TCRAP_Public/080904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, September 4, 2008, Vol. 11, No. 176

                            Headlines

A U S T R A L I A

BABCOCK & BROWN: Hires John Fanning as Chief Financial Officer
BAYWATT PTY: Placed Under Voluntary Liquidation
DAVID B ATKINSON: Members' Final Meeting Set for September 5
FORTESCUE METALS: Falcone's 10% Stake Triggers Short Selling
FUTURIS CORP: Sells 50% Stake in Amcom to Pay Off Debts

F.V. ELITE: Joint Meeting Slated for September 9
HAWTHORNE INVESTMENTS: Joint Meeting Set for September 15
INFINITE MONEY: Members and Creditors to Meet on September 12
INGLEBROOK PTY: Members' Final Meeting Set for September 12
MIDWAY STUDIOS: Joint Meeting Slated for September 8

PUZSAR JEWELLERY: Member's Final Meeting Set for September 8
TORONTO COUNTRY: Liquidator to Give Wind-Up Report on September 8
VANAMO PTY: Joint Meeting Slated for September 9
* AUSTRALIA: Cuts Cash Rates to 7.0%, First Rate Cut Since 2001


C H I N A

ICBC: Overseas Assets Up 22% to US$43 Billion in First Half 2008
PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca
VISTEON: Ford Motor to Contribute US$50 Mil. in Escrow Account
VISTEON CORP: Closes UK Facility Sale, Continues UK Restructuring
XINHUA: Unit Hires Edward Liu as Investor Relations Professional


H O N G K O N G

GOLDFLAG LIMITED: Commences Liquidation Proceedings
GRIFFIN INDUSTRIES: Wind-Up Petition Hearing Set for October 8
JEWELLERY COLLECTION: Creditors' Proofs of Debt Due on Sept. 19
LIBERTY HERO: Subject to Wong Yin Fan's Wind-Up Petition
NEXIS COMPANY: Placed Under Voluntary Liquidation

RAYDAR TRADING: Appoints Middleton and Muk as Liquidators
SINCERITY ENGINEERING: Wind-Up Petition Hearing Set for October 8
SONITE LIMITED: Court to Hear Wind-Up Petition on October 8
W.R. GRACE: Placed Under Voluntary Liquidation
WING YIP: Court to Hear Wind-Up Petition on October 8


I N D I A

BAGADIYA BROS: Constrained Fin'l Risk Profile Cues CRISIL's 'P4'
GENERAL MOTORS: Investing US$500 Mil. for New Compact Car in Ohio
GENERAL MOTORS: Should Assume Delphi Pension Costs, PBGC Says
KHATEMA FIBRES: CRISIL Cuts BB-Rated Rs.358.5 Mil. Term Loans to D
SOUTH INDIA SPONGE: CRISIL Rates Rs. 250 Mil. Facilities at 'BB-'

TATA MOTORS: Proposes Rs. 4,200 Crores Rights Issue
TATA MOTORS: Suspends Work on Nano Plant in Singur
TATA MOTORS: August 2008 Vehicle Exports Down 6% to 4,772


J A P A N

DELPHI CORP: Court OKs Add'l US$4MM Defense Costs for Ex-Officers
DELPHI CORP: Court Okays US$16.5MM Settlement With Furukawa
FORD MOTOR: To Contribute US$50 Mil. to Visteon Escrow Account
FORD MOTOR: David Mondragon Named Ford Canada President and CEO
ELPIDA MEMORY: Shares Fall by Record Following Nomura's Rating Cut

FUJI HEAVY: May Help Design Mitsubishi Heavy's Passenger Jets


K O R E A

* KOREA: Auto Production Drops 16.2% in August
* KOREA: Government to Help Credit Defaulters


M A L A Y S I A

APL INDUSTRIES: Group Incurs MYR18.30MM Net Loss in 4th Quarter
GOLD BRIDGE: Posts MYR844,000 Net Profit in Quarter Ended June 30
LUSTER INDUSTRIES: Posts MYR809,000 Net Loss in 2nd Qtr. 2008
WONDERFUL WIRE: Posts MYR14.11 Mil. Net Loss in Qtr. Ended June 30


N E W  Z E A L A N D

ADVANCE PAINTING: Liquidators Set September 5 as Claims Bar Date
BLAKE RANCH: Proofs of Debt Due on September 10
BLAKE STATION: Liquidators Set September 10 as Claims Bar Date
JATCOM PRINTING: Wind-Up Petition Hearing Set for September 8
MILLENNIUM CAFE: Liquidators Set September 12 as Claims Bar Date

OCEANA GROUP: Proofs of Debt Due on September 12
PARTAGAS FOUNDATION: Proofs of Debt Due on September 15
PROVENCOCADMUS: Posts NZ$36.3 Mil. Net Loss in FY2008
TAURANGA VALENTINES: Placed in Receivership
TWA LIMITED: Commences Liquidation Proceedings

* NEW ZEALAND: Economy May Emerge From Recession, NZIER Says
* NEW ZEALAND: Reserve Bank to Regulate Non-bank Deposit Takers


P H I L I P P I N E S

INDUSTRIAS METALURGICAS: Fitch Holds 'B' Foreign Currency IDR


S I N G A P O R E

E3 HOLDINGS: Posts SGD4.49 Mil. Net Loss in Full Year 2008
GOLDTRON LTD: Posts SGD3.60 Mil. Net Loss in Full Year 2008
HOUSING AND URBAN: Fitch Lifts LT ID Rating to 'BBB-' from 'BB+'
ICONIC HOLDINGS: Posts SGD2.76 Mil. Net Loss in FY2008
MITSUBISHI ELECTRONICS: Fixes Sept. 29 as Last Day to File Claims

RANHILL BERHAD: Fitch's Rating Unmoved by Full-Year Fin'l Results
SINGAPORE LEASING: Creditors' Proofs of Debt Due on September 12


                         - - - - -


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

BABCOCK & BROWN: Hires John Fanning as Chief Financial Officer
--------------------------------------------------------------
Babcock & Brown Limited has appointed John Fanning as Chief
Financial Officer of Babcock & Brown effective immediately.
Mr. Fanning replaces Michael Larkin who was appointed Chief
Executive Officer and Managing Director on August 21 2008.

Mr. Fanning joined Babcock & Brown in August 2005 in the Corporate
and Structured Finance Division.  Prior to joining Babcock &
Brown, Mr. Fanning was a Partner at Ernst & Young and a Director
of Ernst & Young Transaction Advisory Services.  Mr. Fanning will
retain his Board position on Babcock & Brown Capital Management
Pty Limited, the manager of Babcock & Brown Capital Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2008, Babcock & Brown Limited disclosed that as part of a
broader strategic review process, it has adopted a number of
changes to improve independence and governance and to support the
next phase of the Group's evolution.

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

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

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

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

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

                    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."


BAYWATT PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Baywatt Pty. Ltd.'s members agreed on July 14, 2008, to
voluntarily liquidate the company's business.  P. D. McCarthy was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          P. D. McCarthy
          65 Unley Road
          Parkside SA 5063



DAVID B ATKINSON: Members' Final Meeting Set for September 5
-----------------------------------------------------------
Sule Arnautovic, David B Atkinson Pty Limited's appointed estate
liquidator, will meet with the company's members on Sept. 5, 2008,
at 9:30 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Sule Arnautovic
          Jirsch Sutherland
          GPO Box 4256
          Sydney NSW 2001
          Telephone (02) 9236 8333
          Facsimile (02) 9236 8334
          Website: Email admin@jirschsutherland.com.au


FORTESCUE METALS: Falcone's 10% Stake Triggers Short Selling
------------------------------------------------------------
Fortescue Metals Group Ltd said it has been made aware that some
10% of the company's shares have been the subject of stock loans.

Fortescue said in a regulatory filing that the stock loans were
made by the owner's custodian and the owner has since advised the
company that it will immediately rectify the situation.

The West Australian reports that Phil Falcone, Billionaire New
York investor, has inadvertently triggered a wave of short selling
in Fortescue Metals Group after the custodian looking after some
of his 15.6 per cent stake in the company lent the stock to other
hedge funds.

According to the West Australian, the shareholder in question is
Mr. Falcone's Harbinger Capital, Fortescue's second-biggest
shareholder and the only party apart from its founder Andrew
Forrest (36.5 per cent) to own more than 10 per cent of the
company.

The report cited sources saying that Mr. Falcone had been unaware
that his custodian had lent his Fortescue stock.  It remains
unclear how long it will take Mr. Falcone's custodian to unwind
the transactions and recoup the lent stock, the report adds.

The West Australian relates that the stock is thought to have been
picked up by numerous hedge funds punting on sharp falls in
Fortescue's share price.

Mr. Forrest has been outspoken in his attacks on short sellers,
who he has accused of triggering a Fortescue share price collapse
from AU$13.15 only two months ago to as low as AU$7.15 two weeks
ago by spreading damaging rumours about the company's Pilbara
operation, the report says.

Fortescue is expected to continue probing its share register
movements in an attempt to find out which brokers and hedge funds
were behind the Harbinger stock-lending exercise, the West
Australian notes.

                    About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX:FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported consecutive net losses for the past three
fiscal years.  Net loss for the year ended June 30, 2007, was
AU$68.43 million, while net losses for FY2006 and FY2005 were
AU$2.15 million and AU$4.52 million respectively.


FUTURIS CORP: Sells 50% Stake in Amcom to Pay Off Debts
-------------------------------------------------------
Futuris Corporation disclosed that it has commenced the divestment
of its 50% shareholding in Amcom Telecommunications.

The sale process comprises a now completed selldown by Futuris of
170 million shares to institutional investors and a selective
buyback and cancellation by Amcom of the remaining 99 million
shares beneficially held by Futuris for an average price of 18
cents per share, equating to a total value of AU$48.5 million.

Proceeds will be applied to debt reduction and the divestment will
have a total net debt reduction benefit to Futuris of
approximately AU$64 million, with the sale proceeds being
supplemented by the deconsolidation of net debt attributable to
Amcom.

The institutional selldown, managed by Euroz Securities Limited,
was successfully completed at 17 cents per share.  The selldown
has reduced Futuris' shareholding in Amcom to 18.6%.

Amcom has agreed to buy back and cancel the remaining 99 million
shares beneficially held by Futuris for AU$19.6 million, subject
only to shareholder approval (excluding votes cast by Futuris and
shareholders associated with Futuris).  The transaction has the
unanimous support of independent Amcom directors.  In addition, an
independent expert engaged by Amcom to assess the selective
buyback in accordance with the requirements of the Corporations
Act and ASX Listing Rules has concluded that the transaction is
fair and reasonable to Amcom shareholders.

Futuris Chief Executive Les Wozniczka said that the transaction
was another step forward in the Company's strategy of divesting
non-core assets and concentrating resources on its performing
rural and regional operations.

"Amcom is a great Company, with a bright future.  Unfortunately,
the decision by the incoming Federal Government to cancel funding
for the OPEL rural and regional broadband network meant that
pursuit of our telecommunications strategy became untenable and
the Amcom shareholding non-core.

"Accordingly we are realising our capital and reapplying it to our
strategy of debt reduction and in reinvestment in our core
performing rural and regional assets."

Sale of the Amcom shareholding follows other transactions
completed by Futuris in the 2008 financial year including the sale
of its shareholding in Clean Seas Tuna, sale and leaseback of
15,000 hectares of plantation land and the divestment of the Rail
and Bus thermal operations.  In addition, wholly owned subsidiary
Elders has announced the discontinuation of a number of non-core
operations and projects.

The transaction as proposed represents sale at book value.
Futuris previously recognized a AU$9.9 million gain arising from
discount on acquisition realised with the consolidation of Amcom
into its FY08 full year accounts as a non-recurring item.
Under the terms of the buyback agreement between Amcom and
Futuris, payment of AU$7.0 million of the AU$19.6 million of the
buy back consideration will be deferred until Jan. 31, 2009.
Futuris has the right to terminate the proposed selective buy-back
in certain circumstances, including where a superior proposal
(compared to the proposed buy-back) emerges to acquire all of
Amcom.

                        About Amcom

Amcom Telecommunications Limited (ASX:AMM) --
http://www.amcom.com.au -- is a fibre, digital subscriber line
(DSL) broadband and Internet provider serving business customers
of all sizes.  The company operates through two divisions: Fiber
division and Amnet division. As of June 30, 2007, Fiber division
has deployed over 1,087 kilometer of high-speed metropolitan
networks in Perth, Adelaide and Darwin, accessing 795 buildings.
Amnet division offers DSL services and voice services to
corporate, small and medium enterprises, and residential clients
over the company owned fibre and DSL networks.  The Amnet division
also provides information technology services, including local
area network and wide area network, data centre and Internet
services provider services to larger corporate and government
enterprises.  In May 2006, it acquired a 19.3% stake in iiNet
Limited.  On March 31, 2007, the company purchased the WA Fibre
business of People Telecommunications Ltd.

                       About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/-- generates the major share of its
income from the Australian primary production and rural sector,
where it owns or has shareholdings in leading businesses.  The
company's interests include Elders, a rural service company and
Integrated Tree Cropping -- manager of a hardwood plantation
estate.  The company also holds a 27% interest in Webster
Limited which owns 28% of Australia's largest salmon aquaculture
operation.  Telecommunications is a growing contributor to the
company's income through Amcom, which owns 22% stake in iinet,
an independent service provider and Elders telecommunications, a
specialist retailer of voice and data services to rural and
regional Australia.  Futuris is also engaged in automotive
component manufacturing through Futuris (Air International), a
supplier of seating and interior systems for passenger vehicles.
Futuris has approximately 6,000 employees.  The company is
traded on the Australian Stock Exchange under the ticker code
FCL.

                          *     *     *

On Nov. 20, 2007, the Troubled Company Reporter-Asia Pacific's
distressed bonds column listed Futuris Corporation's bond with a
7.000% coupon, a December 31, 2007 maturity date, and a trading
price of AU$2.46.


F.V. ELITE: Joint Meeting Slated for September 9
------------------------------------------------
F.V. Elite (Aust.) Pty Ltd will hold a final meeting for its
members and creditors at 11:00 a.m. on Sept. 9, 2008.  During the
meeting, the company's liquidator, David H. Scott, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          David H. Scott
          Scott Partners Consulting
          Level 1, 173 Burke Road
          Glen Iris VIC 3146


HAWTHORNE INVESTMENTS: Joint Meeting Set for September 15
---------------------------------------------------------
R. B. McKern, Hawthorne Investments Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 15,
2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          R. B. McKern
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Telephone (03) 9038 3100
          Website: www.mcgrathnicol.com


INFINITE MONEY: Members and Creditors to Meet on September 12
-------------------------------------------------------------
Infinite Money Markets Pty Limited will hold a final meeting for
its members and creditors at 10:00 a.m. on Sept. 12, 2008.  During
the meeting, the company's liquidator, Robert Moodie, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

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


INGLEBROOK PTY: Members' Final Meeting Set for September 12
----------------------------------------------------------
Tony Miskiewicz and Moira Carter, Inglebrook Pty Ltd's appointed
estate liquidators, will meet with the company's members on Sept.
12, 2008, at 10:00 a.m. to provide them with property disposal and
winding-up reports.

The liquidators can be reached at:

          Jessup & Partners
          Accountants & Business Advisors
          Level 3, 155-157 Denham Street
          Townsville QLD 4810
          Telephone (07) 4772 3515
          Facsimile (07) 4721 4513


MIDWAY STUDIOS: Joint Meeting Slated for September 8
----------------------------------------------------
Midway Studios – Australia Pty Ltd will hold a final meeting for
its members and creditors at 10:00 a.m. on Sept. 8, 2008.  During
the meeting, the company's liquidator, John Melluish, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          John Melluish
          Ferrier Hodgson
          GPO Box 4114
          Sydney NSW 2001


PUZSAR JEWELLERY: Member's Final Meeting Set for September 8
------------------------------------------------------------
A. L. Dunner, Puzsar Jewellery Export Pty Ltd's appointed estate
liquidator, will meet with the company's members on Sept. 8, 2008,
at 10:00 a.m. to provide them with property disposal and winding-
up reports.

The liquidator can be reached at:

          A. L. Dunner
          Andrew Dunner & Associates
          Chartered Accountants
          23 Erin Street, Richmond


TORONTO COUNTRY: Liquidator to Give Wind-Up Report on September 8
-----------------------------------------------------------------
P. W. Gidley, Toronto Country Club Limited's appointed estate
liquidator, will meet with the company's members on Sept. 8, 2008,
at 9:00 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          P. W. Gidley
          Ferrier Hodgson (Newcastle)
          Chartered Accountants
          Level 3, 2 Market Street
          Newcastle NSW 2300


VANAMO PTY: Joint Meeting Slated for September 9
------------------------------------------------
Vanamo Pty Limited will hold a joint meeting for its members and
creditors at 10:30 a.m. on Sept. 9, 2008.  During the meeting, the
company's liquidator, Peter P. Krejci, will provide the attendees
with property disposal and winding-up reports.

The liquidator can be reached at:

          Peter P. Krejci
          Ferrier Green Krejci Silvia
          Level 13
          1 Castlereagh Street
          Sydney NSW 2000


* AUSTRALIA: Cuts Cash Rates to 7.0%, First Rate Cut Since 2001
---------------------------------------------------------------
The Reserve Bank of Australia has cut its cash rate by 25 basis
points to 7.0 per cent for the time since 2001.

Reserve Bank governor Glenn Stevens said in a statement that
inflation in Australia has been high over the past year in an
environment of limited spare capacity and earlier strong growth in
demand.  In these circumstances, the Board has been seeking to
restrain demand in order to reduce inflation over time.

As a result of increases in the cash rate last year and early this
year, additional rises in market interest rates and tougher credit
standards, financial conditions have been quite tight.  Some
further tightening has occurred over the past couple of months.
Conditions in international financial markets remain difficult,
with heightened concerns over credit persisting, the statement
says.

The evidence is that the tight financial conditions, in
conjunction with other factors including higher fuel costs and
lower asset values, have exerted the needed restraint on demand.
Indicators of household spending have recorded subdued outcomes
over recent months, and credit expansion to both households and
businesses has slowed.  Surveys suggest a softening in business
activity and growth in production has slowed.  Indicators of
capacity utilisation, while still high, are declining and there
have also been some signs of an easing in labour market
conditions.

The rise in Australia's terms of trade that has occurred is
working in the opposite direction, adding substantially to
national income and ability to spend.  Fixed investment spending
by businesses continues to be very strong.  At the same time, high
prices of oil and a range of other commodities have added to
global inflationary risks. They are also dampening growth in a
number of countries.

The Reserve Bank said that given the opposing forces at work,
considerable uncertainty has surrounded the outlook for demand and
inflation.  On balance, however, it is looking more likely that
household demand will remain subdued and overall economic growth
slow over the period ahead.  Inflation is likely to remain
relatively high in the short term, with the CPI affected by the
high global oil prices in mid year and other increases in raw
materials prices.  But looking further ahead, the outlook for
demand suggests that inflation in both CPI and underlying terms is
likely to decline over time, provided wages growth remains
contained.  The Bank's forecast remains that inflation will fall
below 3 per cent during 2010.

Weighing up the available domestic and international information,
the Board judged that there was now scope for monetary policy to
become less restrictive.  The Board will continue to assess
prospects for demand and inflation over the period ahead, and set
monetary policy as needed to bring inflation back to the 2-3 per
cent target over time, the statement says.



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

ICBC: Overseas Assets Up 22% to US$43 Billion in First Half 2008
----------------------------------------------------------------
Industrial and Commercial Bank of China's overseas assets
increased 22% to US$43 billion by the end of June, largely
resulted from a deal finished in March with South Africa's
Standard Bank, Xinhua News reports, citing a bank spokesman.

On March 27, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that ICBC signed a final agreement with
Standard Bank to jointly set up a US$1 billion global resource
fund.

The report said that ICBC recently bought a 20% stake in Standard
Bank for about US$5.5 billion.  Standard Bank has said in October
that it and ICBC were discussing the launch of a global resource
fund with a targeted size of US$1 billion.  The fund would focus
on opportunities in Africa and China, specifically in the junior
mining and energy sectors, the report related.

According to Xinhua, the ICBC spokesman also attributed the
increase in overseas assets to the opportunity brought about by
the expansion of Chinese companies into overseas markets.

ICBC overseas institutions, the report notes, had provided an
international settlement service for Chinese companies, involving
a sum of US$97.3 billion, up 49.7% from the same period last year.
Of the total, international settlement on trade amounted to US$23
billion, up by 96.5%, Xinhua says.

The report relates the Chinese bank's overseas institutions posted
a profit of US$240 million after deducting the provision for bad
debt in the first half, up by 42% over the same period last year.

The bank's non-performing loans ratio of its overseas institutions
was 0.19%, down 0.15 percentage points from early this year.

Xinhua adds that ICBC received a dividend of 588 million South
African Rand (US$37.3 million) from the Standard Bank in the first
half.

                            About ICBC

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

                          *     *     *

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

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


PORTOLA PACKAGING: Moody's Lowers POD Rating to D from Ca
---------------------------------------------------------
Moody's Investors Service lowered the Probability of Default
Rating for Portola Packaging, Inc. to D following the company's
announcement that it filed a voluntary petition for Chapter 11
reorganization.  Moody's will withdraw all the company's ratings
within several days.

Moody's took these rating actions:

  -- Downgraded, Probability of Default Rating, to D from Ca

The company announced that holders of approximately 90% of the
principal amount of its 8-1/4% Senior Notes due 2012 agreed to a
restructuring of the company as outlined in the previously
announced restructuring agreement dated July 24, 2008.  According
to the plan, holders of the Senior Notes will receive 100% of the
common stock of reorganized Portola in exchange for their claims.
Wayzata Investment Partners LLC is expected to be Portola's
controlling shareholder upon its emergence from bankruptcy.  The
company anticipates completing its pre-packaged reorganization and
emerging from Chapter 11 in mid-October 2008.

Portola also announced that it has reached agreement with its
existing secured lenders to provide a US$79 million debtor-in-
possession facility to pay off the outstanding indebtedness under
the existing secured facilities and finance its ongoing
operations.

Moody's had previously downgraded the Corporate Family Rating and
other ratings of Portola on July 25, 2008, following the company's
announcement that it intended to file for bankruptcy.

Portola Packaging, Inc. designs, manufactures, and markets a broad
range of products and services including tamper evident plastic
closures, bottles, and related equipment and services for the
dairy, fruit juice, bottled water, sports drinks, and other non-
carbonated beverage markets.  Headquartered in Batavia, Illinois,
Portola had consolidated revenue of approximately US$280 million
for the 12 months ended Feb. 29, 2008.


VISTEON: Ford Motor to Contribute US$50 Mil. in Escrow Account
--------------------------------------------------------------
Visteon Corporation, Ford Motor Company and Ford-managed entity
Automotive Components Holdings, LLC, amended these agreements:

    1) The Escrow Agreement, dated as of Oct. 1, 2005, among
Ford, the company and Deutsche Bank Trust Company Americas, was
amended to, among other things, provide that Ford will contribute
an additional US$50 million into the escrow account, and to
provide that such additional funds will be available to the
company to fund restructuring and other qualifying costs, as
defined within the Escrow Agreement, on a 100% basis.

    2) The Reimbursement Agreement, dated as of Oct. 1, 2005,
between Ford and the company, was amended and restated to, among
other things, require Ford to reimburse the company for certain
severance expenses and other qualifying termination benefits, as
defined in such agreement, relating to the termination of salaried
employees who were leased to ACH.  Previously, the amount required
to be reimbursed by Ford was capped at US$150 million, of which
the first US$50 million was to be funded in total by Ford and the
remaining US$100 million was to be matched by the company.  Any
unused portion of the US$150 million as of Dec. 31, 2009, was to
be deposited into the escrow account governed by the Escrow
Agreement.

    3) The Master Services Agreement, dated as of Sept. 30, 2005,
as amended, between the company and ACH, was amended to, among
other things, extend the term that Visteon will provide certain
services to ACH, Ford and others from Dec. 31, 2009, to Jan. 1,
2011.

    4) The Visteon Salaried Employee Lease Agreement, dated as of
Oct. 1, 2005, as amended, between the company and ACH was amended
to, among other things, extend the term that ACH may lease
salaried employees of the company from Dec. 31, 2010 to Dec. 31,
2014.

    5) The Intellectual Property Contribution Agreement, dated as
of Oct. 1, 2005, as amended, among the company, Visteon Global
Technologies, Inc., Automotive Components Holdings, Inc. and ACH
was amended to, among other things, to clarify the availability
for use of certain patents, design tools and other proprietary
information.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         About Visteon

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                         *     *     *

Fitch Ratings has affirmed Visteon Corporation's ratings as:
issuer default rating at 'CCC'; senior secured bank facilities at
'B/RR1'; and unsecured notes at 'CC/RR6'.  Fitch has also assigned
a rating of 'CC/RR6' to Visteon's new 12.25% senior unsecured
notes being issued as part of the company's debt exchange offer.
The ratings cover approximately US$2.8 billion in debt.  The
rating outlook is negative.


VISTEON CORP: Closes UK Facility Sale, Continues UK Restructuring
-----------------------------------------------------------------
Visteon Corporation disclosed the sale of its facility in
Halewood, United Kingdom, to International Automotive Components
Group Europe (IAC Europe), a key automotive supplier for interior
trim, carpet and acoustics systems, and exterior trim.

The Halewood facility is dedicated to the assembly and sequencing
of cockpit systems and consoles to Jaguar Land Rover's Halewood
operation.  The Halewood facility had 2007 sales of approximately
US$150 million and operated on close to a break-even basis.  Under
the business purchase agreement, Visteon will transfer the
assembly facility and associated assets including purchase and
supply contracts to IAC Europe.  The nearly 150 employees
currently employed at the facility will also transfer to the new
owner.  Terms of the sale were not disclosed.

"Following the recently announced customer agreements and the
Swansea plant sale, the divestiture of our Halewood facility marks
another important step in improving the financial performance of
our UK operations," said Donald J. Stebbins, Visteon president and
chief executive officer.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                         *     *     *

Fitch Ratings has affirmed Visteon Corporation's ratings as: (i)
issuer default rating (IDR) at 'CCC'; (ii) senior secured bank
facilities at 'B/RR1'; and (iii) unsecured notes at 'CC/RR6'.
Fitch has also assigned a rating of 'CC/RR6' to Visteon's new
12.25% senior unsecured notes being issued as part of the
company's debt exchange offer. The ratings cover approximately
US$2.8 billion in debt.  The rating outlook is negative.


XINHUA: Unit Hires Edward Liu as Investor Relations Professional
----------------------------------------------------------------
XFMedia, a unit of Xinhua Finance Limited, has hired Edward Liu,
an investor relations professional with broad experience in
finance and emerging growth companies, to assist the company in
streamlining and expanding its investor relations efforts.

In addition, the company also retained the services of American
Capital Ventures, a boutique investor relations firm specializing
in creating awareness and increasing a company's exposure to the
investment community.

Mr. Edward Liu commented, "I am honored to join XFMedia, a company
very well positioned to take advantage of the growth in China.
Their diverse product offering and media services offer a total
solution to their client advertisers.  I look forward to the
opportunity to apply my knowledge in an effort to help XFMedia
reach its investor relations objectives."

Mr. Gostfrand, President of American Capital Ventures, noted,
"XFMedia's broad based advertising model within the massive
Chinese market is both impressive and financially beneficial for
investors looking to tap into the growing local media market.  The
company is enjoying strong top and bottom line growth and is lead
by a talented management team who can maximize the emerging
opportunities in China."

Prior to joining XFMedia, Mr. Liu worked as Director of Corporate
Development and Investor Relations at Linktone, a leading provider
of wireless interactive entertainment products and services in
China. Previously, he worked with Silicon Valley Bank in Santa
Clara, California, where he co-managed a $100MM portfolio of
venture backed, early stage technology and life science companies
and helped consult on debt structures.

Mr. Liu has more than 7 years experience in risk management,
business development and investor relations.  He graduated with a
bachelor degree in finance and marketing from University of San
Diego, and has an MBA with honors from Shanghai Jiao Tong
University, one of the top five graduate schools in China.

American Capital Ventures (ACV), founded in 1999, is a boutique
investor relations firm based on the principals of hard work,
professionalism and integrity.  ACV offers emerging growth
companies a different, more comprehensive approach to investor
relations.  ACV delivers highly effective investor communications
counsel in conjunction with developing tangible brokerage
relationships for their clients.  Their unique blend of creating
awareness while effectively increasing a company's exposure to the
investment community has allowed them to continually expand their

                 About Xinhua Finance Media

Xinhua Finance Media, a unit of Xinhua Finance Limited, is a
leading media group in China with nationwide access to the
upwardly mobile demographic.  Through its synergistic business
groups, Broadcast, Print and Advertising, XFMedia offers a total
solution empowering clients at every stage of the media process
and connecting them with their target audience.  Its unique
platform covers a wide range of media.

                 About Xinhua Finance Limited

Xinhua Finance Limited – http://www.xinhuafinance.com/-- is
China's premier financial information and media service provider
and is listed on the Mothers Board of the Tokyo Stock Exchange.
Xinhua Finance's proprietary content platform, comprising
Indices, Ratings, Financial News, and Investor Relations, serves
financial institutions, corporations and re-distributors
worldwide.  Through its subsidiary Xinhua Finance Media Limited,
XFL leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine and
outdoor media.  Founded in November 1999, XFL is headquartered
in Shanghai, with offices and news bureaus spanning 12 countries
worldwide.

                          *     *     *

Xinhua Finance Limited continues to carry Moody's "B2" LT Family
and Senior Unsecured Debt Ratings.  The company also carries
S&P's "B" LT Credit Rating.



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

GOLDFLAG LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on August 21, 2008, the
members of Goldflag Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

          Ricky P.O. Chong
          Cordelia Tang
          905 Silvercord, Tower 2
          30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


GRIFFIN INDUSTRIES: 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 Griffin Industries Limited's
operations wound up.

The petition was filed by Jones Day on July 2, 2008.


JEWELLERY COLLECTION: Creditors' Proofs of Debt Due on Sept. 19
---------------------------------------------------------------
The creditors of Jewellery Collection Group Limited are required
to file their proofs of debt by September 19, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on August 18, 2008.

The company's liquidator is:

          Wong Sun Keung
          Far East Consortium Building
          Unit 6, 20th Floor
          121 Des Voeux Road
          Central, Hong Kong


LIBERTY HERO: Subject to Wong Yin Fan's Wind-Up Petition
--------------------------------------------------------
On July 14, 2008, Wong Yin Fan filed a petition to have Liberty
Hero Enterprises Limited's operations wound up.

The petition will be heard before the High Court of Hong Kong on
September 17, 2008.


NEXIS COMPANY: Placed Under Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on August 18, 2008, the
shareholders of Nexis Company Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Chi Wai Tam
          Ocean Centre, 16th Floor
          Harbour City, Canton Road
          Kowloon, Hong Kong


RAYDAR TRADING: Appoints Middleton and Muk as Liquidators
---------------------------------------------------------
On July 29, 2008, Edward Simon Middleton and Jacky Chung Wing Muk
were appointed liquidators of Raydar Trading (International)
Limited.

The Liquidators can be reached at:

          Edward Simon Middleton
          Jacky Chung Wing Muk
          KPMG, 8th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


SINCERITY ENGINEERING: 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 Sincerity Engineering International
Limited's operations wound up.

The petition was filed by Bank of China (Hong Kong) Limited on
July 29, 2008.

The Petitioner's solicitors are:

           Rowland Chow, Chan & Co.
           Wing Lung Bank Building, 15th Floor
           45 Des Voeux Central
           Hong Kong


SONITE LIMITED: Court to Hear Wind-Up Petition on October 8
-----------------------------------------------------------
The High Court of Hong Kong will hear on October 8, 2008, at
9:30 a.m., a petition to have Sonite Limited's operations wound
up.

The petition was filed by Malayan Banking Berhad on July 28, 2008.

Malayan Banking's solicitors are:

          Charles Yeung Clement
          Lam Liu & Yip
          Grand Building, 13th Floor
          18 Connaught Road
          Central, Hong Kong
          Telephone: 2521 3483
          Facsimile: 2810 5581


W.R. GRACE: Placed Under Voluntary Liquidation
----------------------------------------------
On August 18, 2008, a special resolution was passed to voluntarily
wind up the company's operations.

The company's liquidator is:

          Kenny, Brian Edward
          K Wah Center, 19th Floor
          1010 Hai Hai Zhong Road
          Shanghai 200031 P.R.C.


WING YIP: Court to Hear Wind-Up Petition on October 8
-----------------------------------------------------
A petition to have Wing Yip Company Limited's operations wound up
will be heard before the High Court of Hong Kong on October 8,
2008, at 9:30 a.m.

Securities and Futures Commission filed the petition against the
company on July 24, 2008.



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

BAGADIYA BROS: Constrained Fin'l Risk Profile Cues CRISIL's 'P4'
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the various bank
facilities of Bagadiya Brothers Pvt Ltd (BBPL).

Rs.1300 Million Export Packing Credit       P4(Assigned)
Rs.1117.5 Million Foreign Bills Negotiable  P4(Assigned)
Rs.350 Million Bank Guarantee               P4(Assigned)

The rating reflects BBPL's constrained financial risk profile on
account of the working capital intensive nature of its business,
and aggressive financial policy. The rating also factors in BBPL's
exposure to risks relating to government regulations and the
commodity and seasonal nature of the industry.  These weaknesses
are, however, partly offset by the promoters' long-standing
experience in utilising established supply channels.

                           About BBPL

The promoters of BBPL began trading, mainly of food grains, in
1959 as a proprietorship concern, primarily in the domestic
market.  In 1991, the firm began export of food grains.  The firm
converted to a private limited company in August 2002.  Over the
past four years, BBPL has diversified into trading of iron ore
fines, which now contributes around 80 per cent to its revenues.
For 2006-07 (refers to financial year, April 1 to March 31), BBPL
reported a profit after tax (PAT) of Rs.74.6 million on net sales
of Rs.3443 million, against a PAT of Rs.21.3 million on net sales
of Rs.8300 million for 2005-06.


GENERAL MOTORS: Investing US$500 Mil. for New Compact Car in Ohio
-----------------------------------------------------------------
General Motors Corp. Chairman and Chief Executive Officer Rick
Wagoner disclosed that GM will invest more than US$500 million in
the U.S. to build the Chevrolet Cruze, an all-new global compact
car.  The vehicle will be built at its Lordstown, Ohio plant.  The
Chevy Cruze will be officially unveiled at the Paris Motor Show in
a few short weeks.  In a surprise move, the investment
announcement was accompanied by a glimpse of the Cruze life-size
show property.

The investment in Lordstown is one of several that have been
announced at U.S. plants in the past five years, adding up to over
US$2 billion total investment in Ohio and more than US$20 billion
in the United States.

"One of the key reasons for the success of the Chevrolet Cobalt
and Pontiac G5 is the Lordstown workforce and the strong
partnerships with the UAW and local and state officials," Mr.
Wagoner said.  "Based on the quality of work and these strong
partnerships, we are pleased to announce our plans to invest
another US$500 million in the Chevy Cruze product program in the
U.S., including more than US$350 million in Lordstown."

Ed Peper, GMNA vice president of Chevrolet, spoke to GM's strong
position in delivering fuel-efficient vehicles that consumers want
to buy.  "The Cruze will build on the already successful Chevrolet
Cobalt, Cobalt XFE and Cobalt SS, all of which are nearly sold out
in dealer showrooms," Mr. Peper said.  "Our dealers are asking for
many more Cobalts than we can build."

Chevrolet Cobalt sales are up 16%, year-to-date through July 2008,
with an impressive 33 miles-per-gallon highway.  The new Cobalt
XFE model jumps to 37 miles-per-gallon and is selling almost as
soon as it's unloaded from the delivery trucks to dealerships.

The Chevrolet Cruze epitomizes the global nature of the automobile
industry and GM's commitment to deliver fuel efficient, high-
quality products.  Cruze is the result of a development process
harnessing GM's global design and engineering expertise.  It is
the first of a new family of compact Chevrolets that will continue
the attention to quality, fuel efficiency, and strong value
promise of the highly successful Malibu and all other vehicles
under the Chevrolet brand.

"The Chevrolet Cruze was designed and engineered by our global
teams in Europe and Asia Pacific and will be manufactured in those
regions in addition to the assembly plant here in Lordstown,
Ohio," Mr. Wagoner said.  "Our goal for the Chevrolet Cruze is to
lead in fuel economy in this very competitive car segment."

The new Cruze will be launched in Europe and Asia Pacific next
year.  It's scheduled to make its European debut at the Paris
Motor Show in October.

                   About General Motors

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

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

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

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


GENERAL MOTORS: Should Assume Delphi Pension Costs, PBGC Says
-------------------------------------------------------------
Mike Ramsey and Christopher Scinta of Bloomberg News report that
the Pension Benefit Guaranty Corp. has said General Motors should
assume pension liabilities from Delphi Corp. by the end of
September or risk bearing additional costs from its former auto
parts subsidiary in bankruptcy.

The agency is concerned that no resolution on a pension
transfer seems imminent.  Delphi had about US$3.3 billion
in unfunded pension liabilities at the end of 2007, spokesman
Lindsey Williams said, according to the report.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                   About General Motors

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

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

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

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


KHATEMA FIBRES: CRISIL Cuts BB-Rated Rs.358.5 Mil. Term Loans to D
------------------------------------------------------------------
CRISIL has revised its ratings on Khatema Fibres Limited's
(Khatema Fibres') term loan facility to 'D' from 'BB/Stable', and
on the company's cash credit facility to 'C' from 'BB/Stable'.

Rs.358.5 Mil. Term Loans        D (Downgraded from BB/Stable)
Rs.460 Mil. Cash Credit Limit *  C (Downgraded from BB/Stable)
Rs.35 Mil. Letter of Credit Limit  P4(Reaffirmed)

* Includes Rs.60 million, which is fungible with letter of credit

This follows delays in debt servicing on the term loans by the
company.  The rating on the company's letter of credit facility
has been reaffirmed at 'P4'.

Khatema Fibres' business is highly working capital intensive,
primarily because of its dependence on imported waste paper and
the long lead time between the placing of an order and receipt of
raw material.  The company maintains a very high inventory level,
exceeding 170 days.  High working capital requirements, limited
flexibility to stretch creditors, and inadequate cash buffers,
have also led to delays in the repayment of short-term borrowings
by two to three days in the past. The restricted financial
flexibility was further aggravated by the fact that raw material
consignments of the company were held up at seaports which
adversely impacted the production and the subsequent cash flow
generations for the company leading to delays in term loan
repayments.

                       About Khatema Fibres

Khatema Fibres was promoted by Mr. R C Rastogi in 1985.  The
company manufactures a range of industrial papers such as bleached
and unbleached kraft liner boards, coloured kraft paper for
applications such as packaging, electrical insulation, carry bags,
and poster paper.  It also makes newsprint and speciality papers
such as crepe tissue.  The company is held closely by the
promoter's family and friends. For the year ended March 31, 2007,
Khatema Fibres reported a net profit of Rs.77.9 million on net
sales of Rs.1085.2 million, as against a net profit of Rs.93
million on net revenues of Rs.903.8 million in the previous year.


SOUTH INDIA SPONGE: CRISIL Rates Rs. 250 Mil. Facilities at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB-/Stable/P4' to
the various bank facilities of South India Sponge Iron Pvt Ltd
(SISIPL).

Rs.145.2 Million Long-Term Loans      BB-/Stable(Assigned)
Rs.110.0 Million Cash Credit Limit    BB-/Stable(Assigned)
Rs.10 Million Letter of Credit Limit  P4(Assigned)

The rating reflects SISIPL's project implementation risks,
aggressive financial risk profile, small scale of operations, and
exposure to volatility in raw material prices.  These rating
weaknesses are, however, partly offset by SISIPL's good raw
material sourcing capability and customer relationships.

                          Outlook: Stable

CRISIL believes that SISIPL's business risk profile will improve
over the medium term backed by operational efficiencies and
buoyant market conditions in the steel industry.  However, its
credit risk profile will remain constrained by project
implementation risks and large debt-funded capital expenditure
(capex).  The outlook may be revised to 'Positive' if the capacity
additions are completed in time and the margins improve.
Conversely, the outlook may be revised to 'Negative' if SISIPL
takes on more debt than expected to fund its capex, which could
weaken its capital structure, or if its margins decline due to
downturns in the industry.

                          About SISIPL

SISIPL is in the business of manufacturing sponge iron, and has a
production capacity of 30,000 metric tonnes per annum (mtpa).  It
was promoted in 2006 by Mr. Rahul Khetan, who is currently the
Managing Director.  The company started commercial operations in
March 2006, near Hosur in Karnataka.

For 2006-07 (refers to financial year, April 1 to March 31),
SISIPL reported a negative profit after tax (PAT) of Rs.25 million
on net sales of Rs.190 million, as against a negative PAT of Rs.1
million on net sales of Rs.2 million for FY 2005-06.


TATA MOTORS: Proposes Rs. 4,200 Crores Rights Issue
---------------------------------------------------
The Committee of Directors of Tata Motors Limited has approved the
terms of simultaneous and unlinked issue of:

   1. Ordinary Shares on a Rights basis in the ratio of
      one Ordinary Share for every six shares held, The
      Ordinary Shares would be issued at a price of
      Rs.340/- per share of face value of Rs.10/- each
      aggregating Rs.2186 crores; and

   2. 'A' Ordinary Shares on a Rights basis in the
      ratio of one Ordinary Share for every six shares
      held, The 'A' Ordinary Shares would be issued at
      a price of Rs.305/- per share of face value of
      Rs.10/- each aggregating Rs.1961 crores.

The 'A' Ordinary Shares would have differential rights as to
voting and dividend i.e. the 'A' Ordinary shareholder will be
entitled to one vote for every ten 'A' Ordinary Shares held and
will be entitled to receive dividend at 5 percentage points more
than the rate of dividend declared on the Ordinary Shares.

The proposed Issue, subject to the necessary regulatory
approvals/process, is slated to open around end of September 2008.
The proceeds of the Issue would be used to prepay part of the
Short Term Bridge Loan availed by its subsidiary for financing the
acquisition of Jaguar Land Rover from Ford which was completed on
June 2, 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 26, 2008, Tata Motors' Board reviewed the progress of the
company's long-term financing plan which had been announced in May
2008, inter-alia for the Jaguar-Land Rover
acquisition.  At that time, the company had announced that a part
of the total funds required would be raised through a rights issue
to the shareholders of three simultaneous but unlinked securities
namely:

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

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

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

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

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

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

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

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

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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


TATA MOTORS: Suspends Work on Nano Plant in Singur
--------------------------------------------------
Tata Motors Ltd said it has been constrained to suspend the
construction and commissioning work at the Nano Plant in Singur in
view of continued confrontation and agitation at the site.

As reported in the Troubled Company Reporter-Asia Pacific,
opposition party Trinamool Congress, against acquisition of land
from "unwilling farmers”, started an indefinite protest Aug. 24
and reportedly threatened workers.  On Aug. 28, attendance of
contractual workers at the site fell below the prior day's level
of around 15 per cent.  Reports say that on a normal day, around
3,500-4,000 workers are engaged at work in the mother plant and at
the vendor park.

Information gathered by Hindu Business Line from Singur said
supporters of the Trinamool Congress – and those opposed to the
project – were intimidating workers engaged in the mother plant
and in the vendor park while some were being physically prevented
from entering their designated work areas.

The company says the decision was taken in order to ensure the
safety of its employees and contract labor, who have continued to
be violently obstructed from reporting to work.  The company has
assessed the prevailing situation in Singur, after five continuous
days of cancellation of work, and believes that there is no change
in the volatile situation around the plant.  The project's auto
ancillary partners, who had commenced work at their respective
plants in Singur, were also constrained to suspend work in line
with Tata Motors' decision.

In view of the current situation, the company is evaluating
alternate options for manufacturing the Nano car at other company
facilities and a detailed plan to relocate the plant and machinery
to an alternate site is under preparation.  To minimize the impact
this may have on the recently recruited and trained people from
West Bengal, the company is exploring the possibility of absorbing
them at its other plant locations.

According to the Indian automaker, construction of the plant has
faced challenges at various points of time.  There has however
been a significant decline in the attendance of their staff and
contractual labor since August 24, 2008.  Some of the
international consultants working on the plant have returned home
and the construction work in the plant has been stalled since
August 28, 2008.

The company notes that the existing environment of obstruction,
intimidation and confrontation has begun to impact the ability of
the company to convince several of its experienced managers to
relocate and work in the plant.  Further, several persons engaged
in the construction and commissioning work who had taken
accommodation at Singur and nearby areas have since vacated and
have gone away due to intimidation and fear.

Tata Motors' Nano, dubbed the world's smallest car, was planned to
be rolled out in October.

Construction of the Nano project comprising of the Nano
manufacturing facilities and the vendor park, a normal feature in
modern auto plants, commenced in January 2007.  The work on the
construction and commissioning of the plant had been nearing
completion in line with planned schedules.  During construction,
this project employed about 4000 employees at its peak including
several hundred young residents from and around the region.  Tata
Motors has trained over 762 ITIs and other apprentices from the
region and the state who have undergone retraining at the Tata
Motors facilities in Jamshedpur and Pune.

Tata Motors said its efforts to offer medical care in and around
the region, which had handled over 17,000 medical cases, have been
forcefully stopped by violent agitators.  As part of the proposed
integrated auto cluster in Singur, about 60 key auto ancillary
suppliers to the Nano have taken possession of land in the
integrated complex and have invested about Rs.500 crores towards
construction of their plants and procurement of their equipment
and machinery.

Commenting on the situation, a Tata Motors spokesperson said, "The
situation around the Nano plant continues to be hostile and
intimidating.  There is no way this plant could operate
efficiently unless the environment became congenial and supportive
of the project.  We came to West Bengal hoping we could add value,
prosperity and create job opportunities in the communities in the
State.”

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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


TATA MOTORS: August 2008 Vehicle Exports Down 6% to 4,772
---------------------------------------------------------
Tata Motors Limited said its vehicle exports for August 2008
declined by 6% to 4,772 units compared to 5,093 vehicles in August
2007.  The cumulative sales from exports for the fiscal at 17,627
nos. declined by 24% over 23,297 nos. in the same period last
year.

Total vehicle sale for the month of August 2008 is 43,576 units, a
decline of 3% compared to 45,132 vehicles sold in August last
year.  Cumulative sales for the company at 216,038 nos., grew by
1%.

                       Commercial Vehicles

The company's sales of commercial vehicles in August 2008 in the
domestic market were 23,231 nos., a decline of 1% compared to
23,419 vehicles sold in August last year.  LCV sales were 13,088
nos., a growth of 11% over August 2007.  M&HCV sales stood at
10,143 nos., a decline of 12.7% over August 2007.  Cumulative
sales of commercial vehicles in the domestic market for the fiscal
were 117,092 nos., a growth of 11% over 105,825 vehicles sold last
year.  Cumulative M&HCV sales stood at 56,075 nos., a growth of 3%
over last year, while LCV sales for the fiscal were 61,017 nos., a
growth of 19% over last year.

                         Passenger Vehicles

Total sales of passenger vehicles were 15,573 nos. in the domestic
market in August 2008, a decline of 6% over 16,620 vehicles sold
in August last year.  The Indica sales of 7,756 nos. declined by
31.9% over August 2007 on the back of the announcement of the next
generation Indica Vista in the last week of August.  The new
generation Indica Vista, which went on showroom display in August,
has received an extremely encouraging response from the market and
the numbers of the Indica range should start looking up from
September onwards as the retail activity commences in September.
It is expected that demand of the Indica Vista will run ahead of
availability in the next few months.  The Indigo family recorded
sales of 4,460 nos., a 104% growth over August 2007.  The Sumo and
Safari accounted for sales of 3,357 nos., a 11% growth compared to
August 2007.

Cumulative sales of passenger vehicles in the domestic market for
the fiscal in the first five months were 81,319 nos., a decline of
4.9% over the same period last year.  Cumulative sales of the
Indica at 40,957 nos., reported a decline of 28%, driven by the
maturity of the Indica range and news about the launch of the
Indica Vista.  Cumulative sales of the Indigo family were 21,999
nos., a growth of 84%. Cumulative sales of Sumo and Safari were
18,363 nos., a growth of 12%.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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



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

DELPHI CORP: Court OKs Add'l US$4MM Defense Costs for Ex-Officers
-----------------------------------------------------------------
On Aug. 31, 2007, Delphi Corp., Delphi Trust I, Delphi Trust
II, certain former Delphi officers and employees, and certain of
the Debtors' insurance companies entered into a Stipulation and
Agreement of Insurance Settlement, which provided for the creation
of a fund for the defense costs of the former Delphi officers and
employees, administered by Delphi former Officers and employees
as escrow agent.

Pursuant to the Court-approved stipulation, the escrow agent was
authorized to disburse up to US$1,000,000 to the Former Delphi
Officers and Employees to be used solely for defense costs in
connection with the lawsuit In re: Delphi Corporation Securities,
Derivative and "ERISA" Litigation, 05-md-1725 (E.D. Mich.).

Still, several of the former officers and employees continue to
incur defense costs that require reimbursement.

In this regard, the parties again stipulated that the Escrow Agent
be authorized to disburse up to US$5,000,000, inclusive of the
sums already disbursed, to the Delphi former officers and
employees to be used solely for defense costs.

The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved the stipulation.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News, Issue No. 142; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Okays US$16.5MM Settlement With Furukawa
-----------------------------------------------------------
Bankruptcy Law360 reports that the Hon. Robert Drain of the U.S.
Bankruptcy Court for the Southern District of New York approved
Delphi Corporation's US$16.5 million settlement with Furukawa
Electric Co. Ltd.

The settlement resolves a dispute between Delphi and Furukawa
Electric over a sales contract for torque and position sensors,
Bankruptcy Law360 relates.

As reported in the Troubled Company Reporter-Asia on May 22, 2007,
Furukawa Electric previously manufactured a power steering sensor,
called the Epsilon sensor for Delphi.  In April 2004, Delphi
terminated the Epsilon Sensor contracts, alleging that Furukawa
breached certain product warranties.  In October 2004, Delphi
filed a lawsuit against Furukawa in the U.S. Circuit Court for the
County of Saginaw, Michigan, asserting, among others, Epsilon
Sensor-related claims and USUS$25,000,000 in damages.

                   About Delphi Corporation

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in
total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.


FORD MOTOR: To Contribute US$50 Mil. to Visteon Escrow Account
------------------------------------------------------------
Visteon Corporation, Ford Motor Company and Ford-managed entity
Automotive Components Holdings, LLC, amended these agreements:

    1) The Escrow Agreement, dated as of Oct. 1, 2005, among
Ford, the company and Deutsche Bank Trust Company Americas, was
amended to, among other things, provide that Ford will contribute
an additional US$50 million into the escrow account, and to
provide
that such additional funds will be available to the company to
fund restructuring and other qualifying costs, as defined within
the Escrow Agreement, on a 100% basis.

    2) The Reimbursement Agreement, dated as of Oct. 1, 2005,
between Ford and the company, was amended and restated to, among
other things, require Ford to reimburse the company for certain
severance expenses and other qualifying termination benefits, as
defined in such agreement, relating to the termination of salaried
employees who were leased to ACH.  Previously, the amount required
to be reimbursed by Ford was capped at US$150 million, of which
the
first US$50 million was to be funded in total by Ford and the
remaining US$100 million was to be matched by the company.  Any
unused portion of the US$150 million as of Dec. 31, 2009, was to
be
deposited into the escrow account governed by the Escrow
Agreement.

    3) The Master Services Agreement, dated as of Sept. 30, 2005,
as amended, between the company and ACH, was amended to, among
other things, extend the term that Visteon will provide certain
services to ACH, Ford and others from Dec. 31, 2009, to Jan. 1,
2011.

    4) The Visteon Salaried Employee Lease Agreement, dated as of
Oct. 1, 2005, as amended, between the company and ACH was amended
to, among other things, extend the term that ACH may lease
salaried employees of the company from Dec. 31, 2010 to Dec. 31,
2014.

    5) The Intellectual Property Contribution Agreement, dated as
of Oct. 1, 2005, as amended, among the company, Visteon Global
Technologies, Inc., Automotive Components Holdings, Inc. and ACH
was amended to, among other things, to clarify the availability
for use of certain patents, design tools and other proprietary
information.

                         About Visteon

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is an automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company also has corporate offices
in Shanghai, China; and Kerpen, Germany; the company has
facilities in 26 countries and employs approximately 38,500
people.

Visteon Corporation's consolidated balance sheet at June 30, 2008,
showed US$7.02 billion in total assets, US$6.93 billion in total
liabilities, and US$295.0 million in minority interests, resulting
in a US$207.0 million stockholders' deficit.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects
these: (i) the further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix and the most
recent jump in gas prices; (ii) portfolio deterioration at Ford
Credit and heightened concern regarding economic access to capital
to support financing requirements; and (iii) escalating commodity
costs that will remain a significant offset to cost reduction
efforts.


FORD MOTOR: David Mondragon Named Ford Canada President and CEO
---------------------------------------------------------------
Ford Motor Company of Canada, Ltd. appointed David Mondragon as
president and CEO, effective Sept. 1, as the company introduces
its expanded 2009 model lineup and commits to being the best or
among the best in fuel economy with every new Ford product in its
segment.

"It's an exciting time to join Ford of Canada as we accelerate
plans to introduce new fuel-efficient vehicles, especially small
cars and crossovers, which are exactly what Canadian consumers are
asking for," Mr. Mondragon said.  "I look forward to working
closely with the Ford of Canada dealers to ensure we are not only
meeting, but exceeding customer expectations as we introduce the
new products."

During his 23 years with Ford, Mr. Mondragon has held a variety of
roles in sales and marketing.  He currently serves as general
manager for the Southwest Region, Ford’s largest U.S. sales
region.  Mr. Mondragon began his Ford career in an entry-level
administrative job at the Edison (New Jersey) Assembly Plant and
moved on to serve in a variety of management positions in areas
such as marketing programs, field operations, contests and
incentives, and sales training.  As manager of marketing programs
and strategy, Mr. Mondragon directed national incentive programs
and led the strategy for more than 80 auto shows across the U.S.

"David is the right person to lead Ford of Canada as we launch our
new model year.  Ford's 2009 product lineup is the best we've ever
produced and David has a proven track record of connecting with
customers, energizing employees and partnering with our dealers to
help drive sales," said Dave Schoch, executive director of Canada
and South America, Ford Motor Company.

Mr. Mondragon replaces Barry Engle, who announced last week that
he is leaving the company to serve as president and CEO of New
Holland Agricultural Equipment S.p.A., a unit of CNH Global N.V.,
effective Sept. 8.

"I want to sincerely thank Barry for his many contributions to the
Ford Motor Company and to wish him well in his new role," Mr.
Schoch said.


ELPIDA MEMORY: Shares Fall by Record Following Nomura's Rating Cut
------------------------------------------------------------------
Elpida Memory Inc.'s shares fell by a record in Tokyo trading
after Nomura Securities Co. cut its rating on the stock, citing a
longer-than-expected slump in demand for the devices, Pavel
Alpeyev of Bloomberg News reports.

The company's shares, the report relates, fell 11% to JPY2,050 as
of 10:40 a.m., September 3, on the Tokyo Stock Exchange, the
biggest decline since its listing on Nov. 15, 2004.  The stock has
fallen 47% this year, compared with a 17% drop for the benchmark
Nikkei 225 Stock Average, the report notes.

"Even with the seasonal swell in demand, there's no easing of the
glut and it's hard to see the market improving soon," Bloomberg
news cited Masaya Yamasaki, a Tokyo-based analyst at Nomura, as
saying.  Mr. Yamasaki cut its investment rating on Elpida to
"neutral" from "buy.

According to the report, Elpida last month joined Hynix
Semiconductor Inc. and Powerchip Semiconductor Corp. in reporting
losses in the most recent quarter after a glut drove down prices.
Losses at the company will probably continue through the three
months ending March 2009, Mr. Yamasaki forecast, the report says.

                       About Elpida Memory

Elpida Memory, Inc. -- http://www.elpida.com.-- is a leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 10,
2007, that Standard & Poor's Rating Services assigned a BB- for
Elpida Memory Inc.'s long-term corporate credit rating with a
stable outlook reflecting the company's heavy financial burden,
which is required to make regular large investments to maintain
and improve its competitiveness.


FUJI HEAVY: May Help Design Mitsubishi Heavy's Passenger Jets
-------------------------------------------------------------
Fuji Heavy Industries Limited may help design Mitsubishi Heavy
Industries Ltd.'s regional passenger jet, Makiko Kitamura and
Tetsuya Komatsu of Bloomberg News report.

Fuji Heavy spokesman Shinichi Murata told Bloomberg News the
company is "considering providing support with [its] engineers”
and "will not participate in production."

According to the report, Fuji Heavy engineering support would
follow Toyota Motor Corp.'s investment in the project.  Toyota,
Fuji Heavy's largest shareholder, is helping Mitsubishi Heavy
compete with planes from Bombardier Inc. of Canada and Brazil's
Empresa Brasileira de Aeronautica SA, the report says.

"Fuji Heavy's participation is probably an extension of Toyota's
involvement.  Fuji Heavy has a wide range of expertise that
includes both cars and planes," Bloomberg News cited Yuuki
Sakurai, general manager of financial and investment planning in
Tokyo at Fukoku Mutual Life Insurance Co., which oversees the
equivalent of US$54 billion in assets, as saying.

The company, the report relates, will buy JPY7 billion in common
shares in Mitsubishi Aircraft Corp.  After the transaction, Toyota
will own 10% of the Mitsubishi Heavy unit.  Toyota owns 16.5
percent of Fuji Heavy.

                        About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

                         *     *     *

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.



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

* KOREA: Auto Production Drops 16.2% in August
----------------------------------------------
South Korea's production of cars, trucks and buses fell 16.2% in
August from the same month last year, hurt by a series of partial
strikes over wage disputes and sluggish demand both at home and
overseas, Yonhap News reports.

Production, the report relates, fell to 243,143 units for the
third consecutive month of declines, the Korea Automobile
Manufacturers' Association said.

According to the report, the association said partial strikes at
Hyundai Motor Co. and its affiliate Kia Motors Corp. and weak
exports to the United States and Europe were behind the drop.

On August 29, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that unionized workers at Hyundai Motor
Co and Kia Motors Corp had launched another round of partial
strikes over a wage deal and working conditions.  Union members
also planned to stage further partial strikes if they fail to
reach agreements with management, the report said.

Hyundai's unionized workers started a two-hour walkout on Aug. 27,
that is expected to cause the company 1,998 vehicles in lost
production, the report noted.

In the first eight months of this year, output skidded 2.6% from a
year earlier to 2.57 million vehicles, the association told the
news agency.


* KOREA: Government to Help Credit Defaulters
---------------------------------------------
The Korean government will actively implement projects to help
credit delinquents repay their debts and start anew through a
phased credit recovery program, KBS Global News reports.

The Korea Asset Management Corporation, the report relates, said
that as the first stage of the program, it will create a
KRW200-billion fund this month to reduce the debts of credit
defaulters.

According to the report, about 460-thousand low-income credit
delinquents with less than KRW10 million in loans who are more
than three months behind on their debt payments will benefit from
the program.



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

APL INDUSTRIES: Group Incurs MYR18.30MM Net Loss in 4th Quarter
---------------------------------------------------------------
APL Industries Berhad disclosed that for the fourth quarter ended
June 30, 2008, the group incurred MYR18.30 million net loss as
compared with MYR21.09 million net loss in the same quarter of
2007.

For the fourth quarter ended June 30, 2008, the Group recorded
sales revenue of MYR34.4 million which was significantly (33.1%)
lower compared to MYR51.4 million achieved during the
corresponding quarter in the previous financial year.  Operating
losses were higher by MYR15.7 million (431.1%) while losses before
tax increased by MYR15.1 million (277.1%).

In addition to the operating difficulties, the Group also had to
take up significant audit adjustments of a non-operating nature
which contributed to further losses.

Group turnover amounted to MYR34.4 million for the current quarter
compared to MYR37.8 million in the preceding quarter.  The Group
also recorded operating loss of MYR19.3 million and loss before
Tax of MYR20.5 million compared to operating profit of
MYR1.6 million and profit before tax of MYR152,000 respectively.

The drastic deterioration in the Group’s performance was largely
due to it being caught in a vicious reducing cashflow cycle which
was triggered by a steep rise in latex prices in a very short
period of time.  The Group’s working capital was further stretched
by the sudden government announcement on increased electricity
tariffs (by 26%) and fuel prices (gasoline and diesel pump prices
rose by 41% and 63% respectively) which resulted in higher inland
haulage and logistics costs as well as bio-fuel costs.  Overall,
the Group has had to operate under extreme and harsh operating
conditions due to financial constraints on working capital.

As of June 30, 2008, the group's balance sheet showed
MYR168.46 million of total assets and MYR141.93 million of total
liabilities resulting in a shareholders' equity of MYR26.53
million.

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

                          *     *     *

The APLI Group had triggered the Enhanced PN17 criteria and was
classified as PN17 in 2007.  Since then, the Group has been facing
increasing difficulties in terms of its operations and business.

The ability of the Group to continue as a going concern is
dependent upon achieving future profitable results, generating
positive cash flow and continuous financial support from its
bankers to meet its liabilities when they fall due.


GOLD BRIDGE: Posts MYR844,000 Net Profit in Quarter Ended June 30
-----------------------------------------------------------------
Gold Bridge Engineering & Construction Berhad earned MYR844,000
net profit in the quarter ended June 30, 2008, as compared with
MYR21.43 million net loss in the same quarter of 2007.  For the
company's cumulative results, the group reported MYR1.65 million
net loss as compared with MYR49.73 million net loss in the same
period of 2007.

The group reported a revenue for the current quarter at
MYR20.1 million, which is slightly lower compared to the preceding
year’s corresponding quarter.

The profit before tax for the quarter at MYR0.7 million is a mark
improvement compared to the preceding year corresponding period
loss of MYR21.9 million.  The improved performance is due mainly
to less impairment losses provided during the current quarter as
compared to the preceding year’s corresponding period.

The increase in other operating income comprised of a waiver of
interest by a bank where a provision was made in the previous year
and the reversal of provision for doubtful debts which was no
longer required.  The loss after tax at MYR1.6 million for the
year is substantially lower than the preceding year’s loss of
MYR49.7 million due mainly to the substantial reduction in
impairment losses, provision for doubtful debts and other
operating expenses.

As of June 30, 2008, the group's balance sheet showed
MYR708.83 million of total assets and MYR614.96 million of total
liabilities, resulting in a shareholders' equity of
MYR93.87 million.

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.

                         *     *     *

Ernst & Young have expressed a significant doubt about the
group's and the company's abilities to continue as going
concerns after auditing annual consolidated audited accounts for
the year ended June 30, 2007.  The auditor pointed to the group
and the company's net losses attributable to equity holders of
MYR49,234,514 and MYR24,346,767 respectively and net current
liabilities of the group and of the company of MYR115,806,799
and MYR25,919,289 respectively.  Furthermore, the group and the
company have defaulted in the repayment of bank borrowings
totaling to MYR6,311,782 and MYR4,178,366 respectively, while
the group and the company have also not paid their tax
liabilities of MYR73,380,810 and MYR22,951,425 respectively.


LUSTER INDUSTRIES: Posts MYR809,000 Net Loss in 2nd Qtr. 2008
-------------------------------------------------------------
In a filing with the Bursa Stock Exchange, Luster Industries
Berhad disclosed that the company incurred MYR809,000 million net
loss as compared with MYR1.79 million net loss incurred in the
same quarter of 2007.

Overall, the Group managed to record a lower loss after taxation
of MYR2.2 million for the current period ended June 30, 2008, as
compared to a loss after taxation of MYR3.9 million in the last
corresponding period.

The Group has recorded a revenue of MYR90.2 million for the
current period ended June 30, 2008, as compared to the last
corresponding period of MYR69.7 million.  The increase is mainly
due to the contribution from the OEM project in its subsidiary in
Johor.  The lower gross margin recorded was mainly due to the
disposal and written-off of the company’s obsolete inventories.

Overall, the company's contract manufacturing division has also
recorded an improvement as compared to the last corresponding
period.  Measures taken to address the adverse financial
performance last year has seen improvement and managed to contain
further deterioration of the financial performance.

As of June 30, 2008, the company's consolidated balance sheet
showed MYR168.32 million of total assets, MYR143.62 million of
total liabilities, resulting in a shareholders' equity of
MYR24.71 million.

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company’s going concern and on its
consolidated shareholders’ equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


WONDERFUL WIRE: Posts MYR14.11 Mil. Net Loss in Qtr. Ended June 30
------------------------------------------------------------------
Wonderful Wire & Cable Berhad posted MYR14.11 million net loss in
the second quarter ended June 30, 2008, as compared
MYR1.06 million net loss recorded in the same quarter of 2007.

For the current quarter, the group incurred MYR19.09 million net
loss as compared with MYR3.60 million net loss reported in the
same quarter of the preceding year.

The current quarter results has recorded a revenue of
MYR5.3 million compared to MYR7.56 million in the preceding
quarter.  The lower turnover was due to the group difficulties in
accepting sales orders in view of working capital constraints.

The group's current quarter revenue has decreased by MYR4.45 mil.
From MYR9.7 million as compared to the previous year corresponding
quarter to MYR5.30 million in this quarter.  The group registered
a loss before taxation of MYR14.12 million an increased of
MYR13.06 million, compared to the preceding year corresponding
quarter of MYR1.06 million.

The significant drop in turnover was due to the group being unable
to accept new sales orders as a result of its working capital
constraint and higher copper cathode prices.  The current
production level is still below breakdown point.

In the current quarter, the group made a provision of
MYR3.22 million and MYR5.2 million, for the amount due from
Transmission Resources Sdn Bhd, a former subsidiary company that
was disposed and the balance of the disposal consideration due
from the purchaser respectively.

As of June 30, 2008, the company's balance sheet showed
MYR56.43 million of total assets, MYR83.70 million of total
liabilities, resulting in a shareholders' deficit of
MYR27.27 million.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.



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

ADVANCE PAINTING: Liquidators Set September 5 as Claims Bar Date
----------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993,  Damien
Grant and Steven Khov, insolvency practitioners, were appointed
liquidators of Advance Painting Limited on Aug. 5, 2008.

The liquidators set Sept. 5, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Waterstone Insolvency
          PO Box 352
          Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


BLAKE RANCH: Proofs of Debt Due on September 10
-----------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Blake Ranch Limited resolved that the company be
liquidated and that Carlos da Silva, of Deloitte, Chartered
Accountants, be appointed as liquidator.

Creditors are required to file their proofs of debt by Sept. 10,
2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Carlos da Silva
          PO Box 17
          Hamilton
          Telephone: (07) 838 4800
          Facsimile: (07) 838 4810


BLAKE STATION: Liquidators Set September 10 as Claims Bar Date
--------------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Blake Station Limited resolved that the company be
liquidated and that Carlos da Silva, of Deloitte, Chartered
Accountants, be appointed as liquidator.

Creditors are required to file their proofs of debt by Sept. 10,
2008, to be included in the company's dividend
distribution.

The liquidator can be reached at:

          Carlos da Silva
          PO Box 17
          Hamilton
          Telephone: (07) 838 4800
          Facsimile: (07) 838 4810


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

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

The plaintiff's address for service is at:

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

Rachel L. Scott is the plaintiff's solicitor.


MILLENNIUM CAFE: Liquidators Set September 12 as Claims Bar Date
----------------------------------------------------------------
The High Court at Auckland has appointed Damien Grant and
Steven Khov, insolvency practitioners, as liquidators of
Millennium Cafe Limited.

The liquidators set Sept. 12, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Waterstone Insolvency
          PO Box 352
          Auckland
          Freephone: 0800CLOSED
          Facsimile: 0800FAXWSI


OCEANA GROUP: Proofs of Debt Due on September 12
------------------------------------------------
The High Court at Auckland has appointed Vivien Judith Madsen-
Ries, insolvency specialist, and David Stuart Vance, chartered
accountant, as liquidators of Oceana Group Limited.

The liquidators set Sept. 12, 2008, as the last day for creditors
to file their proofs of debt.

Creditors and shareholders may direct their inquiries to:

          Liubov Medvedeva
          Level 8
          Deloitte House
          8 Nelson Street, Auckland
          Telephone: (09) 309 4944
          Facsimile: (09) 309 4947


PARTAGAS FOUNDATION: Proofs of Debt Due on September 15
-------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, the
shareholders of Partagas Foundation Limited resolved that the
company be liquidated and that Grant Bruce Reynolds of Reynolds
and Associates Limited, be appointed as liquidator.

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

The liquidator can be reached at:

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


PROVENCOCADMUS: Posts NZ$36.3 Mil. Net Loss in FY2008
-----------------------------------------------------
ProvencoCadmus Limited disclosed its financial results for the
year ended June 30, 2008.  The company reported a net loss of
NZ$36.3 million after restructuring costs, IP impairment and write
off of tax losses.

The company said that  merger between Provenco and Cadmus was
finalised on May 8, 2008, and the annual result includes a full
year for Provenco and the last two months of the 2008 financial
year for Cadmus.

The Group reported revenues of NZ$160.9 million and a positive
operating cash flow position of NZ$9.8 million for the 12 months
ended June 30, 2008.  In line with market guidance given in June
2008, the Group delivered a NZ$9.9 million deficit before
interest, tax, depreciation, amortisation and impairment (EBITDA
and impairment). NZ$3 million of this amount represents costs
associated with the merger, restructuring and acquisition
activity.  The balance of NZ$6.9 million represents the trading
deficit for the year.

Rick Christie, Chairman of ProvencoCadmus, said "the 2008
financial year has been challenging for the company and the
overall financial loss of NZ$36.3 million, after asset impairment
and adjustments to taxation assets, is very disappointing."

Trading results for the year were impacted by a number of factors
throughout the business.

   -- The Payments business was affected by the significant
      downturn in the retail sector, which resulted in an
      immediate reduction in sales for EFTPOS products and
      services. The technology integration side of the business
      also experienced a similar reduction with noticeable
      delays in orders from its retail customers.

   -- Potentially lucrative opportunities still exist for the
      internationally based retail oil business, but the business
      continued to experience delays with new orders. The costs
      associated with supporting this business ahead of firm
      orders is significant with a large part of the post-merger
      restructuring focused on reducing this cost base.

   -- Results for the Vantex distribution business was also
      lower than expected. Vantex achieved good results in
      New Zealand and Asia, but despite improving its market
      share, the Australian business experienced market softness
      in the later part of the year.

                      Merger Activities

Following some tough years for both Provenco and Cadmus, the two
businesses merged in order to achieve synergies and the scale
required to compete effectively in global markets.  Restructuring
and business realignment started immediately following the merger
with very significant progress having been made, by balance date.

The combined organisation has been realigned into two business
units.  This process was intensified in recognition of the need to
realign the Group in the face of a material change in market
conditions following the merger.  This process of change was
substantially completed by June 30, 2008.

Post-merger restructuring will remove approximately NZ$20 million
of cost on an annual basis, well above the NZ$7.6 million
identified before the merger.

As part of the business realignment, the Group has also completed
the appointments of an additional independent director,
Christchurch businessman and company director Bruce Irvine; and a
new group CFO, Gavin Sebire, who has a strong background in
accounting and finance with experience in the retail and service
industries.

                  2009 Financial Year Budget

The Group has developed a base case budget for the 2009 financial
year which reflects core business that is readily visible at this
time.  The company is aware of and working towards further
potential revenue, but this will only be factored in when there is
a high level of certainty of securing it.  Even with the Group's
more conservative revenue approach, budget assumptions still show
a return to profitable trading in the 2009 financial year.

Mr. Christie said the merged company has been very realistic in
its assessment of the current market conditions and hence has
removed a significant level of cost from the business.

                        Impairment Review

In the context of a base case budget for the 2009 financial year,
the board has undertaken a fundamental review of the Group's
intellectual property assets.  This approach has an impact on the
carrying value of these assets, as their value must meet strict
criteria in terms of certainty of recovery within a limited time
frame.  As a result, the NZ$12.7 million intellectual property
assets relating to the international oil forecourt business have
been written down by NZ$11.2 million in the 2008 financial year.

Additionally, the carrying value of the taxation asset of NZ$5.6
million (as at Dec. 31, 2007) relating to accumulated losses in
the New Zealand businesses has been written back.  This adjustment
is a reflection of the uncertainty around profit projections for
the New Zealand businesses.  The Group's pre-tax earnings are
largely domiciled in Australia and Asia during the 2009 financial
year and are not eligible for offset against the New Zealand tax
losses.

While having an impact on the results now, these write-offs will
assist the Group's future earning potential.

                  Business Recapitalisation

With the realignment of the business well advanced and a return to
profitability budgeted, the directors are now considering a range
of funding options.  A capital raising opportunity was foreseen
earlier, but based on expert advice and current equity market
conditions; the directors are exploring other funding options,
including the sale of certain assets.  Mr Christie said the Group
expects to be able to advise the market of specifics in this
regard, by late September.

The Group said it has secured in July 2008 an additional NZ$8
million of working capital facility underwritten by cornerstone
shareholders Todd Capital and Peter Maire.  This facility provides
a bridge while the Group progresses with the recapitalisation
exercise.

                      About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.


TAURANGA VALENTINES: Placed in Receivership
-------------------------------------------
Tauranga Valentines went into receivership, taking the Valentines
buffet restaurant chain down to 11 outlets across the North
Island, Fiona Robertson of the National Business Review reports.

According to the report, receiver Stephen Tietjens said he had
only just taken up the assignment and could not comment on the
circumstances.

The Business Review relates that the closure comes some months
after Valentines founders Geoff and Marina MacRae added a majority
stake in the Cobb & Co franchise chain of 12 restaurants to their
empire.

The Tauranga Valentines was one of the newest outlets, opened in
2004 and offering both indoor and outdoor dining, the report says.


TWA LIMITED: Commences Liquidation Proceedings
----------------------------------------------
The High Court at Auckland held a hearing on Aug. 27, 2008, to
consider an application putting TWA Limited into liquidation.

The application was filed on April 29, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

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

Sandra Joy North is the plaintiff's solicitor.


* NEW ZEALAND: Economy May Emerge From Recession, NZIER Says
------------------------------------------------------------
New Zealand's economy will probably emerge from a nine-month
recession in the fourth quarter, Tracy Withers of Bloomberg News
reports, citing forecasts from the New Zealand Institute of
Economic Research Inc.

Indications are that New Zealand is currently experiencing a
recession with real GDP likely to decline for the three
consecutive quarters starting in March 2008, Brent Layton,
executive director of NZIER said in a statement.

In the March 2008 quarter, real GDP declined 0.3%, which was the
first negative quarterly growth for the past two years.  Most
recent domestic trading activity indicators from NZIER’s Quarterly
Survey of Business Opinion (QSBO) suggest that real GDP declined
in the June quarter, and is likely to decline again in the
September quarter, the statement says.

The current recession is unusual in that the slowdown in economic
activity has been spread across the major areas of expenditure.
Often one of either consumption, investment or the external sector
leads the way.  This time, all three areas of expenditure have
chimed in together.  The economy has been hit by a salvo of self-
inflicted and external negative factors.

Private consumption has been affected by high prices of energy and
food and higher interest rates and falling house prices.  Real
private consumption declined 0.4% in the March 2008 quarter, which
is the first contraction in this component of GDP in the past
three years.

Total investment declined 2.0% in the March 2008 quarter, which is
the first negative growth for this activity in two years.  Housing
investment has fallen as house prices have fallen and net
migration has dropped.

Although export prices have remained relatively good, the volume
of exports of goods and services declined 1.8% in the March 2008
quarter.  This was driven mainly by a 3.8% decline in the volume
of dairy products exports due to lower production as a result of
last season’s North Island drought.  On the other hand, import
volumes have remained strong.

Mr. Layton said "We believe the bottom of the cycle has been
reached.  The increases in energy and food prices appear to be
past their peak.  Interest rates have started to ease, albeit
slowly. Wage growth, which always lags behind the conditions in
the labour market, will remain high.  The tax cuts in October will
boost consumer confidence and spending.  All these factors will
support a return to growth in private consumption."

"Moreover, we think the property market will not fall much further
from around current levels.  We think it will be supported by
private investors looking for safe havens for their funds which
they are now very reluctant to leave with finance companies. The
share market is unlikely to be an attractive alternative to many
of these people," Mr. Layton said.

Mr. Layton added "While we think the bottom has probably been
reached and the economy will get better in the short-term, we do
not think full recovery to robust economic health will be quick
and without further adjustments.  Inflation is still high, and
likely to go higher. More importantly, we think the Reserve Bank
in lowering rates in July has fed inflationary expectations and as
a result the ability of the Bank to move rates much lower is
constrained. We are likely to have relatively high rates for some
considerable time and this will tend to support the value of the
currency and constrain investment and job growth."


* NEW ZEALAND: Reserve Bank to Regulate Non-bank Deposit Takers
---------------------------------------------------------------
Non-bank deposit takers such as finance companies, building
societies, and credit unions will be required to disclose
financial information to the Reserve Bank under new legislation
passed yesterday, Sept. 3, 2008, Aaron Lim of the
BusinessDay.co.nz reports.

Reserve Bank Governor Alan Bollard said in a statement "Today
represents a significant step forward in helping improve the
future resilience of New Zealand’s non-bank financial sector."

The Reserve Bank's new responsibilities come after a spate of
finance company failures, which has affected approximately NZ$3.7
billion of investors money, the BusinessDay.co.nz says.

The Reserve Bank Amendment Bill (No 3) was passed making the
Reserve Bank the regulator of non-bank deposit takers.
Dr. Bollard said he is confident that the new legislation will
provide a strong basis for confidence in the deposit-taking
sector, which includes finance companies, building societies and
credit unions.

The Bank’s role will be to require information from trustees of
deposit takers, to develop and enforce minimum prudential and
governance requirements and to administer credit rating
requirements.

"We are encouraging non-bank deposit takers to move towards
adopting the new regulatory standards as soon as possible.
Trustees will continue to be front-line supervisors of deposit
takers, and we look forward to working proactively with trustees
as they work towards a more enduring role in the sector,"
Dr. Bollard said.

"Credit ratings from reputable rating agencies will play an
important role in the new regulatory arrangements. Credit ratings
assist depositors to compare the level of risk they are taking
with the return they are getting when they invest in a deposit
taker," commented Dr. Bollard.

The Reserve Bank will engage with stakeholders, including deposit
takers and trustees, in developing the regulations once the
legislation has been enacted.  The Bank will also work with the
Securities Commission to revise and simplify public disclosure
requirements for deposit-takers.

The Bank will be working to develop and introduce new regulations
for the industry over the next two years.  These regulations will
introduce consistent standards for key risk areas such as
financial strength (capital), access to cash (liquidity) and
lending to associated parties.  It is expected that these new
rules will be introduced in 2010.



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

INDUSTRIAS METALURGICAS: Fitch Holds 'B' Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Industrias
Metalurgicas Pescarmona S.A.:

  -- Foreign currency Issuer Default Rating at 'B';
  -- Local currency IDR at 'B';
  -- US$225 million notes due in 2014 at 'B/RR4';
  -- US$65 million notes due in 2009 at 'B/RR4';
  -- National Scale Ratings at 'A-(arg)'.

The Recovery Rating of 'RR4' assigned to the notes indicates
average recovery prospects in the event of default.  The Rating
Outlook is Stable.

IMPSA's ratings are supported by strong global demand for
hydroelectric and wind technology and equipment, which has boosted
IMPSA's backlog to US$1.8 billion as of April 2008 from
$481 million as of April 2006.  The renewable energy projects of
the company often take 30 months to complete.  Revenues are booked
according to percentage of completion of the project, and most
contracts include pricing adjustment clauses that protect the
company's profit margins against increases in construction costs.
Consequently, the increase in backlog adds certainty to the
company's cash generation in the medium term.

Also considered in IMPSA's ratings are its geographic revenue and
asset diversification.  This diversification hedges the company's
cash flow against the volatile Argentine economy and allows it to
generate hard currency which can be used for debt repayment.  For
the fiscal year ended Jan. 31, 2008, U.S. dollar-denominated sales
accounted for approximately 70% of its total revenue.  This
percentage should increase in the future due to the composition of
most of the company's backlog.

Balanced against these strengths are the company's high leverage
and the concentration of its cash flow in a few large projects in
developing countries - namely Brazil, Venezuela, Colombia, and
Malaysia.  Also considered in the company's rating is its rapid
pace of growth, which leads to high working capital needs.  While
market conditions are considered favorable for IMPSA at this
moment, a sudden downturn in some of its key markets would have a
negative effect IMPSA's ability to add new contracts.

Additionally, even though Argentina is not an important sales
market for IMPSA, an increase in economic uncertainty in that
country could lead to a decline in backlog as potential customers
shy away from doing business with the company due to concerns
about its ability to finance its working capital needs.  In the
last few years, the company has accessed international markets for
working capital financing.

For the 12 months ended Jan. 31, 2008, IMPSA's revenues grew to
US$285 million from US$267 million in the prior year, while its
EBITDA grew to US$67 million from US$57 million.  This growth was
the result of the maturity of several projects.  During this time
period, IMPSA's cash flow from operations was negative due to the
large working capital needs that were required to fund the
development of several projects.  IMPSA had US$415 million of debt
and US$154 million of cash and marketable securities as of
Jan. 31, 2008. US$57 million of IMPSA's debt was structured
without recourse as project finance debt for wind farm projects in
Brazil.  These figures translate into a total debt-to-EBITDA ratio
of 5.2 times and a net debt-to-EBITDA ratio of 3.1x.

For the quarter ended April 30, 2008, IMPSA's total debt remained
relatively unchanged at US$417 million (US$66 million structured
as project finance).  Cash and marketable securities balance fell
to US$53 million, however, due to the high working capital needs
of its projects.  The company's debt increased during June as it
issued US$65 million of notes due 2009 to finance the working
capital needs for the year.  Fitch expects the company will roll
this debt over.

An improvement in credit metrics is foreseen as the company's
EBITDA level is expected to reach US$120 million during the fiscal
year ended Jan. 31, 2009.  The growth in EBITDA should come from
the completion of several projects that are currently in backlog.
The main hydro projects are Porce III (Colombia), Bakun
(Malaysia), Dardanelos (Brazil), Simplicio (Brazil), Macagua
(Venezuela) and Tocoma (Venezuela). IMPSA major wind projects are
Caera and Santa Catarina, both located in Brazil.

The Percarmona family owns 93.73% of Industrias Metalurgicas
Percarmona S.A.I.C. y F (IMPSA) through Corporacion IMPSA S.A.
IMPSA is engaged in providing integrated solutions for renewable
energy, including hydroelectric and wind power projects and
associated equipment, as well as the Port Systems, auto parts and
environmental services industries.  IMPSA has a solid
international presence, marketing and distributing its products
and services from its branches and representative offices in
Argentina, Brazil, China, Colombia, Ecuador, U.S., the
Philippines, India, Malaysia and Venezuela.



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

E3 HOLDINGS: Posts SGD4.49 Mil. Net Loss in Full Year 2008
----------------------------------------------------------
E3 Holdings Limited disclosed with the Singapore Stock Exchange
Limited its annual report for the financial year ended June 30,
2008.  The group incurred two consecutive net year loss of
SGD4.49 million and SGD2.37 million respectively in 2008 and 2007.

The group's revenue increased by 73% from SGD511,000 in the
previous financial year ended June 30, 2007, (FY2007) to
SGD884,000 in the current financial year ended June 30, 2008
(FY2008).  The increase was mainly due to increase in trading
sales.

Cost of sales increased by 111.3% to SGD581,000 due to increase in
trading sales which has a lower margin.  Increase in other
operating income of 791.9% to SGD660,000 was due to income accrued
for expenses relating to China project recoverable from third
party.

The increase of 55.8% to SGD3.30 million in administrative
expenses was mainly due to expenses incurred in developing new
businesses, especially the real estate segment in PRC as well
building up of the renewable energy division and education
division.

While the increase in other operating expenses of 480.9% to
SGD2.04 million was mainly due to writing off of deposit, project
expenses and management fees incurred in relation to the project.

As of June 30, 2008, the group's balance sheet showed
SGD30.55 million of total assets, SGD10.71 million of total
liabilities, resulting in a shareholders' equity of
SGD19.84 million.

E3 Holdings Ltd., formerly ei-Nets Limited, is a Singapore-based
investment holding company.  The company operates in two segments:
information technology (IT) consultancy services (Consultancy) and
selling of computer equipment and products (Trading).  The
company's wholly owned subsidiary, Ei-Infocomm Pte Ltd Provides
system integration solutions and distributes telecommunication-
related equipment.  The foreign subsidiary of the company is Ei-
Nets (Beijing) Ltd.  In April 2007, Englo Real Estate Development
Pte Ltd (Englo), a wholly owned subsidiary of the company, entered
into a Cooperation Agreement with Changchun JingYue Economic
Development Zone to co-develop a Bio-tech Business Centre in
Changchun.  In January 2008, the company incorporated two
subsidiaries, E3 Solar Technologies Pte Ltd and E3 Solar Marketing
Pte Ltd.


GOLDTRON LTD: Posts SGD3.60 Mil. Net Loss in Full Year 2008
-----------------------------------------------------------
In a filing with the Singapore Stock Exchange Limited, Goldtron
Ltd disclosed that the group posted two consecutive net year loss
of SGD3.60 million and SGD3.76 million in the years ended June 30,
2008, and 2007 respectively.

The revenue for the group for FY2008 was SGD112.3 million,
relatively unchanged as compared to SGD112.60 million in FY2007.
The trading segment, which consists of trading in electronics
components although under intense competitive market contributed a
slight increase of 0.6% to SGD95.8 million in FY2008 as compared
to SGD95.2 million in FY2007.  The other remaining manufacturing
segment representing electroplating services, aluminum extrusion,
die casting and machining manufacturing services contributed
SGD16.5 million in FY2008 as compared to FY2007 of SGD17 million,
a slight decrease due to lower loading from customers.

Overall gross profit margin decreased from 13.2% in FY2007 to
12.4% in FY2008.  Dynamic competitive market, aggressive price
reduction to customers and the weakening of US dollar against
currency operating in different countries have contributed to
price erosion resulting in lower gross profit.

Other operating income included gain on disposal of a leased
building held for sale of SGD0.9 million and disposal of financial
assets at fair value through profit and loss of SGD0.9 million.

Higher distribution and administrative expenses were mainly due to
additional operating costs incurred by the new business in dental
products distribution as well as exploring new businesses for the
group.

Other operating expenses included foreign exchange loss of
SGD1.5 million, which was attributable to the weakening of the
US dollar against the operating currency in the group's subsidiary
companies operating in different countries.

Finance costs were lower by 50% declining from SGD4 million in
FY2007 to SGD2 million in FY2008.  The repayment of subsidiaries'
bank loans have resulted in a decrease in the finance costs.

Tax charged for FY2008 of SGD1.6 million as compared in FY2007 of
SGD.6 million showed an increase of SGD1 million.  This was due to
group tax relief on transfer of losses between subsidiary
companies disallowed by IRAS.

As of June 30, 2008, the company's balance sheet showed
SGD120.25 million of total assets, SGD70.07 million of total
liabilities, resulting in a shareholders' equity of
SGD50.18 million.

Goldtron Limited is an investment holding and management company.
The two segments of the company's business are the manufacturing
segment , which represents electronic manufacturing services
(EMS), electroplating services, aluminum extrusion, die casting
and machining manufacturing services, and trading segment, which
represents trading and distribution of electronic components, hard
disk drive components and other computer related products.  In
June 2008, the company announced that Life Glow Asia Pte Ltd (LGA)
was a subsidiary of Life Glow Corporation Pte Ltd (LGC), which
became a subsidiary of the company.  In July 2008, Dynamar
Holdings Pte Ltd, the company's wholly owned subsidiary, sold its
subsidiaries Dynamar Taiwan Co. Ltd and Dynamar Computer Products
(Hong Kong) Limited, to Yosun Industrial Corporation.  In August
2008, the company announced that Premech Holdings Limited became a
60%-owned subsidiary of the company.


HOUSING AND URBAN: Fitch Lifts LT ID Rating to 'BBB-' from 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded the Long term Issuer Default Rating of
India-based Housing and Urban Development Corporation Ltd. to
'BBB-' from 'BB+' and the Short term IDR to 'F3' from 'B'.  These
ratings have been upgraded as a consequence of upgrading HUDCO's
Support rating to '2' from '3' and the Support Rating Floor
revised to 'BBB-' from 'BB+'.  The agency has consequently
upgraded HUDCO's National Long-term rating to 'AA+(ind)' from
'AA(ind)', while affirming the National Short-term rating at
'F1+(ind)'.  The Rating Outlook is currently Stable.

The ratings upgrade reflects Fitch's expectations of more tangible
forms of future government (which owns 100% of HUDCO's equity)
support that will enable HUDCO to more effectively implement its
public policy role of financing low cost housing and urban
infrastructure in India.  Such government support could take
various forms including tax concessions for HUDCO's borrowings, an
interest rate subsidy for borrowings invested in low-cost housing,
periodic government equity infusions and even explicit 'support
letters' to help HUDCO raise domestic funds more efficiently.

Fitch expects the enhanced support to revive HUDCO's funding
competitiveness, which had suffered compared with commercial
Indian banks in the last 3-4 years, resulting in its loan
portfolio shrinking.  The proposals are currently being examined
by the government and the initial indications are that there is
recognition of the need for more concrete forms of government
support in order to enable HUDCO discharge its role effectively.
The enhanced support level as reflected in its new Support rating
of "2" results in an upgrade in its international rating to
"BBB-", which is the same as that of the Indian sovereign.  The
agency notes that if there is a change in the government's stance
to support HUDCO or a downgrade in India's Local Currency Long
Term IDR (BBB- with Negative Outlook), Fitch's rating of HUDCO
could be downgraded.

HUDCO's National Long-term rating of 'AA+(ind)' is upgraded given
the relative mapping between international and national ratings
and while reflective of what Fitch expects to be the enhanced
level of government support in future, it also reflects HUDCO's
weaker financial position compared with the highest rated Indian
entities.

About 70% of HUDCO's loans are to state government entities or
carry guarantees from state governments, some of which are in poor
financial health.  This, together with the concentration risk in
the loan portfolio, has resulted in higher non-performing loan
ratios compared with commercial banks in India.  However, the
close working relationship with the government has meant that
recoveries are ultimately made, and to date HUDCO has not
registered any losses on its state government guaranteed
portfolio.

HUDCO is engaged in financing urban infrastructure (72% of total
loans at FYE08) and the housing needs primarily of weaker sections
of society.  It operates through regional offices in 20 cities
across India.


ICONIC HOLDINGS: Posts SGD2.76 Mil. Net Loss in FY2008
------------------------------------------------------

Iconic Holdings Limited incurred SGD2.76 million net loss in the
full year ended June 30, 2008, as compared with SGD1.86 million
net loss in the recorded in the previous year.

   Continuing Operations

Revenues from continuing operations was flat at SGD652,000 mainly
from Hernon (Asia) Pte Ltd.  Administration expenses had
increased from 949,000 to SGD2.56 million as a result of expenses
relating to the disposal of our coatings business.

   Discontinued Operations

Revenue had decreased marginally from SGD39.1 million to
SGD38.8 million.  Global economic uncertainties brought about by
the sub-prime loan crisis and rising energy prices affected out
sales revenues in all our operating units.

With the completion of the sale of the sale of the coatings
business as announced on July 31, 2008, the company does not
have any core business and its assets consists mainly cash.  The
company is currently exploring acquiring new assets and/or
businesses to fulfill the SGX-ST's listing requirements.

Distribution & selling as well as the technical expenses had
increased by 13% from SGD4 million to SGD4.5 million as a result
of the acquisition of a new Chinese subsidiary in July 2007.

Administrative expenses had decreased 2% from SGD3.2 million to
SGD3.1 million.  This was mainly due to the higher doubtful
debts provisions made and the higher exchange losses incurred in
FY2007.  If not for these, there would be an increase of
SGD676,000 brought about by the acquisition of the new subsidiary.

Net assets had decreased from SGD23 million to SGD21.5 million as
a result of the losses incurred and higher translation losses
due to the depreciating Vietnamese Dong and Malaysian Ringgit vis-
a-vis the Singapore Dollar, this was offset by proceeds
from issue of new shares during the financial year.

There was a cash outflow as a result of the losses incurred and
the purchases of property, plant and equipment for FY2008.

Iconic Holdings Limited, formerly known as Inchem Holdings
International Limited is an investment holding company.  The
company provides management services and purchasing of raw
materials for its subsidiaries.  The company's primarily derived
its revenue from the manufacture and sale of wood surface
coatings.  The company's subsidiaries include Intelchem Coatings
Pte Ltd, Inchem Technology Centre Pte Ltd, Inchem (HK) Limited,
Hernon (Asia) Pte Ltd and Colorman Coatings Pte Ltd.  In July
2008, The Sherwin-Williams Company acquired the Liquid Coatings
subsidiaries of Inchem Holdings of Inchem Holdings International
Limited.


MITSUBISHI ELECTRONICS: Fixes Sept. 29 as Last Day to File Claims
-----------------------------------------------------------------
Mitsubishi Electronics Manufacturing Singapore Private Limited,
which is voluntary liquidation, fixes September 29, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Yeo Chin Hoo
          Takashi Kobayashi
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


RANHILL BERHAD: Fitch's Rating Unmoved by Full-Year Fin'l Results
-----------------------------------------------------------------
Fitch Ratings has said there will be no immediate change to
Malaysia-based Ranhill Berhad's Issuer Default Rating of 'B' with
a Stable Outlook following the company's announcement of its full-
year results.  Ranhill reported a net loss after tax of MYR719
million in the financial year ended 30 June 2008.

Ranhill's reported losses are attributable to non-cash items which
have no immediate impact on its debt servicing ability; the
majority of such non-cash charges relate to the Melut-basin
development project in Sudan.  In Q408, Ranhill provided MYR316
million on account of cost overruns incurred on this project, and
a further MYR240 million due from its JV partner in this project.
Fitch highlights that when Ranhill's ratings were affirmed in
February 2008, no upside from this project was considered.  In
addition to the aforesaid provisions, Ranhill also registered a
loss of MYR48 million arising from the disposal of some of its
investments in the oil and gas exploration segment.

Ranhill's liquidity continues to be weak with the profitability of
Ranhill's Engineering and Construction segment in FY08 affected by
cost overruns and delays in several other projects, including the
largest project on its orderbook, a housing project in Libya which
is valued at MYR13 billion (approximately 70% of its orderbook).
The agency understands that the company is currently having
negotiations with the Libyan government for the amendment of
contract value to reflect the increased costs.  Given the
significant size of this project, Ranhill failing to make positive
cash generation from this project will adversely affect its
ratings.

The management has taken several initiatives to improve the
liquidity of the company.  Chief among them is the restructuring
of the power and utilities businesses.  Following the
privatization of Ranhill Utitilites Berhad in Q408, Ranhill now
has access to RUB's excess cash generation post-debt servicing,
which will improve its liquidity.  In addition, there has been
some rationalization in Ranhill's investment portfolio in FY08,
including the divestment of investments in the energy exploration
space.  Given Ranhill's weak liquidity and the uncertainties
concerning the investments required and the success of such
exploratory projects, exiting from these ventures is viewed by
Fitch as positive for its financial and operating profile.


SINGAPORE LEASING: Creditors' Proofs of Debt Due on September 12
----------------------------------------------------------------
The creditors of Singapore Leasing International (Pte) Ltd, which
is in liquidation, requires its creditors to file their proofs of
debt by September 12, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

          Ong Yew Huat
          One Raffles Quay
          North Tower, Level 18
          Singapore 048583


                         *********

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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***