TCRAP_Public/101015.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

            Friday, October 15, 2010, Vol. 13, No. 204



COCOS FRESH: Former Owner Ready to Save Store Chain
ENTERPRISE CAR: Former Director Ordered to Pay Workers
MULHERN CONSTRUCTIONS: Owes AU$12.5 Million to Bank of Queensland

H O N G  K O N G

ALCOA HK: Creditors' Proofs of Debt Due November 9
ALLIED INDUSTRIAL: Annual Meetings Slated for October 22
ARTISTE PERFORMANCE: Annual Meetings Set for October 20
ASSOCIATION OF INT'L: Placed Under Voluntary Wind-Up Proceedings
BASF CONSTRUCTION: Ng and Ha Step Down as Liquidators

B.S. SMITH: Creditors' Proofs of Debt Due October 29
BUSISTYLE TRADING: Members' Final Meeting Set for November 8
EVERCO LIMITED: Placed Under Voluntary Wind-Up Proceedings
CAPITAL ASIA: Placed Under Voluntary Wind-Up Proceedings
CATHAY ARTS: Members' Final Meeting Set for November 11

PEACE CITY: Annual Meetings Slated for October 22
PEARL POND: Creditors' Meeting Set for October 15
SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 20
UNIROSS BATTERIES: Creditors' Proofs of Debt Due October 29
VEGAS KNITTERS: First Meetings Slated for October 19

WAI LAM: Creditors Get 5.60% Recovery on Claims
WAYSIN INTERNATIONAL: Lo and Leung Appointed as Liquidators
WELLFRED (HAW KEE): Commences Wind-Up Proceedings
WING YIP: Commences Wind-Up Proceedings
ZHU SHENG: Commences Wind-Up Proceedings


AGNICE FIRE: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit
AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Ratings on Various Debts
BASAI STEELS: CARE Place 'CARE BB' Rating on INR224.5cr LT Loans
BILLETS ELEKTRO: CRISIL Cuts Rating on INR10MM Cash Debt to 'BB'
CERAFLUX INDIA: CRISIL Reaffirms 'BB-' Rating on INR59MM Term Loan

N.J. TEXTILE: CARE Assigns 'CARE BB+' Rating on INR22.35cr LT Loan
NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan


JLOC XVII: S&P Downgrades Rating on Class D Certificates to 'BB'


SSANGYONG MOTOR: Mahindra to Ink Final Sale Deal by February
WOORI BANK: Fitch Affirms Issuer Ratings; Gives Stable Outlook

N E W  Z E A L A N D

FIVE STAR: Directors Sentencing Delayed Until December
SOUTH CANTERBURY: Investors to Get Repaid Next Week
SOUTH PACIFIC: NZ$241K Bad Debt Leads to Company's Collapse


TT INTERNATIONAL: Court Approves Debt Restructuring


* Bingham Expands Financial Services Team in Asia

* Large Companies with Insolvent Balance Sheets

                         - - - - -


COCOS FRESH: Former Owner Ready to Save Store Chain
Sam Coco is ready to step in to save Cocos Fresh Food Markets, the
fruit store chain he founded, after it was placed into voluntary
administration, Nick Nichols at reports.

According to, Mr. Coco said he was prepared to
roll up his sleeves and reopen at least the two stores that anchor
his own shopping centers at Carrara on the Gold Coast and Annerley
in Brisbane.

"I've had 45 years' experience in retail and I'm ready to go in,"
Mr. Coco told the Bulletin.  "I'd be looking to very quickly try
to open them (and) reactivate the market as quickly as possible."

The veteran fruiterer, who built a chain of 10 stores from humble
beginnings in 1990, sold the business in 2003 to former Bi-Lo
founder and millionaire retailer David Weeks,

Mr. Weeks, notes, ran Cocos for six years before
offloading it late last year to SSSMET Pty Ltd, controlled by Gold
Coast businessmen Keith Nicholls and Stuart Aikman.

As reported in the Troubled Company Reporter-Asia Pacific on
October 14, 2010, ABC News said Cocos went into administration
owing creditors around AU$12 million.  All 54 employees from eight
Cocos outlets were laid off but employee entitlements will be paid
by a government scheme.  Administrator Jason Bettles said the
chain's financial situation is dire.  Mr. Bettles secured said
creditors, including a major bank, should receive money from the
asset sale but others will miss out.  Mr. Bettles said Cocos Fresh
Food Markets got into financial trouble due to under-

Cocos Fresh Food Markets is a south-east Queensland grocery chain.
The chain has outlets in south-east Queensland, including
Brisbane, Toowoomba and on the Gold Coast.

ENTERPRISE CAR: Former Director Ordered to Pay Workers
The former director of Enterprise Car Rental Group Pty Ltd has
been fined AU$110,000 over the underpayment of seven workers,
following a prosecution by the Fair Work Ombudsman, the Northside
Chronicle reports.

The Northside Chronicle says Nathan Conn was the manager and sole
director of Enterprise Car Rental Group Pty Ltd, which traded as
Abel Car Rental at a number of locations throughout Brisbane,
before the company went into liquidation.

According to the Northside Chronicle, Federal Magistrate Michael
Burnett imposed the fine after finding Mr. Conn was involved in
Enterprise Car Rental Group committing 28 breaches of workplace
laws by underpaying seven workers a total of AU$61,423 between
February, 2006 and April, 2008.  Federal Magistrate Burnett
ordered part of Mr. Conn's fine be paid to the underpaid workers,
according to the Northside Chronicle.

Enterprise Car Rental Group Pty Ltd is a Brisbane-based car rental

MULHERN CONSTRUCTIONS: Owes AU$12.5 Million to Bank of Queensland
Liam Walsh at The Courier-Mail reports that a Supreme Court
judgment revealed Mulhern Constructions owes more than
AU$12 million to Bank of Queensland.

According to The Courier-Mail, Mulhern Constructions' debt is a
fraction of big-business loans at BoQ, of AU$1.3 billion at the
half year.  But BoQ then also had only 68 "connections" of more
than AU$10 million.

Mulhern Constructions Pty. Ltd. is a Brisbane-based construction
company.  Mulhern Constructions went into receivership in May

H O N G  K O N G

ALCOA HK: Creditors' Proofs of Debt Due November 9
Creditors of Alcoa Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 9, 2010, to be included in the company's dividend

The company commenced wind-up proceedings on September 28, 2010.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong

ALLIED INDUSTRIAL: Annual Meetings Slated for October 22
Creditors and members of Allied Industrial Limited will hold their
annual meetings on October 22, 2010, at 3:00 p.m., at the office
of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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

ARTISTE PERFORMANCE: Annual Meetings Set for October 20
Members and creditors of Artiste Performance Platform Limited will
hold their annual meetings on October 20, 2010, at 3:30 p.m., and
4:00 p.m., respectively at 29/F., Caroline Centre, Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Tak Man Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

ASSOCIATION OF INT'L: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on September 20, 2010,
creditors of Association of International Beauty Therapists
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Mr. Hui Sze Wai
         Room 1102, Hang Seng Mongkok Building
         677 Nathan Road
         Mongkok, Hong Kong

BASF CONSTRUCTION: Ng and Ha Step Down as Liquidators
Ng Wai Yan and Ha Man Kit Marcus stepped down as liquidators of
BASF Construction Chemicals (Hong Kong) Limited on September 30,

B.S. SMITH: Creditors' Proofs of Debt Due October 29
Creditors of B. S. Smith Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 29, 2010, to be included in the company's dividend

The company commenced wind-up proceedings on September 29, 2010.

The company's liquidator is:

         Suen Man Fai
         Room 2402, 24/F
         101 King?s Road
         Fortress Hill
         Hong Kong

BUSISTYLE TRADING: Members' Final Meeting Set for November 8
Members of Busistyle Trading Limited will hold their final general
meeting on November 8, 2010, at 10:00 a.m., at Room 2, 1/F., North
Point, in Hong Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator, will
give a report on the company's wind-up proceedings and property

EVERCO LIMITED: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on October 6, 2010,
creditors of Everco Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Yee Por Simon
         14th Floor, Greatmany Centre
         109-115 Queen?s Road East
         Wanchai, Hong Kong

CAPITAL ASIA: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on September 27, 2010,
creditors of Capital Asia Investments Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun Lan Linda
         Units 3401-02, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong

CATHAY ARTS: Members' Final Meeting Set for November 11
Members of Cathay Arts Company Limited will hold their final
meeting on November 11, 2010, at 10:00 a.m., at its registered
office, Flat D, 7/F., 7/F., 15 Playing Field Road, Kowloon, in
Hong Kong.

At the meeting, Fok Hei Yuen Paul, the company's liquidator, will
give a report on the company's wind-up proceedings and property

PEACE CITY: Annual Meetings Slated for October 22
Creditors and members of Peace City Investments Limited will hold
their annual meetings on October 22, 2010, at 2:45 p.m., at the
office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong
Kong Club Building, 3A Chater Road, Central, in Hong Kong.

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

PEARL POND: Creditors' Meeting Set for October 15
Creditors of Pearl Pond Limited will hold their meeting on
October 15, 2010, at 3:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Star Seafood Restaurant, 1-3/F., G/F.,
168-178A Tai Po Road, Sham Shui Po, Kowloon.

SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 20
Members and creditors of Soft-Trek Media (HK) Limited will hold
their annual meetings on October 20, 2010, at 2:30 p.m., and 3:00
p.m., respectively at 29/F., Caroline Centre, Lee Gardens Two, 28
Yun Ping Road, in Hong Kong.

At the meeting, Wong Tak Man Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

UNIROSS BATTERIES: Creditors' Proofs of Debt Due October 29
Creditors of Uniross Batteries (HK) Limited, which is in
liquidation, are required to file their proofs of debt by October
29, 2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Yuen Tsz Chun Frank
         Kennic Lai hang Lui
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong

VEGAS KNITTERS: First Meetings Slated for October 19
Members and creditors of Vegas Knitters Limited will hold their
first meetings on October 19, 2010, at 3:30 p.m., at Room 1909-10,
Nan Fung Tower, 173 Des Voeux Road Central, in Hong Kong.

At the meeting, Lau Siu Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property

WAI LAM: Creditors Get 5.60% Recovery on Claims
Wai Lam Printing Factory Limited, which is in creditors' voluntary
liquidation, declared the first and final ordinary dividend to its
creditors on October 11, 2010.

The company paid 5.60% for ordinary claims.

The company's liquidator is:

         Cheng Faat Ting Gary
         8/F, Richmond Commercial Building
         109 Argyle Street, Mong Kok
         Kowloon, Hong Kong

WAYSIN INTERNATIONAL: Lo and Leung Appointed as Liquidators
Mr. Lo Ka Ying and Mr. Leung Ka Lok on June 17, 2010, were
appointed as liquidators of Waysin International Investment

The liquidators may be reached at:

         Mr. Lo Ka Ying
         Mr. Leung Ka Lok
         Room 3207 Tower 2
         Lippo Centre
         89 Queensway, Admiralty
         Hong Kong

WELLFRED (HAW KEE): Commences Wind-Up Proceedings
Members of Wellfred (Haw Kee) Engineering Company Limited, on
September 7, 2010, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is Bruno Arboit.

WING YIP: Commences Wind-Up Proceedings
Members of Wing Yip E & M Limited, on February 3, 2010, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Bruno Arboit.

ZHU SHENG: Commences Wind-Up Proceedings
Members of Zhu Sheng Maritime (HK) Limited, on May 14, 2010,
passed a resolution to voluntarily wind up the company's

The company's liquidator is Bruno Arboit.


AGNICE FIRE: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit
CRISIL's ratings on the bank facilities of Agnice Fire Protection
Ltd continue to reflect AFPL's exposure to risks inherent in its
tender-based business, long gestation period of its projects,
working-capital-intensive operations, and weak receivables
collection mechanism.  These rating weaknesses are partially
offset by AFPL's established track record in the fire protection

   Facilities                         Ratings
   ----------                         -------
   INR150.00 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR230.00 Million Bank Guarantee   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AFPL will continue to benefit over the medium
term from its healthy operating efficiencies and strong
relationships with vendors and customers. The outlook may be
revised to 'Positive' if the company funds its incremental working
capital requirements by equity infusion, thereby reducing the
liquidity pressures it faces, and if it increases the diversity in
its revenue profile and scales up its operations, thereby
improving its margins.  Conversely, the outlook may be revised to
'Negative' if AFPL undertakes a large, debt-funded capital
expenditure program, or its cash flows are adversely affected
because of deterioration in receivables management.

                         About Agnice Fire

Incorporated in 1995, AFPL undertakes engineering, procurement,
and construction of fire protection systems for turnkey projects
(from conception to commissioning).  The promoters, Mr. R
Govindarajan (chief executive officer) and Mr. Ameer Ahmed
(chairman), have a combined experience of 25 years in similar
lines of business. AFPL has enhanced its revenue diversification
by acquiring Code Red Electronics Security Systems Pvt Ltd, which
operates in the security system installation business.

AFPL reported a profit after tax (PAT) of INR55 million on net
sales of INR1031 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR28 million on net sales
of INR608 million for 2008-09.

AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Ratings on Various Debts
CRISIL's ratings on the bank facilities of Augustan Textile
Colours Ltd continue to reflect delay by ATCL in servicing its
term loan; the delay has been caused by ATCL's weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR95.80 Million Long-Term Loan         D (Reaffirmed)
   INR60.00 Million Cash Credit Limit      D (Reaffirmed)
   INR13.40 Million Bank Guarantee Limit   P5 (Reaffirmed)

ATCL has a weak financial risk profile marked by high gearing and
weak debt protection metrics.  The company has small scale of
operations with limited revenue diversity.  Its margins are
susceptible to increase in power costs and competitive pressures
in the textile industry.  However, ATCL benefits from its
promoter's experience in the industry and from being a part of the
Augustan group.

ATCL, established in 2005, is part of the Augustan group based in
Coimbatore (Tamil Nadu).  The group, founded in 1992 by Mr. N
Athimoolam Naidu, consists of four companies that are engaged in
cutting, sewing, embroidery, printing, bleaching, dyeing, and
knitting operations. ATCL prints, bleaches, and dyes fabric and

ATCL incurred an estimated net loss of INR9 million on net sales
of INR156 million in 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR15 million on net sales of
INR166 million in 2008-09.

BASAI STEELS: CARE Place 'CARE BB' Rating on INR224.5cr LT Loans
CARE assigns 'CARE BB' and 'PR4' rating to bank facilities of
Basai Steels & Power Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   ----------                  -----------     -------
   Long-term Bank Facilities     224.50        CARE BB  Assigned
   Short-term Bank Facilities     32.00        PR4  Assigned

Rating Rationale

The rating factors in the limited experience of the promoters in
manufacturing of steel, cost & time escalation for the project
under implementation, funding for the cost escalation which is
yet to be tied up, exposure to volatility in steel prices, absence
of backward linkages and cyclicality inherent to the industry.
However, the ratings also factor in the experience of the
promoters in trading of steel, integrated nature of the proposed
steel manufacturing facility with captive co-generation power
plant, availability of iron ore in the vicinity of the plant and
equity infusion of the promoters as on March 31, 2010 towards the
project. The ability of the company to complete the project
without further delay, stabilization of operations and improve
profit margin are the key rating sensitivities.

Basai Steels Private Ltd was started as a proprietorship concern
by Mr. Gopal Agarwal in 1992.  The same was converted into a
private limited company in January 2002 and renamed Basai Steels &
Power Pvt Ltd in June 2010.  Basai is into trading of steel
products catering mainly to the Hyderabad region. Presently, the
company is in the process of setting up an integrated steel
manufacturing plant with co-generation power plant at total
project cost of INR278.83 cr funded at a debt to equity ratio of
1.84x. The integrated steel plant is being set up at Sidaginamola
Village, Bellary district, Karnataka.

In FY09, the company achieved revenue of INR352.8 cr and PAT of
INR1.4 cr.  On a total income of INR417.7 cr, Basai earned a PAT
of INR2.40 cr in FY10 (Provisional).  The overall gearing ratio
was at 2.05x and the current ratio was at 1.15x as on March 31,

BILLETS ELEKTRO: CRISIL Cuts Rating on INR10MM Cash Debt to 'BB'
CRISIL has downgraded its rating on the long-term bank facilities
of Billets Elektro Werke Ltd to 'BB/Negative' from 'BB+/Stable';
the rating on the short-term facilities has been reaffirmed at

   Facilities                          Ratings
   ----------                          -------
   INR10.0 Million Cash Credit         BB/Negative (Downgraded
                                            from 'BB+/Stable')
   INR40.0 Million Proposed Long-      BB/Negative (Downgraded
         Term Bank Loan Facility       from 'BB+/Stable')

   INR78.0 Million Packing Credit      P4+ (Reaffirmed)
   INR72.0 Million Letter of Credit    P4+ (Reaffirmed)

The downgrade is driven by the deterioration in the business and
financial risk profile of the company. BEWL's scale of operations
reduced with revenues of INR245 million in 2009-10 (refers to
financial year, April 1 to March 31) as against INR366 million in
2008-09. This was on account of the recession and the resultant
decrease in demand for the company's products. Consequently, the
company's operating margin declined to 10 per cent in 2009-10 from
18 per cent in 2008-09.  The company's debt protection metrics
were weak in 2009-10 ? its net cash accruals to total debt and
interest coverage ratios are estimated to be 0.11 times and 1.85
times respectively.  CRISIL believes that the debt repayment
ability of BEWL will be constrained on account of weak cash
accruals; however, the promoters are expected to infuse unsecured
loans to ensure timely debt repayment.

The ratings reflect BEWL's small scale of operations, large
working capital requirements, and exposure to intense market
competition in a highly fragmented industry and to customer
concentration.  These rating weaknesses are partially offset by
BEWL's promoters' industry experience and established customer

Outlook: Negative

CRISIL expects BEWL's operating cash flows to remain weak over the
medium term. The rating may be downgraded if BEWL's financial risk
profile weakens on account of lower-than-expected profitability,
or if the company undertakes large, debt-funded capital
expenditure program.  Conversely, the outlook may be revised to
'Stable' if the company scales up operations substantially, while
maintaining gearing and profitability at current levels.

                       About Billets Elektro

Incorporated in 1991, BEWL manufactures crimping tools and cable
lugs made from copper and aluminium.  The company is promoted by
Mr. Ashok Patel and his son, Mr. Chirag Patel.  Its manufacturing
facilities at Umbergaon (Valsad, Gujarat) have capacity to
manufacture around 201 million tools and terminals per annum.
BEWL derives around 80 per cent of its revenues from exports.  In
August 2010, the company installed a furnace to backward integrate
into converting copper cathode to tubes.

For 2009-10, BEWL reported, on provisional basis, a profit after
tax (PAT) of INR1.7 million on net sales of INR243.0 million; it
reported a PAT of INR29.3 million on net sales of INR331.5 million
for 2008-09.

CERAFLUX INDIA: CRISIL Reaffirms 'BB-' Rating on INR59MM Term Loan
CRISIL's ratings on the bank facilities of Ceraflux India Pvt Ltd
continue to reflect CIPL's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection metrics,
working-capital-intensive operations, susceptibility to volatility
in raw material prices, and exposure to intense competition in the
fragmented industrial chemicals and alloys industry.  The impact
of these weaknesses is mitigated by CIPL's diversified revenue
profile and its promoters' industry experience.

   Facilities                        Ratings
   ----------                        -------
   INR45.0 Million Cash Credit       BB-/Stable (Reaffirmed)
   INR59.0 Million Term Loan         BB-/Stable (Reaffirmed)
   INR5.0 Standby Line of Credit     BB-/Stable (Reaffirmed)
   INR8.5 Million Letter of Credit   P4+ (Reaffirmed)
                and Bank Guarantee

Outlook: Stable

CRISIL believes that CIPL's will continue to face pressures
because of its small scale of operations and weak financial risk
profile.  The outlook may be revised to 'Positive' if CIPL
achieves a significant growth in its revenues while sustaining its
profitability and improving its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company's profitability
declines or if the company undertakes a larger-than-expected debt-
funded capital expenditure program over the medium term, leading
to deterioration in its capital structure.

                         About Ceraflux India

CIPL was set up as a partnership firm, Ceral India, in 1991 and
was reconstituted as a private limited company in 1995. Currently,
CIPL is managed by four promoters, Mr. Uday Thite, Mr. Sanjeev
Tungatkar, Mr. V Jadhav, and Mr. S R Kadukar. At its 2 units,
which are based in Kolhapur, Maharashtra, CIPL produces around 130
products, including various fluxes, cover fluxes, de-gassers,
grain refiners, coatings, launder systems, master alloys, and sand
binders. The company derives about 70 per cent of its revenues
from non-ferrous segments (aluminium industry) and the rest from
ferrous segments (foundries and steel plants).

CIPL reported a profit after tax (PAT) of INR11 million on net
sales of INR214 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR148 million for 2008-09.

CARE assigns 'CARE BB+' to the bank facilities of Kamalakar
Tradelinks Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   ----------                  -----------     -------
   Long-term Bank Facilities       17.00       'CARE BB+' Assigned

Rating Rationale

The ratings are constrained by the limited track record of KTPL,
fragmented industry with intense competition from organized and
unorganized sector, small scale of business activity and
susceptibility of margins to adverse foreign exchange rate
movements.  The rating derives strength from experienced
management and support of the Baid group.  The ability of KTPL to
achieve higher sales at healthy margins and protect itself from
adverse exchange rate movements remains the key rating

Incorporated in September 2009, Kamalakar Tradelinks Private
Limited is an export-oriented gold jewellery manufacturer.  KTPL
is a part of the Baid group, established in 1947 with exposure in
Textiles, Retail and Gems and Jewellery.  KTPL, in FY10, during
its first four months of commercial operations recorded net sales
of INR67.84 crore with net profit of INR2.04 crore.

N.J. TEXTILE: CARE Assigns 'CARE BB+' Rating on INR22.35cr LT Loan
CARE assigns 'CARE BB+' and 'PR4' ratings to bank facilities of
N.J. Textile Industries Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   ----------                  -----------     -------
   Long-term Bank Facilities      22.35        'CARE BB+' Assigned
   Short-term Bank Facilities      0.41        'PR4'

Rating Rationale

The ratings are constrained by NJTIPL's short track record of
operations, low and fluctuating profitability margins, small net
worth base and leveraged capital structure arising from debt-
funded capacity expansion.  The ratings are further constrained by
highly fragmented nature of the industry and the company's limited
presence in the textile value chain.

The ratings take cognizance of the experience of the promoters of
NJTIPL in the industry, increasing level of operations and well-
established marketing and distribution setup. It further derives
strength from long-standing relationship with its suppliers and
customers.  NJTIPL's ability to improve its profitability,
improvement in capital structure and any future capex and its
funding profile are the key rating sensitivities.

                            About N.J. Textiles

N.J. Textiles Industries Pvt. Ltd., incorporated in November 2006,
is a private limited company promoted by the Surat-based N. J.
group. NJTIPL is engaged in the manufacturing of texturized yarn
from partially oriented yarn used in the manufacturing of fabrics
of dress material/sarees. It has an installed capacity of 17,521
MTPA (Metric Tonnes per Annum) at its facility at Surat.

During FY09 (Audited), NJTIPL had a total income of INR77.67 crore
with PBILDT and PAT of INR5.37 crore and INR0.86 crore
respectively.  During FY10 (Provisional) NJTIPL had a total income
of INR113.95 crore with PBILDT and PAT of INR6.51 crore and
INR1.95 crore respectively.

NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan
ICRA has assigned 'LBB' rating to the INR0.7 crore term loan
facilities and the INR39.0 crore fund based facilities of Nandhi
Dall Mills.  The outlook on the long term rating is stable.  ICRA
has also assigned 'A4' rating to the INR6.0 crore non-fund based
(includes sub-limit of INR3.0 crore) facilities of NDM.

The ratings reflect NDM's low profitability, stretched liquidity
position and susceptibility of margins to raw material price
fluctuations.  The ratings are further constrained by the weak
capital structure of the firm characterized by high gearing of
5.1x as on March 31, 2010.  The rating also factors in the highly
fragmented nature of the pulses processing industry and the
intense competition from organized and unorganized players.
However, the rating factors in the established track record of NDM
in manufacturing and selling of a variety of pulses and gram floor
under its established brand names and the firm's sustained growth
in operating income.

                         About Nandhi Dall

Nandhi Dall Mills, a partnership firm, was established in 1940 by
Mr. T. V. Arunachala Nadar with an objective of processing of
pulses and gram floor. Mr. S. A. Kumar (Son of Arunachala Nadar)
and Mrs. K. Jayanthi (wife of S.A. Kumar) are the 50:50 partners
of the firm and are actively involved in the business of the firm.

NDM is an ISO 9001:2000 certified firm with its registered office
at Guhai, Salem and a manufacturing unit, stretched over 1,50,000
sq. mts area in Salem.  The firm has established its own brand
"Nandhi" which is popular in its home state, Tamil Nadu.  The firm
is also selling under "Aachi Masala Food Pvt Ltd," brand, which is
a famous brand in south India. All the products manufactured by
the firm are "AGMARK" graded under license from Govt. of India.
NDM had received recognitions for the quality of the products from
Consumer Vigilance Council of Tamil Nadu as well as from Govt of

Recent Results (unaudited)

NDM has reported profit before tax of INR0.7 crore on operating
income of INR157.0 crore for the year ended March 31, 2010.


JLOC XVII: S&P Downgrades Rating on Class D Certificates to 'BB'
Standard & Poor's Ratings Services lowered its rating on the class
D trust certificates issued under the JLOC XVII transaction to 'BB
(sf)' from 'BBB (sf)', and placed it on CreditWatch with negative
implications (see list below).  The class A to C trust
certificates, which accounted for 89.6% of the total initial
issuance amount, have already been fully redeemed.

The downgrade is based on S&P's view that, with only eight months
remaining until the final maturity date in June 2011, there is
insufficient time remaining to complete the sale of the collateral
property at a level consistent with the current rating.
Nevertheless, S&P believes it likely that the recovery amount from
the collateral property will exceed the total amount of the class
D certificates.  Another rating review may be required if, as S&P
approach the final maturity date, no clear signs appear of an
improvement in the completion of the recovery process from the
sale of the underlying property.

JLOC XVII is a CMBS transaction arranged by Morgan Stanley Japan.
The trust certificates were secured by specified bonds and loans.
The ratings address the ultimate repayment of interest and
principal by the final maturity of 2011 for the class D notes.

          Rating Lowered And Placed On Watch Negative

                           JLOC XVII
            JPY25 billion trust certificates due 2011

  Class    To                  From         Initial Issue Amount
  -----    --                  ----         --------------------
  D        BB (sf)/Watch Neg   BBB (sf)     JPY2.6 bil.


SSANGYONG MOTOR: Mahindra to Ink Final Sale Deal by February
Bloomberg News reports that Mahindra & Mahindra Ltd.'s planned
acquisition of a controlling stake in Ssangyong Motor Co. may be
completed in February or March.

According to Bloomberg, Anand Mahindra, vice chairman of the
Mahindra & Mahindra, said at a forum in Seoul on Thursday that
India's largest maker of sport-utility vehicles hopes to complete
the acquisition within that timeframe if it signs the final
agreement with Ssangyong by the end of this year.  The company,
based in Mumbai, completed due diligence, he said, without
elaborating, according to Bloomberg.

Bloomberg notes that Mahindra & Mahindra was named the preferred
bidder for the bankruptcy-protected Ssangyong Motor Co. in August.
The maker of Scorpio SUVs is seeking to benefit from the South
Korean automaker's technology and international sales network.

"We believe that when the global presence of Mahindra and
Ssangyong is combined, jointly we will be able to achieve more
success in the global market," Mahindra said.

After reaching agreement with Mahindra, the two automakers must
seek approval from the creditors and court supervising the
bankruptcy, Ssangyong said.

                       About Ssangyong Motor

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

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

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

WOORI BANK: Fitch Affirms Issuer Ratings; Gives Stable Outlook
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of Woori Bank at 'A-' and its parent company Woori
Finance Holdings at 'BBB+'.  The Outlook for both Long-term IDRs
is Stable.  The agency has at the same time taken different
actions on both companies' Support, Individual and Hybrid
Securities ratings.

The affirmation of Woori's IDRs and Support Rating Floor reflects
Fitch's continued belief of an extremely high propensity for
support from the South Korean government ('A+'/Stable), if
required, given its systemic importance as one of the major
commercial banks in South Korea and the government's majority
ownership in the bank through WFH.  The bank has a sizable
franchise in the Korean banking system, holding 13.3% of the
system's total assets and 15.3% of the system's deposits through
its nationwide branch network at mid-2010.  During the global
credit crisis, the bank availed itself of, among the various
government support measures, the government's Bank
Recapitalization Fund to shore up its capitalization (KRW1.3trn or
11% of Tier 1 capital at end-2008, including hybrid Tier 1 bonds
of KRW1.0trn and subordinated debts of KRW0.3trn, which was on-
injected through WFH as common shares).  Fitch notes that such
reliance on the government support was more of a preemptive move
rather than as a last resort.

The affirmation of Woori's Individual Rating at 'C' reflects its
strong local franchise, capitalization, and adequate margin, but
also its deteriorated loan quality and weak funding profile.
Fitch notes that most of Woori's credit metrics have weakened in
recent years in the aftermath of the excessive loan growth in the
lead up to the credit crisis and consequently remained somewhat
weaker than median of its 'C' rated global peer banks.  Also,
despite margins having recovered to 2.26% in H110 (versus the
system average of 2.36%) from 1.98% in 2009, Fitch doesn't expect
the bank's credit profile to improve significantly in the next few
years, in view of persistent concerns on the bank's loan quality
and structural weakness in liquidity (particularly foreign
currency, like other Korean banks).  Of specific concern is
Woori's precautionary and below loans ratio which rose to 6.43%
(with a low coverage of 35%) at mid-2010, due to its substantial
exposure to construction/real-estate sectors (16% of total loans),
shipbuilding sector (6%), and small medium-enterprises (41%).
Also, Woori's loan-to-deposit ratio on a standalone basis remained
high at 1.40x (1.09x including deposits from financial
institutions, most of which may be deposits from special money
trust accounts) at mid-2010.

The downgrade of Woori's hybrid securities to 'BB+' from 'BBB-'
reflects that they are performing, but there is an increasing
probability of going concern loss absorption arising from the
bank's weakened credit metrics and continued downward pressure on
its loan quality.  The 'BB+' rating is two notches below the
bank's implicit unsupported IDR which is driven by its Individual
Rating, and is in line with Fitch's criteria and typical notching
practiced for such securities with loss absorption features.

The upgrade of WFH's support rating to '2' from '5' and the
assignment of a support floor of 'BBB+' reflects Fitch's increased
expectation of support for the holding company of the systemically
important Woori, notwithstanding the prospects of the government
selling down its interests.  This is because the timing and amount
of sale is uncertain and support takes into account systemic
importance, not just government ownership.  As witnessed in other
jurisdictions, support has often been expediently provided to
banks through their parent companies, although there is no
evidence of same in Korea.  Fitch is of the belief that the
government's propensity to support WFH, should the need arise, is
high, on the back of the government's relationship with WFH
through majority ownership/control, and spill-over effects of a
material operation disruption at WFH, if any, to the group and
subsequently the system.  However, given that WFH is parent to
several other entities and could get into difficulty for reasons
other than due to the failure of its primary subsidiaries, Fitch
assigns a lower Support Rating than for Woori.  The downgrade on
WFH's Individual Rating to 'C/D', which is one notch below that of
flagship subsidiary Woori, factors in the weakened credit profile
of Woori and the parent's high double leverage ratio of 125% at

On a consolidation basis, WFH's underlying profitability weakened
in 2009 and H110, due to high impairment charges (0.9% - 1.1% of
average assets).  As such, WFH's return on average assets remained
at below 0.45% (v. 0.96% in 2007), despite the one-off gains of
KRW0.6trn in 2009 and KRW0.4trn in H110 at Woori arising from
sales of stocks obtained through debt-to-equity swaps and sales of
a non-core IT centre.  Also, Fitch expects WFH to continue to face
downward pressure on its loan quality, given its high PBL ratio of
6.4% at mid-2010 and its substantial exposure to the problematic
sectors mentioned above.  However, Fitch expects WFH's capital,
coupled with improved margin, to adequately cushion against high
credit costs.  WFH's Tier 1 and Total capital adequacy ratio were
at 8.5% and 12.2% under Basel I at mid-2010 (10.9% and 14.6% for
Woori under Basel II).  Meanwhile, WFH's LTD ratio remained weak
at 1.10x (including deposits from FIs).

Woori's and WFH's IDRs would not change unless its Support Rating
Floor is revised or their individual ratings get upgraded given
that the IDR is at the Support Rating Floor.  A substantial and
sustainable improvement in asset quality and foreign-currency
funding/liquidity profile could offer upside potential for the
Individual ratings of Woori and WFH but this is unlikely to occur
in the near future.  Conversely, a significant increase in credit
costs, eroding its capitalization, (currently not expected by the
agency) could lead to a downgrade of their Individual ratings.
WFH's Support Rating Floor would be negatively affected by a
substantial reduction of the government's stake, which may suggest
less propensity to support WFH in future.  That said, Fitch is of
view that when and how WFH would be sold remains uncertain,
despite the announcement of the sales plan on 30 July 2010.

WFH, established in 2001, is the largest financial institution by
asset size in Korea, with its consolidated assets accounting for
around 15% of total system assets at mid-2010.  The flagship
subsidiary Woori (80% of WFH's consolidated assets), established
in 1999, is the second largest bank.  The remaining major
subsidiaries include Kyongnam bank ('BBB'/Stable), Kwangju bank
('BBB+'/Stable), and Woori Investment and Securities (WIS,
'BBB+'/Stable).  Korea Deposit Insurance Corporation owns a 57%
stake in WFH, which in turn holds a 100% stake in Woori, 99.9% in
the two regional banks, and 35% in WIS.

The rating actions of Woori and WFH are:


  -- Long-term Foreign Currency IDR: affirmed at 'A-' with Stable

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

  -- Individual Rating: affirmed at 'C';

  -- Support Rating: affirmed at '1';

  -- Support Rating Floor: affirmed at 'A-';

  -- Senior unsecured debts: affirmed at 'A-';

  -- Subordinated debts: affirmed at 'BBB+'; and

  -- Hybrid securities: downgraded to 'BB+' from 'BBB-'.


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

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

  -- Individual Rating: downgraded to 'C/D' from 'C';

  -- Support Rating: upgraded to '2' from '5'; and

  -- Support Rating Floor: assigned at 'BBB+'.

N E W  Z E A L A N D

FIVE STAR: Directors Sentencing Delayed Until December
Two former Five Star Finance directors who pleaded guilty to
Securities and Financial Reporting breaches were due to be
sentenced on October 14, 2010, but that hearing has now been
adjourned until December, New Zealand Herald reports.

According to the report, Directors Nicholas Kirk and Anthony
Bowden will be sentenced together with director Marcus MacDonald
and Neill Williams, who is not listed as a director but was
heavily involved in the running of the company on December 22.
Mr. MacDonald and Mr. Williams pleaded guilty to similar charges
this month, the report notes.

The Herald says that Companies Office laid the criminal charges
against Kirk, Bowden, MacDonald and Williams on July 8, 2008.  The
charges relate to securities being offered and allotted to members
of the public without a registered prospectus, investment
statement or trustee appointed, the report notes.

Mr. Kirk and Mr. Bowden, the Herald says, will be sentenced
together with director Marcus MacDonald and Neill Williams, who is
not listed as a director but was heavily involved in the running
of the company.  The report relates Messrs. MacDonald and Williams
pleaded guilty to similar charges this month.

As reported in the Troubled Company Reporter-Asia Pacific on
October 7, 2010, The National Business Review said that Mr.
McDonald and Mr. Williams have pleaded guilty to criminal charges
laid by the Companies Office under the Securities Act and the
Financial Reporting Act and been convicted.  According to NBR, the
Securities Act charges relate to false and misleading statements
contained in investment statements and the September 2006
registered prospectus, and carry a maximum sentence of five years'
imprisonment.  NBR says Messrs. McDonald and Williams are to be
sentenced in December.  The Serious Fraud Office has also laid 100
charges under the Crimes Act against the former directors and
Mr. Williams over related party lending involving loans worth
NZ$50 million, according to NBR.

The Herald notes that all four directors were banned in April 2009
by the Registrar of Companies from holding board or management
positions in New Zealand companies for five years.

Five Star went into receivership on September 5, 2007, while Five
Star Debenture Nominee went into liquidation on November 5, 2007.

When the largest company in the group, The Herald says, Five Star
Consumer Finance, collapsed in August 2007, it owed NZ$63 million,
of which NZ$54.43 million was owed to debenture holders.  In total
more than NZ$90 million of investors' money is estimated to have
been lost, the report adds.

                         About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.

SOUTH CANTERBURY: Investors to Get Repaid Next Week
Marta Steeman at reports that South Canterbury
Finance's 35,000 debenture holders and depositors, who are owed
about NZ$1.25 billion, will be repaid in full on October 20. relates the trustee, Trustee Executors, said the
audit and transfer of the register from SCF to Computershare
Investors Services was detailed and complex and was finished.

"Now that the transfer is complete we can confirm October 20 as
the payment date," the report quoted Yogesh Mody, Trustee
Executors regional manager, as saying. says the process had taken longer than the four
to six weeks initially estimated.  But the trustee had wanted to
take a prudent approach to ensure the investor details were as
accurate as possible.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.

SOUTH PACIFIC: NZ$241K Bad Debt Leads to Company's Collapse
Rhonda Mark at The Timaru Herald reports that a NZ$241,000
unrecoverable debt had led to South Pacific Laminates'

The Timaru Herald, citing liquidators Rhys Cain and Malcolm
Hollis' first report, discloses the 26-year-old company that
contracted to make laminated timber products was owed NZ$257,590.

A single debt of almost NZ$241,000 owed to the company was
considered to be unrecoverable, the Timaru Herald says.  A further
account still to be paid by an overseas client was expected to be
worth around NZ$56,000.

According to The Timaru Herald, the liquidators' report shows the
insolvency was due to both the reduced demand for the company's
product and the significant non-recoverable debt.

The Timaru Herald reports that the list of known creditors as at
early August included 53 companies and individuals of which 25 had
Timaru addresses. The amount owed to the individual creditors was
not stated.

The liquidators, according to the Timaru Herald, were unable to
give an indication of the likely timeframe for completing the
liquidation at this stage but intend to prepare their next report
early in the new year.

The shareholders of South Pacific Laminates and SPL Veneers
voluntarily put the two companies into receivership on July 27.
The company, which made parts for seats at its Washdyke factory,
had employed eight staff.


TT INTERNATIONAL: Court Approves Debt Restructuring
Millet Enriquez at Today Online reports that the Court of Appeal
has approved the debt restructuring program of TT International.

According to Today Online, the court said on October 13 that the
scheme has attained the required level of approval from the firm's
creditors, but will require some alterations.

Among these is the membership of the monitoring committee that
will oversee the implementation of the scheme.  Today Online says
the court ruled that TTI's wholly owned subsidiary Akira
Corporation should not be on the committee and suggested DBS, DZ
Bank, Habib Bank, Ho Lee Construction and OCBC as members.

Today Online notes that the court also requires the monitoring
committee to:

   * present its review to creditors every six months
     beginning November 1;

   * furnish a statement to verify that TTI is able to
     meet the obligations and objectives of the scheme; and

   * review TTI's budget, including its operating expenses
     and professional fees.

Today Online relates the court said any amendments to the scheme
will need to be approved by a majority of creditors present and a
vote.  It also set out some guidelines for pricing the rights of
first refusal relating to redeemable convertible bonds and voting
procedures, Today Online adds.

"With this court approval, TTI will be able to embark on a new
chapter of restructuring and growth to return value to all
stakeholders including all creditors, 3,800 shareholders and 1,700
staff and their families," Ms. Julia Tong, executive director of
TTI, told Today Online.

The nearly two-year saga began when TTI's $332 million credit
facilities were pulled out during the height of the credit crisis,
forcing it to a standstill on payments.

                       About TT International

Based in Singapore, TT International Limited (SIN:T09) -- is engaged in the trading and
distribution of a range of electrical and electronics products,
and investment holding.  The Company, and its subsidiaries, is
engaged in the distribution of electrical and electronics
products, brand management and sourcing services and retailing and
wholesaling of seafood and related items.


* Bingham Expands Financial Services Team in Asia
Continuing the strategic growth of its acclaimed financial
services capabilities in Asia, Bingham McCutchen LLP has expanded
its Hong Kong office with the addition of three partners: Laurence
Isaacson, Vincent Sum and Mark Fucci.

Bingham's investment reflects a growing need within the financial
services industry for high-level legal counsel based in Asia, said
Chairman Jay Zimmerman, noting the increased capability in Hong
Kong and Tokyo, where Bingham is the fourth-largest full-service
law firm with 75 lawyers.  Over the last year, Bingham has
strategically extended its leading financial services team in Asia
to better service global clients conducting work throughout the

"The addition of Larry, Vincent and Mark to our Hong Kong office
reinforces Bingham's commitment to growing our financial services
team in key financial centers worldwide," said Mr. Zimmerman.
"With our exceptional on-the-ground talent and integrated global
platform, Bingham is well-positioned to serve clients facing
sophisticated legal issues related to doing business in Asia."

"The expansion of Bingham's premier structured finance and
derivatives practice to Asia continues our strategy of building
upon our market-leading practices to service our clients
globally," said Reed Auerbach, leader of Bingham's Structured
Transactions Group. "Larry's move and Vincent's arrival to the
Hong Kong office will be an immediate benefit to our clients doing
business in Asia."

Laurence Isaacson

Mr. Isaacson, a recognized leader in structured finance and
partner in Bingham's Structured Transactions Group, relocates to
Hong Kong from New York.  Mr. Isaacson represents clients in a
wide variety of complex asset-based transactions, including
collateralized debt, loan, swap and fund transactions; structured
products backed by a variety of financial assets; credit linked
notes; complex credit derivative transactions; and other
structured vehicles.  He has consistently been named one of the
world's leading practitioners in the field of securitization by
Chambers Global since 1999 and Chambers USA: America's Leading
Lawyers for Business since 2003, which has also named him a Senior
Statesman in the fields of structured products and securitization
since 2009.

"Expanding our U.S. and U.K. strengths in structured finance to
Asia allows us to focus our abilities to advise clients on complex
asset-based transactions," said Mr. Isaacson, who recently
received a master of public administration from Harvard University
John F. Kennedy School of Government.

Vincent Sum

Mr. Sum joins Bingham's Structured Transactions Group from Hogan
Lovells in Hong Kong, where he led the debt capital markets
practice.  Mr. Sum has extensive experience in structured
transactions, derivatives, structured credit, retail and non-
retail structured funds, and debt capital markets.  He advises
arrangers, underwriters, portfolio managers, issuers,
institutional investors and trustees.  Mr. Sum is qualified to
practice in Hong Kong, England and New York, and is experienced in
handling complex transactions governed by the laws of those

"Bingham is a market leader in structured transactions," said Mr.
Sum. "The firm's focus and dedication of resources to Hong Kong
and Asia means we are position to serve our clients with best-in-
class lawyers who have critical relationships in the region," said
Mr. Sum.

Mark Fucci

Mr. Fucci, a partner in Bingham's global Financial Restructuring
Group, transfers to Hong Kong from Bingham's Tokyo office.  Mr.
Fucci has substantial experience in restructurings, insolvencies
and complex financial transactions. He has been resident in
Bingham's Tokyo office since 2007 and has represented creditor
clients in a number of major cross-border insolvencies, including
Spansion, a case involving parallel U.S. and Japan insolvency
proceedings.  He has represented the Ad Hoc Committee of Senior
Secured Lenders in the Delta Air Lines Chapter 11 case.  The
committee, comprised of more than 60 insurance companies, hedge
funds and other investors, holds more than $2.5 billion in
leveraged lease debt and deficiency claims.

"Expanding in Hong Kong is a logical evolution of our cross-border
restructuring practice," said Mr. Fucci, "especially with so many
of our Hong Kong clients active in Japan."

The expansion of the Hong Kong office, currently with 10 lawyers,
continues Bingham's investment and extension of its market-leading
Financial Services Area globally.  In June, Anne-Marie Godfrey
joined the Hong Kong office as a partner in the investment
management practice, where she advises investment advisers, fund
administrators, trustees and other fund service providers on
investment fund-related issues.  In January, Bingham expanded its
U.S. and Asian antitrust capabilities to Europe with the addition
of Davina Garrod to its London office as a partner focusing in the
financial services industry.  Last December, Sarah Smith joined
Bingham in London, where she focuses on general finance and
restructuring matters, and has significant experience in
structured finance and securitization, and domestic and cross-
border asset-based lending.  In expanding its on-the-ground
presence in Asia, Bingham relocated corporate partner Brian
Beglin and restructuring partner Mark Deveno from New York to the
75-lawyer Tokyo office last spring.

"Having Mark based in Hong Kong augments our already strong
financial restructuring capabilities on the ground in Asia, a key
global financial hub," said James Roome, co-chair of Bingham's
global Financial Restructuring Group.

Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies. The
firm has more than 1,100 lawyers in 13 locations in the United
States, Europe and Asia.

* Large Companies with Insolvent Balance Sheets

                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


ADVANCE HEAL-NEW       AHGN               16.93       -8.23
ARASOR INTERNATI       ARR                19.21      -26.51
AUSTAR UNITED          AUN               502.05     -284.60
AUSTRAILIAN Z-PP       AZCCA              77.74       -2.57
AUSTRALIAN ZIRC        AZC                77.74       -2.57
AUTRON CORP LTD        AAT                32.39      -13.42
BCD RESOURCES OP       BCO                22.09      -61.19
BCD RESOURCES-PP       BCOCC              22.09      -61.19
BIRON APPAREL LT       BIC                19.71       -2.22
CENTRO PROPERTIE       CNP            14,253.26     -825.84
CHALLENGER INF-A       CIF             2,161.41     -339.11
CHEMEQ LTD             CMQ                25.19      -24.25
ELLECT HOLDINGS        EHG                18.25      -15.49
HEALTH CORP LTD        HEA                13.85       -0.97
HYRO LTD               HYO                11.81       -5.15
IVANHOE AUST LTD       IVA                49.44       -6.51
JAMES HARDIE-CDI       JHX             2,132.00      -26.70
JAMES HARDIE NV        JHXCC           2,132.00      -26.70
MAC COMM INFR-CD       MCGCD           8,104.42     -103.34
NATURAL FUEL LTD       NFL                19.38     -121.51
ORION GOLD NL          ORN                12.37      -24.99
POWERLAN LTD           PWR                30.84       -5.94
SCIGEN LTD-CUFS        SIE                69.94      -29.79
SHELL VILLAGES A       SVC                13.47       -1.66
TAKORADI LTD           TKG                13.99       -0.41
VERTICON GROUP         VGP                10.08      -29.12


BAOCHENG INVESTM       600892             22.47       -3.17
CHANGAN INFO-A         600706             20.37       -7.96
CHENGDE DALU -B        200160             26.84       -6.15
CHENGDU UNION-A        693                39.91      -14.85
CHINA KEJIAN-A         35                 85.26     -186.04
DATONG CEMENT-A        673                20.42       -2.75
DONGGUAN FANGD-A       600656             22.37      -60.70
DONGXIN ELECTR-A       600691             13.31      -20.95
GUANGDONG ORIE-A       600988             11.79       -7.36
GUANGMING GRP -A       587                46.84      -39.50
GUANGXIA YINCH-A       557                30.00      -31.75
HEBEI BAOSHUO -A       600155            114.87     -390.50
HEBEI JINNIU C-A       600722            231.07     -236.93
HUASU HOLDINGS-A       509                81.80       -4.82
HUNAN ANPLAS CO        156                39.16      -65.29
JIANGSU CHINES-A       805                12.46      -12.21
JINCHENG PAPER-A       820               255.17      -31.31
JINHUA GROUP-A         818               334.60      -45.66
LIAOYUAN DEHENG        600699            120.45      -31.43
MUDAN AUTOMOBI-H       8188               36.26       -0.61
NINGBO YIDONG-H        8249               43.21      -33.74
QINGHAI SUNSHI-A       600381            108.89      -24.71
SHAANXI QINLIN-A       600217            233.75      -37.00
SHANG BROAD-A          600608             69.72      -20.98
SHANG HONGSHENG        600817             15.37     -460.74
SHANGHAI WORLDBE       600757            154.83     -257.96
SHENZ CHINA BI-A       17                 24.86     -272.59
SHENZ CHINA BI-B       200017             24.86     -272.59
SHENZHEN DAWNC-A       863                26.90     -151.27
SHENZHEN KONDA-A       48                116.05       -0.97
SHENZHEN SHENX-A       34                 21.92     -118.85
SHENZHEN ZERO-A        7                  51.44       -6.96
SHIJIAZHUANG D-A       958               216.46      -76.14
SICHUAN DIRECT-A       757               103.56     -138.84
SICHUAN GOLDEN         600678            233.64      -37.42
TAIYUAN TIANLO-A       600234             52.47      -27.08
TIANJIN MARINE         600751             78.09      -63.86
TIANJIN MARINE-B       900938             78.09      -63.86
TIBET SUMMIT I-A       600338             83.10       -1.66
TOPSUN SCIENCE-A       600771            155.93     -158.88
WINOWNER GROUP C       600681             11.13      -72.07
WUHAN BOILER-B         200770            269.09     -143.61
WUHAN GUOYAO-A         600421             11.02      -24.12
XIAMEN OVERSEA-A       600870            338.03     -139.08
XINHUA FINANCE         9399               35.80       -1.17
YANBIAN SHIXIA-A       600462            208.72      -14.53
YIBIN PAPER IN-A       600793            111.63       -0.13
YUEYANG HENGLI-A       622                36.02      -16.09
YUNNAN MALONG-A        600792            122.13      -50.67
ZHANGJIAJIE TO-A       430                45.95       -4.59
ZHONGCHANG MAR-A       600242             20.42       -1.12


ASIA TELEMEDIA L       376                16.62       -5.37
ASIAN CAPITAL RE       8025               21.97       -0.68
BUILDMORE INTL         108                13.08      -43.45
CHINA HEALTHCARE       673                37.98       -2.81
CMMB VISION HOLD       471                41.31       -5.11
COSMO INTL 1000        2930               83.67      -25.33
COSMO INTL 1000        120                83.67      -25.33
CROSBY CAPITAL         8088               13.84      -14.46
EGANAGOLDPFEIL         48                557.89     -132.86
FULBOND HLDGS          1041               54.53      -24.07
HAO WEN HOLDINGS       8019               22.57       -0.46
IMAGI INTERNATIO       585                11.29      -21.23
JIAN EPAYMENT          8165               14.66       -1.12
MELCOLOT LTD           8198               63.25      -34.53
MITSUMARU EAST K       2358               21.23       -9.04
NEW CITY CHINA         456               112.20      -14.59
NGAI LIK INDL          332                21.16       -3.64
PAC PLYWOOD            767                68.66      -12.31
PALADIN LTD            495               155.31      -10.91
PCCW LTD               8               5,350.25     -416.24
PROVIEW INTL HLD       334               314.87     -294.85
SINO RESOURCES G       223                25.07      -39.10
TACK HSIN HLDG         611                27.01      -62.70
TLT LOTTOTAINMEN       8022               25.21       -8.78
TONIC IND HLDGS        978                56.17      -54.52


ASIA PACIFIC           POLY              485.05     -844.50
ERATEX DJAJA           ERTX               11.30      -18.23
JAKARTA KYOEI ST       JKSW               28.61      -45.23
MITRA INTERNATIO       MIRA              990.92     -217.75
MITRA RAJASA-RTS       MIRA-R2           990.92     -217.75
MULIA INDUSTRIND       MLIA              360.87     -368.54
PANASIA FILAMENT       PAFI               45.10       -8.20
PANCA WIRATAMA         PWSI               30.32      -37.84
PRIMARINDO ASIA        BIMA               12.22      -21.89
STEADY SAFE TBK        SAFE               11.85       -5.88
SURABAYA AGUNG         SAIP              265.80      -83.61
UNITEX TBK             UNTX               16.09      -16.28


ALCOBEX METALS         AML                16.59      -21.47
ARTSON ENGR            ART                15.63       -1.61
ASHIMA LTD             ASHM               63.65      -55.81
ATV PROJECTS           ATV                60.46      -55.04
BALAJI DISTILLER       BLD                66.32      -25.40
BELLARY STEELS         BSAL              451.68     -108.50
BHAGHEERATHA ENG       BGEL               22.65      -28.20
CAMBRIDGE SOLUTI       CAMB              156.75      -46.79
CFL CAPITAL FIN        CEATF              15.35      -46.89
COMPUTERSKILL          CPS                14.90       -7.56
CORE HEALTHCARE        CPAR              185.36     -241.91
DCM FINANCIAL SE       DCMFS              16.06       -9.47
DIGJAM LTD             DGJM               98.77      -14.62
DISH TV INDIA          DITV              422.08     -127.61
DUNCANS INDUS          DAI               133.65     -205.38
GANESH BENZOPLST       GBP                43.99      -24.57
GEM SPINNERS LTD       GEMS               15.23       -0.11
GLOBAL BOARDS          GLB                14.98       -7.51
GSL INDIA LTD          GSL                37.04      -42.34
GSL NOVA PETROCH       GSLN               44.39       -0.93
GUJARAT SIDHEE         GSCL               59.44       -0.66
HARYANA STEEL          HYSA               10.83       -5.91
HENKEL INDIA LTD       HNKL              102.05      -10.24
HFCL INFOTEL LTD       HFCL              173.52     -101.57
HIMACHAL FUTURIS       HMFC              406.63     -210.98
HINDUSTAN PHOTO        HPHT               68.94   -1,147.18
HINDUSTAN SYNTEX       HSYN               14.15       -3.66
HMT LTD                HMT               142.67     -386.80
ICDS                   ICDS               13.30       -6.17
INDIA FOILS LTD        IF                 54.77       -2.70
INTEGRAT FINANCE       IFC                45.56      -43.27
ITI LTD                ITI             1,116.21       -0.80
JCT ELECTRONICS        JCTE              122.54      -50.00
JD ORGOCHEM LTD        JDO                10.46       -1.60
JENSON & NIC LTD       JN                 17.91      -84.78
JIK INDUS LTD          KFS                20.63       -5.62
JK SYNTHETICS          JKS                13.51       -3.03
JOG ENGINEERING        VMJ                50.08      -10.08
KALYANPUR CEMENT       KCEM               37.45      -45.90
KERALA AYURVEDA        KRAP               13.99       -1.18
KINGFISHER AIR         KAIR            1,781.30     -861.06
LLOYDS FINANCE         LYDF               23.77      -10.87
LLOYDS STEEL IND       LYDS              415.66      -63.93
MAHA RASHTRA APE       MHAC               24.13      -14.27
MILLENNIUM BEER        MLB                36.39       -3.20
MILTON PLASTICS        MILT               18.31      -40.44
NICCO UCO ALLIAN       NICU               32.23      -71.91
NK INDUS LTD           NKI                49.04       -4.95
ORIENT PRESS LTD       OP                 16.70       -0.09
PANCHMAHAL STEEL       PMS                51.02       -0.33
PARASRAMPUR SYN        PPS               111.97     -317.11
PAREKH PLATINUM        PKPL               61.08      -88.85
PEACOCK INDS LTD       PCOK               11.40      -14.40
PIRAMAL LIFE SC        PLSL               45.82      -32.69
POLAR INDS LTD         PLI                11.61      -22.28
RAMA PHOSPHATES        RMPH               34.07       -1.19
RATHI ISPAT LTD        RTIS               44.56       -3.93
RELIGARE TECHNOV       RTCL               44.13       -1.46
REMI METALS GUJA       RMM               102.64       -5.29
RENOWNED AUTO PR       RAP                14.12       -1.25
ROLLATAINERS LTD       RLT                22.97      -22.24
ROYAL CUSHION          RCVP               20.62      -20.95
SCOOTERS INDIA         SCTR               13.29       -0.58
SHALIMAR WIRES         SWRI               24.49      -49.90
SHAMKEN COTSYN         SHC                23.13       -6.17
SHAMKEN MULTIFAB       SHM                60.55      -13.26
SHAMKEN SPINNERS       SSP                42.18      -16.76
SHREE GANESH FOR       SGFO               44.50       -2.89
SHREE RAMA MULTI       SRMT               63.73      -52.93
SIDDHARTHA TUBES       SDT                70.93      -12.09
SIL BUSINESS ENT       SILB               12.46      -19.96
SOUTHERN PETROCH       SPET            1,584.27       -4.80
SPICEJET LTD           SJET              220.03      -76.12
STERLING HOL RES       SLHR               52.91       -0.63
STI INDIA LTD          STIB               28.05       -8.04
TAMILNADU TELE         TNT                12.82       -5.15
TATA TELESERVICE       TTLS            1,069.83     -154.99
TRIUMPH INTL           OXIF               58.46      -14.18
TRIVENI GLASS          TRSG               24.39       -8.90
TUTICORIN ALKALI       TACF               14.15      -11.20
UNIFLEX CABLES         UFC                45.05       -0.90
UNIFLEX CABLES         UFCZ               45.05       -0.90
UNIWORTH LTD           WW                145.71     -114.87
USHA INDIA LTD         USHA               12.06      -54.51
VENTURA TEXTILES       VRTL               14.25       -0.33
WINDSOR MACHINES       WML                14.50      -28.14
WIRE AND WIRELES       WNW               115.34      -34.49


DAIWASYSTEM CO         8939              607.68     -259.76
DPG HOLDINGS INC       3781               11.77       -3.99
HARAKOSAN CO           8894              225.69      -62.68
JIPANGU HOLDINGS       2684               15.05       -8.38
KNT                    9726            1,058.18      -13.37
L CREATE CO LTD        3247               42.34       -9.15
LCA HOLDINGS COR       4798               51.30       -2.57
NIHON INTER ELEC       6974              218.08      -50.73
PROPERST CO LTD        3236              305.90     -330.20
RAYTEX CORP            6672               41.66      -28.52
SAIKAYA CO LTD         8254              375.83      -72.59
SHINWA OX CORP         2654               41.06      -24.43
SHIOMI HOLDINGS        2414              190.97      -22.81
SUMITOMO MITSUI        1821            2,382.17      -98.97
TERRANETZ CO LTD       2140               11.63       -4.29


AJU MEDIA SOL-PF       44775              13.82       -1.25
DAHUI CO LTD           55250             186.00       -1.50
DAISHIN INFO           20180             740.50     -158.45
KEYSTONE GLOBAL        12170              10.61       -0.74
KUKDONG CORP           5320               51.19       -1.39
KUMHO INDUS-PFD        2995            5,837.32     -967.28
KUMHO INDUSTRIAL       2990            5,837.32     -967.28
ORICOM INC             10470              82.65      -40.04
SAMT CO LTD            31330             200.83     -152.09
SEOUL MUTL SAVIN       16560             874.79      -34.13
TAESAN LCD CO          36210             296.83      -91.03
TONG YANG MAGIC        23020             355.15      -25.77
YOUILENSYS CORP        38720             166.70      -12.34


AXIS INCORPORATI       AXIS               39.22      -86.70
GULA PERAK BHD         GUP                91.03      -38.57
HO HUP CONSTR CO       HO                 68.68       -7.10
LCL CORP BHD           LCL                45.27     -111.27
LIMAHSOON BHD          LIMA               26.52       -1.56
LUSTER INDUSTRIE       LSTI               22.97       -1.72
MEMS TECHNOLOGY        MEMS               10.41      -20.77
NGIU KEE CO-BHD        NKC                22.98       -0.16
OILCORP BHD            OILC               91.94      -63.88
TRACOMA HOLDINGS       TRAH               72.64       -6.19


DORCHESTER PAC         DPC                77.28       -2.01


APEX MINING 'B'        APXB               45.84      -20.95
APEX MINING-A          APX                45.84      -20.95
BENGUET CORP 'B'       BCB                80.66      -37.36
BENGUET CORP-A         BC                 80.66      -37.36
CYBER BAY CORP         CYBR               13.30      -83.83
EAST ASIA POWER        PWR                42.01     -159.00
FIL ESTATE CORP        FC                 38.38      -13.37
FILSYN CORP A          FYN                22.72      -10.89
FILSYN CORP. B         FYNB               22.72      -10.89
GOTESCO LAND-A         GO                 18.68      -10.86
GOTESCO LAND-B         GOB                18.68      -10.86
MRC ALLIED INC         MRC                13.26       -5.43
PICOP RESOURCES        PCP               105.66      -23.33
PRIME ORION PHIL       POPI               90.35       -5.12
STENIEL MFG            STN                22.11      -13.42
UNIVERSAL RIGHTF       UP                 45.12      -13.48
UNIWIDE HOLDINGS       UW                 52.80      -56.18
VICTORIAS MILL         VMC               164.26      -18.20


ADV SYSTEMS AUTO       ASA                14.49      -12.12
ADVANCE SCT LTD        ASCT               16.05      -43.84
HL GLOBAL ENTERP       HLGE               93.41      -11.84
JURONG TECH IND        JTL                98.76     -227.28
LINDETEVES-JACOB       LJ                135.79      -90.16
SUNMOON FOOD COM       SMOON              14.19      -14.22
TT INTERNATIONAL       TTI               256.51      -50.62


ABICO HLDGS-F          ABICO/F            15.28       -4.40
ABICO HOLDINGS         ABICO              15.28       -4.40
ABICO HOLD-NVDR        ABICO-R            15.28       -4.40
ASCON CONSTR-NVD       ASCON-R            59.78       -3.37
ASCON CONSTRUCT        ASCON              59.78       -3.37
ASCON CONSTRU-FO       ASCON/F            59.78       -3.37
BANGKOK RUBBER         BRC                95.77      -72.05
BANGKOK RUBBER-F       BRC/F              95.77      -72.05
BANGKOK RUB-NVDR       BRC-R              95.77      -72.05
CIRCUIT ELEC PCL       CIRKIT             16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F           16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R           16.79      -96.30
DATAMAT PCL            DTM                12.69       -6.13
DATAMAT PCL-NVDR       DTM-R              12.69       -6.13
DATAMAT PLC-F          DTM/F              12.69       -6.13
GRANDE ASSE-NVDR       GRAND-R           206.18       -3.80
GRANDE ASSET H-F       GRAND/F           206.18       -3.80
GRANDE ASSET HOT       GRAND             206.18       -3.80
ITV PCL                ITV                34.83     -100.25
ITV PCL-FOREIGN        ITV/F              34.83     -100.25
ITV PCL-NVDR           ITV-R              34.83     -100.25
K-TECH CONSTRUCT       KTECH/F            39.74      -33.07
K-TECH CONSTRUCT       KTECH              39.74      -33.07
K-TECH CONTRU-R        KTECH-R            39.74      -33.07
KUANG PEI SAN          POMPUI             17.70      -12.74
KUANG PEI SAN-F        POMPUI/F           17.70      -12.74
KUANG PEI-NVDR         POMPUI-R           17.70      -12.74
PATKOL PCL             PATKL              52.89      -30.64
PATKOL PCL-FORGN       PATKL/F            52.89      -30.64
PATKOL PCL-NVDR        PATKL-R            52.89      -30.64
PICNIC CORPORATI       PICNI             162.04      -79.86
PICNIC CORPORATI       PICNI-R           162.04      -79.86
PICNIC CORPORATI       PICNI/F           162.04      -79.86
PONGSAAP PCL           PSAAP/F            23.00       -9.14
PONGSAAP PCL           PSAAP              23.00       -9.14
PONGSAAP PCL-NVD       PSAAP-R            23.00       -9.14
SAHAMITR PRESS-F       SMPC/F             21.99       -4.01
SAHAMITR PRESSUR       SMPC               21.99       -4.01
SAHAMITR PR-NVDR       SMPC-R             21.99       -4.01
SUNWOOD INDS PCL       SUN                19.86      -13.03
SUNWOOD INDS-F         SUN/F              19.86      -13.03
SUNWOOD INDS-NVD       SUN-R              19.86      -13.03
THAI-DENMARK PCL       DMARK              15.72      -10.10
THAI-DENMARK-F         DMARK/F            15.72      -10.10
THAI-DENMARK-NVD       DMARK-R            15.72      -10.10
THAI-GERMAN PR-F       TGPRO/F            53.47       -4.49
THAI-GERMAN PRO        TGPRO              53.47       -4.49
THAI-GERMAN-NVDR       TGPRO-R            53.47       -4.49
TRANG SEAFOOD          TRS                13.34       -4.01
TRANG SEAFOOD-F        TRS/F              13.34       -4.01
TRANG SFD-NVDR         TRS-R              13.34       -4.01
UNIVERSAL S-NVDR       USC-R             114.26      -20.53
UNIVERSAL STARCH       USC               114.26      -20.53
UNIVERSAL STAR-F       USC/F             114.26      -20.53


CHIEN TAI CEMENT       1107              202.42      -33.40
HELIX TECH-EC          2479T              23.39      -24.12
HELIX TECH-EC IS       2479U              23.39      -24.12
HELIX TECHNOL-EC       2479S              23.39      -24.12
PRODISC TECH           2396              253.76      -36.04
TAIWAN KOL-E CRT       1606U             507.21     -147.14
TAIWAN KOLIN-EN        1606V             507.21     -147.14
TAIWAN KOLIN-ENT       1606W             507.21     -147.14
VERTEX PREC-ENTL       5318T              42.86       -0.71
VERTEX PRECISION       5318               42.86       -0.71


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

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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