TCRAP_Public/100609.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 9, 2010, Vol. 13, No. 112

                            Headlines



A U S T R A L I A

BANK OF QUEENSLAND: Fitch Affirms 'B+' Support Rating Floor
LIBERTY FUNDING: Fitch Assigns 'BB' Rating on Class D Notes
SHOCK ENTERTAINMENT: Places Publishing Unit in Liquidation


H O N G  K O N G

BHS LIMITED: Leung and Leong Appointed as Liquidators
BRAND (HK): Placed Under Voluntary Wind-Up Proceedings
CROWN RICH: Cheng and Chan Appointed as Liquidators
DETERMINED PRODUCTIONS: Boucher Appointed as Liquidator
EAST ORIENT: Creditors' Proofs of Debt Due July 4

EMPOWER HOLDINGS: Chen and Wong Appointed as Liquidators
EXTRAGAIN TRADING: Chak Chun Keung Thomas Appointed as Liquidator
GOLDMAN SACHS: Seng and Lo Step Down as Liquidators
GOSPEL DISTRIBUTION: Placed Under Voluntary Wind-Up Proceedings
HAMEG-BELTRON INDUSTRIES: Creditors' Proofs of Debt Due July 5

HB HEATING: Chan Kai Kit Appointed as Liquidator
HK FORTUNE: Wong Sun Keung Appointed as Liquidator
HK UP: Members' Final Meeting Set for July 5
KATAHDIN LIMITED: Creditors' Proofs of Debt Due July 9
LAUREL KNITTERS: Members' Final Meeting Set for July 12

WELLFRED (HAW KEE): Court Enters Wind-Up Order
WELL TECHNIC: Court to Hear Wind-Up Petition on July 14
WILLING KNITWEAR: Court Enters Wind-Up Order
WISDOM ALLIANCE: Court to Hear Wind-Up Petition on July 7
YING FU: Court to Hear Wind-Up Petition on July 7


I N D I A

BACKBONE PROJECTS: CRISIL Reaffirms Default Ratings on Bank Debts
BALAR SYNTHETICS: ICRA Places 'LBB' Rating on INR172.6MM LT Loan
HYUNDAI MOTOR: India Unit Resumes Production as Worker Strike Ends
LAKSHMI RICE: CRISIL Assigns Default Rating on INR50MM Cash Credit
NATIONAL STEEL: CARE Assigns 'CARE BB+' on Long Term Loans

NILA INFRASTRUCTURES: CARE Assigns 'CARE BB+' on LT Bank Debts
NSIL EXPORTS: CARE Assigns 'CARE/BB+' Rating on LT Bank Facilities
PHULCHAND EXPORTS: ICRA Assigns 'LBB-' Rating on INR527.5M Loan
SOBHAGIA SALES: CRISIL Assigns 'D' Ratings on INR74.4MM Term Loan
STAR PAPER: CRISIL Reaffirms 'BB+' Rating on INR190MM Cash Credit

SRI VENKATESH: CRISIL Reaffirms 'BB+' Ratings on Various Debts
SYNERGENE ACTIVE: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
SUPREME INFRASTRUCTURE: CARE Rates LT Bank Debts at 'CARE BB+'


J A P A N

RESONA HOLDINGS: Faces Penalty Over Unpaid JPY250-Mil. Stamp Taxes
* JAPAN: Corporate Bankruptcies Fall 15.1% in May 2010


K O R E A

HYNIX SEMICONDUCTOR: Creditors Resume Search for Buyer
HYUNDAI ENG'G: Creditors to Select Preferred Bidder in September
SSANGYONG MOTOR: Renault SA Confirms Joint Bid With Nissan


M A L A Y S I A

GULA PERAK: Bourse Publicly Reprimands Firm
KENMARK INDUSTRIAL: Classified as Practice Note 17 Company
LCL CORPORATION: 7th Annual General Meeting Slated For June 30
MECHMAR CORPORATION: 37th Annual General Meeting Set For June 29
TALAM CORPORATION: Court Grants Restraining Order to Maxisegar

TRANSMILE GROUP: Trustees Serves Wind Up Petition Against Unit


N E W  Z E A L A N D

ALLIED NATIONWIDE: S&P Downgrades Issuer Default Rating to 'B'
IMPERIAL BAR: To Close Doors This Week Amid Low Turnover
MICHAEL HILL: To Close Eight Stores in U.S. at End of June
SAPPHIRE VIII: S&P Takes Various Rating Actions on All Classes
SARVEE GROUP: Receiver Puts 7 Big Residential Properties on Sale

SECURE FUNDING: S&P Raises Ratings on Class B & C Notes


P H I L I P P I N E S

BENGUET CORP: Buys Back Debt Papers From Strato International
BENGUET CORP: May Withdraw From Kingking Copper-Gold Project


S I N G A P O R E

GLOBALFOUNDRIES SINGAPORE: S&P Raises Corp. Credit Rating to 'BB'


T A I W A N

TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'


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
=================


BANK OF QUEENSLAND: Fitch Affirms 'B+' Support Rating Floor
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Queensland.  The
Outlook on the Long-term Issuer Default Rating is Stable.

BoQ's ratings reflect strong asset quality, a robust risk
management framework and solid capital and liquidity positions.
However, a reliance on wholesale funding is a key constraint on
the long-term IDR.  At the same time, BoQ also exhibits a level of
concentration risk, both by product and geography, and is a
relatively small bank with a modest franchise.

While BoQ's asset quality deteriorated through 2009 and the
beginning of 2010, it remains strong relative to its peers.  At
February 28, 2010, just 0.51% of gross loans were classified as
impaired; this is amongst the lowest ratios reported by BoQ's
Fitch-rated Australian bank peers.  This reflects the bank's
conservative, and generally secured, loan portfolio, which is
dominated by residential mortgages (71%), loans to smaller SMEs
(17%) and leasing (11%).  Unsecured consumer lending is modest at
1% of the portfolio.

Nevertheless, asset quality deterioration caused impairment
charges to increase to AUD51m in the half year ended 28 February
2010 (H110).  Charges are likely to remain high relative to
historical levels in H210, but at only 28% of pre-impairment
operating profit in H110, BoQ should be able to absorb higher
impairment levels relatively comfortably.

Pre-impairment operating profit doubled in H110 relative to H109,
driven by solid cost control, a reduction in a number of one-off
expenses, and higher net interest income.  However, non-interest
income fell and contributed less than 20% of operating revenues.
Recent modest acquisitions may help improve the contribution from
non-interest income, although a material impact on earnings is
unlikely until FY11.

Capital and liquidity have both been bolstered during the global
financial crisis.  At end-H110, BoQ reported a Tier 1 capital
ratio of 9.2%, while its Fitch eligible capital ratio was 10.1%.
Both ratios are substantially higher than their FYE08 levels (7.2%
and 7.4% respectively).  Similarly, BoQ has increased its holdings
of liquid assets (98% of which are cash or repo-eligible with the
Reserve Bank of Australia), equating to 19% of total liabilities
in March 2010, compared to 16% in FYE08.

BoQ's funding (excluding equity) is split between retail deposits
(51%), wholesale funding (31%) and securitization (18%).  The
global financial crisis impacted the ability of BoQ to access both
wholesale and securitization markets, although the bank increased
its focus on deposit gathering and made use of the Australian
government guarantee for wholesale funding to compensate.  While
the bank's long-term wholesale maturity profile appears manageable
over the next two years, BoQ does have AU$3.75 billion of
government guaranteed issuance to be refinanced between October
2011 and March 2015 (government guaranteed debt was issued to a
different set of investors to BoQ's traditional investor base).

BoQ is Australia's ninth-largest banking group, with total assets
of AU$36 billion at February 28, 2010.  It has a growing
interstate presence, but remains mostly concentrated in its home
state of Queensland.

The ratings of BoQ are listed below:

Bank of Queensland:

  -- Long-term Foreign Currency IDR: affirmed at 'BBB+'; Stable
     Outlook;

  -- Short-term Foreign Currency IDR: affirmed at 'F2';

  -- Individual Rating: affirmed at 'B/C';

  -- Support Rating: affirmed at '4';

  -- Support Rating Floor: affirmed at 'B+'; and

  -- Subordinated debt: affirmed at 'BBB'.


LIBERTY FUNDING: Fitch Assigns 'BB' Rating on Class D Notes
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to the Liberty Series
2010-1 Auto loan receivables-backed securitization, due April
2016, issued by Liberty Funding Pty Ltd.  Ratings, Outlooks and
Loss Severity Ratings are assigned:

  -- AU$66.5 million Class A notes: 'AAA'; Outlook Stable; Loss
     Severity Rating assigned at 'LS2';

  -- AU$11.5 million Class B notes: 'A'; Outlook Stable; Loss
     Severity Rating assigned at 'LS3';

  -- AU$6.0 million Class C notes: 'BBB+'; Outlook Stable; Loss
     Severity Rating assigned at 'LS4';

  -- AU$3.6 million Class D notes: 'BB'; Outlook Stable; Loss
     Severity Rating assigned at 'LS5'; and

  -- AU$2.4 million Class E notes: 'NR'.

The notes will be issued by Liberty Funding Pty Ltd as the
subscriber of notes from Secure Funding Pty Ltd in its capacity as
trustee of Liberty Series 2010-1 Auto Trust.  The Liberty Series
2010-1 Auto Trust is a legally distinct trust established pursuant
to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 7,133
automotive loan receivables totalling approximately AU$89.1
million, with an average size of AU$12,492.  The pool is
completely comprised of loan receivables originated by Liberty
Financial's lender network to Australian residents across the
country.  To date, gross losses for all motor vehicle loans
originated by Liberty Financial's lender network have ranged
between a minimum 4.2% and a maximum 13.9% of the original balance
originated.

"This is Liberty Financial's first non-conforming ABS transaction
since the start of the global financial crisis, and the fourth ABS
issuance in the series.  Liberty's 2007-1 series transaction has
been a strong performer with stable arrears and sufficient excess
covering losses," notes Spencer Wilson, Analyst in Fitch's
Structured Finance team.

The transaction benefits from credit enhancement provided by the
guarantee fee reserve account and credit reserve account in the
event excess income is insufficient to meet liquidated losses or
any unreimbursed charge-offs.  Both reserve accounts have an
additional feature in providing a subordinate level of liquidity
support to liquidity and principal draws.

In summary, the expected ratings assigned to the Class A notes are
based on the quality of the collateral; the credit enhancement
provided by the subordinate notes (26.1%); the credit reserve and
guarantee fee reserve account, initially funded by Liberty
Financial to the size of AUD3,500,000 and topped up to the greater
of (i) 10% of the aggregate amount of the notes outstanding and
(ii) AUD1,000,000; the excess spread to cover losses; the
liquidity reserve, equivalent to the greater of (i) 1.0% of the
aggregate invested amount of the outstanding notes, or (ii)
AUD375,000; the interest rate swap provided by National Australia
Bank Limited ('AA'/'F1+'); and Liberty Financial's auto receivable
underwriting and servicing capabilities.

The expected ratings on the Class B, C and D notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.

Final ratings are contingent upon receipt of final documentation
conforming to information already received.


SHOCK ENTERTAINMENT: Places Publishing Unit in Liquidation
----------------------------------------------------------
Shock Entertainment Group has placed its Shock Music Publishing
arm into voluntary liquidation, effective June 7, Lars Brandle at
Billboard.biz reports.  The Group has also placed its One Stop
Entertainment and Shock Exports.com units into voluntary
administration, effective June 8.

Petr Vrsecky and Stirling Horne of Lawler Draper Dillon have been
appointed administrators of the three companies, which Shock
describe as "non-core," the report says.

Billboard.biz relates that its unclear how many jobs are affected
but Shock Publishing GM Clive Hodson is among the staff let go.

"It is business as usual for our core Shock Entertainment
businesses, and we will continue in our endeavor to maintain and
enhance Shock Entertainment's position as the leading independent
label and distributor of music and home video in Australia and
New Zealand," the report cited Shock in a statement.

Shock Entertainment Group is an Australian independent music
company.


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


BHS LIMITED: Leung and Leong Appointed as Liquidators
-----------------------------------------------------
Leung Hok Lim and Leong Ting Kwok on May 28, 2010, were appointed
as liquidators of BHS Limited.

The liquidators may be reached at:

         Leung Hok Lim
         Leong Ting Kwok
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


BRAND (HK): Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on May 18, 2010,
creditors of Brand (HK) Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Leung Chi Cheung John
         7B, Yardley Commercial Building
         3 Connaught Road West
         Sheung Wan, Hong Kong


CROWN RICH: Cheng and Chan Appointed as Liquidators
---------------------------------------------------
Cheng Kwok Wai David and Chan Yuen Bik Jane on May 28, 2010, were
appointed as liquidators of Crown Rich Year Limited.

The liquidators may be reached at:

         Cheng Kwok Wai David
         Chan Yuen Bik Jane
         31/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


DETERMINED PRODUCTIONS: Boucher Appointed as Liquidator
-------------------------------------------------------
Theodore Lee Boucher on May 28, 2010, was appointed as liquidator
of Determined Productions (Hong Kong) Limited.

The liquidator may be reached at:

         Theodore Lee Boucher
         159 Hardscrabble Ln Roy
         New Mexico 87743
         USA


EAST ORIENT: Creditors' Proofs of Debt Due July 4
-------------------------------------------------
East Orient (HK) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 4, 2010 to be included in the company's dividend
distribution.

The company's liquidator is:

         Sung Mi Yin
         Suite No. A
         11th Floor, Ritz Plaza
         122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


EMPOWER HOLDINGS: Chen and Wong Appointed as Liquidators
--------------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen on May 25, 2010,
were appointed as liquidators of Empower Holdings Limited.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


EXTRAGAIN TRADING: Chak Chun Keung Thomas Appointed as Liquidator
-----------------------------------------------------------------
Chak Chun Keung Thomas on May 28, 2010, was appointed as
liquidator of Extragain Trading Limited.

The liquidator may be reached at:

         Chak Chun Keung Thomas
         Room 603, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


GOLDMAN SACHS: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Goldman Sachs Administration Services (Asia) Limited on May 29,
2010.


GOSPEL DISTRIBUTION: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on May 26, 2010,
creditors of Gospel Distribution Centre Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Chun Thomas
         Flat A, 14th Floor
         Hennessy Plaza
         166 Hennessy Road
         Wanchai, Hong Kong


HAMEG-BELTRON INDUSTRIES: Creditors' Proofs of Debt Due July 5
--------------------------------------------------------------
Hameg-Beltron Industries Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 5, 2010 to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Kai Kit
         1602, 16/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


HB HEATING: Chan Kai Kit Appointed as Liquidator
------------------------------------------------
Chan Kai Kit on May 28, 2010, was appointed as liquidator of HB
Heating Systems Limited.

The liquidator may be reached at:

         Chan Kai Kit
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


HK FORTUNE: Wong Sun Keung Appointed as Liquidator
--------------------------------------------------
Wong Sun Keung on May 18, 2010, was appointed as liquidator of
Hong Kong Fortune Foundation Limited.

The liquidator may be reached at:

         Wong Sun Keung
         Unit 2 20th Floor
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


HK UP: Members' Final Meeting Set for July 5
--------------------------------------------
Members of Hong Kong Up Limited will hold their final meeting on
July 5, 2010, at 10:00 a.m., at 15/F., OTB Building, 160
Gloucester Road, in Hong Kong.

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


KATAHDIN LIMITED: Creditors' Proofs of Debt Due July 9
------------------------------------------------------
Creditors of Katahdin Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 9,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Tam Yat Hung John
         3/F., 39-41 Argyle Street
         Kowloon


LAUREL KNITTERS: Members' Final Meeting Set for July 12
-------------------------------------------------------
Members of Laurel Knitters Limited will hold their final meeting
on July 12, 2010, at 11:30 a.m., at 17th Floor, Shun Kwong
Commercial Building, No. 8 Des Voeux Road West, Sheung Wan, in
Hong Kong.

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


WELLFRED (HAW KEE): Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Wellfred (Haw Kee) Engineering Company
Limited.

The Official Receiver is E T O'Connell.


WELL TECHNIC: Court to Hear Wind-Up Petition on July 14
-------------------------------------------------------
A petition to wind up the operations of Well Technic Limited will
be heard before the High Court of Hong Kong on July 14, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          20th Floor, China Oversea Building
          No. 139 Hennessy Road
          Wanchai, Hong Kong


WILLING KNITWEAR: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Willing Knitwear (Holdings) Limited.

The Official Receiver is E T O'Connell.


WISDOM ALLIANCE: Court to Hear Wind-Up Petition on July 7
---------------------------------------------------------
A petition to wind up the operations of Wisdom Alliance Dyeing
Factory Limited will be heard before the High Court of
Hong Kong on July 7, 2010, at 9:30 a.m.

Mui Suk Fong filed the petition against the company on May 5,
2010.


YING FU: Court to Hear Wind-Up Petition on July 7
-------------------------------------------------
A petition to wind up the operations of Ying Fu (China-Hong Kong)
Logistics Limited will be heard before the High Court of Hong Kong
on July 7, 2010, at 9:30 a.m.

Lam Lung Ho filed the petition against the company on May 5, 2010.


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


BACKBONE PROJECTS: CRISIL Reaffirms Default Ratings on Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Backbone Projects Ltd
continue to reflect Backbone Projects' continued delays in
servicing its term loan; the delays are because of Backbone
Projects' weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR70.00 Million Cash Credit Limit     D (Reaffirmed)
   INR45.00 Million Term Loan             D (Reaffirmed)
   INR900.00 Million Bank Guarantee*      P5 (Reaffirmed)

   *Includes letter of credit sub-limit of INR101.00 million

Backbone Projects was set up as a partnership firm, Backbone
Construction Company, in 1987 by Ms. Jayanti M Jakasania.  It was
reconstituted as a closely held public limited company in 1995.
The company undertakes construction projects for roads, canals,
dams, bridges and buildings.

For 2009-10 (refers to financial year, April 1 to March 31),
Backbone Projects is expected to report a profit after tax (PAT)
of INR16 million on net sales of INR766 million, against a PAT of
INR41 million on net sales of INR1578 million for 2008-09.


BALAR SYNTHETICS: ICRA Places 'LBB' Rating on INR172.6MM LT Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR172.6 million long term
fund-based limits of Balar Synthetics Private Limited.  ICRA has
also assigned A4 rating to INR0.5 million non-fund based limits of
BSPL.  The long term rating has been assigned stable outlook.

The rating is constrained by the commoditized nature of synthetic
fabric industry, characterized by high degree of competition from
large number of players in the Bhilwara market.  The entry
barriers to the business are low and the current low profitability
(operating margin of 6-8%) could come under pressure due to
ongoing new capacity additions in the industry.  The rating
however, takes into account promoters' experience and track record
in manufacturing synthetic fabric from polyester viscose (PV)
yarn.  The relatively low value product manufactured by the
company is targeted at lower and middle class family in the
domestic market of India.

ICRA expects that the profitability of the company will continue
to be in similar range however fall in operating profitability and
debt funded capex will remain the key rating sensitivity for
further rating action.

Recent results:

As per provisional results, BSPL achieved INR726.4 million of
operating income and INR7.1 million profit after tax in 2009-10.

                      About Balar Synthetics

BSPL was promoted by Mr. Suresh Kumar Jain and Mr. Rajesh Kumar
Jain (brothers) in the year 1996.  The company had started its
manufacturing facility of grey synthetic fabric (blend of
polyester & viscose) with 24 Ruti looms.  The company has 140
Suzler shuttle less automatic weaving machines having production
capacity of around 1.5 million meter of synthetic fabric per
month.


HYUNDAI MOTOR: India Unit Resumes Production as Worker Strike Ends
------------------------------------------------------------------
Bloomberg News reports that Hyundai Motor Co. said a strike at its
Indian car plant ended Tuesday.

Citing Hyundai Motor's e-mailed statement from Seoul, Bloomberg
News relates the company has resumed production at the plant.

Hyundai Motor India Ltd., a wholly owned subsidiary of Hyundai
Motor Co., said it was forced to suspend production at its plant
near Sriperumbudur following a sit-in strike by around 150
workers, The Hindu reports.

The Hindu says HMIL claimed that the forced suspension of
production on Monday had resulted in a loss of 2,200 cars with a
value of around INR650 million.  HMIL management said it was
seeking the intervention of the government and had approached the
Commissioner of Labour for an early settlement to the dispute, The
Hindu adds.

According to The Hindu, sources said the sit-in strike began on
Sunday when a section of the employees converged and squatted in
front of the assembly shop conveyor, demanding reinstatement of
dismissed employees.

Dow Jones Newswires says it is the third labor unrest at Hyundai
Motor India Ltd.'s Chennai plant, where it employs more than
10,000 people.  Hyundai's employees, demanding recognition of an
outside union and reinstatement of suspended workers, also went on
strike in May and July 2009.

                        About Hyundai Motor

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


LAKSHMI RICE: CRISIL Assigns Default Rating on INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Lakshmi Rice & Dall Mills'
bank facilities.  The rating reflects delay by Lakshmi Rice in
servicing its term loan; the delay has been caused by weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      D (Assigned)
   INR2.2 Million Rupee Term Loan   D (Assigned)

Lakshmi Rice was originally set up as a proprietorship firm by Mr.
Babu Puroshottam Das in 1960.  It was reconstituted as a
partnership firm by his three sons, Mr. Sunil Kumar, Mr. Vinod
Kumar, and Mr. Ashok Kumar in 1983.  Lakshmi Rice manufactures
basmati rice, which it sells under the brands Satya and L-33.  The
firm has its plant in Ladwa (Haryana), with an aggregate installed
milling capacity of 4 tonnes per hour (tph) and sorting capacity
of 3 tph.

Lakshmi Rice reported a profit after tax (PAT) of INR0.31 million
on net sales of INR168 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.28 million on
net sales of INR151 million for 2007-08.


NATIONAL STEEL: CARE Assigns 'CARE BB+' on Long Term Loans
----------------------------------------------------------
CARE has assigned the 'CARE BB+' rating to the long-term bank
loans/facilities and 'PR 4'rating to the short-term bank
loans/facilities of National Steel and Agro Industries Limited.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations and
carry high credit risk.  This rating is applicable for facilities
having tenure of more than one year. Facilities with 'PR 4' rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk. Such facilities
are susceptible to default.  This rating is applicable for
facilities having tenure up to one year.

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

                                 Amount
   Facilities                   (INR cr)      Ratings
   ----------                   --------      -------
   Outstanding term loan          105.72      CARE BB+
   as on Dec.31, 2009

   Sanctioned Fund based          130.00      CARE BB+
   working capital limits

   Sanctioned non fund based      725.00      PR4
   working capital limits

Rating Rationale

The ratings are constrained by fluctuations in raw material prices
which can potentially affect the profitability on account of lack
of backward integration, high overall gearing, working capital
intensive operations, location disadvantage and inherent risk
associated with cyclical nature of the steel industry. Further,
sharp movement in the raw material prices and foreign exchange
fluctuation had resulted in to cash loss during FY09.
Nevertheless, ratings consider NSAIL's established presence as
part of the Ruchi group and established position in the Central
India with good brand name.  Ratings also consider improvement in
the financial risk profile during 9MFY10.  Improvement in the
financial risk profile, ability to pass on raw material prices and
managing working capital are key rating sensitivities.

NAIL belongs to Ruchi Group and engaged in the manufacturing of
cold rolled sheets, galvanized sheets and color coated sheets.

During FY09, NSAIL reported operating income of INR2123 crore and
net loss of INR89 crore against operating income of INR2156 crore
and net profit of INR28 crore during FY08.  During 9M Y10, NSAIL
reported operating income of INR1589 crore and PAT of INR8 crore.


NILA INFRASTRUCTURES: CARE Assigns 'CARE BB+' on LT Bank Debts
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
Nila Infrastructures Ltd.

                                 Amount
   Facilities                   (INR cr)    Ratings
   ----------                   --------    -------
   Long-term Bank Facilities      24        'CARE BB+' Assigned
   Long/Short-term Bank            2        'CARE BB+ /PR4'
        Facilities                           Assigned

Rating Rationale

The ratings are constrained by small size of operations of Nila
Infrastructures Ltd compared to similar players in the industry,
risk associated with large size projects proposed / under
execution as compared to Nila's networth, lack of established
track record in majority of the present projects (viz. large size
residential projects, industrial infrastructure) and risk
associated with the funding of real estate projects as customer
advances forms major part of financing.  These far outweigh the
experience of promoters, comfortable order book position and
comfortable profitability margins.

Timely execution of orders while maintaining order book position,
achievement of sales realization & customer advances in
residential projects as envisaged and impact of significant debt
funded project, if any, on Nila's financial profile are the key
rating sensitivities.

Incorporated in 1990, Nila is Sambhaav Group company, promoted by
Shri Manoj Vadodariya, and started commercial activities in
construction of residential and commercial projects.  It has
expanded its scope of services to infrastructure development in
recent years. Nila reported PAT of INR2.80 crore on total income
of INR43.95 crore in FY09 as against PAT of INR1.98 crore on total
income of INR8.92 crore in FY08.  During Q1FY10, Nila reported
total income & PAT of INR10.08 crore & INR0.84 crore respectively.


NSIL EXPORTS: CARE Assigns 'CARE/BB+' Rating on LT Bank Facilities
------------------------------------------------------------------
CARE has assigned the 'CARE BB+' rating to the long-term bank
loans/facilities and 'PR 4' rating to the short-term bank loans/
facilities of NSIL Exports Limited.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations and
carry high credit risk.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
'PR 4' rating would have inadequate capacity for timely payment of
short-term debt obligations and carry very high credit risk. Such
facilities are susceptible to default.  This rating is applicable
for facilities having tenure up to one year.

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

                                 Amount
   Facilities                   (INR cr)      Ratings
   ----------                   --------      -------
   Sanctioned Fund based        30.00         CARE BB+
   working capital limits

   Sanctioned non fund based    64.65         PR4
   working capital limits

Rating Rationale

The ratings are constrained by low profit margins & inherent risk
associated with the trading activity, presence of group companies
in the similar line of business, customer concentration risk and
working capital intensive operations.  Nevertheless, ratings
continue to consider long standing track record of Ruchi group in
the trading activity and flexibility in the product mix.  Managing
working capital and inherent risk associated with trading activity
are key rating sensitivities.

NEL belongs to Ruchi Group and engaged in the trading of steel
and agro products.  During FY09, NEL reported operating income of
INR255.77 crore and PAT of INR3.83 crore against operating income
of INR308.73 crore and PAT of INR5.07 crore.


PHULCHAND EXPORTS: ICRA Assigns 'LBB-' Rating on INR527.5M Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the fund based long term
limits of INR300 million and an A4 rating to the INR527.50 million
fund based and non fund based short term limits of Phulchand
Exports Private Limited.  The outlook assigned to the long term
rating is Stable.  The ratings reflect PEPL's adverse financial
profile characterized by weak profitability high gearing and low
cash accruals.  The ratings also factor in the cyclicality
inherent in the business coupled with the high competitive
intensity characterized by the presence of both merchant exporters
as well as players which have their own iron ore mines.  The
ratings are further constrained by the company's high working
capital intensity and vulnerability of its margins to foreign
exchange fluctuations.  The company benefits from its location in
proximity to major ports.

Phulchand Exports Pvt. Limited is engaged in the trading of
metals, minerals, chemicals and agro- products.  PEL was
Incorporated as a private limited company in 1975 and later on
converted into a deemed public limited company during 1988, but as
the provision of deemed public company was deleted, it was
reconverted into a private limited company by ROC in Nov 2009.

PEPL derives its sales mainly from export of iron ore fines to
China. PEPL has a registered office at Worli, Mumbai.  PEPL
recorded a net profit of INR24.20 million on an operating income
of INR2469.90 million for the year ending on March 31, 2009.


SOBHAGIA SALES: CRISIL Assigns 'D' Ratings on INR74.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Sobhagia Sales Pvt Ltd, which is part of the Sobhagia group.
The ratings reflect delay by the Sobhagia group in repayment of
term loan obligations, owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit limit      D (Assigned)
   INR74.4 Million Term Loan              D (Assigned)
   INR20.0 Million Letter of Credit       P5 (Assigned)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSL, and Classic Wears Pvt Ltd,
together referred to herein as the Sobhagia group.  This is
because SSL and CWL are under the same promoter, are engaged in
the same lines of business, and have considerable operational,
financial, and business synergies.

                          About the Group

Set up in 1993 by Mr. Raj Awasthy, SSL manufactures readymade
garments for men, women, and children at its facility in Ludhiana
(Punjab).  The company sells its products through its 21 exclusive
showrooms and 16 franchisees under its brand Sportking and Mentor.

Set up in 1984 by Mr. Raj Awasthy and his wife, CWL manufactures
readymade woollen garments at its facility in Ludhiana (Punjab).
CWL sells its products in retail through SSL's showrooms and its
own network of five showrooms.

SSL reported a profit after tax (PAT) of INR9.1 million on net
sales of INR534.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.2 million on net
sales of INR465.1 million for 2007-08.


STAR PAPER: CRISIL Reaffirms 'BB+' Rating on INR190MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on Star Paper Mills Ltd's cash credit facility
continue to reflect SPML's weak operating efficiencies, large
capital expenditure plans restricting its financial flexibility,
and its susceptibility to intense competition and cyclicality in
the paper industry.  These rating weaknesses are partially offset
by SPML's established market position in the wood-based paper
segment, and healthy capital structure.

   Facilities                           Ratings
   ----------                           -------
   INR190.0 Million Cash Credit         BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPML will maintain its established market
position in the wood-based paper industry, and healthy capital
structure, over the medium term.  The outlook may be revised to
'Positive' if SPML's operating margin improves considerably,
resulting in significant improvement in its debt protection
metrics; or to 'Negative' if the company undertakes any large
unexpected debt-funded capital expenditure program, thereby
straining its capital structure and debt protection metrics.

                         About Star Paper

Set up in 1936, SPML is an integrated pulp and paper manufacturer.
The company manufactures a wide range of paper products, but
mainly produces kraft paper.  SPML is part of the Duncan Goenka
group, headed by Mr. G P Goenka.  The company's mill at Saharanpur
(Uttar Pradesh) has four paper machines, with aggregate capacity
of 75,000 tonnes per annum (tpa).

Many companies in the Duncan group are making losses and have
already approached the respective financial institutions for
restructuring their debt.

SPML reported a profit after tax (PAT) of INR83 million on net
sales of INR2512 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR169 million on net sales
of INR3602 million for 2008-09.


SRI VENKATESH: CRISIL Reaffirms 'BB+' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sri Venkatesh Iron
& Alloys India Ltd (SVIAL, part of the Jai Durga group) continue
to reflect the Jai Durga group's below-average financial risk
profile marked by aggressive debt-funded capital expenditure
(capex), and exposure to risks related to intense competition and
cyclicality in the steel industry, and volatility in raw material
prices.  These weaknesses are partially offset by the group's
moderate business risk profile, marked by healthy operating
efficiencies and integrated operations.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR200 Million Term Loan         BB+/Stable (Reaffirmed)
   INR20 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVIAL and Jai Durga Iron Pvt Ltd
(JDIPL); this is because the two companies, together referred to
as the Jai Durga group, are in the same line of business with
similar business profiles, and under a common management.

Outlook: Stable

CRISIL expects the Jai Durga group to maintain its business risk
profile over the medium term on the back of improved operational
efficiency following the stabilization of its new capacities.
However, the group's financial risk profile may remain constrained
by its aggressive expansion plans for the medium term.  The
outlook may be revised to 'Positive' if the group's financial risk
profile improves significantly as a result of more-than-expected
cash accruals or equity infusions.  Conversely, the outlook may be
revised to 'Negative' if the group undertakes a larger-than-
expected debt-funded capex program, or its operating margin
declines because of low capacity utilization.

                          About the Group

JDIPL, the flagship company of the Jai Durga group, is promoted by
Mr. Mahesh Periwal, Mr. Pradip Kedia, Mr. Binod Kumar Bajaj, and
Mr. Krishna Kumar Agarwal. JDIPL and its group company SVIAL
(which was acquired by the promoters in 2007) manufacture sponge
iron. JDIPL set up an ingot-manufacturing unit in 2005, and
integrated forward in 2008, by acquiring a rolling mill.
Currently, the Jai Durga group is an integrated steel unit, with
production capacities of 168,000 tonnes per annum (tpa) of sponge
iron, 31,000 tpa of ingots and 36,000 tpa of thermo-mechanically-
treated bars.

The Jai Durga group reported a profit after tax (PAT) of
INR24 million on net sales of INR538 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of
INR26 million on net sales of INR456 million for 2007-08.


SYNERGENE ACTIVE: CARE Assigns 'CARE BB+' Rating on LT Bank Debts
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
facilities of Synergene Active Ingredients Pvt. Ltd.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.  Also, CARE has assigned a 'PR 4' rating
to the short-term bank facilities of the company.  This rating is
applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.  The
above ratings are assigned to both long-term bank facilities and
short-term bank facilities aggregating INR13.70 crore.

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

                                 Amount
   Facilities                   (INR cr)      Ratings
   ----------                   --------      -------
   Long-term Bank Facilities     12.50        'CARE BB+'
   Short-term Bank Facilities     1.20        'PR 4'

Rating Rationale

The ratings factor in limited track record of the company, small
scale of operations, low net worth, limited number of (Active
Pharmaceutical Ingredients) API products in its porfolio, high
sales concentration with regard to products and customers, forex
risk on account of exports, moderate gearing, volatility in the
raw material prices and project implementation risk.  The rating
is however underpinned by long track record of the promoters in
the Pharma Industry, API manufacturing facilities with WHO-GMP
certifications, reputed customer base, support from the group
company, comfortable profit margins and achievement of financial
closure for its new project.  The ability of the company to
maintain the profit margins, implement the project on time without
any cost overrun and continuous addition of the new products are
the key rating sensitivities.

SAIPL was established in May 2005 and promoted by Mr. N Surya
Prakash Rao and Dr. N V Rao. SAIPL is in the business of
manufacturing API and its intermediates.  The company started its
operations in Feb 2007. SAIPL's income from the operations has
increased by 89% to INR16 crore during FY09 driven increase in the
production and sales of intermediates.  PBIDT in FY09 at INR1.83
cr, up by 195% over FY08 while PAT was at INR 0.65 cr against a
marginal loss in FY08.


SUPREME INFRASTRUCTURE: CARE Rates LT Bank Debts at 'CARE BB+'
--------------------------------------------------------------
CARE assigned a 'CARE BB+' rating to the Long-term Bank Facilities
of Supreme Infrastructure India Ltd., aggregating INR179.21 crore.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.

In addition, CARE has assigned a 'PR4' rating to the Short-term
Bank Facilities of SIIL, aggregating to INR160 crore. Facilities
with this rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default.  This rating is
applicable to the facilities having tenure up to one year.

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

                                 Amount
   Facilities                   (INR cr)      Ratings
   ----------                   --------      -------
   Long-term Bank facilities     179.21       CARE BB+
   Short-term Bank facilities     160.00      PR4

Rating Rationale

The ratings are constrained by the unsatisfactory debt servicing
record of SIIL in the past due to high working capital requirement
on the back of growing business volumes not backed by adequate
credit lines, the risk associated with undertaking Engineering,
Procurement & Construction (EPC) contracts in the real estate
sector given the cyclical nature of the industry and limited past
track record in executing projects in power, real estate and
railway sectors which constitute a good portion of the order book.

The ratings however consider strength of the promoter's experience
in execution of EPC contracts, qualified management team, moderate
gearing levels, comfortable profitability margins, the growing
scale of operations and growth prospects of the infrastructure
sector in general.

Ability of SIIL to execute the large projects in a timely manner
without cost/time overruns, conversion of Letters of Intents
(LOIs) into actual orders, efficient management of working capital
and maintenance of healthy profitability margin & liquidity
position are key rating sensitivities.

SIIL was incorporated in 1983 and is a medium-sized construction
company (an EPC contractor) engaged in construction of highways,
roads & bridges and engineering works.  It also manufactures
crushed metals, ready-mix concrete, asphalt & wet mix macadam.


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


RESONA HOLDINGS: Faces Penalty Over Unpaid JPY250-Mil. Stamp Taxes
------------------------------------------------------------------
The Osaka Regional Taxation Bureau has penalized Resona Bank after
being found not to have paid some JPY250 million in stamp taxes
over three years through September 2009, Kyodo News reports,
citing several sources close to the case.

According to the report, the Osaka-based core unit of Resona
Holdings Inc. said it has already paid all the taxes that were
due.  Kyodo's sources said the tax amount, including the penalty,
is estimated at some JPY280 million.

According to Kyodo, sources said about 600,000 Resona papers
lacked required revenue stamps.

The bank said the nonpayment was not intentional and it has paid
all the taxes as instructed by the tax bureau, the report notes.

The Troubled Company Reporter-Asia Pacific, citing Japan Today,
reported on March 4, 2009, that Resona Holdings repaid perpetual
subordinated loans worth JPY45 billion to the government on
March 31.  Japan Today said the repayments will reduce Resona's
outstanding balance of such funds to JPY2.08 trillion.

The bank, effectively nationalized after it nearly collapsed under
a mountain of bad loans, received JPY3 trillion (US$30 billion) of
taxpayer money in its 2003 bailout and earlier recapitalizations
of Japanese banks, according to Reuters.

Bloomberg News disclosed that former Prime Minister Junichiro
Koizumi tapped Chairman Eiji Hosoya, then vice president of East
Japan Railway Co., to turn the bank around.

                       About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


* JAPAN: Corporate Bankruptcies Fall 15.1% in May 2010
------------------------------------------------------
Bloomberg News reports that corporate bankruptcies in Japan fell
for the 10th month in May, extending the longest streak of
declines in five years, as economic recovery helped more firms
stay afloat.

The report, citing Tokyo Shoko Research Ltd., relates business
failures slid 15.1% from a year earlier to 1,021 cases.

Bloomberg News states that a resurgence in overseas demand helped
the world's second-largest economy sustain its rebound from its
deepest postwar recession in the first quarter.

According to the report, economist Yoshimasa Maruyama said while
government lending programs have been helping, the decline in
bankruptcies is increasingly reflecting better business prospects
for Japan's companies.


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


HYNIX SEMICONDUCTOR: Creditors Resume Search for Buyer
------------------------------------------------------
Hynix Semiconductor Inc.'s creditors have resumed their search for
a buyer and aim to sell their remaining holdings by the end of the
year, Bloomberg News reports, citing state-run Korea Finance Corp.

A spokesman who asked not to be identified because of company
Policy told Bloomberg News that Korea Finance, one of nine
creditors that own a 21% controlling stake, may offer loans to the
buyer.

Bloomberg recalls creditors in March sold a 6.7% stake in Hynix
for KRW923.2 billion (US$750 million) after three failed attempts
to sell the entire stake.

                     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
June 7, 2010, Fitch Ratings upgraded Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating USD500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'


HYUNDAI ENG'G: Creditors to Select Preferred Bidder in September
----------------------------------------------------------------
Hyundai Engineering & Construction Co.'s creditors plan to begin
the sale of the company this month and select a preferred bidder
by as early as September, Bloomberg News reports, citing a Korea
Finance Corp. spokesman.

Creditors of Hyundai Engineering sought to put it up for sale in
May 2006 when the builder was lifted from its debt workout
program, which started in October 2001.

Hyundai Engineering ran into a liquidity problem in 2000 after
extending massive subsidies to prop up its weak subsidiaries and
loss-making businesses.  Huge outstanding debts in Iraq further
strained the contractor's finances.

Creditors of Hyundai Engineering relinquished direct control of
Korea's top builder in May 2006.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.


SSANGYONG MOTOR: Renault SA Confirms Joint Bid With Nissan
----------------------------------------------------------
Renault SA confirmed Monday it has submitted a letter of intent to
acquire Ssangyong Motor Co. in a project with alliance partner
Nissan Motor Co. and South Korean subsidiary Renault Samsung
Motors, David Pearson at Dow Jones Newswires reports.

A Renault spokeswoman told Dow Jones Newswires that its bid is one
of six that have been short-listed by Ssangyong.

South Korean private-equity fund Seoul Invest, Daewoo Bus, India's
Mahindra & Mahindra Ltd. and Indian conglomerate Ruia Group
confirmed they have received the go-ahead to perform preliminary
due diligence from June 7 to July 17.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the company
that starts this week.

Ssangyong Motor began accepting letters of intent on May 10 from
potential buyers, who will take over a majority of its
stake valued at around KRW300 billion.  Ssangyong will choose a
preferred bidder in August from the preliminary bidders.

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

                       About Ssangyong Motor

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
===============


GULA PERAK: Bourse Publicly Reprimands Firm
-------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimands Gula Perak
Berhad for breaches of paragraph 9.16(1)(a) and 16.11(b) of the
Listing Requirements (LR) of Bursa Malaysia Securities Berhad.

Paragraph 9.16(1)(a) of the LR states that a listed issuer must
ensure that its announcement is factual, clear, unambiguous,
accurate, succinct and contains sufficient information to enable
investors to make informed investment decisions.

Paragraph 16.11(b) of the LR states that a director of a listed
issuer must not permit, either knowingly or where he had
reasonable means of obtaining such knowledge, a listed issuer to
commit a breach of the LR.

GPERAK had breached paragraph 9.16(1)(a) of the LR for failing to
disclose that the Bond Holder of 3% nominal value of MYR90,124,000
Redeemable Secured Bonds ie. AmBank (M) Berhad had agreed for a
full and final settlement sum of MYR64,000,000 in the Company's
unaudited fourth quarterly report for the financial year ended
March 31, 2008, announced on May 28, 2008.  The Discount vide
AmBank's letter dated February 27, 2008, was accepted by the
Company on March 3, 2008.

There was a deviation between the Company's unaudited loss after
tax of MYR16,414,000 and audited loss after tax of MYR42,342,000
for the financial year ended March 31, 2008, arising from the
Discount.  The difference of MYR26,124,000 represents a variance
of approximately 61.23%.

While Bursa Securities did not make a finding of breach against
the Company for failing to take into account the Discount in the
fourth quarter of 2008, Bursa Securities has found the Company in
breach of paragraph 9.16(1)(a) arising from its failure to
disclose the Discount which is material in the notes to the fourth
quarter of 2008.  This is also particularly in the light that:

   i. the Company had consistently disclose a previous offer
      from AmBank in the Company's annual audited accounts
      for the financial years ended March 31, 2006, and
      March 31, 2007; and

  ii. the Discount which the Company has accepted is clearly
      different and lower than the previous offer.

Bursa Securities also found the directors of GPERAK who were aware
of the Discount to be in breach of paragraph 16.11(b) of the LR
for permitting knowingly or where they had reasonable means of
obtaining such knowledge the Company to commit the above breach.

The directors found to be in breach and the penalties imposed are:

   Director                              Penalty
   --------                              -------
   Datuk Rahim bin Baba                  Public Reprimand
   Executive Chairman

   Tan Sri Dato' Lim Cheng Pow           Public Reprimand and fine
   Managing Director                     of MYR25,000

   Dato' Lim Soo Kok                     Public Reprimand
   Executive Director

   Datuk Lim Sue Beng                    Public Reprimand
   Executive Director

   Leow Thang Fong                       Public Reprimand and fine
   Executive Director                    of MYR10,000

The public reprimand and fines were imposed pursuant to Paragraph
16.17(1) of the Bursa Securities LR after taking into
consideration all circumstances of the matter.

Bursa Securities views this contravention seriously and hereby
reminds the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to the shareholders and the investing
public.

                          About Gula Perak

Gula Perak Berhad is a Malaysia-based company. The Company is
engaged in construction works, trading in construction materials
and property development. The principal activities of the
subsidiary companies consist of hotel operations and management,
service apartment operations and management and property
development. The Company operates in two segments: Hotel
operations, which the Company owns and operates the Dynasty Hotel,
Kuala Lumpur and Empress Hotel, Sepang, Selangor, and Construction
and property development, which the Company is engaged in
construction and development of industrial properties. Its
subsidiaries include Dynawell Corporation (M) Sdn. Bhd., KSB
Requirements & Rest Sdn. Bhd., Gula Perak Land Sdn. Bhd. and Dyna
Enterprise International Ltd.

Gula Perak Berhad has been listed as an Amended Practice Note 17
company as the Company was not able to provide a solvency
declaration to Bursa Malaysia.


KENMARK INDUSTRIAL: Classified as Practice Note 17 Company
----------------------------------------------------------
Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.

Pursuant to Practice Note 1, the Independent Directors of Kenmark
disclosed that the Company and its wholly owned subsidiaries had
received letters of demand:

   (i) On May 28, 2010, Kenmark Paper Sdn Bhd received a Letter of
       Demand for the sum of MYR7,668,375.41 from Messrs. Azim,
       Tunku Farik & Wong acting for EON Bank Berhad to be paid
       within (7) days from the date of the letter for default of
       banking facilities;

  (ii) On May 12, 2010, Billion Dynamic Sdn Bhd received a letter
       of Demand for the sum of MYR43,768,304.86 from Messrs.
       Zulpadli & Eham acting for Export-Import Bank of Malaysia
       Berhad to be paid within (7) days from the date of the
       letter for failure to regularize the account under the line
       of revolving post shipment supplier credit facility of
       MYR40 million.

(iii) On May 12, 2010, Kenmark received a letter of Demand as the
       Guarantor to Billion Dynamic Sdn Bhd for the sum of
       MYR43,768,304.86 from Messrs. Zulpadli & Eham acting for
       Export-Import Bank of Malaysia Berhad to be paid within (7)
       days from the date of the letter for failure of Billion
       Dynamic Sdn Bhd to regularize the account under the line of
       revolving post shipment supplier credit facility of
       MYR40 million.

  (iv) On May 12, 2010, Kenmark received a letter of Demand as the
       Guarantor to Kenmark (Labuan) Limited for the sum of
       USD1,694,756.34 from Messrs. Zulpadli & Eham acting for
       Export-Import Bank of Malaysia Berhad to be paid within
       (7) days from the date of the letter for failure of Kenmark
       (Labuan) Limited to regularize the account under the term
       loan under overseas project financing facility of
       USD6.5 million.

   (v) On May 12, 2010, Kenmark received a letter of Demand for
       the sum of MYR15,910,360.37 from Messrs. Zulpadli & Eham
       acting for Export-Import Bank of Malaysia Berhad to be paid
       within (7) days from the date of the letter for failure to
       regularize the account under the line of revolving pre-
       shipment and post-shipment supplier credit facility of
       MYR15 million.

Billion Dynamic Sdn Bhd and Kenmark (Labuan) Limited are a major
subsidiaries of the Group.

The default arose from the failure of Kenmark Paper in making the
necessary payments that are due under the banking facilities.  The
Independent Directors do not have access to the records of the
Company and as such is unable to provide the exact date of
default.

As the Managing Director, Mr. Hwang Ding Kuo @ James Hwang and the
Executive Director, Mr. Chang Chin-Chuan of the Company has not
been contactable by the Independent Directors since May 27, 2010
and the Deputy General Manager has resigned in late February 2010
on 3 months notice and the Finance & Administration Manager has
resigned on April 24, 2010, with one month notice, the Independent
Directors are unable to provide any measures to be taken to
address the default.

The Independent Directors have been informed by the former
executives that the operations of the Group in Malaysia has halted
and the business premises has been sealed by EON Bank Berhad on
May 27, 2010.  As for its operations in Vietnam, the former
executives have notified that the local authorities have taken
control of the operating premises there on May 25, 2010.  Hence
the Group has ceased operations for all the companies in the
Group.  The Independent Directors are taking advice on the next
course of action to take and shall make an announcement in due
course.

The Independent Directors are unable to assess the financial and
legal implications in respect of the default in payments.

The default will empower the debenture holder to appoint a
Receiver.

The default will constitute an event of default on the other
credit facilities of the Company and its subsidiary companies.

The Independent Directors will not be able to provide a solvency
declaration as the Independent Directors have no access to the
accounting records of the Company with the resignation of the
Finance & Administration manager and the sealing of the business
premises.

                   Appointment of Special Auditor

Kenmark Industrial Co. (M) Berhad has appointed Messrs. UHY Diong
as its Special Auditor to undertake an investigation into the
financials of the Company to identify any potential
irregularities.

The scope of work of the Special Auditors is being discussed and
will be advised in due course.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.


LCL CORPORATION: 7th Annual General Meeting Slated For June 30
--------------------------------------------------------------
LCL Corporation Berhad will hold its 7th Annual General Meeting on
June 30, 2010, at 10:00 a.m., at Metro Room 1, Prescott Metro Inn,
Wisma Metro Kajang, Jalan Semenyih, 43000 Kajang, in Selangor.

At the meeting, the company's members will be asked to:

   * receive the Audited Financial Statements for the financial
     year ended December 31, 2009, together with the Reports of
     the Directors and Auditors thereon;

   * approve the payment of Directors' Fees for the financial
     year ended December 31, 2009;

   * re-elect Dato' Low Chin Meng, who retires pursuant to
     Article 82 of the Company's Articles of Association
     and being eligible, offers himself for re-election;

   * re-elect the following Directors, who retire pursuant
     to Article 85 of the Company's Articles of Association
     and being eligible, offer themselves for re-election:

       (i) Mr Leong Choon Meng
      (ii) Mr Chong Kok Keong
     (iii) Mr Tong Hock Sen

   * re-appoint Messrs UHY (formerly known as UHY Diong) as
     Auditors of the Company and to authorize the Directors
     to fix their remuneration; and

   * transact any other business.

                          About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


MECHMAR CORPORATION: 37th Annual General Meeting Set For June 29
----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad will hold its 37th Annual
General Meeting on June 29, 2010, at 10:00 a.m., at The Auditorium
of the Company, No. 1, Jalan Perunding U1/17, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, in Selangor Darul
Ehsan.

At the meeting, the Company's members will be asked to:

   * receive and adopt the Company's Audited Accounts for the
     year ended December 31, 2009, together with the Reports
     of Directors and Auditors thereon;

   * approve the payment of Directors' Fees of MYR60,467.00
     for the year ended December 31, 2009;

   * re-elect Mr. Tan Keng Boon, the Executive Director who
     retires pursuant to Article 99 of the Company's Articles
     of Association;

   * re-elect Mr. Qua Kiat Seng, the Independent Non-Executive
     Director who retires pursuant to Article 99 of the Company's
     Articles of Association;

   * re-elect Mr. Isaac Daniel, the Non-Independent Non-Executive
     Director who retires pursuant to Article 104 of the Company's
     Articles of Association;

   * re-appoint Deloitte KassimChan, the retiring auditors and to
     authorize the Directors to fix their remuneration; and

   * consider and if thought fit, to pass this resolution:

      -- Authority to Directors to issue new shares under
         Section 132D of the Companies Act, 1965.

                        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.


TALAM CORPORATION: Court Grants Restraining Order to Maxisegar
--------------------------------------------------------------
Pursuant to Section 176 of the Companies Act, 1965, the Kuala
Lumpur High Court on June 1, 2010, granted a restraining order to
Maxisegar Sdn Bhd, a wholly-owned subsidiary of Talam Corp Bhd.

The restraining order is valid for 90 days and effective from
June 1, 2010, to facilitate the convening of creditors meeting
concerning the implementation of a proposed debt restructuring
scheme.

The Restraining Order is not expected to have material financial
and operational impact on the Talam Group in view that:

   (i) The Restraining Order is to facilitate the finalization
       of Maxisegar's proposed corporate restructuring scheme;
       and

  (ii) currently the operations of the Talam Group is maintained
       at a level sufficient to meet the outstanding and urgent
       requirements of the Talam Group.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TRANSMILE GROUP: Trustees Serves Wind Up Petition Against Unit
--------------------------------------------------------------
Malaysian Trustees Berhad has served Transmile Air Services Sdn
Bhd, a wholly owned Transmile Group Berhad, with a winding-up
petition.

The Petition was presented to the High Court, Kuala Lumpur on
May 19, 2010, and was served and received on June 4, 2010.  The
matter is fixed for hearing on July 29, 2010.

TAS has pursuant to a Commercial Papers / Medium Term Notes
Program issued notes with an aggregate face value of
MYR105,000,000 (Notes), whereby TAS had defaulted in the payment
of the Notes due on August 29, 2008.  The amount claimed under the
Petition is for MYR106,117,534.23, being the principal, coupon and
default interest due and owing as of March 24, 2010.

The Company said the Petition may on its own trigger or result in
a termination event or event of default on TAS' business contracts
and in the event such contracts are terminated, TAS' operations
will have to cease and as a result, the Group will suffer adverse
financial consequences.

                        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
====================


ALLIED NATIONWIDE: S&P Downgrades Issuer Default Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on New Zealand finance company, Allied Nationwide
Finance Ltd. to 'B' from 'BB-'.  At the same time, the 'B/B'
issuer credit ratings were placed on CreditWatch with negative
implications.

"The ratings actions reflect a material deterioration in ANF's
liquidity position beyond what S&P previously expected and
factored into the 'BB-' rating," Standard & Poor's credit analyst
Peter Sikora said.  "In S&P's view, this deterioration has
increased ANF's exposure to a cash shortfall from now until
October 2010 should reinvestment rates weaken from current
already-modest levels or should cash inflows from loan repayments
be delayed beyond S&P's current expectations."

A CreditWatch Negative listing by Standard & Poor's implies a one-
in-two likelihood that the rating may be lowered within the next
three months.  "The rating could be lowered by one or more notches
if ANF's reinvestment experience is not quickly stabilized, or if
balance-sheet cash levels are weakened by any material and
unanticipated delay in scheduled loan repayments," Mr. Sikora
said.  Although AFL is still pursuing the recapitalization of ANF
through the transfer of loan assets acquired from Hanover Finance
Ltd. (Hanover; unrated) and United Finance Ltd. (UFL; unrated)
this, in itself, will not provide immediate liquidity support for
ANF.  That said, the rating could also come under further downward
rating pressure if ANF's recapitalization were to be materially
further delayed.

If Standard & Poor's credit concerns are much worse than currently
envisaged and if, in its opinion, ANF's financial flexibility and
contingent plans to respond to liquidity pressures are limited
such that default is possible within six months under realistic
scenarios, the rating could be lowered into the 'CCC' category.

S&P expects to resolve the CreditWatch after further discussion
with management and further analysis of ANF's ability to contend
with liquidity pressures at the 'B' rating level in the current
unstable operating environment for finance companies in
New Zealand.


IMPERIAL BAR: To Close Doors This Week Amid Low Turnover
--------------------------------------------------------
The Sunday Star Times reports that Auckland's Viaduct bar Imperial
is closing on Saturday, June 12.

The report relates owner Leo Roberts said the bar had struggled to
stay open since last winter, but had felt the pain in the past
four weeks which he attributed to May's Budget announcement and
changing consumer behavior.

Mr. Roberts had failed to make the turnover in the summer to
survive this winter as consumers were spending smarter, and were
price-conscious, the report says.

According to the report, it would cost the bar about $100,000 of
Mr. Robert's own money to remain open until the 2011 Rugby World
Cup -- billed as a potential savior by many.

The report notes Mr. Roberts expected more in the hospitality
industry would go under before the event, because there was still
the GST increase to get over.  Many of Auckland's Viaduct bars
were already living in the red, he said.

The Sunday Star Times, citing retail sales and commercial lease
agent Chris Beasleigh, of John Laing, says five bars -- Cargo,
Four Nations, Lenin Bar, Dakota and Minus 5 -- had been unable to
cover debts and gone into receivership over the past year or so.
They were now all under new management, the report adds.

"We wouldn't be surprised if more go into receivership during the
winter months.  A number of bars are holding out for the 2011
Rugby World Cup.  But will six weeks save them?," the report
quoted Mr. Beasleigh as saying.

Mr. Beasleigh, as cited by the report, says some retailers were
down about a third in sales during the past month alone.  It was
further worsened by the Budget announcement last month and an
expected drop-off in consumer spending with October's GST
increase, the report notes.


MICHAEL HILL: To Close Eight Stores in U.S. at End of June
----------------------------------------------------------
Michael Hill International Ltd. will close eight of its 17 stores
in the U.S.  The Company acquired 17 stores in July 2008 from
Whitehall Jewelers, which had filed for Chapter 11 bankruptcy
protection.  The 17 stores acquired were mainly based around the
greater Chicago area with three stores further south in and around
St Louis.

Michael Hill said in a statement to the New Zealand stock exchange
that for the past 20 months the Company had tested its retail
concept in the U.S. market, in the face of some of the harshest
retail and economic conditions in recent history.

"At the time of the acquisition the company stated that it was 'a
strategic acquisition to test our retail model in the highly
competitive US market' and also noted that it did not expect to
achieve profitability for several years," the company said.

The company has made the decision to consolidate to a smaller
platform of nine stores, all of which are within the greater
Chicago area.  The remaining eight stores will be closed at the
end of June 2010 with exit terms having been negotiated with the
various landlords.

The Company expects to incur operating losses in the U.S. of
US$6.0 million for the 2009/10 financial year (excluding costs
associated with the above store rationalization).  The total cost
of closing the eight stores will be approximately US$1.8 million
which includes lease termination costs and staff entitlements.

New Zealand-based Michael Hill International Limited (NZE:MHI) --
http://www.michaelhill.co.nz/-- is principally engaged in jewelry
retailing and manufacturing.  The Company owns and operates the
brand Michael Hill, and operated a retail jeweler chain of 239
stores in Australia, New Zealand and Canada as of June 30, 2009.
The Company operates in four geographical segments: New Zealand,
United States, Australia and Canada, and is managed on a global
basis.  Some of its wholly owned subsidiaries include Michael Hill
Jeweler Limited, Michael & Company Limited, Michael Hill Jeweler
(Australia) Pty Limited, Michael Hill Franchise Pty Ltd and
Michael Hill Jeweller Limited.


SAPPHIRE VIII: S&P Takes Various Rating Actions on All Classes
--------------------------------------------------------------
Standard & Poor's Ratings Services took various actions on the
ratings on all classes of subprime and nonconforming residential
mortgage-backed securities issued by the trustee of Sapphire VIII
Series 2005-2 Trust.  S&P raised the ratings on the class MA and
MZ notes, lowered the ratings on the class BZ and CA notes, and
affirmed the ratings on four other classes.

Since initial issuance, the portfolio has paid down its balance
significantly, with AU$107 million outstanding as at March 2010.
Under the current sequential-payment mechanism, the principal
collections have been used to repay the senior notes: class AA,
AM, and AZ, which now all have a bond factor of below 6%.  The
rating affirmations on the 'AAA' ratings on these notes reflect
S&P's opinion of the strong credit and liquidity support available
to these notes.

To date, the principal has mainly been repaid on a sequential
basis, although the transaction can pay principal amounts on a
pro-rata basis if certain performance conditions are met.  As a
result of the sequential payment, the weighted-average funding
cost has increased to date, which, along with potential adverse
selection, has heightened the tail-end risk.  In S&P's opinion,
the potential impact of this risk is less significant for higher
ranking notes, including the class MA and MZ notes, because they
have benefited from a build-up of credit support in percentage
terms due to amortization.  The rating upgrades of the class MA
and MZ notes reflect S&P's opinion that the current credit and
liquidity support for these notes outweighs potential tail-end
risk at a higher rating level.  The rating affirmation of the
class BA notes reflects S&P's view that the credit support
available adequately balances the tail-end risk at their current
rating level.

The rating downgrades of the class BZ and CA notes reflect S&P's
view that higher funding costs and adverse selection could place
yield strain on these notes at the tail end of the transaction.
S&P believes the available credit and liquidity support would not
be able to support this potential strain at the current rating
levels.

Although the arrears levels of the underlying portfolio have been
above the sector average, they have improved since its peak of
over 20% in April 2009.  The losses, amounting to about A$7.8
million at March 2010, have resulted in some charge-offs to
unrated notes; however, these have been fully reinstated in recent
months.  If no further charge-offs occur and arrears remain at
current levels, then it is likely that the transaction could
switch to pro-rata principal payments between the rated notes.
While this may help to reduce the weighted-average funding costs
of the transaction, it will also limit the accumulation of
subordination, particularly to the lower ranking notes.

The annualized prepayment rate has been volatile from period to
period, but has slowed since reaching a peak of 45% in June 2009,
to a current rate of about 30%.  S&P expects both the prepayment
rate and arrears levels to become more volatile as the portfolio
balance diminishes.

The remaining portfolio balance, at A$107 million, is just over
20% of the original balance.  About 69% of the outstanding
portfolio consists of low documentation loans and about 71%
comprise loans to self-employed borrowers.  In addition, by
current balance, about 38% of loans have a loan-to-value ratio
exceeding 80%, and over 8% have loan sizes exceeding A$800,000.

                          Ratings Raised

                 Sapphire VIII Series 2005-2 Trust

                 Class    Rating To   Rating From
                 -----    ---------   -----------
                 MA       AAA         AA
                 MZ       A+          A

                         Ratings Lowered

                   Sapphire VIII Series 2005-2

                 Class    Rating To   Rating From
                 -----    ---------   -----------
                 CA       CCC+        B-
                 BZ       BB-         BB

                         Ratings Affirmed

                    Sapphire VIII Series 2005-2

                         Class    Rating
                         -----    ------
                         AA       AAA
                         AM       AAA
                         AZ       AAA
                         BA       BBB
                         CZ       N.R.

                         N.R. ? Not rated


SARVEE GROUP: Receiver Puts 7 Big Residential Properties on Sale
----------------------------------------------------------------
Seven properties owned by Jenepher and Kenyon Clarke, who are
behind the Sarvee Group of companies, have been placed on the
market in what is New Zealand's largest receivership sale of
residential property, the Sunday Star-Times reports.

According to the report, the seven apartment complexes in
Hamilton, New Plymouth and Palmerston North have a combined
valuation of NZ$15.6 million and are being offered for sale by
tender through Bayleys Real Estate.  Tenders close on July 1.

The properties range from student accommodation apartment blocks
to a complex of 16 three-bedroom townhouses, the report says.

Sunday Star-Times relates Bayleys sales consultant Cameron
Melhuish said all the properties had been trading well since being
placed in receivership and were occupied by a range of people from
university students to people on short-term employment contracts.

Receiver Kerryn Downey of McGrathNicol told the Sunday Star-Times
that the sale represented about half of the properties owned by
the Clarkes and the remainder would be marketed later this year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Waikato Times said Kerryn Downey of McGrath Nicol
and Partners was appointed as the receiver of the Sarvee Group on
behalf of Bank of Scotland International, which is owed more than
NZ$50 million by Hamilton property developers Kenyon and Jenepher
Clarke.

The receivers, Waikato Times said, had not rehired any of the
Clarke family and had kept on three senior level staff on short-
term contracts.  However, a property manager was being recruited
to oversee the running of the Sarvee Group of properties.

Sarvee Group operates the Knox St, Vine St and Peachgrove Rd
studios and apartments under the Studio Homes brand.  The company
also owns a commercial building rented by Quality Education at the
Peachgrove Rd site.


SECURE FUNDING: S&P Raises Ratings on Class B & C Notes
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
ratings on the class B and C notes issued by Secure Funding Pty
Ltd. as trustee of Liberty Series 2007-1 Auto Trust.  At the same
time, S&P affirmed the ratings on the class A and class D notes.
These notes are backed by a pool of fully amortizing Australian-
dollar automobile loans.  The rating upgrades reflect S&P's
opinion that the rated notes are adequately supported to withstand
stresses that are commensurate with the higher rating levels.

There has been an increase in the percentage of credit support
provided to each class of notes as the portfolio continues to
amortize.  In addition, the excess spread (equal to 10% of the
pool balance) that has accumulated in a reserve account and the
expected portfolio spread will provide a buffer to cover future
losses.

Cumulative net losses experienced to date have been 6.8% of the
original receivables balance, and all losses have been covered by
excess spread.  Also, the percentage of loans in arrears greater-
than-30 days has stabilized at 4.7% of the current receivables
balance.  In S&P's opinion, under the sequential pay structure,
the rated notes would continue to benefit from the increase in
credit enhancement as a proportion of the outstanding balance, if
performance is maintained at current levels.

About 70% of the portfolio has been paid down to date.  The
remaining portfolio is well seasoned, with the weighted-average
term to maturity of the loans at 25 months.  While losses are
tapering off, S&P expects further losses to occur to the
portfolio, judging by the current performance of the remaining
portfolio.  Nevertheless, the current credit enhancements
available to the rated note are sufficient to cover S&P's stressed
loss expectations commensurate with their raised rating levels.

The rating on class D notes has been affirmed as S&P believes that
the notes are more vulnerable to deterioration in market
conditions.  The class A notes are likely to be fully redeemed
shortly.

                          Ratings Raised

Name                               Class  Rating to  Rating from
----                               -----  ---------  -----------
Liberty Series 2007-1 Auto Trust   B      AAA        A
Liberty Series 2007-1 Auto Trust   C      A+         BBB+

                         Ratings Affirmed

         Name                               Class  Rating
         ----                               -----  ------
         Liberty Series 2007-1 Auto Trust   A      AAA
         Liberty Series 2007-1 Auto Trust   D      BB


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


BENGUET CORP: Buys Back Debt Papers From Strato International
-------------------------------------------------------------
BusinessWorld Online reports that Benguet Corp. has started paying
off debts estimated at PHP1.5 billion.

"The Board approved the buyback from Strato International Holdings
Ltd. of [Benguet Corp.] debt papers equivalent to a significant
portion of the secured debt with a proposal for similar debt
buyback or debt restructuring to the other creditors/holders of
debt papers," BusinessWorld cited the miner in a disclosure to the
Philippine Stock Exchange.

Citing Benguet's financial report for the first-quarter ended
March 30, the report discloses that the firm's principal loans
subject to a repayment plan under the Philippine National Bank's
Trust Banking Group have reached to PHP1.5 billion as at March 30.
The debts are covered by a restructuring agreement or a mortgage
trust indenture.

According to the report, Benguet had received notices of default
from various banks but claims there must be a collective
declaration from all creditors under the restructuring deal.

                        About Benguet Corp.

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

                           *     *     *

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


BENGUET CORP: May Withdraw From Kingking Copper-Gold Project
------------------------------------------------------------
Benguet Corp.'s board has approved a plan to withdraw from the
development of the Kingking copper-gold project, Rhea Sandique-
Carlos at Dow Jones Newswires reports.

Dow Jones relates the company expects to sign a detailed agreement
in the coming weeks with St. Augustine Mining Ltd., the investment
partner of National Development Corp. or Nadecor, which holds the
mining claim covering the Kingking project.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2010, BusinessWorld Online said Benguet Corp. lost its
right to complete the Kingking copper-gold project in Southern
Mindanao given the lack of project development in the past 12
years.

"This department remains unsatisfied with [Benguet's] efforts to
complete the mineral exploration activities in the contract area,"
the report cited the Environment department as saying in a letter
to Benguet and partner Nadecor dated Jan. 15.

The TCR-AP, citing Philippine Daily Inquirer, reported on Feb. 26,
2010, that Benguet Corp. filed an injunction case against Nadecor.
The Inquirer noted Benguet said the issue of cancellation of the
operating agreement between the two companies "is a judicial
question that should be brought to the regular court, instead of
[an] arbitration case."

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

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

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

                        About Benguet Corp.

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


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


GLOBALFOUNDRIES SINGAPORE: S&P Raises Corp. Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Singapore-based GlobalFoundries Singapore Ltd.
(formerly Chartered Semiconductor Manufacturing Ltd.) to 'BB' from
'BB-' and removed the rating from CreditWatch, where it was placed
with developing implications on Sept. 11, 2009.  At the same time,
S&P assigned a '3' recovery rating to the company's senior
unsecured notes, indicating meaningful (50%-70%) recovery in the
event of a payment default.  S&P raised the issue-level ratings on
the notes to 'BB' from 'BB-', equal to the corporate credit
rating.  The outlook is stable.

Advanced Technology Investment Co., an investment fund wholly
owned by the Emirate of Abu Dhabi (AA/Stable/A-1+), acquired GFS
on Dec. 18, 2009, for about $4 billion.  ATIC will operate GFS in
conjunction with ATIC's majority-owned GlobalFoundries, the fab
operations it acquired from Advanced Micro Devices (B-/Watch Pos/-
-), thereby enhancing GFS' access to advanced technology
processes.

"The stand-alone credit profile on GFS reflects the inherent
cyclicality and capital intensity of the semiconductor foundry
business, highly competitive market conditions, and high debt
leverage," said Standard & Poor's credit analyst Lucy Patricola.
Offsetting factors include ongoing financial support from the
Emirate of Abu Dhabi, a position among the top three independent
semiconductor foundries, and access to leading-edge process
technology through ATIC's partial ownership of GlobalFoundries.
Analytically, S&P is viewing GFS as an integral part of
GlobalFoundries.


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


TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has upgraded Taiwan Cooperative Bank's National
Short-term rating to 'F1+(twn)' from 'F1(twn)'.  At the same time,
the agency has downgraded TCB's outstanding issuance of hybrid
securities to 'BBB(twn)' from 'A(twn)'.  Also, Fitch has affirmed
all other ratings of TCB.  The Outlook remains Stable.

These ratings actions follow the agency's review of Taiwanese
banks' liquidity profiles and Taiwanese financial institutions'
outstanding capital debt securities, and are in line with its
criteria in the assignment of short-term ratings.

The upgrade in the National Short-term rating mainly reflects
TCB's strong liquidity stance, underpinned by its large deposit-
taking franchise, its strong link with the government and the
resultant entrenched confidence from retail depositors.  TCB
operates with a substantial liquidity buffer with 20% regulatory
liquidity reserve ratio -- well above the 7% regulatory
requirement.  The affirmations of TCB's IDRs are based on the
expectation that strong government support would be forthcoming,
should the need arise, given the state's large ownership and TCB's
status as the second-largest lender in Taiwan's banking industry.

The downgrade in the ratings of TCB's hybrid instruments mainly
reflects the debt issues' going concern loss absorption feature
through coupon deferrals once the capital adequacy ratio falls
below the regulatory minimum requirement of 8%; nonetheless at
end-2009 TCB's capital adequacy ratio was well above the
requirements.  The much lower hybrid securities ratings manifest
the potential risk of a coupon deferral, albeit small, and are in
line with Fitch's general assumption that state support cannot be
relied upon for this type of capital securities.  Following the
downgrade, the hybrid is two notches below TCB's unsupported
rating levels, which in turn is based on its standalone credit
profile.  Considering the effective maturities (based on
contractual callable date) are less than five years, Fitch does
not assign any equity credit to TCB's hybrid instrument.

Despite the challenging operating environment, TCB managed to
record a profit with a return on equity of 6.3% in 2009, thanks to
its large operating scale and well-contained bad-loan losses.
Fitch expects TCB to deliver steady profits in 2010, as improved
net interest margins should offset the possible higher loan loss
provision charges.  The bank's asset quality remained sound
throughout the global credit crisis, with a decline in NPL ratios
and much improved loan loss reserve coverage.  The bank has also
maintained reasonably steady capitalization, commensurate with its
standalone credit profile.

Founded in 1946, TCB is a state-controlled bank with government
ownership of around 36.67%.  The bank has the widest branch
network in Taiwan, operating 300 domestic branches and five
foreign units.

The detailed list of rating actions is:

TCB:

  -- Long-term foreign currency IDR affirmed at 'BBB+';

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

  -- National Long-term rating affirmed at 'AA-(twn)';

  -- National Short-term rating upgraded to 'F1+(twn)' from
     'F1(twn)';

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '2';

  -- Support Rating Floor affirmed at 'BBB+';

  -- Perpetual cumulative bonds downgraded to BBB(twn) from
     'A(twn)'; and

  -- Subordinated bonds affirmed at 'A+(twn)'.


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


* 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.


                            *********


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.





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