TCRAP_Public/100303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, March 3, 2010, Vol. 13, No. 043

                            Headlines



A U S T R A L I A

HARDIE HOLDINGS: Receivers Appointed to Hunter Economic Zone
RAPTIS GROUP: Court Allows Sale of Sheraton Mirage for AU$62.5MM


C H I N A

CHINA VOICE: Posts US$1.15-Mil. Net Loss in Q2 Ended Dec. 31
CITIC KA: Moody's Affirms Ba1 Jr. Sub. Debt (Foreign) Rating
TONGLI PHARMACEUTICALS: Earns US$785,825 in Q3 Ended December 31


H O N G  K O N G

CYBERLINK LIMITED: Members' Final Meeting Set for March 31
EDNOLAND (HK): Creditors' Proofs of Debt Due March 31
EDUCATION DEVELOPMENT: Members' Final Meeting Set for March 26
EQUESTRIAN EVENTS: Members' Final Meeting Set for March 30
FINESTYLE MARITIME: Annual Meetings Set for March 26

GENSET LIMITED: Members' Final Meeting Set for March 30
GESINGBO KNITTING: Tsang Wai Ming Steps Down as Liquidator
GLOBAL EQUITY: Creditors' Proofs of Debt Due March 26
GOLDLY HOLDINGS: Members' Final Meeting Set for March 30
GOOD LUCK: Placed Under Voluntary Wind-Up Proceedings

GOOD MASCOT: Creditors' Proofs of Debt Due April 9
HORSBURG TRADING: Seng and Lo Step Down as Liquidators
JFAC CORPORATE: Members' Final General Meeting Set for March 29
KELON ELECTRIC: Chan Wing Kit Steps Down as Liquidator
KLA-TENCOR MIE: Members' Final Meeting Set for March 26

LANCA TRADING: Members' Final Meeting Set for March 30
LEAD DELUX: Members' Final Meeting Set for March 31
LUCK ALLTIME: Creditors' Proofs of Debt Due March 26
LUCKY BIRD: Members' Final Meeting Set for March 31
MACQUARIE GOODMAN: Middleton and Cowley Step Down as Liquidators


I N D I A

BODAL CHEMICALS: CARE Reaffirms 'CARE BB+' Rating on LT Bank Loan
DEVDIP MALLS: CARE Assigns 'CARE BB-' Rating on LT Bank Facilities
JAYARAMA AUTOMOTIVES: ICRA Puts 'LBB' Rating on INR80MM Bank Debt
RAJASTHAN CABLES: ICRA Assigns 'LBB-' on INR80 Mil. Bank Debt
S. A. IRON: ICRA Assigns 'LBB' Rating on INR224.8MM Term Loans

SBEC PROJECTS: ICRA Rates INR85 Mil. Fund Based Limits at 'LBB+'
TATA MOTORS: Posts INR650-crore Consolidated Q3 Net Profit
TATA MOTORS: Vehicle Sales in February Grow 58%


J A P A N

ADVANCE RESIDENCE: Moody's Upgrades Senior Debt Rating to 'Ba1'
JAPAN AIRLINES: Offers Early Retirement Program to 2,700 Workers
JAPAN AIRLINES: Posts JPY177.9BB Net Loss for 9 Mos. Ended Dec. 31
JAPAN AIRLINES: To Establish Compliance Investigations Committee


K O R E A

HYUNDAI MOTOR: Faces Louis Vuitton Suit Over Super Bowl Ad
HYUNDAI MOTOR: Recalls 515 Vehicles in U.S. Over Airbag Defect
KIA MOTORS: Opens First U.S. Manufacturing Plant
SSANGYONG MOTOR: Auto Sales Up 89% in February


M A L A Y S I A

RAMUNIA HOLDINGS: Auditors' Going Concern Doubt Cues PN17 Listing
VTI VINTAGE: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

AIR NEW ZEALAND: Posts NZ$64-Mil. Net Profit in 2nd Half of 2009
ALLIED NATIONWIDE: S&P Assigns 'BB-' Counterparty Credit Rating
SOUTH CANTERBURY: Gets NZ$152.5-Mln Capital Injection From Parent
SOUTH CANTERBURY: Makes Early Full Repayment of USPP Facility
STRATEGIC FINANCE: Posts Unaudited Half Year Loss of NZ$99.8 Mil.


P H I L I P P I N E S

DEVELOPMENT BANK: Fitch Affirms Issuer Default Rating at 'BB'


X X X X X X X X

AMERICAN INT'L: Has Deal to Sell AIA to Prudential for $35.5BB

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


HARDIE HOLDINGS: Receivers Appointed to Hunter Economic Zone
------------------------------------------------------------
The Sydney Morning Herald reports that receivers have moved in to
take control of the Hunter Economic Zone, an industrial park which
is expected to create more than 10,000 jobs and attract AU$2
billion in investment.

The Herald says receivers at Ernst and Young confirmed they had
been appointed to manage companies controlled by the property
developer Hardie Holdings, which set up the zone and in 2002 won
approval for an 870-hectare industrial park in forest near
Cessnock.

A spokeswoman for Ernst and Young told SMH that the companies
controlling the zone had been placed into receivership "after
defaulting on loan obligations."

According to the report, Professor Phillip O'Neill, who advised
Cessnock Council on potential uses for the land and is now
director of the Urban Research Centre at the University of Western
Sydney, said he was not surprised the zone had gone into
receivership, as the site never had enough infrastructure to
attract investors.


RAPTIS GROUP: Court Allows Sale of Sheraton Mirage for AU$62.5MM
----------------------------------------------------------------
The Supreme Court of Queensland has given St. George Bank the
green light to sell Raptis Group-owned Sheraton Mirage Gold Coast
hotel to an Indian-backed group, Pearls Australasia for AU$62.5
million, Bridget Carter at The Australian reports.

Ms. Carter says the decision came after a judge ruled a move by
two key investors to block the transaction was unlawful.

The Premium Income Fund, headed by Wellington Capital's Jenny
Hutson, and Dr. Joe Ross's LJK Nominees, took St. George to court
in January arguing that, while St. George as first mortgagee had a
right to sell Sheraton land and building, it did not have the
right to sell the hotel business, goldcoast.com.au relates.

The fund and LJK Nominees -- second and third mortgagees to the
Sheraton respectively -- will get nothing from the sale,
goldcoast.com.au notes.

According to The Australian, PIF is owed AU$20 million on the
property while Dr. Ross is owed more than AU$10 million.  St.
George Bank is owed AU$67 million, The Australian adds.

The Australian recalls that a campaign to sell the Sheraton Mirage
Gold Coast was relaunched by the receiver of Jim Raptis's failed
Raptis Group last year, after an attempt in 2008 failed to attract
buyers.

                         About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended
June 30, 2007 (fiscal 2007), it acquired a 100% interest in a
number of companies, including Alexia Investments Pty Limited,
Baronvale Pty Limited, Building Services (QLD) Pty Limited, Civic
Glass & Aluminum Pty Limited and Civic Manufacturing Pty Limited.
During fiscal 2007, the company's 100% owned subsidiaries,
Amaristine Pty Limited, Korelli Pty Limited, Waters Edge
Management Pty Limited and Solero Pty Limited were de-registered.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AU$1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since September 12, 2008.


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


CHINA VOICE: Posts US$1.15-Mil. Net Loss in Q2 Ended Dec. 31
----------------------------------------------------------
China Voice Holding Corp. reported a net loss before preferred
dividend of US$1,150,361 on sales of US$458,624 for the three
months ended December 31, 2009, compared with a net loss of
US$836,901 on sales of US$324,451 for the same period of the prior
year.

The increase in revenues for the quarter is primarily attributed
to U.S. business activities begun during the quarter ended
December 31, 2009.  The increased net loss of US$313,460 was
primarily the result of the US$162,826 income from discontinued
operations in the 2008 period and the US$840,000 loss on equity
investment in the 2009 period, reduced by a US$908,178 decrease in
operating expenses.

                        Six Months Results

For the six months ended December 31, 2009, the Company had sales
of US$472,047 and a net loss before preferred dividend of
US$2,247,508, compared to sales of US$420,436 and a net loss
before preferred dividend of US$1,802,222 for the same period of
2008.

                          Balance Sheet

At December 31, 2009, the Company's consolidated balance sheets
showed US$17,657,005 in total assets, US$6,447,801 in total
liabilities, and US$11,209,204 in total shareholders' equity.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with US$1,441,977 in total current
assets available to pay US$2,245,426 in total current liabilities.

A full-text copy of the Company's quarterly report is available at
no charge at http://researcharchives.com/t/s?55b3

                       Going Concern Doubt

As reported in the Troubled Company Reporter on November 6, 2009,
Jimmy C.H. Cheung & Co, in Hong Kong, expressed substantial doubt
about China Voice Holding Corp. and subsidiaries' ability to
continue as a going concern after auditing the Company's
consolidated financial statements as of, and for the fiscal years
ended, June 30, 2009, and 2008.  The auditors pointed to the
Company's net losses and accumulated deficits during the past two
fiscal years.  Additionally, the auditors reported that the
Company has used cash flow in operations of approximately
US$2,519,395 and US$4,170,590 in fiscal 2009 and 2008,
respectively.

During the six months ended December 31, 2009, and 2008, the
Company had significant operating losses.  The Company has
incurred net losses of approximately US$2,247,508 and US$1,802,222
for the six months ended December 31, 2009, and 2008,
respectively. Additionally, during the six months ended Dec. 31,
2009, and 2008, the Company has used cash flow in continuing
operations of approximately US$679,581 and US$1,491,073.
Accumulated deficit amounted to US$ 2,143,037 and US$29,576,504 as
of December 31, 2009, and June 30, 2009, respectively.

Currently, the operations of the Company are funded through
issuance of debt and equity instruments and borrowings from
related parties.  Management's plans to generate cash flow include
sale of company assets, expanding the Company's existing
operations, as well as through additional acquisitions.
Additionally, the Company may raise additional funds by raising
additional capital through debt of equity offerings in an effort
to fund the Company's anticipated expansion.  There is no
assurance additional capital will be available to the Company on
acceptable terms.

                        About China Voice

Based in Boca Raton, Fla., China Voice Holding Corp. --
http://www.chvc.com/-- is a U.S. publicly-traded holding company
with a portfolio of next-generation communications products and
services doing business in the People's Republic of China, where
the Company has obtained full legal status as a licensed Chinese
telecommunications company.  Through its subsidiaries, the Company
provides Voice over Internet Protocol telephone services, office
automation, wireless broadband, unified messaging, video
conferencing, mobility services and other advanced voice and data
services.  CHVC's focus is on providing its innovative and
patented voice and data solutions to government agencies and large
enterprises in China.


CITIC KA: Moody's Affirms Ba1 Jr. Sub. Debt (Foreign) Rating
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on various ratings for the CITIC Group, China CITIC Bank,
and CITIC Ka Wah Bank.  Moody's has also affirmed all the ratings.

The ratings include (1) CITIC Group's Baa2 long-term foreign
currency senior debt rating and "12" baseline credit assessment,
(2) China CITIC Bank's Baa2 long-term and Prime-2 short-term
foreign currency deposit ratings, and (3) all CITIC Ka Wah Bank's
debt and deposit ratings.

                           CITIC GROUP

"For CITIC Group, the change in outlook reflects Moody's
expectation that its financial position will remain stable and
that its liquidity will remain sufficient at its current rating
level," says Yvonne Zhang, a Moody's VP/Senior Analyst.

CITIC Group's net income and ROE increased in 2009.  Furthermore,
total debt at the holding company level decreased as CITIC Group
repaid some of its debt in 2009 from operating cash flow and cash
flow from investments.

In November 2008, Moody's put CITIC Group's ratings on negative
outlook.  This was because Moody's had concerns over the potential
substantial financial obligation on the Group as a result of its
strong support for CITIC Pacific -- a subsidiary that had incurred
significant losses in 2008 on its leveraged foreign exchange
contracts.  Refer to Moody's press release of November 18, 2008
for details on the last rating action on CITIC Group,

Due to the Group's currency risk management, improved economic
condition, and the appreciation of the AUD in 2009, the cost to
CITIC Group of assuming certain CITIC Pacific obligations is no
longer expected to have a material negative impact on the Group's
future financial position.

After the substantial losses at CITIC Pacific, CITIC Group changed
the subsidiary's senior management and strengthened control of its
operation.  It created a new Risk Management Department in 2009.
The new department is responsible for developing and implementing
sound risk management practices and internal control policies
within the Group.

Overall, Moody's views positively the steps CITIC Group has taken
to strengthen internal control and risk management processes
within the Group.  However, Moody's expect that it will take some
time before sound risk manage practices can become fully
established.

Consistent with Moody's rating methodology for government-related
issuers, CITIC Group's ratings reflect the combination of these
inputs: (i) BCA of 12 (on a scale of 1 to 21, where 1 represents
lowest credit risk), which is mapped to a Ba2 stand-alone rating;
(ii) A1 local currency rating of the Chinese government; (iii)
medium dependence; and (iv) high support from the government.

Moody's last rating action on CITIC Group was taken on November
18, 2008 when Moody's downgraded its long-term foreign currency
senior debt rating to Baa2 from Baa1, and the BCA to "12" from
"11"; and changed the outlook on the ratings and BCA to negative
from stable.

                         China CITIC Bank

In addition, China CITIC Bank's rating outlook change to stable
from negative follows the change in rating outlook for CITIC
Group.

It reflects Moody's recognition of strong parental support from
CITIC Group because of the bank's importance to the Group.  As of
June 2009, the bank was still the Group's top subsidiary in terms
of assets and profit contribution.

There has been no change in China CITIC Bank's bank financial
strength rating of D, although Moody's recognizes the risks that
come with its aggressive loan growth in 2009.  As of September
2009, the bank had increased its loan portfolio by about 50% from
end-2008 in its efforts to counter earnings pressure due to the
economic slowdown.

Moody's is concerned about the risk associated with the banking
sector's excessive lending to the real estate sector and local
governments in 2009.  However, given CITIC Bank's loan portfolio
composition, Moody's believes that the bank's asset quality will
be manageable given its earning power, loss reserve and capital
levels.

Moody's also recognizes the bank's capital raising plan to support
business growth and to provide a buffer for potential increases in
non-performing loans.

Moody's last rating action on China CITIC Bank was taken on
November 18, 2008, when Moody's changed the outlook on its foreign
currency deposit ratings to negative from stable.

                        CITIC Ka Wah Bank

The outlook on CITIC Ka Wah Bank's debt and deposit ratings were
also changed to stable from negative, reflecting the change in the
rating outlook of its ultimate parent, the CITIC Group.

There is no change in CKWB's BFSR of D+, which continues to carry
a stable outlook.  CKWB endured difficult operating performance
during the financial crisis, which exposed its weakness in risk
management and resulted in the BFSR downgrade in November 2007.
Nonetheless, it is gradually emerging from the difficult period,
thanks to a more stable operating environment.  With the
assistance of Banco Bilbao Vizcaya Argentaria, S.A., which has a
29.7% stake in its immediate parent CITIC International Financial
Holdings Limited, CKWB's risk management is undergoing a major
overhaul.  Moody's will continue to closely monitor the progress
and evaluate the effectiveness and thoroughness of its changed
risk management.

Moody's does not expect the potential support to be provided to
CKWB by CIFH, if needed, to change following China CITIC Bank's
acquisition of a 70.3% stake in CIFH, which wholly owned CKWB,
from CITIC Group.  China CITIC Bank, now considered as CKWB's
primary extraordinary support provider, has the most board seats
among CKWB's shareholders.  In addition, CKWB is an important
vehicle for China CITIC Bank's overseas expansion and wealth
management platform.  These factors result in a one-notch uplift
for CKWB's debt and deposit ratings by the parental support.

Moody's last rating action on CKWB was on February 10, 2010 when
its long-term foreign currency junior subordinated debt rating was
downgraded to Ba1 from Baa3.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.  As of September-2009, it had total
consolidated total assets of RMB 1,904 billion (US$280 billion).

China CITIC Bank, headquartered in Beijing, is 67.3% owned by
CITIC Group and the 7th largest commercial bank in China.  As of
September-2009, it had total assets of RMB 1,429 billion
(US$210.1 billion).

CKWB, headquartered in Hong Kong, is a commercial bank with total
assets of HK$117.2 billion (approximately US$15.1 billion) as of
end-June 2009.

    List of ratings of CITIC Group, China CITIC Bank, and CKWB

CITIC Group (all with stable outlook):

* Senior Unsecured (foreign) Baa2

* BCA 12 (on a scale of 1 to 21, where 1 represents the lowest
  risk)

China CITIC Bank (all with stable outlook):

* Bank Financial Strength D
* LT Bank Deposits (Foreign) Baa2
* ST Bank Deposits (Foreign) P-2

CITIC Ka Wah Bank (all with stable outlook):

* Bank Financial Strength Rating D+

* LT Bank Deposits (foreign) Baa2

* LT Bank Deposits (Domestic) Baa2

* LT Deposit Note/CD Program (Foreign) Baa2

* LT Deposit Note/CD Program (Domestic) Baa2

* Senior Unsecured Debt (Foreign) Baa2

* Subordinated Debt (Foreign) Baa3

* Junior Subordinated Debt (Foreign) Ba1

* BACKED Junior Subordinated Debt (Foreign) Ba1 (issued through
  CKWH-UT2 Limited)

* ST Bank Deposits (Foreign) P-2

* ST Bank Deposits (Domestic) P-2

* ST Deposit Note/CD Program (Foreign) P-2

* ST Deposit Note/CD Program (Domestic) P-2


TONGLI PHARMACEUTICALS: Earns US$785,825 in Q3 Ended December 31
----------------------------------------------------------------
Tongli Pharmaceuticals (USA), Inc. and subsidiaries reported net
income of US$785,825 on revenue of US$2,928,562 for the three
months ended December 31, 2009, compared with net income of
US$535,204 on revenue of US$1,754,581 in the same period ended of
2008.

The approximately 67% increase in revenue was mainly attributable
to the overall increase in sales of several of the Company's l
major products and the Company's distribution to a previously
unaddressed market.  Part of the revenue was also generated by the
recently purchased new product Yan Li Xiao Capsule.  The Company
has the exclusive right to use this new product's trademark, and
manufacture and sell this product nationwide in China for the next
seven years.

                       Nine Months Results

For the nine months ended September 30, 2009, the Company reported
net income of US$1,408,903 on revenue of US$5,821,937, compared
with net income of US$1,527,224 on revenue of US$5,065,291 for the
same period of the prior year.

                          Balance Sheet

At December 31, 2009, the Company's consolidated balance sheets
showed US$10,722,869 in total assets, US$1,415,814 in total
liabilities, and US$9,307,055 in total shareholders' equity.

A full-text copy of the Company's Form 10-Q is available for free
at http://researcharchives.com/t/s?55ad

                       Going Concern Doubt

As reported in the TCR on July 21, 2009, Paritz & Company, P.A. in
Hackensack, New Jersey expressed substantial doubt about Tongli
Pharmaceuticals' ability to continue as a going concern after
auditing the financial results for the years ended March 31, 2009,
and 2008.  The auditors related that the Company has a working
capital deficit of US$275,450 and had minimum cash or available
borrowing capacity as of March 31, 2009.

The Company has taken certain actions and continues to implement
changes designed to improve its financial results and operating
cash flows.  The actions include certain cost-saving initiatives
and continuous development of new and existing clients. T he
Company believes that these actions will enable it to move towards
profitability and improve cash flow in its continuing operations
through the coming year.  As of December 31, 2009, the Company's
working capital has improved to US$1,279,903.

                   About Tongli Pharmaceuticals

Based in Flushing, New York, Tongli Pharmaceuticals (USA), Inc.,
through a wholly-owned subsidiary, Harbin Tianmu Pharmaceuticals
Co., Ltd., develops, produces and sells a wide variety of
pharmaceuticals and healthcare products in the People's Republic
of China that are based on traditional Chinese medicine.


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


CYBERLINK LIMITED: Members' Final Meeting Set for March 31
----------------------------------------------------------
Members of Cyberlink Limited will hold their final meeting on
March 31, 2010, at 10:30 a.m., at the 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

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


EDNOLAND (HK): Creditors' Proofs of Debt Due March 31
-----------------------------------------------------
Creditors of Ednoland (HK) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 31, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 18, 2010.

The company's liquidator is:

         Chan Sek Kwan Rays
         Seabright Plaza
         Unit F, 12/F
         9-23 Shell Street
         North Point, Hong Kong


EDUCATION DEVELOPMENT: Members' Final Meeting Set for March 26
--------------------------------------------------------------
Members of Education Development Platform Limited will hold their
final meeting on March 26, 2010, at 10:00 a.m., at the 22nd Floor,
Henan Building, 90 Jaffe Road, Wanchai, in Hong Kong.

At the meeting, Tang Pui Shan Joyce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EQUESTRIAN EVENTS: Members' Final Meeting Set for March 30
----------------------------------------------------------
Members of Equestrian Events (Hong Kong) of the Games of the XXIX
Olympiad Company Limited will hold their final meeting on
March 30, 2010, at 10:00 a.m., at the Room D, 32nd Floor, Tower 1,
Lippo Centre, 89 Queensway, in Hong Kong.

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


FINESTYLE MARITIME: Annual Meetings Set for March 26
----------------------------------------------------
Members and creditors of Finestyle Maritime Services Limited will
hold their annual meetings on March 26, 2010, at 11:00 a.m., at
the 62/F, One Island East, 18 Westlands Road, Island East, in Hong
Kong.

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


GENSET LIMITED: Members' Final Meeting Set for March 30
-------------------------------------------------------
Members of Genset Limited will hold their final meeting on
March 30, 2010, at 2:00 p.m., at the Rooms 2102-3 China Insurance
Group Building, 141 Des Voeux Road Central, in Hong Kong.

At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GESINGBO KNITTING: Tsang Wai Ming Steps Down as Liquidator
----------------------------------------------------------
Tsang Wai Ming stepped down as liquidator of Gesingbo Knitting
Garments Factory Limited on February 19, 2010.


GLOBAL EQUITY: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------
Creditors of Global Equity Investments Limited, 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 February 19, 2010.

The company's liquidator is:

         Oliver Kwong Chi Choi
         Tai Tung Building, Room 601, 6/F
         No. 8 Fleming Road
         Wanchai, Hong Kong


GOLDLY HOLDINGS: Members' Final Meeting Set for March 30
--------------------------------------------------------
Members of Goldly Holdings Limited will hold their final meeting
on March 30, 2010, at 2:30 p.m., at the Rooms 2102-3 China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.

At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOOD LUCK: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on February 11, 2010,
members of Good Luck Industry Processing Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Clement Chan Chung Wah
         Heng Shan Centre, 5/F
         145 Queen's Road East
         Wanchai, Hong Kong


GOOD MASCOT: Creditors' Proofs of Debt Due April 9
--------------------------------------------------
Creditors of Good Mascot Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 9,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on February 19, 2010.

The company's liquidator is:

         Kwok Lai Ngor
         Tal Building, Unit A, 10/F
         49 Austin Road
         Jordan, Kowloon
         Hong Kong


HORSBURG TRADING: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Horsburg Trading Company Limited on February 5, 2010.


JFAC CORPORATE: Members' Final General Meeting Set for March 29
---------------------------------------------------------------
Members of JFAC Corporate Finance limited will hold their final
general meeting on March 29, 2010, at 10:00 a.m., at the Room
1601-1602, 16th Floor, One Hysan Avenue, Causeway Bay, in Hong
Kong.

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


KELON ELECTRIC: Chan Wing Kit Steps Down as Liquidator
------------------------------------------------------
Chan Wing Kit stepped down as liquidator of Kelon Electric
Appliances Company Limited on February 20, 2010.


KLA-TENCOR MIE: Members' Final Meeting Set for March 26
-------------------------------------------------------
Members of Kla-Tencor Mie Limited will hold their final general
meeting on March 26, 2010, at 2:00 p.m., at the 29th Floor,
Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LANCA TRADING: Members' Final Meeting Set for March 30
------------------------------------------------------
Members of Lanca Trading Company Limited will hold their final
meeting on March 30, 2010, at 3:00 p.m., at the Rooms 2102-3 China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.

At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LEAD DELUX: Members' Final Meeting Set for March 31
---------------------------------------------------
Members of Lead Delux Limited will hold their final meeting on
March 31, 2010, at 11:00 a.m., at the 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

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


LUCK ALLTIME: Creditors' Proofs of Debt Due March 26
----------------------------------------------------
Creditors of Luck Alltime Limited, 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 February 19, 2010.

The company's liquidators are:

         Au Yeung Tin Wah
         Anita Ng Wing Man
         Tai Yau Building, 21/F
         181 Johnston Road
         Wanchai, Hong Kong


LUCKY BIRD: Members' Final Meeting Set for March 31
---------------------------------------------------
Members of Lucky Bird Limited will hold their final meeting on
March 31, 2010, at 11:30 a.m., at the 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

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


MACQUARIE GOODMAN: Middleton and Cowley Step Down as Liquidators
----------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Macquarie Goodman Container Investments No. 2
Limited on February 22, 2010.


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


BODAL CHEMICALS: CARE Reaffirms 'CARE BB+' Rating on LT Bank Loan
-----------------------------------------------------------------
CARE has reaffirmed the 'CARE BB+' rating to the long-term bank
loans facilities and 'PR 4' rating to the short-term bank loans /
facilities of Bodal Chemicals Ltd.  Further, CARE has removed both
the ratings from 'credit watch'.  The ratings were put on 'credit
watch' on account of likely development related to implementation
of the proposed project, yet to be declared audited results for
FY09 and its impact on the overall financial risk profile of
company, especially in the weak economic scenario.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  This rating is applicable to
facilities having tenure of more than one year. Facilities with
'PR four' rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  This rating is
applicable to facilities having tenure up to one year.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position within the
band covered by the rating symbol.

                                  Amount
   Facilities                    (INR cr)         Rating
   ----------                    --------         ------
   Long-term Bank Facilities      170.76          'CARE BB+'
   Short-term Bank Facilities      95.00          'PR 4'

The ratings take into account deterioration in BCL's financial
risk profile during FY09 in light of weak global economic scenario
& delay in implementation of ongoing projects, high overall
gearing, working capital intensive nature of operations, and
limited pricing power along with stiff competition from Chinese
and domestic players.  Considering its weak liquidity position,
BCL has been sanctioned rephasement of existing term loans and
further financial assistance.  Ratings take into account
improvement in the profitability during H1FY10, commencement of
the dyes & intermediate facilities, long standing track record of
operations, healthy operational efficiency with wide product range
in intermediates along with integration of operations and
diversified revenue streams from domestic as well as exports
market.

Improvement in the overall gearing with augmentation of capital
base, achieving optimum return form the added capacities and
completion of ongoing projects without time and cost over run are
key rating sensitivities.

Ahmedabad-based BCL commenced operations 1989 and subsequently
converted into a private limited company in 1993.  BCL is a
leading player in India in dyes & intermediate industry.  It is
presently executing an expansion-cum-backward integration project
worth INR140 crore for manufacturing H-acid, Dyes, Beta Napthol,
Chlorosulphonic Acid/Oleum/Sulphuric Acid, Single Super Phosphate
(SSP), Thynile Chloride and Para Nitro Aniline.

During FY09, BCL reported total income of INR404.78 crore
(previous year INR415.79 crore) and incurred a net loss of
INR11.14 crore (Previous year PAT of INR17.45 crore) and gross
cash accrual of INR1.24 crore (Previous year INR24.70 crore).
During H1FY10, it has reported total income of INR224.52 crore and
PAT of INR5.93 crore as compared to total income of INR257.96
crore and PAT of INR5.11 crore during H1FY09.


DEVDIP MALLS: CARE Assigns 'CARE BB-' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE has assigned 'CARE BB-' rating to the long-term bank
loans/facilities of Devdip Malls Developers Pvt. Ltd.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

Rating Rationale

The rating is constrained due to frequent changes in the scope of
project resulting in reschedulement of outstanding term loan and
risk inherent to a real estate project.  The rating factors in
experience of promoters of DMDPL in successful development of
various real estate projects, mainly in the residential segment,
at premium locations within Ahmedabad and other cities of Gujarat.
Timely completion of the current project along with timely
realization of sale proceeds at envisaged rates are the key rating
sensitivities.

DMDPL, incorporated in 2007, is Special Purpose Vehicle (SPV)
promoted by Ahmedabad-based Dev group, which is engaged in
developing real estate properties in residential and commercial
segment for more than a decade at various locations in different
cities in Gujarat with majority of projects being in Ahmedabad.

Presently, DMDPL is implementing a residential project in
Ahmedabad.  The scope of the project has undergone several
revisions on account of weakening real estate market. The project,
presently being implemented, has a cost of INR95.25 crore, of
which DMDPL has incurred INR84.01 crore and availed the term loan
disbursement of INR44.40 crore from Bank.


JAYARAMA AUTOMOTIVES: ICRA Puts 'LBB' Rating on INR80MM Bank Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR80.0 million fund-
based facilities of Sri Jayarama Automotives Private Limited.
The outlook on the rating is stable.  ICRA has also assigned an A4
rating to INR40.0 million non-fund based bank limits of JAPL.

The ratings are constrained by JAPL's thin profit margins and high
working capital intensity -- both inherent in the automotive
dealership business. The ratings also factor in the moderate scale
of operations of the company restricting economies of scale and
financial flexibility.  The company's capital structure is
stretched with a gearing of 2.3 times (as on March 31, 2009),
although most of the debt is related to working capital borrowings
and inventory funding.  JAPL has strong market position among the
tractor dealers in Mahabubnagar district with a market share of
75% (during 9 months ending Dec. 31, 2009).  The company's
dealerships in Exide batteries, Ceat tyres and Elf lubricants
provide some diversification to its revenue streams.  The ratings
also incorporate the significant experience of the promoter of
more than three decades in automotive dealership business.

Sri Jayarama Automotives Private Limited is the authorised dealer
for Mahindra & Mahindra (M&M) tractors and spares for the district
of Mahabubnagar in Andhra Pradesh.  The company is also an
authorised dealer for Exide Batteries, Ceat Tyres and ELF
Lubricants for the district of Mahabubnagar.  JAPL also trades in
trailers and agriculture implements which are manufactured by its
sister concern "Sri Rama Engineering Company".  The company was
established as a proprietorship in the year 1984 and was converted
into a private limited company during the year 2005.  The promoter
and his family hold the entire 100% equity capital of JAPL.

The Company reported operating income of INR500 million for the
nine months ending December 31, 2009, against net profit after tax
of INR4.5 million on operating income of INR570.7 million for year
ending March 31, 2009.


RAJASTHAN CABLES: ICRA Assigns 'LBB-' on INR80 Mil. Bank Debt
-------------------------------------------------------------
ICRA has assigned rating of 'LBB-' to the INR80 million fund based
limits of Rajasthan Cables & Conductors Private Limited.  ICRA has
also assigned rating of A4 to INR70 million non fund based lines
of RCCPL.

ICRA's non-investment ratings factor in RCCPL's modest scale of
operations, low profitability and high gearing levels of the
company.  Further, there has been a significant increase in the
pricing pressures on the aluminium conductors industry following a
worsening of the supply-demand position, which is expected to
further intensify the competitive pressures from both large
players as well as the unorganized sector.  This apart, the
ratings are also constrained by low pending order book and high
working capital (WC) intensity of operations (arising out of high
level of debtors) leading to negative cash generation from
operations (as measured by net cash accruals adjusted for working
capital changes)  & consequently stretched liquidity as
measured by unutilized bank limits.  The ratings are however
supported by the promoter's long track record and nearly three
decades of experience in the power cable industry, a positive
outlook on volumes in the long-term driven by the large quantum of
investments expected in the power sector & entry of the company
into Low tension and Arial bunched cables.  The ratings also
derive comfort from the fact that the sales orders have Price
variation clauses which provide cushion to the company's
profitability against the fluctuation of raw material prices.

Rajasthan Cables & Conductors Private Limited commenced operations
in the year 1979 as a group company of Rajasthan Transmission wire
Private Limited, with the main object to manufacture all types of
conductors and cables.


S. A. IRON: ICRA Assigns 'LBB' Rating on INR224.8MM Term Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR224.8 million fund-
based limits/term loans of S. A. Iron and Alloys Limited.  The
rating carries a stable outlook.  ICRA has also assigned a short-
term rating of A4 to INR10 million non-fund-based limits of SIL.

The rating takes into consideration SIL's diversified client base,
experience of the promoters in the sponge iron business and a
favorable outlook for the industry in the medium-to long-term. The
rating is, however, constrained by the cyclicality inherent in
iron-and-steel business, fragmented nature of the sponge iron
industry and SIL's low profit margins; while ICRA expects gradual
improvement in the business profile of the company following the
expansion of its capacities, financial profile is expected to
remain stressed in the near term due to its planned capital
expenditure program.

SA Iron and Alloys Limited, established in 2003, is engaged in
manufacturing of sponge iron.  The company was promoted by Mr.
Arun Kumar Jain and Mr. Subhash Chandra Aggarwal. In September
2007, Mr. Pawan Kumar Tulsyan took over the shareholding and
business interest in the company owned by Mr. Subhash Chandra
Agrawal.  SIL currently has a manufacturing capacity of 300 TPD of
sponge iron at Ramnagar in Uttar Pradesh.  In FY 2009, SIL
reported a net profit of INR36.1 million on the back of operating
income of INR824.85 million.


SBEC PROJECTS: ICRA Rates INR85 Mil. Fund Based Limits at 'LBB+'
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR85 million fund based
working capital limits of SBEC Projects Private Limited.

The outlook on the rating is stable.  ICRA has also assigned an
A4+ rating to INR200 million non fund based working capital limits
of SBEC.
The ratings factor in SBEC's moderate scale of operations,
intensely competitive nature of the industry and the geographic
concentration risk arising out of the fact that majority of its
projects are located in Andhra Pradesh.  The ratings also take
into consideration the fact that a significant portion of its
order book is concentrated on few large sized orders leading to
the risk of vulnerability in revenues and receivables position.
However the ratings draw comfort from the long track record of
promoters in the construction industry and its well established
relationship with clients.

SBEC Projects Private Limited was started as a partnership concern
in 1980 by Mr. Y. Nagabhushana Rao and Mr. P. Chittranjan along
with their friends and relatives in the name of Shree Balaji
Engineers and Contractors.  However in the year 2005 it was
converted into a private limited company and its name was changed
to SBEC Projects Private Limited.  The company is involved in the
civil construction and has executed a variety of projects such as
construction of commercial buildings, factory buildings,
institutional buildings, hospitals and roads etc.  The majority of
the projects executed by SBEC are in Andhra Pradesh; however it
has also worked in other states like Orissa, Karnataka, Madhya
Pradesh and Chhattisgarh etc.

In FY 2009, SBEC reported a net profit of INR13.28 million on an
operating income of INR395.59 million.


TATA MOTORS: Posts INR650-crore Consolidated Q3 Net Profit
----------------------------------------------------------
Tata Motors reported a consolidated net profit of INR650.26 crores
for the quarter ended December 31, 2009, compared with a net loss
of INR2,598.83 crores for the same period of the prior year.

Tata Motors posted gross revenues of INR26,774.44 crores for the
quarter ended December 31, 2009, a growth of 46.7% compared to
INR18,246.60 crores in the corresponding quarter of last year.

Consolidated operating margins (EBITDA) came in at 11.74%, an
improvement of 1496 basis points compared with the corresponding
quarter of the previous year.

Introduction of new products and strong continued growth in the
existing portfolio, along with government stimulus, a benign
liquidity environment and overall economic recovery, have driven
Indian operations demand revival during the current year.  Tata
Motors' sales volume for the quarter (including exports) stood at
165,413 vehicles.  This is a growth of 67.5% over sales of 98,760
vehicles in Q3 2008-09, which witnessed steep decline in volumes
impacted by the financial crisis.

The Jaguar Land Rover business turned profitable during the
quarter.  Supported by better market environment and sustained
cost reduction efforts, it posted Net Profit After Tax of
INR416.95 crores.  Wholesale volumes over the previous quarter of
July - September 2009, grew 28% with quarter-on-quarter volume
improvement being noticed mainly in North America, Europe and
China. Land Rover grew 34% aided by continued strong market
reception to the 2010 model year vehicles launched earlier during
the year.  Jaguar volumes grew 11.5% led by strong growth of XF
while the production of the X-Type, as announced earlier, ceased
by the end of the quarter.

Tata Daewoo Commercial Vehicles Company Limited, the company's
subsidiary based in South Korea, continued to see improvement in
domestic demand while exports came under pressure mainly due to
the oil revenue dependant countries.  The construction equipment
subsidiary, Telco Construction Equipment Company Limited,
commenced the commercial production at its new plant at Kharagpur
in December 2009.

                            Nine Months

The company's gross revenues were INR65,536.36 crores in the nine
months ended December 31, 2009, a growth of 13.6% compared to
INR57,679.77 crores in the corresponding period last year.  The
consolidated financial performance is not comparable to 2008-09 on
account of the acquisition of Jaguar Land Rover in June 2008.

The Consolidated Operating Profit was INR5,245.03 crores while
Profit from Ordinary activities before Tax was INR906.69 crores in
the nine months ended December 2009, compared to loss of
INR2,710.13 crores (after considering notional foreign exchange
loss (net) of INR2,662.24 crores) in the corresponding period last
year.  Had the exchange differences for the nine months ended
December 31, 2008, been accounted for as per the current policy,
the Loss before Tax would have been lower by INR1,930.36 crores.
Net Profit (post minority interest and profit in respect of
Associate companies) was INR343.26 crores, compared to a loss of
INR2,820.89 crores in the comparative period last year.

A full-text copy of the Company's unaudited consolidated financial
results for the quarter ended December 31, 2009, is available for
free at: http://ResearchArchives.com/t/s?55e8

                         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+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


TATA MOTORS: Vehicle Sales in February Grow 58%
-----------------------------------------------
Tata Motors Ltd. reported total sales of 69,427 vehicles in
February 2010, a growth of 58% over 43,811 vehicles sold in
February 2009.  The company's domestic sales of Tata commercial
and passenger vehicles for February 2010 were 66,190 nos., a 56 %
growth over 42,493 nos. sold in February last year.

Cumulative sales (including exports) for the company for the
fiscal at 567,535 nos., recorded a growth of 28 % over 444,095
nos. sold last year.

Commercial Vehicles

The company's sales of commercial vehicles in February 2010 in the
domestic market were 39,205 nos., the highest ever and a 67%
growth compared to 23,454 vehicles sold in February last year. LCV
sales were 21,764 nos., the highest ever and a growth of 49% over
February last year.  M&HCV sales stood at 17,441 nos., a growth of
98% over February last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 330,330 nos., a growth of 40% over last year.
Cumulative LCV sales are 196,040 nos., a growth of 46% over last
year, while M&HCV sales stood at 134,290 nos., a growth of 33%
over last year.

Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 29,241 nos. (26,985 Tata + 2,256 Fiat) in
the domestic market in February 2010, the highest ever and a 43.7%
increase compared to 20,348 nos. (19,039 Tata + 1,309 Fiat) in
February last year.  Sales of Tata cars, at 26,985 nos. are the
highest ever and a growth of 42% over February 2009. Sales of the
Tata Nano were 4,105 nos.  The Indica range sales were 11,502
nos., the highest this fiscal.  The Indigo range recorded sales of
7,373 nos., the highest ever since the Indigo's launch in 2002 and
a growth of 75.2% over February last year.  The Sumo/Safari range
accounted for sales of 4,005 nos., the highest this fiscal and a
growth of 14% over February last year.  The Sumo family
individually recorded the highest sales this fiscal.

Jaguar Land Rover sales continued their upward trend since launch
in June.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 229,814 nos. (207,169 Tata
+ 22,645 Fiat), against 183,403 nos. (176,478 Tata + 6,925 Fiat)
last year, a growth of 25.3%.  Cumulative sales of the Nano are
25,640 nos.  Cumulative sales of the Indica range at 102,797 nos.,
reported a growth of 5.3%. Cumulative sales of the Indigo family
are 49,097 nos., higher by 10%. Cumulative sales of the
Sumo/Safari range are 29,635 nos., lower by 13%.

Exports

The company's sales from exports at 3,237 vehicles in February
2010 registered a growth of 146% compared to 1,318 vehicles in
February last year.  The cumulative sales from exports for the
fiscal at 30,036 nos. are lower by 5% over 31,611 nos. in the same
period last year.

                         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+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


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


ADVANCE RESIDENCE: Moody's Upgrades Senior Debt Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 its senior
unsecured long-term debt rating for Advance Residence Investment
Corporation, which has inherited the senior unsecured long-term
debt of Nippon Residential Investment Corporation, and kept it
under review for a possible further upgrade.

The rating action takes into account the fact that ADR's rated
bonds are subordinate to its outstanding borrowings.

On March 1, 2010, the former Advance Residence Investment
Corporation and NRI merged and established a new REIT -- Advance
Residence Investment Corporation.  Both ex-ADR and NRI have been
completely subsumed into the new entity.

This upgrade reflects Moody's view that, with the merger, 1) the
sponsor has become a member of the Itochu Corporation (Baa1)
group, which has dispelled credit fears regarding NRI's sponsor;
and 2) ADR's assets are now somewhere in the mid-JPY 300 billions,
which eases the portfolio concentration inherited from ex-ADR,
contributes to the stability of revenue, and aid in cutting costs.

ADR announced that all the properties in its portfolio would
become collateral before the merger took place, which may
constrain the company's financial flexibility.  In addition, the
company's leverage is very high in J-REIT sector; according to
Moody's estimates, debt to total assets is now over 60% and net
debt/EBITDA is around 15-16x.  Bringing these numbers down and
raising liquidity coverage to address the rise in debt resulting
from the merger will be challenges the company will have to face
in the near future.

Moody's is continuing the review for possible upgrade as it needs
to examine the new entity's investment policy and financial
management -- particularly its specific plans to achieve its
targeted LTV of 50-55% (as announced prior to the merger).

Moody's previous rating action on NRI took place on October 29,
2009, when it upgraded the issuer and unsecured senior debt
ratings to Ba2 from B1 and kept the ratings on review for possible
further upgrade.  As NRI has been subsumed by the new entity,
Moody's has withdrawn its issuer rating.

New Investment Corporation - Advance Residence Investment
Corporation is a Japanese REIT that invests in and manages
residential properties.  It is scheduled to be listed on the Tokyo
Stock Exchange on March 2, 2010.  The former ADR's operating
revenues totaled approximately JPY2.8 billion for the fiscal half-
year ended December 2009, and NRI's, JPY8.7 billion for the fiscal
half-year ended November 2009.


JAPAN AIRLINES: Offers Early Retirement Program to 2,700 Workers
----------------------------------------------------------------
Japan Airlines Corp. will solicit around 2,700 employee
applications for an early retirement program as it aims to turn
itself around through heavy restructuring under a state-led
process, Japan Today reports.

According to the report, the upcoming early retirement program
will be open to about 400 department chief-level employees among
ground and cabin crew, excluding pilots.

Japan Today relates the company said applications will be accepted
by March 24 and those applying would be asked to leave their jobs
on April 30 with higher retirement allowances.

JAL spokeswoman Yap Sze Hunn said the financial impact of the
measure remains unclear as it will depend on the age and years of
service of the employees applying for the program, the report
notes.

                        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: Posts JPY177.9BB Net Loss for 9 Mos. Ended Dec. 31
------------------------------------------------------------------
Japan Airlines disclosed consolidated results for the first three
quarters (April - December inclusive) of fiscal year 2009.

The consolidated operating revenue for this reporting period
decreased by JPY414.4 billion compared to that of last year.  On
the other hand, operating expense was substantially reduced in
almost every cost category, achieving a JPY302.5 billion decrease
from the same period last year to JPY1.265 trillion.  Operating
loss widened by JPY111.9 billion to JPY120.8 billion while
ordinary loss increased by JPY127.7 billion to JPY153.3 billion.
The resulting net loss for the reporting period is JPY177.9
billion, JPY176 billion more than previous year.

The consolidated financial statements for this reporting term were
prepared on the going concern assumption, where the effects of
substantial uncertainties related to the going concern assumption
are not reflected in this report.

Abiding by Section 83, Part 1 and 3 of the Japanese Corporate
Rehabilitation Law, the Group's assets are being evaluated by the
Trustees based on current market values.  Japan Airlines
Corporation, Japan Airlines International Co., Ltd. and JAL
Capital Co., Ltd. are operating under the Corporate Reorganization
Proceedings and thus, their accounting term, as well as that used
by the JAL Group for its consolidated financial report formally
ended on January 19, 2010.

A full-text copy of the Group's April to December 2009 and
Third Quarter FY2009 Results is available for free at
http://ResearchArchives.com/t/s?55e4

                        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: To Establish Compliance Investigations Committee
----------------------------------------------------------------
Japan Airlines announced on March 2, 2010, that it will establish
a Compliance Investigations Committee whose main objective is to
examine past business practices of the JAL Group.

"Committed to executing a fair and transparent restructuring under
the Corporate Reorganization Proceedings, the JAL Group will
commission the Committee to launch an investigation into past
business management of the JAL Group to determine if there were
any issues about compliancy, and to identify problems in that
aspect," JAL said in a statement.  Key findings will then be
reported to the appointed Trustees.

The Committee is an independent investigative organization formed
by third-party members such as Saiguchi Chiharu -- a lawyer
belonging to the Tokyo Bar Association and a current member of the
Supreme Court of Japan, and Kainaka Tatsuo -- a former member of
the Supreme Court of Japan, who will be able to provide their
professional opinion from a neutral stance in order to impartially
and effectively assess the JAL Group.

                        About Japan Airlines

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

                         *     *     *

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

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

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

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


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


HYUNDAI MOTOR: Faces Louis Vuitton Suit Over Super Bowl Ad
----------------------------------------------------------
Bloomberg News reports that LVMH Moet Hennessy Louis Vuitton SA
has sued Hyundai Motor Co., accusing the car company of trademark
infringement in a Super Bowl ad.

The complaint was filed on Monday by LVMH unit Louis Vuitton
Malletier in Manhattan federal court, Bloomberg says.  Paris-based
LVMH is seeking unspecified damages and an order barring Hyundai
from diluting its trademark.

According to Bloomberg, the suit is over a commercial Hyundai
broadcast on Feb. 7 to a record 106 million people watching the
New Orleans Saints defeat the Indianapolis Colts in the Super
Bowl.  In a commercial entitled "Luxury," Hyundai featured a group
of men playing basketball with a dark brown ball covered in a
pattern of initials that resembled Louis Vuitton's trademark,
according to the complaint obtained by Bloomberg.

"Hyundai's conduct is likely to both dilute the distinctiveness
and tarnish the reputation of the LVM marks," Bloomberg cited
LVMH's trademark dilution complaint.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


HYUNDAI MOTOR: Recalls 515 Vehicles in U.S. Over Airbag Defect
--------------------------------------------------------------
Hyundai Motor Co. said it is voluntarily recalling 515 sport-
utility vehicles in the United States over a defect in the airbag
system, Yonhap New reports.

Company officials said the recall affects new Tucson sport-utility
vehicles produced in South Korea from Nov. 10 and 30 last year and
exported to the U.S., according to Yonhap.

                       February Sales Up 23.4%

Meanwhile, Yonhap News reports that Hyundai Motor's auto sales in
February rose 23.4% from a year ago on higher overseas demand.

The company said it sold a total of 250,995 units last month, with
overseas sales gaining 27.3% to 202,014 units and domestic sales
rising 9.2% to 48,981 units, Yonhap relates.

                        About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


KIA MOTORS: Opens First U.S. Manufacturing Plant
------------------------------------------------
The Korea Times reports that Kia Motors officially opened its
first U.S. plant late last week in West Point, Georgia, through
which the company hopes to expand its presence in North American
markets.

The report says Hyundai-Kia Automotive Group Chairman Chung Mong-
koo participated in the event Friday, and was joined by Georgia
Governor Sonny Perdue as well as Korean Ambassador to the United
States Han Duck-soo.

After agreeing on the partnership with Georgia in 2006, the report
relates, Kia Motors has invested US$1 billion over the past few
years to establish the state-of-the-art facilities, named Kia
Motors Manufacturing Georgia (KMMG).

The Times relates that the 2.2 million-square-foot factory is now
cranking out a single model, the 2011 Kia Sorento, a five-door
crossover utility vehicle (CUV).   The facility will build about
130,000 cars this year and will increase the figure to its full
capacity of 300,000 by 2013 by adding new models.

According to just-auto.com, Kia is also hoping to create a synergy
effect from the new plant's proximity to parent Hyundai Motor's
facility in the neighbouring state of Alabama, which is located
134km away from KMMG.

Kia Motors Manufacturing Georgia will be responsible for producing
transmissions that will be shared with Hyundai vehicles, and
engines built at the Hyundai plant will be used in Kia models,
just-auto.com says.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


SSANGYONG MOTOR: Auto Sales Up 89% in February
----------------------------------------------
Yonhap News reports that Ssangyong Motor Co. sold 4,478 vehicles
in February, up 89% from the same month a year ago.

Ssangyong, which has an annual production capacity of 200,000
units, sold 2,023 units in South Korea and 2,455 units overseas
last month, according to Yonhap.

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.


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


RAMUNIA HOLDINGS: Auditors' Going Concern Doubt Cues PN17 Listing
-----------------------------------------------------------------
Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

According to the company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the company's going concern
status in the latest audited accounts for the financial year ended
October 31, 2009, and the company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.

In the event that the company fails to comply with its
obligations, it will have all its listed securities suspended from
trading and delisting procedures will be commenced against it.

Notwithstanding RAHB's current PN 17 status pursuant to Paragraph
8.04 and Paragraph 2.1(e) of PN 17, RAHB was expected to
eventually fall under PN 17 status after the completion of the
proposed disposal of the Teluk Ramunia Fabrication Yard together
with all moveable and immoveable assets to Sime Darby Engineering
Sdn Bhd, pursuant to Paragraph 2.1(g) of PN 17 by virtue of the
disposal of its major assets under the Proposed Disposal.  The
Proposed Disposal is pending completion and is expected to be
completed by early April 2010.

The Company is yet to formalize a complete regularization plan to
address its PN 17 status.  However, in view of the Proposed
Disposal, the Company will consider various options including but
not limited to either acquire a new business or inject an existing
business (through investment in an existing company/business) into
the RAHB Group, enter into strategic alliances, to revive and
reorganize its core business upon completion of the Proposed
Disposal.  The Board has yet to identify any potential viable and
profitable business but will continue its quest to search for the
right business that has the same business values with RAHB to
uplift its PN17 status.

In addition, the Company is currently finalising the proposed
scheme of arrangement (debt restructuring) as the High Court of
Malaya in Johor Darul Takzim had on February 9, 2010, granted
RAHB, the applicant on behalf of Ramunia Fabricators Sdn Bhd,
leave to hold a court convened meeting within 90 days from
February 9, 2010, for the unsecured creditors of RFSB to
deliberate and approve the proposed scheme of arrangement,
pursuant to Section 176 (1) of the Act.  The proposed scheme of
arrangement for unsecured creditors is also expected to form an
integral part of the overall Regularization Plan to revive and
reorganize the financial condition of the Company.

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.


VTI VINTAGE: Classified as Affected Listed Issuer Under PN17
------------------------------------------------------------
VTI Vintage Berhad is now listed as an Amended Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1 (a) of the PN17.

As an Affected Listed Issuer, VTI Vintage is required:

   (i) within 12 months to (a) submit a regularization plan to
       the Securities Commission  if the plan will result in a
       significant change in the business direction or policy
       of the Company; or (b) submit a regularization plan to
       Bursa Malaysia if the plan will not result in a significant
       change in the business direction or policy of the Company,
       and obtain Bursa Malaysia's approval to implement the plan;

  (ii) implement the regularization plan within the timeframe
       stipulated by the SC or Bursa Malaysia, as the case may be;

(iii) announce within three months on whether the regularization
       plan will result in a significant change in the business
       direction or policy of the Company;

  (iv) announce the status of its regularization plan and the
       number of months to the end of the relevant timeframes on
       a monthly basis until further notice from Bursa Malaysia;

   (v) announce its compliance or non-compliance with a particular
       obligation imposed pursuant to the PN17, on an immediate
       basis;

  (vi) announce the details of the regularization plan and
       sufficient information to demonstrate that the Company is
       able to comply with all the requirements set out under
       paragraph 3.1 of PN17 after implementation of the
       regularization plan, which shall include a timeline for the
       complete implementation of the regularization plan.  The
       Requisite Announcement must be made by a corporate finance
       adviser that may act as a principal adviser under the
       Securities Commission's Guidelines on Principal Advisers
       for Corporate Proposals; and

(vii) where the Company fails to regularize its condition,
       announce the dates of suspension and de-listing of its
       listed securities immediately upon notification of
       suspension and de-listing by Bursa Malaysia.

In the event the Company fails to comply with the obligations to
regularize its condition, all its listed securities will be
suspended from trading on the next market day after five market
days from the date of notification of suspension by Bursa Malaysia
and de-listing procedures shall be taken against the Company,
subject to the Company's right to appeal against the de-listing.

The Company will revise the balance sheet reconstruction exercise
announced on May 4, 2009, after taking into account the latest
financial position of the group.

Headquartered in Kuala Lumpur, Malaysia, VTI Vintage Berhad is
involved in the manufacturing, trading, supplying and laying of
roof tiles.


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


AIR NEW ZEALAND: Posts NZ$64-Mil. Net Profit in 2nd Half of 2009
----------------------------------------------------------------
Air New Zealand on February 26 announced normalized earnings
before taxation of NZ$96 million for the six month period ended
December 31, 2009, an increase of NZ$70 million on the same period
last year.  Net profit after tax was NZ$64 million.

At December 31, 2009, the Company had total assets of NZ$4.56
billion against total liabilities of NZ$3.04 billion, resulting in
stockholders' equity of NZ$1.52 billion.  Cash and cash
equivalents were NZ$1.09 billion at December 31, 2009.

The Board has declared a fully imputed interim dividend of three
cents per share.

Key highlights:

    * Normalized earnings before taxation of NZ$96 million, up
      NZ$70 million
    * Normalized earnings after taxation of NZ$64 million
    * Operating revenue down 15% to NZ$2.1 billion
    * Passenger demand down 4.6%
    * Passenger load factor up 3 percentage points to 81.6%
    * Net cash position NZ$1.1 billion
    * Interim dividend of 3.0 cents

"In very challenging conditions this is a good result," Air New
Zealand Chairman John Palmer said.

"The fallout from the global financial crisis continued to make
operating conditions extremely difficult.  This has been reflected
in lower passenger numbers, cargo volumes and yields, resulting in
a 15 percent reduction in revenues.  At the same time, fuel prices
have returned to more stable levels following unprecedented
volatility in the 2009 financial year," Mr. Palmer said.

"Delivering a profit during this time is a reflection of the
Management team's focus on closely aligning capacity with demand
and their ability to deliver innovative solutions to significantly
enhance the airline's competitive position."

Air New Zealand Chief Executive Officer Rob Fyfe said the result
reflects the considerable efforts of more than 10,500 Air New
Zealanders and their continued focus on delivering world-class
results.

"Those efforts were recognized with the recent Air Transport World
Airline of the Year Award and are reinforced by the airline's
strong performance in the first half of this financial year,"
Mr. Fyfe said.  "We worked hard to adapt the business to reflect
the lower revenue base.  As a result, we achieved an 11 percent
reduction in non-fuel operating costs, with all operating costs
reduced."

Mr. Fyfe said innovation remains a key theme for the year ahead.

"We have set out to create a culture that enables Air New
Zealanders to have the confidence to think outside the square, and
to proactively and creatively pursue solutions.

"The next 12 months will be one of the most defining in Air New
Zealand's history. Our competitors will be scrambling to catch up
as we introduce a world-first long-haul experience, continue to
evolve our trans-Tasman and Pacific Island operation and introduce
more capacity into our domestic jet operation with the arrival of
new A320 aircraft."

Mr. Fyfe said the improvements are close to implementation and
will ensure Air New Zealand can compete effectively against both
budget and full-service airlines.

"There is no question the next year will set the direction and
identity of our airline for the next decade," Mr. Fyfe said.

                              Outlook

"There has been a stabilization and recovery of the trading
environment, although demand and average fares still remain
significantly lower than prior periods.  The challenge remains to
improve passenger numbers and yields.  In recent periods the
volatility of fuel prices and foreign exchange rates has
overshadowed the natural seasonality of Air New Zealand's
business.  We expect a more normal seasonal balance this year with
the second half weaker than the first," Air New Zealand said.

"In addition if current exchange rates continue, there will be a
foreign exchange hedging loss of around NZ$20 million in the
second half compared to a gain of NZ$24 million in the first half.
We expect the business to remain profitable in the second half."

A full-text copy of the Company's half year report is available at
no charge at http://ResearchArchives.com/t/s?55ea

                       About Air New Zealand

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

                           *     *     *

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


ALLIED NATIONWIDE: S&P Assigns 'BB-' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' long-term counterparty credit ratings on New Zealand finance
company Allied Nationwide Finance Ltd.  At the same time S&P
assigned its 'B' short-term rating.  The outlook is negative.

The counterparty credit ratings on ANFL reflect: the finance
company's weak stand-alone capital, noting that improvement is
anticipated during 2010; recent asset quality deterioration; and
that it remains beholden to debenture-holder confidence as a
material amount of debenture refinancing is expected between March
and October 2010.  These factors are offset by its status as a
core operating entity within the recently recapitalized Allied
Farmers Ltd. (AFL) group, and its business profile being more
diverse relative to domestic peers'.

"The negative outlook reflects S&P's view that downside risks to
the rating will likely prevail in 2010," Standard & Poor's credit
analyst Gavin Gunning said.  "S&P is unlikely to give full credit
to AFL's recent recapitalization until valuations underpinning
assets purchased from Hanover Finance Ltd. and United Finance Ltd.
stand the test of time.  Further, Standard & Poor's comfort
regarding the current rating depends on AFL's ability to transfer
capital from AFL into ANFL.  This hasn't happened yet, but is
expected in coming months.  Negative ratings pressure is unlikely
to ease until ANFL navigates debenture refinancing out to October
2010 and until S&P see meaningful and lasting signs that asset
quality is recovering."


SOUTH CANTERBURY: Gets NZ$152.5-Mln Capital Injection From Parent
-----------------------------------------------------------------
Southbury Corporation Limited, the parent company of South
Canterbury Finance Limited, has made a substantial injection of
new equity into South Canterbury Finance totaling NZ$152.5
million.

The capital injection was completed on February 28, 2010, and was
pursuant to a group restructuring in which Southbury Corporation
Limited, which is indirectly controlled by Mr & Mrs AJ & MJ
Hubbard, sold its 100% shareholding in Helicopters (NZ) Limited
and 64% of the shares of Scales Corporation Limited to South
Canterbury Finance.

The total purchase price of NZ$162.5 million has been satisfied by
the issue of approximately 317.7 million new ordinary shares by
South Canterbury Finance to Southbury Corporation for an aggregate
issue price of NZ$152.5 million, all of which shares have been
credited as fully paid, and by the payment of NZ$10 million in
cash. The transactions were reviewed by Independent Experts
approved by the Crown, under the Company's Crown guarantee, who
certified to the Crown that the acquisitions were at fair value
and on an "arms length" basis.

South Canterbury Finance now holds approximately 79.7% of the
equity of Scales Corporation and 100% of Helicopters (NZ).

Mr. Hubbard said Helicopters (NZ) and Scales Corporation are both
excellent businesses with which he has had a long and personal
association, as a founder of Helicopters (NZ) and as a driving
force in Scales.

"Scales is an innovative company closely linked to New Zealand's
backbone industries. Helicopters (NZ) started life eradicating
gorse on South Island hills and evolved to be an internationally
recognised helicopter operator working in many countries
supporting global resource companies, government funded research
and tourism."

Helicopters (NZ) and Scales Corporation are substantial and highly
profitable companies.  In the year ended June 30, 2009,
Helicopters (NZ) reported earnings before interest, tax and
depreciation (EBITDA) of NZ$30.2 million and net profit after tax
(NPAT) of NZ$16.2 million. Scales Corporation reported EBITDA of
NZ$35.4 million and NPAT of NZ$13.6 million.  The combined FY09
results for Helicopters (NZ) and Scales Corporation were EBITDA of
NZ$65.6 million and NPAT of NZ$29.8 million.

The results for the current financial year will reflect more
challenging market conditions and the usual uncertainties
regarding currency and export realizations.  Both companies have
sound growth prospects over the longer term.

"The earnings contributions of these two successful companies are
now part of South Canterbury Finance, which materially and
substantially changes the earnings profile and prospects for the
Company.  The acquisition of Helicopters (NZ) and Scales
Corporation will provide a superior outcome for all stakeholders."

Mr. Hubbard said his absolute confidence in the future of South
Canterbury Finance and the role it plays in providing funding for
the growth of businesses, particularly in provincial New Zealand,
has led to the further investment in the Company by Southbury
Corporation.

The transactions will initially restore then improve the capital
position of South Canterbury Finance which has been adversely
impacted by an increase in provisions for the six months to
December 31, 2009, arising from extended weakness in economic
conditions and depressed asset prices.

                         Half Year Results

After a rigorous review of all asset valuations by the new
management team and board, assisted by new auditors Ernst & Young,
the provision for losses on impaired or non-performing assets has
been increased by NZ$180.3 million.  As a result, the Company has
reported a preliminary unaudited net loss after tax of NZ$154.9
million for the half year.  South Canterbury Finance will release
its audited results when the audit has been finalized.

Including the Scales Corporation and Helicopters (NZ)
transactions, the net equity of South Canterbury Finance on a pro-
forma financial position at December 31, 2009, was NZ$252.8
million. On the same basis, the Company's equity ratio was
approximately 11.8% of total assets of NZ$2.15 billion.

As a consequence of the acquisitions of Helicopters (NZ) and
Scales and the capital issued for these, South Canterbury Finance
would have been in breach of two of the financial covenants
contained in its trust deed.  These covenants relate to the level
of single party exposure (the investment in shares in Helicopters
(NZ) is greater than 35% of shareholders' funds) and the level of
total equity investments to total shareholders' funds (which is
greater than 100%).  Trustees Executors Limited has granted a
waiver from compliance with these two covenants until they are
next tested following completion of the Company's June 30, 2010,
financial statements.

Commenting on the performance of the Company in the six months,
South Canterbury Finance Chief Executive Officer Sandy Maier said
sectors other than property are largely performing satisfactorily.

"The rural sector is benefiting from the upturn in the price of
milk solids which has in turn had a flow-on effect to businesses
in provincial areas where the bulk of South Canterbury Finance's
lending customers and assets are located," Mr. Maier said.

"The half year result incorporates a total of NZ$229 million of
losses on asset realisations and additional allowances for
impairment.  The underlying trading results show a breakeven
result for the six months which is creditable given the
significant disruption and costs experienced during this period."

As previously indicated, the Company continues to enjoy the
support of its investors with the steady net inflow of funds in
excess of redemptions evident in January 2010 extending through
February.  The re-investment of funds has also continued at
satisfactory levels as qualifying investors continued to seek the
benefit of the Company's attractive rates and Crown retail deposit
guarantee scheme.

The Company is working with The Treasury on its application for
acceptance into the extended retail deposit guarantee scheme
effective from October 12, 2010, through to December 31, 2011.

Mr. Maier said progress is being made daily to consolidate South
Canterbury Finance's position.  Further restructuring and asset
sales will be undertaken to continue to strengthen the Company's
position and revert back to its longer-term history of sound
financial performance.

"The enthusiasm of the staff and management with the active
support of the directors and advisors for the tasks undertaken has
been unstinting and gives great encouragement for the future of
the business."

"In recent times, the Company has engaged with a wide number of
parties interested in concluding capital and funding solutions for
South Canterbury Finance.  Forsyth Barr is continuing to work with
South Canterbury Finance to advance proposals to further
strengthen the capital base of the Company.  Further announcements
will be made when arrangements are confirmed," Mr. Maier said.

                       About South Canterbury

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

                           *     *     *

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


SOUTH CANTERBURY: Makes Early Full Repayment of USPP Facility
-------------------------------------------------------------
South Canterbury Finance Limited is completing ahead of schedule
repayment in full to noteholders under the modified terms of the
United States Private Placement facility.

The final payment of US$17.7 million (NZ$24.3 million) made Friday
comprises the February payment of US$7.5 million, the final
payment of US$10 million due on March 31, 2010, and accrued
interest.

South Canterbury Finance Chief Executive Officer Sandy Maier said
the Company's favorable liquidity position allowed an early exit
from the disadvantageous terms imposed by noteholders in October
2009.

The Company is continuing to enjoy the net inflow of funds that
gathered momentum in January and has extended through February.

Southbury Group Limited is also making an early payment of the
last installment of the refinancing fee agreed last year with the
USPP noteholders.

South Canterbury Finance Limited intends to publish early this
week its preliminary financial statements for the six months to
December 31, 2009, and provide a report on the Company's progress
regarding strengthening of its capital structure.

                       About South Canterbury

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

                           *     *     *

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


STRATEGIC FINANCE: Posts Unaudited Half Year Loss of NZ$99.8 Mil.
-----------------------------------------------------------------
Strategic Finance Limited disclosed its unaudited half year
financial results through to December 31, 2009.

The preliminary results to December 31, 2009, show an after tax
trading loss of NZ$99.8 million, compared to an after tax loss of
NZ$32.8 million for the half year ended December 31, 2008.

The company said the result is higher than the NZ$84 million net
loss after tax signalled in January, and reflects further
additional provisioning required of NZ$16.1 million.

On January 15, SFL provided a preliminary forecast of its trading
result to December 31, 2009, indicating that as a result of the
deteriorating property market and a disconnect between property
valuations and the market value of assets as well as concern over
how senior debt providers might act under enforcement/ recovery
activity, a further significant level of provisioning was prudent.

The additional provisioning resulted in the total loan book value
(net of provisions) falling below 75% of the aggregate of
principal monies owed to debenture holders, depositors and
subordinated note holders.

This, as well as the failure to make the target milestone for
payments to investors on January 7, 2010, gave rise to a "Review
Event" under the moratorium terms and has resulted in the company
entering into discussions with the Trustee as to the way forward
with a view to achieving the very best outcome for investors.

SFL said Monday it expect to provide an update on those
discussions shortly.

"It is however as a result of these discussions that the timing
and conclusion of the half year audit by KPMG has become delayed.
We expect to have the audit complete before March 31, 2010,"
Strategic Finance said.

A full-text copy of the Company's unaudited half year financial
results is available for free at:
http://ResearchArchives.com/t/s?55e6

                       About Strategic Finance

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

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

                           *     *     *

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

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

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

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


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


DEVELOPMENT BANK: Fitch Affirms Issuer Default Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Development Bank of the Philippines'
(DBP) Long-term foreign currency Issuer Default Rating at 'BB',
Long-term local currency IDR at 'BB+' and National Long-term
rating at 'AA+(phl)'.  The Outlook is Stable.  Simultaneously, the
agency has affirmed the bank's Individual rating at 'C/D', Support
rating at '3', Support Rating Floor at 'BB-', and US$130m
perpetual callable subordinated hybrid notes at 'B+'.

DBP's ratings reflect its strong balance sheet with high levels of
capital cushion and reserves for risk assets, as well as its
status as a wholly-owned government bank with a developmental
focus.  At end-September 2009 (end-9M09), its core Tier 1 capital
adequacy ratio was strong, at about 12%, while the reserve
coverage on NPLs and real estate assets were above industry-
averages.  With that, Fitch considers the bank's solvency position
to be stronger than those of many of its rated peers, as reflected
in its ratings.

These buffers, in the agency's opinion, help mitigate potential
risks of a concentrated loan portfolio, which increased in 2008-
2009 due to strong loan growth.  Positively, even though
especially-mentioned loans and NPLs have risen in the economic
downturn, its asset quality, with gross NPL ratio of 2.5% at end-
9M09, was still among the healthiest in the industry, and hence
provisioning risks are low.

Downward rating pressures have abated in line with improved
economic conditions.  Nonetheless, an upgrade also appears limited
in view of its already high ratings -- in particular, the
Individual and National Ratings -- relative to its peers.  As
such, the Outlook is Stable.

Established in 1947, DBP is a fully-owned policy bank that
supports developmental programmes and projects aligned with the
government's agenda.


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


AMERICAN INT'L: Has Deal to Sell AIA to Prudential for $35.5BB
--------------------------------------------------------------
American International Group, Inc., on Monday unveiled a
definitive agreement for the sale of the AIA Group, Limited, one
of the world's largest pan-Asian life insurance companies, to
Prudential plc for roughly $35.5 billion, including roughly $25
billion in cash, $8.5 billion in face value of equity and equity-
linked securities, and $2.0 billion in face value of preferred
stock of Prudential, subject to closing adjustments.

The cash portion of the proceeds from the sale, the largest to
date in AIG's ongoing restructuring efforts, will be used to
redeem preferred interests with a liquidation preference of
roughly $16 billion held by the Federal Reserve Bank of New York
in the special purpose vehicle formed to hold the interests in
AIA, and to repay roughly $9 billion under the FRBNY Credit
Facility.

AIG said it intends to monetize the $10.5 billion in face value of
Prudential securities over time, subject to market conditions,
following the lapse of agreed-upon minimum holding periods.
According to The Wall Street Journal, AIG will get an 11% stake in
Prudential.

All net cash proceeds from the monetization of the securities will
be used to repay any outstanding debt under the FRBNY Credit
Facility.

"In considering two viable, very attractive alternatives to
successfully monetize AIA, including an initial public offering,
we decided that a sale to Prudential enables AIG to realize value
on a faster track to repay U.S. taxpayers," said Robert Benmosche,
AIG President and Chief Executive Officer.  "This transaction, the
most significant milestone to date in our ongoing effort to repay
taxpayers, also gives us greater flexibility to move forward with
AIG's restructuring and focus on enhancing the value of our key
insurance businesses, which will benefit all stakeholders.

"Combining Prudential, which has long been committed to enhancing
its profile in Asia, and AIA, a remarkable Asian franchise, will
create an unrivalled life insurance powerhouse in Asia, one of the
world's fastest growing markets.  This transaction assures AIA of
a well-respected, highly-rated, financially strong partner in
which its management, customers, employees, agent sales force, and
distribution partners can have confidence.  Indeed, in undertaking
this transaction, both we and Prudential are committed to
preserving the AIA brand and the unique strengths of each of our
sales forces, which is key to capitalizing on AIA's long term
potential," Mr. Benmosche concluded.

Founded 160 years ago, Prudential is an international financial
services provider.  The transaction includes all of the companies
of the AIA Group operating in 15 geographical markets across Asia
Pacific, including the company's international network of more
than 320,000 agents and roughly 23,500 employees serving the
holders of more than 23 million in-force policies and the more
than 10 million participating members of its clients for group
life, medical, credit life coverage, and pension products.

The transaction has been approved by the boards of directors of
both AIG and Prudential, and is expected to close by the end of
2010.  The transaction is subject to approval by Prudential
shareholders, regulatory approvals, and customary closing
conditions.

                          *     *     *

The Wall Street Journal's Serena Ng, Dana Cimilluca, and Jonathan
Cheng says the $35.5 billion deal AIG struck for its AIA unit
would be the largest insurance takeover on record, according to
Thomson Reuters.  The report says the price is at roughly twice
the amount Prudential and other firms were willing to pay for AIA
during the depths of the financial crisis, when the business was
put up for auction following the fall 2008 U.S. bailout of AIG,
according to people familiar with the matter.  At that time, AIG
and its federal overseers decided to wait.

The Journal notes that Prudential's London-listed shares tumbled
12% to 530 pence on Monday as investors grappled with a massive
$20 billion share sale the company plans to undertake this spring
to finance the deal. (Prudential PLC isn't related to U.S. insurer
Prudential Financial Inc.)  Banks underwriting the deal are
expected to step in with cash if investors don't buy the shares.

The Journal also relates that Prudential officials including Chief
Executive Tidjane Thiam said Monday that the company's major
shareholders are in favor of the deal.  Dispelling recent rumors,
Prudential said it has no plans to sell its slower-growing U.K.
operation.

The Journal notes that after the deal, Prudential would have the
No. 1 position in every major Southeast Asian market, according to
an analyst presentation Monday.  The deal will add 250,000 AIA
agents to a pan-Asian Prudential sales force that is already
420,000 strong.

                           About AIG

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

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

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


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

Mar. 4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - Florida
      Hyatt Regency Tampa, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4-6, 2010
AMERICAN BANKRUPTCY INSTITUTE
   SUCL/Alexander L. Paskay Seminar on
   Bankruptcy Law and Practice
      Hyatt Regency Tampa, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 5, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Bankruptcy Battleground West
      Hyatt Regency Century Plaza, Los Angeles, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13-15, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Conrad Duberstein Moot Court Competition
      Duberstein U.S. Courthouse, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 18-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Byrne Judicial Clerkship Institute
      Pepperdine University School of Law, Malibu, Calif.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - East
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
   Midwestern Meeting & National Convention
      Westin Michigan Avenue, Chicago, Ill.
         Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Nuts and Bolts - NYC
      Alexander Hamilton Custom House, SDNY, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
   New York City Bankruptcy Conference
      New York Marriott Marquis, New York, NY
         Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Litigation Skills Symposium
      Tulane University, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

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

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Atlanta Consumer Bankruptcy Skills Training
      Georgia State Bar Building, Atlanta, Ga.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Hawai.i Bankruptcy Workshop
      The Fairmont Orchid, Big Island, Hawaii
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
   ABI/NYIC Golf and Tennis Fundraiser
      Maplewood Golf Club, Maplewood, N.J.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Complex Financial Restructuring Program
      Fordham Law School, New York, N.Y.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Southwest Bankruptcy Conference
      Four Seasons Las Vegas, Las Vegas, Nev.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   ABI/UMKC Midwestern Bankruptcy Institute
      Kansas City Marriott Downtown, Kansas City, Kan.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Chicago Consumer Bankruptcy Conference
      Standard Club, Chicago, Ill.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Hilton New Orleans Riverside, New Orleans, La.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   International Insolvency Symposium
      The Savoy, London, England
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Delaware Views from the Bench and Bankruptcy Bar
      Hotel du Pont, Wilmington, Del.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Detroit Consumer Bankruptcy Conference
      Hyatt Regency Dearborn, Dearborn, Mich.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      Camelback Inn, a JW Marriott Resort & Spa,
      Scottsdale, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Rocky Mountain Bankruptcy Conference
      Westin Tabor Center, Denver, Colo.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
   Northeast Bankruptcy Conference
      Hyatt Regency Newport, Newport, R.I.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hotel Hershey, Hershey, Pa.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
   NCBJ/ABI Educational Program
      Tampa Convention Center, Tampa, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Annual Spring Meeting
      Gaylord National Resort & Convention Center,
      National Harbor, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Southeast Bankruptcy Workshop
      The Ritz-Carlton Amelia Island, Amelia Island, Fla.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Mid-Atlantic Bankruptcy Workshop
      Hyatt Regency Chesapeake Bay, Cambridge, Md.
         Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
   Winter Leadership Conference
      JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
         Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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 T. Fernandez, 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.





                 *** End of Transmission ***