TCRAP_Public/100226.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

           Friday, February 26, 2010, Vol. 13, No. 040

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: First Half Net Loss Narrows to AU$63.2 Million
OCCUPATIONAL & MEDICAL: Chapter 15 Case Summary
STORM FINANCIAL: BoQ Won't Follow CBA with Compensation Scheme


C H I N A

CHINA ARCHITECTURAL: Enters Into Conditional Waiver Deal
CHINA EASTERN: In Talks with Three Global Airline Alliances
GENERAL MOTORS: Considers Several Potential Bidders for Hummer


H O N G  K O N G

ALLIED SERVICES: Court Enters Wind-Up Order
ASIA MASTER: Court to Hear Wind-Up Petition on March 10
BIG INCOME: Court to Hear Wind-Up Petition on March 17
BOMEITI LIMITED: Court Enters Wind-Up Order
CEDAR BASE: Wardell and Chan Step Down as Liquidators

CHECKERS LIMITED: Provisional Liquidators Appointed
DIANOOR INTERNATIONAL: Provisional Liquidators Appointed
DIANOOR JEWELCRAFT: Provisional Liquidators Appointed
EASEFUL STRATEGIC: Li and Tsang Appointed as Liquidators
FTE LOGISTICS: Arboit and Blade Appointed as Liquidators

LEHMAN BROTHERS: Hong Kong Agency Probing 1,056 Remaining Cases


I N D I A

AMIT MOTORCYCLES: CRISIL Places 'B+' Rating on INR40MM Cash Credit
BAAHUBALI FERRO: CRISIL Assigns 'B-' Rating on Various Bank Debts
BENARA BEARINGS: CRISIL Assigns Junk Ratings on Various Debts
FAIRY FOOD: Weak Liquidity Prompts CRISIL 'C' Ratings
HAYATH FOODS: Delays in Loan Repayment Cues CRISIL Junk Ratings

INFOSPECTRUM INDIA: CRISIL Puts 'BB+' Rating on INR42.9MM Loan
INTELLIGENT INFRASTRUCTURE: Fitch Assigns 'BB-' National Rating
JAI SHIV: Delay in Loan Repayment Cues CRISIL Junk Ratings
KINGFISHER AIRLINES: Set to Join oneworld Alliance
MAHIMA FIBRESL: CRISIL Reaffirms 'BB-' Rating on Various Loans

MERRILL IMPEX: Low Profitability Cues CRISIL 'BB-' Ratings
PANSURIYA IMPEX: CRISIL Assigns 'P4' Rating on Various Bank Debts
RAINBOW PACKAGING: Low Net Worth Prompts CRISIL 'B' Ratings
SUMEET GEMS: Small Net Worth Prompts CRISIL 'BB' Ratings
SUNDARAM JEWELRY: CRISIL Rates Post Shipment Credit at 'P4+'

TATA MOTORS: Jaguar Land Rover Gets GBP340MM European Bank Loan


J A P A N

ELPIDA MEMORY: Plans to Take Taiwan Subsidiary Public Next Year
JAPAN AIRLINES: Applies Antitrust Immunity With American Air
JAPAN AIRLINES: M. Ventress Wants Lift Stay to Continue Appeal
JAPAN AIRLINES: US Court Recognizes Tokyo Case as Main Proceeding
NOMURA HOLDINGS: Fitch Affirms Ratings; Gives Positive Outlook

PIONEER CORPORATION: Moody's Gives Stable Outlook on 'B2' Rating
WILLCOM INC: ISDA Rules Willcom Bankruptcy is Credit Event


K O R E A

HYNIX SEMICONDUCTOR: Creditors to Sell Up to 13% Hynix Stake
KUMHO ASIANA: Creditors to Double Support to Kumho Petrochemical
SSANGYONG MOTOR: Seeks KRW100BB Loans Due to Cash Shortage, Report
* SOUTH KOREA: Creditor Banks to Start Assessing Troubled Firms


M A L A Y S I A

OCI BERHAD: Incurs MYR1.32-Mil. Net Loss for Qtr. to Dec. 31


N E W  Z E A L A N D

LOMBARD GROUP: ACIL Shareholders Get 98% Stake in Reverse Takeover
NZF MONEY: Fails to Qualify for Gov't. Retail Deposit Guarantee
NZF MONEY: S&P Assigns 'B' Long-Term Counterparty Credit Rating


P H I L I P P I N E S

BENGUET CORP: Files Injunction Case Against Nadecor Over Project


S I N G A P O R E

G A CAPITAL: Members' Final Meeting Set for March 26
GOLDEN AARON: Creditors' Proofs of Debt Due March 26
SAGE INTERNATIONAL: Creditors' Proofs of Debt Due March 24


X X X X X X X X

* S&P Raises Ratings on Five Tranches of Asia-Pacific CDOs

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CENTRO PROPERTIES: First Half Net Loss Narrows to AU$63.2 Million
-----------------------------------------------------------------
Centro Properties Group reported a net loss of AU$63.2 million for
the half year ended December 31, 2009, compared with a net loss of
AU$2.4 billion a year earlier.

The company reported underlying profit of AU$82.7 million for the
half year, up 15% compared to AU$71.6 million for the previous
corresponding period.

Centro Chief Executive Officer Glenn Rufrano said "It has been a
busy and significant period for Centro.  Having stabilized the
business on many fronts and renewed the Board, we have now taken
the next steps required to move Centro forward.

"The appointment of Robert Tsenin as new Group CEO and the
appointment of advisers to undertake an assessment of a potential
restructure provide the basis of long term strategies. We expect
the assessment phase to be completed by mid calendar year 2010."

During the period, Centro successfully completed the extension and
refinancing of AU$1.4 billion of debt across its managed funds.

"These refinancings are a pleasing result for the group and we are
already in discussions with our lenders around debt maturities
over the coming 12 months, the most significant of which is the
Super LLC debt maturity in December 2010," Mr. Rufrano said.

                     Key Financial Information

Centro's balance sheet was more stable for the half year, with the
impact of the significantly lower asset revaluations slightly
exceeded by gains attributable to foreign exchange movements.  Net
tangible assets per ordinary security (NTA) was -$2.87 at Dec. 31,
2009, a 4% improvement from -$2.91 at June 30, 2009.

Net cash flow prior to debt repayment for the six months ended
December 31, 2009, was AU$42 million and AU$33 million of senior
debt was repaid during the period.

              Managed Property Portfolio Information

Centro's Australasian portfolio continued to perform solidly
despite the challenging operating environment.  A stabilized NOI
growth of almost 2% for the half year ended December 31, 2009, is
at the higher end of the range forecast in June 2009 of between
one and two per cent.  Occupancy levels increased to 99.2% from
99.0% at June 2009 and are now at a comparable level to those of
12 months ago.

Centro General Manager of Property Operations for Australia Mark
Wilson said: "NOI growth can be attributed to growth from annual
rent reviews and management of controllable costs. Our improved
occupancy levels can be directly attributed to having an
experienced and now fully resourced leasing team in place which
has been strongly focused on improving occupancy at centres."

"We anticipate that the next six months will remain challenging in
the absence of further government stimulus which had a positive
impact on our portfolio in 2009. We will continue to build on the
solid foundation achieved in the first half of FY10 and remain
focused on further improving occupancy levels and sustaining NOI
growth."

Centro's US stabilized portfolio at December 31, 2009, was 88.6%
leased compared with 88.7% for June.  Although same store NOI
growth was -5.2% for the half year there has been a steadily
improving trend during this period.

                       Property Valuations

Between June 2009 and December 2009 property values in the US
declined by 4.5%.  Australian property values decreased by 1.1%
over the same period.

"The Australian and US valuation declines for the half year ended
December 31, 2009, compared with -5.9% and -13.9% over the prior
six months respectively, indicates a substantial change in market
sentiment," Mr. Rufrano said.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


OCCUPATIONAL & MEDICAL: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Petitioner: David Stimpson,
                      foreign representative

Chapter 15 Debtor: Occupational & Medical Innovations Limited
                  Unit 1, 12 Booran Drive
                  Slacks Creek
                  Brisbane,Queensland 4127
                  Australia

Chapter 15 Case No.: 10-60181

Chapter 15 Petition Date: February 23, 2010

Court: Eastern District of Texas (Tyler)

Chapter 15 Petitioner's Counsel: Bradley L. Drell, Esq.
                                Gold, Weems, Bruser,
                                Sues &  Rundell
                                P.O. Box 6118
                                Alexandria, LA 71307-6118
                                Tel: (318) 445-6471
                                Fax: (318) 445-6476
                                Email: bdrell@goldweems.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$100,000,001 to US$500,000,000


STORM FINANCIAL: BoQ Won't Follow CBA with Compensation Scheme
--------------------------------------------------------------
Sara Rich at The Australian reports the Bank of Queensland will
not follow the Commonwealth Bank's move to enter into a AU$200
million compensation scheme for clients of the failed Storm
Financial group, raising the prospect of a court challenge.

According to The Australian, a spokeswoman for the bank said BoQ
had been dealing with its Storm-affected customers, said to be
about 260, individually for some time and believed that a personal
approach was the most appropriate.

"To date we have provided hardship relief to more than 90 Storm-
affected BoQ customers, more than half of whom have been granted
long-term loan variations outside our normal hardship process, and
we will continue to assist customers who are experiencing genuine
financial hardship as a result of the collapse of Storm," the
spokeswoman told The Australian.

But Damian Scattini, a lawyer with Slater & Gordon, which is suing
BoQ on behalf of former Storm clients for alleged inappropriate
lending practices, urged the bank "to adopt a sensible attitude to
their responsibilities," The Australian relates.

The Troubled Company Reporter-Asia Pacific reported Wednesday that
the Commonwealth Bank of Australia said it has finalized a
framework to resolve claims brought by customers affected by the
collapse of Storm Financial Ltd.  The framework will operate
within the Storm Resolution Scheme, announced by the Bank in June
2009, in which over 2,000 affected customers are participating.

The Bank agreed the framework with law firm Slater & Gordon based
on an assessment of six test cases, representing a variety of
scenarios across home and margin lending, by the Independent Panel
established by the Bank to oversee the Scheme.

The Panel, comprising retired High Court Justice Ian Callinan AC,
retired Federal Court Justice Roger Gyles AO QC and Robert
Gotterson QC, has stated that, in its opinion, the framework
constitutes a fair and reasonable basis for the resolution of
claims.

Commonwealth Bank CEO Ralph Norris said recipients of offers would
still retain all their rights under the Scheme, including the
ability to have their claim evaluated and determined by the
Independent Panel if they wish.

The Storm Investors Consumer Action Group gave a cautious
endorsement of the settlement -- urging recipients to read the
fine print before agreeing -- and called for other banks involved
with Storm Financial, including the Bank of Queensland and the
Macquarie Group, to follow the Commonwealth Bank's lead, The
Australian reported.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on January 20.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up.  Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


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


CHINA ARCHITECTURAL: Enters Into Conditional Waiver Deal
--------------------------------------------------------
China Architectural Engineering, Inc., has entered into a waiver
agreement with the bondholders applicable to the proposed
acquisition of a majority stake in Shanghai ConnGame Network Co.
Ltd.

As stated in the Company's previous press release dated
December 14, 2009, the acquisition of a 60% equity interest of
ConnGame and the issuance of the 25 million CAEI shares are
subject to a number of closing conditions, including but not
limited to the bondholders' waiver of their rights to a reduction
in the conversion price of the Company's outstanding convertible
bonds and exercise price of the related warrants as a result of
the proposed acquisition.

On February 24, 2010, the bondholders entered into an Amendment
and Waiver Agreement and agreed to waive their rights to a
reduction in the bond conversion prices and warrant exercise
prices for up to three months.  In exchange, the Company agreed to
make payments of the bonds' interest in arrears and interest due
in April 2010, in addition to repayment of a separate banking
facility. Completion of the proposed acquisition is subject to
negotiation and execution of a definitive equity transfer
agreement, regulatory approvals, and other customary closing
conditions.

At closing of the acquisition and upon receiving 25 million CAEI
shares, First Jet will become CAE's largest shareholder, and it is
expected that Mr. Jun Tang, who is First Jet's largest
shareholder, will be appointed CAE's new Chairman of the Board.

Mr. Tang commented, "I greatly look forward to joining China
Architectural Engineering's board of directors as its new
Chairman.  I am highly impressed with Mr. Luo's business and
technical vision to leverage the unique, complementary strengths
of CAE and ConnGame to transform CAE into a high-end architectural
design consultant and service provider, while also expanding into
China's growing online game market.  I am convinced that CAE and
ConnGame share a common culture of technical excellence, and
therefore, I am confident that the eventual integration of our
businesses and technologies will result in a greater new CAE."

Mr. Ken Yi Luo, the Company's Chief Executive Officer and
Chairman, commented, "We are appreciative of the support of our
bondholders and excited by the prospect of soon welcoming Mr. Tang
as our new Chairman.  Mr. Tang's proven leadership, deep technical
expertise, and prior success in the gaming industry will be
invaluable in helping to integrate and transform the new CAE,
enabling us to not only continue to take greater advantage of our
core architectural engineering and design market but also China's
large and rapidly growing online game market.  I truly look
forward to working closely with Mr. Tang to grow our combined
businesses and to deliver greater value to our supportive
shareholders."

             Overview of Conversion Price of the Bonds

Pursuant to the trust deeds that govern the Company's outstanding
Variable Rate Convertible Bonds due 2012 (the "2007 Bonds") and
12% Convertible Bonds due 2011 (the "2008 bonds," and collectively
with the 2007 Bonds, the "Bonds") and the warrants to purchase
300,000 shares of common stock of the Company expiring 2013 (the
"2008 Warrants"), the conversion price of the Bonds and the
exercise price of the 2008 Warrants shall adjust downward if the
Company issues shares at a per share price that is less than the
current conversion price of the Bonds or exercise price of the
2008 Warrants.  The 2007 Bonds are currently exercisable at $2.45
per share and the 2008 Bonds and 2008 Warrants are currently
convertible and exercisable at $6.35 per share.  According to the
agreed upon terms of the acquisition, one of the conditions to the
acquisition is the bondholders agreeing to waive their rights to a
reduction in the conversion price of the Bonds and exercise price
of the 2008 Warrants due to the issuance of the Shares.

                     About Shanghai ConnGame

Shanghai ConnGame, founded and led by seasoned experts with
extensive previous success in China's online game industry,
develops and operates MMORPGs in China.  Leveraging its innovative
game engines, scalable development platforms, and accomplished
production teams, ConnGame focuses on self-developed MMORPGs game
titles that are based on China's iconic characters and nostalgic
epochs.

                     About China Architectural

China Architectural Engineering, Inc. is a leader in the design,
engineering, fabrication and installation of high-end curtain wall
systems, roofing systems, steel construction systems, and eco-
energy systems.  Founded in 1992, CAEI has maintained its market
leadership by providing timely, high-quality, reliable, fully
integrated, and cost-effective solutions.  Collaborating with
world-renowned architects and building engineers, the Company has
successfully completed over one hundred large, complex and unique
projects worldwide, including numerous award-winning landmarks
across Asia's major cities.


CHINA EASTERN: In Talks with Three Global Airline Alliances
-----------------------------------------------------------
China Eastern Airlines Corp. is in talks with Star Alliance and
the other two global airline industry alliances as it moves to
boost its profile, Reuters reports citing a senior company
executive.

The executive, who asked not to be identified because of the
sensitivity of the matter, told Reuters that China Eastern, the
only one of the country's top three carries without a global
affiliation, is exploring opportunity to join one of the industry
alliances, which also includes Star Alliance and SkyTeam Alliance.

AMR Corp., the parent of American Airlines Inc., is in advanced
talks with China Eastern Airlines to bring the latter into the
Oneworld Alliance, AMR's CFO Tom Horton told Reuters earlier this
week.

But the China Eastern executive said the carrier did not have a
preferred partner so far, Reuters relates.

"We are holding parallel discussions with all three groups
currently. We hope to join one of them eventually but we don't
know which one yet," Reuters quoted the China Eastern executive as
saying.

                        January Pre-Tax Loss

Dow Jones Newswires that China Eastern Airlines recorded a pretax
loss of CNY143 million (US$20.9 million) in January, narrowing by
CNY101 million from a year earlier.

A person familiar with the situation told Dow Jones Newswires that
the preliminary financial results include those of Shanghai
Airlines Co., which China Eastern has recently taken over.

                          Denies Stake Sale

China Eastern Board Secretary Luo Zhuping denied an Emirates
Business report that the carrier plans to sell a 20% stake to
investors in the Middle East and Europe, according to Bloomberg
News.

                         About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


GENERAL MOTORS: Considers Several Potential Bidders for Hummer
--------------------------------------------------------------
General Motors Co. is considering expressions of interest from
several potential buyers for its Hummer brand after the planned
sale to China's Sichuan Tengzhong Heavy Industrial Machinery
collapsed, Bloomberg News reports citing five people briefed on
the discussions.

Dow Jones Newswires, citing a person familiar with the situation,
says the two of the latest suitors previously submitted bids for
Hummer, which GM turned down in favor of a deal with Sichuan
Tengzhong.  Dow Jones' source declined to say who the offers are
from.

According to Bloomberg, sources said the automaker may still wind
down Hummer because most of those interested have done little or
no due diligence on the unit.  GM expects some of the parties to
drop out soon, the people said.

Nick Richards, a Hummer spokesman, told Bloomberg that GM won't
comment on speculation about possible buyers.  "If there are
viable alternatives for all or part of the brand during wind down,
we will consider them," Bloomberg quoted Mr. Richards as saying.

Bloomberg relates one of the people, a GM executive, said none of
the interested parties has shown that they have cash in hand.  The
automaker won't sell Hummer without seeing some money up front, as
GM mandated when it was negotiating an agreement to sell the Saab
brand to Spyker Cars NV, the executive said.

As reported yesterday by the Troubled Company Reporter-Asia
Pacific, Bloomberg said General Motors will close Hummer, the
maker of military-inspired sport-utility vehicles, after Sichuan
Tengzhong couldn't win Chinese approval to buy the unit.

According to Bloomberg, Mr. Richards said winding down the brand
will take several months.  Some of the 3,000 people now employed
at Hummer work on other vehicles, so GM doesn't know how many jobs
will be lost, he said.

Tengzhong said Thursday it was "unable to obtain clearance of the
transaction from the Chinese regulators within the proposed deal
time frame."

The Troubled Company Reporter reported on Feb. 12, 2010, that
China's Sichuan Tengzhong Heavy Industrial Machinery Co., and
General Motors Co. have agreed to postpone until the end of
February 2010 a definitive agreement that will allow the Chinese
car manufacturer to acquire GM's all-terrain Hummer brand, GM
officials told Bloomberg on January 31, 2010.

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

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


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


ALLIED SERVICES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order January 11, 2010, to
wind up the operations of Allied Services Company Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


ASIA MASTER: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------
A petition to wind up the operations of Asia Master Limited will
be heard before the High Court of Hong Kong on March 10, 2010, at
9:30 a.m.

The Petitioner's solicitor is:

          Matthew Cheung
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


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


BOMEITI LIMITED: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order February 1, 2010, to
wind up the operations of Bomeiti Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CEDAR BASE: Wardell and Chan Step Down as Liquidators
-----------------------------------------------------
James Wardell and Chan Wai Dune Charles stepped down as
liquidators of Cedar Base Electronic Limited on February 23, 2010.


CHECKERS LIMITED: Provisional Liquidators Appointed
---------------------------------------------------
Edward Simon Middleton, Patrick Cowley and Kevin Roy Mawer of KPMG
LLP on December 23, 2009, were appointed as provisional
liquidators of Checkers Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong

         Kevin Roy Mawer
         One Embankment
         Neville Street, Leeds
         LSA 4DW United Kingdom


DIANOOR INTERNATIONAL: Provisional Liquidators Appointed
--------------------------------------------------------
Edward Simon Middleton, Patrick Cowley and Kevin Roy Mawer of KPMG
LLP on December 23, 2009, were appointed as provisional
liquidators of Dianoor International Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


         Kevin Roy Mawer
         One Embankment
         Neville Street, Leeds
         LSA 4DW United Kingdom


DIANOOR JEWELCRAFT: Provisional Liquidators Appointed
-----------------------------------------------------
Edward Simon Middleton, Patrick Cowley and Kevin Roy Mawer of KPMG
LLP on December 23, 2009, were appointed as provisional
liquidators of Dianoor Jewelcraft Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         KMPG
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong

         Kevin Roy Mawer
         KMPG LLP
         One Embankment
         Neville Street, Leeds
         LSA 4DW United Kingdom


EASEFUL STRATEGIC: Li and Tsang Appointed as Liquidators
--------------------------------------------------------
Li Man Wai and Tsang Lai Fun of Raymond Li & Co. on February 3,
2010, were appointed as liquidators of Easeful Strategic Limited.

The liquidators may be reached at:

         Li Man Wai
         Tsang Lai Fun
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


FTE LOGISTICS: Arboit and Blade Appointed as Liquidators
--------------------------------------------------------
Bruno Arboit and Simon Richard Blade on January 22, 2010, were
appointed as liquidators of FTE Logistics International Limited.

The liquidators may be reached at:

         Bruno Arboit
         Simon Richard Blade
         China Merchants Tower, 12/F
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


LEHMAN BROTHERS: Hong Kong Agency Probing 1,056 Remaining Cases
---------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that up to 11
February 2010, there were 12,923 complaint cases concerning
Lehman-Brothers-related investment products which have been
resolved by a settlement agreement reached under section 201 of
the Securities and Futures Ordinance and 819 cases through the
enhanced complaint-handling procedures required by the settlement
agreement.  Together with the 2,812 cases closed because
insufficient prima facie evidence of misconduct was found after
assessment or no sufficient grounds and evidence were found after
investigation, the handling of 16,554 complaints received have now
been completed.

Currently, 1,056 Lehman-Brothers-related complaint cases
(including minibond cases) are under disciplinary consideration
after detailed investigation by the HKMA.  Proposed disciplinary
notices are being prepared in respect of 757 such cases and
proposed disciplinary notices or decision notices have been
issued in respect of another 299 cases.  Adding these 1,056 cases
to those the handling of which has already been completed,
investigation work has finished for 81% of complaint cases
received.

                        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)


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


AMIT MOTORCYCLES: CRISIL Places 'B+' Rating on INR40MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Amit Motorcycles Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR40 Million Cash Credit Facility     B+/Stable (Assigned)
   INR50 Million Inventory Funding        B+/Stable (Assigned)
                          Facility

The rating reflects AMPL's below-average capital structure and
debt protection metrics, limited bargaining power with its
principal, Hero Honda Motors Ltd, and exposure to intense
competition in the automotive dealership market.  These rating
weaknesses are partially offset by the benefits that AMPL derives
from its promoters' experience, and by its established
relationship with HHML.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit from its strong
market position as HHML's dealer in Kolkata.  The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in AMPL's sales and operating margin, or improvement in
capital structure.  Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's revenue
and profitability, or if it undertakes a large debt-funded capital
expenditure programme, thereby adversely affecting its financial
risk profile.

Amit Motorcycles Pvt Ltd is an authorized dealer of two-wheelers
for HHML in Howrah (West Bengal) and Kolkata.  Incorporated in
1992, the company set up its first authorised HHML two-wheeler
dealership in Howrah, and a second dealership in South Kolkata in
1996. Currently the company has 25 HHML showrooms across Howrah
and Kolkata.

AMPL reported a profit after tax (PAT) of INR0.20 million on net
sales of INR680 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.30 million on net
sales of INR712 million for 2007-08.


BAAHUBALI FERRO: CRISIL Assigns 'B-' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Baahubali Ferro Tech & Power Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Overdraft          B-/Stable (Assigned)
   INR75.0 Million Term Loan          B-/Stable (Assigned)
   INR35.0 Million Proposed LT
             Bank Loan Facility       B-/Stable (Assigned)
   INR10.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect BFTPL's exposure to risks relating to a modest
scale of operations, volatility in raw material prices, and
cyclicality in the ferro alloy industry.  These weaknesses are
partially offset by the benefits BFTPL derives from its promoters'
experience in the ferro alloy industry and from its established
customer base.

Outlook: Stable

CRISIL believes that BFTPL will maintain a stable business profile
over the medium term backed by the promoters' experience and
expertise in the ferro alloy industry.  The outlook may be revised
to 'Positive' if BFTPL's cash accruals increase significantly,
backed by steady and significant improvement in its operating
margin.  Conversely, the outlook may be revised to 'Negative' if
the company's deterioration in the company profitability results
in weakening of debt protection measures.

                       About Baahubali Ferro

Incorporated in 2003 by Mr. Ratanlal Jain, his son, Mr. Ashok
Jain, and their family, Baahubali Ferro Tech & Power Pvt Ltd.
manufactures silico manganese, mild steel ingots, ferro silicon,
ferro manganese, and thermo-mechanically treated (TMT) bars.  The
company's only manufacturing unit, with an installed capacity of
5000 million tonnes of mild steel ingots per month and 8500
million tonnes of ferro alloys per month, is in Durgapur (West
Bengal).

BFPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR887 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR251 million for 2007-08.


BENARA BEARINGS: CRISIL Assigns Junk Ratings on Various Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Benara Bearings & Pistons Ltd.  The ratings reflect delay by
BBPL in repayment of term loan obligations owing to weak
liquidity.

   Facilities                                Ratings
   ----------                                -------
   INR45.0 Million Cash Credit Limit         D (Assigned)
   INR25.0 Million Cash Credit Book Debt     D (Assigned)
   INR10.0 Million Standby Line of Credit    D (Assigned)
   INR9.7 Million Term Loan                  D (Assigned)
   INR2.5 Million Long Term Facility         D (Assigned)
   INR6.0 Million Export Packing Credit      P5 (Assigned)
   INR6.0 Million Foreign Bill Purchase      P5 (Assigned)
   INR21.5 Million Bank Guarantee            P5 (Assigned)
   INR1.0 Million Letter of Credit           P5 (Assigned)

BBPL, a part of the Benara group, manufactures engine bearings,
bushes, pistons, and pins for stationary diesel engines,
primarily, used in the agriculture segment.  The company also
trades in engine parts for two- and three-wheelers. BBPL reported
a net loss of INR1.9 million on net sales of INR225 million for
2008-09 (refers to financial year, April 1 to March 31), as
against a profit after tax (PAT) of INR3.4 million on net sales of
INR232 million for 2007-08.


FAIRY FOOD: Weak Liquidity Prompts CRISIL 'C' Ratings
-----------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Fairy Food Products Pvt Ltd, which is part of the Fairy group.

   Facilities                       Ratings
   ----------                       -------
   INR30.00 Million Cash Credit        C (Assigned)
   INR10.00 Million Packing Credit*    C (Assigned)
   INR100.00 Million Packing Credit    P4 (Assigned)
   INR80.00 Million Bill Purchase-     P4 (Assigned)
           Discounting Facility
   INR75.00 Million Letter of Credit   P4 (Assigned)
   INR2.50 Million Bank Guarantee      P4 (Assigned)

   * Interchangeable with cash credit facility

The ratings reflect the delays by one of its group entities Hayath
Foods in servicing its term loans; the delays have been caused by
weak liquidity because of low cash accruals and large working
capital requirements.  The ratings also reflect the Fairy group's
below-average financial risk profile and concentration in revenue
profile.  These rating weaknesses are partially offset by the
Fairy group's established market position in the fruit processing
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Fairy Food, Hayath Foods, Navaras Food
Products Ltd, Safa Food Products Pvt Ltd, and Sreenivasa Processed
Foods, collectively referred to as the Fairy group.  This is
because all these entities are in the same line of business, have
intra-group operational and financial linkages, including fungible
cash flows, and are under a common management.

                           About the Group

The Fairy group consists of five entities that manufacture fruit
pulp from mango and guava.  The Bengaluru-based group has a total
capacity of 80,640 tonnes per annum.  It is part of the larger Aga
group, formed in 1968 by Mr. Syed Mateen Aga, which is into
trading in fruits and manufacturing fruit pulp. Around 75 per cent
of the Fairy group's revenues come from exports, almost entirely
to the Middle East.

The Fairy group reported a profit after tax of INR10 million on
net sales of INR487 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR2 million on net
sales of INR217 million for 2007-08.


HAYATH FOODS: Delays in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Hayath Foods, which is part of the Fairy group.

   Facilities                              Ratings
   ----------                              -------
   INR51.60 Million Long-Term Loan         D (Assigned)
   INR10.00 Million Cash Credit            D (Assigned)
   INR45.00 Million Packing Credit         P5 (Assigned)
   INR50.00 Million Bill Purchase-         P5 (Assigned)
         Discounting Facility
   INR45.00 Million Letter of Credit       P5 (Assigned)
   INR15.00 Million Bank Guarantee*        P5 (Assigned)

   *Includes Proposed Limit of INR20 million

The ratings reflect the delays by the firm in servicing its term
loans; the delays have been caused by weak liquidity because of
the firm's low cash accruals and large working capital
requirements.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hayath Foods, Fairy Food Products Pvt
Ltd, Navaras Food Products Ltd, Safa Food Products Pvt Ltd, and
Sreenivasa Processed Foods, collectively referred to as the Fairy
group.  This is because all these entities are in the same line of
business, have intra-group operational and financial linkages,
including fungible cash flows, and are under a common management.

                           About the Group

The Fairy group consists of five entities that manufacture fruit
pulp from mango and guava.  The Bengaluru-based group has a total
capacity of 80,640 tonnes per annum.  It is part of the larger Aga
group, formed in 1968 by Mr. Syed Mateen Aga, which is into
trading in fruits and manufacturing fruit pulp.  Around 75% of the
Fairy group's revenues come from exports, almost entirely to the
Middle East.

The Fairy group reported a profit after tax of INR10 million on
net sales of INR487 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR2 million on net
sales of INR217 million for 2007-08.


INFOSPECTRUM INDIA: CRISIL Puts 'BB+' Rating on INR42.9MM Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Infospectrum India Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR42.9 Million Rupee Term Loan      BB+/Stable (Assigned)
   INR40.0 Million Cash Credit          BB+/Stable (Assigned)
   INR36.1 Million Proposed LT Bank     BB+/Stable (Assigned)
                      Loan Facility
   INR1.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect Infospectrum's small net worth and average
scale of operations in information technology (IT) products and
services field.  This rating weakness is partially offset by
Infospectrum's strong financial risk profile and its business risk
profile supported by strong customer relationships.

Outlook: Stable

CRISIL believes that Infospectrum will continue to benefit from
stable relationships with key clients and generate comfortable
operating margins over the medium term.  The outlook may be
revised to 'Positive' if Infospectrum's scale of operations
increases substantially while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if
Infospectrum's profitability deteriorates, or if it contracts
large debt to fund its planned capital expenditure, thereby
adversely affecting its financial risk profile.

                      About Infospectrum India

Incorporated in 2000 as Concretio India Pvt Ltd, Infospectrum
acquired its current name in September 2003.  The company
undertakes outsourced IT product development projects, catering to
numerous product development entities in the US and Europe,
operating in the fields of marine logistics, science, and
engineering.  Infospectrum has also developed an enterprise
resource planning tool, Quick School, for academic institutions.

Infospectrum reported a profit after tax (PAT) of INR21 million on
net sales of INR245 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR20 million on net
sales of INR166 million for 2007-08.


INTELLIGENT INFRASTRUCTURE: Fitch Assigns 'BB-' National Rating
---------------------------------------------------------------
Fitch Ratings has assigned India-based Intelligent Infrastructure
Ltd a National Long-term rating of 'BB-(ind)'.  The Outlook is
Stable.  Fitch has also assigned a rating of 'BB-(ind)' to IIL's
long-term loan aggregating INR280.09 million.

The rating reflects the expected completion of the second tower of
IIL's Globsyn Crystal project by March 2010, In addition, IIL's
rating benefits from good quality clients like Airtel
('BBB-'/Stable) and the location advantage enjoyed by the Globsyn
Crystal project, which is located at Saltlake Kolkata Electronic
Complex.  It touts excellent connectivity and is in the
neighborhood of top IT (Information Technology) firms.

However, IIL's rating remains constrained by the insufficiency of
cash flows from the area the company has leased out to date
(126,925 square feet) affecting its ability to service loans
within the scheduled timeframe.  Though 69% of the total rentable
area for the Globsyn Crystal project has yet to be leased out,
term sheets for two floors consisting 65,790 square feet have been
signed.  The transaction is expected to be completed by March
2010, upon when IIL will receive six-month rent as a deposit and
register the lease deed, which will reduce the area not leased to
52%.

IIL's rating was further constrained by the downturn of India's
real estate sector, particularly the commercial property segment,
which has been impacted from the lack of demand from corporate
clients mainly in the IT/ITES sector.  At the same time, the
commercial segment is witnessing signs of over supply, which may
lead to a decline in rental rates during FY10.

The agency will continue to monitor the progress of the Globsyn
Crystal project.  Should there be any material delay in the
completion of construction, lower than expected leasing/selling
out the constructed spaces, a fall in rentals rates and/or
cancellation of any existing contracts, a negative rating action
may be taken.  On the other hand, the successful leasing of unsold
area that leads to a sustained increase in revenues, stable
profitability and increase in rentals rates, will be positive for
IIL's rating.

IIL is a special purpose vehicle formed to execute a project
called Globsyn Crystals by the four partners - Sureka group (26.7%
stake), Shrachi group (22.5% stake), New Vernon Private Equity
Ltd. (50% stake) and Pawan Choriwal (0.8% stake).  One of the two
towers has been completed and 40% of it has already been occupied.
The second tower is expected to be completed by the end of March
2010.  The estimated project cost is INR976.4 million, which is
financed by promoter's contribution of INR402.5 million, bank
loans of INR280.1 million and balance sum of INR293.1 million by
internal accruals through sale/lease of constructed area.  The
project has a total area of 493,128 sq. ft, of which 86,987 sq.
ft has been given to Globsyn Technologies Ltd., along with the
premium of INR107.33 million as consideration for land through the
under-lease agreement between GTL and IIL.  In addition, a balance
area of 406,141 sq. ft will be given to IIL for leasing out.  IIL
booked revenues for the first time in FY09 (INR280.5 million) with
high EBITDA margin of 61.3%.


JAI SHIV: Delay in Loan Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Jai Shiv Aluminium
Pvt Ltd's bank facilities.  The ratings reflect the delay by JSAPL
in the repayment of its term loan obligations because of weak
liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR100.0 Million Cash Credit Limit     D (Assigned)
   INR63.3 Million Term Loan*             D (Assigned)
   INR10.0 Million Letter of Credit       P5 (Assigned)
   INR5.5 Million Bank Guarantee          P5 (Assigned)

   * Including a proposed amount of INR7.30 Million

Incorporated in 2006, JSAPL (formerly JSK Aluminium Pvt Ltd)
manufactures aluminium extrusion profiles used in industrial,
automotive, railways, household, and other applications. The
company's manufacturing facility in Dera Bassi (Punjab) has
capacity of 3600 metric tonnes per annum.

JSAPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR242 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.8 million on net
sales of INR188 million for 2007-08.


KINGFISHER AIRLINES: Set to Join oneworld Alliance
--------------------------------------------------
Kingfisher Airlines is set to join oneworld after signing a
memorandum of understanding as its first step towards full
membership of the airline alliance, subject to Indian regulatory
approval.

"The agreement was concluded at a meeting between Kingfisher
Airlines' Chairman Vijay Mallya and Chief Executives from
oneworld's 11 existing member airlines," Kingfisher said in a
statement.

Kingfisher Airlines also applied Tuesday to India's Ministry of
Civil Aviation for authority to proceed with its membership of
oneworld.

A target date for Kingfisher Airlines to join the alliance will be
confirmed once this approval is gained.  The process to bring any
airline on board normally takes around 18 months to complete, so
Kingfisher Airlines could be expected to start flying as part of
oneworld during 2011.

Kingfisher Airlines' addition to oneworld will link India's most
extensive domestic network with oneworld's unrivalled global
network, as the only alliance with airlines based on every
continent. It will add 58 cities to the oneworld map ? all of them
in India. This will expand oneworld's network to 800 destinations
in almost 150 countries, served by a combined fleet of 2,350
aircraft operating some 9,000 flights a day, carrying some 340
million passengers a year.

British Airways will support Kingfisher Airlines through its
alliance implementation programme, as its oneworld sponsor.

                     About Kingfisher Airlines

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

                           *     *     *

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

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


MAHIMA FIBRESL: CRISIL Reaffirms 'BB-' Rating on Various Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahima Fibres Pvt Ltd
continue to reflect MFPL's weak financial risk profile marked by
small net worth, high gearing, weak debt protection metrics and
low operating margin, and vulnerability to volatility in cotton
prices.  These rating weaknesses are partially offset by MFPL's
promoters' experience in the textile industry.

   Facilities                             Ratings
   ----------                             -------
   INR150.0 Million Cash Credit Limit     BB-/Stable (Reaffirmed)
   INR509.7 Million Term Loan             BB-/Stable (Reaffirmed)
   INR30.3 Million Proposed LT Facility   BB-/Stable (Reaffirmed)
   INR140.0 Million Letter of Credit      P4+ (Reaffirmed)

Outlook: Stable

CRISIL expects MFPL's financial risk profile to remain weak over
the medium term because of MFPL's high gearing and weak debt
protection metrics.  The outlook may be revised to 'Positive' in
case of more-than-expected improvement in MFPL's profitability,
leading to more-than-expected cash accruals, and consequently,
improvement in capital structure.  Conversely, the outlook may be
revised to 'Negative' if the company's profitability declines, or
if it undertakes a larger-than-expected debt-funded capital
expenditure program, resulting in deterioration in its financial
risk profile.

                        About Mahima Fibres

Incorporated in 1998, Mahima Fibres Pvt Ltd was initially into
cotton ginning business.  The company promotes organic cotton
farming.  The promoter, Mr. Ashok Kumar Doshi, has been in the
business since 1974.  In 2005-06 (refers to financial year,
April 1 to March 31), MFPL ventured into cotton spinning by
establishing a spinning unit with 13 ring frames and 15,600
spindles.  Over the past few years, the company has been actively
trading in cotton and yarn; it primarily caters to the markets of
Bangladesh, Pakistan, Israel, Germany, the UK, and other European
nations.  During 2008-09, the company enhanced its spinning
capacity by 10,800 spindles. It plans to add 15,600 spindles in
2010-11 at a total outlay of around INR400 million.

For 2008-09, MFPL reported a profit after tax (PAT) of INR34.1
million on revenues of INR1271.4 million, against a PAT of INR24.3
million on revenues of INR1282.5 million for 2007-08.


MERRILL IMPEX: Low Profitability Cues CRISIL 'BB-' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Merrill Impex Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         BB-/Stable (assigned)
   INR90 Million Letter of Credit*   BB-/Stable (assigned)
   INR90 Million Letter of Credit    P4 (Assigned)

   *Interchangeable with cash credit

The ratings reflect Merrill's working-capital-intensive operations
with high debtor risk, and weak financial risk profile marked by
low profitability and small scale of operations, and lack of
stable product profile and customer base.  These weaknesses are
partially offset by Merrill's promoters' extensive industry
experience, the company's healthy revenue growth, and exposure to
limited inventory risk.

Outlook: Stable

CRISIL believes that Merrill's financial risk profile will remain
weak over the medium term because of its working-capital-intensive
operations and low profitability.  The outlook may be revised to
'Positive' if the company's capital structure or profitability
improves significantly.  Conversely, the outlook may be revised to
'Negative' in case the company contracts substantial debt for
funding its investments, or in case its profitability declines.

                        About Merrill Impex

Incorporated in 2000, Merrill trades in products such as timber,
coking coal, steel, and duty entitlement pass book (DEPB)
licenses.  It also undertakes sub-contracting work such as land
development and road construction in the civil construction space.
The company is managed by its promoter, Mr. U K Bagaria. Merrill's
registered office is in Kolkata (West Bengal).

Merrill reported a profit after tax (PAT) of INR3.3 million on an
operating income of INR850.8 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2.2
million on an operating income of INR525.2 million for 2007-08.


PANSURIYA IMPEX: CRISIL Assigns 'P4' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Pansuriya Impex's bank
facilities.

   Facilities                               Ratings
   ----------                               -------
   INR172.0 Million Post Shipment Credit    P4+ (Assigned)
   INR88.0 Million Packing Credit           P4+ (Assigned)

The rating reflects Pansuriya Impex's average financial risk
profile and modest scale of operations in the intensely
competitive global diamond industry.  These rating weaknesses are
partially offset by the benefits that Pansuriya Impex derives from
its promoters' industry experience.

Pansuriya Impex, set up in 2000 as a proprietorship concern by Mr.
Paresh Pansuriya, was converted into a partnership firm in 2005,
with members of Mr. Pansuriya's family as partners.  The firm
manufactures and sells cut and polished diamonds.  Its
manufacturing unit is at Surat, Gujarat.

Pansuriya Impex reported a profit after tax (PAT) of INR8.3
million on net sales of INR1061.4 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR11.3
million on net sales of INR855.8 million for 2007-08.


RAINBOW PACKAGING: Low Net Worth Prompts CRISIL 'B' Ratings
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Rainbow Packaging
Pvt Ltd's  bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR75.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR7.6 Million Term Loan              B/Stable (Assigned)
   INR15.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect RPPL's weak financial risk profile marked by
weak debt protection measures, high gearing, and low net worth,
and its small scale of operations.  These rating weaknesses are
partially offset by RPPL's stable, albeit low, operating margin,
established relationships with customers, and strong revenue
visibility.

Outlook: Stable

CRISIL believes that RPPL will maintain its stable revenues and
operating margin backed by stable demand.  However, RPPL's
financial risk profile is expected to remain constrained because
of its weak debt protection measures and high gearing.  The
outlook may be revised to 'Positive' in case of significant
improvement in RPPL's capital structure, most likely because of
equity infusion or improvement in operating margin. Conversely,
the outlook may be revised to 'Negative' if the company takes up
large debt-funded capital expenditure, leading to increased
gearing and deterioration in operating margin, and consequently,
cash accruals, over the medium term.

                      About Rainbow Packaging

Incorporated in 1994, Rainbow Packaging Pvt Ltd manufactures co-
extruded polyethylene films (multi-layer films and lamination
poly), and plastic barrels (plastic containers with storage
capacity of 220 litres).  The company's plant in Ahmedabad
(Gujarat) has capacity to manufacture 4800 tonnes per annum (tpa)
of co-extruded polyethylene films and 900 tpa of plastic barrels.
The company is also involved in trading of polymer products. It
can currently manufacture only three-layer films that are used for
packaging of liquids with low shelf life, such as milk.  RPPL is
setting up a five-layer film manufacturing plant and a coating
line at a total project cost of around INR9 million. The proposed
capacity of this plant is 3600 tpa.

RPPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR315.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR224.4 million for 2007-08.


SUMEET GEMS: Small Net Worth Prompts CRISIL 'BB' Ratings
--------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Sumeet Gems and
Jewellers Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR135.0 Million Cash Credit *   BB/Stable (Assigned)

   * INR105.0 million of the Cash Credit limit is completely
     convertible into FCNR (B)

The rating reflects Sumeet Gems' weak financial risk profile
marked by small net worth, high gearing, and weak debt protection
metrics, and susceptibility to volatility in gold prices and
foreign exchange rates.  The rating also factors in the company's
exposure to risks related to intense competition in the gems and
jewellery market.  These rating weaknesses are partially offset by
Sumeet Gems' strong risk mitigation strategies in its bullion
trading operations.

Outlook: Stable

CRISIL believes that Sumeet Gems will continue to benefit from its
prudent risk mitigation strategies in bullion trading operations.
However, the company's financial risk profile will remain weak
over the medium term.  The outlook may be revised to 'Positive' if
Sumeet Gems generates more-than-expected cash accruals, leading to
a significant improvement in its capital structure and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's risk
mitigation strategies, or in case of further deterioration in its
financial risk profile.

                         About Sumeet Gems

Sumeet Gems (formerly Sumeet Cloth Pvt Ltd) was incorporated by
the Kankariya family in 2004-05 (refers to financial year, April 1
to March 31).  The company markets crafted jewellery in
Chhattisgarh and sells gold and silver bullion to other jewellers.
Sumeet Gems was originally incorporated for undertaking the
textile business, but commenced operations only in May 2005 after
it was reconstituted.  The company runs a three-storey jewellery
showroom in Raipur (Chhattisgarh). The bullion trading business
accounted for 87 per cent of Sumeet Gems' revenues, while the
jewellery business accounted for around 13 per cent of its
revenues, in 2008-09.

Sumeet Gems reported a profit after tax (PAT) of INR6.07 million
on net sales of INR4038.3 million for 2008-09, against a PAT of
INR3.35 million on net sales of INR2743.2 million for 2007-08.


SUNDARAM JEWELRY: CRISIL Rates Post Shipment Credit at 'P4+'
------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Sundaram Jewelry's bank
facilities.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Post Shipment Credit   P4+ (Assigned)

  *Includes sublimits for Bill Discounting of INR35.0 Million,
   Packing Credit of INR12.0 Million and Gold Loan of INR12.0
   Million

The rating reflects Sundaram's modest scale of operations in the
diamond and jewellery industry, and exposure to risks relating to
customer concentration and high build up of receivables.  These
rating weaknesses are partially offset by the benefits that the
firm derives from its promoters' experience in the diamond trading
and jewellery business.

Sundaram, set up in 2005 by Mr. Vinod Desai and his nephew,
Mr. Pushpak Desai as a partnership firm, is engaged in manufacture
of diamond-studded gold and silver jewellery.  It has a
manufacturing facility in Mumbai with a capacity of around 50,000
pieces per annum.

Sundaram reported a profit after tax (PAT) of INR11.8 million on
net sales of INR178 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR13.4 million on net sales
of INR244 million for 2007-08.


TATA MOTORS: Jaguar Land Rover Gets GBP340MM European Bank Loan
---------------------------------------------------------------
Tata Motors said Thursday its Jaguar Land Rover unit has received
a GBP340 million loan from the European Investment Bank.  The
facility is an 8 year amortizing loan to finance development of
micro and full hybrid drive trains and research into more energy
efficient car bodies for the premium car segment by Jaguar Land
Rover.  These activities will contribute to lower CO2 emissions
and the loan was granted under the European Clean Transport
Facility.

The loan is structured with guarantee support from banks, with
Credit Suisse working in the lead with Jaguar Land Rover and Tata
Motors in arranging the structure.  State Bank of India played a
key role in the facility, providing a guarantee along with Bank of
India and Bank of Baroda.  Credit Suisse, Standard Chartered Bank,
Deutsche Bank and JP Morgan are providing additional guarantees to
meet EIB credit requirements.

Mr. Ravi Kant, Vice Chairman of Tata Motors, said: "We are very
happy with the support extended to us by the European Investment
Bank, State Bank of India, Credit Suisse, and other banks.  This
will support the progress of turnaround in Jaguar Land Rover's
business in challenging market conditions, alongside cost cutting
measures, increase of volumes and the improved margins strategy
currently being implemented by Jaguar Land Rover.  We view Jaguar
Land Rover as a key part of Tata Motors and we feel confident
about its outlook for the future."

Mr. Simon Brooks, European Investment Bank Vice President
responsible for lending operations in the United Kingdom, said:
"The EIB is pleased to be able to work closely with Tata Motors
and Jaguar Land Rover to make a lasting contribution to automotive
research that will enable the production of more environmentally
friendly and energy efficient vehicles at a time of significant
challenges for the European car industry."

The EIB loan completes the last major element of the funding plan
for Jaguar Land Rover, which has been an important part of Tata
Motors' efforts to strengthen its group balance sheet over the
past year.  In 2009, the company secured over GBP500 million of
funding for Jaguar Land Rover, including facilities from State
Bank of India, Standard Chartered Bank, Bank of Baroda, ABC
International bank, GE Capital, and Burdale Financial Limited, a
subsidiary of the Bank of Ireland.

Moreover, despite the very difficult financial environment since
June 2008 when Jaguar Land Rover was acquired, Tata Motors had, by
October 2009, completely repaid the USD 3.0 billion bridge finance
facility for the acquisition of Jaguar Land Rover, through a
combination of Rights Issue in 2008, issue of long maturity Non-
convertible Rupee Debentures, internal cash flows, sale of
investments, and issue of Global Depository Shares and Convertible
Notes in October 2009.

Commenting on the overall financing efforts being made by Tata
Motors, Mr. C. Ramakrishnan, Chief Financial Officer of the
company, said: "We have taken significant steps to meet our
financing requirements and strengthen our balance sheet over a
short timeframe in challenging and adverse market conditions. We
are thankful to have received the support of Tata Sons, all
investors and relationship banks.  The business performance of our
Indian and international operations have improved significantly
and we feel comfortably positioned for the future."

                         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.


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


ELPIDA MEMORY: Plans to Take Taiwan Subsidiary Public Next Year
---------------------------------------------------------------
Elpida Memory Inc. plans to list its Taiwanese unit Rexchip
Electronics Corp. on the Taiwan stock exchange in the second half
of next fiscal year, Bloomberg News reports citing the Nikkei
English News.

Elpida spokesman Hiroshi Tsuboi said in response to the Nikkei
report that there's been no decision on the timing of a possible
listing of Rexchip, Bloomberg relates.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                          *     *     *

Elpida Memory Inc. posted net losses of JPY23.54 billion and
JPY178.87 billion for the years ended March 31, 2008, and 2009,
respectively.


JAPAN AIRLINES: Applies Antitrust Immunity With American Air
------------------------------------------------------------
American Airlines and Japan Airlines (JAL) filed an application
with the U.S. Department of Transportation (DOT) for antitrust
immunity to forge a closer relationship and implement a Joint
Business Agreement (JBA) governing the operation of their flights
between North America and Asia.  The airlines also will notify the
Ministry of Land, Infrastructure, Transport and Tourism in Japan
of the transaction.

"An immunized JBA will benefit the public, offer new competition
in the fast-growing Asian aviation marketplace and strengthen the
relationship between American and Japan Airlines, which will
support JAL's successful restructuring," said Gerard Arpey,
American's Chairman and CEO.  "It will improve customer choice by
giving the oneworld(R) Alliance, of which American and JAL are key
members, strong hub operations at Tokyo, thus allowing more
vibrant competition with other global alliances in northeast Asia
and beyond."

"With immunity to enter a JBA, Japan Airlines and American
Airlines will be able to cooperate more tightly in raising the
quality of our services and thus encourage healthy competition in
this promising region for the industry," said JAL Group Chief
Operating Officer and President Masaru Onishi. "Furthermore, not
only will both carriers be able to improve operational efficiency
but most importantly, our valued customers will receive greater
benefits and convenience which we hope will place us in a position
to always be the airlines of their choice."

Antitrust immunity between American and JAL is made possible by
the Open Skies accord reached by the United States and Japan in
December 2009.  When that agreement becomes effective, it will
eliminate the restraints on competition.

      More Consumer Benefits, Choices and Travel Options

Under an immunized JBA, American and JAL will cooperate
commercially on flights while continuing to operate as separate
legal entities.  They will coordinate fares, services and
schedules in order to attract new customers and boost revenues.
By more closely integrating their networks, the airlines will be
able to improve efficiency, find opportunities to lower costs and
have greater ability to invest in products, services and fleets.

By working together to provide links for connecting passengers,
the airlines can expand customer choice by offering new routes and
supporting existing routes that would not be economically viable
for the airlines individually.  American and JAL expect more
opportunities to expand their codeshare arrangements on flights
within and beyond Japan and the U.S. and to create new competition
in the trans-Pacific marketplace.

Consumers also will continue to receive reciprocal frequent flyer
benefits, and eligible customers will continue to have access to
the airport lounges of both airlines.

Employees and other stakeholders are expected to benefit from the
airlines' improved competitive position and financial stability.

The JBA will be "metal neutral," meaning American and JAL will
benefit from a customer's ticket purchase regardless of which one
carries the passenger, as the airlines will share revenue on all
JBA flights.  The revenue growth resulting from the JBA will
provide both airlines with substantial support towards improving
profitability.

              Enhanced Trans-Pacific Competition

The closer cooperation between oneworld Alliance members American
and JAL will improve network competition with the other alliances.
Through the JBA, the two airlines will offer a fully-integrated
network between trans-Pacific gateway airports, ensuring all
customers a third robust global airline alliance from which to
choose, and more options for time-sensitive business travelers.

                    About American Airlines

American Airlines, American Eagle and AmericanConnection(R) serve
250 cities in 40 countries with, on average, more than 3,400 daily
flights. The combined network fleet numbers more than 900
aircraft.  American's award-winning Web site, AA.com(R), provides
users with easy access to check and book fares, plus personalized
news, information and travel offers.  American Airlines is a
founding member of the oneworld(R) Alliance, which brings together
some of the best and biggest names in the airline business,
enabling them to offer their customers more services and benefits
than any airline can provide on its own.  Together, its members
serve nearly 700 destinations in more than 130 countries and
territories.  American Airlines, Inc. and American Eagle Airlines,
Inc. are subsidiaries of AMR Corporation (NYSE: AMR).

                       About Japan Airlines

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

                         *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.

(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: M. Ventress Wants Lift Stay to Continue Appeal
--------------------------------------------------------------
Martin Ventress asks the U.S. Bankruptcy Court for the Southern
District of New York to lift the automatic stay in order to
continue an appeal pending in the United States Court of Appeals
for the Ninth Circuit.

Mr. Ventress asks that the automatic stay imposed by Section 362
of the Bankruptcy Code be lifted to permit the Ninth Circuit Court
of Appeals to enter judgment regarding certain appellate
litigation currently pending between the Japan Airlines
Corporation, Japan Airlines International Co., Ltd., and JAL
Capital Co., Ltd., and Mr. Ventress.

Mr. Ventress is signed an employment contract with Hawaii Aviation
Contract Services, Inc., to fly airplanes for JALways Co., Ltd.,
not Japan Airlines Corporation.

Mr. Ventress submitted Safety Reports describing violations
against JAL and JALways for instructing pilot, Jeff Bicknell, to
fly passenger flights despite being extremely ill.  Mr. Ventress,
a Flight Engineer, warned the Japanese Captain of Bicknell's
illness prior to flights they operated for both JAL and JALways.
Bicknell had been flying with a cancerous tumor lodged in the base
of his brain and nearly crashed a commercial DC-10 aircraft with
passengers and crew, Mr. Ventress relates.

Mr. Ventress says he was retaliated against after submitting
Safety Reports of Mr. Bicknell's health, to JAL, JALways, HACS and
U.S. Federal Agencies that included the FAA.

Mr. Ventress was fired and named JAL, JALways, and HACS in a
wrongful termination lawsuit in the U. S. District Court of
Central California in December 2002 (Case No. 02-09762NM - SHX).
In July 2003, the case was transferred to the USDC of Hawaii (Case
No. 03-00451 - SPK/LEK). The case was dismissed on the grounds
that a 1953 Friendship, Commerce and Navigation Treaty allowed
Japanese companies an absolute right to employ employees covered
by the FCN Treaty without regard for U.S. Federal employment laws.

Mr. Ventress appealed in the 9th Circuit which reversed USDC
ruling for JAL and JALways and remanded the case back to Hawaii
for further proceedings that included instructions to amend the
complaint from California State Law to Hawaii State Law.

The USDC denied the Motion to amend the complaint; but instead
granted JAL and JALways summary judgment to dismiss the case, this
time under the Federal Airline Deregulation Act.  In April 2008,
Mr. Ventress filed another appeal in the 9th Circuit Court, which
is currently pending.

Mr. Ventress' employment contract with HACS incorporated an
arbitration provision that was not negotiable.  The arbitration is
being appealed as scandalous at best, because it was procured by
fraud; and too, awaits 9th Circuit determination.

Mr. Ventress requests relief from the automatic stay so that it
may proceed by whatever means are appropriate and consistent with
the 9th Circuit schedule to have those issues and claims
determined.

Mr. Ventress asserts that the Debtor's bankruptcy petition should
not stop the long overdue decision by the 9th Circuit in a lawsuit
that involves multiple parties and the Bankruptcy Court should be
so inclined as to allow the lawsuit to go forward, considering
JALways and HACS, currently in business, have not filed a petition
for bankruptcy, neither named as Debtors in the Chapter 15 case.

               Foreign Representative Objects

Eiji Katayama, the foreign representative of the Debtors, objects
to the Lift Stay Motion.

The Foreign Representative says he intends to resolve the Lift
Stay Motion amicably with Mr. Ventress and has been in contact
with him in the days subsequent to receipt of the Lift Stay Motion
to attempt to reach a mutual resolution.  However, out of an
abundance of caution, the Foreign Representative files an
Objection to preserve any rights it may have with respect to the
Lift Stay Motion.

                       About Japan Airlines

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

                         *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.

(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: US Court Recognizes Tokyo Case as Main Proceeding
-----------------------------------------------------------------
Judge James M. Peck of the United States Bankruptcy Court for the
Southern District of New York issued an order on February 17,
2010, recognizing the proceedings of Japan Airlines Corporation,
Japan Airlines International Co., Ltd., and JAL Capital Co., Ltd.,
in the Tokyo District Court as foreign main proceedings pursuant
to Sections 1517(a) and 1517(b)(1) of the U.S. Bankruptcy Code.

Judge Peck held that all provisions of Section 1520 of the
U.S. Bankruptcy Code apply in the Chapter 15 cases, including the
stay under Section 362 and the provisions of Section 363
throughout the duration of the Chapter 15 cases or until otherwise
ordered by the U.S. Court.

Pursuant to Section 1520 of the U.S. Bankruptcy Code, the Japan
Proceeding will be given its full force and effect, and, among
other things:

(a) the protections of Sections 361 and 362 of the U.S.
     Bankruptcy Code apply with respect to the Debtors and the
     property of the Debtors in the territorial jurisdiction of
     the United States;

(b) all persons and entities are enjoined from seizing,
     attaching or enforcing or executing liens or judgments
     against the Debtors' property in the United States or from
     transferring, encumbering or otherwise disposing of or
     interfering with the Debtors' assets or agreements in the
     United States without the express consent of the Foreign
     Representative; and

(c) all persons and entities are enjoined from commencing or
     continuing, including the issuance or employment of
     process of, any judicial, administrative or any other
     action or proceeding involving or against the Debtors or
     their assets or proceeds thereof that are located in the
     United States, or to recover a claim or enforce any
     judicial, quasi-judicial, regulatory, administrative or
     other judgment, assessment, order, lien or arbitration
     award against the Debtors or their assets or proceeds
     thereof that are located in the United States.

Notwithstanding anything to the contrary to the provisions of
Section 1520, any party may move the U.S. Court for relief from
those restrictions for good cause shown.

The U.S. Court recognized Eiji Katayama, Esq., at Abe, Ikubo &
Katayama, as "foreign representative" as defined in Section
101(24) of the Bankruptcy Code.  The Debtors will be entitled to
the full protections and rights enumerated under Section
1521(a)(4) and (5) of the Bankruptcy Code.  The Foreign
Representative:

(a) is entrusted with the administration or realization of all
     or part of the Debtors' assets located in the United
     States; and

(b) has the right and power to examine witnesses, take
     evidence or deliver information concerning the Debtors'
     assets, affairs, rights, obligations, or liabilities.

The Foreign Representative is established as the representative of
the Debtors with full authority to administer the Debtors' assets
and affairs in the United States, including making payments on
account of the Debtors' prepetition and postpetition obligations.

The banks and financial institutions with which the Debtors
maintain bank accounts or on which checks are drawn or electronic
payment requests made in payment of prepetition or postpetition
obligations are authorized and directed to continue to service and
administer the Debtors' bank accounts without interruption and in
the ordinary course and to receive, process, honor and pay any
checks, drafts, wires and automatic clearing house transfers
issued, whether before or after the Petition Date and drawn on the
Debtors' bank accounts by respective holders and makers thereof
and at the direction of the Foreign Representative or the Debtors,
as the case may be.

The Foreign Representative having confirmed that it has elected in
accordance with applicable Japanese insolvency law to assume,
accept, validate and perform the Debtors' obligations under the
Debtors' interline agreements and clearinghouse agreements and
billing and settlement agreements administered by the
International Air Transport Association (IATA), the IATA Clearing
House, Airlines Clearing House, Inc. and Universal Air Travel
Plan, Inc. -- Industry Agreements -- the Debtors and the Foreign
Representative, as the case may be, are authorized to perform in
accordance with the Industry Agreements, including (a) to honor
and pay outstanding prepetition and postpetition claims arising in
the ordinary course of business under the Industry Agreements, and
(b) to process customary payments and transfers and to honor
customary transfer requests made by Debtors and other participants
pursuant to the Industry Agreements.

Notwithstanding anything, the provisions of Sections 362 and 1520
of the U.S. Bankruptcy Code are modified, nunc pro tunc to
January 19, 2010, solely to the extent necessary to permit
performance of, and under, the Industry Agreements by the Debtors
and other parties to the agreements and by financial institutions
involved in implementing the agreements.

A full-text copy of the Recognition Order is available for free
at http://bankrupt.com/misc/JAL_OrdRecognitionMO.pdf

                       About Japan Airlines

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

                         *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.

(http://bankrupt.com/newsstand/or 215/945-7000)


NOMURA HOLDINGS: Fitch Affirms Ratings; Gives Positive Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed all the ratings on Nomura Holdings
Inc., and Nomura Securities Co., Ltd., and has revised the Outlook
on both companies' Long-term Issuer Default Ratings to Positive
from Stable.  The rating actions follow Fitch's review of NHI and
Nomura Securities, and reflect Fitch's positive assessment of the
group's performance and prospects.

NHI has seen revenue growth across its retail and wholesale
business lines, amid an improving operating environment, while
cost controls also seem to be taking effect.  However,
profitability remains weak, partly owing to fair value adjustments
on its own liabilities.  That said, the agency believes that NHI's
expanding global presence and geographical revenue diversity,
stemming from its acquisitions of the bulk of the former Lehman
Brothers' non-US employees and platforms, is starting to
contribute to NHI's market position, performance and franchise.

In addition, Fitch notes NHI's capitalization has been further
strengthened by the two rounds of fresh common equity raisings in
2009, with high disclosed preliminary tier 1 capital and total
capital ratios under the Basel II framework at 17.8% and 25.0%
respectively, as of end-December 2009.  The net adjusted leverage
is at a low of 8.7x.  Furthermore, NHI's liquidity position
remains strong, with its 'disclosed liquidity' of JPY4.4trillion -
- an amount that can adequately cover short-term debt.

Nomura Securities, the operating broker-dealer subsidiary in
Japan, maintained its strong market position and its operating
performance was strong in the nine months to end-December 2009
(Q3FYE10).  With a revived strong risk appetite in Japanese retail
customers for investment trusts and other risk products, a
favorable capital markets environment and lower market volatility,
the business prospects for Nomura Securities are favorable.

NHI is Japan's largest securities group and Nomura Securities has
a strong franchise in the domestic investment banking market.  The
group's franchise has expanded after the acquisition of the bulk
of Lehman Brothers' employees/platforms in Europe, Middle East and
Asia-Pacific.

The ratings are:

NHI:

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable;

  -- Long-term local currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable;

  -- Short-term foreign currency IDR affirmed at 'F2';

  -- Short-term local currency IDR affirmed at 'F2';

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '5'; and

  -- Support Rating Floor affirmed at 'NF'

Nomura Securities:

  -- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
     revised to Positive from Stable;

  -- Long-term local currency IDR affirmed at 'BBB+'; Outlook
     revised to Positive from Stable;

  -- Short-term foreign currency IDR affirmed at 'F2';

  -- Short-term local currency IDR affirmed at 'F2';

  -- Individual rating affirmed at 'C';

  -- Support rating affirmed at '4'; and

  -- Support Rating Floor affirmed at 'B'


PIONEER CORPORATION: Moody's Gives Stable Outlook on 'B2' Rating
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative its
outlook for the B2 local currency issuer rating of Pioneer
Corporation.

This rating action follows Pioneer's announcement on February 24,
2010, that the net proceeds from its common stock issuance have
been fixed at about JPY29 billion.

The company also plans to issue its new shares through a third-
party allotment, and will raise about JPY5.6 billion in March.
Accordingly, the company will likely receive approximately
JPY35 billion in total by the end of this fiscal year, FYE
03/2010.

The rating action reflects Moody's expectation that Pioneer's
stock issuance will help the company mitigate the negative impact
on its balance sheet of a net loss during this fiscal year.  The
result will be a reduction in downside risk.

Pioneer expects this net loss to total JPY54 billion, mainly
because of a large operating loss and restructuring costs.  The
net loss could have damaged its balance sheet significantly in the
absence of any capital injections.  In Moody's estimation, its
adjusted debt to capitalization may have surpassed 85% during
FYE03/2010 from 73.6% in FYE03/2009.  But, the new stock issuance
would help keep the ratio around 75%.

The funds which Pioneer will receive through the new stock
issuance will be used mainly for strengthening its car electronics
business.  Since Pioneer has decided to focus on this segment,
withdrawing from its loss-making flat panel display TV business,
keeping its competitive edge in car electronics is strategically
important.

Without these new funds, Pioneer would likely have to reduce its
investment for the growth of this business, and which could result
in a decline in its competitiveness.

Nevertheless, Moody's notes that Pioneer still needs to deal with
the challenge of meeting its short-term funding needs and
restoring profitability.  Moody's will continue to monitor
progress on these points.  At the same time, Moody's recognizes
that Pioneer has made steady progress, something which also
supports the stable outlook.

Regarding its short-term funding needs, Pioneer originally
estimated that it would need to finance JPY40 billion, including
the funds for the redemption of about JPY 60 billion in euro-yen
zero coupon convertible bonds due in March 2011.  However, Pioneer
may be able to generate sufficient funds to cover its funding
requirements through reductions in its operating loss and
restructuring costs, as well as the sale of assets.

For example, Pioneer expects to reduce its net loss by
JPY29 billion -- from its original forecast of a net loss of about
JPY83 billion for FYE03/2010 -- and which will make significant
savings for its cash flow.  Pioneer also plans to sell its assets,
such as its former head office and investment securities, to
generate about JPY20 billion.  To expedite the process, it moved
its head office last year.

Pioneer's operating performance is also recovering.  It recorded
an operating profit in its car electronics segment as well as
overall in the third quarter of FYE03/2010.  Pioneer's alliances
with Honda Motor Co., Ltd. (A1), Mitsubishi Electric Corporation
(A1), and Shanghai Automotive Industry Corporation (Group)
(unrated) in its car electronics business will help it save on
development costs and increase sales in the future.

Besides these factors, Moody's believes that financial support
from its major lenders remains strong, mitigating its short-term
liquidity concerns.  This uplifts the company's rating by two
notches from its fundamental level of creditworthiness.  Moody's
notes the current rating incorporates the subordination of
unsecured debt to secured bank loans.

If the company can further improve its financial flexibility, for
instance, through the sale of assets and the improvement of loan
conditions, while keeping its overall profitability, its ratings
could be positively pressured.  For instance, if Pioneer maintains
operational profitability and keeps adjusted debt to
capitalization below 75%, the outlook could change to positive.

Any event that could negatively affect its financial flexibility,
such as a significant deterioration in profitability and cash flow
and its failure to generate necessary funds, could lead to a
downgrade of its ratings.  For example, if Pioneer would seem to
require more time to restore its profitability or adjusted debt to
capitalization is expected to exceed 80%, the outlook could change
to negative.  Significant changes in its banking relationships
would lead to a downgrade of two notches.

The last rating action for Pioneer took place on October 2, 2009,
when Moody's downgraded the company's local currency issuer rating
from B1 to B2 with negative outlook.

Pioneer Corporation, headquartered in Kanagawa, is world leading
manufacturer of car electronics.


WILLCOM INC: ISDA Rules Willcom Bankruptcy is Credit Event
----------------------------------------------------------
Bloomberg News reports that the International Swaps & Derivatives
Association said that a committee of credit-default swap dealers
and investors ruled that the bankruptcy of Willcom Inc. is a
credit event.

ISDA said that credit-default swaps on Willcom won't be settled at
auction, according to Bloomberg.

Meanwhile, Bloomberg News, citing Nikkei English News, reports
that the Enterprise Turnaround Initiative Corp. of Japan, a state-
backed turnaround agency, postponed until at least next week a
decision on whether to provide support for the rehabilitation of
Willcom.

                           About WILLCOM

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

Willcom filed for bankruptcy protection with the Tokyo
District Court with liabilities of JPY206 billion.

Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.

Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry.  Heisei Denden
Co. was the previous biggest failure in October 2005 with
liabilities of JPY120 billion.


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


HYNIX SEMICONDUCTOR: Creditors to Sell Up to 13% Hynix Stake
------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors will sell as much as 13%
stake in the company by the end of this year, Yonhap News reports.

The news agency says the creditors, led by Korea Exchange Bank,
plan to sell an 8% stake in Hynix by the end of June and 5% in the
second half.

The decision came after the creditors, which own a controlling 28%
stake worth around US$3 billion in Hynix, failed in their third
attempt to find a domestic buyer for the stake, Yonhap notes.

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

                           *     *     *

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

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


KUMHO ASIANA: Creditors to Double Support to Kumho Petrochemical
----------------------------------------------------------------
Bloomberg News, citing a report from MoneyToday, says Korea Kumho
Petrochemical Co.'s creditors plan to double financial support for
the rubber maker to about KRW200 billion ($173 million).

The Troubled Company Reporter-Asia Pacific reported on Thursday
that Yonhap News said Kumho Asiana Group's creditor banks are set
to provide fresh funds to its petrochemical and airline units in a
bid to help them ease a liquidity squeeze.

Yonhap, citing financial sources, said the Korea Development Bank,
Kumho Asiana's main creditor, plans to seek agreements from other
creditor banks starting this week over whether to supply KRW120
billion in funds to Asiana Airlines.  Sources also told Yonhap
that the KDB is in the process of seeking agreement among
creditors over whether to provide a fresh KRW60 billion to Korea
Kumho Petrochemical Co.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

The creditors would offer a total of KRW560 billion in funds to
Kumho Asiana Group's four affiliates if the plan goes smoothly,
according to Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said 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,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

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

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

                        About Kumho Asiana

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


SSANGYONG MOTOR: Seeks KRW100BB Loans Due to Cash Shortage, Report
------------------------------------------------------------------
Saeromi Shin at Bloomberg News reports that Ssangyong Motor Co. on
Feb. 25 fell in Seoul trading after the Korea Economic Daily said
the company will pay half of workers' February wages and is
seeking about KRW100 billion ($87 million) in loans because of a
cash shortage.

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

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

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditors.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


* SOUTH KOREA: Creditor Banks to Start Assessing Troubled Firms
---------------------------------------------------------------
The Korea Herald reports that creditor banks are expected to start
pushing financially-troubled companies to shore up their balance
sheets through a debt-workout program or force them out of the
market from April in earnest.

The move, the Herald says, comes as companies' financial
statements on the fiscal year 2009 are to be closed by March.

The report, citing industry sources, relates that firms in the
construction, shipbuilding and shipping industries will face the
intense scrutiny of creditor banks as they have yet to recover
from the impact of the global recession last year.

The report says the Financial Supervisory Service is to complete
selecting conglomerates to be assessed by creditor banks, whose
credit facilities make up more than 0.1% of financial sector's
total credit facilities, by the end of March.

According to the Herald, an FSS official said that while creditor
banks mainly looked into the debt-to-equity ratio in the last
year's assessment of companies, they will also take into account
liquidity levels and cash flow this year.

Sources told the Herald that builders, shipbuilders and shipping
industries which suffered a rigorous restructuring last year are
likely to face another checkup this time.


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


OCI BERHAD: Incurs MYR1.32-Mil. Net Loss for Qtr. to Dec. 31
------------------------------------------------------------
OCI Berhad reported a net loss of MYR1.32 million for the
quarter ended December 31, 2009, compared with a net loss of
MYR1.56 million in the same period in 2008.

For the second quarter ended December 31, 2009, the company
recorded MYR1.58 million of total revenues, slightly higher the
revenues of MYR1.37 million recorded in the same quarter of 2008.

As of December 31, 2009, the company's balance sheet showed
strained liquidity with MYR3.88 million in current assets
available to pay MYR69.05 million in current liabilities coming
due within the next twelve months.

The company's balance sheet as of end-December also showed
MYR25.27 million in total assets and MYR69.05 million in total
liabilities, resulting in a MYR43.77-million shareholders'
deficit.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


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


LOMBARD GROUP: ACIL Shareholders Get 98% Stake in Reverse Takeover
------------------------------------------------------------------
The Lombard Group, the parent of failed Lombard Finance, will go
to its shareholders this week with details of a reverse takeover
deal that could see it becoming 98.5% owned by shareholders of
Perth-based insurer Australian Consolidated Insurance, The
National Business Review reports.

Under the reverse takeover deal, Lombard proposes to make a
takeover offer to ACIL shareholders for all ACIL's existing 42.8
million shares. It will then offer 1.48 billion new shares in
Lombard as consideration for the ACIL shares, or 34.6 Lombard
shares for each ACIL share.

According to the report, the deal has obtained approval from NZX
and is subject to approval from Lombard shareholders, who will be
posted details of the deal this week.

The report relates Lombard chief executive Michael Reeves said a
reverse takeover by ACIL would be positive for all Lombard
stakeholders.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Lombard entered into a conditional arrangement with
ACIL which, subject to shareholder and regulatory consents, will
result in LOM acquiring all the shares in ACIL.  This "reverse
takeover" will result in ACIL's businesses becoming part of a
listed group, Lombard Group said in a statement to the stock
exchange.

                          About ACIL

ACIL is an Australasian company that provides differentiated
insurance products and services to insurance purchasers.  The ACIL
group has 18 subsidiary companies in these specialized insurance
segments:

   -- Insurance Broking
   -- Underwriting Agency
   -- Risk Management
   -- Insurance Premium Funding

ACIL currently manages in excess of AU$80 million of insurance
premiums from offices in Perth, Sydney, Melbourne, Brisbane,
Auckland and Hamilton.

                      About Lombard Group

Headquartered in Wellington, New Zealand, Lombard Group Limited
(NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily
engaged in the provision of finance to small and medium-sized
businesses for a range of purposes.  In March 2008, the Company's
wholly owned subsidiary, Lombard Mortgages Limited, acquired the
remaining 30% interest in Tasman Mortgages Limited.  Tasman
Mortgages Limited is a mortgage arranger and mortgage broking
company.  Lombard Mortgages operates as a mortgage broker.  The
Company's principal subsidiary is Lombard Finance & Investments
Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Lombard Group said that its financial performance
for the year ended March 31, 2008, has been dramatically affected
by the receivership of the Group's significant subsidiary, Lombard
Finance & Investments Limited, which occurred on April 10, 2008.
While the audited Group result is a loss of NZ$3.26 million, the
Board recognizes that does not reflect the full impact of the
receivership.


NZF MONEY: Fails to Qualify for Gov't. Retail Deposit Guarantee
---------------------------------------------------------------
The New Zealand Herald reports that NZF Money Limited expects to
lose half of its retail debenture support after failing to qualify
for the Government's extended retail deposit guarantee scheme but
says that will not be the end of the business.

NZF Money, a subsidiary of NZX-listed NZF Group, was the latest
finance company to get a credit rating before the March 1 deadline
set by the Government, the report says.  So far only Avanti
Finance, Asset Finance and now NZF Money have missed out on
qualifying, the Herald notes.

The Herald relates that finance companies with liabilities of more
than $20 million have to gain a credit rating of BB or above to
qualify for the guarantee, which rolls over in October, before an
expected phase-out by the end of next year, but NZF Money received
only a B rating.

According to the Herald, Standard & Poor's analyst Gavin Gunning
said NZF Money had received a B rating because its parent company
was weakly capitalized, the company was vulnerable to liquidity
issues and it had some large lending exposures relative to its
size.

Mr. Gunning, as cited by the Herald, said NZF Group had total
equity of only $3.9 million -- just 1.4 per cent of its assets --
and there was a risk that if it came under stress it could put
financial pressure on the subsidiary.

The Herald notes that the lack of capital also meant if the
finance company got into trouble its parent would not be in a
position to bail it out.

According to the report, NZF Group managing director John
Callaghan, who is indirectly the largest shareholder at 23%, said
the rating had come in where the company had expected it to.

NZF Group Limited (NZE:NZF), formerly New Zealand Finance Holdings
Limited, is a provider of financial services with its core
activity being a diversified range of services including,
investment, lending, insurance, and mortgage broking.  All
operations of the Company are carried out within New Zealand.  The
Company's subsidiaries include NZF Money Limited, NZF Homeloans
Limited, New Zealand Finance Securitisation Limited, NZF Mortgages
Limited, New Zealand Mortgage Finance Limited, Approved Mortgage
Brokers Limited and Finance Direct Limited.


NZF MONEY: S&P Assigns 'B' Long-Term Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B'
long-term counterparty credit rating to NZF Money Ltd., a wholly
owned subsidiary of New Zealand-based NZF Group Ltd. (unrated).
At the same time, S&P assigned its 'B' short-term rating to NZF.
The outlook is negative.

"The ratings on NZF reflect the company's status as a wholly owned
subsidiary of weakly capitalized parent, NZF Group Ltd. and also
recognize vulnerability potentially affecting NZF's liquidity over
the coming 12 months, and some large lending exposures relative to
size," Standard & Poor's credit analyst Gavin Gunning said.  "S&P
is of the view that the rating assigned to NZF Money Ltd. is
constrained by its ownership by NZF Group Ltd., in particular
because of NZF Group Ltd.'s weak capitalization."

On the other hand, favorable features of NZF's credit profile
include its moderate loan quality and profitability, by domestic
standards.  NZF's primary focus is on first-mortgage property
lending and while its nonperforming assets and credit costs have
increased, NZF has managed a recent period of difficult operating
conditions better than most New Zealand finance companies
specializing in property lending.

"The negative rating outlook mainly reflects uncertainties
concerning NZF's liquidity through 2010," said Mr. Gunning.  A
revision of the rating outlook to stable would require a track
record showing that NZF was successful in managing its liquidity,
funding, and asset quality risks through 2010 in what continues to
be a challenging industry environment.  "Upwards rating momentum
is most likely to depend on a significant improvement in
capitalization with no diminution in liquidity or other elements
of NZF's financial profile."


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


BENGUET CORP: Files Injunction Case Against Nadecor Over Project
----------------------------------------------------------------
The Philippine Daily Inquirer reports that Benguet Corp. has filed
an injunction case against its partner, Nationwide Development
Corp. (Nadecor), in the Kingking gold project.

The Inquirer relates Benguet said in a stock exchange statement
that the issue of cancellation of the operating agreement between
the two companies "is a judicial question that should be brought
to the regular court, instead of [an] arbitration case."

Raymond H. Ricafort, Nadecor's financial consultant, told Business
World Online in a phone interview that the arbitration request
Nadecor filed earlier this month was in line with the agreement
that both companies had signed.

"The arbitration is faster and is more efficient. I do not
understand why they are filing for an injunction in the court,"
BusinessWorld quoted Mr. Ricafort as saying.  "[The request for
injunction] is creating a delaying scenario which is not good for
the mining industry," he said.

According to the BusinessWorld, Nadecor wants arbitration to
facilitate the termination of its three-decade-old operating
agreement with the Romualdez firm, which the former claims has
been unable to fulfill its obligations.

Mr. Ricafort said Nadecor would push for the arbitration case,
BusinessWorld notes.

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

                        About Benguet Corp.

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

                           *     *     *

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


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


G A CAPITAL: Members' Final Meeting Set for March 26
----------------------------------------------------
G A Capital Pte Ltd, which is in members' voluntary liquidation,
will hold a final meeting for its members on March 26, 2010, at
10:00 a.m., at #21-08 Shaw Centre, in Singapore 228208.

The company's liquidator is:

         Madam Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


GOLDEN AARON: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
Creditors of Golden Aaron Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 23, 2009.

The company's liquidator is:

         Mdm Chia Lay Beng
         1 Scotts Road
         #21-08 Shaw Centre
         Singapore 228208


SAGE INTERNATIONAL: Creditors' Proofs of Debt Due March 24
----------------------------------------------------------
Creditors of Sage International Asia Pacific Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 24, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

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


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


* S&P Raises Ratings on Five Tranches of Asia-Pacific CDOs
----------------------------------------------------------
Standard & Poor's Ratings Services said that is had raised its
rating on five tranches of Asia-Pacific (ex-Japan) CDO tranches.
At the same time, the ratings were removed from CreditWatch with
positive implications, where they were placed on Feb. 11, 2010.

S&P reviewed the credit quality of the securitized assets using
the synthetic rated overcollateralization scores and results from
its supplemental tests: the largest obligor and largest industry
tests.  These results measure the degree by which the credit
enhancement of a tranche exceeds the stressed loss rate assumed
for a given rating scenario.

The SROC scores and test results show an improvement in the credit
quality of the underlying portfolios, which, along with a higher-
than-expected recovery on defaulted reference names in the
portfolios, indicate sufficient credit support at the higher
rating levels.

      DBS Bank Ltd. S$100 million Portfolio Credit-Link Notes

      Deal name                     To               From
      ---------                     --               ----
                                    A+         A-/Watch Pos
      Zenesis SPC Series 2005-3     A-         BBB-/Watch Pos
      Zenesis SPC Series 2005-4     A-         BBB/Watch Pos

           ARLO Limited Series 2006 (SKL CDO Series 11)

      Deal name                     To               From
      ---------                     --               ----
                                    BB-pNRi    BpNRi/Watch Pos
      Obelisk Trust 2005-3 - Mica   B+         CCC+/Watch Pos

Notes:

Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.  In accordance with the criteria
for rating CDO transactions certain factors such as credit
stability and rating sensitivity to modeling parameters may be
considered in assigning ratings to CDO tranches, in addition to
the supplemental tests, the Monte Carlo default simulation
results, and the associated cash flow modeling.  Such risks in
transactions may be assessed on a case-by-case basis and the
ratings may be qualitatively adjusted to a rating level different
than that indicated by the various quantitative results.  The
tranches' final ratings reflect the result of any such qualitative
adjustments.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN              16.93         -8.23
AMA GROUP LTD          AMA               39.03         -0.86
ANTARES ENERGY L       AZZ               13.71         -1.96
ARC EXPLORATION        ARX               56.83        -15.05
AUSTAR UNITED          AUN              568.69       -325.83
AUSTRAILIAN Z-PP       AZCCA             77.74         -2.57
AUSTRALIAN ZIRC        AZC               77.74         -2.57
BCD RESOURCES OP       BCO               22.09        -61.19
BCD RESOURCES-PP       BCOCC             22.09        -61.19
BIRON APPAREL LT       BIC               19.71         -2.22
CENTRO PROPERTIE       CNP           14,725.10       -495.30
CHALLENGER INF-A       CIF            2,307.01       -104.58
CHEMEQ LTD             CMQ               25.19        -24.25
CITY PACIFIC LTD       CIY              171.50         -6.38
ELLECT HOLDINGS        EHG               18.25        -15.49
HEALTH CORP LTD        HEA               13.26         -0.01
HYRO LTD               HYO               21.50        -14.83
JAMES HARDIE NV        JHXCC          2,130.90       -131.10
JAMES HARDIE-CDI       JHX            2,130.90       -131.10
MAC COMM INFR-CD       MCGCD          8,104.42       -103.34
RESIDUAL ASSC-EE       RAGXF            597.33       -126.96
SHELL VILLAGES A       SVC               13.47         -1.66
STRATHFIELD GRP        SRA               32.79         -0.94
TERRITORY RESOUR       TTY               78.23         -3.34
VERTICON GROUP         VGP               14.22        -24.60


CHINA

AMOI ELECTRONI-A       600057           186.72       -176.17
ANHUI KOYO GROUP       979               43.55        -32.06
BAO LONG ORIENTA       600988            16.38         -3.24
CHANG LING GROUP       561               33.36        -13.70
CHENGDU UNION-A        693               52.17         -7.60
CHINA EAST AIR-A       600115        10,663.62       -669.02
CHINA KEJIAN-A         35                83.78       -182.39
DANDONG CHEM F-A       498              100.50       -111.14
DONGGUAN FANGD-A       600656            62.02        -10.11
DONGXIN ELECTR-A       600691            20.72         -6.13
GAOXIN ZHANGTO-A       2075             119.52        -30.48
GUANGDONG HUAL-A       600242            19.85         -1.62
GUANGDONG KEL-A        921              650.07       -103.76
GUANGMING GRP -A       587               48.72        -47.59
GUANGXI BEISHE-A       600556           103.12       -138.38
GUANGXIA YINCH-A       557               19.31        -37.90
HEBEI BAOSHUO -A       600155           133.67       -361.69
HEBEI JINNIU C-A       600722           241.28       -228.12
HUDA TECHNOLOG-A       600892            21.31         -2.90
HUNAN ANPLAS CO        156               51.58        -70.84
JIANGSU CHINES-A       805               12.86        -10.34
LIAOYUAN DEHENG        600699           138.72         -6.69
QINGHAI SUNSHI-A       600381            50.90        -26.09
SHAANXI QINLIN-A       600217           233.97        -21.07
SHANG HONGSHENG        600817            17.94       -396.97
SHANG LIANHUA-A        600617            15.68         -1.54
SHANG LIANHUA-B        900913            15.68         -1.54
SHANGHAI WORLDBE       600757           181.37       -127.60
SHENZ CHINA BI-A       17                27.97       -264.11
SHENZ CHINA BI-B       200017            27.97       -264.11
SHENZHEN DAWNC-A       863               28.09       -157.71
SHENZHEN KONDA-A       48               195.27        -14.90
SHENZHEN SHENX-A       34                23.96       -166.32
SHENZHEN ZERO-A        7                 61.82         -3.40
SHIJIAZHUANG D-A       958              235.06        -54.14
SICHUAN DIRECT-A       757              128.39       -118.67
SUNTEK TECHNOL-A       600728            37.92        -21.21
TAIYUAN TIANLO-A       600234            50.40        -25.24
TIANJIN MARINE         600751            82.40        -30.39
TIANJIN MARINE-B       900938            82.40        -30.39
TIBET SUMMIT I-A       600338            86.47         -0.05
TOPSUN SCIENCE-A       600771           183.02       -138.22
WINOWNER GROUP C       600681            10.72        -71.85
WUHAN BOILER-B         200770           349.55        -74.89
WUHAN GUOYAO-A         600421            11.45        -39.41
XIAMEN OVERSEA-A       600870           286.40       -145.07
YUEYANG HENGLI-A       622               37.27        -15.53
YUNNAN MALONG-A        600792           145.38        -30.28
ZHANGJIAJIE TO-A       430               45.95         -4.59


HONG KONG

21 HOLDINGS LTD        1003              43.65         -4.26
ASIA TELEMEDIA L       376               16.62         -5.37
CHAOYUE GROUP LT       147               42.69       -127.80
CHINA EAST AIR-H       670           10,663.62       -669.02
CHINA GOLDEN DEV       162              253.00         -2.72
EGANAGOLDPFEIL         48               557.89       -132.86
EMPEROR ENTERTAI       8078              39.23         -5.35
FULBOND HLDGS          1041              60.26        -14.42
HISENSE ELEC-H         921              650.07       -103.76
HUTCHISON TELE H       215            2,400.10       -366.06
MITSUMARU EAST K       2358              38.17         -1.45
NEW CITY CHINA         456              113.18         -9.93
NGAI LIK INDL          332              132.82         -4.76
PAC PLYWOOD            767               75.64         -5.41
PALADIN LTD            495              157.69         -6.23
PALADIN LTD -PRE       642              157.69         -6.23
PCCW LTD               8              5,990.93       -394.97
PERCEPTION DIG         8248              31.21         -4.64
PROVIEW INTL HLD       334              412.85       -191.26
WAI CHUN MINING        660               12.79        -14.60
WAYTUNG GLOBAL G       21                12.33         -2.96


INDONESIA

ASIA PACIFIC           POLY             481.76       -847.67
DAVOMAS ABADI          DAVO             272.59        -17.19
ERATEX DJAJA           ERTX              10.05        -15.29
JAKARTA KYOEI ST       JKSW              28.00        -39.75
KARWELL INDONESI       KARW              10.28         -8.09
MULIA INDUSTRIND       MLIA             349.54       -393.20
PANASIA FILAMENT       PAFI              51.27         -4.30
PANCA WIRATAMA         PWSI              28.57        -34.35
PRIMARINDO ASIA        BIMA              10.97        -20.00
STEADY SAFE TBK        SAFE              12.27         -4.84
SURABAYA AGUNG         SAIP             248.50        -92.41
TEIJIN INDONESIA       TFCO             185.09        -14.27
UNITEX TBK             UNTX              15.67        -14.25


INDIA

ALCOBEX METALS         AML               16.59        -21.47
ASHIMA LTD             ASHM              59.92        -47.15
BALAJI DISTILLER       BLD               51.16        -38.38
BELLARY STEELS         BSAL             451.68       -108.50
BHAGHEERATHA ENG       BGEL              22.65        -28.20
CFL CAPITAL FIN        CEATF             14.31        -40.04
COMPUTERSKILL          CPS               14.90         -7.56
CORE HEALTHCARE        CPAR             185.36       -241.91
DCM FINANCIAL SE       DCMFS             16.54        -10.99
DIGJAM LTD             DGJM              98.77        -14.62
DISH TV INDIA          DITV             422.08       -127.61
DUNCANS INDUS          DAI              116.96       -183.24
GANESH BENZOPLST       GBP               77.84        -41.87
GEM SPINNERS LTD       GEMS              15.23         -0.11
GLOBAL BOARDS          GLB               25.15         -0.79
GSL INDIA LTD          GSL               37.04        -42.34
GSL NOVA PETROCH       GSLN              44.39         -0.93
GUJARAT SIDHEE         GSCL              59.44         -0.66
HARYANA STEEL          HYSA              10.83         -5.91
HENKEL INDIA LTD       HNKL             102.05        -10.24
HFCL INFOTEL LTD       HFCL             151.65        -85.81
HIMACHAL FUTURIS       HMFC             406.63       -210.98
HINDUSTAN PHOTO        HPHT              68.94      -1147.18
HINDUSTAN SYNTEX       HSYN              12.68         -1.79
HMT LTD                HMT              139.31       -277.69
ICDS                   ICDS              13.30         -6.17
INDIA FOILS LTD        IF                22.01         -2.04
INFOMEDIA 18 LTD       INF18             35.80         -1.94
INTEGRAT FINANCE       IFC               45.56        -43.27
ITI LTD                ITI            1,116.21         -0.80
JCT ELECTRONICS        JCTE             122.54        -50.00
JD ORGOCHEM LTD        JDO               10.46         -1.60
JENSON & NIC LTD       JN                15.93        -74.33
JIK INDUS LTD          KFS               20.63         -5.62
JK SYNTHETICS          JKS               13.51         -3.03
JOG ENGINEERING        VMJ               50.08        -10.08
KALYANPUR CEMENT       KCEM              32.04        -26.76
KERALA AYURVEDA        KRAP              13.41         -0.59
KINGFISHER AIR         KAIR           1,458.64       -418.91
LLOYDS FINANCE         LYDF              27.68         -8.64
LLOYDS STEEL IND       LYDS             358.94        -83.14
MILLENNIUM BEER        MLB               36.39         -3.20
MILTON PLASTICS        MILT              18.31        -40.44
NATH PULP & PAP        NPPM              13.59        -39.13
NICCO UCO ALLIAN       NICU              28.84        -56.77
ORIENT PRESS LTD       OP                16.70         -0.09
PANCHMAHAL STEEL       PMS               51.02         -0.33
PANYAM CEMENTS         PYC               38.84         -0.64
PARASRAMPUR SYN        PPS              111.97       -317.11
PAREKH PLATINUM        PKPL              61.08        -88.85
PEACOCK INDS LTD       PCOK              11.40        -14.40
PIRAMAL LIFE SC        PLSL              32.05         -3.73
POLAR INDS LTD         PLI               11.61        -22.28
RAMA PHOSPHATES        RMPH              34.07         -1.19
RATHI ISPAT LTD        RTIS              44.56         -3.93
RELIGARE TECHNOV       RTCL              44.13         -1.46
RENOWNED AUTO PR       RAP               14.12         -1.25
ROLLATAINERS LTD       RLT               22.97        -22.24
ROYAL CUSHION          RCVP              20.22        -62.97
RPG CABLES LTD         RPG               51.43        -20.19
SCOOTERS INDIA         SCTR              13.29         -0.58
SHALIMAR WIRES         SWRI              24.49        -49.90
SHAMKEN COTSYN         SHC               23.13         -6.17
SHAMKEN MULTIFAB       SHM               60.55        -13.26
SHAMKEN SPINNERS       SSP               42.18        -16.76
SHREE RAMA MULTI       SRMT              63.73        -52.93
SIDDHARTHA TUBES       SDT               70.93        -12.09
SIL BUSINESS ENT       SILB              12.46        -19.96
SOUTHERN PETROCH       SPET           1,543.61        -35.61
SPICE COMMUNICAT       SPCM             263.69        -19.68
SPICEJET LTD           SJET             147.98        -84.65
STERLING HOL RES       SLHR              52.91         -0.63
STI INDIA LTD          STIB              28.05         -8.04
TAMILNADU TELE         TNT               10.26         -4.14
TATA TELESERVICE       TTLS             793.63        -74.64
TRIUMPH INTL           OXIF              58.46        -14.18
TRIVENI GLASS          TRSG              24.39         -8.90
UNIWORTH LTD           WW               145.71       -114.87
USHA INDIA LTD         USHA              12.06        -54.51
VENTURA TEXTILES       VRTL              14.25         -0.33
WINDSOR MACHINES       WML               14.50        -28.14
WIRE AND WIRELES       WNW              102.42        -37.06
WIRE AND WIRE-PP       WNWPP            102.42        -37.06


JAPAN

ARDEPRO                8925             345.61       -207.11
COMMERCIAL RE          8866             296.85         -0.35
COSMOS INITIA CO       8844           1,652.69       -564.01
FLIGHT SYS CONSU       3753              14.88         -1.07
HARAKOSAN CO           8894             265.03        -21.41
ICHITAN CO LTD         5645              99.16         -4.38
JIPANGU HOLDINGS       2684              15.05         -8.38
L CREATE CO LTD        3247              42.34         -9.15
LCA HOLDINGS COR       4798              49.52         -2.24
NESTAGE CO LTD         7633              11.77        -12.20
PROPERST CO LTD        3236             303.29       -415.76
RAYTEX CORP            6672              61.49         -3.49
SAIKAYA CO LTD         8254             398.46        -17.56
SHINWA OX CORP         2654              61.39        -12.95
SOWA JISHO CO LT       3239              17.45        -33.84
TERRANETZ CO LTD       2140              11.63         -4.29


KOREA

AJU MEDIA SOL-PF       44775             13.82         -1.25
CL LCD CO LTD          35710             55.59        -14.79
DAHUI CO LTD           55250            186.00         -1.50
DAISHIN INFO           20180            740.50       -158.45
ELIM EDU CO LTD        46240             34.03         -3.75
KYSYS CO LTD           15390             10.67         -6.27
MOBO CO LTD            51810            196.64        -11.98
ORICOM INC             10470             82.65        -40.04
PAPERCOREA INC         1020             310.53       -154.09
PRIME ENTMT            17170             31.47        -19.37
ROCKET ELEC-PFD        425               68.58         -2.14
ROCKET ELECTRIC        420               68.58         -2.14
SAMT CO LTD            31330            303.86        -77.57
SOLAR & TECH CO        30390             11.47         -0.59
STARMAX CO LTD         17050             50.13        -25.44
TAESAN LCD CO          36210            187.94       -546.26
TONG YANG MAGIC        23020            355.15        -25.77
UTX CO LTD             45880             19.76         -2.85
YOUILENSYS CORP        38720            166.70        -12.34


MALAYSIA

AXIS INCORPORATI       AXIS              35.44        -79.33
HARVEST COURT          HAR               11.12         -7.48
HO HUP CONSTR CO       HO                71.66         -1.27
LITYAN HLDGS BHD       LIT               14.28        -29.49
POLY TOWER VENTU       PTV               58.06         -5.45
SINOTOP HOLDING        SNHB              22.80         -0.41
WONDERFUL WIRE         WW                11.54        -15.64
WWE HOLDINGS BHD       WWE               66.48         -1.52


NEW ZEALAND

DOMINION FINANCE       DFH              258.90        -55.31


PHILIPPINES

APEX MINING 'B'        APXB              51.26         -8.97
APEX MINING-A          APX               51.26         -8.97
BENGUET CORP 'B'       BCB               75.49        -37.05
BENGUET CORP-A         BC                75.49        -37.05
CYBER BAY CORP         CYBR              12.93        -79.23
EAST ASIA POWER        PWR               50.80       -139.42
FIL ESTATE CORP        FC                37.29        -11.36
FILSYN CORP A          FYN               22.00        -10.28
FILSYN CORP. B         FYNB              22.00        -10.28
GOTESCO LAND-A         GO                18.68        -10.86
GOTESCO LAND-B         GOB               18.68        -10.86
MRC ALLIED             MRC               13.04         -3.68
PICOP RESOURCES        PCP              105.66        -23.33
PRIME ORION PHIL       POPI              90.35         -5.12
STENIEL MFG            STN               28.67         -1.48
UNIVERSAL RIGHTF       UP                45.12        -13.48
UNIWIDE HOLDINGS       UW                52.80        -56.18
VICTORIAS MILL         VMC              178.06        -36.66


SINGAPORE

                                          0.00          0.00
ADV SYSTEMS AUTO       ASA               11.79        -12.81
ADVANCE SCT LTD        ASCT              67.58        -14.05
CARRIERNET GLOBA       CARG              14.29         -0.02
CHUAN SOON HUAT        CSH               29.97        -19.29
FALMAC LTD             FAL               10.12         -6.80
HL GLOBAL ENTERP       HLGE              93.30        -12.86
INFORMATICS EDU        INFO              24.56         -0.01
JURONG TECH IND        JTL               98.76       -227.28
LINDETEVES-JACOB       LJ               160.48        -86.70
OCEAN INTERNATIO       OCEAN             61.66        -13.72
PACIFIC CENTURY        PAC               17.86         -4.52
SUNMOON FOOD COM       SMOON             19.29        -10.67
TIGER AIRWAYS          TGR              122.90        -71.92
TT INTERNATIONAL       TTI              287.51        -38.28
WESTECH ELECTRON       WTE               28.29        -12.86


THAILAND


ABICO HLDGS-F          ABICO/F           12.07         -9.54
ABICO HOLDINGS         ABICO             12.07         -9.54
ABICO HOLD-NVDR        ABICO-R           12.07         -9.54
BANGKOK RUBBER         BRC               87.00        -64.96
BANGKOK RUBBER-F       BRC/F             87.00        -64.96
BANGKOK RUB-NVDR       BRC-R             87.00        -64.96
CENTRAL PAPER IN       CPICO             10.22       -216.07
CENTRAL PAPER-F        CPICO/F           10.22       -216.07
CENTRAL PAPER-NV       CPICO-R           10.22       -216.07
CIRCUIT ELEC PCL       CIRKIT            17.39        -88.00
CIRCUIT ELEC-FRN       CIRKIT/F          17.39        -88.00
CIRCUIT ELE-NVDR       CIRKIT-R          17.39        -88.00
DATAMAT PCL            DTM               12.69         -6.13
DATAMAT PCL-NVDR       DTM-R             12.69         -6.13
DATAMAT PLC-F          DTM/F             12.69         -6.13
ITV PCL                ITV               33.88        -90.93
ITV PCL-FOREIGN        ITV/F             33.88        -90.93
ITV PCL-NVDR           ITV-R             33.88        -90.93
K-TECH CONSTRUCT       KTECH             39.74        -33.07
K-TECH CONSTRUCT       KTECH/F           39.74        -33.07
K-TECH CONTRU-R        KTECH-R           39.74        -33.07
KUANG PEI SAN          POMPUI            17.15        -12.12
KUANG PEI SAN-F        POMPUI/F          17.15        -12.12
KUANG PEI-NVDR         POMPUI-R          17.15        -12.12
MALEE SAMPRAN          MALEE             56.30         -3.46
MALEE SAMPRAN-F        MALEE/F           56.30         -3.46
MALEE SAMPR-NVDR       MALEE-R           56.30         -3.46
PATKOL PCL             PATKL             51.03        -29.87
PATKOL PCL-FORGN       PATKL/F           51.03        -29.87
PATKOL PCL-NVDR        PATKL-R           51.03        -29.87
PICNIC CORPORATI       PICNI            162.04        -79.86
PICNIC CORPORATI       PICNI/F          162.04        -79.86
PICNIC CORPORATI       PICNI-R          162.04        -79.86
PONGSAAP PCL           PSAAP             25.97         -4.74
PONGSAAP PCL           PSAAP/F           25.97         -4.74
PONGSAAP PCL-NVD       PSAAP-R           25.97         -4.74
SAFARI WORLD PUB       SAFARI           102.74        -23.19
SAFARI WORLD-FOR       SAFARI/F         102.74        -23.19
SAFARI WORL-NVDR       SAFARI-R         102.74        -23.19
SAHAMITR PRESS-F       SMPC/F            31.18        -14.94
SAHAMITR PRESSUR       SMPC              31.18        -14.94
SAHAMITR PR-NVDR       SMPC-R            31.18        -14.94
SUNWOOD INDS PCL       SUN               19.86        -13.03
SUNWOOD INDS-F         SUN/F             19.86        -13.03
SUNWOOD INDS-NVD       SUN-R             19.86        -13.03
THAI-DENMARK PCL       DMARK             15.72        -10.10
THAI-DENMARK-F         DMARK/F           15.72        -10.10
THAI-DENMARK-NVD       DMARK-R           15.72        -10.10
TRANG SEAFOOD          TRS               11.52         -1.25
TRANG SEAFOOD-F        TRS/F             11.52         -1.25
TRANG SFD-NVDR         TRS-R             11.52         -1.25
UNIVERSAL S-NVDR       USC-R             97.74        -40.29
UNIVERSAL STARCH       USC               97.74        -40.29
UNIVERSAL STAR-F       USC/F             97.74        -40.29

TAIWAN


CHIEN TAI CEMENT       1107             202.45        -22.41
HELIX TECH-EC          2479T             23.39        -24.12
HELIX TECH-EC IS       2479U             23.39        -24.12
HELIX TECHNOL-EC       2479S             23.39        -24.12
TAIWAN KOL-E CRT       1606U            507.21       -147.14
TAIWAN KOLIN-EN        1606V            507.21       -147.14
TAIWAN KOLIN-ENT       1606W            507.21       -147.14
VERTEX PREC-ENTL       5318T             43.04         -2.31
VERTEX PRECISION       5318              43.04         -2.31
YEU TYAN MACHINE       8702              39.57       -271.07



                         *********

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

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

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


                            *********


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

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

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

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

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





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