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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, January 19, 2011, Vol. 14, No. 13

                            Headlines



A U S T R A L I A

AMPROS HOLDINGS: In Receivership; Ferrier Appointed as Receiver
BYRNE INDUSTRIES: In Members' Voluntary Liquidation
RETAIL FOOD: May Permanently Shut Some Outlets After Floods
WORLD WIDE: Suspected Wine Scam Hits Australian Suppliers
* AUSTRALIA: Brisbane Landlords Likely to Go Bankrupt, Expert Says


C H I N A

RENHE COMM: Moody's Says Equity Buyout Won't Affect Low-Ratings


H O N G  K O N G

BLAIR ACCESSORIES: Commences Wind-Up Proceedings
BREAKINGVIEWS ASIA: Chan Yee Por Simon Appointed as Liquidator
DATA GENERAL: Members' Final General Meeting Set for February 18
HYTEC ELECTROPLATING: Au Wing Ip Appointed as Liquidator
INTERNATIONAL COUNCIL: Chiu and Cho Appointed as Liquidators

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases


I N D I A

BAFNA MOTORS: ICRA Assigns 'LBB-' Rating to INR5cr Bank Guarantees
BAVTAWALA IRON: ICRA Assigns 'LBB-' Rating to Fund-Based Facility
BHARAT UDYOG: ICRA Downgrades Rating on INR13.5cr Loan to 'LBB+'
BUL INFRADEVELOPERS: ICRA Puts 'LBB+ (SO)' Rating on Term Loan
GARDENIA INDIA: ICRA Assigns 'LBB' Rating to INR35cr Term Loan

HOTEL AIRPORT: ICRA Assigns 'LBB+' Rating to INR35cr Term Loan
JP FLOUR: ICRA Assigns 'LBB' Rating to INR5.5cr Term Loan
JSR CONSTRUCTIONS: ICRA Assigns 'LC' Rating to INR1cr FB Facility
KOHINOOR ELITE: ICRA Assigns 'LBB' Rating to INR22cr Term Loan
OCEAN INDIA: ICRA Assigns 'LBB-' Rating to INR24cr Term Loan

PAN GULF: ICRA Assigns 'LB+' Rating to INR19.69cr FB Facilities
PRABHAT NUTRITIOUS: ICRA Assigns 'LB+' Rating to INR32cr Term Loan
UMRAO INSTITUTE: Fitch Assigns 'B(ind)' Rating to INR887.5M Loans


I N D O N E S I A

GARUDA INDONESIA: Kicks Off IPO Roadshow in Singapore
MANDALA AIRLINES: Court Grants Suspension-of-Payment Request
PERUSAHAAN GAS: Moody's Raises Corporate Family Rating to 'Ba1'
PERUSAHAAN LISTRIK: Moody's Raises Corp. Family Rating to 'Ba1'
* Moody's Raises Indonesia's Foreign and LC Bond Ratings to 'Ba1'

* Moody's Raises Deposit Ratings of 10 Indonesian Banks to 'Ba2'


J A P A N

JAPAN AIRLINES: To Revive Traditional Crane Logo in April


M A L A Y S I A

AYER MOLEK: Bursa Approves 4-Month Extension to Submit Plan
LINEAR CORP: HSBC Demands Payment of MYR874,275 Bank Facility
MALAYSIAN MERCHANT: Fully Writes Off MYR20-Million Debt


N E W  Z E A L A N D

PIKE RIVER: Contractors Seek Economic Package From Government


T A I W A N

JIH SUN: Fitch Upgrades Individual Rating to 'C'


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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AMPROS HOLDINGS: In Receivership; Ferrier Appointed as Receiver
---------------------------------------------------------------
Morgan Kelly and John Melluish of Ferrier Hodgson were appointed
receivers of Ampros Holdings Pty Ltd on January 10, 2011.

The Company owns a property located at 285 Penshurst Street, in
Willoughby, New South Wales.  The property contains a supermarket
and seafood retailer and includes two levels of parking.

The receiver said they are currently assessing the property's
tenant situation and the current state of the property.

"We have approached a number of agents to provide us with sales
submissions, with the intent of taking the Property to market in
the near future," the receivers said.


BYRNE INDUSTRIES: In Members' Voluntary Liquidation
---------------------------------------------------
Byrne Industries Pty Ltd entered into liquidation on December 10,
2010, pursuant to a resolution passed at a meeting of members held
on that day.  The liquidation is proceeding as a members'
voluntary winding up.  Morgan Kelly and John Melluish of Ferrier
Hodgson were appointed as liquidators.

Byrne Industries Pty Ltd was in the business of property
management.


RETAIL FOOD: May Permanently Shut Some Outlets After Floods
-----------------------------------------------------------
Retail Food Group said some of its outlets closed by floods may
not reopen, and others may close subsequently as the financial
consequences of the episode weigh on franchisees, the Australian
Associated Press reports.

According to the AAP, Retail Food Group, which own chains
including Brumby's bakeries, Donut King and Michel's Patisseries,
said that 108 outlets had closed due to the floods in Queensland.

The AAP relates that eight Brumby's outlets remain closed, due
either to direct flood damage or to the closure of shopping
centers where they are located.

"The immediate future of each of these outlets is presently the
subject of further assessment," Retail Food Group said in its
statement, according to the AAP.  "In certain instances, it may
well be determined that rectification works in order to facilitate
recommencement of trade will be uneconomical."

The AAP adds that RFG said it "does not discount the potential for
permanent outlet closures . . . in circumstances where the
franchisees concerned are incapable of meeting financial
obligations otherwise owed by them".

                           About Retail Food

Retail Food Group Limited is engaged in the intellectual property
ownership of the Donut King, bb's cafe, Brumby's Bakeries,
Michel's Patisserie and Big Dad's Pies franchise systems;
development and management of the Donut King, bb's cafe, Brumby's
Bakeries, Michel's Patisserie and Big Dad's Pies franchise systems
throughout Australia and New Zealand, and international licensor
throughout the rest of world  It is also engaged in the
development and management of the coffee roasting facility (CRF)
and the wholesale supply of certain products to the Donut King,
bb's cafe, Brumby's Bakeries, Michel's Patisserie and Big Dad's
Pies franchise systems.  It operates in two segments Franchising
Operations and Wholesale/Retail Operations.   Franchising
Operations include the establishment and grant of new franchises.
On January 13, 2010, the Company acquired DCM Coffee & Donuts
franchise system.  On April 1, 2010, it acquired Big Dad's Pies
franchise system.


WORLD WIDE: Suspected Wine Scam Hits Australian Suppliers
---------------------------------------------------------
ABC Newcastle reports that police in Sydney said they have been
alerted to suspicious wine transactions affecting suppliers across
Australia.

ABC Newcastle relates that the authorities believe an
international company registered in Sydney's west called World
Wide Trading Company has received large quantities of wine on
invoices which allegedly have not been paid or paid with
dishonored cheques.

About 10,000 pallets the company got from two other suppliers had
also allegedly not been paid for, ABC Newcastle says.

According to the report, police on Monday went to the company's
registered warehouse in Wetherill Park and found it had been
abandoned but found paperwork and invoices relating to the
company.

ABC Newcastle says detectives then went to another warehouse in
Fairfield and seized over AU$5 million worth of wine, pallets and
bottled water.  A third warehouse was also searched with more wine
found.


* AUSTRALIA: Brisbane Landlords Likely to Go Bankrupt, Expert Says
------------------------------------------------------------------
The Sydney Morning Herald reports that a property industry expert
has warned that landlords across Queensland are likely to go
bankrupt in the next few months.

According to SMH, Bruce McBryde from the Property Owners
Association said many landlords would struggle to make ends meet
after having their properties ruined by the floods and no rent
coming in from tenants.

"Landlords have already been finding it hard with the rising cost
of interest rates and many have relied on the income from the rent
to get by," SMH quoted Mr. McBryde as saying.  "Without the rent
from their tenants, plus the huge cost of making repairs to their
properties . . . they'll go broke."

Mr. McBryde said there was likely to be a severe rental shortage
for a while in Queensland, SMH adds.


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C H I N A
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RENHE COMM: Moody's Says Equity Buyout Won't Affect Low-Ratings
---------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Renhe
Commercial Holdings Co Ltd's Ba2 corporate family and senior
unsecured debt ratings -- or on the ratings' negative outlook --
after the company's announcement that it will acquire a 100%
equity interest in a portfolio of shopping complexes in Wuxi for a
total of RMB2.64 billion.

"Moody's acknowledges the acquisitions are material relative to
Renhe's scale, representing 16.8% of its total assets of RMB15.7
billion as of June 2010, but the company has sufficient internal
reserves -- including estimated unrestricted cash of RMB8 billion
as of end-2010 -- to cover the payment, and given that it had
raised USD900 million from bond issuances last year," says Peter
Choy, a Moody's Senior Vice President.

"And while the character of these shopping complexes diverges from
the company's existing assets in that they are above ground rather
than below ground, risk exposure is to some extent contained as
they have already operated for a few years," says Mr. Choy.  "The
new acquisitions will present 9% of Renhe's total GFA."

Moody's last rating action on Renhe was taken on 4 November 2010,
when Moody's affirmed its Ba2 corporate family and senior
unsecured ratings with negative outlook following additional bond
issuances.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry; ii) capital structure and financial
risk of the company; iii) projected performance of the company
over the near to intermediate term; and iv) management's track
record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Renhe's core industry; Renhe's ratings are believed
to be comparable to those of other issuers of similar credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers that can
also function as civilian air defense shelters.  The projects are
built below city commercial centers and transportation hubs, and
are free of land-use premium fees.  As of June 2010, the company
was operating and managing eight underground shopping centers in
Harbin, Guangzhou, Shenyang and Zhengzhou in China


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


BLAIR ACCESSORIES: Commences Wind-Up Proceedings
------------------------------------------------
Members of Blair Accessories (HK) Limited, on January 11, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Ms Chan Wai Hing
         Mr. Kenneth Graeme Morrison
         42/F Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


BREAKINGVIEWS ASIA: Chan Yee Por Simon Appointed as Liquidator
--------------------------------------------------------------
Chan Yee Por Simon on January 10, 2011, was appointed as
liquidator of Breakingviews Asia Limited.

The liquidator may be reached at:

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


DATA GENERAL: Members' Final General Meeting Set for February 18
----------------------------------------------------------------
Members of Data General Hong Kong Limited will hold their final
general meeting on February 18, 2011, at 2:30 p.m., at 20/F.,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HYTEC ELECTROPLATING: Au Wing Ip Appointed as Liquidator
--------------------------------------------------------
Au Wing Ip on January 10, 2011, was appointed as liquidator of
Hytec Electroplating Limited.

The liquidator may be reached at:

         Au Wing Ip
         6B, Cameron Plaza
         23 Cameron Road
         Tsimshatsui, Kowloon
         Hong Kong


INTERNATIONAL COUNCIL: Chiu and Cho Appointed as Liquidators
------------------------------------------------------------
Chiu Soo Ching Kathering and Cho Che Kwong Alex on January 11,
2011, were appointed as liquidators of The International Council
of Chairmen Limited.

The liquidators may be reached at:

         Chiu Soo Ching Kathering
         Cho Che Kwong Alex
         c/o 3806 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced January 7 that
investigation of over 99% of a total of 21,742 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,371 cases which have been resolved by a settlement
      agreement reached under Section 201 of the Securities and
      Futures Ordinance;

    * 2,551 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,677 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,540 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 757 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 783 cases; and

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

    Investigation work is underway for the remaining 92 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?71ff

                       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)


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BAFNA MOTORS: ICRA Assigns 'LBB-' Rating to INR5cr Bank Guarantees
------------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' for the INR60.01
crore Fund-Based Bank Facility and INR5.00 crore bank guarantees
of Bafna Motors (Mumbai) Private Limited.  The long term rating
has been provided a stable outlook.

The rating factors in the promoters' long experience in the
vehicle dealership business and dominant market share in the
Mumbai & suburban region as a dealer of Tata Motors Limited's
(TML) commercial vehicles (CV).  The assigned rating take into
account the weak financial profile of the company characterized by
very high gearing due to high working capital requirements,
inherently low margins in the CV dealership business and stretched
liquidity profile as reflected in almost full utilization of fund
based limits.  The rating also take into account the intense
competition in the CV segment, and vulnerability to demand
slowdown in automobile sector which led to sharp dip in revenues
as well as losses in 2008-09.

Bafna Motors (Mumbai) Pvt. Ltd. is an authorized dealer of Tata
Motors Ltd., dealing in Commercial Vehicles & Spare Parts and
Servicing of Commercial Vehicles.  The company serves three
regions Mumbai, Thane and Raigad District.  The Company was
established on November 5, 2001.  There are Two Showrooms, Three
Workshops, Two Yards and Six Outlets located around Mumbai,
Navi Mumbai, Thane, Bhiwandi & Alibag.  The showrooms are located
in Thane and Nerul and the outlets (mainly acting  as marketing
hub) are located in Panvel, Majiz Bandar, Mulund, Jogeshwari,
Andheri and Wadkhal. The registered office of the company is
located at World Trade Centre, Cuffe Parade, Mumbai.  The Bafna
group was promoted by Mr. M.C.Bafna, with first dealership in
Nanded.  BMMPL reported a net loss of INR0.10 Crore on an
operating income of INR507.60 Crore for 2009-10.


BAVTAWALA IRON: ICRA Assigns 'LBB-' Rating to Fund-Based Facility
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR10.00 crore fund-based
facility of Bavtawala Iron & Steels Pvt Ltd.  The outlook on the
long term rating is "Stable".  ICRA has also assigned an 'A4'
rating to the INR35.00 crore non fund based facilities of BISPL.
The total limit utilization should not exceed INR35.00 crore.

The assigned ratings take into account the weak financial position
of the company characterized by a highly leveraged capital
structure; thin profitability following the low value-add nature
of trading business and weak coverage indicators.  The ratings are
also constrained by BISPL's exposure to price risk on account of
its business requirement of maintaining a steel inventory, given
the cyclicality inherent in the steel business.  Highly fragmented
nature of steel trading business characterized by stiff
competition further exerts pricing pressures on BISPL.  The
ratings, nevertheless, favorably factor in the long experience of
the promoters in steel industry; well established relationships
with reputed steel producers ensuring smooth steel supply; a
moderate growth in revenues supported by increasing sales volumes
and its diversified clientele partly reducing counterparty credit
risks.

                       About Bavtawala Iron

Bavtawala Iron & Steel Pvt. Ltd was incorporated in 1996. The
company is engaged in trading of HR steel coils, plates and
sheets.  The company is a stockiest and dealer of JSW Steel
Limited and Lloyds Steel Industries Limited.  The company was
started as a trading enterprise in 1985 by Mohamadhusein
Lokhandwala and was converted into a private limited company in
1996. BISPL has a registered office at Darukhana, Mumbai and
warehousing facility at Kalamboli, Navi Mumbai.

Recent Results

BISPL registered a net profit of Rs.2.01 crore on an operating
income of INR272.73 crore in 2009-10 and a net profit of INR1.77
crore on an operating income of INR237.74 crore  in 2008-09.  As
per the unaudited results, BISPL reported net sales of INR187
crore for the period April-December 15, 2010.


BHARAT UDYOG: ICRA Downgrades Rating on INR13.5cr Loan to 'LBB+'
----------------------------------------------------------------
ICRA has revised downwards the long term rating of INR13.5 crore
term loans and INR29.5 crore fund based bank facilities of Bharat
Udyog Limited to 'LBB+' from 'LBBB-'.  ICRA has also revised
downwards the rating of the INR18.0 crore short term non-fund
based bank facilities of BUL to 'A4+' from 'A3'.  The outlook on
the long-term rating is stable.

The ratings revision reflects the continued weak financial profile
and stretched liquidity conditions of the company.  The high
working capital intensity has resulted in high utilization of
working capital limits, weak fund flow from operations and
stretched capital structure.  BUL has high geographical
concentration with  the company so far executing projects/sales
mainly in Maharashtra.  The financial profile remains further
constrained by corporate guarantees amounting to ~2.1 times its
net-worth as on Sept. 30, 2010, extended by the company on behalf
of its SPV BUL Infradevelopers Private Limited.  SPVBUL is
executing BOT toll road project comprising four laning of 26.4 km
stretch of MSH-4 near Mumbai city for which BUL is the EPC
contractor.  The risks of devolvement are however partly mitigated
by the project route which mitigates the traffic risk given the
fact that the route provides for a vital connection between NH-3
(Mumbai-Agra highway) from Mankholi to NH-8 (Mumbai-New
Delhi highway) at Chinchotti and the significant traffic volume on
the project stretch with Bus/Truck and Multi-Axle Vehicles
contributing to more than 50% of the overall traffic (as per the
traffic study in FY09) for which the toll rates are high.

The ratings however continue to derive comfort from the long track
record of the company in the construction sector especially in
roads, its established relationship with government departments
with whom it has executed number of repeat orders in the past, and
the  long-standing experience of the promoters in the construction
industry.  The ratings derive comfort from the healthy unexecuted
order-book which provides visibility to the revenues over the
medium term.  The company is engaged in processing and trading of
bitumen which helps backward integrate with the road construction
business thereby providing stability to raw material supply and
improve profit margins.

                        About Bharat Udyog

Bharat Udyog Limited, set up in 1993, is an infrastructure
development company.  The Company's core area of operations is
infrastructure development in the field of roads and construction
(as EPC and also some BOT projects), and processing and trading of
Bitumen.  The company is also engaged in toll collection, sand
quarrying on a contract basis and has also executed one commercial
mall development project in Kolhapur on a BOT basis.

BUL is promoted by Mr. Srichand Kukreja who started construction
business with Jaihind Construction Company in 1980 for executing
construction activities of smaller ticket size as a sub
contractor.  He set up Jaihind Contractors Private Limited in 1988
and Swaraj Erectors Private Limited in 1993 to execute
infrastructure projects.  BUL was incorporated in 1993 by merging
JCPL and SEPL.  It was then known as Bharat Monetary Services
Private Limited and was intended to act as an NBFC for group
companies.  The name was changed to BUL in 2001 and in 2002 all
the group companies were consolidated under BUL.  All construction
activities are hence conducted under BUL.

Mr. Srichand Kukreja currently acts as the Chairman and Managing
Director of BUL and the company continues to remain closely held.

Recent Results

Bharat Udyog Limited reported a profit after tax (PAT) of INR8.3
crore in H1 2010-11 (Provisional) on an operating income of
INR89.4 crore.  The same for full year 2009-10 stood at INR10.0
crore and INR117.2 crore respectively.


BUL INFRADEVELOPERS: ICRA Puts 'LBB+ (SO)' Rating on Term Loan
---------------------------------------------------------------
ICRA has assigned the 'LBB+ (SO)' rating to the term loan limit of
INR137.0 crore of BUL Infradevelopers Private Limited.

The assigned rating favorably factors into account the corporate
guarantee provided by the promoter company 'Bharat Udyog Limited'
against repayment obligation for the entire term loan of the
project; infusion of the entire committed equity by promoters and
nearly 85% of the requisite  funds having been infused in project
till September 30, 2010, hence mitigating the funding risk of the
project.

The rating is further supported by the importance of the project
route resulting in the satisfactory volume of traffic through the
project stretch; possession of Right of Way (RoW) required for the
completion of the first phase of the project and relatively
predictable cash flows of the project given that the prescribed
toll rates are delinked from Wholesale Price Index (WPI)
fluctuations and is scheduled to increase at intervals throughout
the concession period.

However, the assigned rating is constrained by the delay in the
project owing to delayed receipt of the work order from the
concessionaire and operational hindrances due to unfavorable
climactic conditions; non-operational status of the project while
the debt repayment has already started from December-2010 and
execution risks existing in the project given that as of September
2010, nearly 35% of the project remains to be completed and the
group has no experience in execution of a project of similar size
on Build-Operate-Transfer (BOT) basis. The ratings are further
constrained by the fact that the funding of second phase of the
project is dependent on the cash accruals of the project post
tolling commences and on further debt drawdown and on account of
some delay by the company towards meeting interest obligation in
recent past due to procedural issues.

                      About BUL Infradevelopers

BUL Infradevelopers Private Limited is an Special purpose Vehicle
(SPV) which is promoted by M/s Bharat Udyog Limited (66.37%),
group company Jaihind Finance (India) Limited (17.27%) and the
group's promoter Mr. Srichand Kukreja (16.37%).  BIPL was
incorporated in August 2008 for widening and maintenance of the
existing two-lane 'Chinchoti-Kaman-Anjurphata-Mankoli' road
stretch  near Bhivandi on Maharashtra State Highway-4 (MSH-4) to
four-lane on Built-Own-Transfer (BOT) basis.  The project has been
awarded by Public Works Department,Thane for a concession period
of 24 years 3 months and 18 days (including the construction
period of 30 months) effective from the work order date i.e.
August 28, 2009.  The project is expected to be operational by
March-April 2011.

The main promoter of BIPL namely Bharat Udyog Limited (rated at
LBB+ (Stable)/A4+) is an infrastructure development company having
set up by Mr. Srichand Kukreja in 1993.  The company's core area
of operations is infrastructure development in the field of roads
and construction (as EPC and also some BOT projects), and
processing and trading of bitumen.  The company is also engaged in
toll collection, sand quarrying on a contract basis and has also
executed one commercial mall development project in Kolhapur and
one road project stretch 'Dand-Apta-Turade-Kharpada road (near
Panvel) on MSH-3 on a BOT basis.


GARDENIA INDIA: ICRA Assigns 'LBB' Rating to INR35cr Term Loan
--------------------------------------------------------------
ICRA has assigned "LBB" rating to INR35.00 crore proposed term
loan of Gardenia India Limited.  The outlook of the long term
rating is stable.

The rating factors in experience of GIL's promoters in the real
estate business, favorable location of its current projects and
low regulatory risk.  The rating is, however, constrained by
execution risk given the early stage of construction of its
recently launched project, market risks with regard to the un-
booked area, modest collection efficiency and the company's
exposure to funding risk as the term loan for  its current project
is yet to be  tied-up.  The rating also takes into account
relatively high gearing of the company given its low net worth
base and high funding requirements to meet expansion plans.

                        About Gardenia India

Gardenia India Limited was founded by Mr. Manoj Kumar Ray &
Mr. Sanjeev Sharma in January 2007.  GIL is involved in real
estate development activities and is an ISO 9001:2000 certified
company.  Prior to setting up GIL, its promoters had been involved
in real estate industry for more than a decade.

GIL has completed three residential projects in past which have
been almost completely sold at attractive prices. Currently it is
developing two projects at Vasundhara, Ghaziabad and one more is
planned to be launched shortly at Crossing Republic, Ghaziabad.
Apart from these, GIL has some land parcels in Uttar Pradesh and
has also entered into Joint Ventures to develop more residential
projects; however the plans for same have not been finalized yet.

Recent Results

GIL reported an Operating Income of INR99.62 crore and Profit
after Tax of INR5.45 crore in FY2010.


HOTEL AIRPORT: ICRA Assigns 'LBB+' Rating to INR35cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to INR35 cr term
loan facility of Hotel Airport Kohinoor Pvt. Ltd.  Further, ICRA
has assigned a stable outlook to the long-term rating of the
company.

The assigned rating is constrained by high refinancing risk,
levered capital structure, significant capital expenditure plan
which is expected to put pressure on cash flows, dependence on
timely recovery of advances from group entities, significant
competition and dependence on single property.  However,
the rating draws comfort from favorable location of the hotel,
positive cash flow from operations and long track record of
Kohinoor group in hotel industry.

Recent Results

HAKPL reported profit after tax (PAT) of INR2.3 cr in FY10 on an
operating income of INR31.8 cr.  The operating income declined by
36% during FY10 over FY09.

                        About Hotel Airport

Hotel Airport Kohinoor Pvt. Ltd is part of Kohinoor Group promoted
by Mr. Manohar Joshi and currently managed by Mr. Unmesh Joshi.
HAKPL has two business segments viz. Hotel business and Education
business.  During FY10, HAKPL registered operating income of
Rs.31.8 cr of which Hotel business and Education business segments
contributed in proportion of 63% and 37% respectively.  HAKPL
operates a 137 room 4 Star hotel in Mumbai named Kohinoor
Continental.  The hotel is located in at a 2 kms distance from the
international airport and at 4 kms distance from the domestic
airport on Andheri Kurla Road, Andheri (East).  Up to FY10, there
were two academic courses were conducted by the Education business
segment viz. a 3-year hotel management course and a 2-year
business administration course. However, during FY11, the 2-year
business administration course has been transferred to a group
entity Kohinoor Education Trust.


JP FLOUR: ICRA Assigns 'LBB' Rating to INR5.5cr Term Loan
---------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR5.5 crore term loan
and INR10.5 crore cash credit facilities of JP Flour Mills Private
Limited.  The outlook on the long term rating is stable.  ICRA has
also assigned an 'A4' rating to the INR1.0 crore non fund based
bank limits of JPFMPL.

The assigned ratings take into account the established position of
the company in Eastern India and the technologically advanced
nature of its flour mill which enables it to maintain quality and
reliability of the output, thus providing it with an advantage
over smaller players.  The ratings also favorably factor in the
positive demand outlook of wheat flour, as it forms an important
part of the staple Indian diet, and JPFMPL's low working capital
intensity of operations.  The ratings are, however, constrained by
the agro climatic risks associated with the availability of wheat,
highly fragmented nature of the industry characterized by a large
number of small players, which in turn leads to intense
competition, limited value addition in JPFMPL's business leading
to low operating margins, seasonal nature of the business with
variability in cash flows and the high gearing level of the
company.  The ratings also reflect the vulnerability of the
company's margins to raw materials price risks, which however is
mitigated to an extent by the short conversion cycle and the fast
moving nature of wheat products.

                           About JP Flour

Established in 2004, JP Flour Mills Pvt Ltd is engaged in
manufacturing of the flour milling products - maida, atta, suji,
rawa and bran from wheat. Currently the company has a wheat
grinding capacity of 1, 35,000 TPA.  The manufacturing facility is
located at Bighati, Hooghly district in West Bengal.

Recent Results

The company reported a net profit of INR0.22 crore in 2009-10 on
an Operating Income of INR68.48 crore; as compared to a net profit
of INR0.22 crore on an Operating Income of INR59.24 crore during
2008-09.


JSR CONSTRUCTIONS: ICRA Assigns 'LC' Rating to INR1cr FB Facility
-----------------------------------------------------------------
ICRA has assigned an 'LC' rating to the INR1 crore fund based
working capital facility of JSR Constructions Private Limited.
ICRA has also assigned the rating of 'A5' to the INR39 crore
non-fund based facilities of JCPL.

The ratings reflect the constrained liquidity position of JCPL
owing to delays in receiving the payment from its clients and
resultant delays in debt servicing.  Further, JCPL's high working
capital intensity, led by build-up of inventory levels, and
capital expenditure has been largely funded through debt resulting
in highly leveraged capital structure.  The ratings also take into
account JCPL's high concentration risk as almost entire of its
order book comprises of road projects and that too primarily in
Bihar under Pradhan Mantri Gramin Sadak Yojana).  However, partial
comfort is drawn from established presence and adequate resource
base of the company.

Recent Results

In 2009-10, JCPL has earned a net profit of INR1.20 crore on an
operating income of INR78.70 crore as compared to a net profit of
INR1.71 crore on an operating income of INR107.23 crore in
2008-09.

                     About JSR Constructions

JSR Constructions Private Limited, based at Bangalore, is a civil
engineering construction company incorporated by Mr. J.
Sreenivasulu Reddy in 1990.  The promoters of the company are in
construction business for last 37 years.  JCPL operates mainly in
irrigation and road projects and executed several projects in
these sectors. Its client profile includes National Highways
Authority of India, Sardar Sarovar Narmada Nigam Ltd., Government
of Andhra Pradesh, Karnataka, Gujarat, and Tamil Nadu Road
Development Corporation.  The company is a registered Special
Class (Civil) contractor with Irrigation (PW) Department of Andhra
Pradesh and Gujarat.  It is also a registered Class 1 Contractors
in PWD - Karnataka and Category-1 with Karnataka Neeravari Nigam
Ltd.


KOHINOOR ELITE: ICRA Assigns 'LBB' Rating to INR22cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR22 cr term
loan facility and a short term rating of 'A4' to INR1 cr bank
guarantee facility of Kohinoor Elite Hotels Pvt. Ltd.  Further,
ICRA has assigned a stable outlook to the long-term rating of the
company.

The assigned ratings are constrained by significant execution and
approval risk due to under construction status of the project with
56% of the cost still to be incurred and market risk due to
significant supply of existing and upcoming hotels in Mumbai.
Nevertheless, the ratings take comfort from favorable location of
the project, low funding risk and experience of promoters in
hospitality sector.

                       About Kohinoor Elite

Kohinoor Elite Hotels Pvt. Ltd is part of Kohinoor Group promoted
by Mr. Manohar Joshi and currently managed by Mr. Unmesh Joshi.
KEHPL is a special purpose vehicle which is currently
developing a 100 room 3-star hotel in Kurla, Mumbai.  The total
cost of the project is estimated to be INR38 cr to be funded by
INR16 cr of promoters' fund and INR22 cr of debt.  The hotel is
expected to be operational by April 2011.  As on September 20,
2010, INR16.8 cr of cost (44% of the total project cost) was
incurred including the cost of land to the tune of INR12.6 cr.


OCEAN INDIA: ICRA Assigns 'LBB-' Rating to INR24cr Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR24.00 crore term loan
facilities of Ocean India Private Limited.  The outlook on the
long-term rating is Stable.

The rating is constrained by the weak financial profile of OIPL
characterized by net losses and stretched coverage indicators.
FY 10 was the first full year of operations.  The company incurred
a loss of INR1.38 crore at operating level and INR3.51 crore of
net loss during FY 10. OIPL was able to achieve only 32% capacity
utilization in FY 10, the company is in the process of ramping up
its operations.  The company started dyeing operations in sept'10
and it is set to commence printed fabric production by Jan'11.
OIPL faces high competitive intensity due to fragmented nature of
the industry.  Moreover, given the low entry barriers, the
business is susceptible to new capacity additions in the industry.
The customer concentration is significantly high for OIPL, in 1H
FY11, 73% of the total sales were made to Brandix Group.

The rating however draws comfort from the support OIPL enjoys from
its promoters. One of the promoters, Fountain Set Holdings
Limited, considered to be globally dominant player in circular
knit manufacturing, provides technological support to OIPL.  The
other promoter Brandix Apparel India, the Indian manufacturing arm
of Brandix Lanka Ltd, which operates in the same SEZ as that of
OIPL manufactures around 200,000 briefs per day.  OIPL supplies
majority of its produce to Brandix India.  While OIPL is slated to
receive significant operational and technological support from its
promoters, the business and financial strength of the promoters
could not be assessed as limited information is available on these
entities in the public domain.

The ability of the company to attain breakeven, critically depends
on its capability to ramp up its volumes and attain high levels of
capacity utilization.  This in turn would be dependent on souring
plans of the parent entity - Brandix Apparel Limited. Given the
likely losses in the initial years, ICRA expects some
deterioration in leverage ratios as it expects increase in the
gearing levels on account of continuing losses at the net level.

                         About Ocean India

Ocean India Private Limited was incorporated in July, 2007 with an
objective of manufacturing of knitted and dyed fabric.  The
manufacturing facility is set up at the Brandix Integrated Textile
Park in the Special Economic Zone (SEZ) in Vishakhapatnam.  The
company was promoted by Ocean Mauritius Limited which is in turn
promoted by Brandix Group of Sri Lanka and Fountain Set Holdings
Limited of Hong Kong.

The facility became operational in Jan 2009, initially with grey
fabric and subsequently dyeing operations were started.  The total
manufacturing capacity of the company is 4777MT/annum.


PAN GULF: ICRA Assigns 'LB+' Rating to INR19.69cr FB Facilities
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR19.69 crore fund based
facilities of Pan Gulf Technologies Pvt Ltd.  ICRA has also
assigned an 'A4' rating to the INR0.1 crore non-fund based bank
facilities of Pan Gulf Technologies Pvt Ltd.

The assigned rating takes into account PGTPL's relatively small
scale of operations; very high share of a group company in the
overall revenues, leading to significant customer concentration
risks; high working capital intensity which adversely impacts
liquidity and significant exposure to currency risks due to
absence of a formal hedging mechanism.  ICRA also notes that the
company has recently purchased a new office space at a cost of
INR24 crore, part funded by a term loan of INR18.69 crore.

While the proposed expansion is likely to augment the revenues of
PGTPL, the same is expected to stretch its capital structure to an
extent on account of the same being largely debt funded.
Nevertheless, the ratings favorably factor in the significant
experience of the promoters of PGTPL in the engineering design
business; steady revenues from the group companies of Pan Gulf
Group based in Saudi Arabia and healthy profitability and coverage
indicators of the company.

                          About Pan Gulf

Incorporated in 1999, PGTPL is in the business of making
engineering designs of structural steel, process equipment and
tank fabrications.  PGTPL is a part of Saudi Arabia based Pan Gulf
Group, which has presence in fabrication of heavy steel structures
and process equipment, pipes, valves, welding solutions, fire
protection systems, food products and inspection and testing
services through different group companies.

Recent Results

As per the audited results for 2009-10, PGTPL reported a profit
after tax (PAT) of INR1.04 crore on an operating income of INR6.93
crore as compared to a PAT of INR1.23 crore on an operating income
of INR7.21 crore in 2008-09.In the first half of 2010-11, PGTPL
reported a profit before tax (PBT) of INR0.59 crore on an
operating income of INR5.06 crore (provisional).


PRABHAT NUTRITIOUS: ICRA Assigns 'LB+' Rating to INR32cr Term Loan
------------------------------------------------------------------
ICRA has assigned LB+ rating to the INR32.0 crore term loan of
Prabhat Nutritious and Frozen Food Industries Private Limited.

The assigned rating derives comfort from the established track
record of promoters in the dairy industry and favorable demand
prospects in the industry. The ratings are, however, constrained
by the inherent execution and operational risks associated with
the project company and the leveraged funding structure of the
project.  The company needs to ensure adequate quality of milk
supply once operations stabilize though the risk is partially
offset by the well established procurement network of the Group
Company.  The rating takes into account risks associated with the
external factors like Government regulations and milk production
being vulnerable to weather conditions, disease outbreak
etc.

                     About Prabhat Nutritious

PNFFL is setting up milk processing and pouching plant in Vashi,
Navi Mumbai to process and sell pasteurized/aseptic milk and
allied milk products.  It will include processing, packaging,
storage, transportation and marketing of the milk & milk products.
PNFFL is incorporated by Nirmal family of Shrirampur, Ahmednagar
district whose flagship company Prabhat Dairy Private Limited is
engaged in similar business since 1998.  The raw milk for PNFFL
will be procured through PDPL which has a milk collection,
processing and pouching facility.


UMRAO INSTITUTE: Fitch Assigns 'B(ind)' Rating to INR887.5M Loans
-----------------------------------------------------------------
Fitch Ratings assigned India's The Umrao Institute of Medical
Science & Research a National Long-term rating of 'B(ind)'.  The
Outlook is Stable.  The agency has also assigned ratings to
Umrao's bank facilities as follows:

  * INR887.5 million term loans: 'B(ind)';
  * INR60.6 million fund-based limits: 'B(ind)'/'F4(ind)'; and
  * INR60.9 million non-fund based limits: 'F4(ind)'.

Umrao's ratings are constrained by refinancing risks and a lack of
a track record given its brief operational history.  The hospital
commenced operations only in November 2010.  The total cost of the
project was INR1,311.3 million; it was financed through INR887.5
million of debt, and its sponsor contributed the rest of the
funding.  Fitch notes that Umrao's internal cash flows are likely
to be insufficient in the initial years to meet debt servicing.
The management has stated that they will infuse the requisite
funds.  The agency notes that Umrao needs to demonstrate
stabilisation of capex, which would be reflected in its
operational and profitability performance.

The ratings benefit from the timely completion of the hospital
project, large gamut of services, modern infrastructure, and
locational advantage, which would provide it a large catchment of
patients. However, Fitch notes that the hospital's location may
not allow it to command the rates equivalent to those of other
comparable modern hospitals.  Nevertheless, Umrao's lower cost
base in terms of pharmacy, labor cost, municipal taxes, and other
infrastructure cost would help its profitability

Positive rating triggers include Umrao's demonstrated growth in
patient numbers along with EBITDA margins of around 24% and a
significant improvement in its financial leverage. Negative rating
triggers include lower-than-expected patient volume growth and a
lack of sponsor funding.

Located in Mira Road (Mumbai), the hospital has nine operation
theatres and is equipped with modern technologies.  At end-
September 2010 (H1FY11), the total secured debt was
INR609.3 million, equity was INR401.3 million, and cash
equivalents were INR5.4 million.


=================
I N D O N E S I A
=================


GARUDA INDONESIA: Kicks Off IPO Roadshow in Singapore
-----------------------------------------------------
The Jakarta Post reports that PT Garuda Indonesia said a host of
Singaporean companies attended its roadshow to promote the
Indonesian flag carrier's highly anticipated initial public
offering on the Indonesian Stock Exchange.

The Post relates Garuda Indonesia's president director Emirsyah
Satar said at least 26 investors attended the company's
presentation on Friday in Singapore.

"We've received a very good response here . . . beyond our
expectations," Emirsyah said as quoted by tempointeraktif.com,
according to The Jakarta Post.

The Post says Garuda representatives also met with seven
investment institutions and visited seven investment firms in
Singapore, and would next take their pitch to Hong Kong, London,
Boston and New York.

According to the Post, Emirsyah said the roadshows were intended
to attract potential investors to buy Garuda's stock as part of
their long-term investment strategies.

The Post, citing IPO underwriter Bahana Securities chief Eko
Yulisantoro, discloses that Garuda would release a 36.48% stake in
the company in the IPO, comprised of 9.4 billion shares: 7.4
billion shares for the public (28.9%) and 1.9 billion shares
through Bank Mandiri sales (7.54%).  The initial share price would
be set somewhere between IDR750 (8 US cents) and IDR1,100 and
garner between IDR6.9 trillion and IDR10.2 trillion for the
airline, he added.

Garuda's finance and strategy director Elisa Lumbantoruan said
that 80 percent of the funds raised would be used for capital
expenses, including refurbishing aircraft and business expansion.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Financial Times said Garuda Indonesia has
signed a deal with dozens of lenders to restructure nearly
US$500 million in debt, clearing the way for a long-delayed
initial public offering to raise US$400 million.  The FT said that
the agreement, inked in December 2010 in London after five years
of tortuous negotiations with the European Credit Agency and more
than 20 commercial creditors, covers debts dating back 15 years.

Bloomberg News related that Chief Executive Officer Emirsyah Satar
said European export credit agencies including Compagnie
Francaise d' Assurance pour le Commerce Exterieur and Germany's
Euler Hermes, owed about US$288 million in unpaid loans, agreed to
extend maturities to mid-2016 and be repaid in installments of
between US$45 million to US$60 million a year.

Garuda, which received IDR1 trillion from the government in 2006
to help it keep flying, has been in debt restructuring talks since
2005.  The Troubled Company Reporter-Asia Pacific reported on
Aug. 11, 2010, that the carrier completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina.
Garuda had also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.  In January,
Bloomberg News said, the airline won bondholder permission to
restructure US$122 million of floating-rate notes.

                        About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


MANDALA AIRLINES: Court Grants Suspension-of-Payment Request
------------------------------------------------------------
Bambang Djanuarto at Bloomberg News reports that PT Mandala
Airlines said the South Jakarta Commercial Court granted its
request of suspension of payment obligation, allowing it to go
ahead with its plan to restructure.

Bloomberg relates the carrier said in an e-mailed statement that
the ruling means Mandala has 45 days protection from creditors
while it forms a plan.  Mandala on Jan. 13 filed for the
suspension, Indonesia's equivalent of the U.S.'s Chapter 11, the
statement said.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2011, Antara News said Mandala Airlines has decided to
temporarily stop its operations beginning January 12 due to
financial problems.  Herry Bakti S Gumay, director general of air
transportation said Mandala would concentrate on settling its
financial problems first especially "with regard to its
obligations to its aircraft lessors."  Herry said it would depend
upon Mandala's readiness when it would reopen its operations.
Mandala must remain settling its obligations to its customers
especially those who have bought tickets from it and others,
Herry added.

Based in Jakarta, Indonesia, Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.


PERUSAHAAN GAS: Moody's Raises Corporate Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded PT Perusahaan Gas Negara's
corporate family rating to Ba1 from Ba2.  The rating outlook is
stable.

The rating action follows Moody's decision to upgrade the
Indonesian Government's rating to Ba1 from Ba2.

"Driven by its solid operating profile, dominant market position,
favorable trends in gas demand, and the relatively stable nature
of the transmission and distribution business, PGN's baseline
credit assessment is strongly positioned at the Ba2 level," says
Jennifer Wong, a Moody's AVP/Analyst.

"The rating also considers PGN's very high dependence on and
strong support from the Indonesian Government, given the Ministry
of State Owned Enterprises' 57% ownership, and its strategic
importance as the country's main distributor of natural gas.  As
such, the upgrade in Indonesian Government's rating has led to an
upgrade of PGN's rating," says Wong.

The last rating action on PGN was on 1 December 2010, when Moody's
placed PGN's Ba2 corporate family rating on review for possible
upgrade.

The principal methodology used in this rating was Moody's
Regulated Electric and Gas Utilities published in August 2009.

Established in 1965, Perusahaan Gas Negara is primarily
engaged in the transmission and distribution of natural gas.  Its
transmission business mainly operates under its 60%-owned
subsidiary, PT Transportasi Gas Indonesia, while its distribution
business has a strong market share.


PERUSAHAAN LISTRIK: Moody's Raises Corp. Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded PT Perusahaan Listrik
Negara's corporate family rating and senior unsecured bond rating
to Ba1 from Ba2.  The rating outlook is stable.

This rating action follows Moody's decision to upgrade the
Indonesian Government's rating to Ba1 from Ba2.

"Given PLN's 100% ownership by the Ministry of State-Owned
Enterprises, its strategic importance as Indonesia's only
vertically integrated electricity utility, as well as ongoing
government support through subsidies to ensure its financial
viability and operational soundness, Moody's considers PLN's
rating to be closely integrated with, and strongly linked to, the
government's credit quality," says Jennifer Wong, a Moody's
AVP/Analyst.

"Accordingly, an upgrade in the Indonesian Government's rating has
led to an upgrade in PLN's rating," says Wong.

Moody's last rating action with regard to PLN occurred on 1
December 2010, when the ratings were put under review for possible
upgrade.

The principal methodology used in this rating was Moody's
Regulated Electric and Gas Utilities published in August 2009.


* Moody's Raises Indonesia's Foreign and LC Bond Ratings to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service concluded its rating review, which was
initiated on December 1, 2010, and upgraded the Indonesian
government's foreign and local-currency bond ratings to Ba1, from
Ba2.

The main reasons for the decision are:

  1) Indonesia's economic resilience is accompanied by sustained
     macroeconomic balance;

  2) The government's debt position and the central bank's foreign
     currency reserve adequacy are improving; and

  3) The prospects for foreign direct investment inflows are also
     improving, and this is expected to fortify Indonesia's
     external position and economic outlook.

In addition, the upgrade affects the country's ceiling for foreign
currency bonds, which has consequently been moved up by a notch to
Baa3, and the FC bank deposit ceiling, which has been moved up to
Ba2.  The outlook is stable.

Moreover, the local currency bond and deposit ceilings have been
raised to Baa1 from Baa2.

The country ceiling for short-term FC debt is "Not Prime" and
remains unaffected by this action.

These ceilings act as a cap on ratings that can be assigned to the
foreign and local currency obligations of other entities domiciled
in the country.

Moody's had placed Indonesia's Ba2 sovereign ratings on review for
possible upgrade in December 2010.

This was due to the country's resilience to the global financial
crisis, improving government and external credit-metrics, and an
ability to manage domestic political challenges to the reform
agenda without damaging key policy institutions' effectiveness.

"We have upgraded the sovereign credit ratings as the momentum in
the economy is expected to be sustained by steady domestic demand,
a reasonable pace and sequencing of policy and structural reforms,
and rising foreign direct investment.  Furthermore, the country's
debt position and reserve adequacy remain on an improving
trajectory relative to most of its ratings peers," says

Mr. Aninda Mitra, a Vice-President at Moody's and its lead
sovereign analyst for Indonesia.


* Moody's Raises Deposit Ratings of 10 Indonesian Banks to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term deposit ratings of 10 Indonesian banks to Ba2 from Ba3.  The
revised ratings carry stable outlooks.

The 10 banks are Bank Central Asia, Bank CIMB-Niaga, Bank Danamon
Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara
Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan
Negara and Pan Indonesia Bank.

The upgrades conclude the reviews initiated on December 1, 2010
and are in line with the rating actions on January 17, 2011 for
Indonesia's ratings.  Specifically, the foreign currency and local
currency government bond ratings were raised to Ba1 from Ba2;
foreign currency deposit ceiling to Ba2 from Ba3, and foreign
currency bond ceiling to Baa3 from Ba1. See press release of
January 17, 2011 for more details on sovereign issues.

The last rating actions on all ten banks were taken on December 1,
2010 when their Ba3 foreign currency long-term deposit ratings
were placed on review for possible upgrade.  The reviews were in
line with the review initiated on December 1, 2010 for Indonesia's
Ba2 foreign currency and local currency government bond ratings;
Ba3 foreign currency deposit ceiling, and Ba1 foreign currency
bond ceiling.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.

All 10 banks are headquartered in Jakarta. Below are details of
their assets at September 2010:

Bank Central Asia IDR310.20 trillion; Bank CIMB-Niaga IDR129.14
trillion; Bank Danamon Indonesia IDR105.22 trillion; Bank
Internasional Indonesia IDR72.20 trillion; Bank Mandiri IDR409.37
trillion; Bank Negara Indonesia IDR224.81 trillion; Bank Permata
IDR66.88 trillion; Bank Rakyat Indonesia IDR325.94 trillion; Bank
Tabungan Negara IDR63.50 trillion; and Pan Indonesia Bank IDR95.73
trillion.

Bank Central Asia: The foreign currency long-term deposit rating
was raised to Ba2 from Ba3. The revised rating carries a stable
outlook. All other ratings were unaffected and have stable
outlooks: Baa3 global local currency (GLC) deposit; Ba1 foreign
issuer; Not Prime foreign currency short-term deposit; and D+ bank
financial strength (BFSR), which maps to a Ba1 baseline credit
assessment (BCA).

Bank CIMB-Niaga: The foreign currency long-term deposit rating was
raised to Ba2 from Ba3.  The revised rating carries a stable
outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Ba1/Ba1 foreign currency
issuer/subordinated debt; Not Prime foreign currency short-term
deposit; and D BFSR, which maps to a Ba2 BCA.

Bank Danamon Indonesia: The foreign currency long-term deposit
rating was raised to Ba2 from Ba3.  The revised rating carries a
stable outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit; and D BFSR, which maps to a Ba2 BCA.

Bank Internasional Indonesia: The foreign currency long-term
deposit rating was raised to Ba2 from Ba3. The revised rating
carries a stable outlook.  All other ratings were unaffected and
have stable outlooks: Baa3 GLC deposit; Ba1 foreign currency
issuer; Not Prime foreign currency short-term deposit; and D BFSR,
which maps to a Ba2 BCA.

Bank Mandiri: The foreign currency long-term deposit rating was
raised to Ba2 from Ba3. The revised rating carries a stable
outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit and D BFSR, which maps to a Ba2 BCA.

Bank Negara Indonesia: The foreign currency long-term deposit
rating was raised to Ba2 from Ba3. The revised rating carries a
stable outlook.  All other ratings were unaffected: Baa3 GLC
deposit; Not Prime foreign currency short-term deposit and D-
BFSR, which maps to a Ba3 BCA.  All carry stable outlooks except
the BFSR which has a positive outlook.

Bank Permata: The foreign currency long-term deposit rating was
raised to Ba2 from Ba3.  The revised rating carries a stable
outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit; and D- BFSR, which maps to a Ba3 BCA.

Bank Rakyat Indonesia: The foreign currency long-term deposit
rating was raised to Ba2 from Ba3.  The revised rating carries a
stable outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit and D+ BFSR, which maps to a Ba1 BCA.

Bank Tabungan Negara: The foreign currency long-term deposit
rating was raised to Ba2 from Ba3.  The revised rating carries a
stable outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit and D- BFSR, which maps to a Ba3 BCA.

Pan Indonesia Bank: The foreign currency long-term deposit rating
was raised to Ba2 from Ba3.  The revised rating carries a stable
outlook.  All other ratings were unaffected and have stable
outlooks: Baa3 GLC deposit; Not Prime foreign currency short-term
deposit; and D BFSR, which maps to a Ba3 BCA.


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


JAPAN AIRLINES: To Revive Traditional Crane Logo in April
---------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. will revive its
traditional red crane logo in April.

JAL officials said the airline wants to use the logo to symbolize
its business rehabilitation efforts.  The red crane logo, adopted
in the 1950s, was gradually phased out by new liveries and
disappeared in 2008.

"Many customers loved the round crane mark and requested a
revival," a JAL official said.

                        About Japan Airlines

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

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

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.


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


AYER MOLEK: Bursa Approves 4-Month Extension to Submit Plan
-----------------------------------------------------------
MIMB Investment Bank Berhad said that the Bursa Securities has
approved The Ayer Molek Rubber Company Berhad's application for
extension of time of another 4 months from the expiry of the time
frame from November 18, 2010, to March 18, 2011, for the Company
to submit the regularization plan.

The new extended time frame is also an extension of time for the
Company to comply with its obligation under paragraph 8.04 and
PN17 including submission of a regularization plan.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party.  It operates solely in the
domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


LINEAR CORP: HSBC Demands Payment of MYR874,275 Bank Facility
-------------------------------------------------------------
Linear Corporation Berhad and its wholly owned subsidiary LCI
Global Sdn. Bhd. have been served a Writ of Summons and Statement
of Claim filed by HSBC Amanah Malaysia Berhad.

The Writ of summons and Statement of Claim both dated Jan. 3,
2011, were received by the Company on 14th January 2011 by way of
hand despatch from Messrs Benjamin Dawson, Advocates & Solicitors
for the Plaintiff.  LCI and the Company have eight days from the
date of receipt of the Writ of Summons to serve the appearance.

HSBC Amanah is claiming payment for:

   -- MYR874,275.44 as at August 18, 2009, due under the HSBC
      Amanah Accepted Bills-I ("banking facility"); and

   -- Charges for late payment on MYR850,585.61 on Islamic
      Interbank market rate from time to time with effect from
      August 19, 2009, until the date of full settlement.

The filing of the Writ of Summons is a result of the alleged
default in payment for the banking facility granted by the HSBC
Amanah to LCI.

The Writ of Summons will not have any additional financial and
operational impact on the Group.

Linear will seek the necessary legal advice from its solicitors
with regards to the claim and will instruct its solicitors to
defend the said claim.

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


MALAYSIAN MERCHANT: Fully Writes Off MYR20-Million Debt
-------------------------------------------------------
Malaysian Merchant Marine Berhad disclosed in a regulatory filing
that its associated liabilities of approximately MYR20 million
have been fully written off.

The Company said that on Jan. 3, 2011, it was informed by BHLB
Trustee Berhad that a sum of MYR8,161,469.47 was remitted to the
Employees Provident Fund (EPF) being partial payment of the
Bithaman Ajil Islamic Debt Securities (BAIDs) account.

"The board confirms that with this transaction, all its vessels
have been repossessed by EPF and disposed off on account of the
debt due to EPF.  As such, the company does not possess any more
assets and the associated liabilities of about MYR20 million have
been fully written off," the company told Bursa Malaysia.

                      About Malaysia Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


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


PIKE RIVER: Contractors Seek Economic Package From Government
-------------------------------------------------------------
The New Zealand Herald reports that contractors unlikely to
receive wages owed them by Pike River Coal are disappointed by the
response to their plight from local economic agency Development
West Coast (DWC).

According to the NZ Herald, around 80 West Coast contractors and
suppliers are owed more than NZ$8 million dating back to October.
But as unsecured creditors, the group representing them has been
told the only way to recover any money is to apply to the courts
to wind up the company.

The companies, with more than 200 employees, were contracted to
Pike River Coal at the time of the explosion at the mine that
killed 29 men, including 13 contractors, the NZ Herald says.

The NZ Herald relates Pike River Contractors and Suppliers Group
chairman Peter Haddock said they want DWC to contribute urgently
to an economic package to help them or they face closing down.

"In the West Coast's hour of greatest need, we are looking to DWC
to offer a cash package to the PRCL contractors and suppliers
rather than the 'business recovery workshops, business mentoring,
managing stress and cash flow management' as stated in the (recent
DWC) open letter," the NZ Herald quoted Mr. Haddock as saying.
"We have 200 jobs at risk right now."

Mr. Haddock, as cited by the NZ Herald, said Pike River Coal was
about to pay invoices for October on November 20, the day after
the first explosion, but those payments were stopped.

The group wanted a fund to be established to pay the contractors
and suppliers to stop workers leaving the region, the NZ Herald
reports.

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand company that operates the coal mine where 29
miners died in a series of explosions in November 2010, has been
placed into receivership.  Bloomberg related that Pike River
Chairman John Dow said its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.

The company owed NZ$80 million to secured creditors BNZ and
New Zealand Oil and Gas.  Pike River also owed another estimated
NZ$10 million to NZ$15 million to contractors, including some of
the men who lost their lives in the disaster.

                         About Pike River


Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.


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


JIH SUN: Fitch Upgrades Individual Rating to 'C'
-------------------------------------------------
Fitch Ratings has upgraded some of the ratings of Jih Sun
Financial Holding Co., Ltd. and its wholly-owned subsidiaries, Jih
Sun International Bank and Jih Sun Securities Corp., Ltd.  The
Outlooks on all Long-term ratings of the three entities remain
Stable.

Fitch has also upgraded JSS's Individual rating to 'C' from 'C/D'
to reflect the securities company's resilient earnings
performance, modest risk exposures, satisfactory capitalization
and liquid balance sheet, which were well-tested through numerous
economic cycles.

JSS's Stable Outlook underlies Fitch's expectation that the
company will continue to maintain its sound financial profile in
the foreseeable future.  JSS's ratings would be adversely affected
by a material weakening of core capital and/or increased risk
taking behavior at JSIB which may prompt JSS to support the bank,
though the agency notes that these situations are unlikely to take
place.

JSS reported good earnings in 2010 with an unaudited return on
equity of 10.0%, thanks to buoyant market turnover and good equity
trading gains as a result of a strong stock market recovery.
Fitch expects JSS to deliver reasonable profits in 2011,
underpinned by its sizeable brokerage market share and prudent
trading strategy.  Fitch considers JSS's risk appetite to be
moderate.  The company maintains a modest level of trading
exposure in stocks and bonds.  JSS is also adequately capitalized,
with a reported capital adequacy ratio Liquidity remains
reasonably sound, as evidenced by JSS's consistently high current
ratios of over 170% in 2008-9M10.  Additionally, long-term funding
covered its illiquid assets by at least two times during the same
period.

The upgrade of JSH's Long-term ratings corresponds with the rating
actions on its principal operating subsidiary JSS.  At the same
time, Fitch also upgraded JSH's Individual rating to 'C/D' from
'D' , after taking into consideration the group's much improved
asset quality and capitalization.  These positive factors are
tempered by its relatively high financial leverage and, on a
standalone basis, its acceptable liquidity.  The support rating
'5' indicates Fitch's expectation of limited state support for a
financial holding company.  While not expected in the near term,
Fitch will consider taking negative rating actions on JSH if there
is a material deterioration in the group's loan book quality that
weakens its core capitalization.  Barring hefty net losses as a
result of large credit costs in JSIB, JSH's ratings will largely
be driven by JSS's financial strength.

The upgrade of JSH's subordinated bond rating is based on the
upgrade of the issuer's National Long-term rating.  JSH's
subordinated bonds are rated two notches below JSH's National
Long-term rating, which is in line with Fitch's revised hybrid
notching criteria dated December 2009.  The subordinated bonds'
rating mainly reflects the debt issues' going concern loss
absorption feature through coupon and principal deferrals once
JSH's capital adequacy ratio falls below the regulatory minimum
requirement of 100%.

The upgrade of JSIB's Long-term ratings is mainly driven by the
obligatory support of its parent company JSH.  Group support is
evident from a series of cash injections taken at JSIB in recent
years. JSIB's Individual rating takes into account its reasonable
liquidity and improved capitalization.  However, these are offset
by the bank's weak internal capital generation due to its limited
franchise and consequently high operating costs relative to
revenue.

JSIB's profitability turned around in 2010, with an unaudited ROE
of 7.8%.  The much improved earnings performance was mainly due to
the sizeable loan recoveries, which more than offset moderate
provisions charges.  While recovering interest margins, rising
loans and improved fees from wealth management sales are expected
to help lift the bank's core earnings in 2011, Fitch expects
JSIB's profitability to continue to benefit from the favorable
loan recoveries arising from the large charge-offs made in 2005-
2009.  Fitch notes that JSIB reported a higher non-performing loan
ratio of 1.7% and lower loan loss reserve coverage of 62.5% at
end-Q310, but expects provisioning risk to be manageable given the
high proportion of secured non-performing loans with prudent
loan/value ratios.  JSIB has also set aside reasonable reserves
against unsecured NPLs.  JSIB maintains an adequate Tier 1 capital
ratio of 9.1% at end-Q310 and has managed to hold up its balance
sheet liquidity, with the healthy liquidity reserve and
loans/deposits ratios at 33.6% and 69.4% respectively, at end-
Q310.

A sustained improvement in core earnings and asset quality would
be positive factors for JSIB's Individual rating.  Although less
likely, a material deterioration of JSIB's loan book quality that
substantially weakens its core capitalisation could lead to a
downgrade of the bank's long-term ratings and Individual rating.

JSIB and JSS are JSH's two main operating subsidiaries, and the
group's major shareholders are US-based private equity firm
Capital Target and Japan's Shinsei Bank, with equity interests of
26.1% and 30.5% respectively.  JSS is one of the larger and
longest established securities companies in Taiwan, with a stock
brokerage market share of 4.0% in 2010.  Meanwhile, JSIB is a
small private bank in Taiwan with a deposits market share of 0.7%
at end-Q310.

All rating actions are as follows:

JSH:

  * Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
    Outlook Stable;
  * Short-term foreign currency IDR affirmed at 'B';
  * National Long-term rating upgraded to 'A-(twn)' from 'BBB+
    (twn)'; Outlook Stable;
  * National Short-term rating affirmed at 'F2 (twn)';
  * Individual rating upgraded to 'C/D' from 'D';
  * Support rating affirmed at '5';
  * Support Rating Floor affirmed at 'NF'; and
  * Subordinated bond rating upgraded to 'BBB(twn)' from 'BBB-
    (twn)'.

JSIB:

  * Long-term foreign currency IDR upgraded to 'BB+' from 'BB';
    Outlook Stable;
  * Short-term foreign currency IDR affirmed at 'B';
  * National Long-term rating upgraded to 'A-(twn)' from 'BBB+
    (twn)'; Outlook Stable;
  * National Short-term rating affirmed at 'F2 (twn)';
  * Individual rating affirmed at 'D'; and
  * Support rating affirmed at '3';.

JSS:

  * Long-term foreign currency IDR upgraded to 'BBB-' from 'BB+';
    Outlook Stable;
  * Short-term foreign currency IDR upgraded to 'F3' from 'B';
  * National Long-term rating upgraded to 'A(twn)' from 'A-(twn)';
    Outlook Stable;
  * National Short-term rating upgraded to 'F1(twn)' from
    'F2(twn)';
  * Individual rating upgraded to 'C' from 'C/D';
  * Support rating affirmed at '5'; and
  * Support Rating Floor affirmed at 'NF'.


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


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

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

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

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

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

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

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

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***