TCRAP_Public/111228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 28, 2011, Vol. 14, No. 257

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Taps Georgakis to Oversee Winding-Up Process
PAPERLINX LIMITED: Gets Buyout Proposal from Private Equity Firm


H O N G  K O N G

ACT NOW: Members' Final General Meeting Set for Jan. 27
ADVANCED DIGITAL: Creditors' Proofs of Debt Due Jan. 22
ALCOA HK: Tse and Yeung Step Down as Liquidators
BESTSPARK LIMITED: Placed Under Voluntary Wind-Up Proceedings
BILLION CHEER: Commences Wind-Up Proceedings

BLS (HK): Lam and Boswell Step Down as Liquidators
BRILLIANT GROUP: Yeung Wing On Steps Down as Liquidator
CHARMRICH (H.K.): Creditors' Proofs of Debt Due Jan. 31
CHARTERFAME (H.K.): Creditors' Proofs of Debt Due Jan. 31
CLEARSKIER LIMITED: Kong Chi How Johnson Steps Down as Liquidator

CONFORD HOLDINGS: Creditors' Proofs of Debt Due Jan. 26
CHAMPION HALL: Commences Wind-Up Proceedings
CHIPCHASE LIMITED: Creditors' Proofs of Debt Due Jan. 26
DOUBLE LUCK: Creditors' Proofs of Debt Due Jan. 26
DYNAMIC MANAGEMENT: Creditors' Proofs of Debt Due Jan. 31


I N D I A

ADILAXMI INDUSTRIES: CARE Puts CARE B+ Rating on INR11.70cr Loan
AIR INDIA: Banks Want Seats on AI Board After Debt Restructuring
ARJUN ALLOYS: CARE Assigns 'CARE BB-' Rating to INR11.42cr Loan
GALAXY GLASS: CARE Assigns 'CARE D' Rating to INR13.15cr LT Loan
LIVON CERAMIC: CARE Places 'CARE BB-' Rating on INR10.01cr Loan

M.P. VENEERS: CARE Assigns 'CARE BB+' Rating to INR3.5cr LT Loan
SHAH HOUSECON: CARE Rates INR21cr Long-Term Loan at 'CARE B+'
TIMSY TRADERS: CARE Assigns 'CARE B+' Rating to INR6.25cr LT Loan
VRUNDAVAN GINNING: CARE Rates INR6cr Long-Term Loan at 'CARE B'
WOOD STAR: CARE Assigns 'CARE B+' Rating to INR26.27cr LT Loan


I N D O N E S I A

PT ARPENI: Hearing on Chapter 15 Petition on Jan. 12
PT ARPENI: Chapter 15 Case Summary


K O R E A

KUMHO ASIANA: Creditors Press Petrochem Unit to Sell Asiana Stake


N E W  Z E A L A N D

BLUE CHIP: Court Allows Australian Creditor's AUD3 Million Claim
KAIMAI CHEESE: Sells Waikato Property to Avoid Receivership


P H I L I P P I N E S

LEPANTO CERAMICS: Files for Court-Assisted Corporate Rehab


S I N G A P O R E

BEANS GROUP: Court to Hear Wind-Up Petition Jan. 5
DANO INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 7
SPORTS NETWORK: Creditors' Proofs of Debt Due Jan. 6
UNICORN HOLDINGS: Creditors' Proofs of Debt Due Jan. 18
YONG LOO: Creditors' Proofs of Debt Due Jan. 18


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CENTRO PROPERTIES: Taps Georgakis to Oversee Winding-Up Process
---------------------------------------------------------------
Asia Pulse reports that Chartered accountant John Georgakis will
be paid AUD2,000 (US$2,020.10) per day to wind up the Centro
Properties Group.

Asia Pulse relates that the shopping centre group has undergone a
restructure involving the cancellation $2.7 billion in debt
amassed during the global financial crisis as the lenders
exchanged the loans for ownership of the underlying assets.

A new group, Centro Retail Australia, now owns the Centro assets
and has begun trading on the Australian securities exchange
(ASX), the report says.

According to the report, the former Centro funds, including
Centro Properties Group and Centro Retail Group, are in the
process of being wound up.

Centro Properties Group said on Friday it had appointed
Mr. Georgakis as its chief executive to oversee that process, the
report relates.

                     About Centro Properties

Based in Australia, Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres.  Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping
centres across Australia, New Zealand, and the United States.
Centro has funds under management of US$24.9 billion.


PAPERLINX LIMITED: Gets Buyout Proposal from Private Equity Firm
----------------------------------------------------------------
The Australian reports that Paperlinx Ltd has become a takeover
target and candidate for a break-up after revealing it had
received a proposal from an unnamed private equity bidder and was
considering offers for parts of its business from multiple
buyers.

According to The Australian, shareholders were also told to
expect another loss in the second half-year as economic
conditions continued to deteriorate, particularly in Europe,
where the company is heavily exposed.

The Australian relates that Paperlinx said it had received an
"incomplete, indicative, conditional and non-binding proposal"
from a private equity firm to acquire all of the issued capital
of Paperlinx and its step-up Preference Shares (SPS).

"The company has also received a number of separate proposals to
acquire parts of the business," the report cited Paperlinx in a
statement.  "The board of Paperlinx has not yet formed a view
with respect to any of the proposals, and the company will
provide an update in due course."

The Australian discloses that the offer of 9c per ordinary share
and AUD21.85 for preference shares could value the company at up
to AUD500 million when incorporating outstanding debt and other
liabilities.

Paperlinx incurred a net loss of AUD108 million last financial
year, its third straight loss, the report notes.

                         About PaperlinX

Australia-based PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.


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


ACT NOW: Members' Final General Meeting Set for Jan. 27
-------------------------------------------------------
Members of ACT Now Children's Fund Limited will hold their final
general meeting on Jan. 27, 2012, at 10:00 a.m., at the offices
of FTI Consulting, Level 22, The Centre, 99 Queen's Road Central,
Central, in Hong Kong.

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


ADVANCED DIGITAL: Creditors' Proofs of Debt Due Jan. 22
-------------------------------------------------------
Creditors of Advanced Digital Broadcast Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 22, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 13, 2011.

The company's liquidator is:

         Anthony John Jex
         3701, Tower One
         Lippo Center, 89 Queensway
         Admiralty, Hong Kong


ALCOA HK: Tse and Yeung Step Down as Liquidators
------------------------------------------------
Tse Wing Sing Victor and Yeung Man Chi stepped down as
liquidators of Alcoa Hong Kong Limited on Dec. 15, 2011.


BESTSPARK LIMITED: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of Bestspark Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Chow Chee Ming
         Flat 4, 17th Floor
         Block B, Villa Rocha
         No. 10 Broadwood Road
         Happy Valley, Hong Kong


BILLION CHEER: Commences Wind-Up Proceedings
--------------------------------------------
Members of Billion Cheer Development Limited, on Dec. 22, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

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


BLS (HK): Lam and Boswell Step Down as Liquidators
--------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of BLS (HK) Limited on Dec. 19, 2011.


BRILLIANT GROUP: Yeung Wing On Steps Down as Liquidator
-------------------------------------------------------
Yeung Wing On stepped down as liquidator of Brilliant Group
Investment Limited on Dec. 16, 2011.


CHARMRICH (H.K.): Creditors' Proofs of Debt Due Jan. 31
-------------------------------------------------------
Creditors of Charmrich (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 16, 2011.

The company's liquidators are:

         Martin James Murray
         Liu Sui Yuk
         33rd Floor, One Pacific Place
         88 Quensway, Hong Kong


CHARTERFAME (H.K.): Creditors' Proofs of Debt Due Jan. 31
---------------------------------------------------------
Creditors of Charterfame (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 16, 2011.

The company's liquidator is:

         Martin James Murray
         Liu Sui Yuk
         33rd Floor, One Pacific Place
         88 Queensway
         Hong Kong


CLEARSKIER LIMITED: Kong Chi How Johnson Steps Down as Liquidator
-----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Clearskier
Limited on Dec. 13, 2011.


CONFORD HOLDINGS: Creditors' Proofs of Debt Due Jan. 26
-------------------------------------------------------
Creditors of Conford Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 26, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidators are:

         Tse Wing Sing Victor
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R.


CHAMPION HALL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Champion Hall International Limited, on Dec. 22, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


CHIPCHASE LIMITED: Creditors' Proofs of Debt Due Jan. 26
--------------------------------------------------------
Creditors of Chipchase Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 26, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 15, 2011.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


DOUBLE LUCK: Creditors' Proofs of Debt Due Jan. 26
--------------------------------------------------
Creditors of Double Luck Estate Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 26, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


DYNAMIC MANAGEMENT: Creditors' Proofs of Debt Due Jan. 31
---------------------------------------------------------
Creditors of Dynamic Management Research Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 14, 2011.

The company's liquidators are:

         Ho Mei Ngan
         Low Fung Ping
         Rooms 903-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


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


ADILAXMI INDUSTRIES: CARE Puts CARE B+ Rating on INR11.70cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Adilaxmi Industries.

                                       Amount
   Facilities                       (INR crore)  Ratings
   -----------                      -----------  -------
   Long-term Bank Facilities          11.70      CARE B+ Assigned
   (Fund-Based)

   Long-term Bank Facilities           2.78      CARE B+ Assigned
   (Term Loans)

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of Adilaxmi Industries as
on March 31, 2011. The rating may undergo a change in case of
withdrawal of capital by the partners in addition to the
financial performance and other relevant factors.

The ratings assigned are constrained by the small size and
partnership nature of the firm, highly fragmented and competitive
nature of the industry, the government regulations with respect
to procurement and sale, low profitability margins, high
financial leverage, working-capital intensive nature of business
with low entry barriers and seasonal nature of availability of
paddy. However, the ratings are underpinned by experience of the
partners in the industry, stable revenue growth in the last four
years with moderate operational performance, increasing demand
for rice and availability of raw material (paddy) in the
vicinity. The ability of the firm to improve the margins in the
midst of competition and improve the financial risk profile are
the key rating sensitivities.

                    About Adilaxmi Industries

Adilaxmi Industries, a partnership firm, was started in January
2000. The firm is engaged in the milling and processing rice and
also participates in trading of related products such as paddy,
sago, starch powder etc. from time to time. The mill is situated
in Vetlapalem village in East Godavari District, Andhra Pradesh.


AIR INDIA: Banks Want Seats on AI Board After Debt Restructuring
----------------------------------------------------------------
Business Standard reports that Air India's debt restructuring has
hit a hurdle as banks said they want seats on the airline's board
after they agreed to convert 40% of its short-term debt, or
INR7,000 crore, into equity.

"The consortium restructuring the debt has raised concerns over
not getting any representation in the board even after converting
a substantial part of the debt into equity," the report quotes a
senior civil aviation ministry official, who did not want to be
identified, as saying.  "They have raised this issue with the
Reserve Bank of India (RBI) after the finance ministry denied
them any board-level representation."

The official told Business Standard that the finance ministry
said the consortium will not get any representation on the board
even after converting debt into equity.  "The banks feel without
any representation on the board of the airline they will not be
able to ensure protection of their interest," the official, as
cited by Business Standard, added.

The report, citing the restructuring plan approved by RBI, says
the banks will restructure INR18,000 crore of the INR24,000 crore
short-term debt on Air India's books.  Of this amount, banks will
convert INR11,000 crore to long-term debt with a repayment of 10
to 15 years.  They will convert the remainder, around INR7,000
crore, into Compulsorily Convertible Preference Shares, the
report notes.

Business Standard discloses that AI has INR43,000 crore of debt
on its books -- INR20,000 crore aircraft loans, and INR24,000
crore working capital loans or short-term debt. The aircraft
loans have a long repayment period, and are less of a cause of
worry.

The debt restructuring is part of a bigger revival plan for the
airline.  The plan is being reviewed by a Group of Ministers
(GoM) headed by Finance Minister Pranab Mukherjee, Business
Standard adds.

                         About Air India

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.


ARJUN ALLOYS: CARE Assigns 'CARE BB-' Rating to INR11.42cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Arjun
Alloys.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     11.42       CARE BB- Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The rating is constrained due to the modest scale of operations
of Arjun Alloys and its weak financial risk profile marked by
thin profitability margins. The rating is further constrained due
to its limited geographic presence, volatility associated with
the raw material prices and its presence in the cyclical and
fragmented steel industry.

The above constraints far offset the benefits derived from the
experience of the partners in the steel products industry along-
with the support from the group companies with the established
marketing and distribution network.

Improvement in the overall financial risk profile with increase
in the scale of operations through diversification in its product
portfolio and expanding its geographical presence are the key
rating sensitivities.

                       About Arjun Alloys

Arjun Alloys, a partnership firm established by Mr Vivek Agarwal
and his wife Mrs. Arpita Agarwal, is engaged in the production of
Mild Steel bars and alloy bars from various types of metal scrap
apart from trading of various types of iron and steel scrap. Till
2009, AAL carried out trading of various ferrous metal products
like TMT bars, ferro alloy ingots, etc. In July 2010, AAL started
manufacturing of steel rolled products like MS, ferro alloy bars,
etc. with establishment of its manufacturing facility at
Changodar near Ahmedabad in Gujarat with an installed capacity of
15,000 Metric Tonnes Per Annum (MTPA).


GALAXY GLASS: CARE Assigns 'CARE D' Rating to INR13.15cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Galaxy
Glass Products Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      13.15      CARE D Assigned
   Short-term Bank Facilities      2.00      CARE D Assigned

Rating Rationale

The ratings primarily factor in the ongoing delays in debt
servicing by Galaxy Glass Products Pvt. Ltd. owing to stressed
liquidity due to continuous losses since the last three years.

Incorporated on May 12, 2005, Chennai based Galaxy Glass Products
Pvt. Ltd. (GGPL), is promoted by Muscat based Non Resident
Indians (NRI), Mr. M. Omanakuttan and his wife, Mrs. Usha
Omanakuttan. GGPL is engaged in toughened glass manufacturing
business with application in architectural and real estate
segment. Although incorporated in 2005, GGPL started commercial
production in 2008 due to delay in project implementation. GGPL
is presently managed by Mr. T. V. Haridas, Chief Executive
Officer (CEO), who has around three decades of experience in the
glass industry.


LIVON CERAMIC: CARE Places 'CARE BB-' Rating on INR10.01cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Livon Ceramic.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     10.01       CARE BB- Assigned
   Short-term Bank Facilities     0.90       CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings of Livon Ceramic are constrained mainly on account of
limited track record of operations in the competitive segment of
the tile industry along-with linkages with the cyclical real
estate industry. The ratings are further constrained on account
of the weak financial risk profile characterized by weak
liquidity and solvency position and susceptibility of margins to
volatility in raw material and fuel (natural gas) prices.

The above constraints, however, far offset the benefits derived
from the partners' experience in the tile industry and its
presence in the ceramic tile hub of Morbi in Gujarat.
Improvement in the overall financial risk profile with
improving/maintaining the profitability margins, rationalization
of debt levels and ability to increase its market presence in
light of increasing competition are the key rating sensitivities.

                        About Livon Ceramic

Established in 2008, ISO 9001:2008 certified Livon Ceramic is
engaged in the manufacturing of ceramic glazed tiles. Commercial
production of LVC started in January 2009 and FY10 (refers to the
period April 1 to March 31) was the first full year of
operations. LVC is a partnership firm and present key partners
include Mr Pravin G. Agola, Mr. Kirit S. Rangpadiya and Mr Rasik
R. Detroja.  LVC's manufacturing facility is located at Wankaner
in Rajkot district of Gujarat which is a ceramic tile hub and it
has an installed capacity of around 45,000 metric tonne per annum
(MTPA) of ceramic glazed wall tiles as on March 31, 2011. LVC
sells its products under the brand names "Livon" and "Lipton".


M.P. VENEERS: CARE Assigns 'CARE BB+' Rating to INR3.5cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of M.P. Veneers Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.50       CARE BB+ Assigned
   Short-term Bank Facilities     6.50       CARE A4+ Assigned
   Long/Short-term Bank           0.25       CARE BB+/CARE A4+
    Facilities                                Assigned

Rating Rationale

The ratings are primarily constrained by the modest scale of
operations of M. P. Veneers Private Limited (MPPL), moderate
financial risk profile marked by declining turnover, moderate
profitability margins and solvency indicators. Furthermore,
MPPL's working- capital intensive nature of operations in a
highly fragmented veneer industry, direct linkage with cyclical
real estate industry and risks pertaining to any adverse change
in the regulatory environment of timber exporting countries
further constrain the ratings.  The ratings, however, favourably
take into account the wide experience of the promoters its
established track record of operations.

MPPL's ability to increase its scale of operations with
improvement in profitability amidst intense competition along-
with efficient management of working capital are the key rating
sensitivities.

Bhopal-based M.P. Veneers Private Limited was incorporated in
1978 by Mr. Kamal Kishore Kela and Mr. Ashok Kela. The company is
engaged in the manufacturing of decorative sliced natural wood
veneers, flooring parquet, hard lumbers and teak mouldings at its
manufacturing facility located at Betul area in Madhya Pradesh.
MPPL sells its products in the domestic as well as overseas
markets which are majorly used in plywood, panel boards, doors,
luxury yachts etc. The company exports its products mainly to
Canada, Australia, U.S.A. and certain European countries. In the
domestic market, MPPL sells directly to the industrial users
apart from sales through agents.


SHAH HOUSECON: CARE Rates INR21cr Long-Term Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Shah Housecon Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
    Long-term Bank Facilities     21.00      CARE B+ Assigned

Rating Rationale

The rating is constrained by the high execution risk in all
ongoing projects, high funding risk as the financial tie-up for
all the ongoing projects have not been achieved while at the same
time projects have high dependence on customer advances. The
rating is also constrained by the concentration of the company to
a single location in Mumbai, regulatory risks related to Slum
Rehabilitation Scheme (SRS) projects and the cyclical nature of
the industry.

The rating derives strength from the experience of the promoters
and successfully delivered residential projects aggregating to
6.57 lakh square feet (lsf) in the past.

Ability of the company to execute the ongoing projects on time,
achieve envisaged sales and receive financial closure for all
ongoing projects remains the key rating sensitivities.

                       About Shah Housecon

Incorporated in the year 2001, Shah Housecon Pvt. Ltd. is part of
the Shah Group which is promoted by Mr. Mansukh Shah and Mr.
Ramji Shah. The group has developed several residential projects
in the Malad suburb of Mumbai with an aggregate salable area of
6.57 lsf.  Currently, SHPL has undertaken three projects with
total salable area aggregating to 9.81 lsf (two being residential
projects under SRS scheme and one being commercial-cum-
residential project) in the Malad suburb of Mumbai


TIMSY TRADERS: CARE Assigns 'CARE B+' Rating to INR6.25cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Timsy Traders.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.25       CARE B+ Assigned
   Short-term Bank Facilities     6.25       CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the proprietor in addition
to the financial performance and other relevant factors.

The ratings are constrained on account of weak financial profile
of Timsy Traders marked by low profitability margins and highly
leveraged capital structure, modest scale of operations and the
constitution of the entity as a proprietorship firm. The ratings
are further constrained on account of its presence in a highly
fragmented timber trading industry. The ratings, however, take
cognizance from decade long experience of the promoters in the
timber trading industry.

Increase in the scale of operation with improvement in overall
financial risk profile is the key rating sensitivity.

                        About Timsy Traders

Ahmedabad-based Timsy Traders was setup as a proprietorship
concern in the year 2000 by Mrs. Dipti R Patel for trading of
wooden logs and slabs in the domestic market. TT imports wood
from Burma and African countries, cuts and saws them in required
sizes and sells them to the retail players in the domestic
market. The proprietor Mrs. Dipti Patel is also involved in
manufacturing of hand carved furniture and timber trading through
Wood Star India Pvt. Ltd. a company promoted by herself and her
husband Mr Rohit Patel.


VRUNDAVAN GINNING: CARE Rates INR6cr Long-Term Loan at 'CARE B'
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vrundavan
Ginning & Oil Mill.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     6.00        CARE B Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The rating is constrained on account of the modest scale of
operations with low capacity utilization of Vrundavan Ginning &
Oil Mill and its weak financial risk profile marked by thin
profitability, low capital base, high leverage and stressed
liquidity. The rating is further constrained due to its presence
in a highly fragmented cotton ginning industry with limited value
addition, inherent risk of volatility associated with cotton
prices and susceptibility to regulatory changes governing cotton
industry.

The above constraints far offset the benefits derived from its
proximity to the cotton growing region of Gujarat.

VGOM's ability to increase its scale of operations while managing
volatility associated with cotton prices and moving up the cotton
value chain coupled with improvement in its overall financial
risk profile would be the key rating sensitivities.

                     About Vrundavan Ginning

M/s Vrundavan Ginning & Oil Mill was initially constituted as a
partnership firm in December, 1997 by Mr. Panchubhai Bhadarka and
eight other partners at Bhavnagar in Gujarat.  Subsequently,
during September 2008, one of the partners exited from the firm
and presently there are eight partners. VGOM is engaged into the
business of cotton ginning and pressing to produce lint cotton
and cotton seeds.  Presently, Mr. Madhubhai Badarka and Mr.
Panchubhai Bhadarka are the key partners who look after overall
operations of the firm. Lint cotton is mainly used in
manufacturing of cotton yarn in the textile industry and cotton
seeds are used for extraction of oil.

VGOM has 24 ginning machines and one automatic press for
conversion of cotton lint into bales. VGOM has a capacity to
process 11,680 Metric Tonnes Per Annum (MTPA) of lint cotton and
21,827 MTPA of cotton seed as on March 31, 2011.


WOOD STAR: CARE Assigns 'CARE B+' Rating to INR26.27cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Wood Star India Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      26.27      CARE B+ Assigned
   Short-term Bank Facilities      2.30      CARE A4 Assigned

Rating Rationale

The ratings are constrained on account of weak financial profile
of Wood Star (India) Pvt. Ltd. marked by low profitability margin
and highly leveraged capital structure, modest scale of
operations and high project risk associated with wooden flooring
project. The ratings are further constrained on account of its
presence in a highly fragmented timber trading industry. The
ratings, however, take cognizance from the decade long experience
of the promoters in the timber trading industry.

Successful completion and stabilization of wooden flooring
project and improvement in the overall financial risk profile are
the key rating sensitivities.

                          About Wood Star

Ahmedabad-based, Wood Star (India) Private Limited was
incorporated as a private limited company in the year 2001 by
Mr. Rohit Patel and his wife Mrs. Dipti Patel.  WSIPL is engaged
in cutting, shaping and trading of different types of wooden logs
and slabs, moulded wooden strips, etc in the domestic market. In
addition to wood trading, WSIPL also manufactures hand crafted
wooden furniture and artifacts at its unit located at Limbdi in
Gujarat and export the same through Wood Star International
(WSI); the marketing and distribution arm of the company in USA.

As per Audited results for FY10 (refers to the period April 1 to
March 31), WSIPL reported a total operating income of Rs.18.46
crore (Rs.11.08 crore in FY09) on which it earned a PAT of
Rs.0.18 crore (Rs. 0.13 crore in FY09).


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


PT ARPENI: Hearing on Chapter 15 Petition on Jan. 12
----------------------------------------------------
A hearing will be held Jan. 12, 2012, at 11:00 a.m., in U.S.
Bankruptcy Court on the petition for creditor protection under
Chapter 15 of the U.S. Bankruptcy Code filed for PT Arpeni
Pratama Ocean Line Tbk.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
Indonesia's leading diversified shipping company, owning and
operating the largest fleet of Indonesian flagged dry bulk
vessels.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.  As of
June 30, 2011, Arpeni operated 77 wholly-owned vessels and two
vessels under long term charters.

Arpeni filed for bankruptcy protection on Dec. 12, 2011, in the
U.S. to block a group of dissident note holders from torpedoing
its debt restructuring in Indonesia.  Fida Unidjaja, as PT
Arpeni's foreign representative, estimated $500 million to
$1 billion in assets and liabilities in the Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 11-15691) for the company.  Judge Allan
L. Gropper oversees the Chapter 15 case.  Fida Unidjaja is
represented by Pedro A. Jimenez, Esq., and Ross Barr, Esq., at
Jones Day.

Arpeni is seeking U.S. court recognition of its proceeding before
the Commercial Court at the Central Jakarta District Court
as a foreign main proceeding.  PT Bank Central Asia Tbk., an
unsecured lender, commenced the Jakarta proceeding on Aug. 5,
2011, which Arpeni voluntarily joined.  On Aug. 24, 2011, the
Jakarta Court issued a temporary suspension of debt payment
decision, effectively staying actions on claims against the
Foreign Debtor for an initial period of 45 days.

Throughout the proceeding, Arpeni remained in possession of and
continued its business while it restructured its debt.

On Dec. 9, 2009, Arpeni announced an informal payment moratorium
with certain of its creditors pursuant to which Arpeni ceased
making payments of interest or principal.

The trustee under the indenture with respect to the U.S. Notes on
Sept. 6, 2011, had accelerated the U.S. Notes and demanded
performance by the Debtor of its obligations as guarantor under
the U.S. Notes Indenture.

In the Jakarta proceeding, the Debtor sought and obtained
approval of a composition plan from the requisite percentage of
its creditors participating in the plan pursuant to Indonesian
bankruptcy law.  In particular, the Composition Plan was approved
by approximately 95% of the Debtor's secured creditors and 80% of
the Debtor's unsecured creditors, in each case present and voting
at a hearing before the Indonesian Court on Nov. 1, 2011 and
holding claims that had been verified for inclusion in the
Foreign Proceeding.  As provided in the Composition Plan as
embodied in the Settlement Agreement, on Nov. 18, 2011, Arpeni
launched an exchange offer and tender offer.


PT ARPENI: Chapter 15 Case Summary
----------------------------------
Chapter 15 Petitioner: Fida Unidjaja

Chapter 15 Debtor: PT. Arpeni Pratama Ocean Line Tbk
                   APOL
                   Jl. Abdul Muis No. 50
                   Jakarta 10160
                   Outside U.S.
                   The Republic of Indonesia

Chapter 15 Case No.: 11-15691

Chapter 15 Petition Date: December 12, 2011

Court: U.S. Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Allan L. Gropper

Debtor's Counsel: Pedro A. Jimenez, Esq.
                  JONES DAY
                  222 E. 41 Street
                  New York, NY 10017
                  Tel: (212) 326-3776
                  Fax: (212) 755-7306
                  E-mail: pjimenez@jonesday.com

                         - and -

                  Ross Barr, Esq.
                  JONES DAY
                  222 E. 41st Street
                  New York, NY 10017
                  Tel: (212) 326-7887
                  Fax: (212) 755-7306
                  E--mail: rsbarr@jonesday.com

Estimated Assets: $500,000,001 to $1 billion

Estimated Debts: $500,000,001 to $1 billion

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


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


KUMHO ASIANA: Creditors Press Petrochem Unit to Sell Asiana Stake
-----------------------------------------------------------------
Yonhap News reports that industry sources said Monday that
creditors of Kumho Petrochemical Co. are pressing the company to
sell its stake in Asiana Airlines Inc., a major affiliate of
Kumho Asiana Group, in order to separate the petrochemical firm
from the group.

Park Chan-koo, chairman of Kumho Petrochemical, has been seeking
to separate the company and two other petrochemical units from
Kumho Asiana Group, owned by his elder brother Sam-koo, following
a management feud between the two brothers in 2009, the news
agency says.

"We demanded that Kumho Petrochemical dispose of some 14 million
shares in Asiana Airlines to meet conditions of separation from
Kumho Asiana Group," Yonhap quotes an official at the Korea
Development Bank, the main creditor of Kumho Petrochemical, as
saying.

Yonhap notes that Kumho Petrochemical has a 7.72% stake in Asiana
Airlines, the country's second largest air carrier.

Kumho Petrochemical, however, said that the creditors are
demanding too much, arguing that it still has a considerable
amount of time until it reports the separation to the Fair Trade
Commission by March, according to Yonhap.

The news agency adds that the company also claims that stock
prices of Asiana Airlines have been sluggish recently and the
sale of the stake will cause Kumho Petrochemical to incur losses.

The elder Park also sold off his stake in Kumho Petrochemical for
KRW400 billion (US$348.9 million) in November, says Yonhap.

If Kumho Petrochemical unloads shares of Asiana Airlines, it will
spur the separation of Kumho Petrochemical from Kumho Asiana
Group, which includes affiliates Asiana Airlines, Kumho Tire Co.,
Kumho Industrial Co. and Kumho Petrochemical, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to
improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on January 5 that involves
raising KRW1.3 trillion (US$1.1 billion) by selling off assets,
while cutting costs via a 20% reduction in executive positions
and wages, Yonhap News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


BLUE CHIP: Court Allows Australian Creditor's AUD3 Million Claim
----------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that an Australian creditor
of the former Blue Chip Financial Solutions has won a court
ruling after liquidators denied its AUD3 million claim.

Australia's Manifest Capital Management claimed money from
Northern Crest Investments, formerly part of the now-failed Blue
Chip empire co-founded by Mark Bryers, nzherald.co.nz relates.

According to the report, Manifest filed a proof of debt for
AUD3 million as fees from an underwriting agreement.  But PKF's
Steve Lawrence and Anthony McCullagh, Northern Crest's
liquidators, had rejected that claim, nzherald.co.nz relates.

nzherald.co.nz notes that Justice Paul Health in the High Court
at Auckland held that it should be allowed.

Messrs. Lawrence and McCullagh said Manifest had advanced the
money to a subsidiary of Northern Crest, Barkley Walsh, the
report notes.

Manifest, nzherald.co.nz relates, refuted that and asserted that
the money went to Northern Crest and was made around the time it
was suspended from trading on the Australian Stock Exchange.

nzherald.co.nz states that a case involving Mark Bryer's failed
Northern Crest finance company holds the intrigue of a spy novel,
with accusations of impropriety and a covert recording of a
meeting following a last ditch effort to avoid multi-million
dollar stock exchange losses.

The report notes that the nub of the issue is whether Northern
Crest, which was listed on both the New Zealand and Australian
stock exchanges, owed an Australian fund manager
AUD3 million.

But caught up in that argument were accusations levelled against
Northern Crest liquidator Stephen Lawrence that he sought a
payment of $850,000 in return for ceasing to act in the
liquidation of the failed company.  Mr. Lawrence has strongly
denied any wrongdoing.

Liquidators for Northern Crest, which changed its name from Blue
Chip Financial Solutions in 2008, rejected a claim of debt from
the Australian funder Manifest Capital Management.

                        About Blue Chip NZ

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

                          *     *     *

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

Northern Crest Investments, the last surviving business of
Mark Bryers' failed Blue Chip group, also went into liquidation
in June 2011.


KAIMAI CHEESE: Sells Waikato Property to Avoid Receivership
-----------------------------------------------------------
Andrea Fox at Fairfax NZ News reports that Kaimai Cheese Company
Ltd is putting its Waikato property on the market in a bid to
stave off receivership.

The company reported a loss of NZ$2.9 million on revenues of
NZ$6.4 million in the year to March 31, and told shareholders at
its annual meeting last month that inviting its bank to appoint a
receiver was an option, according to Fairfax NZ.

Fairfax NZ relates that director Nigel Atherfold headed a
restructuring of the business this year, which has resulted in
the company shrinking dramatically and selling Te Mata Cheese in
Hawke's Bay.  Mr. Atherfold said that receivership was regularly
discussed by the board, and the bank was being kept informed
"about all of those discussions," the report says.

With the recent failure of discussions with a prospective buyer,
Kaimai's NZ$5.5 million property at Waharoa, which includes a
replica butter factory and cafe, would now go on the market,
Mr. Atherfold, as cited by Fairfax NZ, said.  "On a month-by-
month basis we can see what is working and not working - that is
best as I can put it," the report quotes Mr. Atherfold as saying.

Based in Waharoa, New Zealand, Kaimai Cheese Company Limited --
http://www.kaimai.co.nz/-- produces and markets specialty cheese
products. It offers soft cheeses to the retail and food service
customers; and operates two cafes based at Waharoa and Havelock
North.


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


LEPANTO CERAMICS: Files for Court-Assisted Corporate Rehab
----------------------------------------------------------
Doris C. Dumlao at Philippine Daily Inquirer reports that Lepanto
Ceramics Inc. is seeking court-assisted corporate rehabilitation
in order to get some relief from its financial distress.

The Inquirer relates that LCI said in a disclosure to the
Philippine Stock Exchange that it had filed the petition for
rehabilitation with the Regional Trial Court of Calamba pursuant
to the "Financial Rehabilitation and Insolvency Act (FRIA) of
2010," which makes court-supervised rehabilitation available for
debtors who are able to get more than 50% but less than 67%
creditor approval.

"With the rehabilitation program, LCI aims to achieve the
following: (1) arrest the continuing losses for the past several
years ;(2) ensure the continuing delivery of suppliers; (3) give
LCI the chance to rebuild its business by utilizing its cash flow
directly for operations; and (4) service the obligations with
creditors," the disclosure, as cited by the Inquirer, said.

The Inquirer, citing LCI's latest annual filing at the Securities
and Exchange Commission, discloses that the company has suffered
recurring losses from operations and has a capital deficiency
amounting to PHP3.5 billion as of end-June 2011.  It had total
assets of PHP1.17 billion while total current liabilities
amounted to PHP4.55 billion.  Most of its liabilities are owed to
related parties while there are real property taxes owed to the
City of Calamba which the company has offered to settle by
surrendering certain parcels of land, the Inquirer adds.

                       About Lepanto Ceramics

Lepanto Ceramics, Inc., formerly known as Guoco Ceramics, Inc.,
manufactures ceramic floor and wall tiles for residential,
commercial and industrial projects in the Philippines, carrying
the brand Lepanto Tiles.  LCI is a subsidiary of publicly listed
Prime Orion Philippines Inc.


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


BEANS GROUP: Court to Hear Wind-Up Petition Jan. 5
--------------------------------------------------
A petition to wind up the Beans Group Pte Ltd will be heard
before the High Court of Singapore on Jan. 5, 2012, at 10:00 a.m.

IBM Singapore Pte Ltd filed the petition against the company on
Dec. 16, 2010.

The Petitioner's solicitor is:

         TSMP Law Corporation
         6 Battery Road, Level 41
         Singapore 049909


DANO INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 7
--------------------------------------------------------
Creditors of Dano International Pte Ltd, which is in under
judicial management, are required to file their proofs of debt by
Jan. 7, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Boon Kok
          1 Claymore Drive
          #08-11 Orchard Towers Rear Block
          Singapore 229594


SPORTS NETWORK: Creditors' Proofs of Debt Due Jan. 6
----------------------------------------------------
Creditors of Sports Network Pte Ltd, which is in liquidation, are
required to file their proofs of debt by Jan. 6, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

          Seshadri Rajagopalan
          Aaron Loh Cheng Lee and
          Ee Meng Yen Angela
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


UNICORN HOLDINGS: Creditors' Proofs of Debt Due Jan. 18
-------------------------------------------------------
Creditors of Unicorn Holdings Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by Jan. 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Phua Ah Liang
          48, Dunbar Walk
          Frankel Estate
          Singapore 459348


YONG LOO: Creditors' Proofs of Debt Due Jan. 18
-----------------------------------------------
Creditors of Yong Loo Lin Holdings Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by Jan. 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Phua Ah Liang
          48, Dunbar Walk
          Frankel Estate
          Singapore 459348


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


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

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, 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 ***