TCRAP_Public/100310.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 10, 2010, Vol. 13, No. 048

                            Headlines



A U S T R A L I A

TRANSPACIFIC INDUSTRIES: Faces Investors Class Action Suit
TRIO CAPITAL: Trustee Begins Collecting Evidence on Possible Fraud


C H I N A

KIWA BIO-TECH: Posts US$516,933 Net Loss in Q3 2009


H O N G  K O N G

FINE RUN: Creditors' Proofs of Debt Due April 5
GETRONICS (HK): Final Meetings Set for April 7
GEMS INTERNATIONAL: Shane Frederick Weir Steps Down as Liquidator
HANG HEI: Creditors' Proofs of Debt Due April 7
HDS INTERNATIONAL: Nomura Yojiro Steps Down as Liquidator

HING CITY: Chui Sze Hung Steps Down as Liquidator
HK COMMUNITYU: Commences Wind-Up Proceedings
HK I-EDUCATION: Commences Wind-Up Proceedings
INNER FLAME: Creditors' Proofs of Debt Due April 7
INTERGEN (HK): Members' Final Meeting Set for April 14

IPP INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
ISHIYAMA SALT: Creditors' Proofs of Debt Due April 7
JACKEL SERVICES: Wong Hong Yuen Steps Down as Liquidator
KAO CHEMICALS: Rays Chan Sek Kwan Steps Down as Liquidator
KYOMA PHARMACEUTICAL: Lai and Haughey Step Down as Liquidators

LAM LUEN: Members' Final Meeting Set for April 9
MARTIN (FAR EAST): Annual Meetings Set for March 26
MEAD HK: Creditors' Proofs of Debt Due March 29
MOULIN BUSINESS: Annual Meetings Set for March 26
NCA ASIA-PACIFIC: Lai and Haughey Step Down as Liquidators

ORGANTEX ASIA: Creditors' Proofs of Debt Due March 26
PANA OCEAN: Creditors' Proofs of Debt Due March 26
POTTERY AGENTS: Creditors' Proofs of Debt Due April 8
REGENT BONUS: Members' and Creditors Meetings Set for April 12
RITCHIE CAPITAL: Philip Brendan Gilligan Steps Down as Liquidator


I N D I A

AIR INDIA: Gov't OKs Four New Part-time Directors on NACIL Board
AANUJ INFRAPROJECTS: Low Net Worth Cues CRISIL 'B+' Ratings
AHW STEELS: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
ATLAS LOGISTICS: CRISIL Downgrades Rating on INR10MM Loan to 'BB+'
GOLKONDA HOSPITALITY: Fitch Assigns 'B+' National Long-Term Rating

JET AIRWAYS: Promoter Cancels Plan to Raise US$200 Mil.
LEELA GOLD: Low Net Worth Prompts CRISIL to Assign 'B' Ratings
MAA TARINI: CRISIL Assigns 'BB+' Rating on INR6.5MM Term Loan
MACROTECH CONSTRUCTION: CRISIL Puts Junk Rating on INR2.05BB Loans
PARAGON APPAREL: CRISIL Assigns 'BB' Rating on INR30MM Cash Credit

SHIRDI INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Various Loans
TATA MOTORS: Daimler Unloads Stake for US$408.9 Million


J A P A N

CING INC: Files for Bankruptcy Protection in Japan
JAPAN AIRLINES: Extends Early Retirement to Cover 9,000 Employees
MITSUBISHI MOTORS: To Supply 100,000 Electric Cars to Peugeot
SANYO ELECTRIC: Eyes 15% Growth in Indonesian Electronics Market


K O R E A

HYUNDAI MOTOR: Replaces Chief at US Plant Over Sedan Recall


M A L A Y S I A

AXIS INC: Bourse to Suspend Trading of Securities on March 16
FOUNTAIN VIEW: To Undertake Proposed Internal Restructuring
MALAYSIAN MERCHANT: Classified as PN17 Listed Issuer
VTI VINTAGE: Restraining Order Extended for 60 Days


S R I  L A N K A

PEOPLE'S MERCHANT: Fitch Downgrades National Rating to 'BB+'
EDIRISINGHE TRUST: Fitch Keeps National Long-Term Rating at 'BB-'


X X X X X X X X

DUBAI WORLD: Nakheel Valuation Delays Final Debt Plan
DUBAI WORLD: To Hold Informal Meetings with Creditors This Week
DUBAI WORLD: Unit Surrenders Former Knickerbocker Hotel to Lender
INVESTMENT DAR: May Seek Bankruptcy Protection
* Moody's: Global Default Rate Falls to 11.6% in February 2010

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


TRANSPACIFIC INDUSTRIES: Faces Investors Class Action Suit
----------------------------------------------------------
Transpacific Industries Group could face a multi-million dollar
class action from investors who claim the company misled and
deceived the market by failing to meet its continuous disclosure
obligations prior to a huge slump in profit, SmartCompany reports.

SmartCompany relates that the proposed class action was announced
Monday by litigation funder IMF (Australia), which says the claim
will be open to sophisticated and professional investors only by
way of an unregistered managed investment scheme.

IMF said in a statement that the TPI claims relate to alleged
misleading or deceptive conduct and alleged breaches by TPI of its
continuous disclosure obligations between February 28, 2008 and
February 16, 2009.

In March 2009, Transpacific was in talks with its lenders and
potential investors as it sought a waiver of a debt-covenant
breach.  The company was also seeking at that time a cornerstone
investor to help it reduce and refinance around AU$2.18 billion
debt, according to The Australian.

Transpacific Industries Group Ltd (ASX:TPI)
-- http://www.transpacific.com.au/-- is Australia-based company.
Its principal activities include solid waste, including its
collection, transportation, recycling, disposal at, and management
of landfills; management of liquid waste, including its
collection, transportation, treatment and disposal; the
collection, re-refining, processing and sale of hydrocarbon and
cooking oils; site remediation, contaminated site clean-up,
dredging, composting and biosolids management; industrial
solutions including industrial cleaning, high pressure water
blasting, total waste management business solutions and lease out
of parts washers; commercial vehicles and parts importing and
sales and manufacturing of parts for washer machines, waste
compaction systems and bins.


TRIO CAPITAL: Trustee Begins Collecting Evidence on Possible Fraud
------------------------------------------------------------------
The Age reports that the trustee for superannuation funds operated
by Trio Capital has started collecting evidence of possible fraud,
in a step towards a compensation claim for investor losses from
the federal government.

The Age relates that any claims for compensation for two Trio
Capital funds, with AU$125 million invested in Astarra Strategic
and AU$55 million invested in ARP Growth, would represent the
largest claims in history.

Up until 2007, says the Age, the federal government has paid AU$44
million in compensation in 802 claims since 1993. Under section 23
of the Superannuation Industry (Supervision) Act 1993, a trustee
of superannuation funds can apply for compensation if it is
satisfied there has been "fraudulent conduct or theft."

According to the Age, Minister for Superannuation Chris Bowen
would rule on any request, after asking for advice from the
Australian Prudential Regulatory Authority.

Under the legislation, the Age notes, any payments are capped at
90› on the dollar.  Compensation under section 23 covers investors
in superannuation funds, but not investors in managed investment
schemes.

Sources said that Mike Hill, the employee of accounting firm
McGrathNicol appointed as trustee to Trio Capital's superannuation
funds, has discussed preparations for a section 23 application
during regular meetings with APRA about Trio Capital.

According to the report, Mr. Hill, as a director of ACT Super
Management, was appointed by APRA as trustee of the Trio Capital
funds in December after concerns were raised that Astarra
Strategic was a Ponzi scheme.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, the Australian Prudential Regulation Authority
(APRA) suspended Trio Capital Limited (formerly Astarra Capital
Limited) as the trustee of its four superannuation funds and one
pooled superannuation trust, and appointed an Acting Trustee to
manage these five entities.

APRA suspended Trio and appointed an Acting Trustee as a result of
numerous breaches of Trio Capital Limited's license conditions and
Trio not being able to satisfy APRA's concerns regarding the
valuation of superannuation assets.  The Acting Trustee of the
superannuation entities is ACT Super Management Pty Ltd, a
subsidiary of McGrathNicol.

The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totalled AU$300 million.  Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million.  The
total number of non superannuation investors is 732.  The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes.  The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.

The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.

Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.

APRA and ASIC have been working closely in their separate
investigations into the affairs of the Trio Capital Limited
superannuation entities and managed investment schemes (including
underlying funds of those schemes) and will continue to do so.

ASIC said it will work with PPB to ensure the interests of the
members of the registered schemes are protected during this
period.

The Acting Trustee has been appointed by APRA to protect the
interests of the superannuation fund members.  The Acting Trustee
will be required to provide APRA with a report setting out among
other things a plan of its proposed course of action in respect of
the ongoing and future management of the superannuation entities.
The administrators have been similarly appointed to protect the
interests of the members of the registered managed investments
schemes.

                           Background

ASIC commenced an investigation of the Astarra Strategic Fund on
October 2, 2009.

On October 21, 2009, ASIC issued a stop order on the product
disclosure statements for Astarra Superannuation Plan, Astarra
Personal Pension Plan, My Retirement Plan and three related sub-
funds of My Retirement Plan.  The effect of the stop orders was to
prevent new issues of interests in the schemes and superannuation
funds to investors.

ASIC also issued a stop order on October 16, 2009, in relation to
the product disclosure statements for Astarra Conservative Fund,
Astarra Balanced Fund, Astarra Growth Fund, Astarra Strategic
Fund, Astarra Covered Call Fund and Astarra International Covered
Call Fund.

APRA issued directions freezing the assets of the four main
superannuation funds on October 21, 2009, for one month
(subsequently extended to February 19, 2010) to minimize the risk
that transactions with fund members would occur on unit prices
that may not be reliable.

While the freezing orders are in place, the four superannuation
funds are precluded from accepting contributions and rollovers,
making benefit payments or transfers to other funds or allowing
investment switching.  In addition, Trio undertook to ensure that
redemptions from the managed investment schemes and all
superannuation funds did not occur.  However, APRA has permitted,
on a limited basis, monthly pension payments and certain other
payments to be made but their continuation will be subject to
ongoing assessment by the Acting Trustee and APRA.


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


KIWA BIO-TECH: Posts US$516,933 Net Loss in Q3 2009
---------------------------------------------------
Kiwa Bio-Tech Products Group Corporation filed its quarterly
report on Form 10-Q, showing a net loss of US$516,933 on
US$1.4 million of revenue for the three months ended September 30,
2009, compared with a net loss of US$567,770 on US$2.3 million of
revenue for the same period of 2008.

The Company's balance sheet as of September 30, 2009, showed
US$4.7 million in assets and US$10.9 million of debts, for a
stockholders' deficit of US$6.1 million.

The Company had an accumulated deficit of US$14.6 million and
incurred net loss attributable to Kiwa shareholders of roughly
US$2.0 million during the nine months ended September 30, 2009.
"This trend is expected to continue.  These factors create
substantial doubt about the Company's ability to continue as a
going concern."

A full-text copy of the quarterly report is available for free at:

                  http://researcharchives.com/t/s?579a

Claremont, Calif.-based Kiwi Bio-Tech Products Group Corporation
has have established two subsidiaries in China: (1) Kiwa Shandong
in 2002, a wholly-owned subsidiary, engaging in bio-fertilizer
business, and (2) Tianjin Kiwa Feed Co., Ltd. in July 2006,
engaging in bio-enhanced feed business, of which the Company holds
80% equity.


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


FINE RUN: Creditors' Proofs of Debt Due April 5
-----------------------------------------------
Fine Run Holdings Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 24, 2010.

The company's liquidators are:

         Richard Joseph Barrett
         Rory John Williams
         Fine Run Holdings Limited
         Whiteley Chambers
         Don Street St Helier
         Jersey JE4 9WG


GETRONICS (HK): Final Meetings Set for April 7
----------------------------------------------
Contributories and creditors of Getronics (HK) Limited will hold
their final meetings on April 7, 2010, at 11:00 a.m., and 11:30
a.m., respectively at the 18/F, 1801 Wing On House, 71 Des Voeux
Road, Central, in Hong Kong.

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


GEMS INTERNATIONAL: Shane Frederick Weir Steps Down as Liquidator
-----------------------------------------------------------------
Shane Frederick Weir stepped down as liquidator of Gems
International Associated Limited on February 23, 2010.


HANG HEI: Creditors' Proofs of Debt Due April 7
-----------------------------------------------
Creditors of Hang Hei Candle Manufacturing Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by April 7, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 22, 2010.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


HDS INTERNATIONAL: Nomura Yojiro Steps Down as Liquidator
---------------------------------------------------------
Nomura Yojiro stepped down as liquidator of HDS International (HK)
Limited on February 26, 2010.


HING CITY: Chui Sze Hung Steps Down as Liquidator
-------------------------------------------------
Chui Sze Hung stepped down as liquidator of Hing City (Chiu Chow)
Restaurant Limited on February 26, 2010.


HK COMMUNITYU: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hong Kong CommunityU Limited, on February 26, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Heung Sai Kit
         11th Floor, Li Ka Shing Tower
         The Hong Kong Polytechnic University,
         Hung Hom, Kowloon
         Hong Kong


HK I-EDUCATION: Commences Wind-Up Proceedings
---------------------------------------------
Sole Shareholder of The Hong Kong I-Education Limited, on Feb. 26,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Heung Sai Kit
         11th Floor, Li Ka Shing Tower
         The Hong Kong Polytechnic University,
         Hung Hom, Kowloon
         Hong Kong


INNER FLAME: Creditors' Proofs of Debt Due April 7
--------------------------------------------------
Inner Flame Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 7, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


INTERGEN (HK): Members' Final Meeting Set for April 14
------------------------------------------------------
Members of Intergen (HK) Limited will hold their final general
meeting on April 14, 2010, at 10:00 a.m., at the 7th Floor,
Alexandra House, 18 Chater Road, Central, in Hong Kong.

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


IPP INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on February 22, 2010,
creditors of IPP Investment Club Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Peter Chan Po Fun
         2nd Floor, Caltex House
         258 Hennessy Road
         Wanchai, Hong Kong


ISHIYAMA SALT: Creditors' Proofs of Debt Due April 7
----------------------------------------------------
Ishiyama Salt Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 7,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


JACKEL SERVICES: Wong Hong Yuen Steps Down as Liquidator
--------------------------------------------------------
Wong Hong Yuen stepped down as liquidator of Jackel Services
Limited on February 20, 2010.


KAO CHEMICALS: Rays Chan Sek Kwan Steps Down as Liquidator
----------------------------------------------------------
Rays Chan Sek Kwan stepped down as liquidator of Kao Chemicals
(Hong Kong) Limited on February 24, 2010.


KYOMA PHARMACEUTICAL: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Kyoma Pharmaceutical (Hong Kong) Co., Limited on
February 24, 2010.


LAM LUEN: Members' Final Meeting Set for April 9
------------------------------------------------
Members of Lam Luen Taxi Owners and Drivers Association Limited
will hold their final general meeting on April 9, 2010, at 5:00
p.m., at the Flat B, 4th Floor, Haven Commercial Building, Nos.
6-8 Tsing Fung Street, North Point, in Hong Kong.

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


MARTIN (FAR EAST): Annual Meetings Set for March 26
---------------------------------------------------
Creditors and members of Martin (Far East) Optical Company Limited
will hold their annual meetings on March 26, 2010, at 10:00 a.m.,
at the 14th Floor, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.

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


MEAD HK: Creditors' Proofs of Debt Due March 29
-----------------------------------------------
Creditors of Mead Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 26, 2010.

The company's liquidator is:

         Yan Tat Wah
         5/F., Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


MOULIN BUSINESS: Annual Meetings Set for March 26
-------------------------------------------------
Creditors and members of Moulin Business Solutions Limited will
hold their annual meetings on March 26, 2010, at 10:00 a.m., at
the 14th Floor, The Hong Kong Club Building, 3A Chater Road,
Central, in Hong Kong.

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


NCA ASIA-PACIFIC: Lai and Haughey Step Down as Liquidators
----------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of NCA Asia-Pacific Limited on February 24, 2010.


ORGANTEX ASIA: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------
Creditors of Organtex Asia 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 23, 2010.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PANA OCEAN: Creditors' Proofs of Debt Due March 26
--------------------------------------------------
Creditors of Pana Ocean Company 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's liquidator is:

         Barry Poon Ka Lee
         1607, ING Tower
         308 Des Voeux Rd
         Central, HK


POTTERY AGENTS: Creditors' Proofs of Debt Due April 8
-----------------------------------------------------
Creditors of Pottery Agents (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Yau Choi
         Rm 1101A, 1-5 Sugar Street
         Hong Kong


REGENT BONUS: Members' and Creditors Meetings Set for April 12
--------------------------------------------------------------
Members and creditors of Regent Bonus Investment Limited will hold
their meetings on April 12, 2010, at 10:30 a.m., and 10:45 a.m.,
respectively at the 27/F, Alexandra House, 18 Chater Road,
Central, in Hong Kong.

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


RITCHIE CAPITAL: Philip Brendan Gilligan Steps Down as Liquidator
-----------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Ritchie
Capital Management (Hong Kong) Limited on February 24, 2010.


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


AIR INDIA: Gov't OKs Four New Part-time Directors on NACIL Board
----------------------------------------------------------------
The Times of India reports that the government has approved the
appointment of four new part-time directors on the Board of
National Aviation Company of India Ltd., which runs the national
carrier Air India.

The report says the other newly appointed directors are Anand G
Mahindra, Amit Mitra, Harsh Neotia, and Air Chief Marshal
(retired) Fali H Major.

The report relates the Civil Aviation Ministry said the
appointment of four new non-official Directors on the Board of the
NACIL will be for a period of three years or until further orders
whichever occurs earlier.

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

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

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

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

                          About Air India

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


AANUJ INFRAPROJECTS: Low Net Worth Cues CRISIL 'B+' Ratings
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Aanuj Infraprojects Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR32.5 Million Cash Credit      B+/Stable (Assigned)
   INR27.5 Million Proposed LT      B+/Stable (Assigned)
           Bank Loan Facility
   INR40.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect AIPL's small scale of operations and exposure
to risks relating to intense competition in the civil construction
industry, large working capital requirements, and weak financial
risk profile marked by low net worth, high gearing, and moderate
debt protection indicators.  These rating weaknesses are partially
offset by the benefits that AIPL derives from its healthy business
prospects marked by satisfactory order book.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from the healthy growth of the infrastructure and
construction industry.  The outlook may be revised to 'Positive'
if AIPL's financial risk profile improves because of infusion of
substantial equity into the company or if its operating
profitability and revenue profile improve considerably.
Conversely, the outlook may be revised to 'Negative' if delays in
execution of contracts lead to large liquidated damages, or if the
company's financial risk profile deteriorates significantly
because of delays in the realization of receivables or because of
debt-funded capital expenditure.

                     About Aanuj Infraprojects

Set up in 1999 as a partnership firm by Mr. Aanuj Banka and his
mother, Mrs. Lata Banka, AIPL (formerly, Aanuj Constructions) was
incorporated in April 2009.  It commenced commercial operations in
2007-08 (refers to financial year, April 1 to March 31).  AIPL
undertakes construction of roads, including rehabilitation,
factories, administrative buildings, staff quarters, hospitals,
and industrial sheds.  The company is a classified 'Class 1A'
contractor by public works department of Maharashtra.

AIPL reported a profit after tax (PAT) of INR5.4 million on net
sales of INR115.4 million for 2008-09, against a PAT of INR2.4
million on net sales of INR48.7 million for 2007-08.


AHW STEELS: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of AHW Steels Ltd continue
to reflect AHW's average gearing, small net worth, weak debt
protection metrics, and susceptibility to intense competition and
cyclicality in the secondary steel industry.  These rating
weaknesses are partially offset by AHW's promoters' experience in
the steel industry.

   Facilities                         Ratings
   ----------                         -------
   INR320 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR124.3 Million Term Loan         BB+/Stable (Reaffirmed)
   INR34.2 Million Proposed LT        BB+/Stable (Reaffirmed)
           Bank Loan Facility
   INR71.5 Million Packing Credit     P4+ (Reaffirmed)
   INR150 Million Letter of Credit/   P4+ (Reaffirmed)
                  Bank Guarantee

Outlook: Stable

CRISIL believes that AHW will maintain its market position over
the medium term on the back of its established relationships with
customers and suppliers.  The outlook may be revised to 'Positive'
in case of a significant and sustained improvement in AHW's
profitability, leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes aggressive debt-funded capital expenditure
proramme, leading to deterioration in its capital structure, or if
its working capital requirements increase, leading to weak
liquidity.

                         About AHW Steels

AHW Steels Ltd was incorporated in 1949 by the Beriwal family in
Kolkata.  The company was acquired by its current majority owners,
the Kolkata-based Bagadia family, in 1982. AHW began rolling mill
operations in 1985.  Currently, the company's mill in Sodepur,
West Bengal, has installed capacity to manufacture up to 48,000
tonnes per annum of steel rods and bars; the company derives
around 60 per cent of its revenues from trading in steel products,
while the remaining 40% comes from sale of thermo-mechanically
treated (TMT) bars and wire rods.  In 2005-06 (refers to financial
year, April 1 to March 31), the company entered the power
business, and currently has two wind turbine generators, with a
total power generation capacity of 2.5 megawatts, in Maharashtra.
The TMT bars are sold under the brand Shan.  AHW has a wide
distribution network across West Bengal.  It also bids for
government tenders.

AHW reported a profit after tax (PAT) of INR29.2 million on net
sales of INR3.58 billion for 2008-09, against a PAT of INR30.7
million on net sales of INR3.11 billion for the previous year.


ATLAS LOGISTICS: CRISIL Downgrades Rating on INR10MM Loan to 'BB+'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Atlas
Logistics Pvt Ltd to 'BB+/Negative/P4+' from 'BBB-/Negative/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR10.0 Million Long-Term Loan   BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR7.5 Million Bank Guarantee    P4+ (Downgraded from 'P3')

The downgrade reflects the constrained business performance during
2008-09 (refers to financial year, April 1 to March 31), and in
the first half of 2009-10, because of slowdown in off-take
following contraction in the export orders of the company's
customers.  The downgrade also reflects Atlas Logistics' stretched
liquidity because of delay in payments by debtors.

The ratings reflect Atlas Logistics' moderate financial risk
profile marked by limited financial flexibility, and exposure to
risks relating to the fragmented nature of, and intense
competition in, the logistics industry.  These rating strengths
are partially offset by the benefits that Atlas Logistics derives
from its promoters' experience in the logistics industry, and the
company's healthy operational efficiency supported by a
diversified geographical presence.

Outlook: Negative

CRISIL believes that Atlas Logistics might experience further
liquidity pressures over the near term due to delays in payments
by debtors, resulting in increased working capital requirements.
The rating could be downgraded if the company's working capital
cycle weakens further, or if the company continues to witness
revenue de-growth.  Conversely, the outlook may be revised to
'Stable' if there is an improvement in the company's working
capital cycle, or if there is a significant strengthening of its
capital structure.

                       About Atlas Logistics

Atlas Logistics, incorporated in 1999 by Mr. Y M Sachdeva and Mr.
Venkatesh Rao, provides logistics solutions, including freight
forwarding and customs clearance.  The company also provides
warehousing services.  It has 26 offices across India, and ten
offices overseas. Of the promoters, the Sachdeva family are
financial investors with the day to day management being handled
by Mr. Venkatesh Rao.

Atlas Logistics reported a profit after tax (PAT) of INR24.3
million on net sales of INR2323 million for 2008-09, against a PAT
of INR59.5 million on net sales of INR2065 million for 2007-08.


GOLKONDA HOSPITALITY: Fitch Assigns 'B+' National Long-Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India-based Golkonda Hospitality
Services and Resorts Limited a National Long-term rating of
'B+(ind)' with a Stable Outlook.  The agency has also assigned
these ratings to GHSRL's bank loans:

  -- Term loans amounting to INR127.5 million: 'B+(ind)';

  -- Cash Credit limit amounting to INR12.5 million: 'B+(ind)';
     and

  -- Non-fund based working capital limits (letter of credit/bank
     guarantee limits with INR5.0 million fungible to cash credit)
     amounting to INR12.5m: 'B+(ind)'/'F4(ind)'.

  * as at 31 December 2009

GHSRL's ratings incorporate the significant levels of debt and
high leverage of the company, with debt/EBITDA of 4.2x and
adjusted debt/EBITDA of 5.6x as at FYE09.  All of the present
term loan facilities have been restructured during FY10.  GHSRL
had a turnover of INR64.9 million, EBITDA of INR16.5 million and
net loss of INR9.0 million in H1FY10.  With the peak season
starting in Q3FY10, GHSRL's turnover and EBITDA increased to
INR118.3 million and INR38.9 million respectively, recording a
marginal net profit in the nine months ended December 2009.  Fitch
believes that the risk of lower occupancy and room rates affecting
GHSRL's profitability continues to exist for the hotel operator in
the medium-term.

On the other hand, the ratings derive comfort from the long
history of operations and the prime location of GHSRL's hotel in
Hyderabad.  Furthermore, the recently completed refurbishment of
the hotel, which was done at a significant cost, puts it in a good
position to face competition from new hotels likely to open up in
Hyderabad in the next two to three years.

However, its ratings could be downgraded should debt/EBITDA levels
be sustained at above 5.0x times or adjusted debt/EBITDA
(including corporate guarantees given by GHRSL) above 6.0x times
or EBITDA interest cover of below 2.0x times.  On the other hand,
a sustained debt/EBITDA level of below 4.0x times would be
positive for the ratings.

GHSRL operates a 3-star business class hotel, The Golkonda, in
Banjara Hills, Hyderabad.  Established in 1990 and operating with
141 rooms, a restaurant, coffee-shop and a bar, the Golkonda hotel
sells the concept of value for money for business class travelers.
GHSRL reported a turnover of INR161.7 million in FY09 (FY08:
INR134.5 million) and EBITDA of INR47.5 million in FY09 (FY08:
INR42.2 million).  As at FYE09, GHSRL had a total debt outstanding
of INR200.4 million and corporate guarantees to group companies of
INR97.9 million.


JET AIRWAYS: Promoter Cancels Plan to Raise US$200 Mil.
--------------------------------------------------------
The Economic Times reports that Jet Airways (India) Ltd. has
decided to abandon its plans to raise US$200 million by selling
shares to foreign investors in the current fiscal after the
company's owner Naresh Goyal had second thoughts about a
significant decline in his stake in the private airline.

According to the report, the company was planning to increase its
holding by selling shares to foreign institutional investors --
such as pension funds and mutual funds -- through the so-called
qualified institutional placement route.

"Jet is not going ahead with its QIP this fiscal.  We will be
deciding on fund-raising by the first quarter of the next
financial year," a senior Jet Airways official told ET.  The
report says Jet Airways may soon take a call on its fund-raising
plan next fiscal as Mr. Goyal is reportedly meeting his team in
London within this week.

The report states that Mr. Goyal's hesitation is due to the
inevitable dilution of his stake, which is currently at 80%.  To
raise $200 million, says the ET, Mr. Goyal will see his current
stake come down by 14% to 66%, at the current share price of
INR505, the closing price on March 8.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


LEELA GOLD: Low Net Worth Prompts CRISIL to Assign 'B' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Leela Gold Design Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR5.0 Million Cash Credit/Packing    B/Stable (Assigned)
                         Credit Limit
   INR70.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect LGDL's weak financial risk profile because of
losses incurred in recent years, its small scale of operations,
presence in low-margin segments, and low net worth.  These
weaknesses are partially offset by the benefits that LGDL derives
from its promoter's experience in the gold jewellery industry.

Outlook: Stable

CRISIL believes that LGDL will continue to benefit from its
promoter's experience in the gold jewellery business and maintain
its low debt level.  However, the volatility in the company's
profitability and the low value addition in its business
operations will remain key rating sensitivity factors over the
medium term.  The outlook may be revised to 'Positive' if the
company stabilizes its profitability. Conversely, the outlook may
be revised to 'Negative' if the company's profitability and/or
capital structure deteriorates because of further losses in the
business and higher-than-expected debt levels respectively.

                          About Leela Gold

Set up in 2003 by Mr. Parasmal Sancheti, LGDL manufactures gold
chains and trades in gold bullion. LGDL manufactures both machine-
made and hand-made gold chains, with a higher proportion (about 70
per cent) of machine-made gold chains.  Its total installed
capacity for manufacturing machine-made gold chains was 3600
kilograms (kg) per annum as on December 31, 2009. LGDL also
undertakes job-work for third parties.  LGDL has a gold loan
facility of 40 kg from Bank of Nova Scotia for procuring 24-carat
gold, against a letter of credit of INR70 million.

LGDL reported net loss of INR2.1 million on net sales of INR284
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR8.4 million on net
sales of INR292 million for 2007-08.


MAA TARINI: CRISIL Assigns 'BB+' Rating on INR6.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Maa Tarini Transport Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR90 Million Cash Credit      BB+/Stable (Assigned)
   INR6.5 Million Term Loan       BB+/Stable (Assigned)

The rating reflects Maa Tarini's exposure to risks relating to
geographical and customer concentration in its revenue profile.
These weaknesses are partially offset by Maa Tarini's healthy
financial risk profile, marked by comfortable gearing and debt
protection measures, and the benefits that the company derives
from its efficient working capital management and established
relationship with its key customer.

Outlook: Stable

CRISIL believes that Maa Tarini will continue to benefit over the
medium term from its established relationship with its key
customer.  The outlook may be revised to 'Positive' if Maa Tarini
diversifies its revenue profile, both customer-wise and
geographically.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
significantly, most likely because of significant pressure on
revenues and profitability.

                         About Maa Tarini

Set up in 2007 as a closely held company by Mr. Srimanta Kumar
Tripathy, Maa Tarini provides transportation services to Essel
Mining & Industries Ltd (Essel Mining; rated 'A+/Stable/P1+' by
CRISIL) in Orissa.  Maa Tarini provides loading and unloading
services for Essel Mining, from the mines to railway sidings and
ports in Orissa.

Maa Tarini reported a profit after tax (PAT) of INR11.2 million on
net sales of INR754.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR10.7 million on
net sales of INR675.3 million for 2007-08.


MACROTECH CONSTRUCTION: CRISIL Puts Junk Rating on INR2.05BB Loans
------------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Macrotech Construction Pvt Ltd at 'D', as Macrotech has been
delaying the payment of interest on its term loans from the State
Bank of Travancore and the State Bank of Bikaner and Jaipur.

   Facilities                                Ratings
   ----------                                -------
   INR2050 Million LT Bank Loan Facilities   D (Reaffirmed)

Macrotech is the flagship company of the Lodha group.  The
company's only project, Lodha Bellissimo, at the Apollo Mills site
in Mumbai, is currently under construction.  The site is spread
over 1.2 million square feet.


PARAGON APPAREL: CRISIL Assigns 'BB' Rating on INR30MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Paragon
Apparel Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                             -------
   INR30.0 Million Cash Credit Limit*     BB/Stable (Assigned)
   INR80.0 Million Term Loan#             BB/Stable (Assigned)
   INR40.0 Million FD/UBP Limit           P4+ (Assigned)
   INR20.0 Million Letter of Credit       P4+ (Assigned)

   *Includes a Packing credit limit of INR12.0 Million.
   # Includes a proposed limit of INR46.0 Million.

The ratings reflect Paragon's exposure to risks relating to
customer concentration in revenue profile to the Adidas group,
volatility in the value of the Indian rupee, and financial risk
profile marked by high gearing, small net worth, and average debt
protection measures.  These rating weaknesses are partially offset
by the benefits that Paragon derives from its established
relationships with key buyers, and promoters' experience in the
readymade garment industry.

Outlook: Stable

CRISIL believes that Paragon will maintain its relationship with
Adidas group over the medium term.  The outlook may be revised to
'Positive' if Paragon improves its sales realizations and
profitability, thereby strengthening its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines or if it undertakes large debt-
funded capital expenditure, leading to deterioration in debt
protection measures.

                       About Paragon Apparel

Paragon, incorporated in 1996 by Mr. Roshan Baid, manufactures
readymade garments such as t-shirts, tops, shorts, and track pants
for men, women, and children. The Adidas group is Paragon's main
customer, as Paragon sells around 90 per cent of its products to
the Adidas group (including Reebok International Ltd). Paragon
caters to the spring and summer as well as winter collection in
knits segment.  The company currently has a manufacturing capacity
of 400,000 pieces per month.  Paragon operates through its two
production facilities in Noida.  Unit one has the capacity to
manufacture 150,000 pieces per month.  The second unit, which was
started in September 2009, has a capacity to manufacture 250,000
pieces per month.

Paragon reported a profit after tax (PAT) of INR11.4 million on
net sales of INR486.7 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR8.9 million on net
sales of INR296.8 million for 2007-08.


SHIRDI INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Various Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shirdi Industries Ltd
continue to reflect the pressure on SIL's liquidity because of its
large working capital requirements, and exposure to intense
competition from imports.  These weaknesses are partially offset
by the company's moderate financial risk profile, established
market position, and diversified project profile.

   Facilities                              Ratings
   ----------                              -------
   INR306 Million Cash Credit (Enhanced    BB+/Stable
                    from INR230 Million)

   INR94 Million Working Capital Demand    BB+/Stable (Reaffirmed)
        Loan(Reduced from INR170 Million)

   INR950 Million Term Loan                BB+/Stable (Reaffirmed)

   INR90 Million Letter of Credit          P4+ (Reclassified from
                                                P4)

Outlook: Stable

CRISIL believes that SIL will maintain its current market
position, and benefit from the growth prospects in the wood panel
industry.  The outlook may be revised to 'Positive' if the company
sustains its liquidity and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SIL undertakes a large
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, or if it faces
intense pressure on operating margin.

                       About Shirdi Industries

Incorporated in 1993, SIL manufactures medium-density fibre (MDF)
and particle boards (PBs).  It began operations by offering
foreign trade advisory services.  In February 2007, SIL
commissioned its INR1.33-billion plant to manufacture laminates,
and plain and laminated MDF and PB, in Pantnagar, Uttaranchal.
The company added another plant in Coimbatore in 2008-09 (refers
to financial year, April 1 to March 31) for pre lamination of
imported MDF and PB.  It discontinued consultancy and trading
activities in 2007-08 and 2008-09, respectively, and intends to
focus on manufacturing activities.

For 2008-09, SIL reported a profit after tax (PAT) of INR171
million on net sales of INR2.2 billion, against a PAT of INR75
million on net sales of INR2.1 billion in the previous year.


TATA MOTORS: Daimler Unloads Stake for US$408.9 Million
-------------------------------------------------------
German automaker Daimler AG said Tuesday it has sold its 5.34%
stake in Tata Motors Ltd. for EUR300 million (US$408.9 million),
Dow Jones Newswires reports.

Dow Jones relates Daimler said it is intensifying its own
activities in India and an equity participation in Tata Motors is
no longer necessary.

According to Dow Jones, Daimler is setting up a new factory in the
southern Indian city of Chennai to make trucks and buses for the
local and export markets.  Daimler's truck division intends to
invest more than EUR700 million in India until 2013 for a new
truck and bus factory venture, Dow Jones says.

Daimler first partnered with Tata Motors in 1954 to provide its
technology for trucks in India.  According to Dow Jones, the
technology tie-up ended in 1969.  In 1994, Dow Jones notes,
Daimler entered into another collaboration with Tata Motors for
distribution of its Mercedes luxury cars in India, which ended in
1997.

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
=========


CING INC: Files for Bankruptcy Protection in Japan
--------------------------------------------------
Japanese video game developer Cing Inc. has filed for bankruptcy
protection in Japan.  The company lists debt of JPY256 million and
their case is being handled by Japanese legal firm Mihoko Kido,
according to Ninetendo World Report.

Founded on April 2, 1999, Cing Inc. develops video games.  The
company is the creator of popular Nintendo games Hotel Dusk for
the DS and The Little King's Story for the Wii.


JAPAN AIRLINES: Extends Early Retirement to Cover 9,000 Employees
-----------------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Japan Airlines Corp. is extending offers of early retirement to
9,000 employees as the company strives to slash almost a third of
its workforce under a turnaround plan.

JAL spokeswoman Sze Hunn Yap told Bloomberg that the carrier,
which plans to cut 2,700 people through early retirement, asked
ground staff and cabin crew who are 35 years old or older and
maintenance engineers 50 years or more to consider offers.

Bloomberg says JAL, which was delisted from the Tokyo Stock
Exchange last month, is slashing staff, retiring planes and
cutting 31 routes after filing for Japan's fourth-largest
bankruptcy in January.  The airline last week offered early
retirement to 400 cabin crew and ground staff who hold the title
of vice president, the report adds.

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)


MITSUBISHI MOTORS: To Supply 100,000 Electric Cars to Peugeot
-------------------------------------------------------------
Mitsubishi Motors Corp. has signed a Final Cooperative Agreement
with PSA Peugeot Citroen on the development and supply of the new-
generation electric vehicle i-MiEV with PSA.

MMC and PSA signed a Framework Agreement in September 2009.
Following the Framework Agreement, both parties reached a final
consensus on development and supply of EVs based on the i-MiEV for
the European market.

The main points of the agreement are:

   * PSA will sell the EVs under the Peugeot and Citroen brands.

   * Production is to commence in October 2010 and product launch
     in the European market will be by the end of 2010.

   * A total of 100,000 units are expected to be supplied in the
     frame of this Agreement.

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.


SANYO ELECTRIC: Eyes 15% Growth in Indonesian Electronics Market
----------------------------------------------------------------
The Jakarta Post reports that the Indonesian subsidiaries of Sanyo
Electric are upbeat they will still be able to maintain a 15%
growth rate in the Indonesian electronics market despite an
expected influx of cheaper electronics products from China as the
result of the full implementation of the ASEAN-China Free Trade
Agreement.

"We have problems in competing with China's electronic products as
their production costs are cheaper," the report quoted Donny
Karompis, the president director of PT Sanyo Sales Indonesia, as
saying.  Karompis, however, said that with the launch of several
new products, Sanyo should be able to compete with the Chinese
products, according to the Post.

Meanwhile, Jakarta Post reports that Sanyo chief officer for
regional operations in Asia Pacific Yoshinori Nakatani said the
company's sales in Indonesia were growing by an average of between
10% and 15% a year.

"Indonesia contributed JPY9 billion [US$101.69 million] in total
sales last year," he said, adding that the company booked 66
billion in total sales in South East Asia, including India and
Oceania.

Mr. Nakatani also revealed the company's plan to increase the
capacity of the Sanyo plant in Indonesia by a factor of four. "We
will upgrade the Indonesia plant to produce more," he said.

                       About Sanyo Electric

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

                           *     *     *

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


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


HYUNDAI MOTOR: Replaces Chief at US Plant Over Sedan Recall
-----------------------------------------------------------
Yonhap News reports that Hyundai Motor Co. has replaced the chief
of its U.S. plant after recalling vehicles manufactured there, in
what appeared to be a reprimand for the recall.

According to the news agency, the replacement of the president of
Hyundai's plant in Montgomery, Alabama came less than two weeks
after the Korean automaker decided to recall about 1,300 Sonata
sedans manufactured at the plant over a defect in front-door
locks.

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.


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


AXIS INC: Bourse to Suspend Trading of Securities on March 16
-------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Axis
Incorporation Berhad's securities on Tuesday, March 16, 2010, due
to the Company's failure to submit its regularization plan to the
Securities Commission and other relevant authorities for approval
by February 23, 2010, the timeframe stipulated by Bursa
Securities.

The Company further disclosed that:

   * it has been accorded five market days by Bursa Securities
     to make written representations to Bursa Securities,
     supported by documentary evidence, as to why its securities
     should not be removed from the Official List of Bursa
     Securities;

   * that in the event Bursa Securities decides to de-list the
     company, its securities will be removed from the Official
     List of Bursa Securities on a date as may be specified by
     Bursa Securities; and

   * that in the event Bursa Securities decides not to de-list
     the company, other appropriate action/penalty(ies) may be
     imposed pursuant to paragraph 16.17 of the LR.

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


FOUNTAIN VIEW: To Undertake Proposed Internal Restructuring
-----------------------------------------------------------
Fountain View Development Berhad said that it is proposing to:

   (i) undertake a reorganization exercise involving its wholly
       owned sub-subsidiary companies, Bentayan Holdings Sdn Bhd
       and Extrogold Sdn Bhd held by its immediate subsidiary,
       Everange Sdn Bhd; and

  (ii) undertake an internal assets reorganization which involves
       the transfer of approximately 894.96 acres of leasehold
       land held by Mujur Zaman Sdn Bhd, a wholly owned subsidiary
       of BHSB to Citra Tani Sdn Bhd, a wholly owned subsidiary
       directly held by FVDB.

The Proposed Internal Restructuring entails the transfer of BHSB
from Everange to be held directly under FVDB, the transfer of
Extrogold from Everange to be held directly by BHSB and the
transfer of 8 parcels of 99 years leasehold land all situated at
Mukim of Ijok, Daerah Kuala Selangor, State of Selangor Darul
Ehsan held under titles no. PT-9137 (H.S.D 5462), PT-9143 (H.S.D
5468), PT-9144 (H.S.D 5469), PT-9145 (H.S.D 5470), PT-9146 (H.S.D
5471),PT-9147 (H.S.D 5472), PT-9148 (H.S.D 5473) and PT-10576
(H.S.D 5753) measuring approximately 894.96 acres ("the
Property").

The Proposed Internal Restructuring exercise is part of FVDB's
effort to streamline its organization structure and to achieve
greater operational efficiency and activities via direct control
over these subsidiaries and assets in FVDB Group.

The Proposed Internal Restructuring does not have any impact on
the share capital, shareholdings of the substantial shareholders,
earnings and net assets of FVDB Group.  However the FVDB Group is
expected to incur an impairment loss of approximately
MYR113,063,912.00 resulting from a valuation conducted by Rahim &
Co (Sel) Sdn Bhd on February 12, 2010, using the comparison and
residue methods of valuation.

The exercise does not require the approval of the shareholders of
the Company.  None of the Directors and/or substantial
shareholders of the Company or persons connected to them have any
direct or indirect interest in this Proposed Internal
Restructuring.

                        About Fountain View

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


MALAYSIAN MERCHANT: Classified as PN17 Listed Issuer
----------------------------------------------------
Pursuant to the PN17 of the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad, Malaysian Merchant Marine Berhad
has been classified as an affected listed issuer as the Company's
wholly-owned subsidiary, Erayear Solution Sdn Bhd, is unable to
complete the purchase of a chemical tanker under a Memorandum of
Agreement signed with Uniships Pte Ltd on January 8, 2010.

The Company said this Vessel was to be deployed to service a new
and recurring revenue stream ("Project Acid") for the Company and
was the vital part of the Company's turnaround strategy.  Project
Acid's revenues were estimated at MYR700 million and a local
financial institution approved the funding based on Project Acid's
merits.

Part of the disbursement terms by the LFI included the condition
that it required the consent for additional borrowings from the
existing lenders of MMM.

Malaysian Merchant said on February 4 that the Malaysian Rating
Corporation Berhad downgraded the Company's Al-Bai'Bithaman Ajil
Islamic Debt Securities from A-id to BB+id.

The Company had not defaulted on any lending terms and the
securing of Project Acid was the beginning of the Company's
turnaround process.  The Company had prepaid several tranches of
its BAIDs ahead of time.  This was conveyed to MARC several times
to reconsider their downgrading, to no avail.   The downgrading
had the consequential effect of causing a default situation on the
Company's other borrowings.  As consent for additional borrowings
was required by the LFI from the other lenders, the Company
immediately commenced discussions to obtain the said consent as
soon as MARC downgraded the Company's BAIDS.  While these
discussions were ongoing, the Company had also requested for
waivers of the consent from the LFI.  Considering the downgrade,
the LFI rejected the Company's appeal.

While the Company's was appealing the LFI's rejection and pursuing
the obtaining of the consent from the other lenders, the vendor of
the Vessel issued final notice of termination and forfeiture of
the deposits paid, on March 3, 2010.

As a result, the Company's shareholders' equity on a consolidated
basis is less than 25% of its issued and paid up capital of the
Company and is less than MYR40 million.

Furthermore, as a consequence of the series of negative events,
the Board of Directors is of the view that the Company's going
concern status in the present capital structure and business model
is in serious doubt and accordingly, the Company offered voluntary
separation settlement terms to all its employees on March 4, 2010.

The Board will deliberate further on the Company's direction with
its stakeholders and an appropriate announcement will be made
soon.

As an affected issuer, the Company is required to:

   a) submit a plan to regularize its condition to the relevant
      authorities for approval within 12 months from the date
      of the first announcement;

   b) implement the regularization plan within the timeframe
      stipulated by the relevant authorities;

   c) announce the status of its regularization plan on a monthly
      basis on the first market day of each month following the
      date of the First Announcement until further notice from
      Bursa Securities;

   d) announce its compliance or non-compliance with a particular
      obligation imposed pursuant to Amended PN17/2005 on an
      immediate basis;

  e) 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.

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
Securities and de-listing proceeding shall commenced against
the company.

The Company said it will formulate a regularization plan to
address its PN17 status and appoint a Principal Adviser.

                     About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.


VTI VINTAGE: Restraining Order Extended for 60 Days
---------------------------------------------------
The Kuala Lumpur High Court has granted VTI Vintage Berhad an
extension of the restraining order for 60 days with effect from
March 4, 2010, to May 3, 2010.

The restraining order does not have any financial and operational
impact on VVB.

The Company on July 22, 2009, obtained a restraining order under
Section 176 (10) of the Companies Act, 1965 which restrained and
stayed for a period of 90 days further proceedings in any action
or the institution or commencement of any proceedings against the
Company or any of the companies in the Group.

The restraining order is for the Company to finalize its debt
restructuring scheme.

                         About VTI Vintage

VTI Vintage Berhad is an investment holding company. It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


================
S R I  L A N K A
================


PEOPLE'S MERCHANT: Fitch Downgrades National Rating to 'BB+'
------------------------------------------------------------
Fitch Ratings Lanka has removed People's Merchant Bank Plc's
National Long-term rating from Rating Watch Negative and
downgraded the rating to 'BB+(lka)' from 'BBB-(lka)'.  The agency
has simultaneously assigned a Negative Outlook.

The rating actions reflect PMB's weakened financial profile in
terms of its profitability, asset quality and solvency.  Fitch
takes comfort in PMB's main shareholder, the state-owned People's
Bank (Sri Lanka) (A(lka)/Stable), which holds 39% of PMB's equity
and has board level linkages with PB.

In support of the government's initiative to aid liquidity-
stressed financial institutions, PMB acquired the business
operations and selected assets and liabilities of ABC Credit Card
Company Limited, an unregulated company which issued credit cards
and accepted deposits, in March 2009.  This was carried out
through PMB Credit Card Company Ltd, which is a 100% owned
subsidiary of PMB incorporated for this purpose.  Through PMBCC,
PMB made another acquisition in June 2009 (Q110), acquiring
Silvereen Finance Company Limited, a small family-held registered
finance company.  SFC was renamed People's Merchant Finance
Company Limited, which is now a 99.9%-owned subsidiary of PMB.
PMB is currently awaiting approval from the Central Bank of Sri
Lanka to merge with PMF, and thereby become a RFC.  PMB's
investment in subsidiaries accounted for 11% of the company's
assets as at Q310.

PMB's gross non-performing loan ratio rose sharply to 29.2% at
Q310 (FYE09:12.6%), stemming mainly from a significant increase in
delinquencies in its loan portfolio.  The gross NPL ratio for the
group stood at 31.2% at Q310, which was compounded by the poor
asset quality of its subsidiary, PMF.  Fitch notes that PMB's NPLs
continued to increase into Q410, The agency's view is that asset
quality will remain weak for the non- bank financial institution
sector in Sri Lanka.  The company incurred losses of LKR20m in
Q310, mainly due to depressed interest income; The group's losses
for the same period were LKR107m, mainly reflecting the losses at
PMBCC.

In Q410, PMB raised equity of LKR250m through a rights issue.
While this would improve PMB's capitalization, solvency as
measured by net NPL/equity is expected to remain weak.  As a
specialized leasing company, PMB is predominantly financed by
borrowings (81% of funding at Q310).  Fitch expects PMB's funding
diversity to improve following the merger with PMF, as the RFC
licence would enable deposits to be accepted from the public.

Established in 1983 and listed in 1994, PMB is a specialized
leasing company accounting for 2.4% of the SLC sector assets in
Sri Lanka as at March 2009.  The company is an associate of PB
which owns 39.2% of its equity (26% directly and 13% indirectly
through People's Leasing Company Ltd, a fully owned subsidiary of
PB).

PB has a 1.78% shareholding in Fitch Ratings Lanka but is not
involved in either the day-to-day operations or credit rating
reviews undertaken by Fitch Ratings Lanka.


EDIRISINGHE TRUST: Fitch Keeps National Long-Term Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings Lanka has affirmed the National Long-term rating of
Edirisinghe Trust Investments Ltd at 'BB-(lka)'.  The Outlook is
Stable.

ETI's rating reflects its large exposure to the relatively lower-
risk business of pawnbroking (gold-backed lending), and its
significant market position in the business amongst other non-bank
financial institutions.  However, the rating also factors ETI's
lapses in operational risk management, large exposure to real
estate (a relatively illiquid asset class), and its low core
equity position.

In contrast to the wider sector which considerably slowed growth
during the year ended 31 March 2009 (FYE09), as a consequence of a
slowing economy, ETI's loan book grew by 22% during the period.
Nevertheless, Fitch notes that ETI's growth has been derived
primarily from its pawnbroking portfolio, a product considered to
have minimal credit risk.  Also, the agency notes that ETI has
curtailed its disbursements in vehicle finance in FY09 to limit
delinquencies.  Fitch expects the bulk of growth in the 12-month
horizon to continue to be spurred by the pawnbroking portfolio, as
demand for commercial vehicles remain low.  Pawnbroking, vehicle
finance and loans accounted for 62%, 29% and 9% of the portfolio
respectively at end-Q310 (FYE08: 52%, 40% and 8% respectively).
However, concerns remain over ETI's considerable increase in real
estate exposure; given the relatively illiquid nature of this
asset class which is exacerbated by the current slump in the real
estate market (23% of assets at end-Q310 against 15% at FYE08).

The gross three-month non-performing loan ratio was 9.6% at Q310,
which compares well against the sector average *(H110: 12.9%).
This is largely due to the significant exposure to pawnbroking - a
product with zero NPLs.  However, despite fair recoveries in its
vehicle finance portfolio, asset quality in this product remains
weak (Q310: 23%).  This trend is expected to continue for vehicle
finance in 2010, though credit quality is likely to improve
marginally as ETI focuses on recoveries rather than disbursements.
Also, cash flows in this customer segment may strengthen somewhat
as macro economic conditions improve.

At Q310, deposits funded 80% of ETI's assets.  Despite the
company's strong franchise, the collapse of an unregulated
deposit-taking institution at end-2008 exerted some pressure on
ETI's liquidity in the first half of 2009, which a majority of
NBFIs also experienced.  While ETI's current liquidity position is
comfortable, boosted by large exposure to pawnbroking with shorter
durations, and a significant share of longer-term deposits (Q310:
41% with tenures over one-year), the growing real estate portfolio
could exert some pressure on its liquidity as disposal has proven
challenging.

Pre-tax return on assets adjusted for fair-value gains on
investment property, remains low at 0.6% at FYE09, due to a sharp
decline in income earned on real estate disposals and a
significant rise in operating costs to facilitate expansion.
Benefits accrued from the large reduction in sector-wide deposit
rates since the last quarter of 2009 have yet to be accrued as a
significant portion of its deposits have tenures of over one year.
Although operating costs would remain high and income from real
estate would continue to be somewhat low in the 12-month horizon,
profitability should improve marginally as deposits are re-priced
and credit quality improves.

As a consequence of ETI's large exposure to the low-risk business
of pawnbroking, capital adequacy ratios were comfortably above the
minimum requirement (Tier 1 and total capital adequacy ratios of
9.0% and 14.2% respectively at end-Q310, against the minimum
requirements of 5% and 10% respectively).  Similarly, low absolute
NPLs meant that ETI's net NPL/equity ratio of 24.6% at Q310
compares favourably against the sector average (H110: 37.3%).
However, core equity/assets remained low at 6.4% at end-Q310,
which would require strengthening to facilitate growth in its non-
pawnbroking book.

ETI is a registered finance company (RFC), established in 1967 by
the Edirisinghe family.  The family held a 99% equity stake in ETI
at FYE09.  ETI is a medium sized RFC with an asset base of LKR
11.6bn at end-Q310, and operated through one fully-fledged branch,
five vehicle service centres and 41 pawnbroking centres at end-
Q310.


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


DUBAI WORLD: Nakheel Valuation Delays Final Debt Plan
-----------------------------------------------------
Reuters reports bankers said on Sunday that Dubai World expects to
put its debt plan to creditors as early as this week but the final
proposal is being delayed by efforts to accurately value developer
Nakheel's assets.  According to Reuters, one of the bankers said
Dubai World's plan for repaying $26 billion in debt will not
include a proposal to raise capital or contain any surprises such
as the repayment of Nakheel's Islamic bond in December after a
last-minute bailout by Abu Dhabi.

Reuters says valuing Nakheel's assets and determining the size of
any financial help from the Dubai and Abu Dhabi governments would
determine the size of the haircuts creditors would have to take.

Reuters says Dubai is unable to contribute much while Abu Dhabi
will be selective in its aid.

Reuters notes Nakheel has a $980 million bond due in May, after
the defacto standstill period announced in November ends, but is
expected to be part of the broader Dubai World restructuring.  The
bond's underlying assets are the revenue stream that developed
projects would eventually generate, and not the land it owns,
Reuters adds.

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


DUBAI WORLD: To Hold Informal Meetings with Creditors This Week
---------------------------------------------------------------
The Wall Street Journal's Maria Abi-Habib reports that people
familiar with the matter said Monday Dubai World will hold
informal meetings early this week in London with its creditors to
update them on the progress of, and to work towards, an agreement
on the restructuring of its $22 billion debt.  The sources said no
formal proposal will be presented during the meetings taking place
Monday and Tuesday.  However, if the meetings progress well,
negotiations could advance quickly from this point, one of the
people said, according to the report.

One source told the Journal the meetings would also focus on how
to best use any fresh funds that have been injected into Dubai
World as part of the debt restructuring, another person said.

According to Ms. Abi-Habib, the cost of insuring Dubai's sovereign
debt against default fell sharply Monday and stocks jumped on
signs that Dubai World will approach creditors this week.
According to Ms. Abi-Habib, the Dubai Financial Market's main
index of shares gained 1.7% to 1649.14, extending Sunday's 2.3%
advance.  Citing CMA DataVision, she reports that Dubai's five-
year credit-default-swap spread -- a key measure of credit risk --
tightened around 0.21 percentage point to 4.86 percentage points
in early trading, from about 5.07 late Friday.

As reported by the Troubled Company Reporter on February 16, 2010,
people familiar with the matter have told Zawya Dow Jones that
Dubai World may offer creditors just 60% of the money they are
owed as part of a deal to reschedule $22 billion in debt.

According to Dow Jones Newswires' Mirna Sleiman, one potential
offer being considered in Dubai World's debt-restructuring talks
was a repayment offer of 60 cents on the dollar, paid back after
seven years, and backed up by government guarantees.

Sources told Dow Jones another proposal involves creditors
receiving full payment, including 40% of their Dubai World debt in
the form of assets in Nakheel -- Dubai World's real estate unit --
but with no government guarantee over the same seven-year period.

The TCR on February 19, 2010, said Dubai World will present a
proposal to creditors in March.  According to the TCR, Bloomberg
News, citing a person close to the Dubai government, said the
proposal will be made after valuation of the assets are completed
and after consultations with the Abu Dhabi government and the
United Arab Emirates' Central bank.

According to Bloomberg, all restructuring options are being
considered, including swapping Nakheel's $1.73 billion bonds with
new securities.  A graded loan recovery system is also an option,
which will allow banks wishing earlier repayment lower recovery on
their loans than those who are prepared to wait.

Dubai World and its advisers will attempt to agree on a
restructuring plan with its creditors by April 15 so that
Nakheel's bondholders have time to execute a possible exchange of
their debt, Bloomberg cited the unidentified person as saying.

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


DUBAI WORLD: Unit Surrenders Former Knickerbocker Hotel to Lender
-----------------------------------------------------------------
The Wall Street Journal's A.D. Pruitt and Craig Karmin report that
Istithmar World Capital, the private-equity arm of Dubai World,
turned over the former Knickerbocker Hotel near the heart of Times
Square to its lender, Danske Bank A/S, after defaulting on its
$300 million mortgage.

The report says the 300,000-square-foot building at 42nd and
Broadway has been operated as an office building known as 1466
Broadway.  The Journal says Istithmar emptied it of most of
tenants as part of a plan to convert it back into a hotel.

According to the report, Danske Bank has hired Jones Lang LaSalle
to market the property and is getting a lot of interest, said Ben
Singer a Jones Lang LaSalle broker.  People familiar with the
matter told the Journal among the interested bidders is Sitt Asset
Management, the New York real-estate company that sold Istithmar
the building in 2006.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


INVESTMENT DAR: May Seek Bankruptcy Protection
----------------------------------------------
Kuwaiti firm Investment Dar said on Sunday it may seek legal
protection under the country's Financial Stability Law to push
through a restructuring plan that is opposed by some creditors.
Agence France Press says the announcement followed a meeting
between the top Islamic investment company and the coordinating
committee of creditor banks and investors to discuss the latest
developments on the restructuring plan.

"The coordinating committee and the company discussed the option
of utilizing Kuwait's financial stability law," which provides
conditional legal and financial support to struggling companies,
the firm said in a statement, according to AFP.

AFP says the law, which was officially approved last year,
introduced for the first time in the Gulf state legal cover
against bankruptcy similar to the U.S. chapter 11 protection.

AFP says the company maintains that 80% of creditors support the
restructuring plan but that "a small minority of investors have
continued to resist supporting the plan."  "Investment Dar would
not seek financial support in making its repayments, but a legal
framework to implement its well supported plan," the company said,
according to AFP.

In September, the company reached a standstill agreement with its
creditors to suspend claims, but some creditors insisted on
seeking legal recourse to reclaim debts, AFP recalls.  In the same
month, AFP continues, Kuwait's central bank appointed a temporary
administrator to oversee business at Investment Dar, which is
believed to have debts of more than three billion dollars and has
already defaulted.

The company's shares have been suspended from trading on the
Kuwait Stock Exchange since April 1, 2009, for failure to report
2008 financial results.

Investment Dar acquired 50% of Aston Martin in March 2007.


* Moody's: Global Default Rate Falls to 11.6% in February 2010
--------------------------------------------------------------
The trailing 12-month global speculative-grade default rate fell
to 11.6% in February, down from January's level of 12.5%, said
Moody's Investors Service in its latest default report.  A year
ago, the global default rate stood at only 5.8%.  The ratings
agency's default rate forecasting model now predicts that the
global speculative-grade default rate will decline sharply to 2.9%
by the end of this year and then edge lower to 2.7% by February
2011.

"The trailing 12-month default rate will likely decline rapidly
over the next several months as the bulge of defaults that
occurred in the first half of 2009 move out of the trailing
twelve-month window," said Moody's Director of Default Research
Kenneth Emery.

In the U.S., the speculative-grade default rate edged lower from
January's 13.6% to 12.7% in February, while in Europe, the default
rate among speculative-grade issuers fell from a revised 10.9% in
January to 9.7% in February.  At this time last year, the U.S.
default rate stood at 6.5% and the European default rate was even
lower at 2.8%. Among U.S. speculative-grade issuers, Moody's
forecasting model foresees the default falling to 3.3% by December
2010 and 3.0% a year from now.  In Europe, the forecasting model
projects the speculative-grade default rate will arrive at 1.7% in
December 2010 followed by a small up-tick to 2.0% by February
2011.

Overall, only two of Moody's-rated corporate debt issuers
defaulted in February, which sends the year-to-date default count
to 10.  Both of the February defaulters were based in the U.S. In
comparison, there were 45 defaults in the first two months of last
year.  Across industries over the coming year, default rates are
expected to be highest in the Consumer Transportation sector in
the U.S. and the Business Service sector in Europe.

Measured on a dollar volume basis, the global speculative-grade
bond default rate fell from a revised level of 16.0% in January to
14.8% in February. Last year, the global dollar-weighted default
rate stood at 7.0% in February.

In the U.S., the dollar-weighted speculative-grade bond default
rate ended at 15.4% in February, down from 16.3% in January.  The
comparable rate was 8.0% in February 2009.

Moody's speculative-grade corporate distress index -- which
measures the percentage of rated issuers that have debt trading at
distressed levels -- came in at 16.5% in February, unchanged from
the revised level in January.  A year ago, the index was much
higher at 49.0%.  In the leveraged loan market, only one Moody's-
rated loan issuer -- Penton Media, Inc. -- defaulted in February.
The trailing 12 month U.S. leveraged loan default rate fell from
11.4% in January to 10.9% in February.  A year ago, the loan
default rate stood at 4.5%.

Moody's "February Default Report" is now available -- as are
Moody's other default research reports -- in the Ratings Analytics
section of Moodys.com.


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

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 ***