TCRAP_Public/080829.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

            Friday, August 29, 2008, Vol. 11, No. 172

                            Headlines

A U S T R A L I A

ALLCO FINANCE: Posts AU$1.73 Bil. Net Loss for FY2008
ALLCO FINANCE: Signs Senior Debt Facility w/ Its Syndicate Banks
ALFREDS: Members Opt to Liquidate Business
BABCOCK & BROWN: Discloses Outcome of ABN AMRO's Strategic Review
BABCOCK & BROWN: Moody's Cuts Sr. Rating to Ba2; Outlook Neg.

BABCOCK & BROWN: To Sell Management Rights in BBC
BABCOCK & BROWN CAPITAL: Defers Shares Buy Back
BARRY HANSON: To Declare Dividend on September 19
COM TECH: Placed Under Voluntary Liquidation
DATACRAFT INVESTMENTS: Placed Under Voluntary Liquidation

JOHN ROBERT: Members Opt to Liquidate Business
LINE OF LODE: To Declare Dividend on September 5
LOUIS PHOENIX: To Declare Dividend on September 11
OVERDIMENSIONAL TRANSPORT: Joint Meeting Set for September 1
PYOSAY PTY: Placed Under Voluntary Liquidation

TECH TALK: Placed Under Voluntary Liquidation


C H I N A

AES CHINA: Moody's Shifts B1 Rating Outlook to Neg. From Stable
AXM PHARMA: Enable Capital and M. Levine Declare 5.3% Stake
BANK OF SHANGHAI: Hires New Chairman Before IPO
CHESAPEAKE CORP: SCSF Equities, et al., Sell Outstanding Shares
NINGBO BIRD: Records CNY22.08 Million Loss In First-Half 2008

ROAD KING: Moody's Downgrades Corporate Family Rating to Ba3
ZTE CORP: Secures SL Mobile Network Contract
ZTE: Chooses Tundra Semiconductor for Next Generation Platform


H O N G K O N G

CITIC PACIFIC: 1H Profit Drops 12% to HK$4.38 Billion
CITY TELECOM: Moody's Lifts CFR and Sr. Unsecured Rating to B1
BENEFIT TOP: Subject to Wong Lui's Wind-Up Petition
(BPS) BARCODE: Court to Hear Wind-Up Petition on September 10
CJ INTERNATIONAL: Court to Hear Wind-Up Petition on September 3

COMMERZ SECURITIES: Placed Under Voluntary Liquidation
DIPLOM LIMITED: Lam and Toohey Quit as Liquidators
GLOBAL LOGISTICS: Wind-Up Petition Hearing Set for October 8
KAI YIP: Members' Final Meeting Slated for August 23
PAMFORD LIMITED: Creditors' Proofs of Debt Due on September 22

SHING SIU: Creditors to Meet on September 27
YAT HING: Faces Pang Chun's Wind-Up Petition


I N D I A

JAMSHEDPUR NOTIFIED: CRISIL Assigns 'B' Corporate Credit Rating
RANCHI MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-'
RATNA INFRASTRUCTURE: CRISIL Rates Rs.300 Mil. Cash Credit  at “C”


J A P A N

SEBON CORP: Files for Bankruptcy with JPY62 Billion Debt
* JAPAN: Moody's Sees Stable Ratings and Outlook for Telecoms
* JAPAN: Credit Strengths to Endure Economic Fall, Moody's Says


K O R E A

HYUNDAI MOTOR: To Recall 65,000 Elantras in U.S.
HYUNDAI MOTOR: Unionized Workers Continue Partial Strikes
LEHMAN BROTHERS: Shares Up 16% on Likely Korea Bank Buyout


M A L A Y S I A

ARK RESOURCES: June 30 Balance Sheet Upside Down by MYR10.94 MM
LIQUA HEALTH: Posts MYR1.42 Mil. Net Loss in Qtr. Ended June 30
PAN MALAYSIA: Posts MYR7.20 Mil. Net Loss in Qtr. Ended June 30
PILECON ENGINEERING: Posts MYR638,000 Net Loss in 2nd Quarter
WEMBLEY: June 30 Balance Sheet Upside Down by MYR981.52 Mil.


N E W  Z E A L A N D

AIRSHOW.CO.NZ: Commences Liquidation Proceedings
C & R EQUIPMENT: Commences Liquidation Proceedings
C2K LIMITED: Shephard and Dunphy Appointed as Liquidators
DORCHESTER: Discloses Impairment of Investment in St Laurence
ELLY JO: Shareholders Placed Company Under Liquidation

LASER BEAUTY: Shareholders Appoint Liquidators
OTARA SECONDHAND: Parsons and Kenealy Appointed as Liquidators
POWER BOAT: Shareholders Placed Company Under Liquidation
PREMIUM CARTAGE: Liquidators Set September 19 Claims Bar Date
VISTAITA LTD: Wind-Up Petition Hearing Set for September 11

W H TWEED: Shareholders Placed Company Under Liquidation


S I N G A P O R E

MIDDLE EAST: Incurs SGD5.15 Mil. Net Loss in Full Year 2008


T A I W A N

AU OPTRONICS: To Invest NT$400 Bil. in Four Taiwan LCD Plants


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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

ALLCO FINANCE: Posts AU$1.73 Bil. Net Loss for FY2008
-----------------------------------------------------
Allco Finance Group disclosed a Net Loss After Tax of AU$1,731.6
million for the 12 months to June 30, 2008.  The company said this
is consistent with an Australian Stock Exchange (ASX) announcement
made on May  1, 2008, where Allco advised an anticipated loss of
in excess on AU$1.5 billion.  The result follows a critical review
of asset values across the business and primarily reflects non-
cash changes.

The Group was heavily impacted by the deterioration in the
financial markets and the resultant loss of value in recently
acquired businesses with non-cash impairments for goodwill,
management rights, loans and equity accounted investments.

   * Reported result includes:

      -- Non-cash impairments of AU$1,425.2 million,
         including AU$885.1 million in goodwill writedown

      -- Other non-cash items of AU$293.3 million

      -- Restructuring costs AU$50.0 million

      -- Contractual break costs of AU$50.6 million

      -- Gain on asset sales to reduce debt AU$58.3 million

   * Normalised Net Profit after Tax (i.e. adjusted for above
     items) of AU$29.2 million

   * Net revenue loss of AU$1,352.2 million

      -- With goodwill and other asset impairments added back,
         net revenue profit of AU$358.7 million

   * Net assets AU$545.3 million

      -- Net tangible assets AU$147.1 million

      -- Net tangible assets adjusted for minority interests
         and deferred tax assets AU$21.0 million
   * Assets under management in funds of AU$13.7billion
     ($9.7billion in pcp)

                            Dividend

Allco's need to preserve capital and liquidity to stabilize the
business and significantly reduce borrowings means no final
dividend will be paid for the year ended June 30, 2008, as
previously foreshadowed, and no dividend will be paid in FY2009.

                       New Corporate Strategy

Allco said that following a lengthy strategic review, the Group is
undertaking a radical change to the business model to become an
investment manager focused in its core capabilities of Aviation,
Shipping and Private Equity.

Chief Executive Officer of Allco, Mr. David Clarke said, "This new
business model means Allco will be a fiduciary manager of
investment funds in Aviation, Shipping and Private Equity.  We
will cease our principal investment activities, sell remaining
non-core assets, and in the future only use the balance sheet to
co-invest in our managed funds."

An outcome of this review is also the decision to exit the
businesses of Financial Assets and Infrastructure, as previously
announced, as well as Rail and Real Estate.

Mr. Clarke said, "This new structure is a major departure from our
previous operations in which the Group was heavily reliant on debt
and as a result, was exposed to the global credit crisis and
deteriorating financial markets.  With its previous complex
structure, Allco had entered some non-core businesses that were
dependent on the ongoing availability of corporate funding."

"A combination of reasons led to our decision to exit these
businesses.  They were either unprofitable in the new economic
environment or required significant capital to achieve profitable
scale.  We have determined that capital is better deployed in our
three core asset classes, which fit our Funds Management model,"
he added.

To transition to this new corporate strategy, Allco's focus is on
three key priorities:

   * Selling assets to reduce its corporate debt and fund
     the new strategy;

   * Restructuring the business to match the cost base to
     the revised revenue model; and

   * Raising third party capital to build funds under
     management in its core asset classes.

The asset sales program is already well underway, with the recent
divestments of certain Rail, Infrastructure and Real Estate assets
contributing to the reduction in Allco's corporate debt from
AU$1,041 million at the half year to AU$704 million at Aug.  25,
2008.

"The move to a simpler, more focused business has already resulted
in a reduction in operating costs.  Unfortunately, this has
required the departure of many talented employees to date and will
see a further reduction in headcount by up to 50 per cent by the
end of June 2009 as we accelerate our restructuring program," said
Mr. Clarke.

                         Core Operations
Aviation

With 23 professional employees, the Aviation division now has a
portfolio of 66 aircraft owned and/or managed worth US$3.5
billion, with 21 commitments for new orders which are all 100%
leased.

The division contributed Net Revenue of AU$111.2 million for the
year (after adding back impairments), AU$25.4 million of which was
in the second half.

Mr. Clarke said that Aviation presented a compelling market
opportunity, with strong long-term growth drivers, a short supply
of fuel efficient aircraft and very healthy demand in emerging
markets.
Shipping

Allco's Shipping division Allocean, operated by 25 experienced
professionals, currently owns and/or manages 36 vessels worth
US$930 million, with another 20 on order (worth US$670 million).

Net revenue for the year totalled AU$31.6 million (after adding
back impairments), after a Net Revenue loss of AU$9.6 million in
the second half.

The division has a wide diversity of vessel types, chartered in
established markets to creditworthy operators, with debt
facilities in place until the end of 2009.  Allocean is benefiting
from continued growth in the international transportation of large
volumes of commodities and finished goods.

The division is exposed to the industry's three main segments –
bulk carriers, containers and tankers - each offering attractive
risk and returns.

Mr. Clarke said "We plan to continue to diversify and broaden our
fleet with greater exposure to the growth segments, particularly
in high margin, niche areas like LPG and offshore supply."

Private Equity

Private Equity is to continue as a core business of Allco, with
opportunities opening up from the current market turbulence.

The division contributed net revenue of AU$4.4 million (after
adding back impairments) over the last year, after a net revenue
loss of AU$0.8 million in the second half.

Private Equity comprises the management and 11.8 per cent
ownership of Allco Equity Partners (AEP).  Allco also has an
option to acquire a further 23.2 per cent at AU$5 per share (less
dividends paid), exercisable prior to 31 December 2009.  Allco is
also subject to a put at that price after that date (or earlier in
certain limited circumstances).

Over its four year history, AEP has invested more than AU$600
million in operating businesses including Baycorp, Signature
Security and IBA Health, and returned or reinvested approximately
AU$240 million in capital.  The business currently has AU$98.3
million in cash available to be used for its capital management
program and investments.

The division has aspirations to manage AU$2 billion worth of
Private Equity capital in a range of funds over the next three
years.

Funds Management

Mr. Clarke indicated that progress continues to be made in
building Allco's Funds Management platform with preparation
underway for third party wholesale capital raisings focused on
large institutional investors in North America, Europe and the
Middle East.  The business has received encouraging indications of
interest in the Aviation and Shipping funds from these investors.

                      Focus and Outlook

Allco added that 2009 will be a year of continued restructuring.
The performance of the business is dependent on the successful
implementation of the new business plan and as such, the key areas
of focus for the Group are:

   - Raising investor capital into Allco-managed Aviation,
     Shipping and Private Equity funds.

   - Accelerating the restructure of the business with further
     office closures and headcount reductions.

   - The sale or winding-down of our non-core businesses, with
     assets sales in excess of AU$300 million planned before
     June 2009.

   - A further reduction in the senior debt of AU$304 million
     to a targeted level of AU$400 million by June 2009.

   - Significantly reducing costs with a target to cut operating
     expenses by 50 per cent from AU$330 million in 2008 to less
     than AU$165 million in 2009.

The Group is concentrating its activities on the asset management
of Aviation, Shipping and Private Equity, with experienced teams
enjoying strong market relationships and deep industry knowledge.

Allco is reviewing its remuneration structure to support the
transition to the new Funds Management business model, ensuring
that the business has the capacity to engage and retain business
critical employees and expertise, and continue to align executive
interests with those of shareholders and investors.  Reflecting
this, shareholder approval will be sought at the Annual General
Meeting for the issue of 69 million performance hurdled employee
options to senior executives with strong influence on long term
performance.  Additionally, as the Group transitions to a Funds
Management platform, and consistent with industry best practice, a
larger proportion of the remuneration of the Group's investment
professionals will be tied to the long term performance of the
funds.

Mr. Clarke concluded "The reconstruction of the Group is
progressing, however the business remains in a fragile position
and the continued market weakness is making the task difficult.
We are committed to creating a leaner and simpler to understand
company with realistic growth opportunities."

                     About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is negotiating a new business plan that will avoid putting its
operations in the hands of administrators.

Allco's managed vehicle, Rubicon American Trust, anticipated
breach of financial covenants as a consequence of its asset
revaluations.  The Trust, citing continued dislocation of global
credit markets and the consequential negative impact on asset
valuations, reduced the value of its real estate portfolio as of
June 30, 2008, by approximately US$97.5 million (or 7%).

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, Rubicon agreed to sell its GSA I portfolio, a 14
property portfolio covering 3.1 million square feet, to Urban
America for US$515.0 million.  The sale is projected to close on
September 15, 2008.  It is anticipated that the net proceeds,
after providing for taxes payable, will be applied to reduce
Rubicon's overall borrowing.


ALLCO FINANCE: Signs Senior Debt Facility w/ Its Syndicate Banks
----------------------------------------------------------------
Allco Finance Group said that its new senior debt facility has
been signed with its syndicate banks.

Mr. David Clarke, Managing Director of Allco, said "The signing of
our new senior debt facility is a breakthrough for Allco, after a
lengthy process.  We still have a long way to go in rebuilding
shareholder value but we are pressing ahead with the
implementation of our business restructuring program, steadily
reducing our borrowings and the interest payments associated with
them.

"The final agreement with our bank syndicate is a key step in our
program to create a sustainable business", he added.

The new facility, which will be drawn when certain conditions
precedent are satisfied, will be used to repay Allco's three
existing senior debt facilities.  Allco anticipates that the
conditions to drawing under the new facility will be satisfied
before the end of August 2008.  By refinancing its existing senior
debt facilities, Allco will no longer be subject to any market
capitalisation review event.

When the new facility is drawn, the amount drawn will match the
outstanding borrowings under Allco's existing debt facilities,
which are expected to be approximately AU$702 million as at
financial close.  This increase since Allco's last Australian
Stock Exchange (ASX) announcement on Aug. 14, 2008, is primarily
attributable to foreign currency fluctuations although the amount
is offset by cash on hand in the relevant currencies.

The key terms of Allco's new senior debt facility are as follows:

   -- A maturity date of Sept. 30, 2009;

   -- No market capitalisation review event;

   -  A repayment schedule under which Allco is required to
      reduce its senior debt to AU$400 million by June 30, 2009;

   -- A margin above the relevant currency borrowing reference
      rate (for AU$: BBR, for Euro: EURIBOR, for US$: LIBOR)
      that reduces as the level of senior debt declines as set
      out in the table below, provided that Allco's gearing
     levels based on the value of its assets is not greater
     than certain target amounts:

                                        Margin %p.a. above
      Outstanding Principal plus      relevant borrowing
      any Undrawn Facility Limit        reference rate
      --------------------------        ------------------

      $600 million or greater          3.50%

      Less than $600 million but
      equal to or greater than
      $400 million                      3.00%

      Less than $400 million                2.75%


   -- The borrowings will be secured by guarantees and security
      provided by numerous Allco subsidiaries (including those
      which are already guarantors under the existing debt
      facilities);

   -- Apart from the debt repayment schedule, the new facility
      contains no events of default tied to gearing, interest
      coverage, debt service or other financial ratios;

   -- A review event will arise under the new facility if:

         a. Allco enters into a merger or consolidation;

         b. Allco becomes controlled by another person or by
            a group of persons acting together, which will be
            deemed to occur if that person or persons acquire
            a relevant interest (as defined in the Corporations
            Act) in more than 35% of the voting shares in Allco;

         c. Allco's shares are suspended from trading on ASX
            for more than 5 consecutive business days; or

         d. If two or more of the acting chairman and certain
            senior executives of Allco leave within a 12 month
            period and a replacement is not appointed within
            90 days.

If a review event described in paragraphs (a) or (b) above were to
occur, Allco must notify the bank syndicate, and will have four
business days to repay each bank syndicate member its share of
outstanding debt and other financial exposures (including hedges
etc.), unless the relevant bank syndicate member elects not to
require that debt repayment acceleration.

If a review event described in paragraphs (c) or (d) above were to
occur, Allco must notify the bank syndicate, at which point the
bank syndicate has 20 business days to inform Allco whether the
review event is unacceptable or acceptable subject to revised
finance terms.  If that review event is unacceptable to the bank
syndicate, or Allco were to receive revised finance terms which
were unacceptable to Allco, Allco would be required to repay the
entire senior debt then outstanding within 90 days of initially
notifying the banks of the occurrence of the review event.
Debt restructuring costs

The total costs incurred by Allco to restructure its senior debt
facilities are approximately AU$28.1 million. These costs cover
fees for financial advisors (AU$6.2 million), our senior banks
(AU$16.7 million including AU$7 million which is payable on
maturity of the new loan) and lawyers for the banks and Allco
(AU$5.2 million).

                     About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management.  The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities.  It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.


                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is negotiating a new business plan that will avoid putting its
operations in the hands of administrators.

Allco's managed vehicle, Rubicon American Trust, anticipated
breach of financial covenants as a consequence of its asset
revaluations.  The Trust, citing continued dislocation of global
credit markets and the consequential negative impact on asset
valuations, reduced the value of its real estate portfolio as of
June 30, 2008, by approximately US$97.5 million (or 7%).

As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2008, Rubicon agreed to sell its GSA I portfolio, a 14
property portfolio covering 3.1 million square feet, to Urban
America for US$515.0 million.  The sale is projected to close on
September 15, 2008.  It is anticipated that the net proceeds,
after providing for taxes payable, will be applied to reduce
Rubicon's overall borrowing.


ALFREDS: Members Opt to Liquidate Business
------------------------------------------
Alfreds The Jewellers Pty Ltd's members agreed on July 16, 2008,
to voluntarily liquidate the company's business.  P. Hillig was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          P. Hillig
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150


BABCOCK & BROWN: Discloses Outcome of ABN AMRO's Strategic Review
-----------------------------------------------------------------
Babcock & Brown Communities Group discloses the key outcomes of
the strategic review of its business conducted by independent
financial adviser ABN AMRO to identify options for reducing the
value gap between BBC's underlying assets and current security
price.

The Directors of BBC have considered the review's findings and
recommendations and have agreed to undertake certain initiatives
that would in their view optimise value for securityholders.

Recognising the current composition of the Board and the potential
conflict of interests of those Directors associated with Babcock &
Brown Limited), a committee of Independent Directors (Judith
Sloan, Andrew Love and Graeme Martin) has been established and
given the authority to implement the following approved
initiatives to be run in parallel with each other:

   -- Price discovery process for the whole of BBC.

   -- Internalisation of the management agreement,
      debt reduction program and capital management
      initiatives ABN AMRO has been appointed to advise
      the Board of BBC on these processes.

                   Price Discovery Process

BBC Chairman, Judith Sloan, advised that during the course of the
strategic review ABN AMRO had been approached by several parties
interested in acquiring BBC as a whole.  In light of these
approaches and current market conditions, the Independent
Directors believe that it would be in the best interests of
securityholders to explore this interest.

The Independent Directors have agreed with BNB an arrangement
under which parties interested in making an offer for the whole of
BBC can engage in negotiations with the Independent Directors,
with certainty that, subject to the recommendation of the
Independent Directors, they can acquire BNB's rights under the
existing management agreements.  BNB has agreed to dispose of its
management rights to a purchaser acceptable to the Independent
Directors, for a consideration of AU$17.5 million.

The arrangements are designed to ensure all potential purchasers
have an opportunity to understand the BBC business and to bring
forward offers.  The Independent Directors have established a
process with ABN AMRO to assess the capabilities of all
prospective purchasers to carry on the business of BBC and to
ensure that all proper offers are subject to consideration by the
Independent Directors within a known timetable.

A dataroom has been established under the management of ABN AMRO.
It will open from Sept. 1, 2008, for a concentrated period of time
with a view to soliciting proposals to acquire BBC as a whole.

If an appropriate takeover offer is received under the process
described above, securityholders will be provided all further
relevant information including details of the offer.

                     Internalisation

BBC has entered into an agreement with wholly owned BNB
subsidiaries for the internalisation of the management agreements
between BBC and its manager and responsible entity.

BBC has agreed to pay BNB as consideration for internalising the
Management Agreements, AU$17.5 million.  The acquisition is
expected to be earnings accretive over the medium term and will be
funded at the option of BBC through cash or scrip issued to BNB.

Under the internalisation the core management team (including John
Martin, CEO) who are currently employed by BNB, will transfer to
BBC.

The resolutions (together with an explanatory memorandum) to
approve the internalisation will be considered at the AGM of BBC,
which is expected to be held on Nov. 20, 2008.

The internalisation is subject to a number of conditions precedent
including BBC securityholder approval.  The internalisation will
not proceed if BBC has received and recommended a takeover offer
which becomes unconditional for the whole of BBC.

                   Debt Reduction Program

As a consequence of the strategic review, BBC will pursue a debt
reduction program to materially reduce debt levels over the short
to medium term.
BBC will also pursue capital management initiatives including the
reduction of inventory levels, reduction in the rate of
development and selective land sales which have been approved by
the BBC Board to reduce BBC's debt levels during FY09.

                          General Comments

Judith Sloan commented, "In light of the current market
conditions, the Board and ABN AMRO have identified these options
as the best way to maximise securityholder value and reduce the
discount between current market trading prices and the value of
BBC's underlying assets. This was the objective of the strategic
review.

The Independent Directors have ensured that potential conflicts of
interest have been managed through the processes announced today.
The Independent Directors' believe the strategic review and the
approved initiatives provide a clear and executable route to
address the future of management agreements, current debt levels
and reduce the value gap."

Judith Sloan further noted that the fundamentals of BBC's business
remain strong and while it is the view of the Independent
Directors that the options outlined offer the best value
opportunities to securityholders, BBC has a solid and growing
business in the expanding sectors of retirement villages and aged
care.

John Martin, CEO, said "Our operations at all of our retirement
villages and aged-care facilities will continue with the same high
standards.  We are determined that none of our residents will see
or experience a change in the lifestyle or care that they
currently enjoy.  All obligations will be honoured, including all
prudential and regulatory requirements relating to accommodation
bonds in aged care."

Mr. Martin will continue as CEO and Managing Director of BBC.

                About Babcock & Brown Communities

Babcock & Brown Communities Limited (ASX:BBC) --
http://www.bbcommunities.com-- is an integrated owner, operator
and developer of senior living communities.  It owns and manages
a portfolio of 56 retirement villages and 29 aged care
facilities across Australia and New Zealand comprising
approximately 10,000 retirement units and 2,200 residential aged
care beds.  Within retirement portfolio, BBC has full exposure
to the deferred management fees of approximately 6,800 units and
receives management fees in relation to the remaining units.

BBC's growth is supported by its development pipeline of
approximately 2,200 retirement units and 344 aged care beds
which is expected to be delivered over the next six years.

                  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: Moody's Cuts Sr. Rating to Ba2; Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service has downgraded Babcock & Brown
Infrastructure Group's (BBI) senior secured ratings to Ba2 from
Baa3.

This concludes the review commenced on June 17, 2008 following
concerns in respect of BBI's liquidity position.

At the same time, Moody's has assigned a Ba1 corporate family
rating to BBI.  The corporate family rating, which is typically
assigned to non-investment grade corporates, reflects Moody's
opinion on the BBI group's ability to honour its financial
obligations as if it had a single class of debt and a single
consolidated legal entity structure.

The senior secured rating is notched down from the corporate
family rating reflecting structural subordination.  The outlook on
both ratings is negative.

"The downgrade of BBI's senior secured ratings reflects Moody's
view that the company's credit profile is no longer consistent
with an investment-grade rating given its continued liquidity
challenges", says Clement Chong, a Moody's VP/Senior Analyst,
adding, "Further weighting in on the rating agency's decision is
the company's weak financial profile, which has primarily resulted
from its aggressive debt-funded growth".

The rating downgrade to Ba2 also considers the structural
subordination mentioned above, given the preponderance of debt at
the operating subsidiaries.

BBI's liquidity profile remains challenging notwithstanding an
anticipated reduction in equity distributions announced by the
company.  The company faces some refinancing risk in the first
quarter of calendar 2009.  Moody's understands the company intends
to pay down this debt through planned asset sale.

"The Ba1 corporate family rating considers BBI's ownership of a
diverse portfolio of investment-grade transportation and energy
infrastructure assets which generate predictable cash flows," says
Mr. Chong, adding, "However, BBI's leverage is relatively high, as
indicated by these expected financial metrics - on a consolidated
basis - over the next few years: FFO/Interest 1.6-1.7 times, and
Debt/EBITDA about 8.7 times."

The outlook on the ratings is negative in view of BBI's liquidity
challenges.

The outlook could return to stable if the company makes further
progress in its liquidity management including its planned asset
sales.  In addition, the change in the rating outlook to stable
would incorporate the company's future strategy and liquidity
policy.

Conversely, the rating could be downgraded if there are
significant delays in the planned asset sale which would further
constrain liquidity.  The rating could also be pressured if the
company materially underperforms Moody's expected financial
metrics.

The BBI companies affected by this rating action are:

   * BBI Finance Pty Ltd - Ba1 corporate family rating assigned
     with negative outlook;

   * BBI Finance Pty Ltd - Baa3 senior secured rating downgraded
     to Ba2 with negative outlook;

   * BBI Networks New Zealand Ltd - Baa3 senior secured rating
     downgraded to Ba2 with negative outlook; and

   * BBI (UK) Ltd - Baa3 senior secured rating downgraded to Ba2
     with negative outlook.

BBI, based in Sydney, is an infrastructure fund which owns a
series of infrastructure assets.


BABCOCK & BROWN: To Sell Management Rights in BBC
-------------------------------------------------
Babcock & Brown Limited said that based on the interest expressed
by third parties in relation to the potential acquisition of all
of the issued securities in Babcock & Brown Communities Group, and
to facilitate the making of offers for the whole of BBC, it has
agreed to sell its rights to manage BBC.  The agreement is
designed to facilitate the price discovery process that BBC
announced as part of the strategic review process being carried
out by the Board of Directors of BBC.

Babcock & Brown is committed to having both listed and unlisted
managed funds in areas of core focus.  BBC is managed by the
Corporate & Structured Finance Division which as announced on
Aug. 21, 2008, will gradually be wound down.  This transaction is
consistent with Babcock & Brown's desire to move quickly and
decisively to ensure that the interests of investors in its
managed funds are not adversely impacted by the restructuring.

Michael Larkin, CEO of Babcock & Brown said, "The agreement with
BBC is in line with Babcock & Brown's commitment to narrow the
focus of its activities including its funds management activities,
to areas where we have an established leading franchise and proven
track record and is consistent with the strategic review being
undertaken by Babcock & Brown in relation to its listed managed
funds."

"We have worked quickly with the Board of BBC to ensure that we
achieve an outcome which opens up a range of opportunities to BBC
investors while delivering appropriate value to Babcock & Brown
shareholders.  We will of course remain fully supportive of BBC
through the course of their process."

                    Details of Agreements

Babcock & Brown has entered into an agreement with BBC for the
internalization of the management agreements between BBC and its
manager as well as an agreement which governs the process for
third party offers for the whole of BBC.

To facilitate the making of offers for the whole of BBC, Babcock &
Brown has agreed an arrangement with BBC's Independent Directors
under which potential bidders can engage in negotiations with the
Independent Directors, with certainty that, subject to the
recommendation of the Independent Directors
and receipt of a superior proposal:

  * they can acquire Babcock & Brown's rights under the
    existing management agreements for cash at the same
    price as agreed for the internalization noted below;
    and

  * Babcock & Brown intends to dispose of its holding of
    64.8 million BBC securities (10% of the securities on
    issue) to the acquirer of those rights through a
    pre-bid acceptance agreement.

BBC has agreed to pay Babcock & Brown AU$17.5 million as
consideration for internalizing the management agreements.  The
acquisition price will be paid in cash or scrip at the option of
BBC.  If it is paid in scrip, the number of securities issued to
Babcock & Brown will be based on an agreed VWAP prior to the issue
of the securities.

It is expected that resolutions to approve the internalisation
will be considered at BBC's Annual General Meeting, which is
expected to be held on Nov. 20, 2008.  The internalization is
subject to a number of conditions including:

  * a recommended takeover bid from the successful
    participant in the process for the sale of the
    whole of BBC not becoming unconditional by the
    date of the security holder meeting; and

  * BBC security holder approval.

              About Babcock & Brown Communities

Babcock & Brown Communities Limited (ASX:BBC) --
http://www.bbcommunities.com-- is an integrated owner, operator
and developer of senior living communities.  It owns and manages
a portfolio of 56 retirement villages and 29 aged care
facilities across Australia and New Zealand comprising
approximately 10,000 retirement units and 2,200 residential aged
care beds.  Within retirement portfolio, BBC has full exposure
to the deferred management fees of approximately 6,800 units and
receives management fees in relation to the remaining units.

BBC's growth is supported by its development pipeline of
approximately 2,200 retirement units and 344 aged care beds
which is expected to be delivered over the next six years.

                  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 CAPITAL: Defers Shares Buy Back
-----------------------------------------------
Babcock & Brown Capital Limited (BCM) disclosed in regulatory
filing that it has commenced discussions with Babcock & Brown
Limited regarding the potential internalization of management of
BCM; and that the Off-Market Buy-Back will be deferred pending
completion of these discussions.

Earlier this year, BCM said it instigated an Investment Review
with the objective of maximizing value for BCM shareholders and
appointed UBS as independent advisors to the Board.  This resulted
in an announcement about BCM's capital management plan on Feb. 28,
2008.

On Aug. 21, 2008, Babcock & Brown confirmed that as part of its
Strategic Review that it would provide the necessary support and
management for BCM but that its Corporate & Structured Finance
Division, which is currently responsible for the management of
BCM, would gradually be wound down.

Following Babcock & Brown's announcement and other outcomes of the
Investment Review, the Independent Directors of BCM and Babcock &
Brown have agreed to implement detailed protocols to govern
discussions between the Parties on the future management of BCM.

These discussions will have no impact on the ongoing management of
BCM in the normal course of business, nor on BCM's ownership of
either eircom or Golden Pages.

Although the Independent Directors are hopeful that the
discussions will lead to agreement with Babcock & Brown concerning
the future management of BCM, they are not in a position to
provide any assurance that this will be the outcome of the
discussions.  The Independent Directors are hopeful of being in a
position to seek shareholder approval in relation to any
internalization of management proposal at the BCM annual general
meeting in November 2008.

In light of these developments and the potential implications for
its capital management plan, the BCM Board has decided to postpone
the proposed Off-Market Buy-Back which was scheduled to commence
on Aug. 29, 2008.  The Board believes that it is not appropriate
to proceed with the buy-back whilst these discussions are ongoing.

Commenting on these developments, Mr. Kerry Roxburgh, Independent
Chairman of BCM said, "the Independent Directors are committed to
a process and to achieving an outcome for shareholders to
consider, that maximises the value of their investment in BCM.

"The Board did not take the decision to defer the Off-Market Buy-
Back lightly.  The Board needs to consider the impact an
internalisation of management proposal might have on BCM and the
Board believes that shareholders should know the outcome of the
discussions with Babcock & Brown before having to decide whether
they will participate in the Off-Market Buy-Back.

"The Independent Directors welcome the opportunity to have these
discussions with Babcock & Brown. The Board confirms its
commitment to maximise shareholder value through appropriate
capital management initiatives in the future."

In a separate regulatory filing, Babcock & Brown Ltd said it
remains committed to analyzing all options to maximize value for
its interests in BCM whilst also recognizing the interests of BCM
shareholders.

                About Babcock & Brown Capital

Babcock & Brown Capital Limited (ASX:BCM)--
http://www.babcockbrowncapital.com -- is an Australia-based
investment company that focuses on building a portfolio of
investments with a flexible investment time horizon.  In August
2006, the company completed the acquisition of a 57.1% stake in
eircom Group plc, a telecommunications company.  The company has
two business segments: telecommunications, whose principal
investments and investment management activities are in the
telecommunications sector, and corporate, which includes
management of the funds in the company that remain uninvested in
the entities outside of the company.  BCM principally operates in
Australia and Ireland.  On Aug. 1, 2007, BCM announced the
acquisition of G.P.M. Classified Directories (Management &
Marketing) Ltd, also referred to as Golden Pages Israel.

                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."


BARRY HANSON: To Declare Dividend on September 19
-------------------------------------------------
Barry Hanson Constructions Pty Ltd will declare dividend on Sept.
19, 2008.

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

The company's liquidator is:

          John Frederick Lord
          PKF
          Level 10, 1 Margaret Street
          Sydney NSW 2000
          Australia


COM TECH: Placed Under Voluntary Liquidation
--------------------------------------------
Com Tech Integration Pty Limited's members agreed on July 16,
2008, to voluntarily liquidate the company's business.  Simon J.
Cathro and David J. Flombe were appointed to facilitate the sale
of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. Flombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone (02) 9322 7000


DATACRAFT INVESTMENTS: Placed Under Voluntary Liquidation
---------------------------------------------------------
Datacraft Investments Pty Limited's members agreed on July 16,
2008, to voluntarily liquidate the company's business.  Simon J.
Cathro and David J. Flombe were appointed to facilitate the sale
of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. Flombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone (02) 9322 7000


JOHN ROBERT: Members Opt to Liquidate Business
----------------------------------------------
John Robert Vieusseux Pty Ltd's members agreed on July 16, 2008,
to voluntarily liquidate the company's business.  P. Hillig was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          P. Hillig
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta NSW 2150


LINE OF LODE: To Declare Dividend on September 5
------------------------------------------------
Line of Lode 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 Deed Administrator is:

          John Morgan
          Rodger Reidy Chartered Accountants
          Level 8, 333 George Street
          Sydney NSW 2000


LOUIS PHOENIX: To Declare Dividend on September 11
--------------------------------------------------
Louis Phoenix Pty Ltd will declare dividend on Sept. 11, 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:

          Dean R. McVeigh
          Foremans Business Advisors (Southern) Pty Ltd
          Suite 8, 56-60 Bay Road
          Sandringham VIC 3191


OVERDIMENSIONAL TRANSPORT: Joint Meeting Set for September 1
------------------------------------------------------------
Overdimensional Transport Logistics Pty Limited will hold a final
meeting for its members and creditors at 3:00 p.m. on  Sept. 1,
2008.  During the meeting, the company's liquidator, Brian
McMaster will provide the attendees with property disposal and
winding-up reports.

The company's liquidator can be reached at:

          Brian McMaster
          KordaMentha
          Level 11
          37 St Georges Terrace
          Perth, Western Australia


PYOSAY PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Pyosay Pty Limited's members agreed on July 15, 2008, to
voluntarily liquidate the company's business.  Pietro Fiori was
appointed to facilitate the sale of its assets.

The liquidators can be reached at:

          Pietro Fiori
          William Buck
          Chartered Accountants
          Level 29
          66 Goulburn Street
          Sydney NSW 2000


TECH TALK: Placed Under Voluntary Liquidation
---------------------------------------------
Tech Talk Australia Pty Limited's members agreed on July 16, 2008,
to voluntarily liquidate the company's business.  Simon J. Cathro
and David J. Flombe were appointed to facilitate the sale of its
assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. Flombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Telephone (02) 9322 7000



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

AES CHINA: Moody's Shifts B1 Rating Outlook to Neg. From Stable
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable its
outlook for the B1 senior unsecured bond rating of AES China
Generating Company Limited (AES Chigen).

The outlook change follows AES Chigen's notification that it had
reached an agreement to sell its 70% interest in Jiaozuo AES Wan
Fang Power (Jiaozuo) to its joint-venture partner for a gross
consideration of US$76.9 million.  The completion of the sale is
conditional upon government approval and is expected to take place
in the fourth quarter of 2008.

"The negative outlook reflects AES Chigen's increased
concentration risks after the assets sale.  This is because
Jiaozuo is the second largest cash flow and capacity contributor
to AES Chigen, accounting for around 20% of the company's total
cash inflow and capacity in 2007," says Jennifer Wong, Moody's
lead analyst for the company.

"Following this asset sale and the shutting down of another 70%-
owned Heifei-based power plant earlier this year, AES Chigen will
be highly reliant on the minority-owned Yangcheng project, which
is expected to contribute around 90% of cash flow and 80% of total
capacity.  While Yangcheng has demonstrated a track record of over
100% of the annual minimum off-take and a relatively stable cash
stream in the past few years, AES Chigen only owns a 25% minority
stake and therefore has no control over its cash flow.
Nevertheless, Moody's notes that AES Chigen is entitled to US$12.3
million in priority fixed return plus its pro-rata profit per year
according to the joint venture contract" says Ms. Wong.

"Furthermore, Moody's notes the high fuel costs and challenging
environment in the China power sector, which could negatively
impact Yangcheng's performance and ability to pay dividends to AES
Chigen," adds Ms. Wong.

At the same time, the sale of AES Chigen's 70% stake in Jiaozuo
will trigger a mandatory offer to bondholders under the terms and
conditions of the bonds to purchase bonds at par plus accrued and
unpaid interest to the extent of the net sale proceeds.  While it
is likely that bondholders will accept the mandatory offer, the
outcome remains uncertain at this point in time.

The rating could be downgraded if the bondholders choose not to
redeem the bonds and the cash proceeds from the asset sale are
upstreamed to AES Corp.  The rating could also come under pressure
if evidence emerges of a weakening in the operating performances
of the Yangcheng project, such as a failure by its off-taker to
make payments in a timely fashion or a significant rise in costs,
such that cash dividend falls materially and ASE Chigen's DSCR is
consistently below 1.5 -1.7x.

Furthermore, negative rating pressure could emerge over time if
the company fails to put in place appropriate refinancing
arrangement for its US$175 million notes.

The likelihood of any upward rating pressure on AES Chigen's
rating is limited in the near term given the negative outlook and
the upcoming refinancing pressure associated with the maturing
notes due June 2010.

AES China Generating Company Limited is primarily a holding
company engaged in the development, construction, operation and
ownership of electric power generating facilities in China by
means of its participation in joint ventures.

The company owns interests in seven operating power plants with an
aggregate capacity of approximately 2,842MW.  Its equity ownership
in the joint ventures ranges from 25% to 71%, with a majority
holding in four of its seven projects.  AES Chigen's total revenue
was US$85 million in 2007.


AXM PHARMA: Enable Capital and M. Levine Declare 5.3% Stake
-----------------------------------------------------------
Enable Capital Management LLC and Mitchell S. Levine declare
owning 1,185,202 shares of AXM Pharma Inc.'s common stock,
representing 5.3% of AXM's outstanding shares.

Based in Diamond Bar, California, AXM Pharma Inc. (Other OTC:
AXMP.PK) -- http://www.axmpharma.com/-- is a pharmaceutical
company engaged in the production, marketing and distribution of
pharmaceutical products in China.  The company produces, markets
and distributes medicines in various dosages and forms in most
areas of medicinal treatment, as well as herbal remedies, vitamins
and adjunctive therapies.

As of March 31, 2006, the company's consolidated balance sheet
showed US$10,641,129 in total assets and US$10,763,844 in total
liabilities, resulting in a US$122,715 total stockholders'
deficit.

                          *     *     *

As disclosed in the Troubled Company Reporter on April 14, 2008,
while in the process of responding to comments from the Securities
and Exchange Commission with respect to its 2005 financial
statements, AXM Pharma Inc.'s audit committee determined that its
annual financial statements for the fiscal year ended Dec. 31,
2004, and all subsequent annual and quarterly financial statements
contain errors and omissions.  As a result, the audit committee
concluded that these financial statements are no longer reliable.


BANK OF SHANGHAI: Hires New Chairman Before IPO
-----------------------------------------------
The Shanghai city government has appointed Ning Liming, former
head of the Shanghai branch of China Construction Bank, as Bank of
Shanghai's new chairman, before its planned initial public
offering, George Chen of Reuters reports.

Chen Xin, who was previously chairman and president of Bank of
Shanghai, the report relates, will stay on as president and
continue working on the bank's plan to list on the stock market.

According to the report, the bank denied market speculation that
Mr. Xin might leave the bank as part of the latest government-led
management reshuffle in the city's banking industry.

On June 4, 2008, the Troubled Company Reporter-Asia Pacific,
citing Shanghai Daily News, reported that Bank of Shanghai  hired
Guotai Jun'an Securities, Citic Securities and Shenyin & Wanguo
Securities as underwriters for its domestic initial public
offering.  The bank, the report related, also hired Goldman Sachs
Gao Hua Securities as financial adviser and PricewaterhouseCoopers
as auditor.

The expansion is part of the lender's three-step development
strategy - woo strategic investors, expand outside its city
territory and go public in the long term, the report said.

A source told Reuters that "the appointment of new chairman does
not mean Mr. Xin did anything wrong as it is only because the
current structure of Bank of Shanghai's management cannot meet the
requirement of China's securities rules if the bank wants to go
public," said one of the sources.

Meanwhile, Reuters says according to Chinese rules, the top
positions including chairman and president should not be one
person to avoid centralizing power, which might hurt the interests
of minority shareholders.

                    About Bank of Shanghai

As a joint-stock commercial bank set up on Dec. 29, 1995, the
Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

                       *     *     *

The company continues to carry Fitch rating agency's (a) Long-term
foreign currency Issuer Default rating at BB- with Stable Outlook;
(b) Short-term foreign currency IDR at B; (c) Individual D; (d)
Support at 3; and (e) Support Rating Floor at BB-.


CHESAPEAKE CORP: SCSF Equities, et al., Sell Outstanding Shares
---------------------------------------------------------------
SCSF Equities, LLC, Sun Capital Securities Offshore Fund, Ltd.,
Sun Capital Securities Fund, LP, Sun Capital Securities Advisors,
LP, Sun Capital Securities, LLC, Marc J. Leder, and Rodger R.
Krouse, sold all 1,198,879 shares of Chesapeake Corp.'s common
stock at an average price per share of US$0.83 on Aug. 1, 2008.

As of Aug. 1, 2008, the companies do not beneficially own, or have
power to vote or dispose of, any shares of Chesapeake Corp. common
stock.

A sale on July 31, 2008 of 40,394 shares of Chesapeake Corp.
common stock at an average price per share of US$1.80, decreasing
the total number of shares of common stock owned by SCSF Equities
at al. to 1,198,879 shares of common stock.

On August 1, 2008, the ceased to be the beneficial owner of more
than 5.0% of Chesapeake Corp.'s outstanding Common Stock.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

                        *     *     *

As disclosed in the Troubled Company Reporter on Aug. 11, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
Corporate Family Rating to Caa2 from B2 and its Probability of
Default Rating to Caa2 from B3.  Concurrently, Moody's downgraded
the company's senior unsecured revenue bonds to Caa3 from B3 and
senior subordinated notes to Caa3 from Caa1.  All credit ratings
remain on review for possible downgrade.

Standard & Poor's Ratings Services lowered its ratings on
Chesapeake Corp.  The corporate credit rating was lowered to
'CCC+' from 'B'.  The ratings remain on CreditWatch, where they
were placed on July 2, 2008, with negative implications.


NINGBO BIRD: Records CNY22.08 Million Loss In First-Half 2008
-------------------------------------------------------------
Ningbo Bird recorded a loss of CNY22.08 million net profit in the
first half of 2008, on strong competition in the Chinese market
and decrease in export income due to the sale of its stake in a
joint venture with French-based Sagem Mobiles  ChinaTechNews
reports.

From January to June 2008, the report relates, Ningbo City
realized revenue of about CNY1.29 billion, a year-on-year decrease
of 39.32%.  Of the total revenue, the company's domestic handset
revenue amounted to CNY600 million, a year-on-year decrease of
33%, while the overseas market contributed CNY660 million, a year-
on-year decrease of 44%.

According to the report, compared with the CNY593 million losses
in the same period in 2007, Bird's losses were a substantial
decline in the first half of 2008.  However, the company is still
expected to lose money in the third quarter of 2008.

Meanwhile, the report notes, the company has started to adjust its
marketing strategies and it plans to shut down all subsidiaries to
cut costs and improve profitability.  So far, 15 of its
subsidiaries have completed closures in their local industry and
commerce departments and another 14 subsidiaries are undergoing
liquidations, the report says.

                      About Ningbo Bird

Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.

                          *     *     *

The company continues to carry Xinhua Far East China Ratings' BB-
issuer credit rating.


ROAD KING: Moody's Downgrades Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service has today downgraded to Ba3 from Ba2
Road King Infrastructure Limited's corporate family rating and
unsecured senior bond rating.  The ratings outlook is stable.

"The rating action primarily reflects a projected weakening in the
company's financial profile and the weaker-than-expected state of
its balance sheet liquidity, resulting from land premium payments
as well as lower cash property sales in 1H2008," says Peter Choy,
a Moody's Vice President & Senior Credit Officer.

"Road King has revised downwards its property sales target for all
of 2008 and, as a result, its cash flow-to-debt coverage
measurements are likely to deteriorate, while de-leveraging of the
debt raised for its purchase of the Sunco property portfolio
appears unlikely in the next 12-18 months," says Mr. Choy.

"The weakening observed in its balance sheet liquidity also
reduces the size of the buffer it enjoys against the current
challenging nature of property market conditions and the tightness
evident in China for bank credit," adds Mr. Choy.

At the same time, the Ba3 rating is supported by the moderately
diversified extent of Road King's land portfolio -- which is
spread over 9 provinces -- and the stable cash flow generated from
its established toll roads business.

Furthermore, annual income of HK$800-900 million from its toll
roads operations covers interest payments by more than 1.5x,
partly mitigating the weak state of its property business and
appropriately positioning it at its current rating level and
relative to its rated property peers.

The stable outlook reflects Moody's expectation that Road King
will not aggressively purchase any further land in the near term
and will maintain access to the bank loan market.  Moody's expects
it to substantially meet its revised business plan for 2008 and
2009.

The ratings could come under downward pressure if the company: (a)
suffers a further decline in liquidity, such that balance sheet
cash falls well below HK$500 million; (b) fails to meet its
revised business plan; (c) undertakes further debt-funded
acquisitions, and/or (d) the performance of its toll roads
deteriorates.

In terms of credit metrics, Moody's would consider as signals for
a possible downgrade(i) EBITDA/interest below 2.0-2.5x; and (ii)
debt to total capitalization above 55-60%.  Furthermore, if cash
from its toll roads fails to cover interest expenses by 1x, then
the ratings would also experience pressure.

The possibility of an upgrade in the near term is unlikely, given
the weak state of liquidity and the downturn of the property
market in China would result in weaker sales.

Established in 1994, Road King is a Hong Kong-listed company with
investments in toll roads and property development projects in
China.


ZTE CORP: Secures SL Mobile Network Contract
--------------------------------------------
ZTE Corporation has secured a contract from Hong Kong mobile
operator CSL to supply multi-platform wireless technology for the
roll-out of next-generation mobile applications, Reuters reports,
citing South China Morning Post.

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

                           *    *     *

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

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


ZTE: Chooses Tundra Semiconductor for Next Generation Platform
--------------------------------------------------------------
ZTE Corporation selected Tundra Semiconductor Corporation to
supply Tundra's high performance PCI Express(R) product for ZTE's
Next Generation Platform System Graphics Card.
ZTE selected Tundra's high performance semiconductor to improve
overall performance on its new Graphics Card.  Tundra's high
performance semiconductor has typical power consumption of 1.3W,
and incorporates power management to minimize power consumption
during operation.  In addition, the Tundra's PCI Express product
offers the flexibility, high performance, small footprint, low
power consumption and drop-in compatibility that ZTE required for
its new design.

"Tundra's high performance PCI Express semiconductor is the best
fit for ZTE's Next Generation Platform Graphics Card.  Our
engineers evaluated several other products available on the market
and found that Tundra offered the best performance and power
against the competition.  Our designs require the best technology
to solve our customers' needs and Tundra's interconnect solutions
are the best the market has to offer," said Mr. Zhu Baowang,
Project Manager, Design and Development Dept., Central Research
Institute, ZTE .  "The design support provided by Tundra is
second-to-none in the industry and ZTE continues to rely on
Tundra's industry-leading interconnect expertise."

"We are proud to work with ZTE on their new designs.  Tundra is
committed to the expanding China market and we are pleased to
partner with global leaders such as ZTE to bring new technologies
to the industry," said Daniel Hoste, President and Chief Executive
Officer, Tundra Semiconductor.  "Tundra's PCI Express products
offer the best performance features on the market today and are
backed by Tundra's world-class design support tools, development
platforms and customer support," continued Hoste.

                        About Tundra

Tundra Semiconductor Corporation -- http//www.tundra.com --
supplies the world's leading communications, computing and storage
companies with System Interconnect products, intellectual property
(IP) and design services backed by world-class customer service
and technical support.  Tundra's track record of product
leadership includes over a decade of bridges and switches enabling
key industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R),
Power Architecture(TM), VME, HyperTransport(TM), Interlaken, and
SPI4.2. Tundra's products deliver high functional quality and
simplified board design and layout, with specific focus on system
level signal integrity. Tundra's design services division, Silicon
Logic Engineering, Inc., offers industry-leading ASIC and FPGA
design services, semiconductor intellectual property and product
development consulting.

                        About ZTE

ZTE Corporation -- http://www.zte.com.cn --is a leading global
provider of telecommunications equipment and network solutions.
The ZTE product range is the most complete in the world - covering
virtually every sector of the wireline, wireless, service and
terminals markets.  The company delivers innovative, custom-made
products and services to customers in more than 135 countries,
helping them to achieve continued revenue growth and to shape the
future of the world's communications.  ZTE commits around 10% of
annual turnover to research and development and takes a leading
role in a wide range of international bodies developing emerging
telecoms standards.  It is the fastest growing telecoms equipment
company in the world, and is China's only listed telecoms
manufacturer, with shares publicly traded on both the Hong Kong
and Shenzhen Stock Exchanges.

In the Asian Wall Street Journal's Readers' Survey 2007, ZTE was
among the Top 10 Most Admired Companies in China, the only company
that was included in the Top 10 list representing the telecom
industry.  ZTE was awarded the "Most Promising Vendor of the Year"
by Frost & Sullivan in its 2007 Asia Pacific ICT Awards, and was
reported as the fastest growing telecom equipment and solutions
provider among the major telecom vendors worldwide by IDC in 2007.

                       *     *     *

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

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



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

CITIC PACIFIC: 1H Profit Drops 12% to HK$4.38 Billion
-----------------------------------------------------
CITIC Pacific extended its losses after reporting 12% drop in
first-half net profit due to higher operating costs and losses at
its aviation and power generation units, XFN-ASIA News reports.

The company, the report relates, posted a net profit of HK$4.38
billion in the six months to June from HK$4.97 billion a year
earlier.

The stock was down HK$0.90 or 3.21% at 27.10, after falling 2.32
pct in the morning session, the report says.

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

                          *     *     *

As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concluded the review initiated by the rating
agency in April 2006.


CITY TELECOM: Moody's Lifts CFR and Sr. Unsecured Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the corporate
family rating and senior unsecured bond rating of City Telecom
(HK) Ltd (CTI).  The ratings outlook remains positive.

"The rating upgrade reflects CTI's improving financial metrics and
follows the recent announcement by the company that it has ceased
to be a member of a consortium bidding for the construction of
Singapore's Next Generation National Broadband Network," says
Laura Acres, a Moody's Vice President, adding, "In Moody's view
this removes some of the uncertainty with regard to the capex and
investment costs associated with the project."

The B1 rating reflects CTI's position as the largest alternative
wire-line provider and third largest broadband provider in Hong
Kong.  It also takes into account the benefits derived from CTI's
advanced and self-owned network -- including 1.4 million home
passes -- and which is unlikely to be replicated by any
competitors over the short to medium term.

The B1 rating also acknowledges CTI's relatively strong financial
metrics, in particular adjusted debt/EBITDA of below 2.0x which
compares favourably with its single B-rated peers.

At the same time, the rating takes into account the inherent risks
in CTI's long-term business plan to expand its network coverage
and subscriber base in a highly competitive environment, as well
as the company's relatively small scale in a global context.

"The positive outlook reflects the strength of the underlying
financial profile relative to the rating, and the expectation of
maintaining such metrics even as additional investment is made in
network expansion and coverage," adds Ms. Acres, also Moody's Lead
Analyst for the company.

"Despite its increased capex plan over the next two years, the
company's balance sheet remains strong aided by significant cash
balances and the recent reduction in debt.  This, combined with
the expectation that capex can be funded out of operating cash
flow and CTI's ability to increase revenues and the subscriber
base, further supports the positive outlook," says Ms. Acres.

Upward rating pressure could arise if CTI 1) clarifies its
expansion strategy while at the same time increases EBITDA margins
such that they are consistently in the 30-35% range; 2) (EBITDA -
capex)/interest expense remains above 3x on a consistent basis;
and/or 3) maintains a minimum cash balance of HK$200 million.

Downward pressure on the rating is unlikely given the positive
outlook.  However, the outlook could revert to stable should CTI
1) fail to generate revenue growth; 2) see its EBITDA margins
deteriorate below 30%; 3) see (EBITDA-Capex)/Interest fall below
1-1.5x; and/or 4) see unencumbered cash balances decrease below
HK$200 million.

Established in 1992 and listed on the Hong Kong Stock Exchange in
1997 with an American Depository Receipt listing on the NASDAQ in
1999, CTI is a wire-line operator in Hong Kong offering
International Direct Dialing (IDD) and fixed-telecommunication
network services (FTNS).

Through its wholly-owned subsidiary, Hong Kong Broadband Network
Ltd (HKBN), CTI provides broadband services (its residential 1
Gbps broadband Internet access being a world first), telephony,
IP-TV and corporate data services through its self-built Metro
Ethernet IP network.

HKBN is the largest alternative operator for residential voice and
broadband services in Hong Kong. As of February 2008, it had 1.4
million home residential passes representing 60% of HK households,
and a total of 726,000 subscribers for its triple-play of voice
(311,000), broadband (279,000) and pay-TV services (136,000).

The co-founders, Ricky Wong and Paul Cheung, directly and
indirectly own 48% and have effective control over 56.6% of the
company.


BENEFIT TOP: Subject to Wong Lui's Wind-Up Petition
---------------------------------------------------
On July 9, 2008, Wong Lui filed a petition to have Benefit Top
Limited's operations wound up.

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


(BPS) BARCODE: Court to Hear Wind-Up Petition on September 10
-------------------------------------------------------------
A petition to have (BPS) Barcode Printing and Packaging Service
Company Limited's operations wound up will be heard before the
High Court of Hong Kong on September 10, 2008, at 9:30 a.m.

Can Pak To filed the petition against the company on July 9, 2008.


CJ INTERNATIONAL: Court to Hear Wind-Up Petition on September 3
---------------------------------------------------------------
The High Court of Hong Kong will hear on September 3, 2008, at
9:30 a.m., a petition to have CJ International Group Company
Limited's operations wound up.

Eletronicos Prince Representacao, Industria, Comercio, Importacao
E Exportacao de Produtos Em Geral Ltda filed the petition against
the company on June 23, 2008.

Eletronicos' solicitors are:

          Tang, Lai & Leung
          BOCG Insurance Tower, 2nd Floor
          134-136 Des Voeux Road Central
          Hong Kong


COMMERZ SECURITIES: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Commerz Securities (Japan) Company Limited met on
August 15, 2008, and resolved to voluntarily liquidate the
company's business.

The company's liquidators are:

          Alan Chung Wah Tang
          Wong Kwok Man
          Grant Thornton Specialist Services Limited
          Gloucester Tower, 13th Floor
          The Landmark
          15 Queen's Road Central
          Hong Kong


DIPLOM LIMITED: Lam and Toohey Quit as Liquidators
--------------------------------------------------
On August 14, 2008, Rainier Hok Chung Lam and John James Toohey
ceased to act as liquidators of Diplom Limited.

The company's former Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building, 22nd Floor
          10 Chater Road
          Central, Hong Kong


GLOBAL LOGISTICS: Wind-Up Petition Hearing Set for October 8
------------------------------------------------------------
The High Court of Hong Kong will hear on October 8, 2008, at 9:30
a.m., a petition to have Global Logistics Management Limited's
operations wound up.

The petition was filed by CTO (H.K.) Limited on Aug. 8, 2008.

CTO's solicitors are:

          Tsang, Chan & Woo
          Grand Building, 12th Floor
          Nos. 15-18 Connaught Road Central
          Hong Kong


KAI YIP: Members' Final Meeting Slated for August 23
----------------------------------------------------
The members of Kai Yip Manufactory Limited will hold their final
meeting on August 23, 2008, at 11:00 a.m., at Room 501 of Sino
Industrial Plaza, 9 Kai Cheung Road in Kowloon, Hong Kong.

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


PAMFORD LIMITED: Creditors' Proofs of Debt Due on September 22
--------------------------------------------------------------
The credtors of Pamford Limited requires its creditors to file
their proofs of debt by September 22, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

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


SHING SIU: Creditors to Meet on September 27
--------------------------------------------
The creditors of Shing Siu Development Limited will meet on Sept.
27, 2008, at 2:30 p.m., for the purposes set out in Sections 241,
242, 243, 244 of the Said Ordinance.


YAT HING: Faces Pang Chun's Wind-Up Petition
--------------------------------------------
On June 3, 2008, Pang Chun Ngan filed a petition to have Yat Hing
Poultry Limited's operations wound up.

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

Pang Chun's solicitors are:

          Messrs. Kenneth C.C. Man & Co.
          New Henry House, 7th Floor
          10 Ice House Street
          Central, Hong Kong



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

JAMSHEDPUR NOTIFIED: CRISIL Assigns 'B' Corporate Credit Rating
---------------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR B' to
Jamshedpur Notified Area Committee (JNAC).

   * Corporate Credit Rating  CCR B [Assigned]

The rating exercise has been carried out under a mandate from the
Ministry of Urban Development, Government of India, as part of the
Jawaharlal Nehru National Urban Renewal Mission.

The rating reflects JNAC's moderate economic profile, supported by
a high level of per capita income of about Rs.89,000 per annum.
The rating also factors in JNAC's weak financial risk profile,
poor accounting practices, limited capacity to scale up
operations, inadequate service arrangements in area not serviced
by Jamshedpur Utilities and Services Company Ltd (JUSCO), and an
unfavourable legal framework.

                        About JNAC

JNAC, since its formation in 1924, was managed by the Tata group.
The administration was transferred to the state government in
1999. JNAC is headed by a deputy commissioner.  JNAC does not have
an elected body.  It covers an area of 56 square kilometres and
0.7 million residents.  JUSCO, a private company, provides civic
services in about 80 per cent of JNAC's service area; the
remaining areas get services directly from JNAC.


RANCHI MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR BB-' to
Ranchi Municipal Corporation (RhMC).

   * Corporate Credit Rating  CCR BB-[Assigned]

The rating exercise has been carried out under a mandate from the
Ministry of Urban Development, Government of India, as part of the
Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

The rating reflects the urban local body's (ULB's) potential to
generate handsome own revenues because of the good purchasing
power of the locals, and Ranchi's status as the capital city of
Bihar.  The rating also factors in RhMC's unfavourable
institutional framework, hindering operations; inadequate service
infrastructure, leading to low willingness to pay taxes; low
revenues and marginal surpluses, resulting in a very high
dependence on state government loans and grants; large untapped
revenues as a result of inadequate managerial bandwidth; and the
ULB's poor project-implementation capabilities.

                           About RhMC

RhMC was formed in 1979 and is governed by the Ranchi Municipal
Corporation Act, 2001.  RhMC covers an area of 173 square
kilometres and provides a range of civic services to around 0.85
million residents.  The major services provided are solid waste
management, and roads construction and maintenance. In 2006-07
(refers to financial year, April 1 to March 31), RhMC generated
revenue receipts of Rs.120 million and a revenue surplus of Rs.7
million.


RATNA INFRASTRUCTURE: CRISIL Rates Rs.300 Mil. Cash Credit  at “C”
-----------------------------------------------------------------
CRISIL has assigned its rating of 'C/P4' to the various bank
facilities of Ratna Infrastructure Projects Pvt Ltd (Ratna Infra).

   * Rs.300 Million Cash Credit   C (Assigned)
   * Rs.1420 Million Bank Guarantee P4(Assigned)

The rating factors in recent instances of delay by Ratna Infra in
repayment of loan, its limited geographical and industrial
diversification, and the fragmented nature of the construction
industry.  These rating weaknesses are, however, partly offset by
Ratna Infra's high revenue visibility on account of healthy growth
and good order book position.

                        About Ratna Infra

Ratna Infra was originally constituted as a partnership firm by
Mr. M M L Narasimhan in 1997 in the name of Ratna Constructions.
It was converted into a private limited company in April 2007.
Its primary business involves commissioning of irrigation
projects, which contributed around 80 per cent to its 2007-08
(refers to financial year, April 1 to March 31) revenues.  As part
of its diversification plans, it has begun operations in other
segments, such as mining, urban, electrical and industrial
infrastructure.  Its operational model involves sub-contracting
parts of projects to other players.  However, the management has
indicated that the model may shift away from sub-contracting over
the medium term.



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

SEBON CORP: Files for Bankruptcy with JPY62 Billion Debt
--------------------------------------------------------
Sebon Corp. filed for bankruptcy protection with JPY62 billion
(US$568 million) in liabilities, Tak Kumakura of Bloomberg news
reports.

Sales at Sebon, the report relates, fell after banks tightened
screening of real estate loan applications and construction orders
fell as the government toughened building codes.

According to the report, the failure follows the collapse of
property developer Urban Corp. on Aug. 13 with US$2.4 billion in
debt.

Construction and real estate companies accounted for almost a
third of all bankruptcies in Japan in July as banks cut lending
and the country's economy shrank to the brink of its first
recession in six years, the report notes.

Bloomberg News says, citing bank of Japan, that new lending to the
real estate sector declined 18.7% at the end of June, while
lending to investment funds declined for the sixth straight
quarter.

Meanwhile, subsidiary Asahi Homes Co. expects a JPY90 million net
loss for the current business year through March 31, compared with
its initial forecast of a JPY100 million profit.  The company also
cut its sales forecast to JPY2.27 billion from JPY3.4 billion, the
report adds.


* JAPAN: Moody's Sees Stable Ratings and Outlook for Telecoms
-------------------------------------------------------------
Moody's Investors Service says the industry outlook is stable as
major players look set to maintain their market shares as,
compared with their global peers, Japanese carriers exhibit steady
and significant domestic positions.

At the same time, the ratings outlook for Japan's
telecommunications industry is stable, supported by each carrier's
steady cash flow-generating abilities and sound credit profiles,
although rising price competition in the mobile business may
pressure revenues and earnings.

In addition, given the stability in cash flow generation and
financial flexibility, and despite the potential revenues and
earnings pressure and rising competition, Japan's carriers are
expected to maintain their debt-servicing abilities, Moody's says.
Moreover, their debt levels are in accordance with their rating
levels, and they are committed to controlling debt and managing
costs.

Moody's comments were made in a new outlook on the industry, which
examines -- in addition to the rating outlook -- key trends in the
sector, including those in pricing, technology, competition, and
fixed line and mobile.  The report was authored by Emiko Otsuki, a
Moody's Senior Vice President and Regional Credit Officer in
Japan.  Moody's rated universe includes four issuers and their
ratings outlooks are all stable.

The Moody's report says the key rating factors over the next 12-18
months include the capacity of strategies to improve user
convenience and satisfaction, progress in diversifying revenue,
and the types of financial strategies implemented to mitigate the
incremental business risks linked to higher competition and the
introduction of more advanced technology.

Looking ahead, Moody's will monitor trends in market growth and
the shares of leading carriers; increases in non-traffic-based
revenue and earnings, and the state of balance between business
strategies and financial strategies to mitigate incremental
business risks.

For the long term, Japan's telecoms sector will continue to
develop next-generation infrastructure and services, according to
the Moody's report.  User demand for good content -- via such
infrastructure -- will escalate.


* JAPAN: Credit Strengths to Endure Economic Fall, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says the outlook for much weaker
economic growth in Japan for the rest of 2008 and into 2009 will
most likely not exert any adverse effect on the government's Aa3
local currency rating, but does caution about possible risks from
a policy change under consideration by leaders of the ruling
Liberal Democratic Party.

"The special features of the Japanese system which make government
debt affordable despite its exceptional size have not been
negatively affected by recent macro-economic shocks; neither by
the rise in inflation, nor the slowdown in GDP growth," says
Thomas Byrne, a Senior Vice President with Moody's Sovereign Risk
Group.

"Current monetary policies have supported economic growth and a
process of fiscal consolidation is being carried out," says
Mr. Byrne in a new Moody's report, entitled, "Japan's Credit
Strengths to Withstand an Economic Downturn."

Accordingly, Moody's believes the government's credit ratings will
weather the current bout of global economic turbulence as long as
the policy framework remains prudent.

"Moody's preliminary base-case scenario is that real growth will
drop slightly below 1% in FY2008 and pick up moderately in
FY2009," says Mr. Byrne, adding, "On the subject of high energy
prices, while they have been disruptive, they have not been as
debilitating as in the 1980s when activity depended much more on
oil, all of which is imported."

However, the report cautions that new senior leaders of the LDP --
who assumed their posts on August 1 -- have stated that shelving
former Prime Minister Koizumi's goal of reducing the budget
deficit to produce a small surplus could be considered as an
option for dealing with the current slowdown.

"If such a change were adopted, it would mark a major policy
shift, raising doubts about of the commitment to fiscal
consolidation, and stall the incipient improvement in the
government's debt trajectory," says Ms. Byrne.  Government debt,
which stands at almost 200% of GDP according to the IMF, is three
times the average level of other G-7 countries.

"Moreover, a shortcoming of the post-Koizumi administrations has
been an inability to take fiscal and economic reforms one step
further—to improve further the competitiveness of the Japanese
economy and ensure fiscal consolidation over the long term," adds
Mr. Byrne.

In the report, Mr. Byrne does not see a major threat from the
recent rise in prices in Japan, as inflationary expectations
appear very well anchored.  "While a modicum of inflation will
eventually be good for domestic demand and the government's
balance sheet, as tax revenues respond commensurately, high
inflation would be bad for pensioners and politicians who depend
on their votes," says Mr. Byrne.



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

HYUNDAI MOTOR: To Recall 65,000 Elantras in U.S.
------------------------------------------------
Hyundai Motor Co plans to recall some 65,000 units of the Elantra
in the United States to fix a defect in the compact car's fuel
pump, Cheon Jong-woo of Reuters reports.

The report relates that the recall covers 2008 model year Elantras
with 2.0-liter engines that were produced between
Nov. 5, 2007 and June 28, 2008.  Bloomberg News relates that some
fuel pumps may lose pumping pressure as gasoline with ethanol
contributes to a buildup of film on the units' electrical
contacts.  The flaw may lead to poor starting or engine
hesitation, Bloomberg News says.

According to Bloomberg News, Hyundai said it was unaware of any
injuries related to the recall.

Shares in Hyundai dropped 2.74% to 70,900 won as of 0058 GMT,
August 28, underperforming a 0.39% fall in the wider market,
Reuters 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 steep drop of the 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.


HYUNDAI MOTOR: Unionized Workers Continue Partial Strikes
---------------------------------------------------------
Unionized workers at Hyundai Motor Co and Kia Motors Corp has
launched another round of partial strikes over a wage deal and
working conditions, Reuters reports.

Union members told Reuters they also planned to stage further
partial strikes if they fail to reach agreements with management.

Hyundai's unionized workers, the report relates, started a two-
hour walkout on Aug. 27.

According to the report, Aug. 27's labour action is expected to
cost the company 1,998 vehicles in lost production.

However, the report notes, union members at the companies usually
make up production losses with overtime work once they reach wage
deals.

                       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 steep drop of the 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.


LEHMAN BROTHERS: Shares Up 16% on Likely Korea Bank Buyout
----------------------------------------------------------
Lehman Brother Holdings Inc. share rose more than 16% last week
when Korea Development Bank expressed its plan in purchasing the
firm, the Wall Street Journal reports.

An official of the Financial Services Commission, however, warned
Korea Development to take cautious steps in taking over the bank,
pointing out that the deal would be better led by private lender,
the Financial Times reports.

Analyst told the Wall Street Journal that Lehman Brother may incur
at least US$2 billion in net loss and more than US$3 billion in
write-
downs in the present quarter that would subject Richard Fuld Jr.,
chairman and chief executive officer of Lehman Brothers, under
pressure to improve the firm's financial health by mid-September.

According to person familiar with the transaction, Korea
Development presented a two-step process, under which the Korean
bank will take a 25% stake directly from Lehman Brothers and
another 25% through a market tender, FT relates.

Lehman Brother has not entered into an agreement with Korea
Development, FT notes.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- an
innovator in global finance, serves the financial needs of
corporations, governments and municipalities, institutional
clients, and high net worth individuals worldwide.  Founded in
1850, Lehman Brothers maintains leadership positions in equity and
fixed income sales, trading and research, investment banking,
private investment management, asset management and private
equity.  The firm is headquartered in New York, with regional
headquarters in London and Tokyo, and operates in a network of
offices around the world.



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

ARK RESOURCES: June 30 Balance Sheet Upside Down by MYR10.94 MM
---------------------------------------------------------------
Ark Resources Berhad's consolidated balance sheet as of June 30,
2008, went upside down by MYR10.94 million, on total assets of
MYR16.98 million and total liabilities of MYR27.93 million.

The company incurred MYR418,000 net loss on MYR708,000 of revenues
in the three months ended June 30, 2008, as compared to MYR93.37
million net profit on MYR6.35 million of revenues recorded in the
same period of 2007.

ARK has been advised by its solicitors that the JID was
wrongfully obtained by the Plaintiff for the these reasons:

   * ARK has no contractual relationship whatsoever with the
     Plaintiff.  Based on the statement of claim filed by the
     plaintiff in the suit, the correct party for the action
     should be Lankhorst Pancabumi Contractors Sdn. Bhd., which
     is in liquidation.  Hence, the plaintiff had erroneously
     taken the said JID against the company; and

   * The required notice to be served under the Legal Profession
     Rules 1978 on ARK's Solicitors prior to obtaining the JID
     was not served on ARK's Solicitors.

ARK is currently taking the necessary steps to set aside the JID
and beleives that it has no any adverse consequences arising
from the service of the JID as there is every prospect of it
being defeated in court.


LIQUA HEALTH: Posts MYR1.42 Mil. Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
In a disclosure with the Kuala Lumpur Stock Exchange, Liqua Health
Corporation Berhad disclosed that the group incurred MYR1.42
million net loss on MYR8.43 million of revenues in the three
months ended June 30, 2008, as compared to the recorded MYR61,000
net profit on MYR10.50 million of revenues in the same period of
2007.

As of June 30, 2008, the group's balance sheet showed
MYR28.01 million of total assets, MYR24.50 million of total
liabilities resulting in a shareholders' equity of MYR3.51 mil.

                       About Liqua Health

Liqua Health Corporation Berhad is principally engaged in the
businesses of investment holding and provision of management
services.  Its core business is direct selling of health food
and related products, through its subsidiaries.  Liqua Health
and Liqua Spirulina are the two core health products of the
company.  The company's subsidiaries include Liqua Health
Marketing (M) Sdn. Bhd., which is engaged in direct selling of
health food and general merchandise; Packcon (Asia) Sdn. Bhd,
which is engaged in marketing packaging materials and general
trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath
Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in
research and development; Quantum Healing Centre Sdn. Bhd
(dormant), which is engaged in the trading and marketing of
health food and general merchandise.  In February 2007, Liqua
Health Marketing acquired the remaining 51% interest in Liqua
Health Chain.

                          *     *     *

The company was classified as an Affected Listed Issuer as it
has triggered Paragraph 2.1 of the Amended PN17 as the
consolidated shareholders' fund has dropped to approximately
MYR5.9 million which is below the 25% of the paid-up share
capital which stands at MYR144.3 million and the minimum issued
and paid up capital of MYR60 million required under paragraph
8.16A(1) of the Listing Requirements.


PAN MALAYSIA: Posts MYR7.20 Mil. Net Loss in Qtr. Ended June 30
---------------------------------------------------------------
Pan Malaysia Industries Berhad disclosed with the Kuala Lumpur
Stock Exchange its financial report for the first quarter ended
June 30, 2008.

For the three months ended June 30, 2008, the company posted
MYR7.20 million net loss as compared to MYR10.73 million net loss
in the same period of 2007.  The lower loss was mainly fie to
reduction in finance cost following the substantial loan
repayments from the proceeds of disposal of Metrojaya Berhad.

The group recorded lower revenues of on MYR18,000 in the first
quarter of 2008, as compared to the MYR82.63 million of revenues
recorded in the same period of 2007.

As of June 30, 2008, the group's balance sheet showed
MYR307.76 million of total assets, MYR224.91 million of total
liabilities resulting in a shareholders' equity of
MYR82.85 million.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

                          *     *     *

Pan Malaysian Industries Bhd's balance sheet as of
June 30, 2007, went upside down by MYR29.1 million on total
assets of MYR643.76 million and total liabilities of MYR672.85
million.


PILECON ENGINEERING: Posts MYR638,000 Net Loss in 2nd Quarter
-------------------------------------------------------------
Pilecon Engineering Berhad posted MYR638,000 net loss on MYR7.36
million of revenues in the second quarter ended June 30, 2008, as
compared to the recorded MYR3.78 million profit on  MYR10.84
million of revenues in the same quarter of 2007.

As of June 30, 2008, the company's balance sheet showed MYR592.47
million in total assets, MYR264.83 million of total liabilities,
resulting in a shareholders' equity of MYR264.64 million.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.

The company was classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of the Listing Requirements of
Bursa Malaysia Securities, as the company defaulted in its
payment and was unable to provide a solvency declaration to the
Bursa Securities.


WEMBLEY: June 30 Balance Sheet Upside Down by MYR981.52 Mil.
------------------------------------------------------------
Wembley Industries Holdings Berhad's June 30, 2008, balance sheet
went upside down by MYR981.52 million on total assets of MYR417.37
million and total liabilities of MYR1.4 billion.

For the second quarter ended June 30, 2008, the company posted
MYR21.82 million net loss as compared to the recorded MYR20.50
million net loss in the same quarter of 2007.

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's auditors 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 favourable outcome of the negotiation with DBKL and the
ability of the Group to obtain adequate financing to successfully
complete and sell the project, the timely approval and successful
implementation of the Proposed Restructuring Scheme.

As of December 31, 2007, the group and the company recorded net
losses of MYR77.06 million and MYR56.62 million respectively and
as that date, the group's and the company's current liabilities
exceeded their current assets by MYR937.89 million and
MYR842.34 million respectively.  In addition, the group and the
company have defaulted in their borrowing obligations.  The
completion of the Plaza Rakyat has been delayed significantly and
the Group is currently in negotiation with DBKL, the owner of the
land, to revise the joint venture agreement.



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

AIRSHOW.CO.NZ: Commences Liquidation Proceedings
------------------------------------------------
The High Court at Hamilton convenved a hearing on Aug. 25, 2008,
to consider an application putting Airshow.co.nz Limited into
liquidation.

The application was filed on May 30, 2008, by PMP Maxum Limited.

The plaintiff's address for service is at:

          Amy Marie Hutton
          Receivables Management (NZ) Limited
          Level 8
          7 City Road
          Auckland
          Facsimile: (09) 919 3697

Amy Marie Hutton is the plaintiff's solicitor.


C & R EQUIPMENT: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Christchurch held a hearing on Aug. 18, 2008, to
consider an application putting C & R Equipment Limited into
liquidation.

The application was filed on July 8, 2008, by Prometal Industries
Limited.

The plaintiff's address for service is at:

          Amy Marie Hutton
          Receivables Management (NZ) Limited
          Level 8
          7 City Road
          Auckland
          Facsimile: (09) 919 3697

Amy Marie Hutton is the plaintiff's solicitor.


C2K LIMITED: Shephard and Dunphy Appointed as Liquidators
---------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Iain
Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of C2K Limited on July 30, 2008.

The liquidators can be reached at:

          Attn: Andrew Croad
          Shephard Dunphy Limited
          Level 2, Zephyr House
          82 Willis Street
          Wellington
          Telephone: (04) 473 6747
          Facsimile: (04) 473 6748


DORCHESTER: Discloses Impairment of Investment in St Laurence
-------------------------------------------------------------
Dorchester Pacific Limited said St. Laurence Limited has advised
that it made a NZ$29.8 million pre-tax loss for the quarter ending
June 30, 2008.  Under equity accounting rules Dorchester will be
required to equity account this loss resulting in a reduction in
the carrying value of its 25% holding in
St. Laurence.

Dorchester Pacific notes that these events give rise to the
likelihood of a need for a further impairment in the carrying
value of Dorchester's investment in St Laurence.

As at March 31, 2008, the carrying value of Dorchester Pacific's
25% holding in St. Laurence was NZ$21.3 million.  Dorchester will
not, however, be in a position to quantify the extent to which
that value has been impaired until after St. Laurence's proposed
scheme has been finalized and voted on by its investors.

                        About St Laurence

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is
a property-based funds management and finance company with over
NZ$1.2 billion in assets under management.  Since 1995 it has
been developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                    About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.


ELLY JO: Shareholders Placed Company Under Liquidation
------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Elly Jo Productions 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:

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


LASER BEAUTY: Shareholders Appoint Liquidators
----------------------------------------------
Pursuant to Section 241(1)(a) of the Companies Act 1993, the
shareholders of Laser Beauty Care Ltd have appointed Robert Laurie
Merlo, insolvency practitioner of Auckland, as liquidator.

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


OTARA SECONDHAND: 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 Otara Secondhand Warehouse Limited on
July 30, 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


POWER BOAT: Shareholders Placed Company Under Liquidation
---------------------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Power Boat Services (1996) Limited 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:

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


PREMIUM CARTAGE: Liquidators Set September 19 Claims Bar Date
-------------------------------------------------------------
The High Court at Auckland has appointed Peri Micaela Finnigan and
Boris van Delden, insolvency practitioners of Auckland, as
liquidators of Premium Cartage Limited.

The liquidators set Sept. 19, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          McDonald Vague
          PO Box 6092, Wellesley Street
          Auckland 1141
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Website: www.mvp.co.nz


VISTAITA LTD: Wind-Up Petition Hearing Set for September 11
-----------------------------------------------------------
The High Court at Auckland will hold a hearing on Sept. 11, 2008,
at 10:45 a.m., to consider putting Vistaita Limited (as trustee in
the Vista Trust) into liquidation.

The application was filed on April 7, 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 0373
          Facsimile: (07) 959 7614

Kay S. Morgan is the plaintiff's solicitor.


W H TWEED: Shareholders Placed Company Under Liquidation
---------------------------------------------------------
In accordance with Section 241 of the Companies Act 1993, the
shareholders of W H Tweed Ltd placed the company under liquidation
and appointed Peter James Heenan, chartered accountant of
Invercargill, as liquidator.

The liquidator can be reached at:

          WHK Cook Adam Ward Wilson
          62 Deveron Street (Private Bag 90106)
          Invercargill
          Telephone: (03) 211 3355
          Facsimile: (03) 218 3623



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

MIDDLE EAST: Incurs SGD5.15 Mil. Net Loss in Full Year 2008
-----------------------------------------------------------
In a regulatory filing with the Singapore Stock Exchange, Middle
East Development Singapore Ltd disclosed that the group incurred
two consecutive years of net losses -– posting SGD5.15 million net
loss for the full year ended June 30, 2008 and SGD316,651 net loss
in 2007.

The group posted SGD11.19 million of revenue for FY 2008, as
compared to the recorded SGD11.81 million of revenues in FY2007.
The group's revenue was generated substantially by its
waterproofing division.

The group's other operating income decreased from SGD0.45 million
in FY 2007 to SGD0.28 million in FY 2008.  FY 2007 reported a
write back of provision for impairment on trade receivables of
SGD0.26 million, as compared to SGD0.02 million in FY 2008.  This
decrease was mitigated by higher interest income of SGD0.19
million reported for FY 2008, as compared to SGD0.10 million for
FY 2007.

The group's other operating expenses increased to SGD1.75 million
in FY 2008, from SGD0.046 million in FY 2007.  A loss of SGD0.30
million on disposal of held-for-trading investment was incurred in
FY 2008.  Provision for impairment on trade receivables of SGD0.40
million was recorded, as compared to SGD0.038 million in FY 2007.
As the company encountered continual delays in the construction
projects that were awarded to them, the company made a provision
for foreseeable loss of SGD0.93 million.

As of June 30, 2008, the group's balance sheet showed SGD18.57
million of total assets, SGD5.31 million of total liabilities
resulting to a shareholders' equity of SGD13.28 million.

Middle East Development Singapore Ltd. is an investment holding
company engaged in the distribution of specialized building
materials.  The company also operates as a developer of property
and infrastructural projects, and project management company.
Its project management division is being set up to undertake the
six projects contracted under the agreements with M E Development
LLC.  Its waterproofing business is marketed under the Hitchins
trademark. Hitchins is a waterproofing specialist with operations
in preservation, restoration and maintenance of buildings and
concrete structures.  Hitchins developes and manufactures
specialty building chemicals.  Its project and construction
management business has agreements for five of MED projects in
Dubai and one in Bahrain.  The property development projects in
Dubai are The Arabian Crowne and Windsor Tower in Dubailand and
the Red Residence, Kensington Royale and Sports Plaza in Dubai
Sports City. In Bahrain, it is the Diamond Plaza.



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

AU OPTRONICS: To Invest NT$400 Bil. in Four Taiwan LCD Plants
-------------------------------------------------------------
AU Optronics Corp. plans to invest NT$400 billion (US$12.7
billion) to build four LCD plants in Taiwan in the next decade to
meet demand for flat-screen televisions, Chinmei Sung of Bloomberg
News reports.

Taiwan Premier Liu Chao-Shiuan  told the news agency that the
company plans to hire 10,000 workers for the factories, which will
be located in the central city of Taichung.

According to the report, AU will begin construction of a so-called
10th-generation factory in the second half of 2009, with
production scheduled to start in 2011 or 2012.

                     About AU Optronics

AU Optronics Corp. is the world's 3rd largest manufacturer of
large-sized thin film transistor liquid crystal display panels,
with approximately 19%* of global market share in Q1/2008 and
revenues of NT$480.2 billion (US$14.81billion)in 2007.  TFT-LCD
technology is currently the most widely used flat panel display
technology.  Targeted for 40"+ sized LCD TV panels, AUO's new
generation (7.5-generation) fabrication facility production
started mass production in the fourth quarter of 2006.  The
Company currently operates one 7.5-generation, two 6th-
generation, four 5th-generation, one 4th-generation, and four
3.5-generation TFT-LCD fabs, in addition to eight module
assembly facilities and the AUO Technology Center specializes in
new technology platform and new product development.  AUO is one
of few top-tier TFT-LCD manufacturers capable of offering a wide
range of small- to large- sized (1.5"-65") TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.

                        *     *     *

The company continues to carry Fitch Ratings' 'BB+' long-term
foreign and local currency Issuer Default ratings.  The Outlook
is Positive.



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

* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
  Company                       Ticker    (US$MM)    (US$MM)
  -------                       ------     ------   ------------

AUSTRALIA

ALLSTATE EXPLORA                  ALX      19.48      -55.70
ALLSTATE EXPL-PP                ALXCC      19.48      -55.70
ARC EXPLORATION                   ARX      62.79      -15.89
AUSTAR UNITED                     AUN     525.79     -234.92
ANTARES ENERGY L                  AZZ      16.21       -4.36
BIRON APPAREL LT                  BIC      19.71       -2.22
CROESUS MINING                    CRS      16.00      -13.81
ETW CORP LTD                      ETW     103.80      -50.24
FULCRUM EQUITY L                  FUL      40.08       -8.01
IRONCLAD MINING                   IFE      20.07       -0.12
INTELLECT HLDGS                   IHG      18.25      -15.49
KH FOODS LTD                      KHF      38.40       -6.79
KH FOODS LTD-PRF                KHFPA      38.40       -6.79
LAFAYETTE MIN                     LAF     105.24     -190.87
METAL STORM LTD                   MST      16.48       -2.90
RESIDUAL ASSC-EE                RAGXF     597.81     -127.07
TOOTH & CO LTD                    TTH     127.96      -90.23
VERTICON GROUP                    VGP      48.5 0      -2.67


CHINA

SHENZ SEG DASH-A               000007     101.02       -1.14
SHENZ CHINA BI-A               000017      29.38     -244.53
SHENZHEN SHENXIN               000034      44.99     -113.37
CHINA KEJIAN-A                 000035      65.12     -167.31
SHENZHEN KONDA-A               000048     155.01      -24.45
HUNAN ANPLAS CO                000156      84.00      -81.35
ZHANGJIAJIE TO-A               000430      51.01       -8.25
DANDONG CHEM F-A               000498     115.94      -91.60
SUCCESS INFORMAT               000517      30.12      -14.83
GUANGDONG MEIYA                000529      66.44      -62.41
GUANGXIA YINCH-A               000557      53.46      -61.33
CHANG LING GROUP               000561      49.68     -115.81
QINGHAI SALT L-A               000578     105.64       -4.91
GUANGMING GRP FU               000587      62.37      -12.08
FUJIAN CFC IND-A               000592      24.20      -19.62
YUEYANG HENGLI-A               000622      40.27      -14.34
LAN BAO TECH INF               000631      29.44      -22.70
CHINA LIAONING-A               000638      15.43       -5.70
CHENGDU UNION-A                000693      59.53       -0.19
JIAOZUO XIN'AN-A               000719      50.82      -25.45
FUJIAN SANNONG-A               000732      64.42      -90.24
CHONGWING INTL-A               000736      24.75      -13.38
SICHUAN DIRECT-A               000757     128.55     -102.62
CHINESE.COM LOGI               000805      12.72      -20.57
SHENZHEN DAWNC-A               000863      36.85     -142.58
STELLAR MEGAUNIO               000892      64.93     -162.46
HUNAN AVA HOLDIN               000918     176.94      -11.26
GUANGDONG KEL-A                000921     604.98      -86.30
ANHUI KOYO GROUP               000979      64.28      -30.78
SHENZ CHINA BI-B               200017      29.38     -244.53
AMOI ELECTRONICS               600057     414.93      -30.40
SUNTIME INTERN-A               600084     372.8 0     -50.59
SHANG WORLDBES-A               600094     327.98     -175.17
MIANYANG GAO-A                 600139      30.66      -12.44
HEBEI BAOSHUO CO               600155     313.38     -212.29
HUATONG TIANXI-A               600225      73.84      -41.14
TAIYUAN TIANLON                600234      12.69      -51.58
TIBET SUMMIT IND               600338      73.50      -16.42
CHONGQING CHANG                600369      98.87       -0.06
QINGHAI SUNSHI-A               600381      47.31      -49.66
WINOWNER GROUP C               600681      21.50      -81.28
HEBEI JINNIU C-A               600722     379.30       -2.89
SUNTEK TECHNOLOG               600728      44.69      -22.95
FUJIAN START-A                 600734     105.66      -14.34
TIANJIN MARINE                 600751      75.44      -26.60
TOPSUN SCIENCE-A               600771     232.68     -131.98
XIAMEN OVERSEAS                600870     433.19      -13.78
HUDA TECHNOLOG-A               600892      18.46       -1.90
NINGBO YIDONG-H                  8249      86.83       -0.19
TIANJIN MARINE-B               900938      75.44      -26.60
SHANG WORLDBES-B               900940     327.98     -175.17


HONG KONG

SUNCORP TECH LTD                 1063      31.94      -35.07
FE GOLDEN RES                    1188      52.49       -9.92
CHIA TAI ENTERPR                  121     316.11      -40.95
CHINA BEST GROUP                  370      55.54       -1.84
ASIA TELEMEDIA L                  376      16.97       -7.53
WELLING HOLDING                   382     303.95      -44.65
NEW CITY CHINA                    456     110.83       -6.78
PALADIN LTD                       495     167.43       -6.23
CHINA GRAND PHAR                  512      25.48       -5.36
PALADIN LTD -PRE                  642     167.43       -6.23
CHINA HEALTHCARE                  673      25.44       -3.37
WAH SANG GAS                     8035      61.51     -106.48
TAKSON HLDGS                      918      11.35       -2.11


INDIA

ANDREW YULE & CO                  ANY      81.41      -30.90
ARTSON ENGR                       ART      10.31       -0.71
ASHIMA LTD                       ASHM      96.57      -42.59
BHAGHEERATHA ENG                 BGEL      22.65      -28.20
BALAJI DISTILLER                  BLD      45.66      -74.20
BELLARY STEELS                   BSAL     438.8 0      -67.01
CFL CAPITAL FIN                 CEATF      20.64      -48.88
CORE HEALTHCARE                  CPAR     185.36     -241.91
DIGJAM LTD                       DGJM      98.77      -14.62
DISH TV INDIA                    DITV     228.93       -9.08
ELQUE POLYESTERS                 ELQP      13.80      -25.63
FACOR ALLOYS LTD                 FACA      17.34       -1.39
GANESH BENZOPLST                  GBP      82.16      -38.25
SURAT TEXTILE MI                 GCTY      15.97       -8.85
GUJARAT SIDHEE                   GSCL      59.44       -0.66
GUJARAT STATE FI                  GSF      43.60     -195.24
HIMACHAL FUTURIS                 HMFC     603.36      -13.34
HMT LTD                           HMT     316.41     -175.33
HINDUSTAN PHOTO                  HPHT      95.12     -953.35
IFB INDS LTD                     IFBI      50.67      -65.49
INDIA STEEL WORK                  ISI      56.76       -1.47
JCT ELECTRONICS                  JCTE     117.60      -50.17
JK SYNTHETICS                     JKS      20.21       -2.17
JENSON & NIC LTD                   JN      14.81      -81.79
KALYANPUR CEMENT                 KCEM      38.11      -48.48
LML LTD                           LML      86.80      -27.97
LLOYDS METALS                    LYDM      76.63       -0.41
LLOYDS STEEL IND                 LYDS     392.56     -102.16
MODI RUBBER LTD                   MDR      39.76      -24.30
MAFATLAL INDS                     MFI     123.63      -83.84
MILLENNIUM BEER                   MLB      38.26       -3.52
NATH PULP & PAP                  NPPM      11.60      -34.77
PAREKH PLATINUM                  PKPL      59.66      -75.55
PANCHMAHAL STEEL                  PMS      51.02       -0.33
PSI DATA SYSTEMS                  PSI      11.68       -2.48
PTL ENTERPRIESES                 PTLE      54.29       -0.40
PANYAM CEMENTS                    PYC      30.24        9.40
ROLLATAINERS LTD                  RLT      22.97      -22.24
REMI METALS GUJA                  RMM      45.06      -51.10
RPG CABLES LTD                    RPG      51.43      -20.19
SIL BUSINESS ENT                 SILB      12.46      -19.96
SANDUR MANGANESE                 SMIO      32.57       -2.61
SPICE COMMUNICAT                 SPCM     263.69      -19.68
SHREE RAMA MULTI                 SRMT      71.22      -29.91
TATA TELESERVICE                 TTLS     857.96      -50.01
USHA INDIA LTD                   USHA      12.06      -54.51
JOG ENGINEERING                   VMJ      50.08      -10.08
VXL INSTRUMENT                   VXLI      12.20       -0.62
WIRE AND WIRELES                  WNW     106.98      -23.62
YASHRAJ CONTAINE                 YRCT      17.49       -2.09


INDONESIA

PRIMARINDO ASIA                  BIMA      10.35      -20.51
BUKAKA TEKNIK UT                 BUKK      64.09      -99.37
DAYA SAKTI UNGGU                 DSUC      30.29       -7.12
ERATEX DJAJA                     ERTX      30.29       -1.65
JAKARTA KYOEI ST                 JKSW      37.34      -40.93
KARWELL INDONESI                 KARW      29.56       -2.03
KERAMIKA INDO AS                 KIAS      87.06     -202.18
MULIA INDUSTRIND                 MLIA     403.05     -444.83
POLYSINDO EKA PE                 POLY     585.34     -764.29
PANCA WIRATAMA                   PWSI      32.08      -33.33
STEADY SAFE TBK                  SAFE      16.61       -3.31
SURABAYA AGUNG                   SAIP     285.50      -73.67
TEXMACO JAYA TBK                 TEJA      42.85     -181.04
TEIJIN INDONESIA                 TFCO     259.68      -37.29
UNITEX TBK                       UNTX      16.90      -11.29


JAPAN

TSUCHIYA TWOBY                   1753      24.22       -2.24
LINK ONE                         2403      16.60       -3.12
NEXUS                            2799      25.00      -18.58
NEXTECH CORP                     3767      30.59      -10.12
LINK CONSULTING                  4798      50.71      -10.14
YOZAN INC                        6830      28.63      -94.74
AIREX INC                        6944      44.25       -7.05
SUMIYA CO                        9939      70.82      -10.21
COWBOY CO LTD                    9971      21.32       -5.68


MALAYSIA

CNLT FAR EAST                    CNLT      44.97       -8.46
FOREMOST HLDGS                   FMST      11.26       -0.08
HARVEST COURT                     HAR      10.81       -5.62
LITYAN HLDGS BHD                  LIT      21.18      -28.65
PECD BHD                         PECD     377.12     -295.36
PANGLOBAL BHD                     PGL     185.95     -185.09
SUNWAY INFRASTRU                  SIB     399.84      -10.80
TECHVENTURE BHD                  TECH      37.38      -11.21
WEMBLEY INDS                      WMY     125.94     -283.62
WONDERFUL WIRE                     WW      22.72       -1.94


PHILIPPINES

APEX MINING-A                     APX      55.27       -1.97
APEX MINING 'B'                  APXB      55.27       -1.97
BENGUET CORP-A                     BC      82.27      -32.34
BENGUET CORP 'B'                  BCB      82.27      -32.34
CENTRAL AZUC TAR                  CAT      35.74       -1.80
CYBER BAY CORP                   CYBR      14.85      -74.30
FIL ESTATE CORP                    FC      43.03      -10.93
FILSYN CORP A                     FYN      24.84      -11.37
FILSYN CORP. B                   FYNB      24.84      -11.37
GOTESCO LAND-A                     GO      18.68      -10.86
GOTESCO LAND-B                    GOB      18.68      -10.86
MRC ALLIED                        MRC      14.95       -0.75
PICOP RESOURCES                   PCP     105.66      -23.33
PRIME ORION PHIL                 POPI      99.69      -82.12
EAST ASIA POWER                   PWR      72.74     -136.68
UNIVERSAL RIGHTF                   UP      45.12      -13.48
UNITED PARAGON                    UPM      26.81      -36.74
UNIWIDE HOLDINGS                   UW      65.66      -57.31
VICTORIAS MILL                    VMC     175.01      -38.64


SINGAPORE

ADV SYSTEMS AUTO                  ASA      23.57       -8.97
CHUAN SOON HUAT                   CSH      42.77       -6.42
FALMAC LTD                        FAL      10.57       -4.70
GUL TECHNOLOGIES                  GUL     172.80       -3.04
HL GLOBAL ENTERP                 HLGE     107.39       -9.85
INFORMATICS EDU                  INFO      29.27       -3.48
LINDETEVES-JACOB                   LJ     212.82      -71.25
L&M GROUP INV                     LNM     56.91       -10.59
PACIFIC CENTURY                   PAC     51.84       -20.37


SOUTH KOREA

FIRST FIRE & MAR               000610    2044.03       -1.78
ORICOM INC                     010470      82.65      -40.04
UNICK CORP                     011320      36.54       -4.45
STARMAX CO LTD                 017050      73.13       -5.54
DAISHIN INFO                   020180     740.50     -158.45
TONG YANG MAGIC                023020     355.15      -25.77
FATOMENT                       025460      28.43      -13.92
NANO MINING CO L               036270      18.22      -32.17
COSMOS PLC                     053170      19.31       -4.95
SEJI CO LTD                    053330      37.25       -0.31
MEDIACORP INC                  053890      53.31      -32.22
DAHUI CO LTD                   055250     186.00       -1.50
INNO METAL IZIRO               070080      28.56       -0.33
SINJISOFT CORP                 078700      12.76      -21.01


TAIWAN

CHIEN TAI CEMENT                 1107     213.25       -8.62
DAHIN-ENTL CERT                 1320V     276.48     -230.27
PROTOP TECHNOLOG                 2410      36.41      -22.41
HELIX TECHNOL-EC                2479S      29.01      -18.18
HELIX TECH-EC                   2479T      29.01      -18.18
HELIX TECH-EC IS                2479U      29.01      -18.18
CHIEF CONST-ENT                 2522R     215.18      -21.15
CHIEF CONST-ENTL                2522S     215.18      -21.15
CHIEF CONST-ENTL                2522T     215.18      -21.15
OPTODISC TECHNOL                 3142      70.41     -139.97
UNICAP ELECT-EC                 5307R     133.88      -19.06
UNICAP ELECT-EC                 5307S     133.88      -19.06
UNICAP ELECT-ENT                5307T     133.88      -19.06
PACCO TECH CO                    5501      16.01       -7.00
YEU TYAN MACHINE                 8702      39.57     -271.07


THAILAND

ABICO HOLDINGS                  ABICO      16.69       -9.85
ABICO HOLD-NVDR               ABICO-R      16.69       -9.85
ABICO HLDGS-F                 ABICO/F      16.69       -9.85
BANGKOK RUBBER                    BRC      87.67      -76.10
BANGKOK RUB-NVDR                BRC-R      87.67      -76.10
BANGKOK RUBBER-F                BRC/F      87.67      -76.10
BANGKOK STEEL IN                  BSI     458.73     -136.44
BANGKOK STE-NVDR                BSI-R     458.73     -136.44
BANGKOK STEEL-F                 BSI/F     458.73     -136.44
CIRCUIT ELEC PCL               CIRKIT      61.30      -25.89
CIRCUIT ELE-NVDR             CIRKIT-R      61.30      -25.89
CIRCUIT ELEC-FRN             CIRKIT/F      61.3 0     -25.89
CENTRAL PAPER IN                CPICO      13.25     -241.78
CENTRAL PAPER-NV              CPICO-R      13.25     -241.78
CENTRAL PAPER-F               CPICO/F      13.25     -241.78
DATAMAT PCL                       DTM      12.69       -6.13
DATAMAT PCL-NVDR                DTM-R      12.69       -6.13
DATAMAT PLC-F                   DTM/F      12.69       -6.13
ITV PCL                           ITV      42.1 0     -72.43
ITV PCL-NVDR                    ITV-R      42.10      -72.43
ITV PCL-FOREIGN                 ITV/F      42.10      -72.43
K-TECH CONSTRUCT                KTECH      83.2 0      -5.69
K-TECH CONTRU-R               KTECH-R      83.2 0      -5.69
K-TECH CONSTRUCT              KTECH/F      83.20       -5.69
NEW PLUS KNITT                    NPK      10.08       -2.03
NEW PLUS KN-NVDR                NPK-R      10.08       -2.03
NEW PLUS KNITT-F                NPK/F      10.08       -2.03
PREMIER MARKET                     PM      41.96       -2.35
PREMIER MAR-NVDR                 PM-R      41.96       -2.35
PREMIER MARK-FOR                 PM/F      41.96       -2.35
KUANG PEI SAN                  POMPUI      18.78      -14.07
KUANG PEI-NVDR               POMPUI-R      18.78      -14.07
KUANG PEI SAN-F              POMPUI/F      18.78      -14.07
SAFARI WORLD PUB               SAFARI     113.06      -12.05
SAFARI WORL-NVDR             SAFARI-R     113.06      -12.05
SAFARI WORLD-FOR             SAFARI/F     113.06      -12.05
SIAM GEN FACTOR                   SGF       14.93     -18.64
SIAM GENERA-NVDR                SGF-R       14.93     -18.64
SIAM GEN FACT-F                 SGF/F       14.93     -18.64
SIAM GENERAL-PFD               SGF/P1       14.93     -18.64
SIAM GENERAL-PNV             SGF/P1-R       14.93     -18.64
SAHAMITR PRESSUR                 SMPC       27.26     -34.59
SAHAMITR PR-NVDR               SMPC-R       27.26     -34.59
SAHAMITR PRESS-F               SMPC/F       27.26     -34.59
TUNTEX THAILAND                TUNTEX      249.51     -15.17
TUNTEX THAI-NVDR             TUNTEX-R      249.51     -15.17
TUNTEX THAILAN-F             TUNTEX/F      249.51     -15.17
UNIVERSAL STARCH                  USC      104.16     -34.15
UNIVERSAL S-NVDR                USC-R      104.16     -34.15
UNIVERSAL STAR-F                USC/F      104.16     -34.15





                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

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

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





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