/raid1/www/Hosts/bankrupt/TCRAP_Public/090318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, March 18, 2009, Vol. 12, No. 54

                            Headlines

A U S T R A L I A

ASCIANO GROUP: Considers Selling All of its Assets
BABCOCK & BROWN: Administration Won't Affect Moody's Ratings
OZ MINERALS: In Talks with Lenders for Further Bridging Finance
RAPTIS GROUP: Shareholders Still Wait for Administrator's Advice
SEIZA AUGUSTUS: S&P Cuts Rating on Class D of 2007-1 Notes to BB-

STORM FINANCIAL: Creditors May Opt to Liquidate Company


H O N G  K O N G

AFFILIATED FREIGHTERS ET AL: Members' Meeting Set for April 17
APSON ELECTRONIC ET AL: Placed Under Voluntary Liquidation
CASATEX LIMITED: Creditors' Proofs of Debt Due on April 13
EMH TRANSPORT: Creditors' Meeting Set for March 20
ENGELHARD ASIA: Creditors' Proofs of Debt Due on April 20

FINESTYLE MARITIME: Annual Meetings Set for April 14
GEMS INTERNATIONAL: Creditors' Proofs of Debt Due on March 31
ISMECA ASIA: Member to Receive Wind-Up Report on April 15
RISE FINE: Creditors' Proofs of Debt Due on April 14
VICTORY DYEING: Commences Liquidation Proceedings

VITREA COMPANY: Creditors' Meeting Set for March 30
YAU SHING: Creditors' Meeting Set for March 30


I N D I A

AQUA PLUMBINGS: CRISIL Rates Rs.59.70MM Cash Credit at 'BB+'
ASARCO LLC: Files Motion to Pursue $1-Bil. Asset Sale to Sterlite
BAL PHARMA: CRISIL Downgrades Ratings on Various Bank Facilities
DEEVYA SHAKTI: Weak Liquidity Prompts CRISIL 'C' Rating
DIGICABLE NETWORK: CRISIL Puts 'BB' Rating on Proposed Term Loan

JAWAHAR SHETKARI: Delay in Loan Repayment Cues CRISIL 'C' Ratings
SANGAM INT'L: CRISIL Puts 'P4' Rating on Rs.100MM Packing Credit
TATA MOTORS: S&P Keeps 'BB-' Senior Unsecured Notes Ratings
TATA POWER: Mulls Divesting Stake in Gujarat UMPP


I N D O N E S I A

BATAVIA AIR: Court Seizes 7 Planes on Unpaid Debts
PT PAKUWON: Weak Liquidity Cues Moody's Junk Rating from 'B3'


J A P A N

ELPIDA MEMORY: Acquires Additional Shares in Rexchip
HITACHI LTD: Names New President; To Split-Off Two Units


K O R E A

* KOREA: Plans to Give Restructuring Firms Tax Breaks


L E B A N O N

* Moody's Comments on 'B3' Ratings on Government of Lebanon


N I G E R I A

UNION BANK: Fitch Affirms Issuer Default Rating at 'B+'
ZENITH BANK: Fitch Changes Outlook to Stable; Affirms 'B+' Rating


P H I L I P P I N E S

PHILIPPINE LONG: Moody's Reviews Issuer Default Rating
PHILIPPINE LONG: To Acquire 20% Stake in Meralco Through Piltel


S I N G A P O R E

LIN LONG: Court to Hear Wind-Up Petition on April 3


S O U T H  A F R I C A

PAMODZI GOLD: Expected US$20 Mln Best Rock Loan Didn't Arrive


T A I W A N

POWERCHIP SEMICONDUCTOR: Sells Shares in Rexchip to Elpida


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

ASCIANO GROUP: Considers Selling All of its Assets
--------------------------------------------------
The Australian reports that Asciano Group is considering buyout
offers for all of its assets after a plan to sell a half-stake in
its coal-haulage division failed to attract sufficient interest.

The group, the Australian recalls, last month said it was
extending its plan to "monetise" its coal business, signalling the
possibility of further asset sales after reporting a loss of
AU$93.4 million for the first half of the financial year.

The company said it has received multiple expressions of interest
from industry and financial parties "in relation to a variety of
potential transactions," the report relates.

Citing filings to the Australian Securities Exchange, the report
says the Asciano was formally considering the sale of up to 100
per cent of either its coal division and the container ports
business as well as proposals in respect to "other assets and
businesses."

Asciano, as cited by the report, said it was also considering
proposals "that would result in a change of control and/or a
recapitalisation of the group".

According to the Australian, asset sales would allow Asciano to
address looming debt repayments, with a AU$290 million working
capital facility due to roll over in May and a further AU$2.25
billion in debt maturing in May 2010.

The group has debts of AU$4.5 billion but a market value of just
AU$506 million, the Australian notes.

Asciano Group (ASX:AIO) -- http://www.asciano.com/-- is an
Australia-based infrastructure owner, with a primary focus on
transport infrastructure, including ports and rail assets, and
associated operations and services.  The company operates through
its wholly owned subsidiary, Asciano Limited, and its controlled
entities, including Asciano Finance Trust.  Asciano provides
freight transport solutions through two freight transport modes.
The company's operations include the Pacific National rail
operations and the Patrick ports and stevedoring businesses.  It
owns and operates a range of infrastructure assets, including
ports and rail across Australia.  It also provides intermodal
services, providing interstate rail freight services to freight
forwarders and steel manufacturers.  Through Patrick's ports and
stevedoring business, Asciano operates container terminals. It
provides a network of ports-related freight services and logistics
to importers and exporters.


BABCOCK & BROWN: Administration Won't Affect Moody's Ratings
------------------------------------------------------------
Moody's Investors Service has noted the announcement made by
Babcock & Brown Infrastructure Ltd that there is no impact on BBI
following the voluntary administration of Babcock & Brown Ltd.

BBI has a management agreement with Babcock and Brown
Infrastructure Management Pty Ltd, which is wholly owned by BnB.
A voluntary administrator has not been appointed to BBIM.

"Moody's understands that there is no loan or other financial
arrangement between BBI and BNB or any other companies in the BNB
group", says Ian ChanChong, a Moody's VP/Senior Analyst.
"Furthermore, there are no events of default in BBI corporate
level financing associated with the appointment of an
Administrator to BnB and/or BBIM", adds ChanChong.

As such, Moody's is not taking any rating action at this point in
time, as it is not expected that the appointment of BNB's
administrators to have any direct effect on BBI's business,
operations and asset sales process.  "Moody's will closely monitor
developments and assess the rating as the company progresses asset
sales in a challenging environment," says ChanChong.

Moody's had previously highlighted BBI's lack of financial
flexibility and constrained liquidity position.  The lack of
committed available facilities means BBI is reliant on asset sales
and distributions from the assets within the portfolio to improve
its liquidity profile.

The last rating action with respect to BBI was taken on
February 27, 2009, when the BBI B1 corporate family rating and B2
senior secured rating were confirmed.  The outlook was changed to
stable from under review direction uncertain.

BBI ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as BBI's
i) business risk and competitive position versus other companies
within the industry; ii) capital structure and financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.

These attributes were compared with other issuers both within and
outside BBI's core industry; its ratings are believed to be
comparable with those of other issuers of similar credit risk.

BBI, based in Sydney, is an infrastructure fund which owns a
series of infrastructure assets.


OZ MINERALS: In Talks with Lenders for Further Bridging Finance
---------------------------------------------------------------
Alex Wilson at the Australian reports that OZ Minerals Limited is
seeking further bridging finance to cover any cash requirements
that may arise during China Minmetals Group's bid period.

A spokesman for the miner, as cited by the report, said it is in
talks with its existing lenders on a new facility that could be
drawn on to meet any cash requirements that may emerge during the
offer period.

"We are seeking an interim financing arrangement just to be on the
safe side," the report quoted the spokesman as saying.  "It is a
contingency plan in the event that the approval process takes
longer, commodity prices come off or there is any delay in the
asset sales programs."

According to the report, the company is seeking an extension of
its loans to September 15, which is two weeks after the Minmetals
scheme of arrangement will terminate if it hasn't been
implemented.

OZ, the report says, didn't disclose the amount of interim
financing it is seeking.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Mar. 2, 2009, that OZ Minerals received an extension
to refinance its AU$1.2 billion (US$776 million) debt, clearing a
hurdle for an agreed takeover by China Minmetals.

In a filing to the Australian Securities Exchange, OZ Minerals
said it has secured approval to extend the terms of its debt
arrangements from Feb. 27 to March 31, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 18, 2009, Minmetals offered to purchase all outstanding
shares in OZ Minerals at a cash price of 82.5 cents per share.

Bloomberg News related the extension of OZ Minerals's debt
facilities is a condition of China Minmetals Group's AU$2.6
billion takeover offer.

                      About China Minmetals

China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China.  The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually.  It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply.  Other subsidiaries
deal in financial services, real estate development, and
transportation logistics.  China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe.  It operates more than 100 offices in China and more than
40 companies abroad.

                        About OZ Minerals

OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company.  The company is a producer of zinc, copper, lead, gold
and silver.  OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited.  The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America.  Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it.  The
rating remained on Rating Watch Negative at the time of
withdrawal.


RAPTIS GROUP: Shareholders Still Wait for Administrator's Advice
----------------------------------------------------------------
The shareholders of Raptis Group are still waiting for the advice
of its administrator, BRI Ferrier, as to the value that will be
extracted from the failed developer, The Australian Business
reports.

According to the report, BRI Ferrier did not have information on
all of the Raptis-controlled firms, thus making it difficult to
give advice to its shareholders.

Further updates would be released when information became
available, the report says citing BRI Ferrier.

That statement follows a second meeting of creditors early in
March being adjourned until the end of the month to give creditors
the opportunity to consider whether the company should accept a
proposed deed of company arrangement for a rescue bid, the report
relates.

The report, citing some documents, says Raptis's liabilities are
more than AU$1 billion while cash in the bank is AU$88 million.

                       About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.  In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited.  In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed.  During the fiscal year ended
June 30, 2007 (fiscal 2007), it acquired a 100% interest in a
number of companies, including Alexia Investments Pty Limited,
Baronvale Pty Limited, Building Services (QLD) Pty Limited, Civic
Glass & Aluminum Pty Limited and Civic Manufacturing Pty Limited.
During fiscal 2007, the company's 100% owned subsidiaries,
Amaristine Pty Limited, Korelli Pty Limited, Waters Edge
Management Pty Limited and Solero Pty Limited were de-registered.


SEIZA AUGUSTUS: S&P Cuts Rating on Class D of 2007-1 Notes to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
Class C, M, and D notes issued by Seiza Augustus 2007-1 Trust and
affirmed the ratings on the Class A, B, E, and F notes.

These downgrades reflect Standard & Poor's expectations of the
future performance of the underlying portfolio of residential and
small-ticket commercial property loans, which may be affected by a
rapidly slowing Australian economic environment and softening
property market.  Following the transfer to a new servicer,
additional detailed information has come to light regarding the
origination and valuation standards, in particular the portfolio's
concentration of properties in troubled areas with poor
recoverability.  Due to these factors, S&P believes the portfolio
has greater sensitivity to default and may experience poorer
recovery from the security properties.

Consequently, the ratings on the Class C and D notes have been
lowered by one notch to reflect S&P's revised opinion of the
credit quality of the underlying portfolio.  On the other hand,
S&P affirmed the Class A and B notes because S&P believes they
currently have sufficient credit support built-up through
amortization to weather further performance deterioration at their
current rating levels.  In addition, there are no changes to the
ratings on the
Class E and F notes as their current ratings already reflect the
vulnerable credit quality of these notes.

The Class M notes are effectively net-interest-margin notes that
receive their interest and scheduled amortization amount pari-
passu with the Class C notes from interest collections.
Consequently, the rating on the Class M notes was lowered to 'A-',
in line with the downgrade on the Class C notes.

                         Ratings Lowered

   Transaction                          Class   To          From
   -----------                          -----   --          ----
   Seiza Augustus Series 2007-1 Trust   C       A-          A
   Seiza Augustus Series 2007-1 Trust   M       A-          A
   Seiza Augustus Series 2007-1 Trust   D       BB-         BB

                         Ratings Affirmed

        Transaction                          Class   Rating
        -----------                          -----   ------
        Seiza Augustus Series 2007-1 Trust   A       AAA
        Seiza Augustus Series 2007-1 Trust   B       AA
        Seiza Augustus Series 2007-1 Trust   E       CCC+
        Seiza Augustus Series 2007-1 Trust   F       CCC-


STORM FINANCIAL: Creditors May Opt to Liquidate Company
-------------------------------------------------------
The creditors of Storm Financial Limited will likely place the
company into liquidation after administrators recommend it to be
wound up due to insolvency, the Australian reports.

According to the Australian, administrators Ivor Worrell and
Raj Khatri of Worrells Forensic and Insolvency Accountants advised
creditors to place the business in liquidation because "it is
insolvent" instead of accepting a deed of company arrangement
(DOCA) from Storm's founders Emmanuel and Julie Cassimatis.

The Cassimatises, the report relates, had urged clients, staff and
creditors to vote in favour of the DOCA, which would see Storm
founders lead a legal action against the Commonwealth Bank of
Australia for allegedly causing the company's failure.

"Placing the company into liquidation will provide the liquidator
with powers to conduct further investigations into the affairs of
the company; look at the matter of insolvent trading; recover any
preferential payments made to creditors; examine and recover any
other insolvent transactions and examine the general affairs of
the company," the Australian cited the administrators as saying in
a written statement.

The Australian says liquidation would also allow Storm employees
to make a claim under the federal Government's General Employee
Entitlements and Redundancy Scheme.

The creditors, the report says, will discuss the fate of the
Queensland-based firm on March 23 at a meeting in Brisbane.

                      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."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, has lodged a AU$27.09 million debt claim at a
first meeting of the company's creditors on January 20.

According to the Herald, Administrators Worrells Solvency &
Forensic Accountants said the group's remaining creditors are owed
AU$51 million, plus a provision for dividends of AU$10 million.



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

AFFILIATED FREIGHTERS ET AL: Members' Meeting Set for April 17
--------------------------------------------------------------
On April 17, 2009, Yip Pui Yee will present the companies' wind-up
report and property disposal to the members of:

   -- Affiliated Freighters Limited; and
   -- Kafat Service Company Limited.

The meeting will be held at the 24th Floor of Prosperous
Commercial Building, 54-58 Jardine's Bazaar, in Causeway Bay,
Hong Kong.


APSON ELECTRONIC ET AL: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on March 5, 2009, the
members resolve to voluntarily liquidate the business of:

   -- Apson Electronic Products Limited;
   -- Hoover Technologies Limited;
   -- Kingful Investment Limited;
   -- Sun Horse Technologies (H.K.) Limited;
   -- Sunlink Apson Multi-Media Limited;
   -- Sunlink Hi-Tech Limited;
   -- Sunlink Msolutions Limited;
   -- Sunwave Computers Limited;
   -- Sunwave Development Limited; and
   -- Tech-link T & E Limited.

The companies' liquidators are:

          StephenLiu Yiu Keung
          David Yen Ching Wai
          One Island East, 62nd Floor
          18 Westlands Road, Island East
          Hong Kong


CASATEX LIMITED: Creditors' Proofs of Debt Due on April 13
----------------------------------------------------------
The creditors of Casatex Limited are required to file their proofs
of debt by April 13, 2009, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 4, 2009.

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, 10th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


EMH TRANSPORT: Creditors' Meeting Set for March 20
--------------------------------------------------
The creditors of EMH Transportation Limited wil hold their meeting
on March 20, 2009, at 3:00 p.m., to appoint a liquidator and
consider other matters relevant to creditors' voluntary wind-up.

The company commenced liquidation proceedings on March 10, 2009.

The company's provisional liquidator is:

          Chan Kin Hang, Danvil
          Ginza Square
          Room 2301, 23rd Floor
          565-567 Nathan Road
          Yaumatei, Kowloon
          Hong Kong


ENGELHARD ASIA: Creditors' Proofs of Debt Due on April 20
---------------------------------------------------------
The creditors of Engelhard Asia Pacific (Hong Kong) Limited are
required to file their proofs of debt by April 20, 2009, to be
included in the company's dividend distribution.

The company's liquidators are:

          Ng Wai Yan
          Ha Man Marcus
          Queen's Place, Room 1902, 19th Floor
          74 Queen's Road Central, Hong Kong


FINESTYLE MARITIME: Annual Meetings Set for April 14
----------------------------------------------------
The members and creditors of Finestyle Maritime Services Limited
will hold their annual meetings on April 14, 2009, at 11:00 a.m.,
to receive the liquidators' report on the company's wind-up
proceedings and property disposal.

The meeting will be held at the 62nd Floor of One Island East,
18 Westlands Road, in Island East, Hong Kong.


GEMS INTERNATIONAL: Creditors' Proofs of Debt Due on March 31
-------------------------------------------------------------
The creditors of Gems International Associated 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 Feb. 25, 2009.

The company's liquidator is:

          Shane Frederick Wier
          Tak Sing House, 16th Floor
          Theatre Lane
          20 Des Voeux Road Central
          Hong Kong


ISMECA ASIA: Member to Receive Wind-Up Report on April 15
---------------------------------------------------------
The member of Ismeca Asia, Limited will receive the liquidators'
report on the company's wind-up proceedings and property disposal
on April 15, 2009, at 9:30 a.m.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.


RISE FINE: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------
The creditors of Rise Fine 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 2, 2009.

The company's liquidators are:

          Chan Chi Bor
          Li Fat Chung
          Malaysia Building, Unit 1202, 12th Floor
          No. 50, Gloucester Road
          Wanchai, Hong Kong


VICTORY DYEING: Commences Liquidation Proceedings
-------------------------------------------------
Victory Dyeing Factory Limited commenced liquidation proceedings
on March 2, 2009.

The company's provisional liquidators are:

          Chen Yung Ngai Kenneth
          Wong Tak Man Stephen
          Caroline Centre, 29th Floor
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


VITREA COMPANY: Creditors' Meeting Set for March 30
---------------------------------------------------
The creditors of Vitrea Company Limited will hold their meeting on
March 30, 2009, at 4:00 p.m., to appoint a liquidator and consider
other matters relevant to creditors' voluntary wind-up.


YAU SHING: Creditors' Meeting Set for March 30
----------------------------------------------
The creditors of Yau Shing AV Centre Limited will hold their
meeting on March 30, 2009, at 3:00 p.m., to appoint a liquidator
and consider other matters relevant to creditors' voluntary wind-
up.

The meeting will be held at Room 201 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.



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

AQUA PLUMBINGS: CRISIL Rates Rs.59.70MM Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the Rs.59.70
million cash credit facility of Aqua Plumbings Pvt Ltd (Aqua).
The rating reflects Aqua's exposure to volatility in raw material
prices, and its small scale of operations in an intensely-
competitive industry.  These weaknesses are mitigated by the
company's extensive industry experience, strong relationships with
suppliers and customers, and above-average financial risk profile.

Outlook: Stable

CRISIL believes that Aqua will maintain its stable credit risk
profile on the back of its established market position and the
expected improvement in net cash accruals.  The outlook may be
revised to 'Positive' if the company scales up its operations
while sustaining its comfortable debt protection measures.
Conversely, the outlook may be revised to 'Negative' if Aqua is
unable to maintain its margins.

                       About Aqua Plumbings

Incorporated in 1995, Aqua manufactures bathroom plumbing fixtures
and fittings; it has 550 dealers and distributors. In 2003, the
company merged its group companies M/S Aarkay Plumbing Fixtures (a
partnership firm established in 1989) and Faucet Industry
(established in 1990) with itself.  The company has two other
group companies in, M/S General Plumbings and M/S Combine
Industries, manufacturing low-profile taps and flushing systems,
respectively.

For 2007-08 (refers to financial year, April 1 to March 31), Aqua
reported a profit after tax (PAT) of Rs.14.2 million on net sales
of Rs.345.1 million, as against a PAT of Rs.11.0 million on net
sales of Rs.285.1 million in the preceding year.


ASARCO LLC: Files Motion to Pursue $1-Bil. Asset Sale to Sterlite
-----------------------------------------------------------------
ASARCO LLC and its debtor affiliates has formally informed the
U.S. Bankruptcy Court for the Southern District of Texas of their
modified sale transaction and settlement with Sterlite (USA),
Inc., pursuant to Section 363 of the Bankruptcy Code.

The New Sterlite PSA, which will be implemented under an amended
plan of reorganization, provides for the sale of ASARCO's
operating assets to Sterlite for:

(a) $1.1 billion in cash;

(b) assumption of the liabilities that were to be assumed
     under the Original Sterlite PSA; and

(c) a non-interest bearing, secured $600 million note, payable
     over nine years.

The New Sterlite deal comes at a critical time in ASARCO's three-
and-a-half-year-old bankruptcy case, according to Jack L. Kinzie,
Esq., at Baker Botts L.L.P., in Dallas, Texas.  He avers that the
ASARCO board of directors and advisors, together with its key
creditor constituents, examined various plan alternatives and
considered the anticipated assets available to the bankruptcy
estates, including (i) an estimated $1.275 billion cash on hand
at the end of March 2009, (i) the enterprise value of ASARCO,
(iii) the fraudulent transfer litigation against ASARCO's
indirect parent, Americas Mining Corporation and Asarco
Incorporated, and (iv) a breach of contract claim against
ASARCO's former plan sponsor, Sterlite and affiliated parties.

The goal of the ASARCO Board, Mr. Kinzie notes, has been to
maximize the value of the Debtor's assets under a plan of
reorganization and to negotiate a consensual structure of the
Plan.  Ultimately, after four months of vigorous negotiations
with Sterlite, the Board believes that a modified transaction and
settlement with Sterlite would yield the highest and best value
for the Debtors' estates and creditors.

The New Sterlite Deal is memorialized in a new purchase and sale
agreement entered into by the Debtors, as sellers; Sterlite USA,
as purchaser; and Sterlite Industries (India) Ltd., as guarantor,
on March 6, 2009.  Nevertheless, ASARCO seeks to subject the New
Sterlite PSA to higher and better acquisition proposals.

The other salient terms of the New Sterlite PSA are:

* Secured $600MM Note.  The $600 million face amount of the
   Secured Note is subject to a post-closing, working capital
   adjustment based on the difference between the levels of
   accounts receivable, accounts payable, and market value of
   inventory at the closing date and $253 million.  The
   principal amount of the Note, as adjusted up or down by
   working capital items, is the "Maximum Principal Amount."
   The Note is secured by certain of the Assets being purchased
   by Sterlite, and provides that if in any year during the
   Note's term the average copper daily price exceeds $6,000
   per metric tonne, Sterlite will make a payment pursuant to a
   certain formula set forth in the Note.

* Sterlite Deposit.  Sterlite has agreed to a deposit in the
   form of three letters of credit to be issued by ABN AMRO
   Bank N.V., Chicago, in favor of ASARCO for the total amount
   of $125 million.  Letters of credit for $100 million have
   been delivered, and the remaining $25 million will be
   delivered if and when Sterlite's disclosure statement is
   approved.

* No-Shop Covenant.  The New Sterlite PSA includes a limited
   non-solicitation covenant or the "No-Shop Covenant," coupled
   with a "Fiduciary Out" that gives ASARCO termination rights
   to pursue:

      (x) a superior proposal, if the Board determines in good
          faith that such action is necessary to comply with
          its fiduciary duties under applicable law; or

      (y) a more favorable stand-alone plan that is supported
          by ASARCO.

   For a proposal to be considered "superior," it must provide
   at least $51 million, which is equal to $25 million plus a
   $26 million break-up fee, more value than the New Sterlite
   PSA.

   The No-Shop Covenant is similar to the covenant the Court
   approved in connection with the Original Sterlite PSA,
   except that it is not effective until entry of an order
   approving the Sterlite Settlement Request.  Prior to the
   approval, Sterlite has agreed to a "Go-Shop Covenant,"
   whereby ASARCO and its advisors may use the New Sterlite PSA
   to solicit an alternate transaction for the Assets without
   any restrictions.

* Back-up Bid Option.  In the event ASARCO terminates the New
   Sterlite PSA by exercising the Fiduciary Out to pursue a
   Superior Proposal or a Stand-Alone Plan, but the alternative
   transaction does not close, Sterlite has a back-up bid
   option, under which ASARCO must offer Sterlite the right to
   consummate the transaction on substantially the same terms
   as the New Sterlite PSA.

* Bid Protections.  To incentivize Sterlite to enter into the
   modified transaction while allowing the Board to continue to
   exercise its duty to maximize the value of the ASARCO Assets
   through alternative transactions, the New Sterlite PSA
   provides Sterlite bid protections.

      (x) Upon the consummation of a superior acquisition
          proposal that meets the Superior Proposal Threshold
          or a more favorable stand-alone plan supported by the
          Board following a termination pursuant to ASARCO's
          Fiduciary Out, Sterlite will receive a $26 million
          break-up fee.  The Break-up Fee is, depending on the
          discount rate used to calculate the present value of
          the Note, is approximately 2% of the total purchase
          price consideration.

      (y) The New Sterlite PSA also contains a matching right
          and provides for an expense reimbursement of up to
          $10 million in certain circumstances.  The Matching
          Right allows Sterlite to match any subsequent
          acquisition proposal without having to meet the
          Superior Proposal Threshold.

             Sterlite Settlement & Release Request

Sterlite has refused to entertain any purchase and sale
transaction that does not include a release of the Debtors'
claims for breach of the Original Sterlite PSA, according to Mr.
Kinzie.  After substantial negotiations, the Debtors ultimately
agreed to a release as part of a global compromise, but only upon
the occurrence of certain limited conditions.

The limited conditions are:

(1) The closing of the transaction contemplated by the New
     Sterlite PSA; or

(2) The termination of the New Sterlite PSA due to the Court's
     approval of a bona fide written acquisition proposal that
     the ASARCO Board determines in good faith (i) is
     reasonably likely to be consummated in a timely manner,
     (ii) would result in a transaction more favorable to
     ASARCO and its stakeholders than the transactions under
     the New Sterlite PSA, and (iii) provides deemed value to
     ASARCO and its estate that exceeds by at least the
     Superior Proposal Threshold the deemed value of the New
     Sterlite PSA; and the subsequent consummation of that
     Superior Proposal between ASARCO and a third party; or

(3) The termination of the New Sterlite PSA due to the Court's
     approval of a stand-alone plan, which the Board approves
     and determines would be more favorable than the New
     Sterlite PSA and is supported by ASARCO; and the
     subsequent consummation of that Stand-Alone Plan; or

(4) The termination of the New Sterlite PSA due to these
     reasons:

      * Failure to meet any of these deadlines:

          (i) approval of the Sterlite disclosure statement by
              May 31, 2009, which may be extended through
              July 1, 2009;

         (ii) confirmation of the Sterlite Plan by August 31,
              2009, which may be extended through September 30,
              2009;

        (iii) closing by November 30, 2009, which may be
              extended through December 31, 2009;

      * ASARCO's breach of any representation, warranty or
        covenant, which would result in a failure of a
        condition to Sterlite's obligation to close and which
        is not cured pursuant to the New Sterlite PSA; or

      * Rejection by asbestos or governmental environmental
        creditors if the Sterlite Plan is submitted for voting.

     Subsequent to the termination of the Sterlite PSA, a
     Superior Proposal between ASARCO and a third party must
     also be consummated, provided that a definitive agreement
     with respect to the Superior Proposal is signed within 180
     days after termination of the New Sterlite PSA; or

(5) The termination of the New Sterlite PSA, after a 60-day
     notice and cure period, due to an intentional and willful
     material breach of any of these obligations of the
     Debtors, as sellers:

      * The covenant prohibiting any interim sale or other
        disposition of the Assets, other than inventory and
        receivables;

      * ASARCO's obligation to use reasonable best efforts to
        obtain prompt entry of the plan confirmation order;

      * ASARCO's obligation to provide Sterlite final drafts of
        relevant documents and filings, and ASARCO's obligation
        not to amend certain pleadings to the extent that
        amendment may be reasonably expected to have a material
        adverse effect on Sterlite or Sterlite India or on the
        ability of the parties to close the transactions under
        the New Sterlite PSA;

      * ASARCO's covenant to file a motion as necessary to
        extend exclusivity;

      * the No-Shop Covenant; or

      * ASARCO's obligation to provide Sterlite with
        information needed to exercise its Matching Right.

If none of the conditions occurs or if Sterlite materially
breaches the New Sterlite PSA, Sterlite does not receive the
contemplated Release and the Debtors may pursue all of their
claims against Sterlite and Sterlite India under the Original
Sterlite PSA.

A full-text copy of the New Sterlite Deal is available for free
at:


http://bankrupt.com/misc/ASARCO_Sterlite_NewPurchaseAgreement.pdf

The Settlement Request does not seek approval of the sale
transaction contemplated by the New Sterlite PSA, which will
instead be evaluated by all stakeholders and the Bankruptcy Court
as part of confirmation of an amended Sterlite-sponsored plan of
reorganization, Mr. Kinzie clarifies.  Rather, by this motion,
ASARCO only seeks approval of:

(a) the settlement and conditional release contained in the
     New Sterlite PSA;

(b) the back-up bid provisions in the New Sterlite PSA; and

(c) the revised bid protections, consisting of the Break-up
     Fee, No-Shop Covenant with Fiduciary Out, Matching Right,
     Superior Proposal Threshold, and Expense Reimbursement.

ASARCO asserts that the proposed Sterlite Settlement is fair and
reasonable, taking into account the uncertainty and likely length
and cost of litigating the disputes surrounding the Original
Sterlite PSA; the relevant information concerning current and
projected copper, financial and credit markets, reorganization
alternatives reasonably available to the Debtors; and the views
and concerns of the major creditor constituents.

Judge Richard Schmidt will convene a hearing on April 9, 2009, to
consider approval of the Sterlite Settlement.  Objections must be
filed no later than April 1.

The Court has also set these schedules with respect to the
Settlement Request:

March 20, 2009   Deadline to serve discovery requests
March 24, 2009   Deadline to submit deposition notice requests
March 25, 2009   Deadline to serve deposition witness lists
March 27, 2009   Deadline for responses to discovery requests
March 27, 2009   Completion of the production of documents
March 30, 2009   Commencement of depositions
April 3, 2009    Last day for depositions
April 3, 2009    Deadline for parties to file and serve witness
                   lists and proffers

In a separate request, ASARCO sought and obtained the Court's
approval on the form, manner, and sufficiency of a notice of
hearing on the Settlement Request.

To notify potential purchasers of the arrangement with Sterlite
and to further expand its marketing and solicitation efforts to
the broadest universe of potential plan sponsors, ASARCO will
publish the Hearing Notice, which will be modified for
publication, once in The Wall Street Journal and once in one or
two of the leading trade journals in the mining industry in
advance of the hearing to approve the Settlement.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008.  The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case.  AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.

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


BAL PHARMA: CRISIL Downgrades Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has downgraded its ratings on Bal Pharma Ltd's (Bal
Pharma's) bank facilities to 'B/Negative/P4' from 'BBB-/Stable/P3'
because of pressure on the company's liquidity caused by delays in
implementation of its Uttaranchal project.

   Rs.192 Million Cash Credit       B/Negative (Downgraded from
                                                'BBB-/Stable')

   Rs.260 Million Long-Term Loan    B/Negative (Downgraded from
                                                'BBB-/Stable')

   Rs.88 Million Packing Credit*    P4 (Downgraded from 'P3')

   Rs.140 Million Letter of Credit**  P4 (Downgraded from 'P3')

   * Fully interchangeable between PCFC/clean packing
     credit/foreign-denominated bill/foreign bill of
     exchange/bill receivable on demand

   ** Interchangeable between bank guarantee and derivatives
      up to specified sub-limits.

Though the project was completed in January 2009, the liquidity
problems persist and are expected to adversely impact the
company's ability to make timely payments on its debt obligations.

Outlook: Negative

CRISIL expects a decline in Bal Pharma's ability to service its
debt because of pressure on its liquidity.  The rating may be
downgraded if the company is unable to meet its debt obligations
in a timely manner.  Conversely, the outlook may be revised to
'Stable' if liquidity improves on the back of higher cash
accruals.

                         About Bal Pharma

Incorporated in 1987, Bal Pharma was jointly promoted by Mr.
Ghevarchand Surana of the Micro Labs group, and the Siroya family.
The Micro Labs group is one of the top 20 companies in the Indian
pharmaceutical industry, with a turnover of more than Rs.7.5
billion.  The Dubai-based Siroya family is a diversified group
with interests in pharmaceuticals, garments, jewellery,
construction, mining, and general trading.  Of the total promoter
holding of 47.28 per cent, 24.1 per cent is held by the Siroyas,
16.38 per cent by the Suranas, and 6.8 per cent by Micro Labs. The
managing director is Mr. Shailesh Siroya.  Bal Pharma's product
portfolio includes pharmaceutical formulations, active
pharmaceutical ingredients, and parenterals. It has manufacturing
facilities in Bangalore, Sangli, Pune, and Uttaranchal.  For the
nine months ended December 31, 2008, Bal Pharma reported a profit
after tax (PAT) of Rs.39 million on net sales of Rs.807 million,
as against a PAT of Rs.38 million on net sales of Rs.673 million
for 2007-08 (refers to financial year, April 1 to March 31).


DEEVYA SHAKTI: Weak Liquidity Prompts CRISIL 'C' Rating
-------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Deevya Shakti Paper Mills Pvt Ltd (Deevya Shakti).

   Rs.416.2 Million Long Term Loan *       C (Assigned)
   Rs.8 Million Bank Guarantee             P4 (Assigned)

   * Includes a proposed term loan of 26.2 Million

The ratings reflect Deevya Shakti's weak liquidity because of time
and cost overruns in the commencement of commercial operations;
the company has recently rescheduled its term loan repayments.

                       About Deevya Shakti

Incorporated in 2004, Deevya Shakti is setting up a facility for
manufacture of paper boards, corrugated boards, and kraft liners.
The company is promoted by the Hyderabad-based Agarwal family,
which is into paper manufacturing for the past 25 years.  The
group has interests in kraft paper, decorative laminates, plywood,
particle boards, and biaxially-oriented poly propylene films.
Deevya Shakti expects to commence commercial operations in
April 2009.


DIGICABLE NETWORK: CRISIL Puts 'BB' Rating on Proposed Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' on the proposed
term loan of Digicable Network (India) Pvt Ltd (Digicable).

     Rs.1000 Million Proposed Term Loan   BB/Stable (Assigned)

The rating is driven by the company's poor profitability.  The
rating is further constrained by the high levels of competition
and uncertainty due to possible regulatory changes in the cable TV
distribution industry.  The ratings take into account Digicable's
established market position in the cable TV industry.

Outlook: Stable

CRISIL believes that Digicable's business risk profile will be
characterized by a number of acquisitions and significant capex.
Its business profile will continue to be constrained by the risks
inherent to the cable TV distribution industry.  Its financial
profile will remain weak in the medium term owing to low
profitability with the business expected to break even only
2010-2011.  The outlook may be revised to 'Positive' if Digicable
is able to more than achieve the planned subscriber base and ARPUs
along with successful implementation of its capex plans.
Conversely, it may be revised to 'Negative' if the company suffers
greater losses than anticipated and does not turn profitable as
per plan.

                         About Digicable

After having worked for many years in the cable TV industry, Mr.
JS Kohli and Mr. Yogesh Shah incorporated Digicable Networks
(India) Private Limited in July 2007 in an effort to setup a large
Multi-System Operator (MSO) by aggregating smaller MSOs/ LCOs and
to provide digital broadcasts along with value added services. The
company started its operations around April 2008 by starting to
acquire small MSOs and LCOs.  Presently, Digicable has acquired
51% stake in more than 60 small MSOs and has an estimated
subscriber base of about 8 million households.


JAWAHAR SHETKARI: Delay in Loan Repayment Cues CRISIL 'C' Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the various bank
facilities of Jawahar Shetkari Sahakari Soot Girni Ltd (Jawahar
Shetkari).

   Rs.382.0 Million Term Loan         C (Assigned)
   Rs.290.0 Million Cash Credit       C (Assigned)
   Rs.10.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Jawahar Shetkari's recent instances of delay
in repayment of loans, its moderate financial risk profile, and
exposure to risks relating to large working capital requirements
and fluctuations in the prices of cotton.  These strengths are,
however, partially offset by Jawahar Shetkari's established
position in the yarn manufacturing segment.

                        About the Society

Registered in 1981 as a cooperative society in Dhule Tehsil of
Maharashtra, Jawahar Shetkari Soot Girni Limited was formed
through initiatives of Mr. Rohidas Patil.  The society has a
cotton spinning mill located in Dhule with a capacity of 88,304
spindles.  The unit sources nearly half of its cotton requirement
through its 3,943 cotton farmer members and the balance through
other cotton growers in the region or state and central government
agencies.  The society manufactures yarn in the count range of 24-
34s and sells its produce to wholesalers and hosiery garment
manufacturers in India and abroad, particularly Bangladesh.

For 2007-08 (refers to financial year, April 1 to March 31),
Jawahar Shetkari reported a profit after tax (PAT) of
Rs.0.4million on net sales of Rs.945.5 million, as against a PAT
of Rs.26.9 million on net sales of Rs.984.4 million for 2006-07.


SANGAM INT'L: CRISIL Puts 'P4' Rating on Rs.100MM Packing Credit
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Sangam International.

   Rs.100.0 Million Packing Credit *      P4 (Assigned)
   Rs.100.0 Million Proposed Short        P4 (Assigned)
            Term Bank Loan Facility

   * Includes a sub limit for foreign bill purchases of
     Rs.50 million.

The rating reflects Sangam International's modest scale of
operations, low net worth, and exposure to risks relating to
geographic and client concentration in its revenue profile.  These
weaknesses are, however, partially offset by the benefits that
Sangam International derives from the experience of its promoters
and their established presence in the Gold jewellery business.

                    About Sangam International

A partnership firm set up in 2005, Sangam International, was
formed by Mr.Santok Chand Jain in the 1940s.  Besides Sangam
International, there are other firms promoted by the Jain family
which are engaged in different segments of gold jewellery
business.  Sangam International is a 100 per cent export-oriented
undertaking, with its factory at Noida, and caters to reputed
retail gold jewellery chains in Singapore and Dubai.  For 2007-08
(refers to financial year, April 1 to March 31), Sangam
International reported a profit after tax (PAT) of Rs. 72 million
on net sales of Rs.930 million, as against a PAT of Rs.43 million
on net sales of Rs.554 million for 2006-07.


TATA MOTORS: S&P Keeps 'BB-' Senior Unsecured Notes Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB-'
long-term corporate credit rating on India-based automaker Tata
Motors Ltd. on CreditWatch with negative implications.  At the
same time, Standard & Poor's kept its 'BB-' issue ratings on the
company's senior unsecured notes on CreditWatch with negative
implications.

"We have kept the ratings on CreditWatch pending clarification of
the company's strategy to minimize the deterioration of its cash
flow, its funding plans for significant capital expenditure; and
its future debt composition.  S&P believes Tata Motors' cash flows
-- particularly from Jaguar and Land Rover -- and related metrics
may materially deteriorate on a consolidated basis.  That's
because, in S&P's view, the operating environment continues to be
extremely adverse for JLR and, to a decreasing extent, Tata
Motors' India operations," said Standard & Poor's credit analyst
Manuel Guerena.  "In addition, the company has high debt,
including a big proportion of short-term debt.  S&P expects the
ratings to remain on Credit Watch until Tata Motors has refinanced
the remaining US$2 billion of a bridge facility, which is due on
June 2, 2009."

Standard & Poor's originally placed the ratings on CreditWatch on
Dec. 12, 2008, when it also lowered the ratings to 'BB-' from
'BB', following a faster-than-expected deterioration in automobile
market conditions.  Tata Motors' financial profile has been
aggressive since the company acquired JLR in April 2008.

S&P will review Tata Motors' debt and funding plans in the next
few days, and believe there is a high likelihood that S&P will
lower the rating further, possibly by more than one notch.  S&P
will keep the ratings on CreditWatch until at least the
refinancing of its bridge facility is completed.


TATA POWER: Mulls Divesting Stake in Gujarat UMPP
-------------------------------------------------
Business Standard reports Tata Power Company is considering
divesment of equity in Coastal Gujarat Power, which is setting up
a 4,000 Mw Mundra ultra mega power project (UMPP).

"Tata Power has sourced around Rs 15,750 crore as debt and
requires another Rs 2,300 crore for equity by next year.  For
this, the company plans to divest stake in Mundra, Maithon and in
Tata's telecom companies," Business Standard quoted
a senior Tata Group official as saying.

The report recalls the company announced financial closure of
Mundra in April last year.  The Rs 17,000 crore project is being
financed through equity of Rs 4,250 crore, external commercial
borrowings (ECB) of US$1.8 billion (about Rs 7,200 crore) and
rupee loans of up to Rs 5,550 crore, the report says.

Separately, Bloomberg News reports Tata Power said it has "no
intention" to sell its stake in two Indonesian coal mines owned by
PT Bumi Resources, Asia's third-biggest coal producer.

"We strongly deny the rumors regarding our stakes in Indonesian
Coal mines - KPC and Arutmin," Tata Power said in response to
e-mailed questions from Bloomberg News.  "This acquisition is a
key part of the company's growth strategy and we have no intention
to sell our stake in the coal mines to Bumi Resources or any other
party."

According to Bloomberg News, Tata Power agreed to pay US$1.3
billion in March 2007 to buy a 30 percent stake in coal mining
units PT Kaltim Prima Coal and PT Arutmin Indonesia owned by Bumi.
The agreement entitled the company to purchase 10 million metric
tons of coal, securing supplies of the fuel for its Indian power
plants, Bloomberg News says.

                            Bumi Debt

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 6, 2009, Bloomberg News said according to an analyst, Tata
Power may face difficulties repaying the US$850 million debt used
to buy for the 30% stake in two Indonesian mines owned by Bumi.

"Given the fall in coal prices, we think it will be difficult for
Tata Power to service the US$850 million debt used for acquiring
the mining assets," Bloomberg News quoted as saying Shruti Mehta,
an analyst at Mumbai-based Finquest Securities Pvt.

                        About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these supply
power to the Mumbai licence area.  The company also has a plant
that supplies power to Tata Steel.  In addition, Tata Power has an
81-MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, Moody's Investors Service changed the outlook for
Tata Power Company's (TPC) Ba3 corporate family rating and B1
senior unsecured bond ratings to stable from negative.



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

BATAVIA AIR: Court Seizes 7 Planes on Unpaid Debts
--------------------------------------------------
The Central Jakarta District Court has placed seven planes of
Batavia Air under a seizure, as it owed US$1.192 million in
aircraft maintenance cost to PT GMF AeroAsia, Antara News reports.

However, the status could be lifted as soon as the debt will be
paid, GMF AeroAsia told Antara.

The seven Boeing 737-200s could still be operated to serve the
public, the report said citing GMF's General Manager Eniaswuri
Andayani.

The case was filed by GMF on Sept. 25, 2008, the report noted.

Batavia Air -- http://www.batavia-air.co.id/-- is an airline
based in Jakarta, Indonesia.  It operates domestic flights to
around 30 destinations and international services to China and
Malaysia. Its main base is Soekarno-Hatta International Airport,
Jakarta.


PT PAKUWON: Weak Liquidity Cues Moody's Junk Rating from 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded PT Pakuwon Jati Tbk's
corporate family and senior secured bond ratings to Caa1 from B3.
The ratings outlook is negative.  This concludes the ratings
review for possible further downgrade initiated on December 19,
2008.

"The downgrade reflects the weak liquidity situation surrounding
the company against the backdrop of the slowdown in the property
market and tightened conditions in the credit market," says
Joko Widodo, Moody's lead analyst for the company.

The presales performance of its major project -- Gandaria City in
south Jakarta -- has been adversely affected by the weak property
market, particularly in the 4Q2008.  But, during Jan-Feb 2009,
condo, office and mall presales and occupancy rates showed a
slight improvement, when compared to end-2008.

"As such, while Pakuwon is expected to meet its financing
requirements for 2009 -- including for its capex and a US$13.75
million notes amortization -- it may need to rely on refinancing
arrangements to meet its financial obligations for 2010-2011,"
adds Widodo.

In 2010, Pakuwon will have to repay the US$13.75 million notes
amortization each in May and November.  As such, Moody's is
concerned over its ability to secure refinancing in time, given
unfavorable financial market conditions.

The negative outlook reflects concerns that Pakuwon's liquidity
may further weaken as it attempts to meet its financial obligation
for 2010-2011.

The rating would be downgraded if Pakuwon's liquidity profile
weakens, thereby heightening refinancing risk relative to its
maturing financial obligations.

Given the negative outlook, a rating upgrade is unlikely.  On the
other hand, the outlook would be revised to stable if Pakuwon can
address its refinancing needs as well as generate sufficient cash
flow from operation to support its capex plan.

The last rating action for Pakuwon was taken on December 19, 2008
when its ratings were downgraded to B3 from B2 and put on review
for possible further downgrade.

Pakuwon has been assigned its ratings based on factors that
Moody's believes are relevant to the risk profile of Pakuwon, such
as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside Pakuwon's core industry; Pakuwon's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
mainly in Surabaya, East Java.  The company was listed on the
Jakarta Stock Exchange in 1989.



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

ELPIDA MEMORY: Acquires Additional Shares in Rexchip
----------------------------------------------------
Elpida Memory, Inc said it has acquired a portion of the shares
its strategic partner Powerchip Semiconductor Corporation (PSC)
owns in Rexchip Electronics Corporation (Rexchip), a Taiwan-based
manufacturing joint venture created by PSC and Elpida.

As a result of the acquisition, Elpida said Rexchip has now become
a consolidated subsidiary of the company, which now raises its
holding in Rexchip to 52%.

                        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.


HITACHI LTD: Names New President; To Split-Off Two Units
--------------------------------------------------------
Hitachi Ltd will replace its president and split-off its two
businesses as it braces for a massive loss, Japan Today reports.

The group, Japan Today relates, named Takashi Kawamura as its new
president, chief executive and chairman.  Mr. Kawamura currently
heads two of its subsidiaries, the report notes.

In a press statement, Hitachi said its board of directors decided
at a meeting held Monday, March 16, to implement business
structure reforms centered on the split-off of Hitachi's
Automotive Systems Group and Consumer Business Group.

According to Japan Today, the group will hive off its auto systems
business and the consumer electronics arm into separate companies
in July.  The two units will be wholly owned Hitachi subsidiaries.

Hitachi, the report relates, said it plans to reduce costs by
JPY500 billion in the next financial year starting in April,
warning that an increase in revenue was "unlikely for the
foreseeable future" because of the global economic slowdown.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Hitachi Ltd now expects to incur a JPY700 billion
(US$7.8 billion) loss for the year ending March 31, 2009, compared
to a JPY15 billion net income it earlier projected.

The company also revised its operating profit forecast to JPY40
billion from JPY410 billion, a 90 percent decrease.

According to Bloomberg News, Hitachi blamed slumping demand,
losses from affiliates, taxes, writedowns of equipment and the
stronger yen for the projected loss, which would exceed the
company's previous record deficit by 44 percent.

                       Valuation Allowance

Hitachi plans to record a valuation allowance against deferred tax
assets for fiscal 2008, year ending March 31, 2009.

The company also plans, on an unconsolidated basis, to recognize
losses related to write-downs of subsidiaries shares.

Hitachi plans to record approximately JPY220.0 billion of a
valuation allowance against deferred tax assets related to
national income tax of the group, including the company, that
files a consolidated tax return and record a deferred tax expense
because the company re-evaluated the realizability of its deferred
tax assets in line with the decline in the taxable income of the
group, including the company.  On an unconsolidated basis, the
company expects to recognize approximately JPY110.0 billion of a
valuation allowance against deferred tax assets related to
national income taxes and deferred tax expense.

On an unconsolidated basis, Hitachi plans to recognize
extraordinary losses of approximately JPY56.0 billion on write-
downs of shares in line with a significant decline in share prices
for fiscal 2008, year ending March 31, 2009.

                        About Hitachi Ltd

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- is engaged
in developing a diversified product mix ranging from electricity
generation systems to consumer products and electronic devices.
The Company operates in seven segments: Information &
Telecommunication Systems, Electronic Devices, Power & Industrial
Systems, Digital Media & Consumer Products, High Functional
Materials & Components, Logistics, Services & Others and financial
services.  In April 2008, Hitachi acquired a majority ownership
interest in M-Tech Information Technology, Inc., a provider of
identity management software and services.  In April 2008,
Hitachi, Ltd. established a new wholly owned subsidiary, Hitachi
Information & Telecommunication Systems Global Holding
Corporation.  In March 2008, Hitachi Consulting, the global
consulting company of Hitachi, acquired JMN Associates, a provider
of consulting services to the financial services, real estate and
insurance industries.



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

* KOREA: Plans to Give Restructuring Firms Tax Breaks
-----------------------------------------------------
The South Korean government will exempt corporate taxes for
companies selling their assets to pay debt, the Korea Herald
reports citing the Ministry of Strategy and Finance.

According to the report, the ministry said the government wants to
revise laws so companies can improve their financial status and
accelerate corporate restructuring.

The government, as cited by the report, said shareholders who sell
their holdings to help improve the financial status of companies
will receive a tax exemption while parent companies that sell
their insolvent affiliates and assume their debt will also be
given breaks.

The Herald notes that the ministry reiterated it will exempt
overseas investors from paying tax on interest income and capital
gains for domestic bond holdings and broaden the range of tax
breaks for non-resident Koreans.

The ministry said tax breaks for companies, making factory
investments will be extended to encourage companies to spend more,
the Herald relates.

The reports says the ministry plans to finalize the proposals by
the end of March and wants to change the laws next month.


=============
L E B A N O N
=============

* Moody's Comments on 'B3' Ratings on Government of Lebanon
-----------------------------------------------------------
Moody's Investors Service says that the government of Lebanon's
recent voluntary debt exchange is supportive of its B3 ratings.

Last week, the government of Lebanon exchanged 83% of its foreign
currency bonds maturing over the remainder of 2009 (which had a
total face value of US$2.3 billion) for longer-dated foreign
currency bonds set to mature in 2012 and 2017.  The yields of the
new bonds range between 7.5% and 9%, representing a spread over
equivalent swap rates of between 547 and 612 basis points.  (The
exchange is not classified as a "distressed exchange" according to
Moody's definition because it was conducted on a voluntary basis.)

"This exchange improves the structure of the government's very
large debt stock by extending its average maturity and reducing
roll-over risk in the near term," explains Tristan Cooper, a Vice
President-Senior Analyst in Moody's Sovereign Risk Group.  At the
end of 2008, the central government's gross debt approximated
US$47 billion or 162% of GDP, one of the highest levels in the
world.  Around 45% of the debt is denominated in foreign currency.
Following the debt exchange, the government's next significant
Eurobond maturity is of around US$1.1 billion due in March 2010.

Moody's changed the outlook on Lebanon's low B3 sovereign ratings
to positive from stable in December 2008 and this debt exchange
supports Moody's upbeat view of the credit.  "Despite the large
size of its debt and a wide fiscal deficit, the government retains
a good ability to finance itself owing to a reliable domestic
investor base," says Mr. Cooper.  "Furthermore, the bulk of the
public debt in Lebanon is held by domestic commercial banks, which
remain willing and able to purchase and roll over government
securities, as indicated by this debt swap."

Moody's also notes recent encouraging events for Lebanon. On
March 4, 2009, a meeting between leaders of Syria and Saudi
Arabia, Egypt and Kuwait produced a joint statement signaling the
tentative beginnings of a rapprochement that could bode well for
Lebanon's domestic politics.  Furthermore, the central bank's
foreign exchange reserves have risen significantly over the past
year as deposits have flowed into Lebanon's commercial banks and
the rate of dollarisation has fallen -- a sign of increased
confidence in Lebanon's banking system and the country's political
and economic prospects.

However, Moody's believes that Lebanon's ongoing political and
economic challenges justify its low sovereign ratings.  The
country's upcoming parliamentary elections in June 2009 could lead
to heightened tensions.  There is also a constant threat of
renewed conflict between Israel and Hezbollah.  Furthermore,
Lebanon's economy is hampered by wide twin deficits, a stifling
public debt burden, a dilapidated infrastructure and an
ineffective government.  The global economic crisis is also likely
to impact the country, particularly through lower inward
remittances and trade flows.

The last rating action was implemented on December 11, 2008, when
Moody's changed the outlook to positive from stable on Lebanon's
B3 local and foreign currency government bond ratings.



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

UNION BANK: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed Union Bank of Nigeria Plc's Long-term
foreign currency IDR at 'B+' and downgraded its Individual Rating
to 'D/E' from 'D'.  The agency has affirmed the bank's other
ratings at Short-term foreign currency IDR 'B', Support '4',
National Long-term 'A+(nga)' and National Short-term 'F1(nga)'.
The Support Rating Floor was also affirmed at 'B+'.  The Outlook
for the Long-term IDR is Stable.


ZENITH BANK: Fitch Changes Outlook to Stable; Affirms 'B+' Rating
-----------------------------------------------------------------
Fitch Ratings has revised Nigeria-based Zenith Bank Plc's Outlook
to Stable from Positive.  It has also affirmed the bank's ratings
at Long-term foreign currency Issuer Default Rating 'B+', Short-
term foreign currency IDR 'B', Individual Rating 'D', Support
Rating '4', National Long-term Rating 'AA-(minus)(nga)' and
National Short-term Rating 'F1+(nga)'.  The Support Rating Floor
is affirmed at 'B+'.

The revision of Zenith's Outlook reflects the agency's view that
the recent downward trend in oil prices and the global credit
crisis will continue to negatively affect levels of economic
activity within Nigeria.  Fitch also considers that increased
turbulence in the foreign currency market, rising interest rates
and continuing pressure on the equities market have lead to an
increasingly difficult operating environment for Nigerian banks.
In the context of this Fitch considers that the slowdown will
adversely impact Zenith's financial performance indicators with
higher impairment charges leading to slower earnings growth.

The ratings reflect Zenith's strong and growing domestic
franchise, good financial performance and adequate asset quality.
The ratings also reflect Nigeria's increasingly difficult
operating environment.  During FY08, Zenith's operating profits
improved by an annualized 74.9% to NGN56.2 billion on the back of
higher levels of net interest and non-interest income following
strong growth in the bank's loan and deposit books.

Zenith's annualized credit growth was a robust 75.6%, resulting in
gross loans of NGN470.2 billion at FYE08.  Nevertheless, this
rapid rate of growth was in line with or below many of Zenith's
peers'.  Zenith's NPLs increased by an annualized 112% from a low
base, resulting in a weaker NPL ratio of 2% at FYE08 (FYE07:
1.7%).  Despite this deterioration, Fitch considers asset quality
to be acceptable and notes that Zenith has consistently reported
one of the lowest NPL ratios in the sector.  Coverage was
acceptable at 1.45x at FYE08 (FYE07: 1.53x).

Zenith's equity increased substantially on the back of a rights
issue and public offering totaling NGN197 billion during FY08.
Following the injection of fresh capital, Zenith's Tier 1 and
total capital adequacy ratios stood at 36.1% and 36.6%,
respectively, at FYE08 (FYE07: 27.5% and 28.1%).  While capital
adequacy is acceptable at current levels, Fitch is concerned that
the continuation of strong growth in risk weighted assets and
Zenith's generous dividend policy will erode the current levels of
capital adequacy.

Zenith commenced operations in 1990 and became a public limited
liability company in 2004, with shares listed on the Nigerian
Stock Exchange.  Zenith is one of Nigeria's largest banks by total
assets and controlled about 16% of system assets at FYE08.  It is
headquartered in Lagos and owns international subsidiaries in
Ghana, Sierra Leone and the UK.



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

PHILIPPINE LONG: Moody's Reviews Issuer Default Rating
------------------------------------------------------
Moody's Investors Service has revised the status of Philippine
Long Distance Telephone Company's Baa2 local currency issuer
rating from review for possible upgrade to review with direction
uncertain.  At the same time, Moody's has affirmed PLDT's
Ba2/positive foreign currency bond rating.

The rating action has been prompted by PLDT's recent announcement
that it plans to acquire up to a 20% stake in the Manila Electric
Company at a cost of approximately PHP20 billion.

"While the acquisition can largely be funded out of cash on hand
and without any material adverse impact on PLDT's consolidated
financial metrics, which remain strong for a Baa rating, it will
reduce the company's liquidity reserves," says Laura Acres, a
Moody's Vice President.

"The acquisition also raises concerns as it represents a move by
shareholders and senior management into a non-core business,
albeit into another utility with a small telecommunications-
related business with an established fiber optic network covering
the Metro Manila area," says Acres, also Moody's Lead Analyst for
PLDT, adding "it is however noted that PLDT has indicated that it
will limit its investment in Meralco to a 20% shareholding."

Moody's review will focus on 1) potential funding support PLDT
will have to provide to Meralco; 2) PLDT's financial polices over
the next 2 years, especially with regard to leverage and uses of
cash; and 3) strategy of PLDT's principal shareholder, First
Pacific, and the degree to which this investment signals a shift
in strategy for the telco operator.

Moody's affirmation of PLDT's foreign currency bond rating
reflects the fact that the rating is unlikely to change without
there first being a change in the Philippines foreign currency
country ceiling or downward rating action on PLDT.

The last rating action was taken on March 10, 2009, when PLDT's
Baa2 local currency issuer rating was placed on review for
possible upgrade and the foreign currency bond rating was affirmed
at Ba2/positive.

PLDT is an integrated provider of fixed-line, broadband, cellular
and Information and Communications Technology services.  As at
December 31, 2008, it had 35.2 million cellular, 1.8 million
fixed-line and 1.0 million broadband subscribers and is the
country's leading telecommunications service provider.  It also
has a 52% market share for cellular telephony, 60% for fixed-line
services and 70% broadband.

Major shareholders are First Pacific and NTT Communications/NTT
DoCoMo, with effective common shareholdings of 26.3% and 20.9%
respectively as of January 2009.  The remaining common shares are
publicly held.


PHILIPPINE LONG: To Acquire 20% Stake in Meralco Through Piltel
---------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT), through its
subsidiary -- Pilipino Telephone Corp. (Piltel) -- will acquire
from the Lopez family a 20% stake or 223 million shares in Manila
Electric Co. (Meralco) for PHP20 billion, Manila Standard reports.

The deal is still subject to the approval of Piltel shareholders
in their meeting on June 30, the news agency notes.

According to the report, the acquisition will help fend off a
supposed hostile takeover by San Miguel Corp.

The acquisition will raise PLDT's stake in Meralco to 30.17%, the
Lopez group's stake will decrease to about 14%, while San Miguel's
would remain at 34%, the report discloses.

"These arrangements, once completed and implemented, will serve to
consolidate the PLDT group's cellular business under Smart,
thereby maximizing revenues streams and eliminating any lingering
regulatory issues relating to the traffic between the two
companies," the report quoted PLDT in a statement.

                         About PLDT

Headquartered in Manila, Philippine Long Distance Telephone
Company is a telecommunications service provider in the
Philippines.  Through its three principal business groups -
wireless, fixed line, and information and communications
technology - PLDT offers a wide range of telecommunications
services to its subscribers in the Philippines.  PLDT's
subsidiaries and affiliates include Smart Communications, Inc.
and Pilipino Telephone Corporation, both cellular service
providers, and ePLDT, an integrated information and
communications technology provider.

PLDT was incorporated on November 28, 1928, following the merger
of four telephone companies under US ownership, namely,
Philippine Telephone and Telegraph Company, Cebu Telephone and
Telegraph Company, Panay Telephone and Telegraph Company, and
Negros Telephone and Telegraph Company.  In 1967, effective
control of PLDT was sold by General Telephone and Electronics
Corporation to a group of Filipino businessmen.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 12, 2009, Moody's Investors Service has placed Philippine
Long Distance Telephone Company's Baa2 senior unsecured local
currency issuer rating under review for possible upgrade.  At the
same time, Moody's has affirmed PLDT's Ba2/positive foreign
currency bond rating.

The TCR-AP also reported on October 9, 2008, that Fitch Ratings
affirmed Philippine Long Distance Telephone Company's (PLDT) Long-
term foreign and local currency Issuer Default Ratings at 'BB+'
and 'BBB' respectively, and its National Long-term rating at
'AAA(phl)'.  The rating Outlook is Stable.  Also, PLDT's global
bonds and senior notes have been affirmed at 'BB+'.



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

LIN LONG: Court to Hear Wind-Up Petition on April 3
---------------------------------------------------
A petition to have Lin Long Printing Private Limited's operations
wound up will be heard before the High Court Singapore on April 3,
2009, at 10:00 a.m.

The Bank of East Asia Limited filed the petition against the
company on March 9, 2009.

The Petitioner's solicitors are:

          Messrs. Lee Bon Leong & Co.
          79 Anson Rd #11-01/02
          Singapore 079906



======================
S O U T H  A F R I C A
======================

PAMODZI GOLD: Expected US$20 Mln Best Rock Loan Didn't Arrive
-------------------------------------------------------------
Bloomberg News's Ron Derby reports Pamodzi Gold Ltd. said it is
seeking funds after failing to receive an expected sum of
200 million rand (US$20 million) from Best Rock Investments LLP.

The report recalls the company said Oct. 24 it completed the terms
of a final 200 million rand of necessary fund raising.  On
Dec. 29, the report relates Pamodzi Gold said the fund raising
would include an issue of call options to Best Rock Investments
(Pty) Ltd.  Pamodzi Gold added in a Feb. 18 statement obtained by
Bloomberg News that it hadn't received a "definitive timeline" for
the receipt of funds from Best Rock Investments LLC.

Meanwhile, Bloomberg News reports Pamodzi Gold spokeswoman Bongi
Radebe said the company will oppose a 21.8 million-rand claim in
South Africa's High Court against its Orkney mine from contractor
Engineering Labour Hire and Mining Supplies.  The demand is in
connection with outstanding payments, Jan Van den Berg, co-
founder of the contractor, told the news agency by mobile phone
from Pretoria.

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, around 4,000 workers at Pamodzi Gold's Free State
province mines went on strike over unpaid wages.

Pamodzi, which employs 5,014 workers in South Africa, ended the
10-day strike on March 13 after paying February wages, Bloomberg
News says.

                         Mounting Losses

For the nine months ended September 30, 2008, Pamodzi incurred a
net loss of R427,673,000.  The company recorded a R208,488,000
loss in the year ended December 31, 2007.

According to Business Report, Pamodzi Gold incurred mounting
losses after selling gold below market price and with the
acquisition of two gold mines early last year.

As of September 30, 2008, the company's total assets and total
liabilities stood at R1,917,030,000 and R1,757,518,000
respectively.

Pamodzi Gold said it will use the R400 million fund from the IDC
and Pamodzi Resources for these purposes:

   -- R180 million to settle long outstanding creditors;

   -- settle the loan from MC Resources Limited and Casten
      Holdings Limited, shareholders of Thistle, amounting
      to R34.2 million;

   -- settle the RMB revolving credit facility of
      R26.8 million; and

   -- R160 million for future capital expansion and assumed
      to be split evenly between IDC loan and Pamodzi
      Resources loan.

                       About Pamodzi Gold

Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa.  The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa.  The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province.  The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body.  The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project.  The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.



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

POWERCHIP SEMICONDUCTOR: Sells Shares in Rexchip to Elpida
----------------------------------------------------------
The China Post reports that Powerchip Semiconductor Corp. said it
has sold shares in Rexchip Electronics Corp. to Japan's Elpida
Memory Inc., resulting in a loss of NT$378 million (US$11
million).

Citing Powerchip in a statement to the Taiwan Stock Exchange, the
Post relates that Powerchip lowered its holding in the Taiwanese
venture to a 42.8 percent after the sale.

Elpida, however, raised its stake in Rexchip to 52 percent, the
Post adds citing Elpida in a separate statement.

Meanwhile, a Digitimes report says that Powerchip plans to
implement a new phase of cost-cutting measures starting from
March 20.

According to Digitimes, PSC is asking staff to take up to eight
days of unpaid leave a month, instead of four.  In addition,
Digitimes says PSC employees will take a 26% salary cut.

Digitimes recalls that earlier this year, PSC chairman Frank Huang
promised he would forgo drawing a salary until the company returns
to profitability.

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.



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

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

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
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June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
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July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
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July 29-Aug. 1, 2009
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    Southeast Bankruptcy Conference
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       Hilton Head Island, S.C.
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AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/



                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., 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,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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