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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, May 6, 2009, Vol. 12, No. 88

                            Headlines

A U S T R A L I A

BRISCONNECTIONS: Macquarie Lifts Stake in Firm to 9.63%
OZ MINERALS: CEO Steps Down to Take Minmetals Role


C H I N A

CHINA CITIC: 2008 Net Profit Rises 60.7%
CHINA EASTERN: Sells Two Jets for CNY590 Mln to Improve Cash Flow


H O N G  K O N G

ADWIN INDUSTRIES ET AL: Placed Under Voluntary Wind-Up
BORIAN INVESTMENTS: Creditors' Proofs of Debt Due on May 30
CCC SERVICES: Members' Final Meeting Set for June 11
CHINA LAW: Members' Final Meeting Set for June 1
CHINA TOP: Chan Chi Kei Ronald Steps Down as Liquidator

GATELINK MOULD: Placed Under Voluntary Wind-Up
HONGKONG KUTTLER: Members' Final Meeting Set for June 1
JOINT WELL: Members' Final Meeting Set for June 5
KING YIP: Members' Final Meeting Set for June 4
METASOLV SOFTWARE ET AL: Lam and Toohey Step Down as Liquidators

PARASON LIMITED: Final General Meeting Set for June 2
PLAYWELL INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
PRO-ONE: Commences Wind-Up Proceedings
SRE GROUP: Moody's Downgrades Senior Unsecured Rating to 'B3'


I N D I A

A.S.CARRIERS: CRISIL Places 'B+' Rating on INR1701.5 Mln LT Loans
HARSHA AUTOMOTIVE: CRISIL Rates INR250 Million Cash Credit at 'BB'
KINGFISHER AIRLINES: IOC Invokes Bank Guarantee As Check Bounced
LAKSHMIGANAPATI: CRISIL Puts 'BB' Rating on INR50 Mln Cash Credit
NATIONAL COMPANY: CRISIL Assigns 'B+' Rating on  INR230MM LT Loan

PRINCE FOUNDATIONS: CRISIL Rates Various Bank Facilities at 'C'
RGS HEALTHCARE: Default in Loan Repayment Cues CRISIL 'D' Ratings
TATA MOTORS: Gets 203,000 Order for Nano
TWENTY FIRST: CRISIL Puts 'B+' Rating on INR5.9 Million Term Loan
VENUS REMEDIES: CRISIL Downgrades Ratings on Various Loans to 'C'


I N D O N E S I A

BANK MANDIRI: To Pay IDR1.85 Trillion of Dividends in Early June
PERUSAHAAN LISTRIK: Secures US$1.06 Bil. Loan from Cexim & BOC
PT PERTAMINA: To Focus Investments on Upstream Projects


J A P A N

CSK HOLDINGS: JCR Cuts Ratings on Senior Debts to '#BB'


K O R E A

GENERAL MOTORS: GM Daewoo Sales in April Drop 46%
HYUNDAI MOTOR: Sales Declined 7.5% in April
KIA MOTORS: April Sales Down 6.8%
SSANGYONG MOTOR: April 2009 Sales Plunge 58%


M A L A Y S I A

IDAMAN UNGGUL: Time for Convening AGM Extended Until May 31
TALAM CORP: Provides Update on Loan Default Status as of March 31
UBG BERHAD: To Hold Annual General Meeting on May 27
WONDERFUL WIRE: Total Default Reaches MYR76.43 Mil. as of April 30


N E W  Z E A L A N D

QUEENSTOWN LODGE: Receivers Put Property Up for Sale
* NEW ZEALAND: Bankruptcy Filings Rise to 2,750 in Jan-Feb.


P H I L I P P I N E S

WINBANK: Placed Under PDIC Receivership


S I N G A P O R E

C3i GROUP: Court Enters Wind-Up Order
EDB VENTURES: Creditors' Proofs of Debt Due on May 29
INDEX EDUCATIONAL: Court to Hear Wind-Up Petition on May 15
SINGAPORE DERRICK: Court to Hear Wind-Up Petition on May 15
TCS INTELLIGENT: Court to Hear Wind-Up Petition on May 8


T A I W A N

* TAIWAN: 35.86% of Public Firms Report Losses in First Quarter


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BRISCONNECTIONS: Macquarie Lifts Stake in Firm to 9.63%
-------------------------------------------------------
Macquarie Group revealed Monday that it had boosted its stake in
Brisconnections as a result of its offer to bail out small retail
investors, The Australian reports.

According to the report, the investment bank said it had increased
its BrisCon holding by 6.17 million units from 8.05 per cent to
9.63 per cent.

Nearly 400 BrisCon unitholders, or 60 per cent of the 640 eligible
investors, are understood to have accepted the Macquarie offer by
the close of business on Friday, May 1, the Australian says.

Meanwhile, the report relates that dissident investor Nicholas
Bolton, who retains 1.3 million units, said he was working on a
legal strategy that would unfold before the May 12 expiry of a
grace period in which to make the second installment payment.

The Australian meanwhile reports that Jim Byrnes, adviser to 15.2
per cent unitholder Brisbane Toll Road Link, said he would lodge
an amended statement of claim this week for his AU$1.3 billion
class action against BrisCon and Macquarie.  Mr. Byrnes is
expected to seek leave from the Federal Court to add a third
defendant to the claim, the report adds.

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 percent 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.

According to the Core Economics, 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: CEO Steps Down to Take Minmetals Role
--------------------------------------------------
OZ Minerals Limited chief executive Andrew Michelmore would resign
from the company and take up a senior executive role with China
Minmetals once the proposed sale of its assets to Minmetals is
completed.

In a statement released yesterday, May 5, OZ Minerals said it has
has decided to reduce the size of its board from eight to six,
following completion of the transaction.  The six board members
will include five independent, non-executive directors plus the
managing director and Chief Executive Officer.

“Mr. Anthony Larkin has submitted his resignation with effect from
May 4, 2009, and the Board does not intend to fill the vacancy
created by his resignation.  In addition, Mr. Ronnie Beevor,
who retires from the Board in accordance with the Company’s
Constitution at the next Annual General Meeting on June 11, 2009
will not seek re-election and the Board has decided not to replace
Mr. Beevor,” the company said.

A search and selection process for a managing director to replace
Mr. Michelmore has been initiated in anticipation of the Minmetals
sale process being completed, it said.

As well as reducing the number of directors, OZ Minerals said it
has also decided to refresh the board and, to that end, Mr. Barry
Cusack, Chairman of the Board, and Mr. Peter Mansell also plan to
resign from the board once a new managing director has been
appointed and the company has successfully completed the
transition to its new form.  The exact date of their resignations
is therefore not yet certain, but it is intended to be prior to
OZ Minerals’ 2010 Annual General Meeting.

OZ Minerals said new directors will be appointed to replace
Mr. Cusack and Mr. Mansell possibly before they leave the board,
and those new directors will be presented for election at the
first general meeting of shareholders following their appointment.

Following completion of all these steps, five of the current eight
member Board – Mr. Beevor, Mr. Cusack, Mr. Larkin, Mr. Mansell and
Mr. Michelmore – will have left the Board and will have been
replaced by two new Non-Executive Directors plus the new Managing
Director.

OZ Minerals will also reduce the number of its executive committee
from nine to six.  The company will also reduce the number of
people employed in the company’s corporate office by about 80
percent.

                       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.



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

CHINA CITIC: 2008 Net Profit Rises 60.7%
----------------------------------------
China CITIC Bank Corp. said its 2008 net profit grew 60.7 percent
year-on-year to CNY13.3 billion ($1.95 billion), China Daily
reports citing CITIC Bank’s 2008 annual report.

According to the report, the Beijing-based bank said its assets
quality continued to improve last year, with non-performing loans
ratio dropping by 0.12 percentage points.

China CITIC Bank Corporation Limited is a China-based commercial
bank.  The Bank provides retail banking services, including bank
card services, personal financing, financial service for traveling
and study abroad, personal loans, stock investments, foreign
exchanges trading, fund investments, asset management services,
personal savings, personal settlements and remittances, among
others; corporate banking services, including account settlements,
financing services, trading services, cash management, investment
banking, asset management, international settlements and trade
financing services, among others, as well as credit card services.
The Bank also offers online banking services and automatic teller
machine (ATM) services.

                           *     *     *

As of March 6, 2009, China CITIC Bank continues to carry Moody's
'D' bank financial strength rating.


CHINA EASTERN: Sells Two Jets for CNY590 Mln to Improve Cash Flow
-----------------------------------------------------------------
China Eastern Airlines has agreed to sell two Airbus A340 jets for
CNY590 million (US$86 million) to improve its cash flow, China
Post reports.

Citing China Eastern in a statement filed with the Shanghai Stock
Exchange, the report says the carrier sold the two planes to
China's Bank of Communications Financial Leasing Co Ltd.

China Eastern however said it would lease the planes back, the
report says.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial air
transportation.  The Group is also involved in the common aircraft
industry.  Other activities include general aviation, air
catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and training.
The fleet includes more than 60 large and medium size airplanes,
Airbus and Boeing mostly.  Its operation centering from Shanghai
to the whole People's Republic of China and linking to Asia,
Europe, America and Australia.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.



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

ADWIN INDUSTRIES ET AL: Placed Under Voluntary Wind-Up
------------------------------------------------------
On April 17, 2009, the contributories held a meeting and resolved
to voluntarily wind up the operations of:

   -- Adwin Industries Limited;
   -- Landwide Limited;
   -- Victory Knitting Factory Limited; and
   -- Landwide Textiles Limited.

The company's liquidators are:

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


BORIAN INVESTMENTS: Creditors' Proofs of Debt Due on May 30
-----------------------------------------------------------
The creditors of Borian Investments & Trading Company Limited are
required to file their proofs of debt by May 30, 2009, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Lam Ying Sui
          Allied Kajima Building, Room 1005
          138 Gloucester Road
          Wanchai, Hong Kong


CCC SERVICES: Members' Final Meeting Set for June 11
----------------------------------------------------
The members of CCC Services, Limited will hold their final general
meeting on June 11, 2009, at 3:00 p.m., at the 21st Floor of
Chinachem Tower, 34-37 Connaught Road, in Central, Hong Kong.

At the meeting, Kong Tak Wing Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINA LAW: Members' Final Meeting Set for June 1
------------------------------------------------
The members of China Law Council will hold their final general
meeting on June 1, 2009, at 3:00 p.m., at the 20th Floor of Golden
Centre, No. 188 Des Voeux Road, in Central, Hong Kong.

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


CHINA TOP: Chan Chi Kei Ronald Steps Down as Liquidator
-------------------------------------------------------
On April 24, 2009, Chan Chi Kei Ronald stepped down as liquidator
of China Top Investments Limited.


GATELINK MOULD: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on April 24, 2009, the
members of Gatelink Mould Engineering Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre
          Unit 1401, Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


HONGKONG KUTTLER: Members' Final Meeting Set for June 1
-------------------------------------------------------
The members of Hongkong Kuttler Automation Systems (Suzhou)
Company Limited will hold their final general meeting on June 1,
2009, at 2:00 p.m., at the 18th Floor of 1801 Wing On House, 71
Des Voeux Road, in Central, Hong Kong.

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


JOINT WELL: Members' Final Meeting Set for June 5
-------------------------------------------------
The members of Joint Well Enterprises Limited will hold their
final general meeting on June 5, 2009, at 3:00 p.m., at the 8th
Floor of Gold & Silver Commercial Building, 12-18 Mercer Street,
in Central, Hong Kong.

At the meeting, Ho Hoi Lam and Man Fung Ying, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KING YIP: Members' Final Meeting Set for June 4
-----------------------------------------------
The members of King Yip Enterprises, Limited will hold their final
general meeting on June 4, 2009, at 10:00 a.m., at Room 4136 of
Sun Hung Kai Centre, 30 Harbour Road, in Wanchai, Hong Kong.

At the meeting, Yvonne Chu Wen Sum and Ma Kwok Wing, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


METASOLV SOFTWARE ET AL: Lam and Toohey Step Down as Liquidators
----------------------------------------------------------------
On April 21, 2009, Rainier Hok Chung Lam and John James Toohey
stepped down as liquidators of:

   -- Metasolv Software (Hong Kong) Limited; and
   -- SPL Worldgroup Hong Kong Limited.


PARASON LIMITED: Final General Meeting Set for June 2
-----------------------------------------------------
The members of Parason Limited will hold their final general
meeting on June 2, 2009, at 3:30 p.m., at Room A, 19th Floor of
Tung Hip Commercial Building, 248 Des Voeux Road, in Central,
Hong Kong.

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


PLAYWELL INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------------
At an extraordinary general meeting held on April 24, 2009, the
members of Playwell International Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.

The company's liquidators are:

          Cosimo Borrelli
          G Jacqueline Fangonil Walsh
          Borrelli Walsh Limited
          Admiralty Centre, 1401
          Level 14, Tower 1
          18 Harcourt Road
          Hong Kong


PRO-ONE: Commences Wind-Up Proceedings
--------------------------------------
On April 17, 2009, Pro-One Computer Limited commenced wind-up
proceedings.

The company's liquidators are:

          Wong Sun Keung
          Tsui Mei Yuk Janice
          Far East Consortium Building
          20th Floor, Unit 4
          121 Des Voeux Road
          Central, Hong Kong


SRE GROUP: Moody's Downgrades Senior Unsecured Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
rating of SRE Group Limited to B3 from B2.  At the same time,
Moody's has downgraded SRE's corporate family rating to B2 from
B1.  The outlook for both ratings is negative.

This concludes the rating review initiated on March 6, 2009.

"The downgrade reflects Moody's concern that SRE may in the future
have to provide more financial support to China New Town
Development Limited, an associate company of SRE, in view of its
increased equity interest from 32% to 49% in the company and
CNTD's fragile financial and liquidity positions.  The provision
of support could pressure SRE's future financial and liquidity
profiles," says Kaven Tsang, a Moody's AVP/Analyst.

"The downgrade also takes into account SRE's worsened financial
coverage and liquidity positions as a result of its lower than
expected sales and aggressive acquisition strategy in 2008," says
Tsang, also Moody's lead analyst for SRE.

Though SRE recorded year-on-year sales growth in 1Q 2009, its
financial positions remains weak.  The projected EBITDA and
operating cash flow interest coverage ratios of around 1.2-1.3x
are at the low-end of its revised rating level.

"While China's property market rebounded in the first 4 months of
2009, the sustainability of this rebound remains unproven in view
of persistent pricing pressure and uncertain macro environments.
Any potential reversion of the market situation could affect
whether both SRE and CNTD's can achieve their business plans,
thereby also affecting their credit profiles.  Such risks are
captured by the negative ratings outlook," says Tsang.

The rating could undergo further downgrade if SRE 1) underperforms
in property pre-sales and sales, thereby further undermining its
financial and liquidity positions; 2) engages in aggressive land
acquisitions and/or debt-funded investments/acquisitions; and/or
3) further increases its ownership in CNTD or injects additional
liquidity into the company beyond its shareholding interest.

A signal for a downgrade would be if SRE's EBITDA interest
coverage dropped below 1.2x or if its unrestricted cash declined
to below HK$400-500 million on a sustained basis.

The ratings are unlikely to be upgraded given their negative
outlook.  However, the outlook could revert to stable if SRE 1)
achieves its business plan, such that EBITDA interest coverage
rises above 1.5-2x and adjusted debt/capitalization stays around
50%; and 2) maintains adequate balance sheet liquidity and access
to bank funding.

The last rating action with regard to SRE was taken on March 6,
2009, when the company's corporate family and senior unsecured
ratings were put on review for possible downgrade.

SRE Group Limited was established in 1993 and was listed on the
Hong Kong Stock Exchange in 1999.  The company focuses on mid to
high-end residential developments in Shanghai, Shenyang and
Haikou.  It has attributable land banks of 1.12 million sqm in
Shanghai, 1.49 million sqm in Shenyang and 727,200 sqm in Haikou.
These land banks are sufficient for five years of development.



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

A.S.CARRIERS: CRISIL Places 'B+' Rating on INR1701.5 Mln LT Loans
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the loan term
loan facility of A.S.Carriers Private Limited (ASC).

   INR1701.5 Million Long Term Loans    B+/Stable (Assigned)

The rating is mainly constrained by the company's weak financial
profile and difficult business conditions, leading to expected
pressure on rentals over the medium term.  These weaknesses are
mitigated by ASC's established presence in the domestic organised
warehousing business.

Outlook: Stable

CRISIL believes that ASC's overall credit rating will be
constrained by the company's weak financial profile over the
medium term.  The outlook may be revised to 'Positive' if the
company is able to finalise lease contracts for its new projects
at the expected occupancy and realizations, and reduce its debt
levels, including through equity infusions.  Conversely, the
outlook may be revised to 'Negative' if there are substantial
delays in project completion, lower-than-expected or delayed
revenues from new projects, or unexpected terminations of existing
lease agreements.

                      About A.S.Carriers

ASC was established in 1993 and initially carried on clearing and
forwarding (C&F) services Hindustan Unilever Ltd (HUL, rated 'AAA/
Stable/P1+' by CRISIL) till 2006-07 (refers to financial year,
April 1 to March 31).  The company is currently engaged in the
construction and letting out of industrial warehouses.  ASC
currently has six warehouse properties in Bangalore, Hosur and
Chennai with a combined storage space of 1.15 million square feet
and is proposing to construct two more properties (near Bangalore)
for an aggregate storage area of 1 million square feet.

ASC reported a net profit of INR19.8 million on net sales of
INR84.9 million in 2007-08 as against a net profit of INR2.2
million on net sales of INR15.6 million in the previous year. For
the nine months ended December 31, 2008, ASC reported a net profit
of INR19.5 million on net sales of INR104.5 million, as against a
net profit of INR12.5 million on net sales of INR52.8 million
during the corresponding period of the previous year.


HARSHA AUTOMOTIVE: CRISIL Rates INR250 Million Cash Credit at 'BB'
------------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the cash credit
facility of Automotive Pvt Ltd (HAPL).

   INR250 Million Cash Credit    BB/Stable (Assigned)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HAPL and Lakshmiganapati Automobiles
Pvt Ltd (LGAPL), collectively referred to as the Harsha group.
This is because the companies are engaged in a similar line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

The rating is constrained by the group's sub-par financial risk
profile, reflected in its modest net worth and high gearing, and
the stiff competition in the automotive dealership market.  These
weaknesses are mitigated by the established position of the
flagship company HAPL in the automobile dealership market, and the
group's improving profitability, supported by an increasing share
of service revenues and income from sale of automobile spare
parts.

Outlook: Stable

CRISIL expects that the overall credit profile of the Harsha group
will be constrained by its modest net worth and high debt over the
medium term.  The outlook could be revised to 'Positive' in case
of a significant improvement in the group's capital structure and
debt protection measures, following decline in borrowings or
improvement in the net worth.  Conversely, it could be revised to
'Negative' in case of deterioration in the capital structure,
because of a decline in profitability or incremental debt-funded
capital expenditure

                        About the Group

Based in Andhra Pradesh, the Harsha group is an authorised dealer
and service provider for passenger cars and utility vehicles.
While HAPL has been carrying on business as an authorised dealer-
cum-service provider for Toyota Kirloskar Motor Pvt Ltd vehicles
since February 2004, LGAPL is a dealer for vehicles manufactured
by Mahindra & Mahindra Ltd (M&M, rated 'AA/Negative/P1+' by
CRISIL) since February 2008.  The Harsha group reported a net
profit of INR9 million on net sales of INR2.3 billion in 2007-08
(refers to financial year, April 1 to March 31), against INR8
million and INR1.9 billion, respectively, in the previous year.
For the nine months ended December 31, 2008, the group reported a
net profit of INR11 million on net sales of INR2 billion.


KINGFISHER AIRLINES: IOC Invokes Bank Guarantee As Check Bounced
----------------------------------------------------------------
The Times of India reports that the Indian Oil Corporation (“IOC”)
has invoked Kingfisher Airlines's bank guarantee after a cheque
issued by the carrier to pay for jet fuel bounced.

According to the report, industry sources said IOC has encashed a
bank guarantee of about Rs 50 crore after a Kingfisher cheque
bounced in April.  The report relates that Kingfisher reportedly
owes around Rs 700 crore to the three state fuellers — IOC, HPCL
and BPCL.  The carrier owes IOC for about Rs 70-80 crore while it
owes HPCL of over Rs 500 crore, the Times notes.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/ -- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.  In the financial year
ended March 31, 2008, Kingfisher Airlines reported a net loss of
INR1.89 billion.


LAKSHMIGANAPATI: CRISIL Puts 'BB' Rating on INR50 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the cash credit
facility of Lakshmiganapati Automobiles Pvt Ltd (LGAPL).

   INR50 Million Cash Credit     BB/Stable (Assigned)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LGAPL and Harsha Automotive Private
Limited (HAPL), collectively referred to as the Harsha group.
This is because the companies are engaged in a similar line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

The rating is constrained by the group's sub-par financial risk
profile, reflected in its modest net worth and high gearing, and
the stiff competition in the automotive dealership market. These
weaknesses are mitigated by the established position of the
flagship company HAPL in the automobile dealership market, and the
group's improving profitability, supported by an increasing share
of service revenues and income from sale of automobile spare
parts.

Outlook: Stable

CRISIL expects that the overall credit profile of the Harsha group
will be constrained by its modest net worth and high debt over the
medium term.  The outlook could be revised to 'Positive' in case
of a significant improvement in the group's capital structure and
debt protection measures, following decline in borrowings or
improvement in the net worth.  Conversely, it could be revised to
'Negative' in case of deterioration in the capital structure,
because of a decline in profitability or incremental debt-funded
capital expenditure.

                       About the Group

Based in Andhra Pradesh, the Harsha group is an authorised dealer
and service provider for passenger cars and utility vehicles.
While HAPL has been carrying on business as an authorised dealer-
cum-service provider for Toyota Kirloskar Motor Pvt Ltd vehicles
since February 2004, LGAPL is a dealer for vehicles manufactured
by Mahindra & Mahindra Ltd (M&M, rated 'AA/Negative/P1+' by
CRISIL) since February 2008.  The Harsha group reported a net
profit of INR9 million on net sales of INR2.3 billion in 2007-08
(refers to financial year, April 1 to March 31), against INR8
million and INR1.9 billion, respectively, in the previous year.
For the nine months ended December 31, 2008, the group reported a
net profit of INR11 million on net sales of INR2 billion.


NATIONAL COMPANY: CRISIL Assigns 'B+' Rating on  INR230MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Negative' to the long term
loan facility of National Company.

   INR230 Million Long Term Loan   B+/Negative (Assigned)

The rating reflects National Company's exposure to revenue
concentration and project implementation risks, and its small
scale of operations.  These weaknesses are mitigated by the firm's
established presence in the real estate industry, above-average
financial risk profile, and the good location of its projects.

Outlook: Negative

CRISIL believes that National Company's liquidity profile will
remain stretched until its new mall project in Chennai begins to
generate revenues.  The rating may be downgraded in case of
deterioration in the firm's credit risk profile, because of
mismatch in cash flows owing to time or cost overruns in the
ongoing project, low or delayed revenues from the project, or
unexpected termination of the existing lease agreements.
Conversely, the outlook may be revised to 'Stable' if National
Company completes its ongoing project on schedule, and receives
lease advances on a timely basis, or if its liquidity pressures
ease through fund infusions by the partners

                      About National Company

Set up in 1945 in Chennai, National Company is a partnership firm
engaged in the real estate development business.  The firm is
currently undertaking a mall construction project in Chennai; the
project cost is around INR400 million.

National Company reported a profit after tax (PAT) of INR18.94
million on revenues of INR20.29 million for 2007-08 (refers to
financial year, April 1 to March 31), against a PAT of INR16.70
million on revenues of INR16.87 million for 2006-07.


PRINCE FOUNDATIONS: CRISIL Rates Various Bank Facilities at 'C'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Prince Foundations Ltd (PFL).

   INR250 Million Cash Credit          C (Assigned)
   INR1000 Million Rupee Term Loans    C (Assigned)
   INR50 Million Bank Guarantee        P4 (Assigned)

The ratings reflect delays in interest payments on term loans; PFL
had delayed its interest payable during the period between May
2008 and March 2009 by up to 31 days, and its payments due in
April 2008 by up to 60 days.  At present, the company is not in
default on its interest obligations.  There is currently a
moratorium on the principal repayment of the term loan.

                     About Prince Foundations

PFL was incorporated in 2004 by Mr. Ashwin Kamdar.  It was
converted into a public limited company in March 2007.  The
Chennai- based company develops large-scale real estate projects,
such as integrated information technology parks, and residential
and service apartments.  So far, the company has completed four
projects, covering approximately 1 million square feet of saleable
area, in Chennai and its suburbs. For 2007-08 (refers to financial
year, April 1 to March 31), PFL reported a profit after tax (PAT)
of INR276.3 million on net sales of INR895.8 million, against a
PAT of INR211.7 million on net sales of INR642.4 million in 2006-
07.


RGS HEALTHCARE: Default in Loan Repayment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the various bank
facilities of RGS Healthcare Products Pvt Ltd (RGS).

   INR20.00 Million Cash Credit Limit   D (Assigned)
   INR476.10 Million Term Loan          D (Assigned)

The rating reflects the default by RGS in its repayment of term
loan obligations, owing to weak liquidity.

                     About RGS Healthcare

Incorporated in 2004 by Dr. Shivpreet Singh Samra, RGS operates
Grecian Super Specialty Hospital at Mohali (Punjab).  The 75-bed
hospital has a capacity of 75 beds, and specialises in cancer and
cardiac services which contribute around 90 per cent to the
company's revenues.  The company is undertaking a large expansion
to add 300 beds to the hospital.  This will involve addition of
new facilities and upgradation of existing ones.  For 2007-08
(refers to financial year, April 1 to March 31), RGS reported a
profit after tax (PAT) of INR6.4 million, as against a PAT of
INR3.6 million for 2006-07.


TATA MOTORS: Gets 203,000 Order for Nano
----------------------------------------
Tata Motors Limited said it has received 203,000 orders for its
Nano cars, amounting to nearly INR25 billion.

In a statement Monday, Tata Motors said that the first 100,000
allottees from among the applicants will be chosen through a
computerized random selection procedure, and the announcement will
be made within 60 days of closure of the booking.

Deliveries will start in July 2009, and are expected to be
completed in the last quarter of 2010, while all efforts would be
made to ramp up production and deliver earlier, Tata Motors said.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


TWENTY FIRST: CRISIL Puts 'B+' Rating on INR5.9 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Negative' to the bank
facilities of Twenty First Century Castings (TFCC).

   INR40.0 Million Cash Credit Limit   B+/Negative (Assigned)
   INR5.9 Million Term Loan            B+/Negative (Assigned)
   INR5.0 Million Standby Line         B+/Negative (Assigned)
                   of Credit
   INR1.6 Million Proposed Long Term   B+/Negative (Assigned)
                   Facility

   * All Facilities are from State Bank of India



The rating reflects TFCC's exposure to risks relating to customer
concentration in revenues, and limited scale of operations in the
steel and alloy casting industry.  The ratings also factor in
TFCC's weak financial risk profile, marked by high gearing,
moderate debt protection measures, and low net worth.  However,
these weaknesses are partially offset by the benefits that the
firm derives from its promoters' experience in the steel and alloy
casting industry.

Outlook: Negative

CRISIL believes that the credit risk profile of TFCC will remain
constrained over the medium term, on account of high utilisation
of bank limits and large stock in process inventory position.  The
firm's small scale of operations restricts its ability to generate
funds in the event of exigency, thereby resulting in stretched
liquidity.  The rating may be downgraded if there are significant
delays in recovery of dues from customers, and considerable
deterioration in capital structure and debt protection measures.
Conversely, the outlook may be revised to 'Stable' if TFCC's
liquidity and profitability improve.

                     About Twenty First

Set up in 1996 as a partnership firm, TFCC commenced operations in
1997 and manufactures steel and alloy castings, catering mainly to
project management companies.  It has two units at Anand
(Gujarat), with a combined capacity of 1800 tonnes per annum.  The
firm is held by Mr. Naidu (60 per cent) and his wife Mrs. Sandhya
R Naidu (40 per cent).

TFCC reported a profit after tax (PAT) of INR8.1 million on sales
of INR145.8 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR3.6 million on sales of
INR85.6 million for 2006-07.


VENUS REMEDIES: CRISIL Downgrades Ratings on Various Loans to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Venus Remedies Ltd's (VRL's)
long-term bank facilities to 'C' from 'BB+', while removing the
rating from 'Rating Watch with Negative Implications'.

   INR310.00 Million Cash Credit   C (Downgraded from 'BB+';
                     Limit            Removed from 'Rating Watch
                                      with Negative Implications')

   INR30.00 Million Standby Line   C (Downgraded from 'BB+';
                     of Credit        Removed from 'Rating Watch
                                      with Negative Implications')

   INR333.10 Million Rupee Term    C (Downgraded from 'BB+';
                                      Removed from 'Rating Watch
                                      with Negative Implications')

   INR6.90 Million Proposed Long-  C (Downgraded from 'BB+';
          Term Bank Loan Facility     Removed from 'Rating Watch
                                      with Negative Implications')

   INR95.00 Million Letter of       P4 (Reaffirmed)
                     Credit
   INR25.00 Million Bank Guarantee  P4 (Reaffirmed)


The downgrade reflects VRL's failure to service its foreign
currency convertible bonds (not rated by CRISIL), due on May 4,
2009.  The ratings on the company's short-term facilities have
been reaffirmed at 'P4'.

                    About Venus Remedies

Set up in 1991 by Mr. Pawan Chaudhary, VRL manufactures branded
and generic products.  The company is mainly present in the
critical care segment.  For 2007-08 (refers to financial year,
April 1 to March 31), VRL reported a profit after tax (PAT) of
INR390 million on net sales of INR2.130 billion, against INR290
million and INR1.400 billion respectively in the previous year.
For the nine months ended December 31, 2008, the company has
reported a PAT of INR238 million on net sales of INR2 billion,
compared with INR298 million and INR1.5 billion respectively
during the corresponding period of the previous year.



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

BANK MANDIRI: To Pay IDR1.85 Trillion of Dividends in Early June
----------------------------------------------------------------
Bank Mandiri disclosed that it would pay out dividends worth
IDR1.85 trillion (US$175.5 million) to its shareholders by early
June, Jakarta Post reports.

The Post, citing Mandiri Chief Financial Officer Pahala N.
Mansyuri, says the bank is expected to distribute dividends worth
IDR88.55 a share from June 1 until June 10.

The bank's shareholders approved the management's plan to allocate
IDR1.85 trillion, or about 35% of last year's net profit, for
dividends, down from 90 percent the previous year, the report
noted.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 7,
2007, that Fitch Ratings upgraded the Individual Rating of PT
Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its
National Long-term rating to 'AA+ (idn)' from 'AA (idn)'.  The
outlook on the national rating remains stable.

At the same time, Fitch affirmed the company's Long-term foreign
and local currency Issuer Default ratings at 'BB-' with a
Positive Outlook, Short-term IDR at 'B' and Support Floor at
'B+'.

On Oct. 19, 2007, Moody's Investors Service raised Bank
Mandiri's foreign currency senior/subordinated debt ratings
to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit
rating to B1 from B2.


PERUSAHAAN LISTRIK: Secures US$1.06 Bil. Loan from Cexim & BOC
--------------------------------------------------------------
PT Perusahaan Listrik Negara has secured long-term credit
facilities worth US$1.06 billion from the Export Import Bank of
China (Cexim) and Bank of China (BOC) to finance part of the
government’s 10,000-megawatt power-plant program, Jakarta Globe
reports.  According to the report, the Cexim facility has a 15-
year tenure, while that from BOC has a 13-year term.  Both include
three-year grace periods, with the interest rates based on the
London Interbank Offered Rate, the report says.

The Cexim facility would be used to build three coal-fired power
plants -- one in the West Java town of Pelabuhan Ratu, and two in
Aceh -- while the BOC facility would be used to construct a power
plant in Teluk Naga, Tangerang, on the outskirts of Jakarta, the
report cited Finance Minister Sri Mulyani Indrawati as saying.
The Pelabuhan Ratu and Teluk Naga plants are expected to be
operational by early 2010, while the Aceh plant should come on
stream in 2011, the report relates.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *     *     *

PT Perusahaan Listrik Negara continues to carry a Ba3 corporate
family rating -dom curr with stable outlook.


PT PERTAMINA: To Focus Investments on Upstream Projects
-------------------------------------------------------
PT Pertamina plans to increase its investment by 25 percent to
IDR22 trillion (US$2 billion) this year, 65 percent of which will
be used to finance upstream investment projects, Jakarta Post
reports citing Pertamina Deputy President Director Omar S. Anwar.

The company also plans to double its investment budget to
IDR41 trillion by 2012, again with a focus on upstream projects,
the report notes.  The report, citing Mr. Omar, says the company
would focus its operation on the upstream sector, including in the
oil, gas and geothermal fields, because all the big industry
players got their fortunes from their upstream operations.

"The future of the oil and gas industry is in the upstream sector,
and we don't want to be left behind; we have to focus on that
sector as well," The Post quoted Mr. Omar as saying on the
sidelines of the Asian Development Bank's (ADB) annual general
meeting on Saturday.  Mr. Omar also told The Post that the
upstream sector offered higher returns than the downstream sector,
which is more competitive, with more market players.

The company will seek outside partners to develop its upstream
businesses, joint acquisition, joint management and joint bidding
on new areas, including overseas oil and gas fields, Mr. Omar said
in the report.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

                         *     *     *

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.

A report by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, said the company owes more than IDR300 billion
(US$32.72 million) to Indonesian Steel Cylinder Producers
Association (Asitab), and the Indonesian Gas Stove Producers
Association (Apkogi).



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

CSK HOLDINGS: JCR Cuts Ratings on Senior Debts to '#BB'
-------------------------------------------------------
Japan Credit Rating Agency Ltd. (“JCR”) has downgraded the ratings
on both senior debts and each of the outstanding bonds of CSK
Holdings from #BBB-/Negative to #BB/Negative, continuing placing
them under Credit Monitor with Negative direction.

JCR has also downgraded the rating on CP program of the issuer
from #J-2/Negative to #J-3/Negative, also continuing placing it
under Credit Monitor with Negative direction.  At the same time,
JCR has downgraded the rating on senior debts and CP program of
Cosmo Securities from #BB/Negative to #B+/Negative, continuing
placing it under Credit Monitor with Negative direction, and from
#J-3/Negative to NJ, removing it from Credit Monitor,
respectively.

Issuer: CSK Holdings Corporation

Issues   Amount(bn) Issue Date  Due Date   Coupon    Rating
------   ---------- ----------  --------   ------    ------
euroyen convertible
bonds    JPY23      09/04/2003  09/02/2011 0.00%    #BB/Neg

callable convertible
bonds no.7 JPY35    07/27/2006  09/30/2013 0.25%    #BB/Neg

Senior debts: #BB/Negative
CP: #J-3/Negative
Maximum: JPY20 billion
Backup Line: 0%

Issuer: Cosmo Securities Co., Ltd.
Senior debts: #B+/Negative
CP: NJ
Maximum: JPY10 billion
Backup Line: 0%

CSK Holdings will record large losses for FY2008 ended March 31,
2009.  It expects its revenue to be JPY206 billion for FY2008 and
it expects to record an ordinary loss of JPY122.5 billion and a
net loss of JPY161.0 billion.  The primary reasons for the large
loss are the increasing risk of impairment of investment asset
value in its real estate securitization business and the weakened
securities business owing to the stagnant stock market.  The
consolidated net assets will fall far below JCR's expectation,
deteriorating its financial balance.  There is a concern about a
possibility of a secondary loss.  It is now taking various
measures to improve management practices and profitability.  It
should strengthen the financial base including its capital policy
in a drastic and urgent way in addition to realization of effects
of these measures.  JCR continues placing the ratings under Credit
Monitor, considering it necessary to examine carefully its efforts
to reduce business risk and financial risk.  Concerning Cosmo
Securities, its core company for the securities business, JCR
followed suit, taking into consideration their close relationship.



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

GENERAL MOTORS: GM Daewoo Sales in April Drop 46%
-------------------------------------------------
Yonhap News Agency reports that GM Daewoo Auto & Technology Co.,
the South Korean unit of General Motors Corp., said that its sales
plunged 46 percent to 43,655 units last month from a year earlier
due to weak demand at home and overseas.

According to the news agency, the company's domestic sales sank
41.7 percent to 7,080 units last month from a year earlier, while
overseas sales dropped 46.8 percent to 36,575 units.

                   About General Motors Corp.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

For the 2008 calendar year, GM reported an adjusted net loss,
excluding special items, of $16.8 billion.  This compares to an
adjusted net loss of $279 million.  Including special items, the
company reported a loss of $30.9 billion, compared to a reported
loss of $43.3 billion in 2007, which included a non-cash special
charge of $38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

As of December 31, 2008, GM reported $91,047,000,000 in total
assets, $176,387,000,000 in total liabilities, and $86,154,000,000
in stockholders' deficit.

GM admitted in its viability plan submitted to the U.S. Treasury
on February 17 that it considered bankruptcy scenarios, but ruled
out the idea, citing that a Chapter 11 filing would result to
plummeting sales, more loans required from the U.S. government,
and the collapse of dealers and suppliers.

                       Going Concern Doubt

Deloitte & Touche LLP, has said there is substantial doubt about
GM's ability to continue as a going concern after reviewing GM's
2008 financial report.  Deloitte cited the Company's recurring
losses from operations, stockholders' deficit and failure to
generate sufficient cash flow to meet the Company's obligations
and sustain the its operations.  It said GM's future is dependent
on the Company's ability to execute the Company's Viability Plan
successfully or otherwise address these matters.  If the Company
fails to do so for any reason, the Company would not be able to
continue as a going concern and could potentially be forced to
seek relief through a filing under the U.S. Bankruptcy Code.

Standard & Poor's Ratings Services on April 10 lowered its issue-
level rating on GM's $4.5 billion senior secured revolving credit
facility to 'CCC-' (one notch above the 'CC' corporate credit
rating on the company) from 'CCC'.  It revised the recovery rating
on this facility to '2' from '1', indicating its view that lenders
can expect substantial (70% to 90%) recovery in the event of a
payment default.  The corporate credit rating remains unchanged,
at 'CC', reflecting its view of the likelihood that GM will
default -- through either a bankruptcy or a distressed debt
exchange.

Moody's Investors Service said February 18 that the risk of a
bankruptcy filing by GM and Chrysler remains high.  The last
rating action on GM and Chrysler was a downgrade of their
Corporate Family Ratings to Ca on December 3, 2008.


HYUNDAI MOTOR: Sales Declined 7.5% in April
-------------------------------------------
Yonhap News Agency reports that Hyundai Motor Co. said its sales
fell 7.5 percent from a year earlier to 233,342 units in April
amid an economic slump.

The news agency relates the company said domestic sales reached
47,339 units last month, down 16.8 percent from a year earlier,
and overseas sales fell 4.9 percent to 196,003 units.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer in Korea.  The company markets the Atoz Prime, Getz,
Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennial
passenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 and
Matrix recreational vehicles, and commercial vehicles, which
include trucks, buses, tractors, and specialty vehicles, such as
refrigerated vans, ready mixed concrete (remicon) mixers and oil
tankers.  It operates overseas plants in North America, India and
China, and research and development centers in North America,
Japan and Europe.  During the year ended December 31, 2007, the
company produced 1,706,727 vehicles sold around the globe.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The agency
revised the Outlook to Negative from Stable.


KIA MOTORS: April Sales Down 6.8%
---------------------------------
Kia Motors Corp. said that its sales fell 6.8 percent in April
from a year earlier due to a slump in overseas sales, Yonhap News
Agency reports.

The report says the automaker's domestic sales rose 5.8 percent to
29,010 units, while its overseas sales dropped 10.3 percent to
88,520 units.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.


SSANGYONG MOTOR: April 2009 Sales Plunge 58%
--------------------------------------------
Ssangyong Motor Co said its April sales sank 58 percent from a
year earlier, Yonhap News Agency reports.

According to the news agency, the company said domestic sales fell
31.9 percent to 2,404 units last month, and overseas sales also
plunged 77.6 percent to 1,060 units.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs).  The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius.  It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others.  During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles.  The company has two
manufacturing factories in Pyeongtaek and Changwon.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse.  The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board met in
Shanghai.  "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.



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

IDAMAN UNGGUL: Time for Convening AGM Extended Until May 31
-----------------------------------------------------------
Idaman Unggul Berhad disclosed in a regulatory filing that the
Companies Commission of Malaysia approved on May 4, 2009, its
application for an extension of time for the convening of the
annual general meeting and the tabling of the audited accounts for
the financial year ended December 31, 2007, until May 31, 2009.

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                          *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


TALAM CORP: Provides Update on Loan Default Status as of March 31
-----------------------------------------------------------------
Talam Corporation Berhad disclosed with the Bursa Malaysia
Securities Bhd its default status to various credit facilities
as of March 31, 2009.

                      Default Status

A. Europlus Corporation Sdn Bhd has been notified that the
   Noteholders have approved and passed the resolution in
   writing on the proposed restructuring scheme on September 25,
   2006.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.


                                               Amt. Outstanding
   Subsidiary            Lender                  of 03/31/2009
   ----------            ------                ----------------
   Europlus Corp         Abrar Discounts Bhd     MYR190,000,000
   Sdn Bhd

B. These loans with the companies are part of the overall
   Financial Restructuring scheme submitted to the respective
   financial institutions.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 03/31/2009
   ----------            ------                ----------------
   Abra Development      EON Bank Bhd             MYR13,451,282
   Sdn Bhd

   Talam Corp Bhd        EON Bank Berhad          MYR3,242,549
                                                  MYR3,220,148

   Europlus Bhd          RHB Investment Bank      MYR3,297,382
                         Bhd

   Talam Industries Bhd  RHB Investment Bank     MYR11,221,142
                         Bhd                     MYR16,816,990
                                                  MYR5,710,867
                                                  MYR5,657,099

   Talam Industries Bhd  RHB Investment Bank     MYR13,216,520
                         Bhd


C. These companies are in the midst of finalizing the sales and
   Purchase agreement for the disposal of the asset to repay the
   banking facilities:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 03/31/2009
   ----------            ------                ----------------
   Maxisegar Realty      TA First Credit         MYR25,789,562
   Sdn Bhd               Sdn Bhd                 MYR66,676,730
                                                 MYR71,462,416

D. These companies are finalizing the joint venture agreement
   with the reputable developers where the joint venture
   company will repay the loan:

                                               Amt. Outstanding
   Subsidiary            Lender                  of 03/31/2009
   ----------            ------                ----------------
   Zhinmun Sdn Bhd       Insas Credit &            MYR5,393,412
                         Leasing Sdn Bhd          MYR22,327,487


   Ukay Land Sdn Bhd     Insas Credit &           MYR14,566,868
                         Leasing Sdn Bhd

E. This company is currently under Section 176 of the Companies
   Act, 1965.

   The Securities Commission approved the Proposed Revised
   Regularization Plan on April 29, 2008.

   Upon completion of the Plan, the Lender shall receive
   Redeemable Convertible Secured Loan Stocks as settlement.

                                               Amt. Outstanding
   Subsidiary            Lender                  of 03/31/2009
   ----------            ------                ----------------
   Maxisegar Sdn Bhd     Abrar Discounts Bhd     MYR130,000,000

F. This company is in the midst of negotiating with financial
institutions to reschedule the banking facilities:

                                              Amt. Outstanding
   Subsidiary              Lender              of 03/31/2009
   ----------              ------             ----------------

   Talam Corporation Bhd   Pengurusan          MYR3,171,145
                           Danaharta Nasional

                     About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


UBG BERHAD: To Hold Annual General Meeting on May 27
----------------------------------------------------
UBG Berhad will hold its 17th annual general meeting at
10:00 a.m. on May 27, 2009, at Ballroom I, Lobby Floor, Hilton
Kuching, Jalan Tunku Abdul Rahman, 93100 Kuching, in Sarawak,
Malaysia.

At the meeting, the members will be asked to:

   * receive the audited accounts for the year ended Dec. 31,
     2008, and the reports of the directors and auditors
     thereon;

   * re-elect Y Bhg Dato Sri Haji Mahmud Abu Bekir Taib who is
     retiring in accordance with Article 98 of the company's
     Articles of Association and is offering himself for
     re-election;

   * re-elect the following directors who are retiring in
     accordance with Article 102  of the company's
     Articles of Association and is offering himself for
     re-election:

     a) His Excellency Yousif Mana Saeed Alotaiba
     b) Mr Krishnan a/l C K Menon
     c) Mr Low Taek Jho;

   * consider and if thought fit, to pass the following Ordinary
     Resolution in accordance with Section 129 of the Companies
     Act, 1965:

     – that Y Bhg Dato Sri Liang Kim Bang, retiring pursuant
       to Section 129 of the Companies Act, 1965, be and is
       hereby re-appointed a Director of the Company to hold
       office until the next Annual General Meeting;

   * approve directors’ renumeration for the year ended
     Dec. 31, 2008; and

   * appoint Messrs. Ernst & Young as Auditors of the Company
     for the financial year ending December 31, 2009, and to
     authorize the Directors to fix their remuneration.

                          About UBG Berhad

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.


WONDERFUL WIRE: Total Default Reaches MYR76.43 Mil. as of April 30
------------------------------------------------------------------
Wonderful Wire Berhad disclosed with the Bursa Stock Exchange
that the company's total default reached MYR76,431,391.96 as of
April 30, 2009, which comprises of:

Wonderful Wire's loans:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------

CIMB Bank Berhad          Short Term Advance      10,533,741.18
                           Overdraft               2,361,841.46

CIMB Factor Lease Berhad  Leasing                  4,492,761.75

Malayan Banking Berhad    Term Loan               32,904,268.28
                            Overdraft              5,365,784.89

RHB Islamic Bank Berhad   Term Financing          18,428,372.37
                           Revolving Credit        2,253,132.03

Bank Muamalat Malaysia    Hire Purchase Car Loan      20,346.00

Orix Rentec (M) Sdn. Bhd. Rental of office
                            equipment                 71,144.00
                                                  --------------
                                          Total:   76,431,391.96

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
* CIMB Factor Lease Bhd.      Leasing                 335,298.29


WWC and its subsidiary are unable to service the loan repayments
to the lending financial institutions as their businesses has
suffering operating losses for the last few years.  The problem
has been compounded by the shortage in working capital and
continuing increase in the prices of copper, the main raw
material for WWC's productions.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

QUEENSTOWN LODGE: Receivers Put Property Up for Sale
----------------------------------------------------
Queenstown Lodge and Apartments has been placed on the market, six
months after it was placed in receivership, Otago Daily Times
reports.

The Daily Times, citing a receiver's report, says Queenstown Lodge
owes NZ$10.7 million to Equitable and NZ$7.2 million to Dorchester
Finance Ltd, both secured creditors.  The Fernhill complex also
owes just over NZ$162,000 to the Internal Revenue Department,
staff and suppliers pre-receivership, the report notes.

The report relates that joint receiver Trevor Thornton, of
Christchurch, said he was seeking offers for the lodge.

"The property traded through the summer and traded well.  All
staff kept their jobs.  There's been no redundancies, and now the
property is available for purchase," the report quoted Mr.
Thornton as saying.

The report says the closing date for offers is May 28.

According to the Daily Times, the property has 130 beds in 56
rooms, together with four self-contained apartments, licensed
restaurant and bar, lounge-games room, spa and sauna complex, and
reception area.  It was constructed in the mid-1980s and is valued
at NZ$6.8 million.


* NEW ZEALAND: Bankruptcy Filings Rise to 2,750 in Jan-Feb.
-----------------------------------------------------------
Radio New Zealand reports that the number of companies going
bankrupt in the first two months of this year has risen to 2,750
higher than all of last year, when 2,469 companies declared
bankruptcy.

The report relates that in January and February, 436 companies
went into liquidation, compared to 182 in the whole of last year.

According to the report, the Australian and New Zealand
governments are considering changing the way insolvencies are
managed, when a company is set up in both countries.

At the moment, the report says, insolvency administrators are
appointed in both countries and it is difficult for a New Zealand
creditor to lay a claim under the insolvent company's Australian
assets.

Radio New Zealand, citing senior associate and insolvency expert
at Kensington Swan, Tyrone Cooley, says changes proposed would see
an insolvency in Australia automatically recognised in New
Zealand.  Mr. Cooley said this should reduce costs, speed up
proceedings and result in more money being available to distribute
to creditors, the report relates.



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

WINBANK: Placed Under PDIC Receivership
---------------------------------------
The Bangko Sentral has closed another bank, the Bulacan-based
WinBank, and put it under the receivership of Philippine Deposit
Insurance Corp. for alleged capital deficiency, the Manila
Standard Today reports.

The report, citing sources, relates that the owners of WinBank
shifted funds from one bank to the other, depending on which one
were scheduled for the regulators’ annual examination.

According to the report, Bangko Sentral officials said WinBank's
owners also owned Baguio-based Accord Savings Bank, another thrift
bank closed by the central bank and placed under PDIC receivership
two weeks ago.

WinBank, is a thrift bank based in Plaridel, Bulacan, Philippines.
It has 13 branches, including the head office, the Standard Today
says.



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

C3i GROUP: Court Enters Wind-Up Order
-------------------------------------
On April 17, 2009, the High Court of Singapore entered an order to
have C3i Group Pte Ltd's operations wound up.

Graphikate Private Limited filed the petition against the company.

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


EDB VENTURES: Creditors' Proofs of Debt Due on May 29
-----------------------------------------------------
The creditors of EDB Ventures 2 Pte Ltd are required to file their
proofs of debt by May 29, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


INDEX EDUCATIONAL: Court to Hear Wind-Up Petition on May 15
-----------------------------------------------------------
A petition to have Index Educational Pte Ltd's operations wound up
will be heard before the High Court of Singapore on May 15, 2009,
at 10:00 a.m.

Hong Leong Finance Limited filed the petition against the company
on April 22, 2009.

The applicant's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989


SINGAPORE DERRICK: Court to Hear Wind-Up Petition on May 15
-----------------------------------------------------------
A petition to have Singapore Derrick Pte Ltd's operations wound up
will be heard before the High Court of Singapore on May 15, 2009,
at 10:00 a.m.

The applicant's solicitors are:

          M & A Lawcorporation
          7 Temasek Boulevard
          #07-01 Suntec City Tower 1
          Singapore 038987


TCS INTELLIGENT: Court to Hear Wind-Up Petition on May 8
--------------------------------------------------------
A petition to have TCS Intelligent Building Technology Pte. Ltd.'s
operations wound up will be heard before the High Court of
Singapore on May 8, 2009, at 10:00 a.m.

Hong Leong Finance Limited filed the petition against the company
on April 22, 2009.

The Petitioner's solicitor is:

          Michael BB Ong & Co
          No. 10 Anson Road
          #19-08A International Plaza
          Singapore 079903



===========
T A I W A N
===========
* TAIWAN: 35.86% of Public Firms Report Losses in First Quarter
---------------------------------------------------------------
A total of 449 publicly traded firms, representing 35.86 percent
of all publicly traded firm in Taiwan, posted losses in the first
quarter, China Post reports citing the United Evening News.

According to the Post, the paper said more than 60 percent of
these listed firms reported a decline in earnings compared to the
same period last year.  The report, citing experts, relates that
the declines were due to the financial crisis that was at a peak
in the fourth quarter of last year, as well as companies'
generally good performance in the first quarter last year.

As for the second quarter, most companies are holding a more
optimistic outlook, indicating a recovery may be impending, the
report notes.



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

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

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 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: 312-578-6900; 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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