TCRAP_Public/080821.mbx         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

            Thursday, August 21, 2008, Vol. 11, No. 166

                            Headlines

A U S T R A L I A

ANGAS HOLDINGS: Members' Final Meeting Slated for August 25
BABCOCK & BROWN: Taps Michael Larkin as New CEO
BABCOCK & BROWN: Posts AU$17 Net Profit for FY2008
BARBEQUES GALORE: Files for Chapter 11 Bankruptcy in California
BETANCO PTY: Liquidator to Give Wind-Up Report on August 25

BUSIVEST PTY: Members and Creditors to Meet on August 22
CITY PACIFIC: First Mortgage Fund Cuts Bank Facility to AU$120MM
COMMANDER COMMUNICATIONS: Receivers To Sell Remaining Assets
EVENTWORKS INTERNATIONAL:  Joint Meeting Set for August 25
JAMES HARDIE: 1Q Net Operating Profit Downs 39% to US$41.6MM

JP MORGAN: Fitch Downgrades 4 Classes of Mobius NCM-04 Notes
LQ37 (TF): Members' Final Meeting Set for August 25
METAMORPHOSIS STRATEGIES: Joint Meeting Slated for August 22
PMG FINANCE: Members Opt to Liquidate Business
SERVICE & CIVILITY: To Declare Dividend on August 26

TARCOOLAR PTY: Liquidator to Give Wind-Up Report on August 22
YATES SECURITY: To Declare Dividend on September 5


C H I N A

CHINA CONSTRUCTION: Sees Slow Down in China's Real Estate Sector
CHINA MINSHENG: Gets Regulatory OK to Open Changsha Branch
CHINA SOUTHERN: To Increase Surcharge for Korea-China Route
CLOROX COMPANY: June 30 Balance Sheet Upside-Down by US$350 Mil.
HAINAN AIRLINE: Expects 50% Increase in First Half Profit


H O N G K O N G

ASCENTIAL HONG KONG: Tip and Keith Quit as Liquidators
CHELGATE LIMITED: Commences Liquidation Proceedings
DARRACOTT LIMITED: Heather and Ching Quit as Liquidators
HIGHNESS RESTAURANT: Chow Kee Wai Resigns as Liquidator
HONG KONG E-BAO: Placed Under Voluntary Liquidation

J.H. BACHMANN (HONG KONG): Members' Meeting Set for Sept. 15
JOHN DEERE: Creditors' Proofs of Debt Due on September 16
KINGVIEW ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 12
PEAKTON LIMITED: Creditors' Proofs of Debt Due on September 24
STARWAY CORPORATION: Creditors' Proofs of Debt Due on Sept. 15

ZILLION DYNASTY: Members Agree on Voluntary Liquidation


I N D I A

ANUBHAV CO-OPERATIVE: Insolvency Prompts RBI to Cancel License
CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
TATA MOTORS: To Cut Rights Issue to Two Unlinked Securities


I N D O N E S I A

KERETA API: Govt. Plans to Inject IDR19 Trillion Funds
PT PERTMINA: Mulls Iraq Oil Management Agreement w/ PetroVietnam
PT PERTAMINA: Owes Asitab and Apkogi More Than IDR300 Billion


J A P A N

MAGNOLIA FINANCE I: S&P Cuts Credit-Linked Notes Rating to BB-
URBAN: Not Directly Involved in 6 Japanese CMBS Loans, S&P Says
* JAPAN: Banks Halt Lending as Number of Bounced Checks Rise
* JAPAN: Major Firms' Earnings Down 14.6% in April-June


K O R E A

HYUNDAI MOTOR: Union Suspends Strike Plan


M A L A Y S I A

KIMBLE: Total Default Amounts to MYR149.19 Mil. as of Aug. 15


N E W  Z E A L A N D

ABLE AUTO: High Court Enters Wind-Up Order
BHJ CONSTRUCTION: Commences Liquidation Proceedings
BROOKLYN RISE: Commences Liquidation Proceedings
CHECK THIS: Placed Under Liquidation
CHRISTCHURCH CHICKEN: High Court Enters Wind-Up Order

COMPLEX PROPERTIES: Commences Liquidation Proceedings
DRURY LANE: Commences Liquidation Proceedings
GENEVA FINANCE: To Review Company's Loan Portfolio
IJ CONTRACTORS: Commences Liquidation Proceedings
MR. BEAN: Commences Liquidation Proceedings

PROPERTY VENTURES: Sale Deal With Christchurch City Scrutinized
STRATEGIC: Expects to Post Net Operating Loss of NZ$15.5 Million
WANAKA PROPERTY: Placed Under Liquidation
WAIPAWA FINANCE: Creditors May Recover 19.2 Cents on the Dollar


P H I L I P P I N E S

* PHILIPPINES: Thrift Banks' NPL Ratio Stood at 6.67% in March


S I N G A P O R E

COCOWOODS INTERNATIONAL: Placed Under Voluntary Liquidation
CULTURE DE LINGERIE: Court to Hear Wind-Up Petition on August 29
HO PAK: Wind-Up Petition Hearing Set for August 22
SUPER BIKE: Subject to DBS Bank's Wind-Up Petition


X X X X X X X X

* United Arab Emirates Insolvency Remains Untested, S&P Reports


                         - - - - -


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

ANGAS HOLDINGS: Members' Final Meeting Slated for August 25
-----------------------------------------------------------
G. D. D. Raffan, Angas Holdings Pty Limited's appointed estate
liquidator, will meet with the company's members on Aug. 25,
2008, at 9:00 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



BABCOCK & BROWN: Taps Michael Larkin as New CEO
-----------------------------------------------
Babcock & Brown Limited disclosed that as part of a broader
strategic review process, it has adopted a number of changes to
improve independence and governance and to support the next
phase of the Group's evolution.

The company said following 24 years with Babcock & Brown and
nearly four years as Managing Director and Chief Executive
Officer (CEO), Phil Green, has decided to step down from his
executive role but will remain on the Board, and after a short
transition period will become a Non-Executive Director.

Mr. Green will be replaced by current CFO, Michael Larkin, who
has been appointed Managing Director and CEO effective
immediately.  The company is in the process of selecting a new
Chief Financial Officer (CFO) from a field of both internal and
external candidates.

Jim Babcock, Founder and Executive Chairman, is stepping down as
Chairman but will remain on the Board and after a short
transition period will become a Non-Executive Director.  Deputy
Chairman, Elizabeth Nosworthy, has been elected Chairman.

For health reasons, the current Chairman of the Board's Audit &
Risk Management Committee, Michael Sharpe, has retired as a Non
Executive Director, he will be replaced in that role by
Pat Handley.

The remaining two Executive Directors, Jim Fantaci and
Martin Rey have stepped down from the Board to increase the
proportion of independent and non-executive directors on the
board.  The other independent directors, Joe Roby and Dieter
Rampl, will continue in their roles and the Board has commenced
a search to recruit further independent directors.  The Babcock
& Brown Board will after the noted transitions, have only one
Executive Director being the Managing Director, Michael Larkin.

Mr. Babcock said, "As I indicated at the company's AGM in early
May, we heard the market's desire for us to make governance and
strategic changes to better reflect the nature, scale and
breadth of Babcock & Brown today compared to the much smaller,
highly entrepreneurial company that listed on the Australian
Securities Exchange just four years ago, and the changes being
announced today have been designed and adopted with this end in
mind."

Ms. Nosworthy said, "the changes have been unanimously agreed by
directors and senior executive team.  The appointment of Michael
Larkin as Managing Director and CEO represents a change of focus
for Babcock & Brown towards consolidation of its position as a
leading global alternative asset manager/developer with a
reducing level of principal investment activity.

"Jim Babcock is to be congratulated for his vision and insight
that has created a global company with a unique and mutually
respectful culture and a strong focus on performance.  The Board
and the company thank Jim for his 31 years of service and will
continue to value Jim's input in his capacity as a Non-
Executive Director.

"Everyone at Babcock & Brown thanks Phil for his enormous
contribution to the development and success of Babcock & Brown
over so many years.  We recognize in particular his leadership
and vision in building the business since the float in 2004.
Phil is greatly admired by his Board colleagues, by employees
across the Babcock & Brown world and by many shareholders and
co-investors.  We are all delighted that the group will continue
to benefit from his intellect, insight and guidance in his role
as a non-executive director.

"As senior executives, Jim Fantaci and Martin Rey remain deeply
committed to the ongoing success of Babcock & Brown. Like Jim
and Phil they fully recognise that the time has come for the
appointment of a greater proportion of independent directors to
the Board to ensure the Group complies with governance best
practice and to make room for fresh talent and thinking at
board level.  We thank them for their service on the Board and
look forward to their continuing contribution as senior
executives of the company.

"On behalf of all Board members I extend our gratitude to
Michael Sharpe for his contribution over these last four years.
He has been an outstanding Chairman of our Audit and Risk
Management Committee and we wish him well.

"We are delighted that someone with Pat Handley's extensive
financial management expertise has agreed to join the board as
an Independent Director and Chairman of the Audit & Risk
Management Committee," Ms. Nosworthy said.

As part of the company's 2008 interim results presentation,
Mr. Larkin will provide an update on the strategic review now
underway.  The update includes key decisions taken so far; a
senior management restructure to implement those changes and
revised financial and capital management policies.

Mr. Larkin said, "While Babcock & Brown currently faces a number
of challenges I am excited to have been appointed to lead a
Group with significant competitive advantages in our key markets
globally with a highly experienced and talented employee group.

Outgoing Managing Director and CEO, Phil Green, said, "I have
had an enormously rewarding 24 years since joining Babcock &
Brown in 1984 to cofound the Australian office."

"Over the years identifying new growth opportunities has been a
hallmark of Babcock & Brown's success which continues to this
day.

"I have every confidence in Michael Larkin and the team in place
to execute on the changes that have been announced today to
ensure that we leverage the strong platforms and skill sets we
have to continue Babcock & Brown's evolution towards a global
alternative asset management business. I look forward to making
a continuing contribution for the benefit of all stakeholders
both in directly assisting Michael in the transition and in the
long term as a nonexecutive director.

Mr. Green is currently on the Boards of Babcock & Brown
Infrastructure, Babcock & Brown Capital, Babcock & Brown Japan
Property Management Limited, a responsible entity for Babcock &
Brown Japan Property Trust and Everest Babcock & Brown.  He will
progressively retire from those boards as suitable replacements
are appointed.

Babcock & Brown notes that Ms. Nosworthy has resigned from the
Board of the Group's joint venture partner, GPT Group, in
recognition of the potential for conflicts of interest that
could arise as a result of her role as Chairman of Babcock &
Brown.

Babcock & Brown's new board consist:

   Elizabeth Nosworthy – Chairman & Non Executive Director

   Michael Larkin      - CEO & Managing Director

   Pat Handley         – Independent Non Executive Director

   Ian Martin          - Independent Non Executive Director

   Dieter Rampl        - Independent Non Executive Director

   Joe Roby            – Independent Non Executive Director

   Jim Babcock         – Executive Director transitioning
                         to Non – Executive Director

   Phil Green          - Executive Director transitioning
                         to Non – Executive Director

   New appointments - further Independent Non Executive
                      Directors to be recruited

                    About Babcock & Brown Ltd

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2008, Standard & Poor's Ratings Services affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings on
Babcock & Brown International Pty Ltd. (BBIPL), a subsidiary of
Babcock & Brown Limited and removed the ratings from CreditWatch
negative, where they were initially placed on June 12, 2008.  At
the same time, a stable outlook was assigned to the long-term
rating.

"The CreditWatch removal and rating affirmation follow BBIPL
banks' waiver of the "review event" and finalization of a
revised bank facility, where the market capitalization clause
was removed.  These developments have significantly eased
BBIPL's short-term funding and liquidity risks," Standard
& Poor's credit analyst Sharad Jain said.  "Although the banks
have increased the interest margin by 50 basis points, its
impact on the company's earnings is not expected to be
significant for the rating.  BBIPL has also agreed to
strengthen the company's liquidity.  Furthermore, the company
plans to reduce its leverage by decreasing the facility size to
AU$2.4 billion through an orderly and planned sale of assets."


BABCOCK & BROWN: Posts AU$17 Net Profit for FY2008
--------------------------------------------------
Babcock & Brown Limited disclosed a 2008 Interim Group Net
Profit after tax of AU$175 million.

Operating cashflow increased 62% over pcp to AU$299.6 million
reflecting the non cash nature of most of the losses in the
reported profit result.

New investment in the development pipeline included a 14%
increase in wind energy development to AU$748.5 million, a
further AU$50 million invested in solar energy development and
AU$24.5 million in public private partnership projects. Total
development investment declined to AU$1.2 billion due to the
reclassification of completed real estate, and renewable fuel
projects and the sale of the Transbay cable project.

During the six month period the three key business divisions
focused on further institutional capital raising initiatives,
with in excess of AU$2.6 billion of new capital commitments
raised from co-investment partners. Uncommitted capital under
discretionary management in our wholesale infrastructure funds
at the current time is AU$3.2 billion.  Managed capital to
expand aircraft under management in our Operating Leasing
Division is in excess of US$584 million.

                      Dividend Policy

As a matter of prudence, no dividend will be paid until
sufficient progress has been made on corporate debt reduction.
Dividends are expected to re-commence in 2009.

                     Strategic Review Update

As part of the strategic review the Group is undertaking,
Babcock & Brown also announced a series of Board and Senior
Executive changes.  The changes include the decision by Managing
Director and CEO, Phil Green, to step down from his
Executive Director role with current CFO, Michael Larkin
becoming Managing Director and CEO effective immediately.  Mr
Green will remain on the board as a Non-Executive Director.

Mr. Larkin said, "Over the last few years in particular, Babcock
& Brown has been very successful at achieving substantial growth
based on the high levels of liquidity in the capital markets.
This has led to the group being too highly leveraged and not
sufficiently focused.  In view of the changed market
environment, we are taking the necessary steps to reduce the
leverage and refocus the Group on the areas where we can best
deliver earnings growth for Babcock & Brown shareholders and
investment performance for our Limited Partners and, investors
in our funds other co-investors over the longer term, without
taking undue risk.

"While the strategic review, which is being conducted with input
from financial advisers Deutsche Bank and Goldman Sachs has some
way to go, we are effecting four key areas of change that
accelerate the evolution of Babcock & Brown's business to a
leading global alternative investment originator and asset
manager:

   1. Focus resources and capital on sectors where the
      company has a clear and proven competitive advantage
      in both origination and asset management –
      Infrastructure; Real Estate; and Operating Leasing.

   2. Reduce the risk profile of the business through a
      de-leveraged and more transparent balance sheet.
      We will reduce the level of principal investment
      activity the firm undertakes and increase the emphasis
      on operating returns through growth in AUM. Consistent
      with this, we will target a lower ROE of 15-20% and
      operating cost savings run rate of at least 20% of
      annualized 2008 1H cost base to be delivered by the
      end of 2009.

   3. Adopt a more disciplined approach to the allocation
      of capital focused on coinvestment and development
      activities, confined to our key business areas.

   4. Enhance the alignment of interests between shareholders,
      fund investors, LP and other co-investor interests.

Mr. Larkin said the primary purposes for which the balance sheet
will be used can be broadly summarized as;

   -- Co-investment in our specialised fund and asset
      management platform.

   -- Greenfield and brownfield development of assets
      in the company's key business areas.

"To implement these changes, we have restructured the senior
management team to improve capital allocation decisions across
the Group" Mr. Larkin said.

The senior management restructure includes:

   * Creation of Chief Investment Officer (CIO) Role –
     Peter Hofbauer. In this role Peter will be responsible
     for the investment process across Babcock & Brown.

   * Capital Markets Group to support all businesses – Headed
     by Richard Allsopp and Martin Rey this group will co-
     ordinate our interaction with long-term providers of
     capital across the key business and be responsible for
     deepening our existing relationships

   * Infrastructure division organised into three regional
     units reporting direct to CEO – EMEA - Antonio Lo Bianco;
     North America - Mike Garland; Asia Pacific John Bowyer

   * Real Estate and Aircraft Operating Leasing continue
     as global units headed by Eric Lucas Steve Zissis

   * COO – David Ross to focus on achievement of reduced
     group operating cost base and restructuring employee
     compensation to achieve better shareholder / investor
     alignment

   * New CFO – currently considering both internal and
     external candidates, a further announcement will be
     made shortly.

"The Corporate & Structured Finance Division (CSF) will
gradually be wound down.  Other assets and businesses not within
the key areas of focus will be kept under review and divested or
wound down as appropriate to maximize shareholder value," he
said.

"Existing private equity funds, BBDIF and BBGP, will continue to
be managed by Babcock & Brown and have access to the Group's co-
investment pipeline.  BBC, BCM, BBGI also will continue to be
managed by Babcock & Brown and will pursue strategies,
as previously announced, to maximize value for investors" said
Mr. Larkin.

Rob Topfer, Head of the Corporate and Structured Finance
Division will step down from that role, however he will continue
to be a Director of and actively involved in BCM, BBC and BBDIF.

"The strategic review to restore value to the Australian listed
funds platform also continues with fund Board initiatives
underway in most funds.  We remain committed to having both
listed and unlisted funds, in key focus areas to ensure that
value is delivered for investors," Mr. Larkin said.

                            Outlook

As previously advised, the Group 2008 NPAT is not expected to be
above the 2007 Group NPAT of AU$643 million. The result is
dependent on market conditions and:

   -- execution on the 2008 transaction pipeline

   -- 2008 asset sales program

   -- progress in relation to restructuring and
      cost reduction program

   -- impact of costs associated with the restructure

Mr. Larkin said, "The volatile global capital market conditions
have made and continue to make business conditions uncertain and
forecasting in the short term difficult.  The environment has
created a number of challenges for the Group which we are
actively working through at the current time to reach
resolutions which endeavor to weigh the interests of all
stakeholder groups.

"We believe that the changes to the business announced today
will better equip Babcock & Brown to operate in the current
market environment, to build on its leading position in its key
markets and position itself for ongoing earnings growth in
future years.

"I particularly want to acknowledge the continuous commitment
and support of Babcock & Brown's employees.  The last few months
have been very challenging and their support is key to the
success of the Group," Mr. Larkin said.

                     Summary of Result

   * Reported Group Profit of AU$175 million includes
     the impact of non-cash impairment charges of
     AU$386 million and realized trading losses of
     AU$55 million across the four divisions.

   * Net operating cashflow increased 62% on pcp to
     AU$299.6m

   * Rolling 12 month interest cover at June 30, 2008,
     was 5.3x

   * Undrawn capacity and unrestricted cash at Aug. 20,
     2008, in excess of AU$800 million

   * Total remuneration as a % of Net Revenue was 38%
     compared to 46% on pcp

   * Infrastructure Division driver of growth with a 97%
     increase in Net Revenue generated primarily from the
     expanded funds and asset management platform and
     development revenue. Prior to impairment charges net
     revenue increased 125%

   * Prior to impairment charges Real Estate Net Revenue
     was AU$126 million. The Division recorded an overall
     net revenue loss of AU$71.7 million for the period due
     to non-cash impairment charges and lower overall trading
     profits from assets sales.

   * At the operating level Aircraft Operating Leasing
     delivered a small increase on pcp2 a good result in
     the current environment. The reported result of
     AU$118.8 million was impacted by stronger $A and an
     impairment charge

   * Higher tax rate of 24% reflects strong contribution
     from North America and the impact of impairment charges
     flowing through from the GPT Joint Venture.

   Six months ended 30 June               2007   2008   chg
   ---------------------------------------------------------
   Net Revenue (AU$'m)                     800    561   (30)%

   Net Revenue prior to impairment
   charges and asset revaluations (AU$'m)  764   1,002    31%

   Operating cashflow (AU$'m)             185.5    299.6  62%

   EBITDA (AU$'m)                         393.1    335.7 (15)%

   NPAT attributable to the BNB
   Group (AU$'m)                          250.1    175.0 (30)%

   NPAT to Babcock & Brown
   Limited (AU$'m)                        199.6    150.9 (24)%

   Basic EPS (˘)                           72.1     47.9 (34)%

   Assets under Management (AU$'bn)        52.6     74.4  41%


                    About Babcock & Brown Ltd

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2008, Standard & Poor's Ratings Services affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings on
Babcock & Brown International Pty Ltd. (BBIPL), a subsidiary of
Babcock & Brown Limited and removed the ratings from CreditWatch
negative, where they were initially placed on June 12, 2008.  At
the same time, a stable outlook was assigned to the long-term
rating.

"The CreditWatch removal and rating affirmation follow BBIPL
banks' waiver of the "review event" and finalization of a
revised bank facility, where the market capitalization clause
was removed.  These developments have significantly eased
BBIPL's short-term funding and liquidity risks," Standard
& Poor's credit analyst Sharad Jain said.  "Although the banks
have increased the interest margin by 50 basis points, its
impact on the company's earnings is not expected to be
significant for the rating.  BBIPL has also agreed to
strengthen the company's liquidity.  Furthermore, the company
plans to reduce its leverage by decreasing the facility size to
AU$2.4 billion through an orderly and planned sale of assets."


BARBEQUES GALORE: Files for Chapter 11 Bankruptcy in California
---------------------------------------------------------------
Barbeques Galore Inc. filed voluntary petition under Chapter 11
of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court for
the Central District of California, blaming slowdown in home
sales, Bloomberg News reports.

According to Bloomberg, a company official said the general
collapse of the market from home sales and its inability to
borrow from its bank lender compelled it to seek bankruptcy
protection.

The company listed assets and debts of between US$10 million and
US$50 million each, the report says.  The company said it
intends to sell itself or come up with a plan of liquidation
with its lenders, the report adds.

The company has at most 5,000 creditors including Sakura Bath &
Kitchen Products of Guanodong, China, which is asserting a
US$1.6 million claim against the company, the report says.

In March 2008, the company borrowed US$22 million from a line of
credit with Wells Fargo Retail.  The loan is secured by all of
the assets of the company and that of its affiliates, Bloomberg
says.  As of July 30, 2008, the company had US$12.6 million
outstanding under the line of credit, the report notes.

The company owes US$38 million in unsecured debt to Ironbridge,
which is subordinated to the credit line, the report relates.
The company had US$16 million in unsecured debts and US$1.4
million in taxes, the report says.

The company's affiliate Barbeques Galore Ltd. from Auburn,
Australia, was excluded in the bankruptcy filing, the report
says.

Headquartered in Carlsbad, California, Barbeques Galore Inc.,
sells barbecues and accessories in its 65 stores in the United
States.  The company has at least 400 employees.


BETANCO PTY: Liquidator to Give Wind-Up Report on August 25
-----------------------------------------------------------
S B Humphrys, Betanco 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 meeting will be held at at Level 7, 20 Hunter
Street in Sydney.


BUSIVEST PTY: Members and Creditors to Meet on August 22
--------------------------------------------------------
Busivest Pty Limited will hold a final meeting for its members
and creditors at 3:00 p.m. on Aug. 22, 2008.  During the
meeting, the company's liquidator, Bruce Gleeson at Jones
Partners, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Bruce Gleeson
          Jones Partners
          Insolvency & Business Recovery
          Level 13, 189 Kent Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9251 5222


CITY PACIFIC: First Mortgage Fund Cuts Bank Facility to AU$120MM
----------------------------------------------------------------
City Pacific Limited's confirmed that City Pacific First
Mortgage Fund (FMF/the Fund) has reduced its bank facility down
to approximately AU$120 million.

With this payment the Fund has reduced its bank facility from
AU$240 million in January down to approximately AU$120 million.
City Pacific stands behind the strength of the loan portfolio
for the Fund which comprises quality projects located in areas
where the property market and population growth figures remain
strong.

Over the past 6 months loan repayments coming back to the Fund
through the normal course of the Fund's operations have allowed
for:

   * the reduction of the Fund's bank facility by almost
     AU$120 million to approximately AU$120 million; and

   * the continued funding of ongoing obligations to
     existing borrowers to allow for the completion of
     projects in order to preserve the value of the Fund.

                       Suspends Payments of
                   Distributions to Unitholders

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2008, City Pacific Limited took the necessary steps to
preserve the value of the Fund's assets and protect unitholders
investments in light of the rapidly changing market conditions.

As a result of the significant market changes City Pacific made
the decision, in March 2008, to defer the payment of redemptions
from the Fund whilst continuing the payment of distributions to
unitholders.

City Pacific said that due to the continued market volatility
and the possible impact it may have on the value of the Fund's
assets, it is anticipated that certain adjustments will be
necessary.  Management's review, in consultation with the Fund's
auditors, indicates that an accounting provision of
approximately 5% of the Fund's mortgage loan portfolio may be
necessary.

City Pacific's Board will be in a position to inform members of
the outcome of the above assessment upon the completion of the
Fund's full year audit which will be completed by Sept. 30,
2008.

It is important for unitholders to understand that this
provision is an accounting treatment and management believe that
with the continued effective management of the loan portfolio
allowing for the orderly completion and sale or refinance of the
existing projects, the provision may not be utilised in full.

In order to preserve the capital value of the unitholders'
investments in the Fund, and until such time that the above
assessment and audit have been completed, the Board has
determined that the Fund will not pay distributions for the
months of July and August.

City Pacific said it understand that many of its unitholders,
staff and Directors are relying on these distribution payments
in what has been a challenging year, but the Board must ensure
that the value of the Fund's assets and unitholders investments
are preserved and this can only be done by ensuring the projects
financed by the Fund are completed in an orderly manner.

                       Liquidity Proposal
                   for Unitholders in the Fund

To protect the value of the assets in the Fund, City Pacific
said that its decision to suspend the payment of distributions
for July and August coupled with the deferral of redemptions has
a significant impact on those unitholders who require access to
their funds (liquidity).

City Pacific has considered, in conjunction with its advisers, a
number of options which will provide unitholders with an
opportunity for ongoing liquidity.

The Board of City Pacific said that it has finalised the terms
of the proposal which is to be offered to the unitholders of the
Fund.  The proposal will be an offer from City Pacific to
unitholders of the Fund and will be structured in the following
manner:

   * City Pacific will, subject to shareholder approval,
     offer up to AU$1 billion convertible preference
     shares (CPS);

   * Unitholders will have the option to exchange their
     units in the Fund on the basis of one $1 CPS for
     every unit held;

   * City Pacific will receive in exchange for the issuing
     of the CPS's a co-investment position with the Fund
     in all of the Fund's loan portfolio;

   * City Pacific's co-investment will be equal to the
     number of CPS's issued and will be evenly spread across
     the Fund's entire loan portfolio;

   * City Pacific and the Fund will rank equally in respect
     to the co-investment;

   * it is the intention of City Pacific to apply to list
     the CPS's on the ASX (subject to certain approvals)
     thus creating liquidity through the ability for the
     CPS's to be traded on the ASX platform;

   * the CPS's will have an issue price of $1;

   * the dividend rate for the CPS's will be determined
     by adding 3% to the Reserve Bank of Australia
     cash rate. At the current RBA cash rate this
     represents a return of 10.25% per annum on the issue
     price;

   * dividends will be paid quarterly in arrears and will
     be cumulative;

   * the dividend stream for the CPS's will be derived not
     only from City Pacific's coinvestment with the Fund
     in registered first mortgages but also City Pacific's
     property and finance related activities;

   * the CPS's will have a term of 9 years and 11 months
     and will be redeemable at the expiration of this term;
     and
   * during the term the Board of City Pacific may offer
     CPS holders the opportunity to convert their CPS's
     into ordinary shares.

City Pacific said it will be seeking the necessary regulatory
approvals in relation to the proposal prior to distributing the
documentation and relevant notices to unitholders and City
Pacific shareholders.  Subject to receiving these approvals we
anticipate the documents will be distributed in late September
in order that shareholder and unitholder meetings can be held on
the same day as City Pacific's AGM currently scheduled for
Oct.  28, 2008.

City Pacific's Board have considered the interests of all
stakeholders and believe that the terms of the proposal are
designed to protect the interests of all parties so that
unitholders will get full value for their investment yet there
will be no dilution of value to ordinary shareholders.

                       About City Pacific

City Pacific Limited (ASX: CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.

City Pacific, a non-bank loan provider, has AU$5 billion
in mortgage assets under advice, comprising over AU$1 billion
funds under management in the City Pacific First Mortgage
Fund, City Pacific Income Fund, City Pacific Managed Fund
and City Pacific Private Fund, a residential loan book of
AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.


COMMANDER COMMUNICATIONS: Receivers To Sell Remaining Assets
------------------------------------------------------------
McGrathNicol, Commander Communications Limited' receivers, will
sell the remaining assets of the company as two separate
businesses, and attempt to complete the process in the next
three months, Mahesh Sharma of the Australian Business reports.

According to the Australian, the assets include Commander's IT
services business, which has major government and enterprise
clients such as the federal Department of Finance and
Deregulation; and Commander's telecommunications business, which
supports the telephone and network functions of about 30,000
small and medium business customers and includes Commander's
franchise network.

McGrathNicol, the report relates, will call for formal
expressions of interest later this week, and shortlist up to
four parties for both businesses over the next month.

The sale of Commander's assets will not cover the creditors'
debts, and unsecured creditors will probably be left out of
pocket, the report adds, citing Commander's administrators.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 12, 2008, the directors of the Commander Communications
appointed Steve Sherman and Max Donnelly of Ferrier Hodgson to
be the joint voluntary administrators of the company.

The company said that this action was taken following a decision
by the company's lenders not to grant further extension of time
for repayment of their facilities.

Subsequent to the appointment of administrators, the company's
lenders appointed Peter Anderson, Chris Honey and Joe Hayes of
McGrathNicol as receivers.

                         About Commander

Based in Sydney, Australia, Commander Communications Limited
(ASX:CDR)-- http://www.commander.com/ -- is a business
communications and technology provider to the corporate and
enterprise market.  The company operates in three business
segments: The Voice Hardware and Network, Data Hardware and the
Services section.  The company's Services segment includes
managed services, professional services and technical services.
Commander, through a series of strategic acquisitions and
relationships with technology companies, provides complete
business communications and technology solutions.  Commander's
solutions span office and mobile telephony, information
technology (IT) hardware and software, Internet and network
access, converged solutions, support and maintenance services
and software licensing. Commander, along with Volante Group
Limited, has introduced infrastructure solutions, software
solutions, strategic consulting services and Volante Managed
Services to the portfolio.


EVENTWORKS INTERNATIONAL:  Joint Meeting Set for August 25
----------------------------------------------------------
Eventworks International Pty Ltd will hold a final meeting for
its members and creditors at 10:30 a.m. on Aug. 25, 2008.
During the meeting, the company's liquidator, Nick Malanos at
Worrells Solvency & Forensic Accountants, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

          Nick Malanos
          Worrells Solvency & Forensic Accountants
          Level 3, 333 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9249 1202
          Facsimile: (02) 9249 1211
          Website: www.worrells.net.au


JAMES HARDIE: 1Q Net Operating Profit Downs 39% to US$41.6MM
------------------------------------------------------------
James Hardie disclosed a US$41.6 million net operating profit,
excluding asbestos, for the quarter ended June 30, 2008, a
decrease of 39% compared to the same period last year.  For the
first quarter, net operating profit including asbestos was
US$1.4 million, compared to US$39.1 million for the same quarter
last year.

                    Operating Performance

First quarter net sales decreased 14% to US$365.0 million, gross
profit was down 26% to US$124.0 million and EBIT excluding
asbestos was 39% lower at US$64.0 million.  EBIT including
asbestos decreased 69% from US$75.0 million to US$22.9 million.

Results were significantly affected by further declines in the
US housing market, where housing starts fell 35% in the first
quarter compared to the same period last year.  USA and
Europe Fibre Cement net sales fell 20% in the first quarter
compared to the same quarter of the prior fiscal year. USA and
Europe Fibre Cement EBIT for the quarter decreased 42% to
US$65.6 million, primarily due to the decreased EBIT performance
of the US business.  The US business EBIT decreased due to lower
sales volume and higher unit costs, partially offset by a
decrease in SG&A spending.  The higher unit costs were driven by
increased pulp and energy costs and lower fixed cost absorption.

Asia Pacific Fibre Cement net sales were up 17% for the quarter.
Asia Pacific EBIT for the quarter increased 27% due to an
improved gross margin performance and favourable currency
exchange rate movements of the Asia Pacific business' currencies
compared to the US dollar, partially offset by increased SG&A
expenses.

Diluted earnings per share for the quarter decreased to US0.3
cents per share from US8.3 cents per share in the same period
last year.

Diluted earnings per share excluding asbestos decreased from
US14.6 cents to US9.6 cents for the quarter

                         Commentary

“Our main businesses operated in markets that were affected by
downturns, particularly in the US, where the downturn was the
most severe,” said CEO Louis Gries.  “Despite this, we continued
to focus on driving primary demand for fibre cement products in
North America with strategies aimed at increasing our share of
the US siding and backer board markets.

“Although we expect our volume to remain below prior year as a
result of a continuing decline in housing markets, we expect our
differentiated product strategy will allow us to maintain
selling price and increase market share.

“In the US business our organisational cost base has been
reduced as part of a major business reset implemented in April
2008.”

                    Share Buy-Back Program

The company said it has previously announced a share buy-back
program of up to approximately 46.8 million shares.  Prior to
April 2008 the company had repurchased 35.7 million shares.

The company did not purchase any shares during the period
between 1 April 1, 2008 and Aug. 20, 2008.  As the 12 month
period for the buy-back program has now ended, the
company ceased the buy-back program on Aug. 20, 2008.

                    USA and Europe Fibre Cement

First quarter net sales were down 20% compared to the same
quarter last year, to US$281.7 million.  Sales volume decreased
20% to 468.5 million square feet, and the average net sales
price decreased slightly from US$604 to US$601 per thousand
square feet.

USA Fibre Cement sales volumes continued to be significantly
affected by the ongoing weakness in the US housing market, where
housing starts fell 35% in the first quarter compared to the
same period last year.  Results were also affected by a moderate
unfavourable shift in the product mix caused by a relative
increase in lower priced interior products.

Sales of exterior products declined as a result of lower demand
for our siding, soffit and trim products, in all regions except
Canada and Europe, although the differentiated ColorPlus(R)
product line increased its market penetration in this quarter,
compared to the same period last year.

EBIT for the quarter was 42% lower at US$65.6 million, primarily
due to reduced gross profit performance in the US which resulted
from lower sales volume, higher freight costs, higher average
unit costs and a slightly lower average net sales price. The
EBIT margin was 23.3% for the quarter compared to 32.0% for the
same period last year.

                   Asia Pacific Fibre Cement

Net sales increased 17% to US$83.3 million for the quarter.  In
Australian dollars, net sales increased 3% due to a 4% increase
in sales volume, partially offset by a decrease of 1% in the
average Australian dollar net sales price.

On-going growth in sales of differentiated products, along with
a more favourable product mix, helped the Australian and New
Zealand businesses continue to offset declining housing markets.

The Australian business out-performed the market by focusing on
its Scyon(TM) range of products and on growing primary demand
sales in the smaller builder and renovations segments.  The
price of non-differentiated products remained under pressure
from low-priced imports and local competitors. While residential
construction in New Zealand continued to decline, the New
Zealand business out-performed the market with increasing
penetration through its unique LineaTM weatherboards and AxonTM
cladding products.

In the Philippines, sales volumes and revenue declined compared
to the same quarter last year as a result of a
reduction in export sales and a decline in the volume of higher-
priced products in the sales mix.

EBIT was 27% higher for the quarter at US$15.8 million.
Favourable currency exchange rate movements in the Asia Pacific
business' currencies compared to the US dollar accounted for
a large portion of this increase.  In Australian dollars, Asia
Pacific Fibre Cement EBIT increased 15% due to an increased
gross margin, partially offset by increased SG&A expenses. The
EBIT margin was 19.0% for the quarter compared with 17.4% for
the same period last year.

                    Asbestos Adjustments

The effects of asbestos adjustments on EBIT for the quarter
ended June 30, 2008 are:

   US$ Million                  Q1 FY 2009      Q1 FY 2008
   -------------------------------------------------------
   Effect of foreign exchange   US$ ( 40.5)     US$ (33.2)

   Other adjustments                -                3.1
                               ---------------------------
   Asbestos adjustments         US$ ( 40.5)     US$(30.1)
                               ---------------------------

                         ASIC Proceedings

In February 2007, the Australian Securities and Investments
Commission (ASIC) commenced civil proceedings against the
company, a former subsidiary and ten then-present or former
officers and directors of the James Hardie group.  The civil
proceedings concern alleged contraventions of certain provisions
of the Corporations Law and/or the Corporations Act connected
with the affairs of the company and certain subsidiaries during
the period February 2001 to June 2003.

                           Cash Flow

Operating cash flow for the quarter ended June 30, 2008
decreased from US$131.5 million to US$94.8 million.  The
decrease was driven primarily by a reduced contribution from the
USA and Europe Fibre Cement business.  Capital expenditures for
the purchase of property, plant and equipment decreased from
US$16.5 million to US$3.8 million.

                              Income Tax

Income Tax Expense

Income tax expense for the quarter decreased from US$36.4
million to US$20.4 million.

The company's effective tax rate on earnings excluding asbestos
was 32.9% for the quarter compared to 34.4% for the same quarter
in the prior year.  The decrease in the effective tax rate
excluding asbestos compared to the same period in the prior year
is due to the impact of the change in the geographical mix of
earnings.

Australian Taxation Office (ATO) – 1999 Disputed Amended
Assessment

As announced on March 22, 2006, RCI Pty Ltd, a wholly owned
subsidiary of the company, received an amended assessment from
the ATO in respect of RCI's income tax return for the year ended
31 March 1999.  The amended assessment relates to the amount of
net capital gains arising as a result of an internal corporate
restructure carried out in 1998 and has been issued pursuant to
the discretion granted to the Commissioner of Taxation under
Part IVA of the Income Tax Assessment Act 1936.

On 30 May 2007, the ATO issued a Notice of Decision disallowing
the company's objection to the amended assessment.  On July 11,
2007, the company filed an application appealing the Objection
Decision with the Federal Court of Australia.  The hearing of
RCI's appeal is presently scheduled to commence in the Federal
Court of Australia on Dec. 8, 2008.

ATO – 2002 Tax Audit

The ATO is auditing the company's Australian income tax returns
for the years ended March 31, 2002, and March 31, 2004, through
March 31, 2006.

On Aug. 8, 2008, the Federal Court of Australia (Federal Court)
made orders providing for the reinstatement of the company's
former wholly-owned subsidiary James Hardie Australia
Finance Pty Limited (JHAF)to the register of companies and
appointing Max Donnelly of Ferrier Hodgson as the new liquidator
of JHAF.  JHAF was deregistered on Aug. 23, 2005, following a
voluntary winding up.  The company understands that the
reinstatement of JHAF is a necessary pre-requisite to the ATO
issuing an amended assessment in respect of one of the issues
that has been the focus of the ATO's inquiries during the tax
audit of fiscal year 2002.

The company is considering its position with respect to the ATO
proceedings, the merits of the potential amended assessment and
any obligations of JHAF to the ATO given its prior winding up.

Internal Revenue Service (IRS) - Notice of Proposed Adjustment
(NOPA)

On June 23, 2008, the company announced that the IRS had issued
it with a Notice of Proposed Adjustment (NOPA) that concludes
that the company does not satisfy the United States –
Netherlands Treaty Limitations on Benefits (LOB) provision of
the US-NL Treaty applicable from early 2006 and that accordingly
it is not entitled to beneficial withholding tax rates on
payments from the company's United States subsidiaries to its
Netherlands companies.  The company does not agree with the
conclusions reached by the IRS, and the company intends to
contest the IRS' findings through the continuing audit process
and, if necessary, through subsequent administrative appeals and
possibly litigation.  If the IRS position ultimately were to
prevail, the company would be liable for a 30% withholding tax
on dividend, interest and royalty payments made any time on or
after Feb. 1, 2006 by the company's US subsidiaries to JHI NV or
the company's Dutch finance subsidiary.

On July 16, 2008, the company issued a rebuttal response to the
IRS NOPA.  On July 18, 2008, the IRS issued a 30 Day Letter that
concludes that the company is not in compliance with the LOB
provision for calendar years 2006 and 2007 and that it is not
entitled to reduced withholding tax rates on payments from the
United States to The Netherlands.  The 30 Day Letter notice is a
formal IRS examination report that requires the company to
either agree in full and pay the tax or file a formal, written
protest within 30 days of the 30 Day Letter to request
consideration of the issues with the Appeals Division of the
IRS.

The company filed a formal protest on Aug. 18, 2008, to exercise
its rights to an impartial hearing before the Appeals Division
of the IRS.

                           Outlook

In the United States, National Association of Home Builders'
(NAHB) Chief Economist, David Seiders, reports that NAHB's
surveys of home builders “have yet to show stabilisation of
either net home sales or sentiment regarding the demand side of
the single-family market”.   According to Seiders, weak demand
and heavy oversupply continue to put substantial downward
pressure on house prices, and tight mortgage lending standards
and expectations of further house price declines have kept
prospective home buyers on the sidelines.  The NAHB anticipates
recovery in housing starts to begin in the second quarter of
next year, although both housing starts and residential fixed
investment are expected to be down in 2009 on a year-on-year
basis.

In Asia Pacific, building approvals are expected to continue to
fall in Australia and New Zealand during fiscal year 2009.
While there is likely to be some activity in medium density
dwellings, renovations and commercial properties, this is not
expected to offset the housing market decline.  Housing
affordability is expected to remain under pressure with high
interest rates and fuel costs and increased building costs.
Residential construction in the Philippines is expected to
remain flat or decline.

The company notes the range of analysts' forecasts for operating
profit from continuing operations, excluding asbestos, for the
year ending March 31, 2009, of between US$97 million and US$130
million.  The company is comfortable with the bottom half of
this range, but notes there remains significant uncertainty over
the outlook for US housing activity.

                About James Hardie Industries N.V.

Headquartered in Sydney, Australia, James Hardie Industries N.V.
(ASX:JHX) -- http://www.ir.jameshardie.com.au/-- is an
international building materials group, which produces a range
of fiber cement building materials used in the exterior and
interior of residential and commercial buildings, from exterior
cladding and internal lining to pipes, bracing, decorative
elements and fencing.  The company's segments include USA Fibre
Cement, Asia Pacific Fibre Cement and the Other segment. USA
Fibre Cement manufactures and sells fiber cement interior
linings, exterior siding and related accessories products in the
United States.  Asia Pacific Fibre Cement includes all fiber
cement manufactured in Australia, New Zealand and the
Philippines and sold in Australia, New Zealand and Asia.  Other
includes the manufacture and sale of fiber cement products in
Chile, the manufacture and sale of fiber cement reinforced pipes
in the United States, fiber cement operations in Europe and
roofing operations in the United States.  The roofing plant was
closed and the business ceased opera.

James Hardie underwent a corporate restructuring and redomiciled
in the Netherlands in the second half of 2001.  The company's
securities ceased trading under the Australian Securities
Exchange code 'HAH' on October 12, 2001, and commenced trading
under a new ASX code 'JHX' on October 15. 2004.


JP MORGAN: Fitch Downgrades 4 Classes of Mobius NCM-04 Notes
------------------------------------------------------------
Fitch Ratings downgraded four classes of notes issued by J.P.
Morgan Trust Australia Limited as trustee of the Mobius NCM-04
Trust, with all classes of notes remaining on Rating Watch
Negative.  The ratings are:

  -- AU$75,934,358 Class A1 (AU0000MBBHA7): 'AAA', RWN;
  -- AU$26,719,759 Class A2 (AU3FN0000873): 'AAA', RWN;
  -- AU$23,300,000 Class B (AU3FN0000881): 'AA', RWN;
  -- AU$27,800,000 Class C (AU3FN0000899): downgraded to 'A-' (A
     minus) from 'A', RWN;
  -- AU$18,900,000 Class D (AU3FN0000907): downgraded to 'CCC'
     from 'BBB', RWN;
  -- AU$8,600,000 Class E (AU3FN0000915): downgraded to 'C /DR4'
     from 'B/DR2', RWN; and
  -- AU$7,700,000 Class F (AU3FN0000923): downgraded to 'C /DR6'
     from 'CC/DR5', RWN.

Mobius NCM-04 Trust was originally issued in November 2006 and
is collateralized by a pool of non-conforming residential
mortgages originated by Mobius Financial Services Pty Limited.
The transaction has paid down from initial liabilities of
AU$450m to current liabilities of approximately AU$189m.  To
date, all principal receipts have paid down the Class A notes to
approximately 30% of their initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction taking into
account the fact that whilst no charge-offs of rated notes have
occurred to date, the unrated class G note has had significant
charge-offs reducing from AU$4.1m to a current balance of
AU$118,000.  Additionally, there are significant 90+ day arrears
within the remaining pool that are expected to negatively impact
the transaction in the next few months.  Loans greater than 90
days past due are currently AU$47m representing 22% of the
portfolio. In its forward looking analysis, Fitch has assumed
loss given default of loans greater than 90 days past due at
25%.

As previously detailed, on May 12, 2008, Mobius Financial
Services Pty Limited (Mobius) provided notice that it intends to
retire as Trust Manager and Master Servicer for the Mobius NCM-
04 Trust. Replacement parties are being negotiated with, and the
transition is expected within the next month. Once this
transition is finalised, the agency will resolve the Rating
Watch status on the class A1 to D notes, with the expectation
that the class E and F notes remain on RWN as charge-offs are
expected to materialise over the forthcoming months.

Fitch will continue to closely monitor performance of the
transaction, together with the transition process.


LQ37 (TF): Members' Final Meeting Set for August 25
---------------------------------------------------
John Georgakis, LQ37 (TF) Pty Ltd's appointed estate liquidator,
will meet with the company's members on Aug. 25, 2008, at 9:00
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          John Georgakis
          Ernst & Young
          8 Exhibition Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9288 8000


METAMORPHOSIS STRATEGIES: Joint Meeting Slated for August 22
------------------------------------------------------------
Metamorphosis Strategies Pty Limited will convene a final
meeting for its members and creditors at 11:00 a.m. on Aug. 22,
2008.  During the meeting, the company's liquidator, Bruce
Gleeson at Jones Partners, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

          Bruce Gleeson
          Jones Partners
          Insolvency & Business Recovery
          Level 13, 189 Kent Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9251 5222


PMG FINANCE: Members Opt to Liquidate Business
----------------------------------------------
PMG Finance Pty. Ltd.'s members agreed on July 7, 2008, to
voluntarily liquidate the company's business.  R. A. Dunlop was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          R A Dunlop
          64 Lemon Avenue
          Mildura


SERVICE & CIVILITY: To Declare Dividend on August 26
----------------------------------------------------
Service & Civility Pty Limited will declare dividend on Aug. 26,
2008.

Only creditors who were able to file their proofs of debt by
Aug. 19, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          D. I. Mansfield
          Moore Stephens
          Level 6, 460 Church Street
          Parramatta NSW 2150
          Australia


TARCOOLAR PTY: Liquidator to Give Wind-Up Report on August 22
-------------------------------------------------------------
Tarcoolar Pty Limited will hold a final meeting for its members
and creditors at 10:00 a.m. on Aug. 22, 2008.  During the
meeting, the company's liquidator, Bruce Gleeson at Jones
Partners, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Bruce Gleeson
          Jones Partners
          Insolvency & Business Recovery
          Level 13, 189 Kent Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 9251 5222


YATES SECURITY: To Declare Dividend on September 5
--------------------------------------------------
Yates Security HSB Ltd will declare dividend on Sept. 25, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 25, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          I. J. Purchas
          RMG Partners
          Level 12, 88 Pitt Street
          Sydney NSW 2000
          Australia



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

CHINA CONSTRUCTION: Sees Slow Down in China's Real Estate Sector
----------------------------------------------------------------
China Construction Bank predicted that China's real estate
market will be stagnant in housing price and declining in sales
volume, and the bank is speeding up collecting due property
development loans, Xinhua News reports.

The bank's report, Xinhua relates, pointed out that not only the
sales of commercial house dropped remarkably, but also the
growth of down payment and advanced payment, declined to 14.4%
in June from 35% in April.

Guo Shikun, general manager of research department from the
bank, told the news agency that if the trade volume shrank
further in the rest of the year, the situation of housing price
slash would get worse due to capital press.

According to Xinhua, the report said that although the housing
price in China's 70 large and medium-sized cities increased
9.2% in the second quarter year on year, and the land price
climbed 10.8%, the growth dropped 1.8 percentage points and 5.7
percentage points, respectively, from the first quarter, and the
growth of housing price declined to 8.2% in June from 11.3% at
the starting of this year.

Statistics showed that regional housing price volatility has
increased and the growth slowdown of housing price has widened,
the report notes.

Xinhua says that of the 70 large and medium-sized cities, the
number of cities saw over 10% year on year housing price rise
declined to 12 in January from 25 in June.

The number of cities saw month on month housing price drop in
the three months of second quarter were 4, 12, and 16,
respectively, the report relates.

On the other side, the central bank may continue its stringent
monetary policy in the rest of the year, which will pose great
challenge to the real estate sector, the report adds.

                  About China Construction Bank

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

                          *     *     *

China Construction Bank continues to carry Moody's "D-" bank
financial strength rating.  Moody's Bank Financial Strength
Ratings (BFSRs) represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


CHINA MINSHENG: Gets Regulatory OK to Open Changsha Branch
----------------------------------------------------------
China Minsheng Banking Corporation Limited's Changsha-based
branch has receive approval from Changsha Bureau of China
Banking Regulatory Commission to open in the near future,
Reuters reports.

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

                           *     *     *

The company continues to carry Fitch Ratings' "D" individual
rating.


CHINA SOUTHERN: To Increase Surcharge for Korea-China Route
-----------------------------------------------------------
China Southern Airlines Co. Limited will increase the surcharge
of a single flight from South Korea to China from the original
US$82 to US$98, following the adjustments to the surcharges for
the routes from mainland China to Hong Kong, China Hospital News
reports.

On August 14, 2008, the Troubled Company Reporter-Asia Pacific,
citing China Hospitality News, reported that China Southern
Airlines increased its surcharges for the routes from mainland
China to Hong Kong and Taiwan.

The airline, the report said, increased the surcharge of a
single flight from mainland China to Hong Kong from the original
CNY154 to CNY175, while that for roundtrip flight was up from
CNY308 to CNY350.

According to the report, roundtrip flights from China to Hong
Kong will go up from US4164 to US$196 from September 2, 2008.

Meanwhile, the report relates, the surcharge for the route is
calculated by different sectors without excluding limitation of
liability and agency commission.

                    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


CLOROX COMPANY: June 30 Balance Sheet Upside-Down by US$350 Mil.
----------------------------------------------------------------
The Clorox Company's balance sheet at June 30, 2008, showed
total assets of US$4.73 billion and total liabilities of US$5.08
billion, resulting in a stockholders' deficit of US$350 million.

Clorox reported fourth-quarter net earnings of US$158 million.
Current quarter earnings were reduced by US$10 million in pretax
charges associated with the restructuring-related charges,
including consolidation of the company's manufacturing network
and other charges, and US$3 million associated with the Burt's
Bees acquisition.  In the year-ago quarter, Clorox reported net
earnings of US$164 million.

For fiscal year 2008, Clorox reported net earnings of
US$461 million.  Earnings for the fiscal year were reduced by
US$59 million in pretax charges associated with the
restructuring-related charges, including consolidation of the
company's manufacturing network and other charges; and US$20
million associated with the Burt's Bees acquisition.  In fiscal
year 2007, the company reported net earnings of US$501 million.

For the fourth quarter, other income results reflected US$9
million in net foreign exchange transaction gains in the current
quarter versus a US$3 million net loss in the year ago period.
For fiscal year 2008, net foreign exchange transaction losses
reflected in other income were US$2 million versus a net loss of
US$4 million in fiscal 2007.

"I'm pleased with our performance for the quarter," Don Knauss,
chairman and CEO, said.  "We delivered strong total company and
base business top-line growth.  Our market shares held steady
overall, despite continued economic pressure on consumers.  Cost
savings and the benefit of recent price increases helped lessen
the impact of intense pressure from commodity and energy cost
increases."

"I feel very good about our overall performance for the year,
particularly given unprecedented cost pressures," Mr. Knauss
said. Importantly, we made very good progress against our
Centennial Strategy.  We drove growth on core businesses,
including the new Green Works(TM) line of natural cleaners and
the Brita(R) brand. We also continued to position our portfolio
for faster growth through the Burt's Bees(R) acquisition, which
has done extremely well to date.  I'm very proud of the hard
work and dedication of Clorox employees around the world."

                     Fourth-quarter highlights

Fourth-quarter sales grew 11% to US$1.50 billion, compared with
US$1.34 billion in the year-ago quarter.  Excluding the Burt's
Bees acquisition, sales in the current quarter grew 8%.

Fourth quarter total volume increased 6%.  Excluding Burt's
Bees(R) products, volume was up 4%.  Sales growth outpaced
volume growth primarily due to price increases and favorable
foreign exchange rates.

Gross margin in the fourth quarter decreased 210 basis points to
42.1% from 44.2%.  Excluding the impact of US$8 million of the
restructuring-related charges reflected in cost of goods sold,
gross margin was 42.7%.  The year-over-year decrease was
primarily due to the impact of higher costs for commodities,
manufacturing and logistics, including diesel fuel.  These
factors were partially offset by the benefits of cost savings
and price increases.  During the quarter, Clorox generated cost
savings of US$29 million, of which US$25 million was included in
gross profit and the remaining US$4 million in other lines of
the income statement.

Net cash provided by operations was US$254 million, compared to
US$282 million in the year-ago quarter.  The year-over-year
decrease was primarily due to the timing of tax payments,
partially offset by improvements in working capital.

                     Fiscal year 2008 results

Fiscal year 2008 sales grew 9% to US$5.27 billion.  Excluding
the Burt's Bees and bleach business acquisitions, sales grew 6%.

Volume for the fiscal year increased 6% compared with the prior
year.  Excluding Burt's Bees(R) products and the bleach
acquisition, shipments were up 3% due to growth in core brands
including Fresh Step(R) scoopable cat litter, Green Works(TM)
natural cleaners, Brita(R) products, Hidden Valley(R) salad
dressings and Clorox(R) disinfecting wipes.  Sales growth
outpaced volume growth primarily due to the benefit of favorable
foreign exchange rates and price increases.

Gross margin for the fiscal year decreased 190 basis points to
41.2% from 43.1%.  Excluding the impact of the previously
announced restructuring-related charges and Burt's Bees purchase
accounting step-up in inventory values, gross margin was 42.1%.
The decrease was primarily due to the impact of unfavorable
commodity and energy-related costs, partially offset by cost
savings and price increases.  For the fiscal year, Clorox
generated cost savings of US$93 million, of which US$81 million
was included in gross profit and the remaining US$12 million in
other lines of the income statement.

Net cash provided by operations in fiscal year 2008 was
US$730 million, compared to US$709 million in the prior fiscal
year.  The increase was due to improvements in working capital,
offset by the timing of tax payments.

During the year, Clorox repurchased 2 million shares of the
company's common stock at a cost of US$118 million under its
ongoing program to offset stock option dilution.  In addition,
under the ASR agreement, the company repurchased 12 million of
its shares at a cost of US$750 million.

                    About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and
markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.


HAINAN AIRLINE: Expects 50% Increase in First Half Profit
---------------------------------------------------------
Hainan Airlines Co said first-half profit probably rose more
than 50%, helped by a stronger yuan, Jiang Jianguo and Irene
Shen of Bloomberg News report.

The airline, the report relates, didn't give a specific earnings
figure in a statement to Shanghai Stock Exchange.  Net income
was CNY189.7 million (US$27.6 million), or 0.054 yuan per share,
in the first half of 2007.

According to the report, China's yuan appreciated 6.6% in the
first half, about as much as it did in the whole of last year.
The stronger currency cut the value of domestic airlines'
dollar-denominated debts, helping offset a decline in traffic
following snowstorms in February and the Sichuan earthquake in
May, the report says.

"The yuan's appreciation is the major boost for Chinese
airlines.   Hainan Air was also less exposed to international
fuel increases as it mainly operates domestic routes,'' Li Lei,
an analyst at China Securities Co. in Beijing, was cited by
Bloomberg News as saying.

The carrier is scheduled to report earnings on Aug. 30.

                      About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/--
founded in 1993, is the fourth-largest carrier in China and the
largest non-government-owned airline in China.  Hainan Airlines
is known for its award-winning customer service, impeccable
safety record and on-time performance.  Hainan Airlines carries
more than 14 million passengers annually.  Hainan Airlines
currently flies to more than 60 domestic and international
cities, including the capitals of every Chinese province.
Hainan Airlines' international flights include Budapest,
Brussels, Osaka and St. Petersburg.

                         *      *      *

Hainan Air continues to carry Xinhua Far East China
Rating's "CC" issuer credit rating placed on October 31, 2005
with a negative outlook.



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

ASCENTIAL HONG KONG: Tip and Keith Quit as Liquidators
------------------------------------------------------
On August 8, 2008, Chan Wah Tip, Michael and Ho Man Kei, Keith
quit as liquidators of Ascential Hong Kong Limited.

The company's former Liquidators can be reached at:

          Chan Wah Tip, Michael
          Ho Man Kei, Keith
          601 Prince's Building Road
          Central, Hong Kong


CHELGATE LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on August 4, 2008, the
members of Chelgate Limited agreed to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt by Sept. 9,
2008, to be included in the company's dividend distribution,

The company's liquidator is:

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


DARRACOTT LIMITED: Heather and Ching Quit as Liquidators
--------------------------------------------------------
On August 5, 2008, Chan Wai Chun, Heather and Wong Man Ching
quit as liquidators of Darracott Limited.

The company's former liquidators can be reached at:

          Chan Wai Chun, Heather
          Wong Man Ching
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


HIGHNESS RESTAURANT: Chow Kee Wai Resigns as Liquidator
-------------------------------------------------------
Chow Kee Wai ceased to act as liquidator of Highness Restaurant
Limited on August 4, 2008.

The company's former Liquidator can be reached at:

          Chow Kee Wai
          Garden Terrace, Flat A, 9th Floor, Block 3
          8A Old Peak Road
          Hong Kong


HONG KONG E-BAO: Placed Under Voluntary Liquidation
---------------------------------------------------
On August 8, 2008, the sole member of Hong Kong E-Bao Auto Sale
Service Company Limited resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt by Sept. 12,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          The Landmark, Gloucester Tower, 8th Floor
          15 Queen's Road Central
          Hong Kong


J.H. BACHMANN (HONG KONG): Members' Meeting Set for Sept. 15
------------------------------------------------------------
The members of J.H. Bachmann (Hong Kong) Limited will hold their
final meeting on September 15, 2008, at 10:00 a.m., at Room
2002, 20th Floor of Wanchai Commercial Centre, 194-204 Johnston
Road, in Wanchai, Hong Kong.

At the meeting, Quan Fat Hing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JOHN DEERE: Creditors' Proofs of Debt Due on September 16
---------------------------------------------------------
The creditors of John Deere Asia Limited requires its creditors
to file their proofs of debt by September 16, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on August 4, 2008.

The company's liquidators are:

          Seng Sze Ka Mee, Natalia
          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


KINGVIEW ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 12
---------------------------------------------------------------
Kingview Enterprises Limited requires its creditors to file
their proofs of debt by September 12, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 6, 2008.

The company's liquidator is:

          Siu Kwai Kwong
          Mega Trade Centre, Room 1206, 12th Floor
          No. 1 Mei Wan Street
          Tsuen Wan, New Territories
          Hong Kong


PEAKTON LIMITED: Creditors' Proofs of Debt Due on September 24
--------------------------------------------------------------
The creditors of Peakton Limited requires its creditors to file
their proofs of debt by September 24, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 8, 2008.

The company's liquidator is:

          Andrew Graham Young
          Lot #947 DD220
          12 Nam Shan New Village
          Sai King, New Territories
          Hong Kong


STARWAY CORPORATION: Creditors' Proofs of Debt Due on Sept. 15
--------------------------------------------------------------
The creditors of Starway Corporation Limited requires its
creditors to file their proofs of debt by September 15, 2008, to
be included in the company's dividend distribution.

The company commenced liquidation proceedings on August 8, 2008.

The company's liquidator is:

          Kenneth Raymond Deayton
          Lippo Centre, Tower One, 38th Floor
          89 Queensway
          Hong Kong


ZILLION DYNASTY: Members Agree on Voluntary Liquidation
-------------------------------------------------------
The members of Zillion Dynasty Limited met on August 6, 2008,
and resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Au Tin Po
          Sun House, Unit A, 10th Floor
          90 Connaught Road
          Central, Hong Kong



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

ANUBHAV CO-OPERATIVE: Insolvency Prompts RBI to Cancel License
--------------------------------------------------------------
The Reserve Bank of India canceled the license of Anubhav Co-
operative Bank Ltd., Basavakalyan, (Karnataka) after the close
of business on August 14, 2008

According to RBI, the bank has ceased to be solvent and all
efforts to revive it in close consultation with the Government
of Karnataka had failed and the depositors of the bank were
being inconvenienced by continued uncertainty.

The Registrar of Co-operative Societies, Karnataka has been
requested to issue an order for winding up of the bank and
appoint a Liquidator for the bank.  It may be highlighted that
on liquidation every depositor is entitled to repayment of his
deposits up to a monetary ceiling of Rs.1,00,000/- from the
Deposit Insurance and Credit Guarantee Corporation (DICGC).

The bank was granted a licence by the Reserve Bank on February
12, 1997 to commence banking business.  The statutory inspection
conducted by the Reserve bank with reference to its financial
position as on March 31, 2007 revealed that the financial
position of the bank had sharply deteriorated compared to that
of the previous inspection conducted with respect to its
position as on March 31, 2005. The deposits were eroded to the
extent of 73.6%.  The bank was facing severe liquidity problems
and had resorted to heavy borrowing during the year.  It also
could not meet all commitments to its depositors.  In view of
the critical liquidity position and the other deficiencies
observed during the scrutiny,  in order to protect the interest
of the depositors, the bank was placed under directions under
Section 35A of the Banking Regulation Act 1949(AACS) on January
23, 2008 restricting its operations including placing a ceiling
of Rs.500/- for withdrawal of deposits by each depositor.
Subsequently a notice was issued to the bank on February 8, 2008
asking it to show cause as to why the license granted to it to
conduct banking business should not be canceled.

After taking into consideration the reply submitted by the bank
and after examining all options for its revival, the Reserve
Bank of India took the extreme measure of canceling the license
of the bank in the interest of the bank's depositors.  With the
cancellation of its license and commencement of liquidation
proceedings, the process of paying the depositors of the Anubhav
Co-operative Bank Ltd., the amount insured as per the DICGC Act
will be set in motion.

Consequent to the cancellation of its license, the Anubhav  Co-
operative Bank Ltd. is prohibited from carrying on 'banking
business' as defined in Section 5(b) of the Banking Regulation
Act, 1949(AACS) including acceptance and repayment of deposits.

For any clarifications, depositors may contact:

          Shri V. Satya Prasad
          General Manager, Urban Banks Department
          Reserve Bank of India, Bangalore
          Postal Address: 10/3/8, Nrupathunga Road
                          Bangalore 560 001
          Telephone Number: (080) 2221 3033
          Fax Number: (080) 2229 3668/2221 0185


CHRYSLER LLC: In Talks With Mahindra Over Infringement Issue
------------------------------------------------------------
Mahindra & Mahindra Limited said the company was in dialog with
Chrysler LLC after the US auto company accused it of design
infringement, The Times of India reports.

According to the report, Mr. Anand Mahindra, Managing Director
and Vice Chairman, Mahindra & Mahindra, insisted there was "no
infringement" on the part of the Mahindras, though the companies
were sorting out an issue related to the design of Mahindra
Scorpio's front grill design.

"We have some issues with Chrysler over the grill design of
Scorpio, but we are confident that there is absolutely no
infringement of any intellectual property," Mahindra was cited
by The Times of India as saying, adding that "dialog is on to
resolve the issue."

The Economic Times relates that Chrysler alleges M&M copied the
design from its automobile marquee, Jeep.

According to the Economic Times, when M&M founders, brothers JC
Mahindra and KC Mahindra, started out in 1945 just after the
war, they began by assembling completely knocked-down (CKD)
Willys Jeeps imported from the US.  Chrysler pointed out that
until 1994, M&M could use the word, Jeep, but after 1994, it
belonged only to Chrysler.

Auto experts, the Economic Times says, indicate that M&M will
have to redesign the grill, as the US auto maker Chrysler is
keen to make its presence in emerging markets like India and
China.

There is even speculation that Chrysler could initiate legal
action against the Indian utility vehicle major, The Times of
India adds.

The Hindu Business Line also reports that sources familiar with
the issue indicated that there was no question of legal battle
over the design dispute although there were a few e-mail
correspondence between Mahindra and Chrysler at the middle
management level.

A Chrysler official, when contacted by the Economic Times,
declined to comment.

                About Mahindra & Mahindra Limited

Headquartered in Mumbai, India, Mahindra & Mahindra Limited
manufactures a range of automotive vehicles, agricultural
tractors, implements and industrial engines, and is also engaged
in dealing in property development/construction activities.  Its
farm equipment sector designs, develops, manufactures and
markets tractors for Indian and overseas markets.  Its
automotive sector makes a range of vehicles, including multi-
utility vehicles (MUVs), light commercial vehicles (LCVs) and
three wheelers.  During the fiscal year ended March 31, 2007,
the Company produced 1,44,090 vehicles, which included MUVs,
cars and LCVs, including 8,811 LCVs produced for Mahindra
International Limited, a subsidiary of the Company and 614 cars
produced for Mahindra Renault Private Limited, another
subsidiary of the Company, and 34,892 three wheelers.  In April
2008, it launched the After Market Sector, comprising of various
business units, including Mahindra First Choice Services Ltd.,
Mahindra First Choice Ltd. and Mahindra Spares Business.

                      About Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services said lowered its ratings on
Chrysler LLC, including the corporate credit rating, to 'CCC+'
from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings has downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to
result in more costly subvention payments and other forms of
sales incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to
access this market on an economic basis over the near term,
given the steep drop in residual values, higher default rates,
higher loss severity being experienced and jittery capital
market.


TATA MOTORS: To Cut Rights Issue to Two Unlinked Securities
-----------------------------------------------------------
Tata Motors Ltd.'s Board of Directors has reviewed the progress
of the company's long-term financing plan which had been
announced in May 2008, inter-alia for the Jaguar-Land Rover
acquisition.  At that time, the company had announced that a
part of the total funds required would be raised through a
rights issue to the shareholders of three simultaneous but
unlinked securities namely:

   a) an issue of ordinary shares of a total amount
      of about Rs.2,200 crores;

   b) an issue of 'A' ordinary shares having differential
      voting rights (viz. 1 vote for every 10 shares held)
      of a total amount of about Rs.2,000 crores; and

   c) an issue of 0.5% 5-year convertible preference
      shares of a total amount of about Rs.3,000 crores,
      which would be convertible into 'A' ordinary shares
      at any time after 3 years but before 5 years from
      the date of allotment.

The detailed terms on which the three securities involving a
total amount of about Rs.7,200 crores would be issued was to be
decided after the relevant procedure and process was completed
and just before the company was ready to actually make the
rights issue.

Taking into account the current situation in the capital market
and the change in the level of prices in the stock markets since
May 2008, Tata Motor's Board of Directors reviewed the earlier
fund raising proposal.  With a view to keep the increase in the
Share Capital as low as possible, the Board decided:

   1. to restrict the Rights Issue only to two
      simultaneous but unlinked securities namely –
      (a) an issue of Ordinary Shares and (b) an issue
      of 'A' Ordinary Shares having differential
      voting rights; and

   2. in place of the issue of Convertible Preference
      Shares, it is now proposed to raise the required
      resources by monetizing a part of the company's
      investments through a phased divestment of
      certain investments (preferably as inter-group
      sales wherever feasible) at prevailing market
      prices over the next 6 to 8 months.  The funds
      released from such future divestments together
      with those already sold during the current
      financial year, will form part of the resources
      to be raised for repaying the bridging loan taken
      for the Jaguar-Land Rover acquisition.

Tata Motors says the process for the Rights Issue is making
satisfactory progress considering the complex information to be
included in the Offer Document about the company, its
subsidiaries and also the Jaguar-Land Rover acquisition and this
process is expected to be completed in the near future.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. on
CreditWatch with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).
At the same time, Standard & Poor's ratings on all Tata Motors'
rated debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata
Motors has paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford has contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2008, Moody's Investors Service downgraded the
corporate family rating of Tata Motors Ltd to Ba2 from Ba1
following the completion of its acquisition of Ford's Jaguar
Land Rover.  The rating outlook is negative.



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

KERETA API: Govt. Plans to Inject IDR19 Trillion Funds
------------------------------------------------------
The Indonesian government has allocated IDR19 trillion
(US$2.09 billion) from the state budget for a three-year
revitalization of troubled state railway operator PT Kereta Api
Indonesia (KAI), Jakarta Post reports citing State Minister for
State Enterprises Sofyan Djalil.

Mr. Djalil told the Post that a portion of the fund will be used
as working capital for a planned joint venture with private
companies to transport cement, coal and containers by rail,
while another part will be used as a start-up capital for spin-
off firm, KAI Greater Jakarta division, which will operate a
commuter rail service in the capital.

"The government is very serious about revitalizing the rail
service.  Rail is among the country's main transportation
arteries and should be nurtured," Mr. Sofyan was quoted by the
Post as saying.

The report notes that KAI is Indonesia's sole rail operator and
has fallen behind global standards in part due to a lack of
national competition.  As a result, deadly train crashes have
become frequent events.

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific, the
company's losses in fiscal 2005 amounted to IDR113 billion.


PT PERTMINA: Mulls Iraq Oil Management Agreement w/ PetroVietnam
----------------------------------------------------------------
PT Pertamina is looking into the possibility of cooperation with
PetroVietnam in managing oil and gas blocks in Iraq, Antara News
reports citing Pertamina President Director Ari Soemarno as
saying following a meeting with Energy and Mineral Resources
Minister Purnomo Yusgiantoro and PetroVietnam President Director
Tran Ngoc Canh.

Mr. Soemarno told Antara News that both Pertamina and
PetroVietnam have oil and gas blocks in Iraq.

According to the report, Pertamina is also exploring the
possibility of cooperation with PetroVietnam in managing oil and
gas fields in Latin America, South Africa and Ecuador.

Citing Mr. Soemarno as saying, Antara News said the two
companies had so far cooperated with Petronas in managing
tripartite blocks in Indonesia, Malaysia and Vietnam.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PT PERTAMINA: Owes Asitab and Apkogi More Than IDR300 Billion
-------------------------------------------------------------
The Jakarta Post reports that PT Pertamina owes more than IDR300
billion (US$32.72 million) to Indonesian Steel Cylinder
Producers Association (Asitab), and the Indonesian Gas Stove
Producers Association (Apkogi).

Ansari Bukhari, the industry ministry's director general for
metal, machinery, textiles and miscellaneous industries, told
the Post that Asitab has sent a letter to Industry Minister
Fahmi Idris asking for help to settle the problem.

According to the report, the letter stated that Pertamina had
not paid steel cylinder manufacturers for its orders in the
first semester.  In the second semester, the manufacturers
stated that they delivered their three-kilogram steel cylinders
to Pertamina, but could not yet request the payments, as they
are not yet due.

On the other hand, gas stove manufacturers claim that their
products have been rejected by Pertamina despite them winning
tenders, the report says.

This resulted in Pertamina owing more than IDR300 billion, the
report adds.

The report relates that Pertamina spokesperson Wisnuntoro has
confirmed the debts but said that the problem "simply related to
procedures, including making official reports, verifying
deliveries, which all took time".

"This actually is not a problem.  Orders, deliveries and
payments will continue," Mr. Wisnuntoro was quoted by The Post
as saying.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.



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

MAGNOLIA FINANCE I: S&P Cuts Credit-Linked Notes Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit
ratings on the JPY300 million floating-rate Orion Global
synthetic CDO portfolio credit-linked notes series 2006-23 and
the JPY700 million floating-rate Orion Global synthetic CDO
portfolio credit-linked notes series 2006-24 issued by Magnolia
Finance I PLC.

The rating actions follow negative rating migration in the
underlying reference portfolios.

Ratings List:

Magnolia Finance I PLC:

  -- JPY300 Million Floating-Rate Orion Global Synthetic CDO
     Portfolio Credit-Linked Notes Series 2006-23


   Rating          Rating         SROC(%)      Projected
To      From     scenario                  90 day+ SROC (%)
-----------------------------------------------------------
BBB-    A         A              98.4482       98.5227
                   A-             98.7069       98.7741
                   BBB+           99.0813       99.1570
                   BBB            99.4688       99.5372
                   BBB-          100.0894      100.1486

Magnolia Finance I PLC:

  -- JPY700 Million Floating-Rate Orion Global Synthetic CDO
     Portfolio Credit-Linked Notes Series 2006-24

  Rating          Rating           SROC(%)      Projected
To      From     scenario                  90 day+ SROC (%)
-----------------------------------------------------------
  BB-     BBB       BBB            98.6172       98.6851
                    BBB-           99.2325       99.2912
                    BB+            99.4380       99.4979
                    BB             99.7660       99.8161
                    BB-           100.0438      100.0874

SROC—Synthetic rated overcollateralization.


URBAN: Not Directly Involved in 6 Japanese CMBS Loans, S&P Says
---------------------------------------------------------------
Standard & Poor's Ratings Services has updated information
relating to the six Japanese CMBS transaction loans referenced
in its media release dated Aug. 15, 2008: "Six Japan CMBS-
Related Loans Have Possible Exposure To Urban Corp. Bankruptcy
Filing".

Based on updated information from servicers, S&P understands
that an affiliate of Urban is the sponsor and asset manager for
four of the loans (four borrowers, three transactions), and also
acts as asset manager for the remaining two loans (one borrower,
one transaction).  Based on the updated information from the
servicers, S&P also confirms that Urban itself is not directly
involved in any of the six loans, and that the number and total
amount of the loans are the same as indicated in the Aug. 15
media release.


* JAPAN: Banks Halt Lending as Number of Bounced Checks Rise
------------------------------------------------------------
Japanese banks halted transactions with 12% more companies in
July than a year earlier, as the firms issued checks that
bounced, Finbarr Flynn of Bloomberg News reports.

The report relates that the number of companies in the Tokyo
area cut off by banks rose to a two-year high.

According to the report, the Japanese Bankers Association said
that the banks stopped doing business with 475 companies, whose
liabilities rose 35% to JPY143.8 billion (US$1.3 billion).
Banks stop lending to and doing business with companies that
bounce checks twice within a six-month period, the report notes.

Bloomberg News points out that the construction industry
accounted for the largest share of companies that couldn't meet
their obligations, at 38%.

Japan's two largest banks, Mitsubishi UFJ Financial Group Inc.
and Sumitomo Mitsui Financial Group Inc., said profit declined
by more than half in the first quarter ended June 30 as bad
loans swelled in a slowing economy; while Urban Corp. filed for
bankruptcy, forcing at least nine Japanese banks to say they may
not be able to recover loans, Bloomberg News notes.

About 122 companies in Tokyo and three surrounding prefectures
had their accounts suspended after checks bounced, the report
says.  Liabilities at the companies rose 33% to JPY42.1 billion.


* JAPAN: Major Firms' Earnings Down 14.6% in April-June
-------------------------------------------------------
Japanese non-financial firms listed on the Tokyo Stock
Exchange's first section suffered a 14.6% year-on-year fall in
their consolidated recurring profits in April-June, Jiji Press
reports.

Profits at the 1,199 listed major firms, the report relates,
that close books at the end of March dropped for the second
straight quarter.

According to the report, export-oriented companies such as
automakers and consumer electronics makers were hit hard by the
strengthening of the yen, surging raw materials costs and
slowing U.S. economic growth.

However, despite rises in their sales, steelmakers, chemical
makers and many other materials manufacturers saw profits slip,
due to delays in raising products prices to cover higher raw
materials costs, the report says.

Soaring fuel prices, Jiji Press says, forced electric power
firms to report major profit declines or to fall into the red.

Group sales at the TSE first section-listed firms rose 4.1% in
the first half of fiscal 2008, the Jiji Press data showed.

For the full year to March 2009, the same report says, the
listed firms expect an 8.5% year-on-year fall in their
consolidated recurring profits and a 3.6% rise in their group
sales.  Of the firms, 132 revised down their recurring profit
forecasts.

Meanwhile, the report relates, in the electric power industry,
six out of the 10 firms now expect to report recurring losses,
which are estimated to total JPY670 billion.

Jiji Press says that many analysts believe Japanese corporate
earnings will likely recover more slowly than initially
anticipated as the U.S. economy is now expected to remain in a
slump longer than originally thought and affect adversary to the
emerging economies.



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

HYUNDAI MOTOR: Union Suspends Strike Plan
-----------------------------------------
Unionized workers at Hyundai Motor Co decided to temporarily
shelve partial strike plans for this week over a wage deal and
working conditions, Cheon Jong-woo of Reuters reports.

A union spokesman told Reuters that the union made the decision
as it failed to hold negotiations with the management due to
conflicts within the union, not because of the management.  Some
union representatives were opposing some issues on working
hours, he said.

According to the report, Hyundai's union members were scheduled
to launch a four-hour strike on August 20, and to halt
production for six hours each on today and tomorrow.

The union, the report relates, is demanding an 8.8% rise in base
salaries while the management is offering a 5.4% increase.

Reuters recounts that unionised workers at Hyundai staged
partial strikes for four days in July, costing the company 5,676
vehicles in lost output.  However, the report says, union
members usually make up such losses after a wage deal with
overtime work.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
US since 1986, but it only started selling its heavy trucks
stateside in 1998.  Hyundai produces 14 models of cars, SUVs,
and minivans, as well as trucks, buses, and other commercial
vehicles.  The company reestablished itself as South Korea's
leading carmaker in 1998 by acquiring a 51% stake in Kia Motors
(since reduced to about 43%).  Hyundai's models for the North
American market include the Accent and Sonata; models sold
elsewhere include the GRD and Equus.  The company also
manufactures machine tools for factory automation and material-
handling equipment.

The Troubled Company Reporter-Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung was indicted early in May 2006 for fraud charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, 2007, a South Korean court handed down the sentence
to Mr. Chung for illegally raising US$110 million in slush funds
and bribing government officials.  Mr. Chung was released on
bond and continues to run the auto conglomerate.

In May 2008, Yonhap News reported that a group of the company's
shareholders filed a civil case against Mr. Chung to claim
damages for heavy losses allegedly suffered through his
mismanagement and other corporate shenanigans.

According to the report, the shareholders, led by a civic group
called Solidarity for Economic Reform, filed the lawsuit with
the Seoul Central District Court, asking Mr. Chung to pay
KRW563 billion (US$537 million) in damages to Hyundai Motor.

The lawsuit came a day after prosecutors again demanded a six-
year jail term for Mr. Chung for embezzlement and breach of
trust, Yonhap said.



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

KIMBLE: Total Default Amounts to MYR149.19 Mil. as of Aug. 15
-------------------------------------------------------------
Pursuant to the Practice Note No. 1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Kimble
Corporation Berhad disclosed that together with its
subsidiaries, its total default reached MYR149,186,852 as of
August 15, 2008, in respect of various banking facilities from a
number of financial institutions, which includes:

                                       Total Amount (Principal +
   Banking Facilities          Type              Interest) MYR
   ------------------          ----              -------------
   * OCBC Bank (Malaysia) Bhd Overdraft and Trade    50,763,211
   * Hong Leong Bank Berhad   Overdraft and Trade    41,397,741
   * RHB Islamic Bank Bhd     Revolving and Trade    33,083,331
   * Export-Import Bank
      Malaysia Bhd            Trade                  10,373,374
   * Malayan Banking Berhad   Term Loan               6,414,675
   * Ambank (M) Bhd           Trade                   2,987,942
   * RHB Bank Bhd             Hire Purchase           4,075,470
   * Hong Leong Bank Bhd      Hire Purchase              91,109
                                                     ----------
                                              Total: 149,186,852

The Group is unable to service and repay its debts to the
lenders as it is experiencing operational difficulties and cash
flow deficiency due to its operational losses.

Kimble Corporation initiated negotiations with its bankers to
restructure the terms of its credit facilities.  A financial
advisor has been appointed to advise on the restructuring of all
the debts owing.  It is expected to conclude the negotiations
with the bankers by 4th quarter of 2008.  The completion of the
restructuring plan is expected to conclude by 1st quarter of
2009 subject to the finalisation of  the negotiations.

                     About Kimble Corporation

Kimble Corporation Berhad is a Malaysian-based investment
holding company.  The company and its subsidiaries are primarily
engaged in the manufacturing and marketing of wooden furniture.
The company's online product ranges from bedroom, dining,
living, occasional, youth and kitchen furniture.  The company
exports its products to United States, Canada, Chile, Panama,
United Kingdom, Sweden, Norway, Iceland, Denmark, Belgium,
Ireland, Germany, France, Spain, Russia, United Arab Emirates,
Australia and New Zealand.  Its major subsidiaries include
Kimble Furniture Corporation (M) Sdn Bhd, which is engaged in
the manufacture and marketing of wooden furniture, and Kimble
Marketing Sdn Bhd and Ta Wu Wood Enterprise Sdn Bhd, which are
engaged in the trading of wooden furniture.  In August 2007,
Kimble Corporation Berhad acquired Kimble Corporation (HK)
Limited.



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

ABLE AUTO: High Court Enters Wind-Up Order
------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the
High Court at Napier entered an order to have Able Auto Spray
Ltd's operations wound up and appointed Iain Andrew Nellies and
Wayne John Deuchrass as liquidators.

Creditors and shareholders may direct their inquiries to:

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


BHJ CONSTRUCTION: Commences Liquidation Proceedings
---------------------------------------------------
The High Court at Wellington convened a hearing on Aug. 11,
2008, to consider an application putting BHJ Construction
Limited into liquidation.

The application was filed on June 24, 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.


BROOKLYN RISE: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Wellington held a hearing on Aug. 11, 2008, to
consider an application putting Brooklyn Rise Limited into
liquidation.

The application was filed on June 27, 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.


CHECK THIS: Placed Under Liquidation
------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Check This Out 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


CHRISTCHURCH CHICKEN: High Court Enters Wind-Up Order
-----------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, the
High Court at Christchurch entered an order to have Christchurch
Chicken & Beef Contractors Ltd's operations wound up and
appointed Iain Andrew Nellies and Wayne John Deuchrass as
liquidators.

Creditors and shareholders may direct their inquiries to:

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


COMPLEX PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Wellington held a hearing on Aug. 11, 2008, to
consider an application putting Complex Properties Limited into
liquidation.

The application was filed on June 24, 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.


DRURY LANE: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Auckland held a hearing on Aug. 6, 2008, to
consider an application putting Drury Lane Muffins Limited into
liquidation.

The application was filed on May 9, 2008, by the Commissioner of
Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue (PO Box 33150)
          Takapuna, Auckland
          Telephone: (09) 984 1514
          Facsimile: (09) 984 3116

Michael Kinlim Yan is the plaintiff's solicitor.


GENEVA FINANCE: To Review Company's Loan Portfolio
--------------------------------------------------
Geneva Finance Limited said it has requested management to
complete a full review of the company's loan portfolio in
response to the ongoing deterioration in market conditions.

The company said that its particular concern relates to the
increased costs of living being absorbed by its customers,
especially food and petrol price increases over the last six
months and the risk this raises in regard to asset quality,
particularly of the older historical loans.

It is expected that it will take three to four weeks before this
review is completed and the outcome known.  At that time,
Geneva said, it will be in a position to advise the company's
profit forecast.

                 About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2008, Standard & Poor's Ratings raised its long-term
counterparty credit rating on New Zealand finance company Geneva
Finance Ltd. (Geneva) to 'CCC' from 'CC'.  The three-rating-
notch upgrade follows Geneva debtholders' acceptance of a
recapitalization and new funding proposal, and Geneva's banker
support to the proposal.  The proposal will provide more funding
certainty in the short term, and will materially strengthen the
company's capitalization.   At the same time, the rating was
removed from CreditWatch with developing implications, where it
was initially placed on Nov. 5, 2007.  The outlook on the rating
is negative.


IJ CONTRACTORS: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Wellington convened a hearing on Aug. 11,
2008, to consider an application putting IJ Contractors Limited
into liquidation.

The application was filed on June 24, 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.


MR. BEAN: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Auckland convened a hearing on Aug. 6, 2008,
to consider an application putting Mr. Bean Coffee & Vending NZ
Limited into liquidation.

The application was filed on May 1, 2008, by Panda Finance
Limited.

The plaintiff's address for service is at:

          Checketts McKay Lawyers
          PO Box 41
          Alexandra
          Telephone: (03) 448 6969
          Facsimile: (03) 448 8960

Tracy Paterson is the plaintiff's solicitor.


PROPERTY VENTURES: Sale Deal With Christchurch City Scrutinized
---------------------------------------------------------------
The Auditor-General may investigate the Christchurch City
Council's NZ$17 million purchase of five sites from developer
David Henderson, Charlie Gates of The Press reports.

According to the Press, Auditor-General's Office senior
solicitor Jonathan Keate said the Auditor-General had received
complaints about the deal and would decide this week whether to
investigate.

Mr. Keate said one area of concern was the way the council
bypassed guidelines stating that significant decisions had to go
to public consultation.

The Press relates, citing Council chief executive Tony Marryatt,
guidance stated that decisions worth more than NZ$5 million had
to be consulted on, but if a decision was urgent the guidance
could be bypassed.

Mr. Marryatt said the decision was urgent as Mr. Henderson could
have lost control of the sites.

In addition, the Press notes that the Canterbury Employers'
Chamber of Commerce has demanded more information about the deal
and called it a "knee-jerk response".

As reported in Troubled Company Reporter-Asia Pacific on
Aug. 13, 2008, The New Zealand Herald said Christchurch City
Council purchased five central city properties from
Mr. Henderson for NZ$17 million.

According to the Herald, citing The Press newspaper, City mayor
Bob Parker said that the purchase was a strategic move to
protect the city centre from poor development.

                    About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

Two secured creditors of Five Mile Holdings have placed the
company under receivership for non-payment of a loan said to be
about NZ$70 million.  Five Mile Holdings is a unit of Property
Ventures which is controlled by developer Dave Henderson.

Smith Crane and Construction, a Christchurch crane-hire company,
also filed applications in the High Court to liquidate Five Mile
and Property Ventures for unpaid debts.


STRATEGIC: Expects to Post Net Operating Loss of NZ$15.5 Million
----------------------------------------------------------------
In a regulatory filing, Strategic Finance Limited disclosed that
it is in the course of completing its financial statements for
the financial year ended June 30, 2008.

To assist with that process and in view of the increasingly
difficult market conditions in the property sector generally,
KordaMentha has undertaken a review of the company's loan book
as at June 30, 2008.  KPMG, as the company's auditor, has also
been reviewing the level of provisioning made by the company in
respect of its loan portfolio.

According to Strategic Finance, its company, along with all
participants in the property finance sector, has been affected
by loan defaults and there are likely to be further loan
defaults due to the continuing slowdown in the New Zealand
economy and in particular the property development sector.

As a result, the company said it expect to make significantly
higher levels of impairment and provisioning in Strategic
Finance's financial statements for the year ended June 30, 2008,
in comparison to the previous financial year.

These additional provisions, bad debt write offs and one off
adjustments are expected to result in a net operating loss for
the year ended June 30, 2008, in the vicinity of NZ$15.5
million.  The final amount will be known once KPMG has completed
its audit work.

This is a disappointing result but it is considered appropriate
in the current economic environment to adopt a conservative view
on the realisation and underlying security value of Strategic
Finance's loan book and further increase the company's
collective provision to reflect the inherent uncertainties that
currently exist.  This collective provision is not allocated to
any specific loan exposure.

After making allowance for these bad debts and provisions, Total
Shareholders Funds as at June 30, 2008, are expected to be
reported in the vicinity of NZ$73 million.

Strategic Finance expect to release full details of its audited
results for the financial year ended June 30, 2008, on Aug. 29,
2008.

                  About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, a consortium consisting of Strategic Finance's
original owners, senior management and BOS International, part
of the HBOS Australia group, has agreed indicative non-binding
terms with Allco HIT Limited to buy Strategic Investment Group
Limited, the immediate parent of Strategic Finance.

Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.

On Aug. 8, 2008, the TCR-AP reported that Strategic Finance
suspended redemptions of its secured debenture stock and
subordinated notes.  It also ceased accepting subscriptions for
debenture stock and subordinated notes under its current
prospectus and investment statement.


WANAKA PROPERTY: Placed Under Liquidation
-----------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Wanaka 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


WAIPAWA FINANCE: Creditors May Recover 19.2 Cents on the Dollar
---------------------------------------------------------------
Liquidators for Warren Pickett's Waipawa Finance and Waipawa
Holdings made their first report to investors at a creditor's
meeting held last Friday, Aug. 15, 2008, Fiona Robertson of the
National Business Review reports.

According to the Business Review, liquidators expect to recover
just 9.2 cents in the dollar, before fees, for Waipawa Holdings
creditors.  Almost 200 investors had around NZ$18 million in the
company, the report says.

On the other hand, the Business Review relates that the forecast
was only slightly better for a smaller group of less than 40
people who invested in Waipawa Finance.  Liquidators estimated
they could recover 19.2 cents in the dollar, meaning investors
will lose around NZ$4 million of the NZ$5 million in that
company.

The liquidators said Mr. Pickett had not given them any formal
explanation for the company's failure.  But their initial
investigations revealed poor lending practices, including
significant lending to companies controlled by Mr. Pickett, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2008, The Dominion Post said that The Serious Fraud
Office is investigating Mr. Pickett, of Warren Pickett and
Associates, for "substantial fraud" involving two finance
companies.

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

The Post noted, 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.



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

* PHILIPPINES: Thrift Banks' NPL Ratio Stood at 6.67% in March
--------------------------------------------------------------
As of end-March 2008, the thrift banking industry's non-
performing loans (NPL) ratio stood at 6.67 percent, easing by
0.04 percentage point from last month's 6.71 percent and by 0.62
percentage point from year ago's 7.29 percent ratio, data from
Bangko Sentral ng Pilpinas shows.

The improvement from last month was due to the 4.47 percent
contraction in NPLs, partly softened by the 3.88 percent decline
in total loan portfolio (TLP).  All in all, the industry was
able to sustain a single-digit NPL ratio for the past 36 months
now.

Exclusive of interbank loans (IBL), the industry's NPL ratio at
7.65 percent likewise improved from last month's 8.52 percent as
core lending expanded by 6.36 percent to Php257.95 billion.  In
addition, this month's ratio is better than year ago's 8.66
percent ratio.

Restructured loans shrunk by 0.83 percent to Php4.47 billion in
March.  Yet, the proportion of RLs to TLP went up to 1.50
percent from last month's 1.45 percent due to the faster
reduction of TLP.

The ratio of real and other properties acquired (ROPA) over
gross assets (GA) slipped to 5.65 percent from last month's 6.14
percent.  This occurred as ROPA dropped by 9.57 percent to
Php28.19 billion.  Also, this month's ratio was better by 1.76
percentage points from year ago's 7.41 percent ratio.

The non-performing assets (NPA) ratio went up to 9.64 percent
from last month's 9.39 percent as NPAs marginally increased by
0.93 percent to Php47.92 billion.  Year-on-year, this month's
ratio is 1.10 percentage points better than the reference ratio
of 10.74 percent.

Meanwhile, the NPL coverage ratio broadened to 48.59 percent, or
by 2.25 percentage points from 46.34 percent last month.  This
transpired as loan loss reserves (LLRs) increased slightly by
0.18 percent to Php9.59 billion.  However, this month's ratio
paled in comparison to the 50.46 percent ratio posted a year
ago.

The NPA coverage ratio, on the other hand, widened to 25.94
percent (from 25.44 percent in February) due to the 2.89 percent
enhancement in NPA reserves to Php12.43 billion.  Similarly,
this month's ratio was comparatively wider than year ago's 25.74
percent ratio.



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

COCOWOODS INTERNATIONAL: Placed Under Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting held on August 15, 2008, the
members of Cocowoods International Pte. Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Sept. 15,
2008, to be included in the company's dividend distribution.

The Liquidator can be reached at:

          Mdm. Chia Lay Beng
          1 Scotts Road
          #21-07/08/09 Shaw Centre
          Singapore 228208


CULTURE DE LINGERIE: Court to Hear Wind-Up Petition on August 29
----------------------------------------------------------------
The High Court of Singapore will hear on August 29, 2008, at
10:00 a.m., a petition to have Culture De Lingerie Pte. Ltd.'s
operations wound up.

Malayan Banking Berhad filed the petition on August 6, 2008.

Malayan Banking's solicitors are:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


HO PAK: Wind-Up Petition Hearing Set for August 22
--------------------------------------------------
A petition to have Ho Pak Kim Realty Co Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
August 22, 2008, at 10:00 a.m.

Revitech Pte Ltd filed the petition against the company on
July 30, 2008.

Revitech's solicitors are:

          Tito Isaac & Co LLP
          20A Circular Road
          Singapore 049376


SUPER BIKE: Subject to DBS Bank's Wind-Up Petition
--------------------------------------------------
On August 5, 2008, DBS Bank Ltd filed a petition to have Super
Bike Centre Pte Ltd's operations wound up.

The petition will be heard before the High Court of Singapore on
August 29, 2008, at 10:00 a.m.

DBS Bank's solicitors are:

          Khattarwong
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624



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

* United Arab Emirates Insolvency Remains Untested, S&P Reports
---------------------------------------------------------------
(DUBAI-Standard & Poor's-Aug. 19, 2008/Pam)

Laws and regulations relating to creditors' rights in the event
of a debtor insolvency remain substantially untested in the
United Arab Emirates (UAE), according to a new report published
by Standard & Poor's Ratings Services, which means that the
insolvency process in the event of default remains unpredictable
at a time when global default levels are expected to rise
significantly.

"While the creditworthiness of borrowers has always been of
paramount concern to creditors, recent developments in the debt
markets, including the deteriorating credit of some major
corporate borrowers, the recent credit crunch and the
implementation of Basel II guidelines, have put a spotlight on
creditors' prospects for recovery of principal and interest
after a borrower default," said S&P's managing director, Agnes
De Petigny.  "From the creditors' perspective, it is no longer
only a question of whether a particular borrower will default,
but also whether—and to what extent—they will be repaid
principal and interest after a default, and how long it will
take."

The report, "Debt Recovery For Creditors And The Law Of
Insolvency In The United Arab Emirates," was published in
connection with S&P's global assignment of recovery and issue
ratings.  It reviews the distinctive characteristics of the
insolvency regime in the UAE from both a secured and unsecured
creditor's perspective, and assesses how these characteristics
may affect post-default recovery prospects.  The report is part
of an ongoing analysis of more than 30 national insolvency
regimes in Europe, Asia, North America, and Latin America by
S&P.

"While it would be an overstatement to claim that the UAE is an
unfriendly jurisdiction for secured creditors, the laws and
regulations addressing creditors' rights—and the effect of a
debtor's insolvency on those rights—are not as evolved as those
in many more developed jurisdictions," said S&P's managing
director and senior counsel, James Penrose.  "In addition, as of
the time of writing there has never been a major corporate
insolvency in the UAE, the local laws and regulations relating
to creditors' rights in the event of a debtor insolvency remain
substantially untested."

As part of the study, S&P has classified the insolvency regime
of the UAE in Group B of its global classification framework.
This framework position jurisdictions that the rating agency
perceives as offering the greatest level of creditor protection
in the highest group (Group A), and those that provide only
limited safeguards for creditors in the lowest group (Group C).

Compared with jurisdictions in more creditor-friendly regimes,
creditors in Group B countries have less control over insolvency
proceedings, as debtors or other constituencies benefit from
greater influence or control in the event of financial distress.
In addition, the overall proceedings can be lengthy, surpassing
two years, and somewhat unpredictable for both secured and
unsecured creditors.  As a result, recoveries in these
jurisdictions may be delayed or may not be fully reflective of
the distributions that would be expected based on a creditor's
relative position in the capital structure.

In light of these issues, S&P's recovery ratings in Group B
jurisdictions are generally capped at '2'.  This implies
recovery of 70%-90% of principal and accrued but unpaid interest
at the time of default.  Issue-level ratings will not be more
than one notch above the corporate credit rating, and only then
in limited cases with strong collateral coverage where expected
recoveries would be firmly within the 90%-100% range absent
S&P's jurisdictional related concerns.


                         *********

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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