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                     A S I A   P A C I F I C

           Tuesday, September 14, 2010, Vol. 13, No. 181

                            Headlines



A U S T R A L I A

AUSTRALIAN STYLE: Liquidator Reports Potential Breaches and Fraud
EMPOWER INVEST: Ordered to Pay Investors; May Face ASIC Wind-Up
OCTAVIAR LIMITED: Liquidator Sells 20 Centres for AU$32 Million
RIVIERA MARINE: Files for Bankruptcy Protection in Florida
RIVIERA MARINE: Chapter 15 Case Summary


H O N G  K O N G

ARCHCORP DESIGN: Creditors' Proofs of Debt Due October 9
BBG CREATION: Chan Kin Hang Danvil Appointed as Liquidator
BEST TALENT: Members' Final Meeting Set for October 15
BROAD VIDEO: Creditors' Proofs of Debt Due September 30
CHEER WAY: Yeung Kam Hoi Steps Down as Liquidator

DRAGON WAY: Lam Tak Keung Steps Down as Liquidator
EASEMIND INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
FORDSPACE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
FOREVER PROFITS: Yeung Kam Hoi Steps Down as Liquidator
FORVISION LIMITED: Members' Final Meeting Set for October 15

FRESH MEDIA: Creditors' Proofs of Debt Due October 12
GAINICE INTERNATIONAL: Yeung Kam Hoi Steps Down as Liquidator
GRAND SCORE: Yeung Kam Hoi Steps Down as Liquidator
HAPPY CHARITY: Placed Under Voluntary Wind-Up Proceedings
HARBOUR LEADER: Placed Under Voluntary Wind-Up Proceedings

HIGHGANG LIMITED: Yeung Kam Hoi Steps Down as Liquidator
IMAGE LEAD: Creditors' Proofs of Debt Due October 11
INFOWAY LIMITED: Yeung Kam Hoi Steps Down as Liquidator
INFOISLIVE CORP: Members' Final Meeting Set for October 11
INGRAM MICRO: Yan and Haughey Step Down as Liquidators

KAISERSTATE LIMITED: Commences Wind-Up Proceedings
LINKBEST DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
MAIN CROWN: Yeung Kam Hoi Steps Down as Liquidator
MAXFAME INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
MONTEGRAPPA 1912: Commences Wind-Up Proceedings


I N D I A

AMETHYST TOWN: ICRA Assigns 'LBB-' Rating to INR386cr Bank Debts
CHRISTY FRIEDGRAM: ICRA Assigns 'LBB' Rating to INR18cr Bank Debts
FLORA & FAUNA: ICRA Places 'LBB' Rating on INR85cr Bank Debts
SREE RENGARAJ: ICRA Assigns 'LBB+' Rating to INR88cr Term Loan


J A P A N

INCUBATOR BANK: To Get JPY200 Billion from Deposit Insurance
LEHMAN BROTHERS: Japanese Unit Gets Court Approval to Liquidate
NIS GROUP: May Become Insolvent After Incubator Bank's Bankruptcy


N E W  Z E A L A N D

A2 CORPORATION: Posts NZ$2.19 Million Net Loss in June 30 Year End
AORANGI SECURITIES: 2 More Hubbard Trusts in Statutory Management
BLUE CHIP: SFO to Disclose Result of Probe on Collapse This Month
NATHANS FINANCE: Former Execs Try to Block Banning Report


P H I L I P P I N E S

PHILIPPINE AIRLINES: Has Yet to Decide on Strike Notice


X X X X X X X X

* BOND PRICING: For the Week September 6 to September 10, 2010




                         - - - - -


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A U S T R A L I A
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AUSTRALIAN STYLE: Liquidator Reports Potential Breaches and Fraud
-----------------------------------------------------------------
Nicole Lindsay at Herald Sun reports that the liquidator of
Australian Style Services has reported a string of possible
Corporations Act breaches, including fraud, to the regulator.

According to the report, liquidator Brent Morgan told creditors in
a June 1 letter that he had reported to the Australian Securities
and Investments Commission "on various aspects of the company's
affairs and possible contraventions of the provisions of the
Corporations Act".

The report says Mr. Morgan listed 10 potential breaches including:

   -- allegations of a failure to discharge duties with
      good faith and diligence;

   -- making improper use of information for personal gain
      or to the detriment of the company;

   -- acting recklessly or with intentional dishonesty; and

   -- failing to keep proper financial records and not
      preventing insolvent trading.

Owner Nicholas Bolton in February appointed liquidator Brent
Morgan from Rodgers Reidy to wind up Australian Style Services, a
company supplying staff to Mr. Bolton's domain name companies, the
Herald Sun relates.

Mr. Bolton first rose to prominence in early 2009 when his
company, Australian Style Investments, built a key stake in toll
road company BrisConnections.


EMPOWER INVEST: Ordered to Pay Investors; May Face ASIC Wind-Up
---------------------------------------------------------------
The New South Wales Supreme Court has ordered that investors in a
managed investment scheme operated by Empower Invest Pty Ltd and
Newcastle Palais Holdings Pty Ltd be repaid within 28 days of the
order following action taken by the Australian Securities &
Investments Commission.

These orders, made on August 30, 2010, follow a declaration that
the companies had breached the enforceable undertaking (EU)
provided to ASIC on May 9, 2008.

ASIC said it will consider making an application to have
liquidators appointed if the companies do not comply with the
order.

                            Background

ASIC initially investigated allegations the companies, and their
respective directors, Kenneth Watson and Brien, promoted and
operated a managed investment scheme in relation to a property
development at Hunter Street, Newcastle, without registration and
without holding an Australian financial services license.

The scheme raised AU$769,500 in total from ten investors.  ASIC's
investigation revealed that offers had been made to a larger
number of investors to join the scheme.  ASIC took action to
prevent the further promotion of the scheme.

On May 9, 2008, the Court declared, with consent from the
companies and the directors, that the defendants had operated an
unregistered managed investment scheme and carried on a financial
services business in relation to the scheme in breach of the
Corporations Act 2001.  ASIC also accepted enforceable
undertakings from the defendants in which they undertook to:

    * inform investors in the scheme of ASIC's concerns;
    * offer to refund money invested;
    * make a refund to any investor who accepted the offer; and
    * report to ASIC on any refunds requested and paid to
      investors.

"While the defendants complied in part with their undertaking,
they failed to repay investors in accordance with the terms of the
EU," ASIC said.

Under the powers given to ASIC, in particular section 93AA(3) of
the ASIC Act, ASIC may seek an order from the Court for a breach
of an undertaking.

ASIC commenced proceedings against the companies to enforce the
undertaking with a view to pursuing an appropriate avenue of
compensation for the unpaid investors in the scheme.

Australian-based Empower Invest Pty Ltd operates managed
investment scheme.


OCTAVIAR LIMITED: Liquidator Sells 20 Centres for AU$32 Million
---------------------------------------------------------------
The liquidator of Octaviar Ltd said it has sold 20 childcare
centres in Queensland and Victoria for AU$32 million, The Age
reports.

According to the report, liquidator Bentleys Corporate Recovery
said the 14 Sunkids Children Centres in south-east Queensland were
sold to a private consortium based in the state and the six
centres in Melbourne were bought by a Canberra-based private
investor.

"Both purchasers are retaining the Sunkids brand and staff," the
Age cited Bentleys as saying in a statement.  Bentleys added that
the centres had continued to operate profitably since it was
appointed liquidator in September 2009, the report says.

Other assets in the portfolio being sold included 24 freehold
leased childcare centres and 12 development sites, the report
says.

A Bentleys spokesman said the Sunkids sale, along with the
remainder of the portfolio, "would result in a significant return
to creditors".

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operates as an investment management business with a portfolio of
businesses and assets.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators.  Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AU$2.5 billion from the Group, which was found to have AU$1
billion in inter-company loans.


RIVIERA MARINE: Files for Bankruptcy Protection in Florida
----------------------------------------------------------
Bloomberg News reports that Riviera Marine (Int.) Pty Ltd. sought
bankruptcy protection in the U.S. citing a drop in demand starting
in January 2008.

The company listed assets and debt of as much as $50 million each
in Chapter 15 documents filed Sept. 8 in U.S. Bankruptcy Court in
Tampa, Florida.  Four affiliates also sought protection.

Riviera Marine said it sold 52 boats with sales totaling $54
million for fiscal year ending June 30, down from 139 boats with
sales totaling $131 million in 2009 and 327 boats with sales
totaling $265 million in 2008.

The U.S. filing followed a voluntary administration in Australia.

                        About Riviera Group

Riviera Group -- http://www.riviera.com.au/--is a luxury boat
builder based in Queensland, Australia.

Riviera Group was placed into voluntary receivership in May 2009.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard
Hughes were appointed receivers and managers of Riviera.
According to the Brisbane Times, Mr. Campbell said it was proposed
to sell Riviera as a going concern after a restructuring of the
company.  The Brisbane Times said Riviera shed 117 of its Gold
Coast staff in January 2009 and cut more than 300 staff from its
Coomera headquarters in 2008.  The company also closed its
production line for three weeks, from April 10 to May 5, in a bid
to clear stock held by international dealers, the Brisbane Times
added.

In July 2010, Riviera Group said it has received written notice on
June 25, 2010, that the Deed of Company Arrangement established in
conjunction with Riviera's creditors in January this year has now
been completed and the company has now officially exited from
administration.


RIVIERA MARINE: Chapter 15 Case Summary
---------------------------------------
Chapter 15 Petitioner: Stephen James Parbery,
                       As foreign representative

Chapter 15 Debtor: Riviera Marine (Int.) Pty Limited
                   50 Waterway Drive
                   Coomera, Queensland 4209
                   Australia

Chapter 15 Case No.: 10-21722

Type of Business: The Debtor is Australia's largest and most
                  awarded luxury boat builder and exporter of
                  Flybridge Convertibles, Offshore Express and
                  Sport Yachts.

Chapter 15 Petition Date: September 8, 2010

Court: U.S. Bankruptcy Court
       Middle District of Florida (Tampa)

Judge: Caryl E. Delano

Debtor's Counsel: Daniel C. Guarnieri, Esq.
                  NELSON HESSE, LLP
                  2070 Ringling Boulevard
                  Sarasota, FL 34237
                  Tel: (941) 366-7550
                  Fax: (941) 955-3708
                  E-mail: dguarnieri@nelsonhesse.com

Estimated Assets: $10,000,001 to $50,000,000

Estimated Assets: $10,000,001 to $50,000,000

The Company did not file a list of creditors together with its
petition.

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                        Case No.       Petition Date
        ------                        --------       -------------
Riviera Coomera Pty Limited           10-21728          09/08/10
Riviera Marine (MFG) Pty Limited      10-21730          09/08/10
Riviera Runaway Bay Pty Limited       10-21732          09/08/10
R Marine Pittwater Pty Limited        10-21726          09/08/10


================
H O N G  K O N G
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ARCHCORP DESIGN: Creditors' Proofs of Debt Due October 9
--------------------------------------------------------
Creditors of Archcorp Design and Construction (HK) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by October 9, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on September 1, 2010.

The company's liquidator is:

         Seto Sau Kuen Christine
         Room 1509 C C Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


BBG CREATION: Chan Kin Hang Danvil Appointed as Liquidator
----------------------------------------------------------
Chan Kin Hang Danvil on September 6, 2010, was appointed as
liquidator of BBG Creation Company Limited.

The liquidator may be reached at:

         Chan Kin Hang Danvil
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


BEST TALENT: Members' Final Meeting Set for October 15
------------------------------------------------------
Members of Best Talent Investment Limited will hold their final
meeting on October 15, 2010, at 10:00 a.m., at Room 1601, Wing On
Centre, 111 Connaught Road Central, in Hong Kong.

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


BROAD VIDEO: Creditors' Proofs of Debt Due September 30
-------------------------------------------------------
Creditors of Broad Video Technology Co (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 30, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on August 31, 2010.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14/F
         Harbour Centre, No. 25 Harbour Road
         Wanchai, Hong Kong


CHEER WAY: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Cheer Way Development
Limited on September 1, 2010.


DRAGON WAY: Lam Tak Keung Steps Down as Liquidator
--------------------------------------------------
Lam Tak Keung stepped down as liquidator of Dragon Way Far East
Limited on August 30, 2010.


EASEMIND INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
-----------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Easemind Investment
Limited on September 1, 2010.


FORDSPACE DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Fordspace Development
Limited on September 1, 2010.


FOREVER PROFITS: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Forever Profits
Associates Limited on September 1, 2010.


FORVISION LIMITED: Members' Final Meeting Set for October 15
------------------------------------------------------------
Members of Forvision Limited will hold their final general meeting
on October 15, 2010, at 10:00 a.m., at the registered office.

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


FRESH MEDIA: Creditors' Proofs of Debt Due October 12
-----------------------------------------------------
Creditors of Fresh Media Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 12,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2010.

The company's liquidators are:

         Michael Roger Eyles
         Yick Wing Keung
         Suite 905, 9/F, Centre Point
         181-185 Gloucester Road
         Wanchai, Hong Kong


GAINICE INTERNATIONAL: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Gainice International
Limited on September 1, 2010.


GRAND SCORE: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Grand Score Investment
Limited on September 1, 2010.


HAPPY CHARITY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on September 1, 2010,
creditors of Happy Charity for Public Foundation resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Pui Chiu Wing
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, Hong Kong


HARBOUR LEADER: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on September 3, 2010,
creditors of Harbour Leader Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F., Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


HIGHGANG LIMITED: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Highgang Limited on
September 1, 2010.


IMAGE LEAD: Creditors' Proofs of Debt Due October 11
----------------------------------------------------
Creditors of Image Lead Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 30, 2010.

The company's liquidators are:

         Richard Joseph Barrett
         97 Upper Leeson Street
         Dublin 2, Republic of Ireland

         Rory John Williams
         2, Sorbonne, Ardilea
         Clonskeagh, Dublin 14
         Republic of Ireland


INFOWAY LIMITED: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Infoway Limited on
September 1, 2010.


INFOISLIVE CORP: Members' Final Meeting Set for October 11
----------------------------------------------------------
Members of Infoislive Corporation Limited will hold their final
general meeting on October 11, 2010, at 2:00 p.m., at Unit 1902,
19/F., CLI Building, No. 313 Hennessy Road, Wanchai, in Hong Kong.

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


INGRAM MICRO: Yan and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Ingram Micro (Hong Kong) Limited on September 6,
2010.

KAISERSTATE LIMITED: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Kaiserstate Limited, on May 5, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is Mr. To Siu Chiu.


LINKBEST DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Linkbest Development
Limited on September 1, 2010.


MAIN CROWN: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Main Crown Development
Limited on September 1, 2010.


MAXFAME INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
----------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Maxfame Investment
Limited on September 1, 2010.


MONTEGRAPPA 1912: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Montegrappa 1912 Limited, on September 3, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Betty Yuen Yeung
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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AMETHYST TOWN: ICRA Assigns 'LBB-' Rating to INR386cr Bank Debts
----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to INR386 crore fund-based
limits of Amethyst Town Planners Private Limited.  The outlook on
the long term rating is stable.

The rating factors in the company's healthy revenues of INR2255
crores in FY2010 and a large cash balance (INR49 Crores as on
March 31, 2010).  The company's operations however remain exposed
to political scenario within the state and timely renewal of the
liquor license to the company will remain key for maintaining
business volumes.  Moreover, trading nature of the business and
the regulatory nature of the sector has restricted the company's
operating profit margins around 2% level in the past and given the
inherent business dynamics, ICRA does not expect any significant
improvement in the margins in the medium term.  While assigning
the rating, ICRA also notes the high debt level on the company's
books on account of demand loans for license fees and security
deposit which remains a concern for the rating viewpoint

Amethyst Town Planners Pvt. Limited was initially incorporated for
the real estate business.  However, the company entered the liquor
wholesale business during FY2008-09 when it obtained wholesale
license for IMFL for 15 districts in Western UP in FY2009.
Thereafter, in FY2010 and FY2011, company obtained retail license
for both County Liquor and IMFL for the 15 districts in
Western Uttar Pradesh


CHRISTY FRIEDGRAM: ICRA Assigns 'LBB' Rating to INR18cr Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR18 crores fund based
limits of Christy Friedgram Industry.  The outlook on the long
term rating is stable. ICRA has also assigned an 'A4' rating to
the INR2 crores non-fund based limits of CFI.

The inadequate credit quality ratings takes into account the
vulnerability of the profitability of CFI's core business of
manufacturing of health food to variations in the prices of its
key raw materials (mainly grains) given the fixed price nature of
the selling price of its final product.  ICRA's rating action also
factors in the risks inherent in partnership firms and its long
track record of supplying food products to UP govt.  ICRA also
draws comfort from the professional management which is
experienced in similar fields and directly involved in operations
of the company. Going forward the key success factor for the
firm would be to supply the orders at the requisite quality and
maintain the adequate margins given the fact that commodity prices
are volatile and contracts are of fixed price nature

                       About Christy Fridgram

Christy Friedgram Industry is a partnership firm started in
December 2003 to supply the health nutrition foods to the UP Govt.
It is engaged in the manufacturing of Amylase Rich Energy Food
(AREF), a health food which is largely supplied only to government
for their nutrition programmes.  The finished product of the firm
is a multivitamin health food comprising of wheat, soyabean,
sugar, ragi malted flour, vitamins and minerals premix. The
production capacity of the unit is 1.24 lakh MT per annum


FLORA & FAUNA: ICRA Places 'LBB' Rating on INR85cr Bank Debts
-------------------------------------------------------------
ICRA has assigned a 'LBB' rating to INR85 crore fund-based limits
of Flora & Fauna Housing & Land Developments (P) Limited.
The outlook on the long term rating is stable.

The rating is constrained by the company's operations which remain
exposed to the political scenario within the state and timely
renewal of the liquor license that will remain key for maintaining
business volumes. Moreover, trading nature of the business and the
regulatory nature of the sector has restricted the company's
operating profit margins between 1%-2% levels in the past; the
margins are expected to remain within this range in the future.
ICRA however takes comfort from the fact that the company is
operating as the only wholesaler for country liquor in the entire
Uttar Pradesh for the last two consecutive years.  The rating also
derives comfort from the moderate working capital intensity of the
business, healthy cash accruals.  Although high debt level on the
company's books remains a concern, the risk is mitigated to a
large extent by the large cash balance available with the company
(around INR170 Crores as on March 31, 2010).

                        About Flora and Fauna

Flora and Fauna Housing & Land Developments (P) was initially
incorporated for the real estate business.  However, the company
entered the liquor wholesale business when it obtained wholesale
license for IMFL for 15 districts in Western UP in FY2009; and for
the entire 70 districts in Uttar Pradesh for Country liquor in
2010 and 2011.


SREE RENGARAJ: ICRA Assigns 'LBB+' Rating to INR88cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR88.00 crore term loan
programme of Sree Rengaraj Ispat Industries Private Limited.  The
outlook on the rating is stable.

The rating factors in SRIIPL's moderate operating profitability
and coverage indicators, the risks associated with the
implementation of SRIIPL's large scale projects and primarily debt
funded capital expenditure plan for the same, which is likely to
keep the company's capital  structure at aggressive levels, at
least over the medium term.  SRIIPL is currently undertaking a
project for setting up a 30 MW thermal power plant and is also
proposing to install a 300 tonne per annum billet making facility.
Further, in ICRA's opinion, the current low value addition in the
stand-alone sponge iron business and a highly raw material
intensive nature of operations will make the company vulnerable to
the risks of adverse raw material price fluctuations.  The rating
however takes into account the experience of the promoters in the
steel business and the comfortable repayment terms of the
sanctioned term loans for the envisaged power project.  Further,
the envisaged merger of Sree Rengaraaj Power India Pvt Ltd, a
group company which owns an 8 MW power plant, with SRIIPL would
bring in operational cost benefits going forward. SRPIPL currently
purchases steam from SRIIPL, which is produced from the waste
gases generated from SRIIPL's sponge iron unit.  The group level
restructuring and implementation of the envisioned projects would
bring in benefits in the form of cost efficiency due to
availability of captive power and vertical integration in
operations.  Notwithstanding the above benefits, the ability of
the promoters to infuse the envisioned promoter's contribution and
completion of the projects in a timely manner, without cost
overruns would be key rating sensitivities.  Also, the debt
contracted by the company for the projects is quite significant as
compared to the current net worth of the company that is likely to
keep the capital structure of the company at an adverse level in
the medium term at least.

                        About Sree Rengaraaj

SRIIPL was incorporated as Sree Rengaraaj Ispat Private Limited in
2003.  The name was changed to Sree Rengaraj Ispat Industries
Private Limited during 2009-10. SRIIPL is currently engaged in
production of sponge iron, and has a production capacity of 350
tonne per day in Perundurai SIPCOT, Tamil Nadu.  Apart from
production of sponge iron for external sales, the company also
undertakes production of sponge iron on job work basis for a group
company. One of the group companies, viz.  SRPIPL, which owns an
8MW power plant, is proposed to be merged with SRIIPL in the near
term.

Recent Results

During 2008-09, SRIIPL reported a net profit of INR0.68 crore on a
turnover of INR95.80 crore.  During 2009-10, the company posted a
provisional profit before tax of INR3.84 crore on a turnover of
INR95.97 crore.


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INCUBATOR BANK: To Get JPY200 Billion from Deposit Insurance
------------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that Japan's
Deposit Insurance Corp. may provide as much as JPY200 billion
($2.4 billion) in aid to Incubator Bank of Japan Ltd. to help the
lender continue operating.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, Kyodo News said the Incubator Bank of Japan
Ltd. filed for bankruptcy proceedings with the Financial Services
Agency under the Deposit Insurance Law. The FSA is expected to
invoke the deposit protection scheme for the first time since it
was instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  According to Kyodo, sources said the
bank may incur a capital deficit in its semiannual period through
September.  The bank had about JPY592.7 billion in deposits as of
March 31, of which JPY68.6 billion had been deposited in excess of
the JPY10 million threshold by some 4,800 depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


LEHMAN BROTHERS: Japanese Unit Gets Court Approval to Liquidate
---------------------------------------------------------------
Lehman Brothers Japan Inc. got approval for its debt repayment
plans from a Tokyo district court, according to a September 1
report by Reuters.

The company also secured support from the majority of its
creditors, and is expected to start repaying its debt by late
November this year, the report added.  While the exact proportion
is unknown, the figure is expected to rise from the 16.8% set for
the first reimbursement, the report said.

Lehman Brothers Japan is one of Lehman Brothers Holdings Inc.'s
major subsidiaries to get going with its liquidation.  Other
major Lehman units in the United States, United Kingdom and Hong
Kong still have not drawn up their plans for liquidation as their
operations involve complex cross-border financial transactions,
Reuters reported.

                        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)


NIS GROUP: May Become Insolvent After Incubator Bank's Bankruptcy
-----------------------------------------------------------------
NIS Group Co. said Friday that it will book impairment losses on
Incubator Bank of Japan stock and outstanding long-term loans to
the lender, potentially leading to liabilities exceeding assets by
as much as JPY3 billion for the interim half ending Sept. 30, The
Nikkei reports.

The Nikkei said the provider of business financing and credit
guarantees held 9,720 shares of Incubator Bank, with JPY6.65
billion in long-term loans outstanding.  Through last month, it
had been part of a network of small and midsize businesses with
close ties to the bank.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, Kyodo News said the Incubator Bank of Japan
Ltd. filed for bankruptcy proceedings with the Financial Services
Agency under the Deposit Insurance Law. The FSA is expected to
invoke the deposit protection scheme for the first time since it
was instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  According to Kyodo, sources said the
bank may incur a capital deficit in its semiannual period through
September.  The bank had about JPY592.7 billion in deposits as of
March 31, of which JPY68.6 billion had been deposited in excess of
the JPY10 million threshold by some 4,800 depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


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


A2 CORPORATION: Posts NZ$2.19 Million Net Loss in June 30 Year End
------------------------------------------------------------------
A2 Corporation Limited reported an audited Group post-tax loss of
NZ$2,193,973 for the 12 months ended June 30, 2010.  This compared
to a loss of NZ$3,528,057 for the 15 months ended June 30, 2009.

The audited Group post-tax loss is made up of:

   * a2C operational loss of NZ$640,596 versus a budgeted loss
     of NZ$1,291,012, compared to a prior year operational loss
     of NZ$2,734,215 (Prior Year F2009 for 15 months).  The full
     year F2010 operational loss was made up of a first half loss
     of NZ$544,185 and a second half loss of NZ$96,411.

   * Foreign exchange losses (realized and unrealized) of
     NZ$92,458.

   * Non cash expense of NZ$210,386 relating to share based
     incentive schemes for a2C's CEO & executive directors.

   * Costs of NZ$1,307,613 associated with the purchase of
     50% of the Australian joint venture, A2 Dairy Products
     Australia Pty Limited (A2DPA) that a2C did not already
     own:

       i. Due diligence NZ$315,581
      ii. Termination of CEO role NZ$500,000
     iii. Incentive scheme expensed NZ$492,032

   * Gain from NZTE grant of NZ$57,080

A pleasing aspect is the net level of cash of NZ$5,214,589 at year
end (pre termination payments and approximately NZ$100,000
outstanding for due diligence costs).

Over the past twelve months the Company has continued on a major
transitional phase with the aim of building a global A2 milk
business.  This has been progressed with the intention of aligning
all parts of the business.  The most significant changes include:

   * The completed purchase by a2C of 50% of the Australian joint
     venture, A2DPA, which the company did not previously own.
     The benefits of this transaction include:

      - A united management team focused on building a profitable
        business undistracted by territory.  The JV included the
        territory of Japan (a2C had the territory of Korea) and
        so a united market strategy in Japan and Korea was not
        able to be achieved.  Following the acquisition an
        alignment and united strategy is now possible in Japan
        where functional foods are sought after products.

      - A2DPA had introduced a range of UHT milks and wished to
        export them however this had the potential to create
        issues with existing licensees in New Zealand.

      - An expansion of the product range including Yoghurt and
        further development in infant formula.

      - The repositioning of the Company, both internally and
        externally as a differentiated, premium priced, branded,
        fast moving consumer goods & ingredients business.  This
        position is in contrast to the previously held view that
        a2C was an IP company.

      - A focus on dealing with legacy issues including licence
        agreement issues in a number of markets.

                        About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.  The Company posted
NZ$3.53 million net loss for the 15 months ended June 30, 2009.


AORANGI SECURITIES: 2 More Hubbard Trusts in Statutory Management
-----------------------------------------------------------------
The New Zealand Press Association reports that Commerce Minister
Simon Power said Monday two more trusts established by Allan
Hubbard have been put into statutory management.

The Temple Bar Family Trust and Barns Charitable Trust were put
into statutory management on recommendation from the Securities
Commission, the report says.

According to the report, the Commission made the recommendation
after receiving a report from the statutory managers of Aorangi
Securities, another of Mr. Hubbard's companies.

The Temple Bar and Barns Charitable hold shares which are recorded
as assets in Aorangi's financial statement, NZPA notes.

NZPA says Graeme McGlinn has been appointed as an additional
statutory manager for all corporations connected to Mr. and Mrs.
Hubbard, including the trusts.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Citing Commerce Minister Simon Power's e-mailed statement,
Bloomberg related that Mr. Hubbard and his wife are also subject
to statutory management because they are so closely connected with
the businesses.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.  More than 400
investors in Aorangi Securities owed NZ$96 million have been told
by the statutory managers they will not receive any return of
capital or interest in the short term, stuff.co.nz said.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards.


BLUE CHIP: SFO to Disclose Result of Probe on Collapse This Month
-----------------------------------------------------------------
The Serious Fraud Office is expected to announce this month
whether charges will be laid against any of those involved in
promoting or running the Blue Chip schemes, The New Zealand Herald
reports.

SFO boss Adam Feeley said the investigation is in its final stages
and an announcement is expected this month, the report says.

Meanwhile, the NZ Herald adds, liquidator Jeff Meltzer has just
issued the latest liquidation statements for the slew of collapsed
Blue Chip companies.  The liquidators report stated that a Queen's
Counsel had found a range of options to pursue the directors --
but that "the liquidators need to obtain funding".

According to the NZ Herald, the liquidators report said that
investors' hopes of getting money back rested on the liquidators
getting enough money to "issue proceedings against the directors
and others."  However, the funding was "uncertain" and the
lawsuits would take a long time.  Mr. Meltzer said he expects to
tell investors whether funding is available by the end of the
month, the NZ Herald notes.

The NZ Herald says the liquidators report also stated not all Blue
Chip companies would be sued and which they would only be
identified if the money is found for lawsuits.  Only investors
owed money by those companies had any hope of getting anything out
of the case.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


NATHANS FINANCE: Former Execs Try to Block Banning Report
---------------------------------------------------------
Former Nathans Finance directors Roger Moses and Don Young have
asked the High Court to prevent the Registrar of Companies from
receiving a report that could see them banned as directors,
BusinessDay.co.nz reports.

BusinessDay.co.nz says Gary Stevens, a director of Nathans' parent
company VTL Ltd, is also a plaintiff in the action -- a judicial
review aimed at blocking the Ministry of Economic Development from
handing over the contentious report.

According to BusinessDay.co.nz, John Hotchin and Mervyn Doolan,
also former Nathans directors, are not named in the proceeding.
But Mr. Doolan's lawyer Nathan Gedye said each has filed an
application to the court in Auckland and an agreement has been
struck with the registrar where the final decision will apply also
to them, BusinessDay.co.nz relates.

BusinessDay.co.nz discloses that the matter was called in the High
Court on September 13 and adjourned until November, when Justice
Graham Lang said a date would be set for a substantive hearing
early next year.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on August 20, 2007.  The company owed approximately
NZ$174 million to some 7,000 investors.  Nathans Finance is a
wholly owned subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of vending
machine related businesses which operate in New Zealand,
Australia, North America and Europe.


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


PHILIPPINE AIRLINES: Has Yet to Decide on Strike Notice
-------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines is letting
the legal process "take its due course" after flight attendants
and stewards filed a notice of strike last Thursday to force to
flag carrier to improve its offer in collective bargaining talks.

PAL spokeswoman Ma. Cielo C. Villaluna said the airline's
management has yet to decide what it would offer to members of the
Flight Attendants' and Stewards' Association of the Philippines
(FASAP), according to BusinessWorld.

"PAL management will strike a balance between what the union
desires and what we can afford to give," BusinessWorld quoted Ms.
Villaluna as saying.  "PAL management is leaving it up to DoLE at
this point to do what it deemed best under the circumstances."

The FASAP filed a notice of strike with the Department of Labor
and Employment (DoLE) following a deadlock over retirement
policies and wage increases.  The group withdrew from mediation
talks with the management Aug. 18.

BusinessWorld notes that FASAP claims the PHP80-million package
offered by the management was not enough for 1,600 members, noting
that many members of the cabin crew have not been getting the
minimum wage.

BusinessWorld Online reports that Philippine President Benigno
Simeon C. Aquino III has reiterated his warning that the
implementation of an "open skies" policy would be hastened if PAL
and its employees failed to resolve the issue.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses.  The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


* BOND PRICING: For the Week September 6 to September 10, 2010
--------------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       0.98
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.03
ANTARES ENERGY          10.00    10/31/2013   AUD       1.86
BECTON PROP GR           9.50    06/30/2010   AUD       0.19
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.85
EXPORT FIN & INS         0.50    12/16/2019   AUD      61.45
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.63
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.76
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.91
GRIFFIN COAL MIN         9.50    12/01/2016   USD      61.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.71
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      68.15
NEW S WALES TREA         0.50    09/14/2022   AUD      54.85
PRAECO P/L               7.13    07/28/2020   AUD      74.74
RESOLUTE MINING         12.00    12/31/2012   AUD       1.13
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      55.60

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.60
SUZHOU HI-TECH           5.50    11/09/2014   CNY      55.96
ZHANGJIANG GRP           3.87    06/10/2012   CNY      73.52

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      35.83


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.33
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.03
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.04
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.25
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.62
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.16
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.85
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.66
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.58
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.61
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43

  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.22    10/19/2015   JPY      45.90
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.69
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.02
SHINSEI BANK             5.62    12/29/2049   GBP      72.75
TAKEFUJI CORP            9.20    04/15/2011   USD      61.50
TAKEFUJI CORP            9.20    04/15/2011   USD      61.50
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.47


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.28
CRESENDO CORP B          3.75    01/11/2016   MYR       0.91
DUTALAND BHD             6.00    04/11/2013   MYR       0.36
DUTALAND BHD             6.00    04/11/2013   MYR       0.92
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.10
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.11
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.91
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.06
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.65
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.94
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.06
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.77
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.83
TRC SYNERGY              5.00    01/20/2012   MYR       1.10
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.95


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

ALLIED FARMERS           9.60    11/15/2011   NZD       3.93
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
FLETCHER BUI             8.50    03/15/2015   NZD       7.50
FLETCHER BUI             7.55    03/15/2011   NZD       7.15
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.08
INFRATIL LTD             8.50    09/15/2013   NZD       7.90
INFRATIL LTD             8.50    11/15/2015   NZD       8.90
INFRATIL LTD            10.18    12/29/2049   NZD      61.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.33
MARAC FINANCE           10.50    07/15/2013   NZD       0.96
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      47.15
SKY NETWORK TV           4.01    10/16/2016   NZD       5.62
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.66
ST LAURENCE PROP         9.25    07/15/2010   NZD      53.58
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.30
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.03
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.00


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      25.75
DAVOMAS INTL FIN         5.50    12/08/2014   USD      66.26
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.06
SENGKANG MALL            4.88    11/20/2012   USD       0.10
SENGKANG MALL            8.00    11/20/2012   USD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.52
WBL CORPORATION          2.50    06/10/2014   SGD       1.81


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      70.71
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      12.12
DONGYANG TELECOM         6.00    07/17/2012   KRW      69.53
DONGYANG TELECOM         6.00    07/02/2013   KRW      45.37
HOPE KOD 1ST             8.50    06/30/2012   KRW      34.27
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.51
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.52
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.61
HOPE KOD 6TH            15.00    03/10/2013   KRW      39.76
IBK 2008/12 ABS         25.00    06/24/2011   KRW      70.44
IBK 2009/13 ABS         25.00    02/03/2012   KRW      65.38
IBK 2009/16 ABS         25.00    09/24/2012   KRW      59.40
IBK 2009/17 ABS         25.00    12/29/2012   KRW      55.87
KB 10TH SEC SPC         23.00    01/03/2011   KRW      62.25
KB 10TH SEC SPC         20.00    01/03/2011   KRW      41.94
KB 11TH SEC SPC         23.00    07/03/2011   KRW      62.91
KB 12TH SEC SPC         25.00    01/21/2012   KRW      60.75
KB 13TH SEC SPC         25.00    07/02/2012   KRW      57.77
KB 14TH SEC SPC         23.00    01/04/2013   KRW      56.02
KDB 1ST SEC SPC         20.00    06/20/2013   KRW      72.72
KDB 5TH SEC SPC         15.00    01/04/2013   KRW      72.98
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      52.95
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      56.49
KEDCOM CO LTD            8.00    05/29/2012   KRW      46.06
NACF-13 ABS SPS         25.00    09/25/2010   KRW      73.22
NACF-14 ABS SPS         25.00    01/15/2011   KRW      60.25
NACF-15 ABS SPS         25.00    03/18/2011   KRW      59.17
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      72.46
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.26
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.61
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.38
SAM HO INTL              6.32    03/28/2011   KRW      72.53
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      47.24
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.43
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.55
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.60
SINGOK ABS               7.50    06/18/2011   KRW      51.47
SINGOK NS ABS            7.50    06/27/2011   KRW      51.53
SMI XVI ABS SPC          9.99    04/30/2011   KRW      74.40


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                             *********

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

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

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


                            *********


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

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

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

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

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





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