TCRAP_Public/130320.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, March 20, 2013, Vol. 16, No. 56


                            Headlines


A U S T R A L I A

ABC LEARNING: Trustees to Probe Ex-Founder Over AUD42MM Deals
LIBERTY SERIES 2013-1: S&P Assigns BB Rating to Class E Notes
TINKLER GROUP: Tinkler Admits He is "Asset Rich, Cash Poor"


C H I N A

VELATEL GLOBAL: Further Amends China Motion Stock Purchase Pact


H O N G  K O N G

ACI ASIA: Creditors' Proofs of Debt Due May 2
AERO INVENTORY: Creditors' Meeting Set for March 21
ASIA STRATEGIC: Members' Final General Meeting Set April 9
AURASOUND (HK): Creditors' Proofs of Debt Due April 15
AUSTIN HOLDINGS: Final Meetings Set for April 8

BESTSPARK LIMITED: Chow Chee Ming Steps Down as Liquidator
BIASIA HK: Creditors' Proofs of Debt Due April 12
BLAIR ACCESSORIES: Annual Meetings Set for April 10
BLU SPA: Arab and Wong Appointed as Liquidators
BROADBENT ESTATES: Chow Chi Ming Charlie Steps Down as Liquidator

DELICES (HK): Mainardi Steps Down as Liquidator
DIRECTMEDIA ASIA: Creditors' Proofs of Debt Due April 8
ENOCH HOLDINGS: Final Meetings Set April 12
ETERNAL CHARTER: Members' Final Meeting Set April 9
EVER PRIME: Ying and Chan Step Down as Liquidators

FORGO ENTERPRISES: Chau and Chiu Step Down as Liquidators


I N D I A

ANANT SYNTEX: CARE Reaffirms 'BB' Rating on INR20.76cr LT Loan
ARYAVRAT HOUSING: CARE Reaffirms 'BB-' Rating on INR35cr Loans
COMMTRADE METALS: CARE Assigns 'B' Rating to INR13.92cr LT Loan
GOPAL COTTON: CARE Reaffirms 'B' Rating on INR6.25cr LT Loans
KINGFISHER AIRLINES: SBI Taking All Steps to Recover Loan

MAHALAXMI POLYPACK: CARE Assigns 'BB+' Rating to INR64.3cr Loan
MAHALAXMI VIDYUT: CARE Reaffirms 'BB+' Rating on INR34.94cr Loan
MDS AIR: CARE Rates INR9.31cr Long-Term Loan at 'CARE B'
MULTI MAX: CARE Assigns 'B+' Rating to INR12.82cr LT Loan
RAMACHANDRA EDUCATIONAL: CARE Reaffirms 'BB+' Rating to LT Loan

TIRUPATI BASMATI: CARE Reaffirms 'BB-' Rating on LT Bank Loan


I N D O N E S I A

TOWER BERSAMA: Fitch Affirms 'BB' Issuer Default Ratings


J A P A N

TOKYO ELECTRIC: Faces More Suits Over Radiation Exposure


S O U T H  K O R E A

LOTTE TOUR: Files for Receivership as Part of Recovery Plan
* 19 Firms Face Delisting From South Korean Bourse


N E W  Z E A L A N D

CREDIT SAILS: Investors to Get Settlement Offer
GEON GROUP: Blue Star to Cut 185 Jobs Following Purchase
MAINZEAL PROPERTY: Wellington Contractors Unlikely to Get Payment
SAPPHIRE III 2006-1: S&P Affirms BB Rating on Class BZ Notes
SAPPHIRE IV 2007-1: S&P Raises Rating on Class MZ Notes to BB+


S R I  L A N K A

MULTI FINANCE: Fitch Affirms 'B+' Nat'l Rating; Revises Outlook


S I N G A P O R E

KUTAI ETAM: Court Enters Wind-Up Order
MSD TECHNOLOGY: Creditors' Proofs of Debt Due April 15
POH LIAN: Court to Hear Judicial Management Bid on April 5
POLYGON CONSTRUCTION: Creditors' Meeting Set for March 27
* SINGAPORE: SREIT Debt Levels Increase, Fitch Reports


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ABC LEARNING: Trustees to Probe Ex-Founder Over AUD42MM Deals
-------------------------------------------------------------
The Sydney Morning Herald reports that the trustees in the
bankruptcy of Eddy Groves plan to investigate AUD42 million in
Australian and international property deals undertaken by the
failed childcare entrepreneur in the past five years.

Mr. Groves, who founded childcare group ABC Learning, is also
likely to face a grilling before a court about his affairs at an
examination run by the trustees, the report says.

According to the report, Mark Robinson and Andrew Scott of PPB
Advisory said they will look into AUD17 million of properties sold
in Australia, AUD5 million of property sold overseas and
AUD20 million sold by a trust associated with Mr. Groves.

The trustees have issued their first report to creditors of
Mr. Groves, who was declared bankrupt by the Federal Court in
Adelaide on January 29 owing AUD23 million, SMH relates.

SMH says Mr. Robinson said Mr. Groves' affairs were "being
scrutinised under the bankruptcy microscope."

"His affairs involve a large number of companies, trusts and
property transactions around the world . . . our immediate focus
is completing our initial investigations into the property
transactions identified, and taking immediate action to recover
any assets where appropriate," SMH quotes Mr. Robinson as saying.
"At this stage it is likely we will seek to examine Mr. Groves and
other associated persons in court."

                       About ABC Learning

Based in Australia, ABC Learning Centres Limited provided
childcare services and education in more than 1,200 centers in
Australia, New Zealand, the United States and the United Kingdom.

In November 2008, ABC Learning Centres appointed Peter Walker and
Greg Moloney of Ferrier Hodgson as voluntary administrators of
the company and a number of its subsidiaries.  Subsequent to the
appointment of administrators, the company's banking syndicate
appointed Chris Honey, Murray Smith and John Cronin of
McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


LIBERTY SERIES 2013-1: S&P Assigns BB Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to eight
of the nine classes of residential mortgage-backed securities
(RMBS) issued by Liberty Funding Pty. Ltd. in respect of Liberty
Series 2013-1 Trust.  Liberty Series 2013-1 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Liberty Financial Ltd.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises mortgage insurance for 12.1% of the portfolio,
      which covers 100% of the face value of those loans, their
      accrued interest, and reasonable costs of enforcement, and
      note subordination for the class A1, class A2, class A3,
      class B, class C, class D, class E, and class F notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.5% of the invested amount of
      class A1, class A2, class A3, class B, class C, class D,
      class E, and class F notes and the stated amount of class G
      notes, subject to a floor of A$600,000, and principal
      draws, are sufficient under our stress assumptions to
      ensure timely payment of interest.

   -- The provision of a reserve account established and
      maintained through the trapping of excess spread on each
      payment date.  The reserve account may be utilized to meet
      current loan losses or as liquidity support.

   -- The benefit of a fixed-to-floating interest-rate swap
      provided by National Australia Bank Ltd., to hedge the
      mismatch between receipts from any fixed-rate mortgage
      loans and the variable-rate RMBS.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this press release or whether relevant information remains non-
public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com/1373.pdf

                      REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A1        AAA (sf)      40.0
A2        AAA (sf)      70.0
A3        AAA (sf)      58.4
B         AA (sf)       12.8
C         A (sf)         7.6
D         BBB (sf)       4.6
E         BB (sf)        2.8
F         B (sf)         1.8
G         N.R.           2.0
N.R.--Not rated.


TINKLER GROUP: Tinkler Admits He is "Asset Rich, Cash Poor"
-----------------------------------------------------------
The Sydney Morning Herald reports that embattled coal baron Nathan
Tinkler has declared his family trust is worth
AUD1.4 billion, but he admits he is "asset rich, cash poor."

In the year ending 2011, the report relates, Mr. Tinkler's taxable
income was just AUD9,834.  He expects it to be about the same next
time, he revealed on Friday during a liquidator's examination of
his failed private entity, Mulsanne Resources.

According to SMH, Mr. Tinkler was being grilled in the Supreme
Court in Sydney over Mulsanne's failure to pay a AUD28.4 million
debt, but was later asked to detail his personal finances.

SMH relates that Mr. Tinkler said Tinkler Group Family Trust had
assets worth about AUD1.4 billion and was controlled by his wife,
Rebecca, who could distribute money to him tax free.

The trust was established before the former mine electrician, 36,
hit pay dirt, selling his stake in Macarthur Coal in 2008 for
AUD440 million, the report relays.

Mr. Tinkler said they had a total of about $250,000 in bank
accounts. But Mr. Tinkler also agreed that he was asset rich but
cash poor, the report says.

The assets in the family trust included Patinack Farm, the horse
stud that he valued at AUD100 million after debts -- "at least."
They also included a major stake in Whitehaven Coal, Hunter Ports,
Hunter Rail and copper explorer Aston Metals, according to the
report.

smh.com.au related that former billionaire Nathan Tinkler's legal
battles continue, with the ATO confirming it will seek to wind up
one of his main private entities, Tinkler Group Holdings
Administration, over unspecified debts.  Two of Mr. Tinkler's
companies, Mulsanne Resources and Patinack Farm Administration,
are in liquidation and another, TGHA Aviation, is in receivership.
The ATO has also filed wind-up proceedings against Queen St
Capital.



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C H I N A
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VELATEL GLOBAL: Further Amends China Motion Stock Purchase Pact
---------------------------------------------------------------
VelaTel Global Communications, Inc., through its wholly owned
subsidiary Gulfstream Capital Partners Ltd. entered into (1) a
second amendment to a Stock Purchase Agreement and Corporate
Guaranty, (2) a promissory note and (3) a stock pledge deed and
stock escrow agreement, each with China Motion Telecom
International Limited, Listco's wholly owned subsidiary China
Motion Holdings Limited, and Holdings' 95% subsidiary ChinaMotion
InfoServices Limited to acquire 100% of the capital stock of China
Motion Telecom (HK) Limited.

The Purchase Price for the MVNO Stock is HK$49,500,000
(US$6,387,100), consisting of HK$12,009,362 (US$1,549,600) cash
(including HK$4,646,862 (US$599,600) deposit paid pursuant to the
SPA, plus HK$7,362,500 (US$950,000) to be paid at Closing, plus
HK$37,490,637 (US$4,837,500) as the principal balance of the Note
to be issued by the Company at Closing.

The Note is in the total amount of HK$38,990,637 (US$5,031,000),
of which the principal balance of HK$37,490,637 (US$4,837,500) is
applicable to the Purchase Price and the remaining HK$1,500,000
(US$193,500) represents interest that will accrue on the Note
through its maturity and is not part of the Purchase Price.  The
Note calls for a payment of HK$4,650,000 (US$600,000) principal
only on the date which is the same calendar day three months after
Closing (June 1, 2013) and the remaining HK$32,840,637
(US$4,237,500) balance of principal and accrued interest due on
the date which is the same calendar date six months after Closing
(Sept. 1, 2013).

As security for repayment of the Note, the Company agrees to
pledge the MVNO Stock to Seller pursuant to the terms of the Stock
Pledge Agreement.  Seller will act as Interim Escrow Agent under
the Stock Pledge Agreement, subject to appointment of a Substitute
Escrow Agent the Parties will promptly locate and retain and who
is willing to accept substantially all of the material terms of
the Stock Pledge Agreement.

The Company agrees to hold Seller harmless from any claims or
damages arising solely out of or in connection with the Company
taking over CMTHK during the time period between Closing and final
Termination of the Stock Pledge Agreement, including, any
diminution of the value of the net current assets of CMTHK to a
level below their net value as of Closing.

The Company commits to begin upgrading CMTHK's telecommunications
network.  CMTHK will bear the expenses of engineering services
rendered in connection with such upgrade, upon reasonable
commercial terms estimated to total approximately no more than
HK$1,300,000 (US$167,700) per month, and those fees will be
processed and approved for payment immediately.

The Company agrees to pay to Seller at Closing HK$387,500
(US$50,000) towards reimbursement of total costs and disbursements
to Professional Fees incurred by Listco in connection with the
First Amendment and the Second Amendment, which payment is in
addition to and is not part of the Purchase Price.

The Second Amendment becomes effective as of March 1, 2013,
notwithstanding that it is signed on March 3, 2013.

A complete copy of the Second Amendment is available at:

                        http://is.gd/kDhFGK

Closing of the SPA, as amended by the First Amendment and the
Second Amendment, and together with the other Transaction
Documents, occurred as of March 1, 2013, when the Company
initiated a wire transfer for payment of the Down Payment and the
Professional Fees, and Seller endorsed and re-issued the MVNO
Stock in the name of Buyer.  The Parties continued to finalize
various details of the Transaction Documents until they were
signed, executed and delivered on March 3, 2013.

                        About VelaTel Global

VelaTel acquires spectrum assets through acquisition or joint
venture relationships, and provides capital, engineering,
architectural and construction services related to the build-out
of wireless broadband telecommunications networks, which it then
operates by offering services attractive to residential,
enterprise and government subscribers.  VelaTel currently focuses
on emerging markets where internet penetration rate is low
relative to the capacity of incumbent operators to provide
comparable cutting edge services, or where the entry cost to
acquire spectrum is low relative to projected subscribers.
VelaTel currently has project operations in People's Republic of
China, Croatia, Montenegro and Peru.  Additional target markets
include countries in Latin America, the Caribbean, Southeast Asia
and Eastern Europe.  VelaTel's administrative headquarters are in
Carlsbad, California.  For more information, please visit
www.velatel.com.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company has incurred a net loss for the
year ended Dec. 31, 2011, cumulative losses of $254 million since
inception, a negative working capital of $16.4 million and a
stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.  The Company's
balance sheet at Sept. 30, 2012, showed $21.55 million in total
assets, $26.54 million in total liabilities and a $4.99 million
total stockholders' deficiency.



================
H O N G  K O N G
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ACI ASIA: Creditors' Proofs of Debt Due May 2
---------------------------------------------
Creditors of ACI Asia-The Financial Markets Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by May 2, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 7, 2013.

The company's liquidator is:

         Liu Wing Ting Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road
         West, Sheung Wan, Hong Kong


AERO INVENTORY: Creditors' Meeting Set for March 21
---------------------------------------------------
Creditors of Aero Inventory (Hong Kong) Limited will hold their
meeting on March 21, 2013, at 11:00 a.m., at 8/F, Prince's
Building, 10 Chater Road, Central, in Hong Kong.

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


ASIA STRATEGIC: Members' Final General Meeting Set April 9
-----------------------------------------------------------
Members of Asia Strategic Investment Management Limited will hold
their Final general meeting on April 9, 2013, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


AURASOUND (HK): Creditors' Proofs of Debt Due April 15
------------------------------------------------------
Creditors of Aurasound (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 1, 2013.

The company's liquidator is:

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


AUSTIN HOLDINGS: Final Meetings Set for April 8
-----------------------------------------------
Members and creditors of Austin Holdings Limited will hold their
final meetings on April 8, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Rm. 1703, 17/F, Landmark North, 39 Lung Sum
Avenue, Sheung Shui, in N.T.

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


BESTSPARK LIMITED: Chow Chee Ming Steps Down as Liquidator
----------------------------------------------------------
Chow Chee Ming stepped down as liquidator of Bestspark Limited on
March 1, 2013.


BIASIA HK: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
Creditors of Biasia HK Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 12, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 26, 2013.

The company's liquidator is:

         Fan Sai Yee
         Room 1009-1012, 10th Floor
         K. Wah Centre, 191 Java Road
         North Point, Hong Kong


BLAIR ACCESSORIES: Annual Meetings Set for April 10
---------------------------------------------------
Members and creditors of Blair Accessories (HK) Limited will hold
their annual meetings on April 10, 2013, at 4:00 p.m., and 4:30
p.m., respectively at 42/F, Central Plaza, 18 Harbour Road,
Wanchai, in Hong Kong.

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


BLU SPA: Arab and Wong Appointed as Liquidators
-----------------------------------------------
Osman Mohammed Arab and Wong Kwok Keung on Feb. 26, 2013, were
appointed as liquidators of Blu Spa (Hong Kong) Limited.

The liquidators may be reached at:

         Osman Mohammed Arab
         Wong Kwok Keung
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


BROADBENT ESTATES: Chow Chi Ming Charlie Steps Down as Liquidator
-----------------------------------------------------------------
Chow Chi Ming Charlie stepped down as liquidator of Broadbent
Estates Limited on Feb. 28, 2013.


DELICES (HK): Mainardi Steps Down as Liquidator
-----------------------------------------------
Thomas Davide Mainardi stepped down as liquidator of Delices (Hong
Kong) Company Limited on March 8, 2013.


DIRECTMEDIA ASIA: Creditors' Proofs of Debt Due April 8
-------------------------------------------------------
Creditors of Directmedia Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 8, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 1, 2013.

The company's liquidator is:

         Yeung Pui Wan Annie
         Suite 906, 9/F
         Ocean Centre, 5 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


ENOCH HOLDINGS: Final Meetings Set April 12
-------------------------------------------
Members and creditors of Enoch Holdings Limited will hold their
Final meetings on April 12, 2013, at 2:30 p.m., and 3:00 p.m.,
respectively at Unit 102, 1st Floor, Hong Kong Trade Centre, 161-
167 Des Voeux Road Central, in Hong Kong.

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


ETERNAL CHARTER: Members' Final Meeting Set April 9
---------------------------------------------------
Members of Eternal Charter International Limited will hold their
Final meeting on April 9, 2013, at 10:00 a.m., at 20/F, Henley
Building, 5 Queen's Road Central, in Hong Kong.

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


EVER PRIME: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Ever
Prime Investments Limited on Feb. 27, 2013.


FORGO ENTERPRISES: Chau and Chiu Step Down as Liquidators
---------------------------------------------------------
Chau Kai Ping and Chiu Yin Ling stepped down as liquidators of The
Forgo Enterprises Limited on March 2, 2013.



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I N D I A
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ANANT SYNTEX: CARE Reaffirms 'BB' Rating on INR20.76cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Anant Syntex Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       20.76     CARE BB Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Anant Syntex Limited
continues to be constrained by its modest scale of operations in
the highly fragmented and competitive textile industry with
limited presence in the textile value chain and ALS's financial
risk profile marked by declining profitability, moderate capital
structure, debt coverage indicators and liquidity position. The
ratings are further constrained due to risk related to the ongoing
debt-funded project for new weaving division.

The rating, however, continues to draw strength from the wide
experience of the promoters in the textile industry and locational
advantage by the way of proximity to raw material as well as
customers.  Timely completion of the on-going project within
envisaged cost parameters and early stabilization of operations
while achieving the envisaged levels of capacity utilization would
be the key rating sensitivities.

Bhilwara-based ASL was initially incorporated as Private Limited
Company in 1986 and later on in 1997 it was reconstituted as a
public limited company. ASL is engaged in processing and dyeing of
synthetics fabrics on job work basis which are primarily used for
the manufacturing of suitings. The company also trades in grey and
finished fabrics in small lots, which contributes approximately
15% to 20% of its total revenues. The processing facility of the
company is located at Bhilwara district in Rajasthan with an
installed capacity of 397 Lakh Metres per Annum (LMPA) as on
March 31, 2012.

During FY12, as per the audited results, ASL reported a total
operating income of INR59.76crore (FY11: INR40.25 crore) and a
Profit After Taxof INR0.16 crore (FY11: INR0.30 crore).


ARYAVRAT HOUSING: CARE Reaffirms 'BB-' Rating on INR35cr Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aryavrat Housing Construction Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        35       CARE BB- Reaffirmed

Rating Rationale

The rating continues to remain constrained by the project
implementation and salability risk associated with the integrated
township project in light of modest booking status and lower than
envisaged receipt of advances. The rating also continues to remain
constrained due to the inherent risk associated with the cyclical
real estate industry and vulnerability to fluctuation in the key
input costs.

The rating, however, continues to take comfort from the qualified
promoter of Aryavrat Housing Construction Private Limited and
reputed technical consultants and contractors having rich
experience in the real estate industry.  Successful completion of
the project within the cost parameters with timely receipt of
booking advances and sale of the balance units at envisaged prices
are the key rating sensitivities.

AHCPL was incorporate as a private limited company in November
2005 to execute integrated township project in Bhopal at
Hoshangabad Road. AHCPL is promoted by Mr Ramakant Sharma,
Mr Sanjeev Saxena and Mr M. C. Gupta.

Currently, AHCPL is executing one integrated town-ship project
namely 'British Park' (BP) catering to mid-premium segment which
includes construction of 11 towers for 601 Flats (2 and 3 BHK)
[out of which four towers are under construction forming 253
Flats], 16 Duplexes, 89 Bungalows, 20 Villas and 11 Mansions with
total saleable area of 14.35 lakh sq. ft.(lsf) on a land of 44.8
acres.

AHCPL has appointed renowned architect "Hafeez Contractor, Mumbai"
as architect for the project and Keti Construction Ltd., Build
Craft Interior Pvt. Ltd. and MRG Buildcon Pvt. Ltd. for
construction work. The project construction was started in April
2009 and is expected to be completed by March 2015.


COMMTRADE METALS: CARE Assigns 'B' Rating to INR13.92cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Commtrade
Metals.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      13.92      'CARE B' Assigned

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

Rating Rationale

The rating of Commtrade Metals is constrained by nascent stage of
operations of the firm, high client concentration and weak
financial profile characterized by thin margin, low accruals, high
gearing and weak coverage indicators. The rating is further
constrained by the susceptibility of the business to the
cyclicality of the automobile industry, acute power shortage in
Tamil Nadu impacting productivity of industries within the state,
and vulnerability of profit margins to raw material prices and
foreign exchange movements. The rating, however, factors in
experience of the promoters in the same line of business for over
a decade.

Going forward, the ability of the firm to scale up its operations
amidst intense competition by capturing new business and
diversifying its client base would be the key rating sensitivity.
Also, the firm's ability to improve its profit margins and
accruals amidst volatility in the raw material and forex
fluctuation would be critical.

Commtrade Metals is a Chennai-based partnership firm engaged in
the manufacturing and sale of aluminium alloy ingots and aluminium
die castings which find application in the automotive
industry (such as clutch plates). The firm was promoted by Mr
Uzair Ahamed and Mr Jahir Ahamed on June 16, 2010 and Mr Vipul
Kumar Agarwal joined as a partner in January 2011. The firm
started its commercial production in January 2012. Between June
2010 and December 2011, the firm did not engage in any operations.
The firm presently has a capacity to produce 3,500 metric tonnes
per annum (MTPA) aluminium alloy ingots at Tiruvallur, near
Chennai. The firm caters to the requirements of OEMs such as
Sundaram Fasteners, Lucas TVS etc.


GOPAL COTTON: CARE Reaffirms 'B' Rating on INR6.25cr LT Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gopal Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.25      CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facility of Gopal Cotton
Industries continues to remain constrained on account its presence
in the highly competitive and fragmented cotton ginning
business and limited value addition resulting into thin
profitability. The rating is further constrained on account of the
weak financial risk profile marked by highly leveraged capital
structure and stressed liquidity position, susceptibility of its
profitability to volatile raw material prices, seasonality
associated with availability of cotton and impact of changes in
the government policy on cotton.

The rating, however, continues to favorably take into account the
experience of the promoters in the cotton ginning industry and
location advantage of being situated within the cotton-producing
belt of Gujarat.  The ability of GCI to increase its scale of
operations while managing volatility associated with the
cotton prices and improvement in its overall financial risk
profile are the key rating sensitivities.

Gopal Cotton Industries was constituted in July, 2005, as a
partnership firm.  Mr. Nandlal Popat, Mr Dipak kumar Popat,
Mr. Bhupendra kumar Popat, Mr. Hasmukhbhai Popat and Mr. Nomanali
Kapasi are the partners in the firm. GCI is engaged into the
business of cotton ginning and pressing and produces cotton bales
and cotton seeds. GCI has an installed capacity of 4,000 Metric
Tonnes Per Annum (MTPA) for cotton bales as on March 31, 2012, at
its sole processing facility located at Amreli district of
Gujarat.


KINGFISHER AIRLINES: SBI Taking All Steps to Recover Loan
---------------------------------------------------------
The Press Trust of India reports that the lead banker to
Kingfisher Airlines, SBI, said it is taking all steps to recover
the loan provided to the grounded carrier.

"We are blazing all guns and taking all steps to recovery (of
Kingfisher loans)," PTI quotes SBI Chairman Pratip Chaudhuri as
saying after a meeting of the finance minister with the heads of
PSU banks and financial institutions.  "There is a core group.
They are assessing what are securities what can be disposed of
quickly then they are put on auction . . . That is how it goes."

The news agency notes that the consortium of 17 banks, led by SBI,
has an outstanding of over INR7,000 crore from the carrier but has
shares of listed entities like United Spirits as collateral which
should realise INR500 crore.  That apart, they have the brand
Kingfisher as a security.

Additionally, the consortium has a residual right over the
securities held by Srei Infrastructure Finance, which comes to
INR500 crore, the report says.  Srei bought this from ICICI Bank
in April last year.

According to the report, SBI has the maximum exposure, over
INR1,600 crore, in the Vijay Mallya-led airline, followed by PNB
(with INR800 crore, IDBI at INR800 crore, Bank of India at INR650
crore and Bank of Baroda has INR550 crore.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

                           *     *     *

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MAHALAXMI POLYPACK: CARE Assigns 'BB+' Rating to INR64.3cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Mahalaxmi Polypack Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      64.3       CARE BB+ Assigned
   Short-term Bank Facilities      3.0       CARE A4+ Assigned

Rating Rationale

The ratings are constrained by working capital intensive
operations, moderately high overall gearing, volatility in raw
material prices and highly competitive and fragmented nature of
the industry. However, the ratings draw comfort from the
established presence of the promoters in plastic packaging
business, growth in turnover over the years and favorable demand
prospects from the end user industries.

Timely execution of the ongoing capex and the ability of the
company to sustain profitability margins amid increasing
competition while efficiently managing working capital
requirements shall be the key rating sensitivities.

Incorporated in 2005, Mahalaxmi Polypack Private Limited commenced
commercial operations in June 2007. It manufactures high-density
polyethylene (HDPE) and polypropylene (PP) woven sacks. Its
manufacturing unit in Rudrapur (Uttarakhand) has capacity to weave
18,000 tonnes of fabric per annum as on March 31, 2012. It mainly
supplies woven fabric and sacks to companies in the industries
like cement, textile, sugar, etc operating in Northern India.
For FY12 (refers to the period April 1 to March 31), MPPL achieved
a total operating income of INR132.64 crore with the PBILDT and
PAT margins of 10.51% and 1.84%, respectively. For H1FY13,

MPPL reported a total income of INR72.93 crore with PBILDT and PAT
margins of 8.87% and 3.30%, respectively.


MAHALAXMI VIDYUT: CARE Reaffirms 'BB+' Rating on INR34.94cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahalaxmi Vidyut Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       34.94     CARE BB+ Reaffirmed

Rating Rationale

The rating continues to factor in the strained financial risk
profile of Mahalaxmi Vidyut Pvt Ltd marked by high gearing,
moderate cash accruals and high collection period along with the
hydrology risk and its exposure to counter party credit risk.
The rating, however, continues to draw strength from the
resourceful and experienced promoter, steady growth in the income
aided by higher power generation, assured off-take given the firm
power purchase agreement (PPA) with MSEDCL and favourable outlook
for the renewable energy sector. The rating also factors in
setting up of new sub-station leading to improvement in evacuation
facilities.

The ability of the company to improve its plant load factor (PLF)
and capital structure remains the key rating sensitivity.

Established in May 2004, Mahalaxmi Vidyut Private Ltd is promoted
by Mahalakshmi Infra Projects Ltd, ABIL Infraprojects Ltd and
Goofy Graphics Pvt. Ltd.  The company is currently operating a 10
MW (2 X 5 MW) Konal hydroelectric power project at Tilariwadi dam
across the river Tillari in Dodamarg ttaluka of Sindhudurg
district in Maharashtra. The plant was commissioned (COD) on
April 5, 2010, under a BOT structure for a period 30 years. For
the first 13 years of operations until the year 2023, the company
is required to sell 100% of the electricity generated to
Maharashtra State Electricity Distribution Corporation Ltd.
(MSEDCL) under a fixed tariff plan of INR3.65/unit, which was last
announced in September 2010. In May 2012, the company also
completed the commissioning of its own substation, set up at a
cost of INR10.30 crore.


MDS AIR: CARE Rates INR9.31cr Long-Term Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of MDS Air
Products Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.31      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of MDS Air Products
Private Limited is constrained on account of its strained
financial risk profile characterised by high gearing level and
small scale of operations. The rating, however, does derive
support from the long-standing experience of the promoters and
support from the established presence of the group in industrial
gas segment. The ability of the company to improve the scale of
operations and its overall financial risk profile remains the key
rating sensitivity.

MDS Air Products Private Limited is a part of the Kutch-based MDS
group. The group includes various entities that are operated as
family businesses and are owned by the extended family members of
Mr. Mohan Goyal, the principal promoter of MDPL. The group is
engaged in the manufacturing and trading of industrial gases and
mixtures. The group offers comprehensive and specialised range of
industrial gases which are used in steel plants, metal fabrication
and for preserving food etc. MDPL commenced its operations in the
year 2009 in order to support the group's activity in industrial
gas segment along with flagship firm of the group, Umesh Techno.

MDPL is involved in the trading of industrial gases like Argon,
Hydrogen, Nitrogen and Oxygen.  The company operates through its
three storage stations, with combined storage capacity of 90,000
Kg per annum. The storage stations are located in the industrial
belt of Gujarat, Maharashtra and Chhattisgarh. MDPL procures the
gases from companies like Inox Air Products Limited and BOC India
Limited and sells them to companies like Asia Motor Works Limited,
Larson and Toubro Limited, Electrotherm India Limited etc.


MULTI MAX: CARE Assigns 'B+' Rating to INR12.82cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Multi Max Engineering Works Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      12.82      CARE B+ Assigned
   Long-term/ Short-term          11.00      CARE B+/ CARE A4
   Bank Facilties                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Multi Max
Engineering Works Private Limited are primarily constrained by its
small scale of operations with low net worth base, leveraged
capital structure, stressed debt coverage indicators, working
capital intensive nature of business along with weak liquidity
position. The ratings are further constrained due to exposure to
raw material price volatility and fortunes linked to end user
industry.

The ratings, however, draw strength from the experienced
promoters, comfortable profitability margins and association with
reputed customer base.  Going forward, the ability of the company
to increase the scale of its operation while sustaining the
profitability margins, improving its capital structure and
reducing the customer concentration would be the key rating
sensitivities.

Multi Max Engineering Works Private Limited is a private limited
company which was established as a proprietorship concern by
Mr. Ravi Agrawal in 1978. The constitution was changed to private
limited in April, 2007. Currently, it is being managed by Mr. Ravi
Agrawal, his wife, Ms. Poonam Agrawal and his son, Mr. Vibhor
Agrawal. Mr. Ravi Agrawal looks after the overall affairs of the
company. Ms Poonam and Mr. Vibhor look after the human resource
and business development functions of MME, respectively. MME is
engaged in manufacturing of static equipments such as
heat exchanger (shell, fin and tube type) and pressure vessels
used in oil and gas exploration industry. Recently, the company
also commenced manufacturing of various skids. These are used to
pre treat natural gas and other combustible gasses before the gas
is injected into next process. The company has its manufacturing
facility located at Meerut (Uttar Pradesh). The company is ISO
9001:2008 and certified by American Society of Mechanical
Engineers as U-stamped. Moreover it is empanelled vendor to
Engineers India Limited, Toyo Engineering India Limited, Larson &
Tourbo Limited and Projects & Development India Limited. The
company procures its raw materials like carbon steel, stainless
steel, etc from manufacturers and dealers located in UP, Delhi,
Gujarat and Haryana. It also imports item like flanges from South
Korea.

For FY12 (refers to the period April 1 to March 31), MME achieved
total operating income of INR21.96 crore with PBILDT and PAT of
INR3.73 crore and INR0.32 crore, respectively.


RAMACHANDRA EDUCATIONAL: CARE Reaffirms 'BB+' Rating to LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramachandra Educational Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      93.85      CARE BB+ Reaffirmed

Rating Rationale

The rating continues to be constrained by the limited track record
and relatively small size of operations of Ramachandra Educational
Trust with a concentrated revenue stream.  The rating also takes
into account the lumpy cash flows inherent to education institutes
along with risk related to regulatory environment. The rating also
takes note of the largely debt-funded capital expenditure program
being initiated by RET, to be expended over the next four years,
towards establishment of engineering and dental colleges.

These rating constraints, however, are partially offset by the
consistent growth in income, healthy surplus before interest and
depreciation (SBID) margin and improvement in leverage indicators
of RET over the past few years which are nevertheless expected to
remain moderate in the medium term. The rating also takes note of
the favourable demand prospects for higher education in India.
Going forward, the ability of RET to complete the capital
expenditure plan initiated in FY13 (refers to the period April 01
to March 31) without adversely impacting the leverage indicators
will be important from the credit perspective. Additionally, the
ability of RET to garner the envisaged students' enrolment levels
at the institutions and to improve its cash surplus position
considering the need for incurring capital expenditure to
maintain/ upgrade its infrastructure facilities would be the key
rating sensitivities.

Ramachandra Educational Trust (RET) is a non-minority charitable
trust formed and registered in the year 1999 under Sec.12 A of the
Income Tax Act. RET was established by Mr.B.Ramachandhiran, the
Chairman and Managing Trustee. The trust established a 750-bed
hospital in August 2005 and started a medical college with a
sanctioned intake of 150 students in the Academic Year 2007-08 (AY
typically commence classes in July/August).

The medical college and hospital named 'Sri Venkateshwaraa Medical
College Hospital & Research Institute' (SVMCH) is located in
Puducherry and is affiliated to the Pondicherry University. For
the AY 2011-12, RET operated three educational institutions
situated in Pondicherry with an aggregate strength of 1,236
students. SVMCH has been able to maintain 100% enrolment levels
since inception.


TIRUPATI BASMATI: CARE Reaffirms 'BB-' Rating on LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned `to the bank facilities of
Tirupati Basmati Exports Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      58.54      CARE BB- Reaffirmed
   Short-term Bank Facilities     19.50      CARE A4 Reaffirmed

Rating Rationale

The ratings are constrained by small scale of operations of
Tirupati Basmati Exports Pvt Ltd and low profitability margins
that are vulnerable to the fluctuation in commodity prices.
Furthermore, high working capital intensity resulting in high
gearing, geographically concentrated sales and the inherent risks
associated with the rice industry such as high degree of industry
fragmentation, and seasonality also constrain the ratings.
The above constraints are partially offset with the strengths
derived from the long-established track record of the promoters in
the agro-based business, steady revenue growth and proximity to
the raw material sources.

Effective management of working capital and improvement in the
profitability margins amidst fluctuating raw material prices are
the key rating sensitivities.

Tirupati Basmati Exports P Ltd was established as a partnership
firm (under the name and style M/s Tejinder Kumar and Brothers) in
1985 by the first generation entrepreneur Mr. Nathi Ram Gupta in
Karnal, Haryana. The firm was reconstituted as a private limited
company and was renamed to the present one in March 2009. The
company is engaged in milling, processing and
selling of various varieties of Basmati rice (primarily 1121 pusa
basmati and traditional basmati).

The company has three milling plants with a total installed
capacity of 14 Metric Tons Per Hour (MTPH) as on September 30,
2012.

As per the audited results of FY12 (refers to the period April 1
to March 31), TBPL has earned a PAT of INR3.96 crore on a total
income of INR158.87 crore as against the PAT of INR2.52 crore on
the total income of INR102.15 crore in FY11 (Audited).



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


TOWER BERSAMA: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Tower Bersama
Infrastructure Tbk's Long-Term Local- and Foreign-Currency Issuer
Default Ratings (IDR) at 'BB'. The Outlook is Stable.
Simultaneously, Fitch has assigned TBI a foreign currency senior
unsecured rating of 'BB'.

Key Rating Drivers

Predictable cash, strong margins: TBI's ratings reflect its
ability to generate predictable cash flows backed by long-term
contracts (average contract life: 7.7 years) with Indonesian
telcos. Further, 72% of TBI's of Q412 revenue was contributed by
investment-grade telcos. Fitch expects TBI's operating EBITDAR
margin to remain above 80% in the medium term. In addition,
incremental organic capex required to expand its tenancies is low.
Its tenancy ratio, measured in total tenants/towers, was 1.75x in
2012, which has potential to increase given ample co-location
opportunities in the industry.

Acquisitions drive leverage: Given the predictability of its
operating and capex cash flows, credit metrics are only likely to
be affected by M&A activity. However, the ability to add
additional tenants can reduce leverage quickly (12-18 months)
after an acquisition. Barring acquisitions, Fitch expects funds
from operations (FFO)-adjusted net leverage to improve to 4.5x in
2013 and 3.2x in 2014 (2012: 5.9x).

Counterparty risks manageable: TBI could also face difficulties in
payments from weaker telcos (28% of Q412 revenue). PT Bakrie
Telecom (BTel, CCC) and PT Smartfren (CC(idn)), which together
contributed about 8.3% of TBI's Q412 revenue, could face liquidity
problems as they struggle to grow their market share and generate
sufficient cash flows to meet their obligations and capex
commitments. However, Fitch believes that telcos typically regard
leases as senior obligation as their business continuity is
dependent on tower infrastructure.

No liquidity concerns: TBI has strong liquidity due to its robust
access to domestic and foreign-owned banks. This is evident from
TBI's committed undrawn facilities of USD250m. At end-December
2012, cash balance of IDR705bn (including restricted cash marked
for short term debt of IDR198bn) and undrawn committed facilities
were sufficient to cover its short-term debt of IDR856bn.

Rating Sensitivities

Negative: Future developments that could individually or
collectively lead to negative rating actions include

- A debt-funded acquisition of another tower portfolio or lease
   defaults by weaker telcos leading to deterioration in FFO-
   adjusted net leverage to over 4.0x on a sustained basis

- A fall in revenue contribution from investment-graded telcos
   to below 50%

A positive rating action is not expected in the medium term as the
company is unlikely to deleverage significantly as it invests to
maintain growth.



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


TOKYO ELECTRIC: Faces More Suits Over Radiation Exposure
--------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co.'s bill for
its Fukushima nuclear disaster may swell as more U.S. military
personnel charge the utility lied about radiation levels they
faced while assisting in relief efforts after Japan's 2011
earthquake and tsunami disaster.

Bloomberg says 26 plaintiffs refiled a suit this week, with as
many as 100 others in the process of joining the legal action, in
demands for more than $2 billion in compensation, the Stars and
Stripes newspaper reported March 16, citing attorneys.  An initial
complaint was filed Dec. 21 by eight sailors, Bloomberg relays.

According to the report, the newspaper said the amended suit filed
in California seeks at least $40 million in compensatory and
punitive damages for each plaintiff, as well as a fund exceeding
$1 billion, up from an earlier demand for $100 million, for
monitoring health and payment of medical expenses.

Tepco, as the Japanese utility is known, and the Japanese
government conspired to create the false impression radiation
leaking from the Fukushima Dai-Ichi plant didn't pose a threat to
the sailors, Bloomberg discloses citing the original complaint.
The sailors' lawyers said that as a result, the plaintiffs rushed
into areas that were unsafe and too close to the power plant,
exposing them to radiation, Bloomberg reports.

Stars and Stripes newspaper said the amended suit filed in
California seeks at least $40 million in compensatory and punitive
damages for each plaintiff, as well as a fund exceeding $1
billion, up from an earlier demand for $100 million, for
monitoring health and payment of medical expenses, Bloomberg
relates.

According to Bloomberg, Tokyo Electric "confirmed" changes,
including an addition to the number of plaintiffs, were made on
March 12 to a lawsuit originally filed with the U.S. District
Court for the Southern District of California, the utility said in
a filing to the Tokyo Stock Exchange.

                      About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

Japan's government took control of Tepco and agreed to provide
JPY1 trillion (US$12.5 billion) as part of the nation's largest
bailout since the rescue of the banking industry in the 1990s,
according to Bloomberg.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8, 2012, by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



====================
S O U T H  K O R E A
====================


LOTTE TOUR: Files for Receivership as Part of Recovery Plan
-----------------------------------------------------------
Yonhap News reports that Lotte Tour Co. has filed for court
receivership as part of its efforts to get back on its feet
following the default of a company in which Lotte has a stake.

Lotte Tour said in a regulatory filing that the Seoul Central
District Court is scheduled to decide whether to approve its
request, though it did not give any specific time frame, according
to Yonhap News.

The report notes that the move came five days after Yongsan
Development Co., the asset manager of Dreamhub Project Financing
Vehicle Co., failed to pay back KRW5.2 billion (US$4.6 million) in
interest on its asset-backed commercial paper.

The report relates that Lotte has a 15.1% stake in Dreamhub
Project Financing Vehicle, a special purpose company created for
the KRW31 trillion project designed to transform Yongsan, located
in the heart of Seoul, into an international business hub by 2016.

A Lotte official said his company invested about KRW170 billion in
the Yongsan development project, the report discloses.

Lotte Tour's aggregate capital stood at KRW50.8 billion as of
December last year, compared with its debts worth KRW131.4
billion, the report discloses.

The report notes that the Korea Exchange, the country's stock
market operator, said it has suspended trading of Lotte Tour, and
plans to begin a process to delist the company.  The report
relates that Lotte posted a net loss of KRW36.2 billion last year,
compared with a net loss of 10.6 billion won in 2011, according to
the data released by the financial watchdog's online regulatory
filing system.

Chung Chang-young, chief executive officer of Korea Railroad
Corp., the biggest shareholder of Dreamhub Project Financing
Vehicle Co. with a 25% interest, said he was willing to offer
KRW260 billion in emergency funds to salvage the urban development
project should investors accept a package of measures to normalize
it, the report relays.

The railroad operator said the project will go ahead again if its
offer is approved on April 2, but warned that the project will
collapse if the 29 companies spurn the offer, the report adds.

Lotte Tour, founded in 1971, has nothing to do with retail giant
Lotte Group, South Korea's fifth-largest family-controlled
conglomerate whose businesses range from department stores and
discount stores to hotels and fast food restaurants as well as
construction services.


* 19 Firms Face Delisting From South Korean Bourse
---------------------------------------------------
Yonhap News reports that the Korea Exchange (KRX) said a total of
19 companies listed on the South Korean stock market are likely to
face delisting this year due to capital erosion or problems with
their financial statements.

The news agency relates that the bourse operator said eight
companies from the main bourse and 11 firms traded on the tech-
heavy KOSDAQ market have been found to have negative capital or
have received a disclaimer of opinion from auditors on their
financial statements.

According to Yonhap, five shipping firms, including the Korea Line
Corporation, were included in the list as the protracted economic
slowdown weighed down on the industry, which led to capital
erosions.

Yonhap says Lotte Tour Development, one of the leading South
Korean land developers, was included as it is expected to face a
cash crunch due to the collapse of an urban development project in
Yongsan, located in the heart of Seoul.

Ssangyong Engineering & Construction Co., a troubled builder
listed on the secondary market, may also be delisted as it suffers
from capital erosion following massive losses for the second
straight year in 2012, the news agency relates.

Orient Pregen Inc, a local auto parts marker on the KOSDAQ market,
is set to be automatically delisted as the firm posted an
operating loss for the fifth consecutive year, according to
Yonhap.

Yonhap adds that the KRX said more companies are likely to be
delisted from the local stock market as companies are set to hand
in their business reports by April 1.  Last year, 72 companies
were delisted from the main bourse or the secondary stock market.



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


CREDIT SAILS: Investors to Get Settlement Offer
-----------------------------------------------
Niko Kloeten at NBR Online reports that thousands of investors who
lost millions in Credit SaILS are about to find out how much they
will be offered from a NZ$60 million settlement between the
Commerce Commission and the companies involved in the debacle.

"Eligible investors will receive around NZ$850 for every NZ$1000
they lost. The potential payments range from the smallest at
NZ$132 through to the largest single payment of NZ$2.5 million,"
the report quotes commission chairman Dr. Mark Berry as saying.

Others who stand to benefit from the payout include charities and
community organisations, which collectively will be returned
NZ$4.6 million, according to NBR Online.

NBR Online says letters are being sent to investors who lost their
capital investments as a result of the Credit SaILS failure in
2008.

The payout will see more than 2,550 investors recover about 85% of
their roughly NZ$71 million in lost capital, the report relays.

According to the report, Dr. Berry said in a statement it is a
substantial payout which will have a significant impact in some
communities.

"For example, in Otago and Southland investors will be receiving
just under NZ$16 million. Investors in the Auckland region will
get back more than NZ$10 million. Most of these investors were
elderly, and having this money returned to them will have a big
impact on the quality of their lives," the report quotes
Dr. Berry as saying.

NBR Online notes the commission's investigation found that there
were grounds to bring proceedings against Forsyth Barr, Credit
Agricole Corporate and Investment Bank, Credit Sail and Calyon
Hong Kong.

The commission reached the view that Credit SaILS were marketed
and sold in a way that may have misled investors under the Fair
Trading Act, the report states.

The companies strongly disagreed and the commission decided that a
settlement would produce a better outcome for investors than a
drawn-out court battle, NBR Online reports.

The commission is encouraging investors to think carefully about
the terms of the offer and take independent legal and financial
advice, because investors who accept the settlement payment cannot
also take legal proceedings.

Credit SaILS were sophisticated debt securities marketed and sold
to the New Zealand public in 2006 with the prospect of 8.5%
interest income and capital protection. NZ$91.5 million was raised
through the offer. Credit SaILS failed in 2008 and the notes are
now virtually worthless. On the information available, the
Commission estimates the total loss for those eligible for a
share of the settlement fund is around NZ$70 million.


GEON GROUP: Blue Star to Cut 185 Jobs Following Purchase
--------------------------------------------------------
The Dominion Post reports that about 40 Wellington workers have
lost their jobs from the closure of printing firm Geon, which was
purchased from receivers by rival printer Blue Star Group earlier
this month.

The Post relates that Blue Star announced March 15 it had bought
all Geon's printing machinery and other assets and would be axing
185 jobs nationally.  Only 50, including senior management, will
remain employed.

The report says the 40 Wellington staff work at two printing sites
in Petone that will close.

Twenty Auckland Geon workers will be given temporary contracts to
work at Blue Star's Highbrook plant, the report relays. Its Napier
operations will run at reduced capacity.

According to the report, Engineering, Printing and Manufacturing
Union print sector organizer Joe Gallagher said it was "a dark
day" for workers and their families, but it was not surprising as
Geon was deep in debt.

"Some of our members have been there 16 years or more and they now
find themselves in a very uncertain job market," the Post quotes
Mr. Gallagher as saying.

"This is very a tough time to find yourself unemployed. Just this
week we've seen hundreds of people apply for seven packing jobs
worth NZ$15 an hour at Carter Holt Harvey."  The union would work
with Blue Star Group to ensure its members received redundancy
entitlements, he said.

McGrathNicol receiver Andrew Grenfell, who worked on Geon, said
Blue Star Group's offer was the best received after advertising
the troubled business for sale, the Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on March
7, 2013, BusinessDesk said Blue Star Group, the revitalised
printing operation under new ownership, has bought a New Zealand
labels unit from the receivers of ailing rival Geon Group.
According to BusinessDesk, receivers Andrew Grenfell and William
Black of McGrathNicol said the sale was completed on March 5 and
will see the transfer of 38 Geon employees and their entitlements
to Blue Star.

                            About GEON

GEON Group is an Australian and New Zealand print and logistics
provider.  The company prints catalogues and marketing material
and does mailout campaigns.

Jason Preston, Murray Smith, James Thackray and Shaun Fraser of
McGrathNicol were appointed joint and several receivers and
managers of GEON Australia Pty Limited and its subsidiaries on
Feb. 21, 2013.  The receivers have assumed control of Geon's
affairs and currently involved in an urgent appraisal of Geon's
business and activities.

PPB Advisory have been also appointed as administrators.


MAINZEAL PROPERTY: Wellington Contractors Unlikely to Get Payment
-----------------------------------------------------------------
Jazial Crossley at The Dominion Post reports that Wellington
contractors working for Mainzeal Property and Construction at the
time of its collapse believe they are unlikely to get the money
they are owed.

The Post relates that the construction giant went into
receivership on February 6, with several large projects under way
in the capital, including one at Victoria University's Kelburn
campus.

According to the Post, the first BDO liquidators' report said the
company and several related entities fell over because of large
related-party debts, substantial losses on big contracts, remedial
works on previous projects and the downturn in commercial
construction.

The report said Mainzeal had assets of about NZ$95 million, but
NZ$93.5 million of claims had already been made, including NZ$11.5
million owed to employees and NZ$51.6 million to trade creditors.
Secured creditor BNZ was owed about NZ$300,000, the Post
discloses.

According to the Post, BDO liquidator Andrew Bethell said it was
too early to estimate how much would be recoverable for unsecured
creditors.

The Post relates that Chris Roche, owner of cleaning and
maintenance business Creditor All Stars Property, said his firm
was out of pocket several thousand dollars with work on the go at
three Mainzeal projects in Wellington at the time it fell over.

"We had just completed a job at a local college that was quite an
intensive detailed clean and of course we won't be getting
anything for that. [The loss] is quite a lot to carry for a small
business. It was a surprise, but we had noticed they were getting
slower with payments," the Post quotes Mr. Roche as saying.

Mainzeal creditors had claimed NZ$18.3 million in "retentions" so
far, the Post discloses.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


SAPPHIRE III 2006-1: S&P Affirms BB Rating on Class BZ Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
ratings on six classes of notes issued by Sapphire III NZ Series
2006-1.  The notes are backed by a portfolio of subprime and
nonconforming residential loans originated by Bluestone Mortgages
NZ Ltd.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time after conducting a rating review that does not result
in a rating change.

The rated notes have benefited from a strong build-up in the
percentage of credit support provided since close.  Further, the
delinquency levels have improved to 9.06% of the portfolio balance
(as at Dec. 31, 2012), from the peak of 30.5% experienced in early
2009.  In addition, there are currently no outstanding charge-offs
to the notes.  Over the past 12 months, the step down tests have
been met and the transaction has reverted to pro-rata payments
(excluding the unrated notes).  However, the build-up of credit
support under the pro-rata payment structure has not been as
substantial as if the transaction were sequential pay.  S&P notes
that the transaction would revert to sequential payments if the
performance of the portfolio were to deteriorate such that the
transaction fails to meet the step-down tests.

Given a large proportion of the portfolio has been repaid, the
remaining portfolio has become concentrated, with the largest 10
borrowers comprising 13% of the total pool balance.  As a result,
S&P expects that the performance deterioration of a few loans can
have a more pronounced impact on arrears, losses, and prepayment
levels in percentage terms.  S&P believes that the credit profile
of the lower ranking notes is sensitive to a slow prepayment rate
because of heightened tail-end risk as the portfolio amortizes
further.  However, in S&P's opinion, the high subordination levels
provide a strong buffer to withstand any losses at the tail-end of
this transaction.

          Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

                       REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS AFFIRMED

Sapphire III NZ Series 2006-1 Trust
Class         Rating
A             AAA (sf)
MA            AAA (sf)
MZ            AA (sf)
BA            BBB+ (sf)
BZ            BB (sf)
CA            B (sf)


SAPPHIRE IV 2007-1: S&P Raises Rating on Class MZ Notes to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
ratings on two classes of notes issued by Sapphire IV NZ Series
2007-1.  At the same time, S&P affirmed the ratings on five
classes of notes.  The notes are backed by a portfolio of subprime
and nonconforming residential loans originated by Bluestone
Mortgages NZ Ltd.  S&P believes the credit enhancement available
and cash flow from the underlying loan portfolios can withstand
stress scenarios commensurate with the ratings on each of the
notes.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time after conducting a rating review that does not result
in a rating change.

The rated notes have benefited from a build-up in the percentage
of credit support provided since close because of the sequential
pay structure.  Although the transaction has step-down tests,
these tests have not been met because of charge-offs outstanding
to some of the subordinated notes.  As of the January 2013 payment
date, the class CZ note (unrated) was completely charged off.  In
addition, there was slightly more than NZ$2.7 million of charge-
offs outstanding on the class CA note (currently rated 'CC [sf]').
However, the delinquency levels have improved to 8.7% of the
portfolio balance (as of Dec. 31, 2012), down from the peak of 29%
in early 2009.

Given a large proportion of the portfolio has been repaid, the
remaining portfolio has become concentrated, with the largest 10
borrowers comprising 19% of the total pool balance.  As a result,
S&P expects that the performance deterioration of a few loans can
have a more pronounced impact on arrears, losses, and prepayment
levels in percentage terms.  S&P believes that the credit profile
of the lower ranking notes is sensitive to a slow prepayment rate
because of heightened tail-end risk as the portfolio amortizes
further.  However, in S&P's opinion, the high subordination levels
provide a strong buffer to withstand any losses at the tail-end of
this transaction.

          Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

                      REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS RAISED

Sapphire IV NZ Series 2007-1
Class       Rating To    Rating From
Class       Rating To    Rating From
MA          AA (sf)      A (sf)
MZ          BB+ (sf)     BB (sf)

RATINGS AFFIRMED

Sapphire IV NZ Series 2007-1
Class     Rating
AA        AAA (sf))
AZ        AAA (sf)
BA        B (sf)
BZ        CCC (sf)
CA        CC (sf)



================
S R I  L A N K A
================


MULTI FINANCE: Fitch Affirms 'B+' Nat'l Rating; Revises Outlook
---------------------------------------------------------------
Fitch Ratings Lanka has revised Sri Lanka-based Multi Finance
PLC's Outlook to Negative from Stable. At the same time, the
agency has affirmed MFP's National Long-Term rating at 'B+(lka)'.

Rating Action Rationale

The revision of the Outlook reflects MFP's weakening liquidity
profile and net losses due to higher borrowing costs and increased
operating expenses driven by branch expansion and relocation. The
net losses in nine months ending December-2012 have also resulted
in sharply decreasing capitalisation which, however, remains
commensurate with some of the higher-rated peers. The ratings also
reflect the company's small asset size and less established, but
growing, franchise relative to that of domestic peers.

Rating Drivers and Sensitivities
The rating may be downgraded if MFP is unable to secure sources to
fund its large maturity mismatches along with unstable deposits,
which could cause further liquidity pressure, and a widening of
net losses weakening its profitability and capitalisation.
Conversely MFP's ability to stem the deterioration of its
liquidity and profitability could lead to the Outlook being
revised to Stable.

Fitch expects liquidity pressure to remain intense as cumulative
maturity gaps under 12 months are high with limited confirmed
unutilised credit lines at end-2012. MFP will have to source
deposits or obtain borrowings to fund its existing mismatches. MFP
has a revolving credit line from its parent, Entrust Limited, but
repayment is on demand. Liquid assets to deposits decreased to
10.3% in the nine months to the financial year ending March 2013
but remained within regulatory levels. Deposits grew 52% in 9MFY13
but are concentrated with top five depositors accounting for 29%
of total deposits. Any deposit outflows could further exacerbate
current liquidity pressures and warrant a negative rating action.

Net interest margin (NIM) decreased to 9% in 9MFY13 (FY12:12%) as
funding costs increased with higher borrowings. This, alongside an
increase in operating costs, drove return on assets (ROA) to
negative 2.3% in 9MFY13 from 2.9% in FY12. Fitch expects that
maintaining NIM will remain challenging due to uncertainty over
the terms for refinancing its securitisation loan maturing in 2013
and weak credit demand in the economy. MFP's profitability is
likely to remain under pressure unless new branches break even and
borrowing costs decline.

Fitch also expects capitalisation to come under pressure unless
loan growth is moderated and MFP resumes profitability. Loan
growth and accumulated losses at 9MFY13 led to a decline in
equity/assets to 25.2% (FY12: 41%) which, however, remains higher
than some of its higher- rated peers. Solvency weakened with
three-month net non-performing loans/equity increasing to 38.2% in
9MFY13 (FY12: 6.5%).

Asset quality weakened with its three-month NPL and six-month
regulatory NPL ratio increasing to 13.9% and 1.8% in 9MFY13,
respectively (FY12: 3.3% and 0.9%) but remaining in line with
peers. Fitch expects asset quality to be weighed down by
inflationary pressures and a weak domestic economy. Provisioning
cover remained low with Loan loss reserve/three-month NPL at 4.7%
in 9MFY13 (FY12: 6.5%). This is largely because three-month NPLs
do not require regulatory provisioning.

MFP's lending portfolio consists mainly of vehicle financing (end-
2012: 91%). Fitch expects loan growth to slow due to the weak
demand in the vehicle market.

MFP is a licensed finance company that is 86% owned by Entrust.
The latter is an investment holding company and has other
subsidiaries: Entrust Investments Limited. Entrust Securities PLC,
Entrust Healthcare and Standard Credit Lanka Ltd. Entrust is 99.9%
held by Pacific Trust (Private) Limited.

The latest research on MFP is available on www.fitchratings.com
and www.fitchratings.lk.



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


KUTAI ETAM: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Aug. 31, 2012, to
wind up Kutai Etam Petroleum Pte Ltd's operations.

The company's liquidator is:

         Shee Ping Fatt
         65A Neil Road
         Singapore 088897


MSD TECHNOLOGY: Creditors' Proofs of Debt Due April 15
-------------------------------------------------------
Creditors of MSD Technology Singapore Pte Ltd which is in members'
voluntary liquidation are required to file their proofs of debt by
April 15, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ee Meng Yen Angela
         Ernst & Young Solutions LLP
         c/o One Raffles Quay North Tower 18th Floor
         Singapore 048583


POH LIAN: Court to Hear Judicial Management Bid on April 5
----------------------------------------------------------
An application to place Poh Lian Construction (Pte) Ltd under
judicial management will be heard before the High Court of
Singapore on April 5, 2013, at 10:00 a.m.

Tam Chee Chong and Andrew Grimmett, both of Deloitte & Touche LLP
have been nominated as joint and several judicial managers.

The Applicant's solicitors are:

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


POLYGON CONSTRUCTION: Creditors' Meeting Set for March 27
---------------------------------------------------------
Polygon Construction & Interior Pte Ltd which is in liquidation
will hold a meeting for its creditors on March 27, 2013, at
3:00 p.m., at 21 Merchant Road, #07-02 Royal Merukh S.E.A.
Building, in Singapore 058267.

Agenda of the meeting include:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


* SINGAPORE: SREIT Debt Levels Increase, Fitch Reports
------------------------------------------------------
Fitch Ratings expects the financial risk profile of the Singapore
Real-estate Investment Trust (SREIT) sector to deteriorate against
a backdrop of low-cost funding and falling asset yields. The
special report 'Singapore Reit Sector Study,' is available at
www.fitchratings.com.

The availability of low-cost debt and the demand for dividend
distributions in an environment of falling asset yields is leading
to an increasing use of debt in SREIT funding mixes. The
increasing leverage of SREITs poses several risks to the sector,
including refinancing risk and exposure to interest rate shocks.
The competition for assets that results from the use of leverage
will put downward pressure on underlying asset yields and further
exacerbate this trend.

Operating risk is deemed to be strong but increasing supply and
falling absorption rates are threatening to raise vacancy levels.
This risk is mitigated by the improving revenues and profitability
of the SREIT sector that are underpinned by the strong economic
fundamentals of Singapore.



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


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

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

                             *********

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

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

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


                            *********


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

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

Copyright 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***