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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

           Friday, May 8, 2009, Vol. 12, No. 90

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Receivers Sell Aviation Unit to HNA and Bravia
AUSTCORP PROPERTY: Placed in Voluntary Administration
BABCOCK & BROWN: GPT to Exit Joint Venture W/ Firm, Raising Funds
MOBIUS ELR-01: Fitch Cuts Ratings on Two Tranches to 'D'
TIMBERCORP: Administrators Get AU$200MM Bid for Water Entitlements

TIMBERCORP: Administrator Sells 2009 Olive Crop to Boundary Bend
* AUSTRALIA: 4 Major Banks' Bad Debt Expenses Hit 16-Year High
* AUSTRALIA: Mid-tier Miners Market Capitalization Drops 50%


C H I N A

GREENTOWN CHINA: Moody's Maintains 'Caa1' Corporate Family Rating
VENETIAN MACAU: Bank Debt Sells at 27% Off in Secondary Market


H O N G  K O N G

FRIGAID HK: To Pay First and Final Dividend on May 15
JUMBO CHINA: Appoints Chen and Wong as Liquidators
LAMBE INDUSTRIAL: Court to Hear Wind-Up Petition on June 17
RIGHT UNION: Court to Hear Wind-Up Petition on June 10


I N D I A

HOTHUR ISPAT: Default on Loan Repayment Cues CRISIL 'D' Ratings
HYUNDAI MOTOR: Expects Sales in India to Rise Up to 5%
K.P.BUILDCON: CRISIL Rates Rs.127.5 Mln Cash Credit Limit at 'BB'
MAYTAS INFRA: In Talks to Restructure Debt
TATA MOTORS: Talks on JLR Financing Continues, UK Gov't Says

TATA STEEL: S&P Keeps 'BB' Issuer Rating on GBP3.67 Bil. Debt
UGAR SUGAR: CRISIL Reaffirms 'BB-' Ratings on Various Bank Loans


I N D O N E S I A

PERTAMINA: Receives Proposals for US$300-Mil. & IDR3-Tril. Loans


J A P A N

HITACHI LTD: US$8 Billion Annual Loss Bigger Than Forecast
* JAPAN: Major Financial Firms' Losses May Reach JPY4 Tril.


K O R E A

CHRYSLER LLC: Reached Initial Pact With Kia Before Courting Fiat
KOREAN AIR: First Quarter Net Loss Widens to KRW526.3 Billion


N E W  Z E A L A N D

3MEDIA GROUP: Receivers Lay Off 13 Staff
A2 CORPORATION: JV Achieve Profitability in Current Financial Year
GGK HOLDINGS: Placed in Liquidation
STRUCTURED FINANCE: Suspends Payments to Debenture Holders


N I G E R I A

* NIGERIA: Can't Afford Bank Bailout, Central Bank Says


P H I L I P P I N E S

VITARICH CORP: Incurs PHP264.2-Mil. Net Loss in Year Ended 2008
* Fitch Affirms Issuer Default Rating on the Philippines at 'BB'
* PHILIPPINES: SEC May Suspend 3 Pre-Need Companies


S I N G A P O R E

INGRAM MICRO: Creditors' Proofs of Debt Due on June 4
INTEGRAL BUILDING: Court to Hear Wind-Up Petition on May 15
PROJECTOR ASIA: Creditors' First Meeting Set for May 18
QIMONDA MANUFACTURING: Creditors' Proofs of Debt Due on May 30
TECH PACIFIC: Creditors' Proofs of Debt Due on June 4


S O U T H  A F R I C A

HOME OBLIGORS: Fitch Affirms National Ratings on 14 Tranches
FINTECH RECEIVABLES: Fitch Assigns 'BB+' Rating on Class E Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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A U S T R A L I A
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ALLCO FINANCE: Receivers Sell Aviation Unit to HNA and Bravia
-------------------------------------------------------------
Allco Finance Group receivers Steve Sherman and Peter Gothard have
managed to sell the company's all-important aviation business,
Andrew Main at The Australian reports.

According to the report, the Allco aviation business was sold for
an undisclosed sum to a consortium of Chinese group HNA, which
owns Hainan Airlines, and New York leasing specialist Bravia
Capital Partners.

The report recounts that trade press had earlier tipped that
Bravia was on an equal footing with unrelated leasing specialist
BOC Aviation, owned by Bank of China, to take over Allco's
aircraft leasing operation.

The sale was not contingent on the buyer also having to buy out
the Kinghorn-Veal company, Mr. Gothard told The Australian.  "We
haven't done a deal with them," he said.

The Allco aviation business that has just been sold is understood
to pull in between US$10 million and US$15 million a year, which
suggests a maximum price in this market of about $50 million, but
quite possibly a lot less than that, The Australian notes.

                       About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.

Subsequent to the appointment of administrators to Allco, the
company's banking syndicate appointed Steve Sherman and
Peter Gothard of Ferrier Hodgson as receivers.


AUSTCORP PROPERTY: Placed in Voluntary Administration
-----------------------------------------------------
The Sydney Morning Herald reports that Austcorp Property Group has
been placed in voluntary administration.

The company, which called for support from the Federal Government
for its planned AU$1 billion Vision tower in Brisbane, said a "key
cause" of its appointment of a voluntary administrator was the
withdrawal of one of three banks in the syndicate to finance its
Vision project, the report says.

The Australian relates that parent company Austcorp International
last month defaulted on a AU$10 million loan repayment and
financiers including the Bank of Scotland are believed to have
withdrawn their support.  Austcorp had been given until the end of
May to finalise the financing terms of the project, the report
notes.

According to the report, administrators BRI Ferriers said it was
completing a detailed review of the group's operation and were
"seeking to recommend and gain approval from the creditors for
Austcorp to continue trading from a more stable, restructured
platform".

Austcorp Property Group -- http://www.austcorp.com.au/-- is a
property development and investment group with major projects in
New South Wales, Victoria, Queensland and the Northern Territory.


BABCOCK & BROWN: GPT to Exit Joint Venture W/ Firm, Raising Funds
-----------------------------------------------------------------
Chia-Peck Wong at Bloomberg News reports GPT Group is seeking as
much as AU$1.7 billion (US$1.28 billion) through a capital raising
as it tries to speed up its exit from a joint venture with the
collapsed Babcock & Brown Ltd.

"GPT will make no further capital commitment to the joint
venture," Michael Cameron, GPT Chief Executive, was quoted by
Bloomberg News as saying in a  statement.

According to the report, the Australian real estate investment
trust said in a stock exchange statement that it is offering to
sell every new share at AU$0.35 to current shareholders who are
fund managers to raise AU$1.1 billion, and US$120 million in a
private placement to institutions.  The trust will also seek to
raise AU$470 million from individual stakeholders, a portion of
the rights offer that isn't underwritten, the statement said as
cited in the report.

                    About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates
and manages investment products for itself, as a principal, and
its investor clients; management of specialised listed and
unlisted funds, and advising and arranging leasing, project
financing and structured finance transactions.  It has five
segments: real estate, which engages in principal investment and
investment management activities in the real estate sector;
infrastructure, which engages in financial advisory, principal
finance and funds management activities in the infrastructure and
project finance sector; corporate and structured finance, which is
engaged in the origination, structuring and participation in and
management of equity and debt investments, and operating leasing,
which is engaged in asset acquisition and syndication, and ongoing
management of portfolios of aircraft, railcars and semi-conductor
equipment.  In October 2007, it acquired Bluewater.
In November 2007, it acquired Coinmach Service Corp.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


MOBIUS ELR-01: Fitch Cuts Ratings on Two Tranches to 'D'
--------------------------------------------------------
Fitch Ratings has downgraded all four tranches of Mobius ELR-01
Trust, assigning a loss severity rating to class A notes which
remain on Rating Watch Negative.  The deal is a securitization of
lease receivables.  The rating actions are:

  -- AU$18.405 mil.* Class A (ISIN AU300MOB3018) downgraded to 'B'
     from 'BBB'; remains on RWN; 'LS-3' Loss Severity Rating
     assigned;

  -- AU$11.939 mil. * Class B (ISIN AU300MOB3026) downgraded to
     'D/RR6'' from 'C/RR3'; removed from RWN;

  -- AU$0.00 mil.* Class C (ISIN AU300MOB3034) downgraded to
     'D/RR6' from 'C/RR6'; removed from RWN; and

  -- AU$0.00 mil.* Class D (ISIN AU300MOB3042) downgraded to
     'D/RR6' from 'C/RR6'; removed from RWN.

  * Stated amounts at April 14, 2009

The rating actions follow the continued deterioration of the pool
which has seen total charge-offs increase to AU$33.694 mil.
(20.63% of the original pool balance) as at March 31, 2009, from
AU$18.651 million (11.42% of the original pool balance) in
November 2008, when Fitch took its last rating action.  The
deterioration is primarily attributed to the mass non-payment of
TBI receivables.  As a result of these charge-offs the stated
balance of both classes C and D notes have reduced to zero, while
the stated balance of class B notes has also been reduced by
charge-offs.  Fitch expects to see arrears continue to increase as
the slowdown in the Australian economy is reflected in the
performance of the receivables.

Uncertainty remains for the Trust pending the outcome of the
Australian Competition and Consumer Commission's legal proceedings
in the Federal Court for alleged contraventions of the Trade
Practices Act 1974 in relation to the failed Bill Express
electronic product, promotion, sales and bill payment network.
The ACCC action raises the possibility that the Trust may be
required to refund amounts to TBI obligors.  If the legal action
is successful, Fitch believes the possible requirement to refund
payments could cause significant losses to the Trust.

The face value of the classes B to D notes exceeds AU$34.571
million (versus the stated balance of AU$11.939 million) at
April 14, 2009.  The face value and stated amount of class A notes
are both AU$18.405 million, having not had any charge-offs to
date.  The Trust's asset balance as at 31 March 2009 stood at
AU$32.657 million and supports the face value of all the notes
from classes A to D which exceeded AU$52.977 million at April 14,
2009.  Fitch believes that from this position the classes B to D
notes are irrevocably impaired such that principal is not expected
to be paid in full during the remaining life of the transaction.
This has lead Fitch to downgrade these notes to 'D' (Default).
The capacity for continued payment of class A principal is
vulnerable to the deteriorating economic cycle and will continue
to be closely monitored.


TIMBERCORP: Administrators Get AU$200MM Bid for Water Entitlements
------------------------------------------------------------------
Timbercorp administrators KordaMentha have received offer from
unnamed group of overseas institutions proposing a AU$200 million-
bid for the annual water entitlement, The Australian reports.

According to the report, Melbourne water investment specialist
Richard Lourey is representing them, but declined to identify the
group, which seeks to own one of Australia's biggest single
entitlements, 154,000 megalitres a year.

Mr. Lourey revealed he had been in discussions with Timbercorp
CEO Sol Rabinowicz and the company's board before it went into
administration, but no deal could be struck, the report says.

The Australian says Mr. Lourey's group has been given a 30-day due
diligence period by administrators KordaMentha, after which it
will make a binding offer for the entitlements.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Limited called in voluntary
administrators to the company and its subsidiaries.  The company
appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

The administrators would implement a three-point plan:

  1. suspend forestry and horticulture operations while funding
     options are determined;

  2. develop a strategy for each forestry and horticulture
     product, project by project, then execute; and

  3. attend to statutory reporting, investigation, creditor
     and shareholder liaison.

Timbercorp had previously announced that the company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations.

In the full year accounts issued in November 2008, Timbercorp
reported current debt of AU$568 million, net debt of AU$903.1
million and net assets of AU$595 million.

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development.  Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.

Timbercorp has approximately 170 staff based at offices in
Melbourne, Perth, Hamilton, Mildura and Penola.


TIMBERCORP: Administrator Sells 2009 Olive Crop to Boundary Bend
----------------------------------------------------------------
Timbercorp administrator KordaMentha has struct a deal to sell the
company's 2009 olive crop to Boundary Bend, manager of
Timbercorp's olive projects, for AU$15.5 million, The Age reports.

According to the report, the deal is expected to generate AU$26.5
million worth of olive oil, with Boundary Bend taking the first
AU$11 million and the balance going to Timbercorp grower
investors.

The arrangements mean that Boundary Bend now owns the crop and can
obtain finance for the operations from the banks against the
assets of AU$26.5 million, The Age says.

The report, citing administrator Mark Korda, relates that in
difficult circumstances the deal was an excellent result for
Boundary Bends, the growers and Timbercorp.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp Limited called in voluntary
administrators to the company and its subsidiaries.  The company
appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

The administrators would implement a three-point plan:

  1. suspend forestry and horticulture operations while funding
     options are determined;

  2. develop a strategy for each forestry and horticulture
     product, project by project, then execute; and

  3. attend to statutory reporting, investigation, creditor
     and shareholder liaison.

Timbercorp had previously announced that the company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations.

In the full year accounts issued in November 2008, Timbercorp
reported current debt of AU$568 million, net debt of AU$903.1
million and net assets of AU$595 million.

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.  The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development.  Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure.  Forestry segment is
engaged in land acquisition and management.  Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors.  Asset development segment develops and
manages orchards and vineyards under contract to third parties.

Timbercorp has approximately 170 staff based at offices in
Melbourne, Perth, Hamilton, Mildura and Penola.


* AUSTRALIA: 4 Major Banks' Bad Debt Expenses Hit 16-Year High
--------------------------------------------------------------
Australia's major four banks (the majors) have delivered a very
creditable set of half-year earnings amidst deteriorating economic
conditions, scarcity of capital and rising unemployment.
According to PricewaterhouseCoopers' 'Banking Perspectives', the
majors achieved underlying cash earnings of AU$8.4 billion - a six
per cent reduction over the prior corresponding period.

Mike Codling, PricewaterhouseCoopers Banking and Capital Markets
Leader said, "The majors have delivered a strong result and proven
their resilience in the wake of a softening domestic economy and
global banking crisis.  Compared to the extraordinary losses
experienced by banks across the UK, US and Europe, Australia's
majors have fared extremely well."

The banks' results were, however, significantly impacted by a
near-trebling of bad debt expenses to AU$6.5 billion - a 16 year
high - up 178% per cent over the prior corresponding period.  Over
the same period total bad debt provisions doubled to AU$16.3
billion.  The average provision coverage ratio (total provisions
to gross loans and acceptances) now stands at 95 basis points, up
from 60 basis points a year ago.

"The significant rise in bad debt expenses has not been
surprising.  We've seen the collapse of some large highly-geared
corporate borrowers and now we're starting to see the broader
impacts of the economic recession, with some pain coming through
the small to medium size business exposures.  Clearly the level of
write offs is going to increase considerably.  But given the level
of balance sheet provisioning now in place, it remains an open
question as to whether the level of expenses will rise again.
Over the new few periods a key determinant will be the extent to
which unemployment, and underemployment, will continue to rise,"
he said.

                Net Interest Margins Expand

Net interest margins (NIM) widened for the second successive half,
mainly as a result of loan re-pricing measures.  The rise came
despite strong competition for retail deposits and greater
wholesale funding costs.  The average net interest margin of 2.14
per cent represents a 6 basis points rise during the first half of
2009.

Mr. Codling said, "Increases in net interest margins are expected
during the first phases of a recession.  It enables the majors to
repair stressed balance sheets, assist growth and continue
lending.  Higher costs for customers are inevitable, but it is a
preferable outcome to having financial institutions in distress
that would have far-reaching economic consequences."

"Whether and how long the margins will continue to increase is
hard to predict this time around.  It depends not only on the
ability of the banks to continue repricing upwards their loans,
but on their funding structure.  The clamour for deposits is
highly competitive, and could be more expensive than the old
wholesale debt rolling off," he said.

                       Loans and Deposits

Net interest income grew sharply overall by 19 per cent to AU$20.9
billion, partly because of the flight to quality by depositors.
Household deposits with banks rose by 24 per cent over the year to
March 2009.

"Prior to September 2008, household deposits have never grown more
than 16 per cent in a twelve-month period," Mr. Codling added.

However, lending growth rates have tailed off significantly in the
half.  The housing lending system growth rate of 7.2% for the year
to March 2009 is the lowest over-the-year growth rate recorded
since the deregulation of the Australian financial system. And
business lending actually fell in the March quarter by 0.8%.

"A combination of recessionary factors and repricing of business
risk margins indicate that business borrowings will continue to
decline for a period.  During the 1992 recession, business loans
fell by 8 per cent as economic conditions deteriorated," Mr
Codling said.

"On the positive side for the majors, they have increased their
market share, particularly in housing lending, which positions
them well for when the market turns," Mr Codling added.

                        Cost Efficiencies

Mr. Codling said, "Each of the majors registered improved
efficiency ratios during the half-year as a result of their
revenue growth and disciplined expense management.  The primary
driver of cost management was the banks immediate reduction in
discretionary spend items."

"Costs reduction will continue as a profit growth driver in this
challenging operating environment.  Having said that, the banks
seem determined to avoid a slash and burn approach, and instead
are focusing on process improvement to achieve sustainable cost
reductions and maintenance of prudent risk management," he said.


* AUSTRALIA: Mid-tier Miners Market Capitalization Drops 50%
------------------------------------------------------------
The market value of Australia's mid-tier mining sector was
impacted by plunging commodity prices and evaporating demand
during the final quarter of 2008.  According to
PricewaterhouseCoopers Aussie Mine report, the Mid-tier 50 halved
its combined market capitalization, plunging from AU$63.8 billion
in 2007 to AU$31.2 billion in 2008.

Tim Goldsmith, PricewaterhouseCoopers Global and Australian Mining
Leader said, "The meteoric rise of Australia's Mid-tier mining
sector was countered by an equally dramatic fall.  Three years of
incremental market gains were extinguished in three months."

"This is a turning point for the mining industry which has been
defined by generating volume: increasing output and opening new
projects to meet demand for the past five years.  For the
immediate future, it will be a return to traditional mine
management.  There will be a focus on controlling costs and
disciplined spending to preserve value and conserve cash."

Mr. Goldsmith added, "For some Australia's miners, with debt and
equity markets virtually closed, survival is their immediate
concern.  But they must balance this with longer-term horizons
which remain strong."

"Despite the current slow-down, China and other developing
economies - home to half the world's population - will continue to
need resources to achieve their industrialisation ambitions.
Given these conditions, it is not surprising to see China trying
to increase its stake in the Australian industry."

             Revenue Stagnates but Gold Glimmers

Income receipts for the Mid-tier 50 stalled as a result of sinking
commodity prices during 2008. Combined operating revenues for the
sector fell two percent from AU$11.643 billion in 2007 to
AU$11.463 in 2008.

Copper and nickel producers experienced a sharp slump with spot
prices retreating 58 per cent and 59 per cent respectively during
2008.  Despite this, the weakened Australian dollar and rising
gold price, which appreciated 41 per cent, helped shield some of
the Mid-tier from greater losses.

Mr. Goldsmith said, "The results of Australia's miners were
creditable compared to other industry sectors.  However, these
earning figures were buoyed by supply contracts negotiated during
peak commodity prices.  Clearly, the diminished income of the Mid-
tier will impact revenues received by Government."

"Gold remains the bright spark among commodity producers.  The
Mid-tier's market capitalisation plunge could have been
significantly worse were it not for Australia's substantial gold
mining presence."

"The real impact of the slowing global economy will be apparent
during the Mid-tier's 2009 / 2010 reporting which will incorporate
commodity pricing reflective of the current period," he said.

                     Impairments Loom

For the first time this century impairments became a material item
across Mid-tier balance sheets, as companies re-valued fixed asset
portfolios.  Asset write-downs ballooned nearly 4,000 per cent
from 69 million in 2007 to AU$2.7 billion in 2008.

Mr. Goldsmith said, "Slowing demand and lower commodity prices
have compelled miners to scale-back projects and review the
economic viability of new capital works.  Diminished earnings
expectations have resulted in significant asset value write-
downs."

"With impairments reported for only nine out of the Mid-tier 50,
we expect impairment volumes to further escalate during 2009."

                   Mid-tier Musical Chairs

As metal and mineral prices fell-away towards the end of 2008,
investors re-affirmed gold's position as a means of wealth
preservation and hedge against falling markets.  This trend was
reflected by the composition of this year's Mid-tier 50, which saw
14 gold companies appear among its ranks, compared with 10 gold
producers last year.

Mergers and acquisitions activity featured prominently among the
Mid-tier 50 during the first half of 2008.  Eleven transactions,
totalling AU$9.2 billion were completed or pending by the year's
end.  However, the restricted availability of capital has slowed
the prospect of aggressive takeovers.

"During buoyant markets M&A is a vehicle for company growth and
diversification.  In the current environment, M&A is being viewed
by some as a means of survival.  M&A will continue, but we likely
to see more co-operative arrangements as opposed to hostile
moves," said Mr Goldsmith.



=========
C H I N A
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GREENTOWN CHINA: Moody's Maintains 'Caa1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service says it will maintain Greentown China
Holdings Limited's Caa1 corporate family rating and Caa2 senior
unsecured bond rating.  The ratings outlook remains negative.

This follows Greentown's announcement of the early results of its
tender offer and solicitation of bondholders' consent, which
showed that 1) around 90% of outstanding notes have been validly
tendered; and 2) consent from bondholders holding about 92% of the
outstanding notes has been received.

"Moody's views this transaction as a distressed exchange given the
fact that Greentown has technically breached certain provisions
governing the bond indenture; if bondholders reject the offer and
refuse to amend or waive associated covenants, investors holding
only 25% of the outstanding bond can demand immediate repayment,"
says Kaven Tsang, a Moody's AVP/Analyst.

"Although the successful buyback and consent solicitation has
alleviated concerns over an imminent payment default, the Caa1
corporate family rating continues to reflect Greentown's weak
financial and liquidity positions.  The company has high debt
leverage and limited financial flexibility as the majority of its
free cash resources will be applied to buy back the bond," says
Tsang, also Moody's lead analyst for Greentown.

"The rating further reflects Greentown's exposure to high near-
term refinancing risk, in view of a potential put of RMB2.3
billion convertible bonds in May 2010, but without a concrete
refinancing plan in place," he adds.

The Caa2 senior unsecured bond rating additionally captures legal
and structural subordination risks.

The negative outlook reflects high uncertainties over Greentown's
abilities to secure financing to service the potential put of the
convertible bonds.

Moody's last rating action occurred on April 22, 2009, when
Greentown's corporate family rating and senior unsecured bond
rating were downgraded to Caa1 and Caa2.

Greentown China Holdings Ltd (Greentown) is one of China's major
property developers with a primary focus in Hangzhou and Zhejiang
Province.  It has a land bank spread over 25 cities with an
attributable gross floor area of 16 million square meters.


VENETIAN MACAU: Bank Debt Sells at 27% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co. LLC is a borrower traded in the secondary market at
37.88 cents-on-the-dollar during the week ended May 1, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 3.73
percentage points from the previous week, the Journal relates.
The loan matures May 25, 2013.  The Company pays 225 basis points
above LIBOR to borrow under the facility.  The bank debt carries
Moody's B3 rating and S&P's B- rating.

Participations in a syndicated loan under which Las Vegas Sands is
a borrower traded in the secondary market at 59.98 cents-on-the-
dollar during the week ended May 1, 2009, according to data
compiled by Loan Pricing Corp. and reported in The Wall Street
Journal.  This represents an increase of 3.25 percentage points
from the previous week, the Journal relates.   The loan matures
May 1, 2014.  The Company pays 175 basis points above LIBOR to
borrow under the facility.  The bank debt carries Moody's B3
rating and S&P's B- rating.

Meanwhile, participations in a syndicated loan under which Isle of
Capri Casinos is a borrower traded in the secondary market at
80.00 cents-on-the-dollar during the week ended May 1, 2009,
according to data compiled by Loan Pricing Corp. and reported in
The Wall Street Journal.  This represents an increase of 5.40
percentage points from the previous week, the Journal relates.
The loan matures December 19, 2013.  The Company pays 175 basis
points above LIBOR to borrow under the facility.  The bank debt
carries Moody's B1 rating and S&P's B+ rating.

                       About Venetian Macau

Venetian Macau is a wholly-owned subsidiary of Las Vegas Sands.
VML owns the Sands Macau in the People's Republic of China Special
Administrative Region of Macau and is also developing additional
casino hotel resort properties in Macau.

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

On March 10, 2009, Moody's Investors Service lowered the Company's
Corporate Family Rating to B3 from B2 and assigned a negative
rating outlook.



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

FRIGAID HK: To Pay First and Final Dividend on May 15
-----------------------------------------------------
Frigaid HK & Traders Limited, which is in compulsory liquidation,
will pay first and final ordinary dividend on May 15, 2009.

The company will pay 11.38% of dividend to all received claims.

The company's liquidators are:

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


JUMBO CHINA: Appoints Chen and Wong as Liquidators
--------------------------------------------------
On January 15, 2009, Chen Yung Ngai, Kenneth and Wong Tak Man,
Stephen were appointed as liquidators of Jumbo China Steel
Enterprises Limited.

The Liquidators can be reached at:

          Chen Yung Ngai, Kenneth
          Wong Tak Man, Stephen
          RSM Nelson Wheeler Corporate Advisory Limited
          Hong Kong Plaza, Room 3913
          188 Connaught Road
          West HK


LAMBE INDUSTRIAL: Court to Hear Wind-Up Petition on June 17
-----------------------------------------------------------
A petition to have Lambe Industrial Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
June 17, 2009, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
April 8, 2009.

The Petitioner's solicitors are:

          Li, Kwok & Law
          Man Yee Building, Units 1204-6
          68 Des Voeux Road Central
          Hong Kong


RIGHT UNION: Court to Hear Wind-Up Petition on June 10
------------------------------------------------------
A petition to have Right Union Development (Hong Kong) Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 10, 2009, at 9:30 a.m.

Chan Hiu Hung filed the petition against the company on April 6,
2009.



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

HOTHUR ISPAT: Default on Loan Repayment Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Hothur Ispat Pvt Ltd (HIPL), as the company has defaulted on
its term loan repayments because of weak liquidity.

   Rs.533.3 Million Long-Term Loan         D (Assigned)
   Rs.50.0 Million Cash Credit Limit       D (Assigned)
   Rs.50.0 Million Letter of Credit Limit  P5 (Assigned)
   Rs.2.0 Million Bank Guarantee Limit     P5 (Assigned)

For arriving at the ratings, CRISIL has combined the financials
of HIPL and all its group companies.

                      About Hothur Ispat

HIPL, situated in Bellary (Karnataka), has sponge iron capacity of
60,000 tonnes per annum and iron-ore mines.  It is a closely-held
family business, founded by Mr. Hothur Mohammed Iqbal.  For 2007-
08 (refers to financial year, April 1 to March 31), HIPL reported
a profit after tax of Rs.0.33 billion on net sales of Rs.1.80
billion, against Rs.0.21 billion and Rs.1.76 billion,
respectively, in the previous year.


HYUNDAI MOTOR: Expects Sales in India to Rise Up to 5%
------------------------------------------------------
With the planned launch of diesel and LPG variants of the small
car i20 and sedan Accent, Hyundai Motor Co. is expecting its sales
in the Indian market to grow by up to five per cent in the current
year, The Financial Express reports.

To push its sales, the report notes the company's Indian
subsidiary, Hyundai Motor India Ltd (HMIL), joined hands with
Union Bank of India to provide retail finance to car buyers.

"We want to retain our market share, for which our sales have to
grow according to the industry growth.  Industry has been
projected to grow by 3-5 per cent and we will also grow by the
same rate," the report quoted HMIL Senior Vice-President
(Marketing and Sales) Arvind Saxena as saying.

The report relates Mr. Saxena said the company enjoyed a market
share of 20.4 per cent in the domestic passenger car segment,
which recorded sales of 12,19,473 units in 2008.

HMIL would launch the diesel and LPG variants of the small car i20
and sedan Accent respectively in 2009, Mr. Saxena said.  "We will
launch LPG Accent by June, while the diesel i20 will hit the roads
by the end of this year," he added.

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.


K.P.BUILDCON: CRISIL Rates Rs.127.5 Mln Cash Credit Limit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of K.P. Buildcon Pvt Ltd (KP).

   Rs.127.5 Million Cash Credit Limit   BB/Stable (Assigned)
   Rs.30.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect KP's small scale of operations in the telecom
towers industry, low financial flexibility due to large working
capital requirements, and exposure to risks relating to customer
concentration in revenues and limited track record of operations.
These weaknesses are, however, partially offset by the benefits
that KP can derive from the expected strong growth in the end-user
telecom industry.

Outlook: Stable

CRISIL believes that KP will maintain a stable business risk
profile backed by strong order book position and reputed customer
base.  KP's financial profile is, however, likely to be
constrained by large working capital requirements. The outlook may
be revised to 'Positive' if the company diversifies its client
base and increases its profitability.  Conversely, the outlook may
be revised to 'Negative' if there are significant delays in
recovery of dues, or if KP undertakes large debt-funded capital
expenditure.

                     About K.P. Buildcon

KP, incorporated in 2001, installs, manufactures and maintains
telecom towers (steel structures).  It has capacity to
manufacture, fabricate, and galvanise 3600 tonnes per annum of
towers at its facility at Surat (Gujarat).  The company has strong
relationships with all the major telecom players.  KP reported a
profit after tax (PAT) of Rs.4.8 million on net sales of Rs.190.4
million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of Rs.2.3 million on net sales of
Rs.96.8 million for 2006-07.


MAYTAS INFRA: In Talks to Restructure Debt
------------------------------------------
Maytas Infra Ltd, a firm promoted by the kin of Satyam Computer B.
Ramalinga Raju., is negotiating a debt restructuring deal with its
lenders, including ICICI Bank, IL&FS and State Bank of India
(SBI), the Hindustan Times reports.

According to the report, the company, which controversially bagged
a project to build Hyderabad's metro rail project, may also look
at selling a stake as part of its revival plan.

"Our immediate job at hand is to revive the company and a sale of
stake cannot be ruled out at some point though we are not
considering the option at present," the Times quoted Ved Jain, a
government- appointed director of the company as saying.

The report notes that the promoters led by the Rajus have an 85
per cent holding in the company, which is alleged to be a
beneficiary in the Satyam scandal.

The company is expecting a recovery of Rs 500 crore from its
customers, while its outstanding debt is estimated at Rs 1,700
crore, the Times says.

Maytas Infra will hire SBI Capital Markets to implement the
restructuring, a report posted at newKerala.com relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board ("CLB") to supercede the present boards of
Maytas Infra Ltd and Maytas Properties Ltd.

"In order to prevent further acts of fraud against the said
companies (two Maytas companies) and to safeguard operations of
these companies in public interest, the government has moved the
CLB to remove the existing directors of these companies," the
Financial Express quoted Corporate Affairs Minister Prem Chand
Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office (SFIO), which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.

According to the Hindu Business Line, the board of Maytas Infra
comprises Dr. R. P. Raju (Independent director), Mr. B. Teja Raju
(Vice- Chairman and son of Mr B. Ramalinga Raju), and Mr. B.
Narasimha Rao (who was inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court has rejected an application
made by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.

According to Infoline, Maytas is carrying out 62 infrastructure
projects and has Rs40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.

Infoline said Maytas's financial health and its ability to
complete the ongoing projects is crucial for the banks.

On February 9, Infoline said a High Court judge had refused to
grant ad-interim relief sought by the two banks.

                       About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/--  is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


TATA MOTORS: Talks on JLR Financing Continues, UK Gov't Says
------------------------------------------------------------
Reuters reports that the British government said on Wednesday that
negotiations with Jaguar Land Rover and its parent company,
India's Tata Motors, on guaranteeing financing are continuing
despite reports that the talks were on the verge of collapse after
a dispute over the terms of a loan from the European Investment
Bank.

Graham Ruddick of Telegraph.co.uk reports JLR needs guarantees on
a GBP340 million loan from the EIB and a GBP400 million financial
package from state-backed banks Royal Bank of Scotland and Lloyds
Banking Group.

Citing sources close to the negotiations, Graham Ruddick of
Telegraph.co.uk discloses the terms of the loan set by the
government for underwriting the EIB loan, which is intended for
the development of green technology, include the right to demand a
veto over all decisions taken by the company, the ability to
choose the chairman, a permanent seat on the board, extra
investment into JLR of GBP300 million by Tata, and guarantees of
no further job cuts among the 15,000 UK employees.
Telegraph.co.uk notes the government has also said it will only
guarantee GBP175 million of the loan and that, if it is taken up,
it will charge JLR 15pc of the total to provide it.

Reuters relates the Department of Business, Enterprise and
Regulatory Reform said the "primary financing responsibility" for
Jaguar Land Rover lies with Tata.

"We have been actively encouraging them for the last six months to
put together a long-term funding package," Reuters quoted the
Department of Business, Enterprise and Regulatory Reform as
saying.  "In parallel, we have been talking to banks on their
behalf, have appointed financial advisers to assist and we are
prepared to guarantee loans from the European Investment Bank on
the right terms."

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.


TATA STEEL: S&P Keeps 'BB' Issuer Rating on GBP3.67 Bil. Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB'
issue rating on the GBP3.67 billion senior secured debt of Tata
Steel U.K. Ltd. (TSUK; B+/Negative/--) on CreditWatch with
negative implications.

"The CreditWatch update reflects the possibility of changes by
TSUK to its debt or asset structure, which could affect S&P's
recovery analysis, based on S&P's existing recovery rating
criteria, as well as the corporate credit rating," said Standard &
Poor's credit analyst Yasmin Wirjawan.  According to TSUK's
management, the company recently entered into discussion with
lenders to amend loan covenants to avoid a possible covenant
breach in the second half of this year due to a material weakening
in the operating environment.

S&P currently rate the issue rating two notches above the
corporate credit rating on TSUK because of the recovery rating of
'1', indicating S&P's expectation of very high (90%-100%) recovery
in the event of a payment default.

"S&P believes that TSUK would be able to effectively mitigate the
risk of a covenant breach due to its financial flexibility in
terms of TSUK's relatively strong market position in Europe as
well as support from its parent Tata Steel Ltd. [BB-/Negative/--],
which is a part of a leading Indian conglomerate, the Tata Group.
However, if the discussions are unsuccessful, the corporate credit
rating on TSUK and the issue rating could come under pressure,"
said Ms. Wirjawan.

S&P originally placed the issue rating on CreditWatch on Feb. 5,
2009, when S&P lowered the issue rating to 'BB' from 'BB+'
following the downgrade of TSUK to 'B+' from 'BB-' and pending
review of the recovery rating to determine the impact, if any,
from the weakened demand environment.

TSUK is the intermediate parent holding company of U.K.-based
steel manufacturer Corus Group PLC and is a wholly owned
subsidiary of Tata Steel.

S&P expects to resolve the CreditWatch on the senior secured debt
rating after reviewing TSUK's recovery rating in the next two
months -- once there is clarity over the negotiation process with
lenders.  S&P will review the rating to take into account a
significant deterioration in the market environment and measures
that TSUK will undertake to mitigate the pressure on covenants.


UGAR SUGAR: CRISIL Reaffirms 'BB-' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL's rating on The Ugar Sugar Works Ltd's (Ugar Sugar's) bank
facilities continues to reflect the company's weak financial risk
profile and the high level of regulatory risk in the sugar
industry.  These weaknesses are mitigated by the company's
moderate operating efficiency and integrated manufacturing
facilities.

   Rs.1680 Million Cash Credit Limits   BB-/Stable (Reaffirmed)
   Rs.1355 Million Long-Term Rupee      BB-/Stable (Reaffirmed)
                    Loans

Outlook: Stable

CRISIL expects Ugar Sugar to maintain its business risk profile
over the medium term on the back of increased sugar prices.  The
outlook may be revised to 'Positive' in case of a substantial
improvement in the company's financial risk profile, marked by an
increase in the scale of operations or improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if the company is not able to optimally utilise its
installed capacity of 3500 tonnes crushed per day (tcd) at the
Jewargi unit or if it undertakes more-than-expected debt-funded
capital expenditure, leading to deterioration in its capital
structure.

                   About The Ugar Sugar

Established in 1939, Ugar Sugar is one of India's oldest sugar
mills.  The company has a fully-integrated manufacturing set-up,
with a cogeneration facility and a distillery, at Ugarkhurd,
Karnataka.  It has recently set up an export-oriented unit to
manufacture sugar ships for export to M/s. Fragies (GMBH),
Germany.  The company commissioned two 3500-tcd-capacity plants in
Karnataka in 2008-09 (refers to financial year, April 1 to March
31).  The plants are located at Jewargi in Gulbarga district and
at Bagalkot district.  The Bagalkot plant is through a 49 per cent
joint venture with Sadashiva Sugars Ltd.  For 2007-08, Ugar Sugar
reported a profit after tax of Rs.114 million on net sales of
Rs.4.16 billion.



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

PERTAMINA: Receives Proposals for US$300-Mil. & IDR3-Tril. Loans
----------------------------------------------------------------
PT Pertamina has received 12 loan proposals from domestic and
international banks for the company's planned US$300-million and
IDR3-trillion loans that will be used for its capital expenditure,
Jakarta Post reports, citing Pertamina's Finance Director
Ferederick ST Siahaan.

Currently, the company is reviewing the proposals, the report
relates citing Pertamina's Finance Director Ferederick ST Siahaan.

                        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
=========

HITACHI LTD: US$8 Billion Annual Loss Bigger Than Forecast
----------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports Hitachi Ltd incurred a
record JPY788 billion (US$8 billion) net loss in the year ended
March 31, bigger than a JPY700 billion loss forecast previously
and a JPY58.1 billion deficit a year earlier.  The report says
Hitachi attributed the wider-than-expected annual net loss to an
additional JPY175 billion in tax-related writedowns it booked in
the period.

Operating profit probably fell 63 percent to JPY127 billion in the
period, exceeding the company's earlier forecast of JPY40 billion,
the report relates citing Hitachi in a preliminary earnings
statement.  The company is scheduled to report the final earnings
results on May 12, the report says.

According to Bloomberg News, the company in March said it's
cutting jobs and separating its automotive systems and consumer
units to trim costs by JPY500 billion this fiscal year and weather
the global recession.  In its latest preliminary earnings
statement however, Hitachi said a full recovery in economic
conditions isn't likely until the next fiscal year, the report
notes.

On Apr. 22, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Hitachi President Takashi Kawamura
said the company may apply
for public funding to bolster capital after after forecasting a
record JPY700 billion (US$7.1 billion) loss for the 12 months
ended March 31.  The company will also reorganize its group
structure in the fiscal year ending March 31, 2010, and may
strengthen capital ties with some of its publicly traded
subsidiaries, the report cited Mr. Kawamura as saying without
giving further details.

                        About Hitachi Ltd

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


* JAPAN: Major Financial Firms' Losses May Reach JPY4 Tril.
-----------------------------------------------------------
Combined group net losses at major Japanese financial institutions
are believed to have reached the JPY4 trillion in fiscal 2008, the
worst loss in six years, Japan Today reports citing earnings
results and forecasts announced by the group.

According to the report, net losses at major banks, securities
firms and nonlife insurance companies for the year that ended
March 31 are estimated at JPY3.2 trillion.  Including losses at
life insurers, the amount will certainly rise to the JPY4 trillion
level, the report notes.



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

CHRYSLER LLC: Reached Initial Pact With Kia Before Courting Fiat
----------------------------------------------------------------
Chad Bray and David McLaughlin at Dow Jones Newswires report that
Chrysler LLC wood companies for potential alliances and reached an
agreement with Kia Motors Corp. last year before negotiating a
merger with Fiat SpA.

According to Dow Jones, former Chrysler vice chairperson Tom
LaSorda spent almost all of his time seeking to forge
relationships with global automakers, including Nissan Motor Co.,
and General Motors Co., as slumping sales in the U.S. continued to
erode the Company's financial stability.

According to Dow Jones, Chrysler chief procurement officer Scott
R. Garberding said that the Company reached an initial agreement
with Kia about purchasing that Company's vehicle and selling it as
a Dodge.  Dow Jones relates that Mr. Garberding said during a
hearing at the U.S. Bankruptcy Court for the Southern District of
New York that Chrysler negotiated a term sheet to purchase and
modify a vehicle from Kia, which later backed out of the deal due
to manufacturing issues.

Dow Jones notes that the potential Kia partnership shows how dire
Chrysler's situation had become and how far it was willing to go
to protect its survival.

Chrysler, says Dow Jones, will now sell most of its assets to a
new company that will be owned by Fiat, the United Auto Workers
union, and the U.S. and Canadian governments.  Dow Jones states
that the Court is considering rules for selling Chrysler to Fiat
or another bidder.

                        About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The Company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.

In 2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for $7.2 billion.  Daimler AG kept a 19.9% stake.

Pursuant to the U.S. Government's Automotive Industry Financing
Program, the U.S. Department of the Treasury made emergency loans
to General Motors Corp., Chrysler Holding LLC, and Chrysler
Financial Services Americas LLC.  The Treasury purchased senior
preferred stock from GMAC LLC.  In exchange, Chrysler and GM
submitted restructuring plans to the Treasury on February 17,
2009.  Upon submission, President Obama's Designee on the Auto
Industry determined that the restructuring plans did not meet the
threshold for long-term viability.  However, on March 30, 2009,
both GM and Chrysler were granted extensions to complete the
restructuring plans to comply with the requirements set forth
under the Automotive Industry Financing Program.

The U.S. Government told Chrysler March 31, 2009, it would provide
up to $6 billion in financing if (i) Chrysler and Fiat SpA could
complete a deal by the end of April -- on top of the $4 billion
Chrysler has already received -- and (ii) Chrysler would obtain
concessions from constituents to establish a viable out-of-court
plan.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D. N.Y (Mega-case), Lead Case
No. 09-50002).  U.S. President Barack Obama said that Chrysler had
to file for bankruptcy after the automaker's smaller lenders,
including hedge funds that he didn't name -- "a small group of
speculators" -- refused to make the concessions agreed to by the
Company's major debt holders and workers.

In connection with the bankruptcy filing, Chrysler has reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.

Chrysler has hired Jones Day, as lead counsel; Togut Segal & Segal
LLP, as conflicts counsel; Capstone Advisory Group LLC, and
Greenhill & Co. LLC, for financial advisory services; and Epiq
Bankruptcy Solutions LLC, as its claims agent.

Chrysler's says that as of Dec. 31, 2008, it had $39,336,000,000
in assets and $55,233,000,000 in debts.  Chrysler had $1.9 billion
in cash at that time.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


KOREAN AIR: First Quarter Net Loss Widens to KRW526.3 Billion
-------------------------------------------------------------
Yonhap News Agency reports that Korean Air Co. Ltd said Thursday
its first-quarter net loss widened from a year earlier due to
increased foreign exchange losses.

For the three months ended March, Korean Air reported a
KRW526.3 billion net loss, compared with a net loss of
KRW326 billion a year ago, the news agency says citing Korean Air
in a regulatory filing.

The carrier posted KRW2.26 trillion in sales in the first quarter,
but operating profit fell 66 percent to KRW6.6 billion, the report
notes.

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2008, Bloomberg News said Korean Air Lines Co. Ltd posted
its biggest loss in 10 years as it paid more for fuel and a weak
won inflated foreign-denominated debt.

For the year ended June 30, 2008, the airline's net loss grew
more than six times to KRW614.4 billion from KRW83.6 billion in
the previous year.



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

3MEDIA GROUP: Receivers Lay Off 13 Staff
----------------------------------------
The New Zealand Herald reports that 13 3media Group staff were
laid off this week, the day after Korda Mentha receivers moved
into New Zealand's largest trade magazine publisher.

According to the report, secured creditor Bank of New Zealand
appointed Brendon Gibson on Monday, May 4, and Korda Mentha laid
off "surplus" staff the next day.

The Herald relates Mr. Gibson said he did not expect to make his
first report on the status of the company for two months.

The Troubled Company Reporter-Asia Pacific, citing guide2.co.nz.,
reported on May 4, 2009, that 3Media Group has been placed in
voluntary liquidation.

The report related liquidator Gerry Rea Partners said the company
has been up for sale for three months but prospective buyers had
difficulty raising funds.  The company will trade on until all its
assets are sold, the liquidator said.  The report said the assets
will be sold individually or in clusters.

3Media Group -- http://3media.co.nz/-- is New Zealand's largest
privately owned business-to-business publishing company.  It was
formed in 2007 through the merger of Review Publishing, Profile
Publishing and Marketplace Press.  The company's 15 magazine
titles include AdMedia, Onfilm, Apparel, In My Kitchen, New
Zealand Management, NZ Marketing Magazine and FMCG.


A2 CORPORATION: JV Achieve Profitability in Current Financial Year
------------------------------------------------------------------
A2 Corporation of New Zealand (A2C) said it formally agreed with
Freedom Nutritional Products Limited (FNP) to convert their
respective convertible note investments totalling AU$4.5 million
in the A2 Dairy Products Joint Venture (A2DPA) into ordinary
shares.  A2 Corporation said the effect of the conversion will be
for A2DPA to be owned 50/50 by both A2C and FNP effective from May
1, 2009.

The conversion reflects the significant growth achieved since the
formation of the joint venture in 2007, contributing to A2DPA
achieving profitability in the current financial year, A2
Corporation said in a statement.  This profitable base provides a
strong foundation for continued growth in the A2DP business
through ongoing communication of the  benefits of a2 milk; and
product and distribution extensions, according to A2 Corporation.
A2DP exclusively manages the production and sale of a2 milk
products in Australia and Japan.

                       About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM)  --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

The company incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.


GGK HOLDINGS: Placed in Liquidation
-----------------------------------
GGK Holdings, formerly Armada Publishing, has gone into
liquidation, leaving contractors and trade creditors out of
pocket, The National Business Review reports.

The report, citing liquidators Meltzer Mason Heath, says the
company struggled in 2008 and had to be supported by shareholder
advances.

According to the report, the business was sold before liquidation
to newly-incorporated Trade Media, directed by Peter Boyle and
backed by a group of private investors.

The Business Review relates that the sale netted enough to pay
Armada's secured creditor, but unsecured creditors are now out of
pocket.  Citing the liquidators' first report, the Business Review
says it is unlikely there will be a distribution to them.

Liquidator Michael Lamacraft, as cited in the report, said that
one of their routine tasks would now be assessing whether that
sale was made at fair value.

GGK Holdings, formerly Armada Publishing, published trade
magazines Autofile and DrinksBiz, both of which are still
operating.


STRUCTURED FINANCE: Suspends Payments to Debenture Holders
----------------------------------------------------------
Structured Finance Ltd has suspended payments to its 172 debenture
holders owed about NZ$33 million, The New Zealand Herald reports.

The company cited deteriorating property market's impact on its
loan values and the uncertainty over loan settlements as reasons
for its decision to suspend payments, the report says.

According to the Herald, Structure Finance has written to its
debenture holders about its decision, made on Monday, May 4.  The
report relates that once its loan book has been reviewed
independently, the company will report to its trustee, Perpetual
Trust, who will decide what will happen.

The report, citing a company spokesman, says the directors
believed the best option for debenture holders would be a managed
workout of its loans, rather than forced asset sales in a
depressed market.

The spokesman said the nine-year-old company was well capitalised
and had no related party lending or offshore loans.  Its loans
were principally secured via first and second mortgages over
residential and commercial property in Auckland.

The company had total assets of $53.5 million and total
liabilities of $39.3 million, which all had maturity dates of two
years or less, according to a debenture stock prospectus dated
November 2008 obtained by the report.

Structured Finance Ltd is a property lender.



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

* NIGERIA: Can't Afford Bank Bailout, Central Bank Says
-------------------------------------------------------
Nigerian central bank Governor Chukwuma Soludo said the country
can't afford a bailout for its banks in the event of a failure,
noting that banks had bad loans of 784 billion naira (US$5.3
billion) in January, Paul Okolo at Blooomberg News reports.

"If our banks were to falter, as a country we can't even afford a
bailout," the report quoted Governor Soludo as saying at a
conference Wednesday in Abuja.  He also ruled out a U.S.-style
spending package to boost growth, the report relates.



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

VITARICH CORP: Incurs PHP264.2-Mil. Net Loss in Year Ended 2008
---------------------------------------------------------------
Vitarich Corp. disclosed that its net loss as of the end of 2008
amounted to PHP264.2 million as against the PHP769.7 million
income in 2007.

Vitarich & its subsidiaries ended the year 2008 with consolidated
revenues reaching PHP2.8 billion, 12% higher versus same period
last year of 2007 & 2006 respectively, boosted by higher selling
price and the impact of modest increase in sales volume.

Cost of sales increased by 17% from last year with the growth in
revenues and with the continued rise in the cost of major raw
materials.  Nonetheless, gross profit margins declined to 36% from
2007 level, also on the account of higher raw materials cost that
affected the company's performance in 2008.  The effort to improve
margins was made by increasing prices, but these increases were
not sufficient to cover the rise in material cost.

Selling and administrative expenses likewise increased by almost
13% as against the same period in 2007 spite of continued cost
reduction measures implemented by the company.

                           Balance Sheet

The company's total consolidated asset as of December 2008 & 2007
is PHP4.1 billion and PHP4.0 billion respectively.  Current assets
as of the end of 2008 amounted to PHP1.4 billion, comprising 34%
of the company's total assets.

Total current assets went up by almost 6%, brought about by 10%
increase in inventory account and a modest increase by 2% on trade
and other receivables.  Cash ending balance amounted to PHP75.6
million, higher as against in 2007 of PHP62.5 million as cash
generated during the year was able to sustain the company's
funding requirements.

Trade & other payables increased by 19% to PHP882.6 million in
2008 from PHP744.0 million in 2007 due to the company's decision
to impose strict measures on cash disbursement to reserve more
cash for operations.

Stockholders' equity as of the end of December 31, 2008, amounted
to PHP769.5 million, lower as against the balance in 2007 of
PHP1,033.7 million as a result of losses incurred during the year.

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated
producers and wholesalers of poultry and animal feed products in
the Philippines.  The company also develops, produces and sells
animal health products.

The Company reported net losses worth PHP163.79 in 2006,
PHP249.3 million in 2005 and PHP291.2 million in 2004 .

Vitarich is currently implementing a rehabilitation plan.


* Fitch Affirms Issuer Default Rating on the Philippines at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed the Republic of the Philippines' Long-
term foreign and local currency Issuer Default ratings at 'BB' and
'BB+', respectively.  The Outlook on the ratings is Stable.  The
agency also affirmed the Short-term IDR at 'B' and the Country
Ceiling at 'BB+'.

"While the Philippines has not been directly exposed to some of
the most serious aspects of the international financial crisis,
including, for example, severe stresses affecting the domestic
banking system, it is not impervious to the deterioration in
global economic growth prospects," says James McCormack, Head of
Asia Sovereigns at Fitch.  Based on a sharp reduction in exports,
which is expected to be only partially offset by weaker imports,
and a forecast 6.8% decline in remittances, the agency forecasts
Philippine GDP growth will reach only 0.1% in 2009.

In response to the effects of the global recession on the
Philippine economy, the government has initiated a PHP330 billion
(4.1% of forecast 2009 GDP) Economic Resiliency Plan focused
primarily on infrastructure investment and social spending.  The
main national government budget implications of the Plan are
PHP160 billion in additional spending and PHP40 billion in tax
cuts, with a 2009 deficit target of PHP229 billion (excluding
privatization).  Fitch forecasts a fiscal deficit of PHP271
billion (excluding PHP5 billion in privatization receipts),
equivalent to 3.5% of GDP.  "The fall in tax revenue in the first
quarter will be very difficult to make up in the remainder of the
year as the economy slows," adds Mr. McCormack.  Government
revenue (excluding privatization) was down by 4% in Q1, marking
the weakest Q1 revenue outturn in 22 years.  Fitch assumes there
will be further fiscal policy adjustments as the year progresses,
and the agency expects spending to be slightly below the current
target by year-end.

The forecast increase in the Philippine fiscal deficit in 2009 is
in line with those of other 'BB'-rated sovereigns, as is the
deficit level itself.  In terms of government debt, however, the
Philippines compares unfavorably with its rating peers.  In 2008,
the Philippine national government debt/GDP ratio was 56.3%
(consolidated general government debt is estimated at about 46% of
GDP), compared to the 'BB' consolidated general government debt
median of 30.6%.  The debt/revenue ratio is even more telling,
with the Philippines at 360% versus the peer median of 141%.
Fitch has long considered the Philippines' low government revenue
base -- among the lowest of all rated sovereigns -- to be a
fundamental rating weakness.  With a much weaker economy and
elections due next year, the agency does not believe revenue
enhancement will be a short-term policy priority.  Consequently,
if forecast increases in spending are not reversed once the
economy begins to recover, or revenue collection is not stepped up
considerably, there is a risk that Philippine government debt
ratios may deviate further from the 'BB' medians, with possible
negative rating implications.

Overseas remittances were US$16.4 billion in 2008 (10% of GDP),
providing critical support to economic growth by supplementing
household income.  Remittance inflows also more than offset the
US$12.6 billion trade deficit, resulting in a US$4.2 billion
current account surplus.  Remittances were still growing yoy in
February 2009, but they peaked in June 2008 and have been trending
lower, consistent with the state of the global economy.  Fitch
expects remittances to continue to fall gradually in 2009.  Recent
dramatic declines in exports are expected to moderate, but still
result in a contraction of 20% for the year.  Taking changes in
remittances and the trade balance into account Fitch forecasts a
halving of the current account surplus this year to US$2.1
billion.  Combining the current account balance and external
amortization payments, the Philippine gross external financing
requirement for 2009 is forecast at US$2.8 billion, equivalent to
7.3% of end-2008 foreign exchange reserves.  The 'BB' median is
51%, confirming the comparative external sector strength of the
Philippines, even with much weaker exports and a moderate fall in
remittances.


* PHILIPPINES: SEC May Suspend 3 Pre-Need Companies
---------------------------------------------------
The Securities and Exchange Commission may suspend three pre-need
companies namely: Coco Plans, Danvil Plans, and AMA Plans, if they
fail to fund their deficiencies within a month, The Daily Inquirer
reports citing Merli Joy Pascual, assistant director of SEC's non-
traditional securities and instruments department.

Coco Plans and Danvil Plans "have to fund their deficiencies
within 30 days.  If they don't we will suspend their licenses",
Ms. Pascual was quoted by The Inquirer as saying during a Senate
hearing of committees on trade, and banks.



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

INGRAM MICRO: Creditors' Proofs of Debt Due on June 4
-----------------------------------------------------
The creditors of Ingram Micro Singapore (South Asia) Pte Ltd are
required to file their proofs of debt by June 4, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


INTEGRAL BUILDING: Court to Hear Wind-Up Petition on May 15
-----------------------------------------------------------
A petition to have Integral Building Services Pte Ltd's operatiosn
wound up will be heard before the High Court of Singapore on
May 15, 2009, at 10:00 a.m.

The Comptroller of Goods and Services Tax filed the petition
against the company on April 24, 2009.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          158 Cecil Street #07-00 The Spazio
          Singapore 069545


PROJECTOR ASIA: Creditors' First Meeting Set for May 18
-------------------------------------------------------
Projector Asia Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on May 18, 2009, at 1:30 p.m., at
1 Fullerton Road, in #02-01 One Fullerton Singapore 049213.

At the meeting, the creditors will be asked to:

   -- apprise creditors on the affairs of the company;
   -- appoint a Committee of Inspection if deemed necessary; and
   -- discuss other matters.

The comapny's liquidator is:

          DON M HO, FCPA
          c/o Don Ho & Associates
          Public Accountants & Certified Public Accountants
          Corporate Advisory & Recoveries
          20 Cecil Street #12-02 Equity Plaza
          Singapore 049705
          Tel: 6532 0320 (8 lines)
          Fax: 6532 0331


QIMONDA MANUFACTURING: Creditors' Proofs of Debt Due on May 30
--------------------------------------------------------------
The creditors of Qimonda Manufacturing Singapore Pte. Ltd. are
required to file their proofs of debt by May 30, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Neo Ban Chuan
          c/o KordaMenthaNeo
          30 Robinson Road
          Robinson Towers, #12-01
          Singapore 048546


TECH PACIFIC: Creditors' Proofs of Debt Due on June 4
-----------------------------------------------------
The creditors of Tech Pacific (Singapore) Ltd are required to file
their proofs of debt by June 4, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

           Tam Chee Chong
           6 Shenton Way #32-00
           DBS Building Tower Two
           Singapore 068809



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

HOME OBLIGORS: Fitch Affirms National Ratings on 14 Tranches
------------------------------------------------------------
Fitch Ratings has affirmed the National ratings for 14 tranches of
Home Obligors Mortgage Enhanced Securities (Pty) Limited - Series
1 following a performance review.  The agency has simultaneously
revised the Outlooks for four tranches to Negative from Stable.  A
full rating breakdown is provided at the end of this comment.

The four Outlook changes are the result of the transaction not
performing in line with expectations, the high levels of arrears
and defaulted loans and the high level of loans that have breached
representations and warranties.

Defaulted loans increased to approx.  ZAR82 million in December
2008 from approx. ZAR16 million in September 2008.  The agency
expects the portfolio will experience an increase in arrears and
defaulted loans during 2009.  This expectation is reflected in the
revision of the Outlook to Negative from Stable for the class E
and F notes.

The transaction is currently in its revolving period during which
no principal is paid to noteholders and credit enhancement levels
have therefore remained the same since closing.  There are various
triggers in place to mitigate a potential deterioration in the
credit quality of the pool, such as an arrears level limit of
2.00%, which triggers early amortization of the transaction if
breached.  Fitch has been informed by the seller, Absa Bank Ltd
(Absa, rated 'AAA(zaf)'/'F1+(zaf)'/Stable), that it has
repurchased non-performing loans from the HOMES 1 transaction.
Absa is under no obligation to repurchase delinquent mortgage
loans, however, by doing so it has prevented the arrears trigger
from being breached and consequently there has been no build up of
credit enhancement even though the transaction performance is
deteriorating.

Absa is allowed to make repurchases of non-performing loans in
terms of transaction documents.  Absa repurchased the non-
performing loans at fair value resulting in a realized loss for
HOMES 1 of approx. ZAR4.3 million.  The agency assessed the
expected loss using its default model for the set of non-
performing loans and calculated a slightly higher amount of
ZAR4.4 million as the expected loss in a single 'B' rating level.
However, if Absa were to stop repurchasing non-performing loans
this would, in the agency's opinion, lead to the arrears trigger
being breached in the near future.

Fitch is concerned that the current portfolio includes a
significant number of loans that did not meet the representations
and warranties at the moment of sale from Absa to HOMES 1. Per the
transaction documentation, Absa is obliged to repurchase such
loans at par.  However, the transaction documents allow Absa to
effect the repurchase only after the mortgage bond is ceded back
to Absa from HOMES 1.  This process may take several months. These
loans are reported as technical arrears resulting in lower arrears
that count for the arrears limit calculation.  Although Absa's
credit risk is low given its current ratings, the agency views the
high number of loans that have breached the representations and
warranties as a negative for HOMES 1.  Absa has taken measures to
address the situation.  The agency will review the portfolio again
in the near future to test if such loans have been repurchased
from HOMES 1 and to what extent.

HOMES 1 is a bankruptcy-remote special purpose vehicle
incorporated under the laws of South Africa.  It consists of loans
originated by Absa through Absa Home Loans, its home loans
division.

Fitch has employed its credit cover multiple methodology in
reviewing the deal to assess the level of credit support available
for each tranche of notes.  The agency has also assigned Loss
Severity Ratings to each class of notes.

The rating actions are:

  -- Class B1: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class B2: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class B3: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class B4: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class B5: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class B6: affirmed at 'AAA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-1'

  -- Class C1: affirmed at 'AA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-2'

  -- Class C2: affirmed at 'AA(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-2'

  -- Class D1: affirmed at 'A(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-2'

  -- Class D2: affirmed at 'A(zaf)'; Outlook Stable; assigned a
     Loss Severity Rating of 'LS-2'

  -- Class E1: affirmed at 'BBB(zaf)'; Outlook revised to Negative
     from Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class E2: affirmed at 'BBB(zaf)'; Outlook revised to Negative
     from Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class F1: affirmed at 'BB(zaf)'; Outlook revised to Negative
     from Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class F2: affirmed at 'BB(zaf)'; Outlook revised to Negative
     from Stable; assigned a Loss Severity Rating of 'LS-3'

Fitch's Loss Severity Rating scale consists of five rating
categories (LS-1, LS-2, LS-3, LS-4 & LS-5) on a different scale to
the traditional National Long-term ratings.  Each category gives
an indication of the relative degree of risk that a security might
suffer a high loss severity in the event of a security default.


FINTECH RECEIVABLES: Fitch Assigns 'BB+' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned Fintech Receivables 3 (Pty) Limited's
term notes and future commercial paper expected National ratings,
as listed below.

  -- CP: 'F1+(zaf)'
  -- ZAR457.2 million Class A notes: 'AAA(zaf)'; Stable Outlook
  -- ZAR22.1 million Class B notes: 'AA(zaf)'; Stable Outlook
  -- ZAR30 million Class C notes: 'A(zaf)'; Stable Outlook
  -- ZAR22.1 million Class D notes: 'BBB(zaf)'; Stable Outlook
  -- ZAR6.7 million Class E notes: 'BB+(zaf)'; Stable Outlook

The final ratings are contingent on the receipt of documents
conforming to information already received.

This transaction is a securitization of equipment leases
originated by Fintech Underwriting (Proprietary) Limited, wholly
owned by Fintech (Proprietary) Limited.  The issuer will use the
net proceeds of the securities to purchase a portfolio of
equipment leases from FUN, Technology Acceptances (Propriety)
Limited and/or Corporate Finance Solutions (Proprietary) Limited.
TAR and CFSR are funding vehicles previously used to purchase
equipment leases originated by FUN.

The ratings are based on the quality of the leases, available
credit enhancement, the underwriting and servicing capabilities of
Fintech, the interest rate hedging mechanism in place, the
liquidity facilities available and the integrity of the
transaction's legal and financial structure.

The transaction is the first pool of assets to be included into a
ZAR2bn multi-seller asset-backed note programme under which the
issuer, from time to time, may issue securities with maturities of
less than 365 days (CP) and longer-dated maturities (term notes).
The programme size may be increased in due course.  The initial
pool consists of 3,522 lessees with 11,384 individual leases
amounting to ZAR560.6 million.

Initial credit enhancement for the Class A notes and CP equal
18.45% of the ZAR560.6 million collateral and is provided by
subordination of the Class B, C, D and E notes and a subordinated
loan.  The issuer can, after the inception date, issue CP which
will rank senior to the Class A notes.  The issuance of CP is
subject to the issuer meeting certain issuance conditions prior to
funding.

The ratings on the CP address the timely payment of both interest
and principal.  The ratings on the term notes address the payment
of interest on the notes according to the terms and conditions of
the transaction documents, subject to an interest deferral trigger
on the Class B, C, D and E notes, as well as the repayment of
principal by legal final maturity for each note.  Should a
deferral trigger be hit on the Class B, C, D or E notes, interest
may not be received for a certain period, but will, in Fitch's
judgement, be received by legal final maturity.  No additional
interest will be accrued on the deferred interest.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ADVANCE HEAL-NEW           AHGN      16933460.19     -8226075.95
ADVANCE HEALTHCA            AHG      16933460.19     -8226075.95
ALLOMAK LTD                 AMA      40685785.47     -5913422.67
ALLSTATE EXPLORA            ALX      16169603.20    -50619940.96
ALLSTATE EXPL-PP          ALXCC      16169603.20    -50619940.96
ANTARES ENERGY L            AZZ      14174189.76     -6756494.56
ARC EXPLORATION             ARX      58544299.40    -15958771.93
AUSMELT LTD                 AET      10421943.80     -1558622.35
AUSTAR UNITED               AUN     448602007.58   -261905005.38
AUSTRAILIAN Z-PP          AZCCA      77741918.88     -2566335.24
AUSTRALIAN ZIRC             AZC      77741918.88     -2566335.24
BIRON APPAREL LT            BIC      19706738.17     -2220069.83
BISALLOY STEEL G            BIS      54556820.43     -7472108.44
CHEMEQ LIMITED              CMQ      25194855.59    -24254413.72
CITY PACIFIC LTD            CIY     171501648.08     -6383353.75
EIRCOM HOLDINGS             ERC    7921901248.89   -381294562.59
ELLECT HOLDINGS             EHG      18245003.37    -15487781.92
ETW CORP LTD                ETW      83708786.34    -58673955.65
FORTESCUE METALS            FMG    4293524492.00   -378456209.91
FULCRUM EQUITY L            FUL      19209266.15     -3664831.35
JAMES HARDIE NV           JHXCC    1827000064.00    -37500000.00
JAMES HARDIE-CDI            JHX    1827000064.00    -37500000.00
LAFAYETTE MIN               LAF     105239389.93   -190859526.77
MAC COMM INFR-CD          MCGCD    8104415200.76   -103343256.49
MACQUARIE COMMUN            MCG    8104415200.76   -103343256.49
RESIDUAL ASSC-EE          RAGXF     597329874.01   -126963316.48
RUBICON AMERICA             RAT     649532285.57   -100605696.94
TOOTH & CO LTD              TTH     108860665.87    -69404500.26
VERTICON GROUP              VGP      21729291.58    -11591492.96
VIDELLI LTD                 VID      78516329.21     -5679479.23

CHINA

ALONG TIBET CO-A         600773      10333935.67      -913954.99
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
ANHUI KOYO GROUP         000979      60298626.62    -47685854.30
BAO LONG ORIENTA         600988      15467573.79     -1560369.16
CHANG LING GROUP         000561      43077849.74    -10486820.00
CHINA EAST AIR-A         600115   10702789177.41  -1851807066.86
CHINA EAST AIR-H            670   10702789177.41  -1851807066.86
CHINA KEJIAN-A           000035      78570187.73   -180331094.29
CHINESE.COM LOGI         000805      13883647.68     -8947568.12
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
DONGXIN ELECTR-A         600691      20502873.62     -3038531.89
FUJIAN SANNONG-A         000732      65238961.39    -54995633.00
FUJIAN START-A           600734     105659572.63    -14337777.19
GAOXIN ZHANGTO-A         002075     132630368.70     -9869752.84
GUANGDONG HUAL-A         600242      22465173.76     -2740933.18
GUANGDONG KEL-A          000921     553672005.51   -123382591.66
GUANGMING GRP FU         000587      62369338.74    -12083332.13
GUANGMING GRP -A         000587      49483133.27    -38236098.22
GUANGXIA YINCH-A         000557      50935704.91   -104988061.10
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HEBEI JINNIU C-A         600722     223470984.32   -222746304.24
HISENSE ELEC-H              921     553672005.51   -123382591.66
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
HUDA TECHNOLOG-A         600892      20117117.87     -1494139.58
HUNAN ANPLAS CO          000156      51664398.17    -84057853.53
HUNAN AVA HOLDIN         000918     194225793.46    -69811133.26
JIAOZUO XIN'AN-A         000719      16467080.91     -2586535.71
MUDAN AUTOMOBI-H           8188      32224095.17     -1211266.54
QINGHAI SUNSHI-A         600381      52481259.62    -33816335.98
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
SHENZ CHINA BI-A         200017      27968310.96   -264106065.10
SHENZ CHINA BI-B         200017      27968310.96   -264106065.10
SHENZ SEG DASH-A         000007      89466024.49    -10969846.28
SHENZHEN DAWNC-A         000863      29007400.22   -151962203.17
SHENZHEN KONDA-A         000048     184040609.38    -19817331.48
SHENZHEN SHENXIN         000034      27017593.82   -165994719.64
SICHUAN DIRECT-A         000757     121583277.97   -107533583.56
SUNTEK TECHNOLOG         600728      36559320.30    -22153556.46
SUNTIME INTERN-A         600084     355378023.17   -100009910.49
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIANJIN MARINE           600751      75440814.59    -26602770.52
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
TIBET SUMMIT I-A         600338      63612758.53    -10426824.98
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
WINOWNER GROUP C         600681      21498115.00    -81284231.50
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
YUEYANG HENGLI-A         000622      39549992.25    -14748281.75
ZHANGJIAJIE TO-A         000430      46479019.96     -4406094.66

HONG KONG

APTUS HLDGS LTD            8212      54183295.49     -5233351.51
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
CHIA TAI ENTERPR            121     313740803.76    -49562387.78
CHINA DATA BROAD           8016     122822277.65      -955213.42
CHINA HEALTHCARE            673      29513119.73     -7815705.47
CORE HEALTHCARE            8250      27890609.26    -11660364.96
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
EMPEROR ENTERTAI           8078      35493733.40     -2976735.60
NEW CITY CHINA             456      113178595.41     -9932226.54
PALADIN LTD                495      186461196.61     -9780904.71
PALADIN LTD -PRE           642      186461196.61     -9780904.71
SANYUAN GROUP LT           140       17768260.98     -2131329.68

INDIA

ALCOBEX METALS             AML       26047761.96    -22443296.68
APPLE FINANCE              APL       70832103.73    -29253849.19
ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      83553376.09    -43417749.51
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DIGJAM LTD                 DGJM      98769193.78    -14623833.58
DISH TV IND-PP             DITVPP   239183121.60    -13093854.23
DISH TV INDIA              DITV     239183121.60    -13093854.23
DUNCANS INDUS               DAI     164653351.85   -220922929.88
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      30159595.18   -234918081.46
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HINDUSTAN PHOTO            HPHT      93725753.93  -1229352757.43
HMT LTD                     HMT     206932743.85   -263572925.12
ICDS                       ICDS      13300348.69     -6171079.46
IFB INDS LTD               IFBI      50668510.63    -65490798.77
JCT ELECTRONICS            JCTE     122542558.60    -49996834.55
JENSON & NIC LTD             JN      15734678.26    -92089109.12
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
PARASRAMPUR SYN             PPS     111971290.89   -317111727.95
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
RATHI ISPAT LTD            RTIS      44555929.56     -3933592.50
REMI METALS GUJA            RMM      82273746.28     -1650461.11
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
ROYAL CUSHION              RCVP      29192373.45    -73115309.68
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SEN PET INDIA LT           SPEN     13283611.52     -25431862.10
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
STI INDIA LTD              STIB      44107456.00      -300149.59
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
TRANS FREIGHT               TFC      14196928.74     -9623049.18
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
UNIWORTH LTD                 WW     178225972.59   -131624807.91
USHA INDIA LTD             USHA      12064900.61    -54512967.31
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

BUKAKA TEKNIK UT           BUKK      73759284.09    -88378100.23
DAYA SAKTI UNGGU           DSUC      20925717.25    -12275407.90
ERATEX DJAJA               ERTX      22390016.89     -5709537.72
JAKARTA KYOEI ST           JKSW      37212505.22    -39286774.25
KARWELL INDONESI           KARW      22659332.94     -1923983.20
MULIA INDUSTRIND           MLIA     329626279.29   -438147831.29
PANCA WIRATAMA             PWSI      24440350.75    -28494642.10
POLYSINDO EKA PE           POLY     433818115.13   -814874663.33
SEKAR BUMI TBK             SKBM      16733314.21     -2444090.09
STEADY SAFE TBK            SAFE      11597738.89     -4220918.08
SURABAYA AGUNG             SAIP     222819808.76   -101236552.84
TEIJIN INDONESIA           TFCO     199177024.00    -55412900.00
UNITEX TBK                 UNTX      13522871.92    -14918402.46


JAPAN

APRECIO CO LTD             2460      15981315.82     -2395526.71
ATRIUM CO LTD              8993    3004532577.65   -555330991.82
FDK CORP                   6955     465071545.70    -85901797.18
G-TRADING                  3348      53439073.69    -19823380.51
GREEN FOODS CO             3367      87003396.49    -48040344.74
L CREATE CO LTD            3247      42344509.56     -9146496.90
LIFE STAGE CO LT           8991     140521332.90     -4256881.43
LINK CONSULTING            4798      20858257.56    -22890695.36
LINK ONE                   2403      12290544.83     -5772835.00
MORISHITA CO LTD           3594     168223801.88     -2415401.06
NESTAGE CO LTD             7633      15532484.72     -6808781.92
OPEN INTERFACE I           4302      32715547.40     -5699491.16
PION CO LTD                2799      50289757.53     -4685410.43
PLACO CO LTD               6347      26260220.44      -997325.51
SOWA JISHO CO LT           3239      54007939.02    -15643863.67
TERRANETZ CO LTD           2140      11633353.37     -4293462.63


KOREA

DAHUI CO LTD             055250     186003859.24     -1504246.54
DAISHIN INFO             020180     740500919.30   -158453978.78
FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
HECENAT CO LTD           036270      18221252.73    -32166924.53
ORICOM INC               010470      82645454.13    -40039161.33
SHINSUNG ENGIN-P         001975     266698737.75   -222697002.49
SHINSUNG ENGINEE         001970     266698737.75   -222697002.49
STARMAX CO LTD           017050      73128066.52     -5536410.53
TONG YANG MAGIC          023020     355147750.92    -25767007.75

MALAYSIA

BSA INTERNATIONA           BSAI      64645666.63    -41780061.34
ENERGREEN CORP              ECB      24169075.85    -33192197.50
LITYAN HLDGS BHD            LIT      22219653.83    -28844509.51
NIKKO ELECTRONIC          NIKKO      11848555.26     -8049133.18
PANGLOBAL BHD               PGL     154526312.03   -196600884.35
PECD BHD                   PECD     192983533.96   -369308385.35
WONDERFUL WIRE               WW      13595954.15    -12213873.19
WWE HOLDINGS BHD            WWE      67986614.2      -3400656.26

NEW ZEALAND

DOMINION FINANCE           DFH      258902749.12    -55312405.88


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76582504.46    -34018154.09
BENGUET CORP 'B'            BCB      76582504.46    -34018154.09
CENTRAL AZUC TAR            CAT      37806902.52     -2588843.76
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
EAST ASIA POWER             PWR      72744279.35   -136684406.25
FIL ESTATE CORP              FC      37286935.14    -11355841.65
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP     105659068.50    -23332404.14
UNIVERSAL RIGHTF             UP      45118524.67    -13478675.99
UNIWIDE HOLDINGS             UW      52802040.71    -56176026.28
VICTORIAS MILL              VMC      178060236.02   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO            ASA       15738651.44    -8778195.07
CHUAN SOON HUAT             CSH       35287522.69   -11167501.56
FALMAC LTD                  FAL       10907421.75    -5669361.14
HL GLOBAL ENTERP           HLGE      105185881.93    -8816485.24
INFORMATICS EDU            INFO       24731271.45    -5096073.27
LINDETEVES-JACOB             LJ      160168482.84   -79374132.79
OCEAN INTERNATIO          OCEAN       61659949.85   -13720313.13
SUNMOON FOOD COM          SMOON       16158450.92   -13753828.36
WESTECH ELECTRON            WTE       28098021.50   -12602338.58

TAIWAN

CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUB-NVDR          BRC-R       86059276.81   -66357490.80
BANGKOK RUBBER              BRC       86059276.81   -66357490.80
BANGKOK RUBBER-F          BRC/F       86059276.81   -66357490.80
CENTRAL PAPER IN          CPICO       10220356.04  -216074904.26
CENTRAL PAPER-NV        CPICO-R       10220356.04  -216074904.26
CENTRAL PAPER-F         CPICO/F       10220356.04  -216074904.26
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       32184803.45   -75222598.62
ITV PCL-NVDR              ITV-R       32184803.45   -75222598.62
ITV PCL-FOREIGN           ITV/F       32184803.45   -75222598.62
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
KUANG PEI SAN            POMPUI       17146363.89   -12117287.24
KUANG PEI-NVDR       POMPUI-RTB       17146363.89   -12117287.24
KUANG PEI SAN-F        POMPUI/F       17146363.89   -12117287.24
MALEE SAMPRAN             MALEE       56829657.96    -6993880.74
MALEE SAMPR-NVDR        MALEE-R       56829657.96    -6993880.74
MALEE SAMPRAN-F         MALEE/F       56829657.96    -6993880.74
SAFARI WORLD PUB         SAFARI      101174462.93   -16589186.57
SAFARI WORL-NVDR     SAFARI-RTB      101174462.93   -16589186.57
SAFARI WORLD-FOR       SAFARI/F      101174462.93   -16589186.57
SAHAMITR PRESSUR           SMPC       31177710.43   -14940579.60
SAHAMITR PR-NVDR         SMPC-R       31177710.43   -14940579.60
SAHAMITR PRESS-F         SMPC/F       31177710.43   -14940579.60
SUNWOOD INDS PCL            SUN       29427364.98    -6703524.31
SUNWOOD INDS-NVD          SUN-R       29427364.98    -6703524.31
SUNWOOD INDS-F            SUN/F       29427364.98    -6703524.31
THAI-DENMARK PCL          DMARK       15715462.27   -10102519.69
THAI-DENMARK-F           DMARK/F      15715462.27   -10102519.69
THAI-DENMARK-NVD         DMARK-R      15715462.27   -10102519.69
UNIVERSAL STARCH            USC       80642846.98   -54988407.82
UNIVERSAL S-NVDR          USC-R       80642846.98   -54988407.82
UNIVERSAL STAR-F          USC/F       80642846.98   -54988407.82



                         *********

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.


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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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