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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

           Tuesday, June 9, 2009, Vol. 12, No. 112

                            Headlines

A U S T R A L I A

CITY PACIFIC: Unit Faces Court Action Over AU$35 Million Land Deal
GENERAL MOTORS: Holden Will Not Be Sold Despite Parent Bankruptcy
FAIRFAX MEDIA: Removed from S&P/ASX Top 50 Firms
OZ MINERALS: Rejects US$1.2 Billion Counter Proposal
TIMBERCORP: Growers Mull Court Action Against MIS Wind-Up Plan


C H I N A

CHINA EASTERN: Shanghai Airlines Merger Gets Go Signal
CHINA GLASS: Senior Notes Tender Offer Cues S&P to Junk Rating
SRE GROUP: Buy Back Proposal Won't Affect S&P's 'B' Rating


H O N G  K O N G

ANDREW & PAULMANN: Court to Hear Wind-Up Petition on June 24
BARRETT HONG KONG: Creditors' Proofs of Debt Due on June 26
BOBTICAL COMPANY: Creditors' Proofs of Debt Due on July 24
CHINA GLOBAL: Creditors' Meeting Set for June 24
DRAGON TALENT: Creditors' Proofs of Debt Due on July 31

EASTERN GROUP: Creditors' Meeting Set for June 24
EXCEL GAINER: Creditors' Meeting Set for June 24
FORWARD HOLDINGS: Appoints Members of Committee of Inspection
GLORY POWER: Placed Under Voluntary Liquidation
GOOD VIEW: Court to Hear Wind-Up Petition on June 24

GRAND TOYS: Inability to Pay Debts Prompts Wind-Up
HALOTEC (FAR EAST): Members' Final General Meeting Set for July 6
HIGH MERIT: Court to Hear Wind-Up Petition on July 8
KINGSWAY INVESTMENT: Fan Steps Down as Liquidator
KO CHUN: Inability to Pay Debts Prompts Wind-Up

LEABURG ENGINEERING: Briscoe Steps Down as Liquidator
OMNI INTERNATIONAL: Creditors' Meeting Set for June 24
SKYROOT INTERNATIONAL: Creditors' Meeting Set for June 24


I N D I A

ADHUNIK CEMENT: Fitch Assigns National Long-Term Rating at 'BB-'
ALFA FLEXITUBES: Default in Loan Payment Cues CRISIL 'D' Ratings
GENERAL MOTORS: India Operations Unaffected by Parent's Bankruptcy
HYUNDAI MOTOR: Indian Unit Mulls Setting Up Diesel Engine Plant
JET AIRWAYS: To Further Reduce Capacity by 10%

METALMAN INDUSTRIES: CARE Rates Long Term Bank Loans at 'CARE BB'
NEOGEN CHEMICALS: Low Net Worth Prompts CRISIL 'BB-' Ratings
PANDESARA INFRASTRUCTURE: CRISIL Rates INR215.4MM Term Loan at 'B'
RATHI IRON: CRISIL Assigns 'BB+' Rating on INR49 Mln Cash Credit
SRI KARUNAMBIKAI: CRISIL Places 'B' Rating on Various Bank Loans

SONI ISPAT: CARE Puts 'CARE BB' Rating on INR75.10cr LT Bank Loans
TATA MOTORS: JLR Unit Raises 2009 China Sales Outlook


I N D O N E S I A

GARUDA: Plans to Add Flights from Jakarta to Kuala Lumpur
PERTAMINA: To Import Oil for 10 Days After Fire in Refinery
PT HUMPUSS: Moody's Downgrades National Scale Bond Rating to 'Ba2'


J A P A N

BERYL FINANCE: S&P Withdraws 'CCC-' Ratings on Four Notes


K O R E A

SSANGYONG MOTOR: KDB Mulls GM Daewoo-Ssangyong Merger
SSANGYONG MOTOR: May Reconsider Massive Lay-off Plan


N E W  Z E A L A N D

FISHER & PAYKEL: Sells Head Office, Manufacturing Site
INFRATIL LIMITED: Grants Call Option Over Shares in Energy Dev.


P H I L I P P I N E S

GLOBE TELECOM: Fitch Downgrades Issuer Default Rating to 'BB+'
* PHILIPPINES: BSP Places Two More Rural Banks Under Receivership


S I N G A P O R E

ARMADA (SINGAPORE): Placed Under Judicial Management
HAVAS PTE: Creditors' Proofs of Debt Due on July 17
TOLL ASIA: Creditors' Proofs of Debt Due on July 6


X X X X X X X X

* Global Airline Industry to Lose US$9 Bil. This Year, IATA Says
* BOND PRICING: For the Week June 1 to June 5, 2009


                         - - - - -


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

CITY PACIFIC: Unit Faces Court Action Over AU$35 Million Land Deal
------------------------------------------------------------------
Private builder Pearl Hill is suing CP1, a listed property
development arm of City Pacific Limited, over claims the group
reneged on a land deal worth about AU$35 million, The Australian
reports.  Pearl Hill is the builder behind CP1's major Martha Cove
development on Victoria's Mornington Peninsula, the report says.

The Australian, citing Pearl Hill managing director Nino Mimmo,
says the group had agreed to pay CP1 AU$15 million in exchange for
land worth about AU$35 million in a deal aimed at recouping unpaid
development costs.

According to the report, Mr. Mimmo said the deal involved the
proposed transfer of 33 lots which included 15 lots valued at
about AU$1 million each and the remaining lots were to offset
those outstanding development costs.

Mr. Mimmo, as cited by the Australian, said CP1 had fallen behind
on between AU$15 million and AU$20 million of building payments
and the transfer of land worth about AU$35 million for AU$15
million was intended to rectify those outstanding debts.

"They were going to give us the land and we had to come up with
AU$15 million so they could pay the bank out," Mr. Mimmo said.
"And then they refused to sign the contract which is why we have
taken action in the Supreme Court."

The Australian relates that the claims appear to directly
contradict a statement CP1 made to the Australian Securities
Exchange on June 4 which said the proposed purchaser of a land
agreement who was due to pay CP1 AU$15 million had "unexpectedly
defaulted".

CP1, the report says, was due to use the AU$15 million to pay part
of an outstanding AU$99 million debt to the Commonwealth Bank.

According to The Australian, CP1 last week said CBA had threatened
to take action over the unpaid loan and CP1 had until the end of
the month to pay the AU$15 million or provide a proposal outlining
how it intended to do so.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                          *     *     *

City Pacific reported a net loss after tax of AU$139.53 million
for the financial year ended June 30, 2008, compared with a net
profit of AU$73.21 million in the previous year.  The company also
reported an operating profit before impairment and tax of
AU$55.5 million down 58.4% from the previous year's operating
profit of AU$133.42 million.


GENERAL MOTORS: Holden Will Not Be Sold Despite Parent Bankruptcy
-----------------------------------------------------------------
GM Holden will not be sold despite parent company General Motors
Corp.'s bankruptcy filing in the United States, The Sydney Morning
Herald reports citing GM Holden managing director Mark Reuss.

"It (Holden) will not be sold," the Herald cited Mr. Reuss as
saying in ABC's Inside Business program on Sunday.  "I can't say
forever because some day when I'm not here, and more perhaps when
someone may have that idea, but we have not been approached, nor
have we been offered, nor are we pursuing any sale of Holden."

The Australian relates that despite the dramatic downturn in local
vehicle demand, Mr. Reuss said Holden made a profit last month,
but was not consistently in the black.  The Australian says the
carmaker has accrued AU$300 million of losses since 2004, its last
profitable year.

According to The Australian, Mr. Reuss distanced Holden's business
model from that of GM, which struggled under a legacy of too many
brands across too many dealers.  Locally, the Australian notes,
Holden is more able to vary its dealership "architecture" to
accommodate new brands, such as the Cruze small car, to be
produced at Holden's Adelaide factory from next year.

"If you look at Holden here, we've got one brand, we've got a
little over 300 dealers and we've got variations of that
architecture ... that's a very different business model than what
happens in the US," Mr. Reuss said as cited by The Australian.

The Australian says Mr. Reuss denied that Holden would stay in
GM's hands simply because it was unattractive to a buyer.  "This
is a very closely held asset, this is one of the iconic brands in
Australia and I think it always will be as long as we take care of
it," Mr. Reuss said.

The Herald recalls that Mr. Reuss said earlier in June that Holden
would remain unchanged by General Motors' filing for bankruptcy
protection, which was the biggest bankruptcy application in US
history.

Mr. Reuss, as cited by the Herald, had said that Holden would join
the New GM - a more efficient company comprising GM's best brands
- to be launched in the US, and would concentrate on manufacturing
a four-cylinder car in Adelaide from 2010, improving technology
across the popular Commodore range and launching its Cruze model.

GM Holden employs more than 6,000 people in Australia, including
3,100 in South Australia with the balance spread across other
states, particularly Victoria, the Herald discloses.

                      About General Motors

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

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

As reported by the Troubled Company Reporter, GM reported net loss
of U$6.0 billion, including special items, in the first quarter of
2009.  This compares with a reported net loss of U$3.3 billion in
the year-ago quarter.  As of March 31, 2009, GM had U$82.2 billion
in total assets and U$172.8 billion in total liabilities,
resulting in U$90.5 billion in stockholders' deficit.

On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008.  The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt.  It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.  The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies.  A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11
restructuring proceedings commenced by General Motors Corporation
and its affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


FAIRFAX MEDIA: Removed from S&P/ASX Top 50 Firms
------------------------------------------------
The Sydney Morning Herald reports that Fairfax Media Limited has
been removed from Standard & Poor's top 50 ASX companies as part
of Standard & Poor's quarterly review of its indices.

The report says Fairfax Media as well as property investor Goodman
Group, have lost their places in the S&P/ASX 50 to Oil Search and
CFS Retail Property Trust.  Fairfax Media remains in the S&P/ASX
100, the Herald adds.

According to the Herald, S&P said companies joining the S&P/ASX
100 include Aquarius Platinum Ltd and Energy Resources of
Australia, while Elders and Boart Longyear Ltd have been deleted.

Kagara, Valad Property Group and NRW Holdings were removed from
the S&P/ASX 200 while Extract Resources, Molopo Australia and
Charter Hall Group moved in.

The Heralds notes that inclusion in the S&P indices is important
for a company as investment funds rebalance portfolios based on a
stock's weighting in an index.  S&P adjusts the indices based on a
stock's market capitalisation, the Herald adds.

                    Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.

"Although we are disappointed with the decision of Standard &
Poor's we are confident that our diversified market positions,
strong balance sheet and operational focus will allow us to
weather the current economic conditions and to take advantage of
any upturn when it occurs," Brian McCarthy, Chief Executive
Officer and Managing Director of Fairfax Media Limited said in a
statement.  "The company remains comfortably within its various
financial covenants."

Fairfax Media, however, said that due to this change in credit
rating, some margins under certain financing facilities are
increased with a consequential increase in net interest expense in
the 2010 financial year of approximately AU$10 million.

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.


OZ MINERALS: Rejects US$1.2 Billion Counter Proposal
----------------------------------------------------
OZ Minerals Ltd. has rejected a US$1.2 billion recapitalization
proposal put up by RFC Group, Royal Bank of Canada and other
institutions, Jason Scott at Bloomberg News reports citing an RFC
executive.  The report says OZ Minerals intends to push ahead with
its China Minmetals deal.

"The OZ Minerals board notified the consortium that it would not
recommend the recapitalization proposal over its decision to sell
off key assets to China Minmetals," Bloomberg News quoted RFC
Corporate Finance Managing Director Rob Adamson as saying in an e-
mailed statement.  Bloomberg News says the group had extended the
deadline for the Melbourne-based company to accept the offer to
June 11, when shareholders will vote on the Minmetals deal.

"Should shareholders of OZ Minerals reject the Minmetals offer,
the OZ Minerals board will still have the option of pursuing our
recapitalization proposal," the report cited Mr. Adamson in the
statement.  "We believe our proposal provides the OZ Minerals
board with the value, certainty and timing the company needs."
Some of OZ Minerals’s largest shareholders have indicated they
will support RFC’s proposal, Mr. Adamson said as cited by
Bloomberg News.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2009, OZ Minerals Limited and China Minmetals Non-
ferrous Metals Co. have agreed on the commercial terms for a sale
to Minmetals of certain of OZ Minerals assets – excluding
Prominent Hill and Martabe – for US$1.206 billion.

The transaction involves the sale of Sepon, Golden Grove, Century,
Rosebery, Avebury, Dugald River, High Lake, Izok Lake and certain
other exploration and development assets.  OZ Minerals will retain
Prominent Hill, Martabe, specific exploration assets in Cambodia
and Thailand and its listed equity interests (including its
interest in Toro Energy).

OZ Minerals said it expect to also retain a cash balance of
approximately AU$500 million immediately upon completion of the
transaction, assuming that it retires all its debt (except for the
Convertible Bonds on issue).  Subject to regulatory approvals,
both parties are aiming for completion of the transaction in
mid/late June 2009.

                        About OZ Minerals

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

                          *     *     *

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


TIMBERCORP: Growers Mull Court Action Against MIS Wind-Up Plan
--------------------------------------------------------------
Andrew Main at The Australian reports that a group of investors in
Timbercorp Limited's managed investment schemes is considering
action to derail a planned wind-up of 24 olive and almond schemes.

"We would like to see an independent valuation of the schemes,"
the report quoted Kerree Bezencon, a financial planner who is also
on the committee of creditors of Timbercorp, as saying.

The report relates Ms. Bezencon said the solvency of the schemes
had depended for years on financial input from the growers, as MIS
unitholders are called.

"They're quite solvent as long as the growers make up the
difference, which is what we've been doing to date," Ms. Bezencon
said as cited by the report.  Plantations of every sort tended to
be cash-flow negative in their early years but their value and
output increased over time, she noted.

The Australian says that since KordaMentha's rights over the MIS
schemes are less clear, a court ruling would protect the
administrator against later action from disgruntled growers

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, the Herald Sun said investors in Timbercorp
Limited's olive and almond plantations could lose AU$600 million
when the Supreme Court is asked to consider winding up the
"hopelessly insolvent" company.

According to the Sun, Timbercorp's administrator Mark Korda will
lodge papers asking a judge to decide whether it is proper to
bring forward a wind-up application of Timbercorp's 13 almond
projects and 11 olive ventures sold to investors over the past six
years.

The Troubled Company Reporter-Asia Pacific on April 24, 2009,
reported that 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 this 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.

                        About Timbercorp

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.



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

CHINA EASTERN: Shanghai Airlines Merger Gets Go Signal
------------------------------------------------------
Wendy Leung at Bloomberg News reports that the Chinese government
has approved the consolidation of China Eastern Airlines Corp. and
Shanghai Airlines Co.

"We just got approval from the government" on June 6, Bloomberg
News cited Shanghai Airlines Vice President Feng Xin as saying in
a phone interview from Kuala Lumpur.

According to the report, the combined group would have 306 planes
and more than 600 routes, giving it a 50 percent share of air
travel in China's financial capital.

"It shows that the government wants to improve the performance of
state-owned companies through consolidation," the report quoted
Kelvin Lau, an analyst at Daiwa Institute of Research Ltd. in
Hong Kong, as saying.  "Since they have accepted money from the
government there is no other choice for them" except to follow the
government's plans.

Bloomberg News says the government bailed out the two state-
controlled carriers after they incurred joint losses of CNY16.5
billion (US$2.4 billion) last year.

China Eastern's shares were suspended from trading in both
Shanghai and Hong Kong, pending announcement.  Shanghai Airlines'
Shanghai-traded shares were also halted.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2009, China View said China Eastern Airlines reported a
net loss of CNY13.9 billion in 2008, compared with a profit of
CNY607 million in 2007.

According to China View, the company attributed losses to several
factors, including falling passenger demand due to the financial
crisis, wrong bets on fuel hedging contracts, soaring operating
costs associated with dropping seat kilometer utilization, and
provisioning for the declining value of corporate assets.

China View said that according to its annual report ended Dec. 31,
2008, China Eastern's total debt reached CNY84.249 billion, while
its assets position was unchanged at CNY73.184 billion, resulting
in a deficit of CNY11.065 billion.

China Eastern chairman Liu Shaoyong, as cited by China View, said
the company has secured a combined credit line of CNY46 billion
from a variety of banks.

China View said the airline has also received emergency funding
worth CNY7 billion from the central government, and will benefit
more from a CNY30 billion credit line agreement signed on
April 14, between China Eastern Holding Co, its parent company,
and China Development Bank.

                     About Shanghai Airlines

Shanghai Airlines Co., Limited -- http://www.shanghai-air.com/
-- is a China-based commercial airline company.  The company
mainly provides air passenger and air cargo transportation
services and air mail services domestically and internationally.
The company also develops traveling, import and export trading
and advertising businesses.  As of December 31, 2007, the
company had 58 airplanes.  In 2007, the company develops 10 new
national airlines and three new international airlines.  During
the year ended December 31, 2007, the company transported
approximately 9.45 million passengers and 327,400 metric tons of
cargos.  As of December 31, 2007, the company had 15 major
subsidiaries and associates.

                       About China Eastern

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

                          *     *     *

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


CHINA GLASS: Senior Notes Tender Offer Cues S&P to Junk Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Glass Holdings Ltd. to
'CC' from 'B'.  The outlook is negative.  At the same time, S&P
lowered the issue rating on the company's US$100 million 9.625%
senior unsecured notes due 2012 to 'CC' from 'B'.

Standard & Poor's lowered the ratings following China Glass'
announcement of a tender offer on its senior unsecured notes and
solicitation of bondholders' consent to amend the covenants on the
notes.

"If completed, S&P would view the tender offer as constituting a
"distressed exchange" tantamount to an immediate default because:
(1) the proposed offer represents a substantial discount to the
par amount (or face value) of the outstanding issue; and (2) China
Glass' financial risk profile is, in S&P's view, deteriorating, as
reflected in the previous 'B' rating," said Standard & Poor's
credit analyst Lawrence Lu.  "We expect China Glass to make
further losses and generate negative free operating cash flow in
2009, putting further pressure on its already limited liquidity."

The negative outlook reflects the likelihood that S&P will lower
the corporate credit rating to 'SD' (for selective default) and
the issue rating on the notes to 'D' if the proposed transaction
is completed.  The tender offer settlement date is expected to
occur on or around July 27, 2009.

China Glass has offered US$480 for every US$1,000 of the principal
amount of the US$100 million bonds.  It is also seeking consent to
amend restrictive covenants that would allow the company to
significantly increase its indebtedness and make restricted
payments within larger thresholds.

Standard & Poor's lowered the rating on China Glass to 'B' from
'B+' on April 30, 2009, after the company reported substantially
weaker full-year results for 2008.


SRE GROUP: Buy Back Proposal Won't Affect S&P's 'B' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on SRE Group Ltd. (B/Negative/--) are not affected by a
proposal by the company's 49.2%-owned associate, China New Town
Development Co. Ltd., to buy back its high-yield senior notes.  In
S&P's view, the buyback is tantamount to a distressed exchange.
However, this does not affect the ratings on SRE as the two
entities are legally separate and there is no cross guarantee
between CNTD and SRE.

On June 3, 2009, CNTD announced that it has offered to buy back up
to Chinese renminbi 505.94 million in high-yield senior notes at
70% of the principal value in cash and equity.  CNTD will fund the
buyback with internal cash and a personal loan from SRE's
controlling shareholder.  Following the transaction, and together
with a recent agreement with its bank loan creditors to extend the
repayment schedule, CNTD's refinancing risk and its interest
burden should be materially reduced.  This should partly ease the
pressure on CNTD, although its outlook continues to be clouded by
a weak market for undeveloped land against its large borrowings.



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

ANDREW & PAULMANN: Court to Hear Wind-Up Petition on June 24
------------------------------------------------------------
A petition to have Andrew & Paulmann Surveyors Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 24, 2009, at 9:30 a.m.

Mok Chi Fung filed the petition against the company on April 20,
2009.


BARRETT HONG KONG: Creditors' Proofs of Debt Due on June 26
-----------------------------------------------------------
The creditors of Barrett Hong Kong Developments Limited are
required to file their proofs of debt by June 26, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


BOBTICAL COMPANY: Creditors' Proofs of Debt Due on July 24
----------------------------------------------------------
The creditors of Bobtical Company Limited are required to file
their proofs of debt by July 24, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

         Yeung Chi Wai
         Lucky Building, 12th Floor
         39 Wellington Street
         Central, Hong Kong


CHINA GLOBAL: Creditors' Meeting Set for June 24
------------------------------------------------
The creditors of China Global (HK) Limited will hold their meeting
on June 24, 2009, at 1:30 p.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 3A Chater Road, in Central, Hong Kong.


DRAGON TALENT: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------------
The creditors of Dragon Talent Limited are required to file their
proofs of debt by July 31, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 29, 2009.

The company's liquidator is:

         Tsang Yuk Mui, Karen
         Bank of East Asia harbour
         Room 2903, 29th Floor
         View Centre, 56 Gloucester Road
         Wanchai, Hong Kong


EASTERN GROUP: Creditors' Meeting Set for June 24
-------------------------------------------------
The creditors of Eastern Group (Asia) Limited will hold their
meeting on June 24, 2009, at 5:30 p.m., for the purposes mentioned
in sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 3A Chater Road, in Central, Hong Kong.


EXCEL GAINER: Creditors' Meeting Set for June 24
------------------------------------------------
The creditors of Excel Gainer Limited will hold their meeting on
June 24, 2009, at 3:30 p.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 3A Chater Road, in Central, Hong Kong.


FORWARD HOLDINGS: Appoints Members of Committee of Inspection
-------------------------------------------------------------
On May 15, 2009, a committee of inspection was appointed for
Forward Holdings Limited namely:

   -- The Hong Kong and Shanghai Banking Corporation Limited;
   -- DSB Banl (Hong Kong) Limited; and
   -- Hang Seng Bank Limited.

The company's liquidators are:

         Edward Simon Middleton
         Paul Edward Mitchell
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


GLORY POWER: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on May 27, 2009, the
members of Glory Power (Asia) Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Yiu Cho Yan
         Yiu Cho Yan CPA
         Asian House
         Room 1702, 17th Floor
         1 Hennessy Road
         Wanchai, Hong Kong


GOOD VIEW: Court to Hear Wind-Up Petition on June 24
----------------------------------------------------
A petition to have Good View Trading Development Limited's
operations wound up will be heard before the High Court of
Hong Kong on June 24, 2009, at 9:30 a.m.

Chan Ka Ki filed the petition against the company on April 20,
2009.


GRAND TOYS: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on May 25, 2009, the
members of Grand Toys International Limited resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidators are:

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


HALOTEC (FAR EAST): Members' Final General Meeting Set for July 6
-----------------------------------------------------------------
The members of Halotec (Far East) Limited will hold their final
meeting on July 6, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


HIGH MERIT: Court to Hear Wind-Up Petition on July 8
----------------------------------------------------
A petition to have High Merit Limited's  operations wound up will
be heard before the High Court of Hong Kong on July 8, 2009, at
9:30 a.m.

Tsang Kwok Keung filed the petition against the company on
April 27, 2009.


KINGSWAY INVESTMENT: Fan Steps Down as Liquidator
-------------------------------------------------
On May 29, 2009, Leung Mei Fan stepped down as liquidator of
Kingsway Investment (China) Limited.


KO CHUN: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on May 26, 2009, the
members of Ko Chun Hing Dyeing & Finishing Factory Limited
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidators are:

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


LEABURG ENGINEERING: Briscoe Steps Down as Liquidator
-----------------------------------------------------
On May 26, 2009, Stephen Briscoe stepped down as liquidator of
Leaburg Engineering Limited.


OMNI INTERNATIONAL: Creditors' Meeting Set for June 24
------------------------------------------------------
The creditors of Omni International Holdings Limited will hold
their meeting on June 24, 2009, at 2:30 p.m., for the purposes
mentioned in sections 241, 242, 243, 244 and 251 of the Companies
Ordinance.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 3A Chater Road, in Central, Hong Kong.


SKYROOT INTERNATIONAL: Creditors' Meeting Set for June 24
---------------------------------------------------------
The creditors of Skyroot International Limited will hold their
meeting on June 24, 2009, at 4:30 p.m., for the purposes mentioned
in sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 3A Chater Road, in Central, Hong Kong.



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

ADHUNIK CEMENT: Fitch Assigns National Long-Term Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned India-based Adhunik Cement Limited a
National Long-term rating of 'BB-(ind)'.  The agency has also
assigned ACL's sanctioned long term project bank loans,
aggregating INR4,060 million, a rating of 'BB-(ind)'.  The Outlook
for the National Long-term rating is Stable.

The ratings benefit from the advanced stage of completion of a
cement plant project which mitigates the risk of cost and time
overruns, and reflect the various subsidy benefits available to
cement producers in the northeast region and the premium
realisations that local producers enjoy over mainland players.  A
significant amount of completion risk is already mitigated, as
land is in the company's possession, financial closure has been
achieved, execution contracts are in place and promoters' equity
contributions have already been brought in.

Fitch notes that ACL will become one of the largest local cement
producers in the fragmented northeast market once the new plant is
operative and will be able to benefit from economies of scale and
capital and tax and transport subsidies available for five-to-ten
years, but it will still have to contend with expected oversupply
that will likely be driven by new capacities coming on stream in
the region.  Another factor that benefits the rating is the well
spread out debt repayment schedule which should keep credit
metrics comfortable once cement production commences.

Rating constraints include the fact that the project sponsors do
not have a proven track record in running a cement plant, and the
expected reduction in realization premiums enjoyed by local
producers over mainland producers.  Even if the project is
completed on schedule, there is some degree of risk of delays in
stabilization of the plant, which could be accentuated by its
geographic location.  Sufficient availability of coal and fly ash
in the region remains a concern but the company has entered into
Memorandums of Understanding with fly ash, coal and power
suppliers to ensure raw material availability.  This should reduce
the time taken for stabilization of the plant and for it to be run
at optimum utilization levels.

ACL, part of the Kolkota based Adhunik group, along with the MSP
group, has interests in steel and mining, and is setting up an
integrated cement plant with a capacity of 1.5 mtpa along with a
25MW captive power plant in the northeastern state of Meghalaya,
to be built and operated by ACL.  The estimated project cost is
INR6,140 million, which will be financed by a debt-equity mix of
2:1.  The construction of the plant started in June 2007 and the
project is on target to commence cement production from October
2009.

Fitch believes that the timely completion and stabilization of the
project in addition to a good operating performance could act as
positive triggers for the rating, whereas any delays in project
completion or stabilization which postpone revenue generation
could qualify as potential negative triggers.

The project documents incorporate a number of standard clauses
showing that debt repayments will start from FY11, putting some
stress on debt coverage in that year.  Although the forecasted
cash flows provide only moderate levels of coverage to lenders and
are dependent to a large extent on the cement cycle, ACL should be
reasonably able to withstand some stress primarily due to subsidy
and realization premium benefits.  Currently, the civil
engineering and infrastructure work at the site is at advanced
stages of completion.


ALFA FLEXITUBES: Default in Loan Payment Cues CRISIL 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Alfa Flexitubes Pvt Ltd (Alfa).

   INR62.5 Million CC/ EPC/ Bill Discounting*  D (Assigned)
   INR10.0 Million Standby Line of Credit      D (Assigned)
   INR57.5 Million Term Loan **                D (Assigned)
   INR50.0 Million Letter Of Credit/           P5 (Assigned)
                   Bank Guarantee

  * CC- Cash Credit, EPC- Export Packing Credit. Fully
    interchangeable limit

  ** Includes a proposed limit of Rs 16.3 Millions

The ratings reflect default by Alfa in the repayment of its term
loan obligations, owing to weak liquidity.

                        About the Company

Alfa manufactures stainless steel (SS) flexible hoses and auto
flexible connectors, along with small quantities of other products
such as SS billows and braidings. The company exports most of the
connectors it produces to Europe, the Middle East, and the US. For
2007-08 (refers to financial year, April 1 to March 31), Alfa
reported profit after tax (PAT) of INR5.5 million on net sales of
INR216.7 million, as against PAT of INR4.7 million on net sales of
INR153.8 million for 2006-07.


GENERAL MOTORS: India Operations Unaffected by Parent's Bankruptcy
------------------------------------------------------------------
General Motors Corp.'s Indian subsidiary is operating normally,
despite the bankruptcy filing of its U.S. parent, Nitin Luthra and
Santanu Choudhury at the Wall Street Journal report citing
Karl Slym, president and managing director of General Motors India
Pvt. Ltd.

"It is business as usual here in India for our employees,
suppliers and customers," WSJ cited Mr. Slym as saying at the
introduction of a new model of the Chevrolet Spark minicar.

GM India currently sells six cars and sport-utility vehicles of
the Chevrolet range, including the Optra sedan and Captiva SUV,
WSJ says.  The auto maker has two factories in India, in the
western states of Gujarat and Maharashtra.

Mr. Slym said the company will introduce two new cars this year -
the Chevrolet Cruze sedan and a new minicar based on the Chevrolet
Beat concept, WSJ relates.

                      About General Motors

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

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

As reported by the Troubled Company Reporter, GM reported net loss
of U$6.0 billion, including special items, in the first quarter of
2009.  This compares with a reported net loss of U$3.3 billion in
the year-ago quarter.  As of March 31, 2009, GM had U$82.2 billion
in total assets and U$172.8 billion in total liabilities,
resulting in U$90.5 billion in stockholders' deficit.

On April 27, General Motors presented the U.S. Department of
Treasury with an updated plan as required by the loan agreement
signed by GM and the U.S. Treasury on December 31, 2008.  The plan
addresses the key restructuring targets required by the loan
agreement, including a number of the critical elements of the plan
that was submitted to the U.S. government on December 2, 2008.
Among these are: U.S. market competitiveness; fuel economy and
emissions; competitive labor cost; and restructuring of the
company's unsecured debt.  It also includes a timeline for
repayment of the Federal loans, and an analysis of the Company's
positive net present value.  The plan details the future reduction
of GM's vehicle brands and nameplates in the U.S., further
consolidation in its workforce and dealer network, accelerated
capacity actions and enhanced manufacturing competitiveness, while
maintaining GM's strong commitment to high-quality, fuel-efficient
vehicles and advanced propulsion technologies.  A full-text copy
of GM's viability plan presented in February 2009 is available at
http://researcharchives.com/t/s?39a4

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D. N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsels.
Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11
restructuring proceedings commenced by General Motors Corporation
and its affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


HYUNDAI MOTOR: Indian Unit Mulls Setting Up Diesel Engine Plant
---------------------------------------------------------------
Hyundai Motor India Ltd, Indian unit of Korea's Hyundai Motor Co.,
is studying a feasibility of setting up a diesel engine plant
close to its existing car manufacturing plant near Chennai, The
Hindu Business Line reports.

"We have initiated a feasibility study for setting up a diesel
engine plant," Hyundai Motor India Managing Director, H.S. Lheem
was quoted by the Business Line as saying, without elaborating the
details of the study.

The report meanwhile relates that the second largest car maker in
India also said that if the Government increases excise duty on
cars during its Budget announcement in July, it could lead to an
immediate drop in car sales in the country.

Mr. Lheem, as cited by the report, said car sales were showing
signs of recovery as May results had shown, but any increase in
excise duty could neutralise the recent gains.

According to the Business Line, Mr. Lheem said he expects the
Indian operations to post a 15 percent increase in revenues this
calendar year from US$4 billion in 2008.  The company, according
to Mr. Lheem, also expects to sell about 5.8 lakh cars during this
calendar year, which is an increase of slightly over 18 percent
over the previous year, the report relates.

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.


JET AIRWAYS: To Further Reduce Capacity by 10%
----------------------------------------------
Jet Airways (India) Ltd. plans to further cut capacity as the
global recession pummels air travel demand, Bloomberg News
reports.

According to Bloomberg News, Jet Airways Chairman Naresh Goyal
said the airline expects to reduce capacity by an additional 10
percent on top of the 30 percent it has already eliminated.
Mr. Goyal said the carrier will add more capacity to the Middle
East due to increasing traffic.

The report, citing Mr. Goyal, says Jet Airways expects to break
even this year because of the cost cuts.  The carrier has no plan
now to raise funds, Mr. Goyal added.

The Troubled Company Reporter-Asia Pacific, citing The Times of
India, reported on May 29, 2009, that Jet Airways plans to reduce
domestic capacity by 10 percent this month on top of the 20
percent capacity cut it took from November to May.  The Times said
the reduced capacity in domestic routes, however, will be added to
the international operations where the airline is making profit.

Jet expects to save US$330 million through route restructuring and
cost-cutting programmes, the Times related.  The carrier also
expects a cash release of US$270 million from restructuring of
payment schedules to financial institutions and service providers.

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

                        About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the Company are domestic (air
transportation within India) and international (air transportation
outside India).  The Company has a frequent flyer programme named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The Company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe Services
N.V.  On April 20, 2007, the Company acquired Sahara Airlines
Limited.


METALMAN INDUSTRIES: CARE Rates Long Term Bank Loans at 'CARE BB'
-----------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Metalman Industries Limited (MIL) aggregating
INR85.82 crore.  This rating is applicable for facilities having
tenure of more than one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of
debt obligations.  Such facilities carry high credit risk.

Further, CARE has assigned a 'PR4' (PR four) rating to the Short-
term Bank Facilities of MIL aggregating INR138.82 crore.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are largely constrained by MIL's weak financial risk
profile as indicated by low profitability and stressed liquidity
which has resulted in multiple instances of LC devolvement and
overdrawings in bank working capital limits in the recent past.
MIL's relatively small size of operations in a cyclical and
working capital intensive steel industry with significant price
volatility also constrained the ratings.  The ratings, however,
factored in MIL's established operations and experience of
promoters in the steel industry.  The company's ability to improve
its financial risk profile, through better profitability and
improvement in liquidity position, is key rating sensitivity.

                    About Metalman Industries

MIL was incorporated as Metalman Pipe Manufacturing Company Pvt.
Ltd. in 1971 and was converted into a public limited company in
1986.  The name of the company was later changed to its present
form in 1995.  As on March 31, 2009, the company had 1,20,000
metric tonne per annum of processing capacity of Hot Rolled Coil
to Cold Rolled Coil for manufacturing of welded steel tubes and
Galvanised Plain and Corrugated Sheets (GP/GC coils/sheets).  The
capacity utilization which had been around 80% for trailing three
years till FY08 on account of favorable industry scenario,
recently declined to around 50% in FY09, due to adverse industry
prospects.

For FY08, MIL reported total income of INR370 crore with PBILDT
margin and PAT margin of 7.11% and 1.81% respectively.  As per the
provisional result for first nine month of FY09 ended Dec.31, 2008
company reported total income of INR283 crore with PBILDT margin
of 5.99%.


NEOGEN CHEMICALS: Low Net Worth Prompts CRISIL 'BB-' Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Neogen Chemicals Ltd (NCL).

   INR47.5 Million Cash Credit *        BB-/Stable (Assigned)
   INR20.5 Million Long Term Loan       BB-/Stable (Assigned)
   INR12.5 Million Standby Line of      BB-/Stable (Assigned)
                    Credit
   INR51.9 Million Proposed Long     BB-/Stable (Assigned)
         Term Bank Loan Facility
   INR37.5 Million Letter of Credit     P4 (Assigned)
   INR5.0 Million Bank Guarantee        P4 (Assigned)
   INR17.5 Million Proposed Short Term  P4 (Assigned)
                   Bank Loan Facility

   * Includes sub-limits for Inland Bill Discounting to the
     extent of INR7.5 million, Export Packing Credit (EPC)
     to the extent of INR22.5 million and Export Bill Purchase
     (EBP) facility to the extent of INR22.5 million.

The ratings reflect NCL's moderate financial risk profile, marked
by low net worth, high gearing, and weak debt protection measures,
and small scale and working-capital-intensive nature of its
operations in the chemical industry.  These weaknesses are,
however, partially offset by the benefits that the company derives
from healthy operating efficiencies, and in-house product
development.

Outlook: Stable

CRISIL expects NCL to maintain a stable credit risk profile,
backed by strong customer relationships, and development of new
compounds.  The outlook may be revised to 'Positive' if the
company's net worth and capital structure improve substantially,
led by fresh equity infusions.  Conversely, the outlook may be
revised to 'Negative' if NCL's financial risk profile deteriorates
materially owing to large, debt-funded capital expenditure, or
significant decline in operating margins.

                     About Neogen Chemicals

Incorporated in 1991 by Mr. Haridas Kanani, NCL manufactures
bromine and lithium-based organic and organo-metallic compounds.
The company has a portfolio of about 100 products, which find
application in the pharmaceutical, agro-chemical, and engineering
industries.  The company's facilities are located at Mahape, Navi
Mumbai.

NCL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR249.7 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.1 million on net
sales of INR194.3 million for 2006-07.


PANDESARA INFRASTRUCTURE: CRISIL Rates INR215.4MM Term Loan at 'B'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Pandesara Infrastructure Ltd (PIL).

   INR215.4 Million Term Loan       B/Stable (Assigned)
   INR10 Million Bank Guarantee     P4 (Assigned)


The ratings reflect PIL's exposure to risks relating to
implementation of effluent system projects, and to volatility in
earnings subject to the performance of processing units housed in
the Gujarat Industrial Development Corporation (GIDC) Pandesara
industrial estate.  These weaknesses are partially offset by the
well-established business profile of the GIDC Pandesara industrial
estate.

Outlook:Stable

CRISIL believes that PIL will receive the expected subsidy from
Government of Gujarat (GoG).  The outlook may be revised to
'Positive' if the company completes the effluent system project by
July 2009, without time or cost overruns.  Conversely, the outlook
may be revised to 'Negative' in case of significant delay in
disbursal of instalments from GoG, leading to delay in project
implementation; or if PIL takes on additional debt to bridge the
funding gap, weakening its financial risk profile.

                  About Pandesara Infrastructure

Incorporated in June 2007, PIL is a special purpose vehicle (SPV)
promoted by Pandesara Green Environment & Water Welfare Co-
operative Society (PAGREW) to set up a common effluent treatment
plant (CETP) near Vadod village at Surat, Gujarat.  The new CETP
will process the effluent discharge from GIDC at Pandesara near
Surat; the existing effluent treatment system used by GIDC
Pandesara was developed in 1989, and is insufficient to take care
of the current volume of effluents discharged from the estate.
The total estimated capacity of the upcoming CETP is 100 million
litres per day (MLD), and the project is expected to be
implemented at an estimated cost of INR1.19 billion.  PAGREW is a
cooperative society comprising members of GIDC Pandesara, which
houses more than 600 manufacturing units, including 140 textile
and chemical units.


RATHI IRON: CRISIL Assigns 'BB+' Rating on INR49 Mln Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Rathi Iron and Steel Industries Ltd (RISIL).

   INR49 Million Cash Credit        BB+/Stable (Assigned)
   INR21 Million Rupee Term Loans   BB+/Stable (Assigned)
   INR50 Million Letter of Credit   P4 (Assigned)
               and Bank Guarantee

The ratings reflect RISIL's weak liquidity, exposure to intense
competition in the fragmented thermo-mechanically treated (TMT)
bar industry, and concentration of revenues in the construction
sector.  These weaknesses are mitigated by RISIL's established
market position and moderate capital structure.

Outlook: Stable

CRISIL expects RISIL to maintain its stable credit risk profile
backed by established market presence and absence of debt-funded
capital expenditure (capex).  The outlook may be revised to
'Positive' in case of a significant and sustainable improvement in
the company's working capital management and liquidity.
Conversely, increase in working capital needs, leading to pressure
on liquidity, could result in a revision in outlook to 'Negative'.

                        About Rathi Iron

Set up in 2006, RISIL is a closely-held non-listed company of
the Punam Chand Rathi group. RISIL manufactures TMT bars.  It
has a steel rolling capacity of 50,000 tonnes per annum at
Pitampur, Madhya Pradesh.  RISIL reported a profit after tax of
INR28 million on net sales of INR1224 million in 2008-09 (refers
to financial year, April 1 to March 31), against INR22 million
and INR970 million, respectively, in the previous year.


SRI KARUNAMBIKAI: CRISIL Places 'B' Rating on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'B/Negative/P4' to
the various bank facilities of Sri Karunambikai Mills Pvt Ltd
(Karunambikai).

   INR435.20 Million Long Term Loans        B/Negative (Assigned)
   INR306.00 Million Cash Credit Limits     B/Negative (Assigned)
   INR54.00 Million Letter of Credit Limits P4 (Assigned)
   INR47.50 Million Bank Guarantee Limits   P4 (Assigned)

The ratings reflect the company's weak financial profile marked by
a highly-leveraged capital structure, and the susceptibility of
its margins to volatility in the prices of cotton.  These
weaknesses are partially offset by the company's established
presence in the cotton yarn industry.

Outlook: Negative

The negative outlook reflects CRISIL's expectation that
Karunambikai's credit risk profile will continue to face pressure
over the medium term on account of adverse market conditions in
the textile sector.  The ratings may be downgraded if prolonged
under-utilisation of capacity impacts the company's margins and
cash flows.  Conversely, the outlook may be revised to 'Stable'
if the company's business performance improves substantially, and
if significant improvement in cash flows and capital structure,
result in enhancement in its financial risk profile.

                       About Sri Karunambikai

Incorporated in 1956 by Mr. Chennimalai Gounder, Karunambikai has
two spinning units in Tamil Nadu: Unit I, at Somanur, has a
capacity of 27,360 spindles, while Unit II, at Vinnapalli, has a
capacity of 6048 spindles and 1000 rotors.  The company has been
modernising its facilities since 2001 under the Technology
Upgradation Fund Scheme (TUFS) at a project outlay of INR590
million, of which 75 per cent was debt-funded.

For 2007-08, the company reported a net profit of INR12.5 million
on a turnover of INR707.6 million, against INR39.2 million and
INR630.3 million respectively in the previous year.


SONI ISPAT: CARE Puts 'CARE BB' Rating on INR75.10cr LT Bank Loans
------------------------------------------------------------------
CARE has assigned a 'CARE BB' (Double B) rating to the Long-term
Bank Facilities of Soni Ispat Limited (SIL) aggregating INR75.10
crore.  This rating is applicable for facilities having tenure of
more than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

Further, CARE has assigned a 'PR4' (PR Four) rating to the Short-
term Bank Facilities of SIL aggregating INR164 crore.  This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

Rating Rationale

The ratings are largely constrained by SIL's weak financial risk
profile, as indicated by low profitability and stressed liquidity
which has resulted in instances of LC devolvement and overdrawings
in bank working capital limits in the recent past.  The risk
associated with the ongoing project which has not yet achieved
financial closure and its operations in a cyclical and working
capital intensive steel industry also constrained the ratings.
The ratings, however, factored in SIL's established operations
with modest size of operations and experience of promoters in the
steel industry.  The company's ability to improve its financial
risk profile, through better profitability and improvement in
liquidity position and successful implementation of its ongoing
project are key rating sensitivities.

                    About Soni Ispat Limited

SIL was promoted by Metalman Group of Indore, as Soni Strips Ltd.
on Jan.17, 1985 for manufacturing Mild Steel (MS) slabs.  Its name
was changed to its present form in 2004 and the company
diversified into manufacturing of Stainless Steel (SS) slabs in
the year 2005.  SIL had installed capacity of melting and rolling
of 1,20,000 Metric Tonne Per Annum (MTPA) of MS and SS slabs and
plates, as on Mar.31, 2009.  The capacity utilization, which had
been around 80% for trailing three years till FY08 on account of
favorable industry scenario, has recently declined to around 50%
in FY09, due to adverse industry prospects.

The company has undertaken an expansion project for increasing its
melting capacity from to 2,20,000 MTPA within its existing
premises.  The total project cost is around INR53.07 crore with
project debt equity ratio estimated at 1.80.  The company has not
yet achieved financial closure for the same, but had incurred
INR17.56 crore till Feb.28, 2009, funded through internal accruals
and unsecured borrowings from promoter group. The project is
expected to be commissioned by Sept.2009, contingent upon company
achieving financial closure for the same.

For FY08, MIL reported total income of INR624 crore with PBILDT
margin and PAT margin of 5.22% and 2.19% respectively. As per the
provisional result for first nine month of FY09 ended Dec.31, 2008
company reported total income of INR553 crore with PBILDT margin
of 4.04%.


TATA MOTORS: JLR Unit Raises 2009 China Sales Outlook
-----------------------------------------------------
Bloomberg News reports that Jaguar Land Rover, Tata Motors Ltd.'s
luxury automobile unit, raised its 2009 China sales forecast as
rising economic confidence revives plunging demand for sport-
utility vehicles.

"We're seeing the market recovering in a very good way,"
Christopher Brown, Jaguar Land Rover's China managing director,
was cited by Bloomberg News as saying in an interview in Suzhou
city, near Shanghai.  Full year sales will surpass last year's
tally, Mr. Brown said.

According to the report, a CNY4 trillion (US$586 billion) stimulus
package has revived growth in the world's third-biggest economy,
helping cause three straight months of increased manufacturing.
That expansion, and the introduction of 10 upgraded models in the
second half, Bloomberg News notes, may help the Land Rover SUV
brand recover from a 30 percent tumble in 2009 sales up to the end
of May.

The report relates Mr. Brown said China Land Rover sales plunged
to 3,666 in the first five months after the government doubled the
consumption tax on vehicles with engines of 4 liters or more to 40
percent.  The decline has slowed with May sales little changed
from last year at about 1,000 vehicles, Mr. Brown added.

Bloomberg News, citing Mr. Brown, says Jaguar sedan sales surged
more than 40 percent in the first five months to 595 vehicles.
Last year, Jaguar Land Rover boosted China sales 63 percent to
12,456 vehicles.

                       About Tata Motors

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
March 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.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.



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

GARUDA: Plans to Add Flights from Jakarta to Kuala Lumpur
---------------------------------------------------------
Garuda Indonesia said that it would increase its flight frequency
from Jakarta to Kuala Lumpur from one to two by the end of this
year, The Jakarta Post reports.

"We saw our current load factor have reached 75 percent and even
more during school breaks like June and July.  This is very
promising", Garuda Indonesia Vice President overseeing network
Risnandi was quoted by Kompas.com as saying, The Post relates.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

Citing the Jakarta Globe, The Troubled Company Reporter-Asia
Pacific reported on May 5, 2009, that Garuda's total debts amount
to about US$650 million, including money owed from its 1995
purchase of six Airbus 330s through Europe's Export Credit Agency
worth US$450 million, the news agency adds.  The airline's
remaining debt of about US$200 million are denominated in rupiah,
the report recounts.


PERTAMINA: To Import Oil for 10 Days After Fire in Refinery
-----------------------------------------------------------
PT Pertamina will import 200,000 barrels each of Premium gasoline
and diesel for 10 days following the leakage of two tubes at
Cilacap refinery, which caused fire at the stake furnace, The
Jakarta Post reports.

"We will replace the two leaking tubes and we *then* expect the
refinery to start again within seven days", Toharso, Pertamina's
corporate secretary, was quoted by The Post as saying.

Pertamina had yet to calculate the total losses caused by the
incident, the report adds citing Toharso.

The Cilacap refinery produces Premium gasoline, kerosene and avtur
with a total capacity of 350,000 barrels of oil per day, the Post
noted.

                       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).


PT HUMPUSS: Moody's Downgrades National Scale Bond Rating to 'Ba2'
------------------------------------------------------------------
PT Moody's Indonesia has downgraded the national scale bond rating
of PT Humpuss Intermoda Transportasi Tbk. to Ba2.id from Baa3.id.
The rating outlook remains negative.

"This rating action follows the fact that HIT has missed the
payments for its bareboat hires of its panamax vessels" says
Joko Widodo, Moody's lead analyst for the company.

HIT was reported to have missed paying to its counter-parties
around US$3.36 million in bareboat-hire payments.

However, Moody's understands that this situation should not
trigger a cross-default under the company's current IDR bond
indenture.

As at March 31, 2009, Moody's rated outstanding bonds of HIT
amounted to IDR 154 billion which will mature on December 17,
2009.  HIT has reserved a sinking fund totaling IDR 127.7 billion
for the bonds repayment, which represented a repayment source of
around 83% of the rated bonds.

At the same time, its ability to preserve additional cash or seek
other sources of cash for the full repayment of the bonds will
largely depend on its operating performance and financial market
conditions.

The negative outlook reflects the challenging industry conditions
that may continue to pressure HIT's operating performance and
liquidity profile.

The rating could be downgraded if HIT's liquidity profile worsens,
which could be due to 1) continued unfavorable conditions in the
shipping market and 2) the disputes with its counterparties
resulting in significant cash outflow.

Moody's last rating action on HIT was taken on December 23, 2008,
when its rating was downgraded to Baa3.id from Baa1.id with a
negative outlook.

Established on December 21, 1992, HIT is Indonesia's national
shipping company for Liquefied Natural Gas, crude oil, coal,
chemicals and other cargos.  The company also provides vessel
crews and management services to vessel owners.

Its parent the Humpuss Group -- through PT Humpuss and Humpuss Inc
-- owns 75.26% of the company's shares.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks.  NSRs in Indonesia are designated by the ".id"
suffix.  NSRs differ from global scale ratings in that they are
not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.



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

BERYL FINANCE: S&P Withdraws 'CCC-' Ratings on Four Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on four
series of Japanese synthetic CDO notes issued by Beryl Finance
Ltd. at the issuer's request.

Standard & Poor's previously placed these ratings on CreditWatch
with negative implications, but to date S&P has been unable to
obtain necessary information from the transaction parties
sufficient to enable us to resolve the CreditWatch placements.

Beryl Finance Ltd. is a Cayman special purpose entity sponsored by
an affiliate of Lehman Brothers Holdings Inc.

                        Ratings Withdrawn

                        Beryl Finance Ltd.
             Series 2006-15 synthetic portfolio notes

        Class           To   From             Issue Amount
        -----           --   ----             ------------
        Tranche A       NR   CCC-/Watch Neg   JPY5.0 bil.

              Series 2007-5 synthetic portfolio notes

        Class           To   From             Issue Amount
        -----           --   ----             ------------
        Tranche A       NR   CCC-/Watch Neg   JPY5.0 bil.

             Series 2007-14 synthetic portfolio notes

        Class           To   From             Issue Amount
        -----           --   ----             ------------
        Tranche A       NR   CCC-/Watch Neg   JPY7.5 bil.

             Synthetic portfolio notes series 2008-7

        Class           To   From             Issue Amount
        -----           --   ----             ------------
        Tranche A       NR   CCC-/Watch Neg   JPY10.0 bil.



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

SSANGYONG MOTOR: KDB Mulls GM Daewoo-Ssangyong Merger
-----------------------------------------------------
Ssangyong Motor Co. and GM Daewoo could be merged into a unified
company for eventual sale, a report posted at donga.com says
citing the main creditor bank of both automakers.

Korea Development Bank, according to the report, will first need
to acquire the management rights of the two companies to push
through the merger.

"Since GM Daewoo appears unable to revive through its own efforts,
we have established measures to take over the company’s
management.  If we do so, we will consider measures to merge GM
Daewoo with Ssangyong and sell the unified company," the report
quoted a high-ranking bank official as saying.

The consolidation could raise the combined value of the two
companies and normalize their operations earlier than scheduled,
the report says.

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

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


SSANGYONG MOTOR: May Reconsider Massive Lay-off Plan
----------------------------------------------------
Yonhap News Agency reports that Ssangyong Motors Corp. urged its
striking workers on Monday to stop their weeks-long sit-in protest
saying that it could reconsider a massive lay-off.

"Should striking workers stop their sit-in protest, and return to
work, we can reconsider a massive job-cut plan," the news agency
quoted an official at the carmaker as saying.

Prospects, however, for resolving the labor standoff at Ssangyong
are seen to be dim as the striking workers have pledged to stage a
"do-or-die battle" against the company's job-cut plan, Yonhap News
states.

As reported in the Troubled Company Reporter-Asia Pacific on
Aprul 8, 2009, The Chosun Ilbo said Ssangyong Motor is planning to
cut some 2,800 employees or 40 percent of its entire workforce in
a bid to revive the company.

Citing a restructuring plan devised by the commissioned Samjong
KPMG, Chosun Ilbo related that even if the company produces
200,000 cars a year, it would be better off dissolving the company
rather than saving it.  In order for it to stay alive, a massive
lay-off plan is inevitable, Chosun Ilbo added.

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

On Feb. 6, 2009, the TCR-AP, citing the International Herald
Tribune, reported that court spokesman Hong Jun-ho said the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  Mr. Hong said the court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker, the Tribune
related.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor Co's
restructuring plan.  The Auto Channel said the court confirmed a
recent Samil PricewaterhouseCoopers assessment that the
manufacturer had a greater value as a going concern than its
liquidated value, and ordered Ssangyong to submit its full
restructuring plan by mid-September.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.



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

FISHER & PAYKEL: Sells Head Office, Manufacturing Site
------------------------------------------------------
Fisher & Paykel Appliances said it has a conditional agreement to
sell and lease back of its Head Office and manufacturing facility
at East Tamaki, Auckland to Direct Property Fund.

The company said the sale and lease back of the campus, covering
14.4 hectares and over 62,000 sq m of office and manufacturing
facilities, is part of the company’s planned Global Manufacturing
Strategy.

"We are delighted to be able to reach an agreement suitable to
both parties, subject to due diligence and finance," John Bongard,
CEO and Managing Director of Fisher & Paykel Appliances, said in a
statement.  "This is our largest property sale, so to be at this
stage of the sale process is encouraging for our planned debt
reduction programme."

Direct Property Fund Limited Managing Director, Greg Reidy,
perceives the purchase as a tremendous opportunity.  "We see this
as an attractive long term investment for our shareholders, with
an iconic New Zealand company as tenant."

The agreement is conditional until August 2009.  Fisher & Paykel
continues to market its Cleveland, Brisbane site.

                       New Bank Funding

As reported in the Troubled Company Reporter-Asia Pacific on
May 29, 2009, Bloomberg News said the company arranged a new
NZ$575 million, three-year banking package.  Of this, NZ$235
million has to be repaid by the end of April next year, AFP said.

Bloomberg News related Fisher & Paykel has posted a NZ$95.3
million full-year loss after sales in Europe and the U.S.
plunged and it was forced to sell properties to reduce debt.  The
same report recalled the company warned investors in February it
may need to raise capital after a plant closure in the U.S. and a
slump in the New Zealand dollar increased debts incurred shifting
output overseas.

AFP said the New Zealand white goods manufacturer's debt ballooned
to US$323.5 million as it shifted manufacturing to cheaper
countries such as Thailand and Mexico.

                      About Fisher & Paykel

Fisher & Paykel Appliances Holdings Ltd. --
http://www.fisherpaykel.com/--  is a New Zealand-based company,
which has two principal areas of business: Appliance manufacturer,
distributor and marketer (Appliances Group) and Financial services
in New Zealand (Finance Group).  The principal activity of the
Appliances business is the design, manufacture and marketing of
household appliances.  Its major markets are New Zealand,
Australia, North America and Europe. The Appliances business has
manufacturing operations in New Zealand, Australia, North America,
Italy and Thailand.  The Finance business is a provider of retail
point of sale consumer finance (including the Farmers Finance
Card), insurance services, and rental and leasing finance.


INFRATIL LIMITED: Grants Call Option Over Shares in Energy Dev.
---------------------------------------------------------------
Infratil Limited has granted Archer Capital Pty Limited a call
option over part of its shareholding in Energy Developments
Limited, totalling 19.99% of the shares of Energy Developments.

The call option does not specify an exercise price (and none has
been agreed) and only becomes effective if and when a cash
exercise price is agreed between Archer and Infratil and,
subsequently, either a takeover bid made by Archer or takeover
scheme agreed between Archer and Energy Developments becomes
unconditional.

"This will allow Infratil, if it wishes at the time, to sell the
balance of its shareholding into the bid or scheme," Infratil said
in a statement.

Infratil said it has also agreed, in certain circumstances, to
reimburse Archer’s costs and share defined upside benefits.

In addition, Infratil said the call option provides for various
milestones to be met, and if they are not met then it expires.

On June 5, 2009, Energy Developments announced that it had
received an incomplete proposal from a consortium of private
equity funds in relation to the acquisition of 100% of the shares
of Energy Developments.

Infratil is the largest shareholder of ENE and owns approximately
32.1% of the shares outstanding.

                     About Energy Developments

Based in Australia, Energy Developments Limited is an independent
electricity producer, owning 74 power generation facilities across
Australia, the United Kingdom, Europe and the United States.  The
company provides its services in four areas of business, including
landfill gas (LFG) power generation, coal mine methane (CMM) power
generation, remote area power generation, and liquefied natural
gas (LNG) and compressed natural gas (CNG) power generation and
associated energy solutions.  During the fiscal year ended June
30, 2008 (fiscal 2008), the company had a total installed
generation capacity of 552 megawatt.  The projects of the company
include West Kimberley Power Project, German Greek CMM Power
Project, Moranbah North CMM Power Project and Yulara CNG
Transportation Project.

                        About Infratil

Wellington, New Zealand-based Infratil Limited --
http://www.infratil.com/-- is a New Zealand-based infrastructure
investor.  The company provides energy (renewable and waste-
derived electricity) airports and public transport.  The company
owns infrastructure investments in Europe, the United Kingdom,
Australia and New Zealand, and operates in four areas: investment
in infrastructure and utility companies, airport, transport and
energy operations.  In January 2007, 51% of Perth Energy Pty Ltd
was acquired by the company.  In April 2007, the company acquired
Victoria Electricity.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, on June 2, 2009,
listed these Infratil Ltd. bonds as distressed:

           Coupon          Maturity            Price
           ------          --------            -----
            8.500%         02/15/20            NZ$74.18
            8.500%         02/15/20            NZ$11.00
           10.180%         12/29/49            NZ$57.00



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

GLOBE TELECOM: Fitch Downgrades Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Globe Telecom's Long-term local
currency Issuer Default Rating to 'BB+' from 'BBB-'.  At the same
time, Fitch has affirmed Globe's Long-term foreign currency IDR at
'BB+' and National Long-term rating at 'AAA(phl)'.  The Outlook on
the ratings is Stable.

"The downgrade of Globe's local currency IDR reflects the
weakening of its key financial measures during FY08, and also
management's commitment to target a more leveraged profile," said
Priya Gupta, Director in Fitch's Asia-Pacific telecommunications,
media and technology group.  The company's medium-term capital
structure targets envisage net debt to equity of about 1.0x while
keeping total debt to EBITDA within 2.0x; against 0.69x and 1.1x
respectively at end-2008.

Globe's net adjusted leverage (defined as total adjusted debt net
of cash by operating EBITDAR) rose to 1.5x in FY08 from 1.0x in
FY07 (against a maximum threshold of 1.3x set by Fitch), while its
free cash flow debt service coverage turned negative in FY08
versus a measure of 1.6x in the prior period.  This was
underpinned by a combination of factors, including a significant
rise in indebtedness, a decline in operating profitability and
high shareholder payouts at 125% of prior-year net income in FY08.

Globe's cellular business is the main driver of its consolidated
profile, accounting for 87% of group revenues and 97% of group
EBITDA, pre-segment elimination, in Q109.  However, with
penetration of Subscriber Identity Modules having reached about
78% at 2008 (multiple SIM ownership counted), the Philippines
cellular market is approaching maturity in terms of the
addressable market, and future growth is expected to remain
modest.  Meanwhile, Globe's broadband business is growing strongly
off a small base, but is yet to make a significant contribution to
earnings and cash-flow.  At end-March 2009, Globe had 25.7 million
cellular subscribers and 0.3 million broadband subscribers,
representing market shares of about 35% and 21% respectively.

The ratings take into account the prospect of competition
intensifying in the Philippines telecommunications space, in light
of third operator Digitel having recently become more aggressive
in terms of network expansion and promotional activity, as well as
San Miguel Corporation's planned entry into the telecommunications
space in partnership with Qatar Telecom.  That said, Fitch notes
that the industry currently lacks an effective interconnection
framework, which remains a major drawback for smaller operators
and new entrants.

At Q109, Globe held total adjusted debt of PHP72.1 billion,
including capitalized operating leases of PHP27.9 billion, with
net adjusted leverage at 1.4x and FFO by gross interest expense of
14.0x.  Fitch views Globe's liquidity position as adequate, with
cash reserves of PHP10.7 billion and PHP1.0 billion of long-term
committed and undrawn facilities at end-March 2009, against
principal maturities of around PHP7.8 billion falling due over the
next three quarters to Q409.  Its liquidity profile is further
enhanced by its strong access to banks and capital markets.

The Stable Outlook reflects the expectation that Globe will
maintain its entrenched second position in the Philippines
telecommunications sector, notwithstanding increased competition.
Furthermore, the company's leverage metrics are expected to remain
comfortable for the rating category through FY09, factoring the
higher-end of capex guidance at USD400 million and assuming that
total shareholder returns will remain broadly similar to FY08
levels.

However, Globe's ratings could come under further downward
pressure in the event of debt-funded acquisitions, capital
management initiatives or a sharp deterioration in the company's
operating profile, which leads net adjusted leverage to exceed
2.0x.

Globe is the second largest telecommunications operator in the
Philippines and the only credible challenger to the incumbent
PLDT.  The company is majority owned by Singapore
Telecommunications and the Ayala Corporation, which held 47.34%
and 30.46% shares of common stock at March 31, 2009.


* PHILIPPINES: BSP Places Two More Rural Banks Under Receivership
-----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has placed two more rural banks
under receivership by the Philippine Deposit Insurance Corporation
(PDIC).  The two rural banks are Cardinal Rural Bank in Cebu and
Oriental Bank, also known as the Rural Bank of Mabinay, in Negros
Oriental.

According to Manila Standard Today, Bangko Sentral Deputy Gov.
Nestor Espenilla Jr. said the Monetary Board decided to close the
two banks on May 28, bringing to 14 the number of banks shut down
this year.

Earlier, the report recalls, the central bank placed Isabela-based
Banco Agricola Inc. under PDIC receivership and put three rural
banks under prompt corrective action to strengthen them.

The report says that the central bank has reduced the number of
banks under the prompt corrective action framework below 200 in
February.



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

ARMADA (SINGAPORE): Placed Under Judicial Management
----------------------------------------------------
On June 1, 2009, the High Court of Singapore entered an order to
have Armada (Singapore) Pte Ltd placed under judicial management.

The petition was filed by:

   -- Global Maritime Investments Limited;
   -- Oceanbulk Shipping & Trading SA;
   -- AS Klaveness Chartering;
   -- Charbons et Fuels S.A.S;
   -- Augustea Atlantica SRL;
   -- Castalia Springs Limited, Cayman Islands; and
   -- Bocimar International NV.


HAVAS PTE: Creditors' Proofs of Debt Due on July 17
---------------------------------------------------
Havas Pte Ltd, which is in liquidation, requires its creditors to
file their proofs of debt by July 17, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Heng Yeow Meng
          15 Hoe Chiang Road #12-02 Tower Fifteen
          Singapore 089316


TOLL ASIA: Creditors' Proofs of Debt Due on July 6
--------------------------------------------------
The creditors of Toll Asia Sunway Logistics Pte Ltd are required
to file their proofs of debt by July 6, 2009, to be included in
the company's dividend distribution.

The company's liquidators are:

          Terence Ng
          Kelvin Thio
          c/o Ardent Business Advisory Pte Ltd
          19 Kim Keat Road
          #01-03 Fu Tsu Building
          Singapore 328804



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

* Global Airline Industry to Lose US$9 Bil. This Year, IATA Says
----------------------------------------------------------------
The International Air Transport Association (IATA) revised
its airline financial forecast for 2009 to a global loss of
US$9 billion.  This is nearly double the association's March
estimate of a US$4.7 billion loss, reflecting a rapidly
deteriorating revenue environment.  IATA also revised its loss
estimate for 2008 to US$10.4 billion from the previous estimate of
US$8.5 billion.

"There is no modern precedent for today's economic meltdown.  The
ground has shifted.  Our industry has been shaken.  This is the
most difficult situation that the industry has faced.  After
September 11, revenues fell by 7%.  It took three years to recover
lost ground, even on the back of a strong economy.  This time we
face a 15% drop—a loss of revenues of US$80 billion—in the middle
of a global recession.  Our future depends on a drastic reshaping
by partners, governments and industry.  We cannot bear the cost of
government micro-regulation, crazy taxation and partners abusing
their monopoly power," said Giovanni Bisignani, IATA's Director
General and CEO in his State of the Industry address to 500 of the
industry's top leaders gathered in Kuala Lumpur for the 65th IATA
Annual General Meeting and World Air Transport Summit.

Recession is the most significant factor impacting the industry's
bottom line.  IATA's revised forecast sees revenues declining an
unprecedented 15% (US$80 billion) from US$528 billion in 2008 to
US$448 billion in 2009.

Air cargo demand is expected to decline by 17%.  In 2009, airlines
are forecast to carry 33.3 million tonnes of freight, compared to
40.1 million tonnes in 2008.  Passenger demand is expected to
contract by 8% to 2.06 billion travelers compared to 2.24 billion
in 2008.  The revenue impact of falling demand will be further
exaggerated by large falls in yields—11% for cargo and 7% for
passenger.

Bisignani noted risks and challenges:

    -- Fuel bill: The industry fuel bill is forecast to decline
       by US$59 billion to US$106 billion in 2009.  Fuel will
       account for 23% of operating costs with an average price
       of oil at US$56 per barrel (Brent).  By comparison, the
       2008 fuel bill was US$165 billion (31% of costs) at an
       average price of US$99 per barrel.

"The risk that we have seen in recent weeks is that even the
slightest glimmer of economic hope sends oil prices higher.
Greedy speculation must not hold the global economy hostage.
Failure to act by governments would be irresponsible," said
Bisignani.

   -- Efficiency gains: Over the last decade, labor productivity
      improved by 71%. Fuel efficiency increased by 20% and load
      factors rose by 7 percentage points. The dramatic downturn
      in demand could push non-fuel unit costs higher, which
      cannot be cut in proportion.

   -- Stronger Cash Reserves: Cash reserves of US$70 billion (13%)
      of revenues are much stronger than the 9% reserve that
      airlines had in 2000.  Some of this is being funded by the
      US$170 billion industry debt or by asset sales.

"We are in a better cash position than when we faced the
challenges of September 11.  But our pockets are not that deep.  A
long L-shaped recovery could drain the industry of cash," said
Bisignani.

   -- Careful Capacity Management: Global load factors for the
      first quarter of 2009 are down about 3 percentage points
      compared to the previous year.  This is less than the falls
      experienced in some recent crises as a result of airlines
      better matching capacity to falling demand.  Nonetheless,
      the 4,000 aircraft expected to enter the commercial
      aviation fleet in the next three years will make this an
       ongoing challenge.

   -- Strong Partnerships: Consolidation within political borders
      (including Air France-KLM, Lufthansa-Swiss, Delta-Northwest,
      Cathay Pacific-Dragonair) has created stronger players.
      But archaic limitations on ownership continue to prevent
      broader consolidation and partnerships across borders.

Carriers in all regions are expected to report losses in 2009.

    * North American carriers are expected to show a loss of
      US$1.0 billion. This is significantly better than the
      US$5.1 billion loss in 2008.  Limited hedging by US
      carriers exposed the US industry to rising fuel prices
      in 2008.  This turned into an advantage in 2009 by giving
      US carriers access to lower spot prices. Early capacity
      cuts are also helping.

    * European carriers are expected to post losses of US$1.8
      billion with collapsing demand for premium services in
      all major markets served by the region's carriers (intra-
      Europe, North Atlantic and Europe to Asia).

    * Asia-Pacific carriers will post the largest losses at
      US$3.3 billion.  Japan, the region's largest market, is
      in deep recession.  The growth markets of China and India
      are delivering major losses as export-driven demand slows.
      This is a slightly better performance than the US$3.9
      billion that the region's carriers lost in 2008.

    * Middle East carriers, despite strong traffic growth, will
      see losses deepen to US$1.5 billion.  The region's
      intercontinental hubs are vulnerable to recessionary
      impacts in both European and Asian source markets.

    * Latin American carriers are expected to post a loss of
      US$900 million, as the impact of the recession in the US
      and China weakens demand for the region's commodities.

    * African carriers are expected to see losses of US$500
      million.  This is the result of a loss of market share
      combined with the impact of the recession.

The industry crisis is making liberalization even more critical.
"We cannot manage in these unprecedented times with one hand tied
behind our back.  Airlines need the same commercial freedoms that
every other industry takes for granted—access to global markets
and capital," said Bisignani.

In a similar vein, Bisignani urged governments to a void
protectionist policies as they stimulate economies. "The forces of
de-globalization are gathering strength.  World trade is already
suffering with a 15% downturn. Protectionism is the enemy of
global prosperity.  In the 1930s, it prolonged the recession.  And
it will not work today.  To build a strong global economy, we must
fight hard to keep the world trading," said Bisignani.


* BOND PRICING: For the Week June 1 to June 5, 2009
---------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      66.33
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       9.00
AMP Group Financ              6.875%   08/23/22   GBP      66.22
Antares Energy               10.000%   10/31/13   AUD       1.50
Aust & NZ Bank                6.540%   06/29/49   GBP      71.50
Babcock & Brown Pty           8.500%   11/17/09   NZD      30.04
Becton Property Group         9.500%   06/30/10   AUD       0.46
Bemax Resources               9.375%   07/15/14   USD      41.75
Bemax Resources               9.375%   07/15/14   USD      41.75
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       1.05
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.79
Com BK Australia              4.875%   12/19/23   GBP      68.35
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.92
First Australian             15.000%   01/31/12   AUD       0.56
Griffin Coal Min              9.500%   12/01/16   USD      40.50
Griffin Coal Min              9.500%   12/01/16   USD      40.50
Hanson Australia              5.250%   03/15/13   USD      69.72
Heemskirk Consol              8.000%   04/29/11   AUD       2.15
Insurance Austra              5.625%   12/21/26   GBP      64.50
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.62
Macquarie Bank                5.500%   09/19/16   GBP      70.04
Minerals Corp                10.500%   09/30/09   AUD       0.51
Metal Storm                  10.000%   09/01/09   AUD       0.07
Nylex Ltd                    10.000%   12/08/19   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.75
Sun Resources NL             12.000%   06/30/11   AUD       0.55
Suncorp-Metway                6.500%   06/22/16   AUD      69.47
Suncorp-Metway                6.625%   10/23/17   GBP      65.57
Suncorp Insuran               6.250%   06/13/27   GBP      61.50
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Westfield Fin                 5.500%   06/27/17   GBP      71.05


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    70.12
Jiangxi Copper                  1.000%  09/22/16     CNY    73.57


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    71.24
Wing Hang BK Ltd               6.000%  04/29/49     USD    67.75


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Amtek India Ltd                0.500%  11/12/10     USD    71.35
Flex Industries                4.000%  03/09/12     USD    52.75
Gemini Commnica                6.000%  07/18/12     EUR    60.00
GHCL Ltd                       1.000%  03/21/11     USD    50.00
Gitanjali Gems                 1.000%  11/25/11     USD    69.00
Hindustan Cons                10.000%  10/25/09     INR    20.00
ICICI Bank Ltd                 7.250%  08/29/49     USD    70.67
Kei Industries                 1.000%  11/30/11     USD    59.25
Subex Azure                    2.000%  03/09/12     USD    22.00
Videocon Indus                 5.000%  03/07/11     USD    67.25
Wanbury Ltd                    1.000%  04/23/12     EUR    64.50


   INDONESIA
   ---------
Ciliandra                     11.500%  11/27/12     IDR    73.10


   JAPAN
   -----
Aiful Corp                     1.900%  10/19/15     JPY    54.52
Aozora Bank                    0.560%  08/12/13     JPY    74.83
Aozora Bank                    0.560%  08/27/13     JPY    74.56
Aozora Bank                    0.560%  09/12/13     JPY    74.26
Aozora Bank                    0.560%  09/27/13     JPY    73.98
Aozora Bank                    0.560%  10/12/13     JPY    73.72
Aozora Bank                    0.560%  10/25/10     JPY    73.46
Aozora Bank                    0.560%  11/12/13     JPY    73.13
Aozora Bank                    0.560%  11/27/13     JPY    72.85
Aozora Bank                    0.400%  12/12/13     JPY    71.97
Aozora Bank                    0.400%  12/27/13     JPY    71.68
Aozora Bank                    0.400%  01/12/14     JPY    71.42
Aozora Bank                    0.400%  01/27/14     JPY    71.10
Aozora Bank                    0.400%  02/12/14     JPY    70.79
Aozora Bank                    0.400%  02/27/14     JPY    70.51
Aozora Bank                    0.400%  03/12/14     JPY    70.26
Aozora Bank                    0.400%  03/27/14     JPY    69.98
Aozora Bank                    0.400%  04/12/14     JPY    69.69
Aozora Bank                    0.400%  04/27/14     JPY    69.43
Aozora Bank                    0.400%  05/12/14     JPY    69.11
Aozora Bank                    0.400%  05/27/14     JPY    68.82
Aozora Bank                    0.400%  06/12/14     JPY    68.68
Belluna Co Ltd                 1.100%  03/21/12     JPY    59.62
CSK Corporation                0.250%  09/30/13     JPY    33.10
Daikyo Inc.                    1.880%  03/12/12     JPY    72.37
Ebara Corp                     1.300%  09/30/13     JPY    74.47
Elpida Memory In               2.100%  11/29/12     JPY    74.98
Fukoku Mutual                  4.500%  09/28/25     EUR    50.00
JACCS Co Ltd                   1.820%  09/28/15     JPY    74.30
Japan Airlines                 3.100%  01/22/18     JPY    72.77
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    57.09
Kenedix Realty I               2.370%  03/15/17     JPY    44.12
Kirayaka Holding               2.590%  03/22/16     JPY    66.05
Orix Corp                      2.110%  03/18/16     JPY    73.95
Orix Corp                      2.190%  04/18/17     JPY    70.30
Pacific Golf Gro               1.000%  05/01/12     JPY    72.90
Resona Bank                    5.986%  08/29/49     GBP    66.28
Resona Bank                    4.125%  09/29/49     GBP    69.00
Resona Bank                    5.850%  09/29/49     USD    63.50
Shinsei Bank                   1.960%  03/25/15     JPY    72.03
Shinsei Bank                   2.010%  10/30/15     JPY    69.74
Shinsei Bank                   3.750%  02/23/16     EUR    70.00
Shinsei Bank                   5.625%  12/29/49     GBP    39.00
Sumitomo Mitsui                4.375%  07/29/49     EUR    71.50
Takefuji Corp                  4.500%  10/22/32     JPY    64.47


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.06
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
AMBB Capital                   6.770%  01/29/49     USD    63.50
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.20
Crescendo Corp B               3.750%  01/11/16     MYR     0.64
Dutaland Bhd                   4.000%  04/11/13     MYR     0.73
Dutaland Bhd                   4.000%  04/11/13     MYR     0.34
Eastern & Orient               8.000%  04/25/11     MYR     0.60
Huat Lai Resources             5.000%  03/28/10     MYR     0.25
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.20
Kretam Holdings                1.000%  08/10/10     MYR     1.03
Kumpulan Jetson                5.000%  11/27/12     MYR     0.45
LBS Bina Group                 4.000%  12/31/09     MYR     0.60
Lion Diversified               4.000%  12/17/13     MYR     0.95
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.35
Olympia Industri               2.800%  04/11/13     MYR     0.18
Olympia Industri               4.000%  04/11/13     MYR     0.22
Plus SPV Bhd                   2.000%  03/11/19     MYR    72.36
Puncak Niaga Hld               2.500%  11/18/16     MYR     0.72
Rubberex Corp                  4.000%  08/14/12     MYR     0.85
SBB Capital Corp               6.620%  11/29/49     USD    71.12
Tradewinds Corp                2.000%  02/08/12     MYR     0.70
TRC Synergy                    5.000%  01/20/12     MYR     1.12
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.50
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.35
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.75


   MARSHALL ISLANDS
   ----------------

Navios Maritime                9.500%  12/15/14     USD    73.75


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    49.00
Allied Nationwid              11.520%  12/29/49     NZD    40.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD    34.44
Blue Star Print                9.100%  09/15/12     NZD    27.54
Cadmus Devt Ltd                9.900%  01/15/10     NZD    55.12
Capital Prop NZ                8.000%  04/15/10     NZD    12.74
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    64.19
Fletcher Buildin               7.550%  03/15/11     NZD     9.00
Fletcher Buildin               8.500%  03/15/15     NZD     9.50
Fonterra                       8.740%  11/29/49     NZD    70.00
Generator Bonds                8.200%  09/07/11     NZD    59.29
Hellaby Holdings               8.500%  06/15/11     NZD    62.55
Infrastr & Util                8.500%  09/15/13     NZD    11.50
Infratil Ltd                   8.500%  02/15/20     NZD    74.18
Infratil Ltd                   8.500%  11/15/15     NZD    11.00
Infratil Ltd                  10.180%  12/29/49     NZD    57.00
Marac Finance                 10.500%  07/15/13     NZD     0.98
Rabobank Ned NZ                7.449%  01/29/49     NZD    75.00
Sky Network TV                 9.370%  10/16/16     NZD    73.00
South Canterbury              10.500%  06/15/11     NZD     0.99
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/11     NZD    59.64
Tower Capital                  8.500%  04/15/14     NZD     0.85
Trustpower Ltd                 8.500%  09/15/12     NZD     7.80
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     7.85


   SINGAPORE
   ---------
Blue Ocean                    11.000%  06/28/12     USD    34.91
Capitaland Ltd.                2.950%  06/20/22     SGD    72.94
Sengkang Mall                  8.000%  11/20/12     SGD     0.00
United ENG Ltd                 1.000%  03/03/14     SGD     1.22


SOUTH KOREA
-----------
GS Caltex Corp                 6.000%  08/08/16     USD    74.07
Korea Elec Pwr                 6.000%  12/01/26     USD    64.29
Korea Elec Pwr                 7.000%  02/01/27     USD    73.04
Korea Elec Pwr                 6.750%  08/01/27     USD    70.34
Shinhan Bank                   6.819%  09/20/36     USD    65.50


SRI LANKA
---------
Sri Lanka Govt                 7.500%  08/15/18     LKR    70.32
Sri Lanka Govt                 7.000%  10/01/23     LKR    61.04


  THAILAND
  --------
Advance Agro Pub              11.000%  12/19/12     USD    74.62
Italian-Thai Dev               4.500%  06/10/13     USD    50.37
Krung Thai Bank                7.378%  10/29/49     USD    69.75
PTT PCL                        5.875%  08/03/35     USD    73.38
True Move                     10.750%  12/16/13     USD    73.52



                         *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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





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