---

        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, April 29, 2009, Vol. 12, No. 83

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Top 10 Investors May Default on Installment
OZ MINERALS: Says Prominent Hill Output to Meet Target


H O N G  K O N G

CHONG FU: Appoints Chan as Liquidator
CRAFORD TRADING: Members' Final Meeting Set for May 25
DAPHNE FINANCE: Moody's Downgrades Ratings on Three Classes
DEBTTRADERS LIMITED: Creditors' Proofs of Debt Due on May 25
DESCARTES ATHENA FUND: SFC Freezes Hedge Fund Assets

FLUIDMASTER/BEMIS: Member to Hear Wind-Up Report on April 20
GARDEN HOTELS: Creditors' Proofs of Debt Due on May 15
HALOTEC (FAR EAST): Placed Under Voluntary Wind-Up
HARVEST CHAIN: Placed Under Members' Voluntary Liquidation
KATO LIMITED ET AL: Members' Final Meeting Set for May 27

MASTER CHAMP: Placed Under Voluntary Liquidation
NEW WORLDWIDE: Tseng Yih Sun Steps Down as Liquidator
O & A LIMITED: Liquidator to Present Wind-Up Report on May 15
PEROT SYSTEMS: Ying Hing Chiu Steps Down as Liquidator
SCRIPT SECURITIZATION: Moody's Cuts Ratings on Six 2006-1 Notes

SOUTHERN CROSS: Moody's Downgrades Ratings on Various Classes
SUN KEE: Tseng Yih Sun Steps Down as Liquidator
UFI TELECOM: Creditors' Proofs of Debt Due on May 8
WAH HA: Members' Final Meeting Set for May 29


I N D I A

ARJUNA SOLVENT: Loan Payment Default Cues CRISIL 'D' Ratings
DAYAL ENERGY: CRISIL Assigns 'D' Ratings on Various Bank Loans
GOLD PLUS: Fitch Affirms National Long-Term Rating at 'BB'
JET AIRWAYS: To Launch Flights to Riyadh & Jeddah on June 14
SAANIKA INDUSTRIES: CRISIL Rates Rs.103.5 Mln LT Loan at 'BB-'

SBQ STEELS: CRISIL Reaffirms 'BB+' Rating on Rs.1210 Mln Term Loan
S.V. INVESTMENT: RBI Cancels Certificate of Registration
UPPER INDIA: CRISIL Places 'BB' Rating on Rs.600 Mln Cash Credit
VIKAS STRIPS: Low Net Worth Prompts CRISIL 'BB' Rating


I N D O N E S I A

ANEKA TAMBANG: Seeks Partners for Halmahera Project
TELEKOMUNIKASI INDONESIA: 2008 Net Income Drops 20%


J A P A N

EAST STREET: Moody's Reviews Ratings on Two 2002-1 Notes
GODO KAISHA: Moody's Downgrades Ratings on Three Classes to 'B1'
MITSUBISHI MOTORS: Posts JPY54.9 Billion Net Loss in FY2008
NOMURA HOLDINGS: Fitch Affirms Support Rating Floor at 'B'
RENESAS TECHNOLOGY: Agrees to Merge Operations With NEC Corp.

SHARP CORP: Posts JPY125.8 Bln Net Loss in FY 2008


K O R E A

HANBUL MOTORS: Gets KRW20-Billion Rescue Package From Creditors


N E W  Z E A L A N D

* NEW ZEALAND: Qtr Trade Deficit Narrows on Record Import Drop


S I N G A P O R E

C.T. MANAGEMENT: Creditors' Proofs of Debt Due on May 25
TIF VENTURES: Creditors' Proofs of Debt Due on May 25
VERTEX TECHNOLOGY: Creditors' Proofs of Debt Due on May 24
VISCION MEDIA: Court Enters Wind-Up Order
YICKKI TRADING: Pays Second and Final Dividend


T A I W A N

PROMOS TECHNOLOGIES: Receives NT$3-Billion Bank Loan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BRISCONNECTIONS: Top 10 Investors May Default on Installment
------------------------------------------------------------
BrisConnections Management Company Ltd. can expect more than half
of its 10 biggest investors to default on installment payments due
today, Bloomberg News reports citing the Australian Financial
Review.

According to Bloomberg News, the newspaper said Community Investor
Holdings, its eighth largest investor, was placed into liquidation
yesterday, April 28.  The top 10 holders who are expected to
default make up a shortfall of AU$180 million ($127 million), the
newspaper reported as cited by Bloomberg News.

The Australian reports that investors in BrisConnections are now
committed to paying another AU$2 a unit after unitholder Jim
Byrnes withdrew a court attempt to relieve them of the requirement
to pay half the money by the end of trading today.

Macquarie Group Ltd, The Australian relates, has also asked
Federal Court judge  Arthur Emmett to strike out Mr. Byrnes'
action.  The next hearing of the action by Mr. Byrnes will be on
May 6, well after the second payment is due and payable, The
Australian notes.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2009, the Age said a major shareholder in
BrisConnections has launched a AU$1.3 billion class action against
the company and Macquarie Bank.

The Age said the claim was filed in the Federal Court in Sydney
on April 24, by lawyers for Brisbane Toll Road Link ("BTR")- owned
by US-based New Hampton Distressed Asset Fund and represented by
Sydney businessman Jim Byrnes --  which owns 15.2% of
BrisConnections.

According to the Age, Mr. Byrnes said the class action was
launched on behalf of all past and present unit holders.  The Age
related that Mr. Byrnes said the action alleged misleading
statements and errors in the product disclosure statement.

             Macquarie Offers Lifeline to Investors

As reported in the TCR-AP on Apr. 22, 2009, The Sydney Morning
Herald said Macquarie Group Ltd offered a lifeline to small
investors in Brisconnections by paying their outstanding
installments if they give up their holdings for free.

According to the Herald, Macquarie Group said it will pay all
remaining liabilities to about 80 per cent of unit holders in the
BrisConnections Investment Trust, including the second instalment
of AU$1 per BrisConnections unit due on April 29 and a third
instalment of AU$1 per security on January 29, 2010.

The Herald related Macquarie's offer is open to eligible unit
holders who held  fewer than 50,000 units in BrisConnections
as of April 14.  The Herald said unit holders have until May 4 to
accept Macquarie's offer.

The TCR-AP, citing Reuters, reported on April 6, 2009, that
BrisConnections said one of the underwriters of its share offer,
Macquarie Bank or Deutsche Bank, may approach unitholders in a bid
to break a deadlock over funding obligations.

Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.

However, Reuters said some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.

                         Wind Up Bid

As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.

The Australian, citing Leighton Holdings in filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.

The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections.  The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.

                         Background

BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.

The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, AU$1 is paid in July and additional payments of AU$1
must
be met by the unit holders on April 20, 2009 and January 29, 2010.

BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first AU$1 installment is due.

However, the units fall in price to 41c on their first day of
listing on the ASX.  The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.

The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.

BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
AU$1 installment in April 2009.

                    About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


OZ MINERALS: Says Prominent Hill Output to Meet Target
------------------------------------------------------
Jesse Riseborough at Bloomberg News reports OZ Minerals Ltd said
production at its AU$1.2 billion ($848 million) Prominent Hill
copper and gold operation in South Australia state is likely to
meet its annual forecast.

The mine produced 4,338 metric tons of copper and 5,567 ounces of
gold in the three months ended March 31 after starting output late
February, OZ said in a stock exchange statement obtained by
Bloomberg News.

OZ Minerals has forecast output of 100,000 metric tons of copper
and 70,000 ounces of gold this year, the report relates.

Meanwhile, the report says production from the company’s Century
operation dropped 20 percent to 101,961 tons in the quarter after
what the company said was the heaviest wet season in Century’s
history. Operating costs at the mine fell 15 percent from the
December quarter, the report notes.

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.



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

CHONG FU: Appoints Chan as Liquidator
-------------------------------------
On April 17, 2009, Chan Kin Hang, Danvil was appointed as
liquidator of Chong Fu Catering Company Limited.

The Liquidator can be reached at:

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


CRAFORD TRADING: Members' Final Meeting Set for May 25
------------------------------------------------------
The members of Craford Trading Limited will hold their final
meeting on May 25, 2009, at 10:00 a.m., at the 6th Floor of May
May Building, Nos. 683-685 Nathan Road, in Mongkok, Kowloon.

At the meeting, Tsang Wai Kit, the company's liquidator, will give
a report on the company's wind-up proceeding and property
disposal.


DAPHNE FINANCE: Moody's Downgrades Ratings on Three Classes
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of three classes of notes issued by Daphne Finance 5 plc.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions are a result of the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on January 15, 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to April 1, 2007, an additional stress was applied to
capture potential deviations from the established mapping.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

Daphne Finance 5 plc:

(1) US$132,500,000 Class A Credit-Linked Floating Rate Notes due 7
January 2015

  -- Current Rating: A1
  -- Prior Rating: Aaa
  -- Prior Rating Date: 2 January 2007, assigned Aaa

(2) US$25,000,000 Class B Credit-Linked Floating Rate Notes due 7
January 2015

  -- Current Rating: Baa2
  -- Prior Rating: Aa2
  -- Prior Rating Date: 2 January 2007, assigned Aa2

(3) US$20,000,000 Class C Credit-Linked Floating Rate Notes due 7
January 2015

  -- Current Rating: Ba1
  -- Prior Rating: A1
  -- Prior Rating Date: 2 January 2007, assigned A1


DEBTTRADERS LIMITED: Creditors' Proofs of Debt Due on May 25
------------------------------------------------------------
The creditors of Debttraders, Limited are required to file their
proofs of debt by May 25, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

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


DESCARTES ATHENA FUND: SFC Freezes Hedge Fund Assets
----------------------------------------------------
The Hong Kong Securities and Futures Commission (SFC) has
commenced proceedings against 11 defendants seeking the
appointment of administrators and injunction orders over a group
of companies and individuals related to a private hedge fund,
namely Descartes Athena Fund SPC.

Following an urgent application in the High Court by the SFC on
April 27, the court appointed Mr John Robert Lees and Mr Colum
Sebastian Joseph Bancroft as joint and several interim
administrators of four companies:

       --- Descartes Investment Management Ltd (DIM),
       --- Descartes Global Asset Management Ltd (DGAM),
       --- Descartes Finance Ltd (DFL) and
       --- Descartes Athena Fund SPC.

The court also granted an injunction order to freeze assets of up
to US$90.6 million in relation to two individuals and companies
related to and/or operated by them.  In the case of one of the
defendants, the injunction extends to his assets worldwide.  The
SFC said it is conducting further inquiries to identify these
assets.

The SFC is not naming the individual defendants at this stage
because they have not been served with the court orders.  They are
currently not in Hong Kong.

The court also granted an order to freeze up to HK$160.89 million
which was transferred from DGAM to a third party company.  Most of
these assets have been identified and located in Hong Kong and are
now held under the terms of the orders obtained by the SFC.

The SFC's urgent action was prompted by concerns that client
monies were at risk of dissipation.

The SFC alleges that the Athena Fund is a segregated portfolio
company incorporated in the Cayman Islands and that DIM had been
appointed to act as its investment manager.  DIM, in turn,
delegated all functions and powers to DGAM, which was the
investment adviser of the Athena Fund.

At this stage, the SFC suspects the Athena Fund had raised
approximately US$104.9 million from 313 investors in
subscriptions.  Most of the clients are based in Taiwan.
Specifically, the SFC is concerned because it appears:

    *** the operators of the Athena Fund purported
        to liquidate the Athena Fund in July 2008
        when pressed by clients for redemptions and
        used what appear to be false documents from
        a major accounting firm; and

    *** false statements of account and subscription
        contracts purportedly issued by the fund
        administrators were sent to investors.

The interim administrators will take possession of the companies'
records and bank accounts, account for and segregate the assets of
each of the companies, recover money illegally transferred from
the Athena Fund and report, as required, to the court.

The SFC's investigation is continuing.  The case will return to
court on May 19, 2009.

The SFC said it will continue to take appropriate action to ensure
the investing public is appropriately protected and to minimize
the impact of crime and misconduct on Hong Kong's markets.

In a statement, the funds' administrators said they are now
proceeding to investigate into the affairs and dealings of the
companies and will send a circular to all known clients within
this week explaining the situation and inviting them to submit
their claims against the companies, together with all relevant
supporting documentation to the administrators' office.

"We will verify the entitlements of all clients and once these are
established, we will apply to the Court for consent to make
distributions.  Any derivative warrants owned by clients will also
be dealt with expeditiously," the administrators said.  "We are
very conscious of the concerns of clients of the Companies, and we
will provide further updates on the progress of the administration
as developments occur."

For enquiries, contact hotline numbers, + 852 2842 5007 or + 852
2084 5011, from 9:00am to 1:00pm and from 2:00pm to 6:00pm, Monday
to Friday.


FLUIDMASTER/BEMIS: Member to Hear Wind-Up Report on April 20
------------------------------------------------------------
The member of Fluidmaster/Bemis Asia Pacific Limited will hear the
liquidator's report on the company's wind-up proceedings and
property disposal on April 2009, at 2:00 p.m.

The meeting will be held at the 29th Floor of Caroline Centre, Lee
Gardens Two, in 28 Yun Ping Road, Hong Kong.


GARDEN HOTELS: Creditors' Proofs of Debt Due on May 15
------------------------------------------------------
The creditors of Garden Hotels (Holdings) Limited are required to
file their proofs of debt by May 15, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2009.

The company's liquidators are:

        Ying Hing Chiu
        Yeung Betty Yuen
        Three Pacific Place, Level 28
        1 Queen's Road East
        Hong Kong


HALOTEC (FAR EAST): Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 14, 2009, the members of Halotec (Far East) Limited
passed a resolution that voluntarily winds up the company's
operations.

The company's liquidator is:

        Adrian John King
        Tower One, 38th Floor
        Lippo Centre, 88 Queensway
        Hong Kong


HARVEST CHAIN: Placed Under Members' Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on April 15, 2009, the
members of Harvest Chain Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

        Siu Chiu
        Yuen Long Trade Centre, Room 702-3
        99-109 Castle Peak Road
        Yuen Long, N.T.


KATO LIMITED ET AL: Members' Final Meeting Set for May 27
---------------------------------------------------------
On May 27, 2009, a final meeting will be held for the members of:

  -- Kato Limited; and
  -- Beta International Limited

At the meeting, Wong Yuek Keung, the companies' liquidator, will
give a report on the companies' wind-up proceedings and property
disposal.


MASTER CHAMP: Placed Under Voluntary Liquidation
------------------------------------------------
On April 14, 2009, the sole shareholder of Master Champ
Development Limited passed a resolution that voluntarily winds up
the company's operations.

The company's liquidator is:

        Chan Yim Wah
        Haven Commercial Building
        Flat B, 4th Floor
        Nos. 6-8 Tsing Fung Street, North Point
        Hong Kong


NEW WORLDWIDE: Tseng Yih Sun Steps Down as Liquidator
-----------------------------------------------------
On April 15, 2009, Tseng Yih Sun stepped down as liquidator of New
Worldwide Corporation Co., Limited.


O & A LIMITED: Liquidator to Present Wind-Up Report on May 15
-------------------------------------------------------------
On May 15, 2009, the members of O & A Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 60 East, 42nd Street, Suite 2544, New
York, in NY 10165, U.S.A.


PEROT SYSTEMS: Ying Hing Chiu Steps Down as Liquidator
------------------------------------------------------
On April 20, 2009, Ying Hing Chiu stepped down as liquidator of
Perot Systems Hong Kong Limited.


SCRIPT SECURITIZATION: Moody's Cuts Ratings on Six 2006-1 Notes
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of six classes of Southern Cross 2006-1 Series notes issued by
Script Securitization Limited.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions are the result of the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled  "Moody's updates key assumptions for rating
corporate synthetic CDOs" published on January 15, 2009.  Moody's
notes that the global corporate loan sector currently has a
negative outlook and has shown signs of increasing weakness in
terms of credit performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

Script Securitization Limited:

(1) US$73,500,000 Class A2-a Secured Floating Rate Notes due
December 2012

  -- Current Rating: Aa3
  -- Prior Rating: Aaa
  -- Prior Rating Date: September 27, 2006, assigned Aaa

(2) AU$2,000,000 Class A2-b Secured Floating Rate Notes due
December 2012

  -- Current Rating: Aa3
  -- Prior Rating: Aaa
  -- Prior Rating Date: September 27, 2006, assigned Aaa

(3) US$13,125,000 Class B-a Secured Floating Rate Notes due
December 2012

  -- Current Rating: Baa1
  -- Prior Rating: Aa3
  -- Prior Rating Date: September 27, 2006, assigned Aa3

(4) AU$6,500,000 Class B-b Secured Floating Rate Notes due
December 2012

  -- Current Rating: Baa1
  -- Prior Rating: Aa3
  -- Prior Rating Date: September 27, 2006, assigned Aa3

(5) US$25,500,000 Class C Secured Floating Rate Notes due December
2012

  -- Current Rating: Baa3
  -- Prior Rating: A3
  -- Prior Rating Date: September 27, 2006, assigned A3

(6) AU$13,500,000 Class D Secured Floating Rate Notes due December
2012

  -- Current Rating: Ba2
  -- Prior Rating: Baa3
  -- Prior Rating Date: September 27,2006, assigned Baa3


SOUTHERN CROSS: Moody's Downgrades Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two classes of Southern Cross 2005-1 Series notes and one class
of Southern Cross 2005-2 Series notes issued by Script
Securitization Pty Limited.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions are the result of the revision of certain key
assumptions that the agency uses to rate and monitor corporate
CDOs.  These revised assumptions incorporate Moody's expectation
that global corporate default rates are likely to greatly exceed
their historical long-term averages and reflect the heightened
interdependence of credit markets in the current global economic
contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on 15 January 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

The rating actions are:

Script Securitization Pty Limited:

(1) US$31,000,000 Class B Secured Floating Rate Notes due December
2010, Southern Cross 2005-1 Series

  -- Current Rating: Aa3
  -- Prior Rating: Aa2
  -- Prior Rating Date: December 1, 2005, assigned Aa2

(2) US$21,000,000 Class C Secured Floating Rate Notes due December
2010, Southern Cross 2005-1 Series

  -- Current Rating: Baa2
  -- Prior Rating: Baa1
  -- Prior Rating Date: December 1, 2005, assigned Baa1

(3) AU$16,326,531 Secured Floating Rate Notes due December 2010,
Southern Cross 2005-2 Series

  -- Current Rating: B2
  -- Prior Rating: Ba1
  -- Prior Rating Date: December 1, 2005, assigned Ba1


SUN KEE: Tseng Yih Sun Steps Down as Liquidator
-----------------------------------------------
On April 15, 2009, Tseng Yih Sun stepped down as liquidator of Sun
Kee AV Co., Limited.


UFI TELECOM: Creditors' Proofs of Debt Due on May 8
---------------------------------------------------
The creditors of UFI Telecom Limited are required to file their
proofs of debt by May 8, 2009, to be included in the company's
dividend distribution.


WAH HA: Members' Final Meeting Set for May 29
---------------------------------------------
The members of Wah Ha Sing Kee Engineering Limited will hold their
final meeting on May 29, 2009, at 10:00 a.m., at the 76th Floor of
Two International Finance Centre, 8 Finance Street, in Central,
Hong Kong.

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



=========
I N D I A
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ARJUNA SOLVENT: Loan Payment Default Cues CRISIL 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Arjuna Solvent Extraction Pvt Ltd (ASEPL).

   Rs.130.0 Million Long Term Loan     D(Assigned)
   Rs.100.0 Million Cash Credit        D(Assigned)
   Rs.7.9 Million Proposed Long Term   D(Assigned)
                  Bank Loan Facility
   Rs.12.1 Million Bank Guarantee      P5 (Assigned)

The rating reflects the current default by ASEPL in servicing its
term loan obligations on account of delay in commissioning of its
solvent extraction project thereby impairing its ability to meet
its commitments under the term loans.

                    About Arjuna Solvent

ASEPL was incorporated by the Gupta family for solvent extraction
from cotton seeds in Guntur village of Andhra Pradesh.  The
company's plant, which is in the final stages of commissioning, is
likely to commence operations by April 2009.  The unit is proposed
to have two plants, one with a capacity of 200 tonnes per day of
cotton seed cake and the other with 360 tonnes per day of cotton
seed de-linting and de-hulling capacity.


DAYAL ENERGY: CRISIL Assigns 'D' Ratings on Various Bank Loans
--------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the bank facilities of
Dayal Energy & Proteins Ltd (DEPL).

   Rs.200.0 Million Cash Credit         D (Assigned)
   Rs.133.0 Million Rupee Term Loan     D (Assigned)

The rating reflects the current default by DEPL in servicing its
term loan obligations on account of delay in commissioning of its
solvent extraction project thereby impairing its ability to meet
its commitments under the term loans.

                     About Dayal Energy

DEPL, which is a part of the Dayal group, is involved in the
business of solvent extraction.  The group already has presence in
the refining oil segment through Dayal Agro Products Ltd (DAPL).
However, after the completion of the solvent extraction project,
the group will have presence across the value chain in oil
extraction and refining business.  The plant is currently being
commissioned at Rs. 270 million and commercial production is
expected to start from first week of April, 2009.


GOLD PLUS: Fitch Affirms National Long-Term Rating at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed Gold Plus Glass Industry Limited's
National Long term rating at 'BB(ind)'.  The Outlook is Stable.
At the same time Fitch has affirmed the ratings of GPGI's modified
bank facilities amounts:

  -- Existing long-term bank loans of INR2368.7 mil. (reduced
     from INR2380 mil.): National Long-term rating at 'BB(ind)';

  -- Non fund-based working capital banking lines of INR100 mil.:
     National Long-term rating at 'BB(ind)' and National Short-
     term rating at 'F4(ind)'; and

  -- Fund-based (cash credit) working capital banking lines of
     INR528.5 mil. (enhanced from INR220 mil.): National Long-term
     rating at 'BB(ind)' and National Short-term rating at
     'F4(ind)'.

This rating action commentary updates the same published by the
agency on March 23, 2009.

GPGI is part of the Gold Plus Group, an industrial group engaged
in the trading and processing of glass sheets for the automotive
and construction/architectural sectors.  In the automotive sector,
GPG is one of the suppliers of replacement glasses for automobiles
in India.  In the construction/architectural sectors, it supplies
insulating and other structural glasses to corporate houses and
real estate developers.  GPG has set up a float glass line unit in
Uttrakhand at an installed capacity of 460 tons per day under GPGI
with commercial production commencing in January 2009.

Besides GPGI, the GPG consists of Gold Plus Glass India Limited,
Gold Plus Toughened Glass Limited and Gold Plus Himachal Safety
Glass Limited, all of which have guaranteed the loans taken by
GPGI.  In FY08, GPI, GPT and GPH reported net revenues of
INR327.2 million, INR346.9 million and INR290.6 million,
respectively, operating EBITDAR margins of 8.6%, 8.2% and 31%,
respectively, and net incomes of INR13.1 million, INR13.2 million
and INR73.3 million, respectively.  Total adjusted debt of GPI,
GPT and GPH amounted to INR78 million, INR58.3 million and
INR80 million, respectively at FYE08, which resulted in a total
adjusted debt/operating EBITDAR at 2.8x, 2.0x and 0.9x,
respectively.


JET AIRWAYS: To Launch Flights to Riyadh & Jeddah on June 14
------------------------------------------------------------
Jet Airways (India) Ltd will launch daily flights to Saudi Arabian
cities Riyadh and Jeddah from June 14, The Financial Express
reports.  According to the report, the airline said it will deploy
Boeing 737-800 aircraft on the two sectors.

Jet Airways currently flies daily to Kuwait, Bahrain, Muscat,
Doha, Dubai and Abu Dhabi from various Indian cities, the report
notes.

                     Third Fiscal Quarter Loss

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of INR2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of INR911.20 million for the quarter ended Dec. 31, 2007.
Total income increased from INR25171.80 million for the quarter
ended Dec. 31, 2007 to INR30630.70 million for the quarter ended
Dec. 31, 2008.

For the nine months ended December 31, 2008, Jet Airways reported
a net loss of INR4553.30 million, compared with a net loss of
INR318.8 million in the same period in 2007.  Total income
increased from INR60512.00 million for the nine months ended
Dec. 31, 2007 to INR90113.30 million in the same period last year.

"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.

                  About Jet Airways (India) Ltd

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft.  With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world.  Jet Airways operates over 395
flights daily.

Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai.  The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.


SAANIKA INDUSTRIES: CRISIL Rates Rs.103.5 Mln LT Loan at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4', to the bank
facilities of Saanika Industries Pvt Ltd (SIPL).

   Rs.103.5 Million Long-Term Loan       BB-/Stable (Assigned)
   Rs.75.0 Million Cash Credit Limits    BB-/Stable (Assigned)
   Rs.140.0 Million Proposed Fund-Based  BB-/Stable (Assigned)
                    Limits
   Rs.7.2 Million Bank Guarantee         P4 (Assigned)

The ratings reflect SIPL's small scale of operations, low
profitability and exposure to raw material price volatility and
low entry barriers.  The ratings also factor in the company's weak
financial risk profile marked by a low net worth and high gearing.
The financial risk profile is expected to weaken further given the
proposed capital expenditure (capex), coupled with pressure on
margins and slackness in demand. These rating weaknesses are
partially offset by the promoter's extensive experience and
established track record in the textile business in Surat.

Outlook: Stable

CRISIL expects the pressure on SIPL's operating margins and
profitability to continue because of the overall economic
slowdown, coupled with the company's small scale of operations,
commoditised nature of its product, texturised yarn, and its high
gearing.  The outlook may be revised to 'Positive' if there is
infusion of fresh equity into the company, leading to an
improvement in its net worth.  Conversely, the outlook could be
revised to 'Negative' in case of more-than-expected pressure on
the company's operating margins, or if it incurs large debt-funded
capex, leading to further deterioration in its capital structure
and debt protection measures.

                    About Saanika Industries

SIPL, incorporated in February 2006, is a synthetic yarn-
processing unit at Surat, Gujarat.  It has been promoted by the
Surat-based Agarwal family, headed by Mr. Om Prakash Agarwal. His
first yarn processing venture was Vineet Texto Twist Pvt Ltd,
which came up in 1991 in Surat.  SIPL is the group's fifth and
latest venture.  For 2007-08 (refers to financial year, April 1 to
March 31), SIPL reported a profit after tax (PAT) of Rs.11.7
million on net sales of Rs.636.7 million, as against a PAT of
Rs.3.1 million on net sales of Rs.101.1 million in the preceding
year.


SBQ STEELS: CRISIL Reaffirms 'BB+' Rating on Rs.1210 Mln Term Loan
------------------------------------------------------------------
CRISIL's rating on SBQ Steels Ltd's (SBQ Steels') term loan
continues to reflect the company's exposure to project
implementation risks, its expected below-average financial risk
profile over the medium term, and the cyclical nature of the steel
industry.  These weaknesses are mitigated by the benefits that SBQ
Steels is expected to derive from its cost-efficient manufacturing
facility that is under construction.

   Rs.1210 Million Term Loan    BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects SBQ Steels to implement its ongoing greenfield
steel project without time or cost overruns.  The outlook may be
revised to 'Positive' on successful implementation of the project,
coupled with high capacity utilisation levels, resulting in
better-than-expected cash accruals.  Conversely, the outlook may
be revised to 'Negative' if the company faces time or cost over-
runs on the project, or reports lower-than expected profitability.

                      About SBQ Steels

Promoted by the Chennai-based RKKR group, SBQ Steels was
incorporated in March 2007 to execute the group's project of
setting up an integrated plant to manufacture special bar quality
(SBQ) alloy steel, at Kolanakuduru in Nellore, Andhra Pradesh.
Phase 1 of the plant will have a mini blast furnace with a
capacity of 240,100 tonnes per annum (tpa) and a sinter plant of
276,000 tpa. Commercial production of Phase 1 is expected to
commence in May 2009.


S.V. INVESTMENT: RBI Cancels Certificate of Registration
--------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to S.V. Investment and Financial Services
Private Limited for carrying on the business of a non-banking
financial institution as the company has opted to exit from the
business of a non-banking financial institution.

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

S.V. Investment and Financial Services Private Limited's
registered office is at:

         H.No.5-132
         Fathenagar
         Hyderabad-500018
         India


UPPER INDIA: CRISIL Places 'BB' Rating on Rs.600 Mln Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the bank
facilities of Upper India Steel Manufacturing & Engineering
Company Ltd (UIS).

   Rs.600 Million Cash Credit*            BB/Negative (Assigned)
   Rs.100 Million Factoring - Forfeiting  P4 (Assigned)
   Rs.50 Million Line of Credit           P4 (Assigned)

   *Includes Rs.100 million of proposed cash credit.


The ratings reflect UIS's weak financial risk profile, driven by
low profitability and debt coverage indicators.  The company's
operating margins have been declining over the past four years
because of competitive pressures and high raw material prices.
These weaknesses are partially mitigated by the promoters' long
standing experience in the industry and their cautious approach
towards debt-funded capital expenditure (capex), with no
significant capex plans expected over the medium term.

Outlook: Negative

CRISIL expects UIS's financial risk profile to remain weak over
the medium term because of competitive pressures on operating
margins and high gearing due to incremental working capital
requirements.  CRISIL expects the company to incur losses at net
levels in FY 2008-09 due to steep decline in raw material prices
and weak demand of alloy products from end consumers.  The outlook
may be revised to 'Stable' in case of improvement in operating
margins resulting in an improvement in capital structure and debt
coverage indicators. Conversely, the rating may be downgraded in
case of significantly debt funded capex plans over medium term.

                    About Upper India

UIS was incorporated in 1961; the promoters are Mr. Indermohan
Singh Grewal, Mr. Pritpal Singh Grewal, and Dr. S S Grewal.  The
company manufactures specialised steel products for the railways,
and for the automotive ancillary and construction industries.  It
uses sponge, pig, and scrap iron as raw materials to produce steel
billets and ingots, and further to cast them into its final
products. The company has a steel bars & rounds production
capacity of 149,300 MT and a grinding & drawing capacity of 10,000
MT.

For 2007-08 (refers to financial year, April 1 to March 31), UIS
reported a profit after tax (PAT) of Rs.14.5 million on net sales
of Rs.1.8 billion, as against a PAT of Rs.19.8 million on net
sales of Rs.1.9 billion in the previous year.


VIKAS STRIPS: Low Net Worth Prompts CRISIL 'BB' Rating
------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the cash credit
facility of Vikas Strips Ltd (VSL).

   Rs 170.0 Million Cash Credit     BB/Stable (Assigned)

The rating reflects VSL's small scale of operations, and weak
financial risk profile on account of low net worth.  These
weaknesses are, however, partially offset by the benefits that VSL
derives from the established track record of the promoters in the
cold-rolled (CR) strips industry.

Outlook: Stable

CRISIL believes that VSL will maintain a stable business risk
profile on the back of established relationships with customers.
The outlook may be revised to 'Positive' if the company's
profitability improves more than expected.  Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, leading to increase in
gearing and decline in debt protection measures.

                     About Vikas Strips

VSL, incorporated in June 2003, manufactures CR strips.  It
started commercial operations in November 2005 and has an
installed capacity of 25,000 tonnes per annum (tpa) at its plant
at Faridabad, Haryana. It sells its products directly in the
domestic market, especially in Haryana, Uttar Pradesh and Delhi.

VSL reported a profit after tax (PAT) of Rs.0.30 million on net
sales of Rs. 643 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 0.35 million on net
sales of Rs. 359 million for 2006-07.



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ANEKA TAMBANG: Seeks Partners for Halmahera Project
---------------------------------------------------
PT Aneka Tambang (Antam) is looking for partners to develop its
ferronickel project in Halmahera, Maluku, The Jakarta Post
reports.

According to the report, Antam director for development Tato
Miraza said the project was estimated to have a value of US$1.8
billion in total, citing an ongoing feasibility study.  The report
relates Mr. Miraza said that under the new partnership, Antam
would take up the majority stake in the project.  The company will
start constructing the project in 2011 with 2014 as the first
production year, the report adds.

The Post says the company has yet to know the total production
capacity for the project, pending further feasibility studies.

Meanwhile, the Post discloses that Antam will get an additional
0.8 tons of gold this year from its recently acquired local mine.
The report, citing Mr. Miraza, relates that the company would
produce 3.7 tons of gold this year as it expected to get an
additional 0.8 tons from PT Cibaliung Sumber Daya.  Mr. Miraza
said that the gold production from Cibaliung would be ramped up,
to reach 1.8 tons by 2011, the Post relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 19, 2009, PT Aneka Tambang disclosed that it signed a Heads
of Agreement with ANZ Bank and Arc Exploration Limited to arrange
for the transfer of ownership of PT Cibaliung Sumber Daya, which
operates the Cibaliung gold mine at Pandeglang regency, Banten
province, Indonesia.  Antam acquired Cibaliung in order to
continue the gold project after it incurred cost over-runs and PT
CSD experienced funding difficulty to continue mining acivities at
the project and service its obligations.  Prior to this
transaction, ARC Exploration is the majority shareholder of PT CSD
with 95% ownership and Antam holds the remaining 5%.  The
Cibaliung gold project has a mine life of 6 years with annual ore
production of 220,000 tonnes and production of gold equivalent of
around 2.2 tons (70,700 oz.) and estimated gold reserves of around
12.8 tons (412,000 oz.).

                       About Aneka Tambang

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                          *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


TELEKOMUNIKASI INDONESIA: 2008 Net Income Drops 20%
---------------------------------------------------
PT Telekomunikasi Indonesia (Telkom) saw its unaudited profit drop
by about 20 percent in 2008, Jakarta Globe reports citing Sofyan
Djalil, the state-owned enterprises minister.  The company later
admitted that the drop was partly due to significant losses
suffered on the foreign exchange markets, the report says.

"Telkom's net income in 2008 declined to IDR10.3 trillion
[US$957.9 million] from IDR12.86 trillion in 2007," the report
quoted Mr. Sofyan as saying.

Rinaldi Firmansyah, Telkom's president director, the report
relates, acknowledged Telkom's profits had declined in 2008,
saying that it was due to several factors, with foreign exchange
losses playing a major role.  "Our profit declined from double-
digit percentages in 2008 . . . mostly because forex loss was
above IDR1 trillion," the Globe cited Mr. Rinaldi.

According to the report, Telkom's unaudited profit figure is its
worst in three years, with the company posting an annual profit of
IDR7.99 trillion in 2005, rising to IDR11.01 trillion in 2006 and
IDR12.86 trillion in 2007.

                     About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

                          *     *     *

As reported by the Troubled Company Reporter–Asia Pacific on
November 17, 2008, Fitch Ratings affirmed P.T. Telekomunikasi
Indonesia Tbk's Long-term foreign and local currency Issuer
Default ratings at 'BB'.  The Outlook is Stable.



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EAST STREET: Moody's Reviews Ratings on Two 2002-1 Notes
--------------------------------------------------------
Moody's Investors Service announced it has placed its ratings of
Series 1 and 2 notes issued by East Street Referenced Linked
Notes, 2002-1 Limited, and notes issued by East Street Referenced
Linked Notes, 2004-1 Limited on review for possible downgrade.
These transactions are managed synthetic CDOs referencing mainly
Japanese and Asian structured finance products including exposure
to Japanese CMBS.

Moody's explained that the rating actions taken are mainly due to
the review of Japanese CMBS deals for possible downgrade as
announced in a press release published on April 14, 2009.

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

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

The rating actions are:

East Street Referenced Linked Notes 2002-1 Series 1

(1) JPY23,000,000,000 Class X1 Floating Rate Notes

  -- Current Rating: Aaa, placed under review for possible
     downgrade

  -- Prior Rating: Aaa

  -- Prior Rating Action Date: August 24, 2005, assigned Aaa

(2) JPY10,000,000,000 Class A Floating Rate Notes

  -- Current Rating: Aa1, placed under review for possible
     downgrade

  -- Prior Rating: Aa1

  -- Prior Rating Action Date: March 18, 2009, downgraded to Aa1

(3) JPY6,000,000,000 Class B Floating Rate Notes

  -- Current Rating: A2, placed under review for possible
     downgrade

  -- Prior Rating: A2

  -- Prior Rating Action Date: August 24, 2005, assigned A2

(4) JPY5,000,000,000 Class C Floating Rate Notes

  -- Current Rating: Ba1, placed under review for possible
     downgrade

  -- Prior Rating: Ba1

  -- Prior Rating Action Date: March 18, 2009, downgraded to Ba1

(5) JPY1,500,000,000 Class D Fixed Rate Notes

  -- Current Rating: B1, placed under review for possible
     downgrade

  -- Prior Rating: B1

  -- Prior Rating Action Date: March 18, 2009, downgraded to B1

(6) JPY500,000,000 Class E Fixed Rate Notes

  -- Current Rating: B2, placed under review for possible
     downgrade

  -- Prior Rating: B2

  -- Prior Rating Action Date: August 24, 2005, assigned B2

East Street Referenced Linked Notes 2002-1 Series 2

(1) JPY9,000,000,000 Class X1 Floating Rate Notes

  -- Current Rating: Aaa, placed under review for possible
     downgrade

  -- Prior Rating: Aaa

  -- Prior Rating Action Date: October 20, 2003, assigned Aaa

(2) JPY4,875,000,000 Class A Floating Rate Notes

  -- Current Rating: Aa3, placed under review for possible
     downgrade

  -- Prior Rating: Aa3

  -- Prior Rating Action Date: February 10, 2009, downgraded to
     Aa3

(3) JPY4,500,000,000 Class B Floating Rate Notes

  -- Current Rating: Caa1, placed under review for possible
     downgrade

  -- Prior Rating: Caa1

  -- Prior Rating Action Date: February 10, 2009, downgraded to
     Caa1

East Street Referenced Linked Notes 2004-1

(1) JPY18,750,000,000 Class X1 Floating Rate Notes

  -- Current Rating: Aaa, placed under review for possible
     downgrade

  -- Prior Rating: Aaa

  -- Prior Rating Action Date: October 20, 2004, assigned Aaa

(2) JPY7,500,000,000 Class A Floating Rate Notes

  -- Current Rating: Aa2, placed under review for possible
     downgrade

  -- Prior Rating: Aa2

  -- Prior Rating Action Date: March 18, 2009, downgraded to Aa2

(3) JPY3,750,000,000 Class B Floating Rate Notes

  -- Current Rating: Baa1, placed under review for possible
     downgrade

  -- Prior Rating: Baa1

  -- Prior Rating Action Date: March 18, 2009, downgraded to Baa1

(4) JPY3,000,000,000 Class C Floating Rate Notes

  -- Current Rating: Ba2, placed under review for possible
     downgrade

  -- Prior Rating: Ba2

  -- Prior Rating Action Date: March 18, 2009, downgraded to Ba2

(5) JPY1,500,000,000 Class D Fixed Rate Notes

  -- Current Rating: B2, placed under review for possible
     downgrade

  -- Prior Rating: B2

  -- Prior Rating Action Date: March 18, 2009, downgraded to B2

(6) JPY1,500,000,000 Class E Fixed Rate Notes

  -- Current Rating: Caa1, placed under review for possible
     downgrade

  -- Prior Rating: Caa1

  -- Prior Rating Action Date: March 18, 2009, downgraded to Caa1

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


GODO KAISHA: Moody's Downgrades Ratings on Three Classes to 'B1'
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of Godo Kaisha Mercury01.  This is a risk transfer CDO transaction
referencing a pool of J-REIT debt obligations held by Mitsubishi
UFJ Trust and Banking Corporation.  The rating action taken is
based on the recent Moody's rating actions of Japanese real estate
investment trusts announced in a press release titled "Moody's
downgrades 13 J-REITs and confirms one" on April 21, 2009 as well
as Moody's view on the potential future recovery rate of a
defaulted obligation in the pool.

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

  -- Moody's Approach to Rating Japanese Commercial Real Estate
     CDOs (February 2008)

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

Deal name: Godo Kaisha Mercury01

(1) Class A JPY29,235,000,000

  -- Current Rating: A2

  -- Prior Rating: Aa2, on review for possible downgrade

  -- Prior Rating Action Date: February 10, 2009, downgraded to
     Aa2 from Aaa and kept under review for possible downgrade

(2) Class B-1: JPY300,000,000

  -- Current Rating: B1

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Action Date: 10 February 2009, downgraded to Ba1
     from Baa2 and kept under review for possible downgrade

(3) Class B-2: JPY3,000,000,000

  -- Current Rating: B1

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Action Date: February 10, 2009, downgraded to
     Ba1 from Baa2 and kept under review for possible downgrade

(4) Loan to Godo Kaisha Mercury01: JPY3,000,000,000

  -- Current Rating: B1

  -- Prior Rating: Ba1, on review for possible downgrade

  -- Prior Rating Action Date: February 10, 2009, downgraded to
     Ba1 from Baa2 and kept under review for possible downgrade

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


MITSUBISHI MOTORS: Posts JPY54.9 Billion Net Loss in FY2008
-----------------------------------------------------------
Mitsubishi Motors Corporation disclosed on April 27 its full-year
results for the year ending March 31, 2009, together with
forecasts for the year ending March 31, 2010.

                  Fiscal 2008 Full-year Results

(1) Fiscal 2008 overview

MMC's consolidated net sales for fiscal 2008 totaled JPY1.97
trillion, a 26 percent decrease of JPY708.5 billion over the
previous fiscal year.  Factors behind the drop in net sales
include reduced worldwide unit sales and the appreciation of the
yen against other world currencies.

MMC posted an operating profit of JPY3.9 billion, a drop of
JPY104.7 billion over the previous fiscal year.  Reduced unit
sales and the effects of the strong yen were the principal factors
in the lower profit figure but the company managed to stay in the
black thanks to company-wide cost-cutting activities and the
benefits stemming from the operational restructuring implemented
last fiscal year.

MMC posted an ordinary loss of JPY14.9 billion, JPY100.6 billion
worse than that of last year, as the drop in operating profit
outweighed improvements in net interest and foreign exchange
gains/losses.

MMC reported a net loss of JPY54.9 billion, JPY89.6 billion worse
than fiscal 2007.  The company booked extraordinary losses which
included an impairment loss of JPY27.5 billion.

(2) Unit sales

Global retail sales in fiscal 2008 totaled 1,066,000 vehicles, a
22 percent decrease of 294,000 units on the 1,360,000 sold in
fiscal 2007.  Amid the global slump in demand, year-on-year unit
sales were down in all the company's regional markets.

In Japan, MMC sold 168,000 vehicles in fiscal 2008, a 23 percent
decrease of 51,000 units.  The company strived to boost sales by
introducing the new Toppo and other mini car models in the fall
and the Galant Fortis Sportback (Lancer Sportback outside Japan)
in December but was unable to counteract the sharp decline in
overall demand suffered by the Japanese market in the second half
of fiscal 2008.

In North America, the company sold 119,000 vehicles, a 26 percent
decrease of 41,000 units over last year.  While a 6 percent year-
on-year increase in sales in Canada, where the record sales was
achieved in March, sales in the United States were impacted by the
slump in overall demand and slipped 32 percent or 40,000 units to
a total of 84,000.

In Europe, MMC sold 272,000 vehicles, a 20 percent decrease of
69,000 units over fiscal 2007 as the drop in overall demand in the
countries of Western Europe was compounded by a sudden slump in
the second half of the year in Russia where sales had been solid
up untill then.

In Asia and other regions, MMC sold 507,000 vehicles, a 21 percent
decrease of 133,000 units over the previous year.  While sales in
Brazil, Indonesia and the Philippines increased over fiscal 2007,
the rise failed to offset the ending of supplies of production
parts to Proton in Malaysia and the slump in overall demand in
other countries in the region.

                  Forecasts for Fiscal 2009

MMC forecasts global retail unit sales of 932,000 vehicles for
fiscal 2009, 13 percent or 134,000 units fewer than fiscal 2008,
as it expects the current difficult global market climate to
continue.

By region MMC forecasts sales in Japan of 195,000 vehicles, a 16
percent increase of 27,000 units over the previous year as the
government's emergency measures to stimulate the economy start to
kick in.  The company expects sales elsewhere to slip, however,
with forecasts of 92,000 units for North America, 22 percent or
27,000 units down; 213,000 units for Europe, 22 percent or 59,000
units down; and 432,000 units for Asia and Other, 15 percent or
75,000 units down.

Given the decreases in sales volume outlined above and the adverse
effect of the stronger Japanese yen, for fiscal 2009 MMC forecasts
net sales of JPY1.50 trillion, a decrease of JPY473.6 billion over
fiscal 2008.

The company will, however, make every effort to improve its
earnings performance by cutting costs and expenses to a level
commensurate with its current net sales.  The company will be
aiming to save more than JPY150 billion: by the measures including
cutting sales and marketing expenses through maximizing the
effectiveness of its advertising and publicity; by exploiting the
benefits stemming from falling raw material prices and by
strengthening efforts to reduce material costs; and by reducing
labor costs and streamlining the functions of overseas
subsidiaries.

MMC forecasts an operating profit of JPY30 billion, a year-on-year
improvement of JPY26.1 billion, an ordinary profit of JPY15
billion, an improvement of JPY29.9 billion, and a full-year net
profit of JPY5 billion, JPY59.9 billion improvement from fiscal
2008.

                     About Mitsubishi Motors

Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-
motors.co.jp/ -- is a Japan-based automobile manufacturer.  The
Company, along with its subsidiaries and associated companies, is
engaged in the development, production, purchase, sale, import and
export of general and small-sized passenger vehicles, mini-
vehicles, sport utility vehicles (SUVs), vans, trucks and
automobile parts, as well as industrial machines.  It is also
engaged in the checking and maintenance of new vehicles, as well
as the provision of automobile sales financing and leasing
services.  As of March 31, 2008, the Company had 54 subsidiaries
and 21 associated companies located in both domestic and overseas
markets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 19, 2009, Standard & Poor's Ratings Services revised to
negative from stable the outlook on its 'B+' long-term corporate
credit rating on Mitsubishi Motors Corp., reflecting the increased
likelihood, in S&P's view, of a prolonged deterioration in the
company's financial performance.  Amid the ongoing turbulence in
global auto markets, Mitsubishi Motors' financial performance has
sharply worsened.  This is due in large part to anemic sales in
certain areas, such as Russia, that had contributed materially to
the company's earnings over the past few years.  At the same time,
Standard & Poor's affirmed its long-term corporate credit and
'BB-' senior unsecured debt ratings on Mitsubishi Motors.


NOMURA HOLDINGS: Fitch Affirms Support Rating Floor at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed Nomura Holdings Inc.'s and Nomura
Securities Co., Ltd.'s ratings:

  -- NHI: Long-term foreign and local currency Issuer Default
     ratings at 'BBB' with Stable Outlook, Short-term foreign and
     local currency IDRs at 'F2', Individual rating at 'C',
     Support rating at '5' and Support Rating Floor at 'NF'.

  -- Nomura Securities: Long-term foreign and local currency IDRs
     at 'BBB+' with Stable Outlook, Short-term foreign and local
     currency IDRs at 'F2', Individual rating at 'C', Support
     rating at '4' and Support Rating Floor at 'B'.

In Q4FYE09, the net loss for NHI was JPY217 billion and within
Fitch's expected range.  As NHI raised fresh capital of JPY278
billion in March 2009, in the form of common equity, the group's
capitalisation remains adequate.  While NHI has made net losses
for five consecutive quarters and remains challenged in returning
to profitability in the near term, the group's leverage and
liquidity remain satisfactory.

The volatility of the financial markets and the recession in
Japan, together with slowing economic growth globally, will impede
revenue growth while higher compensation and benefits expenses
from the acquisition of Lehman Brothers business in Asia and
Europe in September 2008 will pressure NHI's profitability.
Though the acquisition costs of Lehman Brothers businesses are
expected to decline from Q1FYE10, and NHI is focusing on costs
cutting and restructuring its workforce, the difficult operating
environment challenges management in translating gains from the
expanded global network into sustainable profitability.

The net loss in Q4FYE09 is mainly a result from write-downs of
illiquid assets including real estate, impairment charges on
equity holdings, acquisition costs related to Lehman Brothers
acquisitions and restructuring expenses.

Among NHI's five business segments, only the asset management
segment was profitable making a small pre-tax profit of JPY500m;
all other business segments had pre-tax losses.  The 'fixed income
and other' trading desks in its global market segment which made
losses for past four quarters, turned profitable helping offset
the losses in other trading desks (though the global markets
segment overall remained in the red for the fifth consecutive
quarter).

NHI's leverage and liquidity position remain adequate.  It has
disclosed preliminary capital ratios for the first time under
Basel 2 framework, with Tier Capital Ratio of 11.3% and total
capital adequacy ratios of 18.1% as of FYE09.  The gross leverage
of 15.8x remains at a satisfactory level.

Nomura Securities, the flagship broker-dealer subsidiary of the
group in Japan, returned to profitability in 4QFYE09, after two
quarters of losses, backed by large trading gains, though the
financial markets turmoil continued to affect its commission
income.  The gross leverage of 17.7x is higher than the 15.3x at
FYE08, but remains acceptable, while the regulatory capital
adequacy ratio strengthened to 268.8% from 226.4% in FYE08.

NHI is a prominent securities group in Japan with Nomura
Securities as its lead unit, and the group's franchise has
expanded after the acquisition of Lehman Brothers' businesses in
Europe, Middle East and Asia.


RENESAS TECHNOLOGY: Agrees to Merge Operations With NEC Corp.
-------------------------------------------------------------
Bloomberg News' Pavel Alpeyev reports that NEC Electronics Corp.
and Renesas Technology Corp. have agreed to merge in a deal that
may create the world's third-largest chipmaker.

Citing NEC and Renesas in a joint statement, Bloomberg News
relates the terms including ownership ratio should be agreed by
the end of July and the transaction completed by April 2010.

The report says Renesas is unlisted with a 55 percent stake held
by Hitachi Ltd. while Mitsubishi Electric Corp. controls the
remaining 45 percent.

"Nothing has been decided but because of NEC Electronics's listed
status it's likely that it will be the surviving company,"
Bloomberg News quoted NEC President Kaoru Yano as saying.  "We
don't look at it as one company absorbing another."

According to the report, the combined entity would account for
more than 30 percent of the $13.6 billion market for
microcontrollers used in cars and consumer electronics, almost
triple the market share of nearest rival Freescale Semiconductor
Inc.  The tie-up may also lead to further reorganization in Japan
where five of the nation's top eight chipmakers forecast losses in
the fiscal year ended March 31, Bloomberg News notes.

On April 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Renesas's president, Yasushi Akao,
said the company aims to return to profit next fiscal year by
cutting labor, research and productions costs.  The company is
consolidating production lines, cutting wages and reducing
research spending to slash costs by about JPY80 billion or
US$813 million in the 12 months started April 1, Mr. Akao told
Bloomberg News in an interview in Tokyo.  Renesas already trimmed
its expenditure by as much as JPY40 billion last year, he said.
Bloomberg News said that according to Mr. Akao, after selling
JPY54 billion of its shares last month to Hitachi Ltd. and
Mitsubishi Electric Corp., Renesas may ask the firms for
additional funding.  The company may also consider accepting
financial support from Japanese government if available, Mr. Akao
said as cited by Bloomberg News.  Renesas expects a JPY206 billion
net loss in the year ended March 31 as the company books
restructuring and tax-related charges, compared with a profit of
JPY9.5 billion a year earlier, according to Bloomberg News.

                        About NEC Corp.

NEC Corporation (TYO:6701) -- http://www.nec.com/-- is a Japan-
based manufacturer.  The Information Technology (IT)/Network (NW)
Solution segment provides system integration, support and
outsourcing services for government offices and communication
companies.  It also develops, designs and sells hardware,
software, network systems and broadcasting systems, among others.
The Mobile/Personal Solution segment develops, designs and sells
cellular phones and personal computers, as well as provides
Internet service under the name BIGLOBE.  The Electronic Device
segment develops, designs, manufactures, and sells electronic
products, including large-scale integrated circuits, general
devices, system memories, color liquid crystal displays,
capacitors, relays and lithium-ion secondary batteries.  In
addition, the Company is also engaged in the development, design,
manufacturing and sale of monitors and liquid crystal projectors.
On October 1, 2008, it dissolved and liquidated a subsidiary,
Changsha NEC Telecommunications Co., Ltd.

                    About Renesas Technology

Japan-based Renesas Technology Corp --- http://www.renesas.com/
--- a Hitachi Ltd and Mitsubishi Electric Corp joint venture, is a
microchip manufacturer.  The company makes many kinds of
semiconductors, including discrete devices, application-specific
integrated circuits (ASICs), microprocessors, memories, and analog
chips; it is also the world's top maker of microcontroller chips.
Hitachi owns 55% of Renesas; Mitsubishi has the other 45%.


SHARP CORP: Posts JPY125.8 Bln Net Loss in FY 2008
--------------------------------------------------
Sharp Corp. reported its first annual loss in more than 50 years
due to declining demand and increasing competition amid a global
economic slump, various reports say.

China Post relates Sharp posted a net loss of JPY125.8 billion for
fiscal 2008 ended March 31, compared with a profit of JPY101.9
billion (a year earlier.  Yearly revenue fell to JPY2.85 trillion
from JPY3.42 trillion, the report says.

According to the Post, the company said sales of televisions and
other audio visual equipment, as well as mobile phones, declined
due to the strong yen as well as price cuts amid intensifying
competition.  Sales of other electronics devices also declined
nearly 30 percent from a year earlier.

Although business environment for fiscal 2009 remain uncertain,
Sharp projects a net profit of JPY3 billion and revenues of
JPY2.76 trillion.

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.  The company operates in two business divisions.  The
Electronics Equipment division offers audio and video
(AV)/communication products, including liquid crystal color
televisions, projectors, digital versatile disc (DVD) players and
recorders, compact disc (CD) players and various telephones;
electric appliances, as well as information equipment, such as
personal computers (PCs), digital dictionaries, calculators,
liquid crystal color monitors, information displays and copy
machines.  It also offers software.  The Electronic Component
division provides large-scale integrated (LSI) circuits, liquid
crystal display (LCD) modules and other electronic components,
such as batteries and parts for satellite broadcasting, among
others.  In July 2008, United Drug plc acquired the company.



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

HANBUL MOTORS: Gets KRW20-Billion Rescue Package From Creditors
---------------------------------------------------------------
Yonhap News Agency reports that Hanbul Motors Corp. said South
Korean creditors have agreed to rescue the company with a KRW20
billion or US$14.8 million bailout package.

According to the news agency, the company's main creditor Korea
Development Bank will inject the money into Hanbul Motors and
reschedule debts owed by the ailing importer by 2011.  As part of
the debt-restructuring contract, the report relates that Hanbul
Motors plans to sell some of its assets to raise working capital.

Hanbul Motors Corp. is the official importer and distributor of
Automobiles Peugeot of PSA Peugeot-Citroen.  It has 17 showrooms
and 16 Peugeot Service Centers in Korea.



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

* NEW ZEALAND: Qtr Trade Deficit Narrows on Record Import Drop
--------------------------------------------------------------
The seasonally adjusted trade balance was a deficit of NZ$65
million in the March 2009 quarter, the smallest deficit recorded
since June 2002, Statistics New Zealand said today.  This
quarter’s figure follows five years of quarterly deficits that
have generally been in excess of NZ$1 billion, and is the result
of a record decrease in imports, coupled with a smaller fall in
exports.

The value of seasonally adjusted imports recorded its largest ever
fall in the March 2009 quarter, down 12.8 percent (NZ$1.6 billion)
compared with the December 2008 quarter.  This fall was led by a
NZ$1.3 billion decrease in intermediate goods, as falling crude
oil prices coincided with a drop in the quantity of oil imported.
Passenger motor car imports also fell, down NZ$195 million, with
the March 2009 figure representing less than half of the
March 2008 value.

The value of seasonally adjusted exports fell 4.0 percent (NZ$449
million) in the March 2009 quarter.  This decrease was driven by a
price-led fall in milk powder, butter and cheese exports, and
falls in crude oil, and aluminium and aluminium articles, where
both quantities and prices decreased.

The monthly value of merchandise exports exceeded NZ$4 billion for
the first time in March 2009, up 17.7 percent on March 2008,
boosted by strong increases in meat and edible offal, and the
export of large aircraft.  The actual value of merchandise imports
also rose in the March 2009 month, up 6.9 percent due to increased
imports of mechanical and electrical machinery and equipment. The
trade balance for the March month was a surplus of NZ$324 million.



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

C.T. MANAGEMENT: Creditors' Proofs of Debt Due on May 25
--------------------------------------------------------
The creditors of C.T. Management Pte. Ltd. are required to file
their proofs of debt by May 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2009.

The company's liquidator is:

        Mdm Chia Lay Beng
        1 Scotts Road #21-07/08/09 Shaw Centre
        Singapore 228208


TIF VENTURES: Creditors' Proofs of Debt Due on May 25
-----------------------------------------------------
The creditors of TIF Ventures Pte Ltd are required to file their
proofs of debt by May 25, 2009, to be included in the company's
dividend distribution.

The company's liquidator is:

        Timothy James Reid
        8 Robinson Road
        #12-00 ASO Building
        Singapore 048544


VERTEX TECHNOLOGY: Creditors' Proofs of Debt Due on May 24
----------------------------------------------------------
The creditors of Vertex Technology Fund (II) Ltd are required to
file their proofs of debt by May 24, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

        Kon Yin Tong
        Wong Kian Kok
        Aw Eng Hai
        c/o 47 Hill Street #05-01
        Singapore Chinese Chamber of Commerce &
        Industry Building
        Singapore 179365


VISCION MEDIA: Court Enters Wind-Up Order
-----------------------------------------
On April 17, 2009, the High Court of Singapore entered an order to
wind up the operations of Viscion Media Group Pte. Ltd.

The company's liquidator is:

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


YICKKI TRADING: Pays Second and Final Dividend
----------------------------------------------
Yickki Trading Pte Ltd, which is in liquidation, paid the second
and final dividend on April 28, 2009.

The company paid 3.50 percent to all admitted ordinary claims.

The company's liquidators are:

        Chee Yoh Chuang
        Lim Lee Meng
        Stone Forest Corporate Advisory Pte Ltd
        8 Wilkie Road
        #03-08 Wilkie Edge
        Singapore 228095



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

PROMOS TECHNOLOGIES: Receives NT$3-Billion Bank Loan
----------------------------------------------------
ProMOS Technologies Inc said a syndicate of banks has finalized an
NT$3 billion or US$89 million loan, which will enable it to buy
back its convertible bonds, Digitimes reports.

According to the report, ProMOS said it signed the contract with
the banks on April 27, expecting the delivery of the loan to be
completed the same day.

The Troubled Company Reporter-Asia Pacific, citing China Post,
reported on Feb. 24, 2009, that ProMOS Technologies Inc. offered
to buy back US$335 million worth of convertible bonds for as
little as 10 percent of the principal.

As reported in the TCR-AP on Feb. 18, 2009, AFP said a consortium
of Taiwanese banks have tentatively agreed to provide a new NT$3
billion (US$88.23 million) loan to ProMOS.

According to the Wall Street Journal, the banks making the loan
demanded that ProMOS must buy back the bonds with the loan, saying
that otherwise they won't lend.  The banks will hold the bonds
from ProMOS until the company's position improves, Taiwan
Cooperative Bank Vice President John Chou was cited by WSJ as
saying.

ProMOS Technologies Inc. -- http://www.promos.com.tw--  is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets.  As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.



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

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

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-7...; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-7...; 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: 1-9... 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 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
    25th Annual Bankruptcy & Restructuring Conference
       The Ritz-Carlton Orlando Grande Lakes
          Orlando, Florida
             Contact: http://www.aria.org/

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
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...; 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: 1-7...; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-7...; 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,
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