
     form acceptable to GE.

In its order approving the Motion to Settle, Bankruptcy Judge
Kevin Carey held, among other things, that:

* The Debtors are directed, upon the occurrence of the
   effective date of the Second Amended Plan of Reorganization,
   to fund the purchase of and cause Spansion Nihon to take all
   actions necessary to consummate the acquisition of the
   Kawasaki Business consistent with the Term Sheet and the
   Definitive Agreements.

* If the Debtors fail to enter into the Definitive Agreements
   or cause Spansion Nihon to consummate the purchase of the
   Kawasaki Business consistent with the terms in the Term
   Sheet, then there will be no settlement of Spansion Japan's
   Administrative Expense.

* Subject to confirmation of a plan of reorganization by the
   Debtors, the Debtors will pay to Spansion Japan $45,000,000,
   payable in this manner:

   -- $10,000,000 on March 31, 2010,
   -- $12,500,000 on June 30, 2010,
   -- $12,500,000 on September 30, 2010, and
   -- $10,000,000 on December 31, 2010.

   The Settlement Payment will be in consideration of, among
   other things, the settlement of Spansion Japan's
   Administrative Expense including as set forth in Spansion
   Japan's motion for entry of an order allowing certain claims
   as an administrative expense and directing payment.

* All accounts payable and accounts receivable between
   Spansion Japan and Spansion LLC for any and all activities,
   including, but not limited to, foundry, distribution, and
   research and development, before October 27, 2009, will be
   considered settled as of October 27, 2009.

* Spansion LLC, subject to confirmation of a plan of
   reorganization by the Debtors, will pay $5 million to
   Spansion Japan as consideration for the provision of
   certain technical information to the Debtors as provided in
   the Term Sheet.

* Any amounts due between Spansion Japan and Spansion LLC for
   the period of October 27, 2009, through and including
   January 29,2010, are not resolved pursuant to the Order and
   will be resolved and netted in accordance with the various
   agreements between the parties and any net amount paid by
   the applicable party in accordance with the terms of the
   purchase orders governing the period.

* With regard to the claims of Spansion LLC against Spansion
   Japan arising prior to February 9, 2009, Spansion LLC is
   authorized and directed to vote the claims in favor of
   Spansion Japan's plan of reorganization consistent with the
   Terms of the Order.

* Notwithstanding anything to the contrary, (a) Spansion Japan
   will retain its rejection damage claims against Spansion LLC
   in respect of the rejection of the Second Amended Foundry
   Agreement or the rejection of any other executory contract
   or agreement between Spansion LLC and Spansion Japan;
   (b) Spansion LLC will retain all of its rights and defenses
   against the Rejection Damage Claims, including, but not
   limited to, (x) any liability that Spansion Japan may have
   to Spansion LLC under Chapter 5 of the Bankruptcy Code and
   (y) its right to argue that it is entitled to reduce the
   Rejection Damages Claims by up to $85 million on account of
   the Spansion LLC Prepetition Claims; and (c) Spansion Japan
   will retain all of its rights and defenses to oppose any '
   claim or defense to the Rejection Damage Claims.

* As of the first date that both (a) the Tokyo Court will
   have approved the GE Term Sheet and (b) either (i) the order
   confirming the Debtors' Plan becomes a Final Order or (ii)
   the Effective Date of the Plan will have occurred, GE will
   withdraw all claims and pending pleadings or papers in the
   Debtors' Chapter 11 cases.

                      Rejection Damages

The Debtors ask the U.S. Bankruptcy Court for the District of
Delaware to lift the automatic stay to allow them to file and
proceed with an adversary proceeding against Spansion Japan
Limited to adjudicate any Chapter 5 causes of action against, and
determine the exposure of, Spansion Japan solely for the purposes
of offsetting or disallowing Spansion Japan's alleged rejection
damages.

On November 19, 2009, the Court entered its order granting the
motion of the debtors authorizing the rejection of second amended
and restated foundry agreement with Spansion Japan Limited.  The
Rejection Order required GE Japan Corporation and Spansion Japan
to file any claim for rejection damages "on or before the first
business day that is sixty calendar days after entry of" the
Rejection Order.

On January 15, 2010, Spansion Japan filed proof of claim number
1165 asserting damages of $761,238,570.

                       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: Creditors May Sell Portion of Stake
--------------------------------------------------------
The Financial Times reports that the creditors of Hynix
Semiconductor Inc. have failed for the second time to find a
Korean buyer for their controlling stake in the chipmaker.

The FT says creditor group, led by Korea Exchange Bank, failed to
draw a single bid for a combined 28% stake in Hynix, even after
extending the deadline for offers by two weeks.

Evan Ramstad at The Wall Street Journal reports that as a result,
the creditors said they would sell only a portion of their
holdings on the open market and began trying to convince worried
South Koreans that control of the company wouldn't fall into
foreign hands.

The Journal relates the creditors said they would begin block
sales over the next few weeks with an eye to reducing their
holdings to 15% from the current 28%.  The group said it will
eventually look for a South Korean buyer for the 15% stake down
the road.

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

Hynix's creditors extended the deadline for accepting bids for a
controlling stake in the memory chipmaker until February 12 after
failing to receive any bids by the January 29 deadline.

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

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.

                            About Hynix

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.


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


OILCORP BERHAD: Wind-Up Petition Hearing Set for February 24
------------------------------------------------------------
The Shah Alam High Court will hear on February 24, 2010, a
petition to wound up the operations of Oilfab Sdn. Bhd, a
subsidiary of OilCorp Berhad.

The petitioner, HSS Integrated Sdn. Bhd., had claimed payment for
the sum due and payable by OFSB resulting from five dishonoured
cheques worth MYR150,000 issued by OFSB in favor of the
Petitioner.

Oilcorp intends to oppose the winding up petition.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


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


CEDENCO FOODS: Owes About NZ$46 Mil. to ANZ, Receivers Say
----------------------------------------------------------
The receivers of Cedenco Foods said the company owed ANZ National
Bank about NZ$46 million and unsecured creditors NZ$3.4 million
when it was placed in receivership in November, The Independent
report.

According to The Independent, joint receiver Brendon Gibson, of
KordaMentha, said the food ingredients producer continues to trade
with the help of ANZ funding pending a possible sale.

Mr. Gibson said KordaMentha is unable to comment on a likely
return to ordinary unsecured creditors due to the information
being commercially sensitive.  Preferential employees' claims
total NZ$641,000 and the IRD is yet to confirm its preferential
claim, the report relates.

The Independent, meanwhile, reports that Frederick Scott Salyer,
former owner and chief executive of Cedenco's parent company, SK
Foods, was arrested by FBI agents earlier this month as he arrived
at New York's John F Kennedy International Airport on a flight
from London.

Mr. Salyer is set to face fraud charges as part of an alleged
scheme to dominate the market for tomato paste and other processed
vegetables, the Independent notes.

The report relates Mr. Gibson said Mr. Salyer's arrest won't
impact Cedenco's receivership.  "It's business as usual and we are
focused on readying it for sale," he added.

SK Foods had appointed law firm Kensington Swan to seek legal
redress from ANZ after the bank appointed receivers to Cedenco.
SK Foods, at the time, said ANZ's decision was without
justification and it had breached an agreement with Cedenco.

SK Foods filed for Chapter 11 bankruptcy protection after being
dropped by its lending group.  As reported by the Troubled Company
Reporter on May 12, 2009, creditors filed an involuntary Chapter
11 petition SK Foods LP and affiliate RHM Supply/ Specialty Foods
Inc. before the U.S. Bankruptcy Court for the Eastern District of
California.  SK Foods had said that it was preparing to file a
voluntary Chapter 11 petition.

                        About Cedenco Foods

Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company.  It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 10,
2009, that ANZ Banking Group placed Cedenco Foods Australia in
receivership.  Craig Shepard and Mark Korda of KordaMentha have
been appointed receivers and managers of Cedenco Australia and its
related trading entities.

The move came after ANZ Banking Group NZ subsidiary, ANZ National
Bank, called in receivers into Cedenco Foods.

The receivers said Cedenco's processing facility in Echuca, on the
Murray River in Victoria, will continue to trade as usual and
would be offered for sale as a going concern.

ANZ Banking Group, had also appointed receivers into SK Foods
Australia Pty, Cedenco JV Australia Pty, and SS Farms Australia
Pty in Northern Victoria, Australia.


SOUTH CANTERBURY FINANCE: Sees Loss; to Amend June Year Accounts
----------------------------------------------------------------
The National Business Review reports that South Canterbury Finance
has made 27 amendments to its prospectus and investment statement
due to events subsequent to the October 20 registration date.

According to the report, several of the amendments relate to the
recent pre-warning of an upcoming loss, further writedowns and
adjustments to its June year accounts.

Others refer to the company's new shareholding and capitalization
regime, with amendments to security rankings after an injection of
funds from George Kerr's Torchlight Credit Fund and from Allan
Hubbard's Southbury Corporation, the report says.

The company also noted that group credit manager Peter Bosworth
resigned on December 3, 2009.

Meanwhile, NBR reports that South Canterbury said it had
subsequently sold 6.8 million SIFHL ordinary shares that were held
by it to an independent third party for NZ$6.8 million (being the
price initially paid by it for those shares).

The report says the 67.2 million SIFHL preference shares held have
all been redeemed for NZ$67.2 million and South Canterbury had
made an advance of that amount to SIFHL.

"A material difference between the $67.2 million value attributed
by the company to the SIFHL preference shares and the fair value
that is determined following independent advice on the matter may
result in a prior period adjustment being required in respect of
the year ended 30 June 2009," the report cited South Canterbury's
notes to the memorandum of amendments dated February 9.

"It is noted that any difference arising from a revaluation of the
SIFHL preference shares will fully reverse in the financial year
ending June 30, 2010."

                      About South Canterbury

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

                           *     *     *

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


STRATEGIC FINANCE: In Talks with Suitors Over Restructuring Plans
-----------------------------------------------------------------
Strategic Finance Ltd. and its trustee have confirmed the company
is negotiating with a number of suitors over restructuring plans
including a Hanover/Allied-style debt for equity swap, The New
Zealand Herald reports.

Chief executive Kerry Finnigan told the Business Herald the
company was sifting through a number of offers.

"Some of them are reasonably well advanced. Some are at the early
stages.  We are keeping the trustee abreast of developments and we
are starting to discount those that are not in the best interests
of investors," the report quoted Mr. Finnigan as saying.

The report relates Mr. Finnigan said the company was "weeks not
months" away from an announcement.

Trustee Matthew Lancaster of Perpetual Trust, according to the
report, said he'd been informed of various proposals including
debt for equity deals.

"Some of these proposals need further refinement and also
measurement against the other options of continuation of the
moratorium or receivership," the report quoted Mr. Lancaster as
saying.  Details of a preferred bidder could be made public
relatively soon, "but final resolution may be a couple of weeks at
least," he added.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments was re-set
at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


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


ARMADA PACIFIC: Meetings Slated for February 23
-----------------------------------------------
Armada Pacific Bulk Carriers (Singapore) Pte Ltd, which is in
compulsory liquidation, will hold a meetings for its
contributories and creditors on February 23, 2010, at 10:00 a.m.,
and 10:30 a.m., respectively at the 6 Shenton Way, #32-00 DBS
Building Tower Two, in Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update from the Liquidators;

   b. to appoint a Committee of Inspection ("COI") pursuant to
      Section 277(1) of the Companies Act (Cap 50);

   c. to nominate and authorize a member of the COI and the
      Liquidators to open and/or close and operate one or more
      bank accounts and/or close any existing bank accounts. All
      bank accounts will be jointly operated by the nominated COI
      member and the Liquidators;

   d. to appoint a solicitor to assist the Liquidators in his
      duties;

   e. to give authority to the Liquidators to compromise debts;
      and

   f. to consider any other matter which may properly be brought
      before the meeting.

The company's liquidator is Lim Loo Khoon.


FERROCHINA LTD: Singapore Bourse to Delist Shares on March 11
-------------------------------------------------------------
Netty Ismail at Bloomberg News reports that FerroChina Ltd. said
the Singapore Stock Exchange wants the company's common stock
delisted by March 11 after rejecting an appeal by the company.

The bourse has suspended trading in the company's shares since
October 2008.

According to Bloomberg, the company said the rejection letter
issued by the Singapore Stock Exchange indicated it won't give
FerroChina a further extension to submit a resumption proposal.
The company also said that the steelmaker is insolvent.

FerroChina is seeking to "salvage value" for shareholders
through a so-called reverse takeover of an unidentified Chinese
company, according to Ferrochina's Dec. 17 statement obtained by
Bloomberg.  If the exchange agreed to allow further time,
FerroChina and the target company may agree to a sale by March 10,
it said.

The Singapore exchange said there was much uncertainty as to
whether the proposal could be implemented, according to
Ferrochina's latest statement.

                            Loan Default

In November 2008, the company said due to the current economic
crisis, it was unable to repay part of its working capital loans
aggregating approximately CNY706 million which has become due and
payable.  As a result, further loan facilities and notes of
approximately CNY2.03 billion may potentially become due and
payable.

There are some other working capital loans of CNY2.49 billion
which may also become due and payable, the company said.

                   Court Proceedings by Creditors

In a 2008 press statement, the company said that various creditors
of the company's PRC subsidiaries, including lenders and
suppliers, have commenced PRC court proceedings to claim for
amounts owing by these subsidiaries.  The subsidiaries involved
comprise:

   (a) Changshu Xinghai Advanced Building Material Co., Ltd;

   (b) Changshu Xingyu Advanced Building Material Co., Ltd;

   (c) Changshu Xingdao Advanced Building Material Co., Ltd;

   (d) Changshu Everbright Material Technology Co., Ltd;

   (e) Tianjin Everbright Material Technology Co., Ltd; and

   (f) Changshu Changgang Steel Plate Co., Ltd

In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.

                      Appointment of Receivers

PricewaterhouseCoopers Singapore was appointed as receiver over
the shares of the company's wholly-owned subsidiaries:

   (a) Trigo Lucky, being the immediate holding company
       of Xinghai and Xingyu; and

   (b) Twin Well, being the immediate holding company
       of Xingdao,

pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.

                          About FerroChina

FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/-- is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding.  The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications


FUGRO TGS: Creditors' Proofs of Debt Due March 12
-------------------------------------------------
Creditors of Fugro TGS (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 12, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jacqueline Chan Li Shan
         171 Chin Swee Road
         #08-01 San Centre
         Singapore1 69877


GEOWIN CONSTRUCTION: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Geowin Construction Pte Ltd declared the first and final dividend
to creditors on January 26, 2010.

The company paid 100% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GLORY WEALTH: Court to Hear Wind-Up Petition on February 26
-----------------------------------------------------------
A petition to wind up the operations of Glory Wealth Shipping Pte
Ltd will be heard before the High Court of Singapore on Feb. 26,
2010, at 10:00 a.m.

Navios International Inc filed the petition against the company on
February 3, 2010.

The Petitioner's solicitors are:

          M/s Tsoon & Bazul
          36, Robinson Road
          #08-01/06 City House
          Singapore 068877


IPACS COMPUTER: Creditors' Meetings Set for February 24
-------------------------------------------------------
Ipacs Computer Services (S) Limited, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
February 24, 2010, at 10:00 a.m., at the Ernst & Young Solutions
LLP, One Raffles Quay, #18-00, in Singapore 048583.

Agenda of the meeting includes:

   a. to report and update on the progress of the liquidation;

   b. to approve the Liquidators? and solicitors? fees; and

   c. discuss other business.

The company's liquidator is:

         Seshadri Rajagopalan
         c/o Ernst & Young Solutions LLP
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


NAGATA HATCH: Creditors' Proofs of Debt Due March 12
----------------------------------------------------
Creditors of Nagata Hatch Covers Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 12, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Steven Tan Chee Chuan
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


SEMBAWANG MUSIC: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Sembawang Music Centre Pte Ltd declared the first and final
dividend on February 12, 2009.

The company paid 100% to the received preferential claims.

The company's liquidator is:

         Mick Aw
         c/o 10 Anson Road
         #29-15 International Plaza
         Singapore 079903


SINGAPORE LEASING: Creditors Get 0.044% Recovery on Claims
----------------------------------------------------------
Singapore Leasing (International) Pte Ltd declared the final
dividend to creditors on February 12, 2010.

The company paid 0.044% to the received claims.


THONG WAN: Creditors Get 0.76478% Recovery on Claims
----------------------------------------------------
Thong Wan Textiles Pte Ltd declared the first and final dividend
to creditors on January 27, 2010.

The company paid 0.76478% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


WOOD DOCTOR: Court to Hear Wind-Up Petition on February 26
----------------------------------------------------------
A petition to wind up the operations of Wood Doctor (Far East) Pte
Ltd will be heard before the High Court of Singapore on Feb. 26,
2010, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
January 29, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


===============
T H A I L A N D
===============


SIAM CITY: Fitch Affirms Issuer Default Ratings at 'BB'
-------------------------------------------------------
Fitch Ratings (Thailand) has affirmed Siam City Bank Public
Company Limited's Long-term Issuer Default Rating at 'BB' with a
Stable Outlook, Short-term Issuer Default Rating at 'B',
Individual Rating at 'D', Support Rating at '4', Support Rating
Floor at 'B+', National Long-term at 'A-(tha)' with a Stable
Outlook, National Short-term at 'F1(tha)', and National
Subordinated debt at 'BBB+(tha)'.  The ratings reflect the bank's
still weak franchise and weak asset quality, though Fitch notes
the latter is stabilizing.

In 2009, SCIB's net profit was THB4.2bn and ROA was 1.0%, despite
weak economic conditions and negligible loan growth.  SCIB posted
a net profit of THB4.1bn in 2008 - after a loss of THB2bn in 2007
- due mainly to lower provisioning for bad debts.  Net interest
margin (NIM) declined slightly to 3.3% in 2009 (2008: 3.4%), on
the back of low loan growth.

While there has been some improvement in the bank's operating
environment, economic conditions remain weak and are likely to
continue to constrain its performance.  Fitch notes that the
expected change in ownership of the bank and the integration
process could further limit loan growth and the bank's overall
performance in 2010.  Also, there is still a risk of a jump in
provisioning over the next six to 12 months as asset quality
generally lags improvements in the real economy.

SCIB's asset quality has deteriorated in the past few years, due
to the bank's earlier aggressive lending and weak economic
conditions, although this appears to be stabilizing in 2009 with a
slight increase in impaired loans to THB24.8bn (up 6% yoy on
unconsolidated basis) at end-2009.  SCIB expects lower impaired
loans in 2010 due to loan restructuring, although downside risks
remain due to the bank's high level of special mention loans (8.9%
of loans at end-September 2009).

SCIB's capital level appears relatively strong with Tier 1 ratio
of 10.6% at end-September 2009.  Its total capital was
strengthened to 14.6%, following the issuance of THB10bn
subordinated debts in H109, which is now more in-line with its
peers.

The Outlook is Stable as the bank's ratings are already at a
relatively lower level.  Depending on the strength of the acquirer
or any higher systemic importance from the possible merger; this
could result in higher support for SCIB and positive impact on its
long- and short-term ratings.  Weak asset quality continues to
constrain the bank's Individual rating.  The Bank of Thailand's
Financial Institutions Development Fund is expected to divest its
47.6% stake in 2010 and this could trigger a rating review.

SCIB was nationalized following the 1997 financial crisis, and in
2002, merged with another nationalized bank, Bangkok Metropolitan
Bank.  SCIB is the seventh-largest bank in Thailand, with a 4%
share of loans and 5% share of deposits.  SCIB has subsidiaries in
insurance, securities, asset management and leasing businesses.


                         *********

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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