TCRAP_Public/121116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, November 16, 2012, Vol. 15, No. 229

                            Headlines


A U S T R A L I A

WHITPARK PTY: In Administration; Creditors to Meet on Nov. 22


H O N G  K O N G

AIN CAPITAL: Creditors' Proofs of Debt Due Dec. 8
ALFA INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
BANCO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
COWEN STRUCTURED: Commences Wind-Up Proceedings
FINEAST TRADING: Creditors' Proofs of Debt Due Dec. 14

GRAND MAX: Commences Wind-Up Proceedings
GROUP INTERNATIONAL: Members' Final Meeting Set for Dec. 10
HK VISION: Members' Final General Meeting Set for Dec. 10
JANTO LIMITED: Commences Wind-Up Proceedings
JTA CHINA: Commences Wind-Up Proceedings

KING HONEST: Creditors' Proofs of Debt Due Dec. 8
NEW SHINY: Creditors' Proofs of Debt Due Dec. 8
NOBLE ENTERPRISES: Members' Final General Meeting Set for Dec. 10
PACIFIC BASE: Creditors' Proofs of Debt Due Dec. 8
RED MANDARIN: Members' Annual Meeting Set for Nov. 23

YICK BO: Members' Annual Meeting Set for Nov. 20


I N D I A

KUVARBA COTTON: CARE Puts 'CARE BB' Rating on INR13cr LT Loan
NIRMAL LIFESTYLE: CARE Assigns 'CARE BB' Rating to INR105cr Loan
PREM JAIN: CARE Assigns 'CARE BB-' Rating to INR21.18cr Loan
ROLEX PROCESSORS: CARE Puts 'CARE C' Rating on INR15.46cr LT Loan
SURAJ TUBES: CARE Rates INR11.55cr LT Loan at 'CARE B+'

UMIYA COT: CARE Assigns 'CARE BB' Rating to INR13cr LT Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Rates $100MM 7% & $273MM 6.125% Notes 'BB-'
* REPUBLIC OF INDONESIA: S&P Rates $3BB Sukuk Certificate 'BB+'


J A P A N

PANASONIC CORP: Plans to Cut 8,000 Jobs Amid Second Straight Loss
SHARP CORP: Intel, Qualcomm In Talks to Invest JPY30 Billion


K O R E A

* SOUTH KOREA: More Than 10% Firms to Restructure in 2013


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Manager to Retire as Partner
CS HOMES: In Liquidation; Director Reportedly Flee to Australia
ROSS ASSET: Returns May be Fictitious, Receivers Say


P H I L I P P I N E S

OVERSEAS SHIPHOLDING: Manila Affiliate Not Part of US Bankruptcy


S I N G A P O R E

OVERSEAS SHIPHOLDING: Local Unit Not A Debtor in U.S. Bankruptcy
TWINOCEAN MARINE: Creditors' Proofs of Debt Due Nov. 19
VELOSI (S): Creditors' Proofs of Debt Due Dec. 9
VGS PROJECTS: Court Enters Wind-Up Order
VVC MARINE: Court to Hear Wind-Up Petition Nov. 23


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


WHITPARK PTY: In Administration; Creditors to Meet on Nov. 22
-------------------------------------------------------------
John Lindholm -- john.lindholm@fh.com.au -- and Brendan Richards
-- Brendan.Richards@fh.com.au -- of Ferrier Hodgson were
appointed Voluntary Administrators of Whitpark Pty Ltd on
November 12, 2012, pursuant to Section 436A of the Corporations
Act 2001 (the Act).

Ferrier Hodgson said: "The Company's assets and operations are
now under the control of the administrators, and they will
continue to operate the business while an urgent assessment of
the Company's viability is undertaken.

"Creditors should be advised that the first meeting of creditors
is scheduled for Nov. 22, 2012, at 10:00 a.m. at the Institute of
Charted Accountants Australia, Level 3, 600 Bourke Street, in
Melbourne, Victoria.



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


AIN CAPITAL: Creditors' Proofs of Debt Due Dec. 8
-------------------------------------------------
Creditors of Ain Capital Management (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 8, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


ALFA INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
------------------------------------------------------
Creditors of Alfa Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 8, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


BANCO INVESTMENTS: Creditors' Proofs of Debt Due Dec. 8
-------------------------------------------------------
Creditors of Banco Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 8, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


COWEN STRUCTURED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Cowen Structured Products Hong Kong Limited, on
Oct. 31, 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


FINEAST TRADING: Creditors' Proofs of Debt Due Dec. 14
------------------------------------------------------
Creditors of Fineast Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 31, 2012.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit D, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


GRAND MAX: Commences Wind-Up Proceedings
----------------------------------------
Members of Grand Max Development Limited, on Nov. 9, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


GROUP INTERNATIONAL: Members' Final Meeting Set for Dec. 10
------------------------------------------------------------
Members of Group International Trading Limited will hold their
final general meeting on Dec. 10, 2012, at 11:00 a.m., at Room
1305, Tower 1, Harbour Centre, No. 1 Hok Cheung Street, Hunghom,
Kowloon, in Hong Kong.

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


HK VISION: Members' Final General Meeting Set for Dec. 10
---------------------------------------------------------
Members of The Hong Kong Vision Foundation Limited will hold
their final general meeting on Dec. 10, 2012, at 3:00 p.m., at
Suite 2208, 22nd Floor, Tower 1, Times Square, 1 Matheson Street,
Causeway Bay, in Hong Kong.

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


JANTO LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Janto Limited, on Nov. 7, 2012, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

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


JTA CHINA: Commences Wind-Up Proceedings
----------------------------------------
Members of JTA China Import Limited, on Nov. 1, 2012, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Chan Kwok Ki
         Unit 505, 5/F
         Wing On House
         71 Des Voeux Road
         Central, Hong Kong


KING HONEST: Creditors' Proofs of Debt Due Dec. 8
-------------------------------------------------
Creditors of King Honest Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 8,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


NEW SHINY: Creditors' Proofs of Debt Due Dec. 8
-----------------------------------------------
Creditors of New Shiny Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 8, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


NOBLE ENTERPRISES: Members' Final General Meeting Set for Dec. 10
-----------------------------------------------------------------
Members of Noble Enterprises Limited will hold their final
general meeting on Dec. 10, 2012, at 11:00 a.m., at 2014, 20/F
Melbourne Plaza, at 33 Queen's Road Central, in Hong Kong.

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


PACIFIC BASE: Creditors' Proofs of Debt Due Dec. 8
--------------------------------------------------
Creditors of Pacific Base Investments Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 8, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


RED MANDARIN: Members' Annual Meeting Set for Nov. 23
-----------------------------------------------------
Members of Red Mandarin Consulting Limited will hold their annual
general meeting on Nov. 23, 2012, at 10:00 a.m., at Room 1402,
14/F, Wanchai Central Building, 89 Lockhart Road, Wan Chai, in
Hong Kong.

At the meeting, Ha Man Kit Marcus, the company's sole liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YICK BO: Members' Annual Meeting Set for Nov. 20
------------------------------------------------
Creditors and members of Yick Bo Trading Limited will hold their
annual meetings on Nov. 20, 2012, at 10:00 a.m., and 10:30 a.m.,
at 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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


KUVARBA COTTON: CARE Puts 'CARE BB' Rating on INR13cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Kuvarba Cotton Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     13          CARE BB Assigned
   Short-term Bank Facilities     5          CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Kuvarba Cotton
Industries are mainly constrained on account of its financial
risk profile marked by thin profit margins, leveraged capital
structure and stressed debt coverage indicators. The ratings are
further constrained on account of its presence in the highly
competitive and fragmented cotton ginning business with limited
value addition, volatility associated with the raw material (i.e.
raw cotton) prices and exposure to changes in the government
policy for cotton.

The ratings, however, derive strength from the wide experience of
the partners in the cotton ginning business, the presence of
other group entities in the similar line of business which makes
the group a mid-sized player in the industry and its proximity to
cotton-producing region of Gujarat.

The ability of KCI to increase its scale of operations in light
of volatile cotton prices and rationalization of debt levels
would be the key rating sensitivity.

KCI was constituted as a partnership firm in 2005. KCI is engaged
in cotton ginning & pressing, extraction of cotton seed as well
as trading in agro commodities such as castor seeds and Rayda.
KCI is currently operating from its sole processing unit located
at Vijapur in Mehsana district of Gujarat with an installed
capacity of 300 Bales per Day (BPD) for cotton ginning &
pressing.

Apart from KCI, the promoters also run other group entities
namely Kokila Cotton Industry. P B Cotton Industries, Umiya Cot
Fibresand Navneet Ginning and Pressing Private Limited,
collectively known as the P. I. Patel Group. All the group
companies are engage in the similar line of business of cotton
ginning & pressing, cotton seeds crushing and trading in agro
commodities.

The group had a combined ginning and pressing capacity of 1,595
bpd and cotton seed crushing capacity of 20 TPD as on March 31,
2012. During FY12 (refers to the period April 1 to March 31), the
group reported the total operating income (TOI) of INR620.49
crore and net profit of INR1.57crore.


NIRMAL LIFESTYLE: CARE Assigns 'CARE BB' Rating to INR105cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the proposed NCD issue of Nirmal
Lifestyle Ltd.

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Proposed Non-Convertible      105       CARE BB Assigned
   Debenture (NCD) Issue

Rating Rationale

The rating is constrained by considerable debt levels of the
entity and corresponding repayment obligations necessitating
higher sales momentum in the current subdued demand scenario. The
inherent project execution risk and cyclical nature of the
industry further constrains the rating.

The rating, however, derives strength from the good brand image
of Nirmal Lifestyle Ltd in the Mulund region, the company's
experienced management and competitive advantage due to low cost
land bank. The rating also factors in self liquidating nature of
part of the debt of the entity being LRD loans.

The ability of Nirmal to mobilize required funds for the
projects, execute the projects as scheduled and sell at envisaged
rates remain the key rating sensitivities.

The Nirmal group was founded by Late Mr S. P. Jain in the late
80s and is one of the established developers in Eastern Mumbai.
Nirmal Lifestyle Limited (Nirmal) is the flagship company of the
group. Till March 2012, the group has developed about 45 lakh
square feet (lsf) of saleable area in Mumbai. Currently, Nirmal
has ongoing projects with total saleable area of 79.25 lsf.

During FY12 (refers to the period April 1 to March 31), Nirmal
reported revenue of INR317 crore and net loss of INR3 crore as
against the revenue of INR222 crore and net profit of INR10
crore.


PREM JAIN: CARE Assigns 'CARE BB-' Rating to INR21.18cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Prem
Jain Ispat Udyog Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facility      21.18        CARE BB-Assigned

Rating Rationale

The rating assigned to the bank facilities of Prem Jain Ispat
Udyog Pvt. Ltd. is primarily constrained on account of its
stressed financial risk profile marked by thin profitability,
weak solvency and moderate liquidity position. The rating is
further constrained on account of its presence in a fragmented
industry coupled with geographical concentration risk.

The rating, however, derives strength from the promoter's
experience in the steel industry and established marketing
network.

Improvement in overall financial risk profile, diversification of
product profile and increase ingeographical presence are the key
rating sensitivities.

Incorporated in April 2008, Prem Jain Ispat Udyog Pvt. Ltd. is
promoted by Mr. Prem Chand Jain. It is engaged in manufacturing
of Mild Steel (MS) Ingots and Thermo-mechanically Treated
(TMT) bars at its manufacturing facilities in Kota (Rajasthan).
PJL started manufacturing ingots in July 2009 and TMT bars in
January 2010 and had an installed capacity of 51,500 metric
tonnes per annum (MTPA) of ingots and 36,500 MTPA of bars as on
March 31, 2011.

During FY12 (FY refers to the period from April 1 to March 31),
PJL reported a total operating income of INR81.98 crore with a
PAT of INR0.95 crore as against a net profit of INR0.54 crore on
a total operating income of INR54.08 crore in FY11.


ROLEX PROCESSORS: CARE Puts 'CARE C' Rating on INR15.46cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Rolex Processors Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long- term Bank Facilities    15.46       CARE C Assigned
   Short-term Bank Facilities     1.05       CARE A4 Assigned


Rating Rationale

The ratings assigned to the bank facilities of Rolex Processors
Private Limited (RPPL) are primarily constrained by liquidity
mismatches and resultant delays in debt servicing in the past and
its weak financial risk profile marked by accumulated losses,
highly leveraged capital structure and stressed liquidity
position. The ratings are further constrained by its presence in
the highly competitive textile industry.

The ratings, however, derive strength from the promoter's
experience in the textile industry and support from group
companies.

Improvement in liquidity position and increase in the scale of
operations are the key rating sensitivities.

In June 2010, the Ajay Group based in Bhilwara, Rajasthan,
acquired Rolex Processors Private Limited which was incorporated
in October 1998. The Ajay Group is promoted by the Kabra family
having business interest in the textile sector and has been
engaged in the business of weaving of finished synthetic fabrics
from polyester yarn since 1987 through group concerns which
includes Ajay Synthetics Private Limited (ASPL, established in
1987, rated 'CARE BB-'), Shubh Fabrics Limited (SFL, rated 'CARE
BB-', 'CARE A4', established in 1994), Ajay India Limited (AIL,
established in 1996, rated 'CARE BB-', 'CARE A4') and Ajay Syntex
Ltd (ASL, established in 2006).

RPPL is engaged in the business of processing and dyeing of
synthetic fabrics on job-work basis as well as in the trading of
finished fabrics. The processing facility of the company is
located at Bhilwara district in Rajasthan with an installed
capacity of 384 Lakh Metric per Annum (LMPA) as on March 31,
2012.
During FY12 (FY refers to the period from April 1 to March 31),
RPPL reported a total operating income of INR30.77 crore with a
PAT of INR0.25 crore as against a net profit of INR0.38 crore on
a total operating income of INR24.13 crore in FY11.


SURAJ TUBES: CARE Rates INR11.55cr LT Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Suraj
Tubes India Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     11.55       CARE B+ Assigned

Rating Rationale

The rating is constrained by post-implementation project risk
including stabilization and salability of the products of Suraj
Tubes India Pvt. Ltd. accompanied by lack of experience of the
promoters in the manufacturing of steel tubes. The rating is
further constrained by the presence of STIPL in the competitive,
fragmented and cyclical Indian Steel Industry.

The rating, however, derives strength from the promoters
experience in steel tubes trading business with already
established customer and supplier base along with favorable
Indian Steel Tube industry outlook.

The ability of STIPL to start the operations in stipulated time
frame and achieve the estimated levels of operating performance
is the key rating sensitivity.

Suraj Tubes India Private Limited is a part of the Suraj group,
which was promoted by Vishambhar Parsewar in the year 1956.
Currently, the group has presence in diversified business
areas such as steel trading, manufacturing of fertilizers and
polymers. STIPL was incorporated on September 15, 2011, for
manufacturing of steel tubes. The company is promoted by Mr
Ramesh Parsewar, Mrs. Saroj Parsewar, Mr Ramnath Tuptewar, Mr
Pradeep Chadwar and Mr. Niranjan Patil.

STIPL intends to have various ranges of products and the raw
material constitutes of steel coils. The variants of steel tubes
which will be manufactured include hot-rolled (HR) Round tubes,
Galvanised- plain (GP) tubes, HR Square tubes, cold- rolled (CR)
tubes, CR round tubes, C shape purling, Z shape purling and
shatter. The products of the company will find application in
various sectors like construction, irrigation, railways and other
retail market. The company is based out of Nanded, Maharashtra
and is setting up a steel tube unit with an installed capacity of
42,000 metric tonnes per annum (MTPA).


UMIYA COT: CARE Assigns 'CARE BB' Rating to INR13cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Umiya Cot Fibres.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      13         CARE BB Assigned
   Short-term Bank Faculties       5         CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Umiya Cot Fibres
are mainly constrained on account of its financial risk profile
marked by thin profit margins, leveraged capital structure and
stressed debt coverage indicators. The ratings are further
constrained on account of its presence in the highly competitive
and fragmented cotton ginning business with limited value
addition, volatility associated with the raw material (i.e. raw
cotton) prices and exposure to changes in the government policy
for cotton.

The ratings, however, derive strength from the wide experience of
the partners in the cotton ginning business, the presence of
other group entities in the similar line of business which makes
the group a mid-sized player in the industry and its proximity to
cotton-producing region of Gujarat.

The ability of UCF to increase its scale of operations in light
of volatile cotton prices and rationalization of debt levels
would be the key rating sensitivity.

UCF was constituted as a partnership firm in 2005. UCF is engaged
in cotton ginning & pressing, cottonseed as well as trading in
agro commodities such as castor seeds. UCF is currently operating
from its sole processing unit located at Dhasa in Rajkot district
of Gujarat with an installed capacity of 350 Bales per Day (BPD)
for cotton ginning & pressing.

Apart from UCF, the promoters also run other four group entities
namely Kokila Cotton Industry, Kuvarba Cotton Industries, P B
Cotton Industries, and Navneet Ginning and Pressing Private
Limited collectively known as the P. I. Patel Group. All the
group companies are engaged in the similar line of business of
cotton ginning & pressing, cotton seeds crushing and trading in
agro commodities.

The group had a combined ginning and pressing capacity of 1,595
bpd and cotton seed crushing capacity of 20 TPD as on March 31,
2012. During FY12 (refers to the period April 1 to March 31), the
group reported the total operating income (TOI) of INR620.49
crore and net profit of INR1.57 crore.



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


LIPPO KARAWACI: Fitch Rates $100MM 7% & $273MM 6.125% Notes 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci
Tbk's (LK, 'BB-'/Stable) USD100m 7% notes due 2019 and USD273.3m
6.125% notes due 2020 final 'BB-' ratings.  The new notes, issued
by Theta Capital Pte. Ltd., are guaranteed by LK.

The rating action follows receipt of documents conforming to
information already received.  The final rating is in line with
the expected rating assigned on 15 October 2012.

The USD100m bonds are issued as a tap to the existing USD150m 7%
notes due 2019, while the 2020 new notes will be exchanged for
the existing USD395.6m notes due 2015 originally issued by Sigma
Capital Pte Ltd.  Investors holding USD119.2m notes originally
due in 2015 have opted not to subscribe to the exchange offer.
The notes due 2019 and 2020 and the USD119.2m notes due 2015 are
rated 'BB-' and subject to identical covenants.

LK plans to use the proceeds from the tap issue to fund capex and
for general corporate purposes. Fitch is of the view that the
incremental debt will not impair LK's current financial profile,
which is supported by Indonesia's favourable long-term demand for
residential properties and healthcare services, a continued
strong recurring income base, and LK's demonstrated track record
in these businesses.

A high proportion of recurring income from healthcare, retail
malls, and hospitality helps mitigate the impact of volatile
income from property development and allows the company to
maintain a sound financial profile.  This recurring income
provides adequate interest and fixed charge coverage.  LK's
ratings also reflect its well-distributed debt maturity profile.

What Could Trigger a Rating Action?

Positive: Not foreseen in the medium term as LK's operating
exposure to the cyclical real estate industry is high.

Future developments that may, individually or collectively, lead
to a negative rating
action include:

  -- Recurring EBITDA interest cover falling below 1.50x (H112:
     2.04x)
  -- Recurring EBITDA fixed-charge cover falling below 1.25x
     (H112: 1.72x)
  -- Failure to pre-fund projected capex


* REPUBLIC OF INDONESIA: S&P Rates $3BB Sukuk Certificate 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
foreign currency issue rating to a global Sukuk trust certificate
issuance program of up to US$3 billion by Perusahaan Penerbit
SBSN Indonesia III (PPSI-III), a fully owned special purpose
vehicle of the Republic of Indonesia (BB+/Positive/B; axBBB+/axA-
2).

"The rating on the certificates reflects our view that, under the
related lease and repurchase agreement between the government and
PPSI-III, the government is obliged to make all payments to PPSI-
III to ensure that the issuer has sufficient funds to make full
and timely periodic distribution and principal payments to
certificate holders," S&P said.

"We rate this issue on par with the sovereign's commercial
financial obligations. The sovereign extending its full faith and
credit for all payments under this transaction, and its
undertaking to treat these payments as direct, unconditional,
unsecured, and general obligations of Indonesia support our view.
The obligations will rank equal in right of payment with all
other unsecured and unsubordinated external indebtedness of the
sovereign," S&P said.

"Standard & Poor's believes the government will consider the
performance of the certificates as being equally important as the
performance of its conventional debt, and that a default by the
government on its obligations under this transaction would likely
trigger a default on the certificates. We base our assessment on
the strength of the undertaking expressed in the transaction
documentation, and the importance the sovereign attaches to
developing the Islamic financing sources. These factors mitigate
the possibility that, in a stressful fiscal situation, the
sovereign would consider rent or lease obligations as subordinate
to bonds or bank loans," S&P said.

"The sovereign credit rating on Indonesia reflects the country's
low per capita income, structural and institutional impediments
to higher economic growth, and still-high external leverage. In
addition, Indonesia remains vulnerable to external shocks owing
partly to its shallow domestic capital markets; however this risk
has reduced somewhat. The sovereign's strong external liquidity
and resilient economic performance in a framework of cautious
fiscal management--which combine for continuous improvements in
the government's balance sheet--support the ratings," S&P said.

"The positive outlook on the sovereign rating reflects the
likelihood of an upgrade if improvements in the government's
balance sheet continue, in conjunction with successful
implementation of at least parts of the government's fiscal,
administrative, and structural reform agenda. We may raise the
ratings if inflation pressure diminishes, the external debt
burden
declines, the sovereign's balance sheet improves, or reforms such
as a subsidy rationalization suggest that fiscal and external
vulnerabilities have further reduced. Conversely, a stalling of
reforms or the absence of timely and adequate policy responses to
renewed fiscal or external pressures would result in the rating
stabilizing or weakening," S&P said.



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


PANASONIC CORP: Plans to Cut 8,000 Jobs Amid Second Straight Loss
-----------------------------------------------------------------
Mariko Yasu and Shunichi Ozasa at Bloomberg News report that
Panasonic Corp. plans to cut 8,000 jobs in the second half of
this fiscal year as the Japanese TV maker restructures amid
falling demand and a rising yen.

The company, which eliminated 8,871 jobs in the six months ended
Sept. 30, is planning further cuts by March 31 to speed up the
reforms, Atsushi Hinoki, a Tokyo-based spokesman told Bloomberg.
The expense for the job cuts is already included in the company's
forecast for an annual loss of JPY765 billion ($9.6 billion), the
spokesman said.

According to Bloomberg, Panasonic shares this month plunged to
the lowest in at least 38 years and Moody's Investors Service
said it will review its debt for a potential downgrade after
Japan's third-biggest employer predicted a loss this fiscal year.
The Osaka-based company eliminated almost 39,000 jobs in the past
year, or about 11% of its staff, as Japanese electronics makers
struggle amid competition with Samsung Electronics Co., the
report notes.

"They have no choice but to cut more jobs, given the enormous
loss," Bloomberg quotes Yoshihiro Okumura, a general manager at
Chiba-Gin Asset Management Co, as saying.  "Further job cuts were
expected. What is more important going forward is to realign its
businesses and show investors a clear picture for revival."

Bloomberg notes the bulk of Panasonic's projected loss for the
year ending in March will come from JPY440 billion of
restructuring expenses, more than 10 times greater than what the
company projected earlier.  That includes a writedown of goodwill
on businesses such as solar, lithium-ion batteries and mobile
phones, the company, as cited by Bloomberg, said.

"The situation is worse than we had expected earlier, and we have
a severe outlook for the second half," Chief Financial Officer
Hideaki Kawai said at an Oct. 31 briefing, Bloomberg recalls.
Panasonic has no plan to cut jobs in significant numbers, he said
then.

The company posted JPY772.17 billion net loss in the year ending
March 31, 2012.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.


SHARP CORP: Intel, Qualcomm In Talks to Invest JPY30 Billion
------------------------------------------------------------
Reuters reports that U.S.-based Intel Corp and Qualcomm Inc are
in talks to jointly invest about JPY30 billion (US$378 million)
in Sharp Corp. two sources familiar with the matter said
Wednesday.

According to Reuters, details of the talks were not known, but
Sharp, whose displays are used in Apple Inc's iPads and iPhones,
is looking to small displays to spark a revival in its fortunes
and sees the new generation of high-end laptops as a fresh
market.

The news agency notes Intel, which has been promoting a new
category of thin "Ultrabook" laptops with touch screens, has long
been interested in Sharp's power-saving IGZO displays, as it
responds to a shift from PCs to smartphones and tablets.

Reuters relates that one of the sources, who asked not to be
identified as they were not authorized to speak to the media,
said Sharp may reach an agreement as early as the end of this
month with Qualcomm.  Talks with Intel are less concrete amid the
chipmaker's unclear financial picture, Reuters' source said.

Shares in Sharp jumped 11 percent on the news, but brokers said
the rally was likely to be brief as the potential investment
would do little to address the firm's fundamental problems as it
struggles with a TV business in retreat, aggressive competition
and a $13.8 billion debt load, according to Thomson Reuters data.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2012, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB+' its long-term corporate credit ratings on Sharp Corp.
and its overseas subsidiaries Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC.  S&P also lowered to 'B+' from
'BB+' its senior unsecured debt ratings on Sharp.  It kept both
Its 'B+' long-term and 'B' short-term ratings on CreditWatch with
negative implications.

S&P has lowered Sharp's financial risk profile to 'highly
leveraged' from 'significant' following its announcement of
disappointing business results. On Nov. 1, 2012, Sharp announced
a JPY387.5 billion net loss for the six months ended Sept. 30,
2012, and a forecast JPY450.0 billion net loss for fiscal 2012
(ending March 31, 2013), both significantly weaker than Standard
& Poor's expectations and Sharp's earlier forecasts. Sharp's net
loss for the first half of fiscal 2012 includes JPY84.4 billion
in restructuring costs -- including a JPY30.1 billion asset
impairment in solar batteries and a JPY53.4 billion inventory
write-down -- and JPY61.0 billion in a reversal of deferred tax
assets. Sharp's announced losses for fiscal 2012 follow a
JPY376.0 billion net loss in fiscal 2011. In Standard & Poor's
view, losses of this scale for two years running weaken Sharp's
equity and its capital structure and are likely to exacerbate the
company's difficulties in restoring earnings and liquidity. It
expects the ratio of the company's debt to capital to deteriorate
from 66% at the end of fiscal 2011 to around 86% at the end of
fiscal 2012.

Sharp's liquidity remains "less than adequate" in view of
upcoming liquidity needs that could exceed sources in the coming
12 months.  As of Sept. 30, 2012, Sharp remained highly dependent
on short-term borrowings. It had JPY511.2 billion in short-term
debt, JPY205.9 billion in bonds due to mature within a year
(including JPY200.7 billion in convertible bonds maturing
Sept. 30, 2013), and JPY167.5 billion in commercial paper. While
Sharp in late September signed a JPY360 billion syndicated loan
agreement with Mizuho Corporate Bank Ltd. (A+/Negative/A-1) and
Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) that consisted
of a JPY180 billion term loan and a JPY180 billion uncommitted
line of credit, Standard & Poor's does not consider the signing
of the loan agreement to have improved the company's debt profile
materially, because the contract term is short, ending June 30,
2013, and Sharp's debt profile remains largely dependent on
short-term debt. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Still, ongoing support from the banks and from management's
initiatives, including to slow funding uses for working capital
and capital expenditures and to expand funding sources by
disposing of assets, could alleviate pressure on the company's
liquidity, S&P said.



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


* SOUTH KOREA: More Than 10% Firms to Restructure in 2013
---------------------------------------------------------
Yonhap News Agency reports that more than 1 out of 10 South
Korean companies plan to cut jobs, sell their assets and pull out
of some businesses next year as part of their attempts to
overcome economic difficulties, a poll showed Thursday.

The news agency relates that the survey of 433 major companies
taken by the Federation of Korean Industries (FKI) found that 15%
of the respondents were considering restructuring their
operations in the coming year.

Another 36% plan to slash investment next year, citing worsening
economic situations at home and abroad and uncertain economy
policy, Yonhap relays.

"The restructuring move, if carried out, is likely to deal a
further blow to the local economy," the FKI, as cited by Yonhap,
said.

Yonhap adds that the survey also showed that 62% said next year's
economic conditions would get worse, compared with this year.
Only 9% said the situations would get better next year.

The FKI represents the interests of South Korea's family-
controlled conglomerates, known as chaebol.



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


AORANGI SECURITIES: Statutory Manager to Retire as Partner
----------------------------------------------------------
Emma Bailey at stuff.co.nz reports that Hubbard statutory manager
Trevor Thornton said he will be retiring as a partner of Grant
Thornton New Zealand at the end of the year.

Thornton was appointed as a statutory manager in June 2010. This
followed Allan and Jean Hubbard and their company Aorangi
Securities and Hubbard Management Funds being placed into
statutory management by the Government.

A spokesperson for Thornton said the retirement was planned, the
report relates.

"Trevor set this date for his retirement from the firm back in
2009. He will continue to be retained by Grant Thornton as a
senior consultant," stuff.co.nz quotes the spokesperson as
saying.  "Trevor's retirement will not affect his role as
statutory manager for Hubbard Management Funds and Aorangi
Securities."

                    About Aorangi Securities

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

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


CS HOMES: In Liquidation; Director Reportedly Flee to Australia
---------------------------------------------------------------
Collette Devlin at The Southland Times reports that Southland
construction firm CS Homes Ltd is in liquidation and industry
insiders believe its director has fled to Australia owing
hundreds of thousands of dollars to contractors and suppliers in
the region.

The company was put into voluntary liquidation on Nov. 14 by its
director, Colin Murray Hiatt.

Insolvency Management principal Iain Nellies and Paul Jenkins
were appointed liquidators, the report discloses.

According to the report, Mr. Nellies said it was early days and
he had come to Invercargill to pick up documents he needed
immediately.  Mr. Nellies also said he had meetings with
homeowners whose houses had been left unfinished, the report
relays.

The report says Mr. Nellies confirmed that about five building
projects had been affected.

The Southland Times understands one of the projects was at
foundation level, one was almost complete and one was about
90% finished.  It is understood the new Riverton Medical Centre
was one of the projects affected.

Several other tradesmen contacted by The Southland Times said
they had all been told Mr. Hiatt had "bolted" for Australia and
were angry because he owed them money.


ROSS ASSET: Returns May be Fictitious, Receivers Say
----------------------------------------------------
Blair Cunningham and Caleb Allison at NBR Online report that the
receivers for Ross Asset Management have found just
NZ$10.2 million of investments, slightly more than 2% of the
total of NZ$449 million.

According to NBR, PwC receiver John Fisk said it is likely the
historical returns advised to investors are exaggerated and may
be fictitious.

NBR relates that in a progress report to the High Court, released
yesterday, receivers Mr. Fisk and David Bridgman said RAM and its
nine associated entities are insolvent and should be liquidated.

The report comes nearly a fortnight after the group's assets were
frozen, NBR notes.

NBR reports that Mr. Fisk said they have identified investments
of nearly NZ$450 million held on behalf of more than 900
investors across 1,720 individual accounts.

However, there is still a "significant gap" in the identified
market value of the investments as they have only managed to
identify NZ$10.214 million so far, NBR relays.

NBR relates that Mr. Fisk said because the returns have probably
been exaggerated, the actual cash loss which may eventually be
suffered by the remaining investors will differ from the amounts
currently showing as the "value" in individual investors'
portfolios.

"In our opinion, the investment fund managed by the Ross group is
insolvent, as it cannot repay the value of the portfolios
reported to investors as they become due in the ordinary course
of business," NBR quotes Mr. Fisk as saying.

He said a recovery strategy needs to be looked at immediately to
maximise returns to investors, according to NBR.

To do that, NBR notes, Messrs. Fisk and Bridgman have recommended
the group's entities be placed into liquidation as this will help
to release some of the assets.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.

The nine other associated entities are:

     * Bevis Marks Corporation Limited
     * Dagger Nominees Limited
     * McIntosh Asset Management Limited
     * Mercury Asset Management Limited
     * Ross Investment Management Limited
     * Ross Unit Trusts Management Limited
     * United Asset Management Limited
     * Chapman Ross Trust
     * Woburn Ross Trust

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

BusinessDesk said around 900 individual investors and an unknown
number of financial intermediaries are caught up in the court-
ordered freeze on assets managed by Mr. Ross.



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


OVERSEAS SHIPHOLDING: Manila Affiliate Not Part of US Bankruptcy
----------------------------------------------------------------
Overseas Shipholding Group, Inc., and 180 affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 12-20000) on Nov. 14.

Overseas Shipholding, owner or operator of 111 vessels that
transport oil and petroleum products throughout the world, said
in a statement that it intends to use the Chapter 11 process to
significantly reduce its debt profile, reorganize other financial
obligations and create a strong financial foundation for the
Company's future.

The Debtors disclosed $4.15 billion in assets and $2.67 billion
in liabilities as of June 30, 2012.

Captain Robert E. Johnston, senior vice president and head of the
U.S. Flag Strategic Business Unit of the Debtors, explains in a
court filing, "Two main factors have led the Debtors to commence
these Chapter 11 cases: First, over the past several years, there
has been a general decline in global demand for oil and petroleum
products while, at the same time, global shipping capacity
increased dramatically as new vessels entered the market. This
has lead to a sharp decrease in international tanker utilization
and downward pressure on industry charter rates.  Second, OSG
faces a liquidity shortfall due to the approaching maturity of
certain debt obligations, at the same time that it has announced
it is investigating whether its financial statements need to be
restated, which has severely limited any access to the capital
and credit markets."

On Oct. 22, 2012, OSG publicly announced that it was in the
process of reviewing a tax issue arising from the fact that OSG
is domiciled in the United States but has substantial
international operations, in relation to the interpretation of
certain provisions contained in OSG's loan agreements.  As a
result, OSG announced that investors should not rely on its
financial statements for at least the last three years.  The
company's regulatory filing further stated that the Company is
reviewing whether a restatement of those financial statements may
be required and "evaluating its strategic options, including the
potential voluntary filing of a petition for relief to reorganize
under Chapter 11 of the Bankruptcy Code."  On Oct. 22, Standard &
Poor's and Moody's downgraded OSG's credit ratings, which further
jeopardized the ongoing relationship between OSG and its
creditors and complicated the process of obtaining additional
liquidity.

OSG said it has been assessing its projected liquidity position,
particularly taking into account its highly leveraged debt
position, downgraded credit ratings, and significant other
practical limitations.

After exploring all practicable alternatives, OSG has concluded
that, if it does not seek protection from creditors in an
organized reorganization, it faces significant risk of individual
creditor action to the detriment of the value and stability of
its business.

Morten Arntzen, President and CEO, commented, in a statement,
"The last few years have been difficult for everyone in our
industry, but OSG has continued to provide safe, incident-free
and reliable shipping services for our global client base.  Our
Jones Act fleet, in particular, has performed very well the last
18 months and has secured a number of notable contract
extensions.  Over the past two weeks, OSG has continued to fix
vessels with our clients.  We will use the Chapter 11 process to
definitively resolve our financial issues.  An orderly
restructuring in Chapter 11 will provide stability both to OSG
and to the entire shipping industry. We expect to emerge from our
Chapter 11 reorganization with a solid financial base and clear
path to future success.

"During the reorganization, we have more than enough cash to
support our operations, and we expect it to be business as usual
for OSG's customers, employees, partners and suppliers.  Thanks
to our talented and dedicated employees around the world, we
continue to enjoy a great reputation in our markets.  I would
like to thank them for their continued support and hard work,"
Mr. Arntzen continued.

                         Foreign Affiliates

The OSG group consists of Overseas Shipholding Group, Inc., the
ultimate corporate parent, and over 250 affiliates around the
world.

Certain subsidiaries, including those that manage the Company's
facilities in Manila, Singapore, Greece, London and Newcastle,
have not filed for Chapter 11 reorganization.

OSG Companies that are not part of the Chapter 11 filing include
OSG Ship Management (UK) Ltd., which is domiciled in England,
OSG Ship Management Asia Pacific Pte. Ltd., which is domiciled
in Singapore, OSG-NNA Ship Management Services, Inc., which is
domiciled in the Philippines, and OSG Ship Management (GR) Ltd.,
which is domiciled in Greece. The Debtors intend that the Non-
Debtor Affiliates will continue to operate in the ordinary course
of business during the pendency of the Chapter 11 cases.

The Newcastle, England office is responsible for financial
services and information technology services internationally.  In
addition, the Newcastle office handles the LNG and FSO technical
operations.  The Athens office manages the international tanker
fleet of crude and product tankers, focusing on technical
operations.  The Manila office operates part of the Debtors'
international flag operations, especially crewing and training
operations.  The Singapore office focuses on commercial aspects
of the international flag business.

A complete list of the OSG entities which filed, and those which
did not file, Chapter 11 petitions, is available at
http://www.kccllc.net/osg

                          Business as Usual

OSG intends to work with its constituencies to emerge from
bankruptcy as quickly as possible while maintaining the company's
market position, business model and strategy.

OSG will continue to serve customers without interruption while
it reorganizes its debt.  OSG has more than adequate cash to
allow the company to continue operating as usual and does not
require debtor-in-possession financing.  In addition, the company
expects to generate significant cash flow while in Chapter 11,
further ensuring its ability to maintain safe, reliable and high-
quality operations throughout the process.

OSG has filed first-day motions that ask the Court to approve,
among other things, payment of employee wages and benefits that
were incurred before the petition was filed, payment of certain
pre-filing amounts owed to vendors and suppliers, and continued
access to the company's cash collateral and cash management
systems.  The company is working closely with its vendors to
secure their continued support.

The Debtor said in a court filing that they intend to pay $4.8
million of outstanding prepetition claims of critical and foreign
vendors.

During the process, John Ray, CEO of Greylock Partners LLC, will
serve as Chief Reorganization Officer.  OSG is being advised by
its legal counsel, Cleary Gottlieb Steen & Hamilton LLP, and its
financial advisor, Chilmark Partners LLC.

                             NOL Motion

The Debtors have filed U.S. federal income tax returns reflecting
net operating losses ("NOLs") of approximately $310 million
through the end of the taxable year ending December 31, 2011. I
am advised that, because the Internal Revenue Code permits
corporations to carry forward NOLs to offset future income and
reduce future tax liabilities, these NOLs are valuable assets of
the Debtors' estates. In fact, based on a federal corporate
income tax rate of 35%, Debtors' NOLs through December 31, 2011
could yield future tax savings to the Debtors of in excess of
$100 million.

The Debtors seek the authority from the Bankruptcy Court to
enforce the stay to preclude certain transfers of OSG's common
stock and to monitor and possibly object to other changes in the
ownership of the stock.  The Debtors said that if too many blocks
of equity securities representing 5% or more of the Debtors'
shares are created through purchases, sales or issuances, or too
many shares are added to or sold from such blocks, the Debtors
may lose their ability to utilize their NOLs.  The Debtors
believe the availability of these tax savings may prove important
to the financial health of the Debtors and the formulation of any
plan of reorganization.

                    About Overseas Shipholding

Overseas Shipholding Group, Inc., headquartered in New York City,
NY, is one of the largest publicly traded tanker companies in the
world, engaged primarily in the ocean transportation of crude oil
and petroleum products.



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


OVERSEAS SHIPHOLDING: Local Unit Not A Debtor in U.S. Bankruptcy
----------------------------------------------------------------
Overseas Shipholding Group, Inc., and 180 affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 12-20000) on Nov. 14.

Overseas Shipholding, owner or operator of 111 vessels that
transport oil and petroleum products throughout the world, said
in a statement that it intends to use the Chapter 11 process to
significantly reduce its debt profile, reorganize other financial
obligations and create a strong financial foundation for the
Company's future.

The Debtors disclosed $4.15 billion in assets and $2.67 billion
in liabilities as of June 30, 2012.

Captain Robert E. Johnston, senior vice president and head of the
U.S. Flag Strategic Business Unit of the Debtors, explains in a
court filing, "Two main factors have led the Debtors to commence
these Chapter 11 cases: First, over the past several years, there
has been a general decline in global demand for oil and petroleum
products while, at the same time, global shipping capacity
increased dramatically as new vessels entered the market. This
has lead to a sharp decrease in international tanker utilization
and downward pressure on industry charter rates.  Second, OSG
faces a liquidity shortfall due to the approaching maturity of
certain debt obligations, at the same time that it has announced
it is investigating whether its financial statements need to be
restated, which has severely limited any access to the capital
and credit markets."

On Oct. 22, 2012, OSG publicly announced that it was in the
process of reviewing a tax issue arising from the fact that OSG
is domiciled in the United States but has substantial
international operations, in relation to the interpretation of
certain provisions contained in OSG's loan agreements.  As a
result, OSG announced that investors should not rely on its
financial statements for at least the last three years.  The
company's regulatory filing further stated that the Company is
reviewing whether a restatement of those financial statements may
be required and "evaluating its strategic options, including the
potential voluntary filing of a petition for relief to reorganize
under Chapter 11 of the Bankruptcy Code."  On Oct. 22, Standard &
Poor's and Moody's downgraded OSG's credit ratings, which further
jeopardized the ongoing relationship between OSG and its
creditors and complicated the process of obtaining additional
liquidity.

OSG said it has been assessing its projected liquidity position,
particularly taking into account its highly leveraged debt
position, downgraded credit ratings, and significant other
practical limitations.

After exploring all practicable alternatives, OSG has concluded
that, if it does not seek protection from creditors in an
organized reorganization, it faces significant risk of individual
creditor action to the detriment of the value and stability of
its business.

Morten Arntzen, President and CEO, commented, in a statement,
"The last few years have been difficult for everyone in our
industry, but OSG has continued to provide safe, incident-free
and reliable shipping services for our global client base.  Our
Jones Act fleet, in particular, has performed very well the last
18 months and has secured a number of notable contract
extensions.  Over the past two weeks, OSG has continued to fix
vessels with our clients.  We will use the Chapter 11 process to
definitively resolve our financial issues.  An orderly
restructuring in Chapter 11 will provide stability both to OSG
and to the entire shipping industry. We expect to emerge from our
Chapter 11 reorganization with a solid financial base and clear
path to future success.

"During the reorganization, we have more than enough cash to
support our operations, and we expect it to be business as usual
for OSG's customers, employees, partners and suppliers.  Thanks
to our talented and dedicated employees around the world, we
continue to enjoy a great reputation in our markets.  I would
like to thank them for their continued support and hard work,"
Mr. Arntzen continued.

                         Foreign Affiliates

The OSG group consists of Overseas Shipholding Group, Inc., the
ultimate corporate parent, and over 250 affiliates around the
world.

Certain subsidiaries, including those that manage the Company's
facilities in Manila, Singapore, Greece, London and Newcastle,
have not filed for Chapter 11 reorganization.

OSG Companies that are not part of the Chapter 11 filing include
OSG Ship Management (UK) Ltd., which is domiciled in England,
OSG Ship Management Asia Pacific Pte. Ltd., which is domiciled
in Singapore, OSG-NNA Ship Management Services, Inc., which is
domiciled in the Philippines, and OSG Ship Management (GR) Ltd.,
which is domiciled in Greece. The Debtors intend that the Non-
Debtor Affiliates will continue to operate in the ordinary course
of business during the pendency of the Chapter 11 cases.

The Newcastle, England office is responsible for financial
services and information technology services internationally.  In
addition, the Newcastle office handles the LNG and FSO technical
operations.  The Athens office manages the international tanker
fleet of crude and product tankers, focusing on technical
operations.  The Manila office operates part of the Debtors'
international flag operations, especially crewing and training
operations.  The Singapore office focuses on commercial aspects
of the international flag business.

A complete list of the OSG entities which filed, and those which
did not file, Chapter 11 petitions, is available at
http://www.kccllc.net/osg

                          Business as Usual

OSG intends to work with its constituencies to emerge from
bankruptcy as quickly as possible while maintaining the company's
market position, business model and strategy.

OSG will continue to serve customers without interruption while
it reorganizes its debt.  OSG has more than adequate cash to
allow the company to continue operating as usual and does not
require debtor-in-possession financing.  In addition, the company
expects to generate significant cash flow while in Chapter 11,
further ensuring its ability to maintain safe, reliable and high-
quality operations throughout the process.

OSG has filed first-day motions that ask the Court to approve,
among other things, payment of employee wages and benefits that
were incurred before the petition was filed, payment of certain
pre-filing amounts owed to vendors and suppliers, and continued
access to the company's cash collateral and cash management
systems.  The company is working closely with its vendors to
secure their continued support.

The Debtor said in a court filing that they intend to pay $4.8
million of outstanding prepetition claims of critical and foreign
vendors.

During the process, John Ray, CEO of Greylock Partners LLC, will
serve as Chief Reorganization Officer.  OSG is being advised by
its legal counsel, Cleary Gottlieb Steen & Hamilton LLP, and its
financial advisor, Chilmark Partners LLC.

                             NOL Motion

The Debtors have filed U.S. federal income tax returns reflecting
net operating losses ("NOLs") of approximately $310 million
through the end of the taxable year ending December 31, 2011. I
am advised that, because the Internal Revenue Code permits
corporations to carry forward NOLs to offset future income and
reduce future tax liabilities, these NOLs are valuable assets of
the Debtors' estates. In fact, based on a federal corporate
income tax rate of 35%, Debtors' NOLs through December 31, 2011
could yield future tax savings to the Debtors of in excess of
$100 million.

The Debtors seek the authority from the Bankruptcy Court to
enforce the stay to preclude certain transfers of OSG's common
stock and to monitor and possibly object to other changes in the
ownership of the stock.  The Debtors said that if too many blocks
of equity securities representing 5% or more of the Debtors'
shares are created through purchases, sales or issuances, or too
many shares are added to or sold from such blocks, the Debtors
may lose their ability to utilize their NOLs.  The Debtors
believe the availability of these tax savings may prove important
to the financial health of the Debtors and the formulation of any
plan of reorganization.

                    About Overseas Shipholding

Overseas Shipholding Group, Inc., headquartered in New York City,
NY, is one of the largest publicly traded tanker companies in the
world, engaged primarily in the ocean transportation of crude oil
and petroleum products.


TWINOCEAN MARINE: Creditors' Proofs of Debt Due Nov. 19
-------------------------------------------------------
Creditors of Twinocean Marine Services Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Nov. 19, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          8 Wilkie Road #03-08
          Singapore 228095


VELOSI (S): Creditors' Proofs of Debt Due Dec. 9
------------------------------------------------
Creditors of Velosi (S) Pte Ltd, which is in liquidation, are
required to file their proofs of debt by Dec. 9, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 2, 2012.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


VGS PROJECTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 2, 2012, to
wind up VGS Projects Pte Ltd's operations.

The company's liquidator is:

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


VVC MARINE: Court to Hear Wind-Up Petition Nov. 23
--------------------------------------------------
A petition to wind up the operations of VVC Marine Pte Ltd will
be heard before the High Court of Singapore on Nov. 23, 2012, at
10:00 a.m.

Bacchus Besenwirtschaft Pte Ltd filed the petition against the
company on Nov. 1, 2012.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street #18-00
         GB Building
         Singapore 069542


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA


AAT CORP LTD                 AAT             32.50    -13.46
ALTIUM LTD                   ALU             24.26     -3.62
ARASOR INTERNATI             ARR             19.21    -26.51
AUSTRALIAN ZI-PP            AZCCA            77.74     -2.57
AUSTRALIAN ZIRC              AZC             77.74     -2.57
BIRON APPAREL LT             BIC             19.71     -2.22
CLARITY OSS LTD              CYO             31.64     -5.75
CNPR GROUP                   CNP         15,483.44   -349.73
CWH RESOURCES LT             CWH             11.58     -2.08
MACQUARIE ATLAS              MQA          1,618.82   -941.02
MISSION NEWENER              MBT             22.05    -27.72
NATURAL FUEL LTD             NFL             19.38   -121.51
ORION GOLD NL                ORN             10.91     -0.31
RENISON CONSOLID             RSN             10.15    -22.74
RENISON CONSO-PP            RSNCL            10.15    -22.74
RIVERCITY MOTORW             RCY            386.88   -809.14
RUBICOR GROUP LT             RUB            101.62    -19.93
STERLING BIOFUEL             SBI             31.12     -7.52


CHINA

ANHUI GUOTONG-A              600444          68.75     -3.62
BAOCHENG INVESTM             600892          43.58     -3.69
CHANG JIANG-A                 520         1,412.23    -34.77
CHENGDE DALU -B              200160          35.08     -6.23
CHENGDU UNION-A               693            29.46    -22.21
CHINA KEJIAN-A                 35            66.74   -211.15
CONTEL CORP LTD              CTEL            56.09    -14.27
DONGXIN ELECTR-A             600691          12.55    -32.52
GUANGDONG ORIE-A             600988          14.90     -3.96
GUANGXIA YINCH-A              557            50.01    -43.40
HEBEI BAOSHUO -A             600155          96.92    -82.96
HEBEI JINNIU C-A             600722         235.37    -87.11
HUASU HOLDINGS-A              509            82.75    -17.69
HULUDAO ZINC-A                751         1,156.17    -23.29
HUNAN TIANYI-A                908            62.60     -2.60
JILIN PHARMACE-A              545            30.62     -6.29
JINCHENG PAPER-A              820           109.56   -102.63
QINGDAO YELLOW               600579         197.77    -67.23
SHANDONG DACHE-A             600882         202.38    -17.37
SHANDONG HELON-A              677           744.39   -185.49
SHANG BROAD-A                600608          42.10     -9.12
SHANXI GUANLU-A               831           293.26    -22.96
SHENZ CHINA BI-A               17            22.32   -267.45
SHENZ CHINA BI-B             200017          22.32   -267.45
SHENZ INTL ENT-A               56           269.35    -48.30
SHENZ INTL ENT-B             200056         269.35    -48.30
SHIJIAZHUANG D-A              958           198.77   -118.66
SICHUAN GOLDEN               600678         145.99    -95.15
TAIYUAN TIANLO-A             600234          66.34    -12.60
TIANJIN MARINE               600751          70.78    -89.40
TIANJIN MARINE-B             900938          70.78    -89.40
TIBET SUMMIT I-A             600338          83.03    -10.94
TOPSUN SCIENCE-A             600771         125.34   -111.50
WUHAN BOILER-B               200770         255.82   -182.03
WUHAN LINUO SOLA             600885         104.94    -25.18
XIAMEN OVERSEA-A             600870         269.06   -133.94
XIAN HONGSHENG-A             600817          15.72   -276.16
XINJIANG CHALK-A              972           672.72    -24.08
YANBIAN SHIXIA-A             600462          96.06   -134.10
YIBIN PAPER IN-A             600793         131.24     -4.84
YOUYUE INTERNATI             YYUE           102.82     -9.02
YUEYANG HENGLI-A              622            33.31    -25.77
ZHEJIANG GENUINE              156            47.53    -21.44


HONG KONG

ASIA COAL LTD                 835            20.25     -9.45
BEP INTL HLDGS L              2326           12.99     -0.37
BUILDMORE INTL                108            16.51    -47.88
CHINA HEALTHCARE              673            33.18    -15.21
CHINA OCEAN SHIP              651           408.06    -51.68
CHINA SEVEN STAR              245            90.25     -2.25
CYPRESS JADE                  875            38.61    -10.78
FIRST NTUL FOODS              1076           17.14    -56.90
FU JI FOOD & CAT              1175           73.43   -389.20
MELCOLOT LTD                  8198           39.21    -76.03
MITSUMARU EAST K              2358           24.72    -18.95
PALADIN LTD                   495           175.99    -12.97
PROVIEW INTL HLD              334           314.87   -294.85
SINO RESOURCES G              223            31.27    -28.33
SUNCORP TECH LTD              1063           11.78     -8.30
SUNLINK INTL HLD              2336           15.63    -36.91
SURFACE MOUNT                SMT             67.80    -28.72
U-RIGHT INTL HLD              627            14.80   -204.65


INDONESIA

APAC CITRA CENT              MYTX           195.46     -0.74
ARPENI PRATAMA               APOL           431.45   -194.55
ASIA PACIFIC                 POLY           369.69   -833.16
JAKARTA KYOEI ST             JKSW            30.22    -42.19
MATAHARI DEPT                LPPF           254.86   -270.94
MITRA INTERNATIO             MIRA         1,076.79   -446.64
MITRA RAJASA-RTS           MIRA-R2        1,076.79   -446.64
PANASIA FILAMENT             PAFI            30.93    -21.52
PANCA WIRATAMA               PWSI            31.13    -38.63
PRIMARINDO ASIA              BIMA            11.11    -20.32
SUMALINDO LESTAR             SULI           172.87    -10.96
TOKO GUNUNG AGUN             TKGA            12.02     -1.03
UNITEX TBK                   UNTX            15.41    -19.99


INDIA

ABHISHEK CORPORA             ABSC            58.35    -14.51
AGRO DUTCH INDUS             ADF            105.49     -3.84
ALPS INDUS LTD               ALPI           215.85    -28.22
AMIT SPINNING                AMSP            16.21     -6.54
ARTSON ENGR                  ART             16.52     -3.14
ASHAPURA MINECHE             ASMN           167.68    -67.64
ASHIMA LTD                   ASHM            63.23    -48.94
ATV PROJECTS                 ATV             60.17    -54.25
BELLARY STEELS               BSAL           451.68   -108.50
BHAGHEERATHA ENG             BGEL            22.65    -28.20
BLUE BIRD INDIA              BIRD           122.02    -59.13
CAMBRIDGE TECHNO            CTECH            12.77     -7.96
CELEBRITY FASHIO             CFLI            27.59     -8.60
CFL CAPITAL FIN             CEATF            12.36    -49.56
CHESLIND TEXTILE             CTX             20.51     -0.03
COMPUTERSKILL                CPS             14.90     -7.56
CORE HEALTHCARE              CPAR           185.36   -241.91
DCM FINANCIAL SE            DCMFS            18.46     -9.46
DFL INFRASTRUCTU             DLFI            42.74     -6.49
DHARAMSI MORARJI             DMCC            21.44     -6.32
DIGJAM LTD                   DGJM            99.41    -22.59
DISH TV INDIA                DITV           517.02    -18.42
DISH TV INDI-SLB            DITV/S          517.02    -18.42
DUNCANS INDUS                DAI            122.76   -227.05
FIBERWEB INDIA               FWB             16.51     -7.98
GANESH BENZOPLST             GBP             49.24    -21.14
GOLDEN TOBACCO               GTO            109.72     -5.01
GSL INDIA LTD                GSL             29.86    -42.42
GUPTA SYNTHETICS            GUSYN            52.94     -0.50
HARYANA STEEL                HYSA            10.83     -5.91
HENKEL INDIA LTD             HNKL            69.07    -31.72
HINDUSTAN PHOTO              HPHT            74.44 -1,519.11
HINDUSTAN SYNTEX             HSYN            11.46     -5.39
HMT LTD                      HMT            133.66   -500.46
ICDS                         ICDS            13.30     -6.17
INDAGE RESTAURAN             IRL             15.11     -2.35
INTEGRAT FINANCE             IFC             49.83    -51.32
JCT ELECTRONICS              JCTE           104.55    -68.49
JD ORGOCHEM LTD              JDO             10.46     -1.60
JENSON & NIC LTD              JN             16.65    -75.51
JIK INDUS LTD                KFS             20.63     -5.62
JOG ENGINEERING              VMJ             50.08    -10.08
KALYANPUR CEMENT             KCEM            24.64    -38.69
KDL BIOTECH LTD              KOPD            14.66     -9.41
KERALA AYURVEDA              KERL            13.97     -1.69
KINGFISHER AIR               KAIR         1,782.32   -997.63
KINGFISHER A-SLB            KAIR/S        1,782.32   -997.63
KITPLY INDS LTD              KIT             37.68    -45.35
LLOYDS FINANCE               LYDF            14.71    -10.46
LLOYDS STEEL IND             LYDS           510.00    -48.98
LML LTD                      LML             65.26    -56.77
MADRAS FERTILIZE             MDF            143.14    -99.28
MAHA RASHTRA APE             MHAC            22.23    -15.85
MARKSANS PHARMA              MRKS           110.32    -14.04
MILTON PLASTICS              MILT            17.67    -51.22
MODERN DAIRIES               MRD             32.97     -3.87
MTZ POLYFILMS LT             TBE             31.94     -2.57
MURLI INDUSTRIES             MRLI           275.90    -20.19
MYSORE PAPER                 MSPM            97.02    -15.69
NATH PULP & PAP              NPPM            14.50     -0.63
NATL STAND INDI              NTSD            22.09     -0.73
NICCO CORP LTD               NICC            78.28     -4.14
NICCO UCO ALLIAN             NICU            25.42    -79.20
NK INDUS LTD                 NKI            141.35     -7.71
NRC LTD                      NTRY            73.10    -51.18
NUCHEM LTD                   NUC             24.72     -1.60
PANCHMAHAL STEEL             PMS             51.02     -0.33
PARASRAMPUR SYN              PPS             99.06   -307.14
PAREKH PLATINUM              PKPL            61.08    -88.85
PIONEER DISTILLE             PND             48.76     -1.44
PREMIER INDS LTD             PRMI            11.61     -6.09
QUADRANT TELEVEN             QDTV           188.57   -116.81
QUINTEGRA SOLUTI             QSL             16.76    -17.45
RAJ AGRO MILLS               RAM             10.21     -0.61
RATHI ISPAT LTD              RTIS            44.56     -3.93
RELIANCE MEDIAWO             RMW            425.22    -21.31
RELIANCE MED-SLB            RMW/S           425.22    -21.31
REMI METALS GUJA             RMM            101.32    -17.12
RENOWNED AUTO PR             RAP             14.12     -1.25
ROLLATAINERS LTD             RLT             22.97    -22.24
ROYAL CUSHION                RCVP            18.88    -81.42
SADHANA NITRO                SNC             17.08     -0.35
SANATHNAGAR ENTE             SNEL            39.67    -11.05
SAURASHTRA CEMEN             SRC             89.32     -6.92
SCOOTERS INDIA               SCTR            19.43    -10.78
SEN PET INDIA LT             SPEN            11.58    -26.67
SHAH ALLOYS LTD               SA            213.69    -39.95
SHALIMAR WIRES               SWRI            25.78    -38.78
SHAMKEN COTSYN               SHC             23.13     -6.17
SHAMKEN MULTIFAB             SHM             60.55    -13.26
SHAMKEN SPINNERS             SSP             42.18    -16.76
SHREE GANESH FOR             SGFO            35.96     -1.80
SHREE RAMA MULTI             SRMT            49.29    -25.47
SIDDHARTHA TUBES             SDT             75.90    -11.45
SOUTHERN PETROCH             SPET           210.98   -175.98
SPICEJET LTD                 SJET           386.76    -30.04
SQL STAR INTL                SQL             10.58     -3.28
STELCO STRIPS                STLS            14.90     -5.27
STI INDIA LTD                STIB            24.64     -0.44
STORE ONE RETAIL             SORI            15.48    -59.09
SUN PHARMA - RTS            SPADVR           16.81    -13.07
SUN PHARMA ADV              SPADV            16.81    -13.07
SUPER FORGINGS               SFS             16.31     -5.93
TAMILNADU JAI                TNJB            19.13     -2.69
TATA TELESERVICE             TTLS         1,311.30   -138.25
TATA TELE-SLB               TTLS/S        1,311.30   -138.25
TODAYS WRITING               TWPL            44.08     -5.32
TRIUMPH INTL                 OXIF            58.46    -14.18
TRIVENI GLASS                TRSG            24.23    -12.34
TUTICORIN ALKALI             TACF            20.48    -16.78
UNIFLEX CABLES               UFC             47.46     -7.49
UNIFLEX CABLES               UFCZ            47.46     -7.49
UNITED BREWERIES              UB          3,067.32   -137.09
UNIWORTH LTD                  WW            159.14   -146.31
UNIWORTH TEXTILE             FBW             21.44    -34.74
USHA INDIA LTD               USHA            12.06    -54.51
VANASTHALI TEXT              VTI             25.92     -0.15
VENTURA TEXTILES             VRTL            14.33     -1.91
VENUS SUGAR LTD               VS             11.06     -1.08
WIRE AND WIRELES             WNW            110.69    -14.26


JAPAN

CEREBRIX CORP                 2444           10.44     -2.32
GOYO FOODS INDUS              2230           14.77     -0.60
HIMAWARI HD                   8738          283.82    -50.87
ISHII HYOKI CO                6336          151.15    -28.05
KANMONKAI CO LTD              3372           59.00    -10.08
MEIHO ENTERPRISE              8927           80.76    -11.33
MISONOZA THEATRI              9664           63.24     -2.65
NIS GROUP CO LTD             NISZ           444.72   -158.85
PROPERST CO LTD               3236          305.90   -330.20
TAIYO BUSSAN KAI              9941          148.45     -1.49
WORLD LOGI CO                 9378          119.36     -2.48


KOREA

CHIN HUNG INT-2P              2787          571.91     -9.34
CHIN HUNG INTL                2780          571.91     -9.34
CHIN HUNG INT-PF              2785          571.91     -9.34
DAISHIN INFO                 20180          740.50   -158.45
DVS KOREA CO LTD             46400           17.40     -1.20
KOREA PACIFIC 05             93400           19.23     -3.67
KOREA PACIFIC 06             93410           11.56     -2.37
KOREA PACIFIC 07             99210           26.66     -7.95
NAMKWANG ENGINEE              1260          762.58    -56.69
ORIENT PREGEN IN             60910           19.33     -0.09


MALAYSIA

HAISAN RESOURCES            HRB              41.05    -10.24
HO HUP CONSTR CO             HO              48.52    -13.65
LINEAR CORP BHD             LINE             14.70     -7.41
SILVER BIRD GROU            SBG              44.30    -30.68
VTI VINTAGE BHD             VTI              16.01     -3.34


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

CYBER BAY CORP              CYBR             14.62   -102.98
FIL ESTATE CORP              FC              40.90    -15.77
FILSYN CORP A               FYN              23.11    -11.69
FILSYN CORP. B              FYNB             23.11    -11.69
GOTESCO LAND-A               GO              21.76    -19.21
GOTESCO LAND-B              GOB              21.76    -19.21
PICOP RESOURCES             PCP             105.66    -23.33
STENIEL MFG                 STN              21.07    -11.96
SWIFT FOODS INC             SFI              23.93     -0.12
UNIWIDE HOLDINGS             UW              50.36    -57.19
VICTORIAS MILL              VMC             164.26    -18.20


SINGAPORE

ADV SYSTEMS AUTO             ASA             16.02    -10.79
HL GLOBAL ENTERP             HLGE            81.65     -3.82
LINDETEVES-JACOB              LJ             25.10     -8.96
NEW LAKESIDE                 NLH             19.34     -5.25
SCIGEN LTD-CUFS              SIE             68.70    -42.35
SUNMOON FOOD COM            SMOON            19.33    -14.30
TT INTERNATIONAL             TTI            232.83    -79.27


THAILAND

ABICO HLDGS-F             ABICO/F            15.28     -4.40
ABICO HOLDINGS             ABICO             15.28     -4.40
ABICO HOLD-NVDR           ABICO-R            15.28     -4.40
ASCON CONSTR-NVD          ASCON-R            59.78     -3.37
ASCON CONSTRUCT            ASCON             59.78     -3.37
ASCON CONSTRU-FO          ASCON/F            59.78     -3.37
BANGKOK RUBBER              BRC              77.91   -114.37
BANGKOK RUBBER-F           BRC/F             77.91   -114.37
BANGKOK RUB-NVDR           BRC-R             77.91   -114.37
CALIFORNIA W-NVD          CAWOW-R            28.07    -11.94
CALIFORNIA WO-FO          CAWOW/F            28.07    -11.94
CALIFORNIA WOW X           CAWOW             28.07    -11.94
CIRCUIT ELEC PCL           CIRKIT            16.79    -96.30
CIRCUIT ELEC-FRN          CIRKIT/F           16.79    -96.30
CIRCUIT ELE-NVDR          CIRKIT-R           16.79    -96.30
DATAMAT PCL                 DTM              12.69     -6.13
DATAMAT PCL-NVDR           DTM-R             12.69     -6.13
DATAMAT PLC-F              DTM/F             12.69     -6.13
ITV PCL                     ITV              36.02   -121.94
ITV PCL-FOREIGN            ITV/F             36.02   -121.94
ITV PCL-NVDR               ITV-R             36.02   -121.94
K-TECH CONSTRUCT          KTECH/F            38.87    -46.47
K-TECH CONSTRUCT           KTECH             38.87    -46.47
K-TECH CONTRU-R           KTECH-R            38.87    -46.47
KUANG PEI SAN              POMPUI            17.70    -12.74
KUANG PEI SAN-F           POMPUI/F           17.70    -12.74
KUANG PEI-NVDR            POMPUI-R           17.70    -12.74
M LINK ASIA CORP           MLINK             80.04    -27.77
M LINK ASIA-FOR           MLINK/F            80.04    -27.77
M LINK ASIA-NVDR          MLINK-R            80.04    -27.77
PATKOL PCL                 PATKL             52.89    -30.64
PATKOL PCL-FORGN          PATKL/F            52.89    -30.64
PATKOL PCL-NVDR           PATKL-R            52.89    -30.64
PICNIC CORP-NVDR          PICNI-R           101.18   -175.61
PICNIC CORPORATI           PICNI            101.18   -175.61
PICNIC CORPORATI          PICNI/F           101.18   -175.61
PONGSAAP PCL              PSAAP/F            11.83     -0.91
PONGSAAP PCL               PSAAP             11.83     -0.91
PONGSAAP PCL-NVD          PSAAP-R            11.83     -0.91
SAHAMITR PRESS-F           SMPC/F            27.92     -1.48
SAHAMITR PRESSUR            SMPC             27.92     -1.48
SAHAMITR PR-NVDR           SMPC-R            27.92     -1.48
SUNWOOD INDS PCL            SUN              19.86    -13.03
SUNWOOD INDS-F             SUN/F             19.86    -13.03
SUNWOOD INDS-NVD           SUN-R             19.86    -13.03
THAI-DENMARK PCL           DMARK             15.72    -10.10
THAI-DENMARK-F            DMARK/F            15.72    -10.10
THAI-DENMARK-NVD          DMARK-R            15.72    -10.10
TONGKAH HARBOU-F           THL/F             62.30     -1.84
TONGKAH HARBOUR             THL              62.30     -1.84
TONGKAH HAR-NVDR           THL-R             62.30     -1.84
TRANG SEAFOOD               TRS              15.18     -6.61
TRANG SEAFOOD-F            TRS/F             15.18     -6.61
TRANG SFD-NVDR             TRS-R             15.18     -6.61
TT&T PCL                    TTNT            589.80   -223.22
TT&T PCL-NVDR              TTNT-R           589.80   -223.22
TT&T PUBLIC CO-F           TTNT/F           589.80   -223.22


TAIWAN

BEHAVIOR TECH CO           2341S             30.60     -1.13
BEHAVIOR TECH CO           2341              30.60     -1.13
BEHAVIOR TECH-EC           2341O             30.60     -1.13
HELIX TECH-EC              2479T             23.39    -24.12
HELIX TECH-EC IS           2479U             23.39    -24.12
HELIX TECHNOL-EC           2479S             23.39    -24.12
TAIWAN KOL-E CRT           1606U            507.21   -147.14
TAIWAN KOLIN-EN            1606V            507.21   -147.14
TAIWAN KOLIN-ENT           1606W            507.21   -147.14



                             *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***