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

                           A S I A   P A C I F I C

            Wednesday, June 17, 2009, Vol. 12, No. 118

                            Headlines

A U S T R A L I A

MACQUARIE OFFICE: In Talks with Loan Administrator on Loan Default
OZ MINERALS: Completes Minmetals Deal; Repays Bank Loans in Full


H O N G  K O N G

ABLE CENTURY: Member to Hear Wind-Up Report on July 13
EVER SUNRISE: Appoints Cheung Fong Ming as Liquidator
GTH (HK): Members' and Creditors' Meeting Set for July 17
HONG KONG FILM: Members' Meeting Set for July 15
MAY & KAY: Members to Receive Wind-Up Report on July 13

NMT FINANCIAL: Placed Under Voluntary Wind-Up
PEARFORD INVESTMENT: Members to Receive Wind-Up Report on July 13
PRINCE'S HOLDINGS: Creditors' Proofs of Debt Due on July 3
SUNRISE HOUSEWARES: Placed Under Voluntary Wind-Up
YIEN YIEH: Appoints Leung Fung Yee Alice as Liquidator


I N D I A

BALAJI UNIVERSAL: CRISIL Rates INR150.0 Mln Packing Credit at 'P4'
BODAL CHEMICALS: CARE Revises Ratings on LT Bank Loans to 'BB+'
ESVEEGEE BREWERIES: CRISIL Puts 'BB' Rating on INR333 Mln LT Loan
HDFC BANK: Bank Muscat To Sell Remaining Stake in Bank
KERALA NUT: CRISIL Assigns 'P4' Ratings on Various Bank Facilities

KHANDELWAL SECURITIES: RBI Cancels Certificate of Registration
MANGAL OILS: Low Net Worth Cues CRISIL 'C' Ratings
MARRYL INVETMENT: RBI Cancels Certificate of Registration
PIYUSH FINHOLD: RBI Cancels Certificate of Registration
POORNA PRAJNA: RBI Cancels Certificate of Registration

S.I.S. FINLEASE: RBI Cancels Certificate of Registration
VARNI GEMS: CRISIL Rates INR120.0 Million Packing Credit at 'P4'
VEE BEE: Weak Liquidity Prompts CRISIL to Assign 'D' Ratings
WOCKHARDT LIMITED: Fitch Cuts National Long-Term Rating to 'D'


I N D O N E S I A

BANK TABUNGAN: To Reduce Lending Rates on New Loans
PERUSAHAAN GAS: Inks US$40 Mil. Trade Financing with PT ANZ Panin
PT GAJAH: Moody's Downgrades Rating on US$420 Mil. Bonds to 'Ca'
PT GAJAH: S&P Downgrades Corporate Credit Rating to 'CC'
PT HANJAYA: S&P Withdraws 'BB+' Long-Term Corporate Credit Rating


J A P A N

AIFUL CORP: S&P Downgrades Counterparty Credit Ratings to 'BB'
JAPAN AIRLINES: Cuts International Flight Frequencies
NIPPON PAPER: To Acquire 54.93% in Shikoku Coca-Cola
RADIA HOLDINGS: Faces TSX Delisting Over Weak Finances
SANYO ELECTRIC: Vietnam Unit Executive Suspected of Embezzlement


N E P A L

NEPAL DEVELOPMENT: NRB Told to Control Bank Rather Than Wound Up


N E W  Z E A L A N D

BLUE CHIP: Northern Crest at Risk of Breaching ASX Rules
DAIRY EQUITY: Shareholders Vote to Wind Up Company


S I N G A P O R E

ALL BUILDING: Pays First and Final Dividend
CHUAN SOON: Court Enters Wind-Up Order
QUANTUM ENERGY: Creditors and Contributories to Meet on June 26
STRONGFIELD TECHNOLOGIES: Wind-Up Petition Hearing Set for June 26


S O U T H  A F R I C A

FRANKEL ENTERPRISES: Barwa Contracts Ordered Removed From Web Site


S R I  L A N K A

SEYLAN MERCHANT: Fitch Raises National Long-Term Rating from 'BB+'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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A U S T R A L I A
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MACQUARIE OFFICE: In Talks with Loan Administrator on Loan Default
------------------------------------------------------------------
Macquarie Office Trust and its joint venture partner Maguire
Properties Inc have entered into negotiations with the loan
administrator in relation to certain events of default under the
Loan Agreement at Quintana Campus (Quintana) in Irvine,
California.  Macquarie Office Trust has an 80 percent interest in
the 414,595 sqft property.

Macquarie Office recalls that in December 2008, the Receiver for
Quintana's primary tenant, Washington Mutual Bank (WAMU), elected
to relinquish the majority of its Quintana lease effective
March 2009 without being obliged to pay any compensation, as
permitted under US law.

The unexpected relinquishment of the leases reduced the occupancy
of Quintana by approximately 250,000 sqft to 40 percent effective
March 2009, resulting in a significant reduction in the cash flows
for the property and a weighted average lease expiry of 2.3 years.

The property has a CMBS loan of US$106 million (Trust share
US$84.8 million), due to mature in December 2011.  The loan is not
cross-collateralized or cross-defaulted with any other debt held
by Macquarie Office Trust or Maguire Properties, Inc.

The joint venture partners have determined that additional equity
will not be provided to support the payment of debt service on the
loan or a recapitalization of the asset.

The joint venture partners are currently working with the loan
administrator to find an outcome satisfactory to all parties.

As at December 31, 2008, Quintana was independently valued at
US$108.6 million (Trust share US$86.9 million).

                     About Macquarie Office Trust

Macquarie Office Trust (ASX:MOF) -- http://www.macquarie.com.au/
-- is an investment trust primarily engaged in property
investment.  The Trust's activities include property investment in
prime Australian, United States, European office buildings.  On
July 23, 2007, the Trust acquired 59 Goulburn Street, Sydney.  On
August 2, 2007, the Trust acquired the remaining 25% interest in
SunTrust Center, Orlando and Pasadena Towers, Pasadena. On August
24, 2007, the Trust sold its 25% interest in 10 & 30 South Wacker
Drive, Chicago.  On March 30, 2008, the Trust sold its interest in
The Lang Centre, Parramatta.  On April 30, 2008, the Trust sold
its interest in 505 Little Collins Street, Melbourne.


OZ MINERALS: Completes Minmetals Deal; Repays Bank Loans in Full
----------------------------------------------------------------
OZ Minerals Limited said it has completed the sale of certain
assets to China Minmetals Non-Ferrous Metals Co. Ltd following
shareholders approval.

"The total proceeds amounted to US$1,354 million after settlement
adjustments.  As a consequence, all of OZ Minerals’ bank loan
facilities have been repaid in full and the Company will have a
cash balance following completion in excess of US$575 million," OZ
Minerals said in a statement.

OZ Minerals said it has US$105 million of convertible bonds and
fully secured bank letters of credit of approximately AU$20
million, principally to meet the company's mining regulatory
obligations.

OZ Minerals Chairman Barry Cusack said, "We have now retired all
of our bank loan facilities, which has been a critical issue for
the company for more than six months.

"OZ Minerals is now smaller and more focused in terms of its
operations but is in a significantly enhanced financial position.
We have the new Prominent Hill copper-gold operation in South
Australia, a rejuvenated balance sheet with a substantial cash
balance and we are now also beginning to accrue revenue from the
Prominent Hill mine.

"OZ Minerals’ immediate focus will be on restarting our
exploration projects and development studies which were suspended
last year.

"We have a very experienced and capable group of people who are
looking forward to making the most of the opportunity we now
have," Mr. Cusack concluded.

As a consequence of completion of the sale, OZ Minerals said that
Andrew Michelmore has resigned as Managing Director and Chief
Executive Officer of OZ Minerals with immediate effect.  Bruce
Loveday is Acting Chief Executive Officer until Terry Burgess
commences as Managing Director and CEO in early August.

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.


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


ABLE CENTURY: Member to Hear Wind-Up Report on July 13
------------------------------------------------------
The member of Able Century Limited will receive on July 13, 2009,
at 9:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Room 1601 of Wing On Centre, 111
Connaught Road, in Central, Hong Kong.


EVER SUNRISE: Appoints Cheung Fong Ming as Liquidator
-----------------------------------------------------
At an extraordinary general meeting held on June 5, 2009, the
members of Ever Sunrise Limited appointed Cheung Fong Ming as the
company's liquidator.

The Liquidator can be reached at:

          Cheung Fong Ming
          Two International Finance Centre, 72-76th Floor
          8 Finance Street, Central
          Hong Kong


GTH (HK): Members' and Creditors' Meeting Set for July 17
---------------------------------------------------------
The members and creditors of GTH (HK) Holding Limited will hold
their meetings on July 17, 2009, at 10:00 a.m. and 11:00 a.m.,
respectively, at Unit 2803A, 28th Floor of Wu Chung House, 132
Queen's Road East, in Wan Chai, Hong Kong.

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


HONG KONG FILM: Members' Meeting Set for July 15
------------------------------------------------
The members of Hong Kong Film & Television Producers Association
Limited will hold their meeting on July 15, 2009, at 10:00 a.m.,
at Room 403 of Blissful Building, 243-7 Des Voeux Road, in
Central, Hong Kong.

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


MAY & KAY: Members to Receive Wind-Up Report on July 13
-------------------------------------------------------
The members of May & Kay Investment Company Limited will receive
on July 13, 2009, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator:

           Yeh King Yeung Albrecht Carl
           Wing Hang Finance Centre, 23rd Floor
           60 Gloucester Road, Wanchai
           Hong Kong


NMT FINANCIAL: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on May 30, 2009, the
members of NMT Financial Services HK Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Craig William Murphy
          ING Tower, Suite 1306-7, 13th Floor
          308 Des Voeux Road Central
          Hong Kong


PEARFORD INVESTMENT: Members to Receive Wind-Up Report on July 13
-----------------------------------------------------------------
The members of Pearford Investment Company Limited will receive on
July 13, 2009, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator:

           Yeh King Yeung Albrecht Carl
           Wing Hang Finance Centre, 23rd Floor
           60 Gloucester Road, Wanchai
           Hong Kong


PRINCE'S HOLDINGS: Creditors' Proofs of Debt Due on July 3
----------------------------------------------------------
The creditors of Prince's Holdings Limited are required to file
their proofs of debt by July 3, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


SUNRISE HOUSEWARES: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on May 30, 2009, the
members of Sunrise Housewares (H.K.) Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

          Craig William Murphy
          ING Tower, Suite 1306-7, 13th Floor
          308 Des Voeux Road Central
          Hong Kong


YIEN YIEH: Appoints Leung Fung Yee Alice as Liquidator
------------------------------------------------------
On June 8, 2009, a special resolution was passed appointing Leung
Fung Yee Alice as the liquidator of Yien Yieh (Nominee) Limited.

The Liquidator can be reached at:

          Leung Fung Yee Alice
          Jardine House, 5th Floor
          1 Connaught Place, Central
          Hong Kong


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I N D I A
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BALAJI UNIVERSAL: CRISIL Rates INR150.0 Mln Packing Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Balaji Universal Trade Link Pvt Ltd (Balaji Universal).

   INR190.0 Million Post Shipment   P4 (Assigned)
                     Credit
   INR150.0 Million Packing Credit  P4 (Assigned)
   INR33.0 Million Proposed Short   P4 (Assigned)
          Term Bank Loan Facility

  * Fully inter changeable with Post Shipment Credit

The ratings reflect Balaji Universal's moderate financial risk
profile marked by high gearing and weak debt protection measures,
and exposure to risks relating to customer concentration in its
revenue profile.  These weaknesses are, however, partially offset
by the benefits that Balaji Universal derives from the experience
of its promoters.

                        About Balaji Universal

Balaji Universal, set up in year 2007, manufactures gold, diamond
and platinum jewellery, and trades in bullion.  The company's
jewellery manufacturing facility is at Noida special economic zone
(SEZ).  Its bullion and diamond trading activities are conducted
from Mumbai.  Balaji Universal reported a profit after tax (PAT)
of INR 50 million on net sales of INR 3.24 billion for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR 4.5 million on net sales of INR 1 billion for 2007-08.


BODAL CHEMICALS: CARE Revises Ratings on LT Bank Loans to 'BB+'
---------------------------------------------------------------
CARE revised the ratings assigned to the long-term bank
loans/facilities of Bodal Chemicals Ltd (BCL) from ‘CARE BBB-’
[Triple B minus] to ‘CARE BB+’ [Double B plus].  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations.  Such facilities carry high credit
risk.

CARE has also revised the ratings assigned to short-term bank
facilities from ‘PR 3’ [PR Three] to ‘PR 4’ [PR Four].  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.

Simultaneously, CARE has placed both the above ratings on ‘credit
watch’ with developing implications.  The ‘credit watch’ is on
account of likely development related to implementation of the
proposed project, yet to be declared audited results for FY09 and
its impact on the overall financial risk profile of company,
especially in the current weak economic scenario.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

   Facilities                Amount(INR crore)     Rating
   ----------                ----------------     ------
   Sanctioned term loan           135.00          CARE BB+
                                                 (credit watch)

   Fund based working             140.00          CARE BB+
   capital limits                                (credit watch)

   Non- fund based working         55.00          PR4
   capital limits                                (credit watch)

Rating Rationale:

The revision in the ratings take into account deterioration in
BCL’s financial risk profile in light of weak global economic
scenario and delay in implementation of ongoing project putting
pressure on the already stretched liquidity position of the
company which in turn affected debt protection ratios adversely.
Recessionary trend in USA and Europe along with the adverse price
volatility has also impacted BCL’s liquidity position. Considering
this weak liquidity position, BCL has requested Banks for
rephasement of existing loans and also requested for further
assistance for mitigating liquidity constraints.

The ratings, however, continue to draw strength from BCL’s long
and established track record in the dye intermediates business
with wide product range, completion of some of added capacities in
dyes intermediates with execution of project and diversified
revenue streams from domestic as well as export markets.

Improvement in overall financial risk profile & receivable cycle,
ability to generate optimum return from added capacities and
augmentation of capital base are key rating sensitivities.

                      About Bodal Chemicals

Promoted by Shri Suresh Patel, BCL commenced operations in
Ahmedabad as a partnership firm in 1989 and subsequently converted
into a private limited company in 1993.  Reverse merger with
Dintex Dyechem Limited (DDL) made BCL a listed entity during FY06.
BCL is executing an expansion-cum-backward integration project for
manufacturing H-acid, Dyes, Beta Napthol, Chlorosulphonic
Acid/Oleum/Sulphuric Acid, Single Super Phosphate (SSP), Thynile
Chloride and Para Nitro Aniline.  The company has already incurred
expenditure of Rs.80 crore for ongoing project and completed most
of capacity addition for dyes intermediates segment.  The
sulphuric acid project is deferred by BCL and Union Bank of India
has suspended their share of term loan for this project.

BCL has approached banker for re-phasement of its principal
obligations and also requested for extension of moratorium period
of project loan by one year due to delay in commencement of
commercial production.  BCL reported total income of Rs.330.14 cr
and net loss of Rs.7.94 cr during 9MFY09.  Interest coverage
sharply deteriorated from 2.29 times during 6MFY09 to 0.29 times
during 9MFY09. The company has been regular in its debt servicing
till review date (June 4, 2009).


ESVEEGEE BREWERIES: CRISIL Puts 'BB' Rating on INR333 Mln LT Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Esveegee Breweries Pvt Ltd (EBPL).

   INR55 Million Cash Credit Limit  BB/Stable (Assigned)
   INR333 Million Long Term Loan    BB/Stable (Assigned)

The rating reflects EBPL's exposure to project implementation
risks, such as time and cost overruns and delays in stabilisation
of operations thereafter; the company is setting up a 60-kilo
litre per day (KLPD) distillery in Sikkim.  The rating also
factors in the high regulatory risk in the distillery industry.
These weaknesses are mitigated by EBPL's exposure to limited
competition because there is no distillery in North-East India,
the company's target market; fiscal benefits from the Government
of India and Government of Sikkim; and the long-standing
experience of the promoters.

Outlook: Stable

CRISIL expects EBPL to commence commercial operations without any
further time and cost overruns and stabilise operations at the
earliest.  The outlook may be revised to 'Positive' in case of a
better-than-expected performance by the company in the initial
years of operations.  Conversely, the outlook may be revised to
'Negative' in case of time or cost overruns in the project
implementation, or in case of additional debt funded capital
expenditure (capex), or delays in receiving capital subsidy,
leading to deterioration in the financial risk profile.

                       About Esveegee Breweries

EBPL, incorporated in April 2008, is setting up a 60-KLPD grain-
based distillery to manufacture extra neutral alcohol, at Manpur
village in southern Sikkim.  The total cost of the project is
estimated at INR531 million, to be funded through long-term loans
of INR333 million and promoter contribution of INR198 million. Of
the promoter contribution, INR80 million will be equity, and
INR118 million will be in the form of unsecured loan.  The
distillery is expected to start trial production in September 2009
and commercial production by October 2009.  EBPL is part of the
Gujarat Ambuja Export group, which includes Gujarat Ambuja Exports
Ltd (rated 'A/Negative/P1' by CRISIL).


HDFC BANK: Bank Muscat To Sell Remaining Stake in Bank
------------------------------------------------------
Bank Muscat said it will sell its remaining holding in HDFC Bank
within a month, The Times of India reports.

The Times, citing Bank Muscat in a regulatory filing with the
Muscat Stock Exchange, says that the company's board of directors
have confirmed its intention "to dispose of its remaining 0.5 per
cent holding in HDFC Bank."

"Subject to market conditions and other disposal criteria, we
expect the sale process to conclude within the next thirty days,"
the report cited Oman's biggest lender as saying in a statement.
The Times recalls that Bank Muscat offloaded 40 per cent of its
stake in HDFC Bank on March 17 and on March 22, it sold 81 per
cent of its holding in the Indian lender.

Bank Muscat held 9,051,724 equity shares, representing 2.13 per
cent stake, in HDFC Bank as on December 31, 2008, the report
discloses.

HDFC Bank Limited -- http://www.hdfcbank.com/-- is an India-based
banking company engaged in providing a range of banking and
financial services, including commercial banking and treasury
operations.  The Bank operates in three segments: retail banking,
wholesale banking and treasury services.  The Bank offered
services to over 11 million customers through 761 branches and
1977 automated teller machines (ATMs) in 327 cities as of
March 31, 2008.  It also had over 60,000 point-of-sale terminals.
In October 2007, the Bank acquired equity shares of HDB Financial
Services Ltd.  Upon this acquisition of shares, HDB Financial has
become a subsidiary of the Bank.

                           *     *     *

As of June 10, 2008, HDFC Bank Ltd. carries a "BB" rating on its
Proposed Hybrid Tier-I jr sub notes (US$1 billion MTN program)
and a "BB+" rating on its Proposed Lower Tier-II sub notes (US$1
billion MTN program), which were placed by Standard & Poor's on
Feb. 20, 2008.  The bank's Bank Fundamental Strength Rating is
"C".


KERALA NUT: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Kerala Nut Food Co (KNFC).

   INR120 Million Export Packing Credit/    P4 (Assigned)
                  Packing Credit in
                  Foreign Currency Limit

   INR40 Million Foreign Bills Discounting  P4 (Assigned)
                 Limit
   INR10 Million Standby Line of Credit     P4 (Assigned)
                 Limit

The rating reflects KNFC's volatile operating margins and small
scale of operations, and its exposure to risks relating to the
fragmented nature of the cashew industry and the partnership
nature of the business.  The impact of these weaknesses is
mitigated by KNFC's established track record in the cashew
industry, and its above-average financial risk profile, albeit
constrained by a low net worth.

                       About Kerala Nut

Kollam-based partnership firm KNFC is engaged in the business of
processing raw cashew nuts and exporting cashew kernels; it has a
total processing capacity of around 36 tonnes per day.  A part of
the K Parameswaran Pillai group, KNFC reported a profit after tax
of INR16.8 million on a turnover of INR524.8 million for 2007-08
(refers to financial year, April 1 to March 31), against INR5.6
million and INR525.3 million, respectively, for 2006-07.


KHANDELWAL SECURITIES: RBI Cancels Certificate of Registration
--------------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s Khandelwal Securities Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

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

M/s Khandelwal Securities Limited's office is at 116, Arunachal
Building, 19, Barakhamba Road, in New Delhi.


MANGAL OILS: Low Net Worth Cues CRISIL 'C' Ratings
--------------------------------------------------
CRISIL has assigned its rating of 'C' to the bank facilities of
Mangal Oils Pvt Ltd (MOPL).

   INR50.5 Million Cash Credit Limit   C (Assigned)
   INR45.3 Million Term Loan           C (Assigned)
   INR4.2 Million Proposed Long Term   C (Assigned)
                   Facility  

The rating reflects MOPL's weak financial risk profile marked by
low net worth and high gearing, limited track record in
operations, and exposure to risks relating to geographic
concentration in its revenue profile, intense competition in the
edible oil industry, and the commodity nature of its business.
These weaknesses are partially offset by the benefits that MOPL
derives from the experience of its promoters in the edible oil
market.

                        About Mangal Oils

MOPL incorporated in 2005, began commercial production of refined
cotton seed oil in February 2007.  The company purchases crude
cotton seed oil from the market to manufacture refined cotton seed
oil, which is then sold under the brand, Mangal.  Its refinery has
a total capacity of 30,000 tonnes per annum (tpa) and currently
operates at a capacity utilisation of around 35 per cent.  MOPL
reported a profit after tax (PAT) of INR0.6 million on net sales
of INR263.4 million for 2007-08 (refers to financial year, April 1
to March 31).


MARRYL INVETMENT: RBI Cancels Certificate of Registration
----------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s Marryl Invetment Company Private
Limited for carrying on the business of a non-banking financial
institution as the company has opted to exit from the business of
a non-banking financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

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

M/s Marryl Invetment Company Private Limited's office is at
S-17/18, Chanakya Place, Opposite, C-1 Janakpuri, in New Delhi.


PIYUSH FINHOLD: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s Piyush Finhold Private Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

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

M/s Piyush Finhold Private Limited's office is at E-4, Second
Floor, Defence Colony, in New Delhi.


POORNA PRAJNA: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to Poorna Prajna Fincap Private Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

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

Poorna Prajna Fincap Private Limited's registered office is at
No.966, 1st Floor, 10th A Cross, Mahalakshmipuram, in Bangalore.


S.I.S. FINLEASE: RBI Cancels Certificate of Registration
---------------------------------------------------------
The Reserve Bank of India has cancelled the certificate of
registration granted to M/s S.I.S. Finlease (India) Limited for
carrying on the business of a non-banking financial institution as
the company has opted to exit from the business of a non-banking
financial institution.

Following cancellation of the registration certificate the company
cannot transact the business of a non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company.  The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.
  
M/s S.I.S. Finlease (India) Limited's office is at 100 A, Cycle
Market, Jhandewalan Extention, in New Delhi.


VARNI GEMS: CRISIL Rates INR120.0 Million Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the bank facilities of
Varni Gems (Varni).

   INR120.0 Million Packing Credit*     P4 (Assigned)

   * Fully inter changeable with Post Shipment Credit

The ratings reflect Varni's small scale of operations in the
diamond industry, moderate financial risk profile marked by below-
average net worth, and exposure to risks relating to the decline
in demand for polished diamonds on account of the ongoing slowdown
in the economy.  These weaknesses are, however, partially offset
by the benefits that the firm derives from the experience of its
promoters in the diamond industry.

                         About Varni Gems

A partnership firm set up in 1999, Varni manufactures and exports
polished, round diamonds.  The firm has its head quarters in
Mumbai and a manufacturing unit at Surat and Bhavnagar (Gujarat).
Varni reported a profit after tax (PAT) of INR2 million on net
sales of INR206 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR6 million on net
sales of INR267 million for 2006-07.


VEE BEE: Weak Liquidity Prompts CRISIL to Assign 'D' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Vee Bee Yarn Tex Pvt Ltd (VBYTPL).

   INR689.6 Million Long Term Loan      D (Assigned)
   INR150.0 Million Cash Credit Limit*  D (Assigned)
   INR25.0 Million Letter of Credit     P5 (Assigned)
                   Limit

   * Includes a sub-limit of INR 10 million for Packing
     credit & INR 40 million for Letter of Credit.

The rating reflects the delay in term loan servicing by VBYTPL
because of weak liquidity. VBYTPL has approached its banker for
restructuring the term loan instalments; the application is
pending approval.  The company has not paid instalments from March
2009 onwards.

                       About Vee Bee

VBYTPL was incorporated in 2004 by Mr. A Saravanakumar in
Rajapalayam, near Madurai, Tamil Nadu.  The company manufactures
cotton yarn and has an installed capacity of 74,400 spindles.
VBYTPL reported a profit after tax of INR10.46 million on net
sales of INR473.19 million for 2007-08 (refers to financial year,
April 1 to March 31), against INR2.32 million and INR168.03
million, respectively, for 2006-07.


WOCKHARDT LIMITED: Fitch Cuts National Long-Term Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch has
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500m non
     fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.

The rating action is based on Fitch's discussion with the trustee
of Wockhardt's INR752.5 million Series A1 pass-through
certificates (rated 'F5(ind)(SO)) confirming non-payment of the
amount on the due date.

The agency notes that the company is presently negotiating a
financial restructuring under the aegis of the Corporate Debt
Restructuring scheme, the details of which are presently not
known.  In the event of the restructuring being successful, Fitch
will reassess the post restructuring financial profile of
Wockhardt and assign appropriate ratings.


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


BANK TABUNGAN: To Reduce Lending Rates on New Loans
---------------------------------------------------
PT Bank Tabungan Negara is to reduce its lending rates for all new
loans by an average of 0.5 and 2 percentage points starting on
July 1, Jakarta Globe reports.

The report, citing BTN's president director Iqbal Latanro, says
that the cut in lending rates is part of BTN's commitment to
adjusting rates in line with the bank’s capacity and conditions in
the market.

"With our policy of lower lending rates, we expect we will be
better able to compete with other banks.  BTN also expects the
lower interest rates to help stimulate the housing market",
Mr. Iqbal was quotd by the report as saying.

                       About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                        *     *     *

As reported by the Troubled Company Reporter – Asia Pacific on
May 15, 2009, Fitch Ratings affirmed PT Bank Tabungan Negara's
Individual Rating at 'D' and Support Rating at '3'.  The Outlook
is Stable.

On Oct. 19, 2007, Moody's Investors Service raised the foreign
currency long-term deposit rating of Bank Tabungan Negara to "B1"
from "B2".  The rating carries a stable outlook.


PERUSAHAAN GAS: Inks US$40 Mil. Trade Financing with PT ANZ Panin
-----------------------------------------------------------------
PT Perusahaan Gas Negara last week secured US$40 million in trade
financing from PT ANZ Panin Bank, Jakarta Globe reports citing
PGN's finance director Rizal Pahlevi Tabrani.

According to the report, the financing was part of the bank's
efforts to support PGN's business development.

"Cooperation with PGN is a breakthrough for us, as this is the
first time we’ve provided such financing to state-owned
companies", Mr. Rizal was quoted by the report as saying.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk--
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.   The company is 59.4% owned by the
Government of Indonesia.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2009, Fitch Ratings upgraded PT Perusahaan Gas Negara's
Long-term foreign and local currency Issuer Default Ratings to
'BB' from 'BB-' (BB minus) and affirmed its National Long-term
rating at 'AA(idn)'.  The Outlook is Stable.

The TCR-AP also reported on Dec. 26, 2007, that Standard & Poor's
Ratings Services raised its corporate credit ratings on PT
Perusahaan Gas Negara (Persero) Tbk. to 'BB-' from 'B+'.  The
outlook on the rating is stable.  At the same time, Standard &
Poor's raised the rating on the senior unsecured debt issued by
PGN Euro Finance 2003 Ltd. (guaranteed by PGN) to 'BB-' from 'B+'.

The TCR-AP also reported on Jan. 18, 2007, that Moody's Investors
Service affirmed the Ba2 corporate family rating of PT Perusahaan
Gas Negara (Persero) Tbk.  At the same time, Moody's affirmed the
Ba3 debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.


PT GAJAH: Moody's Downgrades Rating on US$420 Mil. Bonds to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
senior unsecured rating for the US$420 million bonds issued by GT
2005 Bonds BV, and guaranteed by Gajah Tunggal Tbk.

At the same time, Moody's has affirmed the Caa1 corporate family
rating of GT.  The outlook for the ratings remains negative.

The rating action follows GT's announcement that it is commencing
an exchange offer and consent solicitation for its US$420 million
bonds due in July 2010.  Under the exchange offer, bondholders are
offered a new 5-year bond with coupon rate much below that of the
current bonds, but with scheduled increases to the coupon rate
occurring over succeeding years.

"If successful, the transaction will constitute a distressed
exchange, which is a default event under Moody's definition.  The
downgrade of the 2010 bonds to Ca considers this default and
Moody's assessment of the economic loss in comparison to the
original payment promise for the bonds," says Wonnie Chu, a
Moody's Analyst,

"The Caa1 corporate family rating reflects Moody's forward-looking
view of the company, assuming that the transaction closes as
proposed," adds Chu.

Moody's recognizes that the completion of the exchange offer would
address GT's near-term refinancing risks and improve its coverage
ratio because of an associated reduction in interest expenses.
The debt incurrence covenant -- stipulated under the new 2014 bond
indenture -- also provides additional flexibility with regard to
the company's ability to borrow additional indebtedness for
working capital needs.

Despite such benefits, the Caa1 corporate family rating continues
to reflect the company's high level of leverage with 1Q2009
annualized debt/EBITDA of 8x, an ongoing potential breach of the
financial covenant under its working capital facilities,
challenging industry conditions, and volatile raw material prices.
The rating also considers GT's potentially volatile level of cash
flow for the next 1-2 years as a result of adverse working capital
movements.

The negative outlook captures uncertainty over whether the
exchange offer and consent solicitation will be successfully
completed.  If the exchange offer fails to go ahead, the corporate
family rating will be lowered further to reflect the higher
probability of default and lower expected recovery rate.

At the same time, Moody's recognizes that the completion of the
transaction would address GT's near-term refinancing risks and
improve its interest coverage, which would in turn stabilize its
rating outlook.

The last rating action was taken on Apr 16, 2009, when the
company's corporate family and senior unsecured bond ratings were
downgraded to Caa1 from B2.

PT Gajah Tunggal Tbk is Southeast Asia's largest integrated tire
manufacturer.  Its key products include tires for motorcycles,
passenger cars and commercial and heavy equipment vehicles. Giti
Tire, a Chinese tire manufacturer, is a 27.9% shareholder in GT
through its subsidiary, Denham Pte Ltd.


PT GAJAH: S&P Downgrades Corporate Credit Rating to 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based PT Gajah
Tunggal Tbk to 'CC' from 'CCC+'.  The outlook is negative.

At the same time, Standard & Poor's lowered the rating on
US$420 million 10.25% senior unsecured bonds due 2010 to 'CC'
from 'CCC+'.  These bonds were issued by GT2005 Bonds B.V. and are
guaranteed by Gajah Tunggal.

The rating actions reflect S&P's opinion that Gajah Tunggal's
ability to service its upcoming coupon payment of US$21.5 million
on July 21, 2009, is highly uncertain.  S&P believes this caused
the company to propose exchanging its US$420 million bonds due in
2010 for new bonds of principal value US$441.5 million due in
2014.

The principal value of the new bonds includes the capitalization
of US$21.5 million of interest due on the 2010 bonds.  The new
bonds have different terms and conditions, such as the reduction
of the coupon rate and the provision of physical security
consisting of Gajah Tunggal's manufacturing facilities.  Although
there is no discount on the face value of the bonds, if the
proposed exchange offer is completed, S&P would view the exchange
offer as coercive, hence tantamount to default for two key
reasons.

"First, S&P regard the proposed change in the coupon rate, the
capitalization of US$21.5 million interest into the new bonds and
extending of maturity until 2014 (beyond the original 2010) as a
loss of value to investors because of lower yield," said Standard
& Poor's credit analyst Wee Khim Loy.

Second, if the proposal is not accepted, in S&P's view, Gajah
Tunggal is unlikely to be able to service all its debt obligations
over the next year or remain in compliance with its covenants.

Gajah Tunggal's credit profile has deteriorated more sharply in
the first quarter of 2009.  With the weak global demand for tires
and muted domestic sales growth, Standard & Poor's expects the
company's operating margins to remain under intense pressure,
hence adversely affecting its cash flow generating ability to
service its debt obligations.

The rating outlook is negative.  The exchange offer expires on
July 2, 2009.  If the proposed transaction is completed, based on
Standard & Poor's criteria, S&P will lower the corporate credit
rating and the issue rating on the 2010 bonds to 'D'.  Although
the completion of the transaction will ease Gajah Tunggal's
liquidity and remove the element of refinancing risk, taking into
account the challenging operating environment, the rating is
unlikely to be above 'CCC+/Negative' when it is raised again.

If Gajah Tunggal's tender offer is not completed or it fails to
solicit any response, the rating on the company could remain at
'CC', in view of uncertainty over paying the coupon on July 21,
2009, and the refinancing risk of the US$420 million in July 2010.


PT HANJAYA: S&P Withdraws 'BB+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'BB+' long-term corporate credit rating on Indonesia-based PT
Hanjaya Mandala Sampoerna Tbk at the company's request.

The outlook on the rating prior to the withdrawal was stable.
Standard & Poor's does not rate any specific credit facilities of
Sampoerna.


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


AIFUL CORP: S&P Downgrades Counterparty Credit Ratings to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and senior unsecured debt ratings on Aiful
Corp. to 'BB' from 'BBB-' and its short-term counterparty credit
rating on the company to 'B' from 'A-3'.  S&P also lowered its
long-term counterparty credit and senior unsecured debt ratings on
Takefuji Corp. to 'BB+' from 'BBB-.'  At the same time, S&P
affirmed its 'BBB+' long-term and 'A-2' short-term counterparty
credit ratings on ACOM Co. Ltd. and S&P's 'BBB' long-term and 'A-
2' short-term counterparty credit ratings on Promise Co. Ltd. and
Sanyo Shinpan Finance Co. Ltd.  The negative CreditWatch status of
the ratings on these five companies was resolved.  The ratings on
Aiful were placed on CreditWatch on March 13, 2009, and the
ratings on the rest of the consumer finance companies were placed
on CreditWatch on April 21, 2009, with negative implications.  The
outlooks on the long-term ratings on the companies are all
negative.

The rating actions are based on Standard & Poor's analysis of the
credit costs of each individual company, including refunds of
overpaid interest and financing prospects based on S&P's credit
cost expectations amid the current market environment.  S&P
believes that credit costs at the five companies will remain
almost unchanged in fiscal 2009 (ending March 31, 2010) from the
approximately JPY1 trillion of the previous year.  Although the
companies' tighter credit standards and efforts to reduce the
amount of refunds of overpaid interest per claim are likely to
contribute to lower credit costs, S&P believes that there are some
offsetting factors: the liquidity challenge borrowers face as a
result of the companies preparing for a new regulation that limits
the total amount of credit relative to an individual's income, and
a possible increase in claims of refunds for overpaid interest due
to the aggressive activities of some lawyers and judicial
scriveners.  The long-term trend in overpaid interest is difficult
to estimate, but Standard & Poor's believes that refunds are
unlikely to decline in the near future.  Operating profit, which
excludes credit costs (write-offs and cash-out, not provisions),
sales and administrative expenses and interest expenses from
revenue, was negative for the second consecutive year at all
companies.  Given the prospect that credit costs are expected to
remain high, S&P feel that credit costs are likely to continue to
squeeze earnings, even considering the outstanding balance of loan
loss reserves.

Standard & Poor's believes that the gap in financing flexibility
is widening between companies belonging to bank groups and
independent companies.  Independent consumer finance companies
will likely be more financially constrained given the expected
challenges of complying with the full implementation of the
Moneylenders Business Law in 2010, as well as the uncertainty over
refunds of overpaid interest.  The consumer finance companies have
a certain flexibility to balance cashflows through their ability
to reduce the amount of new loans, while continuing loan
collections.  However, in this situation, the companies may lose
customers.  In addition, in the current environment, where
operating loan yields are falling and refunds of overpaid
interest, which are not directly relative to the outstanding
loans, remain high, the decline in the amount of outstanding
loans, which form the companies' earnings base, would probably
weaken their profitability.  Standard & Poor's believes that some
of the major independent consumer finance companies are beginning
to face this risk.

The differences in ratings on the five consumer finance companies
reflect the companies' asset quality, profitability, the level of
provisions and capitalization, stability of financing, as well as
potential support from their bank groups in the cases of Promise
Co. Ltd., Sanyo Shinpan Finance, and ACOM.

As of March 2009, Aiful's consolidated debt amounted to JPY917.8
billion, JPY437 billion of which was scheduled to be repaid within
one year.  Although the company maintains a relationship with its
core creditor banks, its financing flexibility is limited, while
credit costs remain high.  As such, it may need to reduce its
operating assets substantially over the next 12 months, which
could erode the company's profitability and business base.  In
addition, if credit costs remain high as S&P forecast, then Aiful
may need to set aside additional loan loss reserves.

Takefuji's ratio of provisions and equity capital to total
operating loans is high, exceeding 70%, which is a potential
cushion against rising credit costs.  On the other hand, the ratio
of credit costs and nonperforming loans are higher than those of
its peers, and the potential risk of refunds of overpaid interest
is also relatively high.  Although liquidity risk is mitigated
somewhat due to limited short-term repayment pressure, cash
outflows due to refunds of overpaid interest are increasing.  As a
result, Takefuji may have to reduce its operating assets if the
company continues to face financing constraints.

The decline in ACOM's operating income was not a key issue,
compared to its peers, due to its relatively sound financial base,
as well as the planned transfer of operating receivables from
companies under the umbrella of Mitsubishi UFJ Financial Group
Inc. (MUFG; A/Stable/--).  However, Standard & Poor's lowered its
stand-alone credit assessment on ACOM, reflecting an increase in
credit costs and the potential risk of refunds of overpaid
interest.  Meanwhile, the ratings on ACOM were affirmed, based on
MUFG's potential support, as the business consolidation between
the company and the group is making progress for small-lot loans
for individuals and guarantees.

The profitability and capital bases of Promise and Sanyo Shinpan
Finance are under pressure.  However, both companies have
maintained their financing flexibility, which should allow them to
slow the decline in total outstanding operating loans and mitigate
the negative impact on their profitability.  As such, Standard &
Poor's affirmed its stand-alone credit assessments on both
companies.  The ratings on both companies continue to incorporate
the potential support from Sumitomo Mitsui Financial Group Inc.
(SMFG; A/Stable/A-1) as a positive factor.

The negative outlooks reflect S&P's view that the companies' high
credit costs, including refunds of overpaid interest, will
continue to squeeze earnings amid the economic slowdown and
regulatory changes.  The likelihood of financing restraints
reducing Aiful and Takefuji's operating flexibility is
incorporated into the outlooks on these two companies.  The
outlooks and ratings on all companies may come under downward
pressure if credit costs in fiscal 2009 exceed Standard & Poor's
assumptions or remain high for an extended period.  Another
negative factor that may increase downward pressure on the ratings
would be an increase in liquidity risks.  Conversely, the outlooks
or ratings may experience upward movement if the prospects for
financing improve with an increased likelihood of a decline in
credit costs.

                          Ratings List

             Downgraded; CreditWatch/Outlook Action

                           Aiful Corp.

                             To                 From
                             --                 ----
Counterparty Credit Rating  BB/Negative/B      BBB-/Watch Neg/A-3
Senior Unsecured            BB                 BBB-/Watch Neg

                          Takefuji Corp.

                             To                 From
                             --                 ----
Counterparty Credit Rating  BB+/Negative/--    BBB-/Watch Neg/--

           Ratings Affirmed; CreditWatch/Outlook Action

                  Sanyo Shinpan Finance Co. Ltd.

                             To                 From
                             --                 ----
Counterparty Credit Rating  BBB/Negative/A-2   BBB/Watch Neg/A-2
Senior Unsecured            BBB                BBB/Watch Neg

                         Promise Co. Ltd.

                             To                 From
                             --                 ----
Counterparty Credit Rating  BBB/Negative/A-2   BBB/Watch Neg/A-2
Senior Unsecured            BBB                BBB/Watch Neg


                           ACOM Co. Ltd.

                             To                 From
                             --                 ----
Counterparty Credit Rating  BBB+/Negative/A-2  BBB+/Watch Neg/A-2
Senior Unsecured            BBB+               BBB+/Watch Neg


JAPAN AIRLINES: Cuts International Flight Frequencies
-----------------------------------------------------
Japan Airlines Corp. said it has decided to reduce the frequency
of international flights that are primarily on routes with several
service offerings a day, from July 1, 2009.

In view of the slow recovery in air transport demand, JAL said it
will strive to improve profitability by adjusting capacity.  It
will maintain the reduced flight frequency on routes to Beijing,
Shanghai (Pudong), Hong Kong and Taipei, which were decreased in
the period of March to June 2009, for a new term from July 1,
2009.  In addition to these routes, the number of weekly flights
to Seoul (Incheon) and New Delhi from Tokyo (Narita), as well as
from Osaka (Kansai) to Shanghai (Pudong) and Seoul (Incheon), will
also be reduced for a short term period till the end of October
2009.

                   About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

On May 22, 2009, the TCR-AP reported that Standard & Poor's
Ratings Services revised to negative from stable the outlook on
its 'B+' long-term corporate credit ratings on Japan Airlines
Corp. and wholly owned subsidiary Japan Airlines International Co.
Ltd.  The outlook revision reflects the increasing uncertainty
over the company's future cash flow and funding plans due to a
deteriorating business environment, which has caused JAL's
business performance to stagnate.  At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit and senior
unsecured debt ratings on the companies.


NIPPON PAPER: To Acquire 54.93% in Shikoku Coca-Cola
----------------------------------------------------
Nippon Paper Group Inc. will acquire a 54.93 percent stake in
Shikoku Coca-Cola Bottling Co. Ltd. from NPG’s wholly owned
subsidiary Nippon Paper Industries Co. Ltd. ("Nippon Paper").

The Board of Directors of Nippon Paper met on June 14 to approve
the sale of its 54.93 percent equity holding in Shikoku Coca-Cola.
NPG and Nippon Paper signed on June 14, 2009, a Stock Purchase
Agreement for the transfer of this stock.

Nippon Paper Group Inc. -- http://www.np-g.com/-- is a
Japan-based holding company mainly engaged in the paper
manufacturing business.  The company is active in four business
segments.  Its Paper and Pulp segment manufactures and sells
foreign paper, paperboards and paper pulp, as well as paper for
household, newspaper and phone directory use.  This segment is
also involved in the import sale and overseas sale of paper
products.  The Paper-related segment offers processed paper
products, such as paper containers and adhesive-related
products, in addition to cardboards, chemical products and
others.  Its Wooden Material, Construction Material and Civil
Engineering-related segment is engaged in the purchase and sale
of wooden materials, the purchase, manufacture and sale of
construction materials and the civil engineering-related
business.  The Others segment is involved in the distribution
business, the manufacture and sale of soft drinks, the supply of
electrical power and the leisure business, among others.

                          *     *     *

The Troubled Company Reporter Asia-Pacific reported on March 28,
2008, that Standard & Poor's Rating Agency affirmed its BB+
long-term corporate credit rating with a positive outlook on
Nippon Paper Group Inc. and its major subsidiary, Nippon Paper
Industries Co. Ltd.  At the same time, Standard & Poor's
affirmed its 'BB+' long-term corporate credit ratings on Nippon
Paper Group and Nippon Paper Industries.


RADIA HOLDINGS: Faces TSX Delisting Over Weak Finances
------------------------------------------------------
Radia Holdings Inc. said it may be delisted from the Tokyo Stock
Exchange unless it improves its finances by the end of June,
Akiko Ikeda at Bloomberg News reports.  The report notes that the
company's liabilities exceed assets.

Separately, Bloomberg News says the company widened its net loss
forecast for the year ending June 30 by 40 percent to JPY14
billion, citing a drop in sales as well as a reversal of deferred
tax assets.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2009, Japan Today said that Radia Holdings Inc., formerly
known as Goodwill Group Inc., slashed 4,500 regular jobs, or a
quarter of its full-time group workforce, effective April 15, to
address a rapid deterioration in its financial standing.  The
reduction, Japan Today said, will affect 4,000 standby engineers
and 500 administrative workers at three group companies.  The
company attributed the decision to a sharp increase in dismissals
of dispatched workers especially among major manufacturers, Japan
Today said.

Radia, as cited by Japan Today, also plans to sell a plant-worker
dispatch unit with 2,400 full-time employees and 4,500 contract
workers this month.

                       About Radia Holdings

Radia Holdings Inc., formerly The Goodwill Group Inc., is a Japan-
based company mainly engaged in manpower dispatching and
contracting business.  The company operates in three business
segments.  The Manpower Dispatching and Contracting segment
provides manpower dispatching services and contracting services
that address customer needs.  The Nursing-care and Medical Support
segment is engaged in the provision of home-care services, care
services in facilities and dental examination services at home, as
well as the sale of nursing-care goods and equipment, among
others.  The Others segment is engaged in the restaurant business
and recruitment support business.  The company has 75
subsidiaries.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 24, 2008, JCR downgraded its rating on senior debts of
Goodwill Group Inc. from BB-/Negative to B+/Negative, continuing
placing it under Credit Monitor with Negative direction.

JCR downgraded its rating on the company to BB- and decided to
continue the Negative direction to the Credit Monitor on June 2,
2008 in order to grasp the impact of the lowered trustworthiness
on the performance of the engineer-dispatch operation in
addition to the more-than-expected deterioration in earnings of
the subsidiary, Goodwill Inc.


SANYO ELECTRIC: Vietnam Unit Executive Suspected of Embezzlement
----------------------------------------------------------------
Sanyo Electric Co. said that a former executive at a subsidiary in
Vietnam is suspected of company fund embezzlement and has been
missing since late April, Kyodo News reports.

Citing sources familiar with the matter, the news agency relates
that a former finance director at Sanyo DI Solutions Vietnam Corp.
is believed to have embezzled about JPY800 million.

The report, citing Sanyo said in a statement, relates that the
former executive is suspected of withdrawing cash from the
company's bank account from last July to April and using it for
private purposes,

According to the report, Sanyo said the Japanese employee was
fired May 29 and the company has already filed a criminal
complaint against him with local police authorities.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


=========
N E P A L
=========


NEPAL DEVELOPMENT: NRB Told to Control Bank Rather Than Wound Up
----------------------------------------------------------------
The Association of Nepali Development Banks has asked Nepal Rastra
Bank (NRB) to take control of Nepal Development Bank (NDB)
management instead of liquidating it, Kantipur Online reports.

The report says the association led by its chairman Jhapat Bohora
met NRB governor Dipendra Bahadur Chhetri on Sunday and asked him
to dissolve the current management committee.

According to the report, Mr. Bohora said the association took this
initiative after it got letter from Amar Gurung, current chairman
of NDB on Friday asking the association to step in to stop the
liquidation of NDB.

"Since the central bank also has share on NDB, liquidation of the
bank would affect the whole banking sector," Mr. Bohora was cited
by the report as saying.

Mr. Bohora said action should be taken against the individuals
responsible for the collapse of the bank, but not against the
institutions.

Established in 1998, Nepal Development Bank is the first national
level development bank established by the private sector in Nepal.
It has commenced its operation since January 31, 1999, as per
Development Bank Act, 2052 (1996). Since May 4, 2006, it has been
imparting its services in accordance with Bank and Financial
Institution Act, 2063.  The bank caters the demand of medium and
long term finance for the industrial, commercial, agricultural,
tourism, infrastructure sectors and other services by offering
various banking facilities.  It mobilizes its sources in the form
of fixed, saving and other short-term deposits with competitive
interest rates.

Nepal Rastra Bank (NRB) has decided to send the Nepal Development
Bank into liquidation after concluding that all its five-year long
efforts to revive the bank failed owing to incompetent and defiant
management, according to a report posted at myrepublica.com.

The NDB, myrepublica.com states, has a paid-up capital worth Rs
320 million.  Of the total capital, 70 percent is owned by the
promoters while remaining 30 percent shares were subscribed by
general public.


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


BLUE CHIP: Northern Crest at Risk of Breaching ASX Rules
--------------------------------------------------------
The National Business Review reported that Blue Chip sole
surviving investment vehicle, Northern Crest Investments (NCI), is
again risking breaching Australian Stock Exchange Rules.

According to the Review, the possible listing rule breach relates
to the company being unable to notify the exchange that it has
issued a convertible note to an unsecured creditor, which was owed
$800,000.  But the issuing of the note is included within Northern
Crest's latest annual results, the report says.
The report, citing a spokesperson for the ASX, says the company
was obliged to inform the market and to date there is no
disclosure of this alleged undertaking.

The spokesperson, as cited by the Review, said that she could not
discuss the supervisory specifics but that it was not a case of
Northern Crest being in "trouble" as it was already suspended but
instead it would not be allowed to trade until it fulfilled its
obligations.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the BusinessDay said that the High Court in
Auckland dismissed an application by the Registrar of Companies to
wound up Northern Crest Investments.

The BusinessDay said the decision was made on the grounds that to
do so would, among other things, significantly harm the interests
of the firm's new crop of 2,000 shareholders.

According to the BusinessDay, Justice Peter Christiansen said the
picture had changed markedly since proceedings to liquidate NCI
were first brought by Registrar Neville Harris, based on claims it
traded while insolvent, and persistently or seriously failed to
keep accounting records.

The New Zealand Herald reported that Northern Crest Investments,
formerly Blue Chip Financial Solutions, changed its name after the
group collapsed early last year.  It is listed on the Australian
Stock Exchange, but trading in its shares has been suspended since
the collapse, the Herald noted.

Northern Crest Investment Limited (ASX:NOC), formerly Blue Chip
Financial Solutions Limited, is a financial planning specialist,
providing wealth creation opportunities for clients in Australasia
using residential property solutions.  The company operated in two
divisions: financial services and leasing services.  The financial
services division is engaged in the provision of financial
structuring services and investment product to a variety of
clients.  The leasing activities division is engaged in rental of
residential property.  The company sources its clients through a
network of licensees and advisers in New Zealand and Australia.
During the year ended December 31, 2006, the company disposed
TIBL, Blue Chip Finance Limited and Enform Limited.  In April
2008, the company placed its New Zealand arm into voluntary
liquidation.

                       About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


DAIRY EQUITY: Shareholders Vote to Wind Up Company
--------------------------------------------------
Dairy Equity Limited said that the special resolutions needed to
allow the company to be wound up and capital to be returned to
shareholders have been passed at a special meeting of
shareholders.  Following the meeting, the Board of Dairy Equity
announced that it will immediately return a further 11 cents/share
of capital to shareholders.  The record date for this return of
capital is 5:00 p.m. on June 30, 2009.  The distribution will be
paid on July 3, 2009.

Following this distribution, DEL will have cash reserves of around
0.5 cents per share.  These cash reserves are likely to be boosted
by Value Added Component payments from Fonterra in relation to the
2008/2009 season, due in August and October 2009.  DEL expects to
make a dividend distribution based on these Value Added Component
payments, which are expected to total around 2 cents per DEL
share.

DEL also expects to make further returns of capital as and when it
is able to realise its remaining investment in Fonterra.  Assuming
DEL’s remaining 762,572 Fair Value Shares are sold at the current
Fonterra price of NZ$4.52 per Fair Value Share, DEL’s remaining
investment in Fonterra is worth 11 cents per DEL share.

DEL chairman Peter Jensen said that the Board expects to realise
its remaining Fonterra investments at full carrying value and that
it has asked the Manager to seek buyers or a syndicate of buyers
to acquire the Company’s remaining investment in the beneficial
ownership of Fonterra Fair Value shares.

"Fonterra has confirmed a final Fair value Share price for the
current 2009/2010 season of NZ$4.52/share and a related Value
Added Component earnings target of 45 cents/share.  This
represents a 10% pre tax yield which I think is a pretty
competitive return in the current market.  We expect that there
could well be interest from parties who want to both acquire our
book of Fonterra shares and use our intellectual property to
invest further in the equity of Fonterra."

Dairy Equity Limited (NZE:DEL) -- http://www.dairyequity.co.nz/--
is an investment company formed to provide the public with equity
exposure to a farmer-owned, dairy co-operative company, Fonterra
Co-operative Group Limited (Fonterra).  DEL’s objective is to
invest in the equity of Fonterra by entering into agreements
(SWAPs) with Fonterra shareholders to acquire the beneficial
ownership of fair value shares (FVS).


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

ALL BUILDING: Pays First and Final Dividend
-------------------------------------------
All Building Supply Pte Ltd, which is in liquidation, paid the
first and final dividend on June 12, 2009.

The company paid 100% of preferential payment while 28% of
ordinary payment.

The company's liquidator is:

          Mick Aw
          c/o 10 Anson Road
          #29-15 International Plaza
          Singapore 079903


CHUAN SOON: Court Enters Wind-Up Order
--------------------------------------
On May 29, 2009, the High Court of Singapore entered an order to
have Chuan Soon Huat Investments Pte Ltd's operations wound up.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Chay Fook Yuen,
          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o KPMG Advisory Services Pte Ltd
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


QUANTUM ENERGY: Creditors and Contributories to Meet on June 26
---------------------------------------------------------------
The creditors and contributories of Quantum Energy Systems Pte Ltd
will hold their meeting on June 26, 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:

          Lee Tai Wai CPA MBA
          c/o 20 Maxwell Road
          #11-09 Maxwell House
          Singapore 069113


STRONGFIELD TECHNOLOGIES: Wind-Up Petition Hearing Set for June 26
------------------------------------------------------------------
A petition to have Strongfield Technologies (South East Asia) Pte
Ltd's operations wound up will be heard before the High Court of
Singapore on June 26, 2009, at 10:00 a.m.

Tricor Singapore Pte Ltd filed the petition against the company on
June 1, 2009.

The Petitioner's solicitor is:

          Engelin Teh Practice LLC
          20 Cecil Street #13-02 Equity Plaza
          Singapore 049705


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


FRANKEL ENTERPRISES: Barwa Contracts Ordered Removed From Web Site
------------------------------------------------------------------
Renee Bonorchis at Bloomberg News reports that Barwa Real Estate
Co.'s contracts with Barry Tannenbaum, the businessman under
investigation for South Africa's biggest corporate fraud, were
pulled from the Internet after pressure from Barwa's lawyers,
Dewey & LeBoeuf LLP, citing copyright concerns.

According to Bloomberg, the contracts were posted last week
on the Web site of Johannesburg-based private investigator
Warren Goldblatt, who is working for investors who accused
Mr. Tannenbaum of defrauding them of as much as ZAR15 billion
(US$1.9 billion) in an international Ponzi scheme.

The contracts, as cited by Bloomberg, states that Barwa agreed in
February to make a US$40 million loan facility available to
Mr. Tannenbaum's company, Frankel Enterprises Ltd.  The loan,
which carried an interest rate of 1 percent a week, was meant to
help Frankel buy materials abroad and then sell them at a profit
to drugmakers in South Africa, Bloomberg relates.

Barry Tannenbaum, a South African businessman living in Australia,
lured investors with the promise of 200 percent annual returns
linked to pharmaceutical imports, and forged AIDS drug orders to
reassure funders when money started to dry up, a report posted at
javno.com says.

Barwa Real Estate Company QSC (Barwa) is a Qatar-based real estate
company engaged in the provision of the brokerage, sale, purchase,
management, operation, refurbishing and trading of land for
construction in accordance to the Islamic Sharia principles.  The
company is also involved in pre-cast construction material
production, banking and investment, real estate and funds
portfolio management, as well as environmental and health related
activities. Barwa invests the cash surplus in real estate
companies and in local and international securities.  The company
builds commercial buildings, residential areas, hotels, market
complexes, business centers and showrooms.  Its projects include
Barwa Financial District, Barwa Al Doha, Barwa Al Khor, Barwa Al
Baraha, Barwa City, Barwa Ain Khalid - Commercial Avenue, Interim
Doha Convention Centre and Barwa UR Street.  It operates through a
number of subsidiaries and joint ventures locally and
internationally.


================
S R I  L A N K A
================


SEYLAN MERCHANT: Fitch Raises National Long-Term Rating from 'BB+'
------------------------------------------------------------------
Fitch Ratings Lanka has upgraded Seylan Merchant Leasing Plc's
National Long-term rating to 'BBB-(lka)' from 'BB+(lka)' on the
acquisition of 84.5% of its equity by People's Leasing Company
Limited, and removed the rating from Rating Watch Positive.  The
Outlook is Stable.  SML was placed on RWP on March 13, 2009,
consequent to the announcement of the possible acquisition.

At the same time, Fitch has affirmed PLC's National Long-term
rating at 'A-(lka)' and the National Short-term rating on its
LKR37.5 million outstanding debentures at 'F1(lka)'.  The Outlook
on the National Long-term rating is Stable.

The upgrade of SML's rating reflects the perceived support deemed
to be available from PLC given the importance of the former's
registered finance company license to PLC's long-term strategy.
PLC together with its parent, People's Bank (PB, 'A-
(lka)'/Positive Outlook), is expected to hold the majority of
SML's board seats.  Consequently SML is likely to benefit from
PLC's stronger risk management processes and controls, and better
access to bank and institutional funding.  PLC also intends to
change SML's name.

The affirmation of PLC's ratings reflect Fitch's view that any
possible adverse implications that could arise as a result of
SML's relatively weaker balance sheet is not expected to
materially alter PLC's credit profile, given the former's
relatively small scale of operations.  As an indication, SML's
total assets amounted to only 8% of the post-acquisition group
assets at end-March 2009 estimates.  The acquisition should prove
beneficial to PLC over the medium- to- long-term via the
diversification of its funding base (through SML's access to
retail deposit funding), the potential reduction in average
borrowing costs, and from greater branch network coverage.  PLC's
ratings also reflect its good liquidity position, driven by better
maturity matching of interest bearing assets and liabilities
compared to industry peers, and strong access to bank funding.
Liquidity is further supported by the strength of its parent.

PLC's purchase consideration amounted to LKR441.4 million for the
84.5% stake in SML and was funded with cash.  As per local
regulations, the company intends to make an offer to purchase the
remaining stake in SML and is expected to submit a proposal by
July 7, 2009.  The incremental expense is expected to be no more
than LKR81 million, which is also expected to be met via the
company's cash cushion.

At end-March 2009, PLC had total assets of LKR25.4 billion, a
network of 20 full-fledged branches, and 50 window offices within
PB's extensive network.  SML had total assets of LKR2.2 billion,
12 branches and 11 window offices.

People's Bank owns 1.78% of the shares in Fitch Ratings Lanka
Limited.  No shareholder, other than Fitch Ratings Limited of the
UK, is involved in the day-to-day operations of, or credit rating
reviews undertaken by Fitch Ratings Lanka Limited.


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


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

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

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

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

August 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***