TCRAP_Public/100602.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, June 2, 2010, Vol. 13, No. 107

                            Headlines



A U S T R A L I A

QUEENSLAND SHOWERSCREENS: In Liquidation; Owes More Than AU$3 Mil.


C H I N A

FORD MOTOR: To Recall 230,000 Vehicles Due to Software Glitch


H O N G  K O N G

HK FORTUNE: Placed Under Voluntary Wind-Up Proceedings
INTERNATIONAL CHINESE: Commences Wind-Up Proceedings
JOYE INTERNATIONAL: Creditors' Proofs of Debt Due June 13
KAI WAH: Creditors' Proofs of Debt Due June 21
KAM LEE: Creditors' Proofs of Debt Due June 21

KO NGAR: Creditors' Meeting Set for June 22
LEUNG YUE: Members' Final Meeting Set for June 29
LUK HOP: Creditors' Proofs of Debt Due June 28
LUCKY COSMOS: Placed Under Voluntary Wind-Up Proceedings
LYKIMYUEN PROPERTIES: Creditors' Proofs of Debt Due June 21

MRO SOFTWARE: Creditors' Proofs of Debt Due June 28
PEACE CITY: Creditors' Meeting Set for June 9
PECONIC INDUSTRIAL: Commences Wind-Up Proceedings
PHYSICAL PROPERTY: Posts HK$141,000 Net Loss in Q1 2010
SHING LAP: Placed Under Voluntary Wind-Up Proceedings

STAR EAST: Placed Under Voluntary Wind-Up Proceedings


I N D I A

OB INFRASTRUCTURE: CRISIL Cuts Ratings on Term Loan to 'D'
RAVINDER KUMAR: CRISIL Assigns 'P4+' Rating on INR50MM LOC
R. P. EDIBL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
SOVA ISPA: CRISIL Places 'BB' Ratings on Various Bank Facilities
SRI RAMALINGESWAR: CRISIL Rates INR100 Mil. Cash Credit at 'B+'

SUPARNA CHEMICAL: CRISIL Places Default Ratings on Bank Debts
VFC INDUSTRIE: CRISIL Assigns 'BB-' Rating on INR102.5MM Term Loan
VIVEK AGRO FOODS: CRISIL Puts 'BB+' Rating on INR140MM Cash Credit


I N D O N E S I A

ASURANSI KREDIT: Seeks IDR2 Trillion Capital Infusion


J A P A N

ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Certificates
PROMISE CO: Moody's Downgrades Long-Term Issuer Rating to 'Ba1'
* JAPAN: Banks Receive 521,030 Debt Moratorium Applications


K O R E A

GENERAL MOTORS: GM Daewoo May Sales Up 53.3%
SSANGYONG MOTOR: Nissan-Led Group Keen on Acquisition


M A L A Y S I A

LUSTER INDUSTRIES: Reports MYR2.35MM Net Loss for March 31 Quarter
MECHMAR CORP: Loan Default Totaled MYR203.39 Million in March
RHYTHM CONSOLIDATED: Posts MYR7.82MM Net Loss in Q3 Ended March 31
RHB BANK: Moody's Gives Positive Outlook on 'D' Bank Rating
SATANG HOLDINGS: Posts MYR383,000 Net Loss in Qtr. Ended March 31

WONDERFUL WIRE: Posts MYR2.61 Mil. Net Loss in Qtr. Ended March 31


N E W  Z E A L A N D

DORCHESTER PACIFIC: Posts NZ$19.1 Million Net Loss in Fiscal 2010
PROPERTYFINANCE GROUP: Shareholders Opt to Liquidate Business
SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'B+'
SOUTH VINEYARD: Court Adjourns Liquidation Hearing Until July
WATERFRONT APARTMENTS: Placed in Liquidation


S I N G A P O R E

NW ENGINEERING: Creditors' Proofs of Debt Due June 14


T H A I L A N D

* THAILAND: Hoteliers Seek THB5 Bil. in Soft Loans From Government


X X X X X X X X

* S&P's 2010 Global Defaults Tally Now at 34

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


QUEENSLAND SHOWERSCREENS: In Liquidation; Owes More Than AU$3 Mil.
------------------------------------------------------------------
Queensland Showerscreens and Wardrobes Pty Ltd was placed into
liquidation on May 31 with debt of more than AU$3 million,
goldcoast.com.au reports.

The report says the company owes its employees and the Australian
Taxation Office roughly AU$2 million, while the company's bank --
the only secured creditor -- is owed AU$1.1 million.

According to the report, liquidator Jason Bettles of Worrells
Insolvency said it was unlikely unsecured creditors would see any
return.  The company's assets would pay back the debt owed to the
bank, he said.

The company's 10 staff will be financially assisted through the
Federal Government's General Employee Entitlements and Redundancy
Scheme, goldcoast.com.au adds.

Queensland Showerscreens and Wardrobes Pty Ltd manufactures and
supplies shower screens, bath screens, mirrors, sliding wardrobe
doors, built-in wardrobes, splashbacks, glass balustrading, and
aluminium doors and windows.


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


FORD MOTOR: To Recall 230,000 Vehicles Due to Software Glitch
-------------------------------------------------------------
Channel News Asia reports that Ford Motor Co. and Mazda Motors are
recalling more than 230,000 vehicles made by their China joint
venture to fix a software problem blamed for bouts of engine
failure.

According to the report, China's General Administration of Quality
Supervision, Inspection and Quarantine said in a notice Monday
that the companies are recalling 236,643 Focus cars made between
August 2008 and May 28 of this year.

The report says the two carmakers operate a joint venture in China
with Changan Automobile, a company based in the southwestern city
of Chongqing.

The carmakers would provide customers with updated engine software
free of charge, the report notes.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.

The Troubled Company Reporter stated on April 30, 2010, Standard &
Poor's revised its outlook on Ford Motor Co. and related entities
to positive from stable and affirmed its ratings on these
entities, including the 'B-' corporate credit rating on Ford and
Ford Motor Credit Co. LLC and the 'B' rating on FCE Bank PLC.  The
outlook revision follows Ford's announcement of profitable first-
quarter results, including an 8.9% pretax margin in its North
American automotive operations.

On May 3, 2010, the TCR reported that Fitch Ratings upgraded the
Issuer Default Ratings for Ford Motor Co. and its captive finance
subsidiary Ford Motor Credit Co. to 'B' from 'B-'.  The Rating
Outlook for both Ford and Ford Credit remains Positive.


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


HK FORTUNE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on May 18, 2010,
creditors of Hong Kong Fortune Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Wong Sun Keung
         20/F, Far East Consortium Building
         121 Des Vouex Road
         Central, Hong Kong


INTERNATIONAL CHINESE: Commences Wind-Up Proceedings
----------------------------------------------------
Members of International Chinese Dental Aid Limited, on May 20,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Pui Chiu wing
         c/o Neil Collins Corporate Advisory Services Limited
         Room 10, 16/F., Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N.T.
         Hong Kong


JOYE INTERNATIONAL: Creditors' Proofs of Debt Due June 13
---------------------------------------------------------
Joye International Co Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 13, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wang Poey Foon Angela
         14th Floor, South China Building
         1-3 Wyndham Street
         Central, Hong Kong


KAI WAH: Creditors' Proofs of Debt Due June 21
----------------------------------------------
Creditors of Kai Wah Really Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2010.

The company's liquidator is:

         Messrs Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2/F
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


KAM LEE: Creditors' Proofs of Debt Due June 21
----------------------------------------------
Creditors of Kam Lee Wah Realty Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2010.

The company's liquidator is:

         Messrs Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2/F
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


KO NGAR: Creditors' Meeting Set for June 22
-------------------------------------------
Creditors of Ko Ngar Gems Factory Limited will hold their meeting
on June 22, 2010, at 10:15 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Unit B, 8/F., Eastern Flower Centre,
22-24 Cameron Road, Tsimshatsui, Kowloon, in Hong Kong.


LEUNG YUE: Members' Final Meeting Set for June 29
-------------------------------------------------
Members of Leung Yue Hing Company Limited will hold their final
meeting on June 29, 2010, at 9:00 a.m., at Room 1102, 11/F., Yee
Wo Street, Causeway Bay, in Hong Kong.

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


LUK HOP: Creditors' Proofs of Debt Due June 28
----------------------------------------------
Creditors of Luk Hop Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 28, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Yu Yu Kin
         Cheng Kam Wa Thomas
         United Centre, 26th Floor
         Office B, 95 Queensway
         Hong Kong


LUCKY COSMOS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on April 23, 2010,
creditors of Lucky Cosmos Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


LYKIMYUEN PROPERTIES: Creditors' Proofs of Debt Due June 21
-----------------------------------------------------------
Creditors of Lykimyuen Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2010.

The company's liquidator is:

         Messrs Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2/F
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


MRO SOFTWARE: Creditors' Proofs of Debt Due June 28
---------------------------------------------------
MRO Software Hong Kong Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chan Wah Tip Michael
         Ho Man Kei Keith
         601 Prince's Building
         Chater Road
         Central, Hong Kong


PEACE CITY: Creditors' Meeting Set for June 9
---------------------------------------------
Creditors of Peace City Investment Limited will hold their meeting
on June 9, 2010, at 2:30 p.m., at the office of Ferrier Hodgson
Limited, 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.


PECONIC INDUSTRIAL: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Peconic Industrial Development Limited, on May 19,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Leung Shu Yin William
         Kam Yuk Ting
         Rooms 903-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


PHYSICAL PROPERTY: Posts HK$141,000 Net Loss in Q1 2010
-------------------------------------------------------
Physical Property Holdings Inc. filed its quarterly report on Form
10-Q, reporting a net loss of HK$141,000 on $184,000 of revenue
for the three months ended March 31, 2010, compared with a net
loss of HK$135,000 on HK$114,000 of revenue for the same period of
2009.

The Company's balance sheet as of March 31, 2010, showed
HK$10,933,000 in assets, HK$10,927,000 of liabilities, and
HK$6,000 of stockholders' equity

"The Company had negative working capital of HK$918,000 as of
March 31, 2010, and incurred losses of HK$141,000 and HK$135,000
for the three months ended March 31, 2010, and 2009 respectively.
These conditions raised 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?63a0

Physical Property Holdings Inc., through its wholly-owned
subsidiary Good Partner Limited, owns five residential apartments
located in Hong Kong.  The Company was incorporated on
September 21, 1988, in the state of Delaware under the name of
"Foreclosed Realty Exchange, Inc", a development stage company
seeking acquisitions with no material assets or liabilities.


SHING LAP: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on May 25, 2010,
creditors of Shing Lap (H.K.) Plastics Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Malcolm Andrew Bleach
         Rooms 1501-3, Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


STAR EAST: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on April 23, 2010,
creditors of Star East Culture Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


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


OB INFRASTRUCTURE: CRISIL Cuts Ratings on Term Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on OB Infrastructure Ltd's term
loan to 'D' from 'B', and has removed the rating from 'Watch with
Negative Implications'.

   Facilities                       Ratings
   ----------                       -------
   INR4.4 Billion Term Loan         D (Downgraded from 'B';
                                    Removed from 'Rating Watch
                                    with Negative Implications')

The rating downgrade reflects default by OBIL on the term debt
repayment due on May 27, 2010.  The default was because of the
OBIL's weak liquidity.

OBIL is a special-purpose vehicle (SPV) promoted by Nagarjuna
Construction Company Ltd (NCC; rated 'AA-/Stable/P1+' by CRISIL)
and KMC Constructions (KMC), which hold stakes of 64 per cent and
36 per cent, respectively, in the SPV.  OBIL was incorporated in
2006 to undertake a road project on the Orai-Bhognipur stretch of
National Highway (NH) 25, and the Bhognipur-Barah stretch of NH 2.
The scope of the project involves strengthening and widening 62.8
kilometres of the existing two-lane carriageway into a four-lane
dual-carriageway facility, for a total cost of INR5.85 billion.
This stretch forms a part of the east-west corridor of the
National Highways Authority of India, and is located between the
major cities of Kanpur and Jhansi (both in Uttar Pradesh). OBIL
signed a concession agreement with NHAI in April 2006 for a period
of 17.5 years, undertaking the construction, operation, and
maintenance of the project on an annuity basis.


RAVINDER KUMAR: CRISIL Assigns 'P4+' Rating on INR50MM LOC
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Ravinder Kumar
Vijay Kumar's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Cash Credit Facility   BB-/Stable (Assigned)
   INR50.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect RKVK's low net worth, weak debt protection
metrics, large working capital requirements, and exposure to risks
related to debtor management.  These rating weaknesses are
partially offset by the benefits that RKVK derives from its
proprietor's experience in the synthetic rubber and rubber
chemicals trading business.

Outlook: Stable

CRISIL believes that RKVK will continue to benefit over the medium
term from its promoter's industry experience and stable operating
margin.  The outlook may be revised to 'Positive' if the firm
registers significantly higher-than-expected growth in revenues,
while maintaining a strong operating margin and better working
capital management.  Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected operating revenues and
margins, or withdrawal of capital from the proprietor's capital
account, leading to deterioration in debt protection measures.

                        About Ravinder Kumar

Set up in 1970 as proprietorship firm, RKVK trades in synthetic
rubber and rubber chemicals. RKVK is an approved consignment agent
for Eliokem India Pvt Ltd for Punjab.  The firm has a head office
in Jalandhar and sells its products to customers based in
Jalandhar (Punjab), Chandigarh (Haryana), Pune (Maharashtra),
Mumbai, and New Delhi.

RKVK reported a book profit of INR6.0 million on net sales of
INR290.6 million for 2008-09 (refers to financial year, April 1 to
March 31) against a book profit of INR6.3 million on net sales of
INR327.0 million for 2007-08.


R. P. EDIBL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of R. P. Edible Oils Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR20.0 Million Proposed LT Bank       BB+/Stable (Assigned)
               Loan Facility
   INR160.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect RPEOL's exposure to risks related to intense
competition in the edible oil industry, and volatility in edible
oil prices and unfavorable changes in government policies.  These
rating weaknesses are partially offset by the benefits that RPEOL
derives from its promoters' experience in the edible oil industry.

Outlook: Stable

CRISIL believes that RPEOL will continue to benefit over the
medium term from its promoters' industry experience and
established edible oil brand, Utsav, in the western Uttar Pradesh
market.  The outlook may be revised to 'Positive' if the company
improves its profitability, while increasing its scale of
operations.  Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates because of
decline in profitability margins or increase in working capital
requirements.

                         About R. P. Edible

RPEOL was set up in 1996 as a private limited company by the Gupta
family.  In 1999, Mr. K C Agarwal acquired the company and set up
a refining unit under its name at Kanpur (Uttar Pradesh).  The
company was reconstituted as a closely held public limited company
in 2002.  RPEOL refines edible oils and manufactures vanaspati.
The company undertakes refining of rice bran oil, soybean oil,
palm oil, and mustard oil. However, from 2008-09 (refers to
financial year, April 1 to March 31) it began concentrating its
operations on refining rice bran oil and palm oil, and
manufacturing vanaspati. Currently, RPEOL has an edible-oil
refining capacity of 150 tonnes per day (tpd) and a vanaspati
manufacturing capacity of 50 tpd.

RPEOL reported a profit after tax (PAT) of INR6.3 million on net
sales of INR1436.3 million for 2008-09, against a PAT of INR6.5
million on net sales of INR1490.4 million for 2007-08.


SOVA ISPA: CRISIL Places 'BB' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sova Ispat Alloys Ltd, which is part of the Sova
Ispat Alloys group.

   Facilities                             Ratings
   ----------                             -------
   INR80 Million Cash Credit              BB/Stable (Assigned)
   INR20 Million Packing Credit#          BB/Stable (Assigned)
   INR190 Million Term Loan               BB/Stable (Assigned)
   INR40 Million Proposed LT Bank         BB/Stable (Assigned)
              Loan Facilities
   INR100 Million Letter of Credit        P4+ (Assigned)
   INR10 Million Bank Guarantee           P4+ (Assigned)

   #PC is one way interchangeable with CC

The ratings reflect the Sova Ispat Alloys group's weak financial
profile, marked by high gearing and large debt-funded capital
expenditure (capex), and the group's exposure to risks related to
large working capital requirements, and to fluctuations in raw
material prices.  These weaknesses are partially offset by the
group's established position in the ferroalloys and stainless
steel industry.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of SIAMPL and Sova Ispat Alloys Ltd.
This is because the two entities, together referred to as the Sova
Ispat Alloys group, are under a common management, and have
fungible funds and centralized raw material procurement.
Moreover, the promoters may withdraw capital from SIAL for
supporting SIAMPL's term debt repayment.  Further, capex in SIAMPL
may be funded through equity from SIAL.

Outlook: Stable

CRISIL expects Sova Ispat Alloys group to maintain its credit risk
profile backed by its established position in the ferroalloys
industry.  The outlook may be revised to 'Positive' in case of
higher-than-expected increase in the Sova Ispat Alloys group's
revenues and profitability or lower debt as compared to
expectations.  Conversely, the outlook may be revised to
'Negative' in case of large debt-funded capex, over and above
expected, or in case of decline in profitability.

                          About the Group

SIAMPL was set up in 2004 but commenced operations in 2007-08
(refers to financial year, April 1 to March 31) with a 9-megavolt-
ampere (MVA) furnace for producing ferroalloys.  The company is
part of the Kolkata-based Sova Ispat group, which has a large
presence in the ferroalloys industry including the billets and
ingots segments.

SIAL is the flagship company of the Sova Ispat group and was set
up in 1998. The company is a ferroalloys manufacturer and
currently has capacity of 102,000 tonnes per annum of ferroalloys.

The Sova Ispat group reported a profit after tax (PAT) of
INR3.6 million on net sales of INR1757 million for 2008-09 against
a PAT of INR74.3 million on net sales of INR1555 million for
2007-08.


SRI RAMALINGESWAR: CRISIL Rates INR100 Mil. Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri
Ramalingeswara Rice & Oil Mills' bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR100.00 Million Cash Credit           B+/Stable (Assigned)
   INR100.00 Million Demand Loan Against   P4 (Assigned)
        Warehouse Receipts

The ratings reflect Sri Ramalingeswara's below-average financial
risk profile marked by high gearing levels, large working capital
requirements, and susceptibility to adverse changes in the
Government regulations on paddy and rice prices.  These weaknesses
are partially offset by the benefits that Sri Ramalingeswara
derives from assured off-take by Food Corporation of India (rated
'AAA (so)/Stable' by CRISIL), and Sri Ramalingeswara's promoters'
experience in the rice milling business.

Outlook: Stable

CRISIL believes that Sri Ramalingeswara will maintain its business
risk profile over the medium term, backed by its industry
experience of its promoters.  Any significant improvement in Sri
Ramalingeswara's capital structure and profitability may lead to a
revision in the outlook to 'Positive'.  Conversely, the outlook
may be revised to 'Negative' if the firm undertakes a large debt-
funded capital expenditure (capex) programme, or reports a
significant decline in its realizations and accruals.

                      About Sri Ramalingeswara

Set up in 1950 by Mr. Pattabhi Chowdary, Sri Ramalingeswara is a
partnership firm.  It is into milling and marketing raw and boiled
rice. Currently, the partners in the firm are Mr. Banda
Ramachandra Rao, Mr. B V Krishna Rao, and Mr. B V V S K Govind.
The rice mill is located in Velpur, Andhra Pradesh, with an
installed capacity of 20 tonnes per hour (tph) - 10 tph of raw
rice and 10 tph of boiled rice.

Sri Ramalingeswara posted a provisional profit after tax (PAT) of
INR5.1 million on net sales of INR406.9 million for 2009-10
(refers to financial year, April 1 to March 31), against a
reported net loss of INR25.6 million on net sales of
INR402.8 million for 2008-09.


SUPARNA CHEMICAL: CRISIL Places Default Ratings on Bank Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Suparna Chemicals Ltd.  The ratings reflect SCL's delays in
servicing of its term loan obligations, owing to stretched
liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR139.0 Million Rupee Term Loan        D (Assigned)
   INR45.0 Million Cash Credit*            D (Assigned)
   INR5.0 Million Line of Credit           D (Assigned)
   INR32.5 Million Letter of Credit^       P5 (Assigned)
   INR7.5 Million Bank Guarantee^          P5 (Assigned)

   *Includes Sub-Limit for Book Debts of INR3.00 Cr. and
    for Export Packing Credit of INR25.0 Million

   ^100% interchangeability between Letter of Credit and
    Bank Guarantee Limits.

Incorporated in 1981, SCL manufactures various potassium and
sodium-based specialty chemicals.  The company is promoted by Mr.
Ramnath Mandal.  The company mainly manufactures chemicals like
potassium tertiary butoxide (KTB), potassium-sodium alloy (NAK),
and potassium super oxide, at its manufacturing facilities at Vapi
(Gujarat) and Mumbai (Maharashtra).

For 2008-09 (refers to financial year, April 1 to March 31), SCL
reported a profit after tax (PAT) of INR2.3 million on net sales
of INR310.4 million, as against INR1.4 million and
INR198.7 million, respectively, for 2007-08.


VFC INDUSTRIE: CRISIL Assigns 'BB-' Rating on INR102.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to VFC Industries
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR70.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR102.5 Million Term Loan           BB-/Stable (Assigned)
   INR12.0 Million Bill Discounting     P4+ (Assigned)
   INR35.0 Million Letter of Credit     P4+ (Assigned)
            and Bank Guarantee

The ratings reflect VIPL's weak financial flexibility, increasing
working capital requirements, large maturing term loan
obligations, and limited bargaining power with large customers.
These rating weaknesses are partially offset by VIPL's established
market position, supported by limited competition because of
stringent product quality requirements.

Outlook: Stable

CRISIL expects VIPL to maintain its business risk profile over the
medium term, backed by its longstanding track record in the
packaging industry and strong clientele.  The outlook may be
revised to 'Positive' if VIPL generates higher-than-expected
operating margin, enhances the diversification of its customer
base, and stabilizes the operations at its recently expanded
capacities, resulting in more-than-expected sales realizations.
Conversely, the outlook may be revised to 'Negative' if VIPL
generates lower-than-expected operating margin, or sub-optimally
uses its capacity, resulting in insufficient cash accruals vis--
vis maturing term debt obligations.

                        About VFC Industries

Incorporated in 1994, VIPL manufactures folding boxboard cartons
(FBCs).  FBCs are used for packaging of wide range of products
such as fast-moving consumer goods (FMCGs), liquor, tobacco,
stationery, perfumes, and pharmaceutical products.

The company is a result of the merger of Vijay Art Printing Press
(VAPP), which was set up in 1969 as a partnership concern, with
Rathika Pvt Ltd, another group company, in 1994.

VIPL's plant located at Halol (Gujarat) has total manufacturing
capacity of 74.4 million sheets per annum.  Till 2004, VIPL was
manufacturing FBCs and flexible packaging.  However, because of a
major fire in 2005, VIPL's flexible packaging division was
entirely destroyed.  Since then, the company's operations have
remained concentrated only on FBCs.

VIPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR259.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against net loss of INR7.3 million on net
sales of INR267.9 million for 2007-08.


VIVEK AGRO FOODS: CRISIL Puts 'BB+' Rating on INR140MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Vivek Agro Food's
bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR70.00 Million Long Term Loan      BB+/Stable (Assigned)
   INR140.00 Million Cash Credit        BB+/Stable (Assigned)

The rating reflects VAF's susceptibility to intense competition in
the wheat processing industry and volatility in raw material
prices.  These rating weaknesses are partially offset by VAF's
above average financial risk profile, marked by moderate debt
protection metrics, promoter's industry experience, and healthy
operating efficiencies.

Outlook: Stable

CRISIL believes that VAF will maintain its business risk profile
over the medium term, backed by the industry experience of its
promoters.  The outlook may be revised to 'Positive' if VAF's cash
accruals improve and is sustained, or its net worth increases,
most likely because of equity infusion.  Conversely, the outlook
may be revised to 'Negative' in case of sharp decline in VAF's
margins, or if the firm undertakes significant debt-funded capital
expenditure program, resulting in deterioration of its financial
risk profile.

                          About Vivek Agro

Established in 2000 as a partnership firm by Mr. Mahaveer Jain,
VAF processes wheat products such as maida, atta, bran, and suji.
Currently, the partners are the promoter and his son's Mr.
Prashant Jain, Mr. Nishant Jain, and Mr. Vivek Jain. VAF's flour
mill is in Bangalore, with an installed capacity of 150 tonnes per
day (tpd).  The firm is setting up a new plant to manufacture
whole-wheat atta, with a capacity of 300 tpd; the total project
cost is INR120 million.  The plant is scheduled to commence
operations in July 2010.

VAF posted a provisional profit after tax (PAT) of INR25.2 million
on net sales of INR874.3 million for 2009-10 (refers to financial
year, April 1 to March 31), against a reported PAT of INR11.4
million on net sales of INR798.8 million for 2008-09.


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


ASURANSI KREDIT: Seeks IDR2 Trillion Capital Infusion
-----------------------------------------------------
The Jakarta Globe reports that PT Asuransi Kredit Indonesia is
seeking approval from the House of Representatives for a capital
injection of IDR2 trillion (US$218 million) to balance its heavy
load of small-business loans.

According to the Globe, Askrindo's president director Chairul
Bahri said the company had an unhealthy loan-to-equity ratio.

"Askrindo's gearing ratio is 15.93 percent, exceeding the safe
limit of 10 percent. The company needs around IDR2 trillion to
balance the ratio," the report quoted Chairul as saying.

The Globe says Askrindo, which provides insurance on bank loans to
small businesses, guaranteed IDR30.5 trillion of loans in 2009,
while its equity was only IDR1.92 trillion.

The report relates Chairul said the company had suffered loses
from insuring small-business loans, or KUR, and the capital
injection would help it continue its key role.

The company has been struggling, posting a loss of IDR110.69
billion in 2009 and IDR14.275 billion in the first quarter.

The commission said it would consider the request, but gave no
timeline for a decision.

PT Asuransi Kredit Indonesia is a state-owned loan insurance firm.


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


ORIX-NRL TRUST: Moody's Downgrades Ratings on Various Certificates
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
C through H Trust Certificates issued by ORIX-NRL Trust 13.  The
final maturity of the trust certificates will take place in
September 2013.

The individual rating actions are listed below.

  -- Class C, downgraded to A1 from Aa2; previously Aa2 placed
     under review for possible downgrade on May 13, 2010

  -- Class D, downgraded to B1 from Baa1; previously Baa1 placed
     under review for possible downgrade on May 13, 2010

  -- Class E, downgraded to Caa1 from Ba1; previously Ba1 placed
     under review for possible downgrade on May 13, 2010

  -- Class F, downgraded to Caa2 from B2; previously B2 placed
     under review for possible downgrade on May 13, 2010

  -- Class G, downgraded to Caa3 from B3; previously B3 placed
     under review for possible downgrade on May 13, 2010

  -- Class H, downgraded to Caa3 from Caa1; previously Caa1 placed
     under review for possible downgrade on May 13, 2010

ORIX-NRL Trust 13, effected in January 2007, represents the
securitization of non-recourse loans and specified bonds to 11
borrowers.  The transaction is currently secured by non-recourse
loans and specified bonds to three borrowers.  A specified bond to
one borrower, backed by an office building outside of Tokyo, has
been under special servicing since November 2009 due to a default
on payments.  Additionally, the recent occupancy rate of the
property has declined to as low as 10%.  Currently, transaction
parties are preparing a property disposal plan for the specified
bond.

The rating actions on May 13, 2010 reflect Moody's growing
concerns about the need to 1) apply greater stress on its recovery
assumptions for the office building given the latter's very low
occupancy rate; and 2) apply more stress on the recovery
assumptions for the properties backing the remaining loans.

The downgrades reflect Moody's re-assessment of its 1) recovery
assumptions for the office building, the valuation of which has
declined by 57% compared to Moody's initial valuation as a result
of its review of rents and cap rate; and 2) recovery assumptions
for the properties backing the remaining loans based on their
property attributes.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold or sell securities.


PROMISE CO: Moody's Downgrades Long-Term Issuer Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term issuer and
senior unsecured debt ratings of Promise Co., Ltd., to Ba1 from
Baa2.  The ratings outlook is negative.

This rating action concludes the review for possible downgrade
initiated on February 23, 2010.

The rating downgrade primarily reflects two factors: 1) the
persistent pressure on the company's business model, which will
lead to further declines in its revenue and asset base for the
foreseeable future; and 2) the considerable uncertainty about
profitability due to growing credit costs stemming from overpaid
interest claims as well as the introduction of loan amount caps
(LAC).  This will also hamper its ability to replenish its
diminished capital base.

Moody's notes that the challenges Promise faces are the same for
the entire consumer loan industry in Japan -- as evidenced by the
de facto default of independent consumer loan specialists in 2009.

The rating would be much lower but for Moody's assessment of the
benefits of the company's association as an equity method
affiliate with the Sumitomo Mitsui Financial Group -- in Moody's
view, a key reason Promise's funding is still stable.  Promise's
business integration with SMFG -- specifically through its
guarantee business -- provides comfort that the company will
likely be supported by the group if required.  This is further
evidenced by the steady lending from Sumitomo Mitsui Banking
Corporation (the group's core bank) as well as the sharing of
directors, personnel exchanges, and SMBC's involvement in
Promise's business restructuring.  As a result of this assessment
of support, Promise's rating is a number of notches higher than it
would be otherwise.

Moody's also notes that the support remains indirect and optional
-- for example, the level of equity ownership is around 20%.  In
addition, the scale of the SMFG group's association with Promise -
- whilst strategic in supporting the group's focus on Japan's
consumer lending sector -- remains small in the context of the
group.  For these reasons, Moody's considers the level of support
evidenced insufficient to lift the rating further.

The ratings outlook is negative, in light of the considerable
uncertainty in the company's business outlook, as well as concerns
that the process of stabilizing operations may be prolonged if
overpaid interest claims payouts remain high.

Thus, absent evidence of further tangible support from the SMFG
group -- such as additional material equity investment -- the
prospects for upward rating pressure are limited.

Downward pressure, on the other hand, would result from 1) actual
losses (annual overpaid interest payouts plus loan principal
write-offs, including LAC) higher than Moody's assumed risk
amounts; and 2) difficulties obtaining refinancing that would lead
to significant deterioration in Promise's financial flexibility.
A change to SMBC ratings or in the support evidenced towards
Promise would also have a negative impact on Promise's rating.

The ratings outlook may revert to stable 1) on clear signs of a
steady decline in overpaid-interest claims; or if Promise can 2)
improve its liquidity, by reducing the amount of short term debt
relative to its current liquidity position; and 3) stabilize its
asset base and generate revenue growth as well as improve its
operating profitability, however gradually.

Moody's last rating action with respect to the Promise was taken
on February 23, 2010, when the long-term issuer and senior
unsecured debt ratings were lowered to Baa2 from Baa1 and placed
under further review for possible further downgrade.

Promise's rating was assigned by evaluating factors Moody's
considers relevant to the company's credit profile, such as
franchise value, risk positioning, the operating and regulatory
environment, and financial fundamentals in comparison with its
competitors, as well as the company's projected performance for
the near to medium term.  These attributes were compared to those
of other issuers both inside and outside its core industry.  Thus,
Moody's believes Promise's rating to be comparable to those of
other issuers with similar credit risk.

Promise Co., Ltd., headquartered in Tokyo, was established in
1962.  It is one of the largest consumer finance specialists in
Japan, with total consolidated assets of about JPY 1.6 trillion as
of March 31, 2010.


* JAPAN: Banks Receive 521,030 Debt Moratorium Applications
-----------------------------------------------------------
The Financial Services Agency said that Japanese banks have
received a total of 521,030 applications for the easing of loan
repayment terms from small and midsize companies and homeowners
under the so-called debt moratorium law, Japan Today reports.

The report relates the FSA said that the application, as of the
end of March, involved JPY13.64 trillion and more than 90% of them
were approved.

Small and midsize firms filed 465,904 applications involving about
JPY12.81 trillion, while homeowners filed 55,126 applications
involving about JPY825.4 billion, the report notes.


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


GENERAL MOTORS: GM Daewoo May Sales Up 53.3%
--------------------------------------------
GM Daewoo Auto & Technology, the South Korean unit of General
Motors Co., has reported a 53.3% increase in sales in May from a
year earlier, helped by increased domestic demand and strong
exports.

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

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

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                     About Motors Liquidation

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

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

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


SSANGYONG MOTOR: Nissan-Led Group Keen on Acquisition
-----------------------------------------------------
A group led by Nissan Motor Co. expressed interest in buying
Ssangyong Motor Co., Bloomberg News reports citing an executive at
the Japanese carmaker.

Andrew Palmer, a senior vice president at Nissan, said Tuesday in
Chennai, India, that the Korean unit of France's Renault SA placed
a bid or "acknowledgment of an interest for Ssangyong facilities."
Nissan, whose largest shareholder is Renault SA, is leading the
effort, Mr. Palmer said.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2010, Yonhap News said seven companies submitted initial
bids for Ssangyong Motor on May 28, as it concluded accepting
preliminary bids for the takeover.

The company began accepting letters of intent on May 10 from
potential buyers, who will take over a majority of its stake.  It
will choose a preferred bidder in August from the preliminary
bidders, Yonhap reported citing an executive from Ssangyong.

"As the process of accepting letters of intent concluded,
Ssangyong Motor and sale management companies will review the
bidders and notify them of future courses on June 4, followed by
the distribution of information packages to the bidders on
June 7," Yonhap cited Ssangyong in a press release.  The company
will receive official offers by July 20 following an inspection of
the bidders June 7 through July 16, it added.

According to Yonhap, Ssangyong did not reveal the names of
individual bidders at their request but industry sources said they
included Young An Hat Co., a local headwear company that also owns
local bus maker Daewoo Bus Co., and India's top vehicle and
tractor maker Mahindra & Mahindra Ltd.

Bloomberg News, citing MoneyToday, reports potential bidders,
including Renault Samsung Motors Co., may have to offer at least
KRW700 billion to cover the automaker's debt.

Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.

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

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

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


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


LUSTER INDUSTRIES: Reports MYR2.35MM Net Loss for March 31 Quarter
------------------------------------------------------------------
Luster Industries Berhad reported a net loss of MYR2.35 million on
revenues of MYR9.03 million for the three months ended March 31,
2010, compared with a net loss of MYR727,000 on revenues of
MYR7.2 million for the same period ended March 31, 2010.

At March 31, 2010, the Company's consolidated balance sheets
showed MYR116.15 million in total assets and MYR117.18 million in
total liabilities, resulting in total shareholders' deficit of
MYR1.03 million.

The Company's consolidated balance sheets at March 31, 2010,
also showed strained liquidity with MYR33.63 in total current
assets available to pay MYR83.06 in total current liabilities.

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

               http://ResearchArchives.com/t/s?63b3
               http://ResearchArchives.com/t/s?63b4

                      About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding,
providing management services to its subsidiaries and
manufacturing of precision plastic parts and components, printed
circuit board assembly, sub-assembly and full assembly of plastic
parts and products.  The Company operates in five segments:
manufacturing, which includes manufactured, assembly and sale of
printed circuit boards, plastic components parts and electronic
parts for the semiconductor and electronics industries; waster
management, which is engaged in the supply of specialized vehicles
for waste facilities; trading, which is engaged in the trading in
plastic resins and materials for the production of plastic
products; bulk packaging, which is engaged in manufacturing and
sale of bulk packaging products, and other, which includes
investment holding.  During the year ended December 31, 2008, the
Company ceased its manufacturing and assembling of plastic parts
and products activities.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


MECHMAR CORP: Loan Default Totaled MYR203.39 Million in March
-------------------------------------------------------------
Pursuant to Practice Note No. 1/2005 disclosure obligations,
Mechmar Corporation (Malaysia) Berhad revealed that as of
May 31, 2010, its loan default totaled to MYR203.39 million.

The company and its subsidiaries' respective default are:

   Borrower               Loan Amount (Mil.)     In Default (MYR)
   --------               -----------------      ---------------
   Mechmar Corporation    MYR50                  MYR8,500,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR5.386               MYR6,500,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR49.4                MYR1,259,095
   (Malaysia) Bhd

   Mechmar Corporation    MYR5.554                 MYR300,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR3.631                 MYR240,000
   (Malaysia) Bhd

   Mechmar Corporation    MYR7.288                 MYR240,000
   (Malaysia) Bhd

   Mechmar Boilers S/B    MYR5.0                 MYR7,500,000

   Mechmar Corporation    MYR22.5                MYR18,941,000
   (Malaysia) Bhd                                -------------
                                       Subtotal: MYR43,480,095

   Independent Power      US$105                 US$48,458,000
   Tanzania Limited                              -------------
                                         Total: MYR203,391,495

                        About Mechmar Corp.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


RHYTHM CONSOLIDATED: Posts MYR7.82MM Net Loss in Q3 Ended March 31
------------------------------------------------------------------
Rhythm Consolidated Berhad incurred a MYR7.82 million net loss on
MYR85,000 of revenues in the third quarter ended March 31, 2010,
compared with a net loss of MYR1.53 million on MYR527,000 of
revenues in the corresponding period of 2009.

The Company's balance sheet as of March 31, 2010, showed
MYR22.60 million in total assets, MYR35.41 million in total
current liabilities and MYR275,000 in minority interest, for a
stockholders' deficit of MYR13.09 million.

The company's balance sheet as of end-March 2010 also showed
strained liquidity with current assets of MYR20.47 million
available to pay current liabilities of MYR35.41 million.

                     About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


RHB BANK: Moody's Gives Positive Outlook on 'D' Bank Rating
-----------------------------------------------------------
Moody's Investors Service has changed its outlook for the D Bank
Financial Strength Rating of RHB Bank Berhad to Positive from
Stable.

RHBB's A3/P-1 foreign currency deposit ratings were affirmed with
a stable outlook.

The outlook for the BFSR was revised to positive because of (1)
the notable decline in funding costs and a corresponding
improvement in net interest margins; (2) a more comfortable loan-
to-deposit ratio; (3) healthier capital adequacy; and (4) the
relative stability of its management and coherence of its strategy
in recent years.  Funding costs were down due to the conversion of
expensive, irredeemable non-cumulative preference shares of RM1.37
billion to ordinary shares in 2008.

"RHBB's improved funding profile, amid better than expected local
economic conditions, enhances prospects for NIM, a key earnings
driver," says John Tham, a Moody's VP/Senior Credit Officer.

The bank's loans are also now more comfortably funded by stable
customer deposits.  RHBB's loan-to-deposit ratio was 85% in 2009,
compared to about 100% in 2006.

Indeed, these factors have benefited the bank's capital formation,
enabling RHBB to lower its dependence on costly hybrid capital
securities.

Furthermore, a relatively stable management -- as compared to the
many changes in the years before and after the Asia financial
crisis -- support continuity of the bank's strategies.

"Although the recent issuance of innovative Tier 1 capital
securities in RHBB's RM600 million program will raise funding
costs in the future, they are still likely to be lower than before
because the amount issued is lower than the INCPS," adds Tham.

Moreover, the average coupon of the recent IT1 issued is lower
than the INCPS dividend rate.

Moody's understands that further issuance of such hybrid capital
is unlikely, given the stricter capital guidelines being
considered in the aftermath of the global financial crisis.

Still, there will be challenges to improving profitability.
Firstly, competitive pressure and industry consolidation could
impact RHBB's competitive position.  Secondly, fluid global
conditions could indirectly affect the local economy and weaken
asset quality and increase the need for further provisions.

RHBB's asset quality is generally weaker than that of its peers.
The bank's NPL ratio rose to 4.7% in 2009 from 4.4% in 2008.  NPL
reserve coverage also fell to 83.4%, from 90.6% over the same
period.  On a more positive note, RHBB's improving capital
position mitigates some of the risk.

Factors that could result in an upgrade of RHBB's BFSR over the
next 12 to 18 months include (1) further evidence that its current
level of NIM can be sustained to enhance earnings; (2)
significantly lower NPLs and higher reserve coverage; and (3)
continued maintenance of its Tier 1 capital adequacy ratio above
10%.

The last rating action on RHBB was taken on July 20, 2009, when
its A3/P-1 foreign currency deposit ratings were confirmed
following the adjustment of the systemic support assumption used
in Moody's Joint-Default Analysis.

RHB Bank, headquartered in Kuala Lumpur, had total assets of
MYR106.1 billion at December 31, 2009.


SATANG HOLDINGS: Posts MYR383,000 Net Loss in Qtr. Ended March 31
-----------------------------------------------------------------
Satang Holdings Berhad disclosed with the Bursa Stock Exchange its
unaudited financial results for second quarter ended March 31,
2010.

The company posted MYR383,000 net loss on MYR7.86 million of
revenues in the quarter ended March 31, 2010, as compared to
MYR965,000 net loss on MYR11.21 million of revenues in the
same quarter of 2009.

At March 31, 2010, the company's consolidated balance sheet showed
MYR62.21 million in total assets, MYR39.82 million in total
liabilities, and MYR22.39 million in total stockholders' equity.

                       About Satang Holdings

Satang Holdings Berhad is a Malaysia-based holding company.  The
Company is engaged in investment holding activities.  The
Company's direct wholly owned subsidiary, Satang Jaya Sdn Bhd., is
a maintenance, repair and overhaul service provider of safety and
survival equipment for the defense, aviation and maritime
industries in Malaysia.  It is also a supplier of equipment,
accessories and spare parts for these industries.  The offered MRO
services are for aircrew/passenger lifejackets, life rafts,
survival packs, emergency breathing systems, fire fighting
equipment, emergency parachutes, safety harnesses, aircraft
arresting systems, aircraft crash and salvage equipment, ejection
seats, hydrostatic tests for all types of aviation cylinders, and
search and rescue beacons.  The Company's other subsidiaries
include Satang Dagangan Sdn. Bhd., Satang Mechatronic Sdn. Bhd.,
Satang Sar Services Sdn. Bhd., Satang GSE Services Sdn. Bhd. and,
Satang Environmental Sdn. Bhd.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, Satang Holdings Berhad triggered Paragraph 2.1 of
the Amended Practice Note 17/2005 as its independent auditor,
Anuarul Azizan Chew & Co., concluded in its Audit Investigative
Reports that out of the MYR39.27 million alleged overstated
revenue of the company, MYR35.43 million represents invalid sales
which should not be recorded in the books for the financial year
ended September 30, 2007.


WONDERFUL WIRE: Posts MYR2.61 Mil. Net Loss in Qtr. Ended March 31
------------------------------------------------------------------
Wonderful Wire & Cable Berhad posted MYR2.61 million net loss in
the first quarter ended March 31, 2010, compared with MYR1.71
million net loss recorded in the same quarter of 2009.

The current quarter results has recorded a revenue of RM7.20
million compared to RM5.27 million in the preceding quarter.  The
higher turnover was achieved due to increase in sales.

The Group's current quarter revenue has increased by
MYR4.14 million or 135% from MYR3.06 million in the previous year
corresponding quarter to MYR7.20 million in this quarter.  The
Group registered a loss before taxation of MYR2.64 million an
increased of MYR933,000 as compared to the preceding year
corresponding quarter loss of MYR1.71 million attributable mainly
to higher finance charges.

The company's balance sheet as of March 31, 2010, showed
MYR40.78 million of total assets, MYR99.19 million of total
liabilities, resulting in a shareholders' deficit of
MYR58.40 million.

The company's balance sheet as of March 31, 2010, also showed
strained liquidity with MYR9.51 million in total current assets
available to pay MYR93.55 million in total current liabilities.

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


DORCHESTER PACIFIC: Posts NZ$19.1 Million Net Loss in Fiscal 2010
-----------------------------------------------------------------
Dorchester Pacific posted its full year results for the financial
year to March 31, 2010, reporting a net loss of NZ$19.1 million,
compared with a net loss of NZ$25.4 million in 2009.

Dorchester said the major item contributing to the loss was a
NZ$16.0 million reversal of the 'fair value adjustment' that arose
from the Deferred Repayment Plan agreed with the Company's
Debenture Stockholders and Subordinated Noteholders in December
2008.   The result also included provisioning of NZ$1.0 million
for the Erceg loan exposure announced on February 5, 2010, and an
additional NZ$1.9 million provision against the residual loans and
property positions.

"The year end accounts and audit did not turn up any surprises.
While the additional $1.9 million provisioning against residual
property loans is a judgment call the Board wishes to ensure that
all residual positions are fully provided for so any future
realisations post the Capital Reconstruction Plan approval and
Capital Raising are in line with carrying values," Chairman Barry
Graham said in a statement.

As predicted at the August 2009 Annual Meeting, Shareholders Funds
have moved from positive to negative as the 'fair value
adjustment' of NZ$30.7 million as at March 31, 2009, reverses over
the term of the Deferred Repayment Plan.   Shareholder Funds at
March 31, 2010, are negative NZ$2.8 million.   However, forecasts
included in the Capital Reconstruction Plan show positive
Shareholders Funds of approximately NZ$25 million following the
proposed $10 million capital raising.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and  the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Executive Director Paul Byrnes said, "Achievement of an operating
loss for the year of approximately $200,000 before the 'fair value
adjustment', and provisioning was pleasing and slightly better
than budget.

"In the Dorchester Finance business, both collections and bad
debts recovered from the residual Senate motor vehicle finance
book have continued to track ahead of forecast.  New lending on
motor vehicles as allowed under the Deferred Repayment Plan
commenced in the year.  While new lending to March 31, 2010, was a
modest NZ$6 million the results in terms of loan quality, average
interest rate and loan margin have been very encouraging.

"Dorchester Life's insurance, savings and reverse mortgage
businesses together achieved an operating profit before tax of
NZ$1.8 million (2009: NZ$1.2 million) which was over double the
profit budgeted.   The Stop Gap redundancy insurance product and
the SimpleLife insurance product released during the year have
achieved sales ahead of forecast.

"Over the last year we have right sized staff numbers and
overheads for the current business activity but still maintained
the core business.  Most importantly, we have identified growth
opportunities for each business.  The company is ready to be
re-launched."

                      About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific reported a net loss of NZ$25.4 million in the
year to March 31, 2009, compared to a NZ$18.1 million loss in the
previous year.  Net revenue of NZ$24.6 million was significantly
down on 2008 net revenue of NZ$64.4 million.


PROPERTYFINANCE GROUP: Shareholders Opt to Liquidate Business
-------------------------------------------------------------
Alan Wood at Businessday reports that Propertyfinance Group's
shareholders voted for the liquidation and delisting of the
company at a special meeting in Christchurch on May 31.

Businessday relates Sundstrum said there had been a contagion
effect from subprime loans tied to the U.S. housing market
worldwide.  This had hit PFG from 2007 onwards, he said.

"There will be no recovery there for the shareholders," the report
quoted PFG director Darryl Queen as saying.  Shareholder equity
had peaked at around NZ$9 million in March 2007, he added.

According to the report, directors also indicated a lower return
for secured debenture stockholders in PropertyFinance Securities
Ltd ? a subsidiary of PFG.

Mr. Queen said it was estimated debenture stockholders would get
91 cents in the dollar under a "long-term moratorium wind-down"
under the stewardship of trustee Covenant Trustee as well as
Sundstrum and himself.

The report says PFG chairman Barney Sundstrum apologized to
shareholders after they were told they will not get a return via
the liquidation of the company.

"They say timing is everything.  We got caught badly on time -- we
apologize for that," Sundstrum said on behalf of his fellow
directors Darryl Queen and Peter Taylor.

                             About PFG

Based in New Zealand, Propertyfinance Group (NZE:PFG) --
http://www.propertyfinance.co.nz/-- is engaged in lending on
first mortgage.  The company is also involved in property related
financial services.  Some of the company's subsidiaries include
Propertyfinance Securities Limited, Property Finance Holdings
Limited, Property Finance Operations CM-2006 Ltd, Property Finance
Operations LS-2005 Ltd, Property Finance Operations RML-2005 Ltd,
Property Finance Operations CM-2005 Ltd, Property Finance
Operations RM-2005 Ltd, Avon Number One Investments Limited and
Avon Indemnity Company Limited.

                           *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$19.8 million, NZ$6.7 million and NZ$134,000 for
the years ended March 31, 2009, 2008 and 2007, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited, went into receivership last August 2007, owing about
4,000 retail investors NZ$79 million in debentures.  The parent
company managed to pull its subsidiary out of receivership in
February 2008.  PFSL is now in a director-governed moratorium.
The moratorium allows limited trading while PFSL realizes its
assets over time, and uses the proceeds from assets to repay its
secured debenture holders.


SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
New Zealand finance company South Canterbury Finance Ltd. to 'B+'
from 'BB'.  At the same time, the 'B+' rating was removed from
CreditWatch Negative, where it was initially placed on March 2,
2010, and placed on CreditWatch Developing.  The 'B' short-term
rating is affirmed.

"The downgrade reflects S&P's view that SCF's financial profile is
not consistent with its previous 'BB' rating and the restoration
of its financial profile has not been quick or sufficient enough
to stave off a downgrade," Standard & Poor's credit analyst Derryl
D'silva said.  "Despite its relatively weak financial metrics for
a 'BB' rating, SCF's 'BB' rating was previously supported by
strengths around its business profile and the financial
flexibility stemming from its key shareholder.  In S&P's opinion,
however, the balance-sheet-liquidity build-up, to date, has not
been as strong as S&P anticipated; S&P has observed delays during
the past few months.  Specifically, S&P believes that SCF's
exposure to future refinancing risks is no longer tolerable at the
previous 'BB' rating."

The 'B+' rating, however, is supported by SCF's recent momentum in
building balance-sheet liquidity through: some success in
management of forward maturities for June and July; good new
debenture inflows; some success in loan resolution proceeds; and
some progress in recapitalization plans.  Although SCF's
reinvestment experience on forward maturities for June and July is
an encouraging 57%, the reduction of refinancing risk for October
2010 has not progressed as quickly as S&P anticipated.
Additionally, SCF's cash balance at end-May 2010 is
NZ$106 million, which is less than the NZ$150 million S&P expected
mainly due to delays in loan resolution proceeds.

A CreditWatch Developing listing by Standard & Poor's implies a
one-in-two likelihood that the rating may be raised, lowered, or
affirmed within the next three months.  The rating could come
under downward pressure if general debenture investor support were
to materially weaken.  Specifically if:

The momentum of improvement in SCF's reinvestment experience
during May-July 2010 is not maintained in coming months.

SCF's management of forward maturities for August, September, and
October was not as successful as its efforts to manage forward
reinvestment maturities for June and July.

SCF's ability to raise new debentures weakened materially from its
good experience in recent months.

SCF's cash balance did not increase to NZ$150 million by June 2010
and head toward NZ$200 million a few months later.

The rating could also come under downward pressure if:

* The likelihood of success in recapitalization efforts materially
  diminishes.

* SCF were excluded from the extended government retail deposit
  guarantee, or events led to problems with respect to its
  prospectus remaining in the market.

* Support from SCF's key shareholder Mr. Hubbard materially
  diminished.

* New credit concerns emerged.

* Upward rating prospects would benefit from:

* Continued debenture investor support.

* Ongoing improvement in SCF's reinvestment experience in future
  months, such that the reinvestment requirement in October 2010
  was to reduce to a level close to the average level of monthly
  debenture maturities.

* Good new money inflows being maintained.

* Ongoing balance-sheet liquidity being maintained at about
  NZ$150 million or higher.

* Any recapitalization plans materializing such that they reduced
  SCF's liquidity and refinancing risks.


SOUTH VINEYARD: Court Adjourns Liquidation Hearing Until July
-------------------------------------------------------------
Otago Daily Times reports that South Vineyard, the production
company of the biblical movie Kingdom Come, has won another
reprieve from liquidation.

According to the Otago Daily, The Dominion Post reported that
Wellington High Court Associate Judge Hannah Sargisson on Monday
further adjourned the liquidation proceedings against South
Vineyard until July to review progress on raising money to pay
creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
March 17, 2010, The New Zealand Herald said plans to liquidate
South Vineyard have been moved until the end of May.  The Herald
said an application to liquidate South Vineyard was made in
December last year.

The New Zealand Herald said creditors have been calmed with
promises of a $100,000 payment and indications that
Christian backers from the United States will stump up with
another $4 million so the company can continue with the project.

The Herald related that lawyer Stephen Brown, representing a group
of creditors, in March 2009 told the High Court at Wellington that
South Vineyard was insolvent and owed $4.5 million.  Creditors did
not want to put the company into liquidation, provided their
interests were met, he said.

The film, about the life of Jesus, was to have been filmed in
New Zealand, with Falstone in the Waitaki District to have become
Capernaum, a 3,000-year-old fishing village, and South
Canterbury's Lake Benmore becoming the Sea of Galilee.

According to the Herald, the promised funds would repay all debts
in New Zealand, maintain the movie sets, and enable a new
management structure to be brought in to finish and release the
movie.

Associate Judge David Gendall agreed to a final adjournment of
liquidation proceedings until May 31 to provide time for a rescue
package, the report says.


WATERFRONT APARTMENTS: Placed in Liquidation
--------------------------------------------
Ben Heather at BusinessDay reports that Waterfront Apartments Ltd,
another company owned by bankrupt Christchurch developer Kevin
McGoverne, was placed in liquidation in the High Court in
Christchurch on May 31, on petition of Westpac New Zealand.  It is
the fourth McGoverne company liquidated in the past 18 months, the
report says.

BusinessDay says Mr. McGoverne was adjudicated bankrupt on
March 29 and according to Insolvency and Trustee Services is now
unemployed.

According to the report, Mr. McGoverne was behind several high
profile Christchurch developments in the past five years,
including:

   * the Merivale Manor motel complex, which was gutted by fire
     during construction in 2005;

   * the One Riccarton Rd bar development (formerly called
     Nancy's), which was subsequently placed into receivership
     in March 2009 owing more than $10 million to Dorchester
     Finance;

   * Not Just Jo Ltd, which still owes trade creditors more than
     $250,000, after he failed to pay them for work done on his
     Autoline Motel development; and

   * the Autoline Motel, which was sold just before Not Just Jo
     went into liquidation in March 2009.


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


NW ENGINEERING: Creditors' Proofs of Debt Due June 14
-----------------------------------------------------
Creditors of NW Engineering and Construction Pte Ltd, which is in
liquidation, are required to file their proofs of debt by June 14,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road,
         #03-08, Wilkie Edge
         Singapore 228095


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


* THAILAND: Hoteliers Seek THB5 Bil. in Soft Loans From Government
------------------------------------------------------------------
Thai Hotels Association will submit a detailed proposal seeking
government assistance for hotels affected by political violence,
the Bangkok Post reports citing association's chairman Prakij
Chinamornpong.

The report relates Mr. Prakij said the association will ask the
government to approve 10 measures to assist the hotel industry,
such as allocating a THB5 billion budget to provide low interest
loans.

"We will probably also ask the government to help in negotiations
with banks to extend loan payment periods for another three years,
with a grace period of six months," the report quoted Mr. Prakij
as saying.  "In addition, we will request the government to help
shoulder the loan interest at three per cent for hotels in Bangkok
and two per cent for those in the provinces."

According to the report, the requested THB5 billion for soft loans
would be for loans of a maximum THB50 million each to large hotels
needing assistance.

About 42 hotels were hard hit by the political chaos and need help
from the state, Mr. Prakij told Bangkok Post.


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


* S&P's 2010 Global Defaults Tally Now at 34
--------------------------------------------
One global corporate issuer defaulted this week, raising the year-
to-date 2010 tally to 34, said an article published May 28 by
Standard & Poor's, titled "Global Corporate Default Update (May 21
- 27, 2010) (Premium)."

By region, the current year-to-date default tallies are 23 in the
U.S., two in Europe, three in the emerging markets, and six in the
other developed region (Australia, Canada, Japan, and New
Zealand).  So far this year, distressed exchanges account for 11
defaults, Chapter 11 filings account for 10, missed interest or
principal payments are responsible for seven, regulatory
directives and receiverships are responsible for one each, and the
remaining four defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 38% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0%-10%), 12% of the
issues had recovery ratings of '5' (modest recovery prospects of
10%-30%), 12% had recovery ratings of '4' (average recovery
prospects of 30%-50%), and 19% had recovery ratings of '3'
(meaningful recovery prospects of 50%-70%).  And for the remaining
two rating categories, 15% of the issues had recovery ratings of
'2' (substantial recovery prospects of 70%-90%) and 4% of issues
had recovery ratings of '1' (very high recovery prospects of 90%-
100%).


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


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.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine 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.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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