TCRAP_Public/120613.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, June 13, 2012, Vol. 15, No. 117

                            Headlines


A U S T R A L I A

HSU: Federal Court Appoints Administrator
INTERPACIFIC RESORTS: Talks with Bidders for Couran Cove Renewed
ROBINSONS WELDING: Puts Mining Equipment Unit Up for Sale
* AUSTRALIA: Corporate Failures Up 13.6% in Year Ended April


C H I N A

CITIC BANK: Moody's Affirms 'D+' Bank Finc'l. Strength Rating
SINO-FOREST CORP: 72% of Noteholders Sign Support Agreement


H O N G  K O N G

ATTRIX COMPANY: Creditors' Proofs of Debt Due July 9
CELBURY LIMITED: Chan Yui Hang Appointed as Liquidator
DATA DOMAIN: Members' Final Meeting Set for July 10
DRAGON AVIATION: Creditors' Proofs of Debt Due July 9
EMERGING SOVEREIGN: Gilligan Steps Down as Liquidator

EVERITE INT'L: Court to Hear Wind-Up Petition on July 25
FILENET HONG KONG: Chan and Ho Step Down as Liquidators
FIT KEY: Commences Wind-Up Proceedings
GLOBAL MODA: Tong Lap Hong Steps Down as Liquidator
GOLDSON CORPORATION: First Meetings for June 21

LEHMAN BROTHERS: HKMA to Review LegCo Report on Minibonds
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibonds


I N D I A

AIR INDIA: May Sack Remaining 300 Pilots on Strike
BENARA BEARINGS: CRISIL Places 'B' Rating to INR85.7MM Loans
BLACK BURN: CRISIL Assigns 'BB' Rating to INR140.5MM Loans
DIGAMBER CAPFIN: CRISIL Assigns 'B+' Rating to INR105MM Loans
DUTCHPLY INDUSTRIES: CRISIL Puts 'B' Rating on INR130.7MM Loans

KAUSHIK UDYOG: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
NAG LEATHERS: Delay in Loan Payment Prompts CRISIL Junk Rating
NAG YANG: Delay in Loan Payment Cues CRISIL Junk Ratings
PALLAVA GRANITE: Delay in Loan Payment Cues CRISIL Junk Ratings
SUZLON ENERGY: To Sell More Non-Core Assets to Pay Debts

U.V. PROMOTERS: CRISIL Rates INR50MM Term Loan at 'CRISIL B'
VIDARBHA WINDING: CRISIL Cuts Rating on INR110MM Loans to 'B-'
VENKATESHWARA FIBRE: CRISIL Puts 'BB-' Rating on INR22MM Loans


I N D O N E S I A

BANK PAN: Fitch Keeps 'BB' Issuer Default Rating; Outlook Stable


K O R E A

WOORI BANK: Fitch Affirms 'BB-' Rating on Hybrid Securities


N E W  Z E A L A N D

INVESTMENT SOLUTIONS: SFO Charges Director With NZ$5-Mil. Fraud


P H I L I P P I N E S

FILHOMES SAVINGS: PDIC Sues Ex-President For False Bank Report
RURAL BANK OF JAVIER: Placed Under PDIC Receivership


S I N G A P O R E

CHEMBULK NEW YORK: Singapore Proceedings Recognized by U.S. Court
GUAN BEE: Court Enters Wind-Up Order
HAYWARD TECHNOLOGY: Creditors' Proofs of Debt Due June 22
HIR HUAT: Court to Hear Wind-Up Petition on June 29
INTELLIHOME PTE: Court Enters Wind-Up Order

K T TECHNOLOGY: Creditors' Proofs of Debt Due June 22
SOUTH ASIA: Court Enters Wind-Up Order
STREAM OFFSHORE: Court Enters Wind-Up Order


X X X X X X X X

* S&P's Global Default Tally Hikes to 33 After PBG Woes
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


HSU: Federal Court Appoints Administrator
-----------------------------------------
AAP News reports that former federal court judge Michael Moore
has been appointed interim administrator of the Health Services
Union.

Justice Geoffrey Flick appointed Mr. Moore as the interim
administrator of the state union, HSUeast, and the East branch of
the federal HSU after he was told Mr. Moore would be available to
take on the role, according to AAP News.

The report notes that HSU national secretary Kathy Jackson
opposed the appointment, describing Mr. Moore as "the darling of
NSW officials."


INTERPACIFIC RESORTS: Talks with Bidders for Couran Cove Renewed
----------------------------------------------------------------
Ferrier Hodgson, the Members Voluntary Liquidators of
Interpacific Resorts (Aust) Pty Ltd, one of the four companies
that own and control certain real estate assets and rights on
Couran Cove Island Resort, has advised that negotiations have
recommenced with the two under-bidders after it became clear the
contract to Metro Property Development would not be proceeding.

Marketing agents Darrell Irwin and Trevor Weirnert of Colliers
are also in discussions with a third party that has maintained
interest in the Resort.

Mr. Irwin said Couran Cove remains a world-class asset that
represents a unique opportunity in the current market for a new
owner to reposition the resort and take advantage of a number of
real estate development opportunities.

Mr. Colwell said the assets for sale include:

  -  About 158 strata-titled accommodation units (out of 352
     units in the Resort) ranging from waterfront hotel-style
     rooms to four-bedroom villas and eco lodges.

  -  Multiple parcels of land with existing development
     approvals:

      -- 14.5 hectares of development land within the eco lodge
         precinct that may potentially comprise an additional
         198 eco cabins

      -- 2,168 sqm. of freehold, waterfront land at the
         Broadwater entrance to the Resort with potential for a
         hotel (pub), food and beverage or other approved use

      -- three waterfront parcels totaling 5,515 sqm. within the
         Lagoon Lodge precinct with potential to develop an
         additional 14 lodges

  -  Rights to the Resort's extensive facilities and features,
     including:

      -- Four food and beverage outlets
      -- Conference facilities
      -- 77-berth marina with an additional 25 jetties
      -- 25m lap pool
      -- Children's pool
      -- Day spa
      -- Operating equipment for a wide range of sports and
         leisure activities
      -- Road and marine transport facilities
      -- Ocean-front surf club
      -- Access to 22kms of pristine surf beach
      -- Sizeable rainforest centrally located within the Resort

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2011, ninemsn said Ferrier Hodgson partners Will Colwell
and Tim Michael have been appointed members' voluntary
liquidators over the four companies that own and control the real
estate and rights to the Couran Cove Island Resort.  The four
companies are subsidiaries of the US-based InterPacific Group
Inc.  They are InterPacific Resorts (Australia) Pty Ltd;
InterPacific Group (Australia) Pty Ltd; Couran Cove Management
Pty Ltd; and Couran Cove Services Pty Ltd.  InterPacific said the
resort had been operating at "a significant trading loss" for a
number of years.

Interpacific Resorts (Aust) Pty Ltd is the developer of the
Couran Cove Island Resort located on South Stradbroke Island, in
Australia.


ROBINSONS WELDING: Puts Mining Equipment Unit Up for Sale
---------------------------------------------------------
Patrick Stafford at SmartCompany reports that Robinsons Welding
is urgently seeking expressions of interest for a division of the
company, which provides heavy duty machinery fabrication and
maintenance.

SmartCompany notes that Robinsons Welding collapsed into
receivership last month.

The business has a number of affiliates, including Carnarvon
Mechanical Services.  This part of the business focuses on heavy
duty maintenance and is now being sold off, according to the
report.

Receivers Grant Thornton claim the division has AUD2 million in
historical turnover, plant and equipment and other assets, adds
SmartCompany.

West Australia-based Robinsons Welding offers engineering
services to the oil, gas mining and marine industries in
Australia and south-east Asia.


* AUSTRALIA: Corporate Failures Up 13.6% in Year Ended April
------------------------------------------------------------
Australian Associated Press reports that the number of company
collapses so far this financial year is up 13.6% on the previous
one, and many companies are expected to remain under pressure.

Accounting firm Taylor Woodings, which specializes in company
restructuring, said that up to the end of April, company
collapses totalled 9,074.

In April 2012, about 869 companies failed, up 7% on the number of
collapses in April 2011, AAP discloses.

However, the number of collapses was 14.3% down on the 1,014
company failures in March 2012.

According to AAP, Taylor Woodings said its analysis of data from
the Australian Securities and Investments Commission (ASIC)
showed that, generally, businesses struggled during April,
especially in the retail and construction industries.

"The fragile global financial markets and economic conditions in
Europe, coupled with low consumer confidence, will mean many
Australian industries will remain under pressure in the near
future," Taylor Woodings, as cited by AAP, said.

"The European economic crisis will continue to have an impact on
the outlook for the Australian economy and company insolvency
figures.  As a result, we expect insolvency figures to increase
slightly in the coming months."



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


CITIC BANK: Moody's Affirms 'D+' Bank Finc'l. Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the deposit and debt
ratings and bank financial strength rating (BFSR) of CITIC Bank
International Limited (CBI). The outlook on the bank's deposit
and debt ratings remains stable.

At the same time, Moody's has revised the outlook on the bank's
BFSR to positive from stable.

Ratings Rationale

CBI's rating reflects the bank's good capitalization, sound
liquidity profile, revamped risk management framework and
processes, and steadily-improving asset quality metrics. These
positive factors are offset by its exposures to potentially risky
Chinese borrowers, high borrower concentration, and below peer-
average profitability.

CBI has improved its financial profile since the onset of the
global financial crisis. It disposed of its structured securities
investments and maintained sound capitalization, thanks to timely
capital injections from its ultimate majority parent, the CITIC
group.

The bank also steadily improved its loan quality metrics as it
worked off its legacy problem loans. These improvements in the
bank's financial profile underpin the revision of its BFSR
outlook to positive from stable.

CBI is well-positioned to capture business flows from further
integration of the economies of Hong Kong and mainland China.

CBI's BFSR translates into a baseline credit assessment of baa3.
The bank's long-term deposit rating of Baa2 incorporates one
notch of parental support from its majority parent China CITIC
Bank Corporation Limited (Baa2/ba2/D).

An upgrade of the bank's BFSR will depend on the bank's
maintaining its current asset quality metrics and capitalization
while improving its profitability on a sustained basis, with its
net income to average risk-weighted assets ratio rising to 1.8%
or above. CBI's deposit and debt ratings will only be upgraded if
there is a multi-notch upgrade in the bank's BFSR, or if there is
an upgrade in the parent's ratings.

A deterioration in CBI's capitalization and asset quality due to
imprudent expansion or a severe and extended regional economic
downturn would lead to a revision in the bank's BFSR outlook to
stable from positive. Persistently lower profits compared with
peers may also lead to a similar revision.

Headquartered in Hong Kong, CITIC Bank International Limited
reported total consolidated assets of HKD171 billion (US$21.9
billion) and total shareholders' equity of HKD13 billion (US$1.7
billion) as of the end-2011.

Ratings affirmed:

Long-term local and foreign currency deposit rating at Baa2;

Short-term local and foreign currency deposit rating at P-2;

Bank financial strength rating at D+;

Long-term local and foreign currency deposit note/CD program at
(P)Baa2;

Short-term local and foreign currency deposit note/CD program at
(P)P-2;

Foreign currency senior unsecured debt under the MTN program at
(P)Baa2;

Foreign currency subordinated debt at Baa3;

Foreign currency subordinated debt under the MTN program at
(P)Baa3;

Foreign currency junior subordinated debt under the MTN program
at (P)Ba1;

Principal Methodologies

The 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: Global Methodology published in March 2012.


SINO-FOREST CORP: 72% of Noteholders Sign Support Agreement
-----------------------------------------------------------
Sino-Forest Corporation disclosed that holders of approximately
72% of the aggregate principal amount of the Company's
outstanding notes have agreed to be parties to the restructuring
support agreement entered into by, among others, the Company and
an ad hoc committee of its noteholders on March 30, 2012, which
provides for the material terms of a transaction which would
involve either a sale of the Company to a third party or a
restructuring under which the noteholders would acquire
substantially all of the assets of the Company, including the
shares of all of its direct subsidiaries which own, directly or
indirectly, all of the business operations of the Company.

On March 30, 2012, the Company announced that it had reached
agreement with the Ad Hoc Committee on the material terms of the
Transaction.  On March 30, 2012, the members of the Ad Hoc
Committee, who hold approximately 40% of the aggregate principal
amount of the Company's 5% Convertible Senior Notes due 2013,
10.25% Guaranteed Senior Notes due 2014, 4.25% Convertible Senior
Notes due 2016 and 6.25% Guaranteed Senior Notes due 2017
executed the Support Agreement in which they agreed to support
and vote for the Transaction.  As announced on March 30, 2012,
the Company continued to solicit additional Noteholder support
for the Transaction and all Noteholders who wished to become
"Consenting Noteholders" and participate in the Early Consent
Consideration (as defined in the Support Agreement) were invited
and permitted to do so until the early consent deadline of
May 15, 2012.

Noteholders holding in aggregate approximately 72% of the
principal amount of the Notes, and representing over 66.67% of
the principal amount of each of the four series of Notes, have
now agreed to be parties to the Support Agreement.

                      About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.



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


ATTRIX COMPANY: Creditors' Proofs of Debt Due July 9
----------------------------------------------------
Creditors of Attrix Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 25, 2012.

The company's liquidators are:

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


CELBURY LIMITED: Chan Yui Hang Appointed as Liquidator
------------------------------------------------------
Chan Yui Hang on June 1, 2012, was appointed as liquidator of
Celbury Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East, Kowloon
         Hong Kong


DATA DOMAIN: Members' Final Meeting Set for July 10
---------------------------------------------------
Members of Data Domain Hong Kong Limited will hold their final
general meeting on July 10, 2012, at 10:30 a.m., at Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DRAGON AVIATION: Creditors' Proofs of Debt Due July 9
-----------------------------------------------------
Creditors of Dragon Aviation Leasing Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 9, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 25, 2012.

The company's liquidator is:

         Wang Poey Foon Angela
         14th Floor South China Building
         1-3 Wyndham Street
         Central, Hong Kong


EMERGING SOVEREIGN: Gilligan Steps Down as Liquidator
-----------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Emerging
Sovereign Group Hong Kong Limited on May 28, 2012.


EVERITE INT'L: Court to Hear Wind-Up Petition on July 25
--------------------------------------------------------
A petition to wind up the operations of Everite International
Investments Limited will be heard before the High Court of Hong
Kong on July 25, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on May 23, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


FILENET HONG KONG: Chan and Ho Step Down as Liquidators
-------------------------------------------------------
Chan Wah Tip Michael and Ho Man Keith stepped down as liquidators
of Filenet Hong Kong Limited on June 1, 2012.


FIT KEY: Commences Wind-Up Proceedings
--------------------------------------
Members of Fit Key Limited, on June 1, 2012, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


GLOBAL MODA: Tong Lap Hong Steps Down as Liquidator
---------------------------------------------------
Tong Lap Hong stepped down as liquidator of Global Moda Sourcing
Limited on May 28, 2012.


GOLDSON CORPORATION: First Meetings for June 21
-----------------------------------------------
Contributories and creditors of Goldson Corporation Limited will
hold their first meetings on June 21, 2012, at 3:00 p.m., and
3:30 p.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, at 28 Yun Ping Road, in Hong Kong.

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


LEHMAN BROTHERS: HKMA to Review LegCo Report on Minibonds
---------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) has noted the publication
of a report by the Legislative Council Subcommittee to Study
Issues Arising from Lehman Brothers-related Minibonds and
Structured Financial Products (LegCo Subcommittee).

The HKMA has also noted that a minority report has been prepared
by a number of LegCo Subcommittee members.

The HKMA has cooperated fully with the LegCo Subcommittee
throughout the process over the past three and a half years.
Learning from past experience and having regard to evolving
market conditions and practices, the HKMA has since September
2008 implemented a series of measures to enhance the regulation
of sales of investment products by banks, including some of the
recommended measures of the LegCo Subcommittee.  These measures
have been operating effectively in the past few years.  The HKMA
has also enhanced its supervisory framework with increased
resources devoted to banking conduct supervision and enforcement
so as to protect the interests of investors.

However, the report of the LegCo Subcommittee has not fully taken
into account the information and representations submitted by the
HKMA, in particular, the impact on investors in Hong Kong of the
sudden and unexpected collapse of Lehman Brothers which led to
the eruption of the once-in-a-century global financial crisis
with unprecedented shocks globally, and the supervisory actions
already taken by the HKMA prior to the collapse of Lehman
Brothers.

It should also be noted that the HKMA, together with the
Securities and Futures Commission, has facilitated large scale
settlement between banks and investors of Minibonds and
structured financial products related to Lehman Brothers.  As a
result of such settlement, the majority of investors have been
able to recover a significant portion of the money they invested
without the need to go through lengthy and costly legal processes
governing civil litigation of that nature.

The HKMA will study the two reports carefully.  As market
conditions and public expectation on investor protection will
continue to evolve over time, the HKMA will regularly review and,
as and when appropriate, introduce further measures to enhance
the regulation of banks in order to protect the interests of
investors.

                     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 Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed 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.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch 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 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.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               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 Sept. 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
Sept. 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 215/945-700)


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibonds
------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced June 1 that
investigation of over 99% of a total of 21,856 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,769 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 3,451 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,501 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;

    * 25 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared; and

    * 69 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 39 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/WR6TyX

                     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 Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed 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.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

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.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch 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 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.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               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 Sept. 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
Sept. 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 215/945-700)



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


AIR INDIA: May Sack Remaining 300 Pilots on Strike
--------------------------------------------------
The Hindu Business Line reports that Air India Ltd. may sack the
more than 300 pilots who have been on an agitation for over a
month now.  The report says the airline has already sacked about
100 pilots including the leaders of the Indian Pilots Guild
(IPG), which is spearheading the agitation.

Official sources told Business Line the airline was "seriously"
considering terminating the remaining pilots on strike.

The report says the airline has already written to the
Directorate-General of Civil Aviation (DGCA), seeking the
cancellation of the flying licences of the pilots on agitation.

Business Line adds that sources indicated the termination letters
are likely to be sent out in batches. The agitation has resulted
in severe flight disruptions and daily losses of about INR5crore
to the airline, the report relays.

According to the report, the pilots are on agitation to protest
the management's decision to allow pilots of the erstwhile Indian
to be trained on the Boeing 787 aircraft, more popularly known as
the Dreamliner. The first of the 27 Boeing 787 aircraft ordered
by the airline is expected to join the fleet later this month.

                          About Air India

Air India Ltd -- 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.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


BENARA BEARINGS: CRISIL Places 'B' Rating to INR85.7MM Loans
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Benara
Bearings and Pistons Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             80.0       CRISIL B/Stable
   Proposed Long-Term       5.7       CRISIL B/Stable
    Bank Loan Facility
   Letter of Credit        40.0       CRISIL A4
   Bank Guarantee           1.0       CRISIL A4

The rating upgrade reflects the improvement in BBPL's financial
risk profile, particularly liquidity, driven by recovery of funds
of around INR45 million from its group companies, equity infusion
of INR10 million by promoters in 2011-12 (refers to financial
year, April 1 to March 31), and reduction in the working capital
cycle. The aforementioned factors have led to reduced dependence
on bank borrowings, leading to improvement in the company's
gearing to 1.7 times as on March 31, 2012, vis--vis 2.5 times as
on March 31, 2011. Moreover, reduced debt burden and moderate
profitability have led to improvement in BBPL's debt protection
metrics.

The upgrade also factors in the improvement in the company's
scale of operations, along with stable operating profitability,
leading to improvement in the cash accruals, thereby resulting in
improvement in liquidity.

The ratings reflect BBPL's large working capital requirements,
financial support extended to group companies, and average
financial risk profile marked by moderate gearing and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of BBPL's promoters in the
auto components industry.

Outlook: Stable

CRISIL believes that BBPL will benefit over the medium term from
the expected increase in its scale of operations backed by its
increasing clientele in the trading segment and repeat orders.
The outlook may be revised to 'Positive' if the company's working
capital management improves further or there is further equity
infusion by the promoters, leading to improvement in financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if the company undertakes any large
debt-funded capital expenditure programme, or if it lends
financial support to its group companies, or if it reports lower-
than-expected revenue and profitability, leading to weakening in
its liquidity.

                       About Benara Bearings

BBPL manufactures engine bearings, bushes, pistons, and pins for
stationary diesel engines primarily used in the agriculture
segment. The company also trades in engine parts manufactured by
the Mahle group, mainly pistons for two- and three-wheelers.
Bearings, bushings, and pistons comprise around 35 per cent of
BBPL's sales, while trading of products constitutes the remaining
65 per cent. The company derives 20 per cent of its revenues from
exporting its products. The rest are derived from sales to
original equipment manufacturers or in the replacement market
through dealers in Rajkot (Gujarat) and Agra (Uttar Pradesh).

For 2010-11, BBPL reported a profit after tax (PAT) of INR4.4
million on net sales of INR384 million, against a PAT of INR1.8
million on net sales of INR244 million for 2009-10.


BLACK BURN: CRISIL Assigns 'BB' Rating to INR140.5MM Loans
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Black Burn & Company Pvt Ltd to 'CRISIL BB/Stable' from
'CRISIL BB-/Stable' while reaffirming the rating on Black Burn's
short-term bank facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit             67.50       CRISIL BB/Stable
   Bank Guarantee           3.50       CRISIL A4+
   Letter of Credit        40.00       CRISIL A4+
   Term Loan               24.80       CRISIL BB/Stable
   Proposed Long-Term      48.20       CRISIL BB/Stable
    Bank Loan Facility

The upgrade reflects improvement in the company's financial risk
profile, driven by improving operating margin and cash accruals.
Black Burn's operating margin is estimated to have doubled during
2011-12 (refers to financial year, April 1 to March 31) resulting
in a significant increase in its cash accruals. The increase in
cash accruals has resulted in an improvement in Black Burn's
financial risk profile, characterised by improvement in its
capital structure and debt protection measures. CRISIL believes
that Black Burn will be able to maintain its business and
financial risk profiles over the near term, driven by its
diversified product profile and the absence of any large, debt-
funded capital expenditure (capex) plans over the near term.

The ratings reflect Black Burn's diversified product profile and
comfortable financial risk profile. However, the ratings are
partially constrained by the company's small scale of operations,
customer concentration in its revenue profile, and large working
capital requirements.

Outlook: Stable

CRISIL believes that Black Burn will benefit over the medium term
from the extensive experience of its promoters in the plastic
products industry and its diversified product profile. The
outlook may be revised to 'Positive' if the company reports an
increase in revenues and is able to maintain its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's debt levels increase significantly, driven by either a
large, debt-funded capex programme or increase in working capital
borrowings, leading to deterioration in its financial risk
profile; or if company extends significant financial support to
any of it group concerns.

                         About Black Burn

Black Burn, established in 1982 by Mr. Alok Somani and his
father, the late Mr. Bhimraj Somani, manufactures various plastic
products. The company has two manufacturing units - one in
Kolkata (West Bengal) and the other in Baddi (Himachal Pradesh).
It offers specialised plastic moulded products for various
industrial applications. Over the past few years, Black Burn has
started manufacturing self-lubricating and wear-resistant plastic
products in technical collaboration with the UK-based Tenmat Ltd.


DIGAMBER CAPFIN: CRISIL Assigns 'B+' Rating to INR105MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Digamber
Capfin Ltd continues to reflect DCL's small scale of operations
with geographic concentration, low capitalisation, modest
earnings profile, and exposure to risks inherent in the
microfinance industry. These rating weaknesses are partially
offset by DCL's healthy asset quality, supported by its healthy
credit origination and collection practices, benefits it derives
from its promoter's experience in the microfinance business, and
its adequate systems and processes for its current scale of
operations.

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                  ---------    -------
   Cash Credit                    90        CRISIL B+/Stable
   Working Capital Demand Loan    15        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that DCL will continue to benefit from its
promoters' experience in the microfinance business. However, DCL'
operations is expected to remain small-scale and geographically
concentrated over the medium term. The outlook may be revised to
'Positive' if DCL demonstrates sustained growth with stable
profitability without vitiating its asset quality, and improves
its capitalisation and funding profile, over the medium term.
Conversely, the outlook may be revised to 'Negative' if DCL'
asset quality and profitability deteriorate, thereby weakening
its capitalisation.

                       About Digamber Capfin

Incorporated in 1995, DCL is a non-deposit-taking non-banking
financial company (NBFC-ND), registered with the Reserve Bank of
India (RBI). DCL lends to joint-liability groups (JLGs) and
provides top-up loans to clients in six districts of Rajasthan.
It started microfinance business in 2007, before which it was
involved in two-wheeler financing. As on March 31, 2012, DCL had
23,053 borrowers and a network of 18 branches. The company had
outstanding loans of INR144.9 million as on March 31, 2012,
against INR79.50 million as on March 31, 2011.

For 2011-12 (refers to financial year, April 1 to March 31), DCL
reported a profit after tax (PAT) of INR1.3 million on a total
income of INR25.2 million, against a PAT of INR0.5 million on a
total income of INR15.7 million for the previous year.


DUTCHPLY INDUSTRIES: CRISIL Puts 'B' Rating on INR130.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Dutchply Industries Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               60.7       CRISIL B/Stable
   Cash Credit             70         CRISIL B/Stable
   Letter of Credit       170         CRISIL A4

The ratings reflect DIL's modest financial risk profile, marked
by modest gearing and debt protection metrics, constrained
financial flexibility due to large working capital requirements,
and presence in fragmented industry with exposure to intense
competition. These rating weaknesses are partially offset by the
extensive industry experience of DIL's promoter.

Outlook: Stable

CRISIL believes that DIL will benefit over the medium term from
its promoter's extensive industry experience in the plywood and
laminate industry. The outlook may be revised to 'Positive' if
the company's scale of operations increases substantially, with
improvement in liquidity due to better management of working
capital. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, most likely
because of large, debt-funded capital expenditure programmes, or
significant increase in working capital, leading to large
incremental bank borrowings and pressure on liquidity.

                         About Dutchply Industries

DIL was set up in 2004 as a proprietorship firm, Dutchply
Industries, by Mr. Ajay Bhagat. The firm was reconstituted as a
limited company in 2008-09 (refers to financial year, April 1 to
March 31). DIL manufactures different grades of plywood,
decorative plywood, and core and face veneer having various
applications in the construction industry. DIL initially
manufactured veneer by processing timber. In 2009-10, the company
forward-integrated into manufacturing plywood. DIL sells products
under its own brand, Dutchply. The manufacturing facility is
located in Chandigarh with a capacity to produce around 300
tonnes per day.

DIL is estimated to report a profit after tax (PAT) of INR11.0
million on net sales of INR586.5 million for 2011-12, as against
a PAT of INR7.3 million on net sales of INR535 million for 2010-
11.


KAUSHIK UDYOG: CRISIL Rates INR100MM Cash Credit at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Kaushik Udyog Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL BB/Stable

The rating reflects KUL's established market position and
extensive experience of its promoters in the steel trading
industry. This rating strength is partially offset by the
company's modest scale of operations in the intensely competitive
industry, and susceptibility of its operating performance to
fluctuations in the steel prices.

Outlook: Stable

CRISIL expects KUL to maintain its business risk profile backed
by its established market position and promoters' extensive
experience in steel trading industry. The outlook may be revised
to 'Positive' in case of higher than expected growth in revenues
& profitability leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
sharp decline in KUL's revenues and profitability margins or in
case of a significant elongation of its working capital cycle
leading to weakening of its debt protection indicators.

                       About Kaushik Udyog

Kaushik Udyog Limited is a closely held public limited company
engaged in trading of steel products like angles, channels,
coils, sheets and TMT bars. KUL was incorporated in the year 1996
by Mr. Mukesh Omparakash Agrawal along with his brother Mr. Gopal
Agrawal and other family members. The company has its registered
office at Nagpur, Maharashtra.

KUL reported a profit after tax (PAT) of INR2.96 million on net
sales of INR693.72 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.12 million on net
sales of INR548.31 million for 2009-10.


NAG LEATHERS: Delay in Loan Payment Prompts CRISIL Junk Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nag Leathers Pvt Ltd
(part of the Nag group) continue to reflect the instances of
delay by the Nag group in servicing its term loan; the delays
have been caused mainly by the group's weak liquidity.

                            Amount
   Facilities             (INR Mln)      Ratings
   ----------             ---------      -------
   Foreign Bill Purchase     30          CRISIL D
   Letter of Credit          20          CRISIL D
   Packing Credit            50          CRISIL D
   Rupee Term Loan            4.6        CRISIL D

The Nag group has a weak financial risk profile, marked by a
moderate net worth, a high gearing, and weak debt protection
metrics, a geographically concentrated revenue profile, and large
working capital requirements. The Nag group is also exposed to
risks related to fluctuations in foreign exchange rates. The
group, however, benefits from its established track record and
its integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NLPL, Nag Yang Shoes Pvt Ltd (NYS),
and Nag India Pvt Ltd (NIPL), collectively referred to as the Nag
group. This is because the three companies are in the same line
of business, with each company representing one stage of the
group's value chain. The entities share a high degree of
operational and financial fungibility, and are under the same
management.

                         About the Group

NLPL, incorporated in 1990 by Mr. S Chockalingam Pillay, is the
flagship company of the Nag group. NLPL manufactures and exports
finished leather and shoe uppers, with shoe uppers being entirely
manufactured on subcontract basis by NIPL (incorporated in 2001).
In 2004, the Nag group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS; it sells 60 to 70 per cent of its
production to NYS. All three companies have manufacturing units
in Ranipet (Tamil Nadu).


NAG YANG: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Nag Yang Shoes Pvt Ltd
(part of the Nag group) continue to reflect the instances of
delay by the Nag group in servicing its term loan; the delays
have been caused mainly by the group's weak liquidity.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Foreign Bill Purchase       60        CRISIL D
   Letter of Credit            20        CRISIL D
   Packing Credit              85        CRISIL D
   Proposed Short-Term         10.2      CRISIL D
    Bank Loan Facility
   Rupee Term Loan              6.5      CRISIL D

The Nag group has a weak financial risk profile, marked by a
moderate net worth, a high gearing, and weak debt protection
metrics, a geographically concentrated revenue profile, and large
working capital requirements. The Nag group is also exposed to
risks related to fluctuations in foreign exchange rates. The
group, however, benefits from its established track record and
its integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NYS, and Nag Leathers Pvt Ltd (NLPL),
and Nag India Pvt Ltd (NIPL), collectively referred to as the Nag
group. This is because the three companies are in the same line
of business, with each company representing one stage of the
group's value chain. The entities share a high degree of
operational and financial fungibility, and are under the same
management.

                          About the Group

NLPL, incorporated in 1990 by Mr. S Chockalingam Pillay, is the
flagship company of the Nag group. NLPL manufactures and exports
finished leather and shoe uppers, with shoe uppers being entirely
manufactured on subcontract basis by NIPL (incorporated in 2001).
In 2004, the Nag group forward-integrated its operations to
manufacturing complete shoes by setting up NYS. Since 2004, NLPL
has been a feeder unit to NYS; it sells 60 to 70 per cent of its
production to NYS. All three companies have manufacturing units
in Ranipet (Tamil Nadu).


PALLAVA GRANITE: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Pallava Granite Industries India Pvt Ltd (part of
the Pallava group). The ratings reflect instances of delay by
PGIPL in servicing its term debt obligations; the delays have
been caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                76         CRISIL D

   Letter of Credit         50         CRISIL D

   Bill Discounting         60         CRISIL D

   Export Packing Credit    180        CRISIL D

The ratings factor in Pallava group's working capital intensive
operations, exposure to concentration risks in its revenue
profile and susceptibility of the group's operating profitability
to adverse movement in foreign exchange rates. These rating
weaknesses are partially offset by the Pallava group's moderate
financial risk profile, marked by a comfortable gearing, and its
promoter's extensive experience in the granite industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGIPL, Pallava Granite Industries
Chennai Pvt Ltd (PGICPL), and Pallava RED Granite Pvt Ltd (PGR),
collectively referred to as the Pallava group. The consolidated
approach is because all the entities are engaged in a similar
line of business, are managed by the same promoter, and have
fungible cash flows among them.

                          About the Group

PGIPL, part of the Pallava group, was set up in 1989 by Mr. Subba
Reddy and is the flagship entity of the group engaged in the
granite industry. Other operational group entities include PGICPL
and PGR, which are in a similar line of business; the group
currently operates 23 quarries in Chennai (Tamil Nadu) and Andhra
Pradesh. The group derives around 95 per cent of its revenues
from supply of monuments, slabs, and tiles to the US, Japan, and
Russia; a portion of the revenues is also derived from supply to
the domestic market. The Pallava group's day-to-day operations
are managed by Mr. Subba Reddy, who has been in the granite
industry for over three decades.

For 2011-12 (refers to financial year, April 1 to March 31), the
Pallava group reported, on a provisional basis, a profit after
tax (PAT) of INR9.6 million on net sales of INR1 billion, as
against a PAT of INR38 million on net sales of INR905 million for
2010-11.


SUZLON ENERGY: To Sell More Non-Core Assets to Pay Debts
--------------------------------------------------------
The Times of India reports that Suzlon Energy is looking at
selling some of its non-core assets and raise fresh $300 million
debt to pay $360 million to its bondholders, who agreed to extend
deadline to the beleaguered firm by another 45 days through
July 27 this year.

The news agency relates that the Tulsi Tanti promoted firm will
have to pay another $200 million, for the foreign currency
convertible bonds (FCCBs) maturing in October, exactly a quarter
after its pays $360 million to its June FCCB holders.

According to the report, the debt-laden firm is learnt to be in
talks with banks to raise fresh debts at high interest rates of
500 basis points above the LIBOR (London inter-bank offer rate).

"We requested for extension in order to ensure that there is
adequate time to obtain the requisite approvals and to close
administrative documentation necessary to complete this
refinancing exercise. We have also received the necessary
permission from the RBI for this extension," the report quotes
Suzlon's CFO Kirti Vagadia as saying.  "I am happy to report that
the process is on track and, along with our plans to divest non-
critical assets, we are confident of meeting our near term FCCB
obligations."

TOI notes that analysts are sceptical about Suzlon's plans to
raise fresh debt at competitive rates to pare existing debt.
"Raising debt at 500 basis points above LIBOR shows the
desperation of the loss making firm. Again they (Suzlon) will
have to honour $200 million of FCCBs in October. If they are
unable to raise fresh funds, I think eventually they will have to
sell out RePower for which, the firm became debt-laden," a Mumbai
based analyst told TOI.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.

Suzlon Energy posted net losses of INR983 crore and INR1,324
crore in the year ended March 31, 2010 and 2011, respectively.


U.V. PROMOTERS: CRISIL Rates INR50MM Term Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of U.V. Promoters.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Term Loan       50      CRISIL B/Stable

The rating reflects UVP's susceptibility to risks related to
completion and saleability of its proposed real estate projects
in Pondicherry and to cyclicality in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits that UVP derives from the extensive experience of its
promoters in the real estate construction.

Outlook: Stable

CRISIL believes that UVP will continue to benefit from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if UVP completes construction of its
ongoing project earlier than expected, leading to higher-than-
expected booking rates, sales realisations and large cash flows,
thereby aiding its liquidity. Conversely, the outlook may be
revised to 'Negative' if there are any time and cost overruns in
implementation of the ongoing project, leading to significant
fall in realisations, or if the firm contracts more-than-expected
debt, leading to deterioration in capital structure.

                       About U.V. Promoters

UVP was established in December 2011 by Mr. S Paul Raj, Mrs.
Yamunabhai, Mrs. Vijayalakshmi and Mrs. P Manivasagi as a
partnership concern. UVP is developing residential villas, named
Auro Breeze, in Pondicherry. It is the first real estate
development project executed by the firm. Auro Breeze comprises
20 residential villas near Pondicherry University. The project
was launched in February 2012 and is expected to be completed by
March 2014. The partners have a combined experience of more than
a decade through a group concern, P S Constructions, which is
engaged in construction of residential and commercial real estate
properties in Tamil Nadu.


VIDARBHA WINDING: CRISIL Cuts Rating on INR110MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vidarbha Winding Wires Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'; the rating on the short term facilities has been
reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL A4
   Cash Credit             105        CRISIL B-/Stable
   Letter of Credit         60        CRISIL A4
   Rupee Term Loan           5        CRISIL B-/Stable

The downgrade reflects the deterioration in VWWL's liquidity,
marked by fully utilised bank lines and stretched receivables
cycle. VWWL has been facing delays in collection of payment from
various original equipment manufacturers (OEMs) and other
government agencies over the past 12 months. Although VWWL's bank
lines were enhanced by INR30 million recently, its liquidity is
expected to remain under pressure because of its large working
capital requirements, over the medium term.

However, VWWL's cash accruals in 2012-13 (refers to financial
year, April 1 to March 31) are expected to be sufficient to meet
its maturing debt repayment obligations during the year.

The rating reflects VWWL's weak financial risk profile, marked by
high gearing, low operating margin because of low value addition
by products and weak debt protection metrics, and susceptibility
to intense market competition arising out of fragmentation in the
wire manufacturing sector. These rating weaknesses are partially
offset by the extensive experience of VWWL's promoters in
manufacturing winding wires and established customer
relationships.

Outlook: Stable

CRISIL believes that VWWL will benefit from the extensive
industry experience of its promoters and its established customer
relationships. The outlook may be revised to 'Positive' if VWWL's
financial risk profile improves significantly, most likely driven
by increasing cash accruals. Conversely, the outlook may be
revised to 'Negative' if VWWL undertakes a large debt-funded
capital expenditure programme, thereby weakening its capital
structure further, or if its profitability declines
significantly, resulting in substantial reduction in cash
accruals.

                       About Vidarbha Winding

Incorporated in 1989, VWWL is a Nagpur (Maharashtra)-based
company. VWWL manufactures bare and enameled copper and aluminum
wires. Such wires are primarily used for overhead transmission
and distribution of electricity. During 2011-12, around 75 per
cent of VWWL's revenues came from trading activities and the rest
from manufacturing operations. In the manufacturing division, the
company mainly caters to various OEMs such as Crompton Greaves
Ltd, ABB Ltd and Areva T&D India Ltd, through tenders, rate
contracts and regular orders. In the trading division, VWWL
basically caters to wholesalers.

For 2011-12, VWWL's profit after tax (PAT) and net sales are
estimated at INR4.7 million and INR520.0 million, respectively;
the company reported a PAT of INR3.2 million on net sales of
INR381.0 million for 2010-11.


VENKATESHWARA FIBRE: CRISIL Puts 'BB-' Rating on INR22MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Venkateshwara Fibre Glass (Chennai) Pvt
Ltd.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Long-Term         4.5        CRISIL BB-/Stable
   Bank Loan Facility

   Letter of Credit          40          CRISIL A4+

   Cash Credit               17.5        CRISIL BB-/Stable

   Factoring/Forfaiting      46          CRISIL A4+

The ratings reflect the extensive industry experience of VFG's
promoters in the fibre-glass products industry and its above-
average financial risk profile, marked by a healthy capital
structure and strong debt protection metrics albeit on a modest
equity base. These strengths are partially offset by the
vulnerability of VFG's revenue profile to customer concentration
risks and the susceptibility of its operating margin to
fluctuations in input prices.

Outlook: Stable

CRISIL believes that VFG will continue to maintain a stable
business risk profile over the medium term supported by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company diversifies its client and
product base or generates higher-than-expected revenues while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case there is
significant decline in VFG's revenues or profitability or if the
company undertakes any large debt-funded capital expenditure
programme, significantly impacting its financial risk profile.

                     About Venkateshwara Fibre

VFG was incorporated in 2005 to take over the business of
partnership concern Venkateshwara Fibre Glass Industries, which
was established in 1985 by Mr. T V Shrinivas and Mr. T V
Chandirasekaran. The company manufactures fibre glass moulded
products and fibre glass reinforced plastic products which find
application in industries such as windmill energy and newsprint
and paper manufacturing industries.

VFG's primary customer is Gamesa Wind Turbines Private Limited
(Gamesa), which account for about 75 per cent of its total sales.
Gamesa is a subsidiary of Gamesa Corporacion Tecnologica, Spain,
one of the largest wind turbine manufacturers in the world.

VFG reported a profit after tax (PAT) of INR9.6 million on net
sales of INR325 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net
sales of INR97 million for 2009-10.



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


BANK PAN: Fitch Keeps 'BB' Issuer Default Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed PT Bank Pan Indonesia Tbk's Long-Term
Foreign-Currency Issuer Default Rating (IDRs) at 'BB' with a
Stable Outlook.

Fitch has also affirmed and simultaneously withdrawn Bank Panin's
'AA(idn)' National Long-Term rating with Stable Outlook,
'AA(idn)' senior debt rating and 'A(idn)' subordinated debt
rating, as they are no longer considered by Fitch to be relevant
to the agency's coverage.

Bank Panin's ratings reflect its low, albeit improving, provision
cover relative to many higher-rated Indonesian banks, and rapid
loan growth.  They also take into account its high but improving
non-performing loan (NPL) ratio, which at 3.5% is still above the
banking industry average of 2.2%.

The ratings also reflect the bank's sound capital position,
stronger profitability, and higher asset quality which, in
Fitch's opinion, should continue to adequately buffer unexpected
credit losses.  The ratings further reflect Fitch's expectation
of modest support from Australia and New Zealand Banking Group
(ANZ), given its non-controlling, albeit substantial, interest
(38%) in the bank.

Its provision cover improved to 81.7% at end-2011 (end-2010:
64.4%), but was still lower than the average of 154% among its
higher-rated peers.  Its NPL ratio improved to 3.5% of gross
loans in 2011 (2010: 4.2%) mainly due to strong loan growth
(24.2% yoy).  In addition, charge-offs declined to 1% in 2011
from 1.7% in 2010.  In Fitch's view, the bank's financial profile
should continue to sustain its loan growth in the near- to
medium-term.

The bank's fee-based income contributed a larger portion to its
profitability in 2011, as the bank looked for other revenues to
improve its profitability following a slight decline in net
interest margins to 4.8% at end-2011 (2010: 5.1%).  Other
operating income, including fee-based income, increased 170.9%
yoy to IDR1.2trn in 2011. Return on assets improved to 1.9% at
end-2011 (2010: 1.8%).

Fitch expects Bank Panin's holding of liquid assets (33% of total
assets at end-2011) to provide sufficient flexibility in the
event of unfavourable economic conditions.  Its long-term
funding-to-total deposits ratio was 6.8% in 2011 (2010: 8.4%),
slightly increasing the mismatch risk between assets and
liabilities.

Its Tier-1 capital adequacy ratio (CAR) was 15.2% at end-2011, up
slightly from 14.9% at end-2010.  Fitch believes that Bank Panin
will be able to maintain its CAR at a minimum 12% over the medium
term, based on its strong credit profile.

Downgrade rating pressure may result from weakening loan asset
quality while upgrade rating pressure is limited given potential
higher impairment risk arising from its rapid loan growth.

Panin was established in 1971 by the Gunawan family, who remains
in control of the bank through a 45.46% stake held by PT Panin
Financial Tbk.  ANZ acquired a 29% stake in Panin in 1999, which
was raised to 38.8% in 2009 through its fully subsidiary of
Votraint No. 1033 Pty, Ltd.

Bank Panin's ratings:

  -- Long-Term Foreign IDR affirmed at 'BB'; Outlook Stable
  -- Viability Rating affirmed at 'bb'
  -- Support Rating affirmed at '3'
  -- National Long-Term rating affirmed at 'AA(idn)'/Stable
     Outlook; rating withdrawn
  -- Senior debt affirmed at 'AA(idn)'; rating withdrawn
  -- Subordinated debt affirmed at 'A(idn)'; rating withdrawn



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


WOORI BANK: Fitch Affirms 'BB-' Rating on Hybrid Securities
-----------------------------------------------------------
Fitch Ratings has affirmed Korea-based Woori Bank's and its
parent Woori Finance Holdings' Long-Term Foreign Currency Issuer
Default Ratings (IDR) at 'A-' and 'BBB+', respectively.  The
Outlook is Stable.  Fitch has also affirmed Woori's and WFH's
Viability Ratings (VR) at 'bbb' and 'bbb-', respectively.

Woori's IDRs, Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch's continued belief of an extremely high propensity
of the South Korean government ('A+'/Positive) to support Woori,
if required. This view is based on Woori's systemic importance as
one of the major commercial banks in South Korea and the
government's majority ownership through Korea Deposit Insurance
Corporation (KDIC).  Being the second-largest bank in Korea,
Woori holds 13% and 15% of the banking system's total assets and
deposits, respectively.

WFH's LTFC IDR, SR and SRF are one notch lower than those of
Woori.  This is because Fitch is of the opinion that WFH will
only benefit from the government ownership/control and support
insofar that the support is directed at its subsidiary banks.
The agency believes that the key objective of the regulatory
framework is to protect depositors at, and ensure the viability
of, subsidiary banks.

Upside potential for the support-driven IDRs of Woori and WFH is
limited given their SRFs already factor in a strong propensity to
support.  An upgrade of Korea's sovereign rating would likely
have no effect on the SRF.  Unless there are signs of a weakening
of the sovereign's propensity or ability to support the bank,
Fitch does not expect any changes to the support-driven IDRs.  A
substantial reduction of the government's interest may trigger a
negative action on the IDR and SRF of WFH.

Woori's VR is underpinned by its strong domestic franchise, its
adequate capitalisation and margins, and strong ordinary support
from and supervision by Korea's authorities.  The VR also takes
into account its weak, albeit improving, risk management relative
to major domestic peers, as reflected in its moderate loan
quality, and structural weakness in its funding/liquidity profile
- an issue common to the system.

WFH's VR is one notch lower than Woori's to reflect the holding
company's high leverage (125.5% at end-Q112), and the weaker
credit profile of other subsidiaries, including Kyongnam Bank,
Kwangju Bank, and Woori Investment & Securities, relative to
Woori.

Upside potential for the VRs of Woori and WHF, along with Woori's
hybrid and lower tier 2 subordinated debt ratings, may result
from continued improvement in Woori's loan quality and underlying
profitability, providing growth and risk appetite also remain
modest.  Conversely, excessive loan growth or significant loan
quality deterioration causing notable erosion in its
capitalisation may lead to a downgrade of its VR.  However, such
a prospect is remote given Woori's loan quality has been
improving since Q310.

Woori's return on assets improved significantly to 0.84% in 2011
from 0.11% in 2008.  About one-third of the profits since 2009
were boosted by the sale of equity investments derived from debt-
for-equity swaps in failed corporates.  Its regulatory net
interest margin (NIM) in 2011 was 2.46%, higher than the industry
average (2.31%) due to its sizable credit card operations (18% of
NIM).

Woori's loan quality is below the industry average, with a
precautionary-and-below loan ratio of 4.9% (vs industry average
of about 3.7%) at end-Q112.  Woori has been actively improving
its risk management since 2009 by strengthening firewalls between
sales and loan approvals, setting up an early-warning system for
corporate loan monitoring, reducing exposure to weak sectors, and
writing off non-performing loans (NPLs).  Nevertheless, Fitch
notes that Woori's loan book still carries large exposures to
weak property developers, shipbuilders and shipping companies.

Woori also faces some concentration risk arising from its sizable
lending to large corporates particularly in view of the fact that
many large companies have survived the global financial crisis on
extensive government assistance.  Woori's large corporate loans
accounted for 25% of its total loan portfolio at end-2011,
compared with the industry average of 21% (excluding the two
policy banks, Korea Development Bank and Export-Import Bank of
Korea).

Woori's capitalisation is adequate with a Fitch Core Capital
ratio of 10.8% at end-Q112.  Like its close Korean peers, its
liquidity/funding profile is below that of its global
competitors.  Its loans/customer deposits ratio was high at
126.4% at end-Q112.

The 'BB-' rating for Woori's hybrid securities is four notches
below the bank's VR, in line with Fitch's criteria, to reflect
their high loss severity and non-performance risk.  The legacy
hybrid tier 1 capital securities have limited flexibility over
coupon payments despite its going-concern loss absorption
features.

The 'BBB-' rating for its legacy lower tier 2 subordinate debt is
one notch below Woori's VR to reflect below-average loss severity
and minimal non-performance risk.  The securities have gone-
concern loss absorption features and no coupon payment
flexibility.

Woori's 'AAA(tha)' issue rating is the highest on Thailand's
National rating scale.

Woori has total assets of KRW242trn (USD210bn) at end-2011.  The
commercial bank is wholly owned by WFH which in turn is 57% owned
by KDIC.  WFH is the largest financial holding company in Korea
with total assets of KRW313trn.  Other major subsidiaries of WFH
are two wholly owned regional banks - Kyongnam Bank and Kwangju
Bank - and Woori Investment & Securities Co. (38%).  KDIC has
plans to sell the holding company since 2002.

The rating actions are as follows:

Woori

  -- International ratings:
  -- Long-Term Foreign Currency IDR affirmed at 'A-'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured debt affirmed at 'A-'
  -- Short-term debt affirmed at 'F2'
  -- Subordinate debt affirmed at 'BBB-'
  -- Hybrid securities affirmed at 'BB-'

National ratings:

  -- Senior unsecured THB-denominated debt affirmed at 'AAA(tha)'

WFH

  -- Long-Term Foreign Currency IDR affirmed at 'BBB+'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb-'
  -- Support Rating affirmed at '2'
  -- Support Rating Floor affirmed at 'BBB+'



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


INVESTMENT SOLUTIONS: SFO Charges Director With NZ$5-Mil. Fraud
---------------------------------------------------------------
The Serious Fraud Office said Monday that it had laid charges in
the North Shore District Court against Evan Paul Cherry, the sole
director (prior to July 11, 2011) of Albany-based investment and
financial advisors -- Investment Solutions Limited, ISL Nominees
Limited, Trading Strategies Limited, ISL Strategic Investments
Limited, and ISL Strategic Investments 100 Limited.

Mr. Cherry is facing seven charges under the Crimes Act relating
to the alleged theft of investor funds and false statements in
investor reports.

Mr. Cherry had initially sought and was granted name suppression,
but this was lifted on June 8, 2012.

The ISL companies were advertised as providing returns or finding
solutions that "generally outperform the market".

The ISL companies received approximately NZ$9 million from an
estimated 175 investors.

The SFO allege that at least NZ$5 million of these funds were not
invested in accordance with investment instructions.

SFO Chief Executive Adam Feeley said: "This case is yet another
example of where we are seeing people target family and friends
to invest where, we allege, the promises or representations made,
bear little relationship to the reality of the investment scheme.
We strongly urge the public not to let their personal
relationship with someone cloud their judgment as to the merits
of an investment scheme."

The SFO acknowledge the assistance of the Financial Markets
Authority. The Securities Commission (the predecessor to the FMA)
referred this matter to the SFO in May 2011 having completed the
initial analysis, resulting in an SFO investigation being
commenced in June 2011.



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


FILHOMES SAVINGS: PDIC Sues Ex-President For False Bank Report
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) recently
filed with the Department of Justice (DOJ) a criminal case
against a former President of a closed bank for intentionally
filing a false bank report to the PDIC in violation of the PDIC
Charter, and for perjury in violation of the Revised Penal Code.

Suzette Liwag Banzon, former President and Manager of the closed
Filhomes Savings and Loan Bank, Inc. (FSLBI), was accused of
knowingly and intentionally signing and submitting five falsified
Regular Certified Statements (RCS) to PDIC relative to the
deposit balances of FSLBI for the years 2002 to 2004 violating
Section 21 (f) (3) of the PDIC Charter. These bank reports
understated the bank's aggregate deposits by PHP284.5 million
resulting to lower assessment payments and risks to the PDIC
Deposit Insurance Fund (DIF). The DIF is the funding source for
deposit insurance payouts in case of bank closures.

All member banks are required to submit the RCS, or a summary of
all the member-bank's deposit liabilities and the amount of
assessment to be paid by the bank to PDIC to insure its deposits.
The bank President or the bank's authorized signatory attests to
the veracity of the information contained in the RCS. The RCS is
subject to an assessment audit of the PDIC.

The bank reports showed a discrepancy between the subsidiary
ledgers (SL) and general ledger for the bank's deposit
liabilities. The GL for deposits was found to have been
understated since 2002 and was corrected only in November and
December 2004, barely a few months prior to the closure of the
bank in January 2005. The SL represents the transactions of each
individual deposit while the GL contains the aggregate amount of
deposits. By understating the GL, the bank in effect, paid a
lower amount for its deposit insurance assessment, hence,
incurred an assessment deficiency.

The sworn affidavits of FSLBI's former employees indicate that
Banzon gave direct instructions to manipulate the bank's records
by deducting the interest expenses on deposits to address the
bank's continuing losses due to interest expenses on deposits.
The former employees added that the SL and GL for deposits are
reconciled on instruction of Banzon whenever the Bangko Sentral
ng Pilipinas is about to examine the books of the bank.

Violation of Section 21 (f) (3) of the PDIC Charter is punishable
by prison mayor or a fine of not less than PHP500,000 but not
more than PHP2 million.

The Monetary Board placed the FLSBI under PDIC receivership on
January 21, 2005. As of April 30, 2012, PDIC had paid almost
PHP407 million in deposit insurance claims, or 90.1% of the total
estimated insured deposits amounting to PHP447.7 million.


RURAL BANK OF JAVIER: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board placed the Rural Bank of Javier (Leyte), Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 914 dated
June 7, 2012. As Receiver, PDIC took over the bank on June 8,
2012.

RB Javier is a single-unit bank located in Zone II, Real Street,
Javier, Leyte. Latest available records show that as of June 30,
2011, the Bank had 512 accounts with total deposit liabilities of
P9.48 million. According to the latest General Information Sheet
filed by RB Javier with the Securities and Exchange Commission,
the bank is owned by Edward Y. Chua (20%), Edward Frederick I.
Chua (20%), Cristina R. Pablo (20%), Margarito M. Redona (20%),
and Thomas A. Cu (16%). Its Chairman and President is Edward Y.
Chua.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000. PDIC
also announced that it will conduct a Depositors Forum on
Thursday, June 14, 2012 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will also be distributed during said Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

PDIC said that depositors with valid account balances of
PHP10,000 and below, who have no outstanding obligations with RB
Javier and who have complete and updated addresses with the bank,
need not file deposit insurance claims. PDIC targets to start
mailing payments to the depositors with small balances to their
last known addresses recorded in the bank by the 2nd week of July
2012.

According to PDIC, depositors who have balances of PHP10,000 and
below but whose addresses in the bank records may not have been
updated or are incomplete may update their addresses with PDIC
representatives at the bank premises. Depositor Update Forms
(DUFs) will be also be distributed to depositors during the
Depositors Forum and will also be made available at the bank
premises. Duly accomplished DUFs should be submitted to PDIC
representatives accompanied by a photo-bearing ID of the
depositor with his signature. Depositors may update their
addresses until June 20, 2012.

Depositors whose accounts have balances of more than PHP10,000
and those who have outstanding obligations regardless of the
amount of their balances or who have failed to update their
addresses should file their deposit insurance claims. The PDIC
will start receiving deposit insurance claims on June 19, 2012
until June 25, 2012 at the bank premises. Claims may be filed
Monday to Friday, 8:00 a.m. to 5:00 p.m.



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


CHEMBULK NEW YORK: Singapore Proceedings Recognized by U.S. Court
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
recognized the foreign proceedings of Chembulk New York Pte Ltd.,
et al.

The Court also ordered that the Republic of Singapore is the
center of main interests of the Foreign Debtors, and accordingly
the Singapore Proceeding is a "foreign main proceeding" pursuant
to Section 1502(4) of the Bankruptcy Code.

Cosimo Borrelli, as foreign representative of the Debtors in
foreign proceedings, is also entitled to the discretionary relief
expressly set forth in section 1521(a) and (b) of the Bankruptcy
Code.

                      About Chembulk New York

Singapore-based PT Berlian Laju Tanker Tbk filed Chapter 15
bankruptcy petitions in New York for subsidiaries (Bankr.
S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to prevent
creditors from seizing the company's vessels when they call on
U.S. ports.

Cosimo Borrelli, recently appointed vice president for
restructuring for PT Berlian, signed the Chapter 15 petitions for
Chembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January, the Berlian Group violated covenants under a $685
million loan agreement.  Creditors took steps to arrest certain
vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,
the Berlian Group initiated proceedings in the High Court of the
Republic of Singapore on March 12, 2012.  The Singapore court
entered orders prohibiting for three months any arrest of vessels
or collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entry
of an order enjoining creditors from seizing vessels that are at
port in the United States.  The Debtors do not have assets in the
U.S. other than the transitory basis vessels that are in the U.S.


GUAN BEE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Guan Bee Construction Pte Ltd.

Lioncity Construction Company Pte Ltd filed the petition against
the company.

The company's liquidator is:

         FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


HAYWARD TECHNOLOGY: Creditors' Proofs of Debt Due June 22
---------------------------------------------------------
Creditors of Hayward Technology Pte Ltd are required to file
their proofs of debt by June 22, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


HIR HUAT: Court to Hear Wind-Up Petition on June 29
---------------------------------------------------
A petition to wind up the operations of Hir Huat Trading Pte Ltd
will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on May 31, 2012.

The Petitioner's solicitors are:

          Stamford Law Corporation
          10 Collyer Quay, #27-00
          Ocean Financial Centre
          Singapore 049315


INTELLIHOME PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Intellihome Pte Ltd.

Schneider Electric Singapore Pte Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


K T TECHNOLOGY: Creditors' Proofs of Debt Due June 22
-----------------------------------------------------
Creditors of K T Technology (S) Pte Ltd are required to file
their proofs of debt by June 22, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


SOUTH ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 18, 2012, to
wind up the operations of South Asia Textile Industries Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

         Messrs Chee Yoh Chuang And
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


STREAM OFFSHORE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on May 18, 2012, to
wind up the operations of Stream Offshore Production Pte Ltd.

Siva Shipping Singapore Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118



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


* S&P's Global Default Tally Hikes to 33 After PBG Woes
-------------------------------------------------------
Poland-based engineering and construction company PBG S.A.
entered into a standstill agreement with banks this week.  S&P
views the agreement, which provides PBG with bilateral loans, as
an event of default under its criteria. This raises the 2012
global corporate default tally to 33, said an article published
Thursday by Standard & Poor's Global Fixed Income Research,
titled "Global Corporate Default Update (May 31 - June 6, 2012)."

Of the total defaults this year, 20 were based in the U.S., seven
in the emerging markets, four in Europe, and two in the other
developed region (Australia, Canada, Japan, and New Zealand). In
comparison, last year, only 16 issuers--10 based in the U.S., two
in New Zealand, two in the emerging markets, one in Europe, and
one in Canada--defaulted during the same period (through June 6).

So far this year, missed payments accounted for 12 defaults,
bankruptcy filings accounted for six, distressed exchanges
accounted for six, and five defaulters were confidential. The
remaining four entities defaulted for various other reasons.

In 2011, 21 issuers defaulted because of missed interest or
principal payments, and 13 because of bankruptcy filings--both of
which were among the top reasons for defaults in 2010. Distressed
exchanges--another top reason for default in 2010--followed with
11 defaults in 2011. Of the remaining defaults, two issuers
failed to finalize refinancing on bank loans, two were subject to
regulatory action, one had its banking license revoked by its
country's central bank, one was appointed a receiver, and two
were confidential.


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

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.


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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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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
Peter Chapman at 240/629-3300.





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