TCRAP_Public/100615.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

           Tuesday, June 15, 2010, Vol. 13, No. 116

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Ex-Chairman Ordered to Hand Over Documents
INTERSTAR TITANIUM: S&P Raises Ratings on Two Rated Classes
MOBIUS NCM-03: S&P Affirms Ratings on Various Subprime RMBS


C H I N A

SHANGHAI ZENDAI: Moody's Downgrades Corp. Family Rating to 'B3'


H O N G  K O N G

GILLETTE HK: Lam and Boswell Step Down as Liquidators
GOLD SPARK: Members' Final General Meeting Set for July 15
HK & FAR EAST: Leung and Leong Step Down as Liquidators
INFO SMART: Provisional Liquidators Appointed
INFOSCIENCE MEDIA: Provisional Liquidator Appointed

LEHMAN BROTHERS: HKMA Reports Progress on Probe of Minibond Cases


I N D I A

AIR INDIA: In Talks With Boeing Co. Over Aircraft Deliveries
MODI BUILDERS: CRISIL Assigns Default Rating INR135MM Term Loan
RIVER VIEW: CARE Assigns 'CARE BB+' Rating on INR80cr LT Loan
SPICEJET LIMITED: Maran to Buy Wilbur Ross' Stake for INR7.39BB
TAMILNADU JAI: CRISIL Reaffirms 'D' Ratings on Various Bank Debts


J A P A N

ALL NIPPON: To Lift Fuel Surcharge on International Flights
JAPAN AIRLINES: Expects More Than JPY1 Tril. in Restructuring Cost
JAPAN AIRLINES: Extends Reduction of Bangkok Flights
JAPAN AIRLINES: Likely to Cut Additional 3,600 Jobs by 2012
L-JAC 5: Moody's Reviews Ratings on Various Classes of Certs.

SOFTBANK CORP: Invests JPY13.5-Bil. in Zynga Game Network


K O R E A

FORD MOTOR: South Korean Importer Recalls 1,128 Cars
HYNIX SEMICONDUCTOR: To Repay KRW4-Tril. Debt in Takeover Bid
HYUNDAI ENG'G: Creditors to Start Sale Process by End of June


M A L A Y S I A

AXIS INC: Tarmah Sewing Demands US$243,000 Payment From Chongee
HAISAN RESOURCES: Auditor's Modified Opinion Cues PN17 Listing
STAMFORD COLLEGE: 20th Annual General Meeting Slated for June 25


S I N G A P O R E

A.K. CONSTRUCTION: Court Enters Wind-Up Order
BRAVO BUILDING: Court to Hear Wind-Up Petition on June 25
EGO'S KTV: Court Enters Wind-Up Order
ENSIGN FREIGHT: Court to Hear Wind-Up Petition on June 25
GUNZE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings

GUNZE INTERNATIONAL PTE: Creditors' Proofs of Debt Due July 10
MILEE CORPORATION: Court to Hear Wind-Up Petition on June 25
MT. BATTEN: Court to Hear Wind-Up Petition on June 25
POLYCORE LAB: Creditors' Proofs of Debt Due July 12
PONDOK GURAME: Court to Hear Wind-Up Petition on June 25


T A I W A N

AMERICAN INT'L: Nan Shan Buyers No Closer to Approval of Deal
FAR EASTERN: Submits Plan to Resume Operations by November


X X X X X X X X

* BOND PRICING: For the Week June 7 to June 11, 2010




                         - - - - -


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


ALLCO FINANCE: Ex-Chairman Ordered to Hand Over Documents
---------------------------------------------------------
The Federal Court in Sydney has asked David Coe, the former
chairman of the Allco Finance Group, to hand over documents that
relate to a dispute about who controls the group's aviation
leasing arm now that it has been sold, The Sydney Morning Herald
reports.

The report says the new owner of the business, China's state-owned
HNA group, is battling to stop two men, Allco's former head of
aviation, David Veal, and Geoffrey Kinghorn, the son of the Allco
Finance founder John Kinghorn, from exerting control of the
business through special purpose subsidiaries that are associated
with it.

According to SMH, the Federal Court ordered on Friday that
subpoenas be issued to Mr. Coe, his company Monetti Pty Ltd, and
several other companies.  Documents sought in the case are
expected to help the court determine the value of its ordinary and
preference shares, the report notes.

SMH adds that HNA plans to argue that the business is being run in
a manner oppressive to it.

The matter is due to return to the Federal Court in Sydney on
June 25.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion
in total debt.


INTERSTAR TITANIUM: S&P Raises Ratings on Two Rated Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
ratings on two rated classes of subprime and nonconforming
residential mortgage-backed securities issued by Interstar
Titanium Series 2006-1 Trust.  At the same time, S&P affirmed the
ratings on three other classes.  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.  The
ratings affirmation and upgrades of the rated notes reflect S&P's
view that the current credit-support percentages are sufficient to
withstand the estimated losses commensurate with the revised
rating levels.

Since initial issuance, the portfolio has paid down its balance
significantly, with approximately A$57 million outstanding as at
April 2010.  The transaction has been paying principal on a
sequential basis, resulting in higher credit-support percentages,
especially for senior and mezzanine notes.  Given the cumulative
losses of the transaction have exceeded the performance trigger
for pro-rata pay, S&P expects the sequential-pay mechanism to
continue for the remainder of the transaction.  This is likely to
result in a further build-up of credit support in percentage terms
for higher ranking notes if the portfolio performance is
maintained at the current level.

The bond factor of each of the class A1 and class A2 notes is just
over 4%, and is likely to reduce quickly under the current
sequential-pay basis.  The ratings on these notes were affirmed,
reflecting the robustness of the support available to these notes
under 'AAA' stress.

The Class D note is, in S&P's opinion, more vulnerable to tail-end
risk.  However, in its opinion, the class D note has sufficient
credit support to withstand stresses at the current 'BB' rating
level.

The remaining portfolio consists of fully amortizing loans that
are well-diversified geographically and have a weighted-average
seasoning of more than four years.  About 44% of the loans have a
loan-to-value ratio of 80% or higher, while about 78% are low-
documentation loans and 74% are to self-employed borrowers.
Furthermore, a third of the pool is still in interest-only periods
(which will convert to principal amortizing loans in the next 12
months), and just under 6% of the portfolio have loan sizes
greater than AU$800,000.

                          Ratings Raised

              Interstar Titanium Series 2006-1 Trust

               Class     Rating To      Rating From
               -----     ---------      -----------
               B         AAA            A+
               C         A              BBB

                         Ratings Affirmed

              Interstar Titanium Series 2006-1 Trust

                          Class   Rating
                          -----   ------
                          A1      AAA
                          A2      AAA
                          D       BB
                          E       N.R.


MOBIUS NCM-03: S&P Affirms Ratings on Various Subprime RMBS
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
ratings on the Class B, C, D, and E subprime and nonconforming
residential mortgage-backed securities issued by the trustee of
Mobius NCM-03 Trust.

The affirmation follows a review of the performance of the
transaction and its underlying loan portfolio.  The notes have
benefited from the increase in credit enhancement as a proportion
of the outstanding balance, as the portfolio amortizes.  The
current portfolio balance of AU$57 million is about 10% of its
original balance.   The transaction has paid principal on a
sequential basis to date; this has contributed to the high credit-
support levels, particularly for the senior notes.  Given the
improvement in the performance of this transaction over the past
12 months, the transaction may revert to a pro-rata pay mechanism,
which will limit any further build-up of credit support in
percentage terms.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time, in cases where S&P has conducted a rating review
that does not result in a rating change.

Total arrears for this transaction have been trending lower since
their peak of about 24% in March 2008 to 4.15% currently.  S&P
expects arrears levels in percentage terms to be volatile,
however, as the pool balance diminishes.  At review date, the
unrated Class F note was completely reinstated, and all losses
have been covered by available excess spread.  Given a significant
proportion of the portfolio has been repaid, the remaining
portfolio has become concentrated, with the largest 10 loans
comprising about 25% of the total pool balance.  The higher
concentrations and weighted funder costs and expenses as the
portfolio amortizes heightens the tail-end risk for this
transaction, particularly for the lower ranking class D and E
notes.

The annualized prepayment rate has been volatile from period to
period, and S&P expects this rate to remain volatile as the
portfolio balance diminishes.  The prepayment rate peaked at 52%
in the fourth quarter of 2007 and is currently at 50%.

The remaining portfolio comprises 64% of low-documentation or no-
documentation loans.  About 54% of loans have a loan-to-value
ratio exceeding 80%, and over 32% have loan sizes exceeding
AU$800,000.

                         Ratings Affirmed

                       Mobius NCM-03 Trust

                      Class          Rating
                      -----          ------
                      B              AA
                      C              A
                      D              B+
                      E              CCC
                      F              NR

                        N.R. ? Not rated.


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


SHANGHAI ZENDAI: Moody's Downgrades Corp. Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded Shanghai Zendai Property
Ltd's corporate family and senior unsecured ratings to B3 from B2.

The ratings outlook is negative.  This concludes the rating review
initiated on February 2, 2010.

"The downgrade reflects the increased financial and operational
risk associated with Zendai's February 2010 acquisition of land in
Shanghai for RMB9.22 billion, which is larger than its asset base
of HK$9.7 billion (RMB8.5 billion) as of end-2009, in light of the
tightening regulatory environment in China's property market,"
says Kaven Tsang, a Moody's AVP/Analyst.

"Our expectation that Zendai's medium term cash flow will become
more concentrated because of this project also drives the
downgrade," says Tsang.

Although Moody's expects that Zendai will co-develop the project
with other investors, the company's portion of the investment
remains substantial relative to its current scale and will weaken
its liquidity.

The project is well located in Shanghai.  However, over the near
term, securing funding for the project could may prove a
challenge, in light of the tightening of bank credit available to
the property sector.

Moody's notes that the new project is an integrated commercial
development, and that the company has a track record in integrated
project development in Shanghai, where it offers a broad range of
products, from residential apartments and high-end villas to
retail malls, office buildings, and hotels.

The negative outlook reflects Moody's concerns over Zendai's
weaker liquidity, due to the payments on its sizable investment in
Shanghai, especially in light of the tightening regulatory and
credit environment for China's property sector.

An upgrade is unlikely given the negative outlook.

However, the outlook could revert to stable if Zendai can
1) secure all the necessary funding for the Shanghai project at
reasonable costs; 2) complete the development of and attain its
presales on the Shanghai project as planned; and 3) maintain
adequate liquidity to meet its near to medium term funding and
refunding needs.

The company's rating could be downgraded if Zendai's liquidity
were to weaken, with cash declining to less than HKD200-300
million, as a result of 1) weaker than expected sales; 2) further
material acquisitions or aggressive development strategies; or 3)
a failure to obtain adequate funding for its projects.

A downgrade to the bond rating of one notch below the company's B3
may also occur if the company has to raise more project debt, such
that its secured and subsidiary debt stands above 15% of total
assets for any length of time.

Moody's last rating action with regard to Zendai took place on
February 2, 2010, when Moody's put the company's B2 ratings on
review for possible downgrade.

Shanghai Zendai Property Ltd is a mainland China property
developer focusing on the development, investment, and management
of residential and commercial properties in China.  The group
currently has property projects under development in twelve cities
in three regions, including northern China, Shanghai and adjacent
areas, and Hainan Province.


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


GILLETTE HK: Lam and Boswell Step Down as Liquidators
-----------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Gillette Hong Kong Limited on June 8, 2010.


GOLD SPARK: Members' Final General Meeting Set for July 15
----------------------------------------------------------
Members of Gold Spark Development Limited will hold their final
general meeting on July 15, 2010, at 9:00 a.m., at 15 Floor,
Manulife Tower, 169 Electric Road, North Point, in Hong Kong.

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


HK & FAR EAST: Leung and Leong Step Down as Liquidators
-------------------------------------------------------
Leung Hok Lim and Leong Ting Kwok stepped down as liquidators of
Hong Kong & Far East Investment Company Limited on June 7, 2010.


INFO SMART: Provisional Liquidators Appointed
---------------------------------------------
Yung Kwok Chung on June 1, 2009, was appointed as provisional
liquidator of Info Smart Technology Limited.

The liquidator may be reached at:

         Yung Kwok Chung
         Units 1205-6, 12th Floor
         Regent Centre
         88 Queen's Road
         Central, Hong Kong


INFOSCIENCE MEDIA: Provisional Liquidator Appointed
---------------------------------------------------
Yung Kwok Chung on June 1, 2009, was appointed as provisional
liquidator of Infoscience Media Limited.

The liquidator may be reached at:

         Yung Kwok Chung
         Units 1205-6, 12th Floor
         Regent Centre
         88 Queen's Road
         Central, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress on Probe of Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,629 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 13,077 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,447 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,542 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,790 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 1,835 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 955 cases; and

    * 623 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 148 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?64a9


                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


AIR INDIA: In Talks With Boeing Co. Over Aircraft Deliveries
------------------------------------------------------------
The Press Trust of India reports that Boeing Co. and Air India are
in talks over issues relating to aircraft deliveries, including 27
Dreamliners whose delivery has been delayed.

The news agency relates Air India and Boeing officials are
expected to discuss issues like aircraft deliveries, payment of
compensation for delayed deliveries and aircraft financing.

Boeing is expected to start delivery of its latest B-787 aircraft
or Dreamliners to Air India by the first half of the next calendar
year, the PTI says.

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

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December 2009, the Air India board decided to initiate a series
of major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.

                         About Air India

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


MODI BUILDERS: CRISIL Assigns Default Rating INR135MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to Modi Builders' term loan
facility.  The rating reflects delay by Modi Builders in servicing
its term loan; the delay has been caused by Modi Builders' weak
liquidity, driven by delays in receipt of rental income from
customers.

   Facilities                       Ratings
   ----------                       -------
   INR135.00 Million Term Loan      D (Assigned)

Set up in 1979 as a partnership firm by Mr. Ramesh Modi and
Mr. Bharat Modi, Modi Builders is into commercial real estate
development and leasing in Pune.  Currently, the firm is earning
rental income from two commercial properties -- Modi Mall and Modi
Towers.  The firm also occasionally trades in land plots.

Modi Builders is part of the Modi group, which mainly trades in
land.  The group has a total land bank of about 600 acres in and
around Pune.  The group is also into residential real-estate
development, retailing garments, and runs a petrol pump in Pune.

Modi Builders' profit after tax (PAT) and net sales for 2009-10
(refers to financial year, April 1 to March 31) are estimated to
be INR7.92 million and INR36.42 million, respectively; it reported
a PAT of INR131.57 million on net sales of INR200.62 million for
2008-09.


RIVER VIEW: CARE Assigns 'CARE BB+' Rating on INR80cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
River View Properties Private Limited.

                                 Amount
   Facilities                 (INR crore)      Ratings
   ----------                 -----------      -------
   Long-term Bank Facilities     80.00         'CARE BB+'

Rating Rationale

The rating is constrained by considerable project execution risk
on account of nascent stage of the project, location of the
project which has yet to establish itself as a residential area
and partial dependence on advances from customers to fund the
project.  However, the rating takes cognisance of reasonably long
experience of Kumar Urban Development Limited, the parent company
of RVPPL, proximity of the project to Hinjewadi, an established
commercial real estate area and tie up of entire debt for the
project.

Timely execution of the project and ability to market the project
at the envisaged sales realization remain the key rating
sensitivities.

River View Properties Private Limited is a subsidiary of Kumar
Urban Development Limited, the flagship company of Kumar Builders
Group of Pune.  RVPPL owns a 105 acre land parcel at Mahalunge at
a distance of about 5 Km from Hinjewadi, an IT hub near Pune.  The
company intends to develop an integrated residential township in
phases with saleable area of around 4 million square feet (msf).
At present, the company has undertaken Phase I of the project
comprising 0.76 msf of saleable area with total development cost
of INR202.93 crore, which is proposed to be funded through debt
and promoters' contribution of INR80 crore each and the balance
through advances from customers.  Entire term loan has already
been sanctioned by a Bank whereas promoters have brought in
INRR65.22 crore as on February 2010.

As on March 2009, the project is a nascent stage of development
with only the infrastructural development work having commenced.


SPICEJET LIMITED: Maran to Buy Wilbur Ross' Stake for INR7.39BB
---------------------------------------------------------------
Kalanithi Maran, the founder of Sun TV, and his unlisted aviation
Kal Airways have agreed to buy 37.7% in SpiceJet Ltd and will make
an open offer for a further 20%, the Business Standard reports.

According to the report, Mr. Maran will buy the stake from US
investor Wilbur Ross and Royal Holdings Services Ltd, owned by the
Kansagra family, for INR47.25 a share for a total consideration of
about INR7.39 billion.

The deal has been struck at a discount of over 14% to the current
market price.

Mr. Maran will buy 30.23% from Ross, who holds stake through
foreign currency convertible bonds, and 7.49% from the Kansagra
family, the Business Standard adds.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                           *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007, INR1.33 billion in 2008 and INR3.52 billion in 2009.


TAMILNADU JAI: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on Tamilnadu Jai Bharath Mills
Ltd's bank facilities at 'D/P5'.  The ratings reflect delay by
TNJBL in meeting its term loan instalments to IDBI Bank; the delay
has been caused by TNJBL's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR282.50 Million Cash Credit Limit*   D (Reaffirmed)
   INR424.50 Million Long-Term Loan**     D (Reaffirmed)
   INR70 Million Short-Term Loan          P5 (Reaffirmed)
   INR22.50 Million Letter of Credit      P5 (Reaffirmed)
                               Limit
   INR5 Million Bank Guarantee Limit      P5 (Reaffirmed)

   *Includes INR22.5 Million of LC facilities interchangeable
    with Cash Credit

   **Includes proposed limit of INR151.6 Million

Set up in 1989, TNJBL is part of the Ramalinga group of companies,
and is currently managed by Mr. D Senthilkumar, son-in-law of Dr.
D Jayavardhanavelu, Chairman of the LMW group of companies.  TNJBL
manufactures cotton yarn and has a current capacity of around
50,208 spindles.

TNJBL reported a profit after tax (PAT) of INR8.3 million on net
sales of INR777.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a loss of INR106.2 million on net
sales of INR621.9 million for 2008-09.


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


ALL NIPPON: To Lift Fuel Surcharge on International Flights
-----------------------------------------------------------
All Nippon Airways Co. is raising its fuel surcharge on
international flights in August and September to reflect rising
fuel prices, TradingMarkets.com reports.

The report relates that round-trip flights between Japan and
Europe will be hit with a JPY7,000 (US$76) increase to JPY28,000,
while the surcharge on round-trip Japan-China flights will be
upped JPY2,000 to JPY7,000.

According to the report, ANA adjusts its surcharge every two
months, while rival Japan Airlines Corp. does so every three
months.  Both airlines currently charge the same, but ANA's
surcharge will be heftier for August and September.

                             About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


JAPAN AIRLINES: Expects More Than JPY1 Tril. in Restructuring Cost
------------------------------------------------------------------
Japan Airlines Corp. told its main lenders it expects more than
JPY1 trillion in restructuring costs from huge staff reductions
and disposal of aging aircraft, Reuters reports citing the Nikkei
business daily.

Reuters says JAL is expecting a profit of JPY700 billion from debt
waivers.  The Nikkei said the company and the banks must now
decide how much of that expense and profit should be booked for
when, Reuters relates.

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

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

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

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


JAPAN AIRLINES: Extends Reduction of Bangkok Flights
----------------------------------------------------
Japan Airlines Corp. will extend the period of round-trip flight
frequency reductions on routes from Osaka (Kansai) and Nagoya
(Chubu) to Bangkok until July 15, 2010.

JAL said the anti-government demonstrations in Bangkok in April
this year have led to sharp declines in passenger bookings to the
South East Asian city.

"In swift response to the dip in traffic-figures, JAL temporarily
reduced the number of weekly flights on these routes for the month
of June (June 1 and June 30, 2010).  As leisure passenger demand
has been slow to recover with continued concern about the
stability of the situation, JAL has decided to extend the period
of temporary flight reduction for an additional 15 days to the
middle of July," the carrier said.

JAL said it anticipates recovery in demand during the upcoming
summer holiday season and plans to reinstate from July 16, the
once-daily flights connecting Osaka and Nagoya with Bangkok.

                       About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Likely to Cut Additional 3,600 Jobs by 2012
-----------------------------------------------------------
Japan Airlines Corp. will likely increase the number of staff it
will cut by the end of fiscal 2012 to 19,300, up 3,600 from its
initial reduction plan, The Yomiuri Shimbun reports, citing
sources.  The additional cuts are expected to save JAL about
JPY128 billion in labor costs by fiscal 2012, the report says.

According to the report, JAL decided to ramp up the number of job
cuts after financial institutions complained its original target
was too low.  When JAL filed for bankruptcy under the Corporate
Rehabilitation Law, the report notes, the airline stated in its
rehabilitation scheme that it would shed 15,700 workers at JAL and
its group companies by the end of fiscal 2012.

The Yomiuri Shimbun says the airline also plans to accelerate the
job cuts.  It had let 3,000 personnel go as of March 31, and plans
to cut about 16,000 more by the end of fiscal 2010.

The report notes that sources said 4,000 JAL employees have
applied for the airline's special early-retirement plan, easily
exceeding the 2,700 applicants JAL had expected.  The airline
plans to offer a similar early-retirement plan this autumn, and
expects several thousand personnel will take up the offer, the
report adds.

According to the Yomiuri Shimbun, JAL plans to cut staff mainly by
selling off its subsidiaries.  It hopes to retain as many pilots
and aircraft maintenance staff as possible so flight safety will
not be compromised.

                        About Japan Airlines

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

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

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

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


L-JAC 5: Moody's Reviews Ratings on Various Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings on the Class A through J-1 Trust
Certificates and X-2 Trust Certificates issued by L-JAC 5 Trust.
The final maturity of the trust certificates will take place in
August 2015.

The individual rating actions are listed below.

  -- Class A, Aa2 placed under review for possible downgrade;
     previously, downgraded to Aa2 from Aaa on July 8, 2009

  -- Class B, A2 placed under review for possible downgrade;
     previously, downgraded to A2 from Aa2 on July 8, 2009

  -- Class C, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa3 on January 20, 2010

  -- Class D-1, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa2 on July 8, 2009

  -- Class D-3, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa2 July 8, 2009

  -- Class E-1, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa3 on July 8, 2009

  -- Class F-1, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba1; previously on July 8,
     2009

  -- Class G-1, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba2 on July 8, 2009

  -- Class H-1, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from Ba3 on July 8, 2009

  -- Class I-1, Caa1 placed under review for possible downgrade;
     previously, downgraded to Caa1 from B1 on July 8, 2009

  -- Class J-1, Caa3 placed under review for possible downgrade;
     previously, downgraded to Caa3 from B2 on July 8, 2009

  -- Class X-2, Aa2 placed under review for possible downgrade;
     previously, downgraded to Aa2 from Aaa on July 8, 2009

L-JAC 5 Trust, effected in September 2007, represents the
securitization of 13 loans.  Two loans were paid in full by their
maturity date.  The transaction is now secured by six current
loans and five loans under special servicing.  The loan portfolio
is divided into three loan pools: A, B, and C.

According to the transaction structure, should an underlying loan
be accelerated and judged no longer recoverable by the Servicer,
the unrecoverable amount of the defaulting loan will be recognized
as a loss.

The loss will be allocated to the most subordinate-rated class
corresponding to the defaulting loan in reverse order of
sequential pay priority.

Losses from Pool A will be allocated to Classes D-1, E-1, F-1, G-
1, H-1, I-1 and J-1, Losses from Pool C will be allocated to
Classes D-3; Classes A through C correspond to all pools.

For the rating actions of January 2010, Moody's examined the
special servicer's Business Plan and appraisal reports on the
properties for the two defaulting loans in Pool B, and came to the
conclusion that the properties might be sold at prices lower than
their allocated loan amounts, and that the realized losses could
lead to the impairment of the Class C and D-2 through G-2 trust
certificates.

The current review has been prompted by Moody's growing concerns
about the need to apply 1) higher stress on the recovery
assumptions for the three loans in Pool A that are under special
servicing, in view of current disposal prices, and 2) further
stress on the performance of the collateral for the other six
loans in Pools A and C.

Pool A currently consists of six loans.  Three, backed by three
retail stores in Tokyo and local cities, are under special
servicing.  The other three, backed by two retail stores outside
Tokyo and an office building in Tokyo, are current.

Two loans in Pool C were paid in full by maturity.  Pool C thus
currently consists of three loans backed by two hotels and four
apartment buildings in Tokyo and in the greater metropolitan area.

Moody's will consider the latest appraisal reports and the special
servicer's strategies as well as the prospects for collateral
recovery for the properties backing loans under special servicing.

Moody's will also examine additional performance data from the
servicer on the other loans, including PM reports and rent rolls,
so as to confirm the properties' occupancy rates and cash flow.

Moody's will also reconsider its assumptions on recovery stress
for the disposal of property for the other loans.

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


SOFTBANK CORP: Invests JPY13.5-Bil. in Zynga Game Network
---------------------------------------------------------
Softbank Corp. has invested JPY13.5 billion in US gaming firm
Zynga Game Network Inc., Bloomberg News reports, citing two people
familiar with the agreement.

Bloomberg's sources said Softbank and Zynga have discussed
distributing and jointly promoting games through Softbank?s
mobile-phone service in Japan and other countries.

Bloomberg News relates the agreement builds on the US$180 million
Zynga raised from venture capitalists in December and may help the
San Francisco startup expand in Asia.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 26, 2010, Standard & Poor's Ratings Services raised its
long-term corporate credit and senior unsecured debt ratings on
Softbank Corp. to 'BB+' from 'BB'.  The upgrade reflects S&P's
expectation to see steady improvement in Softbank's financial risk
profile in coming years, based on: 1) increased stability in
Softbank's earnings base through steady improvements in its
profitability and cash flow generation, and 2) the company's clear
financial policy to improve its debt leverage and credit profile
by reducing its debt.  The outlook on the long-term corporate
credit rating is stable.


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


FORD MOTOR: South Korean Importer Recalls 1,128 Cars
----------------------------------------------------
The Ministry of Land, Transport and Maritime Affairs said that
Ford Motor Co.'s South Korean importer will recall 1,128 vehicles
due to a faulty cruise-control switch that might cause a fire, The
China Post reports.

The report relates the ministry said in an e-mailed statement that
the recall affects Explorer, Windstar and Econoline models
produced between December 11, 1995, and October 1, 2002.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 176,000 employees and about 80
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and, until its sale, Volvo.  The company provides
financial services through Ford Motor Credit Company.

The Company's balance sheet at March 31, 2010, showed $191.9
billion in total assets and $197.4 billion total liabilities, for
a stockholders' deficit of $5.4 billion.

On May 18, 2010, Moody's Investors Service upgraded the ratings of
Ford Motor Company and Ford Motor Credit Company.  Ratings raised
include Ford's Corporate Family Rating and Probability of Default
Rating to B1 from B2, secured credit facility to Ba1 from Ba2,
senior unsecured debt to B2 from B3, and trust preferred to B3
from Caa1.  The rating outlook for Ford and Ford Credit is stable.


HYNIX SEMICONDUCTOR: To Repay KRW4-Tril. Debt in Takeover Bid
-------------------------------------------------------------
Yonhap News Agency reports that Hynix Semiconductor Inc. said it
has agreed with creditors to repay its KRW4 trillion (US$3.26
billion) worth of debts in the event of a hostile takeover
attempt.

Hynix representative Park Seong-ae told Yonhap the contract that
gives creditors a right to demand debt redemption was signed in
April.  The report says the agreement is aimed at deterring a
hostile takeover attempt as a debt repayment would make a takeover
costly for the bidder.

Creditors of Hynix, which include its largest shareholder Mirae
Asset Investment Management Co., cut a 5% stake in block sales in
March to hold a 21% stake in the chipmaker.  They plan to unload
an additional 5% stake before December, the report says.

                      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 US$500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'


HYUNDAI ENG'G: Creditors to Start Sale Process by End of June
-------------------------------------------------------------
Creditors of Hyundai Engineering & Construction Co. will start the
process to sell the builder by the end of the month, Yonhap News
agency reports citing Ryu Jae-han, CEO of Korea Finance Corp., the
builder's main creditor.

Creditors of Hyundai Engineering sought to put the Company 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.


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


AXIS INC: Tarmah Sewing Demands US$243,000 Payment From Chongee
---------------------------------------------------------------
Axis Incorporation Berhad said that Chongee Enterprise Sdn Bhd, a
wholly owned subsidiary of the Company, had been served with a
notice by Messrs Ong Ban Chai & Co, Advocates & Solicitors acting
for Tarmah Sewing Machine (M) Sdn Bhd demanding the payment of
US$243,000.

The Company said CESB vigorously defend these proceedings and will
contest any winding up proceedings that may be initiated.

The Company is seeking the necessary legal advice to resolve or
defend against this matter.

                           About Axis Inc.

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

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


HAISAN RESOURCES: Auditor's Modified Opinion Cues PN17 Listing
--------------------------------------------------------------
Haisan Resources Berhad is considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.

As an Affected Listed Issuer, Haisan Resources is required to:

   (i) within 12 months from the First Announcement:

       (a) submit a regularization plan to the Securities
           Commission if the plan will result in a significant
           change in the the business direction or policy of the
           Company;

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

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

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

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

  (vi) announce the details of the regularization plan and
       sufficient information to demonstrate that the company is
       able to comply with all the requirements set out under
       Paragraph 3.1 of PN17 after implementation of the
       Regularization plan; and

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

In event the Company fails to comply with the obligation under
PN17 to regularize, all its listed securities will be suspended
from trading immediately upon notification by Bursa Securities
Berhad and de-listing shall commence against the Company, subject
to the Company's right to appeal against the delisting.

                    Status of Regularization Plan

The Company has yet to formalize a regularization plan to address
its PN17 status.  The Group has embarked on two disposals of its
assets and facilities to reduce the Group's gearing and to improve
the Group's financial position, i.e. the proposed disposal of its
entire stake in Malaysian Mega Galvaniser Sdn Bhd for a
consideration of MYR16 million, and the signing of Letter of
Intent with Global Logistic Properties Investment Management
(China) Co., Ltd, by its sub-subsidiary, IGLO (Shanghai) Co., Ltd,
for a proposed sale and leaseback of IGLO SH's land, building and
part of the refrigeration equipments for a consideration of RMB120
million with a lease period of not less than 15 years.  The Board
is of the opinion that, upon completion of the Disposal of MMG and
the Sale and Leaseback, the financial position of HAISAN shall be
improved and strengthened.

In addition, the Company has also appointed a Scheme Adviser, UHY
Diong Advisory (KL) Sdn Bhd, to formulate a conclusive debt
restructuring proposal.  The Proposed Debt Restructuring is
expected to form an integral part of the overall Regularization
Plan to revive and reorganize the financial condition of the
Company.

                        About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.


STAMFORD COLLEGE: 20th Annual General Meeting Slated for June 25
----------------------------------------------------------------
Stamford College Berhad will hold its Twentieth Annual General
Meeting on June 25, 2010, at 10:00 a.m. at Tiara Intan Room,
Mezzanine Floor, Hotel Singgahsana, Persiaran Barat, Off Jalan
Sultan, 46760 Petaling Jaya, in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

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

   * approve the Directors' fees of MYR53,000 for the year ended
     December 31, 2009;

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

        (a)  Mr. Sam Yuen @ Sam Chin Yan
        (b)  Mr. Cheeh Wai Wing
        (c)  Mr. Chuah Soon Guan

   * consider and, if thought fit, pass this resolution pursuant
     to Section 129 of the Companies Act, 1965:

     "That Dato' Haji Abd Halim bin Haji Abd Samad, retiring
      pursuant to Section 129 of the Companies Act, 1965, be and
      is hereby re-appointed as a Director of the Company to hold
      office until the conclusion of the next Annual General
      Meeting."

   * appoint Messrs. Baker Tilly Monteiro Heng as Auditors of the
     Company in place of the retiring Auditors, Messrs. Sha Tan &
     Co., and to authorize the Directors to fix their
     Remuneration;

   * consider and, if thought fit, pass these resolutions as
     Ordinary/Special Resolutions:

        (a) Authority to issue shares pursuant to Section 132D
            of the Companies Act, 1965

        (b) Proposed Renewal of the Existing Shareholders' Mandate
            for recurrent related party transactions of a revenue
            or trading nature.


        (c) Proposed amendment to the Company's Articles Of
            Association.

   * transact any other business.

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008, and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


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


A.K. CONSTRUCTION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 4, 2010, to
wind up the operations of A.K. Construction Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


BRAVO BUILDING: Court to Hear Wind-Up Petition on June 25
---------------------------------------------------------
A petition to wind up the operations of Bravo Building
Construction Pte Ltd will be heard before the High Court of
Singapore on June 25, 2010, at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on June 3, 2010.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road, #16-00
          Robinson 77
          Singapore 068896


EGO'S KTV: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on June 4, 2010, to
wind up the operations of Ego's KTV Entertainment Pte Ltd.

Ong Chiew Yen filed the petition against the company.

The company's liquidator is:

         Mr Aw Eng Hai
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01
         Singapore Chinese Chamber
         Commerce & Industry Building
         Singapore 179365


ENSIGN FREIGHT: Court to Hear Wind-Up Petition on June 25
---------------------------------------------------------
A petition to wind up the operations of Ensign Freight Pte Limited
will be heard before the High Court of Singapore on June 25, 2010,
at 10:00 a.m.

Mau Wing Industrial Limited filed the petition against the company
on May 24, 2010.

The Petitioner's solicitors are:

          David Nayar
          Vardan
          24B Temple Street
          Singapore 058569


GUNZE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on June 10, 2010,
creditors of Gunze International Pte Ltd resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Messrs Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


GUNZE INTERNATIONAL PTE: Creditors' Proofs of Debt Due July 10
--------------------------------------------------------------
Creditors of Gunze International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 10, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         25 International Business Park
         #04-22/26 German Centre
         Singapore 609916


MILEE CORPORATION: Court to Hear Wind-Up Petition on June 25
------------------------------------------------------------
A petition to wind up the operations of Milee Corporation Private
Limited will be heard before the High Court of Singapore on
June 25, 2010, at 10:00 a.m.

Corporate Secretarial & Bookkeeping Pte Ltd filed the petition
against the company on May 27, 2010.

The Petitioner's solicitors are:

          Straits Law Practice LLC
          36 Robinson Road #18-00
          City House
          Singapore 068877


MT. BATTEN: Court to Hear Wind-Up Petition on June 25
-----------------------------------------------------
A petition to wind up the operations of Mt. Batten Private Limited
will be heard before the High Court of Singapore on June 25, 2010,
at 10:00 a.m.

Winning Flag Enterprise Pte Ltd filed the petition against the
company on June 1, 2010.

The Petitioner's solicitors are:

          M/s Wu LLC
          14 Robinson Road #08-02
          Far East Finance Building
          Singapore 048545


POLYCORE LAB: Creditors' Proofs of Debt Due July 12
---------------------------------------------------
Creditors of Polycore Lab Services (S) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 12, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street #16-03
         Amara Corporate Tower
         Singapore 079027


PONDOK GURAME: Court to Hear Wind-Up Petition on June 25
--------------------------------------------------------
A petition to wind up the operations of Pondok Gurame Restaurant
(Thomson) Ptel Ltd will be heard before the High Court of
Singapore on June 25, 2010, at 10:00 a.m.

Ntuc Fairprice Co-Operative Limited filed the petition against the
company on May 14, 2010.

The Petitioner's solicitors are:

          Messrs Bih Li & Lee
          79 Robinson Road, #24-08
          CPF Building
          Singapore 068897


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


AMERICAN INT'L: Nan Shan Buyers No Closer to Approval of Deal
-------------------------------------------------------------
The Wall Street Journal's Ting-I Tsai reports that prospective
buyers of American International Group Inc.'s Taiwan arm -- Nan
Shan Life Insurance Co. -- appeared no closer to approval of the
deal Monday despite announcing a plan last week to support the
insurer's capital ratio to address regulatory concerns.

According to the Journal, Taiwanese regulators said Monday that
Primus Financial Holdings Ltd.'s plan to put US$325 million of the
purchase price for Nan Shan in an escrow account to support the
Taiwan insurer's capital ratio hasn't affected the government's
decision whether to approve the deal.

"That's simply their announcement.  We have no idea about it,"
Chen Kai-yuan, secretary-general of the Financial Supervisory
Commission's Insurance Bureau, said, according to the Journal.
The report relates Mr. Kai-yuan added that his department is
waiting for Primus to submit some required documents.

The Journal relates Taiwan's Investment Commission, which will
have final say on the deal, said Monday it hasn't yet scheduled
any meetings to review the sale.  The commission said in March it
planned to decide on the deal by the end of June.

The Journal relates AIG said Friday the money will be placed in
escrow for four years, effectively delaying its receipt of the
full amount of the purchase price.

The Journal says AIG agreed to sell Nan Shan to Primus, a Hong
Kong-based investment company, and China Strategic Holdings Ltd.,
primarily a battery maker owned by a group of Hong Kong
businessmen, for US$2.15 billion in October, as part of AIG's
efforts to repay bailout funds from the U.S. government.  The deal
has been hindered by political concerns in Taiwan that China
Strategic is backed by mainland Chinese money and has no
experience running a life insurer.

                          About AIG Inc.

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

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

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


FAR EASTERN: Submits Plan to Resume Operations by November
----------------------------------------------------------
The Civil Aeronautics Administration confirmed Saturday that it
had received a plan for a resumption of flights submitted by the
Far Eastern Air Transport Corp., The China Post reports.  The
carrier suspended all its flights since May 2008 due to financial
troubles.

According to the report, the CAA will review the company's flight
resumption proposal and fleet as well as examine the certification
of related personnel.

The Post, citing FEAT'S flight resumption plan, says the company
will repair and maintain three aircraft that will be used on
domestic routes between Taipei and the island of Kinmen and Taipei
and the Penghu islands in late September or early October.

The company also plans to offer cross-Taiwan Strait flights, as
well as flights to Japan and Southeast Asia, on a charter basis,
the report relates.

The CAA said it is not sure when the review will be completed, but
added that as long as the company has sufficient funds and the
correct certification, the flight resumption should not take long,
according to the Post.

According to the Post, the Taipei District Court ruled on the
company's reconstruction plan May 31, which means that FEAT must
resume operations in six months ?- by Nov. 30 ?- or risk having
its aviation license revoked.

But the carrier's plan to resume flights became less certain after
the Securities and Futures Investors Protection Center, a group
that protects investors' rights, appealed the court ruling, the
Post notes.

As reported on Feb. 19, 2008, FEAT sought bankruptcy protection
before the Taipei District Court to stop creditors from seizing
the company's assets.  The bankruptcy court's protection would
allow the airline to continue operating and serve its customers
while it seeks for ways to find funding to pay debts.  Radio
Taiwan International said that its liabilities amounted to NT$9.99
billion (US$315 million) at Sept. 30, 2007.

China Post relates that the court approval of bankruptcy
protection failed to save the airline because it failed to obtain
the necessary funds.  According to the Post, FEAT suspended all
its flights after the last service between South Korea's Jeju and
the Taiwan Taoyuan International Airport May 16, 2008.

                         About Far Eastern

Far Eastern Air Transport Corporation is a Taiwan-based airline
Company.  It provides both domestic and international passenger
flight services.  The Company operated domestic services from
Taipei and Kaohsiung to five regional cities and international
services to Southeast Asia, South Korea and Palau.


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


* BOND PRICING: For the Week June 7 to June 11, 2010
----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.87
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       1.86
AUROX RESOURCES          7.00    06/30/2010   AUD       0.97
BECTON PROP GR           9.50    06/30/2010   AUD       0.36
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.10
CHINA CENTURY           12.00    09/30/2010   AUD       0.90
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.12
EXPORT FIN & INS         0.50    06/15/2020   AUD      56.58
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.31
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.69
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.50
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.40
JPM AU ENF NOM 1         3.50    06/30/2010   USD       5.75
MINERALS CORP           10.50    09/30/2011   AUD       0.30
NEW S WALES TREA         1.00    09/02/2019   AUD      64.90
PRAECO P/L               7.13    07/28/2020   AUD      71.15
RESOLUTE MINING         12.00    12/31/2012   AUD       1.00
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.91



  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      32.87


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      66.75
KALINDEE RAIL NI         0.50    03/07/2012   USD      71.50


  INDONESIA
  ---------

BAKRIELAND DEV          12.85    03/11/2013   IDR      74.69
BANK DKI                12.25    03/04/2018   IDR      74.72
THAMES PAM JAYA         12.50    03/13/2013   IDR      70.00


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   JPY      74.37
AIFUL CORP               6.00    12/12/2011   JPY      74.37
AIFUL CORP               1.20    01/26/2012   JPY      71.47
AIFUL CORP               1.99    03/23/2012   JPY      70.16
AIFUL CORP               1.22    04/20/2012   JPY      67.72
AIFUL CORP               1.63    11/22/2012   JPY      58.09
AIFUL CORP               1.74    05/28/2013   JPY      51.77
AIFUL CORP               1.99    10/19/2015   JPY      43.87
COVALENT MATERIALS       2.87    02/18/2013   JPY      65.31
CSK CORPORATION          0.25    09/30/2013   JPY      70.28
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.38
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.77
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      65.47
SHINSEI BANK             5.62    12/29/2049   GBP      74.50
TAKEFUJI CORP            9.20    04/15/2011   USD      62.00
TAKEFUJI CORP            9.20    04/15/2011   USD      62.00
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.08
CRESENDO CORP B          3.75    01/11/2016   MYR       0.82
DUTALAND BHD             6.00    04/11/2013   MYR       0.32
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.91
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.92
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.25
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.61
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.09
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.18
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       1.11
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.07
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.92
WAH SEONG CORP           3.00    05/21/2012   MYR       7.33
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31

YTL CEMENT BHD           5.00    11/10/2015   MYR       1.85


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      71.22
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      25.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       7.00
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             8.50    11/15/2015   NZD      10.00
INFRATIL LTD            10.18    12/29/2049   NZD      64.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.34
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.03
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      63.48
SKY NETWORK TV           4.01    10/16/2016   NZD      54.88
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.56
ST LAURENCE PROP         9.25    07/15/2010   NZD      40.10
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.15
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.25


SINGAPORE
---------

SENGKANG MALL            8.00    11/20/2012   SGD       0.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.50
WBL CORPORATION          2.50    06/10/2014   SGD       1.95


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      71.83


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      72.21


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***