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        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

           Monday, March 16, 2009, Vol. 12, No. 52

                            Headlines

A U S T R A L I A

ABC LEARNING: Receivers Seek Extension of Time to Sell 241 Centres
BABCOCK & BROWN INFRASTRUCTURE: Resumes Coal Loading
BEMAX RESOURCES: Moody's Cuts Corporate Family Rating to 'B2'
CROWN LTD: S&P Comments on Termination of Cannery Casino Deal
RIO TINTO: FIR Board Extends Chinalco Deal Evaluation Period

STORM FINANCIAL: CBA Negotiates Settlements with Shared Clients


C H I N A

AGRICULTURAL BANK: To Increase Lending by 30% This Year
FERROCHINA LIMITED: CFO Quits Post as Audit on Units Resumes
LAS VEGAS SANDS: Denies Any Plan to Sell Macau Project


H O N G  K O N G

ACCESS TREND: Creditors' Proofs of Debt Due on March 33
GALWAY LIMITED: Creditors' Proofs of Debt Due on March 31
GREENWICH HONG KONG: Creditors' Proofs of Debt Due on April 15
HONG KONG FISHING: Members' Final Meeting Set for April 20
J&C INVESTMENTS: Ng Kin Yung, Tony Steps Down as Liquidator

JET BILLION: Inability to Pay Debts Prompts Wind-Up
JOINT LEADER: Placed Under Voluntary Wind-Up
KAR SHING: Creditors' Proofs of Debt Due on April 15
LEHMAN BROTHERS: Hong Kong Investors Sue HSBC, BoNY for $1.6BB
MARKVILLE LIMITED: Creditors' Proofs of Debt Due on April 15

MILLION CHEER: Creditors' Proofs of Debt Due on April 14
THE GREENWICH: Members' Final Meeting Set for April 14
ZH033 ENGINEERNG: Mee and Yee Step Down as Liquidators


I N D I A

BHARTIYA SAMRUDDHI: CRISIL Cuts LT Bank Loan Rating to 'BB+'
JAI BHARAT: CRISIL Rates Rs.10.0 Mln. Cash Credit at 'BB'
K CHANDRAKANT: Declining Profitability Cues CRISIL 'P4' Ratings
KASTURI LEASING: RBI Cancels Certificate of Registration
PRATHAMESH CERAMICS: CRISIL Puts 'B-' Rating on Rs.283MM LT Loan

SHREE NAKODA: CRISIL Assigns 'BB+' Ratings on Various Bank Loans
THE HALIYAL: Insolvency Prompts RBI to Cancel License


I N D O N E S I A

SARIJAYA PERMANA: Clients Call on IDX to Pay Out Frozen Funds


J A P A N

CREDIT SUISSE: Moody's Downgrades Ratings on Credit Default Swap
ELPIDA MEMORY: Taiwan May Use Company's Technology, Reuters Says
GREDDY PERFORMANCE: Court Approves Parent's Reorganization Plan
JAPAN ASIA: JCR Withdraws 'BB+' Rating on Senior Debts
LEHMAN BROS: Nomura to Shut Down Unit With Former Lehman Staff

NOMURA HOLDINGS: Mulls Funding Through Preferred Shares Issuance


M A L A Y S I A

GOLD BRIDGE: Incurs MYR5.54MM Net Loss in Qtr Ended Dec. 31
KOSMO TECHNOLOGY: Court to Hear Judgement in Default on April 7
MALAYAN BANKING: Stocks Decline 6.9% to MYR4.04 Last Week


N E W  Z E A L A N D

SENSATION YACHTS: Two Applications to Liquidate Firm Withdrawn
SUPERFURN NEW ZEALAND: To Shut Down Due to Recession
* NEW ZEALAND: Manufacturing Sales Volume Fell 5.4% in Dec. Qtr.
* NEW ZEALAND: Motor Vehicle Retail Sales Fell 11% in January


N I G E R I A

ACCESS BANK: S&P Assigns 'B+/B' Counterparty Credit Ratings


S I N G A P O R E

HECATE SHIPPING: Creditors' Proofs of Debt Due on April 2
PACIFIC EXPLORATION: Court to Hear Wind-Up Petition on April 3


T A I W A N

NANYA TECHNOLOGY: To Keep Ties With Micron, Bloomberg Says
POWERCHIP SEMICONDUCTOR: In Merger Talks With Japan's Elpida


U N I T E D  A R A B  E M I R A T E S

ADVANCED MICRO: Sells $124.7MM in Shares to Abu Dhabi Firm


X X X X X X X X

* S&P Puts Junk Ratings on Five Asia-Pacific CDOs on WatchNeg.


                         - - - - -


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

ABC LEARNING: Receivers Seek Extension of Time to Sell 241 Centres
------------------------------------------------------------------
The court appointed receivers of ABC Learning Limited have asked
for more time to sell off ABC's 241 centres, the Sydney Morning
Herald reports.

The receivers, who have been appointed until the end of this
month, have asked to have their appointment extended until May 15,
the Herald relates.

The Herald notes the receivers have said they will not need
further funding from the government.

According to the Herald, PPB's Stephen Parbery said it is a
complicated sales process with the receivers for ABC2 currently
assessing offers from more than 180 parties and negotiating with
more than 100 individual landlords.

Meanwhile, the Advertiser says the receivers have gained support
from the federal government for an extension of time.

According to the Advertiser, Deputy Prime Minister Julia Gillard
said on Friday the government would support the extension, subject
to court approval, and continue to fund losses during the period
to May 15.

Ms. Gillard, the Advertiser relates, said no additional funding
would be needed as the government would draw from unused funds
from the previous AU$58 million commitment.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, the Canberra Times said the receivers of ABC
Learning received more than 300 new inquiries from potential
buyers for ABC's unviable 241 childcare centres, collectively
known as the ABC2 group.

Receivers McGrath Nichol, Canberra Times noted, is still managing
the remaining 720 ABC Learning centres, while the ABC2 group has
been given AU$34 million by the Federal Government to stay open
until March 31.

                   About ABC Learning Centres

ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include ABC Developmental Learning Centres Pty Ltd, ABC
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, ABC  Developmental Learning Centres (NZ) Ltd.,
ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

ABC said subsequent to the appointment of administrators, the
company's banking syndicate appointed Chris Honey, Murray Smith
and John Cronin of McGrathNicol as receivers.


BABCOCK & BROWN INFRASTRUCTURE: Resumes Coal Loading
----------------------------------------------------
Babcock & Brown Infrastructure Group (BBI) resumed loading ships
Thursday, at the Dalrymple Bay port in Queensland after a stoppage
due to a tropical cyclone, Angela Macdonald-Smith at Bloomberg
News reports.

"The first vessel has berthed this morning, with the second about
to berth, so we are back to loading ships," Bloomberg News cited
Greg Smith, general manager of operations at the unit of Babcock
Infrastructure that owns the port, in an e-mail.

According to Bloomberg News, the Bureau of Meteorology said
Australian authorities evacuated resort islands off Queensland's
coast during the weekend and put emergency services on alert as
Tropical Cyclone Hamish brought damaging winds and high seas.  The
storm has since abated to a low weather system and is continuing
to weaken as it moves northwest back up the Queensland coast.

Bloomberg News says rail deliveries of coal to both Dalrymple Bay
and Hay Point, south of Mackay, remain disrupted after a train
accident earlier in the week.

Based in Australian, Babcock & Brown Infrastructure Group (BBI)
specialist infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure.  The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL).  On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies.  On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating.  The outlook on the ratings is stable.


BEMAX RESOURCES: Moody's Cuts Corporate Family Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of Bemax Resources Limited from B2 to B3.
The outlook is negative.

"The ratings downgrade primarily reflects elevated concerns with
regard to Bemax' liquidity and its capacity to maintain sufficient
working capital to fund ongoing operations and capex, including
its planned 'Snapper' mine expansion" says Ian Lewis a Moody's
Vice President and Senior Analyst, adding, "At the same time the
demand for the company's products faces protracted challenges as
regional and global economies slow sharply."

"The company's immediate liquidity has been severely strained by
weaker cash flows due to high costs, inventory build-up, and
reduced shipments for low-Ti02 content materials, which have
continued over previous quarters", says Lewis who is also lead
analyst for the company, adding, "A combination of weak earnings,
high gearing and poor liquidity has substantially pressured the
company's ratings", says Lewis.

The negative outlook continues to reflect a very challenging
environment for the company given its high leverage and weak
liquidity and uncertain demand for the company's output in its key
markets as global growth slows sharply.

Continued weakness in Bemax' liquidity profile or ongoing earnings
and/or cash flow deterioration are likely to place further
pressure on the ratings.

Bemax Resources Limited is an Australian-based mineral sands
producer, producing zircon and titanium based feedstock products.
Bemax is a wholly owned subsidiary of The National Titanium
Dioxide Company Limited (Cristal Global), which operates a large,
low-cost, TiO2 facility in Yanbu, Saudi Arabia.

The last rating action was on 19 September, 2008 when the ratings
of Bemax Resources Limited were downgraded from Ba3 to B2, with
negative outlook.


CROWN LTD: S&P Comments on Termination of Cannery Casino Deal
-------------------------------------------------------------
Standard & Poor's Ratings Services said that Crown Ltd.'s
(BBB/Negative/A-3) financial risk profile has improved following
the termination of Crown's agreement to buy Cannery Casino Resorts
LLC (B+/Watch Pos/--).  Crown will need to pay a termination fee
of US$50 million to Cannery shareholders as part of the
termination agreement, and will (subject to gaming approval) fund
the purchase of a US$320 million preferred instrument, giving the
company an effective 24.5% minority stake in Cannery.

Nevertheless, the implications of this settlement on Crown's
credit measures are significantly less than if the full
acquisition of Cannery had proceeded.  Crown's financial metrics
are now expected to remain at a level supportive of the 'BBB'
long-term rating.  The rating outlook remains negative, reflecting
uncertainty in relation to Crown's future financial policy and
strategic intentions following this announcement.


RIO TINTO: FIR Board Extends Chinalco Deal Evaluation Period
------------------------------------------------------------
The Australian reports that the Foreign Investment Review Board
will take another 90 days to evaluate the US$19.5 billion (AU$30
billion) alliance between Rio Tinto and Chinese mining giant
Chinalco.

According to the report, the board's initial 30-day evaluation
period ends today but it had been widely expected the body would
exercise a routine 90-day extension, given the complexity of the
deal.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 17, 2009, Rio Tinto disclosed that it would form a US$19.5
billion strategic partnership with Chinalco.

In a press statement, Rio Tinto said the transaction will forge a
pioneering strategic partnership through the creation of joint
ventures in aluminium, copper, and iron ore as well as the issue
of convertible bonds to Chinalco, which would, if converted, allow
Chinalco to increase its existing shareholding in Rio Tinto.

The transaction is subject to approval by the shareholders of Rio
Tinto, governments and other regulators.

                       About Rio Tinto

Rio Tinto -- http://www.riotinto.com/-- is an international
mining group headquartered in the UK, combining Rio Tinto plc, a
London and NYSE listed public company, and Rio Tinto Limited,
which is a public company listed on the Australian Securities
Exchange.

Rio Tinto's business is finding, mining, and processing mineral
resources.  Major products are aluminium, copper, diamonds, energy
(coal and uranium), gold, industrial minerals (borax, titanium
dioxide, salt, talc) and iron ore.  Activities span the world but
are strongly represented in Australia and North America with
significant businesses in South America, Asia, Europe and southern
Africa.


STORM FINANCIAL: CBA Negotiates Settlements with Shared Clients
---------------------------------------------------------------
Commonwealth Bank of Australia is negotiating confidential
settlements with clients it shares with Storm Financial, Colin
Kruger at the Age reports.

According to the report, CBA, which was the largest provider of
mortgages, margin loans, and fund management services to Storm
clients, was making settlements on a case-by-case basis and
subject to confidentiality as each customer had unique financial
circumstances.

Clients who are pensioners and unable to make payments, are
believed to be offered a complete freeze on their mortgages, the
report relates.

In some cases, CBA will not charge interest and the loan will not
be indexed to inflation, the Age adds.

"The bank does not want other customers, whose circumstances may
be different, gaining a mistaken view of what the bank might do in
different circumstances," The Age quoted the bank's statement.

The report, citing BusinessDay, says that all the deals will
require that clients sign away any right to legal action against
CBA over the debacle.

"In this climate, it is appropriate that the bank is seeking
appropriate legal arrangements with its customers to ensure that
any rearrangements of facilities are final and conclusive, to
allow all parties to move on," the bank said in a statement as
quoted by The Age.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.

The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."



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

AGRICULTURAL BANK: To Increase Lending by 30% This Year
-------------------------------------------------------
The Agricultural Bank of China is aiming to increase lending by
30 percent this year as it responds to the government's stimulus
plan, Shanghai Daily reports.

According to the report, the bank said it plans to lend CNY480
billion (US$70.2 billion) in 2009, completing 75 percent of its
full-year target in the first half.

The bank, Shanghai Daily notes, has advanced CNY281 billion of
loans in the first two months.

Meanwhile, the report relates Industrial and Commercial Bank of
China Ltd also plans to offer CNY530 billion of new lending this
year, while the Bank of China Ltd aims to advance at least CNY500
billion.

Shanghai Daily says Chinese banks have stepped up lending after
the central bank removed quotas in November last year and the
government urged support for its 4-trillion-yuan stimulus plan.

Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

                          *     *     *

As reported in The Troubled Company Reporter-Asia Pacific on
October 28, 2008, Moody's Investors Service affirmed all ratings
of the Agricultural Bank of China and changed the outlook on its E
bank financial strength rating to positive from stable.  The
action does not affect ABC's A1/Prime-1 foreign currency deposit
ratings, which maintain their stable outlook.

The Bank also carries an 'E' Individual rating from Fitch Ratings.


FERROCHINA LIMITED: CFO Quits Post as Audit on Units Resumes
------------------------------------------------------------
FerroChina Ltd. Chief Financial Officer Soh Wai Kong, who joined
the company in December 2007, has left his post to seek "other
career" opportunities, Bloomberg News reports.

Separately, Bloomberg News reports FerroChina said administrators
appointed Jiangsu Tianhua Dapeng Certified Public Accountants Co.
to audit its five China subsidiaries.

The administrators have also met with creditors, although
FerroChina were not informed of the outcome of the meeting, the
company said as cited by the report.

Bloomberg News recalls FerroChina said in October it was unable to
repay working capital loans because of the economic crisis, and
that it was in talks with potential investors about a rescue.

The China units were facing 206 lawsuits from creditors claiming a
total of CNY4.82 billion (US$706 million), a Nov. 12 company
statement obtained by the news agency said.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
10, 2008, Bloomberg News said Citigroup Inc. and Citadel
Investment Group LLC are among foreign creditors that planned to
seize and sell the assets of FerroChina.

According to Bloomberg News, the creditors hired London-based law
firm Clifford Chance LLP to help them recoup US$130 million of
bonds due 2011 and US$160 million of loans.  CLSA Capital Partners
and Credit Suisse Group AG also sought recoveries, Bloomberg
noted.

                          Loan Default

November last year, the company said due to the current economic
crisis, it is unable to repay part of its working capital loans
aggregating approximately RMB706 million which has become due and
payable.  As a result, further loan facilities and notes of
approximately RMB2.03 billion may potentially become due and
payable.

There are some other working capital loans of RMB2.49 billion
which may also become due and payable, the company said.

                Manufacturing Operations Ceased

Citing liquidity issues, the company temporarily ceased its
manufacturing operations in its factories located in Changshu
City, Jiangsu, PRC and Changshu Riverside Industrial Park,
Jiangsu, PRC.

                 Court Proceedings by Creditors

In a press statement last year, the company said that various
creditors of the company's PRC subsidiaries, including lenders and
suppliers, have commenced PRC court proceedings to claim for
amounts owing by these subsidiaries.  The subsidiaries involved
comprise:

   (a) Changshu Xinghai Advanced Building Material Co., Ltd;

   (b) Changshu Xingyu Advanced Building Material Co., Ltd;

   (c) Changshu Xingdao Advanced Building Material Co., Ltd;

   (d) Changshu Everbright Material Technology Co., Ltd;

   (e) Tianjin Everbright Material Technology Co., Ltd; and

   (f) Changshu Changgang Steel Plate Co., Ltd

In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.

                     Appointment of Receivers

PricewaterhouseCoopers Singapore was appointed as receiver over
the shares of the company's wholly-owned subsidiaries:

   (a) Trigo Lucky, being the immediate holding company
       of Xinghai and Xingyu; and

   (b) Twin Well, being the immediate holding company
       of Xingdao,

pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.

                         About FerroChina

FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/ –is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding. The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications. On
January 18, 2007, it acquired 35.45% of the equity interest in
China GalvaTech Holdings Limited.  On October 30, 2007, it
acquired Superb Team Limited.  On January 3, 2008, it incorporated
a wholly owned subsidiary, Ferro Resources Pte Ltd.


LAS VEGAS SANDS: Denies Any Plan to Sell Macau Project
------------------------------------------------------
Bloomberg News reports Ming Pao Daily, a Chinese-language
newspaper, cited two unidentified people as saying there are
rumors a Chinese tycoon is interested in taking over Las Vegas
Sands Corp's operations in Macau, including its gambling license.

Las Vegas Sands spokesman Ron Reese however denied the move saying
“we worked very hard to earn the concession and we have no
intention of selling the license,” the report relates.

The report recalls the casino operator's controlling shareholder,
Sheldon Adelson, on March 10 said he's in talks with four groups
of potential investors and that he's traveling to China this week
to meet with two construction companies that may invest in the
company's stalled US$12 billion Macau project.

According to Bloomberg News, the Macau development, including
Shangri-La and St. Regis hotels, apartments, a casino and mall,
was mothballed in November amid frozen credit markets.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As of Sept. 30, 2008, the company has US$14.7 billion in total
assets, and US$12.4 billion in total liabilities.  Unrestricted
cash balances as of September 30, stood at US$1.28 billion while
restricted cash balances were US$239.1 million.  Of the restricted
cash balances, US$199.6 million is restricted for Macao-related
construction and US$32.3 million is restricted for construction of
Marina Bay Sands in Singapore.  As of Sept. 30, total debt
outstanding, including the current portion, was US$10.35 billion.

As reported in the Troubled Company Reporter on Mar. 12, 2009,
Moody's Investors Service lowered the Probability of Default and
Corporate Family Ratings of Las Vegas Sands, Corp. to B3 from B2.
Moody's also lowered various ratings of Las Vegas Sands'
subsidiaries, including Venetian Casino Resort, LLC (and its co-
issuer Las Vegas Sands, LLC) and Venetian Macao Limited.  The
rating outlook is negative.  Moody's also affirmed Las Vegas
Sands' SGL-3 Speculative Grade Liquidity rating. The rating action
concludes the review process that was initiated on November 12,
2008.



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

ACCESS TREND: Creditors' Proofs of Debt Due on March 33
-------------------------------------------------------
The creditors of Access Trend Limited are required to file their
proofs of debt by March 30, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 6, 2009.

The company's liquidator is:

          Yeung Mui Kwan, David
          San Toi Building, 14th Floor
          137-139 Connaught Road, Central
          Hong Kong


GALWAY LIMITED: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------------
The creditors of Galway Limited are required to file their proofs
of debt by March 31, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 5, 2009.

The company's liquidator is:

          Cheng Chung Por Gordon
          1902 MassMutual Tower
          38 Gloucester Road, Wanchai
          Hong Kong


GREENWICH HONG KONG: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------------
The creditors of Greenwich Hong Kong No. 1 Limited are required to
file their proofs of debt by April 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 6, 2009.

The company's liquidators are:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


HONG KONG FISHING: Members' Final Meeting Set for April 20
----------------------------------------------------------
The members of Hong Kong Fishing Fellowship Limited will hold
their final general meeting on April 20, 2009, at 10:00 a.m., at
Office C, 2nd Floor, 89-93 Bonham Strand, Hong Kong.

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


J&C INVESTMENTS: Ng Kin Yung, Tony Steps Down as Liquidator
-----------------------------------------------------------
On March 4, 2009, Ng Kin Yung, Tony stepped down as liquidator of
J&C Investments Limited.

The company's former Liquidator can be reached at:

          Ng Kin Yung, Tony
          Greenwich Centre, 6th Floor
          260 King's Road, North Point
          Hong Kong


JET BILLION: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
On March 6, 2009, the members of Jet Billion Limited passed a
resolution that voluntarily wind up the company's operations due
to its inability to pay debts when it fall due.

The company's liquidator is:

          Lo Wing Hung
          Castra CPA Limited
          Certified Public Accountants (Practising)
          China Insurance Group Building
          Room 2601, 26th Floor
          141 Des Voeux Road Central
          Hong Kong


JOINT LEADER: Placed Under Voluntary Wind-Up
--------------------------------------------
On March 9, 2009, the shareholders of Joint Leader Limited passed
a resolution that voluntarily wind up the company's operations.

The company's liquidators are:

          Man Mo Leung
          Kenneth Graeme Morrison
          Mazars CPA Limited
          The Lee Gardens, 34th Floor
          33 Hysan Avenue, Causeway Bay
          Hong Kong


KAR SHING: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------
The creditors of Kar Shing Restaurant, Limited are required to
file their proofs of debt by April 15, 2009, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2009.

The company's liquidator is:

          Lin Lai Har Wendy
          1301 Eton Tower, 8 Hysan Avenue
          Causeway Bay
          Hong Kong


LEHMAN BROTHERS: Hong Kong Investors Sue HSBC, BoNY for $1.6BB
--------------------------------------------------------------
Six Hong Kong investors -- Siu Lui Ching, Chun IP, Jin Liu, Yin
Ying Leung, Lai Mei Chan, Sing Heung on behalf of Ka Kin Wong and
other similarly situated Hong Kong investors -- filed an
adversary proceeding before the U.S. Bankruptcy Court for the
Southern District of New York against HSBC USA, Inc., HSBC Bank
PLC, Pacific international Finance Limited, HSBC Bank (Cayman)
Limited, HSBC Holdings PLC, Scott Aitken, Cereita Lawrence, Sarah
Coombs, Janet Crawshaw, Sylvia Lewis, The Bank of New York Mellon
Corporation, and Lehman Brothers Special Financing Inc.

The complaint seeks the return of $1.6 billion securing the
collateral for structured notes linked to Lehman Brothers
Holdings, Ltd., rather than allow the Lehman estates to seize the
collateral, Debra Mao and Kelvin Wong of Bloomberg News reported.

According to the report, the complaint says HSBC and its
affiliates are the issuer, trustee, and custodian of about
$2 billion of derivatives marketed as "minibonds," while BNY
Mellon is a custodian of part of the collateral.  The complaint
accuses HSBC of failing to protect the collateral and seeks
damages from HSBC for alleged breach of contract, breaches of
fiduciary duties, and negligence.

"The Hong Kong legal system cannot help us get back our money, so
we have to bring our case to the U.S.," Peter Chan, head of the
group of Hong Kong investors, told The International Herald
Tribune.  According to the newspaper, the adversary proceeding
seeks class-action status for about 33,000 minibond investors in
Hong Kong.

Bloomberg said Hong Kong's securities regulator is investigating
complaints about Lehman minibonds, while the city's legislature
is holdings its own hearings. Bloomberg, citing a study by the
Hong Kong Securities and Futures Commission published in February
2009, said a total of HK$13.9 billion, or US$1.8 billion, of the
credit-linked notes arranged by a local Lehman unit were sold to
Hong Kong investors.

The Hong Kong investors are represented by Coughlin Stoia Geller
Rudman & Robbins, LLP, in the complaint.

                    Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Several affiliates filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                           Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


MARKVILLE LIMITED: Creditors' Proofs of Debt Due on April 15
------------------------------------------------------------
The creditors of Markville Limited are required to file their
proofs of debt by April 15, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 2, 2009.

The company's liquidator is:

          Chan Shui Kin, Pollyanna
          Wing Hang Finance Centre, 23rd Floor
          60 Gloucester Road
          Wanchai, Hong Kong


MILLION CHEER: Creditors' Proofs of Debt Due on April 14
--------------------------------------------------------
The creditors of Million Cheer Limited are required to file their
proofs of debt by April 14, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 5, 2009.

The company's liquidator is:

          Ng Kam Chiu
          13A, Tak Lee Commercial Building
          113-117 Wanchai Road
          Wanchai, Hong Kong


THE GREENWICH: Members' Final Meeting Set for April 14
------------------------------------------------------
The members of The Greenwich Group Asia (2001) Limited will hold
their final general meeting on April 14, 2009, at 10:00 a.m., at
Level 28 of Three Pacific Place, 1 Queen's Road East, Hong Kong.

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


ZH033 ENGINEERNG: Mee and Yee Step Down as Liquidators
------------------------------------------------------
On February 25, 2009, Natalia Seng Ka Mee and Cynthia Wong Tak Yee
stepped down as liquidators of ZH033 Engineering Design Limited.



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BHARTIYA SAMRUDDHI: CRISIL Cuts LT Bank Loan Rating to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its rating on Bhartiya Samruddhi Finance
Ltd's (BSFL's) Rs.1.5 billion proposed long-term bank loan
facility to 'BB+/Stable' from 'BBB-/Negative'.  The downgrade is
driven by continued delays in infusion of equity capital in the
current financial year, which indicates a weakened ability to
mobilise capital required to sustain its long term growth
aspiration.  The delays have led to a deterioration in BSFL's
capitalisation levels and overall financial risk profile: the
company's ability to maintain the regulatory minimum capital
adequacy requirement on a steady-state basis is now under
pressure.  The delays also increase BSFL's reliance on assignment
of portfolio as a mode of funding for fresh disbursements, and may
constrain its competitive position over the near to medium term.

The revised rating also reflects BSFL's modest, though improving,
earnings profile, small scale of operations, and exposure to risks
inherent to the microfinance industry.  These weaknesses are
mitigated by the company's comfortable asset quality, adequate
systems and processes, diversified wholesale borrowing profile,
and significant track record in microfinance.

Outlook: Stable

CRISIL believes that BSFL's capital adequacy will remain under
pressure over the medium term, despite expectation of additional
equity infusion in the near term.  The outlook may be revised to
'Positive' if BSFL maintains its capital adequacy over the medium
term at levels that are substantially higher than the regulatory
minimum, without compromising on its market position in the
microfinance segment.  Conversely, the outlook may be revised to
'Negative' if BSFL's business risk profile is constrained by
material deterioration in asset quality or weakening in resource
profile, or if the company reports losses, leading to erosion in
capital.

                     About Bhartiya Samruddhi

BSFL, a non-banking financial company (NBFC) promoted by Bhartiya
Samruddhi Investments and Consulting Services Ltd (BASICS), began
operations in 1997. BSFL provides microfinance (credit and
insurance services) and knowledge-based technical assistance.  Its
customers include small and marginal farmers, rural artisans,
micro enterprises, and federations and cooperatives owned by self-
help groups.  During 2007-08 (refers to financial year, April 1 to
March 31), the company's loan disbursements grew by 65.9 per cent
over the previous year, to Rs.2.82 billion. BSFL's services are
organised under three major heads: livelihood financial services,
agricultural and business development services, and institutional
development services.

For 2007-08, BSFL reported a profit after tax (PAT) of Rs.39.9
million on a total income of Rs.523.2 million, as against a PAT of
Rs.29.3 million on a total income of Rs.361 million in the
previous year.  For the nine months ended December 31, 2008, it
reported a PAT of Rs.54.5 million (Rs.33.8 million in the
corresponding period of the previous year) on a total income of
Rs.710.2 million (Rs.370.5 million).


JAI BHARAT: CRISIL Rates Rs.10.0 Mln. Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Jai Bharat Gum & Chemicals Ltd (JBGCL).

   Rs.10.0 Million Cash Credit              BB/Stable (Assigned)
   Rs.270.0 Million Export Packing Credit   P4 (Assigned)
   Rs.200.0 Million Foreign Bill Purchase   P4 (Assigned)
   Rs.20.0 Million Short-Term Loan          P4 (Assigned)
   Rs.2.5 Million Bank Guarantee            P4 (Assigned)
   Rs.2.5 Million Letter of Credit         P4 (Assigned)

The ratings reflect JBGCL's moderate scale of operations, low
profitability, and working capital-intensive nature of operations.
The ratings also factor in the company's exposure to risks related
to customer concentration, volatility in raw material prices, and
stiff competition due to low entry barriers in the guar gum
business.  These weaknesses are mitigated by JBGCL's established
track record in the guar gum business, and the extensive
experience of its promoters.

Outlook: Stable

CRISIL believes that JBGCL will maintain its stable financial risk
profile over the medium term, notwithstanding the increase in
gearing due to higher working capital borrowings.  The company's
business risk profile is also expected to be stable over the
medium term supported by stabilisation of its expanded guar gum
powder capacities. The outlook may be revised to 'Positive' if
there is a significant improvement in the company's capital
structure.  Conversely, the outlook may be revised to 'Negative'
if JBGCL's business growth and profitability are adversely
affected due to the current global economic slowdown.

                        About Jai Bharat

Established in 1982, JBGCL is a closely-held public limited
company that manufactures guar gum splits and guar gum powder,
primarily for the exports market.  Guar gum meal, a by-product in
the process, is sold in the domestic market and is used as cattle
feed.  The company has a capacity to manufacture 27,600 tonnes per
annum (tpa) of guar gum splits and 10,800 tpa of guar gum powder.
The manufacturing units of the company are located in Siwani
Mandi, Haryana.

For 2007-08 (refers to financial year, April 1 to March 31), JBGCL
reported a profit after tax (PAT) of Rs.11.6 million on sales of
Rs.1036.9 million, as against a PAT of Rs.22.9 million on net
sales of Rs.976.3 million for the previous year.


K CHANDRAKANT: Declining Profitability Cues CRISIL 'P4' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of K Chandrakant & Co (Chandrakant & Co).

   Rs.387.5 Million Post Shipment Credit*     P4 (Assigned)
   Rs.62.5 Million Packing Credit             P4 (Assigned)
   Rs.100 Million Proposed Packing Credit/    P4 (Assigned)
          Post Shipment Limits

   * Fully interchangeable with packing credit.

The ratings reflect Chandrakant & Co's moderate scale of
operations, exposure to risks relating to customer concentration
and declining profitability.  These weaknesses are, however,
partially offset by Chandrakant & Co's established track record of
around 50 years in the diamonds industry.

                       About K Chandrakant

Set up in 1958 as a partnership firm by Mr. Chhabildas Shah,
Mr. Kantilal Shah and Mr. Chandrakant Doshi, Chandrakant and Co
currently has eight partners, comprising the three founder
partners, and their five sons.  The firm manufactures and trades
in cut and polished diamonds.  Its manufacturing facilities are at
Surat (Gujarat) and Mumbai (Maharashtra). USA contributes around
90 per cent to the firm's export revenues.  For 2007-08 (refers to
financial year, April 1 to March 31), Chandrakant reported a
profit after tax (PAT) of Rs.11 million on net sales of Rs.1374
million, as against a PAT of Rs.20 million on net sales of Rs.1542
million for 2006-07.


KASTURI LEASING: RBI Cancels Certificate of Registration
---------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s. Kasturi Leasing & Financial Services
Ltd. for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

M/s. Kasturi Leasing & Financial Services Ltd.'s registered office
is at New Market, Nautanwa, Maharajganj (U.P.).


PRATHAMESH CERAMICS: CRISIL Puts 'B-' Rating on Rs.283MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative' to the various
bank facilities of Prathamesh Ceramics Pvt Ltd (PCPL).

   Rs.283 Million Long Term Loan    B-/Negative (Assigned)
   Rs.40 Million Cash Credit        B-/Negative (Assigned)

The ratings reflect the significant delay in the implementation of
PCPL's project, and its likely impact on the company's debt
servicing ability.  The ratings are further constrained by the
limited experience of PCPL's promoters in the insulator business,
and the company's exposure to product offtake and revenue
concentration risks.  These weaknesses are, however, partially
offset by the favourable business prospects for the insulator
industry.

Outlook: Negative

CRISIL believes that Prathamesh Ceramics Pvt. Ltd.'s (PCPL's)
credit profile will remain weak due to the significant delay in
the commencement of production; consequently the debt servicing
ability will be impacted due to lack of cash flows from the
project.  The rating may be downgraded if the company is unable to
successfully reschedule its term debt obligations by June 2009.
The outlook may be revised to 'Stable' if the company is able to
commence its commercial production without any further delays,
obtain product approvals and generate healthy cash accruals.

                    About Prathamesh Ceramics

PCPL was incorporated in 2006 by Mr. Nitin Wagaskar and Mr.
Prakash Wagaskar.  The company is in the process of setting up a
plant at Lakhmapur in Nashik (Maharashtra), to manufacture
electrical insulators made of glazed porcelain; the plant is
likely to have an annual capacity of 3920 tonnes.  The total
capital expenditure estimated for this project is Rs.538 milllion.


SHREE NAKODA: CRISIL Assigns 'BB+' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Negative/P4' to the bank
facilities of Shree Nakoda Ispat Ltd (Shree Nakoda).

   Rs.29.30 Million Working Capital   BB+/Negative (Assigned)
            Demand Loan

   Rs.188.70 Million Cash Credit      BB+/Negative (Assigned)
   Rs.608.60 Million Term Loan        BB+/Negative (Assigned)
             Facility*
   Rs.50 Million Bill Discounting     P4 (Assigned)
             Facility
   Rs.27 Million Bank Guarantee       P4 (Assigned)

   * includes proposed facility of Rs.91.30 Millions

The ratings reflect Shree Nakoda's aggressive debt-funded capital
expenditure (capex) plans, which may constrain its financial risk
profile over the medium term; the ratings also factor in the
company's low financial flexibility.  These weaknesses are
mitigated by Shree Nakoda's average business risk profile,
supported by increasing integration, and healthy operating
margins.

Outlook: Negative

CRISIL expects Shree Nakoda's financial risk profile to remain
strained because of aggressive capex plans, and pressure on
accruals due to debt repayment obligations and reducing steel
prices.  The ratings may be downgraded in case accruals are lower
than projected.  Conversely, the outlook may be revised to
'Stable' if accruals are considerably higher than projected, or if
the debt taken to fund capex is lower than expected.

                       About Shree Nakoda

Shree Nakoda was incorporated in 2000 by the Jain family.  The
Goel group of Raipur acquired the company in 2003, and set up an
integrated steel plant, which includes a 200-tonnes-per-day sponge
iron plant, a 6-megawatts power plant based on waste heat
recovery, and an ingot and billet plant.  For 2007-08 (refers to
financial year, April 1 to March 31), Shree Nakoda reported a
profit after tax (PAT) of Rs.48 million on net sales of Rs.1132
million, as against a PAT of Rs.9 million on net sales of Rs.613
million for the previous year.


THE HALIYAL: Insolvency Prompts RBI to Cancel License
-----------------------------------------------------
The Reserve Bank of India cancelled the license of The Haliyal,
Urban Co-operative Bank Ltd. after the close of business on
February 26, 2009.

According to RBI, the bank had ceased to be solvent, all efforts
to revive it in close consultation with the Government of
Karnataka had failed and the depositors of the bank were being
inconvenienced by continued uncertainty.

Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies, Karnataka to wind up The
Haliyal, Urban Co-operative Bank and appoint a liquidator.

The bank was registered as a co-operative society on December 12,
1954 and had commenced banking business on March 02, 1955. After
the Banking Regulation Act was made applicable to Co-operative
Societies in 1966, it had submitted an application to Reserve Bank
of India on March 31, 1968 for licence to conduct the banking
business under section 22 of the Banking Regulation Act,
1949(AACS).

According to the RBI, the bank was classified as "weak" from
June 30, 1988 and was placed under rehabilitation.  As it was not
complying with the norms for issue of licence even after a lapse
of many years and was not likely to qualify for the same in the
near future, the bank was advised in April 2002 to take necessary
steps to go out of the purview of the Act.  Though it was issued
supervisory instructions from time to time, it failed to show any
improvement. On the contrary, its position continued to
deteriorate.

The inspection of the bank conducted with reference to its
financial position as on March 31, 2007 revealed that the bank's
financial position had deteriorated considerably during the year
and it was placed under directions under Section 35 A of the
Banking Regulation Act, 1949 (As applicable to Co-operative
Societies) vide Directive dated January 23, 2008. The directions,
among others, prohibited acceptance of fresh deposits and further
lending and restricted repayment of deposits up to a maximum of
Rs.1000/- per depositor.

RBI had issued a show cause notice to the bank asking it to show
cause as to why the license granted to it to conduct banking
business should not be cancelled.  As the bank did not have a
viable plan of action for its revival and the chances of its
revival were remote, RBI cancelled the bank's license in
the interest of its depositors.

With the cancellation of its licence and commencement of
liquidation proceedings, the process of paying the depositors of
The Haliyal, Urban Co-operative Bank Ltd. will be set in motion
subject to the terms and conditions of the Deposit Insurance
Scheme.



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

SARIJAYA PERMANA: Clients Call on IDX to Pay Out Frozen Funds
-------------------------------------------------------------
Angry customers of PT Sarijaya Permana Sekuritas demanded the
Indonesia Stock Exchange (IDX) to pay out their funds, which are
are currently frozen, Jakarta Globe reports.

As reported by the Troubled Company Reporter – Asia Pacific on
Jan. 9, 2009, Herman Ramli, owner of Sarijaya Permana embezzled
some IDR240 billion (US$22.32 million) in investors' funds.

The Capital Market and Financial Institutions Supervisory Agency
(Bapepam-LK) started examining the claims of investors, the TCR-AP
adds.

However, the process of verification has taken longer than
expected and customers were now despairing of seeing their shares
and in desperate need for ready cash, the Jakarta Globe relates.

The report, citing a senior official of IDX, says that IDX could
not meet the customers' demands, as the legal process was still
ongoing.

A group of Sarijaya's customers is now planning to question higher
authorities about who was responsible for their money, the report
discloses.

The government has not yet guaranteed any of the investors' money,
the report noted.

Established in 1990, PT Sarijaya Permana Sekuritas (SPS), the
Globe says, boasts institutional clients in various sectors,
including 30 pension funds, 11 insurance firms, two financial
firms and two large foundations.  The company has about 48
branches around the country.



=========
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CREDIT SUISSE: Moody's Downgrades Ratings on Credit Default Swap
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of credit default swap entered into between Credit Suisse
International and Aurelius Limited.  Aurelius limited is the
protection seller.  This transaction is a Credit Default Swap
which references structured finance securities including ABS,
CDOs, and RMBS.

Moody's explained that the rating action is due to the update of
key modeling parameter assumptions as well as the deterioration of
the reference pool.  The revised and updated key modeling
parameter assumptions that Moody's uses to assign and monitor
ratings of SF CDOs were also applied to the rating actions.

In addition, Moody's explained that this rating action also
reflects certain updates and projections as well as recent rating
actions on referenced assets including CLOs as described below.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  According to
the press release, Moody's expects that the revised assumptions
will have a significant impact on mezzanine and junior CLO
tranches, resulting in a downgrade of their ratings by three to
six notches on average.  On March 4, 2009, Moody's placed all but
the senior-most CLO tranches on review for downgrade.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Reports below:

  -- Moody's Approach to Rating SF CDOs (March 2009)

The rating action is:

(1) Aurelius Limited - Credit Default Swap Referencing a Pool of
Structured Finance Securities (Scheduled Termination Date:
January 30, 2015)

  -- Current Rating: Ba2
  -- Prior Rating: Aaa
  -- Prior Rating Action Date: April 30, 2003, assigned Aaa

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


ELPIDA MEMORY: Taiwan May Use Company's Technology, Reuters Says
----------------------------------------------------------------
Taiwan Memory Co, formed by the government earlier this month to
help overhaul the country's struggling DRAM sector, is leaning
towards using Elpida Memory Inc's technology, Reuters reports
citing Chinese-language paper Commercial Times.

The new computer memory chip company may also partner with U.S.-
based Micron Technology Inc and ProMOS Technologies Inc., Reuters
relates.

According to Reuters, John Hsuan, an industry veteran named by the
economics ministry to oversee establishment of Taiwan Memory, has
said the new company is likely to decide which technology it will
use by the end of March at the earliest.

Separately, Reuters reports that Taiwan's Powerchip Semiconductor
Corp. is not expecting significant government help for local DRAM
makers, and said it is in talks with Japan's Elpida on a possible
merger or other tie-up.

The companies aim to reach an initial agreement by this week,
Bloomberg News relates citing Powerchip spokesman Eric Tang.

Meanwhile, Bloomberg News reports Nanya Technology Corp and unit
Inotera Memories Inc. said they'll keep their ties with Micron
Technology and won't participate in the government's proposed plan
for newly formed Taiwan Memory to buy factories from domestic
chipmakers.

                       5th Quarterly Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 10, 2009, Elpida posted its fifth straight quarterly loss
after "an accelerated fall in consumer spending, manufacturing
adjustments and higher rates of unemployment resulting from the
intensified financial crisis worsened global economy drastically
in the third quarter."

The company's net loss for the third quarter ended Dec. 31, 2008,
widened to JPY72.3 billion (US$795 million) from JPY12.1 billion
in the same period in 2007.

Sales dropped 34 percent to JPY61.8 billion from JPY94.0 billion.

The company incurred gross losses of JPY42.9 billion (compared
with an JPY8 billion  loss in the previous quarter) and operating
losses of JPY57.9 billion (a JPY24.5 billion yen loss in the
previous quarter) since selling prices continued to run well below
manufacturing costs and the yen grew stronger, Elpida said in a
Feb. 6 statement.

Ordinary losses came to JPY66.1 billion (a JPY30.3 billion loss in
the previous quarter) partly due to equity method investment
losses of JPY7.4 billion that mainly concerned Rexchip Electronics
Corporation ("Rexchip").

An extraordinary loss of JPY5.4 billion in connection with an
accrued provision to cover litigation settlement costs was a
factor in a net loss of JPY72.3 billion (a JPY31.9 billion loss in
the previous quarter).

                        Rating Downgrade

As reported in the TCR-Asia Pacific on Feb. 23, 2009, Standard &
Poor's Ratings Services lowered to 'B+' from 'BB-' its long-term
corporate credit and senior unsecured ratings on Elpida Memory
Inc., and placed the ratings on CreditWatch with negative
implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the
material weakening of the company's financial soundness, due to
continued losses stemming from deteriorating market conditions and
uncertainty over the company's short-term liquidity.

                          About Elpida

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


GREDDY PERFORMANCE: Court Approves Parent's Reorganization Plan
---------------------------------------------------------------
Greddy Performance Products Inc, a California Corporation, said
its parent corporation, TRUST Co. Ltd, has successfully completed
reorganization through Minji-saisei-hou in Tokyo, Japan, the U.S.
equivalent of a Chapter 11 reorganization plan.

TRUST President Masaru Ikeda said, "At the official Creditor's
Meeting on March 11th at the Superior Court of Tokyo, TRUST's
reorganization plan was overwhelmingly approved.  We are aware
there are companies in virtually every industry facing financial
challenges, and are fortunate that through a combination of sound
leadership, perseverance and the much appreciated cooperation and
support from our customers and partners, TRUST was able to
complete its reorganization in such a short time. On behalf of
TRUST Co., LTD, I want to express my deepest appreciation for all
of the years of continued support from our customers.  We truly
value our relationships and look forward to continuing them for
many years to come."

"Now that TRUST's reorganization plan has been approved, GReddy
Performance Products is hard to follow suit in the United States.
We are very pleased with the outcome of TRUST's restructuring
efforts and are optimistic and confident that GReddy will
successfully emerge from Chapter 11 in the next couple of months
as a proven leader in the high performance automotive parts
industry," stated Greddy Performance Product's Kenji Sumino.

Throughout the pendency of TRUST's reorganization, there has been
no disruption in the supply of innovative products to GReddy
Performance Products Inc., USA. GReddy continues to stock an
excellent and complete inventory of products, which has allowed
GReddy to maintain a 90% fill rate on orders, a number hardly
matched in today's changing marketplace.

                About Greddy Performance Products

GReddy Performance Products (GPP) was founded in 1977 and is
driven by a vision to develop products that reliably increase
vehicle performance.  At GReddy, the spirit of constant evolution
is evident in every product we offer, with extensive applications
over a broad product range to accommodate most popular vehicles.
GReddy Performance Product's corporate U.S. office is in Irvine,
CA.  GPP is a division of TRUST Co. LTD., Japan, a leading
worldwide supplier of high  performance automotive products.


JAPAN ASIA: JCR Withdraws 'BB+' Rating on Senior Debts
------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has withdrawn the
BB+/Negative rating on senior debts of Japan Asia Investment Co.,
Ltd. at the request of it.

Japan Asia Investment Co., Ltd. is a Japan-based company mainly
engaged in the investment and financing businesses.  The company
operates in two business divisions.  The Investment division is
involved in the management and operation of investment business
partnerships; the investment to venture companies and other
private equities, as well as the provision of consulting services.
The Financing division is engaged in financing, leasing and
installment finance businesses.  The company has 47 subsidiaries
and 21 associated companies.


LEHMAN BROS: Nomura to Shut Down Unit With Former Lehman Staff
--------------------------------------------------------------
Nomura Holdings, Inc., according to a March 12, 2009, Bloomberg
News report, will shut down an investment banking department
containing former Lehman Brothers, Inc., staff on April 1.

The former Lehman bankers, according to the report, will be
transferred to a newly created investment banking business
development department, which will carry research and consulting
for Nomura.  Other former Lehman bankers will go to Nomura
departments on merger and acquisitions advisory and corporate
finance, the report added.

                    Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed
$639 billion in assets and $613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
Several affiliates filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion --
US$38 billion.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                           Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


NOMURA HOLDINGS: Mulls Funding Through Preferred Shares Issuance
----------------------------------------------------------------
Nomura Holdings Inc. plans to revise its corporate bylaws to allow
it to issue preferred shares as it seeks to secure additional
funds amid economic slowdown, the Japan Times reports citing Kyodo
News.

Citing Kyodo News sources, Japan Times relates Nomura will seek to
have the revision endorsed at a general shareholders' meeting in
June.

Based on its current articles of incorporation, the report
discloses Nomura is unable to issue classified stocks, including
preferred shares, and can only bolster its financial base by
issuing common shares, which carry the risk of diluting the value
of existing shareholdings.

According to the Times, sources said although Nomura believes its
latest fundraising measure, worth JPY300 billion, is sufficient
for the time being, it wants to be ready to strengthen its
financial standing in anticipation of further investments that
will be necessary to expand its businesses through the Lehman
acquisitions.

The Times relates according to the sources, the issuance of
preferred shares is unlikely to draw the ire of the company's
shareholders because it will help to raise Nomura's core equity
capital without diluting value.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2009, Bloomberg News said Nomura, after posting JPY492.4
billion net loss for the nine months ended December 31, 2008, said
it will raise about JPY291.2 billion (US$3.1 billion) by issuing
716.4 million new common shares to investors in Japan and overseas
to replenish capital.

The company will sell as many as 375 million shares overseas and
another 341.4 million in Japan in its first sale of new common
stock in two decades, Bloomberg News said citing filings to the
Ministry of Finance.  Nomura can raise as much as JPY302 billion
if demand is sufficient, based on an over-allotment clause stated
in the filing obtained by the news agency.

                    About Nomura Holdings Inc.

Headquartered in Tokyo, Japan, Nomura Holdings Inc. (NYSE:NMR) --
http://www.nomura.com/-- incorporated on December 25, 1925, is a
securities and investment banking firm in Japan and has worldwide
operations.  Nomura is a holding company.  The services it
provides include trading, underwriting, and offering securities,
asset management services, and others.  As of March 31, 2008, it
operated offices in about 30 countries and regions, including
Japan, the United States, the United Kingdom, Singapore and Hong
Kong through its subsidiaries.  The Company's customers include
individuals, corporations, financial institutions, governments and
governmental agencies.  Nomura operates in five business
divisions: domestic retail, global markets, global investment
banking, global merchant banking and asset management.  In
February, 2007, Nomura acquired Instinet Incorporated.

In October 2008, Nomura announced that it has closed the
acquisition of most parts of Lehman Brothers' Asia Pacific
franchise, including Hong Kong, Singapore, Australia, India,
Thailand, as well as Japan.  Effective October 1, 2008, Nomura
acquired Lehman Brothers Holdings Inc.'s European equities and
investment-banking business, and decided not to take on the fixed-
income unit.  On September 30, 2008, Lehman Brothers Holdings Inc.
announced that the acquisition of its Asia operations by Nomura
does not include structured products transactions, done by the
Wall Street firm in India.  On October 7, 2008, Nomura announced
the acquisition of three more affiliates of Lehman Brothers in
India, including the business process outsourcing (BPO) unit in
Powai.  The acquisition covers Lehman Brothers Services India,
Lehman Brothers Financial Services (India) and Lehman Brothers
Structured Finance Services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2008, Fitch Ratings affirmed its ratings on Nomura
Holdings Inc. (NHI) and Nomura Securities Co., Ltd. (Nomura
Securities), and revised the Outlooks to Negative from Stable on
their Long-term Issuer Default Ratings.  Fitch Ratings also
affirmed NHI and Nomura Securities's individual ratings at 'C'.



===============
M A L A Y S I A
===============

GOLD BRIDGE: Incurs MYR5.54MM Net Loss in Qtr Ended Dec. 31
-----------------------------------------------------------
Gold Bridge Engineering & Construction Berhad has filed its
financial results for the quarter ended December 31, 2008, with
the Bursa Malaysia Securities Bhd.

Gold Bridge posted a net loss of MYR5.54 million on MYR20.50
revenues for the quarter ended December 31, 2008, as compared with
MYR1.35 million net loss on MYR19.21 million in the same period of
2007.

As of December 31, 2008, the company's unaudited consolidated
balance sheet showed strained liquidity with MYR514.91 million in
current assets available to pay MYR637.94 million in current
liabilities.

Gold Bridge's total assets reached MYR754.35 million as of
December 31, 2008, while total liabilities amounted to MYR672.94
million.  Shareholders' equity in the company totaled MYR81.41
million.

For the fiscal year ended June 30, 2008, Gold Bridge reported a
MYR1.65 million loss after tax, compared to the preceding year's
loss of MYR49.73 million.

Gold Bridge is currently listed as an affected  issuer under
Amended Practice Note No. 17/2005 List of Companies of the Bursa
Malaysia Securities Bhd, and is required to submit a
regularization plan.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.


KOSMO TECHNOLOGY: Court to Hear Judgement in Default on April 7
---------------------------------------------------------------
Kosmo Technology Industrial Bhd disclosed that it has applied to
set aside the judgement in default with regard to the Kuala Lumpur
High Court Suit No. D7-22-1732-2007 between CIT International
(Malaysia) Sdn Bhd vs Kosmo Mobile Manufacturing Sdn Bhd and Kosmo
Technology Industrial Berhad.

The Court has fixed the hearing on April 7, 2009.

Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company.  The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories.  The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles.  Hexariang Sdn. Bhd. is an
investment holding company.  Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories.  The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.

                          *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.

The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors.  A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.


MALAYAN BANKING: Stocks Decline 6.9% to MYR4.04 Last Week
---------------------------------------------------------
Malayan Banking Bhd. (Maybank) on Thursday, March 12, slid for an
11th day, losing 6.9 percent to 4.04 ringgit, headed for the
longest losing streak since Jan. 5, 1987, Bloomberg News reports.

According to the report, Maybank is set for its longest slump in
22 years in Kuala Lumpur trading.

"Financial stocks are under a lot of pressure, there's a lot of
fear in the market on capital raisings; as long as that fear is
around, you have to be mindful of it," Bloomberg News quoted Scott
Lim, chief executive officer of MIDF Amanah Asset Management Bhd.
as saying.

As reported by the Troubled Company Reporter-Asia Pacific on
Mar 3, 2009, Maybank will raise MYR6 billion through Rights Issue
to boost its capital.

                         About Maybank

Maybank, a trade name for Malayan Banking Berhad is the largest
bank and financial group in Malaysia, with significant personal
banking operations in Brunei, Singapore and the Philippines as
well.  The bank also has large interests in Islamic banking and
insurance via its Etiqa subsidiary.  Maybank is the largest bank
in Malaysia with 361 domestic branches and 88 international
branches.  Maybank is the second largest listed company on the
Malaysian Stock Exchange, Bursa Malaysia, with a market
capitalisation of over MYR46.3 billion as of mid-December 2007.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 31,
2008, that Moody's Affirmed 'C' Bank Financial Strength Rating
but its outlook has been changed to negative from stable.



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

SENSATION YACHTS: Two Applications to Liquidate Firm Withdrawn
--------------------------------------------------------------
The National Business Review reports that the two applications for
liquidation against Sensation Yachts were withdrawn at the High
Court in Auckland Friday, March 13.

These applications, the report relates, were filed by the Inland
Revenue Department and haulage company Tranzcarr Heavy Haulage.

According to the report, this has bring to a total of three
applications being withdrawn after employment law firm Garry
Pollack and Co. also withdrawn its application in nearly as many
weeks.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, Sunday Star Times says.


SUPERFURN NEW ZEALAND: To Shut Down Due to Recession
----------------------------------------------------
Barely a year after it opened, Superfurn New Zealand, a furniture
company, is holding a closing down sale and will shut up shop once
it has sold off the last of its stock, The National Business
Review reports.

The report, citing Superfurn's majority shareholder Paul Gapes,
says that the recession is "definitely" to blame for the demise of
the company.

"Everyone in retail is struggling at the moment; sales are down
and there's no cash flow," Mr. Gapes was quoted by the report as
saying.

According to the report, Superfurn experienced "great trading"
after it opened in February until May, but the situation
deteriorated in December.

January, which is normally the busiest month for furniture
traders, proved a disaster sales-wise, Mr. Gapes told the news
agency.

"I just thought that I should get out while I can still clear
debt.  At the moment I really can see no light at the end of the
tunnel; sales are just so bad", Mr. Gapes was quoted by the report
as saying.

As for job losses, ten full-time positions will disappear but some
staff have been helped into jobs at other furniture chains, the
report adds citing Mr. Gapes.


* NEW ZEALAND: Manufacturing Sales Volume Fell 5.4% in Dec. Qtr.
----------------------------------------------------------------
The seasonally adjusted volume of manufacturing sales fell 5.4
percent in the December 2008 quarter, Statistics New Zealand said
today.  This is the fourth consecutive quarterly fall.  Increased
volatility in this series in recent quarters should be taken into
consideration with regard to the size of this latest fall.

Although the volume of sales is down, increased prices resulted in
only a minimal decrease (of less than 0.1 percent) in the
seasonally adjusted value of manufacturing sales in the December
2008 quarter.  This follows an increase of 1.3 percent in the
September 2008 quarter.

Four industries contributed the bulk of the overall decrease in
the seasonally adjusted sales volume: meat and dairy products,
petroleum and industrial chemicals, basic metals, and transport
equipment.  Only three of the 15 industries recorded increases,
which were all minor compared with the decreases.

The meat and dairy product manufacturing industry had a 6.0
percent drop in the seasonally adjusted sales volume in the latest
quarter, and a 5.3 percent rise in the sale values.  Dairy prices
rose during the quarter, while meat prices eased.

The trend for the volume of manufacturing sales shows a decline of
8.0 percent over the latest three quarters, while the trend for
the sales value continues to rise.


* NEW ZEALAND: Motor Vehicle Retail Sales Fell 11% in January
-------------------------------------------------------------
In January 2009 seasonally adjusted total retail sales fell 1.1
percent (NZ$62 million), Statistics New Zealand said.  The fall
was dominated by decreases in vehicle-related industries, with
motor vehicle retailing down 11.0 percent (NZ$66 million) and
automotive fuel retailing down 2.6 percent (NZ$14 million).  Sales
trends in both of these industries are in decline.

The trend in total retail sales has been declining since January
2008 and has fallen 2.9 percent since then.  Since August 2008,
the rate of decline has increased to a monthly average of 0.4
percent.

Seasonally adjusted sales in core retailing, which excludes the
four vehicle-related industries, rose 0.3 percent (NZ$13 million)
in January 2009.  The biggest rises were in supermarket and
grocery store sales, up 1.7 percent (NZ$20 million), and
recreational goods retailing, up 5.2 percent (NZ$10 million).  The
biggest fall was in appliance retailing sales, down 6.6 percent
(NZ$14 million).

The trend in core retailing continues to rise, but since April
2007 the rate of increase has flattened to a monthly average of
0.1 percent.

In January 2009 seasonally adjusted sales in two-thirds of the 24
industries surveyed have increased or decreased by less than NZ$5
million.

Among the regions, sales decreases were recorded in the North
Island regions and increases were recorded in the South Island
regions.



=============
N I G E R I A
=============

ACCESS BANK: S&P Assigns 'B+/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+/B'
long- and short-term counterparty credit ratings and 'ngA-' long-
term Nigeria national scale ratings to Nigeria-based Access Bank
PLC.  The outlook is stable.

"The ratings on Access are constrained by the bank's rapid
business expansion and high credit and operational risks in the
Federal Republic of Nigeria," said Standard & Poor's credit
analyst Matthew Pirnie.  Another key negative rating factor is the
bank's strained funding and liquidity profile.  The ratings are
supported by the bank's good capitalization, adequate
profitability, and a focus on top-tier domestic corporates.  The
ratings on Access reflect the bank's stand-alone credit profile
and do not factor in extraordinary support.

The stable outlook balances the deteriorating domestic operating
environment and the bank's good capitalization and adequate
profitability.  A negative rating action would follow a
significant deterioration in asset quality, capitalization, or
liquidity profile.  Continuous aggressive expansion would also be
viewed as a negative rating factor as it is a threat to long-term
creditworthiness because it exacerbates credit and operational
risks.  Lower credit and operational risks, alongside improvements
to the funding and liquidity profile of the bank could result in a
positive rating action.



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

HECATE SHIPPING: Creditors' Proofs of Debt Due on April 2
---------------------------------------------------------
The creditors of Hecate Shipping Pte Ltd are required to file
their proofs of debt by April 2, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


PACIFIC EXPLORATION: Court to Hear Wind-Up Petition on April 3
--------------------------------------------------------------
A petition to have Pacific Exploration Pte Ltd's operations wound
up will be heard before the High Court of Singapore on April 3,
2009, at 10:00 a.m.

Eureka Control systems Pte Ltd filed the petition against the
company on February 19, 2009.

The Plaintiffs' solicitors are:

         Messrs H.A. & Chung Partnership
         100 Cecil Street
         #09-02 The Globe
         Singapore 069532



===========
T A I W A N
===========

NANYA TECHNOLOGY: To Keep Ties With Micron, Bloomberg Says
----------------------------------------------------------
Bloomberg News reports Nanya Technology Corp and unit Inotera
Memories Inc. said they'll keep their ties with U.S.-based Micron
Technology Inc and won't participate in the government's proposed
plan for newly formed Taiwan Memory Co to buy factories from
domestic chipmakers.

Taiwan Memory was formed by the government earlier this month to
help overhaul the country's struggling DRAM sector.

As reported in the Troubled Company Reporter-Asia Pacific, in the
fourth quarter of 2008, Nanya posted a net loss of NT$10.39
billion, compared with a net loss of NT$11.27 billion in the same
period in 2007.

Nanya reported net sales of NT$6.13 billion in the fourth quarter
of 2008, a decrease of 41 percent compared to 2007 fourth quarter.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.

The company reported a net sales of NT$36.31 billion in the fiscal
year ended Dec. 31, 2008, compared with a net sales of NT$52.89
billion in fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The Company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


POWERCHIP SEMICONDUCTOR: In Merger Talks With Japan's Elpida
------------------------------------------------------------
Reuters reports that Taiwan's Powerchip Semiconductor Corp. is not
expecting significant government help for local DRAM makers, and
said it is in talks with Japan's Elpida Memory Inc on a possible
merger or other tie-up.

The companies aim to reach an initial agreement by this week,
Bloomberg News relates citing Powerchip spokesman Eric Tang.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
19, 2008, the China Post said Powerchip planned to apply for
government assistance as the company seeks to extend the repayment
period for NT$70 billion to NT$80 billion of loans.

Citing stock exchange filings, China Post noted the company had
net current liabilities of NT$34 billion at the end of September.

Based in Hsinchu, Taiwan, Powerchip Semiconductor Corp. is
principally engaged in the research, development, manufacture and
sale of integrated circuits (ICs).  The company offers dynamic
random access memory (DRAM) products, including synchronous
dynamic random access memory (SDRAM) products, double-data rate
(DDR) DRAM products, DDR2 DRAM products, Data Flash products, as
well as wafer foundry services.  The company's products are
applied in computer telecommunication and consumer electronic
industries.  During the year ended December 31, 2007, the company
obtained approximately 82% and 18% of its total revenue from its
package elements and wafers, respectively.  The company primarily
distributes its products in Asia.  As of December 31, 2007, the
company had five major subsidiaries, including three wholly owned
subsidiaries.



=====================================
U N I T E D  A R A B  E M I R A T E S
=====================================

ADVANCED MICRO: Sells $124.7MM in Shares to Abu Dhabi Firm
----------------------------------------------------------
Mubadala Development Company PJSC, based in the Emirate of Abu
Dhabi, UAE, and Cayman Islands-based West Coast Hitech L.P. and
West Coast Hitech G.P., Ltd., disclosed in a regulatory filing
with the Securities and Exchange Commission their beneficial
ownership of 107,000,000 shares, or roughly 16%, of Advanced Micro
Devices, Inc., common stock.

The percentage is based on the 666,726,323 AMD shares outstanding
as of February 9, 2009, plus the 58,000,000 shares issued to
Mubadala on March 2, 2009.

On October 6, 2008, West Coast Hitech L.P., an exempted limited
partnership organized under the laws of the Cayman Islands, AMD,
and Advanced Technology Investment Company LLC, a limited
liability company wholly-owned by the Government of the Emirate of
Abu Dhabi, entered into an agreement, as amended pursuant to which
AMD and ATIC agreed to form a U.S. headquartered joint venture to
manufacture leading-edge semiconductor products.  Pursuant to the
Agreement, on March 2, 2009, AMD contributed to the Foundry
Company its manufacturing facilities, including two fabrication
facilities in Dresden, Germany, as well as related assets and
intellectual property rights.  The Foundry Company assumed roughly
$1.1 billion of AMD's existing debt.

At the Closing, ATIC invested $2.1 billion to purchase its stake
in the Foundry Company, of which ATIC invested $1.4 billion
directly in the new entity and paid the remainder to AMD to
purchase additional shares in the Foundry Company from AMD.  ATIC
will not acquire beneficial ownership of any securities of AMD
pursuant to the Agreement.

In addition, under the Agreement, West Coast Hitech paid to AMD at
the Closing $124,700,000 in exchange for 58,000,000 Shares and
warrants to purchase an additional 35,000,000 Shares at an
exercise price of $0.01 per share.  The Warrants are exercisable
after the earlier of (a) public ground-breaking of the Foundry
Company's proposed new wafer fabrication facility located in the
State of New York and (b) 24 months from the date of the issuance
of the Warrants.  The Warrants have a 10-year term.

Pursuant to the Agreement and at the request of West Coast Hitech,
on March 3 2009, AMD appointed Waleed Ahmed Al Mokarrab Al Muhairi
to AMD's board of directors.  For so long as West Coast Hitech
owns 10% of the outstanding common stock of AMD, AMD will cause
its board of directors to nominate a person designated by West
Coast Hitech for election to AMD's board.

West Coast Hitech has also agreed to certain limitations,
following the Closing Date, with respect to the acquisition and
disposition of Shares.  West Coast Hitech has agreed that,
following the Closing Date until it -- together with its
affiliates -- beneficially owns less than 10% of the outstanding
shares, it will not dispose of any Shares (other than to
affiliates or permitted transferees) except (i) by a bona fide
pledge or hypothecation in connection with a financing
transaction, (ii) by means of an underwritten public offering
pursuant to an effective registration statement, or (iii) pursuant
to Rule 144.

In addition, West Coast Hitech has agreed that, following the
Closing (i) it will not acquire additional Shares such that it
would own more than 22.5% of the outstanding Shares, and (ii) for
a period of five years, or until West Coast Hitech and its
affiliates' aggregated ownership falls below 10% of the
outstanding Shares, they will not take certain actions as a
shareholder that would influence, or seek to influence, the
control of AMD.

                     About Advanced Micro

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.

As of December 27, 2008, the company's balance sheet showed total
assets of $7,675,000,000, total current debts of $2,226,000,000,
deferred income taxes of $91,000,000, long-term debt and capital
lease obligations of $4,702,000,000, other long-term liabilities
of $569,000,000, minority interest in consolidated subsidiaries of
$169,000,000, and total stockholders' deficit of $82,000,000.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 12, 2008,
Fitch Ratings affirmed these ratings on Advanced Micro Devices
Inc.: Issuer Default Rating at 'B-'; Senior unsecured debt at
'CCC/RR6' and Rating Outlook at Negative.

The TCR reported on February 23, 2009, that Moody's Investors
Service said Advanced Micro Device's shareholder approval for its
asset smart strategy does not affect the company's B3 Corporate
Family Rating and negative ratings outlook.



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

* S&P Puts Junk Ratings on Five Asia-Pacific CDOs on WatchNeg.
--------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 18 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  In
addition, four CDOs were kept on CreditWatch negative, while 16
CDOs were taken off CreditWatch negative.

The 18 transactions in the list below (see table 1) have been
placed on CreditWatch negative due to a fall in their SROC
(synthetic rated overcollateralization) to below 100% at the
current rating level in the end-of-month analysis for February
2009.  This reflects the negative rating migration within their
portfolios.  Zenesis SPC Series 2005-1 has been kept on
CreditWatch negative, reflecting S&P's expectation of an imminent
downgrade to the portfolio.  Obelisk Trust 2007-1 Sonoma Valley
Class A has also been kept on CreditWatch negative, pending
resolution of the CreditWatch on the authorized investments
supporting the transaction.

                              Table 1

  Deal Name                         Rating To       Rating From    SROC
  ---------                         ---------       -----------    ----
ARLO IX Ltd. 2007
(Pascal SCO A-1)                 BB+/Watch Neg     BB+            99.97%
ARLO Ltd. Series 2006 (OCL-1)     CCC+/Watch Neg    CCC+           99.96%
Athenee CDO PLC Series 2007-5     BBB/Watch Neg     BBB            99.99%
Athenee CDO PLC Series 2007-12    BBB/Watch Neg     BBB            99.99%
Corsair (Jersey) No. 2 Ltd.
Series 89                        CCC/Watch Neg     CCC            99.97%
Corsair (Jersey) No. 2 Ltd.
Series 91                        CCC/Watch Neg     CCC            99.97%
DBS Bank Ltd.                     AA-/Watch Neg     AA-            99.42%
SG$100 million portfolio credit-linked notes
Jacaranda Trust Series 1          AAA/Watch Neg     AAA            91.54%
Jacaranda Trust Series 2          AA-/Watch Neg     AA-            98.78%
Morgan Stanley ACES SPC 2007-9
Class III (Principal)            Bp/Watch Neg      Bp             99.26%
Morgan Stanley ACES SPC 2007-21
Class I                          BB-/Watch Neg     BB-            99.90%
Morgan Stanley ACES SPC 2007-29   BB/Watch Neg      BB             99.94%
Obelisk Trust 2007-1
Sonoma Valley Class A            AAA/Watch Neg     AAA/Watch Neg  100.11%
Signum Platinum I Ltd.
Series 2006-1                    CCC+/Watch Neg    CCC+           99.43%
STARTS (Cayman) Ltd.
Series 2007-35                   CCC+/Watch Neg    CCC+          100.00%
Wollemi 2005-1 Trust              AAA/Watch Neg     AAA            94.20%
Zenesis SPC Series 2005-3         AA/Watch Neg      AA             83.03%
Zenesis SPC Series 2005-4         AAA/Watch Neg     AAA            90.36%
Zenesis SPC Series 2006-1         BBB+/Watch Neg    BBB+           98.88%
Zenesis SPC Series 2005-1         AAA/Watch Neg     AAA/Watch Neg  71.52%

The ratings on these eight CDOs were taken off CreditWatch
negative and affirmed as their SROC passed 100% at their current
rating level in the end-of-month analysis for February 2009,
thereby reflecting a positive rating migration within their
portfolios.

                             Table 2
  Deal Name                       Rating To   Rating From         SROC
  ---------                       ---------   -----------         ----
ARLO Ltd. Series 2006
(SKL CDO Series 11)            BBBpNRi     BBBpNRi/Watch Neg   100.07%
Castlereagh Trust Series 1      CCC         CCC/Watch Neg       100.05%
Echo Funding Pty Ltd.
Series 19                      CCC+        CCC+/Watch Neg      100.29%
Echo Funding Pty Ltd.
Series 21                      B+          B+/Watch Neg        100.01%
Obelisk Trust 2004-1            A+          A+/Watch Neg        101.03%
Resonance Funding Series 2006-1
Class F                        BBB-        BBB-/Watch Neg      100.09%
SELECT ACCESS Investments Ltd.
Series 2004-5                  AA+         AA+/Watch Neg       100.04%
XELO PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                      B           B/Watch Neg         100.09%

In table 3, the CreditWatch negative at the 'CCC-' rating level
was removed if (a) the SROC was greater than 100% at 'CCC-' or (b)
if in S&P's assessment, the aggregate loss is lower than the
available subordination in the respective portfolios.  The SROC
levels that are lower than 100% in these deals reflect the
implicit negative bias within the 'CCC-' ratings.  Additionally,
Corsair (Jersey) No. 2 Ltd. Series 87 and Morgan Stanley ACES
SPC 2007-23 have been kept on CreditWatch negative as, in S&P's
assessment, the aggregate loss is higher than the available
subordination in the respective portfolios.  S&P expects losses or
further downgrades in the coming weeks on these two deals.  The
rating action on Prelude Europe CDO Ltd. 2006-3 follows that on
Series 2006-19 credit-linked notes issued by Momentum CDO
(Europe) Ltd.  The Momentum Series 2006-19 CLNs represent the
authorized investments in the Prelude Europe CDO 2006-3
transaction.

                              Table 3

Deal Name                        Rating To       Rating From      SROC
---------                        ---------       -----------      ----
Corsair (Jersey) No.2 Ltd.
Series 69                       CCC-            CCC-/Watch Neg   100.52%
Corsair (Jersey) No.2 Ltd.
Series 70                       CCC-            CCC-/Watch Neg   100.52%
Corsair (Jersey) No. 2 Ltd.
Series 87                       CCC-/Watch Neg  CCC-/Watch Neg    98.28%
STARTS (Cayman) Ltd.
Series 2005-5                   CCC-            CCC-/Watch Neg   100.17%
Lunar Funding V PLC
Series 2006-24                  CCC-            CCC-/Watch Neg    99.43%
Momentum CDO (Europe) Ltd.
Series 2006-19                  CCC-            CCC-/Watch Neg    99.43%
Morgan Stanley ACES SPC 2007-23  CCC-/Watch Neg  CCC-/Watch Neg    98.23%
Motif Finance (Ireland) PLC
Series 2007-1                   CCC-            CCC-/Watch Neg    41.25%
Prelude Europe CDO Ltd.
Series 2006-3                   CCC-pNRi        CCC-pNRi/Watch Neg   N/A
Thunderbird Investments PLC
Series 21                       CCC-            CCC-/Watch Neg    99.57%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc. N/A—Not applicable.

The Global SROC report with the SROC analysis as of end-Feb 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific (excluding Japan) synthetic CDOs will be performed and
appropriate rating actions, if any, will be taken.  The Global
SROC Report provides SROC and other performance metrics on more
than 3,000 individual CDO tranches.



                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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