TCRAP_Public/100707.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, July 7, 2010, Vol. 13, No. 132

                            Headlines



A U S T R A L I A

SIGMA PHARMACEUTICALS: Aspen Pharmacare to Cut Takeover Offer


C H I N A

CHINA CABLECOM: Significant Losses Cue Going Concern Doubt
* CHINA: Ex-IMF Economist: Property Market Starting to Collapse


H O N G  K O N G

ALL ADMIRE: Members' Final General Meeting Set for August 2
CABEN LIMITED: Creditors' Proofs of Debt Due August 2
CHINA SUCCESS: Creditors' Proofs of Debt Due August 2
CLEVERWAY INT'L: Ray Chan Wai Hung Steps Down as Liquidator
EMPIRE TOYS: Members and Creditors' Final Meetings Set for Aug. 3

DVN INTERNATIONAL: Creditors' Proofs of Debt Due July 23
FORTIS PRIVATE: Members' Final Meeting Set for August 3
GALA PEARL: Creditors' Proofs of Debt Due August 2
HEYMOON LIMITED: Placed Under Voluntary Wind-Up Proceedings
HORIZON21 (HK): Commences Wind-Up Proceedings

JANFOOK LIMITED: Members' Final General Meeting Set for August 3
JAPAN HI-TECH.: Lam Tak Keung Steps Down as Liquidator
JINJIA GLOBAL: Members' Final Meeting Set for August 2
KAM CHUN: Ray Chan Wai Hung Steps Down as Liquidator
KO NGAR: Creditors' Proofs of Debt Due July 31


I N D I A

ABW INFRASTRUCTURE: ICRA Reaffirms 'LBB+' Rating on Various Debts
ANUPAM TRADERS: ICRA Places 'LBB' Rating on INR52 Mil. Cash Credit
BANKEY LAL: ICRA Assigns 'LBB-' Rating to INR27 Mil. Cash Credit
FUCON TECHNOLOGIES: ICRA Assigns 'LBB+' Rating to INR99.9MM Loans
GEETIKA STEEL: ICRA Assigns 'LBB-' Rating to INR15MM Cash Credit

IRCON-SOMA TOLLWAY: Fitch Lifts National Long-Term Rating to 'BB-'
RAJAT STEELS: ICRA Rates INR60 Million Cash Credit at 'LBB-'
SEATRANS FREIGHT: ICRA Puts 'LBB+' Rating on INR23.2MM Term Loan
SOBHA DEVELOPERS: ICRA Assigns 'LBB+' Rating to INR2.8 Bil. Loans
SPICEJET LIMITED: CEO Sanjay Aggarwal & VP Anish Srikrishna Quit

SPICEJET LIMITED: Istithmar Sells 6.9% Stake for US$25.3 Million
SUSHILA STEELS: ICRA Assigns 'LBB-' Rating to INR75MM Cash Credit


J A P A N

JAPAN AIRLINES: International Passengers Traffic Rise 1.6% in May
JLOC XXXI: Moody's Downgrades Ratings on Five Classes of Certs.
MITSUBISHI MOTORS: To Build THB15 Billion Car Plant in Thailand


M A L A Y S I A

ARK RESOURCES: Corporate Restructuring Extended for One Year
OILCORP BERHAD: Publicly Reprimanded for Breaching Listing Rules
RAMUNIA HOLDINGS: Appoints AmInvestment Bank as Principal Adviser
VTI VINTAGE: Publicly Reprimanded for Breaching Listing Rules


N E W  Z E A L A N D

CRAFAR FARMS: Landcorp Confirms Bid for 16 Crafar Family Farms
CRAFAR FARMS: Natural Dairy Seeks OIO Approval to Buy Farms
JAMES AND AUGUST: Goes Into Voluntary Liquidation
ST LAURENCE: Unit Gets NZ$45 Million in New Funding From Bluestone


S I N G A P O R E

MCH SERVICES: Creditors' Proofs of Debt Due August 2
PACKAGING PLUS: Creditors' Proofs of Debt Due August 2
SBI E2-CAPITAL: Creditors' Proofs of Debt Due August 2
SBI E2-CAPITAL ASIA: Creditors' Proofs of Debt Due August 2
SELCO (HOLDINGS): Creditors Get 7.4294% Recovery on Claims

STAMFORD HOTELS: Creditors' Proofs of Debt Due August 2
SWISSOTEL COPORATION: Creditors' Proofs of Debt Due August 2
SWISSOTEL CORP. (SWITZERLAND): Proofs of Debt Due August 2
SWISSOTEL INVESTMENT: Creditors' Proofs of Debt Due August 2
VALUEZY PTE: Court Enters Wind-Up Order


T H A I L A N D

G STEEL: S&P Withdraws 'D' Long-Term Corporate Credit Rating


X X X X X X X X

CARREFOUR SA: Plans to Sell Three Southeast Asian Units

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


SIGMA PHARMACEUTICALS: Aspen Pharmacare to Cut Takeover Offer
-------------------------------------------------------------
Aspen Pharmacare Holdings Ltd. will lower its AU$707 million
takeover bid for Sigma Pharmaceuticals Ltd. after completing a
review of the Australian drug distributor's accounts, Bloomberg
News reports citing a person familiar with the matter.

Bloomberg relates that its source said a reduced bid also follows
talks with Sigma management on the business.  The person told
Bloomberg News that discussions, which hinge on the offer price,
are continuing and a final price will balance Sigma's funding
needs with Aspen's push to make a return on the acquisition.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2010, Bloomberg News said Aspen Pharmacare, Africa's
largest drug company, offered to buy Sigma Pharmaceuticals for
about AU$1.49 billion in cash and assume debt to expand in
Australia.  According to Bloomberg, Aspen said it will offer
AU$0.60 for each of Sigma's outstanding 1.18 billion shares and
assume net debt of AU$785 million.  Aspen said the offer is
"subject to numerous conditions," including due diligence,
regulatory approvals and unanimous approval by the Sigma Board,
Bloomberg related.

                     About Sigma Pharmaceuticals

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- is engaged in the manufacture,
marketing and wholesale distribution of pharmaceutical products
through the pharmacy and grocery channels and the provision of
services to retail pharmacists.  Its Pharmaceuticals segment
includes the manufacture or contract manufacture for Australian
and overseas customers.  The Company's Healthcare segment
represents its traditional pharmacy wholesale business. Its
subsidiaries include Chemist Club Pty Limited, Sigma Company
Limited, Amcal Pty. Limited, Commonwealth Drug Company Pty. Ltd.,
Fawns & McAllan Proprietary Limited, Guardian Pharmacies Australia
Pty. Ltd and Sigma Finance Pty. Ltd.  On October 2, 2009, the
Company acquired some parts of the Australian business operations
of Bristol Myers Squibb Australia (BMSA) and associated assets
(BMS Australian Business).  The BMS Australian Business consists
of the pharmaceutical and technical operations division, which
operates out of BMS Australia's Noble Park facility.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.  Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, according to the Sydney Morning Herald.

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reported Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
noted Sigma also revealed that because the company had breached
debt covenants, creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30.


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


CHINA CABLECOM: Significant Losses Cue Going Concern Doubt
----------------------------------------------------------
China Cablecom Holdings, Ltd., filed on July 1, 2010, with the
U.S. Securities and Exchange Commission its annual report on Form
10-K for the year ended December 31, 2009.

UHY Vocation HK CPA Limited, in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has incurred
significant losses during 2009 and 2008, has a working capital
deficit at December 31, 2009, and has relied on debt and equity
financings to fund their operations.

The Company reported a net loss of US$56.2 million on US$45.6
million of revenue for 2009, compared with a net loss of US$13.2
million on US$23.4 million of revenue for 2008.

The Company's balance sheet at March 31, 2010, showed
US$190.8 million in assets, US$152.1 million of liabilities, and
US$38.7 million of stockholders' equity.

A full-text copy of the Form 10-K is available for free at:

               http://researcharchives.com/t/s?65ec

Shanghai, PRC-based China Cablecom Holdings, Ltd. (NASDAQ: CABL)
(NASDAQ: CABLW) (NASDAQ: CABLU) ? http://www.chinacablecom.net/?
is a joint-venture provider of cable television services in the
People's Republic of China, operating in partnership with a local
state-owned enterprise authorized by the PRC government to control
the distribution of cable TV services through the deployment of
analog and digital cable services.  China Cablecom now operates 28
cable networks with over 1.67 million paying subscribers.


* CHINA: Ex-IMF Economist: Property Market Starting to Collapse
---------------------------------------------------------------
The former chief economist of the International Monetary Fund and
Harvard University professor, Kenneth Rogoff, said China's
property market is beginning a "collapse" that will hit the
nation's banking system, Bloomberg News reports.

As China's economy develops, "especially at the speed it's
growing, it's going to have bumps," Mr. Rogoff said in an
interview with Bloomberg Television in Hong Kong.  He also said
that while recoveries across the global economy are "very slow,"
the danger of a return to recession isn't "elevated," the report
adds.

Bloomberg relates that Mr. Rogoff's concern echoes that of
investors, who sent China's benchmark stock index to its worst
loss in more than a year last week.

"You're starting to see that collapse in property and it's going
to hit the banking system," Bloomberg quoted Mr. Rogoff as saying.
"They have a lot of tools and some very competent management, but
it's not easy."


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


ALL ADMIRE: Members' Final General Meeting Set for August 2
-----------------------------------------------------------
Members of All Admire Limited will hold their final general
meeting on August 2, 2010, at 9:00 a.m., at 21/F., Tai Yau
Building, 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Au Yeung Tin Wah and Ng Wing Man Anita, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CABEN LIMITED: Creditors' Proofs of Debt Due August 2
-----------------------------------------------------
Creditors of Caben Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 2,
2010, to be included in the company's dividend distribution.

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


CHINA SUCCESS: Creditors' Proofs of Debt Due August 2
-----------------------------------------------------
Creditors of China Success Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 2, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 2, 2010.

The company's liquidator is:

         Wong Lung Tak Patrick
         Room 1101, 11/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


CLEVERWAY INT'L: Ray Chan Wai Hung Steps Down as Liquidator
-----------------------------------------------------------
Ray Chan Wai Hung stepped down as liquidator of Cleverway
International Limited on June 29, 2010.


EMPIRE TOYS: Members and Creditors' Final Meetings Set for Aug. 3
-----------------------------------------------------------------
Members and creditors of Empire Toys (Hong Kong) Limited will hold
their final meetings on August 3, 2010, at 10:00 a.m., and 10:30
a.m., respectively at the office of John Lees Associates, 20/F.,
Henley Building, 5 Queen's Road Central, in Hong Kong.

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


DVN INTERNATIONAL: Creditors' Proofs of Debt Due July 23
--------------------------------------------------------
Creditors of DVN International Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 23, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 25, 2010.

The company's liquidator is:

         Victor Danilkin
         Vavilova Street
         76-9, Moscow
         Russia


FORTIS PRIVATE: Members' Final Meeting Set for August 3
-------------------------------------------------------
Members of Fortis Private Equity (Hong Kong) Limited will hold
their final meeting on August 3, 2010, at 5:00 p.m., at Room 502,
5th Floor, Prosperous Building, 48-52 Des Voeux Road, Central, in
Hong Kong.

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


GALA PEARL: Creditors' Proofs of Debt Due August 2
---------------------------------------------------
Creditors of Gala Pearl Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Aug. 2,
2010, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Tong Man Yi Amy
         3703 Jardine House
         Central, Hong Kong


HEYMOON LIMITED: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on June 21, 2010,
creditors of Heymoon Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lam Wing Cheong
         Unit Nos. 301-302, 3/F
         New East Ocean Centre
         No. 9 Science Museum Road
         Tsimshatsui, Kowloon


HORIZON21 (HK): Commences Wind-Up Proceedings
---------------------------------------------
Sole shareholder of Horizon21 (Hong Kong) Limited, on June 21,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

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


JANFOOK LIMITED: Members' Final General Meeting Set for August 3
----------------------------------------------------------------
Members of Janfook Limited will hold their final general meeting
on August 3, 2010, at 10:00 a.m., at Room 1401, 14/F., HK & Macau
Building, 156-157 Connaught Road Central, in Hong Kong.

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


JAPAN HI-TECH.: Lam Tak Keung Steps Down as Liquidator
------------------------------------------------------
Lam Tak Keung stepped down as liquidator of Japan Hi-Tech. Company
Limited on June 21, 2010.


JINJIA GLOBAL: Members' Final Meeting Set for August 2
------------------------------------------------------
Members of Jinjia Global Printing Company Limited will hold their
final meeting on August 2, 2010, at 10:00 a.m., at Unit 1602,
16/F., Malaysia Building, 50 Gloucester Road, Wanchai, in Hong
Kong.

At the meeting, Ng Chi Leung Danny, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KAM CHUN: Ray Chan Wai Hung Steps Down as Liquidator
----------------------------------------------------
Ray Chan Wai Hung stepped down as liquidator of Kam Chun
Engineering Limited on June 29, 2010.


KO NGAR: Creditors' Proofs of Debt Due July 31
----------------------------------------------
Creditors of Ko Ngar Gems Factory Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by July 31, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Shek Kwok Choi
         Unit 2, 8/F, Kingsford Industrial Centre
         No. 13 Wang Hoi Road
         Kowloon Bay, Kowloon
         Hong Kong


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I N D I A
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ABW INFRASTRUCTURE: ICRA Reaffirms 'LBB+' Rating on Various Debts
-----------------------------------------------------------------
ICRA has reaffirmed "LBB+" rating to INR650 million term loans
(enhanced from INR180 million), INR600 million overdraft
facilities (enhanced from INR320 million), and INR519.4 million
proposed bank facilities (enhanced from INR100 million) of ABW
Infrastructure Limited.  ICRA has also assigned "LBB+" rating to
INR330.6 million non-fund based facilities of ABWIL.  The outlook
on the rating is stable.

The reaffirmation of ABWIL's rating takes into account its
experienced management, its relatively low cost land bank and
improvement in cash flows owing to land sale in Manesar, Gurgaon.
The rating is, however, constrained by geographical risk owing to
concentration of ABWIL's projects in National Capital Region (NCR)
and execution risk arising from significant expansion plans of the
company.  Besides, the rating factors in the market risk for
ABWIL's ongoing projects specially the ones in commercial segment
where the demand is yet to pick up.  The rating also incorporates
the delay in execution of some of its ongoing projects on account
of regulatory approvals leading to deferment of project progress
linked cash flows. Going forward, the company?s ability to
maintain its sales and collection efficiency would be the key
sensitive factors.

ABWIL was promoted by Mr. Atul Bansal in 1988. The Company started
with the development of luxury apartments in Delhi and NCR region.
The Group has constructed over 250 high end luxury apartments
covering one million sq ft area in South Delhi areas like Shanti
Niketan, Golf Links, Jor Bagh, Anand Lok, Anand Niketan, Greater
Kailash, West End, Malcha Marg etc. Over the years, ABWIL
diversified into the development of commercial projects and
shopping malls. Some of the completed projects of the ABWIL
include two commercial centres-cum shopping malls in Saket
District Centre and Jasola, ABW Tower at IFFCO Chowk, Rectangle-1
in Saket and Elegance Tower in Jasola.


ANUPAM TRADERS: ICRA Places 'LBB' Rating on INR52 Mil. Cash Credit
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to INR52.0 million Cash Credit
facility of Anupam Traders.  The outlook on the rating is stable.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of AT's profits to commodity price risk.  The rating is also
constrained by AT's modest scale of operations and its high
gearing. The rating also takes into consideration risks inherent
in a proprietorship firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
proprietor etc.  However, the ratings take into account AT's
experienced promoters with long track record in trading of iron
and steel products and its established relations with key
customers which has enabled it to secure repeat orders from them.

AT is engaged in trading of iron and steel products.  AT is a
proprietorship firm promoted by Mr. Anupam Goel.  AT is primarily
involved in the trading of TMT bars, long and flat products, GP/GC
sheets etc.  The firm's head office is located in Ghaziabad from
where it controls the marketing and finance operations.  For
stocking of inventory, the firm has established its warehousing
facility in Ghaziabad.

AT  reported a Profit After Tax (PAT) of INR0.78 million on
operating income of INR468.6 million in 2009- 10, as against
corresponding figures of INR0.79 million and INR802.59 million in
2008-09.


BANKEY LAL: ICRA Assigns 'LBB-' Rating to INR27 Mil. Cash Credit
----------------------------------------------------------------
ICRA has assigned an "LBB-" rating to INR27.0 million Cash Credit
facility of Bankey Lal Jagdish Prasad.  The outlook on the rating
is stable.  ICRA has also assigned an "A4" rating to the INR70.0
million bill discounting facility of BLJP.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of BLJP's profits to commodity price risk.  The rating is also
constrained by BLJP's modest scale of operations and its high
gearing.  The rating also takes into consideration risks inherent
in a proprietorship firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
proprietor etc.  However, the ratings take into account BLJP's
experienced promoters with long track record in trading of iron
and steel products and its established relations with key
customers which has enabled it to secure repeat orders from them.

BLJP is engaged in trading of iron and steel products. BLJP is a
proprietorship firm promoted by Mr. Vijay Kumar Goel. BLJP is
primarily involved in the trading of TMT bars, long and flat
products, GP/GC sheets etc.  The firm's head office is located in
Ghaziabad from where it controls the marketing and finance
operations.  For stocking of inventory, the firm has established
its warehousing facility in Ghaziabad.

BLJP  reported a Profit After Tax (PAT) of INR1.2 million on
operating income of INR201.8 million in 2009- 10, as against
corresponding figures of INR1.1 million and INR522.7 million in
2008-09.


FUCON TECHNOLOGIES: ICRA Assigns 'LBB+' Rating to INR99.9MM Loans
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR99.9 million fund
based limits of Fucon Technologies Limited.  The outlook on the
long term ratings is stable.

The ratings are constrained by the low bargaining power of the
company with respect to its customers-the car dealers; lack of
presence in the bazaar segment and no brand recognition among the
ultimate consumers i.e. the car owners; increased competition in
the CNG kit fitment business with several OEMs providing cars with
factory fitted CNG kits; supplier concentration risk with about
75% of the revenues being derived from the products of one
principal- Liqui Moly and vulnerability of profitability to
the mismatches between raw material and final product prices as
well as forex risk.  Further, the company's liquidity position has
been tight as a result of high business growth and working capital
intensity leading to overdrawls of fund based limits on several
occasions.  Nevertheless, the ratings positively factor in the
strong customer profile comprising leading authorized car dealers;
well established pan-India network of car dealers that sell
company product's exclusively with company's position fairly well
entrenched at these dealerships owing to large kitty of car care
products of the company as well as deputing of marketing and
technical personnel by the company at the dealerships and service
stations and positive demand outlook for car care products due to
robust growth in the auto sector in the near term.

The company was incorporated in 1995 as a proprietorship concern
called Auto Technologies at Bangalore.  In 1999 the proprietorship
firm was converted to a limited company and its name changed
to Fucon Technologies Limited.  In 2000, the company introduced
anti corrosion coating for cars in the Indian market.  In 2005 the
company tied up with Liqui Moly as sole distributor for its
products in India. In 2006 the company ventured into the CNG kit
fitment business. The company mostly operates out of the workshops
of car dealers and has one retail outlet in Delhi for CNG kit
fitment.

In 2009-10, the company reported a net profit of INR5.77 million
on net sales of INR323.81 million as against a net profit of
INR4.82 million on net sales of INR275.56 million in 2008-09.


GEETIKA STEEL: ICRA Assigns 'LBB-' Rating to INR15MM Cash Credit
----------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR15.0 million Cash
Credit Facility of Geetika Steel Traders.  The outlook on the
rating is stable.  ICRA has also assigned an "A4" rating to the
INR100.0 million bill discounting facility of GST.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of GST's profits to commodity price risk.   The rating is also
constrained by GST's modest scale of operations and its high
gearing.  The rating also takes into consideration risks inherent
in a proprietorship firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
proprietor etc.  However, the ratings take into account GST's
experienced promoters with long track record in trading of iron
and steel products and its established relations with key
customers which has enabled it to secure repeat orders from them.

Established in 1987, Geetika Steel Traders is engaged in trading
of iron and steel products. RS is a proprietorship firm promoted
by Mr. Ramesh Chandra Goel.  GST is primarily involved in the
trading of TMT bars, long and flat products, GP/GC sheets etc.
The firm's head office is located in Ghaziabad from where it
controls the marketing and finance operations.  For stocking of
inventory, the firm has established its warehousing facility in
Ghaziabad.

GST reported a Profit After Tax (PAT) of INR1.8 million on
operating income of INR1792.4 million in 2009-10, as against
corresponding figures of INR2.5 million and INR2657.5 million in
2008-09.


IRCON-SOMA TOLLWAY: Fitch Lifts National Long-Term Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded India's Ircon-Soma Tollway Pvt Ltd's
National Long-term rating for its project bank loans to 'BB-(ind)'
from 'D'.  The Outlook is Stable.

ISTPL is a special purpose vehicle created by a JV between Ircon
International Ltd and Soma Enterprise Ltd.  Ircon, a public sector
undertaking under the Ministry of Railways, is involved in
consulting and turnkey construction contracts both domestically
and globally.  Soma is a Hyderabad-based infrastructure developer
for over 10 years.  ISTPL was granted a 20-year build-operate-
transfer concession by the National Highways Authority of India
('AAA(ind)'/Stable) to widen, construct, operate and maintain a
118km road stretch on the National Highway between Pimpalgaon and
Dhule in Maharashtra.

The multiple notch upgrade reflects ISTPL's improved liquidity
position and strengthening revenue profile following the
achievement of commercial operations date on 19 April 2010, after
a one-year delay in project completion owing to land acquisition/
right of way issues.  Fitch notes that the project was allowed to
commence tolling on one side of the tollway from 25 October 2009;
however, revenues generated were insufficient to meet a scheduled
interest payment.  Consequently, a payment default occurred in
November 2009, and the rating was downgraded.

Gross toll revenues from the COD through May 31, 2010, improved,
averaging INR3.42 million per day, compared to the initial
forecast of INR2.5 million per day.  The positive early results to
revenue ramp-up and the sponsors' loan (subordinated) infusion of
INR320 million aided the project company to comfortably meet its
scheduled debt service obligations post the default.  Fitch
believes that the current ramp-up of project cash flows should be
more than adequate to meet upcoming debt payments, and senior debt
service coverage ratio (DSCR) could be at least 1.3x in FY11.

The rating is, however, constrained by the operations and
maintenance expenses for FY11, which are likely to amount to
INR105.36 million in terms of the one-year, optionally extendable
O&M contracts ISTPL has entered into with the two sponsor
companies for routine maintenance; this is significantly higher
than initial estimates of INR31.8 million and also higher than the
benchmark 'per km' O&M costs seen in other comparable projects.
Consequently, the projected DSCR remains low notwithstanding the
increase in toll revenues.

The rating is also constrained by that the fact that the project
company still has to raise funds for the completed construction
work, amounting to INR791.7 million, out of a total cost overrun
of INR1111.7 million.  The project overruns were mainly a result
from the increase in engineering, procurement and construction
costs.  The EPC contractors, who are also the sponsors, have
reportedly agreed to receive delayed payments of their EPC dues,
from the project company.  Fitch notes that the sponsors' proposal
for additional borrowings to meet the balance of the cost overruns
and to advance some equity distributions could potentially depress
the DSCR.  On the other hand, continued growth in traffic and
revenues could offset this concern, resulting in some potential
for another rating upgrade.


RAJAT STEELS: ICRA Rates INR60 Million Cash Credit at 'LBB-'
------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR60.0 million cash
credit facility of Rajat Steels.  The outlook on the rating is
stable.  ICRA has also assigned an "A4" rating to the INR450.0
million bill discounting facility of RS.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of RS's profits to commodity price risk.  The rating is also
constrained by RS's modest scale of operations and its high
gearing. The rating also takes into consideration risks inherent
in a proprietorship firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
proprietor etc.  However, the ratings take into account RS's
experienced promoters with long track record in trading of iron
and steel products and its established relations with key
customers which has enabled it to secure repeat orders from them.

Established in 1987, Rajat Steels is engaged in trading of iron
and steel products.  RS is a proprietorship firm promoted by Mr.
Ramesh Chandra Goel.  RS is primarily involved in the trading of
TMT bars, long and flat products, GP/GC sheets etc.  The firm's
head office is located in Ghaziabad from where it controls the
marketing and finance operations.  For stocking of inventory, the
firm has established its warehousing facility in Ghaziabad.

RS reported a Profit After Tax (PAT) of INR3.2 million on
operating income of INR3347.6 million in 2009-10, as against
corresponding figures of INR4.1 million and INR4441.2 million in
2008-09.


SEATRANS FREIGHT: ICRA Puts 'LBB+' Rating on INR23.2MM Term Loan
----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR23.2 million term
loan and Rs 30 million fund based facilities of M/s Seatrans
Freight Carriers.

The rating is constrained by relatively small scale of operations,
weak financial risk profile characterized by high gearing and
working capital intensive operations.  The ratings also factor in
the highly competitive business environment on account of a
fragmented industry structure, which result in price-based
competition.  ICRA notes that timely delivery of cargo within
designated budgeted time is critical to maintain high operational
utilization of the fleet and allocation of fixed costs over larger
number of trips.  The rating also takes into account high
proportion of vehicles hired from the market for transportation of
project cargo, which exposes the firm to the fluctuation in hire
charges, notwithstanding the flexibility in reducing costs during
economic downturns.  The expansion plan towards building up of the
heavy vehicle fleet that would be largely debt funded is likely to
limit improvement in debt metrics and coverage indicators.
Because of the limited financial flexibility and high working
capital requirement of SFC's business, any significant ramp-up in
business volumes may result in a pressure on the liquidity
position and necessitate higher debt levels, impacting the
financial position of the firm.

The rating however, favorably factors in long operational track
record of the promoters in the transportation business and the
reputed client base.  The ratings also factor in the healthy
demand prospects for project cargo business in the medium term
driven by large scale investment planned by industries across
sectors.  ICRA also notes the demonstrated support by SFC's
promoters through unsecured loans for meeting the growing working
capital requirements.

Founded in April 2004, Seatrans Freight Carriers was set up as a
partnership firm in April 2004 with Mr. RS Agarwal and Mr. Sumer
Verma having equal stake of 50% each.  The firm is engaged in
the business of providing logistics services with special focus on
movement of project and over-dimensional cargo.  The firm started
building its own fleet of heavy vehicles in August 2008 for
carrying project and over-dimensional cargo and presently, has six
volvo pullers, 51 hydraulic axles and one low bed mechanical
trailor.

In the period ending FY 2008-09, SFC recorded a profit before tax
of INR9 million on the back of net sales of INR220 million.


SOBHA DEVELOPERS: ICRA Assigns 'LBB+' Rating to INR2.8 Bil. Loans
-----------------------------------------------------------------
ICRA has assigned a "LBB+" rating to the INR2.81 billion fund
based bank facilities and the INR8.19 billion term loans of Sobha
Developers Limited.  The outlook on the long-term rating is
stable.

The rating takes into account Sobha's established position in the
Bangalore real estate market and its presence in the construction
sector which partly mitigates the risks associated with the
cyclical nature of the real estate sector.  Moreover, Sobha's
improved sales of residential space in FY2010 and healthy booking
level of its ongoing projects coupled with moderated land
acquisition policy has improved Sobha's cash flow from operations.
The rating further factors in improvement in Sobha's financial
risk profile following the fund raising initiatives undertaken by
the company, which includes Qualified Institutional Placement
(QIP) of INR5.28 billion, private equity infusion at Special
Purpose Vehicle (SPV) level and sale of land parcels.  The company
has largely utilized these proceeds for debt reduction purpose,
which has resulted in improved gearing levels for the company.
The rating, however, is constrained by the significant debt
repayment due in the short to medium term which exposes the
company to refinancing risks.  ICRA notes that the company's
ability to meet its repayment obligation will be largely
contingent on measures such as sale of land and refinancing of its
short term debt maturities besides improvement in its cash flow
from operations.  The rating also factors in the company's
exposure to execution risk and market risk considering the
significant launch of new projects planned in the medium term.
The company's ability to maintain its sales volumes and collection
efficiency coupled with demand recovery in the real estate market
would be the key sensitivity factors.  Besides, any significant
capital expenditure towards commercial projects and further
investment in land in the medium term would be a credit negative.

Incorporated in August 1995 as a private limited company, and
subsequently converted into public limited company in June 2006,
Sobha is an established player in the real estate development and
contract construction in Bangalore.  Sobha was promoted by its
existing chairman Mr. P N C Menon, who started his India
operations after successfully running interior decoration firms in
Muscat. Sobha has executed 60 real estate projects with an overall
development of 14.29 million sq.ft of built-up area, primarily in
Bangalore. On contractual basis, Sobha has completed 166 projects
in several states in India covering a total build-up area of 22.08
million sq.ft.  It gained reputation for quality by being the
preferred contractor for Infosys (Infosys contracts constitutes
more than 80% of the total contractual work).

In FY2010, Sobha posted a PAT of INR1.37 billion on an operating
income of INR11.14 billion.


SPICEJET LIMITED: CEO Sanjay Aggarwal & VP Anish Srikrishna Quit
----------------------------------------------------------------
Spicejet Ltd's Chief Executive Officer Sanjay Aggarwal has quit
from the company, Dow Jones Newswires reports, citing an executive
from Spicejet.

"He submitted his resignation [June 30].  The name of the new
chief executive will be announced soon," the executive, who didn't
want to be identified, told Dow Jones Newswires.  Mr. Aggarwal's
resignation comes a month after Sun TV founder Kalanithi Maran
acquired a 38% stake in the low-cost carrier.

Business Standard reports that SpiceJet may get an expatriate
chief executive officer to replace Aggarwal.  "We have shortlisted
three to four candidates.  Three of them are expats and one is an
Indian.  Any announcement on the new CEO will not come before two
months," sources close to SpiceJet told Business Standard.

Meanwhile, RTTNews reports that Anish Srikrishna said Monday he
had quit as Vice President, Marketing, of SpiceJet.

                       About Spicejet Limited

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.


SPICEJET LIMITED: Istithmar Sells 6.9% Stake for US$25.3 Million
----------------------------------------------------------------
Dubai's Istithmar on Tuesday sold its 6.9% stake in SpiceJet Ltd.
for US$25.3 million, moneycontrol.com reports citing two sources
with direct knowledge of the matter.

Sources said the investment arm of Dubai World sold 22.14 million
shares to a clutch of investors at an average price of INR53.52
per share, the report relates.

According to moneycontrol.com, sources said Bank of America
Merrill Lynch was the sole arranger of the transaction.

The report notes that Istithmar said in a filing to the Bombay
Stock Exchange on Monday, that the company had bought 22.14
million shares in SpiceJet through conversion of foreign currency
convertible bonds.

                       About Spicejet Limited

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.


SUSHILA STEELS: ICRA Assigns 'LBB-' Rating to INR75MM Cash Credit
-----------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR75.0 million cash
credit facility of Sushila Steels.   The outlook on the rating is
stable.  ICRA has also assigned an "A4" rating to the INR450.0
million bill discounting facility of SS.

The ratings is constrained by the intensely competitive nature of
the business translating into modest profitability; vulnerability
of SS's profits to commodity price risk.  The rating is also
constrained by SS's modest scale of operations and its high
gearing. The rating also takes into consideration risks inherent
in a proprietorship firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
proprietor etc.  However, the ratings take into account SS's
experienced promoters with long track record in trading of iron
and steel products and its established relations with key
customers which has enabled it to secure repeat orders from them.

Established in 1994, Sushila Steels is engaged in trading of iron
and steel products.  SS is a proprietorship firm promoted by Mr.
Ramesh Chandra Goel.  SS is primarily involved in the trading of
TMT bars, long and flat products, GP/GC sheets etc.  The firm's
head office is located in Ghaziabad from where it controls the
marketing and finance operations. For stocking of inventory, the
firm has established its warehousing facility in Ghaziabad.

SS reported a Profit After Tax (PAT) of INR0.30 million on
operating income of INR3281.1 million in 2009-10, as against
corresponding figures of INR3.6 million and INR4048.4 million in
2008-09.


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


JAPAN AIRLINES: International Passengers Traffic Rise 1.6% in May
-----------------------------------------------------------------
Japan Airlines Corp. reported 1.6% increase in passenger traffic
on its international services in May from a year earlier to
795,927, a first rise in eight months, Japan Today reports.  The
number of domestic passengers the airline group carried also rose
0.9% to 3,066,223, an increase for the second straight month, the
report adds.

Japan Today states that JAL attributed the gain in international
passengers to the recovery in the number of passengers flying on
business while noting that passenger numbers for May 2009 were
dented by the new influenza outbreak.

                       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)


JLOC XXXI: Moody's Downgrades Ratings on Five Classes of Certs.
---------------------------------------------------------------
Moody's Investors Service has downgraded five classes of JLOC XXXI
Trust Certificates.  Their final maturity will take place in
February 2015.

The individual rating actions are listed below.

  -- Class A, Downgraded to A3 from Aaa; previously on May 19,
     2010 Aaa Placed under review for possible downgrade

  -- Class B, Downgraded to Ba1 from A1; previously on May 19,
     2010 A1 Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to B3 from Baa3; previously on May 19,
     2010 Baa3 Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Caa2 from B2; previously on May 19,
     2010 B2 Placed Under Review for Possible Downgrade

  -- Class X, Downgraded to A3 from Aaa; previously on May 19,
     2010 Aaa placed under review for possible downgrade

JLOC XXXI Trust, effected in August 2006, represents the
securitization of 22 non-recourse loans.  The transaction is
currently secured by seven non-recourse loans and four loans under
special servicing since April 2010.

The four loans are to one borrower; as such, they actually
comprise one loan overall.  The underlying loan portfolio is
divided into loan pool 1 and loan pool 2.

The previous review was prompted by Moody's growing concerns about
the need to apply 1) higher stress on the recovery assumptions for
the five loans under special servicing, in view of current
disposal prices, and 2) further stress on the performance of the
collateral backing the other loans in light of the deteriorating
occupancy rates for some of the properties.

One loan under special servicing was recovered fully through
property dispositions in June 2010.

In this rating action, Moody's analyzed relevant documents --
latest appraisal reports, as well as additional data, including PM
reports -- and reviewed the recovery assumption in the case of the
disposition of the remaining properties.

Results of review on loan pools:

                           Loan Pool 1

  -- Moody's estimated its recovery assumptions have declined by
     approximately 38% from Moody's initial assumptions.

  -- Pool comprises three loans and four loans under special
     servicing.

  -- Backing properties of three loans are seven residential
     properties in Tokyo and Hokkaido, and for the four loans
     under special servicing, there are 25 residential properties
     in local cities.

  -- In light of asset types and locations, recovery from the
     backing properties is likely to be under severe pressure
     after special servicing.  Moody's has therefore re-assessed
     its own recovery stress, considering severe situations after
     special servicing.

                           Loan Pool 2

  -- Moody's estimated its recovery assumptions have declined by
     approximately 37% from Moody's initial assumptions.

  -- Pool comprises four loans backed by five properties
     (residential and retail) in Hokkaido and three properties
     (office and residential) in Osaka.

  -- Moody's reviewed the cash flow assumptions as being lower
     than estimated at the previous rating action because
     occupancy rates have remained at low levels for a long
     period, and expenses are higher than estimated at the
     previous rating action.

Moody's will continue to monitor the performance of the properties
and the asset manager's refinancing and disposal activities in
light of the upcoming maturities, as well as the special
servicer's collection plans and strategies for the loan under
special servicing.

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.


MITSUBISHI MOTORS: To Build THB15 Billion Car Plant in Thailand
---------------------------------------------------------------
Mitsubishi Motors Corp. said Monday the company will invest
THB15 billion (US$450 million) to build its third car plant in
Thailand to manufacture a new type of ecological-friendly cars,
Japan Today reports.

According to the report, Mitsubishi Motors President Osamu Masuko
said the new facility, to be located in the same industrial park
in eastern Thailand housing the company's existing two car plants,
is expected to begin production in 2012, with an output of 50,000
units in the first year of operation.  The full capacity of the
car plant is projected at 200,000 units a year.  Japan Today
relates that the investment project will include research and
development and is expected to generate 3,000 new jobs.

                      About Mitsubishi Motors

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

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


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


ARK RESOURCES: Corporate Restructuring Extended for One Year
------------------------------------------------------------
ARK Resources Bhd disclosed that it obtained extension from the
Securities Commission for the implementation and completion of the
corporate restructuring.  The extension is valid for a period of
12 months -- from Jan. 1, 2010, to Dec. 31, 2010.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, ARK Resources was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.


OILCORP BERHAD: Publicly Reprimanded for Breaching Listing Rules
----------------------------------------------------------------
Bursa Malaysia Securities Bhd has publicly reprimanded Oilcorp
Berhad for breach of paragraph 9.19(19) of the Listing
Requirements.

The bourse said Oilcorp had breached paragraph 9.19(19) of the LR
for failing to make an immediate announcement of the winding up
petition served on Oilfab Sdn Bhd, a subsidiary of OILCORP by
Perusahaan Maju Teguh (M) Sdn Bhd.  The Winding Up Petition was
served on OSB on December 3, 2009, but the Company only made an
announcement in respect of the Winding Up Petition on January 11,
2010.

Bursa Securities views the contravention seriously and 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.  In
this respect, the Company and its directors are required to take
all reasonable steps including putting in place or enhancing the
Company's procedures and processes and review the effective
implementation of the same to ensure compliance with the listing
requirements at all times.

While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the said breach by
the Company, Bursa Securities said it wanted to highlight that is
the responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability within
the Company and among its officers and employees including, among
others, an awareness of the importance of compliance with the
listing requirements.

The Board of Directors of the Company at the material time were:

   a) Sunny Ng Huat Tian;
   b) IR Ang Choon Hug;
   c) Pua Yow Liang;
   d) Ng Huat Chai;
   e) Tuan Haji Shawal bin Matp; and
   f) Dato' Eng Chip Jin.

                        About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


RAMUNIA HOLDINGS: Appoints AmInvestment Bank as Principal Adviser
-----------------------------------------------------------------
Ramunia Holdings Berhad has appointed AmInvestment Bank Berhad as
principal adviser for the Company's PN17 Regularization Plan.

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company 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 October 31, 2009, 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.


VTI VINTAGE: Publicly Reprimanded for Breaching Listing Rules
-------------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded VTI
Vintage Berhad for breach of paragraph 9.16(1)(a) of the Listing
Requirements, which stated that a listed issuer must ensure that
each announcement is factual, clear, unambiguous, accurate,
succinct and contains sufficient information to enable investors
to make informed investment decisions.

Bursa Malaysia said VTI had failed to take into account the
adjustments as stated in the Company's announcement dated May 4,
2009.

The Company had reported an unaudited loss after taxation and
minority interest of MYR3,679,000 in its fourth quarterly report
for the financial period ended December 31, 2008, as compared to
an audited loss after taxation and minority interest of
MYR7,402,159 in its annual audited accounts for the financial year
ended December 31, 2008.  The difference of MYR3,723,159 between
the Unaudited Results and the Audited Results for the financial
year ended December 31, 2008, represents a deviation of
approximately 101.20%.  The deviation is mainly contributed by
adjustments arising from project related expenses and additional
allowance for doubtful debts.

The Company is also required to:

   * carry out a limited review on its quarterly report
     submissions.  The limited review must be performed
     by the Company's external auditors for four quarterly
     reports commencing no later from the Company's
     quarterly report for the financial period ended
     Sept. 30, 2010; and

   * ensure all its directors and the relevant personnel
     of the Company attend a training programme in relation
     to compliance with the LR particularly pertaining to
     financial statements.

Bursa Securities views the contravention seriously and 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.  In
this respect, the Company and its directors are required to take
all reasonable steps including putting in place or enhancing the
Company's procedures and processes and review the effective
implementation of the same to ensure compliance with the listing
requirements at all times.

While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the said breach by
the Company, Bursa Securities said it wanted to highlight that is
the responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability within
the Company and among its officers and employees including, among
others, an awareness of the importance of compliance with the
listing requirements.

The Board of Directors of the Company at the material time were:

      a) Dato' Beh Hang Kong;
      b) Dato' Lim Sin Khong;
      c) Wong Yew Sen;
      d) Chin Sui Yin; and
      e) Lim Kuan Yew.

                         About VTI Vintage

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

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


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


CRAFAR FARMS: Landcorp Confirms Bid for 16 Crafar Family Farms
--------------------------------------------------------------
Landcorp has confirmed it will bid for the Crafar family farms and
could still enter into a deal with a private partner, The National
Business Review reports.

NBR relates the state-owned farming company's chief executive
Chris Kelly confirmed Monday the company's board unanimously
agreed to bid for all 16 farms offered in the Crafar portfolio by
receivers KordaMentha.

Mr. Kelly, according to NBR, said Landcorp's bid would be made
today, July 7, in time for the tender close off handled by Bayleys
Real Estate.

A partnership deal has not been confirmed but Mr. Kelly said
details are still being worked on and it would be the preferred
option rather than going alone, the report states.

NBR recalls Mr. Kelly confirmed last week that Rich Lister
property developers Mark Wyborn, Ross Green and Trevor Farmer were
involved in talks with Landcorp in terms of a partnership but said
other parties were also involved in discussions.

Landcorp's bid will compete against that of UBNZ Assets, fronted
by Auckland businesswoman May Wang.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, Natural Dairy (NZ) Holdings and its New Zealand
associate firm UBNZ Funds Management Ltd moved closer to buying 16
farms formerly owned by the Crafar family.  Receivers Michael
Stiassny and Brendon Gibson of KordaMentha said conditional sale
and purchase agreements had been signed with UBNZ Funds and a
"substantial" deposit had been paid.  The sales however are still
conditional on approval by the Overseas Investment Office.  The
contract also specifies that the 16 farms will continue to be
marketed until June 23, and if KordaMentha receives a better offer
than UBNZ's it can accept that instead.

The TCR-AP, citing The New Zealand Herald, reported on June 25,
2010, that Mr. Stiassny said tenders for the Crafar farms had been
extended for two weeks to July 7, rather than closing on June 23
as previously planned.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


CRAFAR FARMS: Natural Dairy Seeks OIO Approval to Buy Farms
-----------------------------------------------------------
Tracy Withers at Bloomberg News reports that Natural Dairy (NZ)
Holdings Ltd. has lodged an application with foreign investment
regulators for approval to buy properties known as the Crafar
farms.

Bloomberg relates Natural Dairy said in an e-mailed statement that
the proposal sent to the Overseas Investment Office on Tuesday
will generate jobs and export opportunities.

"Natural Dairy is confident it offers the best return to creditors
of Crafar farms," Bloomberg quoted Natural Dairy Vice Chairman
Graham Chin as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, Natural Dairy (NZ) Holdings and its New Zealand
associate firm UBNZ Funds Management Ltd moved closer to buying 16
farms formerly owned by the Crafar family.  Receivers Michael
Stiassny and Brendon Gibson of KordaMentha said conditional sale
and purchase agreements had been signed with UBNZ Funds and a
"substantial" deposit had been paid.  The sales however are still
conditional on approval by the Overseas Investment Office.  The
contract also specifies that the 16 farms will continue to be
marketed until June 23, and if KordaMentha receives a better offer
than UBNZ's it can accept that instead.

The TCR-AP, citing The New Zealand Herald, reported on June 25,
2010, that Mr. Stiassny said tenders for the Crafar farms had been
extended for two weeks to July 7, rather than closing on June 23
as previously planned.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


JAMES AND AUGUST: Goes Into Voluntary Liquidation
-------------------------------------------------
Underwear company James and August Ltd has gone into voluntary
liquidation, according to The New Zealand Herald.

Sally Ridge, a TV personality and interior designer, formed the
company with Tessa Apa in 2004, the NZ Herald says.  Her former
partner Adam Parore is also a director, the report adds.

The NZ Herald, citing liquidators C&C Strategic Ltd's first report
filed with the Companies Office, relates that the company has
debts of NZ$1 million.


ST LAURENCE: Unit Gets NZ$45 Million in New Funding From Bluestone
------------------------------------------------------------------
Irongate Property Limited, one of the units of the St Laurence
group that escaped receivership, said it has agreed to binding
terms with a consortium led by Bluestone Group.

The consortium is to provide NZ$45 million in new funding, which
will allow Irongate to repay in full its Series 1 and 2 Bonds,
scheduled to mature on July 15, 2010, Irongate said in a
statement.  Irongate has also agreed indicative terms with the
consortium for additional funding which will assist the Company
reposition its property investment business and enhance its
property portfolio.

BusinessDesk reports that the unprofitable property manager has
until today, July 7, to file its overdue annual report of risk
suspension of its securities from the NZX.

According to the report, Irongate general manager Chris Minty had
previously said there was some uncertainty about whether it could
make the debt repayment.

BusinessDesk recalls that Irongate last week revised its loss for
the 12 months ended March 31 to NZ$54.5 million from NZ$50.5
million after advice from its auditors over its exit from National
Property Trust.  The company sold units in the trust to repay
debt, the report notes.

The Bluestone Group, which was established in 2000, is a
commercial lender and asset manager.  It operates from offices in
Australia, New Zealand and the UK and manages a portfolio of $1.5
billion in mortgages and commercial loans.

                        About St Laurence Ltd

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

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership covers St Laurence Limited, Direct
Property Investments Limited, SL Five Star Hotel Investments
Limited, St Laurence Lending Limited, St Laurence No. 2 Limited,
St Laurence No. 3 Limited, and St Laurence Realty Limited.
It does not involve Irongate Property Limited, St Laurence
Property Development Fund, or Direct Property Investments No. 6
Limited.


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


MCH SERVICES: Creditors' Proofs of Debt Due August 2
----------------------------------------------------
Creditors of MCH Services (Sydney) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 2, 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


PACKAGING PLUS: Creditors' Proofs of Debt Due August 2
------------------------------------------------------
Creditors of Packaging Plus (Asia) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 2, 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


SBI E2-CAPITAL: Creditors' Proofs of Debt Due August 2
------------------------------------------------------
Creditors of SBI E2-Capital Asia Holdings Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 2, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         c/o Korda Mentha Neo
         30 Robinson Road
         Robinson Towers #12-01
         Singapore 048546


SBI E2-CAPITAL ASIA: Creditors' Proofs of Debt Due August 2
-----------------------------------------------------------
Creditors of SBI E2-Capital Asia Securities Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 2, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         c/o Korda Mentha Neo
         30 Robinson Road
         Robinson Towers #12-01
         Singapore 048546


SELCO (HOLDINGS): Creditors Get 7.4294% Recovery on Claims
----------------------------------------------------------
Selco (Holdings) Ltd, which is in compulsory liquidation, declared
the second & final dividend on July 5, 2010.

The company paid 7.4294% to the received claims.


STAMFORD HOTELS: Creditors' Proofs of Debt Due August 2
-------------------------------------------------------
Creditors of Stamford Hotels Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by August 2, 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


SWISSOTEL COPORATION: Creditors' Proofs of Debt Due August 2
------------------------------------------------------------
Swissotel Coporation (Australasia) Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 2, 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


SWISSOTEL CORP. (SWITZERLAND): Proofs of Debt Due August 2
----------------------------------------------------------
Swissotel Coporation (Switzerland) Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by August 2, 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


SWISSOTEL INVESTMENT: Creditors' Proofs of Debt Due August 2
------------------------------------------------------------
Creditors of Swissotel Investment (Australasia) Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by August 2, 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


VALUEZY PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 25, 2010, to
wind up the operations of Valuezy Pte Ltd.

HSBC Institutional Trust Services 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 #06-11
         Singapore 069118


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


G STEEL: S&P Withdraws 'D' Long-Term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'D' long-term corporate credit rating on G Steel Public Co. Ltd.
and the 'D' issue rating on the company's senior unsecured notes
due Oct. 4, 2010, as S&P has only limited information on the
financial restructuring of G Steel's obligations concerning its
notes.

S&P lowered the corporate rating on G Steel and the issue rating
on its notes to 'D' on Oct. 12, 2009, due to a missed interest
payment.  G Steel is a Thailand-based steel producer.


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


CARREFOUR SA: Plans to Sell Three Southeast Asian Units
-------------------------------------------------------
Carrefour SA, Europe's biggest retailer, plans to exit Singapore,
Malaysia and Thailand and is seeking offers for its operations in
the Southeast Asian countries, Bloomberg News reports citing four
people familiar with the matter.

Two of the people, who declined to be identified because the sale
process isn't public, told Bloomberg that Carrefour has approached
potential buyers and may ask for bids by early September.
According to Bloomberg, the people said the combined operations
may fetch US$800 million to US$1 billion. Carrefour plans to
retain its units in China and Indonesia, the people added, the
report relates.

Bloomberg notes that its source also said the retailer will
consider selling the units separately as potential buyers may not
be interested in bidding for all three combined.  Bloomberg adds
the people said Carrefour's Thai business may have a value of
US$500 million to US$600 million, while the Malaysian and
Singapore operations may be valued at US$350 million to US$400
million.

On May 4, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Carrefour SA's 116 stores in Belgium
were closed on Feb. 27 because of a strike over planned job cuts.
According to Bloomberg, Lars Vervoort, a spokesman for the Belgian
operations of France-based Carrefour, put the resulting sales loss
at the company-owned outlets at EUR14 million (US$19 million).
Mr. Vervoort, as cited by Bloomberg, said the one-day protest by
workers shut 55 hypermarkets and 61 traditional supermarkets.
Bloomberg recalled that on Feb. 23, Carrefour said it would cut
1,672 jobs by closing 21 unprofitable Belgian stores by June 30.

Citing the Financial Times, the TCR-Europe reported on Feb. 25,
2010, the company told employees that the cost-cutting measures
were inevitable after years of underperformance.  The FT said
Carrefour Belgium's like-for-like sales have fallen every year
since 2005, as it has struggled to compete with old Belgian rivals
Delhaize and Colruyt, and faced the entry of discounters Lidl and
Aldi.  Gerard Lavinay, Carrefour's local manager, as cited by the
FT, said the operations had been structurally loss-making for
years.  The company admitted it had failed to cut costs
sufficiently to make the network of stores profitable, the FT
noted.

Carrefour SA -- http://www.carrefour.com-- is a French company
that is primarily engaged in retail distribution.  The Company
operates a network of hypermarkets, supermarkets, hard discount
stores, convenience stores and cash-and-carry outlets.  The
Company's hypermarkets, under the Carrefour brand, offer a range
of food and non-food products.  Carrefour SA's supermarket chains
include Champion and GS brands, which primarily offer food,
clothing and household goods.  The Company's hard discount stores
include Dia, Ed and Minipreco, and offer a reduced selection of
products at discount prices.  Its convenience stores include Shopi
and Proxi and offer a range of convenience products and services.
Carrefour SA's cash-and-carry stores, such as Promocash and Docks
Market, offer wholesale products for businesses.  The Company also
offers Internet shopping through its online cyber-markets.
Carrefour SA has over 15,000 stores, either own or franchised.
The Company is present in 33 countries worldwide.


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

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

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

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***