TCRAP_Public/141028.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

          Tuesday, October 28, 2014, Vol. 17, No. 213


                            Headlines


A U S T R A L I A

AUSTRALIAN ENTERTAINMENT: Placed in Administration
FMD ENTERPRISE: Placed in Liquidation
KVSK FINANCE: Cor Cordis Appointed as Liquidator
LGL COMMODITIES: Liquidators to Sue 5 Execs for Insolvent Trading
LIFESTYLE PROPERTY: Enters Into Administration

MARIPOSA HEALTH: Fined For Failing to Lodge Financial Reports
NEXUS ENERGY: ASIC to Rule on Seven's Takeover Bid


C H I N A

AGILE PROPERTY: Gains Some Credit Breathing Space
CHINA XD: Fitch Affirms 'BB-' LT IDR; Outlook Stable
SOLAR POWER: Unit Signs Share Purchase Deal With ZhongNeng Green
SOLAR POWER: Unit Inks Cooperation Agreement With GD Solar


I N D I A

IBD UNIVERSAL: CARE Lowers Rating on INR17.44cr LT Bank Loan to D
CITI CENTRE: CARE Assigns 'B' Rating on INR20cr LT Bank Loan
KINGFISHER AIRLINES: Private Banks Working to Recover Loans
MOHAMMEDAN SPORTING: Football Club to Shut Down


J A P A N

MT GOX: Tokyo Bankruptcy Recognized by Canadian Court


N E W  Z E A L A N D

MATSON'S BWS: Owes Creditors NZ$720,000


P H I L I P P I N E S

BANCO CARMONA: Payout Posts Low Depositor Turnout


S I N G A P O R E

TIGER AIRWAYS: Singapore Airlines to Inject SGD140MM to TigerAir


T H A I L A N D

ASIAN REINSURANCE: A.M. Best Affirms 'B' Fin'l. Strength Rating


X X X X X X X X

* BOND PRICING: For the Week Oct. 20 to Oct. 24, 2014


                            - - - - -


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


AUSTRALIAN ENTERTAINMENT: Placed in Administration
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Australian
Entertainment Logistics Pty Ltd had been put into administration.
Gideon Isaac Rathner of Lowe Lippman was appointed as
administrator of the company on October 16, 2014.

The administration of AEL followed Roadwise Transport Group's
collapse earlier in 2014, the report says.

AEL has been in business since 2011. The Company specialises in
transporting show freight.


FMD ENTERPRISE: Placed in Liquidation
-------------------------------------
Jeremy Robert Abeyratne of APL Insolvency was appointed as
liquidator of FMD Enterprise Pty Ltd on Oct. 23, 2014.


KVSK FINANCE: Cor Cordis Appointed as Liquidator
------------------------------------------------
Ozem Azzam Kassem of Cor Cordis was appointed as liquidator of
KVSK Finance Pty Limited on Oct. 23, 2014.


LGL COMMODITIES: Liquidators to Sue 5 Execs for Insolvent Trading
-----------------------------------------------------------------
ABC Rural reports that liquidators of grain trader LGL Commodities
are pursuing its five directors for potential insolvent trading.

The Tamworth New South Wales-based company, which ran a grain
packing plant at Harefield near Wagga Wagga NSW and Pittsworth in
southern Queensland, owed almost AUD11 million to creditors when
it collapsed in June, ABC Rural discloses.

According to the report, Andrew Yeo from insolvency firm Pitcher
Partners said creditors have indicated they would finance legal
action against LGL.

"There are still some funds left to distribute, but at this stage
there's not expected to be a return to unsecured creditors until
the insolvent trading or other litigation is pursued," the report
quotes Mr. Yeo as saying.

ABC Rural relates that Mr. Yeo said most of LGL's assets have been
sold and the equipment at its two grain packing sites were
purchased by the company where it leased the facilities.

"The company certainly sustained some significant losses in the
last couple of months leading up to the administration of the
company," Mr. Yeo, as cited by ABC Rural, said.

Gess Michael Rambaldi and Andrew Reginald Yeo of Pitcher Partners
were appointed as administrators of LGL Commodities Pty Ltd on
June 16, 2014.


LIFESTYLE PROPERTY: Enters Into Administration
----------------------------------------------
Kayleen Chen at InsolvencyNews reports that Lifestyle Property
Development Pty Ltd, a Wollongong property development company,
has entered into administration with more than AUD650,000 to
nearly a dozen Illawarra subcontractors.

All the companies revealed they were owned thousands of dollars
for the housing projects on Brompton Road and Victoria Street,
Wollongong, the report says.  A trucking company is owed more than
AUD77,000 and a scaffolder and a formwork company also reported
debts owed of about AUD88,510 and AUD191,084 respectively,
InsolvencyNews discloses.

InsolvencyNews says a liquidator has been appointed to investigate
the company's finances and affairs.  According to the report, the
liquidator said that the company had no fixed assets but two
leased vehicles. He also said that the creditors could possibly
make claims against other companies owned by the same director
subject to further investigation, the report relates.

InsolvencyNews quotes Jamieson Louttit of Insolvency and Advisory
firm Jamieson Louttit & Associates as saying that "When
construction companies collapse, there is a ripple effect impact
to other stakeholders including subcontractors and investors."


MARIPOSA HEALTH: Fined For Failing to Lodge Financial Reports
-------------------------------------------------------------
Mariposa Health Limited has been fined AUD4,000 for failing to
lodge financial reports with the Australian Securities and
Investment Commission.

Mariposa Health was convicted in the Downing Centre Local Court on
Oct. 21, 2014, after pleading guilty to two charges laid by ASIC
for failing to lodge annual reports for the financial years ending
June 30, 2011 and June 30, 2012.

The Presiding Magistrate stated that the preparation of financial
reports was an 'important' corporate obligation.

ASIC Commissioner Greg Tanzer said, "With the company currently
seeking to raise money with a view to listing on America's NASDAQ,
it is only right any potential investor has the opportunity to
study the historical financial records of the business."

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Based in Australia, Mariposa Health Limited --
http://www.mariposahealth.com.au/-- engages in the research,
development, and commercialization of products for undertreated
conditions, primarily those of the airways from the mouth and nose
to the lungs.


NEXUS ENERGY: ASIC to Rule on Seven's Takeover Bid
--------------------------------------------------
Angela Macdonald-Smith at The Sydney Morning Herald reports that
Seven Group Holdings' bid to take over Nexus Energy without paying
anything for shares in the debt-laden explorer faces a critical
test this week, as the corporate regulator decides whether the
controversial AUD180 million deal can proceed.

SMH relates that Nexus' administrators at McGrathNicol are
expected within days to release another independent expert's
report on the equity value of Nexus, one of the major issues that
some shareholders have raised on the Seven takeover proposal.

The Australian Securities and Investments Commission will use the
report as part of its assessment of whether relief should be
granted under the Corporations Act for the proposed transfer of
Nexus shares to Seven, according to SMH.

Seven, led by former Nexus chairman Don Voelte, shocked
shareholders in the oil and gas player when it originally proposed
to pay 2 cents a share for Nexus, little more than a third of the
stock's market value at the time, the report says.

According to SMH, shareholder anger about a bid that many deemed
too cheap and unfair resulted in that deal being voted down,
sending Nexus into administration.

Kerry Stokes-controlled Seven then struck a deal with the
administrators to buy Nexus through a deed-of-company arrangement,
under which it pays nothing for the shares, which were trading at
more than AUD1.80 as recently as mid-2008, SMH relates.

It also extended a AUD30 million credit facility to Nexus, which
was later raised to AUD165 million to allow for investment
required on two oil and gas projects, SMH says.

SMH notes that the debt facility is due to expire on October 31,
the date for a court hearing to determine whether the deed-of-
company arrangement can go ahead.

SMH relates that a Seven spokesman said Seven "is the only party
that has put forward a viable future plan for Nexus and has
provided clear support debt financing, loan provisions and
material future capital commitments".

The regulator has asked some major shareholders for their
assessment of the latest independent expert's report on Nexus, by
Lonergan Edwards, SMH notes.

SMH adds that Sean Wilson, a spokesman for Nexus Battle, a group
of disgruntled shareholders representing about 14 per cent of the
register, has told ASIC the deal is unfair and has pointed to talk
of an earlier, higher offer by Seven for Nexus.

A spokesman for ASIC said the regulator would "carefully consider
and review the independent expert report" and confirmed it had
consulted with and received submissions from third parties as part
of the process, SMH reports.

Nexus Energy Limited (ASX:NXS) is a Melbourne-based, Australian
Stock Exchange listed oil and gas company.  In 2009, Nexus
transitioned from explorer to producer with the start up of the
Longtom gas project.  The company holds interests in eight permits
located offshore Australia.  Operations are focused on the
Gippsland Basin, offshore Victoria and the Browse Basin, offshore
Western Australia.

McGrathNicol announced on June 12, 2014, that partners
Matthew Caddy, Tony McGrath, and Jason Preston have been appointed
joint and several Voluntary Administrators to Nexus Energy
Limited.



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C H I N A
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AGILE PROPERTY: Gains Some Credit Breathing Space
-------------------------------------------------
The South China Morning Post reports that Agile Property Holdings
has gained some breathing space over the terms of a HK$2.67
billion loan that had been thrown into doubt with the detention of
its chairman Chen Zuolin.

The credit facility agreement had required that Mr. Chen remain as
chairman, the report notes.  SCMP relates that the company earlier
this month installed as acting co-chairmen Fion Luk Sin Fong and
Chen's brother Chan Cheuk Hung. The revised terms of the loan
agreement, announced by Agile in a statement to the stock exchange
on October 26, accommodate this arrangement, the report notes.

SCMP relates that in another boost for the developer, Agile
announced that it had secured more time for repayment of a
US$475 million credit facility. It will be extended to the end of
next year, the report says.

Chen Zuolin has been ordered to stay at a designated residence --
a form of house arrest -- since September 30 by the Kunming
procuratorate, the report recalls. Agile also been unable to
contact Huang Fengchao, the developer's executive director in
charge of projects in Yunnan and Hainan provinces, SCMP notes.

The lead arrangers and joint coordinators of the HK$2.67 billion
credit facility comprise Hang Seng Bank, HSBC, BNP Paribas,
Standard Chartered Bank and China Construction Bank (Asia), with
Hang Seng Bank as the facility agent, the report discloses.

On October 11, a general manager of Agile subsidiary Tengchong
Agile Resort was contacted by phone by Huang and an official of
the Central Commission for Discipline Inspection (CCDI) for help
with the graft watchdog's investigation centred on Tengchong Agile
Resort, SCMP recalls. The unnamed general manager met the CCDI
official and Yunnan officials two days later and provided them
with information on Tengchong Agile Resort.

According to the report, Agile has denied reports that it assisted
in money laundering and that the mainland's former security tsar
Zhou Yongkang had a close relationship with Agile co-acting
chairman Chan Cheuk-yin, Chen Zuolin's youngest brother.

                        About Agile Property

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. As of
Aug. 26, 2014, the company had projects in over 40 cities and
districts in China, and a land bank with a total gross floor area
of over 42 million square meters.

Agile listed on the Hong Kong Stock Exchange in 2005. As at 26
August 2014, the company's founding family -- the Chen family --
owned a 63.75% interest in Agile.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 13, 2014, Standard & Poor's Ratings Services placed its 'BB'
long-term corporate credit rating and 'cnBBB-' long-term Greater
China regional scale rating on Agile Property Holdings Ltd. on
CreditWatch with negative implications.  S&P also placed its 'BB-
'long-term issue rating and 'cnBB+' long-term Greater China
regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.

S&P placed the ratings on CreditWatch with negative implications
to reflect increasing information and refinancing risk of the
China-based property developer.  Agile's share suspension on the
Hong Kong Stock Exchange is longer than S&P expected, and the
company has so far offered little information.


CHINA XD: Fitch Affirms 'BB-' LT IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed China XD Plastics Co. Ltd's (XD
Plastics) Long-Term Issuer Default Rating (IDR) at 'BB-'.  The
Outlook is Stable.  The rating reflects the company's steady
performance over the past year and adequate liquidity.

Fitch has also downgraded XD Plastics' senior unsecured rating and
the rating on its 2019 US-dollar denominated notes to 'B+' from
'BB-', based on the agency's recovery analysis for the company's
latest debt structure.

KEY RATING DRIVERS

Steady Cashflow Generation: XD Plastics' revenue rose 75.2% to
USD1.05bn in 2013, driven by a 50.5% increase in sales volume and
14.6% increase in average selling price (ASP).  Although the
company's reported gross margin dropped slightly to 21.3% in 2013
from 24% in 2012, the net cash provided by operating activities of
USD115.6m in 2013 was much stronger than the net cash outflow of
USD31.4m in 2012).

For the first half of 2014, XD Plastics's sales volume rose 14.6%
from a year earlier to 150,000 tonnes.  Revenue during the period
rose by 31% from a year earlier, driven by both volume and ASP
increase.  Although the receivable days (Fitch defined) increased
to 88 days for 1H14 from 75 days for full-year 2013 due to the
company's expansion in new markets, we expect the operating cash
flow generated during 2014 to be higher than a year ago.

Long-Term Funding Secured: XD Plastics has successfully secured
long-term funding through the issuance of USD150m of 11.75% senior
unsecured notes due 2019, and it has extended the effective
maturity date for the USD100m convertible preferred shares to Feb
2019.

In addition, under the terms of the preferred shares, XD Plastics
may convert all convertible preferred shares to common shares
after its 2013 net profit exceeded CNY800m.  The company reported
a 2013 net profit of CNY 830m, and may convert the preferred
shares at any time, which means it isn't bound by this potential
debt obligation any longer.  This removes a major potential
liquidity risk.

Higher Priority Debt: Although XD Plastics issued the US dollar
bond in February 2014, its higher-priority debt further increased
to USD346m at end-June 2014 from USD314.7m at end-2013 because the
company didn't use all of the bond proceeds to repay debt.  This
large amount of higher-priority debt warrants a downgrade to the
senior unsecured rating based on Fitch's recovery analysis.  The
company used part of the bond proceeds to fund the building of a
new plant in Sichuan (total planned capex of approximately
USD410m).

Capacity Expansion on Track: Construction of XD Plastics' new
plant at Sichuan, which will add planned capacity of 300,000
tonnes a year, is on track.  XD Plastics currently has capacity of
390,000 tonnes a year at Harbin.  The new facility is due to start
production in end-2015 and start generating operating cashflow in
2016.  In 2014, XD Plastics started building a small plant with
capacity of 4,000 tonnes a year in the United Arab Emirates to
take advantage of the low cost, high quality local feedstock
supply and low tax rate.

Moderate Leverage Profile: XD Plastics would still maintain a
healthy balance sheet during its capacity expansion, with
estimated funds from operations (FFO)-adjusted net leverage
peaking at around 1.5x in 2015 (2013:0.15x).  Fitch expects the
company to deleverage beginning 2016, after the completion of the
new plants.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action:

   -- EBITDAR margin sustained below 15% (2013: 20%)
   -- Receivable days sustained above 90 days
   -- FFO-adjusted net leverage sustained above 2.5x during the
      Sichuan plant's construction period or/and sustained above
      2x after the plant is completed

Fitch does not envisage any positive action until XD Plastics
achieves market leadership in multiple geographical regions in
China.


SOLAR POWER: Unit Signs Share Purchase Deal With ZhongNeng Green
----------------------------------------------------------------
Solar Power, Inc.'s wholly owned subsidiary, SPI Solar Power
Suzhou Co., Ltd., ("SPI Meitai Suzhou") a company incorporated
under the laws of the People's Republic of China, entered into a
share purchase framework agreement with ZhongNeng GuoDian Green
Ecological Cooperation and Development Jiangsu Co., Ltd., a
company incorporated under the laws of PRC, whereby SPI Meitai
Suzhou and ZhongNeng Green contemplate to enter into a definitive
purchase agreement for SPI Meitai Suzhou to acquire 100% equity
interest in ZhongNeng GuoDian New Energy Development and
Investment Jiangsu Co., Ltd., from ZhongNeng Green for a total
purchase price of RMB100 million.  Of the Equity Interest, (i) 49%
is contemplated to be paid with the Company's ordinary shares, the
number of which will be determined based on a per Share price
equal to the Shares' closing trading price on
Oct. 22, 2014, and (ii) 51% is contemplated to be paid with the
Shares, the number of which will be determined based on a per
Share price equal to the five-day average trading price of the
Shares immediately prior to the closing day of the transactions
contemplated under the Definitive Purchase Agreement 1, subject to
the terms and conditions thereunder and under the Share Purchase
Framework Agreement 1.

On Oct. 22, 2014, SPI Meitai Suzhou entered into a share purchase
framework agreement with ZhongNeng New, whereby SPI Meitai Suzhou
and ZhongNeng New contemplate to enter into a definitive purchase
agreement for SPI Meitai Suzhou to acquire 100% equity interest in
six project companies owned by ZhongNeng New for an advance
payment of RMB140 million on Nov. 20, 2014, subject to the terms
and conditions under the Share Purchase Framework Agreement 2 and
the Definitive Purchase Agreement 2.

                         About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.24 million in 2013
following a net loss of $25.42 million in 2012.  As of June 30,
2014, the Company had $72.84 million in total assets, $56.85
million in total liabilities and $15.99 million in total
stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern.


SOLAR POWER: Unit Inks Cooperation Agreement With GD Solar
----------------------------------------------------------
Solar Power, Inc.'s wholly owned subsidiary, SPI Solar Power
Suzhou Co., Ltd., a company incorporated under the laws of the
People's Republic of China, entered into a cooperation framework
agreement with GD Solar Co., Ltd., a company incorporated under
the laws of PRC and wholly owned by Guodian Technology &
Environment Group Corporation Limited, whereby (i) GD Solar agreed
to grant SPI Meitai Suzhou a right of first refusal to purchase
projects under construction from GD Solar, (ii) SPI Meitai Suzhou
and GD Solar agreed to cooperate to develop an additional 500
megawatts of PV projects in China each year from 2015 to 2017, for
a total of 1.5 gigawatts, and (iii) SPI Meitai Suzhou agreed to
develop, finance and hold the equity interests in the new PV
projects and GD Solar agreed to provide EPC and related services
to the new projects, subject to the terms and conditions under GD
Solar Framework Agreement.

On Oct. 22, 2014, SPI Meitai Suzhou entered into a share purchase
agreement with China Energy Power Group Operation and Maintenance
Management Jiangsu Co., Ltd., a company incorporated under the
laws of PRC and an affiliate of GD Solar, whereby SPI Meitai
Suzhou agreed acquire 100% equity interest in Jinchang Hengji
Electric Power Development Co., Ltd., from China Energy Power
Jiangsu, for an aggregate purchase price of RMB960 million
consisting of RMB930 million in cash and RMB30 million worth of
the Company's ordinary shares at a per share price equal to the 5-
day average trading price immediately prior to the closing day of
the transactions contemplated under Jinchang Purchase Agreement,
subject to the terms and conditions thereunder.

On Oct. 22, 2014, SPI Meitai Suzhou entered into a share purchase
agreement with Liaoning Xinda New Energy Investment Co., Ltd., a
company incorporated under the laws of PRC and an affiliate of GD
Solar, whereby SPI Meitai Suzhou agreed acquire 100% equity
interest in Chaoyang Tianhua Sunshine New Energy Investment Co.,
Ltd. from Liaoning Xinda, for an aggregate purchase price of
RMB100 million to be settled in cash, subject to the terms and
conditions of Chaoyang Purchase Agreement.

On Oct. 22, 2014, SPI Meitai Suzhou entered into a share purchase
agreement with Beijing Taihedafang Investment Development Co.,
Ltd., a company incorporated under the laws of the PRC and an
affiliate of GD Solar, and Xinghe Chaerhu Development Co., Ltd., a
company incorporated under the laws of PRC and owned by
Taihedafang, whereby SPI Meitai Suzhou agreed acquire 100% equity
interest in Xinghe Chaerhu Hairun Ecological Photovoltaic Power
Generation Co., Ltd. from Taihedafang and Xinghe, for an aggregate
purchase price of RMB515 million consisting of RMB50 million in
cash, RMB360 million in the form of financial lease and RMB105
million worth of the Company's ordinary shares, the number of
which will be determined at a per share price equal to the 5-day
average trading price immediately prior to the closing day of the
transactions contemplated under Xinghe Purchase Agreement, subject
to the terms and conditions thereunder.

                          About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility ("SEF") developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $32.24 million in 2013
following a net loss of $25.42 million in 2012.  As of June 30,
2014, the Company had $72.84 million in total assets, $56.85
million in total liabilities and $15.99 million in total
stockholders' equity.

Crowe Horwath LLP, in San Francisco, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred a current year net loss of $32.2
million, has an accumulated deficit of $56.1 million, has
experienced a significant reduction in working capital, has past
due related party accounts payable and a debt facility under which
a bank has declared amounts immediately due and payable.
Additionally, the Company's parent company LDK Solar Co., Ltd has
experienced significant financial difficulties including the
filing of a winding up petition on Feb. 24, 2014.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern.




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IBD UNIVERSAL: CARE Lowers Rating on INR17.44cr LT Bank Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of IBD
Universal Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.44      CARE D Revised from
                                            'CARE BB-'

Rating Rationale

The revision in the ratings assigned to the bank facilities of IBD
Universal Private Limited (IBD Universal) is primarily due to
delays in debt servicing including interest and installment
repayments.

Timely repayment of the debt obligation along with successful
completion of the ongoing projects within envisaged cost
parameters along with timely receipt of booking advances and sale
of the balance units at envisaged prices are the key rating
sensitivities.

Indus Dwellings Private Limited was incorporated on July 15, 1999
as a private limited company to carry out the real estate
development and is the flagship company of IBD group. On June 12,
2008 the name of the company was changed to IBD Universal Private
Limited (IBD Universal). IBD Universal is promoted by Lt. Vinay
Bhadauria and Mr Anil Nigam and they have over a decade long
experience in construction of residential and commercial
buildings.

At present, IBD Universal is executing projects namely IBD Emporia
(Commercial Shops), Hallmark Citi-IV (Extension of
Hallmark Citi project, residential flats) and IBD Revaa (Luxury
Flats) at Bhopal. The total combined build up area of the
projects is estimated to be 14 lakh square feet (lsf). IBD
Universal completed 'Hallmark Citi Phase-3' (of 2/3 BHK)' in
September, 2013 and 'Kings Park' (of 3/4/5 BHK) in September,
2014.

As per the audited results for FY14, IBD Universal reported a TOI
of INR62.77 crore [FY13: INR64.13 crore] and a PAT of
INR3.23 crore [FY13: INR3.17 crore].


CITI CENTRE: CARE Assigns 'B' Rating on INR20cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Citi Centre
Developers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      20        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Citi Centre
Developers (CTD) is primarily constrained by the low project
preparedness level, low booking status reflecting marketing risk
associated with the project, and non-achievement of financial
closure for the project. The rating is also constrained by CTD's
exposure to market competition, local demand supply dynamics and
inherent risks associated with the real estate industry and
partnership constitution of the firm.

The rating, however, does factor in the experience of the
promoters and well-connected location of the project. Going
forward, the ability of the firm to achieve the financial closure,
execute the project as per the schedules, along with the timely
sale of the project space at envisaged prices and any change in
the regulatory guidelines, would be the key rating sensitivities.

Citi Centre Developers (CTD) is a partnership concern established
in 2013 by Mr Vijay Kumar Jindal, Mr Deepak Aggarwal, Mr Tejpal
Gupta as its partners having 30%, 35% and 35% share respectively
in profit and loss. The firm is currently developing its maiden
commercial complex project named 'Chandigarh Citi Centre' at
Zirakpur, Punjab. The project consists of total of 152 shops
including 68 shop cum office (SCO), 66 double story shops (DSS)
and 18 shops. The group associates include Barnala Builders and
Property Consultants (CARE BB), Barnala Realtech (CARE D) and
Barnala Realty engaged in the real estate sector coupled with Pee
Kay Shuttering House and Pee Kay Shuttering and Scaffolding
Limited engaged in the supply of shuttering and scaffolding
material on hire basis.


KINGFISHER AIRLINES: Private Banks Working to Recover Loans
-----------------------------------------------------------
The Times of India reports that private sector banks, which have
shied away from tagging Kingfisher Airlines chairman Vijay Mallya
a 'wilful defaulter' as some key public sector lenders have done,
say that they are exploring "all options" to recover their loans.

The report relates that at least two banks, the third largest
private sector lender Axis Bank and the south-based Federal Bank,
have said they have not classified KFA, Mallya and his senior
officials as wilful defaulters.

"We have not classified them as wilful defaulters as yet," the
report quotes Axis Bank executive director in charge of corporate
banking V Srinivasan as saying.

The exposure, declared as bad loan long time back, is very small,
he said, adding that the bank had an exposure of INR50 crore to
the airlines that has not flown since October 2012, TOI relates.

Its peer Federal Bank has also not declared the liquor baron
Mallya as "a wilful defaulter", the bank's managing director and
chief executive Shyam Srinivasan said, the report relays.

According to the report, Mr. Srinivasan said the bank is engaged
in negotiations with the airline and is considering "all options"
of recourse to recover its outstanding.  The bank has been able to
recover around 12% of its total exposure of INR90 crore till now,
he added.

TOI says India's largest private sector lender ICICI Bank had sold
its INR430-crore exposure to an arm of the Kolkata-based Srei
Infrastructure Finance. The status on that exposure, which
reportedly had the best of collaterals, is not immediately known.

The wilful defaulter tag, dreaded by the industry, is designed to
impact the top management's ability to raise any loan in the
future, even in the case of other companies where they hold
directorships, the report says.

                    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.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


MOHAMMEDAN SPORTING: Football Club to Shut Down
-----------------------------------------------
Yahoo! India News reports that one of India's oldest football club
-- Mohammedan Sporting -- has decided to disband its team amidst a
major financial crisis. The decision was taken during a working
committee meeting on October 25, the report says.

Founded in 1891, the Kolkata-based club had failed to pay salaries
to its players and coaching staff for the last three months,
according to Yahoo! India News.

Yahoo! India News relates that 24 Ghanta, a Bengali news channel,
reported that the club's head coach Fuja Tope couldn't even leave
the country to meet his ill mother due to non-payment of his
salary, which turned out to be his final straw at the club.

Yahoo! India News says Mohammedan Sporting created history to
become first Indian football club to win the Calcutta Football
League continuously for 5 years from 1934 to 1938. It was also the
first Indian team to break the monopoly of the British football
teams in the Durand Cup when they became champions in the year
1941.

The club was currently playing in the I-League and premier
division of CFL, the report notes.



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


MT GOX: Tokyo Bankruptcy Recognized by Canadian Court
-----------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

MtGox commenced proceedings pursuant to the Bankruptcy Act of
Japan before the Twentieth Civil Division of the Tokyo District
Court in Japan.

The deadline for filing claims against MtGox is May 29, 2015.

Information and updates will be posted at http://www.mtgox.com/
The method for the proof of claim filing will be posted once
available.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are:

     MILLER THOMSON LLP
     Scotia Plaza
     40 King Street West, Suite 5800
     PO Box 1011
     Toronto, ON Canada M5H 3S1
     Tel: 416-595-8615/8577
     Fax: 416-595-8695
     Attn: Jeffrey Carhart/ Margaret Sims
     E-mail: jcarhart@millerthomson.com
             msims@millerthomson.com



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


MATSON'S BWS: Owes Creditors NZ$720,000
---------------------------------------
Martin Van Beynen at The Press reports that a foray into
hospitality by Christchurch financiers George and Hayden Jones has
been costly for some, with creditors owed at least NZ$720,000.

The Press relates that the Joneses were directors and shareholders
of Matson's BWS Ltd and Matson's Brewery NZ Ltd, which were placed
in liquidation on August 21.  The companies, which ran a bar and a
brewery in Tenahaun Place, Sockburn, ceased trading on April 28.
The bar and brewery were sold before the liquidation, the report
notes.

The Press relates that in the first liquidators' report on the
companies, Insolvency Management said it would investigate the
sale of the businesses and the destination of the proceeds.

According to The Press, the liquidators said Matson's Brewery had
preferential creditors of NZ$180,753 and unsecured creditors owed
NZ$316,566. Matson's BWS had unsecured creditors of NZ$156,260 and
preferential creditors of NZ$69,234.

Secured creditors have yet to be determined, the Press notes.

The Press relates that the reports said the Joneses blamed the
company failures on the downturn in the economy after the
earthquakes and the health problems of the one of the directors.

The liquidators said it was too early to determine whether a
dividend would be paid, The Press relays.

Another company connected with the Joneses, Prudential Management
Ltd, which went into liquidation on August 21, has creditors
amounting to NZ$43,000, adds The Press.



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


BANCO CARMONA: Payout Posts Low Depositor Turnout
-------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) reported a low
turnout of depositor-claimants during the onsite claims settlement
operations at the closed Banco Carmona (A Rural Bank), Inc. that
concluded on Sept. 11, 2014. According to PDIC, claims for 79% of
the total number of deposit accounts in the closed bank have yet
to be filed. This involved 925 accounts amounting to PHP13.21
million out of the total 1,157 accounts representing PHP34.97
million in insured deposits. Of the 925 accounts awaiting
claimants, 90% or 836 have balances of PHP5,000 and below.

Based on PDIC's standard payout procedures, depositors with
account balances of PHP50,000 and below, who have complete and
updated addresses, and have no outstanding obligations with the
closed bank are no longer required to file deposit insurance
claims and payment is mailed via postal money order. However, the
PDIC was not able to implement the standard payout procedures for
Banco Carmona due to the absence of complete and updated bank
records, which the bank's accountable owners and officers refused
to properly turn over to the PDIC. The deposit validation process
considerably delayed the payout of deposit insurance claims.
Payout operations in Banco Carmona took almost 40 days after
takeover, from the average turnaround time of 28 days in past bank
closures.

The state deposit insurer held the onsite claims settlement
operations on September 9 to September 11, 2014. Claim payments
were made for 173 accounts only involving PHP20.94 million of
insured deposits and equivalent to 60% of Banco Carmona's total
estimated insured deposits at PHP34.97 million as of July 31, 2014
based on reports submitted by the bank to the PDIC. The PDIC also
reported that claims for 13 accounts amounting to PHP5.9 million
have been denied. These accounts were found to be unrecorded or
have no funds inflow.

Depositors have until Aug. 1, 2016 or two years from bank closure
to file their deposit insurance claims. Claims may be filed at the
PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, in Makati City. Claims may also be
filed through mail. The procedures and requirements for filing
deposit insurance claims are posted in the PDIC website,
www.pdic.gov.ph. The Claim Form and format of the Special Power of
Attorney may also be downloaded from the PDIC website.

For more information, depositors may contact the Public Assistance
Department at telephone numbers (02) 841-4630 to 31, or e-mail at
pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC
Toll Free Hotline at 1-800-1-888-PDIC (7342).

Meanwhile, the PDIC said that upon takeover of Banco Carmona, the
bank's credit folders, statements of conditions and supporting
schedules of accounts, as well as the Head Office's proofsheets,
signature cards and deposit slips, and the Branch's proofsheets
and deposit slips, were found missing. As standard procedure, PDIC
issued demand letters to Banco Carmona's accountable officers and
employees for them to immediately turn over to PDIC the bank's
complete and updated records. But, they failed or refused to
comply. The PDIC vowed to pursue legal actions and file criminal
cases against the accountable owners, officers and employees of
Banco Carmona for violation of the PDIC Charter and banking laws,
as well as for qualified theft due to unauthorized withdrawals
from depositors' accounts.

Banco Carmona was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on Aug. 1, 2014 and was taken over by
the PDIC on the same day.



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


TIGER AIRWAYS: Singapore Airlines to Inject SGD140MM to TigerAir
----------------------------------------------------------------
Angela Tan at The Business Times reports that Singapore Airlines
(SIA) has come to the rescue of Tiger Airways again -- this time
with hard cash. The national carrier will be injecting up to
SGD140 million to plug the budget carrier's haemorrhage, the
report says.

The report says the funds will be part of a proposed rights issue
Tigerair announced on October 17 to raise SGD234 million.

With its regional ambitions savaged by fierce competition, Tiger
on October 17 unveiled a staggering net loss of SGD182.4 million
for its fiscal second quarter ended Sept 30, 2014, compared with a
net profit of SGD23.8 million a year ago.

It also proposed a rights issue of about 1.2 billion new shares
priced at 20 Singapore cents each, a 38 per cent discount to its
close of 32.5 cents a share on October 16, the report relates.

According to the report, SIA, which holds a 40 per cent stake in
the company, said it will subscribe to its entitlement and excess
rights shares, up to SGD140 million.

"Singapore Air is rescuing Tigerair," the report quotes K Ajith, a
Singapore-based analyst at UOB Kay Hian, as saying.  "With the
conversion of securities and rights offering, there will be less
risk to the balance sheet. I don't foresee Tigerair needing more
funds after this."

Prior to the rights issue, SIA will convert its 189.39 million
perpetual convertible capital securities (PCCS) holdings into
shares, the report says.

The Business Times relates that the conversion will raise SIA's
stake in Tigerair from 40 per cent to about 55 per cent, and
possibly up to 71 per cent after the rights issue, assuming SIA is
the only one to subscribe for its rights and convert its PCCS.

SIA will not be making a general offer as Tigerair's minority
shareholders had approved a whitewash resolution in March 2013 to
waive their rights to receive a general offer as a result of the
PCCS conversion, the report adds.

                      To Sell Australia Unit

The Business Times, meanwhile, reports that Tigerair said it was
exiting Australia, barely months after it exited Indonesia and the
Philippines.

The report relates that the company will sell its remaining
40 per cent stake in loss-making Tigerair Australia to Virgin
Australia for AUD1 (SGD1.12) -- Virgin paid AUD35 million for its
existing 60 per cent stake barely 14 months ago. The estimated net
loss arising from the sale is SGD60.1 million.

"We need to now stem the losses arising from this joint venture
and divert our resources back towards our Singapore-based airline
in the execution of the turnaround plan," the report quotes Lee
Lik Hsin, Tiger's chief executive since May and an SIA veteran for
20 years, as saying.

Dubbed the "Sale of the Century" by some analysts, the move was
largely expected given that Tigerair Australia has been suffering
operating losses since it started its services in Australia in
2007, the report notes.

Tiger Airways Holdings is a Singapore-based airline company.


===============
T H A I L A N D
===============


ASIAN REINSURANCE: A.M. Best Affirms 'B' Fin'l. Strength Rating
---------------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating (FSR) of
B (Fair) and the issuer credit rating (ICR) of "bb" of Asian
Reinsurance Corporation (Asian Re) (Thailand).  The outlook for
the ICR is positive while the outlook for the FSR is stable.

The rating affirmations and positive outlook on the ICR reflect
Asian Re's improved capitalization, the positive signal from a
debt-equity swap (DES) agreement and improved catastrophe
management.

Asian Re has continued to improve its capitalization.  In addition
to the Thailand government's capital injection of THB 219 million
(USD 6.8 million) on Feb. 10, 2014, Asian Re has completed USD
13.1 million in debt equity swap agreements with its insurance
creditors since the beginning of 2014.  Asian Re will continue to
strengthen its capitalization through capital injections from
other member countries and debt equity swap agreements with other
insurance creditors.

After the Thailand Flood loss, Asian Re's catastrophe exposure had
been gradually reduced due to a smaller underwriting portfolio and
event limits in place for its proportional reinsurance treaties.
The company has further increased the catastrophe retrocession
excess of loss cover limit to safeguard its capitalization.

Offsetting these positive rating factors is the uncertainty
surrounding the ultimate settlement on the Thailand Flood losses
and its weakened profile.

Asian Re's business from the existing clients had been decreased
drastically after the rating downgrade in 2012.  It will take time
for Asian Re to regain the market's confidence.

Further positive rating actions could occur if Asian Re can
continue to improve the capitalization level and maintain the
favorable operating performance.  Conversely, negative rating
actions could occur if the company's risk-adjusted capitalization
declines to a level below A.M. Best's expectations due to
unfavorable operating results or adverse development in the
company's loss reserves for the 2011 Thailand Flooding.



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


* BOND PRICING: For the Week Oct. 20 to Oct. 24, 2014
-----------------------------------------------------

  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD         2.01
BOART LONGYEAR MAN    7.00   04/01/21     USD        77.25
BOART LONGYEAR MAN    7.00   04/01/21     USD        73.00
CRATER GOLD MINING   10.00   08/18/17     AUD        20.00
KBL MINING LTD       10.00   08/05/16     AUD         0.29
LAKES OIL NL         10.00   11/30/14     AUD        11.50
MIDWEST VANADIUM P   11.50   02/15/18     USD        14.00
MIDWEST VANADIUM P   11.50   02/15/18     USD        13.00
STOKES LTD           10.00   06/30/17     AUD         0.39
TREASURY CORP OF V    0.50   11/12/30     AUD        57.14


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.80
CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.78
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.59
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.14
CHANGZHOU SMALL &     6.18   11/29/14     CNY        60.10
CHINA GOVERNMENT B    1.64   12/15/33     CNY        67.46
DANYANG INVESTMENT    6.30   06/03/16     CNY        70.75
GUANGXI XINFAZHAN     5.75   11/30/14     CNY        39.99
JIANGSU LIANYUN DE    7.85   07/22/15     CNY        71.51
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.89
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.85
LUOHE CITY CONSTRU    6.81   03/30/17     CNY        72.31
NANJING PUBLIC HOL    5.85   08/08/17     CNY        64.62
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.38
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.73
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.51
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.18
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.30
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.15
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY        49.37
ZIBO CITY PROPERTY    5.45   04/27/19     CNY        60.14
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY        71.49


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD        68.88
BERAU COAL ENERGY     7.25   03/13/17     USD        69.86
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
INDONESIA TREASURY    6.38   04/15/42     IDR        73.15
PERUSAHAAN PENERBI    6.10   02/15/37     IDR        70.50


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD        33.75
CORE EDUCATION & T    7.00   05/07/15     USD         9.63
COROMANDEL INTERNA    9.00   07/23/16     INR        15.33
GTL INFRASTRUCTURE    2.53   11/09/17     USD        32.00
INCLINE REALTY PVT   10.85   04/21/17     INR        15.36
INCLINE REALTY PVT   10.85   08/21/17     INR        18.45
INDIA GOVERNMENT B    0.23   01/25/35     INR        15.36
JCT LTD               2.50   04/08/11     USD        18.25
MASCON GLOBAL LTD     2.00   12/28/12     USD         4.46
PRAKASH INDUSTRIES    5.25   04/30/15     USD        75.00
PYRAMID SAIMIRA TH    1.75   07/04/12     USD         1.00
REI AGRO LTD          5.50   11/13/14     USD        55.88
REI AGRO LTD          5.50   11/13/14     USD        55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD        27.00


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY        41.13
AVANSTRATE INC        5.00   11/05/17     JPY        34.38
ELPIDA MEMORY INC     0.70   08/01/16     JPY        10.00
ELPIDA MEMORY INC     0.50   10/26/15     JPY        10.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY        10.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY        10.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY        10.00
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY        73.63
JAPAN EXPRESSWAY H    0.50   09/17/38     JPY        74.31


KOREA
------

2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
DONGBU METAL CO LT    5.20   09/12/19     KRW        61.59
EXPORT-IMPORT BANK    0.50   10/23/17     TRY        73.86
EXPORT-IMPORT BANK    0.50   12/22/17     BRL        70.46
EXPORT-IMPORT BANK    0.50   11/21/17     BRL        72.43
EXPORT-IMPORT BANK    0.50   12/22/17     TRY        72.78
HYUNDAI MERCHANT M    7.05   12/27/42     KRW        42.21
KIBO ABS SPECIALTY   10.00   08/22/17     KRW        30.53
KIBO ABS SPECIALTY   10.00   09/04/16     KRW        66.18
KIBO ABS SPECIALTY   10.00   02/19/17     KRW        30.62
KIBO GREEN HI-TECH   10.00   12/21/15     KRW        68.03
KIBO GREEN HI-TECH   10.00   03/20/15     KRW        73.28
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   12/07/15     KRW        60.03
SINBO SECURITIZATI    5.00   02/02/16     KRW        60.14
SINBO SECURITIZATI    8.00   02/02/15     KRW        69.41
SINBO SECURITIZATI    8.00   02/02/16     KRW        65.60
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   08/16/16     KRW        56.93
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/19/16     KRW        59.74
SINBO SECURITIZATI    9.00   07/27/15     KRW        67.71
SINBO SECURITIZATI   10.00   12/27/15     KRW        67.74
SINBO SECURITIZATI    5.00   08/24/15     KRW        59.00
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   09/13/15     KRW        60.89
SINBO SECURITIZATI    5.00   09/13/15     KRW        57.73
SINBO SECURITIZATI    5.00   03/14/16     KRW        59.37
SINBO SECURITIZATI    8.00   03/07/15     KRW        66.12
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   09/28/15     KRW        58.78
SINBO SECURITIZATI    5.00   06/29/16     KRW        30.59
SINBO SECURITIZATI    5.00   01/29/17     KRW        29.15
SINBO SECURITIZATI    5.00   07/19/15     KRW        59.27
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        27.90
SINBO SECURITIZATI    5.00   12/13/16     KRW        29.49
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        28.90
SINBO SECURITIZATI    5.00   12/25/16     KRW        28.94
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SK TELECOM CO LTD     4.21   06/07/73     KRW        73.73
STX OFFSHORE & SHI    3.00   09/06/15     KRW        72.53
STX OFFSHORE & SHI    6.90   04/09/15     KRW        74.11
TONGYANG CEMENT &     7.50   04/20/14     KRW        70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW        70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW        70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW        70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW        70.00
U-BEST SECURITIZAT    5.50   11/16/17     KRW        28.24
UNIMECH GROUP BHD     5.00   09/18/18     MYR         1.35
WISEPOWER CO LTD      4.00   08/10/15     KRW        56.04


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35   02/20/24     MYR        67.53
BIMB HOLDINGS BHD     1.50   12/12/23     MYR        73.68
BRIGHT FOCUS BHD      2.50   01/24/30     MYR        72.00
BRIGHT FOCUS BHD      2.50   01/22/31     MYR        70.68
LAND & GENERAL BHD    1.00   09/24/18     MYR         0.40
SENAI-DESARU EXPRE    1.15   12/31/24     MYR        68.05
SENAI-DESARU EXPRE    1.15   06/28/24     MYR        69.31
SENAI-DESARU EXPRE    1.15   12/29/23     MYR        70.69
SENAI-DESARU EXPRE    1.35   06/30/28     MYR        61.49
SENAI-DESARU EXPRE    1.35   12/29/28     MYR        60.31
SENAI-DESARU EXPRE    1.10   06/30/22     MYR        74.50
SENAI-DESARU EXPRE    1.15   12/30/22     MYR        73.37
SENAI-DESARU EXPRE    1.15   06/30/23     MYR        72.03
SENAI-DESARU EXPRE    1.15   06/30/25     MYR        66.90
SENAI-DESARU EXPRE    1.35   12/31/25     MYR        67.43
SENAI-DESARU EXPRE    1.35   06/30/26     MYR        66.29
SENAI-DESARU EXPRE    1.35   12/31/26     MYR        65.10
SENAI-DESARU EXPRE    1.35   06/30/27     MYR        63.91
SENAI-DESARU EXPRE    1.35   12/31/27     MYR        62.69
SENAI-DESARU EXPRE    1.35   06/29/29     MYR        59.15
SENAI-DESARU EXPRE    1.35   12/31/29     MYR        58.00
SENAI-DESARU EXPRE    1.35   06/28/30     MYR        56.94
SENAI-DESARU EXPRE    1.35   12/31/30     MYR        55.86
SENAI-DESARU EXPRE    1.35   06/30/31     MYR        54.85
WOONGJIN ENERGY CO    2.00   12/19/16     KRW        57.57


NEW ZEALAND
-----------

KIWI INCOME PROPER    8.95   12/20/14     NZD         1.02



PHILIPPINES
-----------

BAYAN TELECOMMUNIC   13.50   07/15/06     USD        22.75
BAYAN TELECOMMUNIC   13.50   07/15/06     USD        22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD        14.50
BAKRIE TELECOM PTE   11.50   05/07/15     USD         9.00
BLD INVESTMENTS PT    8.63   03/23/15     USD        18.88
BUMI CAPITAL PTE L   12.00   11/10/16     USD        39.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD        35.83
BUMI INVESTMENT PT   10.75   10/06/17     USD        39.75
BUMI INVESTMENT PT   10.75   10/06/17     USD        47.00
ENERCOAL RESOURCES    6.00   04/07/18     USD        43.64
INDO INFRASTRUCTUR    2.00   07/30/10     USD         1.88


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD        13.88
MDX PCL               4.75   09/17/03     USD        25.00


VIETNAM
-------

BANK FOR INVESTMEN   10.33   05/19/16     VND         1.00





                             *********

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, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2014.  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 202-362-8552.



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