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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 23, 2009, Vol. 12, No. 122

                            Headlines

A U S T R A L I A

FORTESCUE METALS: To Study Sharing Port Facilities With Aquila
STORM FINANCIAL: Investors May Pursue Case Against BoQ in Court
TRIDENT PLASTICS: Nine Parties Interested in Business


C A M B O D I A

ACLEDA BANK: Moody's Confirms Currency Deposit Ratings at 'Ba1'


C H I N A

CHAODA MODERN: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
CHINA EASTERN: Mulls Take Over of Shanghai Airlines


H O N G  K O N G

CITY TELECOM: S&P Raises Corporate Credit Rating to 'BB-'
EPIPHANY CAPITAL: Lim and Leong Step Down as Liquidators
GENERAL HARVEST: Members' Final Meeting Set for July 23
H S ASSET: Placed Under Voluntary Wind-Up
HONDOR INVESTMENTS: Creditors' Proofs of Debt Due on July 9

HONOUR CENTRAL: Creditors' Meeting Set for June 30
INTEBUILD LIMITED: Placed Under Voluntary Wind-Up
KADA DEVELOPMENT: Creditors' Proofs of Debt Due on July 17
KAM MOON: Members' and Creditors' Meeting Set for July 22
LAKEWOOD GOLF: Members' Meeting Set for July 23

LAND STEP: Placed Under Voluntary Wind-Up
SIHC TECHNOLOGY: Appoints Hue Yat Lun Sansom as Liquidator
TIMEBO DEVELOPMENT: Creditors' Proofs of Debt Due on July 9


I N D I A

AMARA RAJA: Low Net Worth Prompts CRISIL 'BB+' Ratings
BHANDARY POWERLINES: Loan Default Cues CRISIL Junk Ratings
DILPREET TUBES: CRISIL Rates INR110.0MM Cash Credit Limit at 'BB-'
GALLA FOODS: CRISIL Assigns 'C' Ratings on INR313 Million LT Loans
GUPTA METALLICS: CARE Cuts Rating on LT Bank Loans to 'CARE BB+'

ICICI BANK: Aims to Save up to INR1,300 cr by Cutting Jobs, Costs


I N D O N E S I A

GARUDA INDONESIA: Delays IPO Amid Debt Restructuring Plans
KERTAS PADALARANG: Government to Sell 42.5% Stake in Firm
PT PAL: Annual Loss Narrows to IDR47 Billion in 2008


J A P A N

ES-CON JAPAN: Application for ADR Proceedings Spurs JCR 'C' Rating


K O R E A

SSANGYONG MOTOR: Incurs KRW140-Bln Output Loss Due to Strike
* SOUTH KOREA: Bankruptcy Filings Drop to 151 in May 2009


M A L A Y S I A

LITYAN HOLDINGS: Creditors' Proofs of Debt Due on June 30
NIKKO ELECTRONICS: Lelon Drops Claim for Payment of Goods Sold
TALAM CORPORATION: Earns MYR2.24 Mil. in Quarter Ended April 30
WWE HOLDINGS: Hearing on Civil Works Case Set for July 18


N E W  Z E A L A N D

FIVE STAR: Defacto-Director Banned for Five Years
PROPERTY FINANCE: Trustee States Concerns on Moratorium Revisions


X X X X X X X X

* BOND PRICING: For the Week June 15 to June 19, 2009


                         - - - - -


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A U S T R A L I A
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FORTESCUE METALS: To Study Sharing Port Facilities With Aquila
--------------------------------------------------------------
Fortescue Metal Group Limited is signing a cooperation agreement
with Aquila Resources Ltd to investigate the potential for shared
development of port facilities at Anketell Point.

The parties to the Cooperation Agreement will exchange information
which enable each party to assess the potential benefits of
reduced capital and operating costs from the cooperative
development of port facilities that can be used not only by API
and Fortescue, Aquila said in statement today.

Aquila said that there will also be consideration of the benefits
of sharing environmental study efforts to facilitate government
approvals through the presentation of more unified, collaborative
and coherent plans for port development and the provision of
access by third parties.

A working group will be formed to consider these issues, further
develop concept arrangements and establish a framework for
suitable development scenarios, it said.

Anketell Point is the designated port site within the Definitive
Feasibility Study ("DFS") being undertaken for the West Pilbara
Iron Ore Project to develop an export iron ore operation based on
a current resource base of 650 million tonnes, with the potential
for significant growth in that base.

The initial planned production capacity is to be 30 million tonnes
per annum of Channel Iron ore, with the opportunity to grow this
rate through the addition of Bedded Iron products.

The opportunity remains for other developers in the region to
participate in the consideration of the joint development of the
Anketell Point port facilities.  This port site has the potential
for a staged development to accommodate the export of up to 350
million tonnes per annum of iron ore from the Pilbara region.

The Co-operation Agreement discussions with Fortescue are separate
and distinct to the West Pilbara Iron Ore Project's DFS process.
Fortescue's interest in exploring the Anketell port site is to
provide it with options for the potential development of its
Western Pilbara tenements collectively referred to as the Solomon
Group.

                   About Aquila Resources Ltd

Based in Australia, Aquila Resources Limited (ASX:AQA)--
http://www.aquilaresources.com.au--  is an Australian company
engaged in exploration and mining of coal and iron ore resources.
Its coal projects in Australia include Isaac Plains Coal Project,
which is located south east of the town of Moranbah in the Bowen
Basin in central Queensland; Belvedere Coal Underground project,
which is located in the southern end of the Bowen basin near the
town of Moura in Central Queensland; Eagle Downs Coal project,
which is located south of the Isaac Plains Coal project; Belvedere
Coal project, which is located north-east of Moura in the southern
part of the Bowen Basin region of Queensland, and West Pilbara
Iron Ore project, which is located across an axis of approximately
60 kilometers in an area to the south-west of Pannawonica in
Western Australia's Pilbara region. Its exploration projects
include Bowen Basin Coal projects, Thabazimbi Iron Ore project,
Northern Cape Iron Ore and Manganese projects, Asenjo Energy Coal
project and Waterberg Coal project.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.


STORM FINANCIAL: Investors May Pursue Case Against BoQ in Court
---------------------------------------------------------------
Clients of Storm Financial Ltd who took out margin loans with the
Bank of Queensland are unlikely to avoid a court battle, unlike
those who dealt with the Commonwealth Bank, The Australian
reports.

According to the Australian, the CBA's spectacular decision last
week to admit there were "shortcomings" in the way it had lent
money to Storm clients is expected to lead to an out-of-court
resolution of issues later this year.

The Australian says that lawyers representing Storm clients who
took out loans with the BoQ, however, feel the courts are their
only option because the bank refuses to enter into discussions
with them.

CBA's approach was "in complete contrast to the attitude of the
Bank of Queensland, which is thumping their chest and pretending
it is nothing to do with them," the Australian cited Damian
Scattini, a lawyer with Slater & Gordon, the law firm representing
1300 former clients of Storm Financial, as saying.  "They will
have to tell that to the judge, I guess, if they are not going to
follow the lead of a responsible bank," he said.

Citing a spokeswoman for the BoQ, the Australian says the bank was
inviting any customer facing financial difficulty to seek
assistance, which could involve payment holidays.  The BoQ was
second only to the CBA as a lender to Storm clients, the report
notes.

Members of the Storm Investors Consumer Action Group, according to
the Australian, believe the CBA's admission is a step forward in
their fight to recover their losses.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2009, that the Commonwealth Bank of Australia admitted
shortcomings in the way it lent money to about 2,500 clients of
Storm Financial Limited.

In a statement released on June 17, CBA acknowledged the position
in which some Storm Financial clients find themselves, while not
caused directly by the Bank, involves the Bank to some degree.

Commonwealth Bank CEO Ralph Norris said, "In some cases we have
identified shortcomings in how we lent money to our customers
involved with Storm Financial."

"We are not proud of our involvement in some of these issues and
we are working toward a fair and equitable outcome for our
affected customers," Mr. Norris said in a statement.

"Our customers can be assured that where we have done wrong, we
will put it right.  I am committed to the identification and
resolution of all issues relating to the Bank's involvement with
Storm Financial," he said.

Mr. Norris said the Bank would meet its obligations to those
customers identified as being in financial difficulty as a result
of any shortcomings identified in the Bank's lending practices.

"However, the Bank is not responsible for the financial advice
provided independently by Storm Financial to the Bank's customers.
That was clearly the responsibility of Storm Financial, a licensed
financial advisory company," he said.

CBA said it will immediately suspend repayment obligations until
August 31, 2009, for all loans made to customers in relation to
Storm Financial.

Any settlement agreed between the Bank and its customers, either
in the past or in the future, would not preclude them from having
their individual positions improved should the Bank be required to
do so to meet its obligations in relation to Storm Financial.  The
Bank will meet the cost of independent legal and financial advice
for its customers, Mr. Norris added.

"The Bank will learn from the mistakes made in relation to lending
to Storm Financial customers.  We will do everything possible to
ensure that they will not recur," Mr. Norris said.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers.  These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products.  Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.  According to the
Herald, Administrators Worrells Solvency & Forensic Accountants
said the group's remaining creditors are owed AU$51 million, plus
a provision for dividends of AU$10 million.

On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
(ASIC) won its bid to liquidate Storm Financial Group after the
Federal Court ruled that the company be wound up.

The Herald Sun related that federal court Justice John Logan
appointed Ivor Worrell and Raj Khatri of Worrells Solvency and
Forensic Accountants as liquidators to the company.


TRIDENT PLASTICS: Nine Parties Interested in Business
-----------------------------------------------------
Trident Plastics (SA) Pty Ltd's administrators said they have
received nine expressions of interest in the business, ABC News
reports.

In a meeting of creditors held on Friday, June 19, in Adelaide,
administrator John Morgan said he is confident the company has a
viable future.

"We've got a number of phone calls that came in yesterday, there's
a number of phone calls we've still got to answer, so there is
some interest out there," Mr. Morgan was quoted by ABC News as
saying.

Trident Tooling Pty Ltd and Trident Plastics (SA) Pty Ltd were
placed in voluntary administration on June 9, following the
liquidation of the group's Melbourne operations Active Plastic
Industries.  John Morgan of Rodgers Reidy was appointed as
administrator.  The administrators have since been looking for
buyers to take over the Woodville-based company, ABC News notes.

Trident Plastics (SA) Pty Ltd -- http://trident-industries.com/--
manufactures injection moulded plastic components for the
Automotive, Air-conditioning and Waste Industries.  Trident
Plastics employs about 100 people at its Woodville plant while its
associate firm Trident Tooling employs about 50 people.


===============
C A M B O D I A
===============


ACLEDA BANK: Moody's Confirms Currency Deposit Ratings at 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has confirmed ACLEDA Bank Plc's (ACLEDA
Bank) local currency deposit and issuer ratings of Ba1 with a
stable outlook.

The rating action concludes the review initiated on May 20, 2009
to examine the probability of the systemic support assumption used
in Moody's Joint-Default Analysis (JDA) application.

The bank's other ratings are unaffected and continue to carry a
stable outlook.  They are its bank financial strength rating of D;
foreign currency long-term deposit rating of B3; foreign currency
long-term issuer rating of B1; and local and foreign currency
short-term issuer and deposit ratings of Non-Prime.

In May 2009, Moody's commented -- in a global review -- on the
support capacity of a government and a central bank for its
banking system in the Special Comment titled "Financial Crisis
More Closely Aligns Bank Credit Risk and Government Ratings in
Non-Aaa Countries."

"Consistent with the analytical criteria specified in that report
and in light of Cambodia's current situation and prospects,
Moody's has concluded that the systemic support input for
Cambodian bank ratings should be changed from Ba1 to B1.  The
revised input is still one notch above the country's local
currency government debt rating of B2," says Christine Kuo, a
Moody's Vice President and Senior Analyst.

"The adjustment in the systemic support input has negative
implications for ACLEDA Bank's local currency deposit and issuer
ratings.  But the potential shareholder support -- which continues
to be incorporated in its ratings -- is sufficient to lift the
bank's long-term local currency deposit and issuer ratings by one
notch to Ba1 from its baseline credit assessment of Ba2 ," adds
Kuo.

ACLEDA Bank's shareholders include local non-profit organizations
and international development banks and institutions whose goals
are to support the development of micro-financing and/or
transition economies.  These shareholders have a long-term focus
and have demonstrated their support to the bank by providing
equity and debt financing since its inception.

In the Special Comment mentioned above, Moody's points out that
the appropriate reference rating for the capacity of a national
government to provide support to banks typically would be the
government's own debt rating.  Moody's also believes that, for the
purpose of determining systemic support capacity, this rating
should be adjusted, usually positively, to reflect the non-
fiscally dependent measures that both central banks and
governments can deploy to support banks.

In deciding whether the local currency-denominated deposit of a
bank can be rated higher than the local currency-denominated debt
issued by a national government due to systemic support, Moody's
considers a number of factors for each banking system.  These are
the size of the banking sector relative to the government's
resources, the level of stress in the banking system and in the
economy, the foreign currency obligations of the banking system
relative to the government's own foreign currency resources,
political and historical patterns, and the possibility of any
drastic shift in government priorities.

With regard to Cambodia, the banking system is small, as shown by
the ratio of banking assets equaling only 40% of GDP as of end-
2008.  The credit stress in the Cambodian banking system is
moderate, but it could increase if the economy falls into
recession for a protracted period.

However, the external foreign currency obligations of the banking
system -- relative to the economy -- are small.  While the economy
is highly dollarized, the banking sector has sufficient US$
deposits from its domestic customers to fund its operations.
Moreover, Cambodian banks have very limited interbank business.
As the banking sector is not integrated, the potential for
systemic risk is lower.

Moody's notes that during the recent global crisis the Cambodian
government has implemented a number of measures to ensure the
stability of the banking system, including the establishment of a
US$100 million emergency credit line for banks in need of
temporary liquidity.

Finally, the political and historical patterns for assessing
Cambodia as a relatively lower supportive banking framework are
compelling.  In Moody's view, the high level of dollarization of
the economy constrains the central bank's role as the lender of
last resort.

In conclusion, the B1 systemic support input for Cambodia banks is
one notch above the B2 local currency government debt rating.  The
uplift is predicated on Moody's view that the risk of a systemic-
wide banking crisis is moderate and the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is not high.

The last rating action on ACLEDA Bank was on May 20, 2009 when its
local currency deposit and issuer ratings were placed on review
for possible downgrade.

ACLEDA Bank is headquartered in Phnom Penh.  At end-2008, it
reported assets of US$693 million.


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C H I N A
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CHAODA MODERN: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Chaoda Modern Agriculture (Holdings) Ltd. to stable
from negative and affirmed the 'BB-' long-term corporate credit
rating on the company.  At the same time, S&P affirmed the 'BB-'
issue rating on Chaoda's US$225 million senior unsecured notes due
February 2010.

"The outlook revision reflects Chaoda's improved liquidity
position and reduced near-term refinancing risk following a share
placement on June 17, 2008," said Standard & Poor's credit analyst
Ryan Tsang.  "It also reflects our expectation that Chaoda can
maintain credit metrics commensurate with the rating, given a
lower future debt burden, stable operating cash flow, and
controlled capital spending."

S&P expects Chaoda to generate a stable level of operating cash
flow to support its growth appetite.  S&P also anticipate that its
leverage level is unlikely to increase materially in the next 12
months.

S&P may lower the rating if Chaoda's operating cash flow
deteriorates from the current level and the company's growth
strategy becomes more aggressive than expected.  S&P may raise the
rating if Chaoda's credit metrics improve materially and prove to
be sustainable.  The rating may also be raised if Chaoda
demonstrates a controlled capex plan, which supports a stable
track record of positive free operating cash flow.


CHINA EASTERN: Mulls Take Over of Shanghai Airlines
---------------------------------------------------
China Eastern Airlines Corp. has proposed to take over Shanghai
Airlines Co. through a share swap, Dow Jones Newswires reports
citing a person familiar with the situation.

Under the proposal, China Eastern will raise CNY7 billion (US$1.02
billion) via a private placement in both Shanghai and Hong Kong to
complete the merger.  China Eastern will swap 1.3 of its Shanghai-
listed A shares for each Shanghai Airlines A share, the person
told Dow Jones Newswires.

Dow Jones relates the person said the swap price for China
Eastern's shares was set at CNY5.28 each and at CNY5.50 for
Shanghai Airlines, with each price representing the average of the
companies' share prices in the 20 trading sessions before June 8,
when the two stocks were suspended from trading.

Based on this structure, the person said the deal offers a 25%
share price premium to Shanghai Airlines shareholders.

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2009, Bloomberg News said the Chinese government has
approved the consolidation of China Eastern Airlines Corp. and
Shanghai Airlines Co.

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

Currently, China Eastern reports a registered capital of
CNY2.6 billion (US$382.4 million) with 220 aircraft, while
Shanghai Airlines has a registered capital of CNY521 million
(US$76.6 million) with 70 aircraft, Xinhua News discloses.

                     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, 2008, the company
had 66 airplanes, 14 major subsidiaries and one associate.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated approximately 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

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


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


CITY TELECOM: S&P Raises Corporate Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term corporate credit rating on City Telecom (H.K.) Ltd. to
'BB-' from 'B+'.  The outlook is stable.  At the same time, S&P
raised the issue rating on the company's senior unsecured notes
due 2015 to 'BB-' from 'B+'.

"The upgrade reflects CTI's improving credit metrics.  The company
reported solid subscriber growth and slightly higher blended
average revenue per user for the first half of fiscal 2009 despite
the slowdown in the world economy.  CTI's EBITDA has improved, and
it has deleveraged by buying back in the open market its senior
unsecured notes," said Standard & Poor's credit analyst Lawrence
Lu.

CTI's leverage ratio, as measured by a ratio of total debt to
EBITDA, is strong for the rating category, at about 1.5x
(annualized, based on the first half of 2009).

CTI's cash flow generation is becoming more predicable, as the
majority of new subscription and contract renewals are now on
standard 24-month contracts.  S&P expects the company to continue
to generate positive free operating cash flow, given a growing
subscriber base and low churn rate.  That's despite its high
capital expenditure planned for the next two years to expand its
network coverage.

CTI derives significant competitive advantages from its low-cost
and fast, modern ethernet network, which covers about 1.5 million
households in Hong Kong (about two-thirds of total coverage).  The
company aims to increase its network coverage to about 2.0 million
households by spending about Hong Kong dollar 850 million over the
three-year period from 2008 to 2010.  Importantly, CTI is the only
new entrant with its own end-to-end network.  This gives it a
potential edge over other new entrants, which are currently more
reliant on the existing network of incumbent operator Hong Kong
Telecommunications Ltd. (BBB/Stable/--).

The rating on CTI continues to be constrained by the company's
small scale and weak market position in Hong Kong's highly
competitive and maturing telecommunications industry.  As at
February 2009, CTI accounted for a market share of 18% of the
broadband market in Hong Kong.

In S&P's opinion, CTI's below-par offer to buy back its notes is
an opportunistic move to take advantage of the weak market
sentiment and low bond prices.  The company has offered US$970 for
every US$1,000 of the principal amount.  The consideration
includes US$20 for consent for the amendment and wavier of
covenants.  At the time of writing, the notes outstanding amounted
to US$72.5 million.  CTI will save on interest expenses on the
notes, which have interest rates of 8.75%.  Essentially, the
company is swapping its low-yield cash to redeem high-interest
notes.

The stable outlook reflects CTI's improving financial risk profile
as the company has continued to expand its subscriber base.  Its
growing subscriber base and the fact that the majority of
subscribers are on standard 24-month contracts should ensure
stable credit quality in the coming year.  The outlook also
reflects Standard & Poor's expectation that the company will focus
on executing its current strategy and maintain its strong credit
profile.


EPIPHANY CAPITAL: Lim and Leong Step Down as Liquidators
--------------------------------------------------------
On June 10, 2009, Leung Hok Lim and Leong Ting Kwok David stepped
down as liquidators Epiphany Capital Management Limited.


GENERAL HARVEST: Members' Final Meeting Set for July 23
-------------------------------------------------------
The members of General Harvest Development Limited will hold their
final general meeting on July 23, 2009, at 11:00 a.m., at Flat A,
8th Floor of Waylee Industrial Centre, 30-38 Tsuen King Circuit,
Tsuen Wan, in New Territories, Hong Kong.

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


H S ASSET: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on June 2, 2009, the
members of H S Asset Management Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Kwong Ping Man
          Hopewell Centre
          Room 3705, 37th Floor
          183 Queen's Road East, Wanchai
          Hong Kong


HONDOR INVESTMENTS: Creditors' Proofs of Debt Due on July 9
-----------------------------------------------------------
The creditors of Hondor Investments Limited are required to file
their proofs of debt by July 9, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 8, 2009.

The company's liquidator is:

          Fan Sheung Ha Debbie
          Regent Centre, Room 2401, 24th Floor
          88 Queen's Road Central
          Hong Kong


HONOUR CENTRAL: Creditors' Meeting Set for June 30
--------------------------------------------------
The creditors of Honour Central Consulatants Limited will hold
their meeting on June 30, 2009, at 9:30 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 3, 8th Floor of Yue Xiu Building,
160 Lockhart Road, in Wan Chai, Hong Kong.


INTEBUILD LIMITED: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on June 8, 2009, the
members of Intebuild Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Ting Kwok, David
          Citicorp Centre, 26th Floor
          18 Whitfield Road
          Causeway Bay, Hong Kong


KADA DEVELOPMENT: Creditors' Proofs of Debt Due on July 17
----------------------------------------------------------
The creditors of Kada Development Limited are required to file
their proofs of debt by July 17, 2009, to be included in the
company's dividend distribution.

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

Tam Kwai Ching Anne was appointed as the company's liquidator.


KAM MOON: Members' and Creditors' Meeting Set for July 22
---------------------------------------------------------
The members and creditors of Kam Moon Tong Restaurant Limited will
hold their final meetings on July 22, 2009, at 5:00 p.m., at the
offices of Unit 301, 3rd Floor of Malaysia Building, 50 Gloucester
Road, in Wanchai, Hong Kong.

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


LAKEWOOD GOLF: Members' Meeting Set for July 23
-----------------------------------------------
The members of Lakewood Golf Club (HK) LImited will hold their
final meeting on July 23, 2009, at the Level 4 of Plaza Seri
Setiam No.1 Jalan SS9/2, 47300 Petaling Jayam in Selangor Darul
Ehsan, Malaysia,

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


LAND STEP: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on June 15, 2009, the
members of Land Step Development Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Hsu Shin Cheung
          Cheong Kee Building, Rooms 1201-4
          84-86 Des Voeux Road
          Central, Hong Kong


SIHC TECHNOLOGY: Appoints Hue Yat Lun Sansom as Liquidator
----------------------------------------------------------
On June 12, 2009, Hue Yat Lun Sansom was appointed as liquidator
of SIHC Technology Co., Limited.

The Liquidator can be reached at:

          Hue Yat Lun Sansom
          Bank of America Tower, Room 509
          12 Harcourt Road Central
          Hong Kong


TIMEBO DEVELOPMENT: Creditors' Proofs of Debt Due on July 9
-----------------------------------------------------------
The creditors of Timebo Development Limited are required to file
their proofs of debt by July 9, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 8, 2009.

The company's liquidator is:

          Fan Sheung Ha Debbie
          Regent Centre, Room 2401, 24th Floor
          88 Queen's Road Central
          Hong Kong


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


AMARA RAJA: Low Net Worth Prompts CRISIL 'BB+' Ratings
------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Amara Raja Electronics Limited (AREL).

   INR292.2 Million Long Term Loans     BB+/Stable (Assigned)
   INR113.5 Million Cash Credit         BB+/Stable (Assigned)
   INR40.0 Million Letter of Credit     P4 (Assigned)
   INR10 Million Bank Guarantee *       P4 (Assigned)

   *Interchangeable with Letter of credit

The ratings reflect AREL's modest presence in the domestic offline
uninterrupted power supply (UPS) segment, its weak financial risk
profile because of aggressive debt-funded capital expenditure
(capex), and its low net worth.  These rating weaknesses are
partially offset by the healthy growth prospects for the domestic
UPS segment, and the company's well-established distribution
network.

Outlook: Stable

CRISIL expects AREL to gradually improve its business risk
profile, supported by healthy domestic demand for UPS systems.
The company's financial risk profile is expected to remain under
strain in the near term because of large debt-funded capex, which
will result in gearing levels increasing from already high levels.
The outlook may be revised to 'Positive' in case of greater-than-
expected improvement in business performance, leading to
correction in gearing levels and key debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case
business levels do not scale up as expected, leading to a steep
fall in profitability, or in case there is a significant increase
in debt for funding incremental working capital requirements or
additional capex.

                       About Amara Raja

AREL, part of the Amara Raja group, was incorporated in 1999 for
manufacturing off-line sine wave UPS systems, battery chargers,
and other electronic manufacturing services (EMS) products.  In
2008-09, about 83 percent of the revenues were generated from UPS
systems, with the remainder derived from battery care and EMS
products.

The company has a manufacturing facility at Diguvamagham, near
Tirupathi, in Andhra Pradesh. AREL has annual capacity to
manufacture 120,000 UPS systems in the mid-level range of 400Volt-
Ampere (VA), 800VA, and 1400VA.  AREL is currently in the midst of
capex of INR380 million to increase its capacity (to 300,000 UPS
systems per annum) and enhance its product portfolio.  The new
products will include UPS systems of up to 10 Kilovolt-Ampere
(KVA) capacity, battery care products, electric lanterns, EMS
components (mobile chargers), and kitchen appliances (rice and
induction cookers).

For 2007-08, the company reported a profit after tax (PAT) of
INR15 million on net sales of INR229 million, against a PAT of
INR6 million on net sales of INR106 million in the preceding year.
For 2008-09, the company's PAT is estimated at INR34 million on
net sales of INR730 million.


BHANDARY POWERLINES: Loan Default Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'C/D/P4' to the bank facilities
of Bhandary Powerlines Pvt Ltd (BPPL), as the company has
defaulted on its term loans because of weak liquidity.

   INR2.0 Million Cash Credit Limit         C (Assigned)
   INR17.9 Million Long Term Loan           D (Assigned)
   INR150.0 Million Packing Credit Limit *  P4 (Assigned)
   INR10.00 Million Letter of Credit Limit  P4 (Assigned)
   INR35.00 Million Bank Guarantee Limit    P4 (Assigned)

   * Fully interchangeable with Bills Discounting Facility

                          About Bhandary Powerlines
Incorporated in 1989, the Manipal-based BPPL manufactures paper-
insulated copper conductors, bus bars, and enamel strips,
primarily used by the power transformer industry.  The existing
installed production capacity of 6,000 tonnes per annum (tpa) is
expected to increase to 10,000 tpa with a new facility at
Vadodara, Gujarat; the facility is likely to commence commercial
operations in July 2009.  For 2007-08 (refers to financial year,
April 1 to March 31), BPPL reported a profit after tax of
INR8 million on net sales of INR820 million, against INR9 million
and INR867 million, respectively, in the previous year.


DILPREET TUBES: CRISIL Rates INR110.0MM Cash Credit Limit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Dilpreet Tubes Pvt Ltd (DTPL).

   INR110.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR15.0 Million Standby Line of       P4 (Assigned)
                      Credit Limit  

The ratings reflect DTPL's below-average financial risk profile,
the vulnerability of its operating margins to volatility in raw
material prices, and its small scale of operations in the
fragmented mild-steel tubes industry.  These weaknesses are
mitigated by DTPL's established market presence and efficient
working capital management.

Outlook: Stable

CRISIL expects DTPL's credit risk profile to remain stable on the
back of its established presence in the mild-steel tubes industry.
The outlook may be revised to 'Positive' in case of a significant
and sustainable improvement in the company's profitability and
cash flows, and thereby, in its financial risk profile.
Conversely, any large debt-funded capital expenditure, or sharp
decline in the company's margins and accruals, resulting in
deterioration in its financial risk profile, could lead to a
revision in the outlook to 'Negative'.

                       About Dilpreet Tubes

Set up in 2001, the Hyderabad-based DTPL manufactures mild-steel
tubes. It derived 60 per cent of its revenues for 2008-09 (refers
to financial year, April 1 to March 31) from the telecom towers
industry, 25 per cent from the construction sector, and the
remaining from the automobile segment.  The company markets its
products through dealers across Andhra Pradesh, Tamil Nadu,
Karnataka, and Kerala.  DTPL reported a profit after tax (PAT) of
INR21.7 million on net sales of INR764.7 million for 2007-08, as
against a PAT of INR8.1 million on net sales of INR575.5 million
for 2006-07.


GALLA FOODS: CRISIL Assigns 'C' Ratings on INR313 Million LT Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Galla Foods Ltd (GFL).

   INR313 Million Long Term Loans   C (Assigned)
   INR435 Million Cash Credit       C (Assigned)
   INR30 Million Letter of Credit   P4 (Assigned)
   INR20 Million Bank Guarantee     P4 (Assigned)

The ratings are driven by the delay in servicing debt obligations
in a timely manner, due to GFL's weak liquidity.  The ratings also
taken into account the company's susceptibility to volatility in
agricultural produce and sluggish export demand.  These rating
weaknesses are mitigated by GFL's adequate operating capabilities.

                         About Galla Foods

Based in Chittoor in Andhra Pradesh, GFL was set up in 2004, and
commenced business in 2005-06 (refers to financial year, April 1
to March 31).  It makes pastes, purees, and concentrates of mango,
guava, papaya, banana and tomato, and sells packaged fruits and
vegetables.  In 2008-09, GFL entered the fresh fruit juice segment
in the nectar category with the launch of 'Galla Thick Mango'. The
company is part of the Amara Raja group, whose flagship company is
Amara Raja Batteries Ltd (rated 'AA-/Stable/P1+' by CRISIL).

For 2008-09, GFL reported a net profit of INR9.1 million on net
sales of INR379.7 million, against a net profit of INR13 million
on net sales of INR396.8 million in the previous year.


GUPTA METALLICS: CARE Cuts Rating on LT Bank Loans to 'CARE BB+'
----------------------------------------------------------------
CARE has revised the rating assigned to the Long-term Bank
Facilities of Gupta Metallics and Power Ltd. (GMPL) from 'CARE
BBB' [Triple B] to 'CARE BB+' [Double B Plus] rating.  This rating
is applicable for facilities having tenure of over one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such instruments
carry high credit risk.

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. Further, CARE has
revised the rating assigned to the Short-term Bank Facilities of
GMPL from 'PR3' [PR Three] to 'PR4' [PR Four].  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.


        Instrument              Amount               Rating
        ----------              ------               ------
   Long-term Bank Facilities    INR154.45 crore     'CARE BB+'
   Short-term Bank Facilities   INR8.25 crore        'PR4'

Rating Rationale

The ratings revision take into account the slowdown in the steel
industry and the continuing delay in obtaining project financial
closure with potential adverse impact on the project execution and
debt servicing ability of GMPL.  The ratings are constrained by
relatively small scale of operations, decreasing profitability
margins, volatility in revenue contribution from manufacturing as
well as trading activities, volatility in raw material prices,
large scale of expansion compared to the present net worth and the
inherent cyclical nature of the steel industry.  However, the
ratings derive strength from promoter's experience in the sponge
iron and minerals business, coal linkages from the Ministry of
Coal, proposed forward integration of the operations by setting up
captive power plant, steel melt
shop (Billets) and steel re-rolling facilities.  Ability of the
company to get approval for restructuring of its project-related
debt and successfully implement the project is the key rating
sensitivity.

                       About Gupta Metallics

GMPL was incorporated in 2001 and is a part of the Gupta group.
Established in 1940, the Gupta group has presence in manufacturing
of sponge iron, dolomite, steel ingots as well as trading in
minerals, coal and steel.  GMPL mainly operates in two segments:
manufacturing of sponge iron and trading of coal, coal-based
products and iron & steel.  GMPL is in the business of
manufacturing sponge iron.  The company has a sponge iron
manufacturing plant at Chunala, District Chandrapur (Maharashtra)
with the total installed capacity of 90,000 mtpa.  The company is
also engaged in the trading activities of coal and steel products.
GMPL reported total income of INR129.88 crore and PAT of INR2.94
crore in FY08 (eighteen months ended September 30, 2008). Subdued
growth in PBILDT, coupled with increase in interest and
depreciation expenses resulted in dip in PAT from INR4.97 crore in
FY07.

GMPL is in the process of setting up 20 MW captive power plant,
steel melt shop (Billets) with the capacity of 1,33,160 mtpa and
steel re-rolling division with the capacity of 1,25,000 mtpa at an
aggregate cost of INR218.65 crore, to be funded at a debt to
equity ratio of 1.24:1.  The project was scheduled to be
operational by October 2009.  However, there has been no progress
in the project since April 2008 due to continuing delays in
financial closure and project execution.  In view of the above,
the completion of the project before October 2010 (when the
repayments of project-related outstanding debt commences) appears
uncertain.  The cash accruals from GMPL's existing operations are
not adequate to repay the new project term loan.


ICICI BANK: Aims to Save up to INR1,300 cr by Cutting Jobs, Costs
-----------------------------------------------------------------
ICICI Bank Ltd is trimming the number of its external sales agents
and other costs as it aims to save up to Rs1,300 crore in the
current fiscal year to next March, live.mint.com reports citing
bank executives.

"We have been rationalizing our direct marketing agents and direct
sales agents force, renegotiating rentals, wage management,"
live.mint.com quoted ICICI Executive Director K. Ramkumar as
saying.  "There are many idle assets in the organization in the
form of offices and seats, which have also been rationalized."

V. Vaidyanathan, then an executive director at ICICI Bank and now
head of ICICI Prudential Life Insurance Co. Ltd, led the resultant
cost-cutting exercise with a team consisting of various business
heads, the report says.

The bank reduced its expenses on external or direct marketing
agents to INR529 crore in fiscal 2009, down 65% from INR1,524
crore in fiscal 2007, according to the bank’s annual financial
statements obtained by live.mint.com.

Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008.  ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms.  ICICI
Bank's presence currently spans 19 countries, including India.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 21, 2008, Fitch Ratings affirmed ICICI Bank Ltd.'s Long-
term Foreign Currency Issuer Default Rating at 'BBB-, Short-term
Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'.
Simultaneously the Individual rating and Support ratings were
affirmed at 'C' and '2', respectively, although both these ratings
face downward pressure.  The agency also affirmed its Long-
term senior debt rating at 'BBB-' and Long-term rating of its
perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'.
The Outlook is Stable.


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


GARUDA INDONESIA: Delays IPO Amid Debt Restructuring Plans
----------------------------------------------------------
The Jakarta Post reports that the office of the state minister of
state enterprises said Friday that it would postpone the planned
share offering of national flag carrier PT Garuda Indonesia,
slated this year, because it was still saddled with huge debt.

"We are facilitating Garuda to solve its debts through debt
restructuring," the Post quoted Said Didu, secretary to the state
minister of state enterprises, as saying without elaborating.

According to the Post, Garuda’s total debts as of the end of last
December reached US$670 million — US$450 million to the European
Credit Agency (ECA), US$100 million to Bank Mandiri, and the rest
to other creditors.

The report, citing Secretary Said, says that the Indonesian flag
carrier was now focusing its efforts on increasing the number of
its aircrafts before selling its shares to the public through
initial public offering (IPO) of shares.

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.


KERTAS PADALARANG: Government to Sell 42.5% Stake in Firm
---------------------------------------------------------
The Indonesian government has decided to sell its 42.5 percent
stake in PT Kertas Padalarang due to its poor performance, The
Jakarta Post reports citing an official.

According to the report, Secretary to State Minister of State
Enterprises, Said Didu, said that although state-owned banknote
printing company Perum Percetakan Uang Republik Indonesia (Peruri)
offered to buy the shares, his office decided to sell the stake
via a tender mechanism.

The Post relates that Peruri has offered to buy the government's
42.5 stake at Kertas Padalarang so that it would have an adequate
supply of specialty papers for banknotes.

Secretary Said, according to the Post, refused to elaborate the
price of the stake, saying that his office would first wait for
some bids.

The Padalarang divestment was planned in 2007, but delayed when
then SOE Minister Sugiharto was replaced by Sofyan Djalil in 2008.

State-owned paper company PT Kertas Padalarang suffered from
serious losses since 1992.  In 2008, the Post discloses, the
company incurred a net loss of IDR18.42 billion from its total
revenue of IDR43.6 billion.  Padalarang's other stakes belong to
PT Pengelola Investama Mandiri (subsidiary of PT Bank Mandiri) and
PT Kertas Kraft Aceh with 44 and 13.5 percent of shares,
respectively.


PT PAL: Annual Loss Narrows to IDR47 Billion in 2008
----------------------------------------------------
PT PAL Indonesia's annual loss narrowed to IDR47 billion in 2008,
Antara News reports citing PT PAL president director Harsosusanto.

"The loss is relatively smaller than that in 2007 when it reached
IDR543 billion," the news agency quoted Mr. Harsosusanto as
saying.

As a result, Mr. Harsosusanto said the company now had the courage
to participate in ship procurement biddings, especially after it
received an international shipbuilding certificate following its
success in meeting orders in time.

Although PT PAL's performance was improving as shown by its
decreasing net loss, Antara News relates, the state enterprise
minister's office could not as yet confirm the schedule for
capital injection to the company through PT Perusahaan Pengelola
Aset (PPA).

The report notes that according to plans, PT PPA will inject
IDR193 billion and US$26 million to save PT PAL's balance sheet.

PT Pal Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

Pal Indonesia's factory is located at Ujung, Surabaya.  The
company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.


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


ES-CON JAPAN: Application for ADR Proceedings Spurs JCR 'C' Rating
------------------------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) has downgraded the rating on
senior debts and each series of bonds of ES-CON Japan Ltd. from
#BB-/Negative to C and from #B+/Negative to C, respectively,
removing it from Credit Monitor.

Senior Debts: C

Issues     Amount(bn) Issue Date Due Date  Coupon    Rating
------     ---------  ---------  --------  ------    ------
bonds no.1  JPY3      05/10/07   05/10/10  3.36%       C
bonds no.2  JPY5      06/26/07   06/26/09  3.02%       C

ES-CON Japan Ltd. announced on June 22, 2009 that it would utilize
ADR (Alternative Dispute Resolution) proceedings under Industrial
Revitalization Law.  It filed for petition for ADR proceedings
with Japanese Association of Turnaround Professionals (JATP) today
and it was accepted on the same date.  It sent notification of
suspension (for principal repayment of the debts) to all financial
institutions, with which it has transactions.

Although the ADR proceedings do not apply to the bondholders, JCR
considers that it is extremely likely that the Company will
default on the financial obligations with respect to the bonds.
Therefore, JCR downgraded the ratings for the Company to "C."


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


SSANGYONG MOTOR: Incurs KRW140-Bln Output Loss Due to Strike
------------------------------------------------------------
Ssangyong Motors Corp. said Sunday that it is estimated to have
suffered KRW140 billion (US$111 million) in production losses due
to a protracted strike by unionized workers, The Korea Herald
reports citing Yonhap News.

According to the report, the company said it is estimated to have
had a production shortfall of 6,385 units in the past two months
due to the labor strike, signaling that the automaker may post a
huge deficit in the second quarter of the year.

Meanwhile, KBS News reports that Ssangyong Motor said its
management and labor union have failed to narrow differences in
the second round of negotiations held on Friday, June 19.

KBS News relates that the negotiations began at 2:00 p.m. at the
company factory in Pyeongtaek, but the talks ended in just an
hour, as the two sides disagreed over labor restructuring.

Court-appointed joint manager Park Young-tae, as cited by KBS
News, said the labor union seemed to have difficulties in
accepting the alternative measures suggested by the management, as
the measures did not specify the company's plans for labor
restructuring.

As the two sides have agreed to continue dialogue, labor union
chief Han Sang-gyun said the union will return to the negotiating
table when the management is ready to present better alternatives,
KBS News relates.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2009, Yonhap News Agency said that unionized workers at
Ssangyong Motor Co. launched a full strike against the company's
massive job-cut plan.

The Troubled Company Reporter-Asia Pacific, citing a from 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.


* SOUTH KOREA: Bankruptcy Filings Drop to 151 in May 2009
---------------------------------------------------------
The number of South Korean firms filing for bankruptcy declined in
May from the previous month as the nation's economic stimulus
policies bolstered their financial positions, The Korea Herald
reports citing Yonhap News.

The Herald says that according to a report released by the Bank of
Korea, business failures dropped to 151 last month, the lowest in
20 months, compared with 219 in April.  The number of corporate
bankruptcies decreased for the fifth month in a row since hitting
345 in December, the highest level in four years, the report said.

"The continued fall in business failures indicates an improvement
in their financial conditions as the government pushed for perk-up
measures, including credit guarantees and interest rate cuts," a
BOK official was quoted by the report as saying.


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


LITYAN HOLDINGS: Creditors' Proofs of Debt Due on June 30
---------------------------------------------------------
The creditors of Lityan Holdings Berhad are required to submit a
written proof of their proofs of debt on or before June 30, 2009,
for adjudication.

Failure to submit a proper and duly executed proof of debt to the
company by the specified date will result in the amount as stated
in the company's records to be deemed final and conclusive for
recognition in the proposed debt restructuring scheme.

The proof of debt form is being circulated to a selected class of
creditors and can also be obtained from:

          Lityan Holdings Berhad
          Bangunan C, Peremba Square,
          Saujana Resort, Section U2,
          40150 Shah Alam
          Selangor Darul Ehsan
          Telephone No.: 03-76221188

The company stated that by an order of the High Court dated
March 4 2009, the company will hold Court Convened Meetings of
Scheme Creditors in due course pursuant to Section 176(1) of the
Companies Act 1965 to consider the Proposed Debt Restructuring
Scheme formulated for a selected class of creditors with a legal
right of recourse against the Company in their capacity either as
a direct creditor of the Company or as a creditor of the Company’s
subsidiary companies under corporate guarantee or indemnity
arrangements provided by the Company.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


NIKKO ELECTRONICS: Lelon Drops Claim for Payment of Goods Sold
--------------------------------------------------------------
The Provisional Liquidator disclosed  that on June 18, 2009,
Messrs. Ghazi & Lim, Advocates and Solicitors acting for Lelon
(Malaysia) Sdn Bhd had filed with the Pendaftar of Butterworth
Sessions Court (1), Pulau Pinang a notice of discontinuance of
proceedings against Nikko with no order as to cost but with
liberty to file afresh.

On Sept. 24, 2008, Nikko disclosed that it received summons from
Lelon (Malaysia) Sdn Bhd asking for the payments of goods sold and
delivered to the company amounting to MYR52,680.00.

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


TALAM CORPORATION: Earns MYR2.24 Mil. in Quarter Ended April 30
---------------------------------------------------------------
Talam Corporation Berhad's net profit decreased to MYR2.24 million
in the quarter ended April 30, 2009, as compared to the recorded
profit of MYR9.25 million in the same quarter of 2008.

The group recorded a pre-tax profit for the current quarter of
MYR2.25 million, as compared to the preceding year corresponding
quarter of MYR11.99 million.

The group's revenue increased by 20.64% to MYR61.38 million from
MYR50.88 million as recorded in the corresponding quarter of the
preceding year.  It was mainly due to higher progress billings
generated by certain development projects which were completed and
handed over during the quarter under review.

As of April 30, 2009, the company's balance sheet showed
MYR3.07 billion in total assets, MYR2.67 billion in total
liabilities and MYR397.46 million in total shareholders' equity.

                           About Talam

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

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


WWE HOLDINGS: Hearing on Civil Works Case Set for July 18
---------------------------------------------------------
WWE Holdings Bhd said that the company's Jeddah Branch and Civil
Works Company Limited have referred the case between them back to
the Court since the six (6) months period given by the Court to
both parties to find amicable settlement has lapsed.

The next hearing is fixed on July 18, 2009.

WWE Holdings' branch office in Jeddah had been served with a case
of notification dated July 3, 2007, ("the case") by the solicitors
of Civil Works Company Limited, Kingdom of Saudi Arabia ("the
Plaintiff").

The case of notification is pertaining to the "The Construction of
Branch Sewer Networks in North Central Districts of Jeddah, Saudi
Arabia".  The Plaintiff is the main contractor and the company has
been appointed as the sub contractor for the JSN Project.
The plaintiff claiming for damages of Saudi Riyal 125.94 milliom
(approximately MYR115.91 million).

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


FIVE STAR: Defacto-Director Banned for Five Years
-------------------------------------------------
The National Business Review reports that Neill Allan Williams, a
manager of Five Star group of companies, is banned from being a
director or manager of a company in New Zealand for five years.

The report, citing Deputy Registrar of Companies, Peter Barker,
says Mr. Williams was involved in the management of Five Star
Finance Ltd and Five Star Consumer Finance Ltd.

Mr. Williams is not a registered director of the companies, but he
operated as a defacto-director of the Five Star finance companies,
the Business Review relates.

According to the New Zealand Herald, National enforcement unit
manager Shane Keohane said the case showed that even those who
were not listed as directors of companies but were shown to be
involved in management could be held to the same level of
responsibility as a listed director.

On April 9, 2009, the Troubled Company Reporter-Asia Pacific,
citing a previous report from The New Zealand Herald, said that
three directors of Five Star Group of companies have been banned
from directing or managing companies in New Zealand for five
years.  The three directors are Marcus Arthur MacDonald, Nicholas
George Kirk and Anthony Walpole Bowden.

Citing a report from Ministry of Economic Development's National
Enforcement Unit to the Registrar of Companies, the Herald related
the enforcement unit alleged mismanagement, included reckless
trading, breaches of directors' duties and failure to maintain
adequate books and records.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.


PROPERTY FINANCE: Trustee States Concerns on Moratorium Revisions
-----------------------------------------------------------------
Adam Bennett at The New Zealand Herald reports that the trustee
for Property Finance Securities has written to investors
expressing concerns about management's plans to alter the terms of
its current moratorium.

In a letter to investors accompanying documentation for the new
proposal obtained by the Herald, Covenant Trustee Company's Graham
Miller said that an independent appraisal of the deal by
Northington Partners makes assumptions that are largely those of
the company's board and management.

"The expert advises it is not possible to objectively evaluate
these assumptions."

According to the Herald, Mr. Miller said the new plan is based on
the directors' view that they are better placed than a receiver to
manage the wind-down of the company's assets, which consist of
NZ$17.5 million of direct property loans and NZ$53 million in
"debt notes" in four loan trusts set up by parent company Property
Finance Group.

The report relates that Mr. Miller however stated that "From a
legal and practical viewpoint, a receiver would be able to
undertake most of the activities which the directors are
proposing."

Mr. Miller, as cited by the report, said there was "no assurance"
the directors would be able to undertake the specific measures
they are planning or would be able to recover more money than a
receiver.  Nevertheless, it was "reasonable" for investors to be
given the chance to consider the proposal, Mr. Miller added.

                          New Proposal

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2009, stuff.co.nz said that Propertyfinance Group will
hold a special meeting of secured debenture stockholders on
June 29 to choose between continuing with a wind-down or
receivership of one of the company's units.

Propertyfinance Securities is currently in breach of a December
2007 plan, supported by debenture stockholders to reschedule
stock, because it only paid NZ$8.8 million of the NZ$15 million
that had been due to be paid by last December, according to
stuff.co.nz.

The Herald relates that investors in Property Finance Securities,
have until June 27 to submit proxy votes on the new proposal.  The
new proposal, according to the Herald, asks investors to write off
interest they are owed under the previous arrangement, accept a
lower interest in the future and extend the moratorium for a
further two years.

                     About Propertyfinance Group

Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage.  The company is
also involved in property related financial services.  Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.

                         *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.


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


* BOND PRICING: For the Week June 15 to June 19, 2009
----------------------------------------------------

   AUSTRALIA
   ---------
A&R Whitcoulls                9.500%   12/15/10   NZS      68.98
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       1.85
AMP Group Financ              6.875%   08/23/22   GBP      64.70
Antares Energy               10.000%   10/31/13   AUD       1.80
Aust & NZ Bank                6.540%   06/29/49   GBP      74.00
Babcock & Brown Pty           8.500%   11/17/09   NZD      32.87
Becton Property Group         9.500%   06/30/10   AUD       0.49
Bemax Resources               9.375%   07/15/14   USD      60.00
Bemax Resources               9.375%   07/15/14   USD      60.00
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.02
Capral Aluminum              10.000%   03/29/12   AUD       6.00
Centaur Mining               11.000%   12/01/07   USD       0.00
China Century                12.000%   09/30/10   AUD       0.79
Com BK Australia              4.650%   06/15/18   GBP      73.65
Com BK Australia              4.650%   06/15/18   GBP      73.65
Djerriwarrh Inv               6.500%   09/30/09   AUD       3.93
First Australian             15.000%   01/31/12   AUD       0.55
GE Cap Australia              6.000%   03/15/19   AUD      72.52
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Griffin Coal Min              9.500%   12/01/16   USD      52.37
Hanson Australia              5.250%   03/15/13   USD      74.50
Heemskirk Consol              8.000%   04/29/11   AUD       2.25
Insurance Austra              5.625%   12/21/26   GBP      66.00
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       1.75
Minerals Corp                10.500%   09/30/09   AUD       0.59
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       0.78
Sun Resources NL             12.000%   06/30/11   AUD       0.60
Suncorp-Metway                6.500%   06/22/16   AUD      68.50
Suncorp-Metway                6.625%   10/23/17   GBP      67.00
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      74.90
Westpac Banking               4.625%   06/01/18   USD      73.20


   CHINA
   -----
China Govt Bond                 4.860%  08/10/14     CNY    00.00
Chinatrust Comm                 5.625%  03/29/49     CNY    69.87
Jiangxi Copper                  1.000%  09/22/16     CNY    73.09


   HONG KONG
   ---------
Bank East Asia                 6.125%  03/29/49     GBP    74.23


   INDIA
   -----
Aftek Infosys                  1.000%  06/25/10     USD    73.00
AKSH Optifibre                 1.000%  01/29/10     USD    57.50
Flex Industries                4.000%  03/09/12     USD    51.25
Gemini Commnica                6.000%  07/18/12     EUR    64.00
GHCL Ltd                       1.000%  03/21/11     USD    49.25
Hindustan Cons                10.000%  10/25/09     INR    20.00
JCT Ltd                        2.500%  04/08/11     USD    31.75
Kei Industries                 1.000%  11/30/11     USD    65.00
Subex Azure                    2.000%  03/09/12     USD    25.37
Wanbury Ltd                    1.000%  04/23/12     EUR    67.50


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


   JAPAN
   -----
Aiful Corp                     1.580%  05/26/11     JPY    70.21
Aiful Corp                     1.990%  03/23/12     JPY    63.06
Aiful Corp                     1.220%  04/20/12     JPY    61.18
Aiful Corp                     1.630%  11/22/12     JPY    58.08
Aiful Corp                     1.990%  10/19/15     JPY    49.55
Aozora Bank                    0.400%  05/27/14     JPY    74.93
Aozora Bank                    0.400%  06/12/14     JPY    74.66
Belluna Co Ltd                 1.100%  03/21/12     JPY    60.51
CSK Corporation                0.250%  09/30/13     JPY    31.50
Daikyo Inc.                    1.880%  03/12/12     JPY    72.68
Fukoku Mutual                  4.500%  09/28/25     EUR    54.00
Japan Airlines                 3.100%  01/22/18     JPY    73.90
JPN Exp Hld/Debt               0.500%  09/17/38     JPY    56.55
Kenedix Inc.                   2.090%  11/09/10     JPY    44.80
Orix Corp                      2.190%  04/18/17     JPY    71.59
Pacific Golf Gro               1.000%  05/01/12     JPY    73.08
Resona Bank                    5.986%  08/29/49     GBP    71.00
Resona Bank                    4.125%  09/29/49     GBP    71.50
Resona Bank                    5.850%  09/29/49     USD    68.25
Shinsei Bank                   1.960%  03/25/15     JPY    72.50
Shinsei Bank                   2.010%  10/30/15     JPY    70.23
Shinsei Bank                   3.750%  02/23/16     EUR    70.50
Shinsei Bank                   5.625%  12/29/49     GBP    44.87
Sumitomo Mitsui                4.375%  07/29/49     EUR    74.50
Takefuji Corp                  4.500%  10/22/32     JPY    64.36


   MALAYSIA
   --------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.08
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.95
AMBB Capital                   6.770%  01/29/49     USD    64.12
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.70
Crescendo Corp B               3.750%  01/11/16     MYR     0.60
Dutaland Bhd                   4.000%  04/11/13     MYR     0.51
Dutaland Bhd                   4.000%  04/11/13     MYR     0.90
EG Industries                  5.000%  06/16/10     MYR     0.55
Eastern & Orient               8.000%  04/25/11     MYR     1.05
Huat Lai Resources             5.000%  03/28/10     MYR     0.30
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.22
Kretam Holdings                1.000%  08/10/10     MYR     1.04
Kumpulan Jetson                5.000%  11/27/12     MYR     0.45
LBS Bina Group                 4.000%  12/31/09     MYR     0.44
Lion Diversified               4.000%  12/17/13     MYR     0.93
Mithril Bhd                    3.000%  04/05/12     MYR     0.66
Nam Fatt Corp                  2.000%  06/24/11     MYR     0.38
Olympia Industri               2.800%  04/11/13     MYR     0.25
Olympia Industri               4.000%  04/11/13     MYR     0.28
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     0.94
Tradewinds Corp                2.000%  02/08/12     MYR     0.80
TRC Synergy                    5.000%  01/20/12     MYR     1.13
Tradewinds Plant               3.000%  02/28/16     MYR     1.10
Wah Seong Corp                 3.000%  05/21/12     MYR     2.61
Wijaya Baru Glob               7.000%  09/17/12     MYR     0.37
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.89


   NEW ZEALAND
   -----------
Allied Farmers                 9.600%  11/15/11     NZD    49.41
Allied Nationwid              11.520%  12/29/49     NZD    41.00
BBI Ntwrks NZ Ltd              8.000%  11/30/12     NZD     0.35
Blue Star Print                9.100%  09/15/12     NZD    28.97
Capital Prop NZ                8.000%  04/15/10     NZD    12.00
Contact Energy                 8.000%  05/15/14     NZD     1.00
Fidelity Capital               9.250%  07/15/13     NZD    63.83
Fletcher Buildin               7.550%  03/15/11     NZD     8.75
Fletcher Buildin               8.500%  03/15/15     NZD     9.75
Generator Bonds                8.200%  09/07/11     NZD    65.49
Hellaby Holdings               8.500%  06/15/11     NZD    68.54
Infrastr & Util                8.500%  09/15/13     NZD    10.75
Infratil Ltd                   8.500%  11/15/15     NZD    11.00
Infratil Ltd                   8.500%  02/15/20     NZD    74.22
Infratil Ltd                  10.180%  12/29/49     NZD    55.00
Marac Finance                 10.500%  07/15/13     NZD     0.93
Sky Network TV                 9.370%  10/16/16     NZD    72.50
South Canterbury              10.500%  06/15/11     NZD     0.95
South Canterbury              10.430%  12/15/12     NZD     0.87
St Laurence Prop               9.250%  07/15/10     NZD    29.81
Tower Capital                  8.500%  04/15/14     NZD     0.92
Trustpower Ltd                 8.500%  09/15/12     NZD     8.00
Trustpower Ltd                 8.500%  03/15/14     NZD    12.50
Vector Ltd                     8.000%  12/29/49     NZD     0.99
Vector Ltd                     8.000%  12/29/49     NZD     8.25


   SINGAPORE
   ---------
Capitaland Ltd.                2.950%  06/20/22     SGD    74.18
Sengkang Mall                  8.000%  11/20/12     SGD     1.49
United ENG Ltd                 1.000%  03/03/14     SGD     1.31
WBL Corporation                2.500%  06/10/14     SGD     1.80


SOUTH KOREA
-----------
Korea Elec Pwr                 6.000%  12/01/26     USD    64.45
Seoul Metro Rail               2.500%  01/31/16     KRW    45.22
Shinhan Bank                   6.819%  09/20/36     USD    71.25
Woori Bank                     6.208%  05/02/37     USD    72.00


SRI LANKA
---------
Sri Lanka Govt                 8.500%  02/01/18     LKR    74.71
Sri Lanka Govt                 8.500%  07/15/18     LKR    74.09
Sri Lanka Govt                 7.500%  08/15/18     LKR    68.90
Sri Lanka Govt                 8.500%  05/01/19     LKR    73.65
Sri Lanka Govt                 7.000%  10/01/23     LKR    60.26


  THAILAND
  --------
Italian-Thai Dev               4.500%  06/10/13     USD    52.00
Krung Thai Bank                7.378%  10/29/49     USD    74.85
PTT PCL                        5.875%  08/03/35     USD    73.48
True Move                     10.375%  08/01/14     USD    74.52


                         *********

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.





                 *** End of Transmission ***