TCRAP_Public/100217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, February 17, 2010, Vol. 13, No. 033

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Receivers to Examine Executives and Directors
MULTIPLEX NEW ZEALAND: Suspends Dividends Amid Funding Problems


C H I N A

CHINA LOGISTICS: Amends Q1 2009 Report; Net Loss at US$2.98-Mil.
GREEN DRAGON: Posts US$29,000 Net Loss in December Quarter
SOLAR ENERTECH: Posts US$3.9 Million Net Loss in Qtr Ended Dec. 31


H O N G  K O N G

AMERICAN INT'L: Taps Major Banks for Hong Kong IPO of AIA Unit
CHINA DATA: Court to Hear Wind-Up Petition on March 17
FURLA FAR: Chen and Wong Step Down as Liquidators
GLORIA (NOMINEES): Creditors' Proofs of Debt Due March 16
GOSPA ENTERPRISES: Court Enters Wind-Up Order

HAYES INTERNATIONAL: Members' Final Meeting Set for March 12
HILARIOUS (NOMINEES): Creditors' Proofs of Debt Due March 16
HK MING: Chan Tak Hung Steps Down as Liquidator
HK RISHENG: Court to Hear Wind-Up Petition on March 31
HOLLYWORLD DEVELOPMENT: Court to Hear Wind-Up Petition on April 7

HONEST (OVERSEAS): Court Enters Wind-Up Order
ISHIYAMA SALT: Placed Under Voluntary Wind-Up Proceedings
JC NO. 3: Creditors' Proofs of Debt Due March 12
JIIN HUNG: Chan Wing Kit Steps Down as Liquidator
JOY COLOUR: Members' Final Meeting Set for March 3

KEI FUNG: Court Enters Wind-Up Order
KOMAK TECH: Court Enters Wind-Up Order
LEAD TEAM: Placed Under Voluntary Wind-Up Proceedings
LEADKEEN INDUSTRIAL: Creditors Get 0.1% Recovery on Claims
LEE DUNG: Court Enters Wind-Up Order

LIBERTAS CAPITAL: Court Enters Wind-Up Order


I N D I A

GLOBAL SIGNAL: CRISIL Assigns 'B' Ratings on Various Bank Debts
JUNAGADH POWER: CRISIL Places 'BB-' Rating on INR344.8MM Term Loan
LLM APPLIANCES: CRISIL Assigns 'BB' Rating on INR20MM LT Bank Loan
PRECISION OPERATIONS: CRISIL Rates INR40MM Cash Credit at 'BB-'
SARKAR GRAY: CRISIL Puts 'B+' Rating on INR40MM Proposed LT Loan

SEQUEL ALLOYS: CRISIL Assigns 'B' Ratings on Various Bank Debts
TATA MOTORS: Appoints Forster as Chief Executive Officer
TATA MOTORS: Global Auto Sales Up 93% in January 2010
TATA MOTORS: May Sell 49% Stake in Vehicle-Finance Unit
TRIMEX MINERALS: Fitch Cuts National Long-Term Rating to 'B-'


I N D O N E S I A

* INDONESIA: Government to Reschedule Debts of 15 Water Firms


J A P A N

MORGAN STANLEY FUNDS: Foreclosure Looms on Japan Hotel Chain
SPANSION INC: Posts US$514.1 Million Net Loss in Fiscal 2009
YAMAHA MOTOR: To Cut 1,000 Jobs, Close Plants Abroad


K O R E A

KUMHO ASIANA: U.S. Consortium Submits Revise Bid for Daewoo Eng'g.


N E W  Z E A L A N D

AIR NEW ZEALAND: To Cut 100 Jobs at Safe Air Subsidiary


S I N G A P O R E

LEHMAN BROTHERS: Singapore Agency Welcomes Payout for Holders


T H A I L A N D

THAI AIRWAYS: Sale of Interest to Private Investor Opposed


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ALLCO FINANCE: Receivers to Examine Executives and Directors
------------------------------------------------------------
The Australian reports that Ferrier Hodgson's receivers will be
running public examinations of senior executives and directors of
the Allco group of companies.

The Australian, however, says its sources can't yet tell who will
appear at the Ferrier Hodgson hearings, or exactly when, but
receiver Peter Gothard and colleagues are likely to have lots of
questions they'd like to have answered about the fallen listed
leasing group's affairs involving aircraft, shipping and
investments in all sorts of hard-to-untangle companies.

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco Finance has more than AU$1 billion
in total debt.


MULTIPLEX NEW ZEALAND: Suspends Dividends Amid Funding Problems
---------------------------------------------------------------
Australian investors in Multiplex New Zealand Property Fund are
suffering dividend cuts, according to The New Zealand Herald.

Multiplex New Zealand is a NZ$701 million real estate fund managed
by Brookfield Multiplex Capital Management.  The fund is available
only to Australians.  It was started in September 2004 and
established to pay quarterly distributions.

Leon Boyatzis, the fund's Sydney manager, wrote to investors this
month suspending their quarterly dividends and explaining big
funding problems, the Herald states.

"As a result of the restrictions imposed by the fund's financiers
and the need to ensure there is sufficient cash reserves to meet
its obligations, it is unlikely distributions will be paid during
the 2010 calendar year," Mr. Boyatzis wrote.

Mr. Boyatzis, according to the Herald, said the aim in the next 12
months was to reduce gearing to comply with debt covenants.

According to the report, Mr. Boyatzis said that ANZ and CBA had
extended that debt facility in December but only on the condition
that big chunks were repaid fairly fast.  The banks have loaned
the fund $419 million, the report notes.

The report says the key terms of its debt renewal scheme meant big
repayments had to be made progressively.  The fund, according to
the report, must find $350 million to be repaid by August next
year, $69 million by October this year and also needs to reduce
its loan-to-value ratio covenants gradually to 50% by June next
year.

                           About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Following the acquisition of Multiplex by Brookfield Asset
Management Inc, the Multiplex Group de-listed from the ASX in
December 2007 and in January 2008 became a wholly owned subsidiary
of Brookfield Asset Management Inc which is listed on the New York
and Toronto stock exchanges under the symbol BAM and on the
Euronext, under the symbol BAMA.


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


CHINA LOGISTICS: Amends Q1 2009 Report; Net Loss at US$2.98-Mil.
---------------------------------------------------------------
China Logistics Group, Inc., has filed Amendment No. 2 to its
quarterly report on Form 10-Q for the quarter ended March 31,
2009, as filed on May 20, 2009, to correct the accounting
treatment previously accorded certain transactions and to restate
the Company's consolidated balance sheets at March 31, 2009, and
December 31, 2008, and the Company's consolidated statements of
operations, and consolidated statements of cash flows for the
three month period ended March 31, 2009, and add the Company's
consolidated statement of changes in equity (deficit) for the year
ended December 31, 2008, and the three month period ended
March 31, 2009.

The March 31, 2009 financial statements included in China
Logistics Group, Inc.'s Form 10-Q/A filed on September 29, 2009,
contained errors including the treatment of common stock purchase
warrants as part of equity rather than as a derivative liability.
Accordingly, the Company's consolidated balance sheet at March 31,
2009, has been restated to properly record the Company's common
stock purchase warrants that were not indexed to the Company's
stock as derivative liability.

                 Restated Statement of Operations

The Company reported net income of US$2,977,168 on sales of
US$3,198,572 for the three months ended March 31, 2009, compared
to net income of US$327,538 on sales of US$6,773,213 for the
corresponding period of 2008.  The increase in net income was
primarily due to the non-cash gain from the change in fair value
of derivative liability in the amount of US$3,388,993.  Excluding
the impact of this non-cash gain the Company would have shown a
net loss of US$411,825 due to the overall decline in revenues and
the Company's inability to cut costs in proportion to this
decline.

                      Restated Balance Sheet

At March 31, 2009, the Company's consolidated balance sheets
showed US$6,786,119 in total assets and US$7,918,307 in total
liabilities, resulting in a US$1,132,188 shareholders' deficit.

A full-text copy of the Company's amended quarterly report on Form
10-Q/A is available at no charge at:

               http://researcharchives.com/t/s?52ad

                        Going Concern Doubt

The Company's ability to continue as a going concern is dependent
upon its ability to obtain the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they become due, to fund possible acquisitions,
and to generate profitable operations in the future.

"These matters, among others, raise substantial doubt about our
ability to continue as a going concern."

As a result of the weak global economy, the demand for exported
Chinese products has also declined, resulting in a significant
drop in the demand for the Company's freight and transport
services.

If China Logistics' cost reduction efforts are unsuccessful, the
Company may need to raise additional working capital.  The Company
does not have any commitments for any additional capital and the
terms of its 2008 Unit Offering which contain certain restrictive
covenants and the overall softness of the capital markets could
hinder its efforts.

                      About China Logistics

China Logistics Group, Inc. (OTC BB: CHLO) operates as an
international freight forwarder and logistics management company
in the People's Republic of China.  It acts as an agent for
international freight and shipping companies; and sells cargo
space and arranges land, maritime, and air international
transportation for clients seeking to import or export merchandise
from or into the People's Republic of China.  The Company's
freight forwarding services include goods reception, space
reservation, transit shipment, traffic consolidating, storage,
multimodal transport, and export of mechanical equipment.  It
provides freight forwarding services for a range of  merchandise,
such as refrigerated merchandise, hazardous merchandise, and
perishable agricultural products, as well as clothing and
electronics products, and daily merchandise and hardware products.
The Company was founded in 1997 and is based in Paramount,
California.


GREEN DRAGON: Posts US$29,000 Net Loss in December Quarter
----------------------------------------------------------
Green Dragon Wood Products, Inc., reported a net loss of US$29,082
on revenue of US$2,768,964 for the three months ended December 31,
2009, compared with a net loss of US$148,020 on revenue of
US$3,217,503 for the same period of 2008.

The decrease in net loss of US$118,938 or 80.36% resulted
primarily from an increase in gross profit and a decrease in
overall general and administrative expenses.

For the nine months ended December 31, 2009, the Company reported
net income of US$88,406 on revenue of US$9,006,218, compared to
net income of US$36,357 on revenue of US$11,709,476 for the same
period a year ago.

                          Balance Sheet

At December 31, 2009, the Company's consolidated balance sheets
showed US$7,962,722 in total assets, US$6,012,274 in total
liabilities, and US$1,950,448 in total stockholders' equity.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://researcharchives.com/t/s?52b5

                       Going Concern Doubt

For the nine months ended December 31, 2009, the Company incurred
a negative operating cash flow of US$273,840.  The continuation of
the Company as a going concern through December 31, 2010, is
dependent upon the continuing financial support of its
shareholders and credit facility from the banks.  Also, the
Company is currently pursuing the additional financing for its
operations.  However, there is no assurance that the Company will
be successful in securing sufficient funds to sustain the
operations.

"These factors raise substantial doubt about the Company's ability
to continue as a going concern."

                        About Green Dragon

Based in Kowloon, Hong Kong, Green Dragon Wood Products, Inc., was
incorporated under the laws of the State of Florida on
September 26, 2007.  The Company, through its subsidiaries, mainly
engages in re-sale and trading of wood logs, wood lumber, wood
veneer and other wood products in Hong Kong.


SOLAR ENERTECH: Posts US$3.9 Million Net Loss in Qtr Ended Dec. 31
------------------------------------------------------------------
Solar EnerTech Corp. announced Friday financial results for the
first quarter ended December 31, 2009.

Net loss for the first quarter of fiscal 2010 was US$3.9 million,
or negative US$0.04 per basic and diluted share compared to a net
loss of US$3.8 million, or negative US$0.04 per basic and diluted
shares in the same period in fiscal 2009.  In the first quarter of
fiscal 2010, the Company recorded a non-cash gain totaling US$1.0
million associated with a change in the fair market value of
warrant liability and a change in the fair market value of
compound embedded derivative liability compared to a total non-
cash gain of US$2.1 million for these two same items in the first
quarter of fiscal 2009.  Excluding non-cash items, on a non-GAAP
basis, the first quarter 2010 net loss was US$4.9 million compared
to a net loss of US$5.9 million in the prior year period.  Both
the compound embedded derivative and warrant liabilities were
recorded in conjunction with the convertible notes transaction
entered into by the Company in March 2007.

Total module shipments increased 448% in the first fiscal quarter
2010, compared to the first fiscal quarter of the prior year.
Revenue increased 248% to US$17.7 million compared to US$5.1
million in the first fiscal quarter of the prior year.  Revenue
for fiscal 2010 first quarter was comprised of approximately
US$15.3 million in solar modules sales, of which more than 95%
were sold to Europe and Australia, and US$2.4 million in solar
cell sales.

The first fiscal quarter 2010 gross profit increased to positive
US$1.9 million, compared to negative US$2.3 million in the first
quarter in the prior year period.  First quarter 2010 gross margin
was positive at 11% of total sales compared to negative 46% of
total sales in the prior year period.

Total operating expenses for the fiscal 2010 first quarter were
US$2.3 million, or 13% of total net sales, which included an
approximate US$600,000 non-cash stock compensation credit related
to the restructuring of the management team.  Excluding these non-
cash items, the operating expense for the fiscal 2010 first
quarter was US$1.7 million, or 10% of total net sales.  This
compares with the 2009 first quarter total operating expense of
US$3.2 million, or 63% of total sales, which included US$1.4
million of non-cash stock compensation charges related to the
hiring and retention of key executives and US$310,000 non-cash
charges for loss on debt extinguishment.  The increase in
operating expenses in the fiscal 2010 first quarter compared to
fiscal 2009 first quarter was primarily due to increase shipping
rates and volume.

Mr. Leo S. Young, Chief Executive Officer of Solar EnerTech
commented, "Fiscal first quarter result indicates a significant
accomplishment for Solar EnerTech during the past six months since
we made a strategic adjustment to focus on supplying superior
products to our customers.  We are pleased to see continued strong
top-line growth in the quarter ? our main product shipment
increased four times and revenue increased nearly 250% compared to
the same period last year.  As our capacity has increased and the
quality of our solar cells becomes further recognized in the
industry, we now have the opportunity to focus on advancing our
brand name recognition."

"While we have been experiencing volatile market conditions for
the last several months, the entire management team is up to the
challenge.  Our focus on product quality, coupled with our efforts
in support services, has provided satisfaction among our major
customers in Europe and Australia, and that in turn enabled us to
acquire new customers.  We are encouraged with the demand trends
we're seeing in our business and believe the quality of our
products differentiate Solar EnerTech from many of other players
in the global PV business," concluded Mr. Young.

                        Financial Position

As of December 31, 2009, the Company had US$1.6 million in cash,
US$8.4 million of accounts receivables, US$629,000 of prepayment
primarily for purchase of raw materials, US$5.8 million of
inventories on hand, US$705,000 of deferred financing cost
associated to the convertible notes and US$1.1 million of VAT and
other receivables.  Additionally, as of December 31, 2009, the
Company had US$9.9 million of accounts payable, customer advance
payment and accrued liabilities, US$5.7 million of accrued
liability due to related party, US$74,000 of derivative
liabilities and
US$11.6 million in principal of convertible notes outstanding,
which are recorded at carrying value at US$6.8 million.

On January 7, 2010, the Company entered into a Series A Notes and
Series B Notes Conversion Agreement with the holders holding over
75% of the outstanding principal amounts owed under the Series A
and Series B Notes to modify the terms of the notes.  Pursuant to
the terms of the Conversion Agreement, the notes were
automatically converted into shares of the Company's common stock
at a conversion price of US$0.15 per share and amended to
eliminate the maximum ownership percentage restriction prior to
such conversion.

In addition, the Company and the holders of over 50% of each of
the outstanding Series A, Series B and Series C Warrants
(collectively the "PIPE Warrants") entered into an Amendment to
the Series A, B and C Warrants in conjunction with the Conversion
Agreement.  Pursuant to the terms of the Warrant Amendment, the
PIPE Warrants were amended to reduce their exercise prices from
US$1.21, US$0.90 and US$1.00, respectively, to US$0.15.  The PIPE
Warrants were also amended to (a) waive the anti-dilution
provisions of the PIPE Warrants that would increase the number of
shares issuable pursuant to the PIPE Warrants in inverse
proportion to the reduction in the exercise price, (b) waive all
anti-dilution protections as to future transactions and (c)
eliminate maximum ownership percentage restrictions.

                          Balance Sheet

At December 31, 2009, the Company's consolidated balance sheets
showed total assets of US$29.9 million, total liabilities of
US$23.5 million, and total shareholders' equity of US$6.4 million.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with US$18.3 million in total
current assets available to pay US$22.4 million in total current
liabilities.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://researcharchives.com/t/s?52b0

                       Going Concern Doubt

The Company has incurred significant net losses and has had
negative cash flows from operations during each period from
inception through December 31, 2009, and has an accumulated
deficit of approximately US$72.2 million at December 31, 2009.
For the three months ended December 31, 2009, the Company had
operating cash flows of US$138,000 and incurred a net loss of
approximately US$3.9 million. As of December 31, 2009, the Company
had outstanding convertible notes with a principal balance of
US$11.6 million consisting of US$2.5 million in principal amount
of Series A Convertible Notes and US$9.1 million in principal
amount of Series B Convertible Notes, which were recorded at
carrying amount at US$6.8 million.  These Notes bear interest at
6% per annum and are due on March 7, 2010.  The Company only had
approximately
US$1.6 million in cash and cash equivalents on hand as of
December 31, 2009.  "The conditions described raise substantial
doubt about the Company's ability to continue as a going concern."

On January 7, 2010, the terms of the Notes and the warrants issued
in conjunction with the Notes were amended.  The Company believes
that if the Company is able to execute on its business plan, the
successful completion of the conversion, along with the Company's
existing cash resources and the cash expected to be generated from
operations during fiscal year 2010 will be sufficient to meet the
Company's projected operating requirements at least through
September 30, 2010, and enable it to continue as a going concern.

                       About Solar EnerTech

Solar EnerTech Corp. (OTC BB: SOEN) is a photovoltaic solar energy
cell manufacturing enterprise incorporated in the United States
with its corporate office in Mountain View, California.  The
Company has established a sophisticated 67,107-square-foot
manufacturing facility at Jinqiao Modern Technology Park in
Shanghai, China. The Company currently has two 25MW solar cell
production lines and a 50MW solar module production facility.

Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.


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


AMERICAN INT'L: Taps Major Banks for Hong Kong IPO of AIA Unit
--------------------------------------------------------------
Kennix Chim and Fiona Lau at Reuters, citing banking sources,
report that American International Group has brought on board
Citigroup; Credit Suisse; Goldman Sachs; BofA Merrill Lynch; UBS;
CCB International; and ICBC International to underwrite the public
listing of American International Assurance, its Asian life
insurance unit, in Hong Kong.

Sources told Reuters the IPO could raise more than US$10 billion
and could become Hong Kong's biggest IPO since 2006.  Reuters says
one source close to the AIA deal expects AIG to raise US$10
billion to US$15 billion.  Others, according to Reuters, said the
IPO proceeds could even go as high as US$20 billion, depending on
how much of the company is sold.

Reuters says AIG had already chosen Deutsche Bank and Morgan
Stanley as joint global coordinators for the offering.

Reuters says investment bankers in Hong Kong have been anxiously
awaiting the choice of underwriters as a US$10 billion IPO, at a
standard 3% charge, could generate around US$300 million in fees.

Reuters says AIA was slated to hold an analysts' presentation to
its bookrunners on Friday and is eyeing an end-March listing
hearing from the Hong Kong Stock Exchange.  One of the sources
told Reuters the IPO roadshow is expected to start in mid-April.

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
US$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as US$182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


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


FURLA FAR: Chen and Wong Step Down as Liquidators
-------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man stepped down as
liquidators of Furla Far East Limited on February 12, 2010.


GLORIA (NOMINEES): Creditors' Proofs of Debt Due March 16
---------------------------------------------------------
Gloria (Nominees) 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


GOSPA ENTERPRISES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order November 30, 2009, to
wind up the operations of Gospa Enterprises Limited.

The company's liquidator is Lau Siu Hung.


HAYES INTERNATIONAL: Members' Final Meeting Set for March 12
------------------------------------------------------------
Members of Hayes International Limited will hold their final
general meeting on March 12, 2010, at 9:30 a.m., at the Room 1005
Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong
Kong.

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


HILARIOUS (NOMINEES): Creditors' Proofs of Debt Due March 16
------------------------------------------------------------
Hilarious (Nominees) 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


HK MING: Chan Tak Hung Steps Down as Liquidator
-----------------------------------------------
Chan Tak Hung stepped down as liquidator of Hong Kong Ming Yi
Limited on January 22, 2010.


HK RISHENG: Court to Hear Wind-Up Petition on March 31
------------------------------------------------------
A petition to wind up the operations of Hong Kong Risheng
Electronic Limited will be heard before the High Court of Hong
Kong on March 31, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

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


HOLLYWORLD DEVELOPMENT: Court to Hear Wind-Up Petition on April 7
-----------------------------------------------------------------
A petition to wind up the operations of Hollyworld Development
Limited will be heard before the High Court of Hong Kong on
April 7, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Ho and Partners
          Regent Centre
          Offices Nos. 1001-1002, 10/F
          No. 88 Queen's Road Central
          Hong Kong


HONEST (OVERSEAS): Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order January 11, 2010, to
wind up the operations of Honest (Overseas) Yarn Company Limited.

The company's liquidator is Lau Siu Hung.


ISHIYAMA SALT: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on February 8, 2010,
members of Ishiyama Salt Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         Alexandra House, 7th Floor
         18 Chater Road
         Central, Hong Kong


JC NO. 3: Creditors' Proofs of Debt Due March 12
------------------------------------------------
Creditors of JC No. 3 (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 12, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         Alexandra House, 7th Floor
         18 Chater Road
         Central, Hong Kong


JIIN HUNG: Chan Wing Kit Steps Down as Liquidator
-------------------------------------------------
Chan Wing Kit stepped down as liquidator of Jiin Hung Company
Limited on January 14, 2010.


JOY COLOUR: Members' Final Meeting Set for March 3
--------------------------------------------------
Members of Joy Colour Limited will hold their final meeting on
March 3, 2010, at 11:00 a.m., at the 13/F., Chinachem Tower, Nos.
34-37 Connaught Road, Central, in Hong Kong.

At the meeting, Cheung Sei Lok Carey, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KEI FUNG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order December 24, 2009, to
wind up the operations of Kei Fung (Yarn) Co. Limited.

The company's liquidator is Lau Siu Hung.


KOMAK TECH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Komak Tech Limited.

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


LEAD TEAM: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 31, 2009,
members of Lead Team 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


LEADKEEN INDUSTRIAL: Creditors Get 0.1% Recovery on Claims
----------------------------------------------------------
Leadkeen Industrial Limited, which is in liquidation, paid the
fourth interim dividend to its creditors on February 12, 2010.

The company paid 0.1% for 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


LEE DUNG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Lee Dung Food and Beverage Company
Limited.

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


LIBERTAS CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Libertas Capital Asia Limited.

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


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


GLOBAL SIGNAL: CRISIL Assigns 'B' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Global Signal Cables (India) Pvt Ltd, which is part
of the Global group.

   Facilities                               Ratings
   ----------                               -------
   INR0.8 Million Term Loan                 B/Negative (Assigned)
   INR16.0 Million Standby Line of Credit   B/Negative (Assigned)
   INR35.0 Million Export Packing Credit^   P4 (Assigned)
   INR40.0 Million Bill Discounting^        P4 (Assigned)
   INR25.0 Million Letter of Credit         P4 (Assigned)
   INR5.0 Million Bank Guarantee            P4 (Assigned)

   ^ Fully Fungible

The ratings reflect the Global group's heavy dependence on the
fixed-line telecommunication services segment for revenues,
increasing customer and geographical concentration in its revenue
profile, susceptibility to fluctuations in the value of the rupee,
and large working capital requirements.  These rating weaknesses
are partially offset by the group's strong track record in the
tensile conductor industry -- tensile conductors are primarily
used in fixed-line telecommunication sets.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSC, Global Signal Industries Ltd, and
GSC's two wholly owned subsidiaries Sequel Alloys and Wires Pvt
Ltd, and Global Signal Telecom Pvt Ltd.  This is primarily because
the entities, collectively referred to as the Global group, are
under a common management, are in the same business, and draw
considerable operational, financial, and business benefits from
intra-group operational linkages.  Moreover, GSC and SAW have
cross guaranteed each other's bank lines.

Outlook: Negative

CRISIL believes that the Global group's operations will be
adversely affected over the medium term, as the number of fixed-
line telecom connections is expected to decline further.  The
group derives more than 50 per cent of its revenues from a single
customer, and therefore its liquidity remains vulnerable to delays
in payments by the customer.  The ratings may be downgraded in
case of steeper-than-expected deterioration in the Global group's
financial risk profile and liquidity.  Conversely, the outlook may
be revised to 'Stable' if the group diversifies its product
profile and improves its margins, thereby improving its liquidity
and financial risk profile.

                           About the Group

GSC (formerly Signal Cables [India] Pvt Ltd) was incorporated in
1990 by Mr. Sandeep Kumar.  The company manufactures tensile
conductors, plated wires, copper wires, copper meshes, and braids.
These are primarily used in telecommunication, mining, and
aerospace industries.  The company's manufacturing units in
Ghaziabad have a capacity to manufacture 0.15 million conductors
per annum.

SAW, a 100 per cent export-oriented unit set up in 2004,
manufactures tensile conductors for the telecommunication
industry, in Noida.  GST, incorporated in 1997, also manufactures
tensile conductors.  Incorporated in 2000, GSI purchased a blast
furnace in 2005 for manufacturing conductors. GSC owns 4 per cent
stake in GSI; the remainder is owned by the promoters and their
families.  As on December 31, 2009, there were no operations in
GST and GSI, and the Global group's management plans to merge GST
and GSI with GSC over the medium term.

GSC reported a profit after tax (PAT) of INR0.7 million on net
sales of INR157 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR160.9 million for 2007-08.


JUNAGADH POWER: CRISIL Places 'BB-' Rating on INR344.8MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Junagadh Power Projects Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR55.20 Million Proposed Cash Credit    BB-/Stable (Assigned)
   INR344.80 Million Term Loan*             BB-/Stable (Assigned)

   *Includes proposed amount of INR99.80 Million

The rating reflects JPPL's exposure to implementation and demand
risks relating to its power project.  This weakness is partially
offset by the benefits that JPPL is expected to derive from
adequate raw material availability and adequate moratorium in the
loan repayment schedule which lends comfort.

Outlook: Stable

CRISIL believes that JPPL will commence commercial operations as
scheduled.  The outlook may be revised to 'Positive' if the
company generates greater-than-expected revenues and profits after
stabilizing its operations.  Conversely, the outlook may be
revised to 'Negative' in case of delay in the commissioning of
JPPL's project because of unforeseen events, or if the company's
financial risk profile deteriorates because of additional, debt-
funded capital expenditure.

                        About Junagadh Power

Junagadh Power Projects Pvt Ltd was incorporated in September 2008
to set up a 10-megawatt biomass-based power project at Vanthali
Taluka, Junagadh (Gujarat).  The Government of Gujarat has granted
in-principle approval for setting up the plant. JPPL is promoted
by SVS Projects Pvt Ltd (SVS) and the promoters of SVS, Mr. B
Venkata Subba Rao and Mrs. B Vijaya Kumari. JPPL's.  The project
is being funded in a debt-to-equity ratio of 2.3:1.  The scheduled
commercial operation date is May 2011. However, the management
proposes to commission the project by January 2011. The company is
yet to finalize agreements for offtake of power and purchase of
raw material.


LLM APPLIANCES: CRISIL Assigns 'BB' Rating on INR20MM LT Bank Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of LLM Appliances Ltd (LLM, part of the LLM group).

   Facilities                              Ratings
   ----------                              -------
   INR20.00 Million Proposed Long Term     BB/Stable (Assigned)
                    Bank Loan Facility

   INR130.00 Million Proposed Cash         BB/Stable (Assigned)
                    Credit Facility

The rating reflects the LLM group's small scale of operations,
limited product diversity, and exposure to intense competition in
the home appliances industry. These rating weaknesses are
partially offset by the benefits that the LLM group derives from
its established brand, Butterfly, in the home appliances segment,
and its moderate financial risk profile marked by healthy debt
protection measures.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of LLM and Vishalss Enterprises.  This is
because both the entities, together referred to as the LLM group,
are under a common management and have fungible funds.

Outlook: Stable

CRISIL believes that the LLM group will continue to benefit from
its established brand over the medium term.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves because of sustained increase in its revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the LLM group fails to stabilize its new product
line, there is significant decline in its profitability, or if it
contracts large debt to fund capital expenditure.

                         About the Group

Mr. V Murugesa Chettiar introduced the Butterfly brand of
stainless steel kitchenware products in 1970.  The LLM group is
promoted by Mr. Chettiar's five sons and their families.
Incorporated in 2002, LLM sells home appliances, such as induction
hobs, electric rice cookers, air coolers, and sandwich makers,
under the Butterfly brand.  Set up in 2004, VE manufactures and
sells stainless steel kitchenware, including hot packs, dinner
sets, and idli cookers.  The group has manufacturing facility in
Pudupakkam (Chennai).

The LLM group reported a profit after tax (PAT) of INR28 million
on net sales of INR216 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR18 million on net
sales of INR146 million for 2007-08.


PRECISION OPERATIONS: CRISIL Rates INR40MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of Precision Operations System (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        BB-/Stable (Assigned)
   INR40 Million Bank Guarantee     P4 (Assigned)

The ratings reflect POSIPL's weak financial risk profile and
liquidity, because of working-capital-intensive operations, and
its exposure to risks related to its small scale of operations in
the fragmented security equipment industry.  These weaknesses are
partially offset by the benefits POSIPL derives from its
promoters' industry experience, and the company's low inventory
and receivables levels.

Outlook: Stable

CRISIL believes that POSIPL's financial risk profile and liquidity
will remain weak over the medium term because of its large working
capital requirements.  The company will continue to benefit from
its promoters' extensive experience in the industry.  The outlook
may be revised to 'Positive' in case of improvement in liquidity,
driven by higher cash accruals or fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on the company's net cash accruals or
deterioration in its working capital management.

                    About Precision Operations

Set up in 1989 by Mr. Rajkumar Pandeyand and Mr. Kirit Manilal
Nanani, Precision Operations System (India) Pvt Ltd trades in
security equipment.  The company has the approval from the
Ministry of Defence (MOD) for selling security equipment to MOD,
the Ministry of Home Affairs, police departments, and paramilitary
forces. POSIPL buys a majority of its products from Russia, and is
the sole distributor of some of its suppliers in the Indian
territory.

POSIPL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR235.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.6 million on net sales
of INR167 million for 2007-08.


SARKAR GRAY: CRISIL Puts 'B+' Rating on INR40MM Proposed LT Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to Sarkar Gray Iron
Products' bank facilities.

   Facilities                    Ratings
   ----------                    -------
   INR60 Million Cash Credit     B+/Stable (Assigned)
   INR40 Million Proposed LT     B+/Stable (Assigned)
               Bank Facility

The rating reflects SGIP's weak financial risk profile due to
large working capital requirements, and the firm's exposure to
risks relating to small scale of operations, and to fluctuations
in raw material prices.  These weaknesses are partially offset by
the benefits that SGIP derives from its promoters' large
experience in the steel utensils business.

Outlook: Stable

CRISIL believes that SGIP's scale of operations will remain small
and financial risk profile will remain weak over the medium term.
The outlook may be revised to 'Positive' if the firm's scale of
operations improves substantially, or if fresh equity infusions
strengthen its financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if deterioration in operating margins
lead to low cash accruals, or if the firm undertakes large, debt-
funded capital expenditure.

                         About Sarkar Gray

Set by Mr. Girdharilal Thard, and his son, Mr. Dhiraj Thard,
Sarkar Gray Iron Products manufactures steel utensils and is part
of the Sarkar Gray group, comprising three other entities Shree
Radhe Krishna Smelters Pvt Ltd, Vishwarupa Steel Pvt Ltd, and
Vishwarupa Tubes Pvt Ltd.  SGIP's manufacturing plant is in Howrah
(West Bengal).  It sells its products in West Bengal, Bihar,
Jharkhand, and Orissa.

SGIP reported a profit after tax (PAT) of INR1.8 million on net
sales of INR208 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR153 million for 2007-08.


SEQUEL ALLOYS: CRISIL Assigns 'B' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Sequel Alloys & Wires Pvt Ltd, which is part of the
Global group.

   Facilities                               Ratings
   ----------                               -------
   INR32.1 Million Term Loan                B/Negative (Assigned)
   INR10.0 Million Export Packing Credit^   P4 (Assigned)
   INR40.0 Million Bill Discounting^        P4 (Assigned)
   INR20.0 Million Letter of Credit         P4 (Assigned)
   INR2.5 Million Bank Guarantee            P4 (Assigned)

   ^ Interchangeability of INR10.0 Million

The ratings reflect the Global group's heavy dependence on the
fixed-line telecommunication services segment for revenues,
increasing customer and geographical concentration in revenue
profile, susceptibility to fluctuations in the value of the Indian
rupee, and large working capital requirements.  These rating
weaknesses are partially offset by the group's strong track record
in the tensile conductor industry - tensile conductors are
primarily used in fixed-line telecommunication sets.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SAW with that of SAW's holding company
Global Signal Cables (India) Pvt Ltd, and associate companies
Global Signal Industries Ltd and Global Signal Telecom Pvt Ltd.
This is primarily because the entities, collectively referred to
as the Global group, are under a common management, are in the
same business, and draw considerable operational, financial, and
business benefits from intra-group operational linkages. Moreover,
GSC and SAW have cross guaranteed each other's bank lines.

Outlook: Negative

CRISIL believes that the Global group's operations will be
adversely affected over the medium term, as the number of fixed-
line telecom connections is expected to decline further.  The
group derives more than 50 per cent of its revenues from a single
customer, and therefore its liquidity remains vulnerable to delays
in payments by the customer.  The ratings may be downgraded in
case of steeper-than-expected deterioration in the Global group's
financial risk profile and liquidity. Conversely, the outlook may
be revised to 'Stable' if the group diversifies its product
profile and improves its margins, thereby improving its liquidity
and financial risk profile.

                          About the Group

GSC (formerly Signal Cables [India] Pvt Ltd) was incorporated in
1990 by Mr. Sandeep Kumar.  The company manufactures tensile
conductors, plated wires, copper wires, copper meshes, and braids.
These are primarily used in telecommunication, mining, and
aerospace industries.  The company's manufacturing units in
Ghaziabad have a capacity to manufacture 0.15 million conductors
per annum.

SAW, a 100 per cent export-oriented unit set up in 2004 in Noida,
manufactures tensile conductors for the telecommunication
industry.  GST, incorporated in 1997, also manufactures tensile
conductors.  GSC has a 100 per cent stake in both SAW and GST.

Incorporated in 2000, GSI purchased a blast furnace in 2005 for
manufacturing conductors. GSC owns a 4 per cent stake in GSI; the
remainder is owned by the promoters and their families. As on
December 31, 2009, there were no operations in GST and GSI, and
the Global group's management plans to merge GST and GSI with GSC
over the medium term.

SAW reported a profit after tax (PAT) of INR10.8 million on net
sales of INR97.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.6 million on net sales
of INR78.6 million for 2007-08.


TATA MOTORS: Appoints Forster as Chief Executive Officer
--------------------------------------------------------
Tata Motors has appointed Mr. Carl-Peter Forster as the Group
Chief Executive Officer of the company. He will have the overall
responsibility of Tata Motors Operations globally, including
Jaguar Land Rover.

Mr. Forster, 55 years, has 24 years of international experience in
the automobile industry.  Most recently he was the head of General
Motors, Europe, where he looked after Opel/Vauxhall, Saab and the
European activities of Chevrolet. Before joining General Motors in
2001, Mr. Forster has had 13 years of experience in BMW where he
held various positions including that of Managing Director of BMW
South Africa and was also on the Managing Board of BMW responsible
for manufacturing.

Mr. Ratan N. Tata, Chairman, Tata Sons and Tata Motors, said,
"Tata Motors expects that Mr. Forster's induction will greatly
facilitate its ambition towards being a truly international
company."

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


TATA MOTORS: Global Auto Sales Up 93% in January 2010
-----------------------------------------------------
The Tata Motors Group global sales, comprising of Tata, Tata
Daewoo and Hispano Carrocera range of commercial vehicles, Tata
passenger vehicles along with distributed brands in India, and
Jaguar and Land Rover, were 85,714 nos. in January 2010, a growth
of 93% over January 2009.  Cumulative sales for the fiscal (April
2009 -- January 2010) are 681,480, higher by 13% compared to the
corresponding period in 2009-10.

Sales of all commercial vehicles were 40,334 nos. in January 2010,
a growth of 115%.  Cumulative sales for the fiscal are 322,470
nos., a growth of 32%.

Sales of all passenger vehicles were 45,380 nos. in January 2010,
a growth of 76%. Cumulative sales for the fiscal are 359,010 nos.,
lower by 0.31%.

Tata passenger vehicle sales, including those distributed, were
29,111 nos. for the month, a growth of 44%. Cumulative sales for
the fiscal are 205,763 nos., a growth of 22%.

Jaguar Land Rover global sales in January 2010 were 16,269
vehicles, higher by 195%. Jaguar sales for the month were 2,974,
higher by 122%, while Land Rover sales were 13,295, higher by
219%.  Cumulative sales of Jaguar Land Rover for the fiscal are
153,247 nos., lower by 20%.  Cumulative sales of Jaguar are 39,484
nos., lower by 30%, while cumulative sales of Land Rover are
113,763 nos., lower by 16%.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


TATA MOTORS: May Sell 49% Stake in Vehicle-Finance Unit
-------------------------------------------------------
Tushar Dhara and Vipin V. Nair at Bloomberg News report that Tata
Motors Ltd. plans to sell a stake in its vehicle-finance unit as
it seeks funds to repay debts.

"We are looking at various options for offloading the stake,"
Bloomberg quoted Vice Chairman Ravi Kant as saying at a press
conference in New Delhi.

Bloomberg, citing a Feb. 16 report from the Mint newspaper, says
State Bank of India is in talks to buy 49% of Tata Motors Finance
Ltd.  Bloomberg recalls Chief Financial Officer C. Ramakrishnan
said last month Tata, the maker of Jaguar and Land Rover luxury
vehicles, is considering fund raising options to reduce debts of
about INR200 billion (US$4.3 billion).

S.S. Ranjan, chief financial officer at State Bank, didn't answer
calls made to his cell phone seeking comment on the report on
Mint, Bloomberg relates.

               Tata to Bid for Indian Army Contract

Nikhil Gulati at Dow Jones Newswires reports that Tata Motors will
bid for an Indian Army contract worth about INR3.5 billion
(US$75.8 million) to supply 1,000 bullet-proof light trucks in
what is likely to further expand the auto maker's presence in the
rapidly growing defense equipment market.

"The company is offering vehicles valued at INR3.5 million each,"
V.S. Noronha, head of defence business at Tata Motors, told a news
conference, according to Dow Jones.  "We are competing with all
local vehicle manufacturers for the Indian Army contract."

Dow Jones relates Mr. Noronha said Tata Motors is also
participating in the upgrading and overhaul program of the Indian
Army's T-72 tank and its futuristic infantry combat vehicle as a
system integrator.

Local vehicle makers Mahindra & Mahindra Ltd. and Ashok Leyland
Ltd. also supply trucks and buses to the Indian Army, Dow Jones
notes.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


TRIMEX MINERALS: Fitch Cuts National Long-Term Rating to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded India-based Trimex Minerals Private
Limited's National Long-term rating to 'B-(ind)' from 'B(ind)'.
The Outlook is Negative.

The agency has also taken rating actions of Trimex's various bank
facilities:

* Fund-based working capital limits amounting to INR490m:
  downgraded to 'B-(ind)' from 'B (ind); affirmed Short-term at
  'F4(ind)'

* Non-fund based working capital limits amounting to INR45m:
  downgraded to 'B-(ind)' from 'B (ind); affirmed Short-term at
  'F4(ind)'

The downgrade of the National Long-term rating reflects the
significant deterioration in Trimex's operating performance during
the financial year ended March 2009 and the current financial
year.  Turnover declined 26% y-o-y in FY09 while profits fell
sharply.  Trimex's interest cover also declined during this period
to 1.03x from 1.78x.  Sales have declined further during the
current financial year due to governmental restrictions placed on
mining activities at Hospet, Bellary District in Karkataka where
Trimex procures iron ore.  The decline in sales at Hospet has
further strained Trimex's liquidity position.

Management has recently finalized long-term supply agreements with
two iron ore suppliers.  It is also in the process of acquiring
another iron ore mine in Hospet, Karnataka.  Any positive impact
from these initiatives in terms of improving the visibility of
revenues and profitability is expected only in the medium-term.
The Negative Outlook reflects Fitch's expectation that Trimex's
financial leverage (debt/EBIDTA) and interest cover will remain
stretched in the medium-term and would deteriorate further if the
above measures do not yield the benefits as expected.

The ratings continue to be supported by Trimex's satisfactory
track record with its export customers and its favorable payment
terms with suppliers.

The securing of long-term contracts with suppliers and the
acquisition of own mines, which would likely increase revenues and
bring stability to its profitability, could see Fitch revising
Trimex's Outlook to Stable.  On the other hand, a sustained
decline in EBIDTA margins below 3% and a sustained decrease in
interest cover below 1x could act as a negative rating trigger.

Chennai-based Trimex has been engaged in the trading of iron ore,
barytes and kerbstones since 1991.  For FY09, Trimex reported
revenues of INR805.8 million and profit before tax of
INR2.03 million.  Debt/equity and debt/EBIDTA were 2.48x and
6.14x, respectively.


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


* INDONESIA: Government to Reschedule Debts of 15 Water Firms
-------------------------------------------------------------
The Jakarta Post reports that the Indonesian government has agreed
to reschedule the debts of 15 regional water companies (PDAMs) to
ensure the public's access to clean water.

The 15 PDAMs are among 175 PDAMs whose debts total IDR4.6 trillion
(US$492.2 million), reducing their capability of providing access
to clean water to the people.

According to the Post, the Finance Ministry said loans made up
IDR3.1 trillion of the figure, with the remaining IDR1.5 trillion
in the form of interest.

The ministry, represented by director general of treasury Herry
Purnomo, signed an agreement with directors of the 15 PDAMs to
reschedule their debts based on each PDAM's cash flow, the Post
notes.

The report relates Mr. Purnomo said the government is also
expanding credit access to PDAMs by providing loan guarantees and
interest subsidies.


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


MORGAN STANLEY FUNDS: Foreclosure Looms on Japan Hotel Chain
------------------------------------------------------------
Morgan Stanley could lose a chain of hotels in Japan to
foreclosure.  The Wall Street Journal's Alison Tudor reports the
Morgan Stanley Real Estate Funds unit, known in the industry as
MSREF, may have to hand over the keys of a $2.4 billion Japanese
hotel chain to creditors when the debt falls due in April,
according to people familiar with the matter.

According to the report, the main lenders in the Japanese hotel
purchase, Citigroup Inc. and Japan's Shinsei Bank Ltd., are
pushing Morgan Stanley to put more equity in the property to give
the devalued holdings more security, but the company has
hesitated.

The Journal's source said a third lender -- sovereign-wealth fund
Government of Singapore Investment Corp. -- has expressed interest
in taking over the full-service hotels from Morgan Stanley and is
discussing terms with the other lenders.  The source said Morgan
Stanley's equity investment would be wiped out in the settlement.

The Journal says talks between Morgan Stanley and its creditors
are continuing and nothing has been decided yet.  "There has been
no resolution to date because the bankers were keen to see Morgan
Stanley put more equity into the hotels but were afraid of pushing
the U.S. investment bank into walking away, leaving the lenders in
charge of the assets," the Journal's Alison Tudor says.

The Journal recalls MSREF in June 2007 completed the acquisition
of 13 hotels and two property-management units known as ANA from
All Nippon Airways Co. for JPY281.3 billion, or $2.4 billion at
the time.  The biggest hotel in the chain is the ANA
InterContinental Tokyo.

The Journal says MSREF VI International -- an $8.8 billion Morgan
Stanley fund that invested in the ANA chain -- has suffered steep
declines in value across its portfolio.  By September 2009, the
value of the Montana Board of Investments' $27.5 million stake in
the fund had dwindled to $3.9 million, the board reported last
week, according to the Journal.

The Journal also notes Morgan Stanley last year walked away from
its $6.5 billion acquisition of real-estate developer Crescent
Real Estate Equities Co. and lost the former Maui Prince Hotel in
Hawaii to foreclosure.

People familiar with the matter told the Journal the ANA hotel
refinancing will be closely watched for any formal revaluation of
large assets and an indication of how quickly the Japanese
property market will recover.


SPANSION INC: Posts US$514.1 Million Net Loss in Fiscal 2009
------------------------------------------------------------
Spansion Inc. reported a net loss of US$514.1 million on net sales
of US$1.411 billion for the fiscal year ended December 27, 2009,
compared with a net loss of US$2.4 million on net sales of
US$2.282 billion for fiscal 2008.

Total net sales in fiscal 2009 decreased 38% compared to total net
sales in fiscal 2008.  The decrease in total net sales was
primarily attributable to a 34% decrease in unit shipments.

The Company recorded an impairment charge of approximately
US$12.5 million in the fourth quarter of fiscal 2009 primarily due
to impairment of the Company's equity investment in and loan to an
investee.  The Company recorded an impairment charge of
approximately US$1.653 billion in the fourth quarter of fiscal
2008. Reduced unit demand resulted in factory underutilization,
lower prices, negative margins and together these effects resulted
in a lower fair value for the Company's plant and equipment than
their then current carrying value.  Furthermore, the Company
determined that the carrying values of goodwill and intangible
assets from the Saifun acquisition exceeded fair value.  The
impairment charges were comprised of impairments of property,
plant and equipment (approximately US$1.578 billion), goodwill
(approximately US$20.8 million) and intangible assets
(approximately
US$53.5  million).

Reorganization items totaled US$391.4 million for fiscal 2009 and
were comprised of a provision for expected allowed claims of
approximately US$354.9 million related primarily to rejection or
repudiation of executory contracts and leases and the effects of
approved settlements and approximately US$37.1 million for
professional fees.  No such charges were incurred in fiscal 2008
and fiscal 2007.

The Company recorded income tax expense of US$597,000 in fiscal
2009 compared to approximately US$62.9 million in fiscal 2008.

                          Balance Sheet

At December 27, 2009, the Company's consolidated balance sheets
showed US$1.438 billion in total assets and US$2.296 billion in
total liabilities, resulting in a US$857.7 million shareholders'
deficit.

A full-text copy of the Company's fiscal 2009 annual report is
available at no charge at http://researcharchives.com/t/s?52b3

                        Bankruptcy Update

On March 1, 2009, Spansion Inc., Spansion Technology LLC, Spansion
LLC, Spansion International, Inc., and Cerium Laboratories LLC
each filed a voluntary petition for relief under Chapter 11 of the
U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District
of Delaware.  The Chapter 11 cases are being jointly administered
under Case No. 09-10690 (KJC).

Spansion's second amended disclosure statement and its plan of
reorganization were approved by the U.S. Bankruptcy Court on
December 22, 2009.

Pursuant to the Plan of Reorganization, allowed administrative
claims and priority tax claims would be paid in full in cash or
cash equivalents.  Other allowed secured claims would be
reinstated, paid in full in cash or have the collateral securing
such claims returned to the secured creditor.  Allowed unsecured
convenience claims (in amount equal to, less than or reduced to
US$2,000) would be paid in full in cash.  Any remaining value
would be distributed on a pro rata basis, subject to any
applicable subordination agreements, to holders of allowed
unsecured claims (other than certain claims, including claims
based on non-compensatory damages and penalties and intercompany
claims) in the form of new Spansion common stock.  Under the Plan
of Reorganization, the Company's current stockholders will not be
entitled to any recovery, making such shares of common stock
valueless.

The confirmation hearing in the U.S. Bankruptcy Court is scheduled
to begin on February 24, 2010.  If the U.S. Bankruptcy Court
confirms the Plan of Reorganization, the Debtors expect to emerge
from Chapter 11 shortly thereafter.

                          Spansion Japan

On February 10, 2009, Spansion Japan Limited, a wholly-owned
subsidiary of Spansion LLC (Spansion Japan), filed a proceeding
under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan
to obtain protection from Spansion Japan's creditors (the Spansion
Japan Proceeding), and the Tokyo District Court approved the
filing of the Spansion Japan Proceeding on March 3, 2009, and
appointed the incumbent representative director of Spansion Japan
as trustee.

As a result, and in accordance with U.S. GAAP, the financial
results of Spansion Japan Limited are no longer included in the
consolidated financial results of Spansion Inc. after March 3,
2009.

On January 8, 2010, the Company reached an agreement in principle
(the Settlement) with its former subsidiary, Spansion Japan, to
(i) acquire Spansion Japan's distribution business; (ii) obtain
foundry services, including wafer and sort services, from Spansion
Japan; and (iii) resolve the Company's dispute with Spansion Japan
relating to pricing of wafers purchased for the period beginning
February 9, 2009, through October 27, 2009 (the Disputed Period).
The Settlement remains subject to the completion of definitive
agreements.  On January 29, 2010, the U.S. Bankruptcy Court and on
February 1, 2010, the Tokyo District Court approved the
Settlement.  The Company expects the definitive agreements
implementing the Settlement to be executive in February 2010.

                            Cash Flows

The Company ended fiscal 2009 with US$324.9 million in cash,
compared to US$116.4 million at the end of fiscal 2008.

The Company generated US$236.5 million in cash from operating
activities in fiscal 2009, due to significant non-cash items and
changes in operating assets and liabilities.  Non-cash items
primarily consisted of US$168.4 million of depreciation and
amortization, US$14.0 million of asset impairment charges,
US$19.8 million of provisions for doubtful accounts, and
US$12.4 million of stock compensation costs, and the USUS$30.1
million of gain from the deconsolidation of Spansion Japan.  The
net changes in operating assets and liabilities in fiscal 2008
consisted primarily of an increase in accounts payable and accrued
liabilities of US$629.4 million, a decrease in inventories of
US$180.6 million and an increase in receivables of US$284.4
million.

The Company generated US$262.6 million in cash from operating
activities in fiscal 2008, due to significant non-cash items and
changes in operating assets and liabilities.  Non-cash items
included in the net loss consisted primarily of approximately
US$644.5 million of depreciation and amortization, and in-process
research and development write-off, approximately US$1.7 billion
of asset impairment charges, and approximately US$21.6 million in
stock compensation costs.  The net changes in operating assets and
liabilities in fiscal 2008 consisted primarily of a decrease in
accounts receivables of approximately US$141.2 million due to a
decline in net sales as a result of the adverse market conditions
and a decrease in inventory of approximately US$204.7 million.

Net cash used in investing activities was approximately
US$62.8 million in fiscal 2009, primarily comprised of cash
reduction of approximately US$52.1 million related to the
deconsolidation of Spansion Japan, capital expenditures of
approximately US$29.7 million, decrease in cash of US$10.4 million
related to the sale of the Suzhou assembly and test facility, and
a loan (investment) of approximately US$5.3 million made to an
investee in January 2009 pursuant to terms of an existing
contractual obligation, partially offset by proceeds of
US$14.8 million from redemptions of auction rate securities (ARS)
and proceeds of US$15.5 million from the sale of the Company's
Suzhou assembly and test facility.

Net cash used in investing activities in fiscal 2008 was
approximately US$331.7 million, which consisted of approximately
US$430.8 million of capital expenditures used to purchase
property, plant and equipment, principally related to the
Company's investment in 300-millimeter equipment at the
manufacturing facility in Japan and in the Company's Submicron
Development Center offset by a cash inflow of approximately
US$133.7 million from the maturities and sale of ARS.

Net cash provided by financing activities in fiscal 2009 was
primarily comprised of approximately US$117.8 million from
borrowings mainly under the UBS AG Loan and the Spansion Japan
2007 Revolving Credit Facility, offset in part by approximately
US$79.9 million in repayments of debts, primarily the Senior
Secured Revolving Credit Facility, UBS Loan Secured by ARS, and
certain capital lease obligations.

Net cash provided by financing activities was approximately
US$8.8 million in fiscal 2008.  This amount included approximately
US$250.6 million of borrowing proceeds primarily from the
Company's  Spansion Japan 2007 Revolving Credit Facility, Spansion
Japan 2007 Credit Facility and Senior Secured Revolving Credit
Facility, offset by approximately US$241.8 million in repayments
on debt (primarily under the Spansion Japan 2007 Revolving Credit
Facility and Spansion Japan 2007 Credit Facility) and capital
lease obligations.

                       About Spansion Inc.

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

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

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

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

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


YAMAHA MOTOR: To Cut 1,000 Jobs, Close Plants Abroad
----------------------------------------------------
Yamaha Motor Co. plans to downsize five plants in Japan, close two
factories abroad and let go 1,000 workers both at home and abroad
between this year and 2012, Japan Today reports.

Japan Today says Yamaha will offer an early retirement plan for
800 Japanese workers and 200 more jobs will be cut in the United
States and Europe.

The streamlining is also in addition to a 10% reduction in the
company's global workforce of 17,000 already underway, AFP reports
citing a Yamaha spokesman.

According to Japan Today, the company will consolidate 12
production plants in Shizuoka Prefecture into seven.  The
facilities slated for downsizing will retain their research,
development and sales functions but their factory workforces will
be given assignments elsewhere, Japan Today relates.

Yamaha will also close a motorcycle plant in Italy and a boat
factory in the United States, Japan Today notes.

Japan Today relates the company said it recorded a consolidated
net loss of JPY216.15 billion in fiscal 2009, a reversal from a
profit of JPY1.85 billion a year earlier.

According to the report, sales tumbled 28.1% to JPY1.15 trillion
as motorcycle sales nosedived particularly in the United States
and Europe amid the economic downturn triggered by the global
financial crisis.

In the current business year, says Japan Today, Yamaha is aiming
to break even on a net profit basis and record an operating profit
of JPY10 billion, against a loss of JPY62.6 billion in fiscal
2009, on sales of JPY1.25 trillion, up 8.4%.

                        About Yamaha Motor

Yamaha Motor Co., Ltd. (TYO:7272) -- http://www.yamaha-motor.co.jp
-- is a Japan-based manufacturing company.  The Company operates
in four business segments.  The Two-wheel segment is engaged in
the manufacture and sale of motorcycles, scooters and other two-
wheel products.  The Marine segment is engaged in the manufacture
and sale of outboard engines, water vehicles, sail boats, pools,
fishing boats, Japanese-style boats and diesel engines, among
others.  The Special Machinery segment offers four-wheel buggies,
side-by-side vehicles, snowmobiles, golf carts, power generators,
snow removing equipment and general engines.  The Others segment
surface mounters, industrial robots, automobile engines,
automobile parts, bicycles, industrial unmanned helicopters, wheel
chairs and intermediate parts.


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


KUMHO ASIANA: U.S. Consortium Submits Revise Bid for Daewoo Eng'g.
------------------------------------------------------------------
A group of U.S. investors has resubmitted its bid for a
controlling stake in Daewoo Engineering & Construction Co., Yonhap
News reports citing industry sources.

"TR America Consortium has shown interest in taking over Daewoo
Engineering again," Yonhap quoted an industry source as saying.

Dow Jones Newswires, citing the Maeil Business Newspaper, reports
that a Korean representative of the consortium said TR America
submitted to state-run Korea Development Bank a letter of intent
to buy the stake at KRW20,000 ($17.46) a share, up from its
earlier offer of KRW19,000.  KDB is the lead creditor to Kumho
Asiana Group, parent group of Daewoo E&C.

The newspaper said KDB is reluctant to accept the revised offer as
it still doubts the consortium's ability to secure the funds
needed to buy the Daewoo stake, Dow Jones relates.

The sources said representatives of TR America, which participated
in an earlier auction to buy the stake in Daewoo, will visit Seoul
this month to negotiate a takeover, according to Yonhap.

The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana 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 is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

Yonhap relates the sale of Daewoo Engineering was delayed after
Jabez Partners and TR America, the two preferred bidders, failed
to show a sufficient commitment to pushing the deal through last
year.

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

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

                        About Kumho Asiana

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


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


AIR NEW ZEALAND: To Cut 100 Jobs at Safe Air Subsidiary
-------------------------------------------------------
Air New Zealand engineering subsidiary Safe Air in Blenheim is
planning to cut 100 jobs from its workforce, after delays in a
contract to refurbish Air Force Hercules aircraft, according to
The New Zealand Herald.

Air New Zealand group general manager of technical operations
Vanessa Stoddart said in a statement that consultation had begun
with staff on reducing the workforce of 351 by around 100
positions, the report relates.

According to the report, the job losses were a result of more than
18 months of delays in the delivery of Royal New Zealand Air Force
C130 aircraft for major upgrade work under a contract with
Canadian company, SPAR Aerospace.

The Herald discloses that SPAR Aerospace, in conjunction with the
Ministry of Defence, awarded Safe Air the contract in 2005 to
carry out the work on four RNZAF C130 aircraft.

As a result, says the Herald, Safe Air increased its workforce and
made significant investments in equipment and facilities for the
planned arrival of the first aircraft in August 2008.

SPAR, however, told Safe Air in December last year of an
indefinite postponement to the program, the report notes.

                        About Air New Zealand

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

                           *     *     *

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


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


LEHMAN BROTHERS: Singapore Agency Welcomes Payout for Holders
-------------------------------------------------------------
The Monetary Authority of Singapore welcomes the announcement by
the three partners of PricewaterhouseCoopers LLP appointed as
receivers for the Minibond notes, and HSBC Institutional Trust
Services (Singapore) Limited, the trustee for the notes, that
distribution of the recovery values of the Minibond notes to
investors will be made on 12 February 2010.

The earlier settlement entered into between the receivers, the
trustee and Lehman Brothers Special Financing Inc, the swap
counterparty for the notes, has enabled the collateral underlying
the various series of the Minibond notes to be liquidated, and
the recovery value for each series returned to investors.  MAS
has worked closely with the receivers and trustee to see through
the liquidation process so that investors may receive the
distribution in a timely manner.

All investors holding the Minibond notes will receive the recovery
value for the notes they hold. Where investors have accepted
partial settlement offers and retained a portion of the notes,
they will receive the recovery values of the notes which they
retain.  Where investors accepted full settlement offers, they
would have already received the full investment amount and
transferred the notes to the financial institution.  As such,
they will not receive any further payments from the distribution
of the recovery values.

The receivers have explained that the recovery values of the
different series and tranches of the Minibond notes vary depending
on a number of factors determined by the terms of the notes.

The total amount received by each investor will depend on the
recovery value of the series of notes bought, as well as the
outcome of the dispute resolution process.  This is in line with
the approach for financial institutions that distributed the notes
to review complaints on a case-by-case basis, and to make
settlement offers according to the facts and circumstances of each
investor and transaction.

Taking into account the recovery values of the notes and the
settlement offers that have been accepted, 80% of retail investors
will receive 50% or more of their investment back.  In total,
retail investors in the Minibond notes will receive 64.5% of the
total amount invested in the Notes.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


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


THAI AIRWAYS: Sale of Interest to Private Investor Opposed
----------------------------------------------------------
Bangkok's Transport Minister Sohpon Zarum disagrees with Finance
Minister Korn Chatikavanij's idea that private investors should be
allowed a bigger holding in Thai Airways International, according
to the Bangkok Post.

"I oppose [] Mr. Korn's proposal to sell THAI shares to the
private sector because THAI is a national carrier as well as a
part of the country's image," the Post quoted Mr. Sohpon as
saying.  The issue of fully privatizing THAI to increase liquidity
was not new, he added.

Bangkok Post recalls Mr. Korn had said increasing private
investment in the carrier would help lessen the government's
financial obligations.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by a surge in
fuel prices, the global economic slowdown and shutdowns of Bangkok
airports in 2008.

Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reported that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.

Thai Airways, whose stock has fallen 80% in the past year, has
"problems with cash flow because we lost THB19 billion in cash
during the closures of airports," acting President Narongsak
Sangapong told Reuters.

Thai Airways made a net loss of THB4.03 billion (US$121.4
million), or THB2.37 per share, in the July-September 2009
quarter, against THB426 million profit a year earlier.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


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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.


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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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