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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, August 20, 2008, Vol. 11, No. 165

                            Headlines

A U S T R A L I A

BEECHWOOD HOMES: Creditors Want Sale Transparency
BULGA INVESTMENTS: Members' Final Meeting Slated for August 28
CHESTER STREET: Members' Final Meeting Set for August 25
CLANALPINE PTY: Liquidator to Give Wind-Up Report on August 29
DUXTRON PTY: To Declare Dividend on August 28

HARBETH PROPERTIES: Final Meeting Set for August 28
HOSPITALITY STAFF: Members Opt to Liquidate Business
LL & T DEVELOPMENTS: Members' Final Meeting Set for August 29
ORIBI INVESTMENTS: Liquidator to Give Wind-Up Report on Aug. 28
ROBERT DONATO: Liquidator to Present Wind-Up Report on August 28

SOMERSET DEVELOPMENTS: Final Meeting Slated for August 29
USF STRANCO: Liquidator to Give Wind-Up Report on August 25
WEB CORRECT: Members and Creditors to Meet on August 29
* AUSTRALIA: Home Building Activity Falls in June Quarter


C H I N A

BERYL: Fitch Affirms & Withdraws B- Ratings for Series 2006-9
CHINA MERCHANTS: First-Half Earnings Up 116% to CNY13.25 Bil.
CHINA MERCHANTS: To Open Offices in London & Taipei
CHINA SOUTHERN: First-Half Profit Up 368% to CNY838 Million
SHANGHAI AIRLINES: Returns to Profit on Subsidy


H O N G K O N G

BOTHEALTH TRAVELS: Appoints Tam and Chi as Liquidators
EVER SPARKLE: Subject to Chui Nang's Wind-Up Petition
FAME HARVEST: Wind-Up Petition Hearing Set for September 10
HANG ON: Court to Hear Wind-Up Petition on September 10
KING DYNASTY: Faces Tsang Sau's Wind-Up Petition

LEE TAK: Subject to Lai Kan's Wind-Up Petition
MANAGEMENT INVESTMENT: Subject to Chan Mei's Wind-Up Petition
MASTERY: Court to Hear Wind-Up Petition on Sept. 10
PACIFIC WEALTH: Faces Yeung Sam's Wind-Up Petition
UTEC LIMITED: Court to Hear Wind-Up Petition on August 27


I N D I A

E.V. HOMES: CRISIL Rates Rs.60 Mil. Proposed Credit Limit at B+
NARAINGARH SUGAR: CRISIL Rates Rs.700 Mil. Facilities at C and D
ST COTTEX: CRISIL Rates Various Bank Facilities at 'BB+'


J A P A N

CSC SERIES 1: Fitch Affirms B Rating for JPY1.13BB Cl. G-3 Bonds
MATSUSHITA ELECTRIC: To Halt CRT TV Production at 8 Factories
URBAN CORP: Tokyo Stock Exchange Probes Convertible Bond Sale


K O R E A

GENEXEL-SEIN: Acquires 67% Stake in Chung Gei for KRW5.6 Billion
KOREA HINET: Wraps Up Shares Buy-Back at KRW555 Apiece
KOREA HINET: Sets Up Subsidiary in Philippines


N E W  Z E A L A N D

ARMADILLO ROOFING: Commences Liquidation Proceedings
CENTAUR FLOOR: Liquidators Set September 13 as Claims Bar Date
CINDERELLA NZ: Liquidators Set August 29 as Claims Bar Date
CORNHILL BUILDERS: Liquidators Set Sept. 16 as Claims Bar Date
CORPORATE WATER: Commences Liquidation Proceedings

EUSTRUCT LTD: Commences Liquidation Proceedings
EVEREST FASHIONS: Closes Down Business Due to Cheap Imports
HORNBY PROPERTY: Placed Under Liquidation
IMMUNO LABORATORIES: Wind-Up Petition Hearing Set for Today
ORANGE FINANCE: Ceases To Offer Debentures

SMACK MANAGEMENT: Liquidators Set August 25 as Claims Bar Date
ST LUKES: Proofs of Debt Due on September 2
WAIPAWA FINANCE: Owner Subject of Probe for "Substantial Fraud"
* NEW ZEALAND: Electric Generation Drives Up Producers' Prices


P H I L I P P I N E S

GEOGRACE: Ratifies Agreement for Exploration of Gold in Negros
PICOP: Atty. Lozada Replaces Marcelo as Rehabilitation Receiver
* PHILIPPINES: Posts Php33.4 Bil. Deficit from January to July


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


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

BEECHWOOD HOMES: Creditors Want Sale Transparency
-------------------------------------------------
Beechwood Homes' unsecured creditors expressed anger at the
unwillingness of receiver Deloitte to provide details such as
how much was gained from the sale of the company's assets last
month, Anthony Klan of the Australian Business reports.

"I'm unable to disclose the details of the sale because we have
signed confidentiality clauses and the information is not mine
to give out," the Australian quotes Chris Campbell of Deloitte
as saying during the second creditors meeting held last week.

As reported in Troubled Company Reporter-Asia Pacific on
July 30, 2008, the Adelaidenow said Beechwood Homes was sold as
a going concern to Resibuildco, which transaction was funded by
Cavasinni Constructions and the Cavasinni family.

However, the Australian says, Beechwood's liabilities remained
with Beechwood company LED Builders, which was placed in
liquidation last week.  Mr. Campbell said the confidentiality
clauses were necessary to protect the administrator's
negotiating powers in selling Beechwood's assets and in
subsequent dealings, the Australian adds.

Meanwhile, the Australian notes, Armstrong Wily had acted as
Beechwood's administrator until Thursday, last week, when the
firm was appointed liquidator.

Details of the sale of Beechwood's assets -- including 271
partly completed homes across NSW -- would probably be disclosed
in "some months" but some details would "probably never be
released," the Australian says citing Armstrong Wily's David
Hurst.

In a separate report, ABC News says Resibuildco representative
Vic Cavasinni and the insurer, Vero, met Monday with former
Beechwood customers in Parramatta.

According to ABC News, the first of four meetings for former
customers of Beechwood Homes outlined how long it may take for
homes to be completed.

Mr. Cavasinni told ABC News that the process of taking over more
than 360 contracts for partially completed homes is happening,
but it is a slow process.

Homes will be completed but some people may end up paying more
for their homes if they take up contracts with the new owner,
the same report says, citing Fair Trading Minister Linda Burney.

Ms. Burney said people with pre-contract plans should get more
information before making their final decisions.

Beechwood Homes -- http://www.beechwoodhomes.com.au/-- is an
Australian owned family home building company that was started
in the early 1980s.  Beechwood's collapse affected about 300
people who were building homes and approximately 500 who had
project home plans prepared by the company.


BULGA INVESTMENTS: Members' Final Meeting Slated for August 28
--------------------------------------------------------------
David Levi, Bulga Investments Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 28,
2008, at 9:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          David Levi
          Levi Consulting
          GPO Box 4681
          Sydney NSW 2001
          Australia


CHESTER STREET: Members' Final Meeting Set for August 25
--------------------------------------------------------
G. D. D. Raffan, Chester Street Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 25,
2008, at 9:30 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          G. D. D. Raffan
          Foster Raffan
          Level 6, 8 West Street
          North Sydney NSW 2060


CLANALPINE PTY: Liquidator to Give Wind-Up Report on August 29
--------------------------------------------------------------
John Crouch, Clanalpine Pty Ltd's appointed estate liquidator,
will meet with the company's members on Aug. 29, 2008, at
11:30 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001
          Australia


DUXTRON PTY: To Declare Dividend on August 28
---------------------------------------------
Duxtron Pty Ltd will declare dividend on Aug. 28, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 13, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne VIC 3004
          Australia


HARBETH PROPERTIES: Final Meeting Set for August 28
---------------------------------------------------
David Levi, Harbeth Properties Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 28,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          David Levi
          Levi Consulting
          GPO Box 4681
          Sydney NSW 2001
          Australia


HOSPITALITY STAFF: Members Opt to Liquidate Business
----------------------------------------------------
Hospitality Staff Management Pty Ltd's members agreed on July 8,
2008, to voluntarily liquidate the company's business.  Barry
Keith Taylor was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Barry Keith Taylor
          B. K. Taylor & Co.
          8/608 St. Kilda Road
          Melbourne VIC 3004
          Australia


LL & T DEVELOPMENTS: Members' Final Meeting Set for August 29
-------------------------------------------------------------
John Crouch, LL & T Developments Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 29,
2008, at 12:00 p.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001
          Australia


ORIBI INVESTMENTS: Liquidator to Give Wind-Up Report on Aug. 28
---------------------------------------------------------------
David Levi, Oribi Investments Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 28,
2008, at 9:30 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          David Levi
          Levi Consulting
          GPO Box 4681
          Sydney NSW 2001
          Australia


ROBERT DONATO: Liquidator to Present Wind-Up Report on August 28
----------------------------------------------------------------
David Levi, Robert Donato Nurseries Pty Limited's appointed
estate liquidator, will meet with the company's members on Aug.
28, 2008, at 8:30 a.m. to provide them with property disposal
and winding-up reports.

The liquidator can be reached at:

          David Levi
          Levi Consulting
          GPO Box 4681
          Sydney NSW 2001
          Australia


SOMERSET DEVELOPMENTS: Final Meeting Slated for August 29
---------------------------------------------------------
John Crouch, Somerset Developments Pty Limited's appointed
estate liquidator, will meet with the company's members on
Aug. 29, 2008, at 11:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          John Crouch
          GPO Box 4395
          Sydney NSW 2001
          Australia


USF STRANCO: Liquidator to Give Wind-Up Report on August 25
-----------------------------------------------------------
Geoff Ridgeway, USF Stranco Aquatic Pty Ltd's appointed estate
liquidator, will meet with the company's members on Aug. 25,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Geoff Ridgeway
          Jenkins Peake
          Chartered Accountants
          PO Box 1570
          Geelong VIC 3220
          Australia
          Telephone: (03) 5223 1000
          Facsimile: (03) 5221 4938


WEB CORRECT: Members and Creditors to Meet on August 29
-------------------------------------------------------
Web Correct Pty Ltd will hold a joint meeting for its members
and creditors at 10:30 a.m. on Aug. 29, 2008.  During the
meeting, the company's liquidator, Paul Burness at Worrells
Solvency & Forensic Accountants, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9613 5514
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au


* AUSTRALIA: Home Building Activity Falls in June Quarter
---------------------------------------------------------
The Housing Industry Association highlighted a large fall in
home building activity that will see the shortage of housing
stock blow out to 45,000 dwellings in 2008/09 alone.

Commenting on the release of the June 2008 quarter HIA National
Outlook publication, HIA Chief Executive - Policy, Chris Lamont,
said that housing starts looked certain to fall to around
145,000 in the current financial year.

"Sharply higher borrowing rates and building materials prices,
together with hefty statutory costs to building, have generated
a sharp decline in leading housing indicators over the last six
to nine months," said Mr. Lamont.

"The time for navel gazing has long past, this is not a cyclical
trend that will correct itself," said Mr. Lamont.

New dwelling starts are forecast to be down by 6 per cent in
2008/09, marking an unprecedented fifth year in a row when new
home building has failed to recover.

"Interest rate reductions will, in time, boost confidence and
then construction activity, but that's a 2009/10 story.  We have
a relatively inelastic supply side, so no immediate bounce is
expected and this is bad news particularly for those searching
for affordable rental housing," Mr. Lamont said.

"We expect the recovery to be modest over 2009/10 – 2010/11
given the lack of skilled labour in the industry and the long
road ahead in lifting housing affordability to reasonable
levels," said Mr. Lamont.

On a brighter note, the renovations sector appears relatively
resilient.

"It's hard to see renovations activity growing in the current
economic climate, but even a largely flat year will see the
sector well out-perform new home building.  The performance of
the renovation sector in part reflects the onerous statutory
costs faced by new construction," Mr. Lamont added.

Total investment in renovations is forecast to be around
AU$30 billion in 2008/09.



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BERYL: Fitch Affirms & Withdraws B- Ratings for Series 2006-9
-------------------------------------------------------------
Fitch Ratings affirmed and simultaneously withdrawn the 'B-' (B
minus) ratings of Beryl Finance Limited Series 2006-9 (Beryl
2006-9).  At the same time, the agency has assigned 'B-' (B
minus) ratings to the newly issued Beryl Finance Limited Series
2008-16 (Beryl 2008-16) notes that have been issued to replace
Beryl 2006-9. The rating actions are:

Beryl 2006-9:

US$78.4MM notes due 29 May 2012 (ISIN: XS0266085629):
  -- affirmed at 'B-' (B minus) and simultaneously withdrawn;

Beryl 2008-16:

US$78.4MM notes due 29 May 2012 (ISIN: XS0382664620):
  -- assigned 'B-' (B minus) ratings.

Beryl 2006-9 was a static synthetic corporate CDO referencing a
portfolio of primarily investment grade corporate obligations.
On Aug. 15, 2008, the notes of Beryl 2006-9 are being canceled
by the issuer, Beryl Finance Limited.  With the consent of
noteholders, Beryl shall simultaneously issue new notes, Beryl
2008-16, as replacements.

The agency's policy on withdrawing ratings is to take into
consideration whether it has access to sufficient information in
assessing the credit quality of the notes.  In this case, as the
Beryl 2006-9 notes are being canceled as part of a notes
exchange, Fitch has decided to withdraw its ratings.

Beryl 2008-16 is a static synthetic corporate CDO, which
references the same static portfolio and has the same credit
enhancement level as Beryl 2006-9.  The Beryl 2008-16 notes have
the same terms and conditions as the canceled Beryl 2006-9 notes
including the same coupon and maturity date, with the same CDS
counterparty, the same CDS guarantor - Lehman Brothers Holdings
Inc. (rated 'A+'/'F1'/Negative Outlook), and the same charged
asset.

At close in 2006, proceeds from the issuance of Beryl 2006-9
were used to purchase charged assets to collateralize CDS
between the issuer and Lehman Special Financing Inc.,
(guaranteed by Lehman Brothers Holdings Inc.).  The charged
asset of the transaction is an investment of USD78.4m in
principal amounts of General Electric Capital Corporation
floating rate notes due May 2012, which has been transferred to
the Beryl 2008-16 transaction.

Since Beryl 2006-9 was downgraded to 'B-' (B minus) on July 25,
2008, the portfolio weighted average rating of 'BBB-' (BBB
minus) has remained broadly stable.

Fitch released its updated criteria on 30 April 2008 for
corporate CDOs and at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and
new transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Negative Outlook, reducing
such ratings for default analysis purposes by two and one notch.


CHINA MERCHANTS: First-Half Earnings Up 116% to CNY13.25 Bil.
-------------------------------------------------------------
China Merchants Bank's first-half 2008 net profit increased 166%
to CNY13.25 billion (US$1.9 billion), from CNY6.12 billion last
year, topping forecasts due to strong non-interest income growth
and reduced credit costs, Kennix Chim of Reuters reports.

Reuters relates that the bank's net interest income derived from
lending operations jumped 64% to CNY24 billion, as yields on
corporate and retail loans increased as China has raised
interest rates since the second half of 2007.

According to the report, net interest margins widened to 3.66%
at the end of June compared with 3.11% at the end of December,
due to stronger pricing power for banks as loan quota became
scarce due to Beijing's curbs on lending growth.

Net fee and commission income, the report says, jumped 53.7% to
CNY4.1 billion in the first half of 2008, which accounted for
14% of operating net income, lifted by strong bank card fees,
agency services fees and commissions from trust.

At the end the June, Merchants Bank held US$255 million worth of
bonds or mortgage-backed securities backed by troubled U.S.
mortgage lenders Fannie Mae and Freddie Mac, Reuters notes.

Merchants Bank booked US$830,000 in accounting profit on the
holdings, and Chief Executive Officer Ma Weihua told the news
agency that the bank may reduce the holdings depending on market
conditions.

At the end of June, total outstanding loans amounted toCNY 742.7
billion, an increase of 10% from the end of 2007.

The bank's ratio of non-performing loans against total lending
dropped to 1.25% at the end of June, from 1.54% to the end of
last year, Reuters relates.

Reuters points out that despite the strong results, China
Merchants Bank faces challenges at home as small and mid-sized
businesses in the Pearl River Delta region are hit by rising
costs and property prices in Shenzhen drop, raising concerns
about asset quality.

"If the capital market is still gloomy in the second half, more
people will shift to time deposits, which makes it unlikely to
maintain net interest margins at first half levels at 3.66%,"
Reuters cited Merchants Bank's Chief Financial Officer Li Hao as
saying.

                   About China Merchants Bank

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


CHINA MERCHANTS: To Open Offices in London & Taipei
---------------------------------------------------
China Merchants Bank plans to open representative offices in
London and Taipei as it speeds up expansion overseas to catch up
with bigger rivals, Luo Jun of Bloomberg News reports.

China Merchants President Ma Weihua, the report relates, is
trying to offset slowing domestic economic and loan growth by
diversifying into other financial sectors including insurance,
and by making acquisitions.

"Acquisition and diversification is an integral part of the
bank's strategy to become a one-stop financial shop," Bloomberg
News cited Mr. Weihua as saying.

On July 2, 2008, the Troubled Company Reporter-Asia Pacific,
citing Xinhua News, reported that 91% of China Merchants Bank's
shareholders approved the plan to purchase stakes in Hong Kong-
based Wing Lung Bank for more than CNY17 billion (US$2.5
billion), providing the lender will have greater access to the
Hong Kong market.

                    About China Merchants Bank

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating.  The outlook is stable.

On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.


CHINA SOUTHERN: First-Half Profit Up 368% to CNY838 Million
-----------------------------------------------------------
China Southern Airlines Co. Limited's first-half net profit
increased 368% to CNY838 million (US$122 million), under Chinese
accounting standards, helped by rising passenger and cargo
volume and a 134% surge in non-operating income to CNY616
million, Fang Yan of Reuters reports.

However, the report relates, the airline cut its full-year
passenger and freight targets because of weakening air traffic
demand.

According to the report, sales rose 8.9%  to CNY27.45 billion,
with operating costs up 15.1% to CNY25.47 billion.

Under international accounting standards, the report says, net
profit climbed to CNY847 million from CNY168 million, while
total operating revenue rose to CNY26.78 billion from CNY24.56
billion.

China Southern Chairman Liu Shaoyong told the news agency that
that the airline industry faced a "long, severe winter" because
of weakening traffic demand, high oil prices and increasing
competition.  He pledged to adjust the carrier's capacity and
route network and cut its operating costs in the second half.

Reuters recounts that China Southern said it would slash
operating costs by CNY1.3 billion this year, including a cut of
CNY800 million in planned investment on infrastructure projects.

For the full year, China Southern cut its passenger volume
target by 3.2% to 59.78 million passengers, and reduced its
target for freight volume by 8.5% to 902,300 tonnes, Reuters
relates.

The airline now expects an average passenger load factor in 2008
of 74.0% in 2008, down 0.5 percentage point from last year's
actual number, the report adds.

                     About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


SHANGHAI AIRLINES: Returns to Profit on Subsidy
-----------------------------------------------
Shanghai Airlines Co. Limited returned to profit in the first
half after a CNY42 million (US$6.1 million) subsidy outweighed
higher fuel costs, Bloomberg News reports.  Purpose of the
subsidy wasn't disclosed.

The report says the carrier's net income was CNY23.4 million
compared with a loss of CNY134.5 million a year earlier, while
revenue rose 25 percent to CNY7 billion.

According to the report, the government handout and gains from a
strengthening yuan helped the carrier post a profit even as fuel
prices rose and travel demand slowed.  Without the subsidy, the
airline would have had a 21 million yuan loss, the report adds.

                  About Shanghai Airlines

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



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

BOTHEALTH TRAVELS: Appoints Tam and Chi as Liquidators
------------------------------------------------------
On July 24, 2008, Kenny King Ching Tam and Shum Lap Chi were
appointed as liquidators of Bothealth Travels Limited.

The Liquidators can be reached at:

          Kenny King Ching Tam
          Shum Lap Chi
          Nan Fung Tower, Room 908, 9th Floor
          173 Des Voeux Road Central
          Hong Kong


EVER SPARKLE: Subject to Chui Nang's Wind-Up Petition
-----------------------------------------------------
On July 2, 2008, Chui Nang Pan filed a petition to have Ever
Sparkle Industrial Company Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 10, 2008, at 9:30 a.m.


FAME HARVEST: Wind-Up Petition Hearing Set for September 10
-----------------------------------------------------------
The High Court of Hong Kong will hear on September 10, 2008, at
9:30 a.m., a petition to have Fame Harvest Development Limited's
operations wound up.

The petition was filed by Wong Wing Yip on July 7, 2008.


HANG ON: Court to Hear Wind-Up Petition on September 10
-------------------------------------------------------
A petition to have Hang On Forwarding Limited's operations wound
up will be heard before the High Court of Hong Kong on Sept. 10,
2008, at 9:30 a.m.

The petition was filed by Chi Lin Chun on July 7, 2008.


KING DYNASTY: Faces Tsang Sau's Wind-Up Petition
------------------------------------------------
On June 30, 2008, Tsang Sau Ching filed a petition to have King
Dynasty Corporation Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 3, 2008, at 9:30 a.m.


LEE TAK: Subject to Lai Kan's Wind-Up Petition
----------------------------------------------
On June 26, 2008, Lai Kan Kee filed a petition to have Lee Tak
Fuk Trading Company Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 3, 2008, at 9:30 a.m.


MANAGEMENT INVESTMENT: Subject to Chan Mei's Wind-Up Petition
-------------------------------------------------------------
On June 27, 2008, Chan Mei Lin Judy filed a petition to have
Management Investment & Technology Company Limited's operations
wound up.

The petition will be heard before the High Court of Hong Kong on
September 3, 2008, at 9:30 a.m.

Chan Mei's solicitors are:

          K.Y. Lo & Co.
          3802, Cosco Tower, 38th Floor
          181 Queen's Road Central
          Hong Kong


MASTERY: Court to Hear Wind-Up Petition on Sept. 10
---------------------------------------------------
A petition to have Mastery International Associates Limited's
operations wound up will be heard before the High Court of
Hong Kong on September 10, 2008, at 9:30 a.m.

Lai Hon Chung filed the petition on July 2, 2008.


PACIFIC WEALTH: Faces Yeung Sam's Wind-Up Petition
--------------------------------------------------
On July 9, 2008, Yeung Sam Ping filed a petition to have Pacific
Wealth Holdings Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 10, 2008, at 9:30 a.m.


UTEC LIMITED: Court to Hear Wind-Up Petition on August 27
---------------------------------------------------------
A petition to have Utec Limited's operations wound up will be
heard before the High Court of Hong Kong on August 27, 2008, at
9:30 a.m.

Lee Chi Wang Johnson filed the petition against the company on
June 23, 2008.

Lee Chi's solicitors are:

          S.H. Chou & Co.
          San Toi Building
          Rooms 1004-5, 10th Floor
          137-139 Connaught Road Central
          Hong Kong



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

E.V. HOMES: CRISIL Rates Rs.60 Mil. Proposed Credit Limit at B+
---------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the proposed
cash credit facility of E.V. Homes Constructions Private Limited
(EV Homes).

   Rs.60 Million Proposed Cash Credit Limit
   -- B+/Stable (Assigned)

The rating reflects EV Homes's weak capital structure marked by
high gearing, volatile revenue profile and high concentration in
the Navi Mumbai area. These weaknesses are, however, partially
mitigated by the company's experience in execution of small
sized residential real estate projects.

CRISIL has taken consolidated view of the business and financial
profile of E.V. Homes (sole proprietorship firm) and E.V. Homes
Constructions Private Limited together referred to as E.V. Homes
owing to common ownership and common management.

Outlook:Stable

Crisil expects E.V. Homes Constructions Private Limited
financial profile to remain stretched over the near to medium
term because of its weak capital structure and limited cash
accruals. The outlook may be revised to 'Positive' if there is a
significant improvement in its business and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there are delays or cost overruns in execution of its projects.

                  About E.V. Homes Constructions

E.V. Homes Constructions Private Limited, promoted in 2005 by
Mr.E.V. Thomas, is primarily engaged real estate development
having presence mainly in the residential segment. Along with
real estate development the company also provides restoration
services for various buildings along with City and Industrial
Development of Maharashtra (CIDCO).


NARAINGARH SUGAR: CRISIL Rates Rs.700 Mil. Facilities at C and D
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'C/D' to the
various bank facilities of Naraingarh Sugar Mills Limited
(Naraingarh).

   Rs.530.0 Million Cash Credit  C (Assigned)
   Rs. 76.5 Million Term Loan*  D (Assigned)
   Rs. 63.5 Million Term Loan**  C (Assigned)

   *IDBI
   **Other than IDBI

The ratings reflect Naraingarh's continuous delay in repayment
of term loan installments of IDBI and its moderate financial
risk profile.  Rating also factors company's established
presence in the sugar industry.

                        About Naraingarh

Naraingarh was incorporated by Mr. Baldev Singh Kang and his six
other friends. Presently Mr. Kang is looking after all day-to-
day working of the company however other promoters are only
holding shares in the company. Company is engaged in production
of sugar and its by products viz. Molasses and Bagasse. Company
has sugar cane crushing capacity of 4000 tones per day.

For 2007-08 (refers to financial year, April 1 to March 31),
Naraingarh reported a estimated profit after tax (PAT) of Rs.11
million on net sales of Rs.556 million, as against a PAT of
Rs.37 million on net sales of Rs.577 million for 2006-07.


ST COTTEX: CRISIL Rates Various Bank Facilities at 'BB+'
--------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Positive/P4' to the
various bank facilities of ST Cottex Exports Private Ltd (ST).

   -- Rs.225.0 Million Cash Credit Limit *
         BB+/Positive (Assigned)
   -- Rs.225.0 Million Working Capital Demand Loan
         BB+/Positive (Assigned)
   -- Rs.638.5 Million Term Loan
         BB+/Positive (Assigned)
   -- Rs.5.0 Million Letter of Credit
         P4 (Assigned)
   -- Rs.5.0 Million Bank Guarantee
         P4 (Assigned)

*Interchangeable with Packing Credit

The rating reflects ST's strained financial risk profile, marked
by low net worth and weak debt protection indicators, and
exposure to volatility in cotton prices. These weaknesses are,
however, partly offset by ST's healthy operating income growth,
driven by exports.

                        Outlook:Positive

CRISIL's positive outlook on ST's rating reflects expectation of
improvement in the capital structure of the company owing to
fresh equity infusions from the promoters to part fund its
expansions planned in the next two to three years. The Company
has plans to install additional spindles in its facilities. The
company's high gearing levels constrain its overall financial
risk profile, partially offset by healthy cash accruals which
are sufficient to meet the debt repayment obligations. The
outlook maybe revised to 'Stable' in case of lesser-than-
expected improvement in capital structure or if the company
undertakes additional debt funded capex plans.

                        About ST Cottex

ST Cottex, promoted by Mr. Prem Gupta in 2000-01 (refers to
financial year, April 1 to March 31), manufactures cotton yarn
with an installed capacity of 81,168 spindles. ST began
operations with the manufacture of cotton and P/C yarn; however,
since 2006-07, the company has been manufacturing only cotton
yarn. It has gradually diversified from being a supplier in the
domestic market to being an exporter with over 70 per cent of
its revenue coming from export of cotton yarn. The company
procures cotton from the local market and converts it into yarn,
which is subsequently sold in the domestic and international
markets through dealers.

ST posted a profit after tax (PAT) of Rs. 74 million on net
sales of Rs. 1103 million in 2006-07 (refers to financial year,
April 1 to March 31), compared with a PAT and net sales of Rs.
46 million and Rs. 777 million, the previous year.



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

CSC SERIES 1: Fitch Affirms B Rating for JPY1.13BB Cl. G-3 Bonds
----------------------------------------------------------------
Fitch Ratings affirmed CSC, Series 1 GK's floating-rate bonds
due November 2012, and assigned Outlooks:

JPY16.59bn* class A-2 bonds affirmed at 'AAA'; Outlook Stable
JPY3.57bn*  class A-3 bonds affirmed at 'AAA'; Outlook Stable
JPY1.7bn*   class B-2 bonds affirmed at 'AA';  Outlook Stable
JPY1.5bn*   class B-3 bonds affirmed at 'AA';  Outlook Stable
JPY3.2bn*   class C-2 bonds affirmed at 'A';   Outlook Stable
JPY3.2bn*   class D-2 bonds affirmed at 'BBB'; Outlook Stable
JPY0.9bn*   class E-2 bonds affirmed at 'BBB-' Outlook Stable
JPY0.6bn*   class E-3 bonds affirmed at 'BBB-' Outlook Stable
JPY1.80bn*  class F-3 bonds affirmed at 'BB';  Outlook Stable
JPY1.13bn*  class G-3 bonds affirmed at 'B';  Outlook Stable;
& interest only class X bonds affirmed at 'AAA'; Outlook Stable.
*as of Aug. 15, 2008.

The rating affirmations are based on the fact that the
performance of the properties has been generally within Fitch's
expectations.

This transaction, issued in December 2006, was originally
secured by non-recourse loans extended to six borrowers backed
by 72 real estate properties and trust beneficial interests
backed by real estate properties.  One loan has been fully
repaid to date, and the bonds are secured by non-recourse loans
extended to five borrowers backed by 69 real estate properties
and TBIs backed by real estate properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to
June 2008.  Unlike a Rating Watch which notifies investors that
there is a reasonable probability of a rating change, rating
Outlooks provide forward-looking information to the market and
indicate the likely direction of any rating change over a one-
to two-year period.


MATSUSHITA ELECTRIC: To Halt CRT TV Production at 8 Factories
-------------------------------------------------------------
The Yomiuri Shimbun reports that Matsushita Electric Industrial
Co. plans to withdraw from production of cathode-ray tube TVs in
fiscal 2010 at the earliest.

According to the report, although global demand for CRT TVs is
still high, Matsushita hopes to increase its share of the global
market for flat screen TVs, which is expected to continue to
expand.  It will do so by focusing on its plasma display panel
TV business, which has the largest share of the global market,
and its liquid crystal display TV business, the report says.

In fiscal 2001, The Yomiuri Shimbun says Matsushita sold about
8.5 million CRT televisions globally, but this number has since
fallen and the firm ceased making CRT TVs in Japan.

Matsushita, the only Japanese firm that makes CRT sets on its
own, plans to produce and sell 2 million CRT TVs, including in
Southeast Asia, in fiscal 2008, the report notes.

As flat display TVs are expected to surpass CRT TVs in terms of
global sales by the end of fiscal 2008, the report says
Matsushita is stopping production of CRT TVs at eight factories,
including those in Brazil, Indonesia and Thailand, however, it
will continue to supply CRT parts manufactured for Chinese and
other makers.

The company sold 4.25 million PDP TVs and 3.25 million LCD TVs
in fiscal 2007 and aims to sell 11 million PDP and LCD TVs in
fiscal 2008, the report says.

Based in Osaka, Japan, Matsushita Electric Industrial Co. Ltd.
-- http://www.panasonic.co.jp/-- is engaged in the production
and sales of electronic and electric products in an array of
business areas.  It offers a range of products, systems and
components for consumer, business and industrial use.  Most of
the Company’s products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances
and household electric equipment sold in Japan, and Technics for
certain high-fidelity products. Some of its subsidiaries also
use their own brand names, such as PanaHome.  The Company’s
segments comprise audiovisual connection (AVC) networks, home
appliances, components and devices, Matsushita Electric Works,
Ltd. (MEW) and PanaHome Corporation (PanaHome), and others. In
August 2007, Victor Company of Japan Ltd. (JVC) and its
consolidated subsidiaries became associated companies from
Matsushita’s consolidated subsidiaries.

                          *     *     *

As reported in the Troubled Company Reporter-ELA on July 7,
2008, Matsushita Electric Industrial Co. Ltd. said in its Annual
Report on Form 20-F for the year ended March 31, 2008, that it
accrued estimated total cost of JPY11.453 billion for necessary
environmental actions involving electric equipment that
contained polychlorinated biphenyls (PCB equipment).

The Company previously disclosed in its Annual Report for the
year ended March 31, 2007, that it had accrued estimated total
cost of JPY10.627 billion for the environmental actions.

These necessary actions include investigating whether the PCB
equipment is buried at the facilities, excavating, maintaining
and disposing the PCB equipment that is already discovered, and
soil remediation.

In January 2003, the Company announced that disposed PCB
equipment might be buried in the ground of its four
manufacturing facilities and one former manufacturing facility.

The applicable laws require that PCB equipment be appropriately
maintained and disposed of by July 2016.


URBAN CORP: Tokyo Stock Exchange Probes Convertible Bond Sale
-------------------------------------------------------------
Urban Corp.'s convertible bond sale is being examined by the
Tokyo Stock Exchange to determine if the Japanese property
developer withheld information from investors before its
collapse last week with US$2.35 billion in debt, Bloomberg News
reports.

"Urban's disclosure is unsuitable," Satoshi Futagi, a spokesman
for the bourse, was cited by Bloomberg News as saying.

Urban spokesman Nobuaki Terashiki meanwhile told Bloomberg News
that the developer is discussing the matter with the exchange.

According to the report, Urban said on June 26 that it planned
to sell JPY30 billion (US$273 million) of convertible bonds to
Paris-based bank BNP Paribas SA to secure operating funds and
stabilize its finances, however, the company failed to reveal
derivatives transactions, which returned funds to BNP Paribas,
until its Aug. 13 bankruptcy statement.

The report relates that in return for funneling JPY30 billion
back to BNP Paribas, Urban was entitled to a daily fee from the
bank through the swaps that was tied to the property developer's
share price.  However, because the share price slumped so much,
Urban received only JPY9.2 billion from BNP Paribas's daily
payments and suffered a JPY5.8 billion loss on the transaction,
Urban spokesman Nobuaki Terashiki was cited by Bloomberg News as
saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2008, Urban filed a petition for civil rehabilitation
before the Tokyo District Court, listing total liabilities of
JPY255,832 million (as of July 31, 2008).

The company blamed the subprime mortgage crisis which made it
difficult for the company to procure funds through new loans, to
refinance short-term loans and to sell developed properties.
Urban said it sought alliances with other companies, such as
capital tie-ups, but the situation in the real estate investment
market only worsened, causing agreements with candidates for
alliances to falter.

Following Urban's bankruptcy filing, Japan Credit Rating Agency
downgraded the commpany's senior debts, bonds and shelf
registration ratings from #BB+/Negative to D and the CP program
from #J-3/Negative to D.

Meanwhile, Standard & Poor's Ratings Services said that six
loans related to failed real estate company Urban Corp. (not
rated) are involved in Japanese CMBS transactions rated by S&P,
based on information provided by servicers.

Based on information from servicers, S&P said Urban itself is
not directly involved in any of the six loans.  An affiliate of
Urban is the sponsor and asset manager for three of the loans
(three borrowers, two transactions), and also acts as asset
manager for the remaining three loans (two borrowers, two
transactions).  The total outstanding balance of the six loans
is approximately JPY12.43 billion.  The affiliate has not filed
for bankruptcy protection along with the parent.

S&P said it will examine the impact of the Urban bankruptcy
filing on rated CMBS transactions based on information to be
provided by the servicers.

                  About Urban Corporation

Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese
real estate company.  The Real Estate Liquidation segment is
engaged in the purchase, planning, development and operation of
low-yield buildings, decrepit buildings and land for real estate
investment trust and private placement investment fund markets.

The Real Estate Allotment segment is engaged in the planning,
development and sale of condominiums and the construction and
sale of detached houses.  The Asset Management segment is
engaged in the composition of funds, the preparation of schemes,
the document generation for commercial institution, as well as
the operation of fund assets.  The Property Management segment
is engaged in the provision of cleaning and facilities
management services for condominiums.  The Others segment is
involved in the underground development construction business,
commercial facility operation, environment related construction
work, research and restoration, as well as medical operation
related consultant, among others.



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

GENEXEL-SEIN: Acquires 67% Stake in Chung Gei for KRW5.6 Billion
----------------------------------------------------------------
Genexel-Sein Inc. acquired a 67% stake in Chung Gei
Pharma.co.Limited for KRW 5,695 million, Reuters reports.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

The company continues to carry Korea Ratings' "B+" rating for
its US$3,000,000 overseas bond with warrants issue.


KOREA HINET: Wraps Up Shares Buy-Back at KRW555 Apiece
------------------------------------------------------
Korea Hinet Co. Ltd. has completed a private placement of
2,700,000 common shares of par value KRW500 each at an offer
price of KRW555 per share, Reuters reports.

According to the report, this brings the total number of the
company's outstanding common shares to 24,012,518.  The new
shares were listed yesterday, August 19, 2008.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

                          *     *     *

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook.


KOREA HINET: Sets Up Subsidiary in Philippines
----------------------------------------------
Korea Hinet Co. Limited established a subsidiary company,
Hinet Philippine Co. Limited, with a capital of KRW196,631,000
on August 11, 2008, Reuters reports.

According to the report, the new unit aims to build information
network for foraying into the Philippines market.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

                          *     *     *

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook.



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

ARMADILLO ROOFING: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Wellington convened a hearing on Aug. 11,
2008, to consider an application putting Armadillo Roofing Ltd
into liquidation.

The application was filed on June 20, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          7-27 Waterloo Quay
          (PO Box 1462)
          Wellington
          Telephone: (04) 890 1028
          Facsimile: (04) 890 0009

Philip Hugh Brian Latimer is the plaintiff’s solicitor.


CENTAUR FLOOR: Liquidators Set September 13 as Claims Bar Date
--------------------------------------------------------------
The High Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant,
both of Auckland, as liquidators of Centaur Floor Systems NZ
Limited.

Creditors are required to file their proofs of debt by Sept. 13,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: James Peterson
          Centaur Floor Systems NZ Limited
          c/o PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


CINDERELLA NZ: Liquidators Set August 29 as Claims Bar Date
-----------------------------------------------------------
The High Court at Auckland has appointed Henry David Levin and
Vivien Judith Madsen-Ries, insolvency specialists, as
liquidators of Cinderella NZ Ltd.

Creditors are required to filed file their proofs of debt by
Aug. 29, 2008, to be included in the company's dividend
distribution.

Creditors and shareholders may direct their inquiries to:

          Miranda Law
          Deloitte
          Level 7, Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


CORNHILL BUILDERS: Liquidators Set Sept. 16 as Claims Bar Date
--------------------------------------------------------------
The High Court has appointed Vivian Judith Fatupaito, insolvency
practitioner, and Colin Thomas McCloy, chartered accountant,
both of Auckland , as liquidators of Cornhill Builders Taupo
Limited.

Creditors are required to file their proofs of debt by Sept. 16,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Adrienne Stone
          Builders Taupo Limited
          c/o PricewaterhouseCoopers
          188 Quay Street (Private Bag 92162)
          Auckland
          Telephone: (09) 355 8000
          Facsimile: (09) 355 8013


CORPORATE WATER: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Auckland convened a hearing on Aug. 6, 2008,
to consider an application putting Corporate Water Brands NZ Ltd
into liquidation.

The application was filed on March 6, 2008, by New Zealand
Quality Waters (2006) Limited.

The plaintiff's address for service is at:

          Billings Lawyers
          PO Box 243
          New Plymouth

Emily Charlotte Baynes is the plaintiff’s solicitor.


EUSTRUCT LTD: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Christchurch held a hearing on Aug. 18, 2008,
to consider an application putting Eustruct Limited into
liquidation.

The application was filed on June 19, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


EVEREST FASHIONS: Closes Down Business Due to Cheap Imports
-----------------------------------------------------------
Everest Fashions Ltd has told staff it will close on Friday,
Aug. 22, 2008, with the loss of 28 jobs, the New Zealand Herald
reports.

According to the Herald, Everest Fashions owner Courtney Darby
said his company could no longer compete with cheap imports from
China.

Mr. Darby, the report relates, said the increase in holiday
leave and minimum pay under the Labour-led Government had
increased labour costs.

The slowing in the economy had only a fractional impact compared
to the issue of cheap imports, the report says, citing Mr.
Darby.

Meanwhile, the Herald notes, citing the National Distribution
Workers union, said LWR-owned Beardsley Pearce in Levin is also
closing, bringing the total jobs lost in clothing manufacturing
in central North Island to 40.

Based in Palmerston North, Everest Fashions Ltd is clothing
manufacturer.


HORNBY PROPERTY: Placed Under Liquidation
-----------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Hornby Property Investments Limited resolved
that the company be liquidated and appointed Iain Andrew Nellies
and Wayne John Deuchrass, as liquidators.

The Liquidators can be reached at:

          Insolvency Management Limited
          Level 1
          148 Victoria Street (PO Box 13401)
          Christchurch


IMMUNO LABORATORIES: Wind-Up Petition Hearing Set for Today
-----------------------------------------------------------
The High Court at Auckland will hold a hearing today, Aug. 20,
2008, at 10:45 a.m., to consider putting Immuno Laboratories Ltd
into liquidation.

The application was filed on July 7, 2008, by D. S. West and C.
M. West (trading as Bees Inn).

The plaintiff's address for service is at:

          Carlile Dowling
          Raffles Street
          Napier
          Telephone: (06) 835 7394
          Facsimile: (06) 835 1338

Carol Denise Hall is the plaintiff's solicitor.


ORANGE FINANCE: Ceases To Offer Debentures
------------------------------------------
Orange Finance Limited, which is owned by Money Managers founder
Doug Somers-Edgar, has ceased to offer debentures, various
reports say.

Fiona Robertson of the National Business Review reports that
Orange Finance was sold exclusively through Money Managers and
had around NZ$60 million in debentures as at September 2007.

According to the Sunday Star Times, Money Managers chief
executive Derek Young said he did not know yet whether a
moratorium would be needed to wind Orange up in an orderly
fashion.

Somers-Edgar has now sold out of Money Managers, which is
predominantly owned and controlled by long- standing Somers-
Edgar business associates Russell Tills and Gerald Siddall, and
Mr. Young is pledging to continue the firm's move away from
offering investment funds set up by related parties, the Star
Times relates.

Mr. Young said Money Managers will also focus on liquid
investments, rather than those where clients' cash is tied up
and hard to withdraw quickly, the Star Times adds.

However, the Star Times notes, switch will take some time to
achieve because several investments structured by Somers-Edgar
companies and exclusively distributed by Money Managers have
been frozen, leaving investors' cash in limbo until the
investments are wound down.

As well as Orange Finance, the Star Times relates, these frozen
investments include the First Step series, which closed in
November 2006 owing investors more than NZ$450 million and has
still not yet been wound up, and the Totara First Mortgage Fund.

                     About Orange Finance

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.


SMACK MANAGEMENT: Liquidators Set August 25 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Jeffrey
Philip Meltzer and Rachel Karen Mason, insolvency practitioners,
were appointed as liquidator of Smack Management Limited on July
23, 2008. .

The liquidators set Aug. 25, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Attn: Rachel Mason
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302
          Wellesley Street
          Auckland 1141
          Telephone: (09) 357 6150
          Facsimile: (09) 357 6152


ST LUKES: Proofs of Debt Due on September 2
-------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
John Robert Buchanan and Callum James Macdonald, insolvency
practitioners of Auckland, were appointed as liquidators of St
Lukes Property Trust Limited on July 24, 2008.

The Liquidators set Sept. 2, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993
          North Shore Mail Centre
          North Shore City 0745
          Telephone: (09) 441 4165
          Facsimile: (09) 441 4167


WAIPAWA FINANCE: Owner Subject of Probe for "Substantial Fraud"
---------------------------------------------------------------
The Serious Fraud Office is investigating Warren Pickett, of
Warren Pickett and Associates, for "substantial fraud" involving
two finance companies, Kathy Webb of The Dominion Post reports.

According to the report, SFO chief executive Grant Liddell said
it was too early to say how much money was involved in the
alleged fraud, or how long the investigation would take.

The Post says Waipawa Finance and Waipawa Holdings, both owned
by Mr. Pickett, went into voluntary liquidation on Monday,
August 6.

Mr. Pickett, the report relates, is the sole director of Waipawa
Finance, holding 2400 of its 6000 shares and also is the sole
director and shareholder in Waipawa Holdings.

The report notes, citing Mr. Pickett's lawyer Jonathan Krebs,
that the accounting practice of Warren Pickett and Associates is
not under investigation, but negotiations are being carried out
for the transfer of clients in the next few days.


* NEW ZEALAND: Electric Generation Drives Up Producers' Prices
--------------------------------------------------------------
Producers' prices rose in the June 2008 quarter, with output
prices up 3.5 percent and input prices up 5.6 percent,
Statistics New Zealand said.  The rise in the outputs index is
the largest quarterly rise since the June 1985 quarter, while
the rise in the inputs index is the largest since the March 1980
quarter.  Both indexes were mainly driven by higher prices for
electricity generation and supply.

The electricity generation and supply outputs index rose 30.9
percent in the latest quarter, the largest rise since the series
began.  Higher output prices for electricity generation were
recorded, with lower lake levels pushing up spot prices.  In the
year to the June 2008 quarter, the electricity generation and
supply index rose 41.7 percent, which is also the largest annual
rise since the series began.

Within the inputs index, electricity generation and supply rose
50.8 percent in the latest quarter and 85.4 percent in the year
to the June 2008 quarter.  Both movements are the largest since
the series began in the June 1994 quarter.  Lower lake levels
were the cause of higher costs for electricity generation this
quarter.

Wholesale trade also made a contribution to both the PPI output
and input indexes.  The wholesale trade outputs index rose 6.0
percent in the June 2008 quarter, while the inputs index rose
6.4 percent.  In both cases the increase was driven by higher
prices in the mineral, metal and chemical wholesaling sector.

In the year to the June 2008 quarter, the PPI outputs index rose
8.5 percent and the inputs index rose 11.8 percent.



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

GEOGRACE: Ratifies Agreement for Exploration of Gold in Negros
--------------------------------------------------------------
During a meeting held on August 6, 2008, the Board of Directors
of Geograce Resources Philippines, Inc. ratified and confirmed
the execution of the Operating Agreement dated August 6, 2008,
between the company and Alfredo F. San Miguel, Jr., Dolores Z.
Hassal, Ma. Cristina Z. Cuenca, Ma. Trinidad Z. Tan, Heirs of
Jose Marino A. Zayco, Heirs of Arturo A. Zayco and Josephine
Marie Z. Lizares.

In connection with the ratification and confirmation of the
execution of the Operating Agreement, the company approved the
allocation of US$150,000 for Phase 1 and Phase 2 of the
exploration work to be undertaken by the company, at its sole
expense, pursuant to the terms and conditions of the Operating
Agreement.  Since the allocated amount will come from the
proceeds of the company's 2007 stock rights offering, the board
likewise approved the amendment of the work program to reflect
the allocation.

As reported by the Troubled Company Reporter – Asia Pacific on
Aug. 11, 2008, the Operating Agreement entails the exploration,
development and operation of the gold and copper property, which
covers an area of approximately five hundred five and 4626/10000
hectares (505.4626 has) in Ayungon, Negros Oriental.

The company also ratified and confirmed the execution of the
Cooperation Agreement with Nihao Mineral Resources
International, Inc. and Jiangxi Rare Earth & Rare Metals
Tungsten Group Co.

On the other hand, Atty. Khrisnamurti Africano tendered his
resignation as the director and vice-chairman of the company.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-

                          *     *     *

According to Geograce Resources' independent auditor, Sycip
Gorres Velayo and Co., the company's previous real estate
operations were affected by the downturn in the real estate
industry resulting in continuous losses and inability to pay
maturing loans.  The auditor says that there exists a material
uncertainty about the company's ability to continue as a going
concern.  Geograce posted a net loss of PHP102,364,952 in the
fiscal year 2007.


PICOP: Atty. Lozada Replaces Marcelo as Rehabilitation Receiver
---------------------------------------------------------------
In connection with the petition filed by Landbank of the
Philippines on May 30, 2008, to have PICOP Resources, Inc. and
its affiliate New Paper Industries Corporation placed under
corporate rehabilitation, Atty. Roberto P. Lozada has accepted
and took his oath to to replace Mamerto A. Marcelo as the
company's rehabilitation receiver.

Mr. Marcelo withdraw from his appointment as rehabilitation
receiver on July 10, 2008.

                    About PICOP Resources Inc.

PICOP Resources Inc. was incorporated in 1952 as Bislig
Industries Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

                          *     *     *

PICOP Resources Inc. posted a net loss of PHP1.72 billion for
the year ending December 31, 2007, against PHP31.385 million
net loss for the year ending December 31, 2006.  For the years
ending 2005 and 2004, the company also incurred
PHP366.574 million and PHP237.609 million net losses,
respectively.


* PHILIPPINES: Posts Php33.4 Bil. Deficit from January to July
--------------------------------------------------------------
The National Government registered a deficit in July amounting
to Php15.4 billion.  The January to July fiscal deficit of the
National Government reached Php33.4 billion, lower than the
deficit of Php39.4 billion incurred during the same period
last year.

   Revenue Performance

Revenue collections reached Php101.4 billion for the month of
July.  It declined by 2.5% compared to the same period of last
year's Php104 billion.  For January to July, revenues grew by 9%
compared to the same period last year of Php614.3 billion.  The
Bureau of Internal Revenue registered a growth of 8% for the
month of July compared to same month last year.  Actual
collections for the month were recorded at Php63.4 billion for
BIR and Php25 billion for BOC.  Likewise, the Bureau of the
Treasury income was recorded at Php7.2 billion while other
offices, registered an income of Php5.8 billion.

For the January to July period, BIR and BOC collections reached
Php453.2 billion and Php142.0 billion, respectively.  BTr income
amounted to Php36.7 billion, and other offices Php39.5 billion.

   Expenditures

For January to July 2008, total disbursements amounted to
Php704.8 billion, 7.8% higher than the comparable disbursements
in 2007.  Excluding interest payments, total disbursements
increased by 7.4%.  Interest payments increased by 9.2% over the
same period last year.  Actual disbursements in July amounted to
Php116.8 billion.

   Primary Surplus/ (Deficit)

Netting out the interest payments in the expenditures, the
National Government recorded a primary surplus for the month
amounting to Php17.8 billion.  Cumulatively, the primary surplus
reached to Php140.8 billion for January to July.

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

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

                   Featured Conference

           Oct. 30-31, 2008
           Physician Agreements & Ventures
           The Millennium Knickerbocker Hotel - Chicago
           Brochure will be available soon!

                     *      *      *

           Beard Audio Conferences presents

           Bankruptcy and Restructuring Audio Conference CDs

           More information and list of available titles at:
   http://beardaudioconferences.com/bin/topics?category_id=BAR

                     *      *      *


Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Aug. 27-28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA 4th Annual Northeast Regional Conference
         Gideon Putnam Resort & Spa, Saratoga Springs, New York
            Contact: www.turnaround.org

Aug. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Arizona Chapter Mixer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dallas / Fort Worth Restructuring Workshop
         Belo Mansion Dallas, Texas
            Contact: www.turnaround.org

Sept. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Lenders Forum
         TBD, Long Island, New York
            Contact: www.turnaround.org

Sept. 11-12, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Mid-America Regional Conference
         Oak Brook Hills Marriott Resort, Oak Brook, Illinois
            Contact: www.turnaround.org

Sept. 11-14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cross Border Conference
         Grand Okanagan Resort, Kelowna, British Columbia
            Contact: www.turnaround.org

Sept. 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 16-18, 2008
   ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
      2nd Annual Restructuring & Investing Conference
         Shanghai, China
            Contact: http://www.airacira.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: www.turnaround.org/

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
      Maplewood Country Club, Maplewood, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Chapter Lunch Program
         Nashville City Center, Nashville, Tennessee
            Contact: 615-850-8678 or www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Healthcare Industry Update - Panel Discussion
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Sept. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A View From US Trustees
         TBA, Syracuse, New York
            Contact: www.turnaround.org

Sept. 18-19, 2008
   AMERICAN CONFERENCE INSTITUTE
      Advanced Insolvency Law and Practice Conference
         Paris, France
            Contact: www.americanconference.com

Sept. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow Workshop: An Overview
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Sept. 24-25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Florida Annual Golf Tournament
         Champions Gate Golf Club, Orlando, Florida
            Contact: 561-882-1331 or www.turnaround.org

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC 15th Annual Fall Conference
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Case Study with Tom Kim, TMA Small Business of the Year
         Turnaround Award - TMA Arizona Chapter Meeting
            TBD, Phoenix, Arizona
               Contact: www.turnaround.org

Sept. 26, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Marriott Desert Ridge, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: www.turnaround.org/

Oct. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/UMKC Midwestern Bankruptcy Institute
         H. Roe Bartle Hall Convention Center, Kansas City
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Standard Club, Chicago, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Charity Golf Event
         Forest Park Golf Course, St. Louis, Missouri
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Billiards Networking Night
         Herbert's Billiards, Secaucus, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Member Social
         Davenport Press, Mineola, New York
            Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      View from the Bench - Bankruptcy Update
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Oct. 16, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      How to Contract with a Turnaround Manager
         University Club, Portland, Oregon
            Contact: www.turnaround.org

Oct. 22, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Nevada Award Night
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Election Oriented
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Oct. 23, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds: A Panel of Professionals
         TBA, Rochester, New York
            Contact: www.turnaround.org

Oct. 23-24, 2008
   AMERICAN CONFERENCE INSTITUTE
      Distressed Assets Boot Camp
         TBD, London, United Kingdom
            Contact: www.americanconference.com

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Corporate Governance Meetings
         Marriott, New Orleans, Louisiana
            Contact: www.turnaround.org

Oct. 30 & 31, 2008
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Physicians Agreements and Ventures
            Contact: 800-726-2524; 903-595-3800;
               www.renaissanceamerican.com

Oct. 31, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         Hilton, Frankfurt, Germany
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Coach House Diner & Restaurant, Hackensack, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

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

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

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

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

Apr. 15-18, 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/

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

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

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

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency – Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers—the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.



                         *********

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.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

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

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





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