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                     A S I A   P A C I F I C

           Tuesday, February 16, 2010, Vol. 13, No. 032

                            Headlines



A U S T R A L I A

ABC LEARNING: Federal Court Summons Whole ABC Board
BURRANGONG MEAT: Support Services Set Up to Help Affected Staff
COEUR D'ALENE: Provides More Info. on $100-Mil. Notes Offering
GLOBAL MORTGAGE: Shareholder Files Wind-up Petition
GRIFFIN COAL: Miner Tony Sage Eyes Buyout of Assets

NSW SUGAR: Receivership Looms Over Legislation, Fuel Issues
SEYCHELLES: Fitch Assigns 'B-' Rating on US$169 Mil. Bonds
SPA CHAKRA: Sets Hercules-Led Auction on February 24


C H I N A

COUNTRY GARDEN: Consent Solicitation Won't Affect S&P's BB Rating
GENERAL MOTORS: Hummer Sale Deadline Extended to End of Feb.


H O N G  K O N G

3CM MEDIA: Creditors' Proofs of Debt Due March 15
ALLIED INDUSTRIAL: Creditors Get 0.15% Recovery on Claims
ASIA ALUMINUM: Sutton and Yu Appointed as Liquidators
ASIA PACIFIC SP: Court Enters Wind-Up Order
ASIAHQ LIMITED: Court to Hear Wind-Up Petition on March 17

BEAUTY CHOICE: Court Enters Wind-Up Order
BEST KNIT: Creditors' Proofs of Debt Due March 19
BPI CHARITY: Placed Under Voluntary Wind-Up Proceedings
BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on March 17
CAMELOT HONG KONG: Court Enters Wind-Up Order

CBN CHINA: Creditors' Proofs of Debt Due March 12
CITIC PACIFIC: Moody's Changes Outlook on 'Ba1' Rating to Stable
CITIC PACIFIC: Unit Buys 20% Stake in CTM for HK$1.4 Billion
CONCORD ENTERPRISES: Lai and Haughey Appointed as Liquidators
COWSLIP COMPANY: Creditors' Proofs of Debt Due March 16

D.B. ZWIRN: Members' Final Meeting Set for March 15
DADE BEHRING: Members' Final Meeting Set for March 12
EAST WAY: Court Enters Wind-Up Order
ENRON (CHINA): Creditors' Meeting Set for February 23
ETERNAL FIDELITY: Placed Under Voluntary Wind-Up Proceedings

FEIN & CO: Contributories and Creditors to Meet on Feb. 23
FULLEASY LIMITED: Members' Final Meeting Set for March 3
* S&P Puts Ratings on Five Tranches on CreditWatch Positive


I N D I A

AIR INDIA: Has INR1,725cr in Fuel Dues, Times of India Says
DYNAMIC INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit
KINGFISHER AIRLINES: AAI Rejects Request to Waive Interest Dues
POPULAR VEHICLES: CRISIL Reaffirms 'B' Rating on INR59.3MM LT Loan
RAMANI EXPORTS: CRISIL Assigns 'P5' Ratings on Various Bank Debts

TEXAS WOOLLEN: CRISIL Assigns 'BB+' Rating on INR80 Mil. Term Loan


I N D O N E S I A

GARUDA INDONESIA: Concludes Corporate Sales Deal with Shell


J A P A N

HUIS TEN: H.I.S.  Agrees to Provide Financial Aid
JAPAN AIRLINES: Delays Release of FY2009 Financial Results
JAPAN AIRLINES: Applies to Revise Cargo Fuel Surcharge


K O R E A

KUMHO ASIANA: Creditors to Provide KRW60-Bil. Funds to Petrochem


M A L A Y S I A

OILCORP BERHAD: Proposed Listing of Unit on London Bourse Aborted


N E W  Z E A L A N D

AUTEL TV: Placed Into Receivership; McGrathNicol Appointed
MONACO VILLAGE: Court Grants Investor Liquidation Bid
WILLIAM HILL: To Continue Trading as Receivers Seek Buyers


P H I L I P P I N E S

ATLAS CONSOLIDATED: To Reopen Palawan Mine on Higher Nickel Prices
METROPOLITAN BANK: Moody's Cuts Step-Up Callable Secs. to B2
RIZAL COMMERCIAL: Moody's Cuts Step-Up Callable Secs. to B3


S I N G A P O R E

AMMARINE YACHT: Creditors' Proofs of Debt Due March 11
BAYAN HOLDINGS: Creditors' Proofs of Debt Due March 12
COMPLIMENT MARKETING: Court Enters Wind-Up Order
ENG HUAT: Creditors' Proofs of Debt Due March 8
EXPRESSWAY LOGISTICS: Court Enters Wind-Up Order

GEOWIN CONSTRUCTION: Creditors Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week to February 8 to February 12, 2010




                         - - - - -


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


ABC LEARNING: Federal Court Summons Whole ABC Board
---------------------------------------------------
Liam Walsh at The Courier Mail reports that the whole board of ABC
Learning Centres and founder Eddy Groves's brother-in-law have
been issued summons for a courtroom examination into the childcare
operator's collapse.

The report says that names listed in a Federal Court order
published this month include:

   - ex-ABC chairwoman Sallyanne Atkinson;
   - founder Eddy Grove;
   - co-founder and Mr. Grove's ex-wife Le Neve Groves;
   - former director Bill Bessemer;
   - company secretary and general counsel Matthew Horton; and
   - Mr. Groves's brother-in-law Frank Zullo, whose
     maintenance company won over AU$100 million in
     contracts with ABC.

Administrators Ferrier Hodgson since December 2009 have run a
public examination into the company's collapse.  The next hearings
are due to take place in March and April, the report notes.

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

                           *     *     *

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

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


BURRANGONG MEAT: Support Services Set Up to Help Affected Staff
---------------------------------------------------------------
The Sydney Morning Herald reports that support services have been
set up for the 300 workers left without jobs after Burrangong Meat
Processors went bust earlier this month.

According to the report, a team of government support staff have
set up a shopfront in Young offering support to businesses
affected by the closure.

NSW Regional Development Minister Ian Macdonald said federal and
state government and non-government agencies had mobilized to
support the people of Young, the report says.

The Herald relates the shopfront at Lovall Street will offer
personal and financial counseling services, advice and assistance
from the Office of Fair Trading, Legal Aid and Industry and
Investment NSW.

Mr. McDonald said the government was working with Burrangong's
receiver to ensure that any interest expressed in the operating
the facility was pursued, according to the Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
February 3, 2010, more than 300 abattoir workers at Burrangong
Meat Processors in the southwest New South Wales town of Young
have lost their jobs after the town's biggest employer closed its
doors.

Employees were called into a meeting on Tuesday and told the plant
had been placed into receivership and was closing immediately.

Burrangong Meat Processors Pty Ltd -- http://www.bmpmeat.com.au/
-- is owned and operated by The Edmonds Group, an Australian meat
processing and distribution company established in 1984.


COEUR D'ALENE: Provides More Info. on $100-Mil. Notes Offering
--------------------------------------------------------------
Coeur d'Alene Mines Corporation filed certain exhibits in
connection with its public offering of $100,000,000 aggregate
principal amount of its Senior Term Notes due December 31, 2012,
and a number of shares of common stock of the Company equal to
$3,750,000 divided by 90% of the average of the four lowest daily
volume weighted average prices of the shares of common stock of
the Company during the ten trading days commencing February 8,
2010.

On February 5, 2010, the Company filed, pursuant to Rule 424(b)
under the Securities Act, a prospectus supplement, dated
February 5, 2010, relating to the public offering of the Shares
and the Notes. Settlement of the Shares is expected to occur on or
around February 23, 2010.  The Company issued and sold the Notes
on February 5, 2010.  The Notes were issued under an indenture,
dated as of February 5, 2010, between the Company and The Bank of
New York Mellon, as trustee, as supplemented by a first
supplemental indenture, dated as of February 5, 2010, among the
Company and the Trustee.

On August 31, 2009, Coeur d'Alene Mines Corporation filed an
automatically effective registration statement on Form S-3 with
the Securities and Exchange Commission, relating to the public
offering, pursuant to Rule 415 under the Securities Act of 1933,
as amended, of an unlimited amount of common stock, preferred
stock, debt securities, warrants, depositary shares, purchase
contracts, guarantees and units of the Company.

All amounts due under the notes may be paid in cash, shares of the
Company's common stock, or a combination of cash and shares of the
Company's common stock.  The stated rate of interest on the Notes
is 6.5%, but payments made under the notes will be computed to
give effect to recent share prices. Shares issued in payment of
amounts due under the notes will be valued at 90% of the average
of the four lowest daily volume weighted average prices of the
Company's common stock over a ten trading day period ending
shortly before the payment date.

Up to 50% of any payment may be paid in cash without any
adjustment to give effect to share prices. If the cash portion of
any payment exceeds 50%, then the excess cash amount will be paid
in an amount equal to the market value of the number of shares
that would have been issued for the excess amount if the Company
had paid the excess amount in common stock.  Principal and
interest on the Notes are payable quarterly on March 31, June 30,
September 30 and December 31 of each year, beginning on March 31,
2010.  The Notes mature on December 31, 2012, unless earlier
redeemed or repurchased by the Company.  The Notes are unsecured.

The Shares and the Notes were sold pursuant to a Securities
Purchase Agreement among the Company, Sonoma Capital Offshore,
Ltd., Sonoma Capital, L.P., Manchester Securities Corp, JGB
Capital L.P., JGB Capital Offshore Ltd. and SAMC LLC dated as of
February 5, 2010.  The closing of the sale of the Shares and the
Notes occurred on February 5, 2010.  The net proceeds payable from
the offering of the Shares and the Notes, after deducting fees and
expenses, were approximately $99.5 million and will be used for
general corporate purposes.

A full-text copy of the senior debt securities indenture is
available for free at http://ResearchArchives.com/t/s?5221

                    About Coeur d'Alene Mines

Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM, ASX:CXC) is
one of the world's leading silver companies and also a significant
gold producer.  Coeur common shares are traded on the New York
Stock Exchange under the symbol CDE, the Toronto Stock Exchange
under the symbol CDM, and its CHESS Depositary Interests are
traded on the Australian Securities Exchange under symbol CXC.

At September 30, 2009, the Company had $3,059,759,000 in total
assets, including cash and cash equivalents of $45,603,000;
against $193,341,000 in total current liabilities and $888,959,000
in total long-term liabilities.  At September 30, 2009, the
Company had accumulated deficit of $419,574,000 and stockholders'
equity of $1,977,459,000.  Coeur d'Alene Mines had $402.2 million
in accumulated deficit as of June 30, 2009.

As reported by the Troubled Company Reporter on August 11, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on Coeur D'Alene Mines to 'B-' from 'CCC' and raised the
ratings on the company's $180 million senior unsecured notes due
2024 ($106 million outstanding) and $230 million senior unsecured
notes due 2028 ($150 million outstanding) to 'CCC+' from 'CCC-'.
The recovery rating on the notes remains unchanged at '5'.  S&P
removed the corporate credit and issue-level ratings from
CreditWatch, where they were placed with positive implications on
May 18, 2009.  The outlook is positive.


GLOBAL MORTGAGE: Shareholder Files Wind-up Petition
---------------------------------------------------
The Herald Sun reports that the mortgage broking industry faces
another consolidation as the industry awaits the outcome of a
court hearing involving Global Mortgage Equity Corporation, one of
Australia's leading home loan broking groups.

Zoltan Tomanovic, a shareholder of GMEC, has applied to wind up
the company in the NSW Supreme Court and the move could have big
implications for mortgage brokers and sports sponsorship deals,
the report says.

If the court decides to appoint a liquidator, says Herald Sun,
GMEC's businesses -- including a broking arm servicing more than
40 home loan centers in NSW, Queensland and Victoria and AU$212
million of mortgage assets -- could be put up for sale.

According to Herald Sun, such decision would also have
implications for Commonwealth Bank, which has a AU$9.45 million
loan to the Mortgage House entity.

Herald Sun discloses that GMEC announced a profit of AU$3.7
million for the 2008 financial year.  However, the report recalls,
auditor Jeff Chamberlain of Ernst & Young noted in April there was
"material uncertainty" on whether Mortgage House of Australia Pty
Ltd could continue as a going concern because of the need to renew
finance facilities.

The Herald Sun relates that the auditor cast doubt on whether
Mortgage House would be able to realize its assets and extinguish
its liabilities in the normal course of its business.

Global Mortgage Equity Corporation owns Mortgage House of
Australia Pty Ltd, one of the country's largest home loan broking
networks.


GRIFFIN COAL: Miner Tony Sage Eyes Buyout of Assets
---------------------------------------------------
West Australian mining entrepreneur Tony Sage is close to
finalizing due diligence on failed Griffin Coal Mining Co.,
Sarah-Jane Tasker writes for The Australian.

According to the report, Mr. Sage said he was considering making a
bid for the company at the debt level, instead of picking over its
various assets.  The move would be similar to his mining vehicle
Cape Lambert's purchase of the debt of failed Queensland miner
Copper Co, he added.

"We are treading carefully and the due diligence is expected to be
complete in a fortnight," the report quoted Mr. Sage as saying.

Mr. Sage said that once the due diligence was completed, he would
start talking to key stakeholders of the group, The Australian
relates.

The Australian notes Griffin Coal has about AU$1 billion of
unsecured debts but Mr. Sage said that it was likely to be up to
AU$3 billion.

                         About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
administrator with total debts amounting to about AU$700 million.
The coal supplier defaulted on an interest payment in December to
bondholders owed US$475 million and also missed a payment to
Australia's tax authority.


NSW SUGAR: Receivership Looms Over Legislation, Fuel Issues
-----------------------------------------------------------
The New South Wales Sugar Milling Co-operative said legislation
and fuel issues are threatening the viability of the region's two
co-generation plants, ABC News reports.

Chris Connors, the chief executive of New South Wales Sugar, said
the plants could go into receivership unless there's a significant
financial turnaround, the report says.

"Both plants are under severe pressure, so at this point in time,
nothing is in receivership or in liquidation or anything like
that, but they are under pressure and unless there is some changes
fairly quickly then I think then there is a possibility that it
could go into receivership," the report quoted Mr. Connors as
saying.  "The renewable energy plants sit by themselves, they're
held by a separate company and there's no cross security against
that so the co-op itself is quite fine," he said.

The New South Wales Sugar Milling Co-operative Limited --
http://www.nswsugar.com.au/-- was formed when cane growers
purchased the three New South Wales sugar mills from CSR in 1978.
The mills are located at Condong on the Tweed River, Broadwater on
the Richmond River and Harwood on the Clarence River.

The Co-operative now operates a sugar refinery which is located
alongside the Harwood Mill.  This is owned by a joint venture
company, Manildra Harwood Sugars, in which the Co-operative is a
50% partner with Manildra Flours.

In 2008, the New South Wales Sugar Milling Co-operative Ltd, in
partnership with Delta Electricity, commissioned two cogeneration
power plants at Broadwater and Condong which generate renewable
electricity by using bagasse, a material left over after sugar
cane stalks are crushed, as fuel.


SEYCHELLES: Fitch Assigns 'B-' Rating on US$169 Mil. Bonds
-----------------------------------------------------------
Fitch Ratings has assigned Seychelles' new US$169 million discount
bond a Long-term foreign currency rating of 'B-'.  The bond was
issued as part of a debt exchange with Seychelles' creditors
following its 2008 default on certain notes.

The rating on the bond, which is subject to English law, is equal
to the Long-term foreign currency Issuer Default rating of
Seychelles assigned on 1 February 2010.  The Outlook on the
foreign currency IDR is Positive.

Seychelles defaulted on the scheduled repayment of its
EUR55 million promissory note in July 2008 and the coupon due on
its US$230 million eurobond in October 2008.  Negotiations with
creditors over US$321 million in foreign currency liabilities
(including US$9m worth of commercial loans from banks) has now
resulted in the issue of a new discount bond that will see
investors take a haircut of 50% on the face value of their claims;
a six-year grace period on principal repayments (the bond will pay
out in 20 equal installments over 2016-2026); and a step-up in
interest payments to 8% from 3% over the life of the bond.  The
interest payments on the new discount bond also benefit from a
partial guarantee of up to US$10m from the African Development
Bank.

On 12 April 2010 Seychelles will also make a "goodwill" payment at
the rate of US$10.44 per US$100 of the face value of the new bond
(i.e. a total of about US$18m) towards its past-due interest bill.
Moreover, the bond also espouses a principal re-instatement clause
that will grant bondholders an additional 25% of the face value of
the new bond (US$42.3m) if Seychelles fails to pass the
International Monetary Fund's first review of its three-year
extended fund facility by the end of 2010.

Following the debt exchange and earlier write-offs from the Paris
Club and other bilateral creditors, the maturity profile of
external public debt is significantly improved and the debt burden
materially lowered to a projected 50% of GDP in 2010 from 144% in
2008.  The sovereign's immediate financing needs have been
significantly reduced to less than US$30 million per annum (3% of
GDP) over 2010-11, which can be met out of the disbursements from
multilateral agencies and the primary fiscal surpluses Seychelles
is required to run under the IMF programme.

The sovereign rating also takes into account Seychelles' history
of macroeconomic and fiscal mismanagement, narrow economic base,
still high debt levels, large current account deficit and low
levels of foreign exchange reserves that render it susceptible to
external shocks.  These factors continue to constrain the rating.
On a positive note, the authorities are implementing an ambitious
and challenging reform programme including the floating of the
exchange rate, elimination of subsidies, and extensive public
sector downsizing.  Fiscal performance has been impressive,
outperforming IMF targets despite a sharp drop in GDP, and
inflation has been significantly reduced.  The extension of an IMF
programme to a three-year EFF is testament to the authorities'
long-term commitment to reform despite ongoing challenges.  As a
result, Fitch expects Seychelles' credit profile to gradually
improve, consistent with the Positive Outlook on the rating.


SPA CHAKRA: Sets Hercules-Led Auction on February 24
----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Spa Chakra Inc. is
holding an auction on Feb. 24 to learn if anyone will beat the
offer from Hercules Technology Growth Capital Inc., which proposes
to buy the business mostly in exchange for secured debt.  Other
bids are due Feb. 23. The hearing for approval of the sale will
take place Feb. 25.

Palo Alto, California-based Hercules is offering $8 million,
mostly by exchanging a portion of the $13.8 million in secured
debt it held when the Chapter 11 case began in December.

Initially founded in 1998 in Australia, Spa Chakra has continued
to expand both domestically and overseas.  Uniquely positioned in
the marketplace, Spa Chakra has developed an award winning network
of 16 luxury spas worldwide.  Spa Chakra represents leading high-
end luxury cosmetic and spa brands and is recognized as one of the
top spa operators in the world.

The Company filed a balance sheet showing assets of $28.4 million
and debt totaling $22.9 million.  The largest liability is a
$11.1 million loan from Hercules.

Spa Chakra, Inc., said it is proceeding towards a sale of
substantially all of its assets to Hercules Technology Growth
Capital.  As part of the process to successfully complete the
sale, Spa Chakra has filed for protection under Chapter 11 of the
U.S. Bankruptcy Code with the U.S. Bankruptcy Court for New York
(Bankr. S.D.N.Y. Case No. 09-17260).


=========
C H I N A
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COUNTRY GARDEN: Consent Solicitation Won't Affect S&P's BB Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Country Garden Holdings Co. Ltd. (BB/Stable/--) are not
immediately affected by a possible solicitation of consent from
bond holders to amend certain covenants of the company's
US$375 million senior unsecured notes due 2014.  The 'BB-' issue
rating on this debt considers subordination risks because priority
debt represents more than 15% of total assets.

S&P understands from Country Garden that it is currently in
compliance with its bond covenants.  Nevertheless, if the company
does not obtain consent from bond holders, its business plan for
Asian Games City -- a major development project in Guangzhou
acquired in December 2009 -- may be affected.  Whether or not
Country Garden receives consent, S&P expects the impact on the
company's liquidity to be limited.  Country Garden's cash flow and
financial prospects could change, however, depending on the
outcome of the solicitation.


GENERAL MOTORS: Hummer Sale Deadline Extended to End of Feb.
------------------------------------------------------------
China's Sichuan Tengzhong Heavy Industrial Machinery Co., and
General Motors Co. have agreed to postpone until the end of
February 2010 a definitive agreement that will allow the Chinese
car manufacturer to acquire GM's all-terrain Hummer brand, GM
officials told Bloomberg on January 31, 2010.

The parties have agreed to extend the January 31 deadline as they
await Beijing's approval for the deal to proceed.  Sources close
to the deal commented that one major challenge that the sale has
to go through is to convince Chinese regulators that Hummer can
make trucks that are better in terms of fuel and environment
conservation than its current lineup, The Wall Street Journal said
on February 2.

"While the transaction approval process is not proceeding as
quickly as originally forecasted, we're optimistic about the
progress that has occurred to date," Jim Taylor, Hummer's chief
executive officer, told Bloomberg in an e-mailed statement.
"There are more than 3,000 people directly employed in the design,
build and sale of Hummer vehicles.  As such, we are committed to
giving the sale every reasonable opportunity toward a successful
conclusion," Mr. Taylor added.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


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


3CM MEDIA: Creditors' Proofs of Debt Due March 15
-------------------------------------------------
Creditors of 3CM Media Limited, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
March 15, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         1801 Wing On House, 18/F
         71 Des Voeux Road
         Central, Hong Kong


ALLIED INDUSTRIAL: Creditors Get 0.15% Recovery on Claims
---------------------------------------------------------
Allied Industrial Limited, which is in liquidation, paid the third
interim dividend to its creditors on February 12, 2010.

The company paid 0.15% to all received claims.

The company's liquidators are:

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


ASIA ALUMINUM: Sutton and Yu Appointed as Liquidators
-----------------------------------------------------
Roderick John Sutton and Fok Hei Yu on January 28, 2010, were
appointed as liquidators of Asia Aluminum Management Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         c/o Ferrier Hodgson Limited
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


ASIA PACIFIC SP: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order December 31, 2009, to
wind up the operations of Asia Pacific SP & T Company Limited.

The company's liquidator is Lau Siu Hung.


ASIAHQ LIMITED: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------
A petition to wind up the operations of AsiaHQ Limited will be
heard before the High Court of Hong Kong on March 17, 2010, at
9:30 a.m.


BEAUTY CHOICE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order January 26, 2010, to
wind up the operations of Beauty Choice Limited.

The company's liquidator is Lau Siu Hung.


BEST KNIT: Creditors' Proofs of Debt Due March 19
-------------------------------------------------
Best Knit Industrial (International) Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by March 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 3, 2010

The company's liquidator is:

         Cheung Yuk Chuen
         Lee Fung House, Flat 2512
         Lee On Estate
         Ma On Shan, N.T.
         Hong Kong


BPI CHARITY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on February 1, 2010,
creditors of BPI Charity Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Chi Woo
         Dominion Centre, Room 1307-8
         43-59 Queen's Road East
         Wanchai, Hong Kong


BUSINESS & INDUSTRIAL: Court to Hear Wind-Up Petition on March 17
-----------------------------------------------------------------
A petition to wind up the operations of Business & Industrial
Trade Fairs Limited will be heard before the High Court of
Hong Kong on March 17, 2010, at 9:30 a.m.

The Mandatory Provident Fund Schemes Authority filed the petition
against the company on January 7, 2010.


CAMELOT HONG KONG: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order February 1, 2010, to
wind up the operations of Camelot Hong Kong Limited.

The company's liquidator is Lau Siu Hung.


CBN CHINA: Creditors' Proofs of Debt Due March 12
-------------------------------------------------
Creditors of CBN China Limited, which is in creditors' 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 5, 2010.

The company's liquidator is:

         Tang Ka Siu
         Chinachem Hollywood Centre, 9/F
         1-13 Hollywood Road
         Central, Hong Kong


CITIC PACIFIC: Moody's Changes Outlook on 'Ba1' Rating to Stable
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba1
corporate family rating of CITIC Pacific Ltd and the Ba1 bond
rating of CITIC Pacific Finance (2001) Ltd to stable from
negative.

"The change in outlook reflects Moody's opinion that CITIC
Pacific's operational and financial profiles have stabilized.  The
appointment of senior management from CITIC Group seems to have
helped the company better focus on its priorities," says Elizabeth
Allen, a Moody's VP/Senior Credit Officer.

"CITIC Pacific's leverage is still high but further deterioration
is unlikely.  Its recurring profit and cash flow generation is
likely to improve moderately in the next two years, though its
debt level is rising further to support its large capex plan at
the same time.  As a result, its credit metrics will remain weak
until contribution from its iron ore mine becomes meaningful, adds
Allen.

The ratings also reflect the company's significant challenges
faced by its core business segments -- iron ore mining, specialty
steel, and property development.  The execution risk related to
the sizeable iron ore project in Australia remains high.  The
project is scheduled to be completed in 4Q2010.  The operating
environments across these sectors are inherently cyclical.

Mitigating the risks above are the stable cash flows and the
diversification offered by CITIC Pacific's infrastructure
projects, investment properties, Dah Chong Hong and CITIC1616.

The company's liquidity position has also improved from last year
reflecting the signing of new committed facilities and the low
amount of debt due during the year.  Its access to the bank
market, and to Chinese banks in particular, is also strengthened
by confidence instilled from its close relationship with CITIC
Group (Baa2/negative), its 57.6% parent company.

The Ba1 ratings incorporate a two-notch uplift from a stand-alone
Ba3 rating of the company.  The rating uplift reflects the
expected strong support from CITIC Group in times of difficulties.
CITIC Group's response to CITIC Pacific's derivative losses in
late 2008 was a clear demonstration of its willingness and ability
to support CITIC Pacific.

The stable outlook captures Moody's expectation that CITIC
Pacific's overall financial and operating profile will improve
after the iron ore mine becomes fully operational.  The strong
liquidity profile and the pre-funding of major capex also support
the rating, despite the weak credit metrics in the next one to two
years.

The rating is unlikely to be upgraded in the near term due to the
weak financial profile.  Upward rating pressure could emerge in
the medium term, however, if i) CITIC Pacific generates
sustainable returns and cash flow, in particular from its property
development, specialty steel and iron ore sectors; and ii) lowers
its leverage.

Credit metrics that Moody's will consider for an upgrade include
funds from operations /debt above 15-20% and FFO interest coverage
above 4-5x on a sustained basis.

Downward rating pressure could evolve if i) the company's
investments do not generate satisfactory cash flow and
profitability; ii) the iron ore project significantly misses its
milestones; and/or iii) its liquidity profile deteriorates.

Financial indicators Moody's will look for are FFO/debt failing to
rebound to 10-15% and FFO interest coverage failing to rebound to
3-4x in the next 2 years.  Should there be a downgrade of CITIC
Group's rating, its support level and hence the rating uplift for
CITIC Pacific would also be revisited.

The last rating action with respect to CITIC Pacific was on
February 17, 2009 when the ratings were upgraded from Ba2 to Ba1
with a negative outlook.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6%
owned by CITIC Group.  It was one of the first Chinese companies
to list and invest outside of China.  It is engaged in a range of
businesses, including special steel manufacturing, iron ore
mining, property development and investment, power generation,
aviation, infrastructure, communications and distribution.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.  As of end-2008, it had total consolidated
total assets of RMB1,652 billion.


CITIC PACIFIC: Unit Buys 20% Stake in CTM for HK$1.4 Billion
------------------------------------------------------------
CITIC 1616, a subsidiary of Citic Pacific Ltd., will buy a 20%
stake in Companhia de Telecomunica‡oes de Macau S.A.R.L. from its
parent for HK$1.4 billion ($180 million), Bloomberg News reports.

CITIC 1616 said in statement that it will pay HK$467 million in
cash and issue 405.8 million shares at HK$2.30 for the stake in
CTM, Macau's biggest phone company, according to Bloomberg.
Citic Pacific is selling assets and reorganizing businesses after
booking a $1.9 billion derivatives loss in 2008, Bloomberg says.

CITIC 1616 is provides telecom services in the Asia Pacific
including Voice Service, Mobile SMS and other value added Services
(Signaling Transit, Prepaid roaming and VAS applications), Data
Service and Telecom solutions to telecom carriers, mobile
operators and ISP.

Headquartered in Hong Kong, CITIC Pacific Ltd. --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment
Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+'
long-term corporate credit rating on CITIC Pacific on CreditWatch
with positive implications.  At the same time, S&P also put the
'BB+' issue rating on CITIC Pacific's outstanding senior unsecured
bonds on CreditWatch with positive implications.


CONCORD ENTERPRISES: Lai and Haughey Appointed as Liquidators
-------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on January 20, 2010,
were appointed as liquidators of Concord Enterprises Investments
Limited.

The liquidators may be reached at:

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


COWSLIP COMPANY: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
Cowslip Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 16, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 2, 2010

The company's liquidator is:

         Lo Wai On
         Park-In Commercial Centre, Room 1901-2
         56 Dundas Street
         Mongkok, Kowloon
         Hong Kong


D.B. ZWIRN: Members' Final Meeting Set for March 15
---------------------------------------------------
Members of D.B. Zwirn Asia Partners Limited will hold their final
general meeting on March 15, 2010, at 10:00 a.m., at the Level 28
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DADE BEHRING: Members' Final Meeting Set for March 12
-----------------------------------------------------
Members of Dade Behring Hong Kong Limited will hold their final
meeting on March 12, 2010, at 11:00 a.m., at the 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in
Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EAST WAY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of East Way International Express Limited.

The company's official receiver is E T O'Connell.


ENRON (CHINA): Creditors' Meeting Set for February 23
-----------------------------------------------------
Creditors of Enron (China) Limited will hold their meeting on
February 23, 2010, at 10:30 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.


ETERNAL FIDELITY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on January 15, 2010,
members of Eternal Fidelity Finance Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chim Fun Lung
         Tai Yau Building, Room 908-9
         181 Johnston Road
         Wanchai, Hong Kong


FEIN & CO: Contributories and Creditors to Meet on Feb. 23
----------------------------------------------------------
Contributories and creditors of Fein & Co. (Hong Kong) Limited
will hold their first meeting on February 23, 2010, at 10:30 a.m.,
and 11:00 p.m., respectively at the 18th Floor, 1801 Wing On
House, 71 Des Voeux Road, Central, in Hong Kong.

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


FULLEASY LIMITED: Members' Final Meeting Set for March 3
--------------------------------------------------------
Members of Fulleasy Limited will hold their final meeting on
March 3, 2010, at 11:00 a.m., at the Rooms 1801-05, Hua Qin
International Building, 340 Queen's Road Central, in Hong Kong.

At the meeting, Lam Man Chau, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


* S&P Puts Ratings on Five Tranches on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on five
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations on CreditWatch with positive
implications.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using the synthetic
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

Tranches where SROC scores are greater than 100% at the current
rating level and at a higher rating level (based on the maximum
scenario loss rate, largest obligor test, and largest industry
test) have been placed on CreditWatch with positive implications.
SROC scores rising above 100% reflect an improvement in the credit
quality of the underlying portfolio.

  Deal Name                        Rating To         Rating From
  ---------                        ---------         -----------
  ARLO Ltd. Series 2006
   (SKL CDO Series 11)             BpNRi/Watch Pos   BpNRi
  DBS Bank Ltd. SG$100 million
   portfolio credit-linked notes   A-/Watch Pos      A-
  Obelisk Trust 2005-3 Mica        CCC+/Watch Pos    CCC+
  Zenesis SPC Series 2005-3        BBB-/Watch Pos    BBB-
  Zenesis SPC Series 2005-4        BBB/Watch Pos     BBB
  NRi?Interest is not rated.

Notes:

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

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

The Global SROC Report with the SROC analysis as at Jan. 31, 2010,
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


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


AIR INDIA: Has INR1,725cr in Fuel Dues, Times of India Says
-----------------------------------------------------------
The National Aviation Corporation of India Ltd., formed after the
merger of Air India and Indian Airlines, has emerged as the
biggest defaulter with an outstanding fuel bill of INR1,725 crore.

According to the report, state-run oil marketers are threatening
to stop fuel supplies to NACIL since the entire outstanding is
unsecured -- the oil companies neither have a bank guarantee nor
post-dated cheques.

The Times notes that other two major Indian carriers, Naresh
Goyel's Jet Airways and Vijay Mallya's Kingfisher, fare marginally
better.

"These airlines are clearing their dues slowly and one of them is
on cash-and-carry.  But NACIL has not made any payment for 8-9
months," the report quoted an oil company executive as saying.

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

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

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

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


DYNAMIC INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' on the bank
facilities of Dynamic Industries Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR4 Million Cash Credit Limit         BB/Stable (Reaffirmed)
   INR140 Million Export Packing Credit   P4+ (Reaffirmed)
   INR75 Million Letter of Credit         P4+ (Reaffirmed)

The ratings continue to reflect DIL's weak financial risk profile,
exposure to risks relating to small scale of operations and
intense competition in the dyes industry, and large working
capital requirements.  These rating weaknesses are partially
offset by the benefits that DIL derives from the promoters'
extensive industry experience in the dye industry.

Outlook: Stable

CRISIL believes DIL will maintain its existing credit risk profile
in the absence of any major debt-funded capex plan and the
CRISIL's expectation of revival in demand of dyes.  The outlook
may be revised to 'Positive' if there is a substantial improvement
in company's scale of operations and profitability from current
levels. Conversely, the outlook may be revised to 'Negative' in
case of a sustained decline in DIL's revenues and profitability,
resulting in lower-than-expected cash accruals and deterioration
in debt protection metrics.

                      About Dynamic Industries

Incorporated in 1989 by Mr. Harin D Mamlatdarna and Mr. Deepak N
Choksi, DIL manufactures direct and acid dyes, which are used in
leather, textiles and paper industry.  It has two manufacturing
facilities in Vatva (Gujarat) with a total installed capacity of
3200 tonnes per annum (tpa) as on March 31, 2009.  DIL also trades
in colour dyes that are not manufactured in its own plant.

DIL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR413.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR411.9 million for 2007-08.


KINGFISHER AIRLINES: AAI Rejects Request to Waive Interest Dues
---------------------------------------------------------------
The Economic Times reports that the Airports Authority of India
(AAI) has turned down a request from Kingfisher Airlines to waive
off the interest on dues.

An AAI note obtained by ET says "Kingfisher continues to withhold
the interest payment of about INR24 crore, saying it has requested
the aviation ministry for a waiver.  The airline insists that AAI
should demand interest payment only after the ministry takes a
decision on the issue."

ET recalls that Kingfisher had earlier delayed the payment of
about INR280 crore in the face of reduced cash flow due to sharp
fall in air traffic.  The airline, however, cleared the
outstanding, following the state-owned airport operator's repeated
demands to settle the same, according to ET.

An AAI official, who requested anonymity, told ET that Kingfisher
had been asking the airport operator to forgo some of the dues of
low-cost carrier Air Deccan, which it had acquired.

Kingfisher, currently, owes about INR132 crore to the public
sector airport operator.

                          About Kingfisher

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


POPULAR VEHICLES: CRISIL Reaffirms 'B' Rating on INR59.3MM LT Loan
------------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Popular
Vehicles and Services Ltd, which is part of the Popular group,
continue to reflect the group's weak financial risk profile on
account of high gearing, and exposure to risks relating to low
bargaining power with principal, and intense competition in the
automobile dealership market.  These weaknesses are, however,
partially offset by the group's established presence in the
automobile dealership business, and improving revenue mix.

   Facilities                            Ratings
   ----------                            -------
   INR59.30 Million Long Term Loan       B/Stable (Reaffirmed)
   INR315.30 Million Cash Credit         B/Stable (Reaffirmed)
   INR50.00 Million Short Term loan      P4 (Reaffirmed)
   INR60.00 Million Letter of Credit     P4 (Reaffirmed)
   INR60.00 Million Bank Guarantee       P4 (Reaffirmed)

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of PVSL and PVSL's subsidiary, Popular
Mega Motors (India) Ltd, together referred to as the Popular
group.  This is because both companies are in the same line of
business, and have a common management.

Outlook: Stable

CRISIL believes that the Popular group will maintain a favourable
business risk profile, backed by its established market position.
The outlook may be revised to 'Positive' if the group's capital
structure and operating margins improve substantially. Conversely,
the outlook may be revised to 'Negative' if the company reports
reduced revenues and profitability on account of slowdown in the
automobile industry, or if its capital structure deteriorates
owing to large, debt-funded capital expenditure (capex).

                      About Popular Vehicles

Incorporated in 1983, PVSL is a leading dealer for Maruti Suzuki
India Ltd (MSIL) in Kerala, with 11 showrooms and 24 service
centres.  The company also trades in used cars and Maruti spare
parts.  Its subsidiary, PMML, is an authorized dealer for Tata
Motors Limited commercial vehicles in south Kerala, and has been
in operations since 1998.  The Popular group is part of the
Kuttukaran group, promoted Mr. Kuttukaran Porinchu Paul in 1940,
and is now managed by his family members, Mr. Francis Paul, Mr.
John Paul, and Mr. Naveen Phillip.

For 2008-09 (refers to financial year, April 1 to March 31), the
Popular group reported a profit after tax (PAT) of INR25.9 million
on net sales of INR10.2 billion, as against a PAT of INR18.3
million on net sales of INR9.2 billion for 2007-08.


RAMANI EXPORTS: CRISIL Assigns 'P5' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'P5' rating to the bank facilities of
Ramani Exports, as the firm's post-shipment facility has remained
overdue for more than 30 consecutive days.

   Facilities                              Ratings
   ----------                              -------
   INR346.0 Million Post-Shipment Credit   P5 (Assigned)
   INR74.00 Million Packing Credit         P5 (Assigned)

Set up in 1984 as a partnership firm by Mr. Dhirubhai Ramani, Mr.
Arjanbhai Ramani, and Mr. Pravinbhai Ramani, Ramani sells cut and
polished diamonds, mainly to markets in Hong Kong, the United Arab
Emirates, and the US. The firm has an office at Opera House,
Mumbai, and four diamond-manufacturing facilities in Surat.

Ramani reported a profit after tax (PAT) of INR4.3 million on net
sales of INR1003 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13.2 million on net
sales of INR1020 million for 2007-08.


TEXAS WOOLLEN: CRISIL Assigns 'BB+' Rating on INR80 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Texas Woollen Mills Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR80.0 Million Term Loan             BB+/Stable (Assigned)
   INR10.0 Million Letter of Credit      P4+ (Assigned)
   INR10.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect TWM's small scale of operations, and the
expected deterioration in the company's financial risk profile
given its debt funded capacity expansion plans.  These weaknesses
are partially offset by its promoters' industry experience.

Outlook: Stable

CRISIL believes that TWM will continue to benefit from its
promoters' industry experience.  The outlook may be revised to
'Positive' if the company diversifies its customer profile, and
increases its scale of operations, thereby increasing its
revenues. Conversely, the outlook may be revised to 'Negative' in
case of decline in cash accruals, or if the company takes more
than expected time to stabilize its expanded operations.

                        About Texas Woollen

Promoted by Mr. Pankaj Takkar in 1992, Texas Woollen Mills Pvt Ltd
is engaged in the manufacture of acrylic yarn (over 90 per cent of
the operating income) and polyester yarn (less than 10 per cent).
The company's manufacturing facility in Ludhiana, Punjab, has an
installed capacity to process up to 6000 kilograms (kg) per day of
acrylic yarn and 500 kg of polyester yarn.  The company procures
acrylic fibre, its primary raw material, from Vardhman Acrylics
Ltd, Pasupati Acrylon Ltd, and Indian Acrylics Ltd, and processes
it into yarn and sells to to local dealers in the Ludhiana market.
The company is presently undertaking expansion for increase in
capacities to around 12,000 kg per day.

For 2008-09 (refers to financial year, April 1 to March 31), TWM
reported a profit after tax (PAT) of INR5.70 million on net sales
of INR274 million, against a PAT of INR5.60 million on net sales
of INR275 million, the previous year.


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


GARUDA INDONESIA: Concludes Corporate Sales Deal with Shell
-----------------------------------------------------------
PT Garuda Indonesia has concluded a corporate sales agreement with
PT Shell Indonesia as part of its program to cooperate with 750
companies to secure a potential income of IDR2 trillion, according
to Antara News.

"It is in line with the increase in our capacity after the
acquisition this year of 24 new planes and the opening of 10 new
domestic and international routes," the news agency quoted Garuda
president director Emirsyah Satar as saying.  According to Antara,
Mr. Emirsyah said the company had prepared special packages for
Shell employees in Indonesia for domestic as well as international
flights.

Antara recalls Mr. Satar said last year the airline signed a
memorandum of understanding for corporate sales with 580 big
companies in Indonesia with total income expected more than IDR600
billion.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2009, Garuda Indonesia expects to raise as much as US$400
million from its much-awaited Initial Public Offering in June this
year.  The expected launch, however, is based on a positive
outlook of the market condition, vis-a-vis investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of last December
reached US$670 million -- US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


HUIS TEN: H.I.S.  Agrees to Provide Financial Aid
-------------------------------------------------
Japan Today reports that H.I.S. Co. will provide financial
assistance to struggling theme park Huis Ten Bosch in Sasebo,
Nagasaki Prefecture, to help its turnaround efforts.

According to the report, H.I.S. said it has made the decision to
help in the rehabilitation of the theme park after judging that it
will help promote tourism in the region.

The report relates H.I.S. said it will also be beneficial for its
travel operations particularly for visitors from Asian countries
such as China and South Korea.

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages.  It is located in
Kyushu.  It is a fun place for travelers to experience the
exotic culture and atmosphere of Europe.

The Troubled Company Reporter-Asia Pacific reported on July 5,
2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


JAPAN AIRLINES: Delays Release of FY2009 Financial Results
----------------------------------------------------------
Japan Airlines Corp. will delay the release of its consolidated
financial results for the April-December 2009 period from early
February to February 26, Japan Today reports.

The report relates JAL said the delay was necessary as it
suspended the process of compiling the financial statements after
it filed for bankruptcy protection on January 19 with the Tokyo
District Court under the Corporate Rehabilitation Law.

According to the report, JAL stock is to be delisted from the
Tokyo Stock Exchange on February 20, and JAL will no longer be
obligated to submit financial statements to the exchange under TSE
disclosure rules.

                       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 to Revise Cargo Fuel Surcharge
------------------------------------------------------
Japan Airlines (JAL) has applied to the Japanese Ministry of Land,
Infrastructure, Transport and Tourism (MLIT) to revise from
March 1, 2010, its international cargo fuel surcharge for flights
departing from Japan only.

Since April 1, 2009, JAL started adjusting its fuel surcharge
levels on a monthly basis by using the one-month average fuel
price of Singaporekerosene of the month before last. As the
average fuel price of Singapore kerosene for the month of January
in 2010 was US$85.94 per barrel, the benchmark fuel price used for
calculation of the fuel surcharge level in March will be within
the range of US$85.00 to US$89.99 per barrel (refer to table
below).

The international cargo fuel surcharge will therefore increase on
long-haul international routes from 73 yen per kg to 80 yen, on
medium-haul international routes from 63 yen per kg to 69 yen, and
on short-haul routes from 53 yen per kg to 58 yen accordingly.

  International Cargo Surcharge
  ---------------------------------------------------------------
Benchmark           Surcharge by Route (per kg)
FuelPrice Range    1. Long-haul    2. Medium-haul   3. Short-haul
(US$/bbl)              Routes         Routes           Routes

                   Japan-Americas,   All routes     China, Guam,
                   Europe, Middle    other those    Hong-Kong,
                   East Africa       mentioned in   Korea,
                                     1& 2           Philippines,
                                                    Taiwan
  ---------------------------------------------------------------

95.00 - 99.99           /94                /81           /68

90.00 - 94.99           /87                /75           /63

Revised Level from
March 1, 2010
85.00 - 89.99           /80                /69           /58

Current Level
80.00 - 84.99           /73                /63           /53

75.00 - 79.99           /66                /57           /48

70.00 - 74.99           /59                /51           /43

65.00 - 69.99           /52                /45           /38

60.00 - 64.99           /45                /39           /33

55.00 - 59.99           /38                /33           /28

50.00 - 54.99           /31                /27           /23

40.00 - 44.99           /17                /15           /13

35.00 - 39.99           /10                 /9            /8

Below 35.00                            Discontinued
  ---------------------------------------------------------------

                        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)


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


KUMHO ASIANA: Creditors to Provide KRW60-Bil. Funds to Petrochem
----------------------------------------------------------------
Bloomberg News reports that the creditors of Kumho Petrochemical
Co. will provide about KRW60 billion (US$51.9 million) in fresh
funds this week.

Citing a report from Yonhap News, Bloomberg relates Korea
Development Bank is collecting approvals from creditor financial
institutions this week before giving the money to Kumho
Petrochemical.

Yonhap said Kumho Tire Co. isn't able to receive money yet as its
labor union hasn't submitted an approval for the restructuring
plans, according to Bloomberg.

Kumho Petrochemical is the holding company of Kumho Asiana Group.

As reported in Troubled Company Reporter-Asia Pacific on
August 6, 2010, The Korea Herald said that Kumho Asiana Group has
been suffering from a liquidity crisis, which observers describe
as a typical case of acquisition indigestion.  In a bid to ease a
cash shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, after acquiring it in 2006 for KRW6.4 trillion.
Bloomberg said creditors including Shinhan Bank may force the
company to repay KRW3.9 trillion (US$3.2 billion) by June if they
exercise an option to sell Daewoo Engineering shares they hold
back to Kumho Asiana.

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

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

                        About Kumho Asiana

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


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


OILCORP BERHAD: Proposed Listing of Unit on London Bourse Aborted
-----------------------------------------------------------------
Oilcorp Berhad has aborted the proposed listing of D'Tiara Corp.
Sdn Bhd, a wholly owned subsidiary of Oilcorp, on the alternative
investment market of the London Stock Exchange.

On February 13, 2008, Oilcorp proposed to undertake:

   (i) Proposed Reorganization and Admission; and

  (ii) Proposed Acquisition.

The Company's shareholders approved on March 21, 2008, the
proposed reorganization and subsequent admission of its property
division on the AIM market of the London Stock Exchange PLC, via
D'Tiara Corp Ltd, a company incorporated in Jersey, Channel
Islands.

                         About Oilcorp Bhd

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
====================


AUTEL TV: Placed Into Receivership; McGrathNicol Appointed
----------------------------------------------------------
Eloise Gibson at The New Zealand Herald reports that Autel, a New
Zealand-owned kitchen and appliance chain, has been placed in
receivership.

Kerryn Downey and William Black of McGrathNicol were appointed
receivers and managers of three companies that sell imported
kitchen and laundry goods: Autel TV Services Limited, Lifestyle
Appliances (2004) Limited and Prestige Appliances NZ Limited, the
Herald says.

According to the Herald, the companies' 15 staff members must wait
to find out what will happen in the coming weeks while receivers
decide whether it is feasible to sell the companies as they are or
whether they should be put into liquidation.

Mr. Downey said the companies' four showrooms -- Autel's in
Greenlane, Mt Roskill and Mairangi Bay, and Lifestyle's in Parnell
-- would stay open for a few weeks while receivers looked at the
options, the Herald notes.

The report relates the receivers said the company has been
buffeted by the housing downturn and pressure from big
international chains.

Autel -- http://www.autel.co.nz/-- is a New Zealand-based kitchen
appliances retailer.


MONACO VILLAGE: Court Grants Investor Liquidation Bid
-----------------------------------------------------
The National Business Review reports that associate Judge Rob
Osborne at the High Court of Christchurch has granted an
application to liquidate Monaco Village Ltd.

Wellington-based investor Warwick Walbran Consulting sought the
liquidation against the company after it failed to pay the so
called "guaranteed returns," NBR says.  The liquidation petition,
according to NBR, was for the amount of NZ$18,500, understood to
be the amount Mr. Walbran claims is outstanding under the so
called guaranteed return arrangement with Monaco Village.

According to the report, dozens of investors have complained that
they were not receiving the 8% guaranteed returns promised in
their sale and purchase contracts.

NBR relates the company blamed lower than expected visitors and
the collapse of Lombard Finance, which underwrote the guarantees.
The resort is run under a separate company and operations are not
directly affected by the court action, the report notes.

Monaco Village Ltd. is a Nelson company that developed the NZ$60
million Grand Mercure Nelson Monaco.  The resort offers a range of
rooms, suites and apartments overlooking the Nelson waterfront
catering for up to 280 guests.


WILLIAM HILL: To Continue Trading as Receivers Seek Buyers
----------------------------------------------------------
The Southland Times reports that the receivers of William Hill
said the Central Otago winery will continue to trade throughout
the 2010 vintage.

Southland Times says the company's receivers, Wanaka accountant
Alistair King and chartered accountant Peter Heenan, of WHK
Southland, filed their second receivers' report last month.

According to the Times, Mr. King said the receivers and Bayleys
Real Estate were trying to find a buyer for the Dunstan Rd
property, including a 7.5-hectare vineyard, a 300-tonne winery,
plant and equipment.

The second report showed that if the company assets were sold, it
was unlikely to generate a surplus to pay off unsecured creditors,
owed NZ$574,000.

Mr. King said until a buyer was found it was impossible to say
whether unsecured creditors would be paid.

                         About William Hill

William Hill Winery Ltd -- http://www.williamhill.co.nz/-- was
established in 1973 when founders Bill and Gillian Grant planted
the first pinot noir vines.  Its first commercial production was
in 1987.  William Hill Wine's are marketed worldwide under the
brand name Shaky Bridge.

William Hill Winery Ltd was placed in receivership in May 2009.
Wanaka accountant Alistair King and Invercargill chartered
accountant Peter Heenan, of WHK Cook Adam Ward Wilson, have been
appointed as receivers and managers of the company in respect of
all rights, titles and interests in the undertaking, property,
assets and revenues of the winery.  The firm's principal debt of
NZ$4.2 million is owed to Southland Building Society for property,
stock and equipment.


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


ATLAS CONSOLIDATED: To Reopen Palawan Mine on Higher Nickel Prices
------------------------------------------------------------------
BusinessWorld Online reports that Atlas Consolidated Mining and
Development Corp. is planning to reopen its nickel mine in
Southern Luzon this year to take advantage of the recovery in
nickel prices.

Company executives said the miner is also studying the feasibility
of putting up a processing plant to add value to the nickel ores
they sell, the report relates.

"I think they are going to resume soon . . . the interest in
nickel is starting [to go up] again," Atlas Consolidated Chairman
Alfredo C. Ramos told BusinessWorld in an interview.  "Hopefully
we will be mining again soon," he said.

In February last year, BusinessWorld recalls the publicly listed
miner closed the Berong nickel mine in Palawan, laying off more
than 600 workers and retaining only 50 employees, due to low metal
prices as a result of soft demand.

According to the report, Mr. Ramos said that if Berong Nickel
Corp. resumed operations, the miner would still ship nickel ores
to traditional markets like Japan, South Korea and China.

Berong Nickel is a joint venture composed of European Nickel Plc,
Atlas Consolidated, and Toledo Mining Corp., which is listed in
London.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.


METROPOLITAN BANK: Moody's Cuts Step-Up Callable Secs. to B2
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the hybrid
Tier 1 securities of two Philippine banks, in line with Moody's
revised Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.

The affected banks are Metropolitan Bank & Trust Company and Rizal
Commercial Banking Corporation.

The rating of MBT's non-cumulative step-up callable perpetual
capital securities was lowered from B1 to B2, which is 3 notches
below the Adjusted BCA of Ba2.

The rating of RCBC's non-cumulative step-up callable perpetual
capital securities was lowered from B2 to B3, which is 3 notches
below the Adjusted BCA of Ba3.

This concludes Moody's reviews for possible downgrade that began
on 18 November 2009, and which were the last rating action dates
for each issuer.  The rating outlook for the two Philippine banks
remains stable, and all their other ratings remain unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that the support provided by
national governments and central banks to a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  But, in many cases, systemic support for these
instruments has not been forthcoming.

Moody's revised methodology largely removes Moody's previous
assumptions of systemic support, resulting in the rating actions.
In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA is Ba2 for MBT and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is Ba3 for RCBC and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The hybrid instruments issued by the two Philippine banks are
perpetual and rank deeply subordinated in liquidation.  Their
terms and conditions indicate that coupon payments must be
suspended upon breach of minimum capital adequacy ratios, or if
such payments would result in a breach of those ratios.  Any
unpaid coupons are non-cumulative.

Separately, the Philippine regulations prohibit payment of
dividends on ordinary shares and coupons on hybrid tier 1
securities, if a loss is reported.

According to Moody's revised hybrid rating guidelines, preferred
instruments with net income loss triggers would generally be rated
four notches below an issuer's Adjusted BCA.

However, the Philippine regulations also allow losses arising from
sales of non-performing assets under the Special Purpose Vehicles
(SPV) Law to be amortized over 10 years, and which typically
enable a profit to be reported.  Considering this and the terms of
the hybrid Tier 1 securities, Moody's believes rating such
instruments three notches rather than four notches below an
issuer's Adjusted BCA is appropriate in this case.

Metropolitan Bank & Trust Co., headquartered in Manila, had assets
of P793.1 billion as at September 30, 2009.

Rizal Commercial Banking Corp., headquartered in Manila, had
assets of P267.9 billion as at September 30, 2009.


RIZAL COMMERCIAL: Moody's Cuts Step-Up Callable Secs. to B3
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the hybrid
Tier 1 securities of two Philippine banks, in line with Moody's
revised Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.

The affected banks are Metropolitan Bank & Trust Company and Rizal
Commercial Banking Corporation.

The rating of MBT's non-cumulative step-up callable perpetual
capital securities was lowered from B1 to B2, which is 3 notches
below the Adjusted BCA of Ba2.

The rating of RCBC's non-cumulative step-up callable perpetual
capital securities was lowered from B2 to B3, which is 3 notches
below the Adjusted BCA of Ba3.

This concludes Moody's reviews for possible downgrade that began
on November 18, 2009, and which were the last rating action dates
for each issuer.  The rating outlook for the two Philippine banks
remains stable, and all their other ratings remain unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that the support provided by
national governments and central banks to a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  But, in many cases, systemic support for these
instruments has not been forthcoming.

Moody's revised methodology largely removes Moody's previous
assumptions of systemic support, resulting in the rating actions.
In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA is Ba2 for MBT and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is Ba3 for RCBC and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The hybrid instruments issued by the two Philippine banks are
perpetual and rank deeply subordinated in liquidation.  Their
terms and conditions indicate that coupon payments must be
suspended upon breach of minimum capital adequacy ratios, or if
such payments would result in a breach of those ratios.  Any
unpaid coupons are non-cumulative.

Separately, the Philippine regulations prohibit payment of
dividends on ordinary shares and coupons on hybrid tier 1
securities, if a loss is reported.

According to Moody's revised hybrid rating guidelines, preferred
instruments with net income loss triggers would generally be rated
four notches below an issuer's Adjusted BCA.

However, the Philippine regulations also allow losses arising from
sales of non-performing assets under the Special Purpose Vehicles
(SPV) Law to be amortized over 10 years, and which typically
enable a profit to be reported.  Considering this and the terms of
the hybrid Tier 1 securities, Moody's believes rating such
instruments three notches rather than four notches below an
issuer's Adjusted BCA is appropriate in this case.

Metropolitan Bank & Trust Co., headquartered in Manila, had assets
of PHP793.1 billion as at September 30, 2009.

Rizal Commercial Banking Corp., headquartered in Manila, had
assets of PHP267.9 billion as at September 30, 2009.


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


AMMARINE YACHT: Creditors' Proofs of Debt Due March 11
------------------------------------------------------
Creditors of Ammarine Yacht Sales Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 11, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ler Ching Chua
         c/o 541 Orchard Road
         #18-01 Liat Towers
         Singapore 238881


BAYAN HOLDINGS: Creditors' Proofs of Debt Due March 12
------------------------------------------------------
Creditors of Bayan Holdings 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 liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road #03-08
         Wilkie Edge
         Singapore 228095


COMPLIMENT MARKETING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on February 5, 2010,
to wind up the operations of Compliment Marketing (IMP & EXP) Pte
Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

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


ENG HUAT: Creditors' Proofs of Debt Due March 8
-----------------------------------------------
Creditors of Eng Huat Marine Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wee Hui Pheng
         c/o M/s Wee Hui Pheng & Co
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


EXPRESSWAY LOGISTICS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on February 5, 2010,
to wind up the operations of Expressway Logistics Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


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


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


* BOND PRICING: For the Week to February 8 to February 12, 2010
---------------------------------------------------------------


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

   AUSTRALIA
   ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.02
AINSWORTH GAME           8.00    12/31/2011   AUD       0.77
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.92
ANTARES ENERGY          10.00    10/31/2013   AUD       1.98
AUROX RESOURCES          7.00    06/30/2010   AUD       0.80
BECTON PROP GR           9.50    06/30/2010   AUD       0.51
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      50.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.25
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.08
MINERALS CORP           10.50    09/30/2011   AUD       0.66
NEW S WALES TREA         1.00    09/02/2019   AUD      63.25
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      70.84
RESOLUTE MINING         12.00    12/31/2012   AUD       0.98
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
SUNCORP METWAY           6.75    09/23/2024   AUD      58.80
SUNCORP METWAY           6.75    10/06/2026   AUD      58.31
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      71.03

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.54

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      23.50


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      60.00
AKSH OPTIFIBRE           1.00    01/29/2010   USD      55.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      41.75
SUBEX AZURE              2.00    03/09/2012   USD      61.50
WANBURY LTD              1.00    04/23/2012   EUR      75.00

   INDONESIA
   ---------

BSD KOTA MANDIRI        15.00    10/20/2011   IDR      63.44
TRUBA JAYA              11.75    07/08/2010   IDR      60.62

   JAPAN
   -----

AIFUL CORP               1.50    10/20/2011   JPY      62.61
AIFUL CORP               6.00    12/12/2011   USD      69.62
AIFUL CORP               6.00    12/12/2011   USD      71.87
AIFUL CORP               1.20    01/26/2012   JPY      57.37
AIFUL CORP               1.99    03/23/2012   JPY      56.96
AIFUL CORP               1.63    11/22/2012   JPY      51.08
AIFUL CORP               1.22    04/20/2012   JPY      52.10
AIFUL CORP               1.74    05/28/2013   JPY      49.72
AIFUL CORP               1.99    10/19/2015   JPY      44.64
COVALENT MATERIAL        2.87    02/18/2013   JPY      61.91
CSK CORPORATION          0.25    09/30/2013   JPY      70.69
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.00
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.44
SHINSEI BANK             5.63    12/29/2049   GBP      73.50
TAKEFUJI CORP            9.20    04/15/2011   USD      57.00
TAKEFUJI CORP            9.20    04/15/2011   USD      57.00
TAKEFUJI CORP            8.00    11/01/2017   USD      13.12
TAKEFUJI CORP            1.50    06/19/2018   JPY      71.83
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
WILLCOM INC              2.35    06/27/2012   JPY      40.00

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.13
CRESCENDO CORP B         3.75    01/11/2016   MYR       1.00
DUTALAND BHD             4.00    04/11/2013   MYR       0.48
DUTALAND BHD             4.00    04/11/2013   MYR       0.78
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.81
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.01
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.49
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.13
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.67
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
RUBBEREX CORP            4.00    08/14/2012   MYR       1.50
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.10
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.62
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.12
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.32
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.94

   NEW ZEALAND
   -----------
ALLIED NATIONWID        11.52    12/29/2049   NZD      50.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      70.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.25
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.12
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.25
INFRATIL LTD             8.50    02/15/2020   NZD      66.60
INFRATIL LTD             8.50    11/15/2015   NZD      10.00
INFRATIL LTD            10.18    12/29/2049   NZD      67.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      50.16
SKY NETWORK TV           4.01    10/16/2016   NZD      55.84
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.56
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.63
ST LAURENCE PROP         9.25    05/15/2011   NZD      71.07
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.25
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.50


   SINGAPORE
   ---------

DAVOMAS INTL FIN         5.50    12/08/2014   USD      54.32
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.37
WBL CORPORATION          2.50    06/10/2014   SGD       2.18


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      65.89




                         *********

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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