TCRAP_Public/100519.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, May 19, 2010, Vol. 13, No. 097

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Administrators Provide Performance Presentation
BABCOCK & BROWN: Inks "Pay if You Can" Deal with Bankers
REWARDS GROUP: Ferrier Hodgson Appointed as Administrator
TRANSURBAN GROUP: Ontario Teachers' Pension Plan Sells 13% Stake


C H I N A

CITIC PACIFIC: Moody's Sees No Immediate Impact on Low-B Ratings


H O N G  K O N G

ALNERY NO. 112: Lai and Haughey Step Down as Liquidators
BENSMART LIMITED: Members and Creditors' Meetings Set for June 21
BKHK LIMITED: Members' Final General Meeting Set for June 21
BRILLIANT STAR: Members' Final Meeting Set for June 17
BUILDING MATERIALS: Members' Final Meeting Set for June 11

CANTON PROPERTY: Creditors' Meeting Set for June 10
CHINA RAILWAY: Creditors' Meeting Set for June 10
EMPOWER HOLDINGS: Creditors' Meeting Set for May 25
ETERNAL FIDELITY: Members' Final Meeting Set for May 25
GOOD TIME: Members' Second Meeting Set for May 27

NIKKEN HK: Commences Wind-Up Proceedings
NISCA (HK): Members' Final Meeting Set for June 17
PANA OCEAN: Members' Final Meeting Set for June 14
PINNACLE INVESTMENT: Cheung and Yan Down as Liquidators
SINOTRANS (HK): Creditors' Proofs of Debt Due June 14

STAR HORIZON: Placed Under Voluntary Wind-Up Proceedings
TOGEN BUSINESS: Haruyuki Kodama Steps Down as Liquidator
TRADE DIAMOND: Members' Final Meeting Set for May 25
TRANS-OCEAN INSURANCE: Creditors' Proofs of Debt Due June 15
UNITED TRADING: Members' Final General Meeting Set for June 18


I N D I A

ADWAITH TEXTILES: ICRA Rates INR167.3MM Term Loans at 'LBB'
AIR INDIA: Passenger Traffic Rise 16.7% in May 2010
BAL PHARMA: ICRA Assigns 'LBB-' Rating on Various Bank Debts
BELLARY STEELS: ArcelorMittal May Buy Bellary Steels
BINA COMMERCIAL: CRISIL Assigns 'B-' Rating on INR40M Cash Credit

BST TEXTILE: ICRA Reaffirms 'LBB' Rating on INR235M Term Loans
HARIOM ISPAT: CRISIL Places 'B-' Rating on INR20 Mil. Term Loan
HARMAN RICE: CRISIL Assigns 'B+' Ratings on Various Bank Debts
JAI GOPAL: ICRA Assigns 'LBB-' Rating on INR280M FB Facilities
MONTARI INDUSTRIES: ICRA Suspends 'LD' Rating on Bank Facilities

PHOENIIX: ICRA Assigns 'LBB' Rating on INR78.3MM Term Loan
SHIVOM COTSPIN: Low Net Worth Cues CRISIL 'BB-' Ratings
SHUBHLAXMI CASTING: ICRA Assigns 'LB' Rating on INR60M Term Loan


I N D O N E S I A

BANK MANDIRI: Reappoints Agus Martowardojo as President Director
PT BUMI RESOURCES: Refinancing Risk Cues Moody's Review of Ba3 CFR


J A P A N

CAFES 2 TRUST: Fitch Affirms 'BB' Ratings on Classes D & E TBIs
JAPAN AIRLINES: May Post Operating Profit in March 2011
JAPAN FINANCE: Moody's Ups JPY180MM Certificates' Rating to Ba1
JPM-JC8 TRUST: Moody's Reviewing Class F's Ba2 Rating
SWING JOURNAL: To be Suspended in June Amid Falling Revenues

* JAPAN: Top 13 Banks Get 83,000 Debt Moratorium Law Applicants


K O R E A

HYNIX SEMICONDUCTOR: Faces EU Fine for Price Fixing


M A L A Y S I A

TRANSMILE GROUP: Posts MYR9.77 Mil. Net Income for March 31 Qtr


N E W  Z E A L A N D

FISHER & PAYKEL: Unit Admitted in Gov't. Deposit Guarantee Scheme
ST LAURENCE: Obtains High Court Judgment Against Donald Stott


T A I W A N

BANK OF TAIWAN: Fitch Junks Individual Rating at 'C'
TAIWAN HIGH: Taiwan Ratings Lifts Rating on US$300M Bond to 'twB'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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A U S T R A L I A
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GRIFFIN COAL: Administrators Provide Performance Presentation
-------------------------------------------------------------
The voluntary administrators of Griffin Coal Mining Co. recently
invited holders of the 9-1/2% Senior Notes due 2016 to attend
presentations on Griffin Coal in Hong Kong and New York at
10:00 a.m. (Hong Kong time) on May 12 and 10:00 a.m. (New York
time) on May 17.

During the Presentations, two of Griffin Coal's administrators,
Brian McMaster and Scott Kershaw gave an update in relation to the
financial and operational performance of Griffin Coal and certain
related entities.  Representatives of Macquarie and UBS,
investment bankers engaged by the administrators, also presented.

Copies of the Presentations were uploaded to Intralinks shortly
after the New York Presentation for the benefit of existing
Noteholders.  The administrators will grant Interlink access to
any prospective purchaser of the Notes, provided that such
prospective purchaser can prove to the administrators' reasonable
satisfaction that it is bona fide prospective purchaser.

The Presentations may contain material non-public information.
Any Noteholder or prospective purchaser of the Notes that is
concerned about receiving material non-public information should
consider obtaining independent legal advice in relation to the
Presentations and the use of the Intralinks site before accessing
Intralinks or reviewing the Presentations.

                         About Griffin Coal

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

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


BABCOCK & BROWN: Inks "Pay if You Can" Deal with Bankers
--------------------------------------------------------
The Sydney Morning Herald reports that the key operating business
of Babcock & Brown Ltd. has swung dramatically back into the
black, with a AU$7.3 billion turnaround in full-year profit.

However, the results do not signal a revival in fortunes for the
fallen empire, the Herald notes.  Babcock & Brown International
remains on life support from its bankers.

According to the report, Babcock & Brown International and its
bankers recently finalized a "pay if you can" agreement covering a
corporate debt facility of more than $2.57 billion.

The Herald relates that this essentially means Babcock & Brown
International's bankers have written off their entire exposure to
the collapsed group, allowing it to pay down its debt only as cash
is generated -- mostly through asset sales.

"The group remains reliant on the support of its lenders through
the continued extension of certain loan facilities and in
particular that the lenders take no action in respect of existing
breaches of the syndicated facility agreement," the report cited
Babcock & Brown International's latest accounts.

The report, citing Babcock & Brown International's latest
accounts, discloses that the group notched up a $2 billion profit
in calendar 2009, compared with a loss of $5.3 billion a year
earlier.  The company reported $1.45 billion worth of revenue -
mostly on asset sales -- but restructuring of debt allowed the
company to write back $2.7 billion, the report adds.

The Herald says B&B International's auditor, Ernst & Young, warned
there was "significant uncertainty" whether the company can
continue as a going concern.  It also raised doubts over whether
the company can raise enough funds from asset sales to cover its
liabilities.

                      About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating leasing
and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the assets of the company.  Deloitte
said the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


REWARDS GROUP: Ferrier Hodgson Appointed as Administrator
---------------------------------------------------------
Managed investment scheme provider Rewards Group Limited was
placed in administration on May 16, 2010.  Martin Jones, Andrew
Saker and Darren Weaver of Ferrier Hodgson were appointed as Joint
and Several Administrators of Rewards Group Limited and its
subsidiaries pursuant to section 436A of the Corporations Act
2001.

Rewards Projects Limited, a wholly owned subsidiary of Rewards
Group Limited, is the responsible entity of a number of registered
managed investment schemes and in that role has responsibility for
the operation and administration of the schemes.  Rewards
Management Pty Ltd., another wholly owned subsidiary of Rewards
Group Limited, is the manager of the MIS projects and responsible
for establishing, managing, harvesting and selling the product
from the projects.

Each scheme is governed by its own constitution or trust deed and
if a registered scheme, is also governed by Chapter 5C of the Act.
Rewards Projects Limited will continue to be the responsible
entity for its registered managed investment schemes until it is
replaced in accordance with the Act.

"We are currently assessing the financial position of the Group
with a view to putting forward a future trading plan to creditors.
All operations will be assessed by us as to their viability," the
administrators said in a statement.

"Once the financial position of the Group and the viability of the
managed investment schemes, has been assessed, we will endeavor to
propose and implement a strategy for each entity and projects
going forward.

"We will also be conducting statutory investigations, and
complying with statutory reporting requirements to investors,
creditors and shareholders over the course of the Administration."

A first meeting of creditors' meeting will be held on May 26,
2010.

Rewards Group's subsidiaries under administration are:

   * Rewards Projects Limited
   * Rewards Land Pty Ltd;
   * Rewards Management Pty Ltd;
   * Ord Packers Pty Ltd;
   * Berry Packers Pty Ltd;
   * Rural Labour Pty Ltd; and
   * Greentree Capital Pty Ltd, formerly QPR Capital
     Finance Pty Ltd.

Rewards Group Limited manages 12,000 hectares of forestry and
fruit plantations in Queensland, Western Australia and Victoria.


TRANSURBAN GROUP: Ontario Teachers' Pension Plan Sells 13% Stake
----------------------------------------------------------------
Ontario Teachers' Pension Plan sold its stake in Transurban Group
at a hefty discount after the toll road operator rejected a
takeover offer from its three key shareholders, The Sydney Morning
Herald reports.

According to the report, Ontario Teachers Pension Plan sold its
13% stake in the company for an estimated $4.44 a share, 16 cents
less than the company's $542 million rights issue.  It is also
$1.13 a share less than the takeover offer the three key
shareholders -- CP2, Ontario Teachers and Canadian Pension Plan
Investment Board -- put to the company's board last week.

CP2 chief executive Peter Doherty said the confirmation of the
exit of Ontario Teachers would be received with mixed conclusions.


Mr. Doherty said CP2 was evaluating its options.  CP2 holds a 14%
stake in the company and Canadian Pension holds another 14%.

                       About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                          *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


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CITIC PACIFIC: Moody's Sees No Immediate Impact on Low-B Ratings
----------------------------------------------------------------
Moody's Investors Service sees no immediate impact on the Ba1
corporate family rating of CITIC Pacific Ltd and the Ba1 bond
rating of CITIC Pacific Finance (2001) Ltd after the announced
upward revision of the general construction contract for its iron
ore project in Western Australia. The outlook for these ratings
remains stable.

The rise in costs for the project is Western Australia is due to
the strong increase in iron ore prices and higher labor costs,
according to the company.

"While the additional US$835 million is a considerable sum --
compared to the original contract total of US$1.75 billion -- the
impact on CITIC Pacific's overall financial profile will be
modest, given the company's currently strong liquidity," says
Renee Lam, a Moody's Vice President and Senior Analyst.

At end-December 2009, CITIC Pacific had a consolidated cash
position of HK$21.5 billion and maintains large committed bank
facilities.

Combined these sums should be more than adequate to cover maturing
short-term debt of HK$4.4 billion and total estimated capex --
after incorporating the additional sum for the iron ore project --
of HK$26 billion in 2010.

Moody's expects the additional cost revision -- even under a
conservative assumption that it would be fully debt funded and
fully paid in 2010 -- would not materially affect CITIC Pacific's
debt coverage metrics.

Funds from operations (FFO) to adjusted debt is expected to stay
below 10%, while FFO coverage to interest is forecasted at 2-3x in
the next 12 months.

These metrics are weak for its rating, but Moody's expects a
gradual improvement when the company's major iron ore investment
starts generating cash flow contributions in 2011-2012.

The last rating action with respect to CITIC Pacific was on
February 12, 2010 when the outlook on its Ba1 rating was changed
to stable from negative.

The principal approach applied in rating CITIC Pacific is found in
"Analytical Considerations in Assessing Conglomerates", published
in September 2007, which can be found at www.moodys.com in the
Rating Methodologies sub-directory under the Research & Ratings
tab.  Other methodologies and factors that may have been
considered in the process of rating CITIC Pacific can also be
found in the Rating Methodologies sub-directory on Moody's
website.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.5%
owned by CITIC Group.  It is engaged in a range of businesses,
including specialty steel manufacturing, iron-ore mining, property
development and investment, power generation, infrastructure,
communications and distribution.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.


================
H O N G  K O N G
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ALNERY NO. 112: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Alnery No. 112 Limited on May 10, 2010.


BENSMART LIMITED: Members and Creditors' Meetings Set for June 21
-----------------------------------------------------------------
Members and creditors of Bensmart Limited will hold their meetings
on June 21, 2010, at 3:00 p.m., and 3:30 p.m., respectively at
Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA of Hong Kong,
Tsimshatsui, Kowloon, in Hong Kong.

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


BKHK LIMITED: Members' Final General Meeting Set for June 21
------------------------------------------------------------
Members of BKHK Limited will hold their final general meeting on
June 21, 2010, at 10:00 a.m., at Suite 1, 8/F., New Henry House,
10 Ice House Street, Central, in Hong Kong.

At the meeting, Chan Cheuk Ying and Lee Cho Yiu Julia, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BRILLIANT STAR: Members' Final Meeting Set for June 17
------------------------------------------------------
Members of Brilliant Star Industries Limited will hold their final
meeting on June 17, 2010, at 11:00 a.m., at Unit 1603-1606, 16th
Floor, Alliance Building, No. 130-136 connaught Road Central,
Sheung Wan, in Hong Kong.

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


BUILDING MATERIALS: Members' Final Meeting Set for June 11
----------------------------------------------------------
Members of Building Materials & Engineering Limited will hold
their final meeting on June 11, 2010, at 10:00 a.m., at Unit 501,
5/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, in
Hong Kong.

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


CANTON PROPERTY: Creditors' Meeting Set for June 10
---------------------------------------------------
Creditors of Canton Property Investment (Hong Kong) Limited will
hold their meeting on June 10, 2010, at 4:00 p.m., for the
purposes provided for in Sections 241, 242, 243, and 244 of the
Companies Ordinance.

The meeting will be held at Room 1601-1602, 16/F., One Hysan
Avenue, Causeway Bay, in Hong Kong.


CHINA RAILWAY: Creditors' Meeting Set for June 10
-------------------------------------------------
Creditors of China Railway Mall & Properties Development Limited
will hold their meeting on June 10, 2010, at 2:00 p.m., for the
purposes provided for in Sections 241, 242, 243, and 244 of the
Companies Ordinance.

The meeting will be held at Room 1601-1602, 16/F., One Hysan
Avenue, Causeway Bay, in Hong Kong.


EMPOWER HOLDINGS: Creditors' Meeting Set for May 25
---------------------------------------------------
Creditors of Empower Holdings Limited will hold their meeting on
May 25, 2010, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 29/F, Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.


ETERNAL FIDELITY: Members' Final Meeting Set for May 25
-------------------------------------------------------
Members of Eternal Fidelity Finance Limited will hold their final
general meeting on May 25, 2010, at Registered Office.

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


GOOD TIME: Members' Second Meeting Set for May 27
-------------------------------------------------
Members of Good Time Finance Limited will hold their final meeting
on May 27, 2010, at 2:00 p.m., at The Boardroom, FTI Consulting
(Asia) Limited, 1008 Shui On Centre, 6-8 Harbour Road, Wanchai, in
Hong Kong.

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


NIKKEN HK: Commences Wind-Up Proceedings
----------------------------------------
Members of Nikken Hong Kong Limited, on May 7, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Toshizo Watanabe
         Hsieh Chung Dao Chris
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


NISCA (HK): Members' Final Meeting Set for June 17
--------------------------------------------------
Members of Nisca (HK) Limited will hold their final meeting on
June 17, 2010, at 10:00 a.m., at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PANA OCEAN: Members' Final Meeting Set for June 14
--------------------------------------------------
Members of Pana Ocean Company Limited will hold their final
general meeting on June 14, 2010, at 10:30 a.m., at 1607, ING
Tower, 308 Des Voeux Road Central, in Hong Kong.

At the meeting, Poon Ka Lee Barry, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


PINNACLE INVESTMENT: Cheung and Yan Down as Liquidators
-------------------------------------------------------
Cheung Kwok Ming and Yan Chuek Ning stepped down as liquidators of
Pinnacle Investment Management Limited on May 14, 2010.


SINOTRANS (HK): Creditors' Proofs of Debt Due June 14
-----------------------------------------------------
Creditors of Sinotrans (Hong Kong) Express Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by June 14, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 3, 2010.

The company's liquidator is:

         Wang Wen Qi
         13/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


STAR HORIZON: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on May 14, 2010, members
of Star Horizon Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Cheng Kai Tai Allen
         19/F., Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


TOGEN BUSINESS: Haruyuki Kodama Steps Down as Liquidator
--------------------------------------------------------
Haruyuki Kodama stepped down as liquidator of Togen Business
Software Corporation Limited on April 27, 2010.


TRADE DIAMOND: Members' Final Meeting Set for May 25
----------------------------------------------------
Members of Trade Diamond Limited will hold their final general
meeting on May 25, 2010, at Registered Office.

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


TRANS-OCEAN INSURANCE: Creditors' Proofs of Debt Due June 15
------------------------------------------------------------
Trans-Ocean Insurance Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by June 15, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 6, 2010.

The company's liquidators are:

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


UNITED TRADING: Members' Final General Meeting Set for June 18
--------------------------------------------------------------
Members of The United Trading and Shipping Company Limited will
hold their final general meeting on June 18, 2010, at 10:00 a.m.,
at 4304, 43/F, China Resources Building, 26 Harbour Road, Wanchai,
in Hong Kong.

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


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ADWAITH TEXTILES: ICRA Rates INR167.3MM Term Loans at 'LBB'
-----------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating to the INR167.3 million term
loans and the INR6.0 million non-fund based limits of Adwaith
Textiles Limited.

The re-affirmation of rating takes into account the financial
flexibility arising from the group support of Lakshmi Ring
Travellers (Coimbatore) Limited and other companies (including
Lakshmi Machine Works Limited), which have a healthy financial
profile.  The rating also considers the improving demand for yarn.
The rating is however constrained by the Company's small scale of
operations, which restricts economies of scale, and the stretched
financial profile (characterized by very high gearing and weak
coverage indicators).

ATL is primarily engaged in producing cotton yarn for Lakshmi Ring
Travellers (Coimbatore) Limited.  Incorporated in 1956, the
Company has an installed capacity of 24,000 spindles and 336
rotors.  Its manufacturing facility is located in Coimbatore
(Tamil Nadu).  The promoters and their relatives hold the entire
share capital.

ATL reported profit before tax of INR13.0 million on operating
income of INR121.5 million for the nine months ended December 31,
2009, against loss before tax of INR17.3 million on operating
income of INR98.4 million for the year ended March 31, 2009.


AIR INDIA: Passenger Traffic Rise 16.7% in May 2010
---------------------------------------------------
Air India has posted a 19.7% increase in passenger traffic in
April 2010 over April 2009, due to the upsurge in domestic and
international passenger traffic.  The trend continues for the
first half of May with a 16.7% growth in the daily average
passenger carriage in May 2010 as compared to May 2009.

The average daily passenger carriage on the total network
including the international services operated by Air India Express
and the domestic sectors operated by IC coded flights is 45,900
for the first of May 2010 as compared to 39,350 in May 2009.
During April 2010, an average of 44,000 passengers were flown on
Air India flights as compared to 36,750 in April 2009.

While the domestic market witnessed a growth of 22% in the January
to April 2010 period compared to the same period last year, Air
India domestic traffic posted a growth of 26%.  With the upswing
in passenger carriage in April 2010, Air India's domestic market
share rose to 18.2%, bringing it on par with other full service
carriers in this segment.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

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.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

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.


BAL PHARMA: ICRA Assigns 'LBB-' Rating on Various Bank Debts
------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the term loans and fund based
facilities of Bal Pharma Limited aggregating to INR219 million and
INR 310 million, respectively.  The outlook on the rating is
stable. ICRA has also assigned A4 rating to the INR105.0 million
non-fund based facilities of BPL.

The ratings incorporate company's weak operating performance
characterized by loss-making operations over the past three
quarters owing to adverse sales mix and low utilization of
company's newly commissioned facility, which collectively have
impacted company's credit profile and liquidity position.  The
ratings however derive support from promoter group's experience in
the pharmaceutical industry, diversified product profile of the
company with major focus on lifestyle disorders in the
formulations segment and approvals from various regulatory
authorities of regulated markets for its API facility.  ICRA also
takes note of the active in-house R&D capabilities reflected by
relatively healthy product pipeline particularly in the API
segment.

                         About Bal Pharma

Bal Pharma Limited was incorporated as a private limited in 1987,
and was jointly promoted by Mr. Ghevarchand Surana of the Micro
Labs group, and the Siroya family.  Microlabs Ltd which holds
12.5% stake in BPL is one of the leading players in the Indian
pharmaceutical industry.  Apart from the holdings through Micro
Labs Ltd, the Surana family holds another 15.6% stake in the
company. Siroya family holding 23.42% stake is a Dubai based
diversified group with business interests in jewellery,
construction garments, mining, umbrella manufacturing,
pharmaceuticals and trading.

BPL started its commercial operation in 1992 and currently has
presence in Active Pharmaceutical Ingredients, formulation,
Intravenous infusion and ayurvedic products.  The Company has
product offerings covering major therapeutics areas like
diabetology, cardiology, mother & child care, orthopaedics,
neurology and post & pre operative surgical medication. The
company also carries out contract manufacturing of bulk drugs and
also undertakes bulk manufacturing for supplying to government
institutions.

BPL reported a profit after tax (PAT) of INR30.4 million on an
operating income of INR1034.8 million in 2008-09, as against a PAT
of INR26.3 million on an operating income of INR857.4 million in
2007-08.

Recent results (Unaudited) BPL clocked an operating income of
INR477.8 million for the half year ended September 30, 2009, as
against an operating Income of INR 545.2 million during the
corresponding period of previous fiscal.  During the same period,
the Company reported a net loss of INR25.6 million.


BELLARY STEELS: ArcelorMittal May Buy Bellary Steels
----------------------------------------------------
Business Standard reports that people familiar with the matter
said ArcelorMittal is in talks to buy Bellary Steels & Alloys.
The lenders took over the company after refusing to waive a part
of the company's INR26 billion debt and restructure the rest.

Confirming the development, A Mallikarjunappa, general manager
(finance), said Bellary Steels has a total debt of about INR26
billion and accumulated losses of about INR3 billion, the report
notes.

ArcelorMittal is a global steel producer.

Bellary Steels and Alloys Limited is an India-based company. The
Company?s products include wire rods and bars, non alloy steel,
alloy steel, steel rolled products and sponge iron. During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company has
dealt with product called sponge iron. During fiscal 2009, the
Company?s actual production of steel was 235 metric tons and
sponge iron was 20,433 metric tons. The Company?s manufacturing
plants are located in Karnataka, India.


BINA COMMERCIAL: CRISIL Assigns 'B-' Rating on INR40M Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Bina Commercial
Corporation bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        B-/Stable (Assigned)
   INR20 Million Letter of Credit   P4 (Assigned)
   INR20 Million Bank Guarantee     P4 (Assigned)

The ratings reflect BCC's weak financial risk profile, marked by a
small net worth, high gearing, weak debt protection metrics, and
constrained liquidity, and exposure to risks related to low and
fluctuating operating margin.  These rating weaknesses are
partially offset by the benefits that BCC derives from its
management team's extensive experience in the iron and steel
products business.

Outlook: Stable

CRISIL believes that BCC will continue to benefit from its
management's experience in the steel trading industry over the
medium term.  The outlook may be revised to 'Positive' if BCC's
revenues and profitability increase significantly.  Conversely,
the outlook may be revised to 'Negative' if the quantum of debt
undertaken by the firm increases substantially, or if its revenues
and profitability decline significantly, thereby deteriorating its
financial risk profile.

                       About Bina Commercial

BCC was set up in 1989 as proprietorship firm by Mr. Vinod Kumar
Agarwal.  The firm, based in Kolkata, trades in iron and steel
products including mild steel pipes, thermo-mechanically treated
(TMT) steel bars, mild steel rounds/flats, channels, angles and
others in the domestic market.  The firm owns a warehouse in
Rourkela (Orissa).  The management plans to set up another
warehouse at Rourkela over the medium term.

BCC posted a provisional net profit of INR1 million on provisional
net sales of INR380 million for 2009-10 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of
INR1.2 million on net sales of INR424 million for 2008-09.


BST TEXTILE: ICRA Reaffirms 'LBB' Rating on INR235M Term Loans
--------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR235 million term
loans, the INR78 million fund based facilities and the
INR5 million non-fund based limits of BST Textile Mills Private
Limited.  ICRA has also assigned a stable outlook on the rating.

Though the company has a limited track record, ICRA continues to
factor in the past experience of promoter across marketing,
purchasing and production operations.  The rating also factors in
the interest subsidy inherent in borrowings under the
Technological Upgradation Fund (TUF) scheme by the company.  The
company also benefits from tax exemptions available in the state
of Uttarakhand and its low overhead costs.  The financial profile
is however constrained by large debt-funded capital expenditure
plans, which is likely to put further pressure on capital
structure, interest and debt coverage ratios and stretch its free
cash flows. BST is also exposed to the cyclical nature of the
cotton spun yarn industry and fragmented nature of the industry
with significant competition which restricts the ability of
participants to pass on any hike in input costs.  ICRA also notes
the presence of BST in the low value-added grey yarn segment.

BST Textile Mills Private Limited, incorporated in September 2005,
is primarily engaged in production of cotton yarn.  BST has
spinning facilities located in Uttrakhand with an aggregate
installed capacity of 14,400 spindles.  The Company produces
cotton yarn in average counts of 22s. BST was promoted by Mr
Mukesh Tyagi and Ms Sangeeta Tyagi. Although the company was
established in 2005, the company commenced commercial production
from July 12, 2007 after its manufacturing facilities at Rudrapur,
Uttarakhand became operational.

BST reported a profit before tax (PBT) of INR50 million over an
operating income of INR 348 million for nine months FY2009-10.


HARIOM ISPAT: CRISIL Places 'B-' Rating on INR20 Mil. Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Hariom Ispat and
Alloys Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit^     B-/Stable (Assigned)
   INR20.0 Million Term Loan^^            B-/Stable (Assigned)

   ^ Including proposed limit of INR40.0 Million
   ^^ Including proposed limit of INR18.5 Million

The rating reflects HAPL's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection measures,
and the company's exposure to risks related to fluctuations in raw
material prices.

Outlook: Stable

CRISIL expects HAPL's financial risk profile to remain constrained
over the medium term because of low profitability and high gearing
on account of its proposed debt-funded capital expenditure
(capex).  The outlook may be revised to 'Positive' if HAPL's
financial risk profile improves substantially, through improved
profitability or equity infusion.  Conversely, the outlook may be
revised to 'Negative' if HAPL borrows significantly to fund its
capex and working capital requirements, or its profitability
declines sharply leading to significant deterioration in financial
risk profile of company.

                         About Hariom Ispat

Set up in 1999 by Mr. Anuj Kumar Gupta, HAPL manufactures ingots
and has capacity of around 1200 tonnes per month at Mujaffarnagar
(Uttar Pradesh).  Till 2009, the company incurred losses in the
steel business, and traded in other items such as food grains and
landto set off the losses.

HAPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR220.9 million for 2008-09 (refers to financial year,
April 1 to March 31) against loss of INR0.4 million on net sales
of INR164.3 million for 2007-08.


HARMAN RICE: CRISIL Assigns 'B+' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Harman Rice Pvt
Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     B+/Stable (Assigned)
   INR19.0 Million Term Loan             B+/Stable (Assigned)
   INR51.0 Million Proposed Long-Term    B+/Stable (Assigned)
                   Bank Loan Facility

The rating reflects HRPL's weak financial risk profile, marked by
high gearing, low net worth, and weak debt protection measures.
The ratings also reflect HRPL's exposure to risks relating to
fluctuations in raw material prices, vagaries in monsoon, and
unfavorable changes in government policies.  These weaknesses are
partially offset by the benefits that the company derives from
growth prospects in the basmati rice export business.

Outlook: Stable

CRISIL expects HRPL's financial risk profile to remain stretched
over the medium term due to HRPL's working-capital-intensive and
small scale of operations. The outlook may be revised to
'Positive' in case of substantial improvement in HRPL's capital
structure and scale of operations.  Conversely, the outlook may be
revised to 'Negative' in case of significant increase in HRPL's
inventory levels, leading to large incremental bank borrowings and
exerting further pressure on its financial risk profile.

                         About Harman Rice

HRPL was incorporated in 2007 by Mr. Inderjeet Singh.  The company
acquired the operations of the partnership firm Hemkunt Rice Mills
in 2007.  HRPL processes basmati rice (1121 grade) and has a rice
milling plant with a capacity of 6 tonnes per hour in Bhatinda
(Haryana).  It exports its entire produce to the Middle East
indirectly through merchant traders.

HRPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR207.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR161.9 million for 2007-08.


JAI GOPAL: ICRA Assigns 'LBB-' Rating on INR280M FB Facilities
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR  280.0 million fund
based facilities and A4 rating to the INR280 million non fund
based facilities of Jai Gopal International Impex Private Limited.
ICRA has also assigned stable outlook to the long term rating.

The rating is constrained by the weak operating margins, marginal
interest coverage, stretched liquidity and history of funding
unrelated activities.  The rating however draws comfort from the
experience of the promoters in the trade.

Established in 1992, the company imports round logs, pine logs,
beech logs from Malaysia, Germany, Europe etc.  Among the
Malaysian logs the varieties include Kapur, Keruing, Meranti,
Mersawa, Resak and Batu.


MONTARI INDUSTRIES: ICRA Suspends 'LD' Rating on Bank Facilities
----------------------------------------------------------------
ICRA has suspended the rating outstanding of 'LD' assigned for the
INR 144.9 million Partially Convertible Debenture program of
Montari Industries Limited.  The suspension follows ICRA's
inability to carry out rating surveillance in the absence of the
relevant information.  ICRA will withdraw the rating in case it
remains under suspension for a period of three years.


PHOENIIX: ICRA Assigns 'LBB' Rating on INR78.3MM Term Loan
----------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR78.3 million term loan
facilities and INR3.0 million Non fund based facilities of
Phoeniix.  The outlook on the LBB rating is stable. ICRA has also
assigned A4 rating to the INR100.0 million fund Based facilities.

The ratings take into account the significant experience of
promoter, spanning nearly two decades in the Garment Industry.
Also Phoeniix predominantly makes kids wear, a high-margin
segment, which attributes to the healthy operating profits.
Moreover ICRA  observes  that Phoeniix's  relationship with
renowned clientele like Primark and C&A are likely to drive
business going forward.  Phoeniix is also going for significant
debt funded expansion which will help it to achieve benefits of
scale economics and better quality control.

However the ratings are constrained by the high customer
concentration, with Phoeniix deriving around 70-80 per cent of
revenues from its largest customer, Primark (the UK-based
retailer). Phoeniix has recently added another major retailer,
C&A, as its customer which will reduce the concentration risk to
an extent. Phoeniix predominantly exports to Europe, exposing it
to the latter's broader economic cycle. Moreover, the Indian Ready
Made Garment industry faces significant competition from other
low-cost countries like China and Bangladesh which has intensified
the pricing pressure on the garment exporters, thereby restricting
the ability to pass on hike in input costs. Phoeniix's exports are
mainly in Euro, which has displayed significant volatility in
2009-10. Phoeniix enters into forward contracts on a regular basis
to mitigate the foreign exchange risks. Phoeniix proposes to fund
75% of the proposed capital expenditure through debt. These debt-
funded capital expenditure programs are expected to increase the
gearing and the consequent increase in interest costs are likely
to stretch the net accruals. The ratings are also constrained by
the inherent risks associated with its status of being a
proprietorship concern.

                           About Phoenix

Phoeniix is a proprietorship concern based out of Avinashi village
in the textile hub of Tirupur. It was started by Mr. T.M.
Muthukumar in 1994 and became a government recognized export house
in 1997.  They manufacture knitted garments and their product
portfolio consists of menswear, kids wear and ladies garments.
Phoeniix has a 20 acre campus and can produce 60 lakh pieces per
annum.  Phoeniix performs processes like cutting, stitching,
embroidery, printing, washing, checking and packing, in house and
outsources processes like knitting, dyeing and compacting to
approved vendors.  It exports mainly to Europe.

Recent Results (unaudited)

For the nine months ended December 31, 2009, the Phoeniix has
reported revenues of INR 289.4 million and profit before tax of
INR 44.9 million compared to Revenue of INR 315.7 and profit
before tax of INR 14.8 million in the year ended March 31, 2009.


SHIVOM COTSPIN: Low Net Worth Cues CRISIL 'BB-' Ratings
-------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Shivom Cotspin
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR140.0 Million Term Loan           BB-/Stable (Assigned)

The rating reflects Shivom's average financial risk profile,
marked by low net worth, high gearing and moderate debt protection
measures; small scale of operations, and limited track record in
the textile industry.  These rating weaknesses are partially
offset by the benefits that Shivom derives from tax exemptions
leading to large cash accruals, and promoters' track record
through group companies.

Outlook: Stable

CRISIL believes that Shivom Cotspin Ltd will maintain its business
and financial risk profiles over the medium term, on the back of
increasing production capacities and comfortable cash accruals.
The outlook maybe revised to 'Positive' if the promoters infuse
funds into Shivom or if the company registers more-than-expected
profitability leading to improvement in its financial risk
profile.  Conversely, the outlook maybe revised to 'Negative' if
the company undertakes large debt-funded capex programs, leading
to deterioration in its financial risk profile.

                        About Shivom Cotspin

Incorporated in 2007 by Mr. Surinder Bansal, Shivom manufactures
blended yarn (polyester cotton); it caters to the exports market
through merchant exporters.  The company's plant in Himachal
Pradesh enjoys tax exemption, and is equipped with 12,000
spindles, with processing capacity of 3200 tonnes per annum.  The
company is in the process of adding 6,000 spindles to its existing
capacity; the additional capacity is expected to come online by
June 2010.

Shivom reported a profit after tax (PAT) of INR2.0 million on net
sales of INR282 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.8 million on net sales
of INR254 million for 2007-08.


SHUBHLAXMI CASTING: ICRA Assigns 'LB' Rating on INR60M Term Loan
----------------------------------------------------------------
ICRA has assigned 'LB' ratings to the INR60 million fund based
limits, INR22.80 term loan facilities and A4 rating to the INR20
million non fund based bank facilities of Shubhlaxmi Casting Pvt
Ltd.

The rating factors in the high gearing levels of 2.74 times as on
March 31, 2009 and negative cash flows in the past, which have
resulted in stretched liquidity as reflected by delays in meeting
principal obligations in the past and full utilization of bank
limits. The assigned rating also reflects SCPL relatively modest
scale of operations, which results in limited economies of scale,
and intensely competitive nature of the steel ingots business in
which SCPL is operating. However the rating derives support from
the promoter's long experience in this business and established
relations with its customers.  Also the company's recent foray
into alloy ingots manufacturing is expected to boast margins since
the value add is relatively higher and the degree of competition
is also relatively low when compared against mild steel ingots.

                     About Shubhlaxmi Castings

Shubhlaxmi Castings which earlier known as Shubhlaxmi ship
breakers was started in 2005 with the objective of engaging in
ship breaking activities.  In 2007 the promoters decided to shift
their business activity into trading of metal scrap and also
established an induction furnace for manufacturing of steel ingots
and renamed the company as Shubhlaxmi castings to match the
business profile.  Currently the company is manufacturing M.S
Ingots through its 30000 MT per annum induction furnace and also
doing trading in iron & steel scrap. The company is part of
Agarwal group, having business interest in ship breaking,
manufacturing of MS Ingot, Alloys Ingot, Ms CTD bar, MS angle, MS
round bar, MS TMT bar and dealing in iron & steel metal scrap.


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


BANK MANDIRI: Reappoints Agus Martowardojo as President Director
----------------------------------------------------------------
PT Bank Mandiri shareholders have appointed Agus Martowardojo as
president director for a second term through 2014 to continue the
bank's debt-restructuring, The Jakarta Globe reports.

The shareholders' also named:

   -- Riswinandi, previously director for corporate lending, as
      vice president director of the bank, replacing I Wayan Agus
      Mertayasa;

   -- Pahala N Mansyuri, previously held the post of executive
      vice president coordinating finance and strategy, as new
      director;

   -- Sunarso and Fransisca Nelwan Mok, also as new directors.

According to the report, Pahala said shareholders on Monday also
approved the move to distribute IDR2.50 trillion for the 2009
fiscal year dividend, or 35% of last year?s net profit of
IDR7.2 trillion.

Pahala, as cited by the Globe, said IDR4.36 trillion, or 61% of
the net profit, would be retained to strengthen the bank's capital
reserves and the remaining 4% for a partnership and corporate
social responsibility program.

The Globe adds that the shareholders also agreed to the bank's
plan to raise its stake in insurer PT AXA Mandiri Financial
Services to 51% from 49%.

                         About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


PT BUMI RESOURCES: Refinancing Risk Cues Moody's Review of Ba3 CFR
------------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its Ba3 corporate family rating on PT Bumi Resources Tbk
and on the senior secured bond issued by Bumi Capital Pte Ltd,
which is wholly owned and guaranteed by Bumi.

"The action has been prompted by an erosion in Bumi's financial
metrics as well as heightened liquidity and refinancing risk at
the holding company level," says Laura Acres, a Moody's Vice
President and Senior Credit Officer.

"2009 leverage was materially higher than expected, as such
downward rating triggers were breached and headroom under
covenants eroded", says Acres, adding "While we expect metrics to
improve over the course of 2010, they still remain weaker than
Moody's had anticipated."

"Bumi's principal cash flow is composed of distributions from its
majority-owned subsidiaries, KPC and Arutmin, two of Indonesia's
leading coal producers."

"But these distributions are insufficient to cover the amount of
debt which could fall due over the next 12 months -- in particular
the US$578 million of holdco debt due in Q4 2010, including a
US$150 million term loan as well as put options on two of Bumi's
convertible bonds, totaling US$428 million (including premiums)",
according to Acres.

While Bumi holds treasury stock currently valued at $128 million
which it plans to monetize in the event a put is exercised, there
remains a high degree of uncertainty as to the realizable value on
its sale.

In its review, Moody's will focus on debt reduction and
refinancing initiatives at the holding company level. It will also
assess Bumi's ability to meet its consolidated projections and
develop a sustainable cushion under its financial covenants.

The principal methodology used in rating Bumi was Moody's Global
Mining Industry published in May 2009, and available on
www.moodys.com in the in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this issuer
can also be found in the Rating Methodologies sub-directory on
Moody's website.

The last rating action was taken on November 16, 2009, when the
provisional status on Bumi's Ba3 senior secured bond rating was
removed, following the closing of the bond issue.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally. Through its
principal assets (65% stake in PT Kaltim Prima Coal and 70% stake
in PT Arutmin), Bumi accounts for approximately 25%of Indonesia's
total coal production.

Approximately 18.2% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.
Members of the Bakrie family (outside of Bakrie & Brothers) also
own shares in Bumi.


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


CAFES 2 TRUST: Fitch Affirms 'BB' Ratings on Classes D & E TBIs
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of Cafes 2 Trust's trust
beneficiary interests (TBIs) due August 2013, following a review
of the underlying assets.  Full details of the rating actions are
as follows:

   -- JPY1.09 billion* Class A TBIs affirmed at 'AAA'; Outlook
      Stable;

   -- JPY1.5 billion* Class B TBIs affirmed at 'AA'; Outlook
      Stable;

   -- JPY1.45 billion* Class C TBIs affirmed at 'BBB'; Outlook
      Negative;

   -- JPY0.96 billion* Class D TBIs affirmed at 'BB'; Outlook
       Negative;

   -- JPY0.16 billion* Class E TBIs affirmed at 'BB'; Outlook
       Negative; and

   -- Dividend-only Class X TBIs affirmed at 'AAA'; Outlook
      Stable.

*as of May 14, 2010

The transaction is currently secured by three performing loans
collateralized by three properties, two of which are retail
properties occupied by a single tenant.

Fitch has affirmed all classes of TBIs, as the result of a
performance review of the collateral properties.  The agency
maintained its cash flow estimates of the properties as their
performance expectations remain unchanged.  The agency also
maintained the cap rates taking into consideration the stressed
commercial real estate market in Japan.

Fitch has taken into account the tenant concentration risk of the
remaining properties as well as the default risk of the tenants.
The Class A to C TBIs have been affirmed, since their credit
enhancement levels have improved substantially following the
repayment of two defaulted loans.

The Negative Outlooks assigned to the Class C to E TBIs reflect
the agency's general concerns about the current commercial real
estate trading and leasing market, especially for retail
properties.

The TBIs were issued in October 2006, and the transaction was
initially a securitisation of nine loans backed by 29 properties.
To date, six loans including two defaulted loans have been
recovered in full.

The rating on the interest-only Class X TBIs addresses only the
likelihood of receiving dividend payments while principal on the
related TBIs remains outstanding.


JAPAN AIRLINES: May Post Operating Profit in March 2011
-------------------------------------------------------
Kazuyo Sawa at Bloomberg News, citing the Mainichi newspaper,
reports that Japan Airlines Corp. may post an operating profit in
the year ending March 2011.  A return to profit this fiscal year
would be a year ahead of schedule, the report said.

Separately, Bloomberg News reports that Japan Airlines Corp. will
give frequent-flyer miles to users of a mobile phone service
starting in June using the network of KDDI Corp., Japan's second-
largest mobile-phone carrier.

The carrier will give users as many as five miles for each
100 yen spent, according to a statement obtained by Bloomberg.
Inphonix Inc. will sell the phones and provide customer support,
the statement said.

"We want to attract new customers," Bloomberg quoted Tadashi
Fujita, an executive officer at JAL, as saying.

                       About Japan Airlines

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN FINANCE: Moody's Ups JPY180MM Certificates' Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two Japan
SME CLOs by the Japan Finance Corporation (JFC, formerly, Japan
Finance Corporation for Small and Medium Enterprise).

The rating actions are as follows:

  - CLO in September 2006 of Regional Financial Institutions

JPY 10,500,000,000 Senior Trust Certificates, upgraded to Aa1;
previously on April 22, 2010, A1 placed under review for possible
upgrade.

JPY 250,000,000 Mezzanine Trust Certificates, upgraded to Baa1;
previously on April 22, 2010, Ba2 placed under review for possible
upgrade.

  - CLO in June 2007 of Regional Financial Institutions

JPY 11,900,000,000 Senior Trust Certificates, upgraded to A1;
previously on April 22, 2010, A3 placed under review for possible
upgrade.

JPY 180,000,000 Mezzanine Trust Certificates, upgraded to Ba1;
previously on April 22, 2010, B1 placed under review for possible
upgrade.

These are cash CLO transactions backed by corporate loans in the
form of (1) SME loans originated by regional financial
institutions and purchased by JFC under its "purchase scheme"
securitization program, and (2) SME loans originated by JFC under
its "self-origination scheme" securitization program. In both
cases, the SME loans were originated with the intention of
securitizing them.

Moody's had placed under review for possible upgrade the ratings
of these transactions in April because asset defaults have been
lower than expected and the transaction's overall credit profile
has improved.  In resolving these watchlist actions, Moody's has
updated its expected default rate assumption based on the latest
performance data and decided to upgrade the ratings of these
transactions to reflect the latest default rate assumptions and
the improvement in credit enhancement.

Circumstances surrounding SMEs and corporate bankruptcies trend

Since the spring of 2009, the Japanese economy has been recovering
amid improvements in production and a rise in exports.  The
business environment for SMEs also has been improving although it
is still under difficult conditions when compared with that for
large companies.

The improvement in the financing environment for SMEs can partly
be attributable to government support for SME financing, provided
in FY2009.  The support includes the expansion of the emergency
guarantee program provided by the Credit Guarantee Corporation, an
increase in safety net loans by JFC, and the enforcement of the
loan repayment moratorium law.

The number of bankruptcies has also been decreasing since April
2009.  The circumstances surrounding SMEs are expected to be
stable, given that government support for SME financing will
remain effective until the end of FY2010.  As a result, Moody's
believes that a large increase in SME defaults is not likely in
FY2010.  At the same time, Moody's remains cautious about the
bankruptcy trend, as well as the economic condition and the
financing environment for SMEs, taking into account the gradual
diminishing effect from the government support and the possibility
of a slow economic recovery.

Cash CLO series by Japan Finance Corporation

Moody's notes that the portfolio default rate of the six
transactions of this cash CLO series in FY2009 was relatively low.
However, the long-term delinquency (more than three months
delinquent) occurrence rate in all transactions was higher than
that of FY2008.  Furthermore, more than half of the long-term
delinquencies are expected to default or continue until the
transactions' maturity while the rest are expected to be
normalized or bought back by the originators. Moody's expects that
this delinquency trend will last through FY2010.

Based on these observations, Moody's has incorporated the
delinquency trend as well as the default trend into its latest
expected default rate assumption as in our past analysis. In
addition, the performance trends of all six series transactions as
well as individual transaction trends are evaluated in determining
the expected default rates.

In reaching its rating decision, Moody's takes into account, in
addition to the expected default rates, outstanding delinquency
trends and changes in credit enhancement, which comprises current
subordination and excess spread.

The following summarizes the key performance trend and expected
default rates for the affected transactions:

- CLO in September 2006 of Regional Financial Institutions

Since April 2009, two defaults, or approximately JPY 19 million,
have occurred, well within our expectations. At the end of last
March, six long-term delinquencies, or approximately JPY 153
million, have occurred.  However, any new long-term delinquency
has not occurred in the past half year, so the delinquency amount
has been stable.  Although four new delinquencies occurred in
1Q/2010, their impact on ratings has been limited because the
amount was small.

Moody's expects that the performance of this pool will continue to
stabilize and the expected default rate for the underlying pool
will be around 2% (previously, between 2% and 3%).

   - CLO in June 2007 of Regional Financial Institutions

Since April 2009, five defaults, or approximately JPY 137 million,
have occurred, well within our expectations. Although long-term
delinquencies have continued to occur since 1Q/2009, the
outstanding amount (eight / approximately JPY 115 million) has
decreased from end-2009.

Delinquencies continued to occur in this transaction. For example,
six new delinquencies occurred in 1Q/2010. Moody's expects that
the expected default rate for the underlying pool of this
transaction will be around 3% (previously, between 3% and 4%).


JPM-JC8 TRUST: Moody's Reviewing Class F's Ba2 Rating
-----------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings for the Class C through F Trust Certificates
issued by JPM-JC8 Trust. The final maturity of the trust
certificates will take place in April 2013.

The individual rating actions are listed below.

Class C, Review for Possible Downgrade; previously, Confirmed at
A2 on June 18, 2009

Class D, Review for Possible Downgrade; previously, Downgraded to
Baa2 from Baa1 on June 18, 2009

Class E, Review for Possible Downgrade; previously, Downgraded to
Baa3 from Baa2 on June 18, 2009

Class F, Review for Possible Downgrade; previously, Confirmed at
Ba2 on June 18, 2009

JPM-JC8 Trust, effected in June 2005, represents the
securitization of four non-recourse loans and three specified
bonds backed by real estate properties and properties in trust.

Four non-recourse loans and one specified bond were paid/redeemed
in full by their maturity date. Additionally, the remaining two
specified bonds have been partially redeemed by scheduled
repayments. Consequently, their total balance has been under 30%
of initial rating levels.

One of the remaining two specified bonds ("Loan 1"), backed by a
retail building in the Tokyo metropolitan area, has been under
special servicing since April 2010. The other ("Loan 2") is backed
by logistics facilities in the Tokyo metropolitan area.

In its review, compared with the assumptions behind its previous
rating actions in June 2009, Moody's will consider its growing
concerns over 1) Loan 1, and the need to apply higher stress on
its recovery assumptions, in view of the disposition price, and 2)
Loan 2, and the need to apply further stress on collateral
performance.

Moody's will consider the newest appraisal report and the special
servicer's strategies and prospects for collateral recovery for
the underlying property of Loan 1.

Moody's will also receive additional performance data on Loan 2
from the administrator, including PM reports and rent rolls, so as
to confirm occupancy for and cash flow from the collateral.

Moody's will also for Loan 2 reconsider its assumptions on
recovery stress regarding the property's disposal.

All these factors will be considered as Moody's decides whether to
confirm or downgrade all classes.


SWING JOURNAL: To be Suspended in June Amid Falling Revenues
------------------------------------------------------------
Jazz magazine Swing Journal is being suspended with its July
edition that goes on sale on June 19, mainly due to dwindling
advertisement revenues.

"We will make efforts to revive it somehow," said Takafumi Mimori,
the long-standing monthly magazine's editor in chief.

First published in 1947, Swing Journal is a Japanese-language
focused on contemporary and classic jazz artists' lives and
recordings.


* JAPAN: Top 13 Banks Get 83,000 Debt Moratorium Law Applicants
---------------------------------------------------------------
Japan Today reports that 13 banks of the eight major Japanese
banking groups have received a total of 83,000 applications for
the easing of loan repayment terms from small and midsize
companies and homeowners under the debt moratorium law that took
effect in December last year.

The report relates the banks said the applications as of the end
of March involved JPY3.6 trillion and around 1,400 of them were
rejected.

The 13 banks include the Bank of Tokyo-Mitsubishi UFJ, Mizuho
Bank, Sumitomo Mitsui Banking Corp, Resona Bank, Shinsei Bank and
Aozora Bank.


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


HYNIX SEMICONDUCTOR: Faces EU Fine for Price Fixing
---------------------------------------------------
Hynix Semiconductor Inc. is one of the 10 memory chip makers who
are expected to face fines from the European Union this week on
charges of illegally fixing prices, Reuters reports citing two
people familiar with the situation.

Reuters says this will be the first decision under the European
Commission's new settlement procedure introduced in July 2008 in
which companies admit taking part in a cartel in return for a 10%
cut in fines.

Reuters relates the second person said the total fine may be up to
EUR300 million (US$381 million) and could have been higher without
the settlement procedure.

Hynix said Tuesday that it has received notice from the EU that it
is facing a fine for price-fixing charges and that the amount of
the fine will be announced today, May 19, according to Dow Jones
Newswires.

A Hynix spokeswoman told Dow Jones the company has no further
details at this time, including which other companies are
involved.

Reuters notes that the other nine firms to be fined are Samsung,
Infineon, Micron Technology, Elpida Memory Inc., NEC Electronics
Corp., Hitachi Ltd, Toshiba Corp., Mitsubishi Electric and Nanya
Technology.

                     About Hynix Semiconductor

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

                          *     *     *

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

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


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


TRANSMILE GROUP: Posts MYR9.77 Mil. Net Income for March 31 Qtr
---------------------------------------------------------------
Transmile Group Bhd posted a net income of MYR9.77 million in the
quarter ended March 31, 2010, compared with MYR43.82-million net
loss it incurred in the same period a year earlier.  Total
revenues were MYR52.57 million for the 2010 first quarter from
MYR35.51 million for the 2009 first quarter.

At March 31, 2010, Transmile had total assets of MYR649.41 million
against total liabilities of MYR617.38 resulting in stockholders'
equity of MYR32.03 million.

A full-text copy of the Company's quarterly report is available at
no charge at is http://ResearchArchives.com/t/s?6280

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


FISHER & PAYKEL: Unit Admitted in Gov't. Deposit Guarantee Scheme
-----------------------------------------------------------------
BusinessWire reports that Fisher & Paykel Finance, the unit of
Fisher & Paykel Appliance Holdings Ltd, has been approved by
Treasury to participate in the extended New Zealand retail deposit
guarantee scheme.

BusinessWire says the government scheme extends FPF?s guarantee
from Oct. 12, when it was originally intended to end, until
December 31, 2011.

The report, citing Alastair Macfarlane, FPF?s managing director,
relates that the company would be offering guaranteed and non-
guaranteed deposits in order to ensure investors have a choice of
the full range of investment opportunities.

"The company has continued to maintain satisfactory levels of
debenture reinvestment from its investor base and viewed
continuation of this support as a key factor in maintaining the
strategy of diversification of funding for the business,?
BusinessWire quoted Mr. Macfarlane as saying.

FPF is the fifth finance company to have an approved extension by
Treasury.

                        About Fisher & Paykel

Fisher & Paykel Appliances Holdings Ltd. --
http://www.fisherpaykel.com/-- is a New Zealand-based company,
which has two principal areas of business: Appliance manufacturer,
distributor and marketer (Appliances Group) and Financial services
in New Zealand (Finance Group).  The principal activity of the
Appliances business is the design, manufacture and marketing of
household appliances.  Its major markets are New Zealand,
Australia, North America and Europe. The Appliances business has
manufacturing operations in New Zealand, Australia, North America,
Italy and Thailand.  The Finance business is a provider of retail
point of sale consumer finance (including the Farmers Finance
Card), insurance services, and rental and leasing finance.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 19, 2010, Standard & Poor's Ratings Services assigned its
'BB' long-term counterparty credit rating to Fisher & Paykel
Finance Ltd.  At the same time, S&P assigned its 'B' short-term
rating to the New Zealand-based consumer-finance provider.  The
outlook is stable.


ST LAURENCE: Obtains High Court Judgment Against Donald Stott
-------------------------------------------------------------
The receiver of St Laurence Ltd has gained a High Court judgment
against Wellington developer Donald Stott for NZ$8.5 million,
Roeland Van Den Bergh at BusinessDay.co.nz reports.

The report says receiver Barry Jordan would not comment on the
summary judgment, given in Mr. Stott's absence, or what
development the loan was for.

According to the report, Mr. Stott is managing director of Land
Equity Group, and behind the NZ$187 million luxury Watermark
apartments and hotel complex on the Wellington waterfront.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.


===========
T A I W A N
===========


BANK OF TAIWAN: Fitch Junks Individual Rating at 'C'
----------------------------------------------------
Fitch Ratings has affirmed Bank of Taiwan's (BOT) National Long-
term rating at 'AAA(twn)', National Short-term rating at
'F1+(twn)', Individual Rating at 'C', and Support Rating at '1'.
The Outlook on the National Long-term rating remains Stable.
BOT's National Long-term rating and Stable Outlook reflects the
extremely high probability of government support, given its full
state ownership and systemic importance to the Taiwanese banking
sector.  The bank services important government policy functions
(including market liquidity support, and preferential banking to
government-supported agencies), which have structurally hindered
its profitability - a constraining factor on its Individual
Rating.

BOT's Individual Rating also reflects its adequate asset quality,
very strong funding and liquidity profile and sound
capitalization.  Circumstances which would prompt Fitch to
consider downgrading BOT's Individual Rating would include a sharp
and sustained deterioration in the domestic economy (though viewed
as unlikely in the near-term), leading to a much weaker asset
quality and capital position.

BOT reported a small net profit in 2009 with a return on equity
(ROE) of 3.5%.  The bank's non-performing loan (NPLs) ratio was
reasonably low at 1.0%, while its loan loss reserve coverage ratio
of 63.2% at end-Q1.10 was also low compared to the industry
average of 97.1% at end-Q1.10.  Capital position is sound; total
capital adequacy ratio and Tier 1 ratio were 11.9% and 11.7%
respectively at end-2009.

Established in 1946, BOT is the largest bank in Taiwan, with a
13.4% market share in deposits at end-February 2010.


TAIWAN HIGH: Taiwan Ratings Lifts Rating on US$300M Bond to 'twB'
-----------------------------------------------------------------
Taiwan Ratings Corp. raised its issue rating on Taiwan High Speed
Rail Corp.'s US$300 million unsecured convertible bond due
May 2012 to 'twB' from 'twCCC+' based on the company's improved
liquidity.  At the same time, Taiwan Ratings removed the rating
from CreditWatch with developing implications where it had been
placed since Jan. 11, 2010, following the company's signing of a
new debt refinancing plan with relevant banks.  The outlook on the
issue rating is stable.

Rationale

The rating action reflects TRC's expectation that THSRC's improved
liquidity now that the debt refinancing plan has been implemented
will support the company's ability to fulfill its financial
obligation on the convertible bond.  THSRC prepaid the majority of
its bank loans and redeemed US$267 million of the rated bond on
May 4 and May 17, 2010, respectively.  The prepayment was made
using new bank loans under the refinancing agreement with total
available funds of Taiwan dollar 382 billion.  The issue rating
continues to reflect THSRC's very aggressive financial leverage
and the bond's subordinated nature to other secured bank loans for
debt servicing.

The successful implementation of the debt refinancing agreement,
in our view, has eased THSRC's immediate liquidity risk.  TRC also
expect the reduced interest payments on the new bank loans and
extended principal amortizations to maintain THSRC's liquidity
adequacy over the next few years, which in turn will support its
debt servicing on the rated bond.

The ratings agency expects THSRC's very weak capitalization will
continue to constrain improvement in the company's financial
position.  TRC believe it is difficult for THSRC to increase its
traffic revenue to a level that can reduce its reliance on
external debt, despite somewhat improved cash flow in recent
months.  The ratings agency estimates THSRC's financial leverage,
measured by the ratio of total debt to capital to remain high at
above 90% in the next few years.

The unsecured nature of the bond, in the ratings agency's opinion,
restricts upward movement of the issue rating.  According to the
newly signed debt refinancing agreements, the rated bond ranks
junior to THSRC's secured bank loans in debt servicing.  In
addition, it will rank behind the secured loans in claiming any
asset transfer price paid by the government to buy out the project
if THSRC's Build-Operate-Transfer concession is terminated due to
default.

Outlook

The stable outlook reflects TRC's expectation that THSRC's stable
operations and restructured debt maturity profile following the
new debt refinancing plan will help the company maintain its
liquidity to service the rated bond over the next two years.
There is limited likelihood that we may raise the rating in the
next few years, as TRC expects THSRC 's very weak capitalization
and the bond's unsecured nature to continue to constrain
improvement in the issue rating.  TRC may lower the issue rating
if THSRC's liquidity deteriorates, which could be the result of
weakened cash flow generation due to severely reduced traffic or
business interruptions.


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


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

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/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.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 ***