TCRAP_Public/080825.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

            Monday, August 25, 2008, Vol. 11, No. 168

                            Headlines

A U S T R A L I A

ALLCO PTY: Members' Final Meeting Slated for August 29
ARROW ASSET: Liquidator to Give Wind-Up Report on September 2
BABCOCK & BROWN: S&P Affirms BB+/B Ratings on B&B International
BUSHWATER PTY: Members' Final Meeting Set for September 2
COVE POINT: Placed Under Voluntary Liquidation

HALL & HEGGIE: Liquidator to Present Wind-Up Report on Sept. 2
NOOSA PARADE: Members' Final Meeting Set for September 2
MEASURED MARKETING: Members and Creditors to Meet on August 29
NAGOOC HOLDINGS: Liquidator to Give Wind-Up Report on Sept. 2
NASSIF MARKETING: Joint Meeting Set for September 1

PALANDRI LIMITED: Winds Up Managed Investment Schemes
TELZAH PTY: Liquidator to Give Wind-Up Report on August 29


C H I N A

CHINA EASTERN: Passenger Traffic Drops 10.7% on Olympic Controls
ICBC: To Sell US$14.6 Billion Subordinated Bonds
ZTE CORP: To Deploy Colombia's Mobile WiMAX Network by Year End


H O N G K O N G

CAMAFORCE LIMITED: Members' Final Meeting Set for September 16
GREAT YIELD: Creditors' Meeting Set for September 16
HANFAR DEVELOPMENT: Appoints Yu and Sutton as Liquidators
HIRISE DEVELOPMENT: Appoints Yu and Sutton as Liquidators
HONORWAY INDUSTRIAL: Appoints Yu and Sutton as Liquidators

PAMFORD LIMITED: Placed Under Voluntary Liquidation
PFEIFFER INDUSTRIAL: Appoints Yu and Sutton as Liquidators
PFEIFFER INTERNATIONAL: Appoints Yu and Sutton as Liquidators
RICON INTERNATIONAL: Members' Final Meeting Slated for Sept. 17
UNIVERSAL PACIFIC: Creditors to Meet on September 9


J A P A N

JAPAN AIRLINES: To Raise International Fuel Surcharges in Oct.
URBAN CORP: Shares Up on Rumors of Possible Merrill Lynch Offer


K O R E A

PARK & OPC: To Dispose of Stake in Daewon C&M for KRW13.5 Bil.


M A L A Y S I A

NIKKO ELECTRONICS: Sets 20th Annual Meeting on September 15
PUTERA CAPITAL: To Acquire 12.2% Interest in Konsortium LPB
TALAM CORPORATION: Shareholders Set Meeting on Sept. 15


N E W  Z E A L A N D

ABRASIVE BLASTING: Proofs of Debt Due on August 29
BLUE CHIP: Proofs of Debt Due on August 29
BLUE CHIP BAY: Proofs of Debt Due on August 29
BLUE CHIP BOTANY:  Proofs of Debt Due on August 29
BLUE CHIP ROTORUA: Proofs of Debt Due on August 29

CENTRAL SURF: Liquidators Set August 29 as Claims Bar Date
DE ROO'S: Proofs of Debt Due on August 30
DOMINION FINANCE: To Wind Down Two Subsidiaries
HANOVER FINANCE: To Finalize Restructure Plan This Month

NUMBER 1: Liquidator Sets August 29 as Claims Bar Date
QUANTUM REALTY: Liquidators Set September 1 as Claims Bar Date
THE BINDERY: Wind-Up Petition Hearing Set for September 1


T A I W A N

* TAIWAN: Buys Back Fewer Treasury Bills Than Planned


                         - - - - -


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

ALLCO PTY: Members' Final Meeting Slated for August 29
------------------------------------------------------
Murray Smith, Allco Pty Limited's appointed estate liquidator,
will meet with the company's members on Aug. 29,  2008, at
10:00 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Murray Smith
          McGrathNicol
          Level 31, 60 Margaret Street
          Sydney NSW 2000
          Telephone +61 2 9338 2600
          Website: www.mcgrathnicol.com


ARROW ASSET: Liquidator to Give Wind-Up Report on September 2
-------------------------------------------------------------
Richard Judson, Arrow Asset Management Pty Ltd's appointed
estate liquidator, will meet with the company's members on
Sept. 2,  2008, at 10:30 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


BABCOCK & BROWN: S&P Affirms BB+/B Ratings on B&B International
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+/B'
ratings on Babcock & Brown International Pty Ltd. (BBIPL)
following the announcements by the company's parent', Babcock
& Brown Limited (B&B Ltd., not rated), of a 30% fall in group
net profit for the half-year to June 30, 2008, against half-year
to June 30, 2007, and replacement of selected senior management.
The rating outlook is stable.

"We are not surprised that, in the current market environment,
the group had had to make impairment charges against assets and
investments, and the amount involved (AU$441 million) is not
outside expectations," said S&P's credit analyst Ian Greer.
"The changes in the board and senior management are a positive
move for implementing the next stage in the evolution of B&B
Ltd.'s, and thus BBIPL's, business model.  This change has been
and will be assisted by B&B Ltd.'s stoppage of dividends,
decline in employee bonuses, and planned reductions in debt and
staff headcount."

The ratings on BBIPL continue to incorporate the risks inherent
in the evolving nature of the company's business model. In this
transition period for the strategy and into the immediate term,
BBIPL remains exposed to initial project valuation, development,
operating, and financing risks.  The capital structure is still
complex, and uses debt leverage at the corporate, asset-
specific, and managed funds levels.  These risks are partly
mitigated by the company's approach to risk-return management
and its practice of financing assets mainly through nonrecourse
debt.

The stable outlook on the rating is underpinned by S&P's
expectations that B&B Ltd. and BBIPL would be able to keep its
bankers, especially the main syndicate, on side through
executing its stated strategy, which would include (1) some
orderly sale of assets; (2) focus on core business and earnings
capabilities, including retention of key staff; and (3)
restoring investor confidence, particularly that of the equity
markets.  It is unclear if recent and dramatic fall in the share
price of Australian Stock Exchange (ASX) listed B&B Ltd. (ASX
code: BNB) would have a contagion effect on the asset and fund
management business of the group and confidence of the group's
creditors.

The ratings may be lowered if asset sales, such as those for the
European wind assets, do not proceed as expected, or exposure to
Babcock & Brown Power is not reduced as expected.  The ratings
may also come under pressure if the company's franchise is
affected by a serious operational lapse, a perceived conflict of
interest, high risk appetite, financial market volatility, or
underperformance by assets under management.  In the less likely
event that B&B group breaches any bank covenant, particularly
those of the main syndicate, the rating could be downgraded by
multiple notches.


BUSHWATER PTY: Members' Final Meeting Set for September 2
---------------------------------------------------------
Richard Judson, Bushwater Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 2,  2008, at 11:30
a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


COVE POINT: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on June 27, 2008, the members of
Cove Point Investments Pty Ltd resolved to voluntarily liquidate
the company's business.

Bruce Cowell was appointed as liquidator.

The liquidator can be reached at:

          Bruce Cowell
          Cowell Watts
          Chartered Accountants
          70 Crown Street
          Sydney NSW 2001
          Australia


HALL & HEGGIE: Liquidator to Present Wind-Up Report on Sept. 2
--------------------------------------------------------------
Richard Judson, Hall & Heggie Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 11:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


NOOSA PARADE: Members' Final Meeting Set for September 2
--------------------------------------------------------
Richard Judson, Noosa Parade Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 11:15 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


MEASURED MARKETING: Members and Creditors to Meet on August 29
--------------------------------------------------------------
Measured Marketing Pty Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on Aug. 29, 2008.  During
the meeting, the company's liquidator, Robert Elliott at
Hall Chadwick, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

         Robert Elliott
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney NSW 2000


NAGOOC HOLDINGS: Liquidator to Give Wind-Up Report on Sept. 2
-------------------------------------------------------------
Richard Judson, Nagooc Holdings Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 2,
2008, at 10:45 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Richard Judson
          Members Voluntarys Pty Ltd
          1st Floor, 10 Park Road
          Cheltenham VIC 3192
          Australia


NASSIF MARKETING: Joint Meeting Set for September 1
---------------------------------------------------
Nassif Marketing Pty Ltd will hold a final meeting for its
members and creditors at 10:00 a.m. on Sept. 1, 2008.  During
the meeting, the company's liquidator, Geoffrey McDonald at Hall
Chadwick, will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Geoffrey McDonald
          Hall Chadwick
          Level 29, 31 Market Street
          Sydney NSW 2000
          Australia


PALANDRI LIMITED: Winds Up Managed Investment Schemes
-----------------------------------------------------
Palandri Limited's voluntary administrators, Deloitte, said in a
statement that PWL applied to the Supreme Court of Western
Australia on Aug. 15, 2008, for an order to wind up the Managed
Investment Schemes (MIS) for which PWL is the responsible
entity.

Deloitte said that the application follows investigations by the
administrators (John Greig, Neil Cussen and Gary Doran from
Deloitte) into the financial position of PWL, the responsible
entity for six MIS and other companies within the Palandri Wine
Group.  Members in the six MIS had invested a total of
approximately AU$160 million.

These investigations have concluded that PWL is insolvent.  The
voluntary administrators have been unable to find a suitable
replacement responsible entity and consider the prospects for
finding such a replacement to be very low.

The investigations found that all the MIS are either insolvent
on a cash-flow basis, a balance sheet basis or on the basis of
the accounts kept by PWL, have no assets or liabilities.

Further, MIS involving the growing of grapes would require
members to pay more funds than they are likely to receive in
revenue for the remainder of those MIS.  As a result, none of
the MIS have the working capital required to continue to
operate, and the administrators are not aware of anyone who
would be willing to contribute sufficient working capital to
resolve the situation.

The administrators said they have written to all members of the
various MIS summarizing the investigations into the financial
positions and the viability of the MIS, and the reasons why they
have caused PWL to make the application to wind them up.

By winding up the MIS, the administrators said it may be able to
complete the sale of the Palandri Wine Group’s vineyards at
Margaret River and Frankland River.  However, based on the
administrators’ analysis of the Group’s financial position, it
is highly unlikely that members will be entitled to any proceeds
from this sale.

The next hearing for the application to wind up the MIS is
scheduled to take place in the Supreme Court of Western
Australia on Sept. 3, 2008, at not before 10:00 a.m.

According to ABC News, Palandri Wine Group went into
administration in February, after concerns were raised about
loans connected to its investment schemes.

ABC News relates that earlier this year, the Palandri Winery and
wine stocks were sold for AU$17 million.

                   About Palandri Limited

Palandri Limited is the holding company for a group of companies
that is engaged in the production, marketing and selling of
Western Australian premium wine; the marketing and sales of
agricultural Managed Investment Schemes, and the provision of
finance to members of the Managed Investment Schemes.  The
company bases its wine production in the key markets of Great
Britain/Europe, United States of America/Canada and Australia.
The company wine production and marketing segment comprises the
vineyards, winery and branch sales offices in each major State
of Australia.  This segment is responsible for the production,
marketing and sale of bottled wine on behalf of the Margaret
River Wine Business and the Palandri America Wine Business.


TELZAH PTY: Liquidator to Give Wind-Up Report on August 29
----------------------------------------------------------
Malcolm Ernest George Katon, Telzah Pty Ltd's appointed estate
liquidator, will meet with the company's members on Aug. 29,
2008, at 12:00 p.m. to provide them with property disposal and
winding-up reports.

The meeting will be held at the office of Cameron Brae Pty
Limited of 975 The Northern Road in Bringelly.

The liquidator can be reached at:

          Malcolm Ernest George Katon
          Hancock & Associates
          Suite 2, Ground Floor
          72-74 Bathurst Street
          Liverpool NSW 2170



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

CHINA EASTERN: Passenger Traffic Drops 10.7% on Olympic Controls
----------------------------------------------------------------
China Eastern Airlines Corporation Limited's passenger numbers
dropped for the fourth month in a row in July as restrictions
put in place for the Beijing Olympics disrupted travel, Irene
Shen of Bloomberg News reports.

The airline, the report relates, flew 3.27 million passengers, a
10.7% decline, last month, while Cargo volume rose 1.4% to
76,580 tons.

According to the report, Air China Ltd. and China Southern
Airlines Co. also flew fewer passengers last month, as the
government boosted security checks, tightened visa rules and
curbed flights to Beijing to smooth preparations for the
Olympics.  Travel demand has also been damped by consumer prices
that surged 7.7% in the first seven months from a year earlier,
cutting people's disposable income, the report notes.

"There's no hope to see traffic rebound before the fourth
quarter.   Airlines based in big cities like Beijing and
Shanghai are most affected, as the Olympic air traffic controls
curb business travel," Bloomberg News cited Sun Liping, an
analyst at Guotai Junan Securities Co. in Beijing, as saying.

Bloomberg News notes that China Eastern filled 73% of its
available seats last month, 3.2 percentage points lower than a
year earlier.

                    About China Eastern

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

                          *     *     *

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


ICBC: To Sell US$14.6 Billion Subordinated Bonds
------------------------------------------------
Industrial & Commercial Bank of China Ltd. plans to sell as much
as CNY100 billion (US$14.6 billion) of bonds after domestic loan
growth and acquisitions overseas drained capital, Luo Jun and
Jiang Jianguo of Bloomberg News report.

The lender, the report relates, plans to sell the subordinated
debt in batches by 2011 and will ask shareholders to vote on the
plan on Oct. 27.

According to the report, ICBC's profit more than doubled since
2005 as annual economic growth of more than 10% bolstered
corporate loans and services to the nation's growing number of
wealthy people.

Chairman Jiang Jianqing has also spent more than US$6 billion
making acquisitions in Indonesia, Macau and South Africa in the
past year to triple the share of profit coming from overseas,
the report notes.

ICBC's capital adequacy ratio fell to 10.33% as of June 30, down
from 12.23% at the end of last year.

The bank's first-half profit, the report says, surged 57% to
CNY64.5 billion, overtaking HSBC Holdings Plc to become the
world's most profitable bank as a focus on domestic lending
helped it avoid the global credit crisis.

Bloomberg News adds that financial institutions globally have
suffered more than US$500 billion of writedowns and losses
because of the subprime meltdown.

                           About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


ZTE CORP: To Deploy Colombia's Mobile WiMAX Network by Year End
---------------------------------------------------------------
ZTE Corporation has clinched an exclusive bid from Colombia's
leading operator Emcali to build the country's first WiMAX 16e
network.  For the 3.5G WiMAX 16e project, ZTE will provide
Emcali core network equipment, wireless access equipment and
various outdoor/indoor terminals.  Emcali, which was awarded by
the Colombian government WiMAX licenses two years ago, has been
required to make the network commercially available by end of
this year.

After a thorough bidding process, Emcali chose ZTE to
exclusively provide them the network equipment in developing
comprehensive commercial network services and advanced WiMAX
technologies in Colombia.  Under the project, ZTE will also
provide WiMAX base stations to help Emcali offer extensive
mobile wireless coverage in the Colombian regions of Cali and
Popayan.

Upon completion of the project, Emcali will be able to offer
WiMAX mobile services besides providing fixed line phone
services, network transmission and IPTV businesses.  The company
is among the growing number of telecom operators worldwide
putting extra efforts in developing advanced WiMAX technology to
address users' needs for highly advanced mobile wireless
communication services.  International research firm Pyramid
Research predicts the global WiMAX subscribers to grow from over
2.1 million in 2007 to 41 million in 2012, with emerging markets
accounting for 57 percent of all customers by 2012.

"ZTE is committed to providing our customers with the highest
quality of customized solutions to meet their specific business
requirements.  Emcali is not only a well-known fixed telecom
operator in Colombia, but also one of our best long-term
partners.   Through the partnership with Emcali, we can leverage
our pioneering visions and state-of-the-art technologies to
achieve win-win relations, contributing our technology strengths
in driving WiMAX's growth and development in Colombia and Latin
America markets," said Su Jian, Chief Representative of ZTE
Colombia.

ZTE is one of the biggest champions in the WiMAX industry.  It
is also the only Chinese company among the 15 Board of Directors
in the WiMAX Forum.  In early 2006, ZTE achieved significant in-
roads in Singapore by developing the mobile WiMAX network in the
island state, one of the first commercial trial networks
worldwide.  Last year, the company clinched a major WiMAX
terminal procurement contract with Sprint Nextel, the third
largest mobile operator in the United States.

ZTE's success in gaining international recognition in WiMAX is
attributed to a strong R&D effort backed by a solid and
dedicated team.  It has six R&D centres in China staffed by more
than 1,000 R&D employees specializing in WiMAX, with more than
20% of the staff concentrating in developing terminals alone.

ZTE is a pioneer in promoting the concept of "carrier-grade
WiMAX MAN" globally, and has successfully established 21
commercial trials and trial networks for 802.16e WiMAX
worldwide.  To date, ZTE has established WiMAX commercial trial
centers and experiment labs in more than 20 countries and
regions, including the U.S., Africa, Asia and Europe.

                        About ZTE Corp.

Headquartered in Shenzhen, China, ZTE Corp. has established
close partnerships with over 500 operators in more than 120
countries, and has completed several large-scale backbone
transmission network projects in different countries.  Its
optical networking products have been widely deployed by several
countries and regions globally, such as Europe, Latin America,
South Asia, Commonwealth of Independent States, Africa and
Middle East.   According to the latest statistics released by
Ovum RHK, ZTE is ranked second in terms of global market share
for LH Dense Wavelength Division Multiplexing (DWDM), with high
potential of maintaining its positive growth in the market.

                           *    *     *

The Troubled Company Reporter-Asia Pacific reported on April 24,
2008, that Fitch Ratings affirmed ZTE Corporation's Long-term
foreign currency and local currency Issuer Default Ratings at
'BB+'.  The rating Outlook remains Stable.

In December 2006, Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.  The
rating Outlook is Stable.



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

CAMAFORCE LIMITED: Members' Final Meeting Set for September 16
--------------------------------------------------------------
The members of Camaforce Limited will meet on September 16,
2008, at 10:00 a.m., at Level 28 of Three Pacific Place, in 1
Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Chung Miu Yin, Diana, the
company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


GREAT YIELD: Creditors' Meeting Set for September 16
----------------------------------------------------
The creditors of Great Yield Technologies Limited will meet on
September 16, 2008, at 16:00, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at Room 618, in 610 Nathan Road,
Kowloon.


HANFAR DEVELOPMENT: Appoints Yu and Sutton as Liquidators
---------------------------------------------------------
The creditors of Hanfar Development Limited met on August 1,
2008, and appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


HIRISE DEVELOPMENT: Appoints Yu and Sutton as Liquidators
---------------------------------------------------------
The creditors of Hirise Development Limited met on August 1,
2008, and appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


HONORWAY INDUSTRIAL: Appoints Yu and Sutton as Liquidators
----------------------------------------------------------
The creditors of Honorway Industrial Limited met on August 1,
2008, and appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PAMFORD LIMITED: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on August 7, 2008, the
members of Pamford Limited resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

          Yeung Wing Yan
          Allied Kajima, 7th Floor
          138 Gloucester Road
          Wanchai, Hong Kong


PFEIFFER INDUSTRIAL: Appoints Yu and Sutton as Liquidators
----------------------------------------------------------
The creditors of Pfeiffer Industrial Limited met on August 1,
2008, and appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


PFEIFFER INTERNATIONAL: Appoints Yu and Sutton as Liquidators
-------------------------------------------------------------
The creditors of Pfeiffer International Limited met on August 1,
2008, and appointed Fok Hei Yu and Roderick John Sutton as the
company's liquidators.

The Liquidators can be reached at:

          Fok Hei Yu
          Roderick John Sutton
          Ferrier Hodgson Limited
          The Hong Kong Club Building, 14th Floor
          3A Chater Road
          Central, Hong Kong


RICON INTERNATIONAL: Members' Final Meeting Slated for Sept. 17
---------------------------------------------------------------
The members of Ricon International Limited will meet on
Sept. 17, 2008, at 2:30 p.m., at the 13th Floor of Wing On
Centre, 111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNIVERSAL PACIFIC: Creditors to Meet on September 9
---------------------------------------------------
The creditors of Universal Pacific Co., Limited will meet on
September 9, 2008, at 10:10 a.m. to consider the Statement of
Affairs and to appoint a liquidator.

The meeting will be held Room 603, 9 Chong Yip Street, Ngau Tau
Kok, in Kowloon, Hong Kong.



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

JAPAN AIRLINES: To Raise International Fuel Surcharges in Oct.
--------------------------------------------------------------
Japan Airlines will raise fuel surcharges on its international
airfares by JPY500 to JPY5,000 for one-way tickets to be issued
on and after Oct. 1, Jiji Press reports.

The margin of the hike, the report relates, would have been a
maximum of JPY16,000 if the current fuel price uptrend is taken
into account.

However, JAL decided to curb the surcharge increase so as not to
scare off customers, company officials told the Press.

Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                         *     *     *

In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative.  At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'.  The Outlook revision follows JAL's operational
turnaround and better liquidity.

In February 2007, Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.


URBAN CORP: Shares Up on Rumors of Possible Merrill Lynch Offer
---------------------------------------------------------------
Urban Corp.'s shares rose in Tokyo trading on speculation
overseas investors including Merrill Lynch & Co. may bid for the
company, Takahiko Hyuga of Bloomberg News reports.

The company, the report relates, gained JPY2 to JPY5 at the 11
a.m. August 22, trading break on the Tokyo Stock Exchange.  It
was the most-traded company on the exchange, with volume of 79.1
million shares, the biggest for the stock this week, the report
says.  The stock has lost almost all its value this year,
declining from 1,486 yen on Jan. 4.

According to the report, Merrill and other overseas financial
firms may bid to acquire Urban to obtain its US$4.4 billion of
assets.  As many as 10 potential investors, including U.S. and
European funds and Japanese real-estate developers, have asked
to be included in the bidding process for the company, officials
told Bloomberg News.

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

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

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

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

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

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

On Aug. 21, 2008, the TCR-AP reported that S&P updated
information relating to the six Japanese CMBS transaction loans.

Based on updated information from servicers, S&P said 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 confirmed 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.

                  About Urban Corporation

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

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



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

PARK & OPC: To Dispose of Stake in Daewon C&M for KRW13.5 Bil.
--------------------------------------------------------------
Park & OPC Co. Ltd.  will sell its entire stake (1,340,280
shares) in Daewon C&M Co. Ltd. for KRW13,536,828,000, to improve
the financial structure and secure funds for its operations,
Reuters reports.

According to the report, the transaction will settle on
October 24, 2008.

With headquarters and factory in Cheongju, Korea, Park & OPC Co.
Ltd. -- http://www.daewonopc.com/-- is a manufacturer engaged
in the provision of electrophotographic devices.  The Company
produces organic photo conductor(OPC) drums and artificial
intelligence (A.I) chips.  During the year
ended Dec. 31, 2005, the company had a production capacity of
approximately 9 million OPC drums and its actual output was
approximately 6.5 million OPC drums.  The company exports OPC
drums to Japan.  Its major clients are Cannon, IBM, Epson and
Samsung Electronics.

Korea Ratings gave the company's KRW4.40 billion straight bond
private issue a B rating.



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

NIKKO ELECTRONICS: Sets 20th Annual Meeting on September 15
-----------------------------------------------------------
Nikko Electronics Bhd. will hold its twentieth annual general
meeting on September 15, 2008, at 10:00 a.m., at the Alhambra I
& II, (Level M1), Melia Hotel Kuala Lumpur, No 16, in Jalan
Imbi, 55100 Kuala Lumpur.  At the meeting, the members will be
asked to:

   -- receive the audited financial statements for the financial
      year ended March 31, 2008, together with the directors’
      and auditors’ report;

   -- approve the payment of directors’ fees for the financial
      year ended March 31, 2008;

   -- re-elect or elect these directors who retire in accordance
      with the company’s Articles of Association and being
      eligible offer themselves for re-election or election:

     * Lim Chiang Hang;
     * Oh Kim Sun; and
     * Nik Abdul Hamid Shukri Bin Nik Abdullah

   -- appoint Wong Liu & Partners as the auditors of the company
      in place of the retiring Auditors, PricewaterhouseCoopers,
      who do not wish to seek reappointment; and

   -- transact any other ordinary business of which due notice
      shall have been given.

                        About Nikko

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

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

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


PUTERA CAPITAL: To Acquire 12.2% Interest in Konsortium LPB
-----------------------------------------------------------
Putera Capital Berhad entered into a conditional sale and
purchase agreement (SPA) with Perak Corporation Berhad (Vendor)
to acquire 12.2% equity interest or 3.31 million shares in
Konsortium LPB Sdn Bhd (KLPB) for a consideration of
MYR6 million, which will be paid through:

   (a) Refundable deposit of MYR600,000 upon execution of the
       SPA to be kept by a stakeholder, which shall be released
       to the Vendor upon notification of satisfactory
       completion of the due diligence inquiry on KLPB by
       Putera; and

   (b) the balance MYR3.4 million in cash and MYR2 million in
       kind in the form of listed shares of PCB or landed
       properties to be agreed by the parties or failing which,
       in cash to be payable on the completion date of the SPA.

The Vendor is required to subscribe for such number of
unsubscribed KLPB Shares in order to comply with the Agreed
Proportion.  As part of the Proposed Acquisition, the Vendor
shall transfer all of its rights, obligations, title and
interests in and to the Unsubscribed Shares to Putera, which
will pay for the subscription price of the Unsubscribed Shares
(including the 1,890,000 KLPB Shares issued but not paid-up by
the Vendor) upon subscription.

          Rationale for the Proposed Acquisition

The Putera group of companies is currently undertaking its
restructuring scheme which was announced on February 7, 2007.
The Proposed Acquisition is expected to diversify the future
income stream of the PCB Group to include toll operations.  In
addition, the Proposed Acquisition will also provide a platform
for the PCB Group to potentially secure construction contracts
related to the construction of the Highway.

                       About Putera Capital

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

                          *     *     *

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

As of Feb. 29, 2008, Putera Capital's consolidated balance sheet
went upside down by MYR22.18 million, on total assets of
MYR31.53 million and total liabilities of MYR53.71 million.


TALAM CORPORATION: Shareholders Set Meeting on Sept. 15
--------------------------------------------------------
The shareholders of Talam Corporation Berhad will hold their
extraordinary general meeting on September 15, 2008, at 10:30
a.m., at Perdana Ballroom, Pandan Lake Club, Lot 28, Jalan
Perdana 3/8, in Pandan Perdana, 55300 Kuala Lumpur.

At the meeting, the shareholders will be asked to approve ratify
the provision of financial assistance in the form of
proportionate corporate guarantee by Talam, attributable to the
principal sum amounting to MYR68.0 million pursuant to the
credit facilities granted to Cekap Tropikal Sdn Bhd, a 49.99%-
associated company of Talam.

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

                          *     *     *

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



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

ABRASIVE BLASTING: Proofs of Debt Due on August 29
--------------------------------------------------
On July 21, 2008, the shareholders of Abrasive Blasting & Spray
Painting Ltd resolved that the company be liquidated and
appointed Trevor Edwin Laing as liquidator of the company.

The liquidator sets Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Trevor Laing
          Trevor Laing & Associates
          PO Box 2468
          Dunedin
          Telephone: (03) 454 4559


BLUE CHIP: Proofs of Debt Due on August 29
------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of  Blue Chip Bay of Plenty Limited appointed
Christopher Robert Ross Horton, chartered accountant, and
John Albert Price, insolvency practitioner, as liquidators on
July 20, 2008.

The liquidators set Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


BLUE CHIP BAY: Proofs of Debt Due on August 29
-----------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of  Blue Chip Bay of Plenty 2006 Limited appointed
Christopher Robert Ross Horton, chartered accountant, and
John Albert Price, insolvency practitioner, as liquidators on
July 20, 2008.

The liquidators set Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


BLUE CHIP BOTANY:  Proofs of Debt Due on August 29
--------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of  Blue Chip Botany Downs Limited appointed
Christopher Robert Ross Horton, chartered accountant, and
John Albert Price, insolvency practitioner, as liquidators on
July 20, 2008.

The liquidators set Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


BLUE CHIP ROTORUA: Proofs of Debt Due on August 29
--------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Blue Chip Rotorua Limited appointed
Christopher Robert Ross Horton, chartered accountant, and
John Albert Price, insolvency practitioner, as liquidators on
July 20, 2008.

The liquidators set Aug. 29, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705


CENTRAL SURF: Liquidators Set August 29 as Claims Bar Date
----------------------------------------------------------
The High Court has appointed Stephen John Tubbs, chartered
accountant, and Colin Anthony Gower, insolvency practitioner,
both of Christchurch, as liquidators of Central Surf Limited.

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

Creditors and shareholders may direct their inquiries to:

          BDO Spicers
          Level 6
          Spicer House
          148 Victoria Street
          Christchurch
          Telephone: (03) 379 5155
          Facsimile: (03) 353 5526
          Email: glen.morales@chc.bdospicers.com


DE ROO'S: Proofs of Debt Due on August 30
-----------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of De Roo’s Limited (trading as No.8 Wire)
appointed David Donald Crichton and Keiran Anne Horne, chartered
accountants of Crichton Horne & Associates Limited, as
liquidators on Aug. 1, 2008.

The liquidators set Aug. 30, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Marie Inch
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace (PO Box 3978)
          Christchurch
          Telephone (03) 379 7929


DOMINION FINANCE: To Wind Down Two Subsidiaries
-----------------------------------------------
Dominion Finance Holdings Limited has presented final details
for the company's proposed recapitalization for consideration by
the trustees for stockholders of Dominion Finance Group and
North South Finance.  However, the recapitalization terms were
not to the satisfaction of the trustees.

Accordingly, the company said it intends to promptly seek
trustee approval to present stockholders and the group's banks
with separate restructuring proposals for an orderly realization
of the assets of each of Dominion Finance Group and North South
Finance.

While the directors are disappointed that it will not be
possible to pursue the recapitalization proposal, the directors
consider the orderly wind down to be the next best available
option for Dominion Finance Holdings, in the circumstances.

The restructuring will necessarily involve some immediate write-
offs of goodwill and brand value in the company's financial
statements.  The company said its directors are now moving to
finalize the financial statements for each member of the group
for lodgment with NZX and the Companies Office.

                   About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2008, the company's Board of Directors had become
concerned about the liquidity position of its two subsidiaries
-- Dominion Finance Group Limited and North South Finance
Limited -- and primarily the ability of these companies to meet
their ongoing payment obligations to their respective debenture
holders both in respect of interest and principal.

The company is facing liquidity pressure from the impact of the
international credit crisis on the confidence of Dominion
Finance Group and North South Finance's investor base, and the
inability of the company's borrowing clients to refinance or
repay the debt facilities previously provided to those
borrowers.

The company's Board entered into discussions with bankers,
auditors, and Trustee's of DFG and NSFL respectively, with a
view to exploring the prospect of those two companies entering
into a Moratorium with their respective
debentureholders.

Under the prospective moratorium, DFG and NSFL would seek the
suspension of the obligation to make payments to
debentureholders for a yet to be determined period of time with
a view to enabling those companies the opportunity to
restructure in order to alleviate the liquidity pressures and
ensure the maximum realization of investor's investment in DFG
and NSFL.


HANOVER FINANCE: To Finalize Restructure Plan This Month
--------------------------------------------------------
In a letter to its investors last week, Hanover Finance Limited
Chairman Greg Muir said that the management has been working
closely with the shareholders, the trustees and their advisers
over the past three weeks to develop a restructuring plan to
enable repayments to investors over an agreed time period.

Mr. Muir said the company is targeting to finalize this plan
before the end of August.

Following that, Mr. Muir said the process is as follows:

   * A series of initial meetings will be held around the
     country for us to present the key components of the
     plan to investors;

   * The final plan and proxy voting materials will be
     posted to investors for review;

   * A mandatory 16-day notice period will be followed
     with formal meetings, to be held towards the end
     of September or early October, for investors to
     formally vote on the proposal;

   * Proxy voting will enable those who cannot attend
     personally to also have their say.

According to Mr. Muir, the shareholders have said that they will
provide further support for the proposed restructure.  The
shareholders already have significant equity invested in Hanover
Finance and United Finance.  This equity ranks behind debenture
monies - meaning that debenture investors get paid out before
any of this money is accessible to shareholders.

"We understand that people are keen to quantify the support the
shareholders will offer on top of the equity they already have
in the company.  However, it would be inappropriate to pre-empt
this while the company follows through due process with the
trustees and their advisers," Mr. Muir said.

As reported in the Troubled Company Reporter-Asia Pacific on
July 24, 2008, Hanover Finance said it would suspend acceptance
of new investments and repayment of existing deposits as it
worked with trustees on a plan to restructure the business
going forward.

Hanover Finance, which continues to meet its Trust Deed
obligations and has ongoing financial capacity to trade, said it
is acting early to preserve value in the business as market
conditions continue to deteriorate and uncertainty mounts over
borrowers abilities to repay as forecast.

The Hanover Finance book comprises approximately 13,000
investors with NZ$465 million in debentures.  United Finance has
around 2,400 investors with NZ$65 million in debentures.  And
Hanover Capital, offering secured preferential bonds, has around
1,100 investors with NZ$24 million worth of bonds.

                          About HFL

Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's
third-largest privately-owned finance company with total assets
of NZD796 million at 31 December 2007.  The company was
established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

                        *     *     *

As reported in the Troubled Company Reporter–Asia Pacific on
Aug. 5, 2008, Fitch Ratings downgraded Hanover Finance'
Long-term foreign currency Issuer Default Rating to 'C' from
'BB+', Short-term foreign currency IDR to 'C' from 'B',
Individual rating to 'E' from 'C/D' and simultaneously placed
them on Rating Watch Negative.  At the same time, Fitch affirmed
HFL's Support rating at '5' and the Support Rating Floor at
'NF'.


NUMBER 1: Liquidator Sets August 29 as Claims Bar Date
------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Number 1 Retail Group Ltd resolved that the
company be liquidated and appointed John Albert Price,
insolvency practitioner, as liquidator.

The liquidator fixes Aug. 29, 2008, as the last day for
creditors to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Horton Price Limited
          PO Box 9125
          Newmarket
          Auckland 1149
          Telephone: (09) 366 3700
          Facsimile: (09) 366 3705
          Email: jprice@hortonprice.co.nz


QUANTUM REALTY: Liquidators Set September 1 as Claims Bar Date
--------------------------------------------------------------
In accordance with section 241 of the Companies Act 1993, the
shareholders of Quantum Realty Limited appointed Gerald Stanley
Rea and Paul Graham Sargison, chartered accountants of Auckland,
as liquidators on July 29, 2008.

The liquidators set Sept. 1, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Gerry Rea Partners
          PO Box 3015
          Auckland
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098


THE BINDERY: Wind-Up Petition Hearing Set for September 1
---------------------------------------------------------
The High Court at Wellington will hold a hearing on Sept. 1,
2008, at 10:00 a.m., to consider putting The Bindery Limited
into liquidation.

The application was filed on July 4, 2008, by Fuji Xerox New
Zealand Limited and Fuji Xerox Finance Limited.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester is the plaintiff’s solicitor.



===========
T A I W A N
===========

* TAIWAN: Buys Back Fewer Treasury Bills Than Planned
-----------------------------------------------------
Taiwan bought back fewer treasury bills than it had planned
after failing to attract sufficient bids, China Post reports,
citing the central bank.

The government, the report relates, purchased NT$11.85 billion
of the securities, less than the planned NT$35 billion.  It
received NT$8.05 billion in bids for the 273-day bills and
NT$3.8 billion for the 182-day debt, the report says.

According to the Post, the government had planned to buy back
NT$20 billion of the 273-day bills and NT$15 billion of the 182-
day securities.

                         *********

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.





                 *** End of Transmission ***