TCRAP_Public/080827.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

            Wednesday, August 27, 2008, Vol. 11, No. 170

                            Headlines

A U S T R A L I A

AUSTEEL STAINLESS: Members' Final Meeting Set for September 1
BABCOCK & BROWN: Unit Posts AU$51 Million Net Loss for FY2008
BABCOCK & BROWN: Unit Completes Capital Management Review
CASEY ENT: Proofs of Debt Due on September 5
CORY ENTERPRISES: Proofs of Debt Due on September 5

DILLIGAF MULTIMEDIA: Joint Meeting Slated for September 1
ELDERSLIE FINANCE: Two Related Companies Placed in Receivership
HOTEL BEDFORD: To Declare Dividend on September 10
HQEBPR PTY: Members' Final Meeting Set for September 1
J & P EMPLOYMENT: To Declare Dividend on September 5

MONARCH GOLD: Administrators Hopeful to Stave Off Insolvency
OCTAVIAR LIMITED: Shareholders to Push AU$80 Million Class Suit
PINEBANG PTY: Placed Under Voluntary Liquidation
TAMMETT PTY: Placed Under Voluntary Liquidation
TRICOM EQUITIES: Hopes for ANZ and Babcock's Support

YORK STREET: To Declare Dividend on September 10
* AUSTRALIA: ANZ Releases Securities Lending Review


C H I N A

CHINA CONSTRUCTION: Sees 10% Growth in Local Currency Lending
CHINA CONSTRUCTION: Cuts Fannie Mae Holdings
COASTAL GREENLAND: Moody's Confirms B1 CFR; Outlook Negative


H O N G K O N G

ANGLO IRISH: Members to Receive Wind-Up Report on September 19
DUNHUANG RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
EVERGREEN RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
SHATIN TREASURE: Annual Meetings Slated for Aug. 27 & 28
SPENCE ROBINSON: Members to Hear Wind-Up Report on September 16

WAH HING: Members' Final Meeting Set for September 19
TAI PO: Annual Meetings Slated for Aug. 27 & 28
TREASURE FLOATING: Annual Meetings Slated for Aug. 27 & 28
TREASURE FOOD: Annual Meetings Slated for Aug. 27 & 28
TREASURE MANAGEMENT: Annual Meetings Slated for Aug. 27 & 28

TREASURE RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
TREASURE SEAFOOD: Annual Meetings Slated for Aug. 27 & 28


I N D I A

JCT LIMITED: Selling Loss-Making Textile Unit
UPPER GANGES: No Dividend Declared for 2008 Year Ended June 30


J A P A N

FURUKAWA ELECTRIC: Shares Hit Highest on Copper Capacity Gain
NIPPON PAPER: Sets Another Price Hike for Printing Paper


K O R E A

GENERAL MOTORS: Korean Unit & Its Labor Union Reach Wage Deal
HYUNDAI MOTORS: To Meet Sales Target in Russia This Year
* Kookmin Bank Gets Shareholders OK to Set Up Holding Company
* KOREA: Record Number of Households in Debt Up 28% in Q2


M A L A Y S I A

FOREMOST HOLDINGS: Records 20% Oversubscription of Shares
HARVEST COURT: Court Grants Order to Reduce Capital to MYR5.67MM
UBG BERHAD: Incurs MYR232,000 Net Loss in Qtr. Ended June 30
WEMBLEY INDUSTRIES: Bursa to Defer De-Listing Until Sept. 5


N E W  Z E A L A N D

3D CONCEPTS: Wind-Up Petition Hearing Set for September 8
ACTION REOFIX: Liquidators Set September 5 as Claims Bar Date
AIR NEW ZEALAND: Posts 24% Drop in Profit for FY2008
BUILDERS UNLIMITED: Commences Liquidation Proceedings
CHRISHALL COMPANY: Parsons and Kenealy Appointed as Liquidators

HEG ENTERTAINMENT: Proofs of Debt Due on September 1
LANDSHAPERS LTD: Parsons and Kenealy Appointed as Liquidators
SC FARMS: Placed Under Liquidation
SIGMA PROJECTS: Liquidators Set September 3 as Claims Bar Date
SILVER CREEK: Placed Under Liquidation

VEHICLE IMAGE: Parsons and Kenealy Appointed as Liquidators
* NEW ZEALAND: July Exports High, But Trend Easing


P H I L I P P I N E S

BENPRES HOLDINGS: To Sell Stake in Tollroad Business to MPIC


                         - - - - -


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

AUSTEEL STAINLESS: Members' Final Meeting Set for September 1
-------------------------------------------------------------
David John Kerr, Austeel Stainless Pty Limited's appointed
estate liquidator, will meet with the company's members on
Sept. 1, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          David John Kerr
          RSM Bird Cameron Partners
          12th Floor, 60 Castlereagh Street
          Sydney NSW 2000
          Australia


BABCOCK & BROWN: Unit Posts AU$51 Million Net Loss for FY2008
-------------------------------------------------------------
Babcock & Brown Ltd's Babcock & Brown Infrastructure unit
reported a net loss of AU$51 million for the financial year
ended June 30, 2008, down 145% from last year's profit of
AU$112.95 million.  Revenue rose 84% to AU$2.27 billion from
last year's revenue of AU$1.24 billion.

BBI confirmed a full year distribution of 10.0 cps.  The
Directors confirmed distributions for the year ended June 30,
2008, will be 100% tax deferred.

The EBITDA and operating cash flow performance in local
currencies of BBI's existing businesses is broadly in line with
the guidance in the Scheme booklet and subsequent guidance
provided in respect of the acquired businesses of NGPL and BBI
Euroports. In addition, there has been no material impairment to
any assets in the 2008 financial statements.

   Twelve months ended    30-Jun-08    30-Jun-07   change
   -------------------    ---------    ---------   ------
   Total Revenue (A$'m)    2,275.6       1,239.3     84%

   EBITDA1 (A$'m)            742.4          21.3     42%

   Cash available for
   distribution (A$'m)        279.0        190.6     46%

Jeff Kendrew, BBI's CEO said "The accelerated growth in BBI's
EBITDA has resulted from BBI's recent acquisitions.  BBI
Euroports have increased EBITDA by $94.9 million compared to the
prior period reflecting additional EBITDA contribution from the
ports acquired during the reporting period.  The Australian
ET&D assets have contributed EBITDA of $83.3 million in the
current period.

These Australian ET&D businesses have mostly performed in line
with the Scheme Book forecasts for the ten months since
acquisition by BBI after taking into account some one off
transition and integration costs and the effects of warmer
weather experienced.  The NGPL asset is performing well and is
in line with expectations.  BBI's proportionate share of NGPL's
EBITDA since acquisition is approximately A$73 million.

The remainder of BBI's existing businesses have also performed
in line with expectations with the exception of WestNet Rail,
whose 2008 performance has been impacted by poor grain haulage
associated the drought.  Good EBITDA growth has been experienced
in DBCT, PD Ports, IEG and Powerco.

BBI's result continues to reflect the continuing stable and
predictable performance of its quality portfolio of essential
infrastructure assets, illustrating the benefits of
diversification and its ongoing organic step-change growth
strategy."

                      Capital Management

In the last 12 months BBI has demonstrated a solid track record
of successfully refinancing and obtaining new debt including:

   * US$3.6 billion of debt associated with the
     NGPL transaction in December 2007.

   * The AU$574 million construction debt facility
     to fund DBCT's Phase 2/3 expansion project.

   * The refinance (AU$300 million) and upsizing
     (to AU$800 million) of BBI's corporate debt
     facility in February 2008.

   * The refinancing of the AU$518 million Australian
     ET&D acquisition facility in June 2008.

BBI's debt position is well placed with:

   -- approximately 5% of total debt maturing in FY09

   -- approximately 30% of the FY09 refinancing
      requirement being substantially complete with
      commitments secured to refinance the AGN
      facilities totalling AU$165 million in August 2008.

              About Babcock & Brown Infrastructure

Babcock & Brown Infrastructure Group (ASX:BBI)--
http://www.bbinfrastructure.com/ -- is a Australia-based
specialist infrastructure company, which provides investors
access to a diversified portfolio of quality infrastructure
assets.  BBI's investment focuses on acquiring, managing and
operating quality infrastructure assets in Australia and
internationally.  BBI's portfolio is diversified across two
asset class segments: Energy Transmission and Distribution and
Transport Infrastructure.  The company comprises of Babcock &
Brown Infrastructure Trust (BBIT) and Babcock & Brown
Infrastructure Limited (BBIL).  In July 2007, BBI announced that
it has acquired a majority interest in the Manuport Group, a
specialty bulk port group based in Antwerp, Belgium.  In August
2007, BBI acquired a majority interest in Terminal Rinfuse
Italia S.p.A (TRI), a dry bulk port operator in Italy. The
transaction involves BBI acquiring an 80% majority stake in
Estate S.p.A, which in turn controls 62.9% of the share capital
in TRI.

                  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
Aug. 25, 2008, Standard & Poor's Ratings Services 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."


BABCOCK & BROWN: Unit Completes Capital Management Review
---------------------------------------------------------
The Hon. Dr David Hamill, Independent Chairman of Babcock &
Brown Infrastructure said that the capital management review,
initiated on June 19, 2008, is substantially complete.

Dr. Hamill said, "BBI's current depressed equity price combined
with the material deterioration in debt markets restricts the
company's funding options for organic and new growth projects.
The aim of this review process therefore has been to provide
potential funding options, while also ensuring BBI adopts
prudent capital management practices to further strengthen its
balance sheet.  The top priority of the Board and management is
to restore securityholder value.  Establishing an appropriate
capital structure and a sustainable distribution policy is key
to achieving this."

                     Balance Sheet Initiatives

The deterioration in capital markets over the past year has
given rise to the need for a more prudent capital management
approach.  As a result, BBI has undertaken to further strengthen
its balance sheet.  In order to achieve this objective, BBI has
initiated a potential asset sale process.  This initiative was
announced in a release to the Australian Stock Exchange (ASX)on
June 19, 2008.

BBI said it can confirm that the process of price discovery is
on target and strong interest has been expressed.  Further
information is contained in the annual results announcement
released separately.  The net proceeds from any transaction will
be applied to reduce corporate debt.

Expected underlying EBITDA growth and the net proceeds from any
asset sales should lead to a progressive improvement in BBI's
interest coverage ratio(ICR).  The company has set a target ICR,
to be achieved over the medium term, of 2.0x. At 30 June 2008,
BBI's consolidated group ICR was 1.83x.

Dr. Hamill said, "The measures adopted in the revised capital
management policy are designed to ensure BBI's debt profile is
consistent with investment grade credit metrics over the medium
term."

                   Revised Distribution Policy

In conjunction with the initiatives underway to further
strengthen the balance sheet, the BBI Boards have implemented a
revised distribution policy.  It is the Boards' view, that
funding distributions from FCF (as defined) is a more prudent
and sustainable approach to capital management and will provide
greater liquidity in the short term.

As a result, the Board have decided that it is in the best
interests of securityholders to implement this new distribution
policy with immediate effect.  Therefore the final distribution
for the 6 months ended June 30, 2008 will be 2.5 cps.  The total
FY08 distribution is 10.0 cps.  The Final Distribution will be
paid on or about Sept. 15, 2008.

The BBI Boards under the new policy also provide distribution
guidance of 10.0cps for the 2009 financial year, based on
expected FY09 operating cash flow as it is defined under the new
policy, and subject to completion of the DBCT expansion in line
with schedule, and no material adverse change to key tax,
regulatory, and capital market environments.

Dr. Hamill said "While BBI has the capacity to pay a 7.5 cps
distribution for the 6 months ending June 30, 2008, the BBI
Boards consider that in the current environment it is prudent to
preserve capital within the business.  This was not a decision
the Boards took lightly however the decision is considered
strongly in the long term interests of securityholders."

             About Babcock & Brown Infrastructure

Babcock & Brown Infrastructure Group (ASX:BBI)--
http://www.bbinfrastructure.com/ -- is a Australia-based
specialist infrastructure company, which provides investors
access to a diversified portfolio of quality infrastructure
assets.  BBI's investment focuses on acquiring, managing and
operating quality infrastructure assets in Australia and
internationally.  BBI's portfolio is diversified across two
asset class segments: Energy Transmission and Distribution and
Transport Infrastructure.  The company comprises of Babcock &
Brown Infrastructure Trust (BBIT) and Babcock & Brown
Infrastructure Limited (BBIL).  In July 2007, BBI announced that
it has acquired a majority interest in the Manuport Group, a
specialty bulk port group based in Antwerp, Belgium.  In August
2007, BBI acquired a majority interest in Terminal Rinfuse
Italia S.p.A (TRI), a dry bulk port operator in Italy. The
transaction involves BBI acquiring an 80% majority stake in
Estate S.p.A, which in turn controls 62.9% of the share capital
in TRI.

                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
Aug. 25, 2008, Standard & Poor's Ratings Services 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."


CASEY ENT: Proofs of Debt Due on September 5
--------------------------------------------
Casey Ent Pty Ltd will declare dividend on Sept. 26, 2008.

Creditors are required to file their proofs of debt by Sept. 5,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Peter Goodin
          Robyn Erskine
          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


CORY ENTERPRISES: Proofs of Debt Due on September 5
---------------------------------------------------
Cory Enterprises Pty Ltd will declare dividend on Sept. 26,
2008.

Creditors are required to file their proofs of debt by Sept. 5,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Peter Goodin
          Robyn Erskine
          Brooke Bird
          Insolvency Practitioners
          471 Riversdale Road
          Hawthorn East VIC 3123
          Australia
          Telephone: (03) 9882 6666
          Facsimile: (03) 9882 8855


DILLIGAF MULTIMEDIA: Joint Meeting Slated for September 1
---------------------------------------------------------
Dilligaf Multimedia Pty Limited 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, Robert Moodie at
Rodgers Reidy, will provide the attendees with property disposal
and winding-up reports.

The company's liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


ELDERSLIE FINANCE: Two Related Companies Placed in Receivership
---------------------------------------------------------------
Elderslie Finance Corporation's two associated companies that
owed the group about AU$75 million were swept into receivership,
Anthony Klan of the Australian Business reports.

According to the report, Hotel Nominees and TOMR Telematics,
owned by Elderslie director Peter George, both borrowed funds
from Elderslie in the years preceding their collapse.

The report says TOMR Telematics, a technology company, owed
Elderslie "about AU$10 million"  while Hotel Nominees owed
Elderslie about AU$67 million.

PricewaterhouseCoopers was appointed receiver to the companies.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, Elderslie Finance was placed into receivership
following a Federal Court order allowing its trustee, Perpetual
Trustees WA Ltd, to appoint a receiver, after several rescue
plans for the ailing company fell through.

According to various reports, Perpetual appointed Gregory Hall
and Philip Carter of PricewaterhouseCoopers as the receivers for
Elderslie Finance.

Perpetual had explored a series of options with Elderslie,
including a range of sale proposals, before deciding to appoint
a receiver, Business Day reported citing Perpetual General
Manager Chris Green.

Business Day related that according to evidence presented by
Perpetual, Elderslie failed to redeem some of its debentures
that have fallen due and cash flows are deteriorating.  Without
an injection of funds, Elderslie's operations would result in
further losses, endangering investors' funds in the company, the
report added.

Various reports said Elderslie asked for an adjournment of
the case to organize a separate bid to inject AU$15 million into
the company -- of which AU$12.6 million would be used to pay
creditors other than the debenture holders.  However, Justice
Kevin Lindgren rejected the request, saying the company's
financial position seems to be deteriorating, the reports
related.

                    About Elderslie Finance

Elderslie Finance Corporation -- http://www.efc.com.au/index.php
-- is an independent, Australian-owned structured finance and
investment management group.


HOTEL BEDFORD: To Declare Dividend on September 10
--------------------------------------------------
The Hotel Bedford Pty Ltd will declare dividend on Sept. 10,
2008.

Only creditors who were able to file their proofs of debt by
Aug. 11, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          P. Newman
          HLB Mann Judd
          Level 1, 160 Queen Street
          Melbourne VIC 3000
          Australia


HQEBPR PTY: Members' Final Meeting Set for September 1
------------------------------------------------------
Peter McCluskey, HQEBPR Pty Ltd's appointed estate liquidator,
will meet with the company's members on Sept. 1, 2008, at
10:00 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Peter McCluskey
          Ferrier Hodgson
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9600 4922
          Facsimile: (03) 9642 5887


J & P EMPLOYMENT: To Declare Dividend on September 5
----------------------------------------------------
J & P Employment & Training Services Pty Ltd will declare
dividend on Sept. 5, 2008.

Only creditors who were able to file their proofs of debt by
Aug. 21, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          J. A. Shaw
          Ferrier Hodgson
          Level 3, 2 Market Street
          Newcastle NSW 2300
          Telephone (02) 4908 4444
          Facsimile (02) 4908 4499


MONARCH GOLD: Administrators Hopeful to Stave Off Insolvency
------------------------------------------------------------
Monarch Gold Mining Company Limited's administrators remain
hopeful the company can enter into a final deed of company
arrangement and stave off insolvency, the Australian reports.

According to the report, Bryan Hughes of administrators Pitcher
Partners, said at an August 25 creditors' meeting in Perth,
Territory Resources was owed AU$24 million and external
creditors related to the Davyhurst operation were owed AU$12
million.

However, Mr. Hughes said creditors had approved an interim or
"holding" DOCA and may consider a final DOCA proposal.  A
holding DOCA keeps insolvent companies out of liquidation while
decisions are made, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2008, Monarch Gold appointed Bryan Kevin Hughes and
Christopher John Munday of Pitcher Partners as voluntary
administrators to the company and 12 of its subsidiaries.

                       About Monarch Gold

Headquartered in West Perth, Australia, Monarch Gold Mining
Company Limited (ASX:MON) -- http://www.monarchgold.com.au-- is
engaged in mineral exploration and evaluation activities on its
portfolio of gold mining tenements located within Western
Australia.  The company's projects include Davyhurst gold
project, Riverina Gold project, Mt Ida Gold project, Minjar Gold
Project and Bellevue Gold Project.  In February 2007, the
company acquired, on a 70% joint venture basis, the mining
rights for the Mt Ida gold mine.  The project is located in
Western Australia and consists of the Meteor, Whinnen, Baldock
and Timoni ore bodies and associated mine and camp
infrastructure.  On Aug. 6, 2007, the company announced the
acquisition of tenements comprising the Riverina gold project.


OCTAVIAR LIMITED: Shareholders to Push AU$80 Million Class Suit
----------------------------------------------------------------
Octaviar Limited has recently received correspondence from
Messrs. Maurice Blackburn Lawyers stating that they act for
certain former and current shareholders of Octaviar who have
retained them in relation to possible class proceedings.  The
claims of their clients are said to total AU$80 million and it
is said that this amount may increase if more shareholders seek
to participate in any claim.

The company also gave an update regarding their efforts to reach
an accommodation with their large unsecured creditors.  Octaviar
said responses to the proposal to noteholders to amend terms of
their notes continue to run at more than 90 percent (by both
number and value) in favor of the proposals put by the company
although the larger noteholders are yet to reply.

According to Octaviar, advisors to a number of the larger
noteholders are in daily contact with the company and its
advisors as they consider their clients' position before their
clients respond.  For the vote to be successful the amendments
must be supported by the holders of at least 75 percent of the
total notes on issue.  Noteholders are reminded that the
deadline is on Aug. 29, 2008, at 4:00 p.m.

Octaviar further added that the meeting of the noteholders
called by the Public Trustee of Queensland held on Aug. 19,
2008, was adjourned at the request of a group of large
Noteholders to allow them further time to consider the company's
proposal.  The meeting did not consider any other resolution.
The PTQ Meeting will recommence immediately after the Meeting of
Noteholders called by Octaviar on Sept. 3, 2008, at 2:00 p.m.

                  OPI Pacific Finance Limited

The OPI investors agreed in May to enter into a moratorium and
for that moratorium to continue OPI Pacific Finance is required
to enter into an arrangement with Octaviar within certain time
frames.  OPI Pacific finance has called a further meeting of its
investors on Sept. 8, 2008, to consider the secured debt offer
now made by Octaviar.  Octaviar has also last week made a cash
offer directly to the OPI investors.  That cash offer also
closes on Sept. 8, 2008, and is conditional on the OPI investors
agreeing at the meeting to OPI Pacific Finance entering into the
secured debt arrangement with Octaviar.

                     Australian Taxation Office

The company said arrangements have been made to meet with
officials of the ATO to discuss the proposal put to them.

                           Bondholders

Discussions continue with the holders of the unlisted bonds
regarding the proposal put to them.

                      About Octaviar Limited

Headquartered in Southport, Queensland, Australia, Octaviar
Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- operates as
an Investment Management business with a portfolio of businesses
and assets, including: operating businesses in the leisure and
childcare sectors; real estate portfolio; 35% interest in the
Stella Group; operating businesses which hold AFSL licenses and
act as Responsible Entity for a number of Managed Investment
Schemes.


PINEBANG PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Pinebang Pty Limited's members agreed on July 10, 2008, to
voluntarily liquidate the company's business.  Frank Llo Pilato
at RSM Bird Cameron Partners was appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


TAMMETT PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Tammett Pty Limited's members agreed on July 10, 2008, to
voluntarily liquidate the company's business.  Frank Llo Pilato
at RSM Bird Cameron Partners was appointed to facilitate the
sale of its assets.

The liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone: (02) 6247 5988


TRICOM EQUITIES: Hopes for ANZ and Babcock's Support
----------------------------------------------------
Tricom Equities Limited is hoping to be bailed out by ANZ
Banking Limited and Babcock & Brown Ltd, to secure its future
after Saxo Bank pulled out of buying a 35 per cent stake in the
company, various reports say.

The Australian says the main issue with the deal centers on the
ring-fencing of past problems and possible potential litigation
from client Allco Principal Investments.

While Saxo does not plan to proceed with its 35 per cent
acquisition, a future joint venture cannot be ruled out, the
Australian says.

According to a company statement cited by the Australian, Tricom
said it was “actively working” with ANZ and other stakeholders
to “ensure the business remains appropriately capitalised.”

An ANZ spokeswoman told the Australian that ANZ is continuing to
work with Tricom.

“Following discussions over the weekend, we remain confident we
can find a suitable structure between the various stakeholders
for Tricom to be appropriately capitalised and to continue to
operate effectively,” the Australian quotes ANZ spokeswoman as
saying.

According to Sky News, Tricom has been on the lookout for a
partner for about a month after ANZ seized the group's assets,
and forced it to unwind a AU$1.5 billion lending book, made up
mainly of Babcock & Brown satellites.

Tricom, the Australian says, came close to striking a AU$70
million deal with Bell Finance Group in March but pulled out of
the deal at the 11th hour.

After the Bell deal fell through, Babcock & Brown, ANZ and a
group of private investors recapitalized Tricom with a
AU$30 million cash injection to stop it suffering the same fate
as Opes Prime, the Australian relates.

                About Tricom Equities Limited

Tricom Equities Limited -- http://www.tricom.com.au/-- is an
Australian owned global Investment, Advisory and Trading House.
Formed in Sydney, Australia in 1994 as a specialist futures
broking firm, Tricom now employs over 230 people in 14 offices.
Internationally, the firm is located in New Zealand, China, Hong
Kong and Switzerland.


YORK STREET: To Declare Dividend on September 10
------------------------------------------------
York Street Mezzanine Pty Ltd will declare dividend on Sept. 10,
2008.

Only creditors who were able to file their proofs of debt by
Aug. 15, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

          David McEvoy
          PricewaterhouseCoopers
          Freshwater Place
          2 Southbank Boulevard
          Southbank VIC 3006
          Australia


* AUSTRALIA: ANZ Releases Securities Lending Review
---------------------------------------------------
Australia & New Zealand Banking Group Ltd Chief Executive
Officer Mike Smith has released the findings of his Review
Committee which examined the Bank's involvement in Securities
Lending and its relationship with Broker clients including the
Opes Prime Group (Opes).

The report follows an announcement in April that Mr. Smith would
conduct a thorough review of the issues surrounding ANZ's
Securities Lending business and publicly release its findings.
Mr. Smith was assisted by David Crawford, one of Australia's
most experienced company directors with an extensive background
in financial services and insolvency administration, and three
senior ANZ executives.

The Review Committee examined business practice, governance and
management accountability related to the Securities Lending
business within ANZ and developed a comprehensive remediation
plan to address its findings.

The issues examined in the report are not those which caused the
collapse of Brokers including Opes.  Nor does the report address
broader legal issues, particularly those associated with the
losses incurred by the clients of Opes.  Those issues are the
subject of several legal actions and commercial mediation
involving the Opes administrators, the Australian Securities and
Investments Commission and other financiers.  ANZ continues to
believe it has a strong legal position in relation to these
claims.

"The release of this report delivers on a commitment to provide
an open and transparent account of ANZ's involvement in
Securities Lending, to examine accountabilities within ANZ and
to identify the remedial actions necessary," Mr. Smith said.

"The Review Committee found weaknesses in the management and
oversight of the Equity Finance business within ANZ's Securities
Lending unit.  Taken together, this meant that ANZ did
not adequately identify and manage the range of risks which
arose from the operation of a business of this nature.

"In reviewing this issue, it's clear the findings have some
wider implications for ANZ's management of other non-traditional
businesses, particularly in our Institutional Division.

"We have developed a comprehensive 13-point remediation plan to
address all the management, control and accountability issues
identified in the report.  I believe this plan will provide ANZ
with a step change in the management of risk, particularly in
Institutional, and will draw a line in the sand at ANZ about
performance and accountability in the future," Mr. Smith said.

The Review Committee identified breaches of ANZ's Code of
Conduct by two employees who will leave ANZ.

A range of other management accountability issues associated
with the operation, management and oversight of the Equity
Finance business were also identified.  As a result, ANZ has
taken action involving a number of employees.  This includes
formal notes placed on employment records, cuts to remuneration
and the departure from ANZ of six managers and executives.
A number of executives who have already left the Institutional
Division would also have been subject to employment sanctions
had they remained at ANZ.

Mr. Smith added "ANZ's shareholders, customers and the wider
community have a right to expect the Bank to conduct its
business with the highest standards of business practice.
"We have dealt clearly and squarely with the accountability
issues and have a comprehensive remediation in place to address
the short comings in management and control we have identified
particularly within Risk Management and the Institutional
Division.

"However, I do recognize the legacy of ANZ's involvement in
Equity Finance may well be with the Group for some time through
legal claims that we will continue to defend and the impact of
these issues to our reputation.

"There have been no winners from this unfortunate series of
events.  The collapse of Brokers has had a significant affect on
the lives of their clients and their families together with
those of the affected staff members at ANZ," Mr. Smith said.

The Review Committee's report has been presented to the ANZ
Board which has accepted the findings and has given its full
support to the remediation program.  The report provided to the
ANZ Board has been released And has also been provided to the
Australian Prudential Regulation Authority and the Australian
Securities and Investments Commission.



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

CHINA CONSTRUCTION: Sees 10% Growth in Local Currency Lending
-------------------------------------------------------------
The China Construction Bank expects local currency lending to
grow 10% this year, implying stepped up activity in the second
half, but warned of slowing profit growth, Tony Munroe of
Reuters reports.
Construction Bank, the report relates, said growth in lending
would be driven in part by loans to small and medium-sized
enterprises and agricultural businesses.
According to the report, smaller businesses have suffered from a
lack of access to capital as Beijing curbed loan growth in order
to stave off economic overheating, slowdown in key export
markets, and soaring commodity prices.
Bank President Zhang Jianguo was cited by the news agency as
saying that "Corporate input costs are rising fast as global
energy and resource prices keep increasing.  China's industrial
policies are changing, labor costs are rising.  Many bank
clients are facing various new challenges."
Reuters says flush times for Chinese banks, fulled by double-
digit economic growth, are expected to be coming to an end as
funding costs rise and asset quality comes under pressure.
Construction Bank posted a 71% jump in first-half net income to
CNY58.7 billion on higher fee income and margins.
Full-year net profit is expected to increase 50%, based on
analyst forecasts compiled by Reuters Estimates.  Growth is
expected to slow to 17% in 2009, Reuters Estimates data shows.
"We think that in these two years, the first-half profit growth
was the peak. It is impossible to match that growth this year or
next," Chief Financial Officer Pang Xiusheng was quoted by
Reuters as saying.

                  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 CONSTRUCTION: Cuts Fannie Mae Holdings
--------------------------------------------
China Construction Bank Corp. had cut its holdings of bonds and
mortgage-backed securities related to Fannie Mae and Freddie Mac
to just above US$2 billion by the end of July from US$3.2
billion at the end of June, Amy Or of MarketWatch News reports.

According to the report, CCB President Zhang Jianguo said the
bank's holdings of securities linked to the mortgage-finance
giants haven't had a big impact on the bank's asset quality or
profitability, adding the bonds issued by the two companies are
"relatively safe investments."

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.


COASTAL GREENLAND: Moody's Confirms B1 CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has today confirmed Coastal Greenland
Limited's (CGL) B1 corporate family rating and B2 foreign
currency senior unsecured rating.  The outlook for both ratings
is negative.

This rating action removes CGL's ratings from review for
possible downgrade.  The review was initiated on April 10, 2008,
following an announcement concerning CGL's corporate
restructuring that the company would inject its residential
development projects into its 21%-owned associate, Shanghai
Fenghwa Group Co Ltd (Fenghwa), in return for majority
ownership.  The restructuring would also see the sale of CGL's
brand name to Fenghwa.

"Although the restructuring is still in progress, CGL has been
removed from review for possible downgrade in view of the
prolonged and uncertain timeframe for the transaction to close,"
says Kaven Tsang, a Moody's AVP/analyst.

"It is also uncertain whether the transaction will go ahead at
all, or whether there will be major modifications to the terms
of the transaction given there have been material changes in the
market environment since the announcement," adds Tsang.

"The negative outlook reflects the potential risk of fund
leakage and the deepening level of subordinations if the
restructuring goes ahead.  It also reflects the high level of
uncertainty associated with the possible changes in the
restructuring plan, which could eventually affect CGL's credit
profile," says Tsang, also Moody's lead analyst for the company.

The outlook could revert to stable if the group restructuring is
1) terminated; or 2) structured in a way that does not
significantly jeopardize the interests of CGL or the
bondholders, while the company continues operating in accordance
with its business plan.

However, the ratings could come under downward pressure if the
terms of the group restructuring are unfavorable to the
interests of CGL or the bondholders.  Such terms could include
the sale of assets to Fenghwa at a deep discount and/or
limitation on Fenghwa's future dividend payout.

In addition, the ratings could undergo a downgrade if CGL: (1)
fails to execute its business plan, or China's property market
experiences a significant downturn, such that operating cash
flow generation is weaker than anticipated; and/or (2) executes
an aggressive land acquisition plan, which weakens its balance
sheet liquidity.

In terms of financial metrics, Moody's would regard the
following as signals for negative rating pressure:(1) adjusted
debt/capitalization consistently above 60%; and/or (2) EBITDA
interest coverage falling below 3x.

Coastal Greenland Limited is a Chinese property developer
focusing on medium and high-end residential and commercial
property developments.  It has an attributable land bank of 4.6
million sqm in six major economic areas in China.



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

ANGLO IRISH: Members to Receive Wind-Up Report on September 19
--------------------------------------------------------------
The members of Anglo Irish Trade Services Limited will meet on
September 19, 2008, at 4:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Natalia K M Seng
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


DUNHUANG RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
------------------------------------------------------------
The creditors and contributories of Dunhuang (China) Company
Limited will hold their annual general meetings on August 27 and
28, 2008, at 12:00 noon and 11:20 a.m. respectively, at the
Conference Room, Room 1302, 13th Floor of Wing On Centre, No.
111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


EVERGREEN RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
-------------------------------------------------------------
The creditors and contributories of Evergreen Restaurant Limited
will hold their annual general meetings on August 27 and 28,
2008, at 12:20 noon and 11:40 a.m. respectively, at the
Conference Room, Room 1302, 13th Floor of Wing On Centre, No.
111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


SHATIN TREASURE: Annual Meetings Slated for Aug. 27 & 28
--------------------------------------------------------
The creditors and contributories of Shatin Treasure Restaurant
Company Limited will hold their annual general meeting on
August 27 and 28, 2008, at 11:20 a.m. and 10:40 a.m.
respectively, at the Conference Room, Room 1302, 13th Floor of
Wing On Centre, No. 111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


SPENCE ROBINSON: Members to Hear Wind-Up Report on September 16
---------------------------------------------------------------
The members of Spence Robinson (Asia) Limited will meet on
Sept. 16, 2008, 10:00 a.m., at the 18th Floor of CNT Tower, 338
Hennessy Road in Wanchai, Hong Kong.

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


WAH HING: Members' Final Meeting Set for September 19
-----------------------------------------------------
A final general meeting will be held for the members of Wah Hing
Shing Enterprises Limited on September 19, 2008, at 12:00 noon
at Flat B4, 22nd Floor of Kin Lee Building, 130-136 Jaffe Road
in Wanchai, Hong Kong.

At the meeting, Tang Kit Bing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TAI PO: Annual Meetings Slated for Aug. 27 & 28
-----------------------------------------------
The creditors and contributories of Tai Po Treasure Restaurant
Company Limited will hold their annual general meetings on
August 27 and 28, 2008, at 11:40 a.m. and 11:00 a.m.
respectively, at the Conference Room, Room 1302, 13th Floor of
Wing On Centre, No. 111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


TREASURE FLOATING: Annual Meetings Slated for Aug. 27 & 28
---------------------------------------------------------
The creditors and contributories of Treasure Floating Restaurant
Limited will hold their annual general meeting on August 27 and
28, 2008, at 9:00 a.m. at the Conference Room, Room 1302, 13th
Floor of Wing On Centre, No. 111 Connaught Road in Central, Hong
Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


TREASURE FOOD: Annual Meetings Slated for Aug. 27 & 28
------------------------------------------------------
The creditors and contributories of Treasure Food Limited will
hold their annual general meeting on August 27 and 28, 2008, at
11:00 a.m. and 10:20 a.m. respectively, at the Conference Room,
Room 1302, 13th Floor of Wing On Centre, No. 111 Connaught Road
in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


TREASURE MANAGEMENT: Annual Meetings Slated for Aug. 27 & 28
------------------------------------------------------------
The creditors and contributories of Treasure Management Company
Limited will hold their annual general meeting on August 27 and
28, 2008, at 10:20 a.m. and 10:00 a.m. respectively, at the
Conference Room, Room 1302, 13th Floor of Wing On Centre, No.
111 Connaught Road in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


TREASURE RESTAURANT: Annual Meetings Slated for Aug. 27 & 28
------------------------------------------------------------
The creditors and contributories of Treasure Restaurant Company
Limited will hold their annual general meeting on August 27 and
28, 2008, respectively, at 9:20 a.m. at the Conference Room,
Room 1302, 13th Floor of Wing On Centre, No. 111 Connaught Road
in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.


TREASURE SEAFOOD: Annual Meetings Slated for Aug. 27 & 28
---------------------------------------------------------
The creditors and contributories of Treasure Seafood Restaurant
Limited will hold their annual general meeting on August 27 and
28, 2008, at 10:00 a.m. and 9:40 a.m. at the Conference Room,
Room 1302, 13th Floor of Wing On Centre, No. 111 Connaught Road
in Central, Hong Kong.

At the meeting, Kong Chi How, Johnson, the company's liquidator,
will give a report on the progress of liquidation and other
business related to it.



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

JCT LIMITED: Selling Loss-Making Textile Unit
---------------------------------------------
JCT Limited's Board of Directors has decided to sell the
company's textile unit at Sriganganagar (Rajasthan) subject to
requisite approvals.

According to JCT, the said unit has been incurring continuous
losses and the continuation of the business at this unit in
present form had become unviable.

During the last five years, the unit have incurred cash loss
ranging Rs 2 Crores to Rs 5 Crores each year before the
allocation of the interest on term loans, working capital and
common expenses incurred at corporate office.

The Board proposed to sell the unit on 'as is where is' basis
with continued employment of the employees and workers.

Management expects to realize around Rs 14 crores from sale of
this unit as against the book value of fixed assets of Rs 11.29
Crores as on March 31, 2008.

Resolution under Section 293(1)(a) seeking members approval
through postal ballot under the provisions of Section 192A of
the Companies Act, 1956 is under process.

India-based JCT Limited -- http://www.jctltd.com/-- operates in
two business segments: Textiles and Filament.  The products
under Textile segment include cloth, yarn and fents, rags and
chindies.  The products under Filament segment include
polyester/nylon yarn and chips.  During the fiscal year ended
March 31, 2007 (fiscal 2007), the Company embarked on a
modernization-cum-expansion programme in the Textile Unit at
Phagwara.  The Company completed the work of erection of a
50,000 meters per day polyester and nylon filament-based
performance fabric plant at Phagwara. Filament Division at
Hoshiarpur also commissioned a six megawatt turbo generating set
during fiscal 2007.  Its subsidiaries include Rajdhani Trading
Co. Limited, Gupta & Syal Limited and JCT (International) Pte
Limited.


UPPER GANGES: No Dividend Declared for 2008 Year Ended June 30
--------------------------------------------------------------
Upper Ganges Sugar & Industries Ltd's Board of Directors, at its
meeting held  August 22, 2008, did not recommend dividend for
the year ended June 30, 2008.

Headquartered in Kolkata, India, Upper Ganges Sugar & Industries
Limited (UGSIL)
-- http://www.birla-sugar.com/ugsugar/-- is engaged in
manufacturing sugar, confectionery, tea, tea seeds, bagasse,
fusel oil, carbon dioxide, spirits and molasses.  The Company’s
sugar mills are located in Seohara, Uttar Pradesh, Sidhwalia,
Bihar and Hasanpur, Bihar.  The Company’s distillery is located
to Seohara, Bijnor.  It’s tea garden is located at Cinnatolliah,
North Lakhimpur, Assam.  The Company belongs to K.K. Birla Group
of Companies.

The company incurred two consecutive annual net losses.  For the
year ended June 30, 2008, the company recorded a net loss of Rs.
62.92 million compared to a net loss of Rs. 282.61 million in
the year ended June 30, 2007.



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

FURUKAWA ELECTRIC: Shares Hit Highest on Copper Capacity Gain
-------------------------------------------------------------
Furukawa Electric Co. reached the highest in almost three weeks
in Tokyo trading after the Nikkei newspaper reported that the
company will increase monthly copper production capacity to meet
demand, Nichola Saminather of Bloomberg News reports.

Furukawa, the report relates, rose 5.1% to close at JPY533 on
the Tokyo Stock Exchange, the biggest gain since Aug. 6.

According to the report, the company, which has a 55% share of
the global copper foil market, said it will raise capacity by
30% to 9 million square meters by next summer.

The increase will help Furukawa meet higher demand for lithium-
ion batteries used in hybrid vehicles, the report notes, citing
the Nikkei newspaper.

Furukawa's stock has added 23% this year, outperforming the
benchmark Nikkei 225 Stock Average, which has dropped 16%, the
report says.

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 20,
2008, that Standard & Poor's Ratings Services raised to 'BB+'
from 'BB' its long-term corporate credit rating on Furukawa
Electric Co. Ltd.  The outlook on the long-term corporate credit
rating is stable.


NIPPON PAPER: Sets Another Price Hike for Printing Paper
--------------------------------------------------------
Nippon Paper Group Inc. plans to implement an additional price
hike for printing paper, possibly by the end of this year, due
to soaring fuel and material prices, Jiji Press reports.

The price, the report relates, are expected to be raised by
10-15%.

Nippon Paper raised its paper product prices by 15% in June, but
it concluded that an additional price hike is inevitable as
steeper-than-expected increase in crude oil prices is eroding
the company's profitability, the report recounts.

According to the report, the company's earnings estimates for
the current business year to March 2009 are based on the
assumption that Dubai crude oil prices will move at an average
of US$88 per barrel.

The higher crude oil prices are expected to boost Nippon Paper's
annual costs by some JPY10 billion, the report notes.

The Press says high flying prices for recycled paper, used to
make printing paper, are giving an additional blow to the
company's earnings.

Meanwhile, Nippon Paper plans to keep intact prices for
household paper products, such as tissue and toilet paper, as it
hopes to ensure first that a 25% price hike implemented in June
will be fully reflected in retail prices, the report adds.

                       About Nippon Paper

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

                          *     *     *

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



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

GENERAL MOTORS: Korean Unit & Its Labor Union Reach Wage Deal
-------------------------------------------------------------
General Motors Corporation's South Korean unit, GM Daewoo Auto &
Technology Co., has reached a new wage deal with its labor union
in a possible move to end days of partial strikes over annual
salary negotiations, Yonhap News reports.

The union, the report relates, accepted GM Daewoo's offer of
about 6%, or KRW82,000 (US$76), increase in basic monthly salary
for each worker, a bonus payment equivalent to two months
salary.

According to the report, a lump-sum payment of KRW2.2 million
for each worker was also included in the deal.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.

General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India.  GM India has 95 sales points and over 110 service
centers.

General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units.  GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela.  GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.

                          *     *     *

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications.  The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.

Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
—largely as a result of high gasoline prices.  Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.

As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years.  These closures are in response to the re-energized shift
in consumer demand away from light trucks.  GM previously said
only one shift was being eliminated at each of the four truck
plants.  Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.


HYUNDAI MOTORS: To Meet Sales Target in Russia This Year
--------------------------------------------------------
Hyundai Motor Co. expects to meet its sales target in Russia
this year as it will introduce a sport-utility vehicle and other
models in Europe's fastest growing auto market, Yonhap News
reports.

The company, the report relates, aims to raise this year's sales
in Russia by 35.3% from a year earlier to 200,000 vehicles.

"In the first seven months of this year, Hyundai Motor sold
123,494 vehicles in Russia.  So, Hyundai can easily meet this
year's target," a company official was quoted by Yonhap as
saying.

According to the report, Hyundai plans to showcase 15 models at
an auto industry fair this week in Russia, whose economy is
enjoying a boom amid surging oil prices worldwide.

In June, Hyundai started building its first manufacturing plant
in Russia, which will be completed in 2009 with an annual
production capacity of 100,000 vehicles, Yonhap says.

                    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.


* Kookmin Bank Gets Shareholders OK to Set Up Holding Company
-------------------------------------------------------------
Kookmin Bank won approval from shareholders to set up a holding
company, moving a step closer to a restructure that allows the
lender to use 100% of its share capital for acquisitions,
JoongAng Daily News reports.

The plan, the report relates, was approved on condition that
investors representing no more than 15% of the stock exercise
options to sell their shares into a buyback.  The restructure is
due to be completed in October.

A 17% slide in Kookmin's stock price this year has raised
concern that more investors may sell into the buyback than the
company can afford to pay, derailing the plan, the Daily says.
The offer price of KRW63,293 (US$58.66) per share is 10% more
than the KRW57,300 the stock closed in Seoul last August 25.

"Some investors may exercise their options, but probably not too
many, since the gains won't be that much after taxes.  It's
better for Kookmin to make the transition than not, considering
the opportunity costs from lagging behind," the news agency
cited Park Hyoung-ryol as saying.

Park Hyoung-ryol helps manage the equivalent of US$1.3 billion
at Consus Asset Management Co. in Seoul.

According to the report, Kookmin can only use 30% of its share
capital for acquisitions under its current structure.

Shareholders have until Sept. 4 to take up the buyback option.

Kookmin plans to delist its current stock and have shares of the
holding company start trading on Oct. 10.  Kookmin shareholders
will get a share of the holding company, to be set up in
September, for each share they hold in the bank, the Daily
relates.

The report recounts that the bank said Aug. 14 it would spend
about KRW1 trillion (US$931 million) to buy its own shares in
the market to boost the stock price and thwart speculators
seeking to benefit from the premium in the offer price.

"We plan to consider all companies, whether they be banks or
non-bank financial institutions, for takeovers," Hwang Young-
key, who will head the holding company, was quoted by the news
agency as saying.

A holding company would put Kookmin "in a better position to
seek mergers and acquisitions," Chief Executive Officer Kang
Chung-won told shareholders, the report adds.

                        About Kookmin Bank

Seoul, South Korea-based Kookmin Bank operates as a commercial
bank. As of Dec. 31, 2007, the Bank had assets of KPW217.683
trillion and total deposits of KRW138.438 trillion. The Bank
provides credit and related financial services to individuals
and small- and medium-sized enterprises and, to a lesser extent,
to large corporate customers. The Bank also provides deposit
products and related services to individuals and enterprises.


* KOREA: Record Number of Households in Debt Up 28% in Q2
---------------------------------------------------------
The number of households getting into the red has hit a five-
year high, KBS World News reports.

National Statistical Office data, the report relates, showed
that 28% of households reported being in debt in the second
quarter, up three-tenths of a percent from the same period last
year.

According to the report, 12% of high-income earners fell into
the red while nearly 50% of low-income earners were found to be
in debt.

The NSO attributed the surge to inflation, which has caused
people to increase spending without pay raises amid an economic
slowdown, the report says.



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

FOREMOST HOLDINGS: Records 20% Oversubscription of Shares
---------------------------------------------------------
Foremost Holdings Berhad disclosed that as at the close of
acceptance and payment for the Rights Issue of Shares with
Warrants at 5.00 p.m. on August 20, 2008, the Rights Shares with
Warrants have been over-subscribed by 19.52% over the total
number of 13,155,000 Rights Shares with 39,465,000 Warrants
available for subscription under the Rights Issue of Shares with
Warrants.

The Board reserves the right to allot the excess Rights Shares
with Warrants applied for on a fair and equitable basis as they
deem fit or expedient in the best interest of the company.
Nevertheless, the Board has determined that the basis of
allotment of the excess Rights Shares with Warrants will be
prioritize:

   * first, to minimize the incidence of odd lots; and

   * second, for allocation to shareholders who have applied for
     excess Rights Shares with Warrants will be calculated based
     on the quantum of excess Rights Shares with Warrants
     applied for after taking into consideration their
     respective shareholdings as at the entitlement date on a
     pro-rata basis.

Apart from those mentioned, the Board will also consider, on a
fair and equitable basis, other factors including the level of
acceptances, cost effectiveness, and timeliness in finalizing
the allocation.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


HARVEST COURT: Court Grants Order to Reduce Capital to MYR5.67MM
----------------------------------------------------------------
Pursuant to the petition filed by Harvest Court Industries
Berhad for its Proposed Share Capital Reduction and Proposed
Share Premium Reduction, the High Court of Malaya at Shah Alam,
on August 25, 2008, granted the company these orders:

   * The reduction of Harvest Court's capital from MYR22.67 mil.
     to MYR5.67 mil. proposed to be effected by the special
     resolution set forth in paragraph 21.1 of the Petition
     confirmed by the Court;

   * the share premium account of Harvest Court to be reduced by
     an amount of MYR873,000 proposed to be effected by the
     special resolution set forth in paragraph 21.2 of the
     petition confirmed by the Court;

   * the proposed terms of the Minute in compliance with Section
     64(5) of the Companies Act, 1965 set forth in paragraph 22
     of the petition approved;

   * an office copy of the Order sought in the Petition, which
     will be lodged with the Registrar of Companies; and

   * a notice of terms of Special Resolution 1 and the
     registration of the Order sought in the petition to be
     published once in "The Star" newspaper within one month
     after the registration or Harvest Court's receipt of the
     relevant Certificate of Lodgment of Order of High Court
     Confirming Reduction of Share Capital (Form 29) is issued
     by the Registrar of Companies, which ever is the later.

                  About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                          *     *     *

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board continues talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million.


UBG BERHAD: Incurs MYR232,000 Net Loss in Qtr. Ended June 30
------------------------------------------------------------
UBG Berhad disclosed with the Kuala Lumpur Stock Exchange its
financial results for the second quarter ended June 30, 2008.
For the second quarter, the company posted MYR232,000 net loss
on MYR6.26 million of revenues as compared with the recorded
MYR1.12 million net profit on MYR6.46 million of revenues in the
same quarter of 2007.

As of June 30, 2008, the company's balance sheet showed
MYR819 million of total assets and MYR2.89 million of total
liabilities resulting in a shareholders' equity of
MYR816.11 million.

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

                          *     *     *

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.


WEMBLEY INDUSTRIES: Bursa to Defer De-Listing Until Sept. 5
-----------------------------------------------------------
The Bursa Malaysia Securities Berhad has consented to defer the
de-listing of Wembley Industries Holdings Berhad until Sept. 5,
2008, to enable the company to seek a restraining order from the
Federal Court.  The company has instructed its solicitors to
proceed with the necessary application.

The company's appeal to the Appellate Court was heard on
Aug. 21, 2008, and dismissed by the Court on the same day.  An
oral application to extend the restraining order beyond Aug. 22,
2008, to enable an application for leave to appeal to the
Federal Court to be heard was refused.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.



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

3D CONCEPTS: Wind-Up Petition Hearing Set for September 8
---------------------------------------------------------
The High Court at Rotorua will hold a hearing on Sept. 8, 2008,
at 10:45 a.m., to consider putting 3D Concepts Limited into
liquidation.

The application was filed on June 4, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street (PO Box 432)
          Hamilton
          Telephone: (07) 959 0416
          Facsimile: (07) 959 7614

Rachel L. Scott is the plaintiff's solicitor.


ACTION REOFIX: Liquidators Set September 5 as Claims Bar Date
-------------------------------------------------------------
The High Court at Auckland has appointed Vivien Madsen-Ries and
Henry David Levin, insolvency specialists, as liquidators of
Action Reofix Limited.

Creditors are required to file their proofs of debt by Sept. 5,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


AIR NEW ZEALAND: Posts 24% Drop in Profit for FY2008
----------------------------------------------------
Air New Zealand disclosed in a regulatory filing a normalized
earnings before unusual items and taxation of NZ$197 million for
the year ended June 30, 2008, a decrease of 24 percent on last
year.

Operating revenue was NZ$4,667 million for the year, up NZ$388
million or 9.1 percent on the same period last year.  The
increase was primarily due to additional capacity added both to
the domestic and long haul airlines and higher load factors, up
2.8 percentage points to 79.3 percent.  The airline
carried 13.2 million customers, which is up 5.6 percent on the
previous year.

Air New Zealand said its Board has reviewed the current trading
environment and imputation credit availability and declared a
fully imputed dividend of 3.5 cents per share.  Dividends
declared for the year have totalled 8.5 cents per share,
reflecting the 2008 operating performance while recognizing the
importance of maintaining financial flexibility through what
promises to be a period of significant adjustment for the
airline industry.  The dividend record date is Sept. 9, 2008.

Air New Zealand Chairman John Palmer said the airline's strong
operating performance had enabled it to deliver a solid profit
against a backdrop of record fuel prices. The cost of fuel
increased by NZ$300 million in the past year.  Despite fare
increases, Air New Zealand continues to only partially
recover the increase in the total cost of fuel.

"The current challenges facing airlines are immense but the
Board is confident that Air New Zealand is in a good position to
create and seize opportunities in both the domestic and
international businesses.  Our ability to innovate and adapt
much more rapidly than many of our competitors, combined with
our strong financial position and the strength that comes with
having a committed and stable shareholder base, continues to
ensure we have a strong platform for growth.

"In 2009, we will continue to examine all aspects of our
operations and decisions will be made quickly to ensure capacity
closely matches demand.  Innovation will again be a key theme in
our pursuit of creating world class and uniquely Kiwi travel
experiences."

Mr. Palmer said the Board has set Air New Zealand's management
team with the challenge of looking at further new revenue
opportunities in the tourism and travel sectors.

"We are already having success in areas like business jet
interior design and refits, online sales and industry training.
We believe that in the current economic environment there may be
opportunities to leverage our existing competencies and
financial strength."

Mr. Palmer said Chief Executive Officer Rob Fyfe and the Air New
Zealand management team performed very well in the year ended 30
June 2008, making a number of operational improvements while
dealing with an array of challenges facing the business.

Mr. Fyfe said that while market conditions are challenging, Air
New Zealand is in great shape to respond.

"A strong balance sheet and cash liquidity are a good platform
for success.  Furthermore, our demonstrated strengths in moving
at speed to realign our networks to the markets with the
greatest growth opportunities, delivering innovative products
and an inspiring Kiwi experience see us well positioned
for the challenges ahead.  We will continue to make decisions
that do not limit our long-term growth aspirations and are
acutely aware of the need to stimulate demand at a time when
people around the globe are becoming more reluctant to spend
money.

"Our position as the leader in the short haul market will be
strengthened and renewed focus will be placed on ensuring we
continue to be the leader on the long haul routes we choose to
fly."

Chairman John Palmer said the second half of the 2008 financial
year marked the start of a period of substantial adjustment in
commercial aviation and 2009 looks set to bring more changes as
the industry adapts to live with higher jet fuel costs.

The volatile price of jet fuel and uncertain economic conditions
make it difficult to accurately forecast the financial result
for the 2009 financial year. Based on the existing hedging
policy and network plan, in the current market conditions Air
New Zealand expects to operate profitably, on a normalized
earnings basis, if the average price of jet fuel is below US$140
per barrel for the 2009 financial year.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2008, Standard & Poor's Ratings Services removed its
unsolicited 'BB/Stable' credit rating and outlook on Air New
Zealand Ltd.

According to S&P, the airline's strategic and commercial
response to the very high fuel prices is an important credit
consideration in the current volatile environment.  Without the
full interaction of the company in the rating process, S&P said
it feels it is no longer able to provide a credit opinion.

On Aug. 5, 2008, Moody's Investor's Service affirmed Air New
Zealand Limited's Ba1 Senior Unsecured Issuer rating.  At the
same time, it changed the outlook on the rating to stable from
positive.


BUILDERS UNLIMITED: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Auckland convened a hearing on Aug. 20, 2008,
to consider an application putting Builders Unlimited Limited
into liquidation.

The application was filed on July 3, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North is the plaintiff's solicitor.


CHRISHALL COMPANY: Parsons and Kenealy Appointed as Liquidators
---------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Chrishall Company Limited on July 28,
2008.

The liquidators can be reached at:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


HEG ENTERTAINMENT: Proofs of Debt Due on September 1
----------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of HEG Entertainment Limited appointed
Robert Laurie Merlo, insolvency practitioner of Auckland, as
liquidator on July 30, 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:

          Merlo Burgess & Co. Limited
          PO Box 51486
          Pakuranga, Auckland
          Telephone: (09) 520 7101
          Facsimile: (09) 529 1360
          Email: merloburgess@xtra.co.nz


LANDSHAPERS LTD: Parsons and Kenealy Appointed as Liquidators
-------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Landshapers Ltd on July 28, 2008.

The liquidators can be reached at:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


SC FARMS: Placed Under Liquidation
----------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of SC Farms Ltd resolved that the company be
liquidated and appointed Grant Bruce Reynolds, insolvency
practitioner of Auckland, as liquidator.

Creditors and shareholders may direct their inquiries to:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


SIGMA PROJECTS: Liquidators Set September 3 as Claims Bar Date
--------------------------------------------------------------
The High Court at Auckland has appointed Vivien Madsen-Ries,
insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Sigma Projects 2000 Ltd.

Creditors are required to file their proofs of debt by Sept. 3,
2008, to be included in the company's dividend distribution.

Creditors and shareholders may direct their inquiries to:

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


SILVER CREEK: Placed Under Liquidation
--------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Silver Creek Farms Ltd resolved that the company
be liquidated and appointed Grant Bruce Reynolds, insolvency
practitioner of Auckland, as liquidator.

Creditors and shareholders may direct their inquiries to:

          Grant Bruce Reynolds
          Reynolds and Associates Limited
          PO Box 259059
          Greenmount, Auckland
          Telephone: (09) 526 0743
          Facsimile: (09) 526 0748


VEHICLE IMAGE: Parsons and Kenealy Appointed as Liquidators
-----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993,
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of Vehicle Image Limited on July 28, 2008.

The liquidators can be reached at:

          D. C. Parsons
          Indepth Forensic Limited
          PO Box 278
          Hamilton
          Telephone: (07) 957 8674
          Website: www.indepth.co.nz


* NEW ZEALAND: July Exports High, But Trend Easing
--------------------------------------------------
Merchandise exports were valued at NZ$3.4 billion in July 2008,
up NZ$781 million (29.6 percent) on July 2007, while merchandise
imports were up NZ$754 million (21.9 percent) to $4.2 billion
over the same period, Statistics New Zealand said.

The exports trend has eased in recent months, following a period
of strong growth in the second half of 2007.  A fall in
seasonally adjusted dairy volumes in the first two quarters of
this year, due to the recent drought, has partly offset the
influence on the trend of the substantial increase in crude oil
exports and high world dairy prices over the past year.  The
imports trend has increased strongly since the middle of 2007,
coinciding with a significant rise in fuel prices.

Crude oil (up NZ$266 million) led the increase for exports in
the July 2008 month compared with July 2007.  The next largest
increase came from milk powder, butter and cheese which were
NZ$192 million higher than July 2007, with milk powder the main
contributor to this rise.

Petroleum and products (up NZ$292 million), led by automotive
diesel and crude oil, was the biggest increase for imports
compared with July 2007.  The next largest increase came from
mechanical machinery and equipment, up NZ$82 million, spread
over several commodities including production equipment for use
in New Zealand's gas fields, irrigation and spray equipment, and
computers.

In July 2008, the monthly trade balance was a deficit of NZ$781
million, or 22.8 percent of exports.  Trade deficits for July
months have been over 20 percent of exports for the last four
years.  The last trade surplus for a July month was in 1991.



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

BENPRES HOLDINGS: To Sell Stake in Tollroad Business to MPIC
------------------------------------------------------------
Benpres Holdings Corporation disclosed in its regulatory filing
with the Philippine Stock Exchange that on August 26, 2008, the
company and First Philippine Holdings Corporation executed with
Metro Pacific Investments Corporation (MPIC) the Share Purchase
Agreement to sell their stake in their tollroad business to
MPIC.  The Share Purchase Agreement is the definitive agreement
contemplated by the letter agreement signed by the parties that
became effective interest in Manila Tollways Corporation (MNTC),
the concession holder of the North Luzon Expressway (TMC).

MNTC was granted the Supplemental Toll Operating Agreement in
June 1998 to finance, design, construct, operate and maintain
the toll roads, toll facilities and other facilities generating
toll-related income, in respect of the NLEX.  MNTC has the right
to (i) operate and manage the existing 83.7 km. NLEX and the
8.5 km. Subic-Tipo Expressway (ii) build-out, operate and manage
Phase 2, which is the continuation of the missing link of C5
that would extend up to the Manila Port Area, crossing the NLEX
near the Valenzuela interchange, and will decongest the traffic
ingress into the Balintawak stretch of NLEX.

Additionaly. MPIC shall have the option to operate and manage,
through the Consortium of Egis Projects SA, FPH and TMC the 65.8
km. SCTEX direct link between Subic bay Free Port and Clark
Economic Zone, which is subject to the consent of the Bases
Conversion.

The agreement involves the sale of Benpres' and First Holdings'
shares in First Philippine Infrastructure, Inc., a publicly
listed company.  As earlier disclosed, the aggregate
consideration of the proposed acquisition is Php12.26 billion
broken down in Php11.8 billion to be settled in cash on closing
and the assumption by MPIC of certain advances amounting to
Php462.6 million, which translates to Php2.46 per share.

The agreement is subject to closing conditions, which are
expected to be completed within 90 days from the date of the
Agreement considering among other things, compliance by MPIC
with the mandatory tender offer requirements of the Securities
and Exchange Commission.

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                         *     *     *

Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2007, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan.  This
condition indicates the existence of a material uncertainty,
which may cast significant doubt about the company's ability to
continue operating as a going concern.  Manila Electric Company,
an associate of First Philippine Holdings Corporation, has
pending real property tax assessments and cases.  The Toll
Regulatory Board directed Manila North Tollways Corporation MNTC
(a subsidiary of First Philippine Infrastructure, Inc.(an
associate of the company accounted for under the equity method)
to defer the imposition of Value Added Tax on toll fees.  Thus,
MNTC deferred and continues to defer the imposition of VAT from
the motoring public.  MNTC, together with other toll road
operators, is in discussion with the concerned government
agencies on the issue of VAT.  The ultimate outcome of these
matters cannot presently be determined, and no provision for any
additional liability that may result from additional cases in
the event of an adverse decision on these cases has been made in
the financial statements of MERALCO.

As of December 31, 2007, the company recorded total assets of
PHP48.33 billion while total stockholders' equity at year-end
stood at PHP16.13 billion.


                         *********

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.


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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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